Republican Efforts to Overturn Biden’s Victory

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. So let's get to our daily check on COVID nineteen. Dr Anthony Harris. He is work Cares Chief Innovation Officer and Associate medical director on site clinical operations. He leads the company's COVID nineteen clinical response team based in Chicago. That is a city and a state of

Illinois that is seeing virus cases spike. He joins us there from Chicago, Dr Harris, nice to have you here, How are you and give us, you know, a little bit of a feel of what's going on in Chicago right now and what you're seeing on the ground. Sure, thanks for having me on, Carol, And yeah, you know, where the rubber meets the road in terms of people out and about your We're noticing the difference. Right the

restaurants are shut down again. People are kind of in that mindset of you know, the the quarantine m that we were used to back in the spring, and you know, the the number one thing that we're trying to spread the word about is these large gatherings in the home. Uh. You know, it's happening in the Midwest. You look at Wisconsin, you look at what's happening here in Illinois, and the mood is very somber as people are realizing finally that you know, this is serious. This is a spike that

we're seeing sustained, and that it's not going anywhere. And personal behavior uh is playing a factor and so people are hopefully people are starting to wake up to that fact so they can act accordingly in their homes and in the community. How could a mandate from the federal government kind of affect things at this point in your view, you know, if we look across the pond, we can kind of glimpse and learn from what's happened overseas, you know,

Paris and France, Look what happened in England. UM in the UK, right, they're seeing numbers per capita far greater than what we're seeing. So the impact there is tremendous on a day to day basis seven rolling day average UM, and so we're looking to see if those mandates that they put in place, curfews, et cetera, will have an impact. UM. We hope they will, but we haven't seen clear evidences

as it is stands yet. UM. Some of the things that we're seeing in the States play out and hopefully are protective, are the mandates that when you go to mass trends and you better have that mass when you're not getting on right. Those are the type of measures that will indeed play a factor in helping protect the general public. Dr Harris, what about treatments in terms of

COVID patients? And I know I've had a lot of conversations with UM, other doctors and folks in the medical care community, and we're definitely we've learned a lot in the last seven to eight months when it comes to dealing with different types of COVID nine team cases. We've made progress, but I'm still trying to get my head around,

you know, the increase in hospitalizations. I mean, how bad are the cases that are coming into the hospitals and and are you able to Are you finding that the medical community has a better grasp on you know, preventing

essentially these patients from dying. Yes, they do, first and foremost, I think we've learned a lot, like you said, since this all began and in the hospitals, and we talked to the frontline hospital workers that are in the docks and the nurses that are in the i c u s taking care of these individuals that have severe cases that are on mechanical ventilation. They've learned a lot, right, Uh. If you back when I spoke with my colleagues in the hospitals, um uh in the spring and summer, you know,

it was it was a rough time. People would go into bed later they would try to manage them as we have managed patients in the past with similar presentations from a UH pneumonias standpoint, right, um, and people were still you know, succumbing to the illness. And so what we learned is how do you manage what is the protocol, uh, and what works best for these specific people that are coming down with stars Kobe two and UH, you know,

unfortunately the death death that we're seeing was predicted. UM was predicted back in the summer when we anticipated a spike in cases with the thirty day lag between the spikes that we're seeing and the death break, and that's starting to play out, and hopefully we'll get control of it UM. But certainly the medicine, the treatments and whatnot have improved. It's just a tidal wave of cases right now that coure trying to keep up with. Yeah, I feel like it's the ebbs and and flows, if you will,

and the highs and lows of COVID nineteen. We did get some highs yesterday when we heard about the fiser treatment and a vaccine, a burst of good news finding some extraordinary results in ELI Lily also granted us emergency clearance for its antibody therapy Elily, Eli Lily excuse me. Chairman and CEO, David Rix, he caught up with our team over on Bloomberg TV and they talked about the company's coronavirus antibody therapy that was granted that emergency used.

