Tips for Staying Safe at the Polls

If you can also listen to our radio show at two pm Eastern on Bloomberg Radio and be sure to watch us too on YouTube by searching Bloomberg Global News. You are listening to Bloomberg Business Week. So some of the headlines we've seen record cover of nineteen deaths in Eastern Europe. We see new curbs coming into place over Europe. Charlie mentioned earlier about JP Morgan Chase asking most of

its employees in England to work from home. So we continue to see this UM sore court in cases really starting a key battleground states to UM as we all head to the polls for today's presidential election. Let's get back to someone who is seeing all of this happen firsthand. Dr Peter Alperin is VP at Ducks May. It's a professional medical network for physicians. He joins us on the phone in San Francisco, where he practices. Um, nice to

have you back with us, Dr Alprin. How are you What are you seeing when it comes to the virus right now? Oh? Well, thanks for having me back in San Francisco. Actually, we have been pretty fortunate in the sense that we've had kept our baseline levels of coronavirus pretty low. And um, we've been had really good community support in terms of people doing the things that matter socially, distancing and wearing masks. Um, that's been We've seen you know,

outbreaks of course. Uh, and we've been relatively slow to open. So in San Francisco, things are looking pretty good here on election day. But when you look around the country, how do you see it and what are your anticipation or what do you expect kind of how this plays out for the U, especially watching I don't know if it's a fair assumption that, in terms of what's going on in Europe, should we assume that's going to happen

here in the US. Yeah, So, Um, it is a little scared when you look around the country where you're definitely seeing virus caseloads surge. You're seeing um, you know, increased case testing rates as well as increased numbers of hospitalizations. UM. And I think what you're seeing in Europe is in some ways what's playing out in many parts of the country here with these increased caseloads, particularly in the middle part of the country and other places where you know

people have gathered. UM. It is a it's really just the same things that help us prevent UM. You know, the spread of COVID nineteen that we've talked about a million times. It's this is very much a marathon and not a sprint. So it's very very difficult. I know people are tired, but we really have to persevere. Well, what are you guys finding and the folks that you know within your netric metric network, excuse me, within your

network at doximity. You know, what are doctors hearing from patients because you guys are doing, as we know a lot of telemedicine. We've talked with this, you know about this with you before. You know, what are they hearing from patients? Are they kind of getting back to taking care of you know, normal medical procedure is um or are they still kind of hesitant. Yeah, so UM. On the network, we're seeing a tremendous amount of discussion related to uh COVID nineteen in the various topics that you

brought up. Specifically, UM physicians are discussing that there's that you know, patients are UM, you know, having just you know, it's it's a tough time out there and trying to UM, you know, take care of themselves and their family members. But in particular we are seeing UM a persistence of telehealth. To telehealth is really has UM is staying the course. It's obviously less than it was in the springtime when there was a huge surge, but we're still seeing around

particularly of healthcare being delivered through telehealth. Although many physicians have of course reopened their offices and there are procedures that are being done UM and but they're being very

careful as they bring patients into their office. That's another topic of discussion on the Doctor Simity network is all the protocols and things that have happened to UM patients have a safe encounter with their physicians when they do when they do need to come into their offices, so distancing UM, washing their hands and spacing out those appointments

just a little bit more. What do you think we need to think about two in terms of I actually went to the poll this morning, really early, first thing in the morning, mostly as a journalist. I kind of wanted to see what it turnout and what it was like. UM did drop my ballot, But UM, I think, you know, I did think about I don't really want to be around a lot of people, you know, and I do think about is it just the basic safety, you know,

to wash your hands, keep your social distancing. And I think everybody understand, certainly in this New York metro area the protocols. Um, but I do think there are people who are concerned still and understandably so understandably so. UM, but you know that the need to vote is so

important and so critical. So if you are going to go to the polls today, um, and you haven't gone already, UM, if you can go in the midday when polls tend to be slightly have fewer people, that's a great thing to do, because it really is please you sort of imply, Carol, it's really about keeping your distance and maintaining that so, you know, staying six feet away from people, bringing your own pen as always, of course, a good idea reviewing

your ballot. Knowing knowing who you and who you want to vote for is um yes or no is super important as well, so you spend less time inside of the actual pulling up if you can, you can perhaps wait in your car if that works for you, so that you can stay a little more isolated, and of course wear a mask. So just some of those common sense things I think are tremendously important. Hey, one last question before we go, um, Dr Alprin. You know I'm

