President-Elect Joe Biden’s Economic Team

dot com. If you can also listen to our radio show at two pm Eastern on Bloomberg Radio and be sure to watch us too on YouTube by searching Bloomberg Global News Bloomberg Business Week. I'm Carol Masser along with Tim Stanovic, and we covered some of today's virus headlines. You've heard it. We continue to see the drug big farm of companies going for regulatory clearance for their vaccines. UH. New York state statewide daily hospitalizations jumping the most since April.

One system in the New York metro area that was on the front line last spring dealing with COVID is the Atlantic Health System. They've got seven hospitals in New Jersey. They've got about seventeen thousand team members. UH and UH they are really covering much of the state of New Jersey. So great to have back with us. Brian Granulotti, he's CEO of Atlanta Health System. He joined this on the phone for Morristown, New Jersey. Hey, Brian, good to have

you here with Tim and myself. I think we talked with you at the end of April. It was not a good time. Where are we today in comparison, Well, thanks thanks for having us back. It's quite different for us than it than it was back in the spring, particularly the time that we spoke. UM. You know, we were up over nine hundred patients in our hospitals per day and uh today, UM, we're about the pace of increase has been a lot slower than we experienced in April.

And we're also seeing fewer patients in our intensive carry unit and fewer patients on ventilators. And that's because of some of the great strides we've made in learning about this virus and how to take care of patients. UM. Differently, we've also set up a program called Hospital at Home and that really has allowed us to keep more people in their homes getting UH oxygen treatments and and other needed treatments. So all in all, the virus is back.

Um uh it is really endemic in the community. But we're not seeing that crazy growth that we saw over a three to four week period in the spring. Brian, are you concerned at all that you will start to see that that crazy growth again as we see the cases rise around the country and then also the positivity rate at least in the New York City area above

four percent and of the last seven days and rising. Yeah, you know, Um, it's interesting all of our modeling that we're doing UM does not show us hitting those levels again. Because you gotta remember, we were doubling the number of cases that we had in our hospitals every uh two to three days for about a three or four week period, and this has been a slower uptake UM, starting probably at the end of September beginning of October, and Um, you know, we're seeing things plateau a little bit, then

go up a little bit. The big concern we have though, is what human behavior is going to be like UM, and so we are expecting to see a bump now and probably four or five days after the Thanksgiving holiday. Ryan, how are your team members right now? Carol mentioned that you have about seventeen thousand of them, and I know they've been working around the clock keeping us safe. How are they doing? You know this is this has been

tough on all people who work in healthcare. UM. You know, I know there's a general fatigue in the country right now regarding this crisis. And we do have a light at the end of the tunnel with the vaccines, and we can talk about that. But our team members have been at this for a long time. And even when our gate account went down over the summer months, UM, we were still preparing for um. Uh I called it coexisting with COVID, but we were preparing for what we're

seeing right now. So UM, while they're ready and UM, you know, we're taking great care of our patients and we're keeping our team members safe. UM. They are fatigued and like all of us would like to see, UH, life get back to a bit more normal than it is right now. It's interesting what you said about it. You know, it's been a slower uptake And why do you think that is? Is it because when the numbers do start to pick up, that we've all like kind of been there before understand what we need to do

to kind of back off. So we all go back to social distancing wearing masking, you know, wearing masks. Is that why it's slower? Brian, Well, when we first saw this occurring, I used to say, follow the train lines because we have you know, organizations in northern New Jersey, um and uh, right off the train line. And when you did them mapping on that, you could see that high concentration and UM, so we're working from home, not having him as much transit is obviously a difference right now.

