This is Bloomberg Business Week. I'm Carol Masser and I'm Jason Kelly. We're here every day bringing you the latest news from the world's of business and finance, plus technology, politics, economics, all harnessing the power of Bloomberg Business Week reporters and editors, not to mention our journalists and analysts more than a hundred and twenty countries. You can download Bloomberg Business Week
on iTunes, SoundCloud, or Bloomberg dot Com. You can also listen to our radio show weekdays at two pm Eastern only on Bloomberg Radio. All right, you're listening to Bloomberg Business Week. Cal Master Jason Kelly. We've got another city, as we know, I'm really state Jason, that's in lockdown. Well, and this is a really important story because a lot of what's happening on the West Coast is more and
more quickly making its way to the East coast. Let's go to Los Angeles now, Chris, Paul Mary my fellow bureau chief out there in Los Angeles. Uh, Chris, great to have you with us. I know it is incredibly busy for you because the state of California, the Governor Gavin Newsom declaring essentially what we heard Governor Cuomo here in New York declared today a effectively sheltering in place. Help us understand what's going on on the ground in
Los Angeles. Well, yes, it was kind of a bizarre evening last night because first we had l A Mayor Eric Arseti having a press conference where he announced much tougher urn stage cleat sheltering in place order. Uh, and then an hour later produced some motoring it from the entire states. So it became a situation where you wondered that did these people even talk? Uh? You know, it's um was the first day went into effect in Los Angeles. I took a walker around. I went to my supermarket
this morning. It was a sobering site with a line people down the block, separated five a few feet. They were letting them in, uh, five at a time. Uh. Security guard there told me that was due to robberies. They've had frequent robberies. It was also security inside the supermarket. Uh. And they were at a toilet paper uh and they were announcing that things that they were out of the line. Um. Uh. You know. The rest of the city is ysily quiet.
It's it almost feels like a science fiction movie. There's no cars on the street. This is um, you know, a city where it can take me forty five minutes to an hour to drive six miles to work. Uh. And uh there's you know, a smattering, particularly the afternoon, of people dog walking and jogging, and sometimes you see people wearing masks. Uh. But for the most part, yerily quiet. I went around his mother's tours. You are classic strip stopping centers that are all around the city, and uh,
surprisingly quite a few of them are still open. I mean there were you know, sandwich shops, dry cleaners. Uh, those are all allowed in the order. Uh. Both to the owner of an Irish import shop. Uh, he does sell groceries. He felt that was okay by him. But there are some other businesses a pawn shop, tied and massage place uh that were at least had open signs uh and sort of questionable interpretation of the central services. Chris.
You know, I do wonder too. It sounds like people certainly taking it seriously because we've heard, you know, we just heard from the New Jersey governor and even from the Massachusetts governor saying, you know, you you got to take this seriously, you cannot be out and about. But we've had stories about folks in Florida, younger generations, uh,
you know, out there and congregating in large groups. What are the conversations that you're hearing or it sounds like people are all of all ages are taking it seriously? Is that the case? Certainly for what I'm seeing? You know, I see you know, people just literally moving off of the sidewalk as you're walking to you into the street
just to keep within six feet of you. Um, have been to teach yet, probably will take a drive up to the to uh you know, Hollywood and Highland and check out, you know what is sort of our kind of premier tourist destination there on the Chinese Heater and the Walk of Fame. But um, it's it's definitely quiet in Los Angeles today, all right, Chris, Paul, Mary, thank
you so much for that update. Obviously, you know, anyone who's been to Los Angeles, even the way you describe it, it's hard to get your head around in New York City from what I hear, I haven't been there in a week. Uh, in Downtown Manhattan, in Midtown Manhattan, rather wear our offices Carolina. You're there earlier this week, but I think a similar scene and certainly it's going to get even more so, uh now that we have this
effective shelter in place. That was Chris Paul Mary. He is our Los Angeles Bureau chief, longtime resident of that city, so uh, it really knows what he's talking about there. You're listening to Bloomberg Business Week with Carol Messer and Jason Kelly on Bloomberg Radio. Now, this story, it's the cover story of the magazine this week. I must read. It's about finding the cure for the coronavirus and the researcher who helps save millions of lives from HIV now
trying to do the same with COVID nineteen. Rob Lingrith is healthcare reporter at Bloomberg News. He's on the phone in New York. Also with us. Joel Weber, editor of Bloomberg Business Week, on the phone from Brooklyn. This is a great story, um, and this was an individual Rob, to be quite honest, I didn't know much about tell us about him well, so he first walking into fame in the ninety nineties when he was one of the doctor Hoe David Hoe. He was one of the key
