The Biden Administration’s First 100 Days Agenda

You can also listen to our radio show at two pm Eastern Time on Bloomberg Radio or watch us on YouTube search Bloomberg Global News. Let's bring on Bloomberg News Whitehouse correspondent Josh wynd Grove. He's on the phone from Washington, d C. Because you know, Josh, we do need to look forward a new era, as it is always with a new president in Washington. But I do wonder about the old division. How much of that sticks around? Yeah, I mean this is the whole pillar of Biden's speech today.

If you notice that normally inaugural addresses cast forward a little bit to what people want to do with the president. See, you kind of ditched the whole policy side of it and talked all about unity, the need to uh, you know, kind of tack down the temperature a little bit, saying that politics doesn't always have to be a raging fire. He didn't name Trump specifically, but it was just a clear repudiation of what he believes Trump's legacy to be. So,

you know, Biden believes at least it is possible. He did acknowledge that might sound a little naive. He tried to point to Vice President Harris is evidence that, you know anything, it's possible. Of course, historic moment for the US to see her sworn in. Uh So you know, this is where where he's trying to go. It's gonna Rubbert is gonna hit road real quick. I mean, they have disputes in the Senate, they have disputes over how

quickly they can confirm their cabinet. And of course that COVID bill is just going to be front and center. Bi didn't want something yesterday basically, and it's not clear what Republicans have an appetite for. Yeah, and it's not just the COVID bill. I mean, millions of Americans woke up earlier this morning, Josh, to to find that the President Biden. That is, um would sign executive orders to swiftly unwind Trump policies on immigration, on health. Um, take

us through the big ones here. Yeah, and we're going to see I think some of these go forward. Uh, you know, in the coming days will be imagine a batch or at least they've signals that'll be a batch of stuff every day. You know, these infecutive actions like some of them. Some of the things you're doing today are pretty standard. You're gonna rejoin the w h oh,

they're going to rejoin the Paris Climate Agreement. He's going to issue a mask mandates so on interstate travel, in other words, federal turf, you've got to wear a mask, and in several buildings you got to wear a mask. But you know, executive orders Trump loved them. But the real downside of them is that, you know, as easy as they are for a president do flick of a pen, they often don't have a lot of teeth behind them.

And so Congress really is the gatekeeper on a lot of things, in particular of course, stuff that requires money, and vaccines require money, and testing requires money. So a lot of his goals, pticularly early on, are really going to be subject of seeing what gets done in Congress. Jen Psaki, who is his White House Press secretary, of course, as about two and a half hours ago, uh said this morning on CNN, she was asked, listen, is it fair to say that stopping the pandemic is his number

one concern? And she said, yes, that is their you know, it's interesting. And for those who are watching on YouTube, our YouTube channel, Uh, you know, the president Uh and the vice president and former President Obama, George W. Bush and Clinton, along with their spouses, they are at Arlington National Cemetery at the tomb of the Unknown Soldier. They will lay a wreath there. Uh. And that's the visual

that we've got at this hour. But I'm looking at, you know, past administrations, and we had a financial crisis that two of them had to deal with. UM, we had healthcare overhaul. We've had some really big agendas. But I look at the agenda, Josh, that is facing this current president. It is, as you just laid out, a massive one, a costly one. And even though he will not be the Senate Majority leader, the new Senate Minority Leader, Mitch McConnell will play a crucial role. Will he be

more collaborative. I'm collaborative is a strong word. He he. He believes that there should be a power sharing type of agreement, which has been done in the past when the Senate has had a fifty fifty split. Now it's been quite some time since that was the case. And in the meantime, a lot of Democrats think that Mitch McConnell played such hardball when he was a majority leader that they believe he's almost forfeit the right to ask them for a penny, let alone a buck, you know.

