White House Nearing Deadline for Fiscal Stimulus

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. So it's been a couple of months, Paul, since we checked last, or checked last, and check we last checked in. Let's try that again. Let's try it again. It's only Wednesday's were last checked in with Dr William Hasltin. He is chairman and president of Access Health International. It's

a nonprofit thing tank. It's on a mission to improve access to high quality and affordable health care for people everywhere. He's also a very well known name when it comes to biotech, of course, founding a dozen biotech companies, including Human Genome Sciences. He has put out several living e books. Living because they're constantly updated on how we are living with COVID and figuring out our way back. He's also I got an autobiography, my lifelong fight against disease from

polio and AIDS to COVID nineteen. Quite a trip, he joins us on the phone from Connecticut, Doctor haselteen, It is so nice to have you back with us. Um, how are you. I'm very well, very happy here in Connecticut. I Uh, during the summer, I purchased an old farm and I'm busy, uh, sort of fixing it up. It's a lot of working old farm, I can tell you. Yeah. They're bigger farmers. Not no easy business. Um. So Dr Hazel, team, let's just start with the numbers. They're not going in

the right direction. I guess we can say we we're expecting this some type of second wave. What what are you seeing in the numbers as relates to new cases and so on. Let's take a global look. It's we look at Europe. We see very sharp spikes in European leading European countries UH, Italy, France, UH, Spain, UK. The numbers are up from the peak, the very very peak

of the spring. They now back up three to five times higher than they were think about that three to five times higher than they were when we saw those dreadful scenes from Italy originally and then other places. Uh, North and South America, with the Canadian exception, but connect Canada is beginning to show signs of distress are really bad. Um, both North and South America. India is in dreadful shape.

There's only one part of the world actually maybe two that are doing well for some reason that people don't understand. I'm beginning to look at Sub Saharan Africa, and then of course China. China and Southeast Asia are in great shape, but especially China, which has had six fifty million people travel over Golden Week and nobody got interacted. I have offices in Shanghai and Beijing, and everybody's going about their business. Their economy is growing. There have the highest exports and

imports as they've ever had. UM. That global picture gives you two pieces of information. One, this epidemic can be controlled through public health measures. Follow the book and you can be China. It isn't totalitarian. It's following the book, the guide book. And there are many such books. If you asked me the names of them. Uh, there are many such books which will tell you how to control a pandemic. You need good leadership which is clear, credible,

and consistent. You need good governance and the public health institutions to guy you. And you need a sense of solidarity in your population. They have it. The rest of the world seems to lack it, especially the United States, which, despite four of the world's population, is about of the world's disease. We are punching way above our weight, but not where we want to be. Now, what everybody is concerned about is what's happening right now and in the

next few months. And it looks grim because we're not doing what's necessary because we don't have leadership, Our governance processes are faulty, and our social solidarity never was really strong. It is falling apart. We've got real problems. I had serious problems, Okay, grim, Yeah, I mean, and it doesn't surprise me when you were going down the list of leadership could govern ince sense of solidarity, And I felt like there was some solidarity certainly in New York Metro

when we were hitting some of those high numbers. But you know, we're not hitting or firing annal cylinders when it comes to that list that you just put out there. So what does that mean? Do you think Let's take the United States, because that's where we are right now, what do you think that means for the next few months. I think unless we change our course radically, we are going to see at least a hundred thousand people a day infected. We'll see our hospitals begin to overflow as

we are now, they'll be totally overflowing. We might need search capacities. We're gonna have to start opening new graveyards. It's going to be very, very bad unless we change our course. Now. Is it inevitable? It's not inevitable. We can carry out public health policies even now, now that we know lots more about the disease. We can institute very rapid tests that are universally available, that are given

frequently to almost everybody. And we can start a program of what I call compensated homestay UH so that p bowl who are infected can stay home with their families. And I'm advocating paying them a lot to do that, five dollars a day for fourteen days with their whole family.

I think that's enough for people to identify themselves as positive to have the public health authorities that are responsible for paying them be able to double check and to keep people home as a family for fourteen days, that's not too tough. And for those who can't don't have a home, the homeless and people in a nursing home, put them in hospitals and hotels and pay for it. And when you had it's a lot less. What do you make though, doctor Haseltine, of all the schools opening up.

