The Race for a COVID-19 Vaccine

Week on iTunes, SoundCloud, Ol Bloomberg dot com. You can also listen to our radio show at two pm Eastern on Bloomberg Radio every weekday, or watch us on YouTube by searching Bloomberg Global News. Well, let's talk a little bit, if we can, about the world of vaccines, Carol, Yeah, let's do it, because you know, I want to say big picture and I feel like you talked about this

with Steve Schwartzman a black Stone earlier. We've seen Jason a lot of investor intention on the drug and biotech space this year because of the coronavirus pandemic, and one stock in this space that is up roughly seventy this year is a small publicly held biotech companies based in New York City. So let's get into it with Dr Jeremy Eleven, CEO at Ovid Therapeutics. He's also chairman and he's chair of the Biotechnology Innovation Organization. He's on the

phone from New York City. Jeremy, h forgive me, he's on the phone from Connecticut. Jeremy, nice to have you here with us. Um. First of all, tell us a little bit about specifically what your company does, because from what I understand, you guys really focus on rare neuro neurological diseases. Carol, so good of you to have me on the on the phone. Actually, the company is developing first in class medicines to treat rare disorders of the

breading in children who have no other medicines. Examples are Angelman's disease, fragile lex. These are lifelong disorders and there are absolutely no medicines for them, and we're about to deliver the results for the final phase of testing rangelment, the first and only meds that's actually clinical trial at

this stage age. So that's one thing we do, and the other one is we're working with Tacata terrific partnership and Tacata and ourselves are developing emits and that we have will not only stop epileptic seizures, but also heal the brain, a whole new concept behind epilepsy. And so you know you're also the chair of the Biotechnology Innovation Organization, Dr Levin, and I do wonder beyond what you guys are working on, you have a view of the entire

landscape here. And Carol mentioned this this idea that obviously all eyes are on the vaccine world. What's realistic what should we be thinking about when it comes to actually getting a vaccine for COVID nineteen Jason, Really good question. At the beginning of the year, we have there were two programs on therapeutics in the whole of the United States. Right now they're close to six hundred of which a hundred and fifty plus of vaccines, another nearly two hundred

medicines that are going to attack the virus. And then there's a whole series of things where we're trying current treatments to see how actually they might work current existing medicines. I have to tell you there's a lot of us something is going to come out of this now with regard to the vaccines, they're very promising signs from the company Madonna and other very promising signs out of Oxford University.

But these are difficult things to develop, and until you see how they raise the immunity of individuals, you really don't know what you've got. But I'm optimistic because there's a lot of them on the on the table right now. And I'm also optimistic because we've seen good early preclinical that means before human data that suggests they have a good shot of working. So our understanding too is that it's going to be a combination of things um Dr

Levinette need to be done. In other words, you're going to have a vaccine, right that's the holy growl, but you also need as you said, there's like two medicines to attack the virus for whether it's a mild case, a moderate case, or severe case. That we're gonna need all of this to get our head around it. But I mean, ultimately is it we need a vaccine to really kind of get back to normal, And then what is the realistic timeline? Is it end of the year,

beginning of next year? Carol? There are no magic bullets right now quite right. You have to have a combination, and this is very similar to many other diseases. Realistically, I think we should be cautious and talk about the beginning of next year being reasonably practical. And that's all, you know, all down to one getting good results now and then too with the support which has been terrific of the FDA and manufacturing. There's are three different things,

good results, FDA and good manufacturing. We can hopefully get something next year. But but can I just I just want to follow. I mean, it's not a case they're just getting the vaccine. You've gotta be able to manufacture right on a huge scale, exactly. You've got to be able to develop millions and millions of doses and then

you have to distribute them. That's why we should feel really good about J and J stepping in and putting the power of their manufacturing on the table, Astra Zenica linking up with Oxford University and putting the power of their manufacturing on the table. No manufacturing, no vaccines. So what do we worry about here, Dr Levin? I mean, is the worry on the science or is the worry on the execution. Once we have the right science, it's both.