So I think that there will be a lot of opposition to that. Now, this will be one of the things I think we're Biden's belief that there could be a bipartisan era still in Washington will will come to the four If Biden sort of asks or gives his blessing to Chuck Schumer to, you know, actually try and cooperate with McConnell, that might that then that might be

where they go. But there will be pressure, certainly in the Democratic Party to just abs really go hard to the wall and keep box McConnell out of anything, so that that's that's a there's a rub right now on that one. Look, all of this Josh is happening as as Trump, who's no longer president, is facing trial in the Senate for for impeachment. UM explain the backdrop here how Democrats can push forward this message of unity well

also at the same time trying the next president. Yeah, I mean, first of all, it's very unclear how this is going to proceed. Nancy Pelosi is saying should hand over the article soon, it's not clear that she's not going to sit on them for a while, which could so drag things out. And it's very unclear that there would be enough votes to convict the president. In fact, the team is pretty clear that there are not enough

votes to convict the president. And the longer he's out of office, you have to think the longer the temperature comes down. Well, look, even with what McConnell said yesterday, he said that the mob attack on the Capitol was quote provoked, and he'd be kind of condemned it in the most no uncertain terms he did, But I I mean,

I suppose that depends who shows up. But I have a hard time thinking that two thirds of people president, in other words, up to seventeen Republicans would vote to commit a Rod to convict the president on his impeachment charge. I have been wrong before. It's still Donald Trump's Washington in some ways, so anything is possible. But I think right now Biden is made clear that his number one priority is not an impeachment of Donald Trump. It's this

COVID package. And remember, the numbers just are alarming. Across the board. The vaccine role has been sluggish, and Biden has been saying, we are in for a long winter and it's going to get worse before it gets better. Right, Let's not forget. You know, we're focusing on politics, and we've focused on politics a lot over the last couple

of weeks, understandably. But at the same time, those virus numbers, as Josh said, um continue to astound, and you know, we go through them, and we took through them every day here at Bloomberg. But it is certainly worsome and that will be obviously top of his mind, top of

his gender. Uh. The new incoming president, and it does look like for those listening on radio, watching on our YouTube channel, the president, the new president, Biden, the Vice President, Kamala Harris, Uh, they and their spouses I believe are headed towards the tomb of the unknown Soldier to lay a wreath there, and they're there along with the past presidents. This is Bloomberg Business Week with Carol Messer and Bloomberg

Quick Takes. Tim Stinovic from Bloomberg Radio. Let's not forget that the big problem facing this country right now is getting the pandemic under control. If you're out there in the West Coast, if you're out there in the l A area specifically, you know you're seeing this firsthand. They're seeing the crisis at its peak like we saw last spring here in New York City, and you know this

is crucial to getting this under control. We've talked about the problems with rolling out the vaccines, uh and as we've opened up kind of this pigot when it comes to who can get it. Now we're seeing supply constraints or logistical constraints, and this will be top of mind and something that the President and his team will have to deal with because this is necessary and crucial in

order for us to reopen our economy. We got glimmers of it over last summer, right when it eased back here and we started to see life come back a little bit, but then of course fall hit and the cold weather hit, and we just it wasn't eradicated. So we know we need um, really the mass mass amount of the population to get the vaccine in order for us to hit her immunity. And Biden has ambitious goals a hundred million in the first day of a million

a day. Yeah, so listen, this, uh, following, all of this will go to our team in d C. And that incrudes are Amanda Coulson Hurley. She's politics editor at Bloomberg business Week. She and her team at the magazine will be tracking uh, this new president and his initiatives and his agenda. She joins us, by the way, on the phone from Washington, d C. Joe Webber is also with us, editor of Bloomberg business Week, on the remote access from Brooklyn. As we said, and as we said

four years ago, Joel, it's a new political era. It's a new individual at the White House, and that means a new agenda, a new agenda, that's right, and you know, it all kind of gets started now. And one of the things that when we're wrestling with in this issue of the magazine is which is our annual the year ahead issue is obviously all of the big themes that we can expect to be talking about, and and Biden and the US government is going to be first and

foremost on our minds. UM. And that obviously brings us to Amanda, who there's a forthcoming story that I thought was really well done about UM what we can expect from from Biden at the outset here? UM, So a little sneak peek from this forthcoming issue, UM, what are what are the advantages that Biden inherents and what are some of the limitations that that we expect him to encounter UM as he attempts, UM to to govern here. Amanda, Yeah, well, UM, I think uh Biden is very fortunate in having a