hearing from people. I'm seeing it that medical plans where telemedicine was kind of adopted just kind of loosely to get us through COVID, now systems are saying or employers are saying, listen, this is going to be a part of your medical plan going forward. We've turned the quarter on this, you think, I do. You know that's something that we've seen a tremendous amount of discussion on the Docimity network related to to tell in medicine. I think

we are going to turn the corner. Patients really like the convenience that telehealth provides, particularly patients with chronic conditions, so that they can uh, you know, be seen a little bit more frequently by their providers and in a safer environment. And I think physicians have m have realized that this is something that they need to offer, and I think figuring out how to do that is a bit of an ongoing process in terms of how to incorporate it into their practice. But I think it's her

to stay all right. Gonna leave it on that note, stay safe, Really appreciate your time. Dr Peter Alpern, He's vice president of do Simity, also a physician in private practice in San Francisco, and of course joining us on the phone from San Francisco on this election day Tuesday. This is Bloomberg Business Week with Carol Masser from Bloomberg Radio. Are most read story number one on the Bloomberg Termamental about China suspending the Shanghai and Hong Kong debut of

and Groups thirty five billion dollar offering. It was supposed to be the world's biggest I p O was supposed to happen Thursday, but it's not. You knew about it, thanks tort Bloomberg New Economy Editorial director Andy Brown. He has written and talked about how aunt's biggest obstacles, maybe the Chinese government. Andy is with us again on the phone in New York City, and I'm so glad you're here. You know, this headline hit and I think for a

lot of people it was a bit shocking. But you did write about this and kind of gave us all the heads up. And a colony wrote last month, why is it, though, that China is doing this? You know, Jack ma has always had an uneasy, ambiguous relationship with Chinese authorities. He once was he famously quoted as saying love the government, but don't marry them. In other words, keep your distance. And regulators have never quite known what to make of Jack ma Um. On the one hand,

they look at him as a big opportunity. He's clearly a disruptor. He's bringing a lot of small and medium sized enterprises into the formal economy, putting capital their way. On the other hand, there's always been the sense among regulators that he's an accident waiting to happen. Um. They haven't been able to decide. And yesterday or today rather they did uh. They've decided that he's too much of a risk and they're reining him in. Well, and why wait, though,

kind of to the eleventh hour. You know, Andy, this is obviously a company that they've been looking at for some time. Why is it, you know, is it just because the I p O finally said to them, what we've got to We've got to really now look at this more closely and maybe do something about it. Well, he made a terrible, a terrible political mistake. It was

at at a at a conference recently in Shanghai. He lit into Chinese and international financial regulators, basically called them all a bunch of fusty old folk holding back innovation, stunting the dreams of young people. Um, you know, not not under not understand. He said that the Basel accord was an old people was an old people's club. He said banks in China, um what they sickly had a had a pawn shop mentality. And he said all this at a conference where the headline that the keynote speaker

was one Chief Sean. He's one of the most powerful men in China. Formerly he was the anti corruptions are but it's also one of the godfathers of the Chinese banking system. And one Chi Shan's line at that conference was completely opposite. His line was we have to be cautious, safety first, and Jack Mark comes in and says, we've got to rip it all up and start again one Chi Shan. Obviously his arguments have won the day. Yeah,

I can't I anticipate that. Um you know, uh that Jack Mars you know, PR team kind of sitting at the side being like, what are you saying? What are you saying? Um? What's interesting is though, you know, Andy, I think about China wanting to open up and be much more involved in and be really dominant, whether it's technology, finance, more sophisticated parts of the global economy, and I feel like Auntie is one way for them to do this.

