Surgical Solutions CEO on Covid-19 Vaccine

us too on YouTube by searching Bloomberg Global News. Well, Alex and I were just chatting about a store on the Bloomberg about the pressures on healthcare workers here as we go into a second and third wave here, and it must just be just the ongoing cumulative pressures and the on these healthcare workers is just extraordinary. Our next guests can help us talk about that a little bit. In the overall home healthcare services space. ALYSSA. Wrap is

a chief executive officer of Surgical Solutions. He joins us on the phone from Deerfield, Illinois. Lissa, thanks so much for joining us. I know you've got your company has over to employees on the frontlaw lines of this crisis. Here, give us a sense of what you're hearing from them. I mean, this is month ten, and it looks like we're gonna have a couple three more difficult months ahead of us. How are they doing well? Thanks for asking

and thanks for having me back, Paul and Alex. You know, it's been a crazy and wild year for frontline healthcare workers.

I was looking this morning at our volume of the kind of the number of surgeries they've supported from November of eight thousand and months that's then dipped and plummeted to two thousand in April, and starting in July and August it was back and now we're up above a hundred and fifteen of our annual volume from last year because people are rescheduling those procedures that were canceled or trying to get them in before their year in deductibles

are refreshed. So what is how would I feel or you feel if we had been on that roller coaster ride, exhausted, a little burnt out, motivated by the mission of the work and serving the end patient, and anxiously awaiting the vaccine. It's been a heck of a year and it feels like it's going to be medium worse in some ways.

We have this new strain of COVID that was discovered in the UK that hasn't been reported here yet, but by all admissions like, there's no way it can't get here at some point right where it might be here already.

What are you hearing about that from your online workers? Yeah, so what I am hearing is that people are cautiously optimistic that the current vaccines will vaccinate against the current strain and those uh less virulent but more fast spreading strains or mutations, so they're not as afraid of the mutations. What we're all concerned about for our two or fifty people in thirty five hospitals in nine states is when

are they going to get the vaccine? And there's they're in the front line to get it in January, but they're not there yet. Yeah, that's kind of where I want to go. Well, listen, I think you know, and we all in the eu furia of the last month or so of these uh fives and modern vaccines. You know, the number that I seem to have been the acceptable number out there is maybe twenty million vaccinations by the

end of count I think we're nowhere near that. What is your sense of of how this is rolling out in some of the early days here, Great question, Paul. So what we are seeing is at about of each hospitals eligible staff is getting vaccinated or has been already. What does that mean. You're an e ER worker, you're an I c U worker, or you're a surgeon, you have probably been vaccinated. If you're in a major metropolis

or a market that has access to the vaccine. If you're the other of the essential workers, you're getting it next, but you probably haven't had that first shot yet, by and large, So that's great that we're making progress. What we need is more progress faster. Um, are you hearing anything about individuals not wanting to take it? In the

healthcare profession? It's interesting and our our team is you know, frontline support for minimally invasive surgeries, and we have a roster of vaccines and immunizations our team has to get before they go into any hospital, and the hospital policy about vaccines is what governs ours for our team. And so in these hospitals where it's required of their staff, there's really not been any pushback of when our team

is getting it. If anything. It's the contrary, are we on the list to get it when when our run of essential worker gets vaccinated in the answer is yes, I'm sure there will be pushback, But when you are on the front line, UM, and you are knowing how exposed you've been, I haven't seen it yet with our team. So Alyssa, let's switch gears a little bit um PPE. That was such a big problem in the initial wave back in March in April, and it really underscored kind

of the risk to the supply chain, if you will. Well, here we are fast forward ten months later. Where are we in terms of P p P within the healthcare system to deal with these rising numbers? I can I can speak to this anecdotally, not nationwide, but anecdotally. We saw a dearth of PP in all major markets when this first hit, like everybody did, and then those major metropolo these again New York City, Chicago, l A, San Francisco stockpiled and so those markets are now flushed with PPE.

But where we're seeing a shortage now uh eight, nine, ten months later is in more rural markets and more small regional hospitals. That's where our folks have said they're starting to see a decline, and we have our own corporate stockpiled just in case our people made it. We want them armed with the right artillery to go to battle, so to speak. But we've heard the pinch the greatest so far in Rule America, not in the major metropolis, just totally. Also, what area right now is worse off that?