democratic price ector, right. So, and that is something of a surprise, I think UM. Before the Georgia runoffs on January five, it was sort of expected that the Republicans would hold on to the Senate UM, and that there, you know, he would be kind of limited in what he could do. But with UM, with the surprise, somewhat surprise wins of the Democratic candidates in those runoffs, UM, the split in the Senate is now sixty fifty with Kamala Harris being the tiebreaker, which means that, um that

there's more that Biden can do now. Um. So you know, he's already said that he uh, you know, unveiled this one point nine trillion dollar next round of stimulus that he's saying is that's a kind of immediate relief plan, and then he wants to do some thing kind of you know, even bigger, well not necessarily with a higher dollar amount to it, but you know, a kind of maybe kind of longer term, deeper type of stimulus afterwards. So um. Uh, you know, he has some wind in

his sales now. But of course he's walking into this job, you know, with a pandemic having fiercely uh come back and you know, um, worse than ever. We just hit a you know, four hundred thousand deaths, a terrible milestone. Um, and you know, the economy is still really faltering. So um. He certainly has a very tough past for him. Uh.

The president also is eager to attack climate change. This is something that he's made clear during the transition with the appointment of John Kerry as his climates are and we're seeing on our live blog right now a tweet from Gary Cohne, the former Goldman Sachs CEO former Trump advisor, saying, quote, well, the Paris Agreement may be far from perfect, it is the best available option to tackle one of the greatest

issues of our time. I'm happy to see the US re entering this agreement and asserting global leadership when it comes to climate change and the environment. How are you thinking about it at Business Week and covering Biden's agenda and making sure that the US is at the forefront

of this. That's a great question, and I um, Joel might have some other thoughts on it, but I think what's really interesting is UM, probably the way we cover it will reflect how I think maybe Biden and the Democrats will try to get uh, you know, major climate legislation through, which is probably packaging it as you know, some measures as a kind of infrastructural improvement UM and uh you know, research and development advances UM and the

green jobs you know. UM. Biden's big climate plan I think he called it, Build Back Better is not the Green New Deal, but it has kind of some of those echoes of of looking at at climate action and at the goals of it as not not just being you know, reducing emissions at these kind of other benefits and at a sort of retooling the economy, right, and so I expect that he's going to be hitting those notes that he tries to achieve his climate goals and

will be assessing, you know, what those costs and benefits you know, really are to the best of our ability, you know. I mean there's a couple other bullet points from the issue that I thought were just a great little cheat sheet, and just to kind of run through them, I think that the ones that were the most interested in for the magazine that UM will continue to hit in the days, weeks, months, years ahead. UM integration, taxes, healthcare,

judicial appointments, and political investigations. UM. I want to actually just go to healthcare first because this was something that UM, you know, he Biden was involved in in the Obama legacy, and I'm interested in sort of how what we can expect on the healthcare front we think in in these next few months. And then also let's let's take the

judicial appointments. Oh right, yeah, I mean judicial appointment UM is going to be an interesting one to watch, I think, as we note in the in the magazine, Uh, you know, Biden's has will be a lot smoother now, you know, with the Senate under Democratic control. Um. So you know, if one of the Supreme Court justices were to retire, there's already you know at or about maybe Stephen Brier stepping down. Um, there will not be a situation, you know where there will be a vacant seat for months

and months. Uh, you know, as there was when President Obama nominated A. Marrek's Garland. Um. So uh, you know that's going to make Biden's life a lot easier going ahead. Yeah. And one thing, you know, I do wonder curious. I'm curious to Amanda about Listen, President Trump expect we're expecting him to be part of the political scene going forward.

So how do you think about he's not going to be president, but how do you think about some of the coverage that might be something you need to think about include going forward, or how do you think about it at least at this point? Yeah, Well, I mean definitely he's not president anymore, and you know, the bar for what, uh you know what in the Trump universe

gets covered, I think becomes that much that much higher. Right, But um, you know, he I think it is very interesting that he's he's going back to Florida and uh reportedly a number of members of his family are also looking to you know, locate to Florida, looking for property there. Um. He is reportedly thinking about building his presidential library and

museum in Florida. Um. And there's also um, you know, I think some conservative media outlets that are Florida base that he if he wanted to have uh more of a media presence and megaphone, Um, he could get it there, even you know, even though he's been thrown off of a lot of social media now. But um, so I think it'll be interesting to kind of watch that potentially this kind of Trump world take route in this kind of other political establishment of Florida. Um. But well, you know,