But I've got to say that Dave Rix also said it will still be needed even if a COVID vaccine is developed. He talked with Tom Jonathan Farrell at Lisa Bama. Let's check it out. We'll still need medicines like our antibody therapy to help those that will still get sick, hopefully at a much lower rate as we approach something like her immunity, but you'll still have endemic disease and we'll need therapies we have. There's many examples where this

is true, including common respiratory viruses like RSV. And that of course was Eli Lily chairman and CEO Dave Bricks talking with our our colleagues over on Blueberg TV. Dr Harris, when you look at the treatments that are coming down, when you look at the news yesterday, what does that say to you about maybe where we are the timeline

for getting COVID nineteen under control. Sure, so the next day's news was very positive, right, and for a number of reasons, first and foremost obviously for public sentiment in terms of understanding where the progression is of vaccine potential vaccine to be to be released. Right. But to me, what it points out in terms of yesterday's release and the positive sentiment is that we were anticipate painting from

fightser exactly what has happened and transpired in November. UM. This was back in the summer that we were anticipating that basically clinical trials had started, UM they were showing positive early data in terms of results, and and then now that we're seeing more positive news around clinical outcomes with their with the vaccine. UM. This speaks very well and hopes that the timeline that we anticipate the vaccine

to be released next year will play out well. And I stay next year because I'm speaking to the general public timeline of being able to access the vaccine most likely, and if we look at that timeline based upon H one in one UH and other releases of vaccines, it won't probably be until May June of next year that we see the vaccine widely distributed to the general public and the workforce. And that's what we're gearing up for here at work Care, partnering with state health officials to

do so. We'll tell us about the work that you guys are doing because that specifically you work with officials, you work with companies right in terms of managing healthcare. You got it. Yeah, we're classic occupational environmental medicine. We're all physician lad been around for thirty five years and we've seen unfortunately, uh, you know, pandemics like this play

out before and been a part of it, UM. And so our job in the workplaces to protect the workers first and foremost from injuries with trip and falls as well as exposures. And so during this period of COVID nineteen, it is exceptional, UM that we've been able to kind of pivot what we do a little bit in terms of providing digital platforms for screening workers that we started back in March, we've done well before million of those in the workforce, and we're launching, you know, strategies to

help protect the workforce with testing regiments. Uh. And UM, it's it's working, you know, we know that it's working with the universities that we talked to, is working with the clients that we have with large businesses, and so we're we're really fortunate to be in this position to help so many people during this critical time. Where do you see testing going? And I ask, I mean, my company has been incredible and we have access to testing

and they take care of everything. UM. I had a daughter who was trying to get a test yesterday and was sitting online. Uh, you know, and I just wonder, you know, are we going to get to a point where you just wake up in the morning you take a test. Is that where this is going or no? You know, if we look at the mass market, if we look at the you know what we're known for in the US, which is innovation. Right. Um, we're seeing devices that are bending the cost curve and increasing the

simplicity of using these tests. And so a home test now is available for a rapid test molecular base. It's called isothermic amplification. But in short, instead of having to do PCR with heavy machinery or big machineries that as complex to do, it is simple as plugging something into your USB port of your computer, swabbing you're just the front part of your nose the nasal passages, uh, and then waiting twenty minutes to get your results. And you

can do that at home. So that technology exists today. It's been euay UM approved by FDA, and uh, we're going to see more of that double down as we move forward because US again, we'll be dealing with this

for months to come. If you really are trying to look across the horizon at how long we'll be dealing with COVID, and Andrew, excuse me, Anthony Faucia said this COVID may never go away, even with the vaccine because of the period of time in which the immunity from a vaccine will wane, and that maybe three months or six months. But certainly we're gonna be in this cycle for some time to come. And it certainly does feel like we are on the cusp of some changes when

it comes to healthcare. I'm just listening to you talk, and I feel like more and more technology is getting involved. You know, we're able to kind of monitor things. Is that where it's all going? It really is, you know, and you know this may be all a turn for the better in terms of public health regarding not just COVID nineteen, but other diseases that we deal with a