I don't know. I think that it depends how you define where's we're soft right. I think that the major metropolis are gonna see higher numbers by by definition, but it's all about preparedness and also the rate of positivity. So the first wave in the Q two hit those dense urban markets the highest, where the smaller markets were not as scathed. And here we are. We saw a big pop in those secondary in tertiary markets in October November because that's when it hit. That first wave was

was really their first wave. And so now it's I don't want to stay calming to a dull roar. The numbers are the numbers. We all see them. But it's I think people are more prepared and I'm just hopeful that the vaccine can come in a more widespread manner before there. As you said earlier, a third, fourth, and fifth wave of this thing. So listen, just in the next twenty seconds, where are your people mostly deployed. Are

they smaller, more rural markets maybe where they're understaffed. No, Actually, we have forty of our team in New York City, and then we also have them in big, big markets like Houston, and then uh, you know, a large number in Kentucky and Louisiana and upstate New York and other places. But now we're we sort of see both extremes, the large urban markets in the in the smaller regional ones. Hey, listen,

thanks so much for joining us. Again. We always appreciate your perspective here on this unfolding stories that moves from you know, just trying to deal with it on a day to day basis, to therapeutics and vaccines. So we

appreciate your thoughts and listen. Rap Chief executive Officer Surgical Solutions, joining us on the phone from the Deerfield, Illinois, and again, Alex interesting, We're gonna be seeing how this vaccination rollout plays out over the coming weeks and months, and hopefully it can go smoothly so we can do it as efficiently as possible. Well, we did finally get that fiscal stimulus bill passed and sign although it was an ugly process over the last several days. You had weird coalitions.

On one day you had the president with the Democrats and you have the Republicans and not with their president. But it all got said, all got done there in the end, let's get the latest. Let's dig under the hood. We can do that with Laura Davison, congressional tax reporter for Bloomberg News. She joined us on the phone from Washington, d C. So, Laura, we did get a plan. Talk to us about the stimulus payment that seems to be

the real bone of contention here between all parties involved. Yes, so similar to the Cares Act backs in March, this still has another stimulus payment, this time six dollars for adults and four children. Uh. Last time it was college for adults, five dred for children. But otherwise the eligibility is is relatively similar. Um, if you make less than seventy five thousand dollars as an individual, you'll get that full payment. Twice that a hundred and fifty thousand dollars

for a married couple, you'll get that full amount. And there's a phase out, so uh, you know for about twenty dollars. On top of that, there's a you'll get a diminishing amount below that six hundred dollars. Uh. But this is still very much a live issue. There is a vote planned in the House of Representatives tonight that would increase that amount to two thousand dollars, both for adults and children. Unclear how it will fare in the House, However,

the prospect for this passing Congress is not likely. The Senate is not likely to bring us up, or if if they were to it, it would like to not pass that chamber is two thousand dollars on the table for like three weeks from now, You know, that is a good question. Obviously there will be a change of administration uh come next month. The question really hangs the

bounce of you know, what happens in Georgia. Uh, is that runoff election for both Georgia seats That will determine the control of the Senate UM and that will really sort of be a deciding factor in terms of, you know, what can get done legislatively, what sort of political appointees UM are able to to pass the Senate and enjoining

Biden administration. So there's a lot of question mark about you know, not only you know, what can be done politically, but also what the state of the economy and the virus and the vaccine will be and what the what the calls will be for in terms of what parts

of the economy need boosting at that point. So, Laura, you've covered this Congress thing for a while, what do you make of the seemingly lack of coordination and cohesion between the White House uh, their Republican colleagues, and then the Democratic Party just seem like the President really pulled the wrong out from under his own party. He he really did. You know, Congresses is known for chaos, but

even by Congress of standards, this was quite bizarre. Um. It has created some really weird factions where you had Democrats, you when when President Trump said, hey, you know, I want two thousand dollars, they were like, great, We've been saying this for months, let's take a vote on it. And Republicans were put in a very awkward position of, you know, having negotiated actually for a lower stimulus payment rather than a higher one. Yeah, that they're definitely when

I saw the headline last week was on vacation. I was like, wait, what happened? Usually go away, nothing happens, you can back, everything is the same. Um, So what else is in this bill, um that we need to know about. I feel like we've glossed over kind of what's happening for the sectors that need to be bailed out again that are the ones actually rallying today. Yeah. So there is a new round of p p P that Paycheck Protection Program money UH to kind of go

out to two small businesses across the board. They specifically targeted some money to two very small businesses minority owned. UH. There's a lot of money for for stages for for live performance venues, which had lobby hard saying, hey, look we've been closed for months and really unable to do anything.

