U.S. Remains a Dangerous Place for Unvaccinated

You can also listen to our radio show at two pm Eastern Time on the Bloomberg Radio or watch us on YouTube search Bloomberg Global News. So much to get to. We talked about President Biden signaling progress to lifting a ban on travel from Europe, so we're hoping that, you know, borders. I know you're looking at me like, how do we

do that well. At the same time, COVID's daily US Death Toll Carol tops Guns, cars and blue combined daily that headline daily right, I understand for daily right, this is what's happening now we're seeing the increasing cases we talked about l A, let's just get right to it with Dr Ian lous Bader. He joins us every Friday gives us a COVID ground up what we need to focus on his clinical professor of medicine and yu landgown. He is on the phone in New York City. Ian,

good to have you here with us. How are you good? Good? Always the pleasure, guys, hopefully providing some useful information we need. We need useful information because we're feeling a little stressed out again. Um, help us make some sense of these headlines. So just to review, Delta is one of a number of variants of our old acquaintance COVID nineteen. And really delta variant is a mutation or several mutations in the

spike protein. So when that happens, Uh, that spike protein is really where the COVID virus attaches to ourselves the H two receptors. And unfortunately, as that mutates, it can attach more aggressively and it can escape even uh sometimes people who are vaccinated. Certainly we're seeing a big rise in people who are unvaccinated, really primarily young people, and in a variety of states throughout the South and part of the Moodwest. Uh, it does not appear to be

more deadly. In other words, it's not it's not killing more people other than numerically meaning the more people that get COVID, whether of any strain, whether it's the initial alpha strain from the UK or any of the other strains. Obviously, the more people that get infected statistically, if it's less than one percent that get hospitalized, the bigger the number, the bigger the denominator, you know, than the bigger the number of people who do get admitted in the people

who die from it. Well, that's what we're already seeing. We just learned from the CDC that we're seeing seven day average for hospital admissions nationwide rising thirty six percent to nine daily deaths. Dr lust Vader jumping two hundred

and eleven per day. How should we think about this if we've been vaccinated, Because here we are, having received vaccines so many people, tens of millions of Americans, and they're living in places where they're they're going back to work, not wearing masks, writing public transit, maybe wearing masks on public transit, but they're back to life as usual, and it seems like this is a big setback. You know, there's no question that that this is a setback. It's

hard to say how big at this point. Certainly the vaccines at this point, you know, certainly the the mRNA, the Maduna Advisor vaccines do provide a lot of protection, certainly for severe disease. Meaning most everyone who is vaccinated, even if they get a breakthrough infection, are not being hospitalized and not dying. It's a very very small prevent So the vaccines still now are very effective. We do

think the antibody levels are high. The problem is that the delta variant, that that the mutations in the spike protein make it less sensitive to the antibodies that we form and also make it a little less sensitive to some of the other like monoclonal antibo the therapies that that we are giving. So the concentration of the virus in the blood and the secretions caught and nasal secretions gets very high, very early on. That's one of the

one of the mutations the delta has, so it's more contagious. Uh. People don't feel sick, but by the time they feel sick, they already have a very high concentration. UH. And so it's definitely a challenge. But for the people who have been vaccinated, very very low risk of hospitalization. They may get breakthroughs. It's under ten percent of people will get breakthroughs. So far, the antibodies do seem to keep it in check. You know, could it mutate further and be more difficult

another variant. It is possible, But at this point, the people who do need to worry are the people who are not vaccinated. And since we don't have great treatment, even the monoclonal antibodies that we're using, like them lavid um or other alternative therapiest people talk about iver met and some of the other the vaccinations make the most sense for the people who are vaccine hesitant because that at this point really provides the best protection against the

delta variant and ultimately against hospitalization. Because you said, the delta variant not more deadly than other strains. Are you you're saying for those who are vaccinated, But if you're not vaccinated, is it more is it deadlier? It is not more deadly. In other words, it doesn't seem to close more of this cytokine storm. But if you're infecting a lot more people, even if it's that smaller percent,

