Wall Streeters Hunkering Down for More WFH

dot com. 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. There's so much going on when it comes to a vaccine. Um keep in mind global coronavirus cases passing seventy three million, deaths are passing one point sixty

two million. For more on what he is seeing as Dr Stephen Coryn, He's president and CEO of New York Presbyterian Hospital, who The New York Times called in the spring the CEO at the center of New York's coronavirus crisis. He um I should point out the first confirmed case in the New York area was in one of New York Presbyterians hospitals in southern Westchester. Dr corn joining us on the phone in New York City. Dr Corin, thank you so nice to have you here with Tim and myself.

How are you and what are you seeing when it comes to COVID cases right now? Well, thanks Carol and Tin for having me on. We're seeing a significant increase in COVID cases. Worried about of what our peak was uh in UH in the April time frame, and we expected quickly to go to the thirty five range by Christmas time, if not a little bit after. So we're seeing a significant uptick. The good news is that people are less sick with the virus as we see it.

During April, we had a mortality rate in the hospital of about extraordinary. Now it's down to about five, which is still horrific, especially if it's your loved one, but but much less than April. So I would say we've got a rough four to six weeks ahead of us UH. But UM, I think that we'll get through it a

specially as we start vaccinating people quick follow. UM. Do you anticipate that we're going to get back to those levels in terms of hospitalizations UM and cases um where we are there, but in terms of hospitalizations that we saw back in the spring, we hope not. Um. You know, we're clearly mindful of that. Our modeling would show that we would peek in the in the middle of January unless we have a really terrible Christmas season in terms

of people traveling and avoiding, social distancing and masking. We still haven't seen the full peak of of what happened and Thanksgiving, so that that really is a variable that that that relates to this directly. So uh, certainly no one wants to go back to where the city was

in April, and we certainly don't. Uh. And so again, until we get mass vaccination, masking, social distancing, washing your hands, all the things you keep hearing about become really critical and I empathize with are elected officials in terms of how much of a lockdown do you need to have versus not. I think a lot of it depends on how much virus is circulating. Dr Corwin, Why is the

mortality rate gone down so much? Is it because of what we've learned, what you've learned since March since April? Is it because the hospital is not strained in the same way as it because of therapeutics? Um? I think first the answer to your question is I really don't know, to be honest with you, I do think that we certainly know how to take care of the patients better. Um ramdzevie steroids. They may not be game changers, but

but we know how to use these drugs. UM with the masking and social distancing, are people getting less of a viral load when they get sick. We've certainly seen a shift to a younger demographic who tends to be less sick with the virus um And to your point, any system over that gets overwhelmed, it becomes more difficult to save lives. So the ability to not get the hospital overwhelmed, I think plays into it as well. So all of the above, but it's gonna take us a

while to swart through this virus becoming less virulent. We don't see that, but that's that's gonna take time for us to figure out. One thing that you just said really struck me. People wearing masks that you get less of a viral load. I haven't heard that before. What does that mean? Well, remember, uh, you know, uh, masks aren't totally effective, but it helps to it helps to filter out particles, and so we use the N ninety five masks when we're caring for patients. UH, and that

clearly prevents UH inhalation of the virus particles. So wearing a surgical mask not only protects the person that you would be breathing on, but also helps to protect you. And if you get less of a viral load, you may have a milder, milder infection that if somebody gave you a full viru a load, which is clearly what we saw in the beginning of the pandemic. Right, It's so simple, but it doesn't make a difference. Hey, what

do you make Dr Corrin? A new mutation of COVID nineteen turned up and I guess more than a thousand infected patients in the UK and was being blamed for more rapid spread of the contagion. Does that make you a little nervous? It does? I mean I think that this We know that the virus has many, many mutations. I mean this is not the first one. Uh. When people went on holiday this summer, they came back with a variation from Spain which appeared to be more virulent

and caused wider spread. So this is not surprising. Virus is, like anything else, mutate over time. The fortunate aspect for US VISA via vaccine is the spike protein is the key in terms of inducing immunogenicity, and so knowing the spike protein um and and developing the m RNA towards

the spike protein. I think we're in pretty good shape regardless of the very ations now in terms of making sure that that the vaccination will be very effective, right, because that's what I've heard that the current vaccines um still will work on these mutations. Is that correct? That's correct as far as I know, Yes, that's correct. And I think that because the spike protein has not changed, so it's not as it's the mutation profile is not what we see in influenza uh. And I think that

