A 2-6-Month Lasting 'Vaccine' Could Soon See Approval: Fazeli

He also manages Bloomberg Intelligence for all of Europe, and as of today he's adding a third hat as an opinion columnist for Bloomberg Opinion, and he's kind of really fascinating column out today talking about vaccines when they could become available, specifically talking about President Trump and his contention that the U s could have a vaccine before election day. Sam,

once again, thanks so much for joining us here. Give us your thoughts about the timing of a vaccine, if specifically about President's Trump's contention that there could be a vaccine in the U S. Bio action day. Hi, Paul,

it's very nice to talk to you again. So basically the if we're looking at traditional vaccines, then you still have a fighter who who CEO continues to talk about the possibility of getting data as early as October or end of October, So there is still that possibility hanging around.

But the majority of companies, if they follow the same path as Johnson and Johnson has done in their Phase three by not looking at efficacy data until half their patients have had at least two months after their last dose, or that there is only one dose in the Genera trial, then there's no way fights that can read out there and Moderna we already know they've said they won't read out.

So it all depends what fights that does. It all depends what's going on with these conversations have happened between the White House and the CEO of Fights apparently. But there is another angle, which is what I looked at in my in my Pista road today poll. We'll do tell them, okay, and that is that the there is another version of vaccines, so called passive vaccines, so not

the usual one that you and I think about. But somebody much cleverer than me put it very nicely and called it an immune system in a bottle or immunity in a bottle, so it's already it's just loads you up with antibodies against the virus, so that either if you've just been infected or you are at risk of an infection, you could be protected for several months or

you could get a treatment out of it. Now, we've had two companies in general and really report data, and our contention is that there is a risk and I use that word on purpose, that the FDA may give these so called passive vaccines and approval before or in the next month. And if that happens, and of course the White House can claim that they achieved what they were talking about. All right, So the difference between an

active and a passive just highlight that force against SAM. Yeah. Sure, so you you, you and I have had many vaccines in our lives. So the ones that you would normally know as active vaccines are the flu vaccine or polio vaccine, or the measles vaccine, etcetera. So those are the ones that are injected into and you'll teach your body to raise an immune response so that if you get you see the virus, then you're already prepared to react to it.

The passive vaccines give you the antibodies that a vaccine induces in new normally an active vaccine, they just put them in a bottle and injected into So it doesn't last as long as a as an active vaccination as you know. You know, I don't know, fifty years ago I had my small pox vaccine right or whatever it was BCG vaccine. So all of those, you know, there's no these things don't last as fifty years. But what they could do is give you two years two months protection.

But in fact Clackso and Astro are working on things they give you six months protection. UM, so you can just keep going back every six months and get your top hop I mean they're not cheap, but top up and keep yourself protected potentially. So what's your hope, UM, I mean, when are you anticipating being able to get a vaccine and walking around your neighborhood. Oh gosh, you're

tantalizing me. Then I would love to UM to believe that one of these vaccines, the active vaccines Fiser Moderna novo vax is looking quite interesting, UM actually have their vaccine ready by the end of this year and next year. I would hope that they're better than the minimum that the FDA has required, which is protection. And frankly, even if it's he reduces your risk of disease or severe

disease by I would still take it. Um you spend a couple of days feeling pretty gruelty, and then after that you protected for hopefully year, two years, three years, four years. I would like that, Sam, What do you know what's going on in China? You know, we see reports that uh Chinese pharmacyttal companies in the government are are having running tests of tens of thousands and injecting people with some type of quote unquote vaccine. What's going

on there? You know? Yeah? But what were you doing that too, Paul? We've got if you add up at the number sixty thousand four Johnson and Johnson forty four thousand four find there, you get up to over two hundred thousand people being injected with vaccines, or least half

of them anyway with vaccine in the trials. Now. So I don't know the detail of what's going on in China, but I don't think this is massive news in that they already started with the with the military apparently, and then of course the broader population slowly running out at the end of the day, this um this vaccine that they're using, at least the one that I just read in the article that we were referring to, is one

that's based on an older technology. Nothing wrong with that, but it's an older technology and we've seen some data for it. It does give you some protection, and they're just rulling it out some Is there a danger that one country will get it and be you know, covered

us about it and keep it and we won't see it. Well, the the companies were developing these just all signed up, there was the news yesterday, signed up to equitable and making these vaccines that they're developing, at least the Western companies available to low income countries in an affordable way.

