Trump Remaking Pentagon Leadership

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. We have gone from talking about reopening to now dealing with another wave. We heard about New York City's numbers, the mayor saying that the city has one last chance to halt a second wave. Texas caseload topping a million, US hospitalizations rising to a record, and we're also seeing

a deadly resurgence continuing over in Europe. So we have talked a lot about the search for a vaccine, the race for a vaccine. We've talked a lot too about the role of testing in our battle against the virus. Let's get into that with Dr Heather Failing, Vice President of Laboratory Sciences and Chief Scientific Officer of malcular Diagnostics at Clinical Reference Laboratory. They're one of the largest privately

held clinical testing labs in the United States. She's also former director of the genomics lab at Children's Mercy Hospital. Dr Failing. Joining us from Kansas, It is so nice to have you here with us. I have to say, it does feel like things are getting very tough again. First of all, what's going on in Kansas when it comes to COVID. Oh absolutely, thank you for having me and and correct. Similar to other states, we're seeing a

surge in cases as well um our our. You know, latest numbers showed a positivity rate of about fourteen point five percent um with about as of November eleventh, pushing eighteen thousand positive cases. So yes, we're we're definitely seeing the same surge. So what does this mean? I mean, what are your expectations of how the next couple of months ago for us? And we're going to get into the testing that you guys are doing and what you've created. But I do wonder um about what it looks like.

I've talked to uh eos of the pharmaceutical companies that are on the leading edge of all of this when it comes to a vaccine, we've heard from a lot of different individuals that they are anticipating a pretty dark winter. Yes, and and I would agree. I think we need to continue to put public health measures in place. Uh, continue with the masking, the social distancing, and of course the testing in order to contain that virus and until we can get to the point where we can get the

vaccine rolled out effectively. So what's going on when it comes to testing. I have to say our company here at Bloomberg has made it very very easy for all of us to get tested UM. However, I tried to get testing for family member. It's long lines, there's lists, there's callbacks. It's really not a great system, correct, I would agree. And you know, in response to complaints like that, CRL just this week launched a direct consumer offering for

COVID testing. So it allows the consumer to initiate their own test order for covid UM. And it's actually an at home, self collected saliva based tests. So uh, some of the home base test that you see out there use a nasal slob and this one is a saliva base test for the detection of stars. Coby two received FDA emergency use approval at the end of July. UH and it's highly accurate. Tests. In our FDA studies, we demonstrated a hundred percent sensitivity and specificity, so no false

positives and negatives. Um. So we're we're excited for the launch of this test in order to expand our offering. UM. I believe as we get more folks tested, we can really before the holidays helped to contain things. Okay, so it sounds really easy, um, and I've done the saliva test. Um, I've done an easier nasal test. I haven't done the one where everyone says it feels like they're touching your brain. So thankfully I'm lucky for that. But so talk to

me specifically about this test. You say a percent sensitivity and specificity, What does that mean? Right? So our FDA studies, we had to compare this test to what the FDA considers is the gold standard, which is that long nasal farengeal swab, And what we found is a known COVID

nineteen cases. We were able to successfully identify the presence of the virus in a hundred percent of the cases we tested, which was definitely good news and when we compared in our study the results to the what they call the anti nasal swabs, a shorter nasal swabs used in other at home kits. Those swabs can only correctly identify the presence of the virus in the cases. UM. So what we found is that it's very technique dependence with the swabs, both the nasal and the nasal farengeal UM.

You don't know how much material you necessarily get on the end of that swab. UM, and when yourself administering it's it's definitely tricky to get it up there. So does that So does that mean dr failing that if somebody doesn't do it right, like you said, it's pretty um sensitivity and specificity. UM. Does that mean if you don't do it correctly, there could be a false negative or false positive false negative I guess more likely, right, that's perfect more likely a false negative. UM. And when

you do this saliva test, it's much easier. You're just spitting in a tube too. It's about a mill of saliva that's collected. It's pretty full proof UM. So it's a much more even sample source. And we've shown that you're able to detect more viral material in that one mill as opposed to what's on the end of that slab. So we're talking about the test that you have their saliva base. Do you have a rapid test and a

regular test? What I do wonder is how's your supply chain for making sure that you have enough equipment materials in order to meet any demand that's out there, because I know that's been certainly a concern as we get deeper, deep, deeper and deeper into COVID, there have been some concerns that companies are just not going to have the supplies