people who tested HIV drug cocktails. It dramatically lowered the death rates for HIV and AIDS UH and he was the first doctor to be named Times Man of the Year back then. So he's kind of one of the world's most famous living age researchers. And now he's you know, changing much of his lab to focus on rapidly finding a treatment for the coronavirus. And so, Joel, how did this figure into the way that you guys have been
covering this story. I mean, it's a very powerful cover and I have to say an optimistic when at a time when uh, a lot of us are feeling pretty down about our chances here. Well, look, to be clear, you know they're not they're not near a cure like right now. This is not a plug and play moment, but you know, this is an example of a line of coverage that we're rapidly working on, which is, you know, what are our chances do you actually get something that
looks like a treatment or a cure? And you know, David Hoe is sort of a huge name in a certain world, and that was why we wanted to put the spotlight on him. But to be clear, you know, and and Bob can speak more to this. There are
similar efforts going on lots of different places right now. Yeah, so Bob talk about that, because you know, it does feel like we are getting this sense of urgency and maybe it was going on and we just weren't paying attention to it but this week, and maybe it's because a lot of this is being pumped up by the President and others that there is this in a very productive way, sort of a race for a cure here. Yeah,
that's absolutely kind of what's going on. And I think you know what happened was, you know, when it was still mostly in China, I think there was a sense of wait and see a little bit among some of the big drug and biotech companies. So you just didn't know, you know, whether this thing, like so many other epidemics in the past, I was going to like fade a little bit and by the time they had treatments and I've no one but needing them anymore. But that's clearly
not going to be the case. This thing is around it It's here to stay, even if it, say, for example, size little in the summer, even if the social distance distancing stuff works, and then slows it down a lot. That disease isn't going to go away. There's only been one virus in the world that's ever gotten not to such an extent that he's like totally eradicated in that smallpox,
and that wasn't a respiratory virus. Isn't that Isn't that incredible when you think about that, like all the virus in the world in the history of the world, and we really only eradicated one of them, and that shows
you what we're up against here, Bob. You know, you know one thing I also thought was really striking your story is that, you know, you talked about the work that doctor who has done and that you know, when Stars was around, he was you know, had developed antibodies um but by the time you know, we got wrapped up, everybody kind of lost interest in finding some kind of treatment for it. And he didn't need a lot more money.
I think it was about twenty million. You write in your story, I do wonder is this different because we are anticipating that the coronavirus in some form or another um or COVID nineteen, this is going to be with us for a while. Yeah, I think this will definitely be with us for a while. And I think what happened with Stars and some of the other coronavirus outbreaks, so there's another one in the Middle East called Middle
East Respiratory syndrome. What happened in the past is we've got a false sense of security and that some of those uh you know, didn't really fully take off and when we were able to suppress them before they really caught hold. But this one just spreads more easily, and it's just out there in the world now, and so we really do need to develop a treatment. And the long term I think there it is a virus. We have a track record of eventually developing treatments for viruses
that are successful. So I think long term there's reasons from optimism, but we must be realistic and that a lot of these treatments they aren't going to come like right now when we want them right now. What we have, as we say in the story, is kind of soap and social distancing. Those the main tools we have right now. And so help us understand, I mean, Bob, you understand this so well. That's sort of the the medical pharmaceutical
sort of industrial complex. And I'm not saying that conspiratorially. But it's a complicated world, and you do have some of the biggest companies attacking this. How much cooperation is there, how much healthy competition is there? Help us get a sense of the broader landscape here, Well, yes, you do have all sorts of companies starting to do all sorts of things with both drugs and vaccines, and it's hard
even for someone like me to keep track of. Frankly, uh, and it's I really don't have a good sense of, you know, what the competition, what the corporation is now, because so many different new things are starting up all at once. There's companies like Jolliett Sciences that are testing drugs. There's companies like are You General and Pharmaceuticals that are also working on antibodies. The Regeneralan is another company, and I believe there is some corporation between doctor Home and
Regeneral on at least some of the projects. Uh. But yes, there's many things being started up very rapidly, and it's just it's a very modeled it on certain situation because many of these things are just kind of going into testing now. We really don't have a good sense yet of which ones are going to turn out to be
the most promising. So, Bob, can you bring it back to Hope for a second and real quick and just and I know I can hear Carol already just telling you know, you know, go ahead and wrap it up and keep No. No, no, no, that's a great question. We no, no, no, we have good time. What is the approach that doctor who is using or thinks he will be able to use to to you know, take