There's some additional airline aid UM. And there's also very importantly another round of unemployment benefits, these sort of enhanced federal benefits to to help people who are who are out of work and kind of keep them afloat UH for for the coming months. So on the p PP side, Lard there was some concern and some criticism last time that it didn't really get to the small and midsized businesses that really needed it. For example, if he didn't have a relationship with a bank, Uh, it was very,

very difficult to get the funds. Is there any modification to the plan this time? As far as we can tell, there's there's several things that they did, um and and the advocates who were pushing for those changes are hopeful that that small you know, those very small businesses, we

will be able to access the funds. They changed with the incentive structures for the banks who were actually making these loans, processing these loans, so that they wouldn't necessarily benefit or you know, be incentivized to take only big loans and not take small loans. There's a certain part of the money that's earmarked for these very small loans. Um and they've also just made the process a lot

easier for the businesses applying. There is some concern that there were you know, just there is some reputational risk uh and with the program of people of her that it's complicated that it's hard that the rules change, and some businesses may be scared. Though there's a lot of efforts sort of in the small business community development world trying to get businesses who are who are hurting to go ahead and apply for this money. Y Lara, thanks

so much for joining us. We really appreciate it clarifying what's coming out of Washington here in terms of that fiscal stimulus. Laura Davison, congressional tax reporter for Bloomberg News. She joins us on the phone from Washington, d C. And there's a lot of moving parts there, Alex. But I guess this is a good first step, and then we'll have to just wait and see what the Biden administration, what strep strategy that they want to take in terms

of fiscal stimulus. Presumably they're going to want to be more aggressive, your boy, I guess we'll have to wait and see what happens, certainly in Washington, d c. Uh to make it the makeup of Congress. You're listening to Bloomberg Business Week with Carol Masser on Bloomberg Radio. Let's take some time and talk about the global oil business. When you think about all the commodities after that have been,

you know, swinging around during this pandemic. On news as it relates to the pandemic, metrics as it relates to vaccines, crude oil has been one of the most actives, and clearly it's a bell weather and it's a reflects on investors belief about when this economy will begin to open. Let's get the latest. We can do that with the professor Brenda Schaefer. She's from the She's a research faculty member of the U S. Naval post Graduate School, also

a fellow with the Atlantic Council's Global Energy Center. She joins us on the phone from Washington, d C. Professor of Schaeffer, thanks so much for joining us here. You know, we've seen oil kind of rally up to the high forties here in terms of w t I, but it really seems to be driven by demand or the perceptions of demand going forward, as opposed to supply a little bit. We know it's a commodity and it's a demand supply issue, but it just feels like it's being driven by demand.

How do you view the global oil markets right here? Thank you? Yes, and I think that there is I mean, we're backed up to um the pre COVID, you know, oil oil price rate, you know, bent back up to the rates of of March um. So it's definitely a confidence in the direction of that with the general economic trends are going UM. But I think that there's two big picture trends that are going to emerge post COVID,

and it's pretty clear to anyone you know, trading in oil. UM. One is that we're not going back to the same rates of public transportation. So even after the vaccine, after people return to work, UM, they're not going to return to the same rates of use of public transport. Transportation that that fuer will probably linger for a long time.

And the second is the use of plastics. So if we would almost already factored in two thousand eighteen two thousand nineteen sort of a general global decline and demand for plastics, UM with you know, different environmental goals, UM, you know, and and and commercial goals, UM, it's clear that plastics demand will be high. And plastics, you know, the main is a sector that uses a lot of

oil to produce it. So these are two things that won't change that you know, dependent on you know, regardless of what happens going forward with the pandemic, with the economy, we're not going to see return earned to the same levels of public transportation or or a decline in demand for plastics. Can other things offset that so diesel, for example,

or other petro cam products. UM. Yes, I think the specifics you know for plastics that you know right now with current technologies, UM, I don't think we'll see, you know, a big, big change in that trend. But there are on the supply side a couple more short term things that could affect the market. UM. One, we have OPEC

plus meeting again in January and reevaluating their strategy. It looks like Russia actually wants to up production, which would mean UM, you know, downward pressure on the price UM. And this is in order to preempt US shale from recovering and you know and coming back in in a

big way to the market. And then a second big question mark is that UM, if the incoming Biden administration will quickly go back to an agreement with Ran will allow more Iranian oil to the market, how quick Iran manages to up its production if that takes place, So on the supply side, there could be more oils coming into the market UM in early one that would affect the price UM, but those bigger issues on the demand

side probably won't won't be moved. So, professor, do you think we've some people are you know, raise the issue prior to the pandemic that perhaps the world had seen peak oil. What is your view there? Um, as my students know over the years, I don't. I don't believe in peak anything when it comes to oil. So so, you know, I mean basically having a finite of anything fine, whether it's finite supply or finite demand. I think it's very uh you know, it's very difficult to conceive of that.