certainly be covering. Uh you know, there's still an impeachment all to come, and I think, uh, the impeachment trial, and it's after Amath might answer. I think, what what is a very big question, which is uh, you know, in the days after January six, this seems to be a huge stain on his presidency and on his allies potentially, but maybe you know, it's not going to last forever. And how bad is that going to look long term bottom line, You guys are going to be busy, no doubt. Amanda,

thank you so much, really appreciate it. I know it's been a busy day for you guys. Amanda Colson Hurley, politics Editor Bloomberg Business Week from the nation's capital. Jill Webber, Editor at Bloomberg Business Week on the remote acts as you can check out more about the year ahead. Uh, you name it. When it comes to business, politics, economics, it's all in this upcoming issue. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes Tim Stinovik

on Bloomberg Radio. So, Tim, I think it's safe to say that we've got two top stories today. Obviously the swearing in of a new president into the United States. We've covered that. The other the biggest problem that faces the Biden administration from day one, and that is the health pandemic. Yeah it is um Look, four thousand people have died in the United States as a result of the pandemic. As you and I mentioned, the economic recovery

inextricably linked to the successful rollout of the vaccines. Carol, is such a shame that the vaccines were developed at record pace, but the rollout has been so bumpy and we can only hope that it gets smoother. And it's not a day where we had a story. You and I both saw it. New York City rescheduling twenty three thousand vaccine appointments due to shortages, that supply shortage. Let's get to someone who's been a go to voice for

us often. He oversees the largest healthcare provider and private employer in New York State back with us as Michael Dowling, President CEO at Northwill Health. He's also author of the book Leading Through a Pandemic, The Inside story of Humanity, Innovation and lessons learned during the COVID nineteen talk about creating the playbook. As we go, he joins us on the phone once again from New Hyde Park, New York. Michael, nice to have you back. How are you and how's

your team doing? Thank you so much. I'm devided to be with you. We're doing well and the team is doing well. And I've been at this, you know, COVID edition now for a long long time. But health care workers are very resilient and we're doing well and positive morale and obviously looking forward to being able to vaccinate as many as people as we possibly can now. But are you seeing shortages when it comes to access to vaccines? Yes, I mean we have we have the infrastructure is in place,

which takes a couple of weeks to set up. We have multiple sites available to do vaccinations, but we don't have enough supply. And hopefully if we get the supply, and I'm hoping now with no leadership in Washington, that there will be a change there. But we can vaccinate a lot more each day if we know that we have the supply and we know when it's coming. Uh. And that's the only restriction at the moment, I mean more.

Most of the other stopped up problems that maybe we may have had a month ago, three weeks ago have been resolved and today it's a matter of getting enough vaccines. Well, speaking of that, we learned earlier today the New York City has had to reschedule twenty three vaccine appointments due to a shortage. Um, what happens if somebody gets their

second dose late? Well, you do have UM, I do have a couple of days of leeway here, and um, we should be doing everything possible to make sure that the people get the second doors around the tent that they're supposed to get it. So what I'm doing here and not well is that I am reserving doses for the second I'm reserving vaccines so I can guarantee the people that if they get the first doors, I will

have the vaccine in place to give them the second doors. Um. Uh, that that's the way I believe they should be done, so we can guarantee when people come in that will be enough available for them to get the second doors. Um. I don't. I believe that it's the right way to do it. It's I believe the science supports it doing this way. And Uh, if you don't get the second

doors at all, I don't. I don't know you have some immunity, but we don't know how long it's going to last, and we don't know how effective it's going to be. I don't think it's a transport taking Michael. You know, I'm gonna go Tom Keene on everybody for a moment. Uh, Tom Keen or we love Tom Keene of Blueberg Surveillance. Um, you run a massive hospital system, healthcare system. You can pick up the phone and call a CEO of Fightser or you know Maderna and say,

what's the problem. What is the hold up in terms of getting more manufacturing of vaccines? Is that we don't have the factories? Is it that we don't have the bottles? Do we not have the needles? What is it? And what do you hear? I well, I hear that the production process is being accelerated, and we hear that there will be many more vaccines made available now in the next couple of weeks and hopefully even sooner than that. I have not spoken to any of the farmer companies