seasonal basis. Right, there's a myriad of them. But obviously everyone knows flu, so um, you know, how we approach the flu on a seasonal basis will be enhanced and improved upon because as of the impact we're seeing from COVID nineteen. The one thing we can learn from again, our neighbors across the pond is that on these type of events make a pivotal shift in how we do UH and maintain health in the community and in the

workplace UH. And Korea was one of the examples where they were hit hard in UM UH it starts KVIE one back in two thousand and three, and they learned, and they learned a lot, right. I've talked to UM some of the leading physicians over there, and UM they were able to have in place quickly things that they learned from two thousand and three. And so likewise, we're going to be better off in terms of prepared and preparedness UM for this type of event far into the future.

So preparedness also means what you know, thinking about the other viruses that are out there that might ultimately impact our community. It means we need to have kind of a global initiatives to kind of get the things in place right so that if we need another vaccine, it's not the race like we saw today. Dr Harris, thank you. This is Bloomberg Business Week with Carol Messer from Bloomberg. Ready, all right, let's get to a story that's in Bloomberg

Business Week. It's about big tech It actually has an element to it that pertains to the upcoming new administration in the White House. It is about big tech, which we know has often been targeted by President Trump. It could have a different kind of Washington problem under a Biden administration. Let's get to Josha Breusting, technology writer at Business Week, on the phone in New York City. Joshua, good to have you here with us. Tell us what's going on. How we know big tech has certainly been

on President Trump's radar. How might it be different when it comes to Joe Biden. Well, thanks for having me. I think that the first thing that will be very obvious is that the tone of the conversation around technology will change. The President UM has repeatedly harped on this alleged problem of anti conservative bias at Twitter and Google

and Facebook. UM, there's no real evidence for that. I do not think it's something that President Biden will focus on much UM, but I do think that he will be under a fair amount of pressure from the progressive wing of the Democratic Party to pursue a pretty aggressive agenda that would target big text economic power UM in the form of stronger antitrust laws and stronger antitrust enforcement. Right, So it's not going to be like a free lunch. It's it's different from I'm not gonna say it was

a free lunch under President Barack Obama. But it's not going to be that kind of relationship either, correct. Yeah. I think in talking to people, UM in the Democratic Party, a lot of them do kind of look back and say, well, maybe it was kind of a free lunch during the Obama administration, and we want to make sure it's not that way this time. Um. Yeah, I think that. You know, the Democratic Party is also very skeptical of big tech, and I'm very angry with um with the largest companies

in Silicon Valley as our Republicans. They're just angry for different reasons, meaning what specifically, Well, the Republicans have turned big tech into a sort of culture war struggle in the same way that they have turned the supposed media bias into a kind of right versus left UM, right versus left argument, And the Democratic Party wants to look at you know, they're worried about the economic consolidations by large corporations UM, and big tech is sort of the

prime example for that. You saw even during the Trump administration, a pretty thorough anti trust investigation carried out by the House Judiciary Subcommittee on Anti Trust, and I think that will lay the groundwork for an attempt to pass new harsher antitrust laws that will probably be kind of the main venue for the conflict. Hey, Joshua just quickly just got about forty seconds. He seconds section to thirty. I feel like we're gonna be talking a lot about that though. Yeah,

it'll be interesting. Section two thirty is the law that allows UM websites to be protected from lawsuits based on what their users published, and this has been a major issue for the president. UM Democrats are also skeptical of it, but I think it will probably take a back feed to some other priorities. They think that antitrust can deal with a lot of the same problems in maybe a

different way. Well, I'm gonna put this story out on Twitter, check it out at Bloomberg business Week online in the magazine. Joshua Breustin, thank you so much, Technology writer at Bloomberg Business Week. Joining us on the phone in New York City. This is Bloomberg Business Week with kirol Messer on Bloomberg Radio. You're listening to Bloomberg Business Week on this Tuesday, safe to say, uh, a little bit of a wait what moment yesterday, It's picked up some momentum on this Tuesday.