you know, less than one percent get hospitalized. If you're infecting more people, that one percent gets to be a growing number of hospitalizations. You know, one of the stories we've been talking about here in New York City, the Yankees, you know, and you know we're seeing just even sometimes it's cases of people who have gotten the vaccine, and you know, we're all of a sudden feeling like there's this potential for once again some super spreader events. Are

you anticipating that we will see that again? You know, I don't think so, there there is. I don't think people who are vaccinated at this point need to wear masks. Uh, certainly not outdoors. If people are insecure, or you're older, or you have underlying infections or or immune compromise, sure wear the mask. The Yankees and other people who do seem despite vaccines, who they recover virus, they're very low symptoms. They may have a mild claw for cold, they may

have a breakthrough. Uh, could they potentially spread It could be, But we're not seeing this on a widespread basis at this point, and hopefully that won't occur. Do you think, just in the last fifteen seconds here, Dr les Bader, do you think we're gonna have to wear masks again here in New York city in the fall. I don't see that right now. I think it's possible deeper into the winter, but certainly not in the next few months,

given our low level of infection in the Triestite area. Right, all right, stick around, We're gonna have Marve Dr lust bedaor clinical professor of Medicine n y U Land going right here on Blomber Business Week. Well, let's get right back to Dr Ian Lust betaor clinical professor of medicine at n y U Lane Goinges Medical Center. He joins us on the phone from New York City. So, Dr Lust, Bet, I'm gonna be very honest with you. Tim and I are talking like you know, he doesn't sound too worried.

We we are feeling, you know, heightened anxiety. I'm stressed out there, you go, stressed out about some of these headlines and what what increases in the delta variant, Like we're talking about should we get off of master transportation now again? And you know, I'm getting together for family gathering and people are saying, can you kind of you know, not be in public places or inside restaurants? Are you really not that worried about what might be to come?

I don't think it's good news that we're seeing a rise in cases, and we definitely are seeing a rise in cases, and we know that these are primarily DELTA, that DELTA is going to be, at least for the foreseeable future, the dominant strain. We know that unvaccinated people UM are are very susceptible, and I think we need

to do better to address that subset. Approximately half the population of that has not been vaccinated UM and I it's a lot, and I you know, so the good news is somewhere like older people I've received both vaccines, but a number of young people, which is really where we're seeing the predominant UM increase in DELTA cases, have not been vaccinated. And so we do have to address some vaccine hesitancy, and just saying get vaccinated, I think

may not always be that effective. Unfortunately some of them. You know, Internet news, you know, it's a very open information and often there's misinformation out there. It is true although MR and A vaccines have been used for many years for for this, it has been a relatively short time a year or two. There are some reported you know,

side effects, myocardial inflammation and clots and so forth. With with J and J. But those are very, very small and and they're magnified into more more of a problem, I think than they are. I wish I could say that everything is risk free, but it's not even the influenza shots. You do see key on BRET, which is the sort of a sending paralysis. We see it with other vaccines. But overall, we think that the vaccines are very safe, and we need to do a better job

with vaccine hesitancy. We also need to do better job with treatments and do study so that the people who are not getting it, we can at least perhaps treat them. And there may be some things out there that we haven't fully addressed. So I think we have not done a great job in addressing vaccine hesitancy, in therapeutics and UM.

All we can do is encourage people in those areas. Hey, Dr Lesbader, I saw this headline cross earlier this week, and I said to Carol and and Paul and everybody on our call, I said, this is something I want to talk to with Dr Lesbiader about when he joins us on Friday. Overdose deaths staring to a record thousand last year. This in the midst of the COVID nineteen pandemic. That was according to new data that we got from

the US government earlier this week. How much of that, in your opinion, has to do with the isolation that people felt last year? That to spare people felt last year and what can we do to improve that. I think it's a very high percent. I think it's an important topic. So somewhere over ninety people died of drug overdoses increase. There's no question that people respond to stress from COVID differently. Some people a small present, like working from home, they're happy not to go on the office.

