This is Bloomberg Business Week. I'm Carole Masser and I'm Bloomberg Quick Takes Tim Stanabek. We're here every day bringing you the latest news from the world of business and finance, plus technology, politics, economics, all purtnising the power of Business Week reporters and editors, not to mention our journalists and analyst in more than one twenty countries. You can download Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot Com.
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 Listen. We've got winter storms slowing down the vaccination drive in New York, Florida, and Puerto Rico, a lot of other places. Anthony Fauci Nation's top infectious disease dr Tim saying inoculations have come to a grinding halt in some places. So that's a little worrisome. Yeah, it certainly is. That That's why we see the numbers
come down in the Bloomberg Vaccine Tracker. If there is bad weather, it can change not just in a state, but also the supply chain. Yeah, exactly, So watching all of that closing right now, really closely, excuse me right now, cases ex eating a hundred and ten million around the world. Let's get into our next guest, who has spent over three decades working to boost the health, safety, and sustainability
of our planet and the people working on it. Dr Shelley Hearn back with us, director of the Johns Hopkins Center for Public Health Advocacy at the Johns Hopkins Bloomberg School of Public Health, which is supported by Michael R. Bloomberg, founder, Bloomberg LP, and Bloomberg Philanthropies. She's with us once again from Charleston, South Carolina. Doctor her, Nice to have you back with us. Um, how are you. I'm doing whale, Carol.
Thank you though, just like so many other Americans, I can't wait to get my vaccination shot right right and forgive me my understanding is you're in d C, not in South Carolina. Yeah, how do you think it's going? It feels like over the last couple of days we've been asking internally and our reporters have been reporting on it about hey, is the worst over because it did feel like with cases and hospitalizations coming down and more vaccines getting at it did feel like it was getting better.
How do you see it? What are you hearing? Well? It absolutely is going in the right direction. You've seen the trends. We had our highest peaks ever in actual COVID desks in January, over four thousand a day. We're dropping now to two thousand, which is the right direction, but it's still much higher than the horrific peaks that we had in the summer. So we got to continue
to stay vigilant, keep on this vaccines. It's just one part of that equation, but it comes down to also the mass, the social distancing um, the care that we have to do and continue to keep up. Why do you think we're seeing such a dramatic drop in such a short time. Is it is it too early because to see the effects of the vaccine, or is it because we're over that post holiday bump. You know, it's
speculation and there are a number of different theories. We haven't the science hasn't come in yet, but it's probably a small contribution um the number of people that have actually had COVID that are gettingvaccinated. I think with news on the variant being out there, people have heightened again their vigilance and being careful on social distancing and wearing masks. You see more mandates. So it really comes down to
a number of factors that helped turn this around. Uh, and hopefully down the road we will have that herd immunity and will be at a much better place. Selly, how do you think mind iminstration is doing so far? Well, you know someone who's a professor who's used to handing out grades. Uh, it's it isn't incomplete, but I've seen some very important signs, uh in terms of progress. So you know, the good news is we Uh there was a pledge to have a hundred million Americans vaccinated in
a hundred days, which is ambitious. But I did have a chance to talk to the White House vaccine coordinator today. They even with the weather, appear to be on track. They're up to now about one point seven million and shots going into people's arms per day. So that's that's helping you with the math um. But but you know, we we started before this administration came in, we had about eight million doses a week going out to the states.