directly and or personally. I believe that this point that's what the Sell government was doing and working with him closely hopefully. UM So, I don't know the exact reason why it has been a little bit so off at this point. But remember also if you go back, it's only like, you know, six weeks ago, five six weeks ago since the vaccine was made made available at the first the first time. So people have to be a

little bit patient. I mean people that want instant gratification something just happens today and they want the world to be fixed tomorrow. It takes a little bit of time I'm hoping with new leadership in Washington that it will everything will be accelerated, and I hopefully we will have no vaccines by Johnson and Johnson maybe in the future, and who knows what astra zeneca and so I do think time will take care of the problem. The trouble is everybody is getting a patient and I understand this.

We want this over with as quickly as we possibly can. We already once the vaccines arrive. To be fair though, um, Mike Michael, is that we knew this vaccine was coming for a long time. I mean, these were conversations I think we had with you months ago as well. And I'm not not pointing the finger at you, but I mean I think the system overall, the government overall knew that logistics and distribution we're going to be a big

part of this, and I just wonder what happened. Well, I think that it wasn't thought through as well as it should have been. It was excessively micro managed. You know, you had you know, groups one groups won B one A plus and excessively Michael managed. I have felt from the very beginning where you have very large systems, systems like ours and you just give us the vaccines, you give us general guidelines, and then you get out of the way. But it was a little bit overly bureaucraticized. UM.

And hopefully we're learning from that. UM. But we are where we are at the moment. You know, you can't go back and don't do what happened a month ago, up three months ago. We are where we are. We are ready to go. We are vaccinating. UM. I've vaccinated about forty three thousand employees and about twenty thousand people in the community, and we're now doing second doses. And I've opened up about twenty five vaccination sites, but I had to close five of them a week ago because

I didn't have enough vaccines. UM. That's the problem now, UM, And I'm i'm I'm I'm optimistic that this will be taken care of in the relatively near future. When do you feel like we start to feel more normal as a society where things are opening up and maybe we're still wearing masks, but there's a sense of security that we will have when we go out and do things with other people and maybe larger groups that we don't

currently have right now. Well, I think that we I hopefully we will see an opening and breaking of the crisis in the next three months or so. I would hope that by the end of the spring that we would be able to get out and about a bit more. Hopefully the restaurants will be opening, and I hope that would happen sooner. So I think we're going through this until the end of the spring. But let's be we

have to be careful though. I think we have to be continuously cautious and that and especially now when the vaccine is being distributed, that people still wear masks for the extent that they can, that they're still social distance, that we don't do stupid things. We don't get together in large groups where it is very obvious if you don't do the right things, you have to have the possibility transmissing transmissing the virus. So I think we have

to be careful. I don't think we will be back to a normal um and it'll be a new kind of normal. I think might until the early fall. And I think we can handle this. I mean, we have to be optimistic and positive about this. It's it's a bit of a disruption, but we can handle this. And therefore we have to look at it with a positive attitude. I like your I like your attitude. I think it's

it's been really a challenge for me in January. I think a big part of it is, you know, being away from my family for the holidays, UM, the disruptions, and also of course just the staggering numbers of deaths that we've seen in the United States. I mean, it's absolutely heartbreaking for for so many people out there. And I think every American has been affected by this. It's just no way they haven't. I've been talking a lot with my um, with my wife about this, UM, what

this looks like on the other side, Michael. She was saying, Hey, I think we're gonna be wearing masks for a very long time. Like we're going to be the generation that wears masks, and our kids might think it's weird, Um, but but that's us. I mean, is that what you see is that the new normal? Oh? I think that when masks are not that difficult to wear, I mean use to it. I mean it's not that I'm not complaining.

