Things Are Going Well on Campus, NJIT President Says

Week on iTunes, SoundCloud, bl 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. Let's set the Business Week agenda. Gina Martin Adams is with US, chief Equity Strategies for Bloomberg Intelligence. She joins us from New Jersey, as does Dave Wilson, stocks editor for Bloomberg, also in the great

state of New Jersey. I want to get to Gina a second, but before we do that, and we're gonna talk about this a couple of times throughout the uh of course of the show. Dave Wilson I laid eyes on him via NEXTI for the first time in a long time, in six seven months because a group of us got together virtually to celebrate his thirtieth anniversary at Bloomberg, which is so WOA incredible. It's such a woa Dave, congratulations,

that's a big deal. Thank you. I appreciate that. Yeah, I mean, man, you've got those how many blocks on your well and your desk at home or desk at work, they're all the desk it works. So I haven't seen them in six and a half months, and I'm looking forward to the fourth block, just so the audience knows.

You get sort of a big sort of base when you get to ten years at Bloomberg LP, and then you get another cube, but twenty another one at twenty five, and then finally your tower, so to speak, tops out at thirty years. And by the way, each the blocks is a different color, so it's really hold on a second, hold on a second, topped up four now four now, Dave Wilson, come on, well I get thirty five, David,

there's gonna be another five year blocks. It's gonna be Yeah, we're gonna we're gonna talk to the powers that be about that make sure they do that. All right, let's set the Bloomberg Business Week agenda, because you've got Gina Martin Adams, also with US chief Equity Strategies at Bloomberg Intelligence on the phone from New Jersey. As we mentioned,

Dave Wilson, our stocks editor, he's also here from New Jersey. Um, you know, Gina, let's talk a little bit about this market trade because we get it at the top of the broadcast. Everything is okay, We've got a rally underway. Yeah, everything's okay today. It wasn't okay Friday, it was okay Thursday. You know, I think it's a lot of back and forth. I feel like I'm playing ping pong the last couple of days. But in reality, the stock market's kind of

gone nowhere. We've been really stuck around our fifty day moving average on the SMP five since the beginning of October, and I'm not sure we're going to get materially off of that moving average considering all of the uncertainty that we're currently faced with. You know, until we get a fiscal package or get past the election. Even getting past the election, will we have some resolution with the election. There's just a lot of uncertain tea out there, so

I think we're going to be somewhat range bound. That's said. The couple of things really stand out to us. The first is, really, since the beginning of September, our our sector strategy had said, prepare for some rotation out of the COVID defensive stocks and into more cyclically oriented groups in the SNP five. We do appear to be continuing

to see that. Slowly but surely. Tech stocks have sort of deflated from extreme overbought conditions and have now been trading somewhat sideways for the last couple of weeks, where we're starting to see some incremental improvement in some cyclical groups. So I think that's important to watch. The other thing is, just as much as we were focused on tech in September, there was an absolute route in energy. Last week, all

stocks were up, but energy stocks were down. The month of September, energy stocks tripled at the colossis for the tech sector. I mean, it's just been absolutely brutal. So I think you want to watch the energy sector pretty carefully, and it is actually experiencing a little bit of country yeah, J And so Dave. As you look at some of the specific names. I mean, I look at the biggest mover in the SMP right now, and it is very

much headline driven. Regeneration absolutely because the company's COVID nineteen cocktail was used on President Trump, and so you know you've got candor raising against rating on the stock when they're recommending their clients by for the first time in two years, you've got spb Lyrinc talking about how the decision to use the cocktail on Trump was quote the ultimate validation for their therapy, which hasn't even gotten to the point where you can give it to people under

an emergency used authorization from US regulators, which is a lot of the COVID nineteen tests and treatments have been made available. Uh, you know, Trump was able to get it to what they call a compassionate use. So you know the idea is looking ahead. I mean, if you've got the president take in your drug, then then maybe it's in a position where it will actually move forward and more people will be able to do that. Regenera

it's really been trying to diversify its business in any case. Uh, you look at their revenue, it's still primarily from their eye treatment a LEAH, which has been around for several years, so uh, definitely being seen as a plus. Uh. Actually, since late Friday when we found out from that White House physician that they had used regeneral therapy, I mean, stock has been on the way up. Yeah. Yeah, Gina, what's the big thing you're looking at the balance of

the week here? Um. I think I want to continue to watch for this rotation. Obviously, everyone's watching fiscal policy as well, So if we get some action on fiscal policy, I think that could be a trigger for a little bit of improved first tolerance, at least in the short run for investors. But I think you want to watch really carefully as to where investors actually bit up stock prices and that environment. Does it go into COVID defenses or do we start really banking on more of an

economic recovery and suing into anyone. Yeah, big questions, big questions out there, all right, Thank you so much, Gina. Martin Adams, chief equity strategist for Bloomberg Intelligence, on the phone from New Jersey. David Wilson, the anniversary man, celebrating thirty years at bloom This is Bloomberg Business Week with