Were now up to twelve million. But you know, just as well as everyone who's out there who's trying to help family members or themselves find a vaccine. It's complicated out there, and it's a bit of a mess from state to state. You know what I have to say one of the I don't know how you tim at home,
but our conversations. What's confusing to me is I would assume, even if it was a little messy with the new administration coming in and trying to figure out getting up to speed, wouldn't a couple of phone calls to like, you know, Maderna and Fiser and say, all right, how many have we ordered? How many to make sure they're getting out, and a couple of calls to the states
to say, let's just get it out. Um. I understand it's not as easy as that, but it does feel like it's taking a lot slow or than and maybe it said, well, I know there are a lot of sleepless nights for a lot of people out there, and those calls have been made and there the vaccine companies are stepping up, and there have been new commitments for additional doses from MODERNA from the soon hopefully coming online Johnson Johnson vaccine, So there's more that should be coming
into the supply chain and they're talking about by July, uh, six hundred doses being available, which would would cover for everybody who needs and should have a shot. But it is still slow. And the thing that concerns me the most is, yes, we've got companies ramping up. Yes, the administration is trying to find as many different venues in ways to get this out there, but you have every
state doing their own guidelines. It's um, it's a it's it's crazy to see this patchword taking place when we did have guidance put in as by the federal government of who should be prioritized how to roll it out, and it seems to have been forgotten. So that's that's the kind of thing I'd like us to have. UM that it's an equal opportunity versus people having to go hunting and pecking and shopping for a vaccine. Agreed. Agreed. I think it makes it really confusing and complicated for
for all of US citizens. UM. Dr Jelleyharn, thank you so much. Really appreciate the time you find for us. Director of the Johns Hopkins Center for Public Health Advocacy at Johns Hopkins Bloomberg School of Public Health, of course, supported by Michael R. Bloomberg, founder of Bloomberg ELP and Bloomberg Philanthropies. That patchwork, Tim worries me. Yeah, it worries me as well. And I wondered to what extend public private partnerships are going to be something moving forward when
it comes to vaccine distribution. If you think about how we get flu shots every year, so many of them happen at offices nationwide, is that what it's gonna look like in the future for COVID vaccine. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes Tim Stenovic on Bloomberg Radio. We continue to watch Tim a lot. What is happening in the big freeze in Texas. We know it's becoming a global oil market crisis as well,
so much output comes out of Texas. And then let's not forget there was a story our Bloomberg News team reporting that Texas is restricting the flow of natural gas across state lines. There's a lot of interesting things going
on here. Yeah. Unfortunately, we have Jennifer Delowe, energy and environmental policy reporter for Bloomberg News joining us on the phone now from Washington, d C. Jennifer it's it's great to speak with you again, and you've we've been joining us on Quick Take throughout the week and we really appreciate it. UM. Governor Greg Abbott has announced this, this order he is On Wednesday, he said that he was banning gas from leaving the state through February to ensure
in state power generators had ample supplies. UM. Is this constitutional? Well, there's certainly a lot of questions being raised about the authority that he's using here. UH. And and certainly there have been questions raised about whether this violates the Constitution's Commerce Clause, which allows UH state governments to UM engage in interstate trade and prohibits them from interfering in interstate
commerce the UH. Interestingly, the Biden administration was asked about how they're viewing this and and they said very clearly, UH. One of their top officials said just about an hour ago that, uh, the UH this is a state issue, This is a state authority here. Still questions are being raised, and it's not quite clear to us that that UH the gas exporters who are affected by this are inclined
to follow the order. It's no longer just an order from Abbot, but in fact, the Railroad Commission of Texas has now it's been a notice to operators as well. Do you know what I love about these stories, Jen, is that it's it's a crisis and then all of a sudden we understand first of all how important Texas is globally to the oil market, their own power grid, and then we you know, start to learn about you know,
constitutional so called you know, commerce clauses. I mean, these are things that in a normal day we don't even think about, right, but you know, there's these structures in place that can make things problematic, um and make you wonder kind of how things work right. And Texas is is so unique in many ways here because it is you know, a bit of an island in terms of its electric grid, which is not like the rest of
the of the country. It is or cot is separate from the rest of the country's grid and and uh and that creates kind of a unique environment for um, for investments, but also for the challenges that we've seen over the last few days. And you know, in a crisis, let's not forget the you know, we're all looking to you know, political leaders to to act, and certainly Texans who have gone without power, Uh for days. Are are looking to their leader's act and that may be a
big factor. And why you know that the governor came out and took this step yesterday. Hey, Jen, I gotta ask about the history here, because as uh, as you wrote in an earlier story about this, Texas was warned a decade ago that its grid was unready for the cold. There was a storm back in twenty eleven. Uh. We do see this storm like a black Swan event, is how it's being referred to a once in a century storm. But but but Texas, the critics say, Texas knew this
could happen, right, Well, that's exactly right. So it actually wasn't even just two thousand eleven. Uh. Federal regulators have been warning repeatedly UH Texas and other southern states to harden their assets and to be better prepared for the cold. So two thousand eleven was certainly a big event. It wasn't as bad as this time. Temperatures were a little bit higher in Texas and New Mexico during two thousand eleven, But an incident in nineteen was also very destructive and
caused the state's first rolling blackout. So you know, even if it's uh, you know, not on the on the scale of this disaster. Certainly these storms have provided a lot of thought for the problems here, and and regulators have said, it's a simple matter of weatherizing your assets, uh, making sure that you put heating elements and instrumentation panels, and that you put you know, thermal protection and insulation around pipes and other equipment. Jen really quickly fifteen seconds.
