Using AI To Speed Up the Covid Vaccination Process

You can also listen to our radio show at two pm Eastern Time on Bloomberg Radio or watch us on YouTube search Bloomberg Global News. So much going on, and obviously we're going to talk more about the crazy silver trade. We talked a little bit about that already, but also a little bit more on Robin Hood and Reddit um. Keep in mind, though it is Tim and I just mentioned, we are seeing um record numbers of deaths in the United States when it comes to COVID in January, the

worst month since the pandemic began. We see crisis talks over vaccine access going on in Europe. There's so much going on, so let's see what our next guest has to say about it. He is Shawn Lane. He's the CEO of all of which is building a healthcare AI workforce. They're working with more than forty healthcare organizations made up of more than six hospitals, you know, for forty one states across the US. And m Sean joins us on the phone in Columbus, Ohio. Shown great to have you

here with Tim and myself. How are you and tell us about your team and how they're doing and how the pandemic has impacted your world. Thanks, Carol's good to be here. UM. Well, first and foremost, I mean, last year was an incredible year for UM, for healthcare, I mean, under complete duress. You know, they already were disconnected, UM. You know, their systems didn't talk to each other, and then you compound that with the pandemic and it was

just a really difficult time. But you know, we we persevered. UM. You know all of that. The company really, you know, started to engage with our health systems early to see if there was anything we could do, and we were helping them with all the administrative burdens excuse me, all the administrative burdens that they were experiencing during the endemic. So you know, you can imagine, um, a rush of

right now vaccinations. It's a huge issue and we're just trying to help them work through all the administrative challenges that they're they're facing. How do you do that, Sean? I mean, this is something that we are seeing have a bumpy rollout to to say the least, Um, how do you at all have help with that process and help get these shots and arms? So our AI workers can take on administrative tasks that are brought on by the vaccination. So in order for a person to get vaccinated,

they have to be registered. Um, there's a lot of steps involved administratively, take that and multiply it by you know, even in a in a single health system, they probably have twenty thousand employees. To multiply that administrative workload times twenty thousand and then multiply it by over three million for the entire US population and it's just an incredible

mountain of work. So all of us, we train all of to go in and do that administrative work, to fill out those registration for ORMs, to check all the boxes necessary to submit all the applications so that it can happen more quickly. So give me an example if I'm a patient, so what's the experience that I that

I'll go through. So normally you would have to fill out a lot of forms, you'd have to um take on a lot of manual processes, and then somebody who works at the health system would have to transpose all that into their system of record, you know, maybe it's an E m R or a registration system. In the case with all of you don't have to fill out

all those forms. That registration happens automatically. All of is going to take on the task affilion out the forms and transposing it into the system of record, so saving not only patient time, but also saving the hospital workers

an immense amount of time. Hey, Sean, how do you get hospitals on board with this, especially during a time when you know they are focused with their resources on getting people vaccinated and in some in some cases, Sean, look, they're they're worried about paying the bills because they've had to give up elective surgeries and the like. Yeah, that's

absolutely right. So we you know, all of it is considered a critical infrastructure resource, so all of it is there to keep the lights on to make sure the bill still get paid. To make sure the claim still gets submitted so that the hospitals are getting paid from the insurance companies. And since we're there, you know, working side by side the human workers anyway. Um during the pandemic, anytime there was a huge administrative burden, they would turn to all of and ask if we could do anything

to help. So it was really we were just you know, in the right place, working side by side them anyway. So when these opportunities came up to help them with things like vaccinations, we were there to move quickly. So, man, we would all love it to move more quickly when it comes to vaccines getting out there now, minds you. In some cases it's a supply issue at this point, but in other places it seems like there are vaccines,

but it's just not getting out to people. How have you been able to maybe step in and help or are you having any conversations on a federal level to maybe help within this process. So we haven't we haven't been asked to do this, you know, across the board from a federal perspective. But you know, initially we started by just really helping the front line workers take on these administrative burdens, and then slowly we were we've moved

into more of the supply chain problem. And supply chain is a complex logistics challenge and oftentimes more advanced machine learning can help with that right to determine where the where the supply should be, where can you store it, how to make sure you're meeting demand. So we're moving into the more sophisticated help to get the get the vaccinations out to who needs it. But ultimately, you know, the health systems get the right to choose who's helping