So that's that's part of it. The other part of it is the measures that were taken by um, the state of New Jersey, state in New York. You know, I think our governor here in New Jersey has done a very responsible job of trying to balance the health of the citizen read the resources that we have available to care for them. Uh, and the economy and uh. You know, we're all doing our part to keep the economy open because we don't want to go back to

that time where everything was shut down. The dilemma, though, strikes on your point about masking and other things like that, because it's it's your personal responsibility as a citizen to take these things seriously. And one of the reasons in New Jersey that we're seeing. Uh, you know, a better performance right now is because people are taking that seriously. But you can track back these these outbreaks to gatherings, to events where people didn't do that, and that's really

where personal responsibility steps in. So I always tell people, if you want to get back to where we were, um, you want to not have restrictions in place, just do simple things. Wear a mask, you know, use common sense about gatherings and social distancing, and uh, wash your hands. Because we have such good news about vaccines right now that um, you know, we can have a much different

summer if we really work hard this winter. Hey, so, Brian, one thing and before we move on to kind of talking about a vaccine and the rollout of that, is the types of COVID patients that you're seeing. It does sound like it's not as severe, but are you seeing a lot of long um of covid um long haulers. I'm just curious what you're seeing in the demographics of

who's getting the virus. Has any of that changed. Yeah, we're seeing um uh a much younger population UM testing positive right now, and um, you know, we're seeing fewer patients go into the hospital. But your point about what

happens afterwards is an important one. We've opened something in Atlantic called the Covidcovery Center, and we've had that open for about two months now, and what we're trying to do is to create a medical home for these patients who can't seem to shake some of the impacts of this virus. So I'll give you a quick example. We've got some young UH patients who are seemingly doing well, um, but when they exert themselves in any manner, their their

oxygen levels just dropped dramatically, and UM. We can't figure out why. Um. And we're trying to understand that. The same thing with this concept of brain fog. We've got so many patients that just don't feel right and UH are are suffering from that. So this is turning into a real chronic disease. And one of the things when I when I talk about this, particularly to younger folks who think that their bulletproof on this, is that this

is a very difficult virus. And while you may not, um see the dramatic impacts on you like we saw in New York and New Jersey and the spring fentile at and everything like that, this is still something that you have to take very seriously, and we're hoping to get that message across. But in the meantime, we've created a service that we think will be a medical home for patients who really are taking this on as a chronic disease. Now, yeah, I don't know if any of

you have seen. I think it was at sixty minutes at a piece on some of the long haulers and it was, you know, one was a runner and it's just young people and just their life has been you know, turned upside down and it's devastating that couldn't walk. So it's it is definitely something that has to be taken seriously. It's something that just affects everybody differently exactly you get it, you don't know how it's going to affect you, and

that's something we all need to keep in mind. Um, Brian, I want to talk about the vaccine and how you're planning on rolling it out and distributing it once it becomes widely available. How do you do that at Atlantic

Health System? So, Um, we've had planning underway for the last several months to make sure that as soon as we are able to, we will get this vaccine in people's arms because the development of the vaccine had has been nothing short of remarkable because what we the government has been able to do is to hedge companies financial bets on this vaccine and allow them to follow the science and get it done safely, but at the same

time begin production on these. So we're going to start to see, assuming UH this moves forward like we expect this week and over the next couple of weeks, vaccines being sent to each of the states and then UM being delivered to sites like our Atlantic health hospitals UM, and then we have plans to UH to get those into the arms of people, and that's going to be

the real challenge. We're gonna have to set priorities at the beginning, and so we're looking forward to the guidance that we're going to get from the government this week UM states to put together plans, but generally it seems like it's gonna be health care workers first, and we think that that's really important, and then working on people who have other vulnerabilities and people who are older because the goal here is to obviously get as much vacccine

out into the general public. Right probably the middle of the year. Uh, and that's going to be important, but the key thing is people having confidence in taking it. Yeah, no, I know. I think the CDC right, I think they're voting actually today on who will be first in line for a vaccine, so we we will be looking out for that headline. Hey, Brian, thank you so much. I know your world is crazy and you're so kind to

always find some time for us. So stay safe and we wish you well and I'm sure we'll be checking in again with you over the next couple of months. Brian Granue Lotty, Chief executive Officer Atlantic Health System, on the phone from Morristown, New Jersey. This is Bloomberg Business Week with Carol Masser from Bloomberg Radio. Listening to Bloomberg Business Week Carol Masser along with Tim Stanovic, and we know running a political campaign, it's about fundraising, it's about