So do things change going forward as a result of this. There's gonna be a lot of investigations and a lot of questions where folks are going to be asking that exact question, Uh, Governor Perry. Yesterday, former Governor Perry warned that the state prefers its free market and uh said he's, uh, he doesn't he doesn't support those changes. Yes, yeah for me once, shame on, you know, you know this works
all right, Jen Delowie, thank you so much. Energy environmental policy reporter at Bloomberg News joining us from the nation's capital. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. All right, we are also closely watching bitcoin because man, it seems to take out one record after another. Tim. Uh, and we just talked about Jeff good Luck now changing his mind, seeming to now consider a bitcoin a better trade. He
tweeted that out. So much going on, all of this leading to a micro Reagan reporting online for Bloomberg Business Week about the Wall Street skeptics who are sitting up and paying attention now. Mike is Bloomberg Market senior editor. He's with us on the phone in New Jersey along with Bloomberg Business Week editor Joe Webber on the access line in Brooklyn. How the tides have changed a little bit here. It seems like Joel, Yeah, well that and that was sort of uh, what cut our attention is?
You know, just it seems like comes in in waves and fits and starts and takes years, but like slowly. It just seems like bitcoin has made this kind of relentless progress and turned skeptics into believers or at least at least um less skeptics maybe whatever that whatever that word is um And you know, we watched it happen with with Tesla starting to talk about it in a different way and corporate balance sheets starting to maybe have
the prospect of it. Of my mean suddenly becoming a place that might try and get bring bitcoin onto its books. And it just kind of turned to Mike and say, like, you know what, what's happening is Is this really happening? And what's your take, Mike? Is it is this Bitcoin's moment? You know? Joel Uh, Like I wrote, I think a lot of people in the sort of traditional financial industry roles had kind of hoped bitcoin was a fad and so we go away and they wouldn't really have to
worry about it. And I think this month and maybe the last few weeks is really destroyed anyone's ability to just ignore it from now on. As you point out, uh, Tesla is scoring some of its cash on its bound sheet in the form of bitcoin. Uh. Another software company micro strategy family famously doing the same. Um. Now Pestils in the SMP five micro strategy is actually now big enough.
It's bigger than some companies in the SMP five. D Uh, some of the smaller companies, so you know, technically could be added some nights. So as an investor who was kind of trying to ignore bitcoin and hope the fact that goes away, you really can't do that anymore. Because it's starting to, as you point out, get ingrained in
the traditional financial system. And I think, you know, the big question is will other companies, will other corporate treasures and CFOs be inspired to do what Elon Musk and Michael Sailor at micro Strategy are doing and actually store some of their retained earnings their cash in bitcoin. Because yeah, there's a common complaint that it's your typical way of holding cash, like investments on your balance sheet is through
treasury bills. They're not yielding anything. So as as Michael Seller puts it, it's like it's like having a melting ice cube on your balance sheet when you look at all this asset price inflation elsewhere, and to just be holding cash that's fielding nothing is an issue for a lot of treasures, So I think, you know, I'm not sure how many will follow their lead, Carol, but I think the dis action that's going to happen to be fair.
We've talked to Michael Sailor on air. I mean, he is all in big time on bitcoin, So just like put that out there. Um, Mike, why why do you think bitcoin is so polarizing? I mean, I mean, you have people who are like so passionate about it. They say it's the future, this is going to change everything, and then you have people who refuse to acknowledge that it has any value. So I think it's because, you know,
if you came up studying finance. Uh, in the traditional finance, you always look at an investment as far as okay, what or what's the act and I'm buying here? Does it have a cash flow attached to it and therefore a yield? Or if it's a currency, what's it backed by? Backed by a stable government with strong finances or a weak government with a huge deficit that's going to keep trying money? You know, the same thing in the bottom market.
What's the likelihood that this yield I'm getting he is sustainable? You know, is the nation or the company gun a go bust? There was bitcoin there's really nothing like that to analyze. I mean, is it is just a you often hear the knock Uh it's called a digital pool of kind of referring back to the Dutch pool of craze of the seventeenth century. UM, meaning it's just kind of a fad, a market mania that people get excited about. UM. I think that sentiment is is changing fastly now because
of this corporate interest. The notion that does the number of bitcoins is limited, the supply is limited where in currency markets, um, you know, the money supply keeps on increasing as far as U S dollars because of what the FET is doing. UM. So this notion that it you know, it's sort of a way to preserve capital. UH, that will has more of a chance at least in the believer's eyes, of appreciating in value than depreate depreciating. UM. It's really starting to click with a lot of people.
