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The Great Mask Debate Continues · Bloomberg Intelligence

• 0:00
  Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside
• 0:04
  Speaker 1: my co host Matt Miller. Every business day we bring
• 0:07
  Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along
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  Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast
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  Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and
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  Speaker 1: at Bloomberg dot com slash podcast. Well, during this fourteen
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  Speaker 1: months of this pandemic we have Bloomberg Radio and television
• 0:25
  Speaker 1: have been so fortunate to have access to a wide
• 0:28
  Speaker 1: range of experts that help us navigate what we need
• 0:31
  Speaker 1: to know, what is important and here uh at Bloomberg
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  Speaker 1: Markets on Fridays, we've been chatting with Lawrence Sour. She's
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  Speaker 1: the associate Professor of Emergency Medicine at the Johns Hopkins
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  Speaker 1: School of Medicine. I should know that the Bloomberg School
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  Speaker 1: of Public Health at Johns Hopkins is supported by Michael R.
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  Speaker 1: Bloomberg found our Bloomberg LP and Bloomberg Philanthropies. And Lauren,
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  Speaker 1: you've been so good to us over these months, kind
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  Speaker 1: of keeping us up to date on you know, they're
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  Speaker 1: really important news about this virus and the therapeutics and
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  Speaker 1: and now the vaccines, and I guess one of the
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  Speaker 1: questions is now is I don't have a question. We
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  Speaker 1: got a question all TV up, All right, you want
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  Speaker 1: to you want to go that route? You go that route? Now? Well,
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  Speaker 1: I just we've been talking about it, at least I
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  Speaker 1: have Lauren no, so we were. We joke around about
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  Speaker 1: this American dream mall all the time in Rutherford, New Jersey,
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  Speaker 1: and it just made me think, Um, it's going to
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  Speaker 1: be a place where there's a ton of people gathered,
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  Speaker 1: and I wonder what an expert would think about going
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  Speaker 1: to a place like that right now. I mean, even
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  Speaker 1: if you're vaccinated, would you feel comfortable going to it
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  Speaker 1: doesn't have to be there an Orioles game, or maybe
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  Speaker 1: you're a Nats fan, would you be comfortable going on
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  Speaker 1: the t I mean, do you go to these places
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  Speaker 1: where a lot of people are gathered, and then I
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  Speaker 1: assume you're vaccinated, would you wear a mask or not? Yeah? Well,
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  Speaker 1: I want to start by saying, of course I'm an
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  Speaker 1: Orioles fan, but um, I think I would feel safe
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  Speaker 1: in ball parts, especially if they're maintaining the sort of
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  Speaker 1: seat social distancing that they've been doing. So the seat restrictions. UM. Interestingly,
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  Speaker 1: you know, I think we're seeing some of the fall
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  Speaker 1: sports like football, UM go back to full stadium capacity,
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  Speaker 1: and I'm not sure i'd be ready for that my personally,
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  Speaker 1: of course i'm speaking, but I think that an outdoor
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  Speaker 1: setting where you feel like you're not up against people
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  Speaker 1: for long periods of time, where you have that space
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  Speaker 1: to move, I'd be comfortable there, but probably would still
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  Speaker 1: wear a mask. Maybe not if I was sitting in
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  Speaker 1: my seat and felt like I was, you know, six
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  Speaker 1: ft away from people, but when I headed back to
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  Speaker 1: the concessions or when I went to the bathroom UM
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  Speaker 1: or in you know, coming and going from those spaces.
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  Speaker 1: So that's like always the biggest challenges when people get
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  Speaker 1: sort of crowded together as they're entering or exiting the stadium.
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  Speaker 1: UM UM. An indoor mall for an extended period of time,
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  Speaker 1: I'm not sure i'd feel comfortable there, and definitely not
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  Speaker 1: UM other sort of indoor spaces where you have no
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  Speaker 1: control over how close you are to people. Well to continue,
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  Speaker 1: I mean, you know, I'm a long suffering New York
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  Speaker 1: Knicks fan, Lauren, and but fortunately they are back in
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  Speaker 1: the playoffs and they have. They're opening their playoffs this
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  Speaker 1: weekend at Madison Square Garden, the world's most famous arena.