them do that. There's not a federal mandate right now. Hey, one thing that's interesting about what you guys have done at all of is is early on in the pandemic you said you were going to allow workers to remain remote on a on a permanent basis um. What was the decision there and and how are you thinking about

that post pandemic. So, you know, as this started to unfold and we moved to this remote as we call it a distributed work model, really we just our leadership had the foresight to say, we don't think this is going to be something that happens temporarily. We think work is changing. We think the nature of work is going to be changed forever, so we wanted to get ahead of it. We didn't want to be reactionary. Instead, we wanted to kind of determine and dictate the terms of

how we would work. So we came up with a model called the Grid basically said from this point forward, you know, we're gonna have a distributed and flexible system, and we're gonna let people choose where they work and across the country. And as the company, we grew from employees to have about five employees in January last year's we're about five sixty today. And we wouldn't be able to do that incredible growth if it wasn't for the Grid model. All Right, we're gonna leave it on that note.

He listened. Um, Sean, thank you so much and look forward to hearing more down the road. Seawan Laney's CEO of It All of phone from Columbus, Ohio. This as New York new virus cases fall below ten thousand for the first time since December. So a little bit about beating news. Tim, Yeah, nice to end on a little bit of good news. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes. Tim Stinovich from Bloomberg Radio. Look,

Carrol I said it a few minutes ago. If you're a business journalist, the game stops story is one that keeps on giving. And I gotta tell you, I'm grateful to have colleagues like Annie Massa and Mr Laney Gafa Pulu who are doing a ton of the legwork on reporting out this story. Any Massa's investing reporter for Bloomberg News, and she joins us now on the phone from New York City. Hey, Annie, Um, your latest story asked the

question about Robin Hood's business. This is a company that has absolutely been the darling over the last year and even longer of many venture capitalists. But take us into the issues that it's had to struggle with this week as we've seen this unprecedented story play out on Wall Street. Absolutely it has been a real world and her Robin Hood.

In the past few days, we just saw the company announced that it's raised another two point four billion dollars on top of a billion dollars last week, which it will use We're reporting to post collateral at the central

clearinghouse UM for the industry. Now, just stepping back for a minute, what's been going on is robin Hood was a key platform for users to purchase some of these mean stocks like game Stop and a MC in the past several kind of chaotic trading days, and all of that volume has put immense pressure on robin Hood to come up with additional cash at the central body that clears trades in the industry. So that's all led to this kind of wild environment that we've been um seeing

and tracking in the past couple of days. I also think it's interesting and we're going to talk a bit more about this later on about the role of Citadel. It's feels like, you know, it's the Kevin Bacon of the game Stop, you know, for francy trading anything. Everything kind of seems to lead act to citadel Um. Citadel, as you note in your story, is a crucial piece

of robin Hood's revenue. And it's kind of interesting that we're learning about kind of first of all, how you clear trades and how it all works on Wall Street, but also these kind of interesting relationships I feel like

between kind of smaller investor investing platforms and larger investing platforms. Yeah, it's really interesting to watch in real time because you take something simple, like the fact that robin Hood put the brakes on trading for certain securities last week and has been slowly coming back from some of the trade caps that they put in place. You know, that moment really sparked anger among some of its users, and they've

been venting their frustration online about all of this. But you take something that simple, and then robin Hood has been kind of rushing to explain like these kind of arcane market structure issues. Now, like, here's the reason we did it. It doesn't It didn't come up the behest of Citadel, it didn't come up the behest of any other Wall Street intermediary to to the risk management issue. But I mean, that's a very hard thing to explain

very rapidly to millions of users. The Citadel link is that Citadel Securities, which is the market making arm um of or the market maker uh that's owned by Ken Griffin, is connected very tightly to robin Hood. And the connection is that robin Hood sends its orders to be filled its customer orders to be filled by Citadel Securities, and Citadel Securities pays robin Hood to send those orders its way. And though although robin Hood, you know, does, has a

lot of these different relationships with different market makers. Citadel Securities is the biggest one. And this is so called payment for order flow, right, yes, so this is again like getting into these complicated kind of guts of wall streets. But um, that is that's the payment for order flow systems. And well, it's gonna say any because we only have a little time left. Um, is there any concern that robin Hood's customers are going to start rejecting the robin