We had someone on yesterday who said, you know, kids are not super spreaders and that kind of making the case for opening up schools. What are your thoughts on that, especially with what you just told us in the last break about if we don't get things right, it's gonna be pretty horrible the next few months. I it is,

and I we have to watch the situation carefully. There's a new report out that actually gives a very precise idea about who can transmit the virus to whom that is, the Indian government carried out an enormous project where they did contact tracing and then for each of the people who were contacted by somebody with COVID, they just looked to see whether they in fact were infected, and the results are very surprising in one sense and very not

surprising another. At every age group. They looked at school age, the elementary school, the high school age above that, college age, and then people in the workforce and older people of one age let's say five to ten transmitted the virus most frequently two people of five to ten. People fifteen to twenty transmitted the virus two people who were fifteen to twenty, and the rates of transmission were pretty much

constant across all of that spectrum. So children are not protected from giving the virus to one another, and they can give the virus to the rest of their family that will then give it to other people. So that when we are looking at zones that are read that being a high rate of infection, a high rate of say five or more people per hundred thousand infected, and there are many states are even fifty or more UH to put you in a red zone. There are many states in the US that are now bright red UH.

It's at a serious question of whether you should send your kid back to school. If it was my child, I wouldn't do it. In the red zone. And much more of the US is turning red rather than green. It's not a good situation for children, and it's got to be very cognizant of what's happening. So dr in your book, My Lifelong Fight against Disease, from pollio and AIDS to COVID nineteen, what are the commonalities between those

three and maybe what are some differences here? I'd say the first commonality is when it first appeared, our senior leadership, our president and senior administration, including our health officials, refused to acknowledge it as a serious problem. They even wrote a book about me and Bob Redfield, an ame. You'll be familiar with this epidemic. We're still around, we're still fighting diseases. But they wrote a book called the Myth

of Heterosexual AIDS. If you could imagine that, a whole book attacking me and Bob Redfield called the Myth of Heterosexual aid Uh. Some of our administration is trying to wish this a waste. Fortunately, our public health officials are not as they did. So that's one commonality. A second run uh commonality is how the research are very strong. Biomedical research. It got engaged right away and started working on and trying to understand the disease and coming up

with solutions and for age. It was long time in coming five six years and coming where combination chemotherapy has been able to uh save and extend the lives so there are normal lifespans of those who are infected. We can see an enormous effort from the biomedical community. I think there's something like sixty papers now published from the biomedical community around the world that is really good news.

But whether or not it's going to be as effective as the drugs were in uh saving people's lives remains to be seen. It's an open question. The question on vaccines also remains open. We'll probably get a vaccine which is sort of like the flu vaccine, partially protective, uh, partially safe uh somewhat, but it won't stop that, it won't stop the pandemic. I don't think. I don't think there's going to be a a show stopper for this vaccine. I have to say, every time you're on, we always feel, man,

we could just go another sixty minutes easily. So I do hope you'll come back real soon, and we'd love to talk a little bit more too about your book. Dr William Hasseltine, Thank you so much, always gracious with this time, chairman and president of Access Health International. Check out his book, It's at It as an e book and a hardcover coming out in February. My lifelong fight against disease from pollio and AIDS to COVID nineteen. He has seen so much. This is Bloomberg Business Week with

Carol Messer from Bloomberg Radio. Well, COVID plus decades of pollution are a nasty combination for Detroit, especially if your zip code happens to be four eight two one seven. It is one of the most polluted areas in Michigan, and this certainly is problematic when it comes to COVID nineteen. This story in the magazine this week soon hit news stands, also on the Bloomberg and online at Bloomberg dot Com. Cynthia Coon's wrote it. She's US healthcare reporter at Bloomberg News.

She joins us on the phone in New Jersey and Synthony, Cynthia, you know, Paul and I were talking. It feels like there's never any kind of upbeat story coming out when it when you're talking about Detroit, tell us about Teresa Landrum and tell us about the zip code for eight two on seven. What's going on? Yeah, thanks for having me, Carol. This was a story about a very small part of Detroit.

It's only a little more than two miles, but it's surrounded by more than two dozen industrial companies and polluting facilities that have been making the air, contributing to poor air quality in this one small section of Detroit and other parts of Detroit. Obviously, pollution doesn't know borders for years, decades, and Teresa actually has been fighting these companies for decades.