Carol Masser and Jason Kelly on Bloomberg Radio. Let's check in with one of our pals, Dr Joel Bloom, president of the New Jersey Institute of Technology, and j I t we know it as we've done a lot of fun broadcasts from there over the years. But it's a different world, that is for sure. Dr Bloom joining us on the phone from Newark. So, first of all, how are you What are things like on campus? I know you started to welcome some students back last month, Jason,

Things are going well on campus. UM, about two thousand students day here. We've got about hundred in residents, so and we're doing some converge learning. Some students are learning in classroom while at the concurrently tuning in and we are doing some remote learning. Our enrollment is held up very nicely. Um. We're a little over eleven thousand, six

hundred students this year in total. And we have been managing the virus the spread where I've got to be very careful what I say here, but we've had a total of nine cases. So we we test everything, uh, the air, waste, water, and obviously individuals, so we've been able to manage the virus, deliver our education open all labs and open much of our campus. Thank you for asking. I hope you are well. We're doing okay. You know, it's a remote world that we're living in, right Carol, Yeah,

totally remote. I mean, it sounds good that you've been able to at least get, like you said, you know, labs are open, get some students on campus, because we know that that is so crucial Dr Bloom in terms of the learning experience. You can do stuff virtually, no doubt about that. We're doing a radio show and I

think we do it fairly well, you know, virtually. But nonetheless, there's nothing like that face to face, especially when it comes to academia, and especially when it comes to the to the STEM discipline, you know, the Computer Science, Engineering, UM, Architecture UM. It's almost unimaginable as to how you can teach students, and we know the challenges of these disciplines

only remotely. So while we have a predominance of freshman and sophomores on campus because they're the ones that are gonna be most challenged to get into learning in blocks of fifteen weeks, we also again have opened all of

our labs for our juniors and seniors as well. It's that lab, hands on, experienced students working in teams, students doing the problem solving that makes this kind of education a real challenge to only be done online again, particularly at the undergraduate level and at the PhD research level. And so Dr Bloom, you know, we get new guidance, it feels like fairly frequently in a big set of new guidance from from the c d C today, How

do you where do you take your cues from? Obviously you are very well read in and very familiar with science at its core, but who are you looking toward more or less, who has really come through for you in terms of you feel like providing the sort of information that is actionable and that you trust as you make some pretty big decisions around student and staff and faculty safety. Well, here in Newark were very fortunate. We've

got another number of hospitals. We have one on one corner of our campus St. Michael's, and one a little further on the opposite corner You're Diversity Hospital, and they, in fact our health care providers St. Michael's for our students and for our faculty and staff. University hospitals, they

have outstanding epidemiologists, outstanding lab and lab access um. So we have been relying on their expertise on the opposite corners of our campus to engage to talk with the test and and again to keep us up to date, very timely turn around, if you will, on our testing and our test results. And we've used other consultants again, particularly in the area of waste water testing for our

residence soils. Can I just say that is such a cool thing, Like we have a great cover story in the magazine, you know that's looking at the things as we all wait for a vaccine, what else can be done kind of before that, and we talk about you know, quick testing where if we can all take a test every day and get an idea whether not we have the virus. If you could do that every day every person, it would be much more easy er to open up our economy. But wastewater that has turned out to be

something that it's a right. It shows up early on if somebody has the virus, it absolutely does, and we did have and we have four we're using five of our residence halls and one of them one of our law just one that has three hundred students. We did get a positive sample. Again that's perceived generally as a predictor.