But it's interesting then to see them kind of rein it in so it's is much more a personal thing when it comes down to it. Or are they really concerned about kind of the structure and the sprawl if you will, of aunt Well, this is a this is a broader political issue, you know. I mean, China right now is throwing open its markets to foreign investments. It's once more money in the markets, and and that message has got a very is is being welcomed by by

US investment. Maybe like Ray Dalio was saying, you know, we really need to rewait China and investor portfolios is now three percent should be If it goes to fifteen percent, it would imply this massive gusher of money. But what this episode dramatically highlights is that when you get involved in Chinese markets, you're also getting entangled in Chinese politics. Right now, it's impossible to say what Jack Ma's political risk profile is. Nobody knows, at least of all Jack

My himself. That's kind of important given the Jack Ma is the richest guy in China, and this is potentially, if it ever comes, if it ever he ever pulled it off, the biggest I p O in history. Um, Andy got about twenty seconds. Should we say, this is far from over and we could still ultimately see that I p O just quickly? Yeah we could. I mean

it still could go out. But there's going to be, UM, it's going to be a very bumpy ride, which essentially is what foreign invest does need to expect when they get involved in the Chinese financial system. Thank you so much. And I we knew in this story Hit we had to talk with you, um because she gave us that heads up. You've been on it Andy Brown, thank you so much. He's editorial director at Bloomberg New Economy. Joining us on the phone in New York City. This is

Bloomberg Business Week with Carol Messer from Bloomberg Radio. Well, he's a known Republican economist, worked under President George W. Bush, also worked on the campaigns of Mitt Romney, also Jeb Bush. And yet he says President Shrump, Well, he doesn't exactly have an economic plan. Bloomberg Business Week Economics editor Peter Coy watching all things election and the economy, joining us on the phone in New Jersey. Also with a s. Bloomberg Business Week editor Joel Weber from Brooklyn. Uh. A

timely story, no doubt about it here, Joel. Yeah, Well, Peter is full of timely stories and and we're going to see more to common. I hope talk to him about more than just uh, this one that he wrote for today. But Peter, like, let's start there. You got a little time here with Hubbard and curious what you

what he had to say. Well, I've talked to Glenn over the years before and after he was with the George W. Bush administration, and he is a sort of conventional, uh, sort of small deficit, small government, republican and for Trump is not to his liking. So we know that. So he said negative things before, but I called him just to try to get in aessment of sort of what's revalcan establishment thinks Trump, and that's what he came up with. He's he has some nice things to say about Trump.

He had agrees with him on taxes and deregulation for the most part. Um he he doesn't agree with him on trade. He feels like Trump provoked on needless conflict with allies over for examples, you aluminum tariffs, and didn't go about dealing with China the right way, even though he was right to take on China. But as for the next term, he said that the Trump has been conspicuously vague on what he hopes to achieve in the second term. And that's why he said. It's not like

I dislike his plan, it just doesn't have one right right. Well, but he's also not very complimentary bout Joe Biden neither when it comes to an economic plan, right right. So I got a few Bloomberg terminal subscribers who wrote to me and saying how come you singled out his criticism of Trump and the headline and not Biden. I said, well, I wrote back, I said, look, when a Republican criticizes a Democrat, it's not news Republican. Yeah, he doesn't think

Biden has a very detailed plan either. But you know, you could come back, either one of the candidates could come back and say, look, um, you know, not governing yet, I'm campaigning. It's a different kind of thing. You don't necessarily want to have a detailed blueprint what you gonna do in office when you're just trying to win votes. Yeah.

So so, Peter, I know you've been uh squirreling away on many things, some of which that you know that I've asked you to do, and others day you've created nominating But you know, I wanted to kind of pick your pick your brain going into election night. And I'm wondering sort of like, you know, you as an economist and you know, like long time part of the big voice of Bloomberg Business Week, what are the things that

you're you're thinking about. First of all, I always take care to say I'm not an ecommis and journalist writes about economics, so not not not claiming, but I think, uh, you know this, as I wrote on one of my pieces, I forgot which one is. There's so many floating around. Oh just for the reader, by the way, this for the listeners. By the way, you probably need to know that we have multiple plans. We have stories for every

possible contingency pre written. Crazy exercise. It's been a fun week in business week, right, I'm gonna actually just add a caveat there, which is like every every scenario right exactly a meteor could still strike. Um, but but it's kind of weird, like placing your it's like wearing virtual reality goggles. Where to write an article, the scenario means you have to thrust yourself into that world. So I've been in the Trump world, Trump wins world, in the

