Hunting for Covid-19 Variants

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 Tim a little bit of our COVID backdrop. We talked a little bit about what's going on in New York City in New York State. But we did see the vaccine from Fiser and BioNTech showing a high ability and lab experiments to neutralize some of those virus strains first detected in Brazil, the UK, and South Africa. You've got US airlines are urging the

Biden administration to develop virus passports. We have seen infection spread at the slowest pace since the pandemic began, but we're seeing global cases pick up some speed. Yeah, we're seeing a lot of good news and a little bit of concerning news. Yeah, that's I think a smart way to put it. And one company that's been involved in helping others really work to find some solutions is our next guest. Yeah. Christian Henry is chief executive officer of

Pacific Biosciences, joining us on the phone from Maine this afternoon. Christian, thanks so much for joining us today. How are you doing. I'm doing quite well. Thank you for the opportunity so talk a little bit about how you are thinking about variants right now. Because when we talk to these medical experts, these healthcare professionals, these doctors, we hear the same thing over and over again. The United States is not good at genetic sequencing when it comes to the virus. We

just don't do it enough well. I think that we definitely, as a percentage of the population that we've have, we do it less than other countries such as the United Kingdom, where you know, they may actually be out in the lead. But I do think there's a lot of excitement around uh how sting for in surveillance as a whole and use seeing the Biden administration get more engaged in this area, and we're part of that process. Uh, And so I think we're picking up steam, but but you're right, we

have been behind other countries. Well, tell us a bit about the work that you guys are doing specifically, because you are involved in helping other companies find solutions and really a better understanding of the coronavirus, which as much as we've learned, there's still a lot to be known when it comes to COVID nineteen. So tell us specifically about the work that you guys have been doing at pact Bio. Yeah. So, pact Bio we developed the DNA

sequencing technology. So it's the the actual technology that allows scientists and others to to look at the coronavirus strains and uh basically decode the genetics behind the virus. And we are, uh, you know, advancing the state of the art with that technology, with our technology, and we have partnered such as lab Corp, which is a major testing organization testing thousands of samples per week. You're all familiar

with lab Corps at this point. We are, I'm sure you are, yes, But they're testing thousands of samples each week, uh, using our technology to uncover the various various variants and and then we passed that onto the CDC and others. Well, you say thousands a week in order for you know, us all to sleep well at night. What would you like to see how in terms of numbers, how should

we be testing every positive case that comes in? Well, I think that in an ideal world we would have the opportunity to test every positive case, but but that's

probably not practical. Uh realistically, you know, if we can be testing say half of the cases that are that are occurring, and we have the thing locally so in low you know, locally around the country, I think that would give us much better routine visibility into the virus, how it's changing, and really give us the early warning signs required to uh, you know, basically put protocols in place to try to stop the spread. How much does

it cost to to do this genetic sequencing? Well, it really depends on it depends on the scale you're operating at. But the sequencing cost itself can be as little as a couple of dollars of samples, so it's really not that expensive on the sequencing itself. Of course, there's all of the infrastructure around that, which can make it more expensive, and that's dependent on the scale of the laboratories, but a company like lab Corp can can do it very

inexpensively at very high volume. Christian explained to me and and really our listeners in our audience in terms of why sequencing and you guys do long um read sequencing, why all of this is so important in understanding variants, are getting ahead of variants uh and and ultimately getting

control of this pandemic or future pandemic that matter. Yeah, Well, I think what's so important is when you know the actual structure uh the DNA sequence at every single base position, you can understand what's changing and how that, how that affects how the virus UH infects you, how that affects how the virus gets transmitted from person to person, and so you can understand those variants in a much deeper sort of way than with any other technology. And that's

why sequencing is so important. Our version of sequencing is called longer read sequencing, and all that is is the ability to look at very long pieces of the DNA and through that be get a much deeper view or a more accurate and complete view than other DNA sequencing technologies, right, And I was gonna say, the devil's in the details, right, I mean, this is Christian. We've only got a thirty seconds, but as specific and as detailed as you can get,

it's going to be crucial. It's it's absolutely essential. You know, we need to be able to track these viruses. And it's not just coronavirus. It's the future thinking about the next but preventing the next pandemic. So pan viral sequencing is going to be extremely important, and you're going to see it rise into the national public health consciousness, not just in the United States but around the world. And I think this is where global on global assistance and