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  Speaker 1: Of course, they're gonna have fifteen thousand fans there, and
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  Speaker 1: I believe the capacity is maybe seventeen or eighteen thousand,
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  Speaker 1: so it's pretty darn full indoor arena. But that's apparently,
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  Speaker 1: you know, as per the New York and CDC guidelines.
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  Speaker 1: That's okay, yeah, I mean it's so it's it's all
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  Speaker 1: about what your personal comfort is once you've been vaccinated.
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  Speaker 1: I think, you know, we do want to keep as
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  Speaker 1: much of the distancing, as much of them asking as
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  Speaker 1: they can, just because it protects people who either can't
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  Speaker 1: be vaccinated or have chosen not to. And so you know,
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  Speaker 1: it is a little bit of that, you know, doing
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  Speaker 1: something for someone else piece. But I also think that, um,
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  Speaker 1: if you're comfortable and you've been vaccinated, and you've you know,
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  Speaker 1: gone your full vaccine schedule, so either one or both
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  Speaker 1: doses depending on what you got, and waiting that two
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  Speaker 1: week carry it after UM, and you do feel comfortable
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  Speaker 1: and you don't feel like, you know, there's maybe another
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  Speaker 1: family member in your household or someone that you spend
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  Speaker 1: a lot of close time with it is at risk,
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  Speaker 1: then I think it's a different it's a different calculus, right,
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  Speaker 1: And if you feel comfortable, maybe keep that mask on
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  Speaker 1: you in case you find you find yourself in a
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  Speaker 1: situation where you'd feel more comfortable having it on, or
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  Speaker 1: where you're entering into somewhere where it does feel like
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  Speaker 1: masking is more appropriate or even required, because I think
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  Speaker 1: one of the outcomes of this new guidances that we're having,
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  Speaker 1: you know, patchwork masking with quests, and so you want
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  Speaker 1: to have it ready if you need it. But if
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  Speaker 1: you feel comfortable and you you feel like you're not
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  Speaker 1: gonna put anyone else vulnerable at risk, and I think
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  Speaker 1: that that's a different question. I think we're gonna be
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  Speaker 1: wearing masks in like five years. You know, I've been
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  Speaker 1: thinking a lot about that. Actually, It's it's hard to
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  Speaker 1: assess because I do feel like as a country, we've
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  Speaker 1: been pretty resistant to masking. Um. I have to say,
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  Speaker 1: the drop in some of the other restiratory infections is appealing. Um.
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  Speaker 1: You know, some countries have have had a long masking
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  Speaker 1: culture and and they you know, it just feels like
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  Speaker 1: part of daily life. I think we'll have to see
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  Speaker 1: what happens with vaccine coverage and how ventilations laughed. Yeah,
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  Speaker 1: and if we can make some really good changes to
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  Speaker 1: our buildings, take this opportunity to do that. I think.
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  Speaker 1: I think that there's a potential that we will see
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  Speaker 1: at least sporadic mask wearing for a long time to come.
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  Speaker 1: I think it'll be really interesting, Lauren, to see if
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  Speaker 1: we really do make ventilation changes building changes. Um. And
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  Speaker 1: that is, like you said, that would be great for
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  Speaker 1: us on on a whole um number of different disease issues. Uh.
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  Speaker 1: I actually like wearing a mask occasionally, but I've recently
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  Speaker 1: found that maskne is real that that happens, and it's
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  Speaker 1: difficult to get rid of. So I guess you gotta
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  Speaker 1: wash your face. I guess a little bit more. Lawrence
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  Speaker 1: Hour from the Johns Hopkins School Medicine, thank you very
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  Speaker 1: much as usual for joining US. Now. I have been
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  Speaker 1: pretty pumped. Talked to Bill Studebaker. He joins US today,
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  Speaker 1: President and chief investment officer at robo Globo. Uh, robo
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  Speaker 1: globe bull. Sorry, I'm sure people probably make that mistake
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  Speaker 1: a lot. Robo globe bull. Um. He is going to
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  Speaker 1: talk to us about AI five g autonomous vehicles, robotics,
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  Speaker 1: and semi conductors, which is obviously what makes it so cool.