Biden wins world. I can tell you all about them technicolor. Well, but it's interesting, go ahead, go ahead. Oh yeah, Oh no, I was going to say, like, you know, I want to save all of that for for tomorrow maybe actually, But but as you've kind of done that, like, what are the things that have stood out to you, especially in regards to like what business looks like under either

of these candidates for the next four years. So Bloomberg Economics did a fairly narrow look at just asking one key question, but a very important one, you know, is like stimulus. So, uh, we have had a several months now of a gap in coronavirus relief and starting to weigh in the economy. So, um, what's what's going to happen? And Bloomberg Economics believes that the strongest stimulus package would come with a Biden win and a Democrats taking the Senate. Um,

perhaps two trillion dollar relief package. Um. The word risk would be if there is no decision for weeks and weeks, heaps of animosity and however it turns out, um, nobody's gonna want to work with each other. And we have a small relief package, the one where Trump wins, uh

and say Democrats, uh, Republicans keep the Senate. You know, you still get a pretty good result because the assumption there is that the Republicans, already starting to look into the midterms, will want to, um, you know, provide a little more stimulus than they've been willing to this fall. Well, and we know that stimulus is so key in terms of keeping the economy going. Obviously, the financial markets all it's It's all connected. I kind of kicked off the

show saying everything's connected, whether it's the virus, the election stimulus. Hey, before you go, Um, Joel is quite the taskmaster because you've been doing a lot of stories. Um, there's a great story. And because we talked so much about poles and polling in the election, and you you you ask the question, what is the more bit of error? Anyway, anybody didn't take statistics, So I don't know how many

people are listening. Remember Emily Litella from the old Saturday Night Live and what's all this fuss about endangered feces? I'm saying, what what is all this fuss about the Margarine era? No, it's the marginal margin of error. No, it's it's it's you gotta read it. It's like impossible to explain briefly, but I just try to explain to people when you hear this term, it's a little more

subtle than you might guess. For example, the reported margin area or survey refers only to the headline numbers and not to the sub components. And also it doesn't refer to the differences between the candidates. For example, here there's a three percent margin of error on the survey. That doesn't mean there's a paper sent margin area on the difference between Trump and Biden that the difference would have

roughly a six per margin of air. Just keep that in mind, because yeah, people put a little too much faith sometimes in the results they hear from polls. I think we left, Joel. I think you want to get a drink or something. I think that is a perfectly it was a perfectly good sort of cliffhanger. Unfortunately, to leave us on heading into tonight where it's like, hey, there's been poles in there's also this thing called margin of air, and no one knows anything, like we don't

have enough uncertainty out there. All right, guys, thank you so much. Already my favorite time of the day here. This is so good. Uh, Joel Webber, thank you so much. Editor Bloomberg Business Week. You've gotta be sure to check out the magazine because they are really working hard on all the different scenarios and how this all works out on the remote access from Brooklyn. Peter Koi economics that are Bloomberg Business Week on the phone from New Jersey.

Check him out to at Peter Koy on Twitter. Always great and you learned something you're listening to Bloomberg Business Week with Carol Messer on Bloomberg Radio. Well covid N team laid bare many of the inequities in our world, whether it's about who got sick, access to health, here are our ability to really support ourselves and take care of our families. It also brought out further a digital divide.

But as our Bloomberg Associates team researched for its second Digital City Tools Report, cities continue to focus on the technologies that are enabling city services to be delivered more effectively with the goal of providing better services and really it's about a higher quality of life for its residents. Bloomberg Associates is the philanthropic philanthropic consulting arm of Bloomberg Philanthropies.

Michael or Bloomberg, of course, the founder majority owner of Bloomberg Alp, the parent company of Bloomberg Radio and Bloomberg Philanthropies. Let's get more though on this report. Let's bring in Milan Deputy Mayor ROBERTA. Coco. She's on the phone in Milan, Italy and also with us is Bloomberg Associates Principal Catherine

Oliver on the phone in New York City. So great to have both of you with us, and I want to dig into the report in just a moment um, but I do have to ask you, mayor Coco, how are you doing? Um? We know Italy getting ready for um more stimulus, uh, directer measures because of the virus. How are you doing? How is your city doing? Okay, first of all, thank you for inviting me, and I'm really happy to to share my experience with you tonight.

And uh, you know, Milan was the first largest city in Europe struck by the pandemic and we had such an arrest during the summer, but now unfortunately we are again under a new wave of pandemic. So uh, tonight our Prime Minister and Mr Conte is announcing a new means for trying to face these pandemic. So we are all waiting what will happen, but we know that we will have to be ready for a new kind of lockdown. We really hope so not as terrible as the previous one.