Unfortunately for most people, um, they're much more strained people. These overdose deaths are primarily in the thirty five to forty four year old age group. And I think what this shows us is that people need work, they need purpose, they need to socialize. But unfortunately, coupled with a stress and lack of work and lack of purpose is the availability of these anthetic opioids. These are come usually from overseas, often from China. They're more potent. We have our own

opioid receptors, pain receptors in the body. Things like morphine will attach to those, but these synthetic opioids like sentine will bind much more aggressively. They do provide a little euphoria, pain relief, but also respiratory suppression. So people UH take it and they think they like it, but in fact they stop breathing. Uh. And there's a very narrow window of the amount of dose that it takes to get some either pain relief for a high sensation and cessation

of breathing. And that's really why we're seeing this. We need to better seal the borders so we're not getting us synthetic opioids available, and we really need to address people in an outreach to give them purpose in life, to get them back to work and get them socializing. That is an argument for getting people back to the office. No,

it's a really strong argument. And you know, you do worry that the situations and overlooked because of the pandemic and it's still a chronic situation here in the US. Uh Ian, Thank you so much. Dr In los Pader, clinical Professor of Medicine at n y U Landgo Medical Center. On the phone from New York City, you're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes.

Tim Stinovic on Bloomberg Radio. You are I've been kidding with you that you've been prepping, but you really have been prepping ahead of uh, Jeff Bezos going into space? Now, is he technically the edge of space to or No, he's technically going into space further out there, right, further out there? Yeah, further out there than we saw Richard Branson do last week. It's a hundred kilometers is what the international community considers going into space. It's called the

Carmen law. Branson went under that, so he was still he still achieved weightlessness, but not because of gravity, but because of the vehicle that he was on falling through the sky. Okay, right, controlled any controlled manner as we saw, and the and the differences to that. We know Bezos is a rocket, right, yeah, it's this is this is an actual rocket. This is very different from what happened with Virgin Galactic. Well, this there's a story of the

terminal that's a must read. It's actually our Bloomberg Big Take today. It's also in the NEWI show Bloomberg Business Week. Has to do with what we've been talking a lot about this past week. Billionaires, you know, Jeff Bezas, Richard Branson, Elon Musk going into space as Bloomberg's actually vance rights future of space bigger than the aforementioned billionaires. So let's get into it with Business Week features writer Ashley Vancey's, also, by the way, author of Elon Musk, Tesla, SpaceX, and

The Quest for a Fantastic Future. He is with us on the phone from Palo Alto. Actually great to have you here. Your story puts into perspective and really addresses though, why do we care that these billionaires are going into space? How do you see it? Yeah, well, you know, I know that the these space tourism rides are eye catchy and sexy and all that, and there's a lot of

people on the pro and conside. You know. The point I wanted to make is that this is just a small part of what is a just a massive build out of the private space industry that's been taken place over the last few years and really accelerated over the past year. So what can we expect to see happen in the private space industry in the next decades if all goes according to plan On Tuesday, if this is a moment where Jeff Bezos is able to successfully go

past the Carmen line in his eleven minute journey. Yeah, I mean, you know, that's the space tourism sort of piece of all this, and then it's kind of these layers of building a true economy for the first time in low earth orbit around the Earth. So we've got the space tourism, you've got SpaceX doing really well, spending satellites and people to space. A company in New Zealand called rocket Lab has already sent up dozens of rockets

carrying satellites. You know, if you look at the launch manifest of all these rocket companies were to send up about a hundred thousand satellites over the next decad it which would be about its currently about three thousand satellites around the Earth. And so it's just the point that I wanted to make is that this has been his dream for a long time, and you know, it's still just a handful of governments really a bit of controlled space for the last six decades, and that's changing that. Well,