that they need correct. That's been an ongoing issue and one that we initially wanted to solve for in di elopment of this lava based test because early on in the pandemic we were experiencing shortages of swabs, so we wanted a self collect method that didn't depend on that

or the necessary ppe um. So we once we figured out the test worked well and gave good results, we started investing heavily in the devices that are used for the sample collection, as well as building out the capacity in the lab, meaning the automation as well as the PCR instruments that are crucial for running the test. In addition the consumables. Um So, we have inventoried substantial uh quantities of all of those in order to support testing

moving forward. So no, no, So the supply chains working as you want. Everything's going smoothly right now. Yes, we did a lot of research in order to ensure that that would be the case. What's the what's the demand for these tests at this point? Can you give us an idea? I know you're working with the University of Kansas, you've worked with other um members of the academic academic world. Excuse me, um, so give me an idea of what

kind of demand you're having for these tests. We're having a nice demand for him, Like you said, we're working with universities, l A, public schools, working with sports groups like the Kansas City Chief Suite Spans as well as Dancing with the Stars. Um So we're having a nice uptake. And um one of the things that folks say after they've gone through the experience is that they enjoyed the test process and then want to offer it to their

friends and family. UM. That was really the backdrop for us developing the consumer facing products so that we could broaden the reach for the test and allow others not in our customer groups to participate and get a test. So this consumer product um DTOR failing, how how quickly do you get the results? So I'm assuming you could have the product at home, you take the test, I'm assuming you have to get it into the mail within twenty four hours or something like that. And I'm just

curious when when the test comes back. It comes back within approximately twenty four hours from receipt at our lab and have a nice, nice turnaround time. But how quickly did somebody have to do They take the test and they have to get it in the mail within a certain time too, I'm assuming well, they typically they will order the tests and then mail it back via priority

overnight to receive in our lab the next day. But the device itself does have twenty one day room temperature stability UM, so it does have a nice stability on it. But folks definitely want to know the results right right, So but my gut, but what I'm assuming is that you do the test, you've got to get it in the mail UM within twenty four hours. Then you're saying within receipt you get it within twenty four hours, So I'm assuming it like within a day or two, you

know what the results are? Yes, Yes, So that that's our goal with that turnaround time and why we built out capacity to just support that. We want folks to get the results in their hands so that they can appropriately take action. You know, they can quarantine if necessary and notify others who might have been exposed. What are your extations about ramp up of this. I mean you're watching, like you said, you're working with tensing, with the stars,

you're working with you know, universities. It's it's interesting to hear the populations that I've reached out to you. But what are your expectations about do we essentially become kind of a testing a home testing society. How quickly can that happen? Yes? I think we can. We can pivot to that with folks working from home more now, I think they're expecting to do more things out of the home. Um, so I think we're definitely going to see a nice

uptick using this consumer facing product. So we're very excited about it. All right, We're gonna leave it on that note. Dr Heather Failing, thank you so much. She's a VP of Lab Sciences and chief scientific officer at Clinical Reference Laboratory. Uh and she is joining us on the phone from Kansas. This is Bloomberg Business Week with Carol Messer from Bloomberg Radio. Well talk about multitasking. It's the money transfer app that

provides relief from runaway inflation and a worthless currency. It's also the subject of a story from Bloomberg business Week. Bloomberg Business Week editor Joe Webber and Bloomberg News Latin America reporter Andrew Rosani joining us right now, both of us on the phone from Brooklyn. And Joel, I gotta say, I love when the magazine takes us to emerging markets and things taking place that are innovative but kind of

also out of necessity. Yeah. When I when I first heard about the story, I just thought it was phenomenal because it is a service that a lot of us know and then probably have used, which is Zel, which a very common money transfer app here in America. But believe it actually isn't it zeally totally so. So the the thing that that Andrew brought up though, was that this is actually this app is being used in Venezuela basically unintendedly, Like you know, tons of people in Venezuela

have a currency that's basically worthless. The dollar has always dominated transactions there, but instead of it being a hard currency, what we're seeing is actually people using the app. So, Andrew, I'm just very curious, how did this story come to light and why why this particular service. Yeah, it's it's funny. Dollarization has been going on for a number of years now in Venezuela, just as the inflation goes higher and