So I don't think this will happen that. The bigger question really is would you in the United States be even have the possibility to get access to the Chinese vaccine or a Chinese individual in the country over there, would they ever have access to the Western vaccine? So I think what's going on here is that the countries who got the technology are developing the vaccines themselves. So if you look around Germany, France, England, UK US, China, Russia.

They're all they're all developing their vaccines, and between them, I'm sure there'll be enough to hanger hand around them. Which one is the most effective. We've just no idea somewhere out of time. But is there any newcomer on the scene, you know, is it entirely possible that one of these days you've got an email from some companies

saying they've discovered some you know, massive new thing. Well not really, I mean, we are waiting for antivirals and therapies to continue to roll out, so we should get some data on those novovacs. Should have something new data in the next couple of weeks. That's not expectation. And there's a come Penny Frost that nobody talks about called val Neva, just developing a vaccine that's similar to the older technology val Neva. We certainly will keep an eye

on all of those. Sampa Zali, head of E M e A Research and senior pharmaceutical analist Bloomberg Intelligence. Time now to talk cars. A great story on the Bloomberg Today discussing whether you should buy a COVID car. It's been notoriously difficult to rent cars. Pricing has gone up as people in big cities trying to get out, even if it's just for the weekend, the ones that I've had to stay behind. And then overall auto sales have pretty much held up. So let's bring in someone who

can't give us more detail about all of this. Jessica Coldwell is executive director of Insights at Edmonds dot com. Jessica Q three Auto sales. Maybe we're not as quite as strong as anticipated, but they're still holding in there. There's like fifty million sales in the quarter. Yeah, definitely, And I think this is where Quarterly Cells probably heard the the knowledge of seeing what's actually going on in the industry, because if you look month to month throughout

the third quarter, you would see an improvement. September Cells, especially in terms of retail, the average consumer buying cars was actually quite strong. So I think that that can definitely give us some optimism in this market. And I would say overall the American consumer is holding up the auto market. It is the what we call fleet sale. So that's the budget, the hurts, the you know, the commercial the business fleet. Um folks that are are you know,

are not buying as many cars. So I think that really speaks strongly for consumer confidence that people are willing to make these big purchases. So, Jessica, I have a good buddy of mine who manages a dealership here in New Jersey and he tells me, and he's been telling you this for a couple of months now. The big issue is inventory. They just can't get enough cars on the lot to sell. What's the status of the inventory in this country? Yeah, I think that has been a

really interesting thing. I mean, who would have thought that in the beginning of March, when the pandemic started, that we would be having this conversation. I mean, I think what happened was, of course, factories across the US they shut down it's on average about six weeks during the pandemic, and at that time, no cars were being built. And you know, at the same time, people were still buying cars.

I mean, not as many during that time period, but people will still And that's that's a really long time for a factory. And if we think back till last year, General Motors in particular had issues with with labor strikes, so they had that at the end of twenty nine and then going into with the pandemic. Um. You know, I think that they've been particularly hard hit with with with inventory issues because of it. UM. So I think that automakers have been really trying to figure this out

to to try to increase production where they can. Of course doesn't apply to everyone in every factory, but particularly for things like pickup trucks, which have done really well. Um. You know, trying to eat more out of those is of course a goal for the auto companies, particularly as they they are, you know, they provide a lot of profitabilit be for them. So we know that numbers for sales were pretty strong and inventory is a little bit hard to come by, perhaps, but what about pricing and

what about financing? So our dealers willing to finance more? Are they getting a break from the people that are supplying them, from the car makers and so on? Because we know that, you know, with the exception of the stock market, a lot of people are out of work, they're furloughed, they're digging into their savings, and you know, may not be the right time for them to buy

a big purchase. M h. Yeah, I mean I think that what we're what we're seeing in terms of pricing in terms of consumer composition, that the people that are buying cars, particularly new cars, are people that are definitely

more financially secured through the pandemic. They're not necessarily as worried about being laid off or being furloughed or taking new pay cuts, or even if they take a pay cut, it's still, you know, enough to buy a car because you can tell that transaction prices are going up or seeing things like higher down payments, um, lower interest rate.