collaboration is going to be so important. Christian, you heard us talking about it when we were talking about what we want to talk to you all about. September of Here we are in the middle of a pandemic. You take over as CEO. You had been a board member and you had been chair. But what was it like to to take the helm of the company in the

middle of the pandemic. Yeah, it was. It was actually really challenging in the sense that you can't you know, one of the hallmarks of the great CEO is someone that can build a culture and share a vision and sharing. Creating that culture through Zoom is really tricky and and

so we've had to navigate very carefully. We've been able to do some great recruiting to build a build a new team, and actually the Pandemics Act made that easier, to be honest, because the desire, you know, the ability to move to work from anywhere is becoming more apparent. So in some ways it's been very challenging. In other ways it's been very helpful. Yeah, that's interesting. Well, do you anticipate that that working from home component trend is

no longer a trend? It's just kind of the way we're gonna do it going forward, or at least a hybrid approach. Christian, Yes, I do. I think we're gonna have a hybrid approach. I do think there's huge benefits to having UH places where employees can congret congregate, create culture, collaborate, and I think will continue to operate in that sort of way. But the notion of everyone has to be in the office every single day to be effective or to be efficient in their job, that that notion is

completely gone. As we've been very effective during this pandemic. So when you took over as CEO, you in the process you raised million dollars with an additional public offering that was back in November. Soft Bank about six percent of the company in January and then invested llion dollars in it in February. What are you doing with all that cash? Well, we we're using it to expand our

business in every dimension. You know. One of the one of the reasons why I decided to take this role, as we have incredible technology and the opportunity to exploit that technology or bring it to market for a broader customer set is right in front of us. And so we're investing heavily in globalization of our company, uh development of our commercial footprint, and then accelerating the core technology itself.

So we're investing heavily in new products to create a broader portfolio to really serve in these these DNA sequencing markets which are which are growing and great opportunities. Well, talk to us about the opportunities and what that kind of growth rates you you know, what are the growth rates you anticipate Christian when it comes to revenues, when it comes to earnings, because I mean, your stuck's been on a tear. It was up more than uh focent

last year, it's up another this year. It's a fifteen percent. Just in today's trade, I mean, and I will say there's a whole biotech trade going on today with the rally. You know, what is it that you can tell us about growth that justifies you know, right now evaluation a pe of three fifty. Well, I think that the one thing you can see is our our technology is highly

useful in an emerging area, clinical whole genome sequencing. And that's really the ability to look at a whole the whole human genome at one time and to use it to help inform doctors of diagnosis of rare, undiagnosed diseases in oncology applications in neurobiology where very complicated diseases like

Alzheimer's and things like that. The whole genome sequencing market is just that it's very infancy, and our technology we've demonstrated is superior to any other technology out there to really try to unlock the mysteries of the human genome in a clinical context. And so that's that's a huge growth opportunity. For us. You know, if you think about it, every baby born perhaps one day couldn't be sequenced, and that's a big market opportunity. Can you continue to do

it alone? Just got about twenty seconds. We we will continue, We will continue to keep growing and look for opportunities to partner with people we have. We did a great collaboration with a company called him VT. Uh. You know, I think at the end of the day, we're looking at building out an ecosystem as our with our long resequencing right at the center of it. All right, Gonna leave it on that note. I'm looking at a story on the Bloomberg God or on Google DNA sequencing market

to reach maybe like over eleven billion, So it's definitely growing. Hey, Christian, great to check in with you. Keep us posted on what you're up to. Christian. Henry CEO pac Bio joining us on the phone from me. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes Tim Stinovich from Bloomberg Radio. Well, this week Bloomberg Business Week featuring

a deep dive into equality. It's all part of our enhanced Equality vertical here at Bloomberg and at Bloomberg News and this story will be in the issue It's out later this week and now on the Bloomberg and at Bloomberg dot com. It's about the unfair property taxes that keeps black families from gaining wealth. Here's more from Bloomberg's Really Too Young. I feel like there is no safe place for me to have this conversation because I'm gonna

get one way or another. That's Delicia Scott from Detroit. She was over taxed on what was once her home. She became a proud homeowner in two thousand five, a dream because she always wanted stable housing for her kids, something she's never known. But when Scott lost her job during the Great Recession, she fell three years behind on her property tax payments, and those payments shield were much

higher than she should have been paying. Then Wayne County took her home away and auctioned it off for less than ten percent of what she paid for it. I feel betrayed to last year to learn that I was over taxed by five thousand. It makes me stand, It makes me depress, It makes me feel like a failure. For years, the city of Detroit used inflated valuations of Scott's house to calculate her property tax bills. She now rents that same home for twenty seven percent more than