We quarantined all three hundred students. We did now individual testing beyond the surveillance testing that we do with four individuals every week, and ultimately we believe there was one case that we somewhat already knew about that in that residin hole that was quarantine. That turned out to be the indicator. But the two hundred and eight plus students all tested negative. As a tested negative, we put them

back into the flow of the regular student population. So again, it's it's being thoughtful, it's being prepared, it's being intentional, and it's being in pought as you know, smart and lucky. So Dr Bloom, I do wonder with so many people on campus, I do wonder too about how you do

impose restrictions about what everyone does. And I bring it up considering the last week and we saw out of Washington, you know, the last couple of weeks, whether it's for Supreme Court nomination, we saw people gathered even in an open setting, and yet we are now realizing or whether it's on the campaign, realizing how these things can be problematic and cause those virus numbers to go higher. How do you basically keep college students under control. Well, we

have outstanding students. They're smart, their STEM receiving STEM education. They know what their future looks like, and why would they jeopardize it by either violating what we've asked them to follow, which is remain masked, remain socially distant. We have a pledge that every time they open up their computer or their devices that they have the pledge they've done the following and followed the rules, including handwashing, etcetera.

So our students have been very, very compliant. Again, I think it has to do with their intelligence, their drive, what they want to achieve, and they see what's at the end of this education free and four job offers um and very often uh they will be working in the professions. They are going to help not only this economy, but help treat and prevent future pandemics. These are our science, technology, engineering mathematicians. And we know we are in the in

the tech economy. Every company is a tech company today. So I think they see the vision, their moth, They understand what they need to do, and again they are following the rules. And again we are very fortunate and

and Dr bloom along those lines. I mean, I have to say, having spent some time on your campus and having spent some time with you and a lot of your students and faculty, there is this sort of sense of purpose and a sense of mission that I feel like sometimes candidly as we look across the higher education landscape maybe doesn't exist across the board, and it does feel like we are at this moment of it's almost like this existential inflection point right for higher education where

people are asking a lot of big questions about why should I go, Where should I go? What am I going to get out of it? What do you do as someone who's ultimately responsible for this institution to ensure that you're essentially continuing to be a step ahead of that debate. Well, first and foremost, we've got by we lead by example the exam couple of our alumni, what they are doing professionally, how they are succeeding, the example of the companies that come to campus that recruit here.

We could just go up and down the alphabet from Alphabet to Amazon, to Apple to Microsoft. So they come here with a strong sense of conviction. Again, a predominant student coming to ng I t is middle to lower income, very often economically at the bottom quintile of family income. So again there are very often self motivated. We constantly keep them in a context which they are mentored. They get an opportunity to apply early on what they are learning.

That comes back to what Carol was mentioning about the lab environment. We have them work in teams, We have them in front of faculty who make the theoretical very lie and make it very real. So see the goal of employment, how they contribute, how they can improve the quality of life. They see the research that's going on here. We've got some of the NSF money to do rapid research in the environmental spread of the COVID nineteen virus. So it's it's all very real. It's very applied, very hungry,

very motivated students. And again we try to lead by example of what the lungs have achieved the companies that we partner with, and how they can be innovators, entrepreneurs and have a very significant impact on the careers and in the professions that they choose. All right, we're gonna have to leave it there. Um, Dr Joel Bloom. We always enjoy time with you. President of the New Jersey Institute of Technology on the phone from New York, New Jersey.

Was it Um Longstone who that we talked to Palenteer about the need for more engineer right, we were talking, you're lawyers, more engineers. Yeah, I fewer lawyers, more into the world to be better with more engineers. Yeah, totally totally sell out in a heart beat. It would, especially at NJ I T because we've seen them and I do think that you know, that sense of purpose is real, you know that he's basically, look, these guys are going

to mess this up, right. They get it. They get if they understand right, the dangers in place if you don't kind of do the right thing. This is Bloomberg Business Week with Carol Masser and Jason Kelly on Bloomberg Radio. Among the celebrities, by the way, Carol who showed up at Dave Wilson's thirtieth anniversary little virtual gathering earlier. Mike Reagan of course, of course, paying homage, paying his respects to the goat when it comes to markets coverage, exactly exactly.