So it used to be we were talking about peak oil. We meant about you know, peak supplies, and that was completely debunked. You know, we were we got you know, we were we were awash and oil from from from two thousand fourteen to about out. Um. Uh so debunks that, and then then we had to have a new peak theory, which was peak demand. Um. Yeah, I you know, I see it doesn't it's much ago. We often talk about

energy transition, energy transformation as if it's a fact. Sure, many things are happening, but I'm still in the transportation sector, especially with this new uh lingering fear of public transportation, I think we're far away from uh, you know, decoupling our activities from oil. In the transportation sector. I mean totally right now. I mean look at like SUV sales or bananas. I mean, evs are great. Okay, you're gonna have more UM subsidies, you're gonna push them out, et cetera.

Maybe you'll have some charging stations, but people just really want to buy SUVs. UM just and we'll get to the specific of the energy plan UM that was passed

in a moment. But I mean, does gasoline have a have a real life here, real future UM you know, you know, yeah, definitely if you again, if they it's it's not even I agree with your point about it's UM larger cars, but we're even seeing sort of a revival of the used cars and uh, the industry of you know, car parts and and repairs, because the same people that were riding the bus and the metro UM, they might not be buying a new you know, a new car. So so it's really a renaissance of those

industries UM as well. And uh yes, and and and still not you know, people can't afford uh, there's the same kind of people that are moving from public transportation to to private vehicle. UM, you know, probably can't afford electric cars regardless of the subsidy. And then quickly, are we going to see a point where we don't have enough oil for the demand that we're going to meet over the next two years or three years. Well, we will have enough oil, but it might come at a price.

And that's why um there, there's there is a big chance that you know, what has happened over the past the past year and even more or less over the past uh six years, when there's spent a lot of many periods of low oil prices that there haven't been a lot of um uh, there haven't been a lot of investments investments in new oil. So so now the demand is going up, there isn't necessarily new production there to meet the demands. What will happen to you know,

prices will go up. A big question mark is how fast US shale production will uh will reappear because it basically it has about the ability relatively to swing back faster than a lot of other places um and that could be a modifying impact on on on the global

oil price. But you know, it's not clear how much investor appetite uh there is to go back to the shale because some most more people have lost money on that then than Professor I want to continue discussion and kind of go to the fact that we are going to have a new administration in the White House in a little more than three weeks. What does that mean for the U. S energy policy? Do you believe what if you heard from the Biden campaign and maybe what

we know about his past policymaking. Um, yeah, thank you. Um yeah, you know, I think that the ability of the federal government in general to uh influence some at least US energy production is limited relatively to the States, you know. So we debated a lot, we talked about it a lot, but but at the end of the day, you know, most of the regulation of US energy production is by you know, by the state structure. So um, you know, clearly there's going to be on the formal level, Um,

you know, more of an emphasis on climate policy. Um. And uh, you know, returned to the Paris Agreement. But I think on you know, day to day things that affect US oil production and oil and gas production, we might not see any any uh dramatic changes. And it is quite interesting that under the Trump administration, even though there wasn't you know, a formal policy of you know,

promoting climate aversion of promoting renewable energy. Renewable energy production continue to grow UH significantly, you know, enter to the Trump administration, UM US emissions relative to the economic growth continue to decline. UM. So you know, so really the you know, the most important signals actually if if there are policies that are both economic, it doesn't really matter UM or doesn't matter significantly what the political framework is.