getting voters, it's about building infrastructure and support. It's also about building out campaign technology, which we know is critical for Donald true Up and the Republicans back in twenties sixteen and for the Democrats this past November. So let's get into a great story in the magazine. It's about the digital machine that Democrats need to keep winning. Bloomberg Business Bloomberg business Week national correspondent Josh Green excuse me,

is joining us. He's on the phone in DC, along with Bloomberg Business Week editor Joel Webber on the access line in Brooklyn. Um, Joel, this is an interesting story. I mean technology, we saw the Republicans use it. Now it seems like Democrats have figured it out. Yeah. And who better than to write about to write about the story than you know, our great m and a reporter Josh Green, who also headed to the Yeah, exactly. He's multifaceted,

that Josh Green. Um. But that was sort of the root of it because he had done a story for the magazine in twenty seventeen about mobilized America. Um. But the biggest theme here is not only that marriage that I'm sure he's going to talk about in a second.

But you know, there's a there's a line in the story where in today's story where he yesterday story where he throws back to the Obama momentum back when Obama was re elected and sort of the the tech um prowess that was was bestowed upon Democrats and then but you know, there was there was one thing that was missing, which is it didn't have any lasting ability. And what Josh has found here is that, you know, we're beginning to see a marriage here that may be able to

become something of a machine. How about that, Josh? Can I can I just take every word out of your reporting for myself, but over to you for more M and A. I'd like to ide them. I think this might be the first M and A I've ever reported,

So let's let's put a toy. The reason that I was prompted to report on an M, M and A for the first time in my like ten plus years blober career was that, as you said, I wrote about one of these companies back into late seventeen because they were a start up by a couple of young millennials which appalled that Donald's they gotten elected of Democrats couldn't beat him, and so they wanted to develop new political technology to reach the kind of voters authority plant couldn't

reach and hadn't turned out. Um you know, so so they called me up actually a couple of weeks ago and said, hey, you know, we've built our company into a hundred plush people were now going to merge with a big Democratic tech company called every Action they were being acquired UM. But to me, the evolution of this company and its acquisition was really emblematic of something I

think was really important in this last election. Hasn't gotten enough attention because Democrats rightly spent the months since since Trump was defeated kind of bickering and shooting at each other,

which I think is taken away from UM. What I talked about in the lead to this piece was that the Democrats organizing and fundraising prowess, driven by this kind of political technology just produced more than any billion votes for jo Blinden in any hope that Democrats have of of broadening their verning coalition and winning racist in the mid terms, and that sort of thing is going to

depend on this machine that was built. And the fact that these two political technology companies are coming together and joining means that Democrats organizing and tech abilities are going to grow even larger now. As Joel alluded to, UM, Democrats were plagued for years and years and years, even

when Obama was winning. They were plagued by a fundamental structural shortcoming in the way that they did politics, and that was that every time you had a big presidential campaign like Obama come along, he actually had to build his own technology internally, They had to kind of start from scratch. You know. It's like getting a job at Bloomberg, but in order to get there, I have to like

build my own car to to sort of drive. I mean, one of these problems where when you step back and look at it from somebody outside politics, it seems sort of absurd that nobody thought to fix this earlier. But this was a big problem. Obama built a big techno operation. As soon as this campaign ended, it all dissolved and went away, you know, and Hillary had to start from scratch.

So what these companies done is basically take the technology, building outside campaigns that can grow and exist and innovate UM beyond a single campaign cycle. I think the fact that Democrats turned out eighty million votes even while they didn't achieve all they wanted to, shows how powerful this was and how powerful they can be moving forward. So, Josh, I mean you described this as a salesforce like platform for liberal campaigns and causes UM and the company mobilized.