she once paid for the mortgage. You know, it's not just a rental property. This is my home right. I raised my children in the space. Scott is not alone and her story is not unique. Her home was among tens of thousands in Detroit's lower income black neighborhoods that the city's assessors routinely overvalued, and this happens all across the country, where nationwide data show local officials have also systematically undervalued homes in affluent areas, reducing the taxes those

homeowners paid. Ben Behaves Brown leads the nonprofit organization Georgia Advancing Communities Together, which focuses on affordable housing and community development. She says, the entire real estate system has a role to play in equitable housing, and it all starts with training, not just your training to get your license and your training for renewal, but to also go deeper into ethics, trainings that look at in turn racial biases and how

to overcome them. In many cases, real estate investors profit off of unfair tax burdens, but for the people who they weigh on. Like Delicias Scott, it leads to a vicious cycle of unpaid bills and property seizures and ultimately destroys the best chance for families to build generational wealth. For more on this story, subscribed to the Paycheck podcast from Bloomberg, with a new season focusing on the racial wealth gap. You can find Paycheck on Apple, Spotify, or

wherever you get your podcasts. I already need a young Bloomberg Radio, all right, And the crux, the basic uh story that is one of the most read on the Bloomberg Today. Here with his story is Bloomberg News Projects and Investigations reporter Jason Grotto on the phone in Chicago. Although in Bloomberg business Week editor Joe Weber on the access line in Brooklyn. I have to say, Joel, Tim and I've been talking about this story so much. Um,

it's just so unfair. Yeah, And that's I think the unfairness is the thing that um really stings about this one. And you know, everybody hates property taxes to begin with, but then to have unfair qualities kind of layered on top of it, I think is the thing that can definitely provoke some outrage, and it is one of these things that sort of hidden in plain sight. Um, but it does affect people of color, especially black communities, disproportionately. So,

so Jason, help us. You've been through so much data on this one. Help us break down what you found. Well, first of all, thanks so much for having me everybody. Um, well, so you know, the thrust of this story is actually based on a mass of study out of the University of Chicago Hair School of Public Policy. A professor there, Chris Berry, analyzed twenty six million property tax records over

a ten year period and all over the country. Um, the analysis found the same pattern, and that is lower priced homes being over assessed and higher priced ones being under assessed relative to the market value of those homes. And of course all property taxes are based off of these valuations. So it's sort of bad data in, bad data out. And the result is it just excused the entire property tax um uh and places a much greater burden on those who can support it, makes it regressive.

So tell us the story of Delicia here. So you know, Uh, Delicia is someone who you know, I've been talking with for many, many months. Uh. You know, obviously it took a lot of bravery for her to come out and actually talk and put her story out there. You know, there's a lot of shame that goes on here. But essentially, you know, she bought a home back in two thousand

and five after working at a corporate cafeteria. She doubled her income when she got a job at a domestic violence shelter and was able to qualify for a mortgage, and and things were going along fine until the Great Recession when she lost her job and it took her a couple of years to get a job back, and she missed a tax payment, and once you fall behind on property taxes, it's really difficult, you know, to get back, uh, you know, caught up with those because there's so many

fees and fines that get ladled on and so she just couldn't catch up. Um, the Wayne County, the county you know for Detroit, foreclosed down the home and an auction it off, as your story mentioned, And since then, it's been sold two more times while she's been renting the home. So the last sale was for eighty four thousand dollars um, you know, far more than she paid originally.

And you know, part of the reason why the value is gone up because her rents have gone up because now you know, it's an income producing property and the cash that it that it throws off every month is keeping the value high. Well, the investment, right, there's a whole investment angle into that, and and I wish we had more time. But one thing I do want to get to is this whole idea between you know, tax

assessment being overvalued and private appraisal sales being undervalued. And as you say, Christopher Berry's research, it's not just Detroit. You talk about it an example in Brooklyn. Oh yeah, it's all over the place. We we spoke with a woman Carmen Daniels in East New York, you know who you know. The really hard thing here is this Daniels

her property, uh, you know, a single family home. Um. She felt like the valuation that the New York City Department of Finance put on it was pretty good, you know, she thought it was pretty fair. But then she learned that, you know, three miles away in Clinton Hill, there's a condo that someone bought for three million dollars and the tax you know, if taxed as if it were worth

