Covid Variant Dangers, Uber Buying Drizly for $1.1B

You can also listen to our radio show at two pm Eastern Time on Bloomberg Radio or watch us on YouTube search Bloomberg Global News. So a lot of headlines out about the virus again, Tim, Today, we've got the US may recommend wearing two masks to battle more contagious variants of the virus. That's according to Dr Fauci, Anthony Fauci. You've got more countries in Europe reporting evidence at the spread of the UK variant. Isn't creed increasing, which could

lead to prolonged restrictions. Uh. But we did talk about some better news yesterday with death starting to drop across the US. Yeah, we did. And and look, I think what's exciting to see and I maybe exciting isn't really the right term, but we sort of got the slew of good news right more development when it comes to a new vaccine and new data about vaccine. But at the same time, everywhere you look in the United States, we are starting to see us get over that latest tump.

It's something that I've been eager to talk to Dr Dave Wessner about. He's a professor of biology at Davidson College and joins us right now on the phone from Davidson, North Carolina. Professor, it's really great to have you on the show. Um, where are we right now in this pandemic? Well, thanks for having me. It's like, let's be back again. Um yeah, I think we're We're in in a hopeful position. I think there's definitely light at the end of the tunnel now. Um yeah, I don't think the tunnel is

necessarily as short as people might hope it would be. Um, but but I think with the with the news, with the Barrios vaccines are coming out, Um, I think there is hope for us. Okay, having said that, let's just jump right into the variant and the variants that keep coming out. Right, We've got UK, We've got Brazil, We've

got South Africa. Uh. And I do wonder if there is a tipping point in terms of how many and by a certain date in terms of getting the COVID vaccine out before these variants start to infect too many of the global population. You know what, do we need to kind of know about that and think about that, especially if we're hoping to reopen our economy sooner rather than later. Yeah, I think a couple of things. I think the appearance of these variants is not at all

a surprise. This is nothing unusual. Viruses mutate a lot bays throughout these variants. The real concern for researchers and collisions are, Um, do these variants behave differently in some troubling way? Are they more easily transmissible? Do they cause worst disease? Um? Are they resistant to immunity vaccine induced immunity or natural immunity? So? UM to your question, I think that the UK variant B seven is pretty widespread. Yeah.

I don't think we're you know, we're not putting the genie back in the bottle with with a lot of these um. It appears though that the vaccines that we do have the Maderna vaccine, the Fiser vaccine are probably pretty effective against these new variants as well, all of them Brazil, South Africa as well. I mean, I mean there's different data on different ones, but um, generally yes, yeah,

I think UM. Researchers from Fiser reported just on on Friday that neutralization of the B one one seven the UK variant um it was pretty much the same as the quote wild type virus with their vaccine was slightly reduced, but not in any meaningful way. The South African variant um seems to be a little bit more resistant to the vaccine, but not to a degree that it's you know, we're not gonna say the vaccines are ineffective with that with that variant, I mean they're less effective, but not

necessarily less effective in a really concerning way. David, was surprising for me to hear you say that you do believe the variant on in the UK is likely widespread here. And the only reason it's surprising to me is because what we saw happen in London about a month ago and in the wider part of the United Kingdom a month ago doesn't seem to be happening at least right now here in the United States, and I'm talking you know,

hospitals overcrowded and more and more cases. You see, the cases have started to be down a little bit in in most places the United States, they were going up pretty rapidly until recently. UM, and that may have been a result of the holidays and spiking cases from family gatherings. One thing that we're not doing as much United States as in the UK is this genomic sequencing of the viruses. So with the limited amount of sequencing we are doing,

we seemed this variant in various places. I wouldn't be surprised if we did more sequencings. We see it. Um, you see a higher problems of that variant here right see. I guess question, I guess Tim and I are trying to get our heads around as we talked to various folks in the medical community and certainly the pharmaceutical industry, is you know, should we There's I guess a lot of talk about it's going to be another tough February March in that way, we're going to get another third wave.