When these two companies together, I mean, what is the actual technology that they have? What are they able to do now, well, they do a lot of things. It's interesting about Mobilize, which I first wrote about, was they looked at Hillary's loss and they all, right, she performed really badly among millennials and really badly among black voters

compared to Obama. Why And what they figured out was that the traditional ways of organizing you get a list on a piece of paper, you go out and you knock on doors, didn't really reach those populations, either because you know, they're transient like millennials, or they move around a lot. And so they thought that, well, look, the one way to reach everybody. Everybody has a cell from now,

whether you're young, old, black, white, Um. They built the technology through an app, and this is something that's scaled and they tested it out in I wrote a big feature for Business Week about how they were doing in the Virginia off your elections. That worked wonderfully, and the Party do its credit, recognized this and spread it all across the country in the mid term election. Uh. In

the midterm races which Democrats won handily. UH. I think twenty of the something like twenty six Democratic presidential candidates from this past cycle used the technology. So what it really is. You know, one of the founders described it

to me as an engagement funnel. You know, it takes you have all these sort of hyper excited new to politics activists who people were out in the Women's March U doing March for Our Lives, not necessarily things that will campaign related, but suddenly they're inspired and they want to get involved. These apps in this technology helps funnel that initiative, that eagerness to participate, and connects them with

a local campaign that can actually use their help. That's really what we saw with Joe Biden's campaign, the fact that Biden really was kind of in his basement, he wasn't out their campaigning, and yet through this use of technology and being able to kind of connect people, they managed to turn out eighty million votes and help Buyden to defeat Trump. I think that's a critical piece of technological evolution that's going to be important going forward for

both parties, but especially for Democrats. So Josh, let's spend this forward. We've got, you know, Georgia Senate race here on the horizon. After that, we're gonna have some mid terms, Like when are we gonna see sort of the fruits of this marriage and and how are we going to be evaluating them? And just got about a minute, Josh, you I think I think we're already sing on your

people on the grandom. There's lots of volunteers. I was talking to one of the Mobilized founders who said that the engagement the the volunteer engagement around the Georgia Senate races is even higher than it was in the midterm elections in twenty eighteen. On the other hand, Republicans have their biggest engagement driver, and that's Donald Trump, and it sounds like he's gonna be heading down there in the

next week. UM. So you know, both sides this won't come as news to anybody, but both sides are just trying to turn out every single vote they can because it looks like a very close pair of elections. I think if Democrats are able to rekindle the outpouring that Joe Biden received, they're going to be a pretty good shape. We just don't know yet whether Democrats can win um or excite people Trump not on the top of the ticket. We're gonna find out on all right, Well, good stuff

as always, Josh, Thank you so much. Who knew political m and a reporter also Bloomberg Business Week national correspondent. Do it. He can do it all. Josh Green. Anything you want to ever know about politics and the campaign trail Man, You've just got to read Josh's stuff. Of course, author of the book that explains the election outcome. We're talking about Devil's bargain. Steve Bannon, Donald Trump of the Nationalist Uprising. Josh of course on the phone from DC

and Bloomberg Business we get it. Or Deel Webber on the access line in Brooklyn sees Bloomberg Business Week with kirol Messer on Bloomberg Radio for Secretary of Treasury. I am really pleased to be able to nominate Janet Yelling. No one is better prepared to deal with these crisis. I wish it weren't as much of a crisis future secretary. And of course that was President like Joe Biden just earlier today nominating Janet Yellen, former Fed chief, to be

the next Treasury secretary. And I really do think this Biden economic team, tim is really one of our top stories at the day, and certainly at this hour. Yeah, it is. It's it's a lot of first Not only does it include yelling, of course, but near Tandon as well, and if she would be confirmed, she would have a lot of first to go along with her as well.

And it's I think exciting to see for a lot of people because President like Biden has said he wants his cabinet to look like America, and it seems like he's making good on that promise. Yeah. Really when he was announcing all the people very very diverse. Let's get some thoughts from our Bloomberg News Politics editor Wendy Benjaminson.