only one point two millions. So even though that home the market value is eight times greater than hers, the actual tax bill is only a thousand dollars more for that proper higher price property. So once again, the burden of it is, you know, tilted unfairly. There's something called the effective tax rate, which I'm sure everyone knows about. That's what gets skewed because of these valuation I have to ask, give me quick, fifteen seconds, Detroit doing anything

about this, just very quickly. Well, there's a press conference tomorrow. Um, so far we haven't heard anything from the city's first kind of up in the year. All right, listen, we're gonna be following this story and we are counting on you to update us on it because it's an important one. Jason, thank you so much. Jason Grotto, Projects and Investigations reporter at Bloomberg News with us from Chicago. Jill Weber, Editor

Bloomberg Business Week on the remote access from Brooklyn. This story, it is going to be in the current issue of Bloomberg Business Week magazine. It's already online and on the Bloomberg This is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes, Tim Stinovic on Bloomberg Radio. All Right, so this half hour, we've got two smart political stories. Let's get to the first one. It's from Bloomberg business

Week national correspondent Josh Green. He writes about President Finds administration, specifically on his picks at the Department of Justice and uh, the Anti Trust chief. You talked to Josh about this, didn't you. Yeah, we talked to him on quick Take earlier today. This is a big story, kind of a perfect time for Josh to publish this Business Week story. Yeah. Absolutely, I mean we've been looking at this. Let's get into

it with Josh Green. He's also the author of Devil's Bargain, Bargain Steve Bannon, Donald Trump and the Nationalist up Rising. We might talk to him little bit about that in just a moment too. He's with us on the phone in Washington, DC. So Josh, so listen, we've been watching Joe Biden roll out his team his anti trust pick. This is going to be a big one. Um. Yeah,

it is, um. And we've gotten, you know, early indication this morning when the news broke that he's planning to appoint Lena Khan to the Federal Trade Commission that you know he's he's open to this band of reformers has been pushing to change and I trust law over the

last three or four years. But I think the two big jobs that remained to be filled that will tell us a lot about what Biden really intends to do as far as big tech and ant I trust are the Anti Trust chief at the Department of Justice and the chairman of the FTC, which is which are two big jobs that he has yet to fulfill. So I think that's what everybody's going to have their eyes on

now going forward. Who are some potential candidates for those Well, two of the ones I mentioned UM for the d o J job are Rnata Hess who was the had actually had the job at the end of the Obama administration. She was the acting chief UM. But she has somebody who has worked for a lot of the big tech companies like Amazon and Google, and there's really been a

push from progressive against appointing someone like that. UM. The other kind of candidate that I mentioned is a techno lawyer named Jonathan Cantor who is the favorite of a lot of progressive UM. He has worked for companies like Yelped that have sued a lot of the big tech giants. Uh. And the thinking is that if Biden were to appoint him, that would send a clear signal that the government was planning to continue the Trump administration's aggressive moves against breaking

up big tech power. Okay, so I'm glad you brought that up, because this is something that we talked a lot about on Quicktake earlier today, Josh. The the political element of this, we talked how there seems to be bipartisan support for you know, quote unquote reigning in big tech. How do democrats feel about big tech versus how President Trump and Republicans feel about big tech. Well, it's an

interesting question. I mean, it's clear, and it has become more clear since the January sixth Capital Insurrection that Republicans antipathy towards dick tech is mainly driven by the belief that the tech companies are unfair to or censor conservative viewpoints um, including knocking Donald Trump off Facebook and Twitter, uh and and and banning the kind of conspiracy theories that have become very popular among hard right Republicans figures

both politicians and political actors on social media networks. Democrats, I think by contrasts, or at least the reform minded Stripe Democrats are more worried about things like UH, competition, innovation, and the harms that things like misinformation due to our democracy generally, UM outlets like Facebook were a big vector of misinformation that helped to drive these attacks UH, and and that seemed to be UH coursing in our culture

and and and polarizing our politics. And a lot of Democrats trace that to the problem of monopoly power in

the tech industry. So while there is bipartisan opposition to big tech, it will be interesting to see if they agree on the same problems and if they can come together behind an antitrust chief who has yet to be named to go after these I talked to Republican Senator Mike Leaves who said he was certainly open um to getting behind the Democratic pick, but it would have to be one that spoke about the kind of issues that

he's concerned about as Republican. Well, I do want under to Josh, having spoken to you know, some of our legal folks here and reporters, whether or not we've got to change the legal definition of monopoly in order for there to be something more significant against some of the the big tech uh, some of the big tech companies, you know.