I love this line in your story. What happens up above us will be one of the most important economic and technological stories of the next decade, whether or not Musk ever settles Mars. Uh. It's just like in some ways or is it different from the space race back in the sixties, I mean, which led to a lot of R and D, a lot of you know, innovation and just different thinkings about our world. Yeah. I mean, you know, there's definitely, um, that sense of you know,

exploring and science that takes place. But I think what's what we're talking about in the story a lot is is something that's just it's kind of more basic in some ways. It's building a the next great computer infrastructure. I think of it as like a computing shell around the Earth, full of communications, satellites, imaging science, all kinds of things and and you know, just like we had

the Internet built out over the last twenty thirty years. Um, you know, I think this is going to be where the sort of next part of the cloud goes, is actually into the avot. We'll talk to us about you you talk about um a senior at Read College in Portland, Oregon. It's a great story, and I think it's a great example of what you are talking about. More broadly, here tell us who this person is. Decker Eve Litha is

am I saying it correctly? Yeah, that's right. I mean, so this is an example of how far we have common people don't always notice. You know. A couple of weeks ago, the story broke all throughout the news that that we've uncovered about a hundred twenty missile silos in China that had not previously been disclosed. It seemed to be evidence that they're in the process of a very large nuclear weapons build out. You know, in the past, this kind of thing would have been dis covered by

a military satellite. Um in this case, it was an undergrad read college necker who was on his laptop and he was using just commercial satellite imagery from a company called Planet Laps, and it happens to be you know, these these silos are in a desert, and so even the military satellites would not usually be looking there because

it's not a point of interest. But in this case, Planet has so many imagery satellites that it photographs every spot on the Earth every day, and so they had, you know, hundreds of thousands of images over years of this spot. Actually you drew a parallel here. Just that shows how far we've come in such a short period

of time, roughly seventy years. You write that when the U s went spit to space looking for Soviet weapons of mass destruction in the late nineteen fifties, it had to use rockets to carry bulky satellites into orbit where they took photos and then they dropped their film canisters back to Earth to be rather incredibly caught in mid air by planes. Wow. I mean, this was the start of the satellite imagery, you know, business as it was.

It was just in the government. But and that was at the end of bank We basically have to develop rocket technology, new optics and and all these these amazing ways to catch film canisters coming back to Earth all at once, and it didn't work very often at the beginning, and they finally figured it out. But then, you know, you cut forward all this time and any one of us now could open up um this planet Lab software

and start poking around and the look of it. Well, and it's interesting because as you kicked off with, you know, the arguments are, we know that there are people who go without food in this country, people who don't have

great health care, who don't have internet service. You know, things that have been laid bare by the pandemic is just a reminder of the inequities, and it's you know, there are a lot of people education, right, But nonetheless your point is that there's what's going on in terms of space more generally, I mean, there will be a payoff in the economy and innovation in years to come. Yeah,

And I think it's just that sense with dreaming. I mean, I think the pandemic, you know, those are all very real problems, of course, and I think a lot of us, you know, everyone's had a really difficult time over the last eight months, and I think some of it is that feeling of kind of looking inward and and you know, there's kind of a malays hanging over things that I think has has told a little bit of this moment.

And I think twenty years ago, when Musk and Brampton and Phase us set out to do this, everyone's like, that will never happen, You're wasting your money, you know, whatever, go ahead, And now they've actually done it. If people aren't excited, and and you know, it's an amazing accomplishment. And I think if we're gonna, if we're gonna tackle this stuff that's ahead of us. I mean, you have

to be. It's you know, it's the kinds of not these billionaires, but it's the kinds of people who work at these companies who are gonna figure some of these things out. And and there are practical applications of infrastructure, the building space. It's gonna the forests and the environment. Yeah, so much, so much more, um beyond the big billionaires battling over who's first. All right, Ashley, thank you so much.