a number on the coronavirus. Yeah, so he is the doctor Hall is basically leveraging some of the years of expertise and learnings uh they've gotten from developing treatments for HIV successfully and in fact, one of the main approaches uh he he is taking is as to try to attack some of the same enzymes in the coronavirus that
were also present and successfully attacked by HIV drugs. Uh. So he's basically implying from the learnings to make kind of pill style drugs uh that they could block the replication of dis coronavirus and possible other future coronavirus strains. And that's one of the main things he's doing. Uh. And he's also separately in a separate project working on antibodies against the coronavirus based on blood samples from patients
who have recovered. So he's kind of doing several separate projects at once and hopes that one of them comes through. What I'm curious about too. Until you know, we thought this was such an important story. We gave We're gonna give you a lot of time today. I even went on surveillance yesterday and teased up this story. Um, what I'm curious is what's his time frame? Because I think as Americans, we're watching the task Force updates, the Coronavirus
Task Force updates. There's a lot health officials talking about, you know, drugs on the market that are already out there that maybe could be used. I think there's a lot of confusion about, you know, exactly what is the medical cure. When is the medical cure potentially going to be out there? Um, it's not anytime soon. Yeah. Well,
the short answer is, you know, we don't know. Uh. And the fact is that you know, most of these things we're talking about are not yet in human trials, and the things how it is working on are probably more than a year away from human trials. There are a few things at other companies such as Agileiad drug Agiliad scientist drugs that are in trials right now. But the you know, if you look back at a bowla, we actually developed sucessial treatments for a bola, but it
took a while. Uh So so it's possible we could get lucky in one of these kind of off the shelf things that they're talking about right now. When these off the shelf drugs was kind of already out there, uh may work an extend the catch this virus, but um, the likelihoods will probably need to develop uh targeted customized treatments that are targeted right at this virus to really have something that really works. Well, Joel, I wanna if I can, you know, just take an opportunities as we
do have. You've got a couple more minutes just to ask you, like how it's going, you know, with the magazine and things like that, we really haven't had a chance to catch up with you on air about sort of putting this all together and keeping on top of the news, help us understand what's going on. Well, we've never been this remote before and so I think, um, that part is just to challenge for for you know, doing doing work in general. And I know everybody else
knows what I'm talking about right now. It's just like you go, you go stir crazy. Um after day two, I think, And here we are on on sort of day four and counting for most of us, UM, So I think there's that's just the real thing. Um. And we've been able to do a lot of you know, the work that we need to remotely so far. So knock on what everything is good on that front? Um? And we you know, we just have a ton of stories that we have in motion, um that we're really
excited about. Not unlike you know, some of them are all out like bombs where it's just like let's talk, let's get into the science of like how do we get out of this mess? But look like this story is touching so many facets of our lives. You think about the economic implications of this and what the failout shatter is all about, Like we're gonna be this is by far the story and look like it's looking like
a lot longer than that. Well, I just think of what you guys did last week and making it completely the issue and saying, you know, talking about the last year, you know your spot on um Bob, if I can just bring you in for one last question, um Or, we've got a little bit more David Hoe, is he
talking with the folks in Washington? I do you know the magazine has done some great coverage about talking about the importance of coordinated efforts, you know, certainly on a financial and market basis, but even more so in terms of attacking the virus on a health bas is. So I do wonder did David ho what was his perspective or take on that that is he being reached, you know, called upon. Does he feel like the health community is really being brought in together to work on this? Well
he does? You know, I don't know the extent of his contacts in Washington. I assume he probably does have lots of them. We were lucky to get and get into Dr Horow, you know, and a few days before New York see him in person. Before New York that kind of totally shut down. And you know, like many you know, he's has so many demands on his time right now, like a lot of that researcher's responded to this that he's you know, becomes very hard to get through to it all sort of this fazz old sense
of trying to find something. But he has lots of contacts around the world and China and Hong Kong and elsewhere, and that's kind of one reason why he was able to get this effort up and running so quickly, because you know, he has he is very well connected to the virus research community with lots of people. All Right, we're gonna leave it there. Thank you so much. Bob Langreth, Robert lang Grith is his byline. He's a help care reporter.