Of course, that's a big driver, and I think that that's helped a lot of consumers buy cars because not only is the interest rate low, you also have the automate automakers subsidized incentives which make the interest rates even lower. So I think that that is encouraging people to buy, especially when you think of some of these loan terms

out there. It's not unusual to see now seventy two eighty four months and if you're getting you know, something close to zero percent that you know, that kind of makes that new vehicle worth it. How about the used car market, Jessica, how's that faring right now? Yeah, the youth car market is pretty much going like gangbusters. Um they I mean, we're really seeing unprecedented things in that in the sense that pricing for you know, let's say a three year old vehicle has actually gone up over

the summer, and that I mean that never happens. I mean, you think about a used car every month it ages, you you know, the piers should go down. It's older, more miles, more wear and tear. But we're seeing the opposite um and we have through the summer um because as there has been just so much demand. I think people are you know, folks that maybe would have bought a new car in pre pandemic times, want to be a bit more financially conservative, are thinking maybe I should

go to the used car market. You have perhaps some people that are uncomfortable taking a public transportation and think I just want something that's not too expensive to some basic transportation to get me around. Okay, let me go into the US market. So as a result, dealers essentially cannot get enough used cars. I mean, we'll start to see prices decline as the calendar ure ends in the in the car's officially age. But I mean the market

has been incredibly strong the past few months. So we were at tifting point two at the last reading, million on annualized basis. How long for can that continue? Do you see you know, beyond fifteen million number for the rest of the year. Yeah, I mean it's possible. I mean I think fifteen million for this years is you know, still requires a you know, a strong clothes and I think some of the worries about as it's getting colder, will they be and not there um, you know, another

round of lockdowns as related to the pandemic. How will the election affect consumer confidence and and just sales in generals. I think that that is, um, you know, definitely a concern. But you know, if we look through what we have seen, um, you know, consumers have largely held up auto sales. So I think that them being the largest part of uh, you know, of the of the mix. Um, I think that really speaks strongly as we head into next year and you know, perhaps people are you know, doing it

a bit better financially. Jessica Caldwell, thank you so much for joining us. We appreciate that. Jessica Caldwell, executive director of Insights for Edmunds dot Com, giving us her thoughts on the auto industry again, uh, stronger than expected. Some of the expectations at the beginning of the pandemic that it would be disastrous for the industry turned out to be not so so. The job has claims that we saw this morning came in slightly better than forecast, although

stubbornly high. And what we're starting to see really over the last several days is some big blue chip companies, ranging from the airlines to the Walt Disney Company to financial services companies, announced some significant layoffs. Shnei, Bostic, Wall Street, Border for Bloomberg News joints us to talk about some of those financial institutions Socionale, we're seen in lakes, the likes of JP Morgan, Goldman, sachs Uh, some international banks

talk about some reinstating, some furloughs and layoffs. What do you have for us, Yeah, we we've been talking about this for a while. We knew it was coming, and now we know what the scale looks like, and now we know where the cuts are really coming from. At a bank like Goldman, you're seeing a lot of these costs only one percent of the workforce, but it's not it's some hundreds of jobs. It's a lot of back office jobs. But then when you look at JP Morgan.

There's some job cuts at the consumer unit as well as other lines of businesses. So this um, this sleep is not discriminating. The other issue you, I would say, Paul, is if you are a contractor for a bank, if you're a service provider for a bank, you should be a little concerned right now too, Shinali. You know banks lay off a certain small percentage every year. It's churn. It's the people who come in post internships who maybe don't make the cut, on so on. How is this

your different and timing wise? Is this when banks normally do it? Yeah, this this is when you would see them. But remember a lot of it, and make no mistake, A lot of this is pandemic driven, partially because people believe and you saw this in all State, which is cutting almost four thousand jobs right. A lot of this is because the economy is not necessarily improving to the point that can justify keeping so much staff on payroll.