But we understand that that we have to do something to control the pandemic right right now, and we certainly hope that that it isn't as tough as it was certainly last time, Catherine, I want to bring you in. You and I've talked a few times since spring about how kind of our worlds have been turned upside down on all levels because of COVID nineteen. You guys were working on this report, we're conducting research as COVID happened.

Tell us kind of what your team set out to do and how the virus impacted what you were looking at and what you were hearing from the cities that you engaged with. So the studies really showcases what thirty leading digital cities are doing to address city needs. And when we did the report two years ago, it was really the goal which to facilitate pure to pure learning and to really take a look and to showcase interesting ways that city governments around the world are using technology

to engage with their residents and their visitors. But as you said, when we were doing this report, UM, COVID nineteen hit and it altered every aspect of urban life, and you know, more and more mayors and leaders quickly realized that technology was critical for every form of communication, distributing their messaging, telling stories, tracking data. UM. So it became essential. UM. But the need for data collection and

data sharing UM is important, but leadership is important. And you know, UM, it would vary widely from city to city, but we really it really crystallized the importance that you need a strong leader, you need UM, a digital approach and an appreciation of the use of technology. UM. But you know, it was really exemplified and what Milan Mayor

bepe Sala could do with his amazing team. You know, they were hit with COVID early on, and how they were able to embrace the technology and use it effectively to really get information out, critical information out at a time that was critical to their constituents and businesses. Well, and that's a really you know, important point that you can have technology, but unless you have the right leadership and the strong leadership to really use it effectively, it's

just technology. Deputy Mayor Coco, I mean, how did you know expand upon what what Katherine just talked about about technology becoming critical and how you use it during the shutdown And I'm curious, you know, if you have any specific examples. Yeah, so I have to sell something at the beginning, because we were working on a huge digital transformation plan since the very beginning of the mandate of

the mayor. So we begin to build our digital of GET in two thousand sixteen and so we have been working on a complete new strategy to move most of our services on a digital assects and there trying to move the opportunity for citizens to achieve services through their mobile phone. So this was our our strategy. When the pandemic struck in Stance, I can say that we had built something, and so I can't say that we were ready because nobody was. And so this pandemic was so

terrible that at the very beginning we were shocked. But we had the the digital infrastructure and the digital services that we built, and so we could use them as our levers for facing the situation. And UH for example, we boosted boosted all the services to mobile phones because the people were locked down. They were in their houses and so we couldn't ask them to go out to go to the registry offices for any needs that they might have, and so we had to offer our services

in their houses. And the same for an example, for the people who were in real need, so we had to reach them to bile phones, reassuring them, offering them information. The city mayor Coco, let me get back to you, because I knew you were finishing and you're talking about the use of mobile phones, mobility um in terms of dealing with the COVID situation in your city. I didn't

want to let you finish your thoughts. Yeah, I was, you know, explaining that we had to leverage all the digital assets that we prepared in advance because facing the pandemic, we had to move all our services on the mobile phones because the citizens in their houses they had that their own mobile phones in their pockets as they couldn't go out because they were locked down, And so we boosted the apps to alp the citizens during the lockdown,

for example, apps that reported nearby shops with all the liberty, or how to connect with our moon incipality, or even helping trying to help citizen to use the technology to be connected to their families and their relatives. And we knew that technology was a kind of lifeline for people on that terrible situation for school work, for personal relationships, and also for being connected to the municipality. Catherine, I want to bring you back in and putting back this

are putting together this report. You worked with several cities around the globe, and I do wonder if there were often common challenges UM and a sharing of knowledge and and and solutions that came about in terms of tackling those problems. Sure, we serve a dirty leading digital cities global cities around the world representing every continent and UM.