It's about the Republican effort to overturn Joe Biden's victory in the election. This is among our top stories on the Bloomberg and here at Bloomberg Business Week, Bloomberg News national political reporter Tyler page Or He joins us on the phone from Wilmington, Delaware. Hey, Tyler, is so good to have you here. I just kind of want to make sense of what's going on. First of all, we just heard from the President elect, Joe Biden. You're in Wilmington's.

He's in Wilmington's and he just made some comments obviously about the Supreme Court and the news we got there, but sports specifically, he took some questions from reporters about the transition, how it's going. Uh, And I'm just curious, you know, where are we in this process, because it seems like the Republican side continues to sow seeds of doubt when it comes to the outcome of the election.

The election has been called correct, Yeah, that's correct. News outlets called UHI Networks presson called the elections for Biden. It's pretty clear that one, but Trump has not competed, and so the special transition um designated by a federal employee at the General Services Administration has not yet begun

that process. UM. And so today Joe Biden, president elect, has received received quite a few questions from reporters about his his thoughts about the fact that Trump has not conceded and Republicans are backing him up and in this fight to try to overturn the results of the election. Well,

so makes some sense. You know. What's the significance, tyler of Senate Majority Leader Mitch McConnell, who had been pretty quiet, it feels like after the election outcome when he said on the Senate floor yesterday that the president is quote a hundred percent within his rights to challenge the election results. I mean, he is to be fair right in terms

of the law. Um. But what does it mean for Mitch McConnell to come out and say something, Yeah, I mean it gives Trump cover from the Republican Party to continue with for these legal fights. Um. And it shows that the Republican Party is fully behind Trump despite him losing um both electoral college and the popular vote, and it delays the process for an official transition to begin. Joe Biden does not have access to government funding to pursue the transition. He doesn't have access um to the

State Department for secure phone lines with foreign leaders. He's already begun those calls, but there was a lot of formal kind of lines of communication that are opened up once the transition begin and without that designation, UM, Joe Godden is is kind of out there on his own today. He was pretty actually then about the conflict in the controversy. He said, look, we're moving forward. We're focused on on on building our transition. That's like we want we want

this official process to begin. But it's not Hams treating us um that that it has not right. He didn't say that a lack of funds, for instance, we're preventing them from moving forward. And he also talked about expectations of having some cabinet members. You know, maybe I think putting out some names come November correct this month, and also didn't seem to be too We would hope to have go ahead um. He said he would hope to

have some around Thanksgiving. Our reporting shows that it's probably gonna be mostly after Thanksgiving that we start to get them. But I think we'll get some of the your White House staff, uh shortly. So what are your expectations? What are you hearing from your sources about kind of what this all means where we go? What's what's is there a date we're all just gonna say, is that when the states officially call the elections that this is done? Yeah, I mean not that the timing is is really what

the um is what we're waiting to to see. Uh. Joe Biden did not give any hint of of when he thinks that will be that will be called. His transition team how to call last night with reporters, and they said that they might pursue legal action to excercisee this process. Today Joe Biden kind of through cold water on that. And so that's that he did not seem

that was necessary. UM. And so it's really, uh, depends on kind of what if Trump conceives how these legal fights that he's you know, filing lawsuits around the country, how they go. Most of them have been thrown out and disregarded. UM, but there are recount processes. UM. Likely and Orgia and in Wisconsin. So these are process you've got that have to kind of go through um to the end and then maybe we get that decision, or it's or it's until the Electoral College votes, which which

doesn't come to him next month. So there's a lot of points in this process where it could come to an end. But Trump and the Republicans could drag this on for quite some time. To be fair, and again, I'm kind of, you know, asking you to go back to your sources. I mean, if it was the shoe on the other foot and it was this closer race, could we have anticipated that a Democratic you know, the party would be doing exactly the same because it was closer.

It really wasn't that close? Yeah, I mean it was it was closerro sixteen when Hillary Clinton lost to Donald Trump, and though she did not conceive the night of, she came back the next morning and conceded. Um. I think the difference here is Trump has been I'm very clear that he was going to cast doubt on the results of the election and if it did not go his way for a month. This is an argument in a fight.