I think that's a part of it. In speaking to law professors for my story, looking at the at the what's at stake in the n I trust chief, you know, one of them warned me that if progressives get too far out over their skis will actually go beyond what the law allows. Um. But I think it's also worth mentioning I sort of flick up the piece that I mean. There are also efforts underwigh in Congress. Um. There are senators like Amy Klobaschar who have been looking at broadening

and I trust law, strengthen the Justice Department. So this is really a multi pronged effort. Um. But in order to be as aggressive as some of these reformers would like, it would definitely take changes in the law. Um. Hey, listen,

since we have you. And then in the next segment, we're going to talk a little bit about Uh, Sophie Alexander's story that's on the Bloomberg about how the Trump Organization and really Trump Donald Trump is going to look to figure out how does he hold on to those seventy four million supporters that brought him Uh, you know, that backed him in November. How does he turn them into basically Trump consumers in terms of his business empire. What are you watching when it comes to Donald Trump

at his next steps right now? That's a great question. The first thing I'm gonna be watching is how he communicates with him. I mean, he's been knocked off of social media. He's missing the platforms that were so powerful for him. But as we've seen in a lot of the political fights just just since his impeachment, he still has an iron grip over the Republican Party, and he now has a presidential office that sends out um tweet like memos to two reporters and the press at all

hours now. So he's certainly trying to keep a hand in the fray and keep his brand intact um. But there's been a lot of speculation among among the porters and political types about how exactly he's going to monetize that. Is he going to start his own network, is he going to sign a Fox News contract? Is he going to try and do something commercially to take advantage of this group, or is he more interested in holding onto them as a political party. And in the early indications

we've gotten are that he's most interested in politics. He's going out and said that he intends to punish the Republicans who voted to impeach him. Uh. He sent a letter to the Republican National Committee, um, sort of threatening them not to use his image in his name to read money because some of that goes to backers. Um. So we're still waiting to see. But it's clear that he intends to keep his hand in politics and the business in a way that ex presidents haven't often in

the past. We can definitely count on that. All right, Josh, thank you so much, really appreciate it. I always can count on Josh Green interesting aspects when it comes to our political system. Josh Green, National correspondent Bloomberg Business Week. Check out his story we featured in the coming upcoming issue of the magazine on Road Macro Journal. Yeah but you let me drive. No, no, no no, drive home, honey, please, I'll do the riding drivel let me I want to drive.

Just drive, baby, than the questions dry. He's the drive to the Globe Commune. Thanks, we'll drying us on Bloomberg Radio. All right, just spent eleven minutes left in today's trading session. It is time for the drive to the close. Back with us as Anton Shuts, He's president and chief investment officer at Mendon Capital Advisers. Back with us on the phone from Florida. Um, Anton, nice to have you here. How's it going. Well, it's been a lot more fun this year than it was really left. Oh my gosh,

that is so true. Well, all right, so let's just talk. Let's start kind of big picture. Uh uh. We've certainly seen the treasury curve move, We've seen certainly a different market environment. How do you see it, especially for the

financials that you cover. Well, um, you know, the thank you for the all the stimulus checks, because really it's it's kept you know, the economy going, it's kept credit quality strong and as people anticipate inflation, you've got a yield curve now, and you know, banks trade with the yield curve. Even though this yield curve isn't the biggest, most important thing for them, it's still helpful because they've got reinvestment and obviously buying treasuries a sixty basis points

doesn't really make anybody any money. So where are you seeing opportunity when it comes to banks? So? Um, First of all, thanks, I've got to get their costs in order. You know, you saw a merger this morning was So five. They bought a small bank. Fintech and banks are poliding.