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  Speaker 1: But um, Bill, you've got a bunch of E t
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  Speaker 1: F s that you have created their UM. The robo
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  Speaker 1: et F is the most famous, but you also track
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  Speaker 1: AI with TH H and Q and health tech with
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  Speaker 1: H T E c UM. I noticed they all seem
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  Speaker 1: to be doing equally well this year. If I look
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  Speaker 1: back over the past twelve months, each one is gaining
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  Speaker 1: UM more than fifty Why do they track each other
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  Speaker 1: so closely? Well? I think, uh, good morning, and thanks
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  Speaker 1: for having me. I think what you're seeing right now
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  Speaker 1: is that you know, these are technologies, particularly with robotics
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  Speaker 1: and AI, that are being applied to all industries, in
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  Speaker 1: all markets. And these were years ago, you know, viewed
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  Speaker 1: as niche applications, where you know, fast forward eight years later,
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  Speaker 1: we couldn't be more convicted and how these technologies are
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  Speaker 1: changing the way we live and work and in healthcare,
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  Speaker 1: the exciting thing now is that we're in the process
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  Speaker 1: of beginning to cure chronic disease. I mean, healthcare as
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  Speaker 1: we've had it has been really sick care. Someone gets
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  Speaker 1: sick and you basically go and you know, try to
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  Speaker 1: take a remedy to to uh, you know, prevent it
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  Speaker 1: from spreading, not always just curing it. Um. But now
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  Speaker 1: we're moving into a completely new, uh digital realm. I mean,
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  Speaker 1: healthcare is less than one percent digitized, and people going forward,
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  Speaker 1: I'm not going to live until their seven year eighty
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  Speaker 1: try one twenty plus because we've left the ability not
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  Speaker 1: just to arrest the signs of aging, but in some
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  Speaker 1: cases reverse it. So build I'd love to get a
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  Speaker 1: sense of you know, one of the key issues throughout
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  Speaker 1: anology right now is the real basic building block of
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  Speaker 1: technology semi conductors. Can you explain to me and to
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  Speaker 1: our listeners how it got to a point where there's
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  Speaker 1: this acute shortage of chips out there and how long's
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  Speaker 1: it going to take to wind its way through? Well,
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  Speaker 1: that's a that's a good question. I think it's pretty
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  Speaker 1: similar to most you know, signal industries. They're capital intensive
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  Speaker 1: companies are always reluctant to add too much capacity once
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  Speaker 1: they have to manage your business, you know, for shareholders, etcetera. Uh,
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  Speaker 1: And the industry right now that we're seeing it's going
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  Speaker 1: through really unprecedented times with the supply environment and you
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  Speaker 1: know meanful inleventory plenishment is not going to happen until
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  Speaker 1: very likely the first half of twenty two. UM. And
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  Speaker 1: I think what you're seeing now is the need for
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  Speaker 1: semiconductors is really exploding as we're having advancements in five
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  Speaker 1: G and edge computing and basically all of our assets
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  Speaker 1: that are around us UM have seven connectors that are
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  Speaker 1: assumed to be, if not now beginning to aggregate data
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  Speaker 1: and communicate with US. So, UM, the whole world is
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  Speaker 1: becoming tecrified and digital and digitized. What what how did
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  Speaker 1: this work out? Because I know you used to be
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  Speaker 1: a portfolio manager, right, So, UM, what made you decide
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  Speaker 1: to start creating these e t F s at Robo Global?