He of course is one of the senior editors looking after our markets coverage. It's got a great story that I read this weekend about what the markets were looking at ahead of last Friday and then everything that ensued, and that's been quite a doozy, to say the least, and to use a technical market term. Joel Weber also

joins us the editor of Bloomberg Business Week. So this, Joel, I have to say, as I always, as I often do, hats off to you because this was one of these stories that I knew I wanted to read and then like I woke up Saturday morning and there it was, so thank you. Yeah, you can give me new credit for that. Goes ult Mike, who I think you know, we had tasked sort of with a earlier in the week. He was planning on doing a story um that was sort of future minded, and then basically the biggest news

event of the year, which is hard to believe. What's just saying something exactly, Um, it happened, so uh he had basically had to sort of rework everything, um uh you know, starting on Friday morning. But I think the thing that um, you know makes it the story that it is is ultimately about like how how the markets are trying to anticipate these next few weeks ahead of the election. Um, and the thing that I've done was

so interesting. And the thing that I'll hope that he'll talk about a little bit here is this idea of just how how much of this was already kind of baked in and that's sort of you know, built into today's pop if you will, um, so, Mike, when you talk a little bit about that. Uh yeah, Joel, thanks for having me on. Guys, Uh yeah, Save Wilson. I don't know if I was a celebrity, but I i he was one of the guys who interviewed me in my first uh job interview at Bloomberg. So uh thought

applies to shop for that happy anniversary, Dave. He's uh one of the legends of the newsroom. But yeah, so said the story looked a lot at the implied volatility in the market through the lens of Dick's futures. And if you're not familiar with what's that is it basically

treated as insurance policies against a drop in stocks. Um. And you can buy Vick's futures all the way out to say, June of next year, and the way he usually works is those far out in the future, your contracts are usually more expensive because uh, you know, you're kind of buying a longer term insurance policy and you know you're protecting against swings in the market between now in June, as opposed to say, if you buy one that expires in October, you're only protected uh through the

life of that futures contract. But what's been interesting all year is that those are October contracts, which the way the VIX is set up, they actually reflect the implied volatility through November. UM, they've been the most at least it's more expensive than the others uh contracts around them all year, and the traders call a kink in the VIX curve because it's not really what you normally see when you chart them all out on a on a

graph for a curve. UM. What's that even worth fascinating is that October, November and December futures are all elevated, so you have the shape of the VIX curve is not what it normally is. You have the most expensive mixed futures right near the front of the curve, so, in other words, protecting against folcilty through the end of the year. And what everyone is basically attributing that too is concerned that there will be a big legal fight

over the results of the election. Uh and possibly even you know, not to get too dramatic, but even a constitutional crisis at President Trump, as he has indicated, does not accept the results of the election. Um. So uh, then I don't top about Well wait a minute, Mike, that's where I wanted to jump in. All right. You know, we talked about, especially in presidential election years, we talked

about October surprises. We've had actually several, so I'm guessing it was not completely a surprise when you probably got the call from Joel that said, hey, we've got this thing called that you know, the president's got the virus. So we've got to think of, you know, maybe potentially rethink your story, like how does that impact But you

just kind of laid out for us. Well, I think everyone scrambled this sort of wrap their heads around that the various possible scenarios in which it could affect fault so he I think one of the more interesting ones to me is that obviously Biden's whole lead in the

polls has widened pretty significantly since the debate. UM, and I think a lot of people expected to continue to widen UM because of President Trump getting sick, this outbreak among his staffers at the White House sort of reinforcing the idea that um, he didn't take the virus seriously enough, wasn't taking uh, you know, enough precautions at least that's the impression. You know, who knows where he got it and it uh you know, was avoidable, but that certainly

is the impression. So with Biden sort of taking a more commanding lead in the polls, a lot of people are saying, well, this sort of reduces the potential and the possibility for a contested election because if he is further out ahead, uh, the avenues to challenge it to finish somewhat. So that removes some of the uh you know, concerned about ball Toby uh for the rest of the year that that was motivated by worries about a contested election.

And if you look at the vixed futures now today, they are they're all down across the board, but especially those October, November, December UM contracts are all down pretty significantly. So, you know, I think there's some truth to that angle of the story of that opinion from people in the markets that UM as Biden's full lead widens. It reduces that worry and anxiety about a contested election between November

and January. Mike, do you get a sense of what, if anything is fundamentally changed by all of this drama, And by drama, I mean the election and the pandemic and everything like, are there structural things or even almost like sentimental things that have changed about this market owing

to all of this. Well, you know, obviously he saw this tremendous hit the sentiment early on in the spread of the virus, and then it was counteracted by this aggressive response from the federal reserved and Congress, So, you know,