that's encouraging. And we're very bullish on the m r and A platform and the vaccine, both the Maderna and the Fiser vaccine. So Dr corn, I want to ask you when you're interviewing the Time. When you were interviewing the Times back in May, you noted that our assumptions around pandemic preparations were flawed. Are there assumptions we are making right now about this wave of the COVID breakout? This other wave, another wave, and about the distribution of

the vaccine and the impact that will have. Might some of those assumptions be flawed as well. Well, anytime you're doing probabilistic analysis, you you always there can always be flaws in the model. What I would say, though, is we grossly underestimated pre pandemic the amount of protective equipment equipment we would need for personnel. Protective equipment. We have over ninety days of supply for every major category of that. We had issues in terms of do we have an ventilators,

We clearly don't have that issue. Now we know how to create extra I SEU beds, and we know how to create staffing models that that protect our patients. So from that standpoint, we're much better off. Where I think that we can make a mistake as a country is to assume that the vaccines here, we can let down our guard and let's go back to business as usual. It's going to take a while for us to get to hurt immunity, and so we've got to do two

things simultaneously. Be really stringent about the guidelines uh and and separating ourselves from each other. As tough as that maybe UM and let people get vaccinated and educate the population on the vaccine. We have a lot of the population is skeptical of the vaccine. Are populations of color who have been experimented upon in the past, their skeptical

of the vaccine. So we've really got to educate the population as to the safety and the efficacy of the vaccine, and then hopefully by the spring will be at a point where we can really start to uh to get out of this. Dr Corwin, I want to know about the hospitals finances and the financial health of the hospitals that you oversee. I know they took a big hit earlier this year with elective surgeries canceled and being put off, but how do they stand today. Well, we're fortunate our

balance sheet. We're double A rated. We have a very strong balance sheet. But on a base of nine billion dollars we typically would have a margin of between three and four percent, we're gonna lose close to eight hundred million dollars this year. We had to put a three million dollars into our employees childcare bus service UH meals uh bonuses UH and we're proud that we were able

to do that. I think we'll get better next year, but a lot of it depends upon the economy coming back to normal, uh and people being able to move about freely. Well, and when do you think we will move be moving about around freely? Um? Is it next summer? Is it next fall? I hope by next summer we really see that. I hope that by May we've got mass vaccination. Um. I think a lot of it depends quite frankly on the distribution mechanism of the vaccine, some

of the storage issues with the vaccine. I think the incoming administration will be laser focused on making sure that that that we get the vaccine into arms, and I think that's really critical. The Fiser vaccine we're very happy to give because as as an institution, we have plenty of freezer storage. It's for minus eighties. Agrees, that's much more challenging if you're trying to give vaccine in the community. The Maderna vaccines easier to store, and some of the

later vaccines will be easier to store. But I think that that's going to be a challenge for us logistically. Hey just got about a minute left. When does the mass public like, what's the rollout look? For the rest of us. Eventually when that comes, is it that you're going to get a call from your doctor or they're going to call up people based on eight Like, how are they going to do it? What do we know

about that? If? If anything? At this point, I think you have to assume that what's going to happen is once we do the healthcare workers and the nursing home residents, you'll have a balancing act between essential workers. Uh, and then people over the age of seventy, maybe over the age of sixty five, and people with significant co morbid conditions. If you're a healthy thirty five year old, you're going to be towards the towards the end of that line, if you will. Um, So, I think you're gonna be

talking about age, comorbidities and essential workers. Uh. And we know that our essential workers are at risk, whether you're working in the subway, a grocery store, whether you're a longshoreman, whether you're a truck driver. So I think that that's really critical for us to get the economy going better. Yeah, absolutely, Dr Corn, thank you so much. I know things are crazy and you're busy, so that you carved up so

much time for us. Thank you so much. Be well and stay safe for you and your team and your families. Dr Stephen Corwan, he's President and CEO of New York Presbyterian. Joining us on the phone in New York City. This is Bloomberg Business Week with Carol Messer from Bloomberg Radio. We love Sean Donna Yes for his reporting and especially when he can weave in the nine zombie classic Night of the Living Dead to tell a really weighty story