The report really mapped the deployment of forty one technologies UM across five areas and government connectivity, data, city operations, transport and mobility, and of course safety and security, and we looked at how these technologies are applied to specific city challenges and priorities. And I think it's important that there's there's no such thing as a quick fix. All of these cities, like all of us, are grappling with

new technology. Technology is changing quickly, and these cities have to be nimble and creative and have the expertise to embrace them and deploy them UM. But developing a digital culture and then embedding these digital tools and processes in city operations takes time and planning and investment, and as Roberta will tell you patients. But I have to give credit to Roberta and what she's doing in Milan is that it's important to have and to create a pipeline

of expertise and talent. And Roberta has launched a number of STEM programs really designed to educate a younger generation more about opportunities in science and technology and teaching them about how this could be applied to potentially careers within city government. And I think that this is really very important, and Roberta has really dedicated herself to this to be a role model herself. She's had a very successful career at Microsoft and now has gotten back into public service

to really make a difference in Milan. But I think that she's helping local city services but also thinking creatively about how to create that pipeline of talent and create the next generation of entrepreneurs. Well, Deputy Mayor Coco talked to us about talent because you could have initiatives planned.

But it's Katherine brings up such a good point that if you don't have basically the infrastructure in place, which includes having the right people to be able to implement what you want to put into place when it comes to technological initiatives, talked to us about what was a priority for you and what needed to be done. Okay, thank you, very much better friend for your words, uh,

you know, it's it's still better. In public administration, we do not have enough resources and enough digital skills for driving the digital transformation plan. And this is this, this is true, and so we have to react also because especially in Italy, we are suffering from a very large digital gat which is all around you know, the public administration, private sector, everything. But we are you know, moving forward

and we are changing this situation. And from from a public administration point of view, you can't draw I've deep digital transformation plan if you do not have enough resources to manage great lead and so we UM we'll be also quite a huge program of hiring and new first thing technology and also attracting youth in French ways right as intern or you know, in the first years of the university and so on. At the same time, Deputy Mayor, my my apologies, I have to to break in because

we're running out of time. But I do hope we can reach out to again and it would be really interesting to hear a little bit more about the initiatives, UM that you are putting in place to get this all done. Milan Deputy Mayor ROBERTA Coco on the phone in Milan, and our thanks also to Bloomberg Associates Principal Katherine Oliver joining us to talk about the Digital City Tools Report. Bloomberg Associates, of course, supported by Michael R. Bloomberg,

Founder A Bloomberg LP and Bloomberg Philanthropies BROC Journal. Now, but you let me drive? Oh no, no, no, no, drive home, honey, please, I'll do the riding drivel exst me. I want to drive, Just drive baby, the question trying. This is the drive to the Globe Commune. Thanks, we'll driving us down on Bloomberg Radio. It is time for the drive to the close back with us as Kathy Boyle, she's president founder at Chapenhill Advisor. She's with us on

the phone from Pound Ridge, New York. Kathy, good to have you here with us. How are you? I'm great, Carol? How about yourself? Do it okay? Kind of watching those rising virus numbers and watching the election and there's a lot on everybody's mind. I do wonder, you know, when you talk with some of your clients and investors, um, how do they take it all in and how has it, if at all, been kind of impacting their investment strategies, So great question. It really varies very much. I find

people apathetic, you know, because continue to go up. I see a lot of people with equity, new people that come to me and have questions and you know, miss my chance to still Netflix and five something because I wrote calls and now it's three forty, so I'm waiting for it to go back up, you know. And they

all have their own scenarios. You know, a lot of smart people in the market, and they all have these scenarios where they think it's going and then other people are apathetic and they just like, all right, whatever, you just tell me what to do and I'm there. So it ranges quite a bit. Well, oh that's kind of yeah. I guess that's that's what makes a market, right, um, which is kind of interesting. Well, let's let's talk about some of the major things that are out there. First

of all, the election. I don't know, how do you see it? Or Vince Ignarella, he's so smart and you know, keet off our show just talking about you know, the expectation is and maybe why we're seeing a rally despite the rising virus numbers, is that there is the expectation

that we're going to get more stimulus. The question is just kind of exactly when and how big it will be, correct, And so the problem becomes that you know, right now, Biden's leading by ten points, which is a large margin, but in sixteen they had Hillary leading as well, So those poles are not always reliable. Um, and most people are expecting a blue wave to come in, right so it's blue wave versus red wave, and so if the

blue wave gets in, they are expecting stimulus. But the problem is the amount of stimulus that they're willing to do, if Pelosi and Biden are in control of it, is not going to be offset enough by the massive tax increases that Biden's expected to do, and so you're gonna see a migration of people leaving areas like New York City where the tax is supposed up to six you know. So I think that they have some real potential negative effects.