I don't even know. I've lost count because of these because of the variants, specifically and do you anticipate that. Yeah, I think it's a very real possibility. I think one of the fears that I have is that people will say, oh, we have vaccines out there, people are starting to get shot. I can sort of went off the gas. I can start start relaxing in my my personal mitigation efforts wearing masks,

especially just in avoiding crowds and so forth. Um. I think if if people sort of relax on those strategies, then yes, we could see a pretty big uptick pretty quickly. So I think it's imperative now that people really, um really are conscious about those those relatively simple medication efforts. Hey, Dave, very briefly double masking. We heard Dr Anthony Fauci say earlier today that the CDC might start to recommend two masks because of these variants. What do you what do

you make of it? That's not going to hurt um? Yeah, I think a lot of people have cloth masks on, which do reasonally well job. If you have a cloth mask on, though, there are gaps from side, gaps from the top that are going to let different particles in out. Having a second mask on, it's going to reduce those gaps. It's going to reduce the spread of the virus from you to someone else. If you're infected, it's going to reduce your chance of inhaling the virus. Um, you mean

that that's not gonna hurt me. If that's what it takes to to really camp things down, Yeah, I think it's that's a reasonable approach. I'm curious about your thoughts when it comes to the news that we learned today from our Bloomberg colleagues that President Joe Biden's administration is going to pilot a program to provide coronavirus vaccines directly to pharmacies in an attempt to ratchet up the pace of a not culations in the US. It's going to be a small pilot to begin with, But is this

the right way to get to her community? Yeah, I think it's worth trying. Yeah. I think we've seen already that distribution getting shots in the arm is a logistical challenge. Um, So I think it's certainly worth exploring if waltring TBS, other farms, single farm seats like that can can help in that in that process. Is that is I'm wondering if we think about the administration here of of vaccines actually giving them. Where are you seeing the bottleneck? Where

where is the bottleneck company? Because we have to understand, I mean, this is what as we've learned and Carol, Carol mentioned this, like we never thought we'd become such a sort of like armchair experts, right and thinking about

in thinking about vaccines and actually giving vaccines. But we have the production of them, and of course before that the approval um and we also have to make sure there are enough supplies, right, syringes, needles, people to make sure that you know you're being observed for fifteen minutes, people who are trained to give the shots. Where do you see the bottleneck? Yeah, I think what I've seen it's it's distribution. It's getting the vaccine doses to the

vaccination site to the place we're actually administering them. I mean that seems to be things I've heard places around here that've gotten vaccines are are using them. I mean, they're not wasting the vaccine doses themselves, they're getting them in arms. It's just waiting for more vaccines to get there. Um and type about vaccine a little bit is a vacumment to getting back to the variants A few months ago, people were saying, if we get a vaccine that's setting

percent effective, that's really good. We got to their effective, which is amazing. So even if these variants are even vaccines are not quite at effective against these variants, they're still pretty good vaccines. I think we shouldn't we shouldn't lose sight of that we're talking about these variants. Well, and it was, you know, there was an interesting column. It was a Bloomberg opinion piece um by our Andurias Cluth, and it said, stop wanting about vaccines. It's only February.

And the point being that, listen, folks, it's pretty remarkable that we have a vaccine and it's what we were working for and Shaman whoever whatever in terms of not being ready in terms of the rollout, but you know, we've never had to do this, to be quite honest,

or or it's been a long time. Um. And so when you hear something like that, do you agree that we need to just kind of understand what we've done so far and it is going to just take a while to get all these vaccines into the arms of individuals, especially when you're talking about two doses. Me. Absolutely, if you look at the timeline. The first report came out

in December, this new virus in in uhan um. So in eleven months times twelve months time, we have vaccines with the virus identified sequence, we have vaccines on market. That's really porkable. So yes, I think the rollout has been a bumpy road so far. Um. It can never be done fast enough, obviously, but yes, I think we're a really good place considering where we were just the

year ago. And so no, I bet we're going to go the same place so so So, Dave, what's your best guests in terms of there's enough shots in in in people's arms that we can actually start to kind of reopen and get back to a more normal way of life. Is it and the spring is its summer? How do you see it? Just quickly and got thirty seconds. Yeah, I think in the summer. I think next fall we start looking at Labor Day this coming year, I think things will look a lot to do now. Alright, fingers

cross man um, Dave, thank you so much, really appreciated. Uh. Dr Dave Westerner, professor a biology of at Davidson College, on the phone from david'son North Carolina. I mean listen. It's been an unbelievable undertaking, right, Tim, and we have come a long way. I think it just feels like, well, wait a minute, we knew we're gonna have to get these into the arms of individual we were and I think January was a really hard month for a lot of people. We had a tremendous loss of life in

the United States, more than people. And I think just the fact that it's winter and we've been doing this for so long, we were so ready to see the sun again. Yeah, and um, yeah, I think it's starting to feel very long for people. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovich from Bloomberg Radio. All right, now, we want to get to a story that's going to be featured in the upcoming issue of Bloomberg Business Week magazine. We know actions