Hood app after what happens last week? Because if you know, I gotta tell you, seeing three point four billion dollars pour into the company in a matter of days tells me that investors are certainly believing in it. And we only have about thirty seconds. Absolutely, so it's vc investors are still standing by it. To see three point four billion dollars pour in and just a couple of days is truly staggering. And you know, it will have to

keep its customers happy as well. Um, and I'm sure that they still believe in the company after after these kind of wild days we've just seen, hey, just really quickly ten seconds as robin Hood lost to any customers that we know of the retail investors. Some have defected, although there was one report today that said on Friday, right in the middle of all this mayhem, um, the company actually managed to attract six hundred thousand new app downloads,

which is wild. Oh yeah, yeah um. As to mention, this is the story that's going to keep on giving for some time. Any greatf you have just been spot on with the rest of our team, Bloomberg News investing reporter Annie Massa on the phone in New York City. No, it's kind of interesting, right, you know, they're trying to

stay true to their initial clients who gave them the momentum. Tim, but you do wonder about kind of these tricky relationships between you know, Citadel and some others, and very briefly, care I gotta tell you other competitors to robin Hood are now saying, hey, we're no longer doing payment for it to flow. We're going to try something else out. So they're trying to seize the moment. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes. Tim

Stinovich from Bloomberg Radio. Tim, I feel like we've talked about things over the last week. We've talked about market collusion, market manipulation, you know, and kind of what it what it all means is we've seen basically hedge funds pitted against retail investors. So I guess, you know, we need to find out do people think that the market was being manipulated? And someone who writes about it for Bloomberg

business Week is economics editor Peter Cole. He joins us right now on the phone in New Jersey, along with Business Week editor Joe Webber on the access line in Brooklyn. This has been, you know, Joel, a big part of the conversations we've been having, like did the traders, the retail investors do something wrong? Was the market manipulated? Yeah? And that was why, um we asked Peter just to kind of dig into it and see what he could find.

And it turns out to actually be a really difficult conversation and not one that that I think the you know, the legal side of this, there's a lot of interest in but it remains rather mysterious still. So so Peter, as you as you dug into your reporting, what what did you learn? Well, see, it's not just a problem of the fact the facts are in dispute, But it's

even the theory that's in dispute. So I dig up a article that came out in the Yale Journal on Regulation where the authors said that more than eighty years after federal law first addressed stock market manipulation, federal coal remains fractured by disagreement and confusion about the most foundational questions about what manipulation even is. They say may be

most controversial concept and securities laws. So even if people could agree on exactly what happened TikTok from the beginning of the game stop and other stocks up to the president, they might still disagree on whether it was illegal or not right exactly, So, well, what did you find out?

And having conversations because it's obviously not black and white here, Peter, Right, So there are things that are pretty clearly over the bounds, Like if you claim to be a buyer of shares when you're really secretly selling and you're just trying to take advantage of others, that that constitute fraud. That's market manipulation. Now, if you buy and you start saying good things about the shares as you buy, a lot of people do that, right, that's kind of ordinary, like I'm really hyped up on

the stock I'm buying. I I think it's good. That's that can be either illegal or illegal. If you're doing a specifically with the goal of pushing up the price, that could be market manipulation. And but that's only going to be possible if if your voice is powerful enough to make a move. If if I just said I'm going to buy a share of something, nobody would care because I don't have any influence. But and then then you get into the question of Okay, something is new here.

Robin Hood changed everything. And what what it changed was it created a forum for in which people who are singlely individually powerless are collectively powerful. So if they agree among themselves to do something, then what might have been innocent enough on an individual level could become perceived as a market manipulation. Okay, so what happens then, I mean, what could what could regulators actually do considering this is happening in Reddit forums and on the robin Hood app.

They can, They can and will not only study detail what's being said, but what the players who are saying those things are doing behind the scenes. Um they the SEC has the power to de anonymize the market data and target individual people to see what what's happening. And there could be some big, shadowy players here that we don't know about, you know, hedge funds even that are behind this action. And that's that's the kind of thing

that'll be looking at. But even if it's not, there could be smaller players who could be eventually prosecuted for market manipulation. Not saying it will happen, but it could happen. Peter, there's a term that I had never heard before that you include, which is momentum ignition. Uh, can you explain that term of art another name for a great garage band. I'm just going to put it out there. That's a

