Preventative Health Programs for Fighting Covid-19

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 New York City with checkpoints around the Thanksgiving holiday. We've also heard the World Health Organization come out and say that people will probably have to take precautions against COVID nineteam for the next year as countries continue to vaccinate and UH and and actually needs some time to vaccinate

their population. So just some of our headlines on this Tuesday. Let's bring in though, with an interesting perspective on really our whole wellness situation, if you will, against the pandemic. Let's bring in Dr Rachel Do. She's Board certified doctor of Natural Medicine and she's also the CEO of Moody house, she joins us on the phone in Los Angeles. Dr Do, nice to have you here with us UM. How are you What is your world been like on the West

Coast and and and especially with just some of your patients. Hi, Carol, Well, thank you so much for having me on UM. It has certainly been UM an interesting season, right, So we are all having to make so many adjustments and transitions, not just in how we care for patients, but also how we care for ourselves in this time. So we're seeing a lot of those adjustments and the needs to be more flexible and to really take personal accountability. What

does that mean? They'll break it down. So if I'm a patient, I'm listening to that, I'm sitting at home and I've got stresses of working, I've got stresses of taking care of my family. What are you telling me? Absolutely? So, Look, you know this pandemic, we have the concerns around catching COVID nineteen, we have that, but also the pandemic has really caused an uptick in many other health crisis right from mental health and emotional health to physical health, everything

from injuries, illness, and chronic disease. And you know this is really due to patients avoiding in person care due to safety concerns and putting off treatments and things like that. Right, So tele medicine has been providing a solution to meet these concerns, and now Telly Care is really easier and safer to access in order to get that continued care. Right. So, we're seeing this as a major shift that that we've taken, we've needed to take in order to care for ourselves

and also practitioners needing to care for their patients. But what we also see is that the need is greater now more than ever for a whole person care approach, really an integrative approach, and that really includes not only

traditional health care prevention, but also well being. Well We're said, and I'm going to be quite honest with you, You're you're preaching to the choir, because I'm someone who certainly believes in kind of that holistic approach when it comes to health care, having done yoga for years and you know, believe in meditation and things like that, that you really

do need to take care of your whole being. It's just not physically, you know, it's not just about physical ailments, but it's also about mental well being, And I do wonder, you know, is there something about this time of crisis and it's conversations that I've had to be quite honest with a bunch of my guests about are we looking at, you know, our health very differently. Will we come out of it being smarter in terms of preventive health and and thinking about kind of holistic care when it comes

to our well being? Absolutely, and I think that that's one of the positive set's coming out of this pandemic what we're seeing. So at Moldi Health, we're the only hell of medicine and hell a wellness integrated platform in industry. What does that mean because there's lots of tele medicine out there. We've been talking about We just off with Susan Lan yesterday. She's a venture capitalist saying, you know, that's one of the things that all of a sudden it has just taken off. So tell me about what

that means that integrative platform. Sure. Absolutely so. While there are many telemedicine platforms out there, and there's a lot of wellness platforms out there, like health clubs are moving classes and yoga as you mentioned, are moving classes online, there's really no marriage between the two of this holistic

care and traditional care. So Moody Health on our integrative platform, we offer access to virtual care with both traditional medical practitioners as well as complementary, alternative and natural and then also wellness things like mental health practitioners, life coaches, fitness instructor, nutritionists, all of those different types of needs under one virtual

roof to be accessed. And I think that that's what's critical right now and we're seeing at Moody Health so many people are focusing on wellness and prevention through a more fulistic approach or a whole person approach to help. And so people that are coming to our platform are really concerned about being as healthy and also as resilient as possible. Well well, who, well, who is your demo? Who comes to your platform? Every person you can possibly imagine.

So we have, you know, all different types of care available for people that are younger demographic millennials, we have baby boomers and everything in between. Really, the pandemic has created this massive need to shift and begin using online platforms to access care. So it's really invited people that may not have considered doing that type of care before. Um, it's really invited them into using and experiencing the ease

and safety of telecare. UM, I totally get what you guys are doing, and I do think when it comes to health care, we do need to think about kind of top to bottom, you know, all the layers that make up a person's well being, right, And there's different forms of treatment. There's certainly, you know, traditional medicine, there's

you know, evolving medicine. There's just different things that are out there, and you really do feel like it's maybe not one person but multiple people who really have to look at someone and say, Okay, here's here's the here's the full picture, right, and here's the different things you can be doing. Having said that, I do feel like kind of newer waves of thinking or newer ways of

thinking when it comes to healthcare. Your traditional insurance companies aren't so great to embrace it, at least not so quickly. So where are we on that? Absolutely? I am so glad that you brought this up. It's it's something that I'm hugely passionate about. So we have a unique approach at multi Health since we are founded by practitioners and we really believe that patient care needs to shift. The patient care should be dictated by doctors, not health insurance companies.