She is back with us on the phone from Washington. So, Wendy, I mean it really does look like in general, and certainly with this economic team that Joe Biden is thinking about uh diversity and thinking about what America looks like and what his team meets to look like. Yes, absolutely, Carol, I mean he is, um, he is making a point about them being diverse. He is certainly showing them to be diverse. And there are many many first as as you said, you know, um. Janet Yellen would be the

first female Treasury secretary. Cecilia Roused would be the first African American to head the Council of Economic Advisors. Near a tandem is an Indian American who would leave the Office of Management and Budget, although women have led that office before. UM, So it's um so he really is

working on that now. There are some UM Representative Jim Clyburne from South Carolina who feels that there aren't enough African Americans being selected yet, but there's still a lot of names to go and we'll see where that leads.

When do you want to hit on your attendant for a second, because it does seem like if there is one person here who is seeming to get a lot of flak from both the right and the left, it's it's her, And I'm wondering what the chances are of her being thrown in there, um because the Biden team needs someone not to be confirmed, someone to be protected

by Republicans right there. Well, you know, as the Biden team, of course, they are one thousand percent behind her and they did not want a shirk from nominating someone they believed to be highly qualified, even though she has irritated Republicans um to no end, and the highest second highest ranking Senator, John Poone today said, you know pretty much it's not going to happen, and um, the Lindsey Graham, who said who chairs the Budget Committee, which would have

to first confirm the director of the Office of Management and Budget um said it's going to be a real uphelp climb for her. But their reasoning is not that she's not qualified. Um, it's not anything else. It's that she has tweeted insulting things at Republicans. O. There's and I think anyone who's been on earth for the last year does that? Does that a bit? Yeah? Right, I'm just gonna say it is right, Carol, And we're parents.

So I do wonder though, is I mean, I mean, is there somebody on this list who you thinks better chances or worst chances of getting past Republicans If Mitch McConnell Republicans hold on to the Senate, right, Well, I do think Janet Yellen will have almost no problem getting confirmed. Um. You know, she was confirmed to be FED chair by a Republican Senate and senators really don't like to admit they're ever wrong. So if they confirmed her, one self

confirmed her again. Um. And uh, and you know she's well respected. Her politics may not agree with their politics, but there's no question she's respected. She's topping you know, I just don't see that one happening. You're tandon maybe the one that gets tossed back. She is the only one so far that everybody has said hold of and this may not work. So she's really that's going to be the fight to see if Biden decides it's really really worth it to have that fight, and he may.

You know, I just want to mention, you know, a couple of headlines uh that have crossed, um, the Bloomberg terminal, Bill Barr, you know, saying that the Department of Justice hasn't uncovered widespread voting fraud. I just find it fascinating that these kind of headlines are still crossing. And then we've got you know, the president elect putting together his team. I mean, it's just how do you make sense? Continue to make sense? Wendy Andy's kind of two Washington's right

now exactly. Well, I think it's one Washington and tender or another Washington. I think really there's one person in town who believes that Donald Trump won the election. That's Donald Trump. Um the I mean his own attorney general, as you said today, said he'd seen no evidence of election frauduct to a to an extent that would change the results of the election. Bill Barr did just leave the White House. We're waiting to find out if he left with his job or he left, you know, to

carry a gardenboard box out of the Justice Department. We don't know yet. Um, we don't know. But um. But Trump's lawyer Rudy Giuliani came back and said, well, Bar doesn't know what he's talking about. We have tons of evidence and he won't look at it, and um, that sort of thing. So no, I mean, everyone, even these the senators I was just talking about, are talking about confirming Biden's picks, even though they will not call him the president elect or acknowledge that he won the election.