higher and higher. And you know, I was a correspondent there for many years, and I recently came back to New York and it's funny. When I came back, I kept um, I kept trying to use it here and it didn't really catch hung because in Venezuela, aside for things like rent payments and you know, big transfers to friends and families, but in Venezuela, if you use it for everything like literally a candy bar or a pair of sneakers, people use it multiple times, you know, multiple

times a day. And to this day, people are constantly calling the in Venezuela to see if I can help them out and make transfers. It's just so ubiquitous there, and it kind of came about because you know, we were seeing we got some numbers that was coming out that like kind of confirmed, but we already knew that. You know, in cities like Caracu is the capital. It accounts for over sevent of all transactions there, which is huge.

And this is at a time that Venezuela's under U S sanctions and ruled by a government that described itself as proudly anti capitalists. So it's just kind of this very ironic twist of things all going on at once. So we thought it made for a really colorful, fun story.

What's great about it too? And you write this and and I think there's somebody quoted about how, you know, sanctions against the Venezuelan government right by the US, but not necessarily against the people there, And so they're able to kind of tap into the US financial system, which is backed by some really major US players. That's right, that's right. Zel is owned by seven of the US's largest banks, and uh it's network stretches two hundreds of them.

And you know, these dollarizations often happened in other like basket Case or or prior economies or prior states. You know, you can see dollars on the streets of Havana or Tehran. But this, this, you know, this distinction in Venezuela that Venezuelan citizens aren't sanctioned UM and they still have access to the US financial system really allowed ZELL to take off there almost in a way that it hasn't taken

off here. It just people embrace it far more than than than venmo, far more than pay per hour, that uh cash app. You see science, homemade science for it all over the streets, all over the streets in Caracas. So one of the other interesting notes here is that it's not only something that's used within Venezuela, but it's also something that allows people out of Venezuela to to transfer money into Venezuela. Can you tell us about some

of the stories that you found out about on that front. Yeah, it's UM Venezuela right now, with the ongoing crisis there, UM is suffering a refugee crisis comparable to that of Syries. There's currently over five around five million Venezuelans now living outside of their country, and you know, there's hundreds of thousands that have to you can, you know, start a new lives here in the United States. So this has really been away for the d ask or how to

send money home as well. And we found all these situations that people who maybe not have a Zell account or a bank account themselves are texting friends and family back in the States. One character or one person we found is a guy named Hirado. He is frightened essentially does all the shopping for um that he lives in Los Angeles, and with a four hour time disterence, this poor guy Corretto can't do any shopping until afternoon when

its friend wakes up. So people who have to completely adjust their lives when friends and family are willing to be able to that money to a merchant or or or another person in Venezuela. And so what about banks in all of this? Um, you know you mentioned that that there is um some little a little bit of cagnis um and that you know wells Fargo in particular

as black right right. Um, So from what we would tell from the sanctions and talking to legal experts that there's nothing, uh, there's nothing explicit in the Treasury sanctions that prohibit this going on. However, you know, banks us

really really sophisticated algorithms and uh in security software. And what we're seeing is that some of the banks, with all these UH, with all these transactions going on, and so many of them, some of their algorithms and and Wells Fargo especially has UH has put holds on or suspended,

at least briefly, hundreds of counts in Venezuela. And there's like really through a wrench UH in the in the basic you know, basic lives of hundreds of Venezuelan's there because suddenly the service they're using to buy groceries, pay for to their children's schooling, UH, home repairs, you name it, they suddenly lost it and it sent them scrambling to find new ways. And we reached out to Wells Fargo. They only said that they would only flag accounts that

weren't inconsistent with the attended use. And some of these accounts have that restored have been restored back. But it's it's a situation with so many people and figuring the government being sanctioned there. People are are worried about sending money or letting their transfers go into the wrong hands. Andrew really quickly thirty seconds Venezuelan government, I mean, are they like wait a minute, we gotta stop this, are

they okay? I'm just curious what you're hearing. Just quickly, the Venezuelan government president Nicholas Madureau himself has given his blessing to Dollarization. They think it's become, you know, this escape valve for all the other things going wrong in the country. I mean they would be you know, even if Dell would get shut down, there would be another system to pop up right away, whether it's something like venmore or more smaller one. So I don't think anyone

wants to see the go away anytime soon. Yeah. Interesting, well, great read, um, and interesting to see how this is working out in Venezuela. Andrew, thank you and much really appreciated. Andrew Rossotti. He is Bloomberg News Latin America reporter on the phone in Brooklyn, or thanks to Joe Webber, Bloomberg Business Week editor, also joining us on the phone from Brooklyn. Check out that full story. You can find it in the magazine and also online at business Week dot com.