sentiments of a fragile thing. One of the big concerns obviously now is will Congress UH finally get together and agree on a stimulus package that and that's another angle of the Trump getting U six stories that people think it will sort of you know, a slap in the face to Congress UH, to you know how a reminder of how serious of this viruses and how there are still a lot of individuals, companies, municipalities and states that have kind of been left behind, UH and not really

helped by the previous stimulus and more is needed. Um, so, I you know, I think that is another sort of market reactions to the sort of diagnosis. Alright, Mike Reagan, you're the best, Thank you so much. Check out his story. Markets were already raised for chass then came the diagnosis. Check out at Bloomberg dot com and of course on the Bloomberg term, there's one strategist that wraps up the piece and it says, um, this is ever barings having.

We're truly an uncharted territory. And if a week is a lifetime in politics, we have at least five lifetimes between him collection day. I mean, that's the point, Like, who would have thought what happened last week? Happened? And it did? It did? It did big time. It's Craig brom journal Now. But you let me drive? Oh no, no, no, drive home, honey, leave, I'll do the riding drivel. I want to drive, just drive, baby, the questions trying. This is the drive to the globe. Thanks, we'll try us

down on Bloomberg Radio. Right, it is time for the drive to the closes. Gonna check in with Vance Howard. He is the CEO and portfolio manager of Howard Capital Management. They look after about two point eight billion dollars. Who joins us on the phone from the great state of Texas. Vance really nice to have you with us. How are things down in Texas? What's it like? Man? It is beautiful day here and here in hospital of Texas. Markets going up and the weather is terrific. So if you

can't ask for much more. So, there's no problems out there, right, fans, everything's fine. Sorry about my sarcasm, large family that it does it to you, Yes, no, but how do you see it? I mean to be fair, and Jason and I have kind of kidded about this over the last couple of weeks, but it does feel like the markets certainly move on whether or not there's the likelihood of another stimulus package because of the virus um. It does seem like markets move on that specifically. There are still

a lot of problems out there. Well, there's plenty of problems, but you know, we live in a world where there's plenty of problems each and every day. Um so you just got sort of gotten trade through them. And if you feel it hinder you, it's going to cause you a lot of a lot of grief and a lot of issues. When you might be missing a wonderful market. So let's talk about the market, because it felt like last week it was a little more worried. Today feels

less worried. What do you owe the change in sentiment to even in the short term. Well, you know, I think that we were pretty much over bought on a technical basis into September. So I think sort of what you saw, you know, we've seen over you know, I'm sorry we got up to the beginning of September it was overbought, and we've had sort of a mild correction. I just think it's sort of an unwinding of that

over technical overbought process. I think as far as the market goes, think the markets firming up and looking pretty strong again. And we all know that there's issues out there. We know there's a lot of head winds, but there's a tremendous amount of cash on the sidelines, and I think that's being deployed now. I'm looking at the twenty year treasuries t l T and s h Y, the shorter duration treasuries, they're starting to sell off quite a bit today, so a lot of that money is coming

back into equities. Yeah, does that make sense to you, Is that's how you would play it. It's absolutely how we're playing it. We've been playing you know. We we've got the HC M byline which pulled us out of the market towards the middle of February, and it rob have been almost sixty in cash. In March, it went positive and we went sent back in the first two weeks of April. We've been a hundred percent long since April.

And we told our clients and people that listen to look read our newsletter that any pullbacks of buying opportunity, and we felt the same way with what happened in September.

We think as a buying opportunity. We've been adding to positions on every you know, days that are fit are down, and so how do you look at the big tech names vance, because you know, we've seen them really lead all the way up here, you know, to the point where you know, some folks are looking at the valuations around and Amazon especially, or an Apple or a Microsoft and and maybe getting a little concerned. Are you you know, No, we're not, you know, because we're quant driven, we're math driven.

And you know, when we went back into the market in April, the strongest quantitative sector out there was technology, and we've been long technology, you know, since the you know, the first couple of weeks of April, and that's clearly been the right trade to take. You know, when you look at the value stocks or high divot in paying stocks, they've done virtually nothing. Now the past couple of days, they've actually started to pick up a little bit of momentum,

which is interesting to see. So maybe we're starting to see a little bit of a cycle out of the tech maybe into more value and high divotend paying stocks. But again, you look at the amount of money that some of these companies are making and it's it's very attractive. So Microsoft, Amazon, just continue to plow new money into it and if there's a pullback, plowing even more. I'd

be buying more. Yes, So what are you avoiding at this point then, Benson, Well, I think you need to avoid certain sectors, like we're not too very keen on energy UM. That's that's been a sector that we've not played very heavy in at all over the past two or three years. Gotten extremely volatile, very unpredictable UM. So that's one sector we're really not looking at too very hard. Biotech is actually starting to firm up just a little bit.