And right now, most holistic or alternative care, as you mentioned, is out of talkt which not only limits access, but it really restricts access to those who are unable to afford that kind of care out of talket. So at Motive Health we've addressed that by making consolts more affordable. But as we're shifting and as we are seeing this whole person care approach, and we're seeing so much more research and data that is pointing to the future of health,

including that type of full person care. With the future of health insurance reimbursements, there's a huge market demand and that's only going to continue to grow. So insurance companies will eventually need to address this by increasing wellness care and complementary and alternative care coverage and also reimbursement. So we need to shift the focus on people, keeping people well versus just treating health crises and problems once they arrive.

So how do we do that? I mean, if anything, the pandemic has an earth uh and laid bare once again is the inequities that are out there right and it's it's easy, maybe for some of us to say, okay, I can focus on well care, right, Uh, wellness care because I've got the time, I've got employers who understand

I've got a great health care plan. There are those folks who are just trying to you know, pay the rent and keep food on their table for their families, and you know, health care is often a emergency situation, if you will, and that's really important if we're going to raise the wellness of society. So how do we deal with that which is so important? Right? I mean, we keep doing things that you know, people who are already in a good place get to kind of top into.

But it's if we're gonna if we're gonna learn anything from this past year, right, is figuring it out how more people get to benefit from the successes of society. I completely agree with you. It's such a critical point. I mean, we're really seeing this shift when it comes to wellness and preventative and alternative care. We're seeing that it's becoming only accessible by the wealthy. So it's becoming, you know, a social level of achievement to be able

to access. But we've got to make this type of not only care, but life healthy lifestyle choices and options more affordable and accessible to the masses, and you know, I mean that's something we're really passionate about and we worked really hard to a motive health to do, you know, not only by making you know, consoles more affordable to live virtual care, but we've we've come up with some creative solutions and really it's going to take all of

us doing you know, putting our minds towards creative we're solving this problem. So you know, what we've done is we've created a health streaming service. So where someone might not be able to afford meeting with a nutritionist or a personal trainer or a health coach for example, um, they might be able to afford a nine dollar you know, a month virtual streaming service that gives them access to all different types of health and wellness classes and health

education and fitness classes. So it's really about getting creative in order to solve this, right, which is what it's

going to take. You know. It's interesting the Bloomberg New Economy Forum was just held virtually with global leaders and one of the verticals, one of the pillars, is all about health and this whole concept of you know, how do we learn from what happened this year in terms of the virus, But more importantly too, is how do we fix some of those elements, whether it's heart disease, whether it's a lung disease, whether it's cancer that you know certainly has an impact on people generally, but also

holds back society from being even more prosperous uh than it could be. So um, these are good conversations to have, Dr Do. Thank you so much, UM, good luck and want to you know, we'd love to hear back from you as you guys can continue to proceed with what you're doing. Dr Rachel Do she is Board certified doctor of Natural Medicine. She is CEO of Moldy Health. Joining us on this Tuesday on the phone from Los Angeles. This is Bloomberg Business Week with Carol Messer from Bloomberg Radio.

Safe to say, there are many heroes that have stepped up during this global health pandemic, and that includes this really cool story about a small army of data gathering gatherers and most of them are volunteers and they have become perhaps the most trusted source on how the pandemic is unfolding in the US. Let's get into this story

with Bloomberg Business Week editor Joel Webber. He's on the phone in Brooklyn along with Bloomberg News US Healthcare team leader Drew Armstrong, reporting once again for a Business Week Drew with another incredible story, Joel. Yeah, we like to keep Drew busy. I hope to have many more Drew Armstrong stories in our future. Um. This is one that um, he came to us with and and as we started talking about it, I was like, Wow, this is actually just a great story for the moment because these are