You're listening to Bloomberg Business Week with Carol Messer on Bloomberg Radio. Yes, indeed, you are listening to Bloomberg Business Week. Hey, our tough story at this hour, and it's top because I gotta say it's a story that's parked a few conversations in my own home, uh, and did on our news call this morning. It's about a flurry of changes that we've been seeing and talking about here at Bloomberg in the Pentagon's top ranks, those changes brought on by

President Trump. I want to get into what it means, why it's happening now. Bloomberg's Tony Capaccio is following it for us. He is Bloomberg News, Pentagon and National Security Report. He joins us on the phone from the nation's capital. Hey, Tony, good to have you here with us. So what's going on. What's going on is that we're seeing the kind of the ramifications of the election in terms of we knew Esper Mark Esper was going to be fired at some point.

That's been out there. Bloomberg goes on top of that, but the shot came. It happened pretty quick. It happened by tweet, and then followed yesterday by the head of the acting head of Policy, James Anderson, tendering his resignation, and then the head of intelligence for the Pentagon having his retirement accelerated by like a month, and there was this cumotive impact here there. It gives the impression there there's a tornado going on on the Pentagon, and it's

it's actually a lot calmer than you might think. But the big reason people are concerned here is because a fellow named Anthony Tata, I quite a right winger, who was up for the policy position back in June. His name was pulled back by the White House because it lacks Senate support from both Republicans and Democrats. Now he becomes the acting Assistant under Secretary for policy. Why is it happening now? I mean you said, I know, you said esper was expected, but I'm just trying to understand.

You said it's pretty normal, Like help me understand, because it feels like, let me say to me, is this a consolidation of power underway? What's going on? There was more problem there. It was more problematic when Maddis resigned in December. That was that was a shock. Nobody expected that. I was there. When Rumsfeldt was fired, that was a shock. Two thousand four, Abu Grab the famous prison scandal broke. That was a shock because we thought rumsfeld end the

joint chiefs of Staff chairman would be fired. So this, you know, while it looks bad, it looks because it's it's Trump, and it seems vindictive. And there's three in a row here. The American people and the listeners can take solace in the fact that the military there, they're used to transitions, they've seen it. There's an area of calm among the jo in chiefs of Staff, General Millie.

The chairman is not resigning. So they're waiting now for signals from Christopher Miller, this new acting under this new acting Defense Secretary in terms of what's going to be his agenda for the next seventy days. So is this and forgive me not being political, not pointing fingers, but it's it's is it just more of kind of this is how the president has run the administration, and so changes happen. It doesn't matter what the clock says or where he is, you know, in terms of a second

term or not um. But it's just you know, him just kind of wanting to do what he wants to do. It's kind of it. I think it's poking it's eye. His eye had critics too. I mean, look at it this way. You had three Defense. You have three service secretaries and you have a deputy Defense secretary. They're all passed over for a former Greenberg Navy I think his navy still excuse me, who was a counter terrorism director

and he was brought in. You passed over all three of those men and women to the Air Force secretary is a woman, and the deputy Defense secretary. You pass over them for this guy. Then you gotta wonder, is there a is there a Trump agenda? That's that's the worrisome part of this. Well, what what could be the Trump agenda that we would be worried about? Well, if you know, that's a good question. I keep I'm trying

to report that now. But there could be several ways he could rat screw the public and the military, so to speak. He could try to accelerate the drawing in Afghanistan over the next seventy days. He can accelerate the withdrawal troops from Germany. He can really put the blockers on the the Biden transition team in terms of the Pentagon budget, preparation of the budget. There are those types

of things. But the biggest danger of all is whether Iran, Iraq, Iran, Russia and China will take advantage of this seeming turmoil to push us in the South China see Ukraine, Europe or a back in Iraq with Iranians attacking US troops, and so that's the that is a real danger. I think versus Washington seven days in seven days in May and reverse where the civilians takeover type of thing, because I have to unless there's like some kind of skirmish