She started her work in what's known as the environmental justice movement in the late in eighteen nineties, and that was back to when Detroit Salt was using explosives that were leading cracks in people's houses and their driveways and their foundations. And that was her first environmental justice battle. But through the years she's come up against any number of companies. She has dealt with HERMIT application. She has

tried to stop these companies from increasing pollution. And of course, earlier this year, COVID comes to her community and from what she could see and from all the people she introduced me to, it had a pretty devastating effect in terms of people getting very sick when they got the virus. So, since you this is a fantastic article, great reporting, and you know in this article is that this map that you that you refer to is literally the zip code is surrounded by a dozen or more factories. I mean

it just they can't escape, it seems like. And so I wonder, you know, and that led obviously to the pollution issue that she's been fighting. How has COVID impacted this community. The interesting thing is, not only does Treason know a lot of people who have gotten COVID, but we all know there are a lot of reasons why someone might contract COVID. It could have to do with how much it was circulating in the community before there was a shutdown, or jobs people do and so on

and so forth. But what's interesting about the people she introduced me to was the severity of their cases. And so when I would talk to people who live in for a tow and seven, they would talk about weeks of pneumonia or I talked to one woman who still was trying to catch her brass months after being discharged from the hospital and told me that to this day, which is even months later than when I first spoke to her. She still can't go on her five mile walks.

She can only walk about half a mile because it impacted her so much from a respiratory point of view. And so we started with the story of Landrum's niece, who is this woman, Danielle Hall, who had spent an enormous amount of time both in the hospital as well as in nursing home learning how to walk again, and just really use this to explore this idea that what we do understand is some research has come out early research showing that in exposure to pollutants does increase the

number of deaths in a given area. That's been, that's been, that's starting to be shown in scientific research papers. But then the question is also could people's COVID cases actually be worse because their lungs are compromised by the time they get exposed to the virus. There were so many like I'm shaking my head. I know you can't see it on radio and you can't see it since Polkan guess we're on Nexian video conferencing. But like in your

story you talk about um, I guess it was. In January, A. K. Steel filed an application requesting permission to triple the plants lead in manganese excuse me emissions. I guess what I can't get my head around is that I keep thinking we're in a world where we're trying to improve systems and prevent you know, more impacts on our climate, and

yet we know that that's not happening. Yeah, the environmental regulator actually gave us the data said that in the past decade they approved three thousand, five hundred eighties six applications and denied eighteen. And we asked for those numbers because a state representative who also had COVID, who also grew up he lived, which is the big thoroughfare that a lot of the industrial like trucks travel through and is cut through the community. He also had said, you know,

we go to these permit hearings. We go to we we the people communicate that this is a problem for them. People say that we can't kick on more pollution. And these are these are companies that are across the streets, sometimes from playgrounds and schools, and yet they still get approved. And so the question becomes how hard can it be? And there really are quite teams of lawyers who are trying to help these community members. But it's it's interesting.

One of the conversations I have with Theresa, she said, it's very it's really challenging because the companies come in that with with reams of documents and experts using language that's very highly scientific that an average community member you and I wouldn't know. We would have to get we'd have to get up to speed on parts for trillion and things that are just very much the lingo of that world. But it's very hard for community members to say, Okay,

wait a second. What you're actually saying here is this is going to spe more let into the air across the street from where my child goes to school, which is what seems to happen happening. So, but there's very interesting movement on the other side. So environmental justice lawyers filed the civil rights complaint earlier this year, saying that you know, this is systemic racism and action, that this

is a community that's predominantly a minority community. Was there was an approval of a hazardous waste facility, a huge expansion, and the lawyers came out and said, no, this is a problem, and this is a civil rights issue. And people shouldn't have to breathe this air deal with the effects of this pollution disproportionately. That's what I was lived.

I was thinking, you know, and Paul, I'm listening you know, to Cynthia, this whole idea of like, do we have a right to have clean air, fresh air as a citizen of this country. Yeah, it's interesting, And Cynthia, you know it's there's a forward plant right across the street, isn't there. Yeah, So so wherever you look, that's a massive forward complex actually, and it's actually now operating, not

quite like it used to be. Right. It used to employ more than a hundred thousand people, and it's hey day, and I think it was like the nineteen thirties, but now it's it's just much smaller. I mean, obviously a lot of this has turned to automation. But there while certain plants maybe have down scale, then certain industry has moved away, there's other industry that's obviously for me, like wastewater treatment and obviously hazardous waste facilities and power stations

and cement plants. And you just don't really take into until you stop and really think and look at this. You don't think about the totality of things that go into say making a car, and how many parts might be made right nearby, and that's how you end up with these sort of clusters of industry. And once upon a time this was, you know, a great place to live because there were jobs. But now there aren't nearly as many jobs as there used to be. So that's

not necessarily benefiting anyone either. But no one should have, you know, their employment tied to breathing air that is substandard. Hey, Cynthia, just quickly thirty seconds here, where's Congress or lawmakers on this? They've got to know about it. So Congress did actually bring in one of the scientists I spoke to who did a study very early on showing that exposure to pollution had um increased the death rate in certain communities.