basically data heroes, UM. And we're talking about the people behind the COVID tracking project. And at the beginning of the year, we didn't have any data about how many cases there were, and you would have expected the federal government to fill that void, and federal government still not there, and these folks have just kind of kept it going. UM. So Drew, tell us more about who they are, what they do, and and you know, I want to know

more because you also did some of this data entry yourself. Actually, yeah, you know, it was a fascinating story to work on, in part because I think that it really revealed some of the weaknesses with this country. UM. And and its

ability to react to an unknown crisis. You look at disease agencies like the CDC, which I have to say are full of very kind, very smart people trying very very hard, but when they were confronted with this kind of new, unknown disease, it showed us how bad we actually were at being able to find out what was

going on in the country. And this project was basically an effort to try and answer the question of how hard are we looking for covid um and this was back in early March, and how much of it are

we finding? And what they began to discover as they did the really gritty work of just calling around states and scraping state websites and pulling data from states is that we weren't looking for it nearly as hard as we thought we were, and we didn't really have a great grip on how big the outbreak was or wasn't um.

It's then evolved into this thing which is a very authoritative, authoritative source of statistics on how covid is spreading, where hospitals are, what's the death count of and things like that. But at the start, it was just fundamentally about asking, you know, what's going on and are and are we finding as much of the stuff is actually there? Well, drewe I gotta say, as we all kind of pat ourselves on our back, you know, enter a couple of

journalists and then a really other smart investor. Basically, yeah, you know, the one thing I will say with these folks UM, and you mentioned there's there's a handful of journalists Alexis Madrigal and Robinson Myra for The Atlantic, who

are kind of started a version of this. UM. One of Alexis is college friends with this guy, Jeff Hammerbockers actually started the data team at Facebook, and they teamed up with UM, a woman named Aaron Cassine who essentially is a you know, her job title kind of defies description, but she builds communities and works with tech tools and journalism. And what they eventually pulled together was a a kind of a basically just a Google sheet to go and

start answering these questions and cataloging these data. But it took this really unique combination of curious journalists, UM, some serious data and numbers talent, and somebody who could help build the communities they had. And the community is something that they emphasized over and over again. This thing is powered by volunteers, people who show up into their black room, the only place this organization exists, and do the hard work of going to state websites and pulling this data

every single day. And it's just a lot of work to be able to pull this together. But they've been doing it for nine months. Um. It's amazing that they built this kind of volunteer powered engine to do this stuff that's basically data gathering, day in, day out, UM, to better understand this pandemic and bring some sense to it. Andrew, you raised your hand to actually help enter some data. How did that go? You know? This was wonderful of them.

They really trusted me, and they said, we want you to understand, you know, both what we do, how we do it, and alter the culture that is behind this whole thing in the volunteer effort. So they invited me into their slack. They put me through a data gathering training that they did that everybody else. I was on a zoom call with lots of other people around America, you know, seeing everybody's living room behind their computer camera,

just like I was. They taught me how to go through their process and I worked a data gathering shift, um you know, entering everything from the hospitalization data in Maine, um, you know, to what was going on to some other states. One of the things you realize when you do this work is just how just pointed that David gathering system is some states have wonderful portals that has you know,

updated every day. The definitions of what counts as a test, as a positive, go, and so forth are very clear. Others are not at all. I mean Hawaii, when I was doing this, the place you had to go to get the number of hospitalizations in the state was the tenant governor's Instagram account, which, when you think about a country and that's been singing like that is not where you should be getting this type of public health data.

So do I also, let's just stay on the data for a second, because I think one of the things that they've also sort of done that you you kind of talk about in the story is that they've actually sort of effectively helps standardize what the data is even. Can you talk more about about that element of the

story and the effort. Yeah, you know, one of the things that is really really really important that I think is hard to appreciate until you've tried to make sense of medical data, is that it's vitally important that you have kind of standard definitions for what stuff is, so that a, you know, a test means a certain kind of test, or do you separate out the different types of COVID tests to get run into different categories. And they ran across this problem of you know, states didn't

all report the same information. Sometimes they were report things that seemed like they were similar, but in fact we're not. They started to give states great letter grades, basically say okay, this state gets a plus for the type of data of courts. This when gets a D. And the reason for that was they had someone on their advisory board would work in government who said, I know this seems stupid,