So banks have got to cut costs that you do invest in fin techs UH the departner, and so mergers will be very high among banks and I you'll see more UH fintech buying bank charters, and you'll see more banks investing, you know, billions of dollars in financial technology to improve the way they reach their customers. Well, it's interesting about it. Well, it's interesting too that you said no, forgive me. You know, I'm just thinking about what you

were talking about. Because JP Morgan, Chase too came down, came out today, and they are pulling the plug on their Chase Pay digital wallet, just about a year after UH discontinuing the standalone app. So it's interesting. I feel like, you know, the big big banks kind of you know, tiptoeing into new tech, but also they're really pretty cautious. It feels like, I mean, what's is there a bigger

trade or a bigger, bigger move that you see coming. Well, you know, I like investing in banks that have not only a banking product, but also have the chance to benefit from this change in technology. So like a live Oat bank which has a fund that invest in fintech, has five wrecked investments in fintech. Uh, like a fin

Zac which is a new core challenger. Um, you know, you've really got the best of a bunch of world's right, You've got a yield code, you've got uh, you know, lots of growth from you know, Triple P, and you've got some great new initiatives from Small Business Administration. So you know, you've really got a lot of things going on a positive perspective. So when it comes when it comes into consolidation within these small regional banks, do you

see it happening between these small regional banks. Did you see more of these sort of soap ideals these large fintech companies, whether or not they're publicly traded or privately held buying them up? I think you're gonna see both. Um. You know, if you think about costs, banks have to

drive costs down. The one thing that the crisis did do is accelerated the adoption of financial technology by businesses and consumers and probably accelerated about like five years you know, if you think about it, so many people never used to technology to access to the bank, but during the midst of the crisis, they have no choice. I mean, if you wanted to transact, you had to use technology

and and so um, everybody's responding to that. And the key is to get the cost down to the lever of the product to the consumer, to deliver the product to your your business to be up with the latest technology. And you know, you've also got a regulatory environment that's

going to shift with a new administration. So you know, getting some of these mergers announced earlier in the year will be more successful than anything later in the articularly the biggest If you see big deals later in the year, they may have a hard time on some of the new regulators getting approved. Smaller transactions are going to have a chance to get approved throughout, but it definitely gets a little nicer. And all the transactions that right now

so far have been well received by the market. You know, you saw M and T by people's that transaction was very well received. The C I T transaction, which was done right in the middle of the crisis. I mean that stock has literally more than doubled US since that deal is announced, the market likes that transaction a lot um and I continue to see a lot of growth

in the states that have been very tax friendly. You know, Texas has has that tremendous growth, you know, Florida, tennessee that tremendous growth, and companies within those markets are going to merge with each other and get bigger and stronger. Anton do you see real regulatory risk coming out of the Biden administration for the financial services sector? Well, um, particularly on the consumer finance side. The CFPB is is going to have some real teeth to it, and I

expect them to be pretty active on consumer finance. But you know, I think it's a very different atmosphere from a regulatar perspective. But but that's where some of the biggest abuses have taken place, and they want to try to protect the consumer that that's where they're going to find it. But you know, very very large transactions are gonna have a real challenge, particularly as more and more

of the regulators getting replaced. Quarrels at the FED ends in November, I believe go back to though, I'm just looking at a couple of names that you mentioned, and I just want to make sure our it's heard at Live Oak Bank shares tickers l o B, I mean on a tear last year up about and fifty percent uh, and it's continuing to move higher this year. I think it's up another. Triumph Bancorp was up about twenty percent last year and it's I think up about si this year.

What's the story specifically? Is it just a better yield curve or is it again that fintech play? What is it specifically? Because that's pretty tremendous, and I know they're coming off of, you know, being maybe beaten, beaten down a little bit, but still that's a big run. Yeah. Well, I mentioned what you know, Live Oaks drivers were earlier and early having a being a major national SPA lender,

the largest small business administration lender in the country. Right, And there's some great new programs out there, and obviously the financial technology exposures it is tremendous as well. On Triumph, they actually have a payment app specifically for the trucking industry that could translate potentially into shipping and many other things. And people recognize the value of that app and and and how powerful it's been in capturing market share, so

so that one has been driven by it. And then particularly in New York, you've got a signature bank which has got um, you know, really strong exposure so to silver gate, to some of the new digital currencies, you know, and they are getting tremendous deposits, tremendous market share, and you know, things like stable points are gonna be really important. Sure, you know you've got bitcoin the other ones that are important, but volumes continues to increase in those Yeah, good stuff, Um, Anton,

thank you so much, really appreciated. Anton Shuts He's president and chief investment officer at Mendon Capital Advisers. Love talking names with him. Uh, joining us once again on the phone from Florida. Right, kind of interesting. Some of those smaller bank plays are regional bank plays. Yeah. And the focus that he has on areas like Florida, Tennessee, Texas where people are moving. Yeah, exactly. 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 p m. Eastern on Bloomberg Radio or watch us on YouTube search Bloomberg Global News. Oh my h