right around the globe. I feel like we don't think about the Pentagonal lot, but we should because it's really important in terms of you know, the US and their role around the world and keeping peace and being you know, just kind of watching what's going on. But I do wonder what the perception is globally right now, uh Tony when we went, you know, global leaders are looking at this and just kind of seeing again another round of turmoil, if you will, are volatility in a very important agency

of the government, another rund volatility. I think there's collective eye turning and I kind of waiting season. So he just literally Melan just came in a couple of days ago, So you want to give him some chance to articulate his vision. You know, maybe it will be be nine I was asking one analyst today, what's the best thing that could happen. He says nothing, because that way the Trump the Biden minister ration comes in the office and

they don't inherit a lot of turmoil. They're gonna have enough turmoil to deal with in terms of the COVID relief, but having additional artificial and turmoil induced in the next coming seventy days, well I will make their their task even stronger. So less is more in this case. That's

what we can help for. Fingers crossed ahead. My thought is that there's there's probably gonna be more more uh not fire, well, maybe firings, resignations, although there's not a lot of people left in the building who are or permanent, and you're you're gonna see some petty retribution against some employees there. I mean, Miller may fire some lower level GS fifteen types, but I know that's not the guys

doesn't have a tracker could do in that. But you've got to be suspicious because he was put in at the over the tops of the service secretaries and the number two deputy, David Norquis, So that is death suspicious. Listen, this is interesting if you canna be quick twenty five seconds? Does it slow this? You know the transition? We know it's it's not going like it should normally go. Do we have to be worried that? You know, the Biden

team isn't getting what it needs. Just quickly twenty seconds g S. General gal Services Administration pushes the button that says the transition should begin. You will know within the next week or so if that if they're being stolen, if the Biden people are being stolen, walled or not. Right now, it's too early to tell, okay, because we know the Pentagon and what they're doing is certainly important in all of this. Hey, Tony, thank you so much.

I've been thinking about this story a lot, and I know our listeners are as well, so I really appreciate you getting us up to speed. Bloomberg's Tony Capaccio. He is our Bloomberg News, Pentagon and National Security reporter, a journal now, but you let me drive? Oh no, no, no no, no, please, I'll excuse me. I want to drive. Just drive the question. Try this is the Drive to the Globe com Thanks well, try us on Bloomberg Radio. It is time for the

Drive to the close with us is Philip Palumbo. He's CEO, c I O and founder Palumbo Wealth Management. It's a boutique wealth management firm. And he joins us on the phone in Great nick Long Island. Philip, It's nice to have you here with us. How are you good, Carol? Thank you? How are you? I'm doing okay. You're gonna

be watching those virus numbers climbing. I do wonder how that kind of you know, you factor it in into what that could potentially mean for the economy, what it means that ultimately for companies and then the financial market. So how do you see it? What do you are? You a little nervous? Ah, So I'm actually not as nervous says others are. And the reason why, I just think we're in a much better place today than we wore back in March in terms of understanding the virus.

Therapeutics really have come a long way since March. Death rate seems to be a lot less than back in March. And yeah, the number is definitely are ticking up, and I do think it will create some shorts from volatility, especially as we think about December January, especially when new President elect Biden coming into office, and possibly he's more on board with possible lockdowns, So that does concern me.

I think we'll create some volatility, but I think ultimately the markets, you know, as we know, it does look forward, you know, it doesn't look back. And I think the markets looking forward to the vaccine, the advancement on these therapeutics, and I think markets will trade based on that. Well, that's what you'll get some volatility, yes, but I think overall, I think markets will look past that. That's what I wondered too. Um, you know that at this point we

kind of know this playbook. If it gets bad, we kind of know what we need to do. We know what probably will happen. Um, whether or not we get more aid to help out companies, that's certainly up in question. Uh, and it will be some time before that happens, but we kind of understand it, you know. Do you see is it a year from now that you think things are much more normal and we start to see an economy and demand that is much more normal. I really do believe that we go we go back to the

reality second quarter of next year. So I think, you know, as as it talked to people all the time, do you say a reality. Did you actually say renality or normality? Go back to normality with in terms of in terms of life as we know what? I do think that the second quarter of next year we really start to

see that. I think that, you know, we start to see mass productions of the vaccine, you know, uh, the first quarter of twenty one and going into the second quarter, and I think, I think that when that's ought to come to fruition, I think we start to really go back to normal. And I think, you know, again, like