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  Speaker 1: And you know, I'm always fascinated by it because I
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  Speaker 1: think this is the way that UM, younger generations are
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  Speaker 1: are really investing and going to invest, especially over you know,
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  Speaker 1: the mobile phone technology, etcetera. Well, I guess I was
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  Speaker 1: fortunate to set my career kind of looking at technologies
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  Speaker 1: and industrial companies and was pretty focused on the concept
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  Speaker 1: of automation. As I was kind of looking around, you know,
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  Speaker 1: UM began to think to myself and my and my
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  Speaker 1: partners were you know, we're gonna be increasingly automating everything
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  Speaker 1: and we've kind of started up robot We looked around
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  Speaker 1: and you know, how can we want to invest in
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  Speaker 1: the theme of automation. That weren't any dedicated hedge funds
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  Speaker 1: doing anything in automation. UM. You know, how about venture capital,
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  Speaker 1: private equity? Very little obviously nothing going on in UH
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  Speaker 1: in the mutual fund long only world. So we we
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  Speaker 1: knew that there were dedicated pure flight companies you know,
• 10:30
  Speaker 1: likened to sturgical you know, like for Nook, etcetera. But
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  Speaker 1: if you would in the classic Wall Street gigs and
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  Speaker 1: pulp the word robotics, you know what companies would populate that? Nothing?
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  Speaker 1: How about if you pulled up AI that was just
• 10:42
  Speaker 1: kind of an Elon must science fiction term. So we
• 10:45
  Speaker 1: actually were the first company ever to have gone out
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  Speaker 1: and created essentially UMU, the SMP, the nasdack UM, which
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  Speaker 1: is the robo Global Index to track robotics and AI.
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  Speaker 1: And we've done that for healthcare in avay shouldn't um
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  Speaker 1: and we've also done this for AI. So that's kind
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  Speaker 1: of unique, uh in terms of what we've done. Hey,
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  Speaker 1: Bill thirty seconds, what what's the sector that's really getting
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  Speaker 1: your attention right now. Well, it's really hard to isolate
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  Speaker 1: to just want I mean, I think one thing it
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  Speaker 1: stands out. I think a lot of your listeners would
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  Speaker 1: understand his e commerce. I mean e commerce because the
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  Speaker 1: pandemic before, um, what's sort of a luxury, Well, it's
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  Speaker 1: been turbo charged where it's a necessity. E commerce screw
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  Speaker 1: for five last year. When you look around into North
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  Speaker 1: America warehouses, I would say less than five percent of
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  Speaker 1: warehouses are heavily automated. So we're beginning um to see
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  Speaker 1: even increasingly more technology that's being put into speed up
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  Speaker 1: fulfillment and supply chain. And this is going to go
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  Speaker 1: on for years of not decades. Yeah, absolutely fascinating, And
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  Speaker 1: I think you're you're definitely right there because everybody has
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  Speaker 1: to match Amazon, right have always, They've all got to
• 12:01
  Speaker 1: get it to you in twenty four hours or less.
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  Speaker 1: Bill Studebaker, their president, chief investment officer at Robo Global,
• 12:07
  Speaker 1: This is Bloomberg. Yeah, I'm really digging these big takes, Matt.
• 12:14
  Speaker 1: I mean, these are some pretty juicy stories in Bloomberg News.
• 12:17
  Speaker 1: You know, it goes really deep and today is no difference.
• 12:20
  Speaker 1: Tom or like. He's the chief economist for Bloomberg Economics.
• 12:23
  Speaker 1: He joins us Uh And what I like about Tom
• 12:25
  Speaker 1: is he spent over a decade in China, in Beijing,
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  Speaker 1: working and living there, so he's got a great global view.