about the American economy facing a zombie recovery. I know you caught up with him over on Cricktake earlier today. We did earlier, and Carol, we're gonna get to Sean and and Joel in just a sec. But I mean this story. It puts a name and a story to the people who have been affected by the pandemic and by the lack of movement in Washington, which is something we talked about all the time, but we don't meet the people who've been affected. Right, really like drilling down

and that's what Sean is so good at. Let's bring in Sean. He's Bloomberg New Senior Trade and Globalization reporter reporting for Bloomberg Business Week. He is with us on the phone in Maryland, along with Bloomberg business Week editor Joel Weber on the access line in Brooklyn. And Joel, it's just a reminder we talked about these big macro stories, but it's people, it's companies, it's small businesses behind it all. Yeah.

And Sean has been like singularly focused and obsessed with Pennsylvania for for several months and for good reason, um, with the election. And so when he said, Hey, I want to go to Evans City, Pennsylvania, I was like, what in the hell is in Evans City, Pennsylvania. And it turns out it was where The Night of the Living Dead was filmed in nineteen sixty obviously a great zombie film. And he goes, but wait, it's really, you know, like the most perfect character that you could have for

the story of America's zombie economy. Um, so would you would you find there? And I hope you don't say zombies, Sean, Well, I didn't find any zombies. It's actually turns out in a bad year for zombies, like a lot of us. Uh. The The Living Dead Museum and gift shop in Evan City, which was there to take advantage of tourists who come from around the world to visit this. Uh this place which kind of gave birth to the American zombie genre.

Uh is h has shut down, and it's shut down because of the pandemic, and uh so it is no longer It's not been a good dear for zombies. I think you know this story is is. As I was thinking about this story, I was really thinking about not so much the people who have felt the most extreme impact, uh of the economic side of of the pandemic, those who have lost their job, those who have joined the breadlines, those who have um really or or lost loved ones.

I was thinking of that, that kind of that that bigger mass of people for whom this has been a hit. They're not dead, but they're not living the same lives that they were beforehand. And that's really what you find in Butler County, which is home to Evans City. It's a a suburban county of Pittsburgh. Uh it's at the aggregate level, looks like a place that is doing better

than the rest of America when it comes to unemployment. Certainly, the unemployment rate there in in October was five point nine percent, which is a full percentage point better than the national rate was in October um. And yet you scratch the surface and you discover all of these people who are surviving in the world of kind of curtailed ambitions. The guy who ran the Living Dead Museum and gift shop in Evan City started the year thinking he was

going to be expanding his business. Instead he's shutting down that that location in Evan City. You go down the street and you talk to people who run one of the local sports bars there, businesses down six. You wander shortly out of you know, a short distance out of town, and you run into a company called fiber con which makes these little bits of steel that give the kind

of reinforced to reinforced concrete. If you're building a factory floor, you're going to be using those little bits of steel. Their businesses down by a third. And you find that same story over and over again in Butler County and in a lot of places in America right now. And that's the kind of that grind, that economic grind um that we're stuck in right now. Yeah, I want to stay on that theme because one of the companies that

you spoke to was ed Beans Incorporated. This is a coffee roaster in Cranberry Township, and they owned a regional chain of coffee shops called Crazy Mocha. They did get more than half a million dollars in a P P P loan back in April, but enough, right, Yeah, And you know, and that's one of the themes that I think it's kind of front of mind right now here in Washington is as Congress is debating a new rescue package for that will include hopefully help for UH for

small businesses. Is that that money that went out in the spring kind of helped a lot of small businesses get through a few months. And if you think back to March and April and and May, at that time, we thought this thing was going to be with us from maybe three or four months, and really the priority was on getting companies through that. Well, you know, Crazy Mocha got into the fall and UH discovered that business had not bounced back. Those office workers had not returned

to work. It relies on them to to buy coffee. And in October it filed for bankruptcy. UH and it's stopped paying rent. It's got you know, it's seven of its twenty three locations are are still open and kind

of crawling along. But that's probably something that we should be thinking about more as a as a leading indicator really, and a lot of economists worry that while we haven't seen a big surge in bankruptcies this year, we could see it uh next year unless we get the economy back on track, because right now the economy is really reliant on this kind of injection of fiscal health fiscal um uh, the fiscal stimulus that's come from Congress, and it needs more of it to get back to normal life.