good one. I liken it to standing at the top of a mountain, and this is a good metaphor for today with all the snow we're having and yelling boom and suddenly an avalanche starts. All you did was yell boo. That's not illegal, but you kind of recognizant of the conditions of the snow and you you should should have known or did know, that this would trigger an avalanche. So if the ski shell at the bottom of the the slope gets crushed under an avalanche. Maybe you're responsible for

maybe you ignited that momentum. So, Peter, when we when you think about where the legal side of the whole game stop conversation could go, Like, you know, right now it's really nowhere. But but how realistic is it that this conversation could continue to fester. I think the SEC as we know, is looking at these cases now, so it could be not that long before. Well it could. I don't know how it's going to take them. They're gonna be careful about it, but I can edge and

prosecutions arising out of this. Not to say everybody who's involved in this as culpable, no, no, but but there could be some people who are and that's what they could be looking at very close. Well, And I'd love how you likened it to what happened to the storming of the capital, Like we have never been environment between social media where so much is documented and people you know, gladly would put stuff out there of what they were saying,

what they were doing, what they were thinking. Yeah, I know, I want to be careful of that because I'm not likening the people who were speculating in game stock or a mc or else to the people who invaded the capital. I mean, one case was a violent insurrection and one playing with stock market. But there you can find some parallels, and one of them is this question of who started it and who amplified it. So like, did Donald Trump

incite people to invade the capital. He didn't tell them to invade the capital, but were his words um enough to trigger it? And should he have known, given the volatile situation right that this would be the result. That's a similar game stuff. Well, it's a really smart read and I recommend it for everyone to help kind of understand this situation. Peter Coy, thank you so much, and

of course our thanks to Joe Weber. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes. Tim Stinovic on Bloomberg Radio. All right, you are listening to Bloomberg Business Week. First of all, I just playing off of what we hear from Charlie. Um. I was looking at those jet blue mini sweets two people. Yeah, I'm all in. Yeah, I mean when you get your vaccine, right, yes, when I get my vaccine. But you kind of kind

of love those little cubicles. Where you're kind of closed in it, like kind of like a mini New York apartment. That's feels that way. But you're right. When we get that vaccine headline, we just want to make sure everybody saw robin Hood in talks with banks and raising a billion dollars in debt. This is coming from routers. I mean, they've already been getting a fair amount of cash infusions here, right. It is remarkable, Carol. The company has raised an additional

two point for billion dollars from investors. That comes after it raised even more money last week, so three point four billion dollars in addition to what Reuters is reporting, this billion dollars in debt. Well, and listen, it spoke to what you said earlier, you know, for what we're worried about, you know, people saying no thanks, I'm not interested in using robin Hood anymore. Investors are interested in

still pumping money into it. And we did hear that robin Hood from Animasa saying that they was at like six hundred thousand new downloads of the platform. Yeah, it was at the top of the charts last week in Apple's App store. And look, I think from the marketing perspective. It's has to do a lot of work to do from reputational perspective after what happened last week. But look at the way that investors are being bullish on it. Those metro capitalists are right, they want a piece of it,

voting with their money, certainly sharing their opinion. So, okay,

we have been obsessed with game stop we were last week? Uh, and I do remember we had guests reminding us that there were some really other important things that were going on in the world, include the pandemic, earnings, a massive COVID relief plan, and as Bloomberg New Economy editorial director Andy Brown writes about in his weekly column, we saw both Wall Street and Washington take some big steps ongoing green and he joins us with more on the phone

in New York. Andy, Um, good to have you here. Tell us a little bit about You're right, there were so many things that were so important last week that we're going on that really got overshadowed. And tell us about what you wrote about, specifically when it comes to

the green movement. Yeah, So it just seemed to me that you know, all of these day trade is building up a MC last week was really detracting or drawing attention away from one of the biggest stories of our time, certainly you know, a story that is is in the

process of reshaping the whole global economy. And and it was so startling that last week you had this alignment between Washington and Wall Street on net zero, that um, you had Larry Fink, who manages or something like overseas something like eight trillion dollars of investment UM, coming out and saying, look, if you want our investment, you've got to start publishing plans to get to net zero by two thousand and fifty, at the same time that the

incoming Joe Biden administration is announcing a raft of programs for a fully clean energy network and carbon neutrality by two thousand and fifty, in line with a whole bunch of other countries, not least UK, Denmark, New Zealand And and so on. I you know, the balance you put out you whatever you're putting into the environment in terms of of carbon emissions, you've got to take out net zero. But but Andy, I do question the timeline here because