have consequences. We say that a lot. Tim. It applies to story by Bloomberg News energy reporter Robert Tittle, who writes about it and writes specifically that President Biden's recent Keystone XL cut off has really hurt and shocked a tiny town up in Canada. Let's get more Robert joins us on the phone from Calgary, along with Bloomberg business Week editor Joe Webber on the access line in Brooklyn. And I feel like Joel the Keystone Pipeline man, on again,

off again, on again, off again. Yeah, it's right, and and this story is one of those ones that I do and kind of just speaks to um sort of the the West. I think of it in terms of American West a lot, but certainly applies to Canada. There's been you know, just hundreds of towns through the history of of the countries that um that have boom and bus cycles, and this is sort of one of them. This is this is a town um that we'll talk a little bit about that you know, really kind of

tethered its fortune to the Keystone Pipeline. And then obviously when when President Biden came out um and sort of changed policy there, it has repercussions UM down that pipeline. So so Robert talked to us about the town that you decided to set all of this in. Yeah, So I I uh one morning got up real early and drove the east out of Calgary three hours. It's uh the town of o um. Uh. It's close to the Saskatchewan borders. Um. It's a rural, very rural. It's a

farming town of some ranches around there. Um, branches around there. But this town was kind of ground zero for the Keystone Xcel construction work which had kicked off last year, and that had that had been uh caused the town population to just about double uh for a period there and especially during the summer and the fall. As the workers were coming in to build the pipeline, they set up some camps. Businesses were raking in a lot of money,

up to four million Canadian dollars a month extra. That's what the mayor told me. Um. And that kind of just came to a halt when the project was canceled by Joe Biden on his first day in office. Um. So it was how yeah, how quickly has the town sort of reeled from from that decision? What what was the before and what does the after start to look like? Well? Um, I mean when I got the area, it was a few days after, and uh, the things were still they

were still kind of up in the air a little bit. Um. It didn't seem like that they had yet adjusted, but people were had but workers were leaving. Um. You know, before that you had about a thousand extra people. This is a town of just under a thousand people. You had about a thousand extra people living there, uh and doing business there. Workers. Uh. You know, after that, they were it was clear some people were starting to leave,

but things were still kind of up in the air. Um. There was a lot of construction along the route which went passed through the area. Uh. There was a lot of type pipeline pipeline left in some storage yards along those areas. Uh. And when I was there, there weren't You didn't see a lot of workers, um, workers in these sites. Uh there, but there were still workers there. There were still there's still some work to do in terms of just cleaning up what was left. Sorry, I

started to jump in. I do wonder Carol made the made the reference to this on again, off again, you know comment with the keystone xcel. I do wonder if this cancelation is final? I mean, is this the final blow? Yeah, I mean it's it's I mean, this has been around for twelve years, more than twelve years. The project was canceled once before by President Obama. It was brought back by UM. Uh, the President Trump now this looks a lot more final, simply because the sort of UM. There's

sort of a strong turn against the oil sands. So the oil fans themselves are are not expanding the oil fans producers are not expanding it very much anymore UM, and it doesn't look like that will happen for for a while still. At the same time, so that there isn't as much need for this pipeline, there's also a couple other pipelines that are being built and that are going to be enough for the oil stands industry at least into this decade, so it doesn't seem like there's

as much of a need for it. UM. I think the industry did want to get this pipeline built. There are people I've spoken to, including a former executive of of TC Energy, who said he thinks it could still come back to life and about in another administration, but but there is a turn against this at the moment. It does seem to be a change. And how has that played out just in Canadian politics. Yeah, so that's

been very That was really interesting here in Alberta. The government itself wanted to get this project going UM and the company UM was holding back um to see what would happen. I think at the end of the election, that's what the premier here said for us and Kenny. So they actually invested one point five billion Canadian tax player dollars I mean Alberta tax payer dollars in the project. The UM that was just to get a jumpstart, jump start construction. That was and that started the past spring.