but government officials really love grades. And you know, when they started giving out these letter grades, one of the things they saw was that the states they're done well. They had public health officials and the governors out there saying, hey, we got an A plus. They gave us an A plus. This prominent website that everybody's looking at. Things were really great. And they began to see other states make efforts to get more transparent, to get better about standardizing their data,

their data. They have helped kind of push along the quality of the data to better understand this. Listen, there's

many good moving parts in this story. I love where you say the project demonstrate is a demonstration excuse me, a citizen know how and civic dedication at a time when the country feels like it's being pulled apart, right, So, when all else fails and you feel like things aren't working like you see the community come together and we understood that the importance of community, especially when it came to COVID, how important it was, and to see them

come together on the COVID tracking project is pretty remarkable and really makes you feel good ahead of this Thanksgiving Day holiday. Um, Drew, thank you so much. Really appreciate it. We'll put this story out on Twitter for everybody. Bloomberg Business Week editor Joel Webber along with Bloomberg News US Healthcare Team leader Drew Armstrong read everything that Drew puts out at Bloomberg dot com. You're listening to Bloomberg Business Week with Carol Messer on Bloomberg Radio. All right, So

that's caught our attention. It's among the most read stories on the Bloomberg gets a top story on this Tuesday about how Amazon is doling out hiring bonuses as high as three thousand dollars. It's all about making sure it has enough people to get through the busy holiday shopping season. So everyone's happy, right, Not so fast, Let's get more on this story. I go to when it comes to

all things Amazon, Spencer Soaper. He's Bluemberg News technology and e commerce reporter follows Amazon really really closely, and he's back with us on the phone in Seattle. Um so, Spencer, good to have you here. So what's going on? Uh? So, I guess we have an example of just how tricky that the job market is right now in terms of

employers trying to keep people happy. So yeah, Amazon was you know, it's giving out bonuses of up to three thousand dollars because it's got to get make sure it has enough people to meet this explosive demand in online commerce that just keeps, uh keeps growing, and this is going to be a record busting holiday shopping season. But that that that's angered existing workers who have been toiling all along, and you know, many of them got vouchers

for turkeys, you know, as little as ten bucks. So there's this kind of disparity and how Amazon's taking care of existing workers who have been working all through the pandemic and then the new recruits that they just need to get through the holiday shopping season not to be ungrateful, right, And we see this right where people get hired and they come in at one salary and then somebody comes

in later and they get a better salary. Like this kind of stuff happens, but it does make you wonder about what Amazon is thinking that they're willing to do this and they know it's going to get out there publicly right about the discrepancies. You know, what were the you know, inside conversations that that they had about this before doing it, knowing that they were going to be workers are like, what they're getting three thousand and I

got a fifteen dollar turkey voucher. Yeah, well that's that's a good point. And we don't even know if there were conversations like that because they're just right now, they're just trying to manage to chaos and and and and meet demand and so on. These bonuses they offer bonuses

every year, uh, and so they're coming. We just haven't seen them quite this high, this three thousand dollars, and so the UM the significance there and the new tish there is that even a lot of people are out of work, they're still scared of COVID and so having Amazon's having to ratchet up the amount of money it will pay to compel new workers to come in UM, and then that's that's angering the exist the workers that

are already there. Well, so how is Amazon, spencer, you know, this company, you talked to a lot of people who are willing to go, you know, tell you what's going on behind the scenes. How is Amazon handling UM workers

and making sure that they stay safe amid COVID. Amazon has been pretty public about that in all of these safety measures, you know, they're going to spend more than ten billion dollars this year on a variety of things including you know, masks and UM temperature checks at the facilities and COVID tests of employees and stepped up cleaning. But a lot of that cost is also simply lost productivity.

And that's where, because of social distancing, these facilities that Amazon has that are already you know, will be pushing capacity in a normal shopping season. Uh Now, we're just not as productive because they have to space people out, so they're getting less work done in their uh in their normal facilities, and so that's putting an extra strain,

you know. So not only did have the higher shopping demand on one end, on the other end, each of their facilities is less productive than it would usually be because of the need for social distancing. Yeah, exactly. Well, you know, whenever I think about Amazon and just the amount of workers, especially as they continue to hire, and I mean they hire like I feel like nobody else out there in terms of the size of people that

they continue to bring in to meet demand. I do wonder, you know, in terms of unionization, what progress or you know, are there more steps likely to make it maybe a possibility here in the U. S it already I think in your story you point out it. It happens, it is unionized over in Europe. Yeah, they have, they've avoided unions in the In the US, there is a new drive that was just launched in Alabama. Interestingly, Alabama is the worst place where they got ten dollar turkey coupons.