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  Speaker 1: And the story that they did today, it's got a
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  Speaker 1: really cool headline world dominating superstar firms get bigger, techier,
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  Speaker 1: and more Chinese. Tom, tell us what you guys and
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  Speaker 1: your team UH looked at here when you looked at
• 12:45
  Speaker 1: some of the really big global companies. Thanks Paul, great
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  Speaker 1: to be on the show. Um. So, what we've done
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  Speaker 1: if we've taken a grand historical sweep um and kind
• 12:56
  Speaker 1: of look at the evolution of the biggest distis in
• 13:00
  Speaker 1: the world over the last thirty years. We pulled data
• 13:04
  Speaker 1: from the Bloomberg terminal on their market cap, their profit margins,
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  Speaker 1: their tax rates, how much cash they've got, where they're from,
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  Speaker 1: and what they do and use that to tell a
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  Speaker 1: story about what the biggest firms in the world looked
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  Speaker 1: like back in and what they look like today. And
• 13:24
  Speaker 1: as you said, the sort of the type of captures
• 13:27
  Speaker 1: some of the big themes we're looking at and move
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  Speaker 1: east more Chinese firms at the top of the global rankings.
• 13:34
  Speaker 1: We're looking at a shift from big oil to big tech,
• 13:38
  Speaker 1: and we're also looking at big firms which really just
• 13:42
  Speaker 1: operate in a different way to how they did thirty
• 13:45
  Speaker 1: years ago, doing less capital spending, been employing less workers,
• 13:50
  Speaker 1: and that has some important implications for the way the
• 13:53
  Speaker 1: economy works. You know, so I used to be a
• 13:56
  Speaker 1: big dead Kennedy's fan. Um, I guess I still am
• 13:58
  Speaker 1: a big dead Kennedy's But I used to listen to
• 14:01
  Speaker 1: um Jello Biafrau talk about his social justice concerns and
• 14:05
  Speaker 1: this was one of them. You know that the world
• 14:08
  Speaker 1: was going to be increasingly controlled by a smaller number
• 14:10
  Speaker 1: of consolidating companies. And to me, this story boils down
• 14:15
  Speaker 1: to three um important data points. Number One, the top
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  Speaker 1: fifty companies in the world are now worth twenty eight
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  Speaker 1: percent of global GDP. Thirty years ago, they were less
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  Speaker 1: than five percent of global global GDP. Number two, UM,
• 14:30
  Speaker 1: they're not spending as much money creating jobs. Thirty years ago,
• 14:35
  Speaker 1: they were spending nine percent of revenue on capex. Now
• 14:37
  Speaker 1: it's three percent of revenue on capex. And number three,
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  Speaker 1: they're not paying um as much in taxes not nearly
• 14:44
  Speaker 1: as much as tax in taxes as they used to.
• 14:46
  Speaker 1: I think thirty years ago it was like thirty five percent,
• 14:48
  Speaker 1: now at seventent. So I just think, Um, the interesting
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  Speaker 1: question raised by this article, which I obviously loved Tom
• 14:57
  Speaker 1: by the way, is, um, what our government it's going
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  Speaker 1: to do about it? I mean, are you gonna try
• 15:03
  Speaker 1: and raise taxes in a global way, which we can
• 15:06
  Speaker 1: see is difficult and maybe not even fair. It kind
• 15:09
  Speaker 1: of destroys the idea of competition. Are you going to
• 15:12
  Speaker 1: try and break up these companies because they're too big?
• 15:14
  Speaker 1: Are they you know, have they become oligopolies in some way?
• 15:18
  Speaker 1: I mean, what what? What? What do you think the
• 15:20
  Speaker 1: governments are going to try and do about it? Yeah,
• 15:23
  Speaker 1: I think that's a that's a great question. Um. And
• 15:26
  Speaker 1: if you think about sort of the grand sweep of
• 15:29
  Speaker 1: economic history for the last fifty years or so, there
• 15:33
  Speaker 1: was this moment at the beginning of the the Reagan
• 15:37
  Speaker 1: Revolution in the US, the Thatcher Revolution um in the UK,
• 15:42
  Speaker 1: which really tilted the playing field in favor of corporations
• 15:47
  Speaker 1: and against workers, right, And that was the kind of
• 15:50
  Speaker 1: the beginning of this this trend towards bigger and bigger firms,
• 15:55
  Speaker 1: paying smaller and smaller amounts in taxes and keeping more
• 15:59
  Speaker 1: and more profits. It's for their owners. Um. So the
• 16:02
  Speaker 1: question is has the pendulum swung too far? How are
• 16:07
  Speaker 1: we now at a moment when policy is going to
• 16:10
  Speaker 1: start shifting back in favor of in favor of workers,
• 16:15
  Speaker 1: in favor of greater competition. And there are some signs
• 16:18
  Speaker 1: that that's happening. Right. We've got the Biden administration talking
• 16:22
  Speaker 1: about a global minimum tax. Um. We've got different bits
• 16:26
  Speaker 1: of the US government taking aim at some of the
• 16:30
  Speaker 1: big tech platform companies saying you're operating in an unfair way. Um.