is look, that's a long time, that's twenty nine years. Uh, contextualize that for us because it does seem like a big deal. But at the same time, you know that's almost three decades. Well you're you're, you're right. I mean in some ways I was in the fifty year and

never never. Um, you know, some of us may not be alive by them, but um, you know, on the other hand, we're talking now about pathways and and Sphinx point is if you don't have a plan to get to net zero by two thousand and fifty, you don't understand the biggest opportunities in front of business today. So that will include at Allah, the you know, Joe Biden plan, clean energy, but also includes clean mobility. It also includes smart cities, um, everything that goes under this rubric of

you know, net zero. So in his view, and look, he's coming at this climate issue. Yes, he has his own personal views and it's informed by his own personal experience, like going fishing in Alaska and discovering how breathe because the tons because the tundra is on hire in Siberia. But he's telling it it's from an investor perspectively, saying, you know, company management needs to be on top of

the opportunities and the side of this. The historic risks, and not just the risks from rising sea levels and and hurricanes and the kind of crazy was white up the snow storms that I'm looking at right now out of my window in New York, but also shifting regulation and reputational damage to companies that haven't figured this out right.

It does feel like and you guys at you know New Economy, Andy, I think, are you bringing this together kind of the private public sector in terms of moving this forward and what we're hearing and you know, remember a story last week they talked about the Norway um Norway's sovereign wealth fund. They dumped a bunch of oil stocks. They've been losing money on those investments, and you know that was a pretty significant trade for them. So we are definitely seeing this a lot of momentum and lot

of pressure from the investment community. I have to ask you before you go, because we'd be remiss knowing your background, your China editor, senior correspondent columnist at the Wall Street Journal, you know, China, um me and mar the developments over the weekend and what kind of response we might get from the Biden administration. How do you see what's key that you think our audience needs to know about here

just just got about fifty seconds. Well, you know, um, from the perspective of China, China, of course, is extremely influential, uh, and it will back the general to every step of the way as it has done. UM. It's hard to know from the US perspective of what the US can actually do uh in this situation. I mean, look, we're coming out of a nominally democratic regime that presided over as we were talking about last week, genocide against the against the row Hinger. Um. So what sort of democracy

is it that we're defending here? Uh? And the personality of course of Unsang Succhi, who is now a deeply ambivalent figure. Um. You know, so what are we what are we defending here in uh in myanma um? And And it's hard to know really what what what the United States can actually achieve beyond ritual denunciations and messages of concerned for the for the people of of of Myanmar. Al Right, Gonna leave it there, Andy, thank you so much.

I always appreciate it and always thoughtful. Andy Brown, Editorial director of Bloomberg New Economy, on the phone in a snowy, snowy New York City Bro Marow Ajournal. Yeah, but you let me drive? Oh no, no, no, no, please, I'll do the writing reveals me. I want to drive. Just drive, baby, it's the question. Try your job. This is the drive

to the globe. Thanks well, drying us on Bloomberg Radio kind to say, I didn't see this coming, the rally that we have after last week, right, like I really thought, and I thought because of the weather it was going to be subdued, but certainly not. Let's get to the drive to the clothes and Miletti is back with that's head of aquid Active Equity at Wells Fargo Asset Management, and she has, uh, they've got about sorry, let me just look at my numbers here, six hundred three billion

in assets under management. And she joins us on the phone in Milwaukee, and I said to everybody, I've been back at the office for a couple of months and back at home, and I'm like, I forgot how to do this. Um, how are you? I'm doing well, Carol? How are you doing okay? Doing okay? How do you see like you forgot how to do it? I look at you pretty often, and you got it. You got it down quite well. Well, thank you, thank you. Um, it's been a it's been a crazy it's hard to

believe that already January is done. In terms of the market environment, UM, how do you see and how are you kind of making sense of where we are maybe where we're headed, and do you feel like you have visibility? You know, it's interesting, Carol. We're trying to stay focused on the fundamentals and coming into we thought that that's what's going to matter the most. UM might have one more round of stimulus coming at us and that would be good for the market in the near term, but

after that, fundamentals would drive the market. And then here we have, UM, what's going on certainly last week, UM and this week, which is I think taking people's focus off of fundamentals, off of earning season office things that matter. Certainly, that's not what's going on in our shop. Our managers are focused on the long term and on fundamentals, but the near term is being distorted a little bit around