He's got the cover story this week in Business Week, and it's an important one, all about the race story for a cure, really a must read, telling you about someone that maybe you've heard his name, but the backstory, here's some great details about even uh dr host sort of learning things about bats and their role in all this and how many there are in the world, and
uh and whatnot. So our thanks to him, to Bob Lingerth, as well as of course to Joe Webber, the editor of Bloomberg Business Week, both joining us on the phone from their respective homes. You're listening to Bloomberg Business Week with Carol Messer and Jason Kelly on Bloomberg Radio tracking the path of COVID nineteen. It is incredibly helpful in
learning about the virus and how to fight it. Andy Pecos Pecos is Professor of Molecular microbiology and Immunology at Johns Hopkins University Bloomberg School of Public Health, joining us on the phone from Baltimore. The Bloomberg School of Public Health supported by Michael R. Bloomberg, Founder, Bloomberg l P, and Bloomberg Philanthropies. UM Andy, nice to have you here
with us. UM tell us a little bit about tracking and how easy it is and what kind of coordinated efforts are we seeing around the globe to be able to do that in a really smart way. Yeah. So you're seeing a lot of now um UH sites that are ramping up their testing. You're seeing a lot of reporting of this data in almost real time, and now there's multiple web based um UM sites that you can look at to sort of see where cases are occurring and the rate at which they're increasing in different areas.
So I think tracking in terms of of of accessibility, the data is getting pretty good, although I think we still need to ramp up and do more testing in many places, particularly here in the US. So Dr Pekasher, I mean, help us understand how this is spreading. What are we learning that's new and different? How much, uh do we know about this that's just based on on previous models. I think all of us are just trying
to get some sense of where this goes next. And I feel like you're much smarter than I am about understanding that. Well, you know, we're we're all learning along
the way here. Um. I think you know. The main thing that has changed, UM probably over the last month significantly has been we went from assuming that most of the infected cases are showing severe disease UM in other words, strong enough to reach after some medical care, to now getting a sense that most of the people are not getting disease that's so severe that they would necessarily seek
out UM medical care. And what that does is, I mean, it's great because obviously it's telling us that there's fewer cases are going to be severe in terms of the overall number of cases. But it makes tracking and keeping and monitoring for people who are potential spreaders very very difficult because you can no longer say symptoms are going to bring you into a containing program. And so is that why. I mean, I do feel like we're getting this renewed or maybe new sense of urgency from governors
and mayors and whatnot. Is that essentially why all this social distance? This is a dumb question maybe and an obvious question, but is that why this social distancing piece is so important? Because you've got a lot of unwitting
carriers out there. No, I think that's absolutely the case. Um. And we're starting to realize how how how many of those there are, and so the sooner you can instigate some of these UM or implement I should say, sorry, uh, some of these methods, the more likely you are to really make an effort to make an impact in terms
of the number of cases. And it has to happen when now, when there are low numbers of cases around, because if you can find five or six really sick people, you've probably got a huge number of people who are spreading in the community. UM. Dr Peckers, what is it that you find so troubling about this virus in particular? Well, I think it's exactly that. UM. In certain populations you can see mild disease. Yet in other populations, like the elderly,
like those with secondary medical conditions like respiratory conditions. This virus is still very very deadly UM and UM. You know, initial numbers here in the US are showing that there is a little bit more severe disease in younger population. So I think that even younger populations need to think carefully about or need to think seriously about this problem
because UM, it's causing disease across the spectrum. But again, there are there are small groups of populations that it causes very severe disease in and we have to find ways to protect them. What does it mean for the future, And I do think about I think what's striking about this too is that folks are saying this is going to be a virus that's going to be with us
for a while. And I know a vaccine may take until perhaps to find that out, but I do wonder are we entering an era where we are just going to be dealing with a whole new class of viruses. Well, you know, this virus UM, you know, is going to be a challenge for us. UM. We don't know how trans mission is going to change over time. I think we look to countries like China and Korea, UM and Japan as countries that have found a way to control
the number of cases. But what we now don't know is how long we have to keep these public health interventions in place to maintain this virus at very low levels. That's the big challenge going forward is not knowing how long some of these efforts are going to be in place. Yeah,
that seems to be the case too. And I would imagine you've studied this so extensively that you also, I would imagine fear a a moment where people say, Okay, even if it's like a slight all clear, people just sort of go nuts again and they're like they're out at bars and they're doing their thing, and they take a vacation and all those things. I have to think
that's something we're worried about too right now. And there there are multiple examples throughout history where public health interventions have worked very well, but then they're either relaxed too quickly or um people start to not follow them a string and late as they should, and you start to see these rebounds of cases that come in so um.