At the time, the premier said that he wanted to create facts on the ground that would make it hard to you know, hard to for any administration to come in to cancel this this project. The company also signed a bunch of labor agreements with unions of the United States. They agreed they also agreed to sell a stake to some um indigenous communities along the route, which many of

these communities are. Many indigenous communities have have spearheaded opposition, right, so they did everything possible I think to sell this to a future bid administration. That wasn't enough. UM and uh certainly yeah, no, no, no, no, We've got to unfortunately wrap it up. But um, we'll put it out on Twitter, Robert, because it's a it's a great story

and as you know, include in it. There's the other argument that says, if we don't do it this way, we're gonna have to do it on rail cars, which can be um, have their own economic impact and climate impact and be dangerous. So there's a lot of moving sides to this story. Um, thank you so much, Robert Tuttle. Check it out and of course our thanks to Joe Webber. You're listening to Bloomberg Business Week with Carol Messer and

Bloomberg Quick Takes Tim Stenovic on Bloomberg Radio. All right, yes, indeed, you're listening to Bloomberg Business Week Karl Masser along with Tim Stenovich. And Um, I keep hearing Mr Planters or plant and I'm thinking, right, Mr Peanut, Yeah, I can think of every time I hear that story. Um what I'm just thinking he's going to get on a tangent here. But remember the Super Bowl ad last year? Is that what you're talking about? Okay, It's just like, right, that's

all I keep thinking about. Yeah, okay, Um, yeah, that's what I was thinking too. Hey, But holder sound pretty happy. I know. Right. It's like we're seeing companies do deals and kind of you know, lean more into certain you know, business lines and strategies and speaking of that. We saw that certainly play out today one of our top business stories M and A stories Uber doing another deal, buying up the alcohol delivery startup. It's drizzly. They spent one

point one billion. You mentioned earlier. It was a stock deal. Uh, so they're taking advantage of the run up that they've seen and share. So what does it mean? What does it mean for the bottom line the overall strategy. Let's bring in Bloomberg News Venture capital reporter Lazette Chapman. Tim. You actually caught up with her earlier on Quicktake, and she's back with us on the phone in San Francisco. Lizette, good to have you. We're still I think we're still

waiting together. Is that right now? In the meantime, fantastic. I knew you were there wait and wait to talk about this big acquisition from over So let's let's talk about it. Did you say doozy? Did you say doozy? If an acquisition, well, I said boozing These two at one point one billion, that does not pump change. Um.

It's uh. You know the first acquisition Uber done to his Postmates for two point six billion last year, and it really shoes up what Uber has been driving out for the past year, which is that, hey guys, we're going to offload all these other best in flying cars and the self you know, driving technologies, and we're just going to focus on two things that can help us be profitable, remember they're not yet, which are delivery and rides.

And people really like their Booze and this allows them to really increase um all the different markets they serve through a bunch of partnerships and the software that deals with all those nasty uh you know, back office issues like what counties or dry counties and you know across the nation, which it gets kind of complicated once you

dig in. Well, that that was you know, we talked about this earlier on Quick Take Lizette because I asked you the question, why does an uber just develop it themselves? It turns out it's actually pretty difficult to you know, make sure you're following all the rules when you're delivering booze, right, Yeah, it is. You know, it's complex, and this is a

Boston they start up. Um, you know, they've been doing this for eight years and they um really focused on meeting the legal requirements first, um, which is you know, different than the way Uber and some other companies have have approached a new category UM. So it'll be interesting to see how this plays out and whether the big surgeon and drinking continues after the pandemic. Well, that's that's

the huge question. I mean, we've had a fair amount of pitches and we've had guests on where are tapping into this lazette, this whole idea. We've been home, people have been drinking more UM and so we've definitely seen you know, that happened. But I do wonder when we get on the other side, aren't we going to be maybe hopefully in a restaurant after you're drinking in a restaurant you used the Uber app to call an uber

to get you home safely? Right? Is that the next you're just going to tie it all together that maybe maybe? I mean, that's definitely what Uber is hoping. And you know, you look at all of these delivery companies. You look at door, DAP, you look at Insta Cards, both of those companies on the precipes of I POS. They've seen huge valuation surges and their recent fundings UM and they've raised a ton from venture capital and other um. You know, financiers who are betting on the fact that this just

convenience and it's almost like a necessity. Now will become a habit, right, this thing of everyone being shut in, Well, now it's just convenient, it becomes a habit. And Uber has long wanted to be your everything, you're operating system for your life. I think is the way that it was described over a year ago, pre pandemic. And they we're going to link everything altogether. But you know again, I mean the focus is really squarely on turning a

profit for this company. They are going to be reporting your earnings. Um uh you know a little bit later this month, and um, you know the margins on alcohol you can't beat those. So this has been um you know, this has been something that a number of their competitors also took a look at. We just have we just updated our story. We got some new reporting in that um you know, tips to the fact that door Dash and also go Puff, Um you know, took a look