some of its retail trading. Yeah, I mean, I can't imagine that the company's stock increased like we saw in Game Stop, you know, changing the conversation about fundamentals. UM. So, so what are you what are you liking right now

in terms of companies with strong fundamentals. Well, certainly, our managers have been focused more on the economic expansion and recovery that we expected, led by the stimulus, certainly, and we're seeing the numbers in the economy bear that out, um, but then followed up the second half by broader scales, vaccination, and so UM. I really believe that the economic data will look good and that will continue to bode well

for the market. So industrial financials were areas that our managers were getting into more broadly small caps as well, and then the emerging markets look like another place UM that kind of got left a little bit more behind over the past twelve months, and our emerging markets and international managers continued to be very optimistic about the global recovery.

At interesting you said small caps. I mean that's certainly been an area, you know, full disclosure, that I've been interested in two and we've seen such a significant bounce back. Dave Wilson was just on, you know, with this chart of the day and kind of looking at the run up that we've seen so far, does any of it start to make you a little bit nervous? Nervous and or are you guys still feeling pretty comfortable about small

caps overall and continuing their move to the upside. Well, I think when you have to be careful with the small caps is the distortion that you can see from events like what's going on today or actually over the last couple of weeks. Right, So when game Stop can move from where it came from to being the largest component of the Russell two thousand in backs and drive a big part of that performance, that can distort a

lot of the returns that we're seeing. So I think what we're trying to do is pick through UM different industries and different companies and really try to figure out which companies have the strongest earnings, the strongest cash flow, the strongest balance sheets, UM, and focus on those companies for the longer term. And you mentioned what happened the markets last week. I wonder to what extent you're hearing from clients about that. I mean, are they starting to

ask you about this stuff? Certainly our clients are very curious about this, wondering how it's impacting our managers today. They're worried about, obviously whether or not there's broader systematic concerns some of the things that you guys are all talking about as well, how long can this go on and what will be you know, are there dominoes that are going to start to fall if this goes on for much longer? Those are the biggest questions, um that

they have. And then certainly there's going to be some issues, um around the impact of performance. What happens when a stock like game Stop can drive you know, the Russell two thousand, what happens when you're trying to manage money against that? You know, Um, it's interesting. I mean, if you're buying an e t F of the Russell two thousand and today or on Friday, you were buying more game Stoff than anything else and you know, maybe that

probably wasn't intended, but that was the reality. Well yeah, you know it is interesting though about you know, the role of retail investors and kind of what's happened in the last year, uh and their their role in the market, I mean, healthier market, do you think and if we've got more retail investors involved And I know it's hard to maybe feel that way after the last couple of weeks, but you do wonder, um, the impact and whether it's a good or bad thing, I absolutely think it's better.

The more people that have knowledge about the market, the better off we will all be. So over the past several years, as I've talked to my own kids and their friends, as they've been investing on you know, apps like robin Hood and other things, they've learned a lot about investing in companies and investing in the market. But it's fun, you know all and the hope to money than really trying to figure out how to do research um and learn about the companies they're investing in. That's

different than what we've seen over the past week. And I think what I worry about, you know, when I look at what's happened over the last week, is how many smaller retail investors will actually get hurt when this all comes to a rapid end, And how many of those retail investors will we scare away and scare out of the market. That's actually not good for our business long term. I'd rather see more people in the markets, whether they're doing it on their own or they're coming

to us for more professional advice. Yeah. I mean, but that when it comes to game stuff and the rise that we've seen there. It's it's hard to imagine this ending any other way. Um. And and when we have about fifteen seconds left, yep, No, I think you're right.

I think everybody has to realize that diversification is really important and understanding the risks, and the risks are very high right now in certain names and fundamental else Ultimately it's going to come back to fundamentals like if you have a business or and it's growing, great, If you don't and it's not growing, um, that's going to ultimately show up at some point. Uh. And good to hear

your voice. And Miletti, she's head of active Equity over at Wells Fargo Asset Management six three billion in assets under management on the phone in Milwaukee. I forgot to ask her if it's snowing. Um, I know they got snow. They got snow, right, Yeah, I don't know if I don't know if they're still getting snow, but we're getting what they got. Yeah. And I actually just looked at the window and it looks like it is still snowing.

Just you're wondering. 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. Sarah to Bloomberg Global News