I'm just wondering, Like when we talked about the other side of this, are we going to go back to being able to like not wear masks around the office. Um well, I think, for example, we had very little

flu season this year. Um let's kids getting sick from so so I think in the future, it's some COVID disappears this year and next year and the flu season arrives, I think you will see more and more and more people wearing masks that they will say, you know, this is a very good preventive way to prevent normal you know, the regular things from happening to a regular flu season. So I think that masks will be with us for

a long time. Uh you know that some some groups of people, I mean I have been wearing If you've been in the city two or three years ago, you saw something people from the far East wearing masks walking around the city. And if you're traveling around the world, you'd see it too around the world. Yes, So I think it's going to be a part of our arsenal pop of our com film going forward. Not necessary all the time, but when we believe it isn't necessary, I

think it will be with us. And uh, well, it with protecting each other, with protecting our friends on neighbors and put them people from getting sick. So what's the big deal? We will get used to it, like we get used a lot of other things. Listen, if we can carry our phones around with us all the time, can't we just kind of add on a mask and just make it kind of the norm. No, I'm serious, right, Like I thought that there would have been, you know,

years ago. You can probably be innovative and to put a phone inside the mask. I was actually just thinking, great thing, Um, what's the thing though that worries just class question? Michael, Um. I love your optimism too, and I love your realism. Um, what's the one thing though that worries you? Just a little bit here and just got about a minute left. I think that you know, today with the new new change in Washington, you know, a dark cloud has been lifted, and I think we

can see us a little bit of sunshine. We can see hope and decency, hopefully and a sense of optimism about the United States is a great place. New York is a fabulous city. New York is going to come back. We we've gone through a rough period. Uh, And I just think that we should look forward with a great sense of positivity and optimism, unify it, thrust one another, um uh, you know so so so so oxygen on that which is good, not on that which is which is not not so good. Be positive and build a

sense of community. The one thing COVID has demonstrated is that we're all interdependent. What happens in one part of the community effects every other part. We've all been affected by this. We have to bring back that positive sense of community. We're united, we're Americans, were proud, We're positive, and there is nothing that we can can cannot achieve here here Okay, well, little music to take you out there. There's gremlins, I think everywhere. Um, Michael, what a nice

way to wrap it up there. Michael Dowling, President and CEO at Northwell Health. He's also got a book out Leading Through a Pandemic, and I highly recommend that people check it out. Bro Machael Journal. Yeah, but you let me drive? No, No, who's going to dr home? Please? I'll do the vel me. I want to drive, Just drive baby. The question drying. This is the drive to the Globe Commune. Thanks, we'll drive us to dawn. On Bloomberg Radio, all right, it is time for the drive

to the clothes. But driving to the White House and actually not driving anymore to the White House is President by and the new First Lady. They are actually walking up to the White House the last I would say block or two or so a couple of blocks. They got out of the motorcade. They were going from Arlington Cemetery on their way back to the White House in a motorcade along with the Vice President. They got out and walked and we're actually greeting members of the press

and other individuals on the side of the road. This is much more reminiscent of what you have seen in inauguration. I was just going to say that, Carol, there's some sort of semblance of normalcy here. You know, masks certainly excluded from that, but you know, the idea that everybody is in masks makes you realize that this is one and that we're in the midst of a pandemic right now. But yeah, there's a sort of sense of normalcy to this inauguration, even though it was far from normal and

reacting with people who you know, the voting public. And what's interesting is we are now uh seeing the President and the First Lady there at the White House. You can watch this on our YouTube channel as we speak to search on Blueberg Global News. You can also if you're on the Bloomberg go to Live go and watch this coverage as well. But again, walking up to the White House. Uh, the new president and the new first Lady. All right, we'll continue to monitor the comings and goings

of the new president. Right now, though, we do want to get to our market guest, Ryan Jacob is back with us. Chairman, chief investment officer, and portfolio manager Jacob Asset Management, a top performer, UH, the Internet Fund, the Jacob Internet Fund beating just about all of its peers over the past five years in the ninety one percentile according to our data, returning thirty s on average annually. Ryan, good to have you here with us. Ryan's on the

phone in California. New administration, potentially new era, maybe new regulations. How does it factor in, if at all, in terms of how you think about the stocks that you are investing in and including in your funds. Well, the administration change is obviously a big deal on the relationship among the larger technology companies has been pretty terrible recently, so I don't imagine it will get worse. How much better it gets, it's hard to know, there are a lot

of other democratic priorities that could become issues here. Um, But for the for the most part, I would say conditions will probably improve. Conditions will improve between let me make sure of this right with between the administration and the tech companies. I believe so. I think it will be a little less yeah, in some ways in terms of the administration change in the White House. It'll probably