Actually this is a drug discovery and drug development and vaccine develop as a non trivial UH industry. It's really tough. So in the science side, we have a good understanding about COVID nineteen because of what we learned in in FARS and previously. With a good understanding, what we don't yet know is how when you give the vaccine will you get the right kind of immune response. And and it's important to say that there is no adverse events

that occur with that vaccine. That's number one. On the manufacturing side, this is scale and once you've got that vaccine. The FDA has been fantastic. The fd has really gone overboard to try and make sure that they've streamlined all the processes to get it to the manufacturing plant. But these plants are very sophisticated. They are often need to be revamped, rebuilt, and both reps of both sides of both the science and the manufacturing have to come to

bear at the same time. So it's a very important set of steps that have to occur. Yeah, I mean that's I mean, that's what's so tricky and and any you know, the human testing, I mean, this is it's essentially a completely new vaccine. I know, I've I've heard folks talk about, you know, we're going to build on something that's already there. So I just do wonder in terms of the extensive testings. Certainly when it comes to you know, people trials, we've just got to make sure

it's it's safe. So I do wonder. You know, it's not something you can rush through. Correct, that's correct, Carol. But you know this is like any medicine. You don't rush it through. The whole principle about medicine is do no harm principle number one. Number two, you have to there are sorry. You do actually have opportunity to use learning from things we have from the past. So for example, we did polio vaccines, we've done we have multiple different

vaccines which we've developed. You have terrific vaccines that came out of work for for shingles, and terrific vaccines also for herpies. Really, so we know we have lots of building blocks. It's getting the right building blocks put together and then making sure that when you put them into a human being they give you the right reaction of the wrong reaction. So understanding all of this as well as you do, Dr Levin, what do we do in

the meantime. I mean, we're all, you know, sort of in this phase of reopening in some form or another. But what's realistic and sensible behavior here? Jason, I've taken on the role of coordinating opening it up in my region of Connecticut, and so I really, firstfully, it's terribly important we get back to some form of economic life that people can feed their families. Very important. In my region.

Twenty five percent of families are out of work. They need to get back, they need to earn their living. Number One, testing is critical. Everybody should be tested. Number two, social distancing should be maintained. Number three, we should be wearing masks. These are these ABC's. This is not something that's difficult to understand. The medicines will come, the vaccines will come. But in the meantime, being responsible is about

the most important thing one can do here. But starting with testing, distancing, and in addition to that, making sure that you've got your mask and when you will And this is the one that I find baffling is because Jason and I've had a lot of folks like yourself from the pharmaceutical, biotech and certainly the medical community that it's all about testing and tracing and that everyone should be tested, and that we're still not moving forward on that,

and is it just a case we don't have the tests? Um, I know. We talked with Bill Hazelstein, Um hazel Hazeltine, excuse me, and he talked about the importance of really almost having an organization on the scale of like a military so that you could you have, you know, uniform procedures. Is that what's holding us back? Bill, Bill is correct,

you need to have an organized approach. But just imagine, Carol, if you had a kid and that child is in preschool and one of the kids tested positive let's say, for example, strep throat, you'd want everybody in that class tested everyone. There's no this is not a strange thing to do. This is normal. If you had kids with measles, you'd want everybody isolated. This is not unusual. So those right, this needs a national organization. The virus doesn't know borders you.

It can hop on a plane and fly from A to B as fast as you can imagine. But if you test people, if you do the right thing and have an organized approach, we can definitely do this all right, Well, we really appreciate your time and look forward to catching up with you as this story develops, because we know it will. Dr Jeremy Levin is the CEO and chairman of of the Therapeutics. He's also the chair of the

Biotechnology Innovation Organization. He's the editor of the newly released Biotechnology in the Time of COVID nineteen Commentaries from the front Line that takes a look at forty seven biotech stars who have moved to fighting this disease, Carol. And we have seen that this is a concerted effort, certainly across the world. I mean, even the idea of you know what Steve Schwartzmann said, we're not going to go oh for one thirty here. Yeah, I think it makes

a lot of sense. And as he said, it's a hundred and fifty plus efforts going just for a vaccine, and you've got two hundred medicines that are being pursued just to attack the virus at different levels. So you know, it's this kind of multi tiered level, uh, you know, a multi tiered plan that needs to get us ahead of the virus. I think what's interesting as though, as he said, it comes down to everyone needs to be tested, you've got to wear masks, and you have to do

social distancing. It's really so simple. Yet I find it baffling that. I mean, it doesn't seem to be it is to you and me. But I will tell you um that you know, just the conversations I've been having of late, even around my neighborhood, I think run your neighborhood. You know, we saw it this weekend. There's conflict of

people like like do I really have to work? Like you know, it's like fighting fighting over the mask stuff, and it's just really tough, right yeah, And and I think one of the issues is that, you know, and and Steve Schwartz been alluded to this in our conversation. He said, this is harder in democracies, you know, I mean, which which is actually a very precise and correct point in this sense that the places where this has been in many ways just locked down or maybe not so democratic.