UM and Corey Booker also had brought this UM scientists on into like a big town hall about this topic. So I think this kind of you know, I think there is some movement. I think there are some people in Congress who really believe in this and really cares. So there is a potential. The wheels are are turning, so yeah, there's a possibility for change. Amazing. It's a mustreet. I'll put it on Twitter. It'll be in the magazine this week as well. Cittia Coon's You're the best US

healthcare reporter at Bloomberg News. This is Bloomberg Business Week with Carol Messer from Bloomberg Radio. All Right, everybody, it's twelve days and I was looking for my hourly count. I lost my clock. Oh here it is twelve hours, twelve days, nine hours, fifty seven minutes, forty six seconds

until the election. We kicked off the day, Paul today with some news from White House Chief of Staff Mark Meadows saying on Fox at the goal in talks with how speaker Nancy Pelosi is a deal on coronavirus relief packages within the next forty eight hours. So we'll see what happens. Someone who is watching this very closely, Eric Wasson, he is congressional reporter at Bloomberg News. He's on the phone from Washington, d C. So, okay, here we are less than two weeks away. Um TikTok. I thought Nancy

Pelosi had a deadline, Eric, for yesterday to get this done. Yeah, that deadline obviously wasn't a very hard one. She had clarified at something along the way that it was just that she had to see people put their card more over their cards on the table. Of sounds like there has been some similar progress on things like the liability

protection for companies. There could be a trade off there where a few strength and workplace protections and companies would be able to achieve some kind of legal defense over their COVID procedures. But overall, big, big issues like state and local aid. Uh, this is a Democratic push to to get five billion dollars to stay in local governments that lost revenue during the lockdowns. There's still some some issues going on. So Meadows did put another forty eight

hour deadline on it today here in the Capitol. He came out of the lunch from that up and says two or three days. So that sound like a little bit more lit the room there. Um. But you know, we're seeing more and more of this possibility that they come to it. You know, maybe even at NAPSID before the election. Gives the president something to talk about the head of the election and then actually do the vote for the election. So a lot of things are slipping here,

but it does look like they're there. May be a possibility of the deal, if not before the election, then then into the Lamb duck session, which is when Congress comes back after uh November three. So, Eric, I have to admit the inner workings of Washington and billmaking often confused me, but this one really confuses me. I think I've you did not. You're obviously not a student of Schoolhouse Rock. I you know, I am, I remember it clearly,

but it just doesn't seem to happen that smoothly. Um So, But so, Eric, we have a president who wants stimulus. We have the Democrats who want stimulus, yet the Senate Republicans do not. Do I have that right? And if so, what do you think the strategies of the Senate Republicans here?

I wouldn't say that they don't want stimulus. Thing that they put forward to bills today that they voted on five billion dollars, you know, as much of a comic point that is, you know, wasn't chump changed before this COVID uh pandemic came about. Where we've seen three chillion dollars spent so far, but they just don't see the level of the two trillion dollar level that the White House and pelosity you're talking about now, you just have

different incentives. I think at this point there may be some sense among someone Senate Republicans that Trump maybe a gunner anyhow, and they're looking at what their Republican party will be under a Biden administration, where they may reclaim the deficit hawk mantle. So I think we're seeing a lot of that those previously repressed deficit hawk concerns re emerging here. Uh. You know, Democrats say, well that they're going to just posture that way because they want to

stimy Biden. But you know the digit you pe will if Trump, lucyld be looking for a new identity, and it may be the old identity of the Paul Ryan Party, which was focused on the deficit. Well that's what I wanted to ask you about because I was listening to Bloomberg Radio earlier this morning and uh, Brown professor, political science professor Wendy Schiller just talking about Mitch McConnell, and