Speaking of normal life, what what do people like Kevin Crease, who's the owner of the Living Dead Museum? What is what are his plans now? And does he ever does he hope that he's going to be able to reopen? What? What's that? What's that look like for people who have had to shut her and are trying to figure out the future. Yeah, So a big part of Kevin Crease's

life was travel. Uh. He made his money as the Zombie Guy, and a lot of fan fests are around the country and in industry conventions selling zombie t shirts and other bits of memorabilia. He also staged an annual festival every year which relied on people coming in. You talked to him, He's, uh, you know, he's got some other businesses selling other kinds of memorabilia online. He'll survive.

But the zombie business, he really needs people to be back and traveling again, and be comfortable traveling again and hanging out in crowds, because that's how he makes his business. I mean bottom line, Sean. I mean, as we look at and these small businesses that you talked to, and as you write in your story you mentioned earlier, you know, even you know, the well known companies of corporate America,

the big publicly health companies. I mean, they've been taking on a lot of debt and there might be some tricky spots in terms of servicing that debt. So there are a lot of questions about what one might look like. And we've just got about thirty five seconds here. Yeah, and the simple answer to that is you need demand to come back in in the US economy. I think, you know, we we in the last half of this year.

We bought into this narrative and financial markets certainly brought into this narrative that we were bouncing back, that the recovery was going gangbuster as well. We've seen that slow down as cases have surged in the last couple of months, and the US economy is gonna and this is really something that stops me every time I think about it. Is going to end this year five smaller. It's more than a trillion dollars smaller than it would have been otherwise if we had not had a Alright, we're gonna

leave it on that note. All right, thank you guys so much. That was Bloomberg News Senior Trade and Globalization reporter Sean Donnin reporting for Bloomberg Business Week along with Bloomberg Business We get it. This is Bloomberg Business Week with Carol Messer from Bloomberg Radio. Tim I want to do one of the most read stories on the Bloomberg today. It's about how all across Wall Street, the radiality is

kind of sticking sinking in. Even though we're seeing progress in terms of a vaccine, those folks are going to be working from home for some time. Big question is what is that home in New York? Where is it in Florida? Yeah, there is that. Because we know all of those things are i'd play, hey, let's bring in. This story was written by Bloomberg's Jenny Seraine and Michelle Davis. Joining us right now. Is Jenny, She's financial reporter at Bloomberg News. She's on the phone in New York City.

So Jenny, tell us about the reporting you and Michelle have been doing, What who you're talking to, and what you're finding out. So it seems like, you know, after most of the summer, we heard from lots of the world's biggest banks that they were really looking to bring back, um, a lot of their employees to the to their New York and US offices. More broadly, Um, they really had to taper back. So um, we've they've already started to

see employees kind of thin out. Some have actually told employees, you know, if it's not absolutely essential for you to be here, we want you to stay home. Um. And for some it's just the employees themselves saying, you know what, I've got holiday plans. I want to I want to say it, I want to stay put. What changed is it?

The fact that they're this wave is so much worse than well, I won't say that everyone thought, because a lot of people thought it was going to be this bad, right, but you know, these these banks, as you as you said, we're optimistic about getting people butts and seats as they say, right, yeah, I think you know, I think one of the things that changed that changed is really, um, you know, as the vaccine has actually made its way here and we're

starting to see the initial stages of rollout, I think banks have really come to terms with the fact that their employees are not first in line. Um, you know, it's it's really healthcare workers and residents in these long term care facilities that are going to be getting it, at least in this initial round. And so I think as they've come to accept that and and just kind of seeing how bad this wave really was, UM, it's kind of led executives to maybe pump the brakes a

little bit. In terms of the messaging round coming back to the office, Jenny, how many had really come back though, because the city has felt pretty quiet, So I'm just curious how many at the big Wall Street banks really had come back to the office. So the rough numbers that we're hearing is that most places didn't see more

than a quarter of people returned. So even though there was lots of messaging and lots of pushing maybe from managers, um, number kept coming up, and a lot of our conversations, um, and I think you know, a lot of that was also for the employees if they did come back, A lot of them maybe didn't see a real value just because the offices were so empty, so they were doing

zoom calls all day anyways. So, UM, it's definitely kind of that that the shift cycle after a little bit, um where if not enough people are back, then more people don't really want to come in. How flexible are these banks as to where people are actually working? I mean I was joking with Carol, is this happening in in Florida or is it happening you know, in Westchester where these employees live. Um, are are they allowing them to actually travel to places that where they don't live?