So I mean, let's let's be very clear that some of this is because of the A lot of this is because of the pandemic. But also remember the banks are looking around and saying, okay, they started cutting jobs last year when times are very good in anticipation of a rainy day. The rainy day is now here. We

don't know how long that will last. A lot of the businesses that are making them do very well, we also don't know how long that will those tailines will last, and so they really need to be cutting where they can.

They want to be improving their returns through shareholders, which will be pretty discriminating, and they just want to be prepared to be competitive for the year ahead, especially when so much of their staff um can be found out they can do their work in a way that's more automated and in lower cost location like Texas and Florida or the suburbs rather than the highest um cost cities in the world. That's interesting, Stionnale. I guess a lot

of industries and a lot of companies. I think, you know what we're hearing from them is they are really rethinking the scale of their workforce, the location of their workforce, the deployability of their workforce. Is there that kind of discussion going on the financial services that maybe I don't need all the numbers I thought I needed before. Perhaps with technology, perhaps with automation, you know, there can be

a significant reduction in the permanent um jobs within financial services. Yes, absolutely. You know one business that has taken a long time to automate and now people are looking to you know, maybe this can move a little faster. It's been happening for a while, but you know, THECUS discussion, there's definitely elevated UH places like fixed income trading where automation has not really taken hold in the same way as other

parts of financial services. That's a place, for example, that we can look for much more automation in the coming years, and then at least the questions of what does that mean for jobs. Is that famous example of Goldman where a five hundred person trading unit was cut down to three people because of the effects of automation. They just didn't need that many people anymore. So we're seeing that

another part of high catch businesses. Then there's also the consumer business that you know, in the coming years you'll have a lot of questions about because this pandemic is shown that consumers want to bank online. They're not going to the branches like they used to be going to the branches. These firms used to have major branch networks employing many thousands of people across the entirety of the United States, So do they need those anymore? For now,

they're saying they like to have a physical footprint. But let's see if they hold true to that. Given this acceleration of digital banking. We heard from JP Morgan that it's eliminating more than one hundred jobs in an annual cuts, which obviously is not as many as Goldman Sachs. But those who took funds improperly, and you know, of five hundred people that were investigated, at least a few took

it took them improperly. You would wonder why any any you know, pandemic funds were necessary for a Japing Morgan employee. But you know, are they going to be among the fired? You know, there there's cost cuts for the purposes of cutting people in the consumer bank that need to be cut, but there's also cost cuts happening. I mean, yeah, that

that is a one off situation and super unfortunate. There's no other way to put that, right, I mean, those are those are firings for misconduct, right, so they're not hiring for but you know, it goes to show, you know, uh, the banks really don't have room, right now to allow employees to misbehave in any fashion, whether that's taking PPC funds or whether that's at this point any sort of

racial discrimination or anything else. Um, when when Morgan Stanley set out at the beginning of the year and put their moratorium on job cuts, that that will last to the end of this year, which was what their promise was, So that's another bank, by the way, we're gonna look too in the beginning next year. They made it very clear that, um, you know, bad behavior was the clear

exception to that rule. And you know, the banks are really trying to come out as a good guys in this crisis, so this is really a zero tolerance policy for this kind of behavior. Shenali, thank you as always for your perspective that particular program that was topped at JP Morgan, the Economic Injury Disaster loan program, and it's at all of a hasty probe, the full effect of which hasn't been previously reported. Do check out Michelle Davis the story on the Bloomberg for that one. And thanks

again to Shinnali Bazac. We're now joined by Lauren Simmons, entrepreneur and youngest ever female trader on the New York Stock and Change. She has a a new series coming up. Going Public will follow a diverse cast of entrepreneurs as they strive to win over investors, make deals, and hit the ultimate goal for startup listing on the nastac Lauren, thanks so much for joining us here. Tell us about

the work you're doing now in your upcoming project. Yeah. So, I'm so excited to be the host of Going Public, and essentially I'm here to educate and empower the next generation in finance and inspire the new generation of retail investors. The right way going public is, you know, groundbreaking in the sense that we are following five founders that are taking their companies public at the nastac UM. This isn't a competition show. Each company is standalone of each other UM,