So you know, the flattening the curve that everybody is talking about these days that you're seeing on social media is a very very real thing that that we have to um um work towards using these public health interventions, because that's all we have right now. All right, we really appreciate your time. Dr Andy Pekosh is Professor of molecular molecular microbiology and Immunology at the Johns Hopkins University
Bloomberg School of Public Health. As you can tell by the name, the Bloomberg School of Public Health, supported by Mike Bloomberg foundering of Bloomberg GALP, Bloomberg Philanthropyes, and of course the parent company of this radio station, roc A journal Now, but you let me drive. Oh no, no, no no, no, honey, please, I'll do the riding rival Listen, I want to drive, Just drive, baby, the questions trying yea, this is the drive to the globe. Thanks, we'll try us on Bloomberg Radio.
You've got about thirteen minutes left in the trading day to wrap up the Friday, but really to wrap up what's been a very volatile week when it comes to the financial markets and equity markets. Back with us is Abbe Desponde. He is founder and chief investment officer at center Stone Investors. He's joining us on the phone from Connecticut. Abe, so good to have you here with us crazy week, and I do want to both Jason, I want to
hear your perspective on the markets. Tell us though, a little bit about your personal life, you guys, okay, Um, the impact that this is having on you, hey, Carol, Um, Yeah, I mean that's very tweet of you to enquire We're
we're good. I'm really more worried about the city. I mean, sixty percent in New York City has its comprised of people who really can't pay rent after if they don't it one weeks or the pay I mean, they're living week by week, and so we've got like a major kind of civil or civic issue that that needs to be tended to. Kind of really spend a lot of time thinking about that. Um, but I do appreciate you
We're fine. Um, that's you know, but of a panic everywhere in the Northeast and increasingly more pack driven as you know. Well, it is sorry just to pick up on that if I can't. I mean, it is interesting, Abbe just to go with what you're saying for a second.
I mean, it is revealing some real sort of cracks in the system in many ways right sort of societally and I know we know from talking to you a lot in the past, like you're incredibly thoughtful about that and you and you think well beyond the markets and think culturally and societally and and things like that. What do you think as we move through this, the outcomes will being uh, well, hopefully more positive one where um, people are more you know, apt to think about their
neighbors U concerns and not that's not just their own concerns. Uh. The the you know, the fact that the you know people lived data day by day or whatever. The paycheck to paycheck is not new. I mean, it's in fact, I mean half the country doesn't have any savings and this has been the case for a long, long long time. Um. What what I am hopeful for, and I can see this occurring, um, is that you know, communities begin to
kind of get together to help the least fortunate. And this case we fought us fortunate are those most vulnerable and older folks that need to be cared for. Yeah, I think that's a really important issue. And I do wonder when we as we see these programs come out of Washington in particular, that there's going to be hopefully the assistance directed towards individuals like that you're talking about, because those are certainly very much in need. We do want to ask you, um abe, because I was reading
through your notes, I mean you sound like that. You know, you guys are putting some money to work, so you're seeing opportunity at this point. Yeah. I mean, you know, I never want to sound like a profit here or anything like that, but you know, we we do, um, we have a business to run and um so uh, you know, in the normal environment, will have established some sort of intrinsic value for a company and will kind of trade based on where the price is relative to
intrinsic value. Right now, we're there's such a great deal, and obviously there's so much uncertainty regarding whether or not certain companies can't even survive from we're in a few months.