Or are there some sort of you know, encouragement to be close to the office. We haven't heard as much of that for New York definitely. You know, in Europe, if employees were in different countries than they were being asked to come back. But we haven't heard as much of that pressure here in New York. Um. But I mean, I do think especially for younger employees, they were told,

you know, you need to start coming back. We want you to be in the city so that we're able to come in as and as we're able to have you. Um So I think, you know, I think there was maybe not as much pressure as we saw another regions, but still definitely that pressure did exist for a little bit of time. At least traders are back. That was I mean, that was definitely who in the first round

of folks, and they've stayed. I'm right. Well, I think I think the banks have really learned that they can operate a trading floor with only a handful of people in the office. So I think that's what we're going back to. Now, what are the long term applications of a finding like that, I mean, does that mean head count gets lowered? No, I actually think I think the

long term implication is just flexibility. Like I think it used to be that if a trader you know, had a plumber coming, they had to take the day and had to had to be I think they'll be able

to just work from home on those days. I mean, we're talking about places where people still wear suits and ties, right, Like, flexibility not really in their you know, vocabulary, right right, So I think that will be the change for a lot of these folks is I think in the end allows and will still go back to the office five days a week, especially on the trading floor, but I just think there will be the option that they can

work from home more often. Um, at least from the conversations we're having so far, how much Jenny is JP Morgan watching City Group, watching Bank of America watching Wells or whatever, like, how much are they all kind of watching one another to figure out what they are doing? I think so there's definitely, you know, different forums where executives from these banks come together and and talk about

this stuff. But I honestly think a lot of it, Um you see it in the different messaging that you're getting from these thanks. You know. City was an example where, um, they were really cautious and they didn't put as much pressure maybe as some of their peers did. Um, they were fine with people, you know, if they wanted to work from home, if that's where they felt safe, that was fine by them. Obviously some other banks they were a little bit more strongly pushing people well to come back,

especially their senior traders. So I definitely think you see a difference in tone which which definitely indicates you know, they operate separately obviously and have different thoughts on this. But UM, but there are other forms I think where if one is discovered, you know, one way to operate a trading more and more safely, then they'll share that information. UM in due course. All right, Gonna leave it there, Hey, Jenny, thank you so much. Jenny Seraine Financial port rap Bloomberg

News on the phone in New York City. I'm brow journal. Yeah, but you let me drive. No, no, no, no, drill night please, I'll do the drivel. I want to drive. Just drive, baby, it's the question trying. This is the drive to the globe, TIMMU. Thanks. We'll try us on radio. It is time for the drive to the close and back with us as John Trainer, he's chief investment officer a People's United Advisors, roughly nine billion dollars in assets under management. John with us joining Tim and myself. He

is on the phone in Bridgeport, Connecticut. This as we see, as Charlie mentioned, UH stocks pretty much hovering near their best levels of the session. So Tim rapp about one percent here. There's optimism, there is some optimism. Hey, John, come on in on this. UM, the optimism that we're seeing in the markets. It seems to be over stimulus, potentially another round of aid coming from the federal government. How do you see it right now? Well, it would

be fantastic to get this behind us. We're frankly surprised has taken this long, but any any stimulus that we can get would really give us a nice head of steam heading into next year. So I think that's what we're seeing in the market. It's almost it's almost a relief rally, but it's it's it's long overdoe and great to hear, great to see. What size stimulus do we need? You know, our GDP forecast for next year is three point seven and it's lower than others. That's lower than

a lot of the big banks. Yeah, it is. It is a lot of them have been moving up, and it really is based upon the stimulus if we get you know, I've I've seen the cuts where everybody says that at a trillion dollars, here's my forecast at a trillion and a half, my forecast moves up. So what we'd love to see is the the stimulus come out.