you know, his lack of support for more stimulus. Is it that he's already looking to the next mid term elections and you know how they want to position the Republicans and maybe being able to say Hey, listen, we didn't support the wild stimulus spending that we maybe didn't really need. Is that Is that what he's playing at right now? I think so. They're always looking down the field. I mean, it's not just in the term elections you're

looking at primaries. You're also looking at a number of senators who are likely to run for president again, whether it's Ted Cruz, your Market Ruby, or others who want to establish that brand as being concerned about the deficit. Now that being said, there are certainly vulnerable Republican senators, certainly a handful like Court Gardner in Colorado, Susan Crowllins and Maine who very much would like to see a

big package voted on before the election. They are are really cleaning to life here as far as their political careers. So we see these maneuvers in the Senate, this sort of smaller bill brought up to give them some sense that they're doing something, and talk of possibly a deal being announced now if we get a deal, and then they say they're gonna go on the Senate after the election. Uh,

that's gonna be kind of interesting. We've been exploring with senators uh today about that, and you know, it really is up in the end because a lot of times piplically well out to the lame duck, everyone will be politically unfettered. They'll be able to make these difficult votes that otherwise would be uh, you know, politically painful. But uh, you know, to start to a veteran like Roy Blunt at Missouri, he said, you know, I don't think so. I think it's now or never. Eric, you mentioned some

vulnerable UM senators UM and folks in Congress. I mean, what's the feeling in Washington about the Senate? Is there a real risk from the Republican perspective that it does the power does shift to the Democrats. I think so. Yeah, I think that the Republicans are are you know that McConnell keeps saying fifty fifty proposition. I think it's more likely than not it does shift. Uh, there's a real scramble and everything can break a different way. But I think one of the reasons we saw a real uh

you know, rush to do them Tony Barrett nomination. We even had Lindsay Graham call on the hot mic I believe, saying, you know, doing this because as you guys could take over soon. So you know that that turns around here. See see that. Uh you know, Trump is in trouble. Uh, you know, and unless the polls were as wrong as they were or even more wrong than they weren't twenty sixteen, that's where this is going. So there is a bit of a posturing going on there as well. On the

Senate side. Any more surprises that you think could potentially come out of the halls, the hallowed halls of the Capitol before the election. Just got about forty five seconds here, Eric, Well, I mean we're talking about the stimulus see itself. I mean, if that yes, but now that could be a lifeline

to President Trump from Nancy Pelosi as Wall people. So whether that gives him a couple of points up, especially in crucial states like North Carolina or Pennsylvania, your Iowa, or others like Georgia where he's even uh facing a tough race. Uh, you know, that could be uh a very interesting development and there could be a lot of finger pointing if that ended up helping the front interesting times. Hey, Eric, thank you so much, Really appreciate the update and clarity.

Eric wess And He's congressional reporter at Bloomberg News on the phone from Washington, d C. Brother a journal Now, but you let me drive? Oh no, no, no no, no honey, please, I'll do the riding drivel let me. I want to drive, Just drive baby, the questions try This is the drive to the Globe community. Thanks well, run on Bloomberg Radio. Well, the election is thirteen days away and investors trying to get a sense of how do I play this? If A Biden wins, what does that mean for my portfolio?

President Trump wins? What does it mean? How do I play it? Our next guest says, don't sweat it. Barry James, portfolio manager James Investment Research. He joined us on the phone from Alpha, Ohio. Barry, thanks much for joining us here. I kind of get a sense from your research. They are saying, don't get too worried about elections, think about your market, think of longer term, think about the structure

of your portfolio. That's exactly right. Um. You know, we we have a special report we put out called Presidential Investing, Mining for Fool's Gold. It's available on our website James Funds dot com. But the research that we did, going back for years and years and years find found that

you can't really tell what's going to happen. We had some folks, uh like Peter Thield, thought that with the Obama things weren't going to do very well, and of course we had a powerful bull market, and then Mark cuban In said Trump presidency stocks would plunge and bond market capsize, and uh, it's done just the opposite, about twelve percent annualized returns in in stocks and long term bonds. Um,

you know since he was inaugurated. So um, it's really dangerous and a lot of behavioral science has found the same thing. People get too aggressive when their people are are in office, and they get too conservative when they're not. But the market goes up. There's been eight Republicans and seven Democrats since n and guess what, the market has gone up two out of every you know, three years. So um, don't sweat it. It's what I say, just