And I think that's why, you know, it's not just Elon Musk and and UH and micro strategy, but you know, the tide is really turning where people see the the value in this um. You know. I think you could be say, wake up one day and see a big drop in the in the value of bitcoin and maybe that notion such you know, we'll have a big setback. UM. But for now, when when all it's doing is going up, I think it's just lowering more more and more people
into sort of the true believer camp of bitcoin. Yeah, you know, Mike, I think the other element and alluded to this is just that this idea of like, you know, we call it a cryptocurrency and that you know, it's kind of been you know, like for lack of a
better phrase. But in many ways, it's like it's starting to look less like a real currency than it is just a store of value in in a in a stranger sense, it's it's actually, you know, not something that we might be you know, paying our phone bills with or you know, I guess you could buy your your your next tesla with a supposedly, but it does not seem like it's a transactional thing so much as something else. Um,
what do you think of that? Just quickly? My think, Yeah, I don't think the appeal is still yet in the it's use as a means of transaction. I mean, you remember a few years ago when bitcoin first uh started getting hot. I mean, I guess it's several years ago now. Also, it's the companies, you know, we're saying, oh, you can buy our products or service. You can buy pizza with bitcon, you can buy how many people did um write? I think it really is just the hope that this is
an appreciation. This is Bloomberg Business Week with Carol Messer and Bloomberg quick takes Tim Stinovic on Bloomberg Radio. Tom, Tom, how did I do that? Hey? That's my dad. Okay, well that's nice. Sorry, sorry, my Tim's man. Tim. Anything going on in Washington today, Yeah, a little bit. You know, it's it's get It's all the rage on Twitter. It's what people are tweeting about right now. It is the hearing, of course that we are talking about happening in Washington
and the game stop hearing. Yeah, it's been a big deal and we've been following it. Uh, and we talked about it earlier, you know, the CEO of Robin Hood, CEF Citadel, CEE of Melvin Capital, the co founder read it. I mean, there's a lot going on. So let's get to somebody who's been following it very closely. Larry tab Is, Bloomberg Intelligence head and director of Market Structure Research, on the phone from Cape Cod, Massachusetts. Larry, good to have
you here with Tim and myself. So what's jumping out for you besides the heated exchange between the lawmakers and the witnesses. Great to be here, guys. Um, Yeah, it's an interesting discussion. It's really interesting to you know, to hear what the lawmakers take is on this whole issue. UM. That said, it's really difficult to get any serious points across because everybody only has a couple of minutes, So
everybody's trying to push everybody to a guest or no answer. Uh, two questions that really deserve a lot more than yes or no. That said, finally, in the last couple of minutes, there have been some issues and uh payment for the water flow and price improvement and issues. Really I think that really mean a lot to investors. Hey, Larry, does anything come of this? You know? I heard a lot of the questions about payment for order flow uh and
and questions about the actual execution of these trades. But what happens on the other side of this, I mean, is there any regulatory action that's taken? Good question? Uh. Reporters said they're gonna be two more hearings at least on this, so I'm not sure that anything's going to come directly out of this. Um. You know, there were some discussions around all different things, everything from you know, is this manipulation, what's going on with paying Florida flow?
People were talking about transaction taxes. Hopefully nothing UM. You know, substantial happens from this meeting, So I'm not sure we really got it at the details, enough details to really get at the heart of the matter. But we'll see what happens there for the next two two hearings. All right, Larrys.