He's been telegraphing um and and Joe Bid it has not been doing the same and so um, I think it's most uh and even some you know, Republicans have have moved on Romney, Lisa Marokowski, Susan Collins, Bensass senators from across the country have recognized Joe Biden's victory. Former President George W. Bush, a Republican, has has also called

in congratulated Biden. UM and a number of former Republican members of Congress have spoken out UM against Trump and the Republican's actions and said, you know, the party needs to acknowledge the results of the election. So I don't think that we could expect that Biden or a Democrat would have taken the same tax, just given the rhetoric that both parties had kind of been telegraphing for the

months leading up to this election. What's next on the President elect Biden's calendar, So he has a lot of meetings. They have not really given a full public schedule, but we expect um that he continues to meet with his transition team as they build out the government. UM and and and possibly get some announcements quite soon about some of those senior sad position. Alright, Well, busy no, no doubt about a lot of stuff going on. Hey you sound you sound exhausted, but that's to be understood, a

little crazy. You know, there's there's Uh. So we're staring on across across the government as they try to work through not only the legal fights and and and the trasition, but really starts to put in place policy and people to begin the Sex administration. Yeah, exactly, No, I totally understand, great stuff, and I know, uh, you are busy. So thanks for finding some time for us. Bloomberg News National political reporter Tyler Page or joining us on the phone

from Wilmington, Delaware. This is Bloomberg Business Week with Carol Messer from Bloomberg Radio. Well. In this week's edition of Bloomberg Business Week Small Business Survival Guide. There's an a report out that finds that hundreds of local and state relief funds have saved hundreds of thousands of businesses. Let's get into that with Bloomberg News editor Dimitri Cassads. She's

on the phone in New York City. Kennedy Smith is senior researcher at the Independent Business Initiative at the advocacy group Institute for Local Self reliance. She joins us on the phone from Washington, d C. Demitra, let's kick it off with you. I mean, this is really a timely report because we've really got to get an idea of how small businesses are doing. Um, how are they? And and tell us how this came to your tension? Well, um,

I mean, you know, they're still struggling. And I think what was really enlightening about this was the fact that so many other resources were able to step up and step in and rather than just provide, you know, additional funding for businesses really were the difference between surviving and not surviving at times when the federal programs that we all know really you know, we're just kind of dogged with problems, uh not enough funding and slowness and questions

over it all. So the report was something Nick liber are amazing freelancer who covers small business so abstutely for us. UM was in touch with Kennedy and the Institute was aware of the possibility that that report was coming recently and decided, you know, to look at what they're finding for so UM that is how it came about, and they have been looking at this thing, continued to look at it. Uh, it's sort of as was described in an article that we could recently a living breathing sort

of look at and moving forward. So Kennedy, come on in on it, you know, give us a little bit more in depth. Um Dimita really setting the stage there really nicely, but tell us at a little bit more

about what you looked into and what you found. Sure, I'm happy to we We started this actually not not with sort of the goal of doing some kind of a laungrytudal analysis, but it's simply putting together a list that might help local businesses UM find UM sources of assistance as that as this pandemic was kind of rolling out UM and then it kind of grew and blue and grew, and as it grew, we've been able to go back and look and see uh different sort of

patterns of what kinds of programs communities have been launching, which hunter or are more are more effective than others UM, and in that have seen sort of cycles that businesses

are are are experiencing. Obviously, in the first days of the pandemic, when UM shut down orders for first issues, UM businesses scrambled very quickly to find money to pay you know, the next month's rent um, and at that point there was no federal assistance available into the communities were very innovative in finding ways to cobble together money from economic development funds that have been earmarked with something else or for um you know, postponing public imprisonments projects

they've been planning on. Weve my dound instances of a local city council that um decided all the members recided to to basically um um um forgo their salaries for a period of time to help copple together some money. Uh. Communities literally doing bake sales and things to make this happen. So uh, it really remarkable. But then after that, you know, we sort of we we we actually lost the businesses.