I mean, business has shut down, right so, UM, I think the government I mean, you know, hey, I'm going to tell you in the beginning, I was really kind of irritated about still the kind of partisanship that was going on just two weeks ago, and um and I you know, voiced my own concerns with the people that I know in in in you know, in politics, and who didn't take long for them to get their act together, and um realize that the United States is the main constituency. Um,
so I'm kind of impressed. In that case. The fact that you know, we've essentially been ordered to shut down all business means that the government needs to have a massive backstop for business, um, just so they don't have to lay off all their employees and create that kind of depression era sort of scenario that people are fearing. Uh So, I mean, on the positive side, everything's happening that should happen, given the type of like bird strike
we just just that had that we just had. So. Um. What we're doing, from a portfolio perspective is we're, however, focusing more on companies. Um. We had these in our portfolio anyway, but we're focusing even more on them businesses where the intrinsic values are more like more than likely to be stable. So companies like TransCanada, which is a pipeline operator Target in the United States is going to
clearly gained market share. In fact, in the worst case, there are only going to be three retailers left Walmart, Target and and uh in Amazon. So the priority really is focusing on a focusing on these businesses where we can be certain that balance sheet and business model can
withstand literally anything including this. On the down the line a little bit are companies that have probably very good chance of surviving, whose intrinsic values will be variable, but you know, within a tolerable, within a tolerance, but the earnings, you know, are clearly uncertain. You know, put a sort of a target in there. Sinocco. You know another company we own is called Sonocco, not the not the gas station company, but it's a it's a materials company. Packaging.
They have a monopoly on toilet paper rolls, the card cardboard inserts, um. You know they have they are they serve the packaging packaged goods companies that you know, Pringles and things like that that you bind the grocery store. I mean, it's the type of business is doing probably really well right now considering their cost materials corrugated papers going down, and there's a huge amount of demand for
their customers products. But you know, and then down the line are the kind of Okay, these stocks are down, um, but I know when they're going to recover if and you know, value investors were still looking at maybe there and going Okay, we'll take we'll take some chance there. Um. Now we're basically fully invested. So you know, I have to caution that I'm almost always early, um, and in
this case, I wouldn't be surprised for early. I also have to, you know, admit that I really didn't see this coming at all, and it was very, very, very slow to react to it. Certain times you want your captain to be kind of, you know, like slow and study.
Sometimes you know that slow and study is it's just the slow part hurt you and I and they I want to ask you just about that, like why do you think it because you are always looking around the corner, Like why do you think you and and many many others sort of missed this in many ways or missed the severity of it. Well. I don't know about everybody else,
but I just was complacent. Um. I have seen because I've been investing in these global financial markets three decades, and I've seen huge like financial crises and housing collapses. I mean not just in the United States but all over, currency wars. I've seen viral epidemics before. Yeah, so and with that mindset. Oh, I've seen it all, you know. Well,
it just made me complacent, right I did. What I did not see is how how quickly this panic would spread, and how the reaction of governments would become so extreme to this so or maybe I mean rightly extreme. I don't want to say that it's wrong. Um so that that was at least my mistake. Everyone else I have no idea, but I clearly could have done a better job. Well,
we're seeing, you know, headlines continuing to cross. Just want to mention the energy sector just so beating up occidental holding talks with borrowers to address the dead pile that's out there, you know, when we get to the other side of the SAB. I mean, are you anticipating that there's companies out there that I mean, will there be a big wave of consolidation just companies that are going to have to be brought up? Are just companies that will just not make it? Well, we'll see what. So
there's two paths. One is um since it's a government shutdown, the government back backstops pay rolls like they just announced in the UK. It's something I've been pushing with the government, I mean, and I can't even believe I'm advocating some of these things, but it's necessary right now. But in that case, we can just put a quote unquote pause, which is the I guess that's the term tousure um. But a real pause requires like literally everyone's secure, including employment.
If that happens, then it will be a slow but methodical um recovery. It will take a while because people aren't just gonna go out and you know, hang out with everybody else after this, but that would that that would allow for a methodical recovery. Another one is like a haphazard um, you know, approach to filling or plugging holes as they pop up, and that could really create a unintended waiver line and tone of consequences. All right, we're gonna leave. Are so sorry. I know we had
to drop out there and we apologize. I'm but great to get your thoughts there. Abbe dis By Day, founder and chief investment officer at center Stone Investors, joining us on the phone from New York City. Thanks for listening to Bloomberg Business Week. You can subscribe to the podcast on iTunes, SoundCloud, or Bloomberg dot com. You can also listen to our radio show every weekday at two pm Eastern, only on Bloomberg Radio.