So I've got to ask you, does anything need to have up in Like It's interesting I've been hearing some of the guests on Bloomberg Radio the analysis and is it just the big guys kind of ticked off at the little guys for figuring out how too smart to
do smart trading? Yeah? You know, I think, you know, there there are some things that we should be putting in, you know, on the on the side and really looking more into like, you know, Israel show really, you know, could it be tightened up in terms of short selling, transparency and disclosure? UM? Is market manipulation? Can it really occur? You know through bullet and boards? And you know, you usually when we think about market market manipulation, it's usually
by a very limited group of people. UM. But what happens when it's a bunch of little investors completely distributed? Um? And how does that? How does that work? UM? Payment for waterflow? I think I think that I think that stays where it is. Um. I think that gives uh UM brokers or investors free commissions, and I think it gives creates some incentive for market makers like Citadel the provide price improvement. But I think the institutions would like
to get access to that flow. So so maybe we see tightening spreads on markets so that more flow can actually occur on exchange, because that's one of the key issues about why that doesn't take place on exchanges because there's a penny tick size limit. So there are some things that are kind of cropping up that me may deserve further investigation. But I think, um, you know anything directly from this, You know, I'm not sure we're going
to see any direct actions. You know, Tim, you brought this up on our on our planning call about this whole idea of payment for order flow. UM. I know we've got another guest coming up at the close to
talk about this. What do we need to understand the larry about paying for order flow and this whole concept of best price because it's not always the best price because the fidelity versus a Robin Hood or somebody might not be getting the price well the way that sec to turn you know things about best prices, that it's act more better than the displayed price in the market, which is which is locked at a penny minimum spread. But the problem is that UM, a lot of stocks
should be traded more efficiently than that. So so, and that has to do with the size of the order. Because you know, my year hundred share order, UM, you know doesn't impact supplying to man. But let's just say you know, UM, large mutual funds order, a large hedge funds order, will that that a market maker can pay a little bit more UH for these retail flow orders because it knows that there's not a million shares behind it,
are half a million shares behind it. Because any order that's placed in the traditional markets could be accessed by anybody. It could be you, me, It could also be Stevie Cohner, some big mutual fund. The house hearing on game stock market volatility is happening right now. We are broadcasting it live on Bloomberg Quick Take right now. You can catch it at Bloomberg dot com slash qt if you want
to watch it. Larry I got I gotta ask here. Um. When it comes to the questions that that lawmakers are asking right now, does it seem like that they're asking the right questions here? Would you ask different questions? M I think they're kind of hinting in the right spaces.
The problem is that the five minute time constraint doesn't allow an intelligent answer because these answers are not yes or no. If you need to understand even just the dynamics around payment for order flow, why can't you give a hundred sure you know, uh trade a better price than you can give a half million sure trade? Um? Those need a little bit of time to suss out. Um. So I think they're they're hinting around at the right thing. That said, I'm not sure there's enough time to really
get at the heart of the matter. Hey just quickly, just got about thirty seconds here. But in terms of the individual investor, the retail investor, these you know, no cost trading platforms like a robin Hood and others. That has given them a lot of access to the market. It's a good thing. Can we say that? Oh, no question. You know, first of all, you know, when I started in the business, God, when they when they carved trades
on the stone back in the eighties. Um, you had to pay two hundred dollars aside to get in and out of of of a stock. You can for a hundred shares. Now you get in out for free. Um. You know before back then, UM, I remember getting priced worse than the daily high or low. Um, and not in a good way. You know now and you get from filled in a second. So so the markets are much better and actually much better for individuals than even institutions.
I just think it's an important point, especially as they move forward and thinking about any kind of regulatory oversight of especially these new trading platforms. Larry, thank you so much, really appreciate it. Larry tab head of Market structure at Bloomberg Intelligence, joining us from Cape Cob, Massachusetts. Roam turn on. Yeah, but you let me drive? No, no, no home, honey, please, I'll do the riding drivel lets me. I want to drive, Just drive, baby. The question trying This is the drive
to the globe. Thanks, we'll drying us Dawn on Bloomberg Radio. All right, we're just about eleven minutes away from that closing bell on this Thursday. It is time for the drive to the close. And great to have back with us. Dan Pippotone, co founder of Trade zero America, joining us once again on the phone in Brooklyn. Dan, good to have you here with Tim and myself. How are you great? Thanks for having me cal So were you glued to your TV or radio or streaming service when it came
to the hearings today in Washington? I had one ear on and one eye on the screen. But yeah, interesting times. Uh, it's it's really interesting to see kind of the lawmakers take on on what happened. Uh. You know, we feel that they're constantly trying to paint the picture of you know, the markets being rigged or stacked against the little guy.
And optically, while that's a great story and a great headline, it's it's refreshing to hear you know, some of these guys, the CEO of Citadel amongst them, to really stand their ground and and you know, let the regulators and the lawmakers know exactly what happened that day. So Dan, wait wait wait wait wait wait, So what exactly happened that day? Uh? Robin Hood had a capital call. DTC is sort of
the clearing firm's clearing firm. For whatever reason, they they don't know if they were unable to or or or against meeting it. But they wanted to make sure that the call didn't get any bigger, uh, And that was why they were stricted trading and some of those real volable stocks. So were the lawmakers asking the right questions?