• 16:35
  Speaker 1: And globally, we've got China taking a swing at some
• 16:39
  Speaker 1: of its big tech champions, companies like Ali, Baba, ten
• 16:43
  Speaker 1: Cent and ma uanum So. I mean, who knows. The
• 16:47
  Speaker 1: corporate lobby is obviously incredibly powerful. And these films are
• 16:51
  Speaker 1: also big because they're providing things which add value. Right,
• 16:55
  Speaker 1: I like my iPhone, I like being able to order
• 16:57
  Speaker 1: things on Amazon. But there are some indications beginning of
• 17:02
  Speaker 1: a pushback. So true, we want our stuff. We still
• 17:05
  Speaker 1: want our stuff, right, Yeah, we want our stuff. I mean,
• 17:09
  Speaker 1: who could imagine living through the pandemic without the benefits
• 17:12
  Speaker 1: of ordering on Amazon here or Ali Baba in China,
• 17:16
  Speaker 1: who could do their job without searching for information using Google.
• 17:21
  Speaker 1: I mean, right, there's a reason Google has become a
• 17:23
  Speaker 1: verb is because it's an incredibly valuable service. Um. So,
• 17:28
  Speaker 1: even as we think about some of the costs of
• 17:30
  Speaker 1: these superstar firms, we also need to remember that they're
• 17:34
  Speaker 1: superstars for a reason, right, They are providing goods and
• 17:37
  Speaker 1: services that people really value. So, Tom, I think you know,
• 17:42
  Speaker 1: right now we have the Biden administration proposing a kind
• 17:45
  Speaker 1: of minimum tax and maybe taxing foreign profits and things
• 17:49
  Speaker 1: like that. Is taxation one of the areas that can
• 17:51
  Speaker 1: maybe be addressed most quickly or in the nearest term. Yeah,
• 17:56
  Speaker 1: So there was this there was this striking presentation by
• 17:59
  Speaker 1: this academic at Davos a couple of years ago. UM
• 18:03
  Speaker 1: Davos of course the sort of the main gathering point
• 18:06
  Speaker 1: for the world corporate elite, and this academic came in
• 18:10
  Speaker 1: and said, you know what, if we're going to talk
• 18:12
  Speaker 1: about inequality, we need to talk about tax. If we
• 18:16
  Speaker 1: try and have a discussion about inequality without talking about
• 18:19
  Speaker 1: tax it's like we're having a discussion about putting out
• 18:22
  Speaker 1: a fire. Without talking about water. UM. The tax really
• 18:27
  Speaker 1: has to be at the heart of this. UM. Taxes
• 18:30
  Speaker 1: on corporations. UM. That's a challenge for any country in
• 18:33
  Speaker 1: the world. UM. And of course, as the Biden administration
• 18:37
  Speaker 1: is now discovering, if you try and do something globally,
• 18:40
  Speaker 1: if you try and say, you know what, we need
• 18:43
  Speaker 1: a global minimum to prevent companies shifting profits around to
• 18:48
  Speaker 1: dodge paying taxes in the place where they're actually doing business, well,
• 18:52
  Speaker 1: that's an even harder discussion. Yeah. Absolutely, especially when you
• 18:56
  Speaker 1: have you know, a country like Ireland who only charges
• 18:59
  Speaker 1: twelve percent UM and they're happy with it like that. Um,
• 19:03
  Speaker 1: they want they want Apple and Google they're paying their
• 19:06
  Speaker 1: twelve You gotta guess they make a lot of money
• 19:09
  Speaker 1: with that as well. But it's a longer conversation. Tom,
• 19:11
  Speaker 1: thanks so much for joining us. Tom or like there
• 19:14
  Speaker 1: with his look at our big take, This is Bloomberg.