On the other hand, you've seen it in Germany, You've seen it in the UK where people just get on with it. They say, Okay, I gotta wear masks. I'm going to do that. But that's not what we've seen across the US. This is no judgment. This is just an observation that you have people essentially making a political statement or somehow deciding that wearing a mask symbolizes something, and in reality, what wear a mask symbolizes is that you give a hoot about other people and you want

the world to be healthy, right exactly. Meantime, you've got the number of new cases around the globe reaching a record, and we're seeing a lot of new cases in Latin America that's called According to the World Health Organization, US Florida's new infections rose to another high, so we're seeing those cases go up. You're listening to Bloomberg Business Week with Carol Masser and Jason Kelly on Bloomberg Radio. All right, you are listening to Bloomberg Business Week and Carol Masser.

What a weekend in the political world. I mean it started Friday night basically within an hour of us getting off of air, maybe a little bit later. Actually it's like nine o'clock. You know. I just happened to be like reading or doing whatever, catching up on stuff, and all these news alerts start coming out about the U S. Attorney in the Southern District of New York getting fired. Then we go into the weekend. Wait, he resigned. No, I didn't resign, Gait, Now we got fired, No, I didn't.

You know, I don't want to leave. I don't want another job at Justice. It's really sort of amazing. Then obviously a weekend Chuck Field of the President in Tulsa, the big interview that John Bolton gave to ABC about his new book, Let's Make Sense of all of It with Josh winn Grove, he is White House correspondent for Bloomberg, joining us on the phone. All right, Josh, we look to you to help us separate the signal from the

noise here. What do we need to be thinking about as this work week begins when it comes to the political world. Well, I mean the president is looking for ways to turn it around. I think that's what we're sort of informing everything, and so he wants loyalists as

part of that. I think that's what we saw with the sort of Friday night moves and really remarkable to and pro you know, the guy initially refusing to go and then saying you would go, and bar changing who we wanted to a point in the interim, and now there's some reporting from Bloomberg that the SEC chairman may not even want this thing, given you know, all the pends of the last seventy two hours. So you know that one is bubbling, uh, you know, on its own.

The President is also wanting to get out about more in contrast himself with Joe Biden. So we're seeing a lot of interviews today he's doing with regional media. But he also in the in these situations doubles down on stuff that he's done before. For instance, we are seeing some headlines move on the terminal right now about restrictions on desa issuance sort of America first extension. That would be bad news for people who are trying to immigrate to the US, or I should say, at least work

in the US. Do you think the book was non immigrant visas? Anyway, He, like I said, back to the playbook all over again, you know, doubling down on all that media. So that's that's where we're at. The band is back together. This the band is back together, and this is no doubt about it. An individual who likes campaigning, we know that he's doing it. Though this year Um Josh with the backdrop of Um John Bolton's new book.

It's um you know, and we just want to play a little snip because we knew John Bolton spoke with ABC over the weekend and he talked about many things, but he also talked about President Trump's pattern looking an obstruction of justice as a way of life. Let's get into that. To use the phrase in the book, that Trump's pattern looked like obstruction of justice as a way of life, which we couldn't accept obstruction of justice as

a way of life. Look, these were things that I could see some evidence of, and they bothered me greatly. I talked to the Attorney General about them. I talked to the Council to the President about them. I've talked to other members of the cabinet about them, um and relayed my concerns, and they were very much on my mind. There really isn't any guiding principle that I was able

to discern other than what's good for Donald Trump's reelection. Okay, so focus of course, that's John Bolton, Trump's former national security advisor. President Trump's former national security advisor, Josh. You know, so much has already been reported about what's in that book. I do wonder is there something of substance that, as an American citizen, as an American voter who's going to go to the polls in November, that we really should

be paying a lot of attend into Well. I think that his line on everything being through a reelected should lands is a big one. But I think the thing that strikes me about it is Bolton is not the first to write a book, and he's certainly not the first Trump administration to write some sort of tell hell all memoir. He is the highest ranking one, though, uh.