Where any lawmakers asking the right questions? In your opinion, I I think some of the guys on the Republican side did kind of get to the heart of the matter, you know, really demonstrating that you know, the markets operated as they should, um. You know, um, the the hedge funds and institutions really had had you know, had their
play handed to them by the retail investor. And I think just that dynamic, uh and kind of turning Wall Street on its ear, where the little guy winning, I think is one of the main drivers of kind of one you know, the updoor for all of us, for all of us, but the market, the stopping of the trading, is that the market functioning as it should or is there something that does need to still be worked out
in your view? Well, and that's why they're talking about, you know, tightening up the settlement times because you know the way that the markets are structured right now. It did operate as designed. But to your point, the rules and and the means in which these capital calls are calculated, I think need to be revised, need to be a little bit more transparent, which is why the folks at Citadel and Robin Hood uh and many in the industry
are pushing more for instant settlements of trades. Dan, there is a lot of controversy and focus well I should say focus not necessarily controversy around payment for order flow. When you joined us on quick Take a few weeks ago, I asked you about payment for order flow because it is one of the ways that that you guys make money, right, Yes, it is. It's been around for a while. It's within
the you know as well, within the rules. But for us, I think that the difference in terms of how we do it and maybe maybe the way some others do, is that for us, we're gearing and catering to the active trader, those folks where you know, pennies and fractions of pennies matter. Uh. So you know, we would be called out quicker than Robin Hood was for shutting up game stop if you know what we were doing was filling I'll cost summers at the best possible displayed price.
There is a lot of activity that occurs in between the bit and the ask. So for us and for the routing that we that we do choose and we and that we choose select select to route to, it's important for us that those venues understand that price improvement is really the main driver. I'm really the main factor
for the trading experience for our customers. UM. Okay. So there there were a lot of questions around payment for order flow, especially a little after one pm Eastern time, UM when one lawmaker in particular was asking Citadel's Griffin about about the practice. Um, are you at all concerned that in the wake of this, the SEC might change its rules around payment for order flow and how that could affect your business? It's it is a concern, but obviously if they're changing it for you know, for me,
they're changing it for everyone. So you know, as a broker dealer and as someone who's going doing this for twenty plus years, we'll roll with those punches. What is the concern that you have And I understand that you know, playing with the retail investor, the individual investor, this is a benefit for you. So I just want to kind of put that out there, But what is the concern that you have that lawmakers come down somewhere on this process that will ultimately not impact the big guys, the
big investors, but will the little investors. So some of the questions today were regarding around did Robin hood or broker's police the fact that these stocks that the g m E s and the A m c s of the world were being touted and pushed on social media, which I think is kind of preposterous, where you know this this gentleman who started this this Wall Street fests board and was one of the main guys behind these trades,
were just sharing what he was doing. So my concern is sort of the overreaction and overreach where broker dealers would would would now be asked to, you know, monitor social media and and other things that are sort of outside the realm of what we normally do. But do we need to be concerned there's a little bit of a pump and dump. I mean, were these people really
trading when it came to game? Stop thinking the fundamentals of this company and who knows, right, we don't know the future, But do we need to be a little bit smart and savvy here about that possibility. Well, you know, I'll ask the flip side of that is those people who were trading game stock at two fifty three D and three fifty if if if they had any indication of how the markets function, they would understand that they were trading into a momentum play where the bottom can
fall at at any time. It's sort of buy or beware. Um. You know when you have when you have situations that diverge so far from uh, you know what we know to be reality as it relates to the company and its operations. Uh, you know, those are situations that I think people are you know, they need to be a little bit more aware of, you know, what what they're doing and the fact that they committing capital at risk. Um,
there is a there is the potential to lose that. Dan, we only have like ten seconds for this wors worst case scenario. On the other side of this, you got
really twenty five. I'm going to give you a worst case scenario is extra regulation that doesn't get to the core of what they're trying to mitigate, uh, and just creates unnecessary and unwanted burden on the industry, which could potentially have effects on liquidity and the way that the capital markets function in a you know, liquid and orderly way. Good stuff. Thank you so much, really appreciate it. Dan Pipotone, co founder Trade zero America on the phone from Brooklyn.
What are you aryl keeping me honest with the timing? Well, you know a little bit more and hease it. He talks pretty quickly. Thanks for listening to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud, or Bloomberg dot com, and you can also listen to our radio show at two pm Eastern on Bloomberg Radio or watch us on YouTube. Search to Bloomberg Global News