Bloomberg's actually vans uh Is, of course with us. Business Week features writer author of Elon Musk, Tesla, SpaceX and the Quest for a Fantastic Future. For those of you listening to New York DC in San Francisco watching a YouTube business Week but Tim and myself we're gonna come back if you're listening on Bloomberg one or six one in Boston based tape businesses. Next. Are you even pumped? Even? I'm so pumped. Tuesday thirty am Wall Street Time, that's

when our coverage starts. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick takes Tim Stenovic on Bloomberg Radio. So she keeps tabs on the higher education space. Right now, she's finding that scarce flights and visa issues are snarling students plans to reach the United States. Here with her story, Bloomberg News Higher education finance reporter Janet Lawrence. She's with

us on the phone in New York City. Janet, You've been really following the ups and downs, a lot of downs over the past fifteen sixteen months when it comes to higher education and the pandemics impact on it. What's going on with international students? Well, international students would love to be getting ready to start UM their semesters in August or September, but there's having several problems. First of all, they're having trouble getting visas because of backlogs that councils

and embassies around the world. And then even if they wanted to come, there's the issue of flights. We know that UM the most students come to the US from China, roughly a third of the million students that come in the typical year, and flights from China to the US are down from two years ago at this time at wow. Okay, So, so what are they what are you're talking to students, you're talking to colleges and universities, what are what are they asking from the students, asking from the colleges and

universities right now. Well, at this point, you know they're they're still trying to sort everything out with their visas, showing all their documentation. Um. And typically you may not want to get a flight until you have your visa and you know that you can come. However, some students are just taking a gamble getting their flights as soon as they can. Some are being canceled. Uh, there are

some charters. Parents and students have gotten together and um, we know that there's two charter fights coming to New York in August because there's just so much uncertainty there. And we know that international students have had a really hard time in the pandemic. At first many of them were stuck here and couldn't get home, and now they're having trouble getting back if they were able to get home. And of course there's all the new students who will

be starting in the fall. Um, you know, coming by themselves. In some cases were able to get a flight, it's not going to be direct and you may have a few layovers then, you know, depending on where your college is. After you know, hours and hours and hours of travel, you know, you have a long ride to to a school, so it's and we haven't even talked about vaccines, which

is another issue. Well, and let's talk about vaccines. Although I just want to mention in your story there's is so much great information, but you talk about some of the flights to China is such an important market Chinese students in particular for US industries. Do you say flights from China may come with an eye popping price tag.

Average cost of a round trip ticket from that country to the US was about dollars during the first two quarters of one uh it's a big jump from the average of about twelve hundred seen in the same period in twenty But some students, you know, you're talking about four thousand dollars potentially for a one way ticket, and you've got students who are saying, I'm booking several in

hopes that just one comes through. Yes, it's it's really quite uncertain for these students, and especially if you've never been to the US, which some of them you know, are traveling for the first time. Um, and you're having to go by yourself from these long journeys. But then again, we're hearing from Ohio state, which is starting August. There's a concern about what if I don't get here in time, maybe I should just differ, And that has a whole

other cascade effects on colleges. We know that last year there was a sixtent decline in international students, and that's a lot of money for colleges because not only are they not getting the tuition revenue, but when they live in the dorms and they eat the dining halls, the schools are getting additional money that really helped them survive. If you're you're going to get these deferrals, which is entirely possible that you know, that brings up a whole

other host of issues for colleges. It's an eye popping figure. Thirty eight point seven billion dollars. That's a That's what the n a f s A, the Association of International Educators says, as quoted in your story, um international students studying at US colleges and university, how much they contribute? How of college is adapted to this because it's not

just the COVID pandemic. I mean, this started happening under the Trump administration when tensions with China increase in many Chinese students weren't able to come to the US, right, Yes, well, there was a slow in the growth of Chinese students coming and it's you know, they are by far the largest number of the country, most represented in the US is trying to about one third of all US foreign

students coming to the US. So, you know, having online classes had not only impact on the bottom lines of colleges, but also on the town's where they are. You know, students still have to eat. They you know, they go to movies, they buy clothes, they buy groceries. So, um, you know, it's not just the colleges that took a hit. It was often the small towns. And now you're having