If I think the best example is, UM how the switching in the United States of the electricity production from natural gas to coal. So this is, you know, without any policy, simply because natural gas has been cheaper in most markets, UM power product producers have decided to go from you know, gas to from coal to gas. And this lower US emissions, is lowest US air pollution regardless

of government policies. Well and then and to that point, I mean, even in the budget that UM is said to be passed today, there's like twenty three billion that was four solar and wind, even though it's a Trump administration. Also for carbon capture, et cetera. And I think that's something that's nuanced here is that if you get a lot of money going into this technology like carbon capture or direct air capture or you're basically just sucking carbon out of the for air um and then having to

recycle it. That's actually an oil story. Like oil companies are the ones that are actually spending to do that because in part they have the infrastructure. Yeah, I think I think it's a great point. And how much you know, many things you know, because of Congress's support, you know, are not contingent on you know, who happens to occupy the White House. UM. But also I think you know that sometimes we lump all together, um, all fossile fuels as if you know, oil, natural gas and coal are

the same thing. And I think that we're already seeing sort of maybe a backtracking in Europe on this because why has the US been so successful and lowing air pollution, lowering carbon emissions that is just this easy and you know, cheap transference from use of coal to natural gas UM.

And Europe didn't adopt the same policies. They tried to sort of skip the fossil fuels, you'll skip natural gas and go uh, you know directly into renewable but that's the way to lower emissions, and they have not been despite all their you know, being part of the Paris agreement, all the global agreements, having all the rhetoric, they have not been a successful as the United States and lowering pollution and lowering carbon emission. So, um, I think we

might be seen a rethinking of UH natural gas. That that really even though the fossil fuel it does has such a lower climate impact and pollution impact than the alternative fossil fuels. So professor, presumably under Rebided administration, the relationship economic relationship between the US and China will improve, uh and perhaps you know, we'll see trade levels pick up. How does that, How does energy fit in to the U. S.

China relationship? Yeah, well, I think it's still early to call, um, you know, how the U. S. China relationship is going to change. I think that um, due to the pandemic and and you know, and seeing the vulnerability of US supply lines on uncritical UM and critical products you know, being abroad. I think there's something that there is bipartisan consensus that, um, you know, the sort of US dependence

on China needs to change. So it's it's not really clear I think exactly how um, you know, how how if trade relations will go back to the sort of Obama era type of frameworks or for really in a sort of a new a new stage. UM. But we clearly sure energy you know, the US, UM, natural gas exports are often you know, touted as something that helps

US allies, um, you know, improve their energy security. But but you know, some of the biggest consumers of US energy exports are you know, actually China and UH UM are not necessarily countries that are you know, have energy UH dependence or security supply issues. So clearly, for for the case of natural gas, UM, the trade policies that really matter. UM, do you expect this to be quick in the US in a way that they can catch up to Europe at all? I'm in terms of that

climate policy, in terms of real money going to real places. UM. Well, I look more on the global aspects of UH of energy. But I think you know, we should be really results

driven driven versus process. So again, if you take something like uh the Paris Accords, clearly the Biden administration will go clearly back to the to the accords, but that won't necessarily change um, you know much in the United States because again the US has been doing a lot the market itself to to reduce emissions and reduced pollution Professor Brenda Shaffer, thank you so much. We appreciate that.

Research faculty member at the US Naval post Graduate also a fellow with the Atlantic Council's Global Energy Center, joining us on the phone from Washington, d C. Giving us the latest geopolitical impact for global energy morow a journal. Yeah, but you let me drive. Oh no, and en Honey, please, I'll do thet I want to drive ball, Just drive baby the question. This is the drive to the globe community.

Thanks well, dry up Don on Bloomberg Radio. Well, when you have markets at or near all time highs, as we do right now, you think about where we were back in March. It's just an extraordinary turnaround. But when you do get markets there, what you also get is a lot of companies tapping the initial public market offering market, either by a direct I p O, where now we've got spacks and direct listings, taking a sense of kind of how two thousand and twenty played out and maybe

how one is going to look at this point. Christian Munafo, chief investment Officer of Liberty Street Advisers, also portfolio portfolio manager of share Post one Fund. He joins us on the phone from New York City. Christian, thanks so much for joining us here. Give us just a look back on it seemed like we had some really really big deals. Yes,

good afternoon, it's nice to be with you. Yeah, it was certainly an active year, uh, in any stretch of the imagination, you know, I P O s, you know, the traditional IPO structure at least, you know, we've raised somewhere in the neighborhood of about eighty billion dollars, which is almost two f up from last year. Um spacts where over eighty billion, coming off of thirteen billion last year. Direct listings, you know, as we know, have beencoming more popular.