but this is the the ultimate, the ultiman goal. How are you finding candidates, Lauren, and how are you examining them and sifting through them? Yeah? So, part of UM going Public. We have Rock Capital, which is the investment banking firm that is part of it, and they are

vetting everyone UM. That is part of the process. We are still openly casting UM and we are looking for companies that have high growth consumer products with the minimum of two million dollars to revenue UM and they Rock Capital is vetting everyone that's coming onto the TV series. So this is a streaming show. And I see here that UM viewers will be able to invest real money

in some of these companies. Yes, in real time. So a lot of the series we are filming from now until about March, and the episodes where we are actually being listed up the NATS like people will be able to participate in the I p O and that this is all happening through regg A. UM. Regga is the securities exemption that was part of the two thousands twelve

Jobs Act. The Jobs Act was passed UM into law by President Obama and it essentially the Jobs Act was designed to provide easier access to capital for smaller companies and allow everyday Americans to invest in them. This is really empowering people to be part of the I p O s, which, as we know this season is it's

hot commodity high pos opening left and right everywhere. So Lauren, I remember at the time there was just a little bit of trepidation about this because perhaps some of those who might want to take advantage of you know, what looks to be a great opportunity might not fully understand the risks involved. How will you present the risks for each individual company, whether it's chosen or not, to the

public as host of this streaming program. Yeah, so, because you know, going public is phenomenal, and how we're following this series, I will, you know, in a non biased way, will be able to explain what is going on in the road shows, what their financials look like. If this you know a company that will withstand the test of time. And so I'm breaking that down. But again I'm not

giving answers that will ski people left or right. It's just very fact based and from there people will take the information that I give them and hopefully make the best decisions for themselves. Obviously, I p O investing can be lucrative. You could be on the ground floor at the next Amazon, but you really want to take in everything that is going on behind the scenes and looking at the financials and looking at all you know, moving moving parts to be able to make the best educated

decisions kind of to move forward. So the Laarenest pandemic has upset businesses across the board, across the globe. It's really upset business plans for a lot of companies. I would suspect that it's really disrupted kind of some of the new issue market entrepreneurs trying to get business plans off the ground. How has a pandemic impacted kind of this side of the business that you're now looking at, you know what, I want to say that they've still

been moving forward quite ahead. I mean these are companies yet that that typically have been around and um they're raised in the capitol. I think they're doing fine. Obviously, we are in a time, especially going into court for where we are seeing a lot of people trying to lift um and I think that has everything to do with the election and just how the markets are going in general. And so I think that there's a big push especially for right now seeing companies you know, debut

before whatever happens with the election. I think going forward, especially when we're talking about the small cap space, we are going to see more people you know, having again going through the reggae plus route and and doing it from a small cap perspective because a lot of you know, businesses I feel fall into that year and they are very representative of m Americans and how most businesses are kind of run or well, almost out of time. But we were set to see this in one given covid.

Will we still see this? Do you have any kind of release day for us? Yes? Absolutely so we are definitely thinking Spring one. Nothing has been pushed back. We have already started filming. I was just out in l A about three weeks ago, so I'm so excited for everyone to see. Please watch on entrepreneur dot com. Um, they already have four teen million viewers ships through their medium platform and I'm so excited for you guys to

see springing next year. Well congratulations. Another first for Lauren Simmons, who is bringing out a streaming service called Going Public. As you heard in the Spring of one, you can see it on entrepreneur dot com. A diverse cast of entrepreneurs striving to win over investors and hit that ultimate

goal listing on the NASDAC. That's Lauren Simmons, personal finance speaker, author, producer, and of course she was at Rosenblat Securities at twenty two, the youngest female trader ever to work on the n y s C and the second black woman to hold the equity trader spots in the history of the New York Stock Exchange. Thanks for listening to Bloomberg Markets podcast. You can subscribe and listen to interviews at Apple Podcasts or whatever podcast platform you prefer. I'm Bonnie Quinn. I'm

on Twitter at Bonnie Quinn. And Paul Sweeney I'm on Twitter at pt Sweeney. Before the podcast, you can always catch us worldwide at Bloomberg Radio m H