I said before, I think markets trade on that. And the other thing we have to really think about as investors is you know, where else are you gonna go from an investment perspective, you know, interest rates or at at all time lows, we know we're gonna get some type of stimulus plan, and the inflation is low right now,

gas prices are low. So when you think about from an investment perspective, if you have a long term time arise and as most of my clients do in invest to do that, I just think there there is uh the potential to do well in the equity markets going forward. So you're working with those higher net wealth net wealthy individuals, So I do wonder, you know, what have you guys been doing over the last six seven months. Have have things changed in terms of strategy? Have you moved some

things to safer uh? As you said, it's long term strategy. So I do wonder, did you change nothing for these clients or what So, as I always tell my clients, so I really believe in a balanced approach or the way we bounce portfolios, as we use treasuries and we use gold to hedge equities. And when the crisis occurred from February February ninth peak to the trough of March, treasuries moved up twenty when stocks wrough down. So what I always told clients and where dynamic is, that's when

we make tactical changes. When asset classes are doing, are are dislocated, and that we're managing, we look to sell treasuries. Part of it looked to by stocks at trough levels and that's what we did in terms of rotation during this crisis. And now that equities have moved up, it actually looked like obviously a great thing to have done. I had no idea that that was the bottom at

that time. Obviously didn't know that if you do buy equities, you know, as it thoughts of the clients more and rebalance with with as the classes that I've been doing well over time. You know, that's how you make a lot of money, and that's one of our strategies. Well, let me just ask you. So you guys were buying treasuries right when it was getting a little crazy. Were you selling equities? Now? So? We owned so, we we built portfolios for clients part of our balance approaches to

own treasuries. Every one of our model portfolios owned treasuries when into the crisis, and always we always have part of our clients portfolios and treasuries to hedge against equities when equities get hit hard. Got it? Okay, So it's just it's not that you necessarily were changing anything. Um, but it was just already in there to hedge. I got it. Um. What about THEO when you started to see you know? So, what has changed in terms of

any kind of strategy? Again? I understand you guys are doing this for long term, so it's not like you're in and out. But I do wonder if there's anything that has changed. I mean, listen, if you wanted to be you know, we've been talking a lot about value and maybe finally it's that time to come back. Um, you know, is it a time to be a little

bit more aggressive in in one of your investors portfolios. Yeah. So, so the key thing that we're really looking at, so everybody's talking about today, there's value growth shift that's occurred over the past week and really over the past month. You see value has outperformed growth, but obviously the past fourteen fifteen years, growth has outperformed value. But if you look over the last hundred years of value has beaten growth.

So there's always these periods that growth beats value. Value beats growth, and that's why I believe it a long term investor, you really have to be balanced between both and not really try to time and figure that out, because I think you could really get hurt over time if interest rates they stay as low as they are today. Growth, in my view, will continue to outperform value. But that doesn't mean I'm going to overweight or sell all my value stocks to by growth. I'm going to keep a

balanced approach. If growth stots becomes heavy, starts to become heavy relative to the portfolio, then I'm going to rebound into value to keep it even Stephen, rather than trying to bet which area I think is can do better over time. Hey, Phil, just good about forty seconds left here. I mean, are most of the or most of the portfolio is kind of traditional assets or is it also are we looking at, you know, buying into private equity? Are we buying into you know, different types of assets?

Just quickly yes, so yep, sure, So the answer your question before you ask me about thought process in terms of portfolio. So we're not looking at treasuries were concerned about rates are low? Now what it offers the same protection as it always has when stocks decline. So the reality is that we have to look at alternatives such as hedge funds that maybe provide low correlation or negative correlation to stocks. We used the hedge stocks using options

and collars private equity. So yes, we do have to look outside our normal universe to help protect because a straits is so low and I'm not sure if treasury will do the same or create that same balance as it has in the past. Yeah, especially if you're looking for some yield um longer. Jean, Hey, listen, thank you so much, Philip Blumbo. He's CEO ce Io, founder of

Colombo Wealth Management. It's a boutique wealth management firm based out there on Long Island, and Phil joining us on the phone from Great Nick, 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 to on YouTube by searching Bloomberg Global News