at at this company. Um they wound up not you know, reaching reaching a deal. And interestingly enough, um, there was there's a piece of Drizzly, which is cannabis delivery. It's a standalone piece called lance or that they operate and it's not coming with the deal. Ubert has not commented on on why wouldn't wouldn't elaborate on that. We're still trying to get some details that you when when we do,

but um, that's where it stands. Yes on booze, no on no. I mean, if you think restrictions around delivering alcohol are are challenging, I can't imagine what they are around, you know, a nationwide delivery program for cannabis in states where it is legal. Um. I do wonder about investors in Drizzly. You have a note in your story that the last valuation was seventy three million dollars for the company back into when seen, uh correct over a billion

dollar purchase. Yeah, that was according to pitch Book, which is a research firm. Um and they listed that as the last valuation, which you know if they you know, did not adjusted after that. And again it's been a company that's been pretty pretty quiet. It started with a burst of a bunch of similar companies. I think there was like there was more than a half dozen in this area. There was Mini Bar and Saucy and all

of these other ones. And they all emerged with this idea of on demand booz delivery, um, you know, and uh, they all reached a certain amount and then you know, some of them just kind of you didn't really hear

from anymore. And that happens in startup land because vcs, you know, really only talk about companies, really only talk about when they're when they're expanding and when they're growing, and then they just kind of quietly die away, you know, they don't they don't really go out and say, hey, we're really not doing well right now and we're going to close shops. So you know, this is one, This

was the leading one, it was the largest one. It had out raised all their competitors, so it's not a huge surprise, but this was the one that was left standing. Uber just quickly still unprofitable, correct, Yep, you got that right. I mean I was just looking at revenues. I mean we're talking about what eleven billion dollars in revenues maybe for this year or fiscally year, and it's a hundred and five billion dollar market cap company just got twenty

seconds here. I mean, hard to get your head around that. Right. It is not profitable. It's never been profitable. But uh CEO Dara Shock. He has pledged and then reiterated that pledge multiple times as recently as you know, uh you know, months ago, maybe even less, saying we will hit a profit this year regardless of what happens with COVID. That's a hell of a bart across, considering their rides are

have been deathmated. But it's one that he has said that they're going to commit to and hopefully delivery can help them. Alright, So glad we got to check in with you. Bloomberg News vetra Capital reporter Lizette Chapman. Check her out on Twitter. D Yeah, but you let me drive nor home, honey, please, I'll do the riding revels. Met I want to drive, Just drive baby, question. Trying job. This is the drive to the Globe Commune. Thanks, we'll

drying us down on Bloomberg Radio. All right, folks, just about eleven minutes left in today's trading session. Let's get to the drawing to the clothes. John Trainer is back with US Chief Investment Officer. He's over at People's United Wealth Management, our People's United Advisors. Forgive me. They've got nine billion in assets under management. And he is in Bridgeport, Connecticut on this Tuesday. John, how are you? How are you doing? I'm doing very very well. Thank you for

having me back. What a wacky couple of weeks. What a wacky first start to the year. Um, what are your clients asking about? What are you thinking about when it comes to the market here as we started off our second trading month of the year. Well you characterize it, well, what a what a crazy start to the year? Technical

term active, that's right, very technical term. And and really you know, the the you know, the the big question is you know, g am I involved in in the game stock and we tell them no, that that's not something that that we do. But you know, our big concern is that a lot of clients they look at this and they say, boy, you know, I've got my whole I RA or my four oh one k invested.

Here is Wall Street at casino. And that would be the real disaster if if the average investor looked at this and just said to heck with this, I'm I'm getting out, and uh, you know it's it's it's a mess. So we've been doing a lot of triage, basically telling people, look, this is a small corner of the market. You know, there's nothing intrinsically wrong with with short selling and doing things like that. It's just you had a confluence of events here that what got a sector of the market crazy.