Consumer discretionaries firm enough quite a bit. But again, you know, go back to our theme since April this year with Howard capitalist technology, technology, technology, go where the money is going. So talk to me about the election, because you know, we're roughly thirty days out. I mean, the election day is literally four weeks from tomorrow. We're in the final stretch here, even setting aside the president's you know, COVID diagnosis of late last week and everything we saw over

the weekend. What what role does the election play? How does it factor into your algorithms? How do you figure it out, especially at a time where we don't know if history is a really good guide here. Yeah, I think that's a great, great question because they you know, like I said, we trade completely math driven, So we try to take the emotion completely out of the equation

to builine our proprietary indicators positive. As long as it stays positive, we're gonna stay long this market no matter what happens in the election, no matter what the day to day news feed is about the election. That's a that's a key component. Guys. You've got to take the emotion out of this thing. If not, you know, it'll it'll, it'll drive you crazy. And the more emotion you put into your trading, the worst your returns are going to

because you make mistakes. They just aren't rational and they don't add up mathematically. So the more you can take the emotion of the equation, the better off your bos its stands. Right now, the h C on bioline is positive. As long as it stays positive, we're staying long in this market. Well you mentioned okay, so safe to say you're bullis um, But I do wonder um, you know, Vans in terms of your quant model, what is it

that you guys? Obviously you can't give us all of your proprietary you know, algorithms and your formulas here, but what is it that you prioritize? Is it earnings? Is it economic outlook? Is it just you know, valuations that are low? What is it? Well, I think that you have to look at it in the way the direction of the market. And I think that's what's been really key to the h C M biolo and it's pointing

in the direction of the market. And a lot of times we can overthink things in life, we can sit there and say, if this happened, the world's gonna fall apart. If this happens, know the world's gonna be great. Well, that's really not how things work. You have to trade in the now. For me to tell you what the elections, how the elections are going to affect the market thirty days from now, I don't know. Nobody knows. It's an unknown quantity. But what I do know, as of this

day on Monday, the h cems byline is long. We're staying along this market. If it changes, will change our direction how we allocate to our clients accounts. You know it's gonna be volatile, There's no doubt about it. And I think this is critical. And I know you're being a news media. I keep telling clients all the time. One of the best thing you can do you probably want to hear this is is to be quite canned,

tod turn off the news. It's uh, it'll, it'll. It creates emotional distress and it makes you make decisions that maybe aren't the best and your best interest long term as far as playing this market and making money. So, just as we wrap up here, Van's I want to pick up on that, because we also know that in your background, you've been a public servant. You you served on the Huntsville City Council, and so you understand sort

of pocketbook economics in many ways. And I would argue that, you know, some folks they're not reading, you know, the newspaper, they're not listening to the radio, but they're just looking at their job or their lack thereof, or sort of the local economy, and and they're still worried. How do you sort of synthesize all that? And unfortunately, you've got to do it in a minute. I think everybody's worried,

there's no doubt about it. And you know, if you're unemployed, you're even more worried than somebody who might be employed. But I can't change that, and you guys can't change that. As a as a money manager, I've got to take that out of the equation. I'm not hired to feel. I'm tired to make people money. And that's what we do.

We keep it down to a mathematical equation. We trade the math, take the the emotions out of the equation best that we possibly can, and we trade in the now and right now, the h C M biolines positive be long all right, Well, really interesting to catch up with you get your perspective. Thank you so much. Vans Howard, CEO, portfolio manager of Howard Capital Management. Johnny's on the phone

from lovely Huntsville, Texas. Thank You's like listen on the market a little bit, a little bit, but I mean listen. He's got the math to prove it. Yeah, he's got the courage of his convictions with the numbers. So interesting. Interesting to see that and interesting to hear someone who is so straight ahead, uh, such a straight ahead bowl. Yeah exactly. Well, he's got those algorithms in place, and that's what they're telling them to do. Thanks so much

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