There's certainly a dislocation society. Look how much anger there is. I mean, we see mother of one story, I saw that her son stopped talking to her because she was voting for Trump. So we're seeing, you know, a huge amount of anger. The other scenario is if Trump gets

in it's considered pro business. Um. So one scenario I've seen is, you know, initial reaction to Biden getting in up and then down to what Jape and Morgan actually came up with out with recently, and the other scenarios Trump wins may be some knee jerk reaction on the downside to start with, but then in the SMP, I mean, bottom line, isn't there at some level, you know, Kathy and I do understand Republicans versus Democrats, certain policies seem

to be, you know, more common, you know, for certain parties versus are for one party over another. But I do think if we are inheriting whoever the president is, they're gonna deal with the economy that's going to need help, and that's going to require, whether you're a democratic Republican policies to assist it. Correct, You're absolutely right, I mean, the amount of people that are being affected by COVID.

One of my girlfriends just put a plea out yesterday because, as you know, I rescue animals and so I have a very big rescue community. She has a kennel, a boarding kennel that normally supports rescue, and so she put out a plea to help pay her property taxes because nobody's using kennels because they're not traveling. You know, Royal Caribbean just announced they're not doing any cruises to the end of this year. You cannot support a restaurant at capacity.

So how much longer can some of these businesses go? How many businesses are going to shut down? You know, that's part of what people are afraid of is the Dems are in favor of more of a lockdown. Look at the increasing COVID rate. But they're also but they're also favoring a bigger stimulus and and package to help out the economy. Correct, but how long does a PPP loan go? How long can that help? Loans do not stimulate demand. We've got to be able to annulate the economy.

Inflation is rising. The according to said, we have no inflation, but if you go to the grocery store, you know there's inflation. So a lot of people. The moratoriums on evictions are going until commercial realtors are under pressure. Individual realtors, you know, people that own multiple family buildings are under a lot of pressure. So the underlying effect to this economy is really much deeper than I think certainly the market is is understanding and recognizing, so it becomes the

real concern. Well, you've offered, So how low do you think the market? What level do you think the market to really be at? Kathy right now? So it shouldn't be up here, that's for sure, whether it should come down to three thousand, two thousand on the SMP. I think when we had a ten percent correction over the last two months and nobody panics, right, and now we see this huge you know, got oversold last week, so

we have a thousand point rally in two days. What you have to understand about the market is the market like certainty, and I don't think we're going to get that tonight. I So then why is the market rallying Cathy today? If you don't, I mean we've we've had because Biden is leading, okay, and so the expect is, yes, we're going to get the stimulus and it's going to

be the panacea. And you know, and also remember Biden is very pro trade, and so they think, you know, relations with different countries will open up, trade will open up. So that's the expectation that I believe in the market, along with the fact that just you know, gets over sold and you get bounces and the text are leading today. Yeah, exactly, we've seen certainly another rotation can at least on a daily basis. When it comes to the markets, Um, what

do you think about technology at this point, Kathy? So the market is very concentrated. You have to remember the fang stocks or fang stocks, you know, Facebook, Apple, Amazon, Netflix replaced by Microsoft and then Google, which stuff of that that controls the bulk of the market. Is very similar to shades of two thousand when just a small brow stocks were accountable for return in the NASTAC. So you know a lot of people have concentrated portfolios, even

within ets and mutual funds. They don't realize that there's an overlap in holding. So a lot of people are concentrated in large cap growth. CACT is certainly winning. Certainly, like you look at Amazon with online delivery, look at the amount of online shopping. Retailers are getting hurt, but you know they're cremating the marketplace on that side. And certainly Netflix, how many people are now watching I finally

gave up and subscribe to Netflix. So yeah, you know, there's really a lot of reason behind it, but it's not the panacea, and they're trading at astronomical valuations. In many cases, they've definitely definitely run up, all right, Kathy, Good to hear your voice. Kathy Boyle, President and founder of Chapen Hill Advisors, joining us on the phone from Pound Ridge, New York. Thanks so much for listening to

Bloomberg Business Week. Download the podcast on iTunes, SoundCloud, or at Bloomberg dot com, and be sure to check out our daily radio show at two pm Eastern on Bloomberg Radio. And be sure to watch us too on YouTube by searching Bloomberg Global News