It couldn't make it two or three months, and the communities didn't have the financial support yet to to sustain them um and so uh they're sort of a second wave of funding that communities have put together, which has been geared towards helping businesses. Pivots help them, uh you know, learned to be on the channel businesses and reach customers in a variety of ways and really we think their

business plans. So in that we're seeing a combination of technical assistance and financial assistance, and now it was intercoming. We're seeing an entire new wave of programs coming out and that's I was just gonna say, I was going to ask. I mean, it's continuing them and they're finding

ways to keep this going. This is meant as a report then, from what you said, Kennedy, for small businesses to actually get their hands on this report and look and see maybe what resources they then can turn to and task UM is that how it was pulled together ultimately is something that the small businesses themselves can really

rely on as a as a guide. Almost. Yeah, well, that certainly our original intent UM, and it still is being used that way quite a bit, and we continue to update it, you know, so it's if continues to grow.

But we've actually found some of the major users of it are local officials and state officials who are looking through to see what other communities have done, how they funded their programs, how they administered them, how they've been able to roll money out quickly, and how they've they've found ways to meet the needs of particular types of businesses.

These UM needs were not met by the paycheck Protection program UM, or they don't have other resources available to them, don't have a close banking relationship for example, UM finding ways to help get money to them and keep them alive. Yeah, it's kind of interesting, and I'm curious what you're hearing from the small business UH community about what the winter months look like as we watch those rising virus cases and we continue to see cities really kind of go

back into lockdown. And just got about thirty seconds here. Yeah, I mean, I think they're terrified, and states are taking action, even though Congress hasn't yet done so. A couple of states just in the past week, Maryland, Massachusetts, Ohio, for example, have dug back into their Pearzack funding and allocated work for a new wave of small business spending to try to keep them going over the next couple of months. All Right, we're gonna leave it on that note. Listen.

Thank you so much, Kennedy. I appreciate your time. Kennedy Smith, she's senior researcher at the Independent Business Initiative at the advocacy group Institute for Local Self Reliance. With a check on fund stage relief funds that I've really raised a lot of money ain't a half billion for small businesses thanks to her as well as Dimitri Casiniti. She is editor at Bloomberg News, joining us on the phone in New York City Road Mac Journal. Yeah, but you let

me drive home, please, I'll do vel. I want to drive. Drive. It's the questions drying. This is the drive to the Globe community. Thanks. We'll dry us to Dawn on Bloomberg Radio. Yeah, a little bit under eleven minutes until we bring the closing bail here on the Tuesday session on Wall Street. Time for the drive to the close. Sarah Merino is with US managing director and Emerging Market's equity portfolio manager at the registered investment advisor Jennison Genesis Jennason Associates. Let

me try that to get Gennison Associates. They've got about two and three point seven billion in assets under management, She joins us on the phone from Boston. I'll get it out. I think I'm thinking yes, And I was thinking Genesis we were talking rock bands. I thought that's that's what I'm saying, sad. That's my excuse, um, how are you? How do you see this market environment right now? Well?

I think you know it's certainly the excitement of the vaccine is trumping everything and I think that's um, you know, gonna in the short term have some correction in the market in terms of who the winners and losers are. That as a fundamental bottom up a stive house, this growth biased would believe in the long term secular growth opportunities that we see across emerging markets, and that's what we're focused on, which are what are those long term

things when it comes to emerging markets. Well, I think what we've seen with with the pandemic and is an acceleration of the ongoing just the shift from offline to online. Um, you know, we saw it in how consumers adapted to the pandemic with things like grocerly delivery, e commerce, cloud computing, online video, online education, telemedicine, in gaming really be the early winners, but it really just accelerated a trend that

was already happening before the pandemic. And we see that given how low penetration has been, especially in emerging markets, that this is a long term structural underpin that is further underpinned by the growth and the expansion of the emerging market middle class. Okay, I just want to mention I looking at the MSCI Emerging Markets Index, it's up about five point seven percent this year. That compares with the MSCI World Index, which is up about six point