the issue with vaccinations as well. Um, you know, you may see a lot of students having to get their vaccinations at colleges once they come here, once they're finally able to make it. So that's that's a whole other issue. I do also wonder, Janet, especially as the headlines Tim and I've been talking so much about cases rising here in the US, worries about the delta variant and whether

or not we start to see some kind of pullback. Um, we see it already in l A County, you know, with masks again, whether or not things start to slow down and get an impact will ultimately have on these college and universities. Yeah, I mean, I wonder it's these colleges university have to be watching this very closely and asking themselves, Okay, what are we going to do to

return to in person learning? As Jenna points out on their piece, there's so much pressure on these colleges and universities to return to in person learning because students who are paying full freight want to see that experience that they're paying for, right exactly, It's hard to when you're virtually at home, not experiencing costs right getting the experience. It's like I'm watching TV basics, even if you're paying half of what it costs to go to a traditional college.

Agreed Genital Lauren higher education financial putter up Blooberg News on the phone in New York City. Check her out at jenit Lauren on Twitter rock a Journal. Yeah but you let me drive? Oh no, no, no no, no home please, I'll do the revel I want to drive, just driving, baby, good questions, trying this drive to the clog radio, TikTok. Everybody ten a half minutes left until the end of the trading day, and then we're Tim and I were done. No, we're not done, or you'll be done. I'm gonna be

sitting in that FDR traffic. Tom Rogers, you can stay with me. You can stay with me. Let's get to it, because it's been an interesting day. Uh, Tim and I have been talking. It does feel like some of those COVID headlines are weighing on investors minds. Also that a decrease in consumer sentiment. Consumers increasingly concerned about maybe inflation. But we are seeing stocks go to their lows as

we speak of the day. So we're down about thirty one points on the Dow, so that's down almost one percent. Let's get to it with Allen Lance Alances, director of research at Lance Global dot com, also president of Allan B. Lance and Associates. He joins us on the phone from Toledo, Ohio. Allen, it's great to have you back with us. We spoke not too long ago, and I'm interested to hear your take on on today's trade because it's something that Carol

and I have been talking about throughout the afternoon. The rise in cases here in the US, the spread of the delta variant cruise lines taking ahead. It really does seem like investors are a little concerned about what we're

seeing when it comes to the coronavirus. Yeah, I think you have that, Tim, And then you also have you know, if you look at just see the amount of I p o s of late and and and they even though they're priced at at some of them the higher end, they're just not really uh uh paying off for the investors, and they can't hold their their initial price. And and you know, I think when you look at that, and and and the you know, the supply of new stocks coming in, it it's remin of February with the smacks

and and in March. You know, are you saying there's just too much slashing around there, Alan, and a lot

of it maybe not so good exactly, Carl. You know, I know last time we talked, coin base came out that day and and you know, it went up to and higher and then you know, as nothing but look back and and there's just a lot more risk out Their investors don't understand the risk they're taking, uh and and that and it pushes institutional investors to take more risk and and you know without a lot of all

can I push you? Can I push you? Are we nervous that we're going to go into maybe another round of some type of lockdown that will once again put pressure on the economy just as we're starting to turn around here. Oh that's another negative. It's another headwind. The situation you know, as it develops in China's is another negative. Yeah, there's a number of headwinds that you know, I think

it is going to make it difficult. And just from a valuation standpoint, which is what we go by, as you well know, um, you know, we've been taking more profits and not finding good alternatives, are finding selective you know, opportunities that we think are defensive and will hold up well and and and have some good long term performance. But there you know, there's not enough of them to uh use our proceeds for from the profit taking that that we've been uh you know doing the last last

few weeks and whatever that happens. Uh, you know, it's not us making a call on the market. It's just a more the market more telling us that uh, you know, it's high and and uh and vulnerable. And I think that that's the case not only for what what you're mentioning with, uh, you know, even a slowdown here with uh you know, the economy's opening up and and and what's going on with us as far as the coronavirus, but also from the standpoint of you know, inflation and

is it transient? And basically what what else is going on with um, you know, the risk being taken with junk bonds for examples. Do you think that inflation is transitory? Is fedre Powell continues to say, Now, I I really don't you know when you start looking at you know, wages and you know the employment situation and and uh, you know what what we're seeing with energy, which you know,