So that's that's where we are right now. Yeah, and and Wendy, we are seeing another headline cross the Bloomberg from the Associated Press that says that bar has appointed Durham Special Council to keep investigating the Russia prope origins under the new administration. What are the implications of this for for President elect Biden and when he becomes President

Biden in January. Well, this is a big decision President elect Biden will have to make and his administration, and we should watch very carefully who he chooses as attorney general as a signal to where that decision will go. Does he want to spend the next four years relitigating the Russia probe, the Trump you know, and everything that Democrats feel the Trump administration did wrong and and invest to gage your political opponents, which is always sort of

anathema and American politic that used to be. And or does he want to, as he said throughout the campaign, healed the country, unify the country, and move forward, focusing on the economic recovery and getting us all past the pandemic. So I think, you know, there was talk that someone like pre Perrara, who used to be the U S. Attorney in the Southern District of New York, might be the attorney general. Not so much anymore, which does signal that maybe he doesn't want to, you know, spend the

next four years investigating Donald Trump. It's fascinating my understanding just reading the ap right through. I guess bars saying that during investigation narrowing to focus more on the conduct of FBI agents who had worked on that Russia investigation. So it is kind of fascinating to see that that could cold, cold could continue excuse me into the next administration. Um, Wendy, Wendy,

thank you so much, really appreciate it. Wendy Benjaminson, she's Politics editor Bloomberg News, joining us on the phone from Washington, d C. That will be fascinating if it carries over right to bid Biden administration. Yeah. I have serious choices to make about whether he wants to end it or keep it going, because their implications for both. Yeah, exactly, And I do get the feeling he wants to move forward, so we shall see roc journal. Yeah, but you let

me drive. Oh no, no, nor home, honey, please, I'll do the riding drivel. I want to drive, just drive by the question trying. This is the drive to the globe. Give me thanks, we'll drive us to dawn on Bloomberg Radio. Yes. Indeed, just about eleven minutes left to go in the Tuesday trade. It is time for the drive to the clothes. Nice to wall come. Sarah Malock. She is head of Global Equities,

Chief Investment Officer of Global Equities over at Nuvine. They've got roughly one point one trillion in assets under management, and she's joining us on the phone from San Francisco. Sarett. Nice to have you here with Tim and myself. Um, let's talk a little bit about what we're seeing in the markets, because it does feel like there's some enthusiasms, some risk on once again back in the trade. What do you make of it? We think that the market

basically is setting up for a return to normal. We have a nice set up for once for past some of these near term bumped in the road, you know, the elections behind us. We like we have a divided government which is market friendly. We have a vaccine coming, potential stimulus, low interest rates, low inflation. All of that's very good. We do think will be a focus on earnings growth. So was about valuations expanding and driving the

market is going to be about earnings growth driving the markets. Now. In the meantime, we do have concerns. Obviously, we have a huge spike in the virus and we're seeing some not a shutdown. So the next few months are going to be bumpy, but we're setting up for a nice period past that time. Sarah, we'll talk about that in just a second. But I'm singing your bio right now. That you went to cal Poly in San Luis Obispo, that's where I'm from, so it's great to talk to

a fellow former resident of San Luis Obispo. It's a fantastic place. Yeah, go Mustang's exactly. I grew up going to those soccer and basketball games when I was a kid. It was so much fun. What do these next two months look like? These bumpy two months? If you know we have potentially the president is not going to concede, We have no idea if he will go to the inauguration? Do markets care about that? I think that's more noise because the markets, do you realize that we will get

through that? The main concern for us over the next couple of months, or really how bad is the economic slowdown? Because that resets the bar that we recover from. So how low does that bargo before we finally have that reopening, And that, of course depends on how this virus continues to go. Now, there could be some upside if we got did me list during the lame duck session, but our view right now is that you likely don't get

that until the first quarter. So definitely a rocky couple of months and the market will stay volatile around that kind of information coming out. Well, you know, Oh good, did you say, Oh San Francisco, how does it feel right now with the virus? Definitely quiet, you know, it's definitely California is having a lot of issues. San Francisco is slowing down. We moved back to the purpose here. Things are closing again, so you know, starting you feel

a lot more like March and April around here. So as an investor, yeah, I mean I do feel like we understand a vaccine is coming right, We can at this point get a little bit of a timeline and understand maybe maybe we're back to normal by late spring, maybe by summer. Um Having said that, how do you play the market at this point? We constantly talk about rotation? But again tech was interesting again this you know, on this Tuesday, So I'm wondering how you see it, especially

from a global perspective. I mean, November was an interesting month because the markets up about double digits for the month. So really we expect the market most likely to take a breather as we go through this volatility, and we're less about the rotation at this point. Cyclicals have had such a nice rally. We know growth stocks are very crowded. They gave back a bit, we're most more focused on more of a mild risk on environment and focusing on earning.