Let's see how it's impacted. We hope it's really focused on helping the unemployed and helping small business and we could potentially be moving up our GDP forecast based upon what we see. So you know, it's only positive news for us going into next year from the GDP side. Yeah, so positivity. So I do wonder in terms of portfolio allocation or where you want to kind of allocate some new money. I'm looking at some of the names that you're interested. A lot of them are consumer based, Nike,

Dollar General. What's the Nike story for you? You know, for us, well, one of the things we're looking at our coup of these that are really controlling their their destiny through increased sales, and Nike has just done a fantastic job, not only through the normal retail channels, but on the direct to consumer side. So we like Nike just because we see accelerating revenue growth next year, you know, driven by organic growth, and that to us is really

going to be rewarded next year. So we like that story. What about Dollar General, that's a company that you have on your list too, Yeah, Dollar General. I mean, they've they've been a great retailer, They've they've they've benefited from the pain that we've seen this year and we think, you know, we still have ten million people unemployed. Um, if you drew a line at sixty dollars in income, people above that are actually doing fairly well. If you're

in that lower sector. Employment is still down twenty from where we were at the beginning of the year. So we see Dollar General and their target market is continuing to do well next year almost as a as a as a buffer against really some of the pain that we've seen. So we we like them going forward, but we want to be exposed to companies. Really, if you're in the retail sector, we want to see that that

that sales momentum continuing that that to us is the key. Yeah, I mean Dollar General has been on such a tear. I'm just looking at kind of annal annual returns. And we saw it after the financial crisis, right like you know, all of a sudden, people who couldn't afford to maybe go to some other retailers or for even some of the basics, they ended up going to Dollar General and they really picked up some new new customers exactly exactly. And you know, even though you know, we will see

some stimulus, we believe with the vaccine. We're going to see a rebound in retail. We will see you know, we'll start to go back out to restaurants. That pain in the employment market is going to continue with us for a while. We have a lot of people to get back to work. So donald dollar general will still be a bargain for a lot of people last year, and it's up trending higher again this year. Year it's

been on a tear. Like you said, um, what about when it comes to commons, because this is kind of a bet on the global economy, right, well, it is global and then infrastructure and what we've been doing, you know, you you asked about portfolio positioning what we've been doing this year, and we really started to do it in July. We entered the year with a real growth bias on in our portfolio and that has that has treated us

very well this year. But in July, we we know, we got you know, more confidence in the FED, more confidence in the stimulus. We thought we would have a vaccine, so we said at some point that value trade, that broadening trade is going to work out well. So starting in July, we started to increase the our exposure to the more cyclical sectors of the market, and Commons on a global basis is one of those companies that we

want to own. You know, we think that their position well for a not only the US, but really a global rebound. But you really want to be exposed to more cyclical sectors, not not dramatically, not the deep cycleols, but you want to be exposed to more economically sensitive stocks as you head into next year. What specifically they're about Commons, you could play that economically sensitive you know cycle a couple of different ways when it comes into

you know, kind of the industrial space. Why Commons though specifically, well just because we we we like the fact that their their market leaders, they're they're very well exposed and not only trucking but the construction business, and we just think you're going to see you know, if you if you see investments in infrastructure, Commons is going to be a big, big player in that, and we think on a global basis, infrastructure is going to be one of the one of the key areas that will benefit from

It's already up this year. Yeah, it's had a good run, a very good run, but we see a lot more in it. Thermost Fisher scientific tickers Tmo stocks up almost You've got a forward looking pe of about twenty five what is it? And you've also got um a little bit of a dividend there. But what is it about this one? Is it just that whole health tech explosion

that we're seeing coming off of covid. Yeah, we've liked Thermo for quite a while and we almost look at it as our chicken way of playing the healthcare playing the biotech cycle because, uh, you know, for us, it's very difficult for a lot of analysts, it's very difficult to find a company that's going to have the the hot new drug that will get approval. What we'd rather do is by the arms supplier to that marketplace. No matter who you are, if you're doing research, you need

to work with Thermo. So it's it's our way to benefit from the biotech revolution going on in the country right now, but to do it on a broad based basis rather than try and pick the right company with the right drug and the six billion dollar market care Are they the market leader? I'm curious how fragmented this

market is Thermo. Thermo is is the market leader. They are the they are the play in this space and it's it's what we would consider to be just you know, it's it's our bread and butter holding in this area. I can see why interesting stuff. Hey, love love love talking with you, John, Thank you so much. Be well, stay safe and have a good holiday. John Trainer, Chief Investment Officer, People's United Wealth Management nine billion in assets

under management, based in Bridgeport, Connecticut. I love talking names. Thanks so much for listening to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud, or at Bloomberg dot com, and be sure to check out our daily radio show at two pm Eastern on Bloomberg Radio. And be sure to watch us too on YouTube by searching Bloomberg Global News