follow your plan. Well, okay, so there's presidential changeovers or there's you know, a second term, and then there's blue waves or red waves. And I do wonder how that, though, could impact the investment climate. Barry, Well, you're absolutely right. Um. We we saw previously when we had a red wave if you will. That it did have a boost even when uh, you know President Clinton and the Republicans took

over the House, uh and the Senate. Um. That was a positive thing because he wasn't a big spender to begin with, and positive things then took place. So uh, yes, it can work out really well. Uh. And you know if we don't, if we don't get crazy and some of our ideas, um, then it should work. That the key and key ingredient on money is that it's like water. It follows the path of least resistance. So the more barriers you put up, the more it's going to go

offshore again. And we saw when you took those down, we had trillions of dollars come back to the States. Well, okay, when you say, if we don't get crazy, there's maybe what you see is crazy and what others see is crazy. And there's listen, you know, I hope we all come out of this um past six or seven months a lot smart, smarter, and wiser, and that it's not just a focus on Wall Street like the White House seems to have. That we need to think of the bigger,

broader public. And you know we did, Paul and I did a story this week that if we took you know, racism out of our society, you know, we're talking about a sixteen trillion I think it was pion you know, boost to you know, the global economy or or or are you know. So there's a cost by us not looking at the entire population. So what kind of crazy popular,

you know, crazy policies are you focusing on? If we look at regulations, Um, you know, the reduction and regulations has meant hundreds of billions of dollars in additional money into the working man's pocket. So that would be one thing if if if things go you know, uh, overboard in one direction in terms of regulations and tax cuts. Historically, I looked at all the tax cuts, we did the research on that, and the bottom line is the working man and woman they see their their wages accelerated at

a faster pace. Uh. It's not to say that if taxes go up, they won't rise, but nevertheless, those tax cuts work that way. And the one dirty secret about that is revenues went up. We had the highest revenues ever from taxes with a tax cut. Uh. And that's because of economic growth. So things that support economic growth support you know, the free markets are are key ingredients to having our economy continue to grow and be the

best place to be in the world. So where do you think, I mean, you know, there's been this pushpool between the folks that are just saying I'm gonna sit on my big tech stocks and they've been the growth driver's great top line growth, and others that are saying, you know, I'm maybe I'm prepared to look to the other side of this pandemic economic growth and I can find some real value in some of the cyclical names of the industrial names. How do you kind of fall

out in that discussion. Yes, Um, there's about a difference in returns between value and growth this year, so you're right on. Unfortunately, the value trap is just that right now, it's it's got, it's got no no momentum whatsoever. UM. I would say for the moment, stay on the yellow brick road, which has been what has been working. UM. You know, the tech area. There will be a time, especially if we see more of these antitrust um you know moves, UM, where the big tech may may take

a big pause. And it very well could be that some of the new policies would really really be beneficial to some all uh two small companies. Um. And that's the area that's been totally ignored and maybe rightfully so up to this point. But you know, come come a new uh administration or whatever, it could be really positive in that area. I mean, it's stimulus necessary in your in your view, berry is what I'm sorry, stimulus another

round of virus stimulus. Yeah, yeah, I mean I talked to folks here locally and um, you know, the car's broken down or you know, something in the house is broken and uh, you know they don't they don't have a job, and you know, the jobless claims are reduced, so they need the money. Uh. And I don't you know their businesses too, obviously, the hospitality and and the like. Um, and the folks that I talked to, and they're are pretty desperate, um, you know, to try to stay alive

and keep their their folks being paid. So there's definitely a need for it. And you know, whether it happens now or later, I think something will happen. Alright, one quick name thirty seconds. What's what are you looking at right now? Well, I like Cadence Design. They just came out with earnings yesterday and they're spectacular. They beat the earnings, they just raised their growth, the growth numbers. They're really doing quite well in China, great margins, not a lot

of competition. Uh. They're making the tools and software that under you know, undergird the UH semiconductor industry. So there are money making machine right now and UH I think that's likely to continue. Yes, they're up, but don't let that. Don't let that dissuade you. You You can only buy the top one since I've been told many times. Yeah, they're up about six this year, so they've definitely been on quite a run. Um. Good to get some time with you, Barry.

Thank you so much. Barry James, portfolio manager at the Ohio based James Investment Research, on the phone from Alpha, Ohio. Thanks so much. 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