be a bit less combative. That's interesting because there is you know, there does seem to be some bipartisan agreement, rare bipartisan agreement to I don't want to say rain in big tech, but you know, there are monopoly concerns when it comes to some of large tech companies, and then on the Republican side, their concerns about free speech

and Section to thirty. I'm you know, not going to get into those now, but it does seem like the tech companies are in the crosshairs of Democrats and Republicans. But um, you don't think there's too much to fear. I think the free speech Section to thirty issues were more existential threat for the larger tech companies. I think that the antitrust issues are more what we're used to in terms of scrutiny and UM, it's not going away

for sure, but it'll probably be more manageable. Unfortunately, it is going to be something that's going to uh, you know, be there for the next few years. That that's going to create a lot of headlines. I think in terms of actual actions will be prelimited. And we do want to point out President Biden and the First Lady and his family. They are at the White House, uh, and they're entering into the building. Hey, so Ryan, UM, transformative technologies.

You know, you look at the tech sector, you're you've done really well. UM. Let's talk about names that you like. Tuilio is one of those. It's an infrastructure software company. It's already up about fourteen percent this year. It gained two last year. UM. What is it that you like about this company specifically? Well, Tulio is really enabled communication. The evolution of communication of businesses through the pandemic, companies that were um uh offline companies had to learn to

get online quickly. So whether it's through delivery or notifications, Julio provides a kind of that utility like aspect to electronic communications between the business and their customers. A lot of businesses have been considering adding these features. Um, you know, Covid really pushed it forward and made it necessity and these are these are features that won't go away. So Julia has been a huge beneficiary of this and we think that that will just continue. We're gonna be talking

to co founder and CEO Jeff Lawson tomorrow. UM, what would you ask him? Well, I guess, I guess broadly speaking, um, as we're communicating in different ways, whether it's device and device or on social media platforms. Um, you know how how they basically helped their customers integrate, So they're touching their customers at all these different points and enabling two way communication that quite frankly, is probably one of the biggest hot button issues for company in terms of the

able to communicate in knowing their customers. So it's it's really increasing the breath rather than being just text back and forth or your upers in the corner. It's more a broader picture of how this communication can go back and forth. Right. I also know thanks to our producers that you are you describe some of the run up that we've seen in companies like Zoom, Peloton, Shopify, Tesla, the so called COVID names um, extreme euphorias, how you

describe it, and you say they're highly inflated. Um, big question is is are they due for a pullback? Well, truly as an example of a company where things were accelerated and there's a real use you know, a real use impact there. UM. With these other companies, they saw an enormous uptake of their services because of stay at home waters and work from home, etcetera. So UM, and

their valuations have really just exploded. And so the question for these companies are is there some sort of artificial um artists official effect and the results that will be difficult to replicate this year as we get out of COVID. And because the valuations are really really reflecting their business progression in two thousand twenty doesn't reflect twenty two, that's

a big question. Well, it's interesting. Tesla is not just the like I can get it, get what you mean in terms of Zoom and Peloton and even shopify Tesla though, you're just saying that because they were just doing so well this year, this wasn't necessarily a pandemic story. UM, but you're questioning whether or not that growth continues this year.

Tesla is a whole different conversation. There's no doubt, there's no doubt, and it's there's a whole host of other different issues there and they really are you know, you're getting into the conversation. Is at a car company? Is it a technology company? Um? There's a lot of debate back and forth. We don't own Tesla, Um, why don't you own it? You just well, just quickly, the valuation is you have to assume that Tesla will be the unimpeatd ned leader of the electric car industry over the

next few decades. And that's not something we'd be comfortable at this point, right, especially when there's more and more competition destroying the Bloomberg about kind of everybody, whether it's v VW, whether it's BMW, they're all kind of gutting. Yeah, right, exactly, all right, you're listening to Bloomberg Business Week. We are thanks to Ryan Jacob. Thanks for listening to Bloomberg Business Week.

Download the podcast on iTunes, SoundCloud, or Bloomberg dot com, and you can also listen to our radio show at two pm Eastern on Bloomberg Radio or watch us on YouTube. Search to Bloomberg Global news,