And you now got a fairly high profile group of folks who are former senior figures in the president's own administration who've been critical about him in the last you know, weeks or months. That includes Mr Bolton, of course, but also Jimattics and others. And so I think that is going to cause some consternation among Republicans. A little bit that said, we've talked about this stuff before tends to

blow over. The Senate doesn't look particularly you know a gast or the president lately, and you know a lot of them just want to keep the majority. So you know, we'll see, we'll see. I will say, though, the enthusiasm Right now, the path forward is a little unclear because we know the president, how did they huge rally on Saturday. The attendance was way less than he expected. He's reportedly

upset about that. The White House is insisting that he was not upset about that, And so we don't really know what they're going to do going forward on this to try to change the channel. Is it a sign of waiting support though among his supporters or is it just poles would indicate that for sure? For sure, I mean there's there's there's not been a lot of good polls. What they're saying. That's the positive stands they're putting on it. Is it in swing states? And not naturally in swing states?

The president is still competitive against the defined Joe Biden, and that means that they're going to throw everything at the wall to try to make voters think that Joe Biden is the worst choice. Most people in the president's orbit believe that if the president the election is about Biden versus Trump, Trump can pull it off. But if they think it's a referendum on Trump and his performance, that is a lot more problematic for the president. And so what do we look for now is sort of

the next milestones for the president. He's got another rally I believe coming up been in Arizona. Is that tomorrow, Josh? I mean, is that another? Is that sort of a reset to the reset? It's not a rally per se, but he is traveling to Arizona. I think we're going

to continue to see him go out and about. Arizona presents an interest in one because as you know, it is arguably the biggest hot spot right now in terms of virus cases that they have a huge outbreak going on right there, and the President is trying to press ahead and kind of pretend that the virus is gone. You know that the death rates is what is the new goalposts that they go by or lower. But the America on Saturday recorded like thirty four thousand new cases.

That's the highest total in seven weeks. So you know, we're not out of this. The President might have to switch gears and kind of acknowledge we're not out of this. And one way to do that is to get people to act like we still have a pandemic and you know, wear masks and stuff. But this white hasn't shown no interest in doing that. In fact, today they pulled down a tent the screen media at the White Hos you no longer have your temperature checked when you walk into

the White Kidding. Wow, that's a very interesting inside dish. All right, Josh wynd Grove, thank you so much, White House correspondent for Bloomberg joining us on the phone. So much to keep an eye on. And we will continue to carol. When it comes to the world of policy and politics. We didn't even get to talk about, you know, what may happen with the police reform bills that are sort of making their way through the Congress as well.

It's such a conflict though right about you know, we keep talking about this kind of the tensions of you know, reopening versus spikes of cases and and how do we figure this one out? All right, we'll continue to follow, of course we will. You are listening to Bloomberg Business Week. Well, let's continue our conversation about economics China, things we've touched on already. Andy Brown, editorial director for Bloomberg New Economy,

joining us on the phone from New Hampshire. This was a topic that came up, not surprisingly Andy, in my conversation with Steve Schwartzman earlier. We're going to hear a bit of about that later on. The US China relationship is complicated. The relationship, but when President Trump and President She complicated or not depending on your perspective. And certainly John Bolton has a hot take related to that, and I would say broke some news, it feels like in

his book and in his subsequent interview. You take that on in your latest column talking about Beijing wanting another Trump term. Tell us about what you heard and read and what it may mean. Yeah, So, I mean this book by b John Bolton is pretty damning. Um. A big pot of of Trump's re election strategy has been tough on It was going to be tough on China. Um. He and and Joe Biden, We're going to compete to

see who could be toughest. And it turns out if the allegations and John Bolton's book book true, Um, Trump was an absolute pushover for Shi Jim Pak. It's just fascinating. So so okay, so what does China want at this point?

Because part of me seems to think and I think you read about this, Andy, is that you know some of this turmoil that President Trump is creating in the world and alienating of former US allies or US allies to some extent, China like some of that, right, so you know, so when when when China looks outwards um across the Western Pacific, what they see is a string of US alliances stretching from South Korea, through Japan all the way down to Australia and through the Chinese leadership.