I think that's the lowest that we saw that we saw. So there's a there's a new campaign down down there, it's incredibly hard to form a union UM. And and there's a lot of tools that that employers can use to prevent unions from happening UM up to an including just simply firing people. Uh. Even though it's supposedly against

the law, the penalties are very soft. And so what you can often see happen is if someone agitates for a union, an employer can simply fire them, and then that that puts the onus on that worker to fight them. And and the only real consequence for the for the employers is to pay them back wages and rehire them.

So I do wonder come I think they report next in late January, their next earnings report, And I do wonder, Spencer, I'm thinking as an investor, you know how these increased costs of you know, paying higher bonuses perhaps to get workers and right because Amazon can't can't me demand unless they get the workers to show up. As you said, there's concerns about you know, COVID obviously in social distancing. Will these costs, these higher bonus says UM end up

showing up. Um, They're going to write on the expense line when it comes to reporting and I do wonder how to impacts the company financially potentially. Yeah, it is going to affect them. It is going to put pressure on their profits. They've projected that, They've said as much. And I think that UM investors are very tolerant as

long as Amazon still showing the strong growth. If Amazon can muscle through this uh and with marginal profits, but still take care of its customers and accommodate all of this growth, that sends a strong message to investors that that this company can you know, it is well run and confunction through this, through this pandemic without letting people down. It would be much more significant long term to Amazon to say, you know what, sorry, folks, we can't bring

this to you. UM, go go shop somewhere else. You know that that would be much more devastating for investors than than a high cost holiday quarter. Hey, Spencer, just got about forty five seconds here. I mean, what are your expectations? What are you hearing about what the holiday season will be like for Amazon and will they be able to meet the demand. Especially I keep hearing from everybody I've already seen it, I'm already doing it. I'm

ordering online, I've started earlier than before. Um, and that's how I'm going to shop this holiday season. Yeah, A lot of that's gonna depend on exactly what you said. Are our shopper is going to heed the warnings? Are they going to shop early? Um? And and a lot of that's going to fall in the pain is going to fall in the consumer as well. If you're procrastinator and you wait till the last minute, you're gonna have

to pay plenty to get the stuff on time. If you if you can get it at all, All right, we're gonna leave it there. Hey, Spencer, thank you so much, really appreciate it. Spencer Souper. He is, of course Blueberg News technology and e commerce reporter writing on all things Amazon. You can check him out as well on Twitter and you can find him at Spencer Souper bro macro a journal. Now, but you let me drive? Oh no, no, no please, I'll do the right I want to dry. Just strive

the question trends. This is the Drive to the globe. Thanks well, un on Bloomberg Radio, it is time for the Drive to the close and back with us. As Hillary Kramer, She's president and chief investment Officer at A and G. Capital Research, author of Game Change or Investing, How to Profit from Tomorrow's billion dollar Trend. She is on the phone in New York City. Hillary, did you see the Business Week cover last week? I did. I have to tell you, we have quoted you so many times.

It's all about Chewi the cover story and anybody who's been walking around their neighborhoods during the pandemic. I've seen lots of Chewi boxes on the curb because we know that these are essential items to make sure pets have everything that they need. I mean, you have talked about Chewy for a long long time. What's your investment THESI

still on the company going forward? Of course, we have a much older valuation, uh, hovering in the seventy dollar range of versus let's say, the first three times I spoke about the stock on Bloomberg when it was in the low twenties, starting in June two into September two, November two thousand nineteen. And I do want to thank you Bloomberg, you know, Bloomberg, your analysts, all of you who have listened to me, have given me the opportunity to explain my thesis and why a company like Chewie

could give someone a return, and indeed it did. And that's why all these investors today have to be so careful, because everyone's jumping in head first and they don't realize that when they're buying companies like Trade Desk, they don't realize that, you know, this was a company that had one tenth of the stock price, you know, a year ago, and they don't realize. And so my thesis on show is thrilled to see it. I do think that you