So it's not we think it'll be less about is a growth as it cyclicals? Which one do you want to own? It's about owning those companies in any of those areas that can have strong earnings growth, So areas like healthcare where the elections behind you as a yield curve starts to gradually steep, and are their financials that

we like? And in growth and technology sectors, which ones look more attractive, like Google looks more attractive maybe than Amazon because Google has not had the run that Amazon had this year, So being more selective within the sectors rather than making that larger macro trade or do I want to be in growth or do I want to

be in value? Syroly and I were talking about Airbnb just a few minutes ago and just the massive number of I p o s that we've seen this year, and the way that December is shaping up to just be the end of a huge year for I p o s. Why are so many companies right now saying this is the right time to raise money? I mean, I think you know, the markets have been strong you know,

companies like Airbnb obviously had their own secular tail winds. Um. You know, those could accelerate as more people feel comfortable thing and houses going forward as they travel and the way that we travel changes over time. You know. I think access to capital within with low interest rates has just been interesting in general in terms of m and

A UM and death that companies are taking on. So I just think there's a lot of capital coming into companies all that's very positive, especially with the market returns that we've seen here today. So I you know, I don't know how much you guys talk about this, Sarah, but the disconnect between Main Street and Wall Street, and you know, Timura and I were talking about it off air that it really just feel like the small business community,

the midsize business community has been left behind. And I know a lot of that isn't publicly held, UM, but we talked about it being the backbone of the economy. How many dis suestions do you guys have a new vene? We're seeing this disconnect between people who feel okay if they're in the markets or other asset classes versus those who are not but are really important to certainly our society and our economy overall, and what that means potentially

going forward. I would say that's a bigger discussion almost on main street, so I hear more about that from individuals who are investors and clients who are who are concerned. Internally, our view is been that this recession was an event driven and if you look at history, they tend to be deep and short lived and have these pretty fast rebounds, which is what we saw because it's based around one event,

which was a COVID nineteen. Once we start to see a path out of that, the market tends to rebound quite quickly. I think in the small business space, we're actually big fans of small caps as public companies because they were pretty recently at about two decade lows in terms of valuation, but we think they'll have a lot

of operating leverage coming out of this cycle. So we do like small companies, but we do think that things are going to change in terms of which one is our success and which ones are the survivors, and even new industries that may pop up because of what's happened in this pandemic. But it definitely is a concern and all that cash that's on the sidelines. A lot of people less the market and march out of fear, and now they're having trouble trying to figure out how to

get into the market. And that's why most of these down drafts you see people buying on the dips as they're trying to get back into equity. Sarah'm eager to get your take on Biden's economic team and what the market is saying about it. We saw today that he's officially nominated near a tandin for OMP Wally Damo for Deputy treasure Secretary, and of course for Treasury Secretary Janet Yelling. Um,

what do investors think? And just kind of about forty seconds. Yeah, the investors basically have been pretty positive so far on it. That Janet Yelling is fairly market friendly, regulatory friendly, and so I think people like this economic team. It's more moderated in the middle and that should again and be a positive and less noisy for the market. Alright, good stuff, Thank you so much, really appreciate it. Sarah Malic, a head of Global Equities ever at Navine one point one

trillion in assets under management, on the phone from San Francisco. Yeah, go Mustangs, Go Mustangs. It'd be nice to be in California, and it would be do you go back there much I used to? I mean, this will be the first Christmas that we don't go back in a long time. Will you get back there? Will be in this summer. Thanks so much for listening to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud, or at Bloomberg dot com, and be sure to check out our daily radio show

at two pm Eastern on Bloomberg Radio. And be sure to watch us too on YouTube by searching Bloomberg Global News