This is containment. It's there to hem China in to frustrate its ambitions to hold back its military um outreach UM, to to bottle up its bluewater navy and its submarine fleet. They want to weaken the alliance structure and in that this is their job number one. Uh and from the epispey diverything and and uh uh you know, reporting from

Beijing bureau bears this out um. The Chinese leadership think that Trump has done so much to weaken uh, this alliance system by offending US allies, by engaging in trade disputes with them, by nicol and diming them on you know, who's going to pay for US forces based in South Korea and Japan, that he's weaking, that he's undermining the US alliance system. And to them that overrides all the concerns that they may have about how they're being treated

on trade and investment and technology. So they want to see another four years of Trump. So was this how it was going to be all along Andy, that this was going to be sort of the alliance. How have

you seen this evolve and develop over the Trump presidency? Well, you know, the the the the approach to China that previous administrations had had taken was to assume that taking on unfair Chinese trade practices and investment practices doing something to roll back the um, you know, state capitalism in China. Leveling the playing field required a multilateral approach that no

single country could do it on its own. Hence, this approach, which is embodied in the Trans Specific Partnership, which was for you know, a bunch of like minded countries to get together and to set high level trade standards. UM. You know, enforced China in a sense to to live up to these higher standards. UM. And the first thing he did when he came to office, of course, he

he hates multilateral trading relationships. He thinks that that you know, they have they have they exist, Uh, in order to disadvantage the United States as he pulled he pulled out of that, and he's been pulling out, of course of international arrangements ever since, from you know, climate change to human rights and so on, and and and lastly of course defunding the Double h O in the middle of

that pandemic. You know what I find interesting we just have about a minute left, Andy, is that, you know, if you believe everything that John Bolton puts in his book, I guess the biggest thing, certainly with President Trump when it comes to a lot of issues, but China in particular, it sounds like what he says, maybe perhaps behind closed doors with President Jim Paying, versus what he says publicly are often two different things. Yeah, I mean that's uh

that that that's right. And and you know, one of the most damning revelations of this book was with him huddled with she Jim Paying, with nobody listening except the interpreters, and telling She Jim Paying that building the internment camps in in St. John which holds up to a million or more we a Muslims, was quote exactly the right

thing to do. Um. You know, and and and you know what the Bolton's points throughout all this is that essentially Trump was was ready to give away all in all American interests around national security, around human rights in order to secure this trading agreement with China. In other woods, everything for him was transactional, right, And I think it's

something important. You know, we were talking with josh Um wind Grove earlier at Bloomberg News about you know, what do we need to know about Bolton's book as voters and as Americans? And that I think what Andy just pointed out is certainly a big point to take away from all of this. Andy Brown always loved checking in with you. Andy is of course, editorial director of Bloomberg New Economy on the phone in New Hampshire. Brother mac

a journal but you let me drive. Oh no, no, no, no, honey, please, I'll do the right gravels me. I want to drive, just drive the questions trying the drive to the globe. Thanks well drying us radio. It is time for the drive to the close. Jim Lowell is back with us, his chief investment officer at Advisor Investments are based in Newton, Massachuset sits and we find him on the phone on this mounton day and they've got over five billion dollars in assets under management. Hey Jim, nice to have you

back with us. How are you. I am doing fine. Thank you for asking. And I know you're doing well because I listened to your show in regular basis. Well, that's nice to hear. We get a little crazy sometimes working from home can do that. So which camp do you think makes more sense? I mean, it's just I feel like there's such a struggle in the markets right now.

There's a focus on the reopening and maybe some of the you know, green shoots, dare I say, of things that start to sound like we're moving to reopen and are reopening, and then there's those spike in cases, and I do wonder how that slows down any economic momentum that we ultimately have right now. Well, it clearly hasn't done so yet, but it absolutely has greater than sort

of a moderate probability to do so. If we see reopenings trigger enough of a second wave to then spike up the number of reclosing, not just in terms of ones e two the restaurants, but in terms of stage taking necessary action that could that could unsettle the market for a little bit, But overall, the market learned a very difficult, but very swift lesson which wound up by

March twenty three. Feeling is if the world really had had come to a standfill in the world head, but the market got up and ran, and really it's been running ever since. So we think this is a perfect time to stay diversified, certainly disciplined. Um, we definitely think that the medical data will trump any sort of economic data earning data in the in the very near term.