four percent. Just I wanted to put that out there. So Sarah, though, let me ask you about emerging markets and emerging markets. I think it's China the largest emerging markets. I don't know really call it emerging, slash developed or

trying to be developed. But I think about the news where China really just stopped what would have been the world's largest I p O. I'm talking about and financial and what it says about China and its comfort with innovations and companies that might become big Chinese tech companies and then kind of raining them in. Does that worry

you about some of those names within that market right? Well, you know, I can't see common and specific stock, but the trend like what does what kind of environment and what kind of message does that send to global investors? Well, I think that, you know, it's about globally there has been a trend to do regulate some of these big platforms. Um it's happening in the in the West as well. Look, it's what's happened to to some of the social media platforms.

So there's definitely a consideration and a factor. But I think the reality is is that there are companies out there that are giving consumers access to something they don't know, they don't otherwise have, be it to you know, apparel, to retail, to products online, to financial services, to access to financial services that they don't otherwise have because they don't even have a bank account. So I think there's a balance here and the opportunity is certainly there for

the companies that can address it. Are there certain emerging markets or is it really just a company play? And I do wonder like do you look at certain regions of the world when it comes to emerging markets. We take a bottom of active approach, so about the companies and so it's about identifying the companies that are serving and admit the need um or really transforming UM and disrupting you know, existing brick and mortar or existing technologies.

And that's where we see that disruption. Innovation is really replenishing the investment opportunities across the emerging market. What's the healthcare play in China that you like? And I know you do like Chinese healthcare stocks generally speaking, So what's the healthcare play? How does it contrast with a healthcare

play in a developed market like the US. So what's interesting about what's happening in China is that you have a in market that is getting older, thicker, but also richer, and the opportunity is much bigger because you have wealthy have more older people. By you're going to have four or eight seven million people over the age of sixty five in China. They're getting sicker. You have four point three million new cases of cancer diagnosed in China. That's

twice the level of the United States. So they're getting much sicker, but they're also getting richer. China only SPENSI five percent of GDP on healthcare verses in the US. So the wrap up or opportunity posts a very aggressive reform agenda to not only to create a method to reimburse um, but also to create innovation in the market. It's driving incredible you know, talent and capital into this um into this subsegments of China healthcare such as biotechnology,

so it sounds like healthcare e commerce. Those are some of the interesting that you guys have certainly targeted Yes, then that's that's really serving that emerging middle class. To think put numbers on it, There's gonna be one million, one billion more people entering the emerging market middle class by four five hundred and forty four million of those will be from India and three two million of those will be from China. That Chinese cohorts. That's the size

of the US population. Know, when you talk Indian and China, they're like just on a scale all their own. Does this do you think ultimately? You know, we've been talking about the rise of certainly the Chinese domestic middle class for a long long time. And I know global multinationals, whether they're based in the US, are based in Europe, you know, have been just salivating over them. But are we when it comes to, you know, investing in emerging markets.

Do you ultimately see the play continues to be and will increasingly be domestic companies in those emerging markets. Yes, I think it's it's it's the most the most alpha generating we to do it is to do it directly in the companies that are you know, that are that are being generated as locally, that understand the local consumer base and understand the regulatory environment, that understand how to

function within the markets that they're in. And also that the fact that some of these companies are aggregating the opportunity. When you take a think about the players in Latin America, you know it's they're aggregating an entire continent and offering an entire population a continent, not just one country. All the e commerce, sin tech, digital payment services that that that those consumers need and want. So our quick question,

and you've got to be quick. We have a listener writing in and asking do you think portfolio managers are not visiting companies now and how that might affect fun performance? Is that a handicap? Just quickly? Amazingly, it has not. I would say Zoom has been amazing and it's also blessing in those guys, given that I do change out China hours. I'm I'm literally on all the time. It's both a combination of we need the information and companies

are making themselves readily accessible. I have more calls than I have hours in the day. It has not been problematic at all. All right, good to get a response on that, Thank you so much. Sarah Marino, Managing Director, Emerging Markets, equity portfolio manager Jennison Associates joining us on the phone in Boston. 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.