could go to a hundred dollars to share. I have always maintained that there was as uh, this backstop, which is that Amazon would probably love to make an acquisition of Chewy. It makes all the sense in the world to you know, two sirs of Americans own pets. We have had this whole humanization of pets, Chewy as a

customer service. Now, of course, luck is always important that they say, I'd rather be lucky than good, and I did have some luck there in the in the in the sad sense that of course we have had a pandemic and then length and our animals have become more important than ever. But even still we would have seen a company like Chewy Dot com Rise and rise um precipitously because um it was very simple and where the differentiation came. And I love that Bloomberg article and Chewy.

The whole point is that yet Amazon is the eight pound guerrilla, but there's certain products that people do not use Amazon for. And Amazon's amazing growth, so much of it comes from the Amazon Web Services. It's not because they're selling everyone, you know, their milk blone dog biscuits.

It's because if you have all of these software companies, you know, like z Scalers, which you know are are are doing so well, that are using Amazon Web Services because nobody none of these companies want to put their software onto their actual um you know, they don't want

to download it. They want everything to be cloud based UM and which which reminds me, you know, usually only speak positively, but if you take a look at HP enterprises, there's a reason why that stocks you know, trades around ten dollars of shares because no one is buying software. Everything is this annuity base model now, which is you know, you pay by the month, and uh you you access

all the software, including cybersecurity software you know offline. Is it a you know, on a day when we're expecting earnings from HP. The old HP UM. You know that that was the company everyone thought, Okay, that's the old one, that's the boring one. We're not excited. HP is what we're all excited about. HP is actually up on the year,

not so for HP. Right And and that's as simple as that, because we have seen such a dramatic change in the way that businesses utilize software, download what they used in terms of that whole kind of cloud based the cloud based UM, the cloud based lifestyle that we have now. And it's as a matter of its human resources stocks as I just said, cybersecurity stocks, or you know, every kind of integration salesforce. That's the where we go. All right, So Hillary Kramer, what's the next Chewie? In

your view? I have boring Chewies, but it'll make you money. We go everywhere looking for stocks, and anyone who really wants to try to make money out out there, you've got to go for some of these smaller UM insurance companies. Companies We love UM Safety Insurance s a f t F four point nine percent dividing yield. It's a small cap at one point one billion dollar market cap, here pent institutional owners ship, and it's every kind of insurance.

It's a whether it's umbrella insurance, title homeowners This is the direction where you're going to get a cheap stock are other one that we love is Old Republic O R I that in particular specializes, amongst other some funky insurances, specializes in UH title insurance. So O R I the book value eighteen dollars and the stock of O R I Old Republic Insurance is at twenty one dollars, and you have a four point six percent divid in yield.

And so get the title insurance, get the aeronautical aerospace insurance, and that is where the money will be made. Because we just mean, look this word software. Okay, I have to say, Carol, remember Groucho Marx and you had that show and everyone looks for the word what was that word? You said the word a toy duck would like come down.

That looked like Groucho And anything today that you say the word software, cloud based, soft, where that's what it is, it just gets brought up and uh and and and of course you know I do have a growth portfolio, and I have investors that want to see growth names and so what do you do. You hold your nose and you do what you can, and I just try to take them out as quick as I can once we get those uh once once we make the number

and we get some return. But these are these are no nose bleed stocks right now, they really are, and that's why we're seeing a rotation. Let's say, you know the Doubt, What an amazing day on the Doubt. But you also have to look and realize. Now, you know the Dow has bowing in it these days, right, so Boeing had to you know, finally went back over two hundred dollars a year. This month. You have Apple in there in Microsoft and JP Morgant and Goldman Sacks. So

everything is changing as we know it. But we all have to realize that these are these are very precarious times we're in. Everyone needs to be careful. I have rose colored glasses, Carol. You know, I'm like bool bool bool bye bye bye, but just how I am. But now I want to say we all have to be careful and just just just just wait until we see what kind of um you know changes. We're going to

have an all right, yeah, got it? Yeah, No, you're absolutely right, like and we all know when it comes to something like a vaccine, that's still going to take a little while to get to the other side of this. Hillary Kramer, thank you so much, President and chief investment Officer at A and G Capital Research, joining us on the phone in New York City. 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