But there again, we've already seen some good made data, some tentative June data that suggests that we've made moving from the worst of times too at least less worse ones, and so long of the second wave isn't dramatically bigger

than the first. I think investors will do well to hold on to their best ideas through through thickens an emotional headlines and Jim, I mean, we are starting to see this pattern emerge, it feels like, and we're starting to see it here in the Tristate area, and I dare so you're starting to see it up in Boston and the Boston area as well. Of people are just

candidly tired of being cooped up. They want to get out and there's a whole theory of just calculated risk in many ways that people are able to are willing, I guess to embrace in order to get on with it. And it feels like that's one of the things that

are investors are ultimately betting on. Well, that's a excellent points and the behavioral aspects to the ways of which investors and traders moved in the markets and moved the markets is certainly always a fascinating topic clearly playing out here. I think absolutely right. Uh, you know, as human beings, we're not designed to stay in panic mode for all that long. And I would say that what has happened for the last two and a half months is that we did a very good job in the in the

in the front weeks, in the front months. But now I think people are willing to risk maybe even getting sick. They are focused on I think the need to uh to fight for their freedom more than perhaps a flight from the virus. The problem is the virus hasn't gone anywhere and is of course going to come back, likely with a vengeance and flue season. So this is this is not an issue that's going to go away anytime soon. But man it's awfully hard to stay indoors when the

sun is shining and the beaches beckoning. Well, and it's interesting because we had a story on the on the terminal today, Jim that just talk about how the stay at home trades have come roaring back. I mean, I'm looking at a name since you listen to us, you know, we talked about it a lot, Peloton. I mean, I think this stock is trading at its highest level. I mean, and it's had quite a bump, you know, And this is certainly one of those names that has benefited from

everybody being at home. And not everybody can afford a Peloton, but a lot of folks who are working from home can and as they want to work out, they're embracing that. And of course, you know, Peloton increasingly also speaking of embracing embracing kind of an online platform at the same

time and expanding their audience. And I do wonder whether it's you know, Netflix or Zoom or Peloton Um, you know, or Spotify or dropped like, I don't know, is there some that you're seeing that makes sense to you know, kind of trend into absolutely and you hit the nail on the head. It is technology and technology that's adaptive and capable of being adopted by a greater cadre of the workforce, which is going to be staying at home,

if not full time, at least part time. I think for years to come in certain segments of the workforce are likely to stay back at home more than others, especially as you go up to the age chain. By myself from sixty, I'm very happy to be here at home with all of my screens, all of my Zoom meetings. I don't think we've ever worked harget Advisor investments, uh. In part thanks to Zoom, we are really looking at the market, analyzing research and engaging with our clients all

most seven days a week. So I think it has unleashed this virus has unleashed almost an exponential growth in terms of productivity for those whose businesses can in fact be enhanced by by technology. And so what do you worry about the most here, Jim, as we go through the summer. Is it the second wave or a continuing first wave? Is it the medical side? What? What are the things that you think could disrupt what seems to

be a fairly consistent trend here. So what I would say to that is, I'm almost always worried about a whole range of things. The coronavirus, second wave blue season clearly part and parts all of our concerns. We also know that this is going to be a very contentious election year uh and as we get closer to November, the fear factor of those headlines will clearly have a say on daily momentum and on the flip side of

the elections. No matter who wins, you could see some fairly significant trading to the to the upward, down side, depending upon how things play out. Overall, we think the things that have been strong so far this year are likely to remain relatively strong, even though on the technology side, valuation concerns maybe beginning to pepper that pot that. Nevertheless,

we think technology, we think healthcare. We think if we look in terms of the bond market and cash, we like total bonds, especially total bond ETFs that are actively managed. There are a few out there that are quite good. Um. But we also think cash reserves continues to play a beautiful role. We we always say there are three lives to the investment school stock funds cash, but it always takes the crisis to remind us about cash. Is that

third legs. It's interesting you talked about the elections. Are Vince Sagnarella, who you know, is often a frequent voice on our show, and he said he put out a story there with the Macro Squawk and and just said that the Biden fear their markets were a little concerned about Joe Biden being president. But it seems like UH investors are getting over that, and that they're also knowing that Trump's tweets are having less influence on the trade.

So it's kind of interesting. So they're looking at it, you know, in terms of politically what's influencing the markets. Jim Lowell, thank you so much. I'm really a pleasure. Chief investment officer at Advisor Investments five billion over five billion in assets under management, on the phone from Newton, Massachusetts.

Thanks so much for listening to Blueberg Business Week. Download the podcast on iTunes, south Cloud, Blueberg dot com, but wherever you get your podcasts, And of course you can always listen to our radio show at two pm Eastern m Boomberg Radio or watch us on YouTube by searching Bloomberg Global News