I don't I don't see you know, changing UM anytime soon. UM. You know, I can't imagine, you know, I you know you're not going to have the increases that we've had because some of its supply chain with US as far as with the pandemic. But uh, you know, I think it's not only higher than what you know is being reported, but it's also it's it's there's a much more stickiness

to it than what people think. Is it because a wage increases or I guess I ask is what changed from our pre pandemic world when it came to commodity supply chains versus where we are today. I mean, I know a lot happened during the pandemic. I'm not being stupid here, but I'm trying to understand what fundamentally has changed that as we get back to quote unquote um normal. Why isn't it we just kind of get back to where we were and what were the supply constraints back there?

Remind us? And if that's a good question, Carol, and and and you know, I was afraid I was going to get all the social media is in it yet Master, you are stupid. The one, you know, the one you know energy energy alone, you know, is it's changed dramatically where you know we had uh we're independent and uh really uh you know, had control over our our destiny there and and um, you know, if that continues to to to progress the way it has uh in in the past, you know eight months, Uh, you know, it's

just gonna go higher and higher. And then you A lot of it is pandemic related and supply chain and and and the employment situation with the the you know, as far as uh uh hand out and what have you. But you know, part of it is is something that's not going to change just you know, pre pandemic or or post pandemic, even if we don't have the you know, the delta. Uh you know, as bad as as as what you know might seem right now. So where are

you seeing opportunities in the market right now? You said you've been selling a little bit um, but I'm wondering where you're deploying that cash. Yeah, we've been buying a little bit, we've been selling more so we're net sellers, but we're still finding some attractive uh tim Like Ball Corps is a company as Symbols BLLL that's been around for for ages and and the stock is down from a hundred and five to uh you know, the load of bit eighties and and we recommend it a few

weeks ago. And and you know, I think, not only do they have a great situation and that there they put in some new manufacturing that's very efficient, so the numbers don't look at great now but will help profit margins next year and the year after. But they also have a nice aerospace division that's really not being noticed in Wall Street that that's growing gangbusters. So so I think a company like that can do well, um, you know, even in in in a in the sluggish or or

downward work. And those are the type of things we're looking at, things that have some defensive capa abilities where it's about an all or none, you know, betting on the market and hoping that you know, there's a greater

fool to buy the stock that you just purchased. Hey, Allen, we caught up with John Rodgers of an Aerial Investments earlier this week Deep Value Guy uh and did talk about probably the likelihood of some kind of tem percent correction here are you anticipating that for the market, see for equities particularly, Yeah, we really don't, you know, you know, as far as predict you know, I think it's impossible

to say. All we can say is that, you know, when we're finding less you know, bargains and opportunities to buy and and and things are hitting our price targets and we're taking profits, we automatically start getting more defensive and build up cash. And whenever that's happened in the past, typically we're early. But eventually, yeah, there's gonna be a pullback. And if there's not a pullback. I think it's gonna

be even a worst case scenario. If the market get and going straight up, you know, as far as in the next year, then then I think we could have much more than just a pullback. So so yeah, I would. I'd like to see a correction. But you know, it's just impossible to predict the magnitude or or the timing. But you know, we we let the markets tell us

by our valuation parameters. All Right, Gonna leave it there. Hey, Allen, have a good week in Allen Lance, director of Research at Lance Global dot com, President of Allen B. Lance and Associates, on the phone from Toledo, Ohio. Thanks for listening to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud, or Bloomberg dot com, and you can also listen to our radio show at two pm Eastern on Bloomberg Radio or watch us on YouTube search Bloomberg Global News