So yeah, it's certainly been an interesting time for you know,

private late stage innovation companies, you know. And it's worth just understanding that, you know, the the structure that these companies are coming from is essentially structurally a liquid, right, the private markets are in a structurally a liquid asset class, and over the last couple of decades, what we've seen is that these private companies continue staying private for longer, and so as a result of that, you have these companies that are growing into you know, much larger operating

businesses and at the time that they go public, um or are attracting you know, also potential acquisition oriented um A sponsor capital. They're just much larger businesses than what we saw in the past when we think of companies like Microsoft and Oracle and those types of companies when they went public. These companies are staying private for much longer. They're scaling into much larger businesses, and we're seeing a

lot of demand for this high growth innovation. So I'm going to try and tie this conversation into something that we saw in the markets overnight, and that was the big sell off we've seen over the last two days over in Asia, JD, dot Com, Ali, Baba, etcetera. All of that really because China's cracking down on Ant, which was supposed to go public would have been the biggest I p O ever and then now they're cracking down and you know, we're seeing something somewhat similar in the US.

Obviously these are very different circumstances, but the idea that these companies are too big, they're doing too many things. Um, what are you noticing in the private market with mid sized companies? Are they getting that warning? Are they wanting to stay smaller? Yeah? No. I think it's a very good question. You know, I think we've been fortunate that we haven't seen this play out at scale as of yet.

I mean, if we saw it clearly, you know, Tobacco last year with we worked, and there's obviously some other ones out there. You look with Spaces we worked. Here's like a million years ago, by the way, doesn't it it does? Yeh, yeah, yeah, it sure does, except for those who invested into it. That's true. God, yeah, But

I think look, I think the reality is, uh. From the mainstream standpoint, a lot of the venture capitalists and protequity investors who backed these companies are very much focused on nacho, you know, executing on the operational plans of the core company, but also making sure that they're not overexposing themselves because they've seen what happens. You know, there's been so much capital that's flown into these markets over

the last decade alone. You know, somewhere in the order of six trillion has come into the private markets, of which over a trillion has been allocated just for venture And so when you can raise that kind of money, it's not difficult to get excited about trying to grow into different areas. But I think what a lot of it comes down to is governance and discipline at the board level to make sure that the company is staying focused on its core competencies and not stretching itself. So, Christian,

what's your outlook for one? I guess just the broad market outlook is okay, vaccines are coming. The worst, you know, you know, once we get past the next couple of months will be behind us and we can look forward to maybe in the second half of the year, maybe even beginning a second quarter of the economy beginning to grow again. What do you think about the capital raising and the I p O and the going public market?

And then sure, so, look, I think in any market cycle, from our experience and from our perspective, we believe that there's always going to be strong public market interest and demand for innovative, differentiated companies that are generating substantial growth and market penetration and that also can turn a profit, right, because we saw that with some of the companies were mentioning even though they have these hyper growth type trajectories,

they're unable to demonstrate profitability or at least they passed to that. So it's our view at in any market cycle, there's going to continue to be strong demand for these types of companies you know that can uh show the ability to generate that that profit. And again there's just been a substantial supply build up of many of these late stage companies. And so you know, when we look at two thousand and twenty one, you know, we look

at our own portfolio, we see activity that's happening. You know, we believe that two one should continue to be a very active year for the late stage private company space. What we saw this year clearly was an acceleration of technology adoption across the board. These not are not only technologies that are going to be disruptive, but they're also going to be complementary. And so, you know, we think there's a lot of capital out there that's chasing growth,

that's chasing innovation. We think that it's going to continue for the foreseeable future. M Is it all going to be in tech startups? Well, it depends on what your definition of startup is, right, and so you know, when you have when you have companies in a generating you know, hundreds of millions to billions in revenue, you know, those are not startups from the from the traditional sense, and

that's what many of these companies are. UM. But look, not all these companies are going to be success success stories, and not all of these companies are also going to achieve a public market currency. You know. We have to remember that there's hundreds of billions in cash sitting on the balance sheets of the mega tech companies alone that are looking for ways to augment their own reach capabilities, you know, And so a lot of these companies will

also get acquired. UM. But yes, to your point there, there are certainly not going to be all success stories. Hey, Christian, thanks so much for joining it. We appreciate it so much. Very interesting talking tech investing and just growth investing in general. Christian manofo He is the chief investment officer for Liberty Street Advisers, also portfolio manager of shares Post Fund At joining us on the phone from 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,