But overall things are still good and you still want to stay invested. So what specifically have they've been have they been asking you about what happened last week? When you use the word like triage, I want to know more. Yeah. Well, you know, whenever I get a call from my mother asking me if she's involved, I know, oh, things have

gone too far. So you know, triage to me is basically calming down people and just you know, walking them through it, explaining you know, what happens uh with with the shorting of the market and short squeezes and things like that, and basically telling them, look, unfortunately, you know, the people that tend to get into these types of trades late are the ones that get burned. I mean you you know, you you started all this segment with you know a lot of those stocks being down quite

a bit today, So I hope people aren't. You know, we aren't seeing a lot of people lose money, But you know, it's it's basically calming people down and telling them focus on the long term. Were they're really investors worried? I mean, none of this is really new. I feel like, you know what I mean, we've seen, you know, certain hedge funds get squeezed before. Um, I just I'm curious, you know, were they really nervous that all of a sudden they're like, wait, this is a casino. Yeah, it

came up. And then again, you know, we we hear that the hedge funds investors are such sophisticated investors. I frankly am very surprised. I mean you could read Marin's and see that game stock had a very very big short position. This this was known. Uh, that a lot of the hedge funds were caught like this is really a surprise to me. So I know, I think that's that's it. How the heck could something like this happen? That tends to be the tone of the question. Do

we have to ask you though? Do you think we need to change all of a sudden the system or bring in a bunch of regulatory oversight or I mean personally, it's like, as you said, game stops short position was fairly well known that in some ways. You know, it was an easy trade to go in the other direction and do that short squeeze. Yeah. You know, I was watching, uh, some of the politicians on the Sunday talk shows, and

naturally I think there's a knee jerk reaction. Oh, you know, we've got to crack down on those bad Wall Street people. You know again, you know, shorts dollar shallows actually serve a very useful function in the market. Being able to buy call options on stocks are very useful. I think, you know, you need to put this in a box and say, this was a very unique uh you know, a lot of people made money, a lot of people

lost money, but it was a very unique situation. And let's not just rush and implement some regulations that there really could hurt us in the long run. And some of the proposals I heard over the weekend were just nonsensical. So that is a risk we get some some regulations that just don't make sense. So here we are in the midst of earning season, sort of the tail. And when it comes to big tech, Alphabet and Amazon reporting after the bell today, what are the questions that you'd

ask management. We'll start with Amazon first. You know, well, you know, that's one of one of the stocks that we have in our model portfolio. And again, you know, Amazon has done very very well. They've been to go to retailer. What we're looking for is to try and determine how much of this extraordinary growth is sort of a blip and as we get as we sort of return to normal, let's say we returned to the new new normal, what is a good estimate for earnings on

their core business. We think it's we think it's very solid. We think that they've they've picked up a lot of new business that they're going to keep, but we know we saw blip last year, so how much of that should we be factoring in going forward? So it's it's really the sustainability of their their new customers basically when when it comes to Amazon, and we think it will be a very good earnings report. Yeah, I mean, listen,

I think you know what happened in the pandemic. It was a game changer for a lot of folks saying I've never bought grossories before. Man, this is pretty easy. I'm going to continue doing that exactly, and the sticking us of it will be something that we certainly have to to watch. Having said that, you know that is a name. I'm just taking a look at what we saw in the last year. I mean that had a really decent bump up what seventy Um, I'm just looking year of a year here right now. Yeah, in a

is it a little price e do you at this point? Well? It is, yeah. And you know I've got a great chart and the presentations that I make to uh, you know, I'm all all over New England, all over the northeast. I'm making presentations to different groups, and I've got a chart. You know, it's one that we've all seen, you know, sort of the how did the big five stocks do versus the other four nine stocks in the SP and you know, we we saw a huge gap last year.

Our estimate this year is that we see a little bit of a reversal that those four hundred and nine five stocks that that's underperformed last year, that they actually do better than the five. We still think that tech stocks, you know, they're great companies and they'll do well, but we actually would rather see the four beat the beat the five this year and that would be a healthier market. So a couple of favorites from that group of four

hundred and we only have about twenty seconds. Well, you know, what were the three areas that were most interested in our industrials, uh, financials and consumer discretionary. Those are the three areas. That's that's the reflation trade. You're seeing that in the market today. So you know, in the in the industrial area, you know, we we we like Commons Uh, Commons Engine. I mean it's a it's a good company. It should do well, especially if we get some infrastructure spending.

You know. In the in the financial area, we like the you know, not so much the money center banks with some of the the smaller banks. So we own zion Um. You know, we're we're going for those types of types of names. Yeah, Commins. I was just looking at twenty seven higher in last year's trade. Listen. Thank you so much, John really appreciated. John Trainer, chief investment officer at People's United Advisors, joining us on the phone

from Bridgeport, Connecticut. Thanks for listening to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud, or Bloomberg dot com, and you can also listen to our radio show at two pm Eastern on Bloomberg Radio, or watch us on YouTube search to Bloomberg Global News m