• 19:20
  Speaker 1: I want to get over right now to Kyle Stock
• 19:22
  Speaker 1: and just quickly wrap up something that's been obsessing me
• 19:26
  Speaker 1: of late, and that is the Ford F one Lightning.
• 19:30
  Speaker 1: We first saw the electric pickup truck, I think almost
• 19:33
  Speaker 1: by accident when Joe Biden was hanging out at the
• 19:35
  Speaker 1: rouge on Wednesday, and I was underwhelmed. But the more
• 19:40
  Speaker 1: I look at it, the more stoked I'm getting for
• 19:44
  Speaker 1: this electric truck. And it's got huge ramifications for um,
• 19:49
  Speaker 1: you know, the entire industry. So Kyle, what do you
• 19:51
  Speaker 1: think about it? Yeah, big vehicle for them and everyone.
• 19:58
  Speaker 1: For me, it comes down to two things, whichever else
• 20:00
  Speaker 1: is talking about. Two is the price, which is shockingly low.
• 20:04
  Speaker 1: Starts at forty grand or less. Yeah, and who knows
• 20:07
  Speaker 1: how bare bones that one's going to be. But in
• 20:10
  Speaker 1: terms of to get in like that's cheaper than the
• 20:13
  Speaker 1: new electric Mustang that's you know, after incentives, it's comparable
• 20:17
  Speaker 1: with the regular of one. So everyone was surprised about
• 20:21
  Speaker 1: that count me as well. And then um, the front,
• 20:26
  Speaker 1: the huge it's joking trunk up front, which is just
• 20:31
  Speaker 1: brilliant because normally would have to hold a six point
• 20:33
  Speaker 1: two later v eight and now it's got nothing in
• 20:35
  Speaker 1: there and coolant and spark plugs and all the other
• 20:39
  Speaker 1: things that they don't need to worry about now. So
• 20:42
  Speaker 1: what I love is that, um, if my power fails
• 20:47
  Speaker 1: in some sort of armageddon um or you know, zombie situation,
• 20:52
  Speaker 1: this truck can power my house Paul or yours or
• 20:56
  Speaker 1: if we live together our house for three days, that's awesome. Yeah, Kyle,
• 21:03
  Speaker 1: is this I mean, I mean for the US market,
• 21:05
  Speaker 1: it seems to me this U S market doesn't go
• 21:08
  Speaker 1: electric until the four electric. I mean that's kind of
• 21:11
  Speaker 1: how I feel about it. This is it could be
• 21:13
  Speaker 1: a big, big moment. Well that's what's crazy about this.
• 21:16
  Speaker 1: I mean everyone's talking about how it, you know, competes
• 21:19
  Speaker 1: against other trucks, but honestly, like this thing is going
• 21:22
  Speaker 1: to compete against the Honda Accord, it's going to compete
• 21:25
  Speaker 1: against everything because there's really you know, there's no guilt anymore.
• 21:29
  Speaker 1: Um And I think most people have like a a
• 21:33
  Speaker 1: little bit of a secret truck fetish. So my mom
• 21:37
  Speaker 1: wants one badly, and as we know, she's right about
• 21:41
  Speaker 1: almost everything. I will say, we uh, my wife also
• 21:45
  Speaker 1: wants a truck. And it's like a different truck every
• 21:47
  Speaker 1: couple of days because Kyle does these Instagram reviews of
• 21:50
  Speaker 1: whatever cool vehicle he's driving, and she follows him and
• 21:54
  Speaker 1: then she'll he'll do like a review of the Defender,
• 21:56
  Speaker 1: and then she'll send me his review and be like,
• 21:58
  Speaker 1: we have to get the Defend or look what Kyle
• 22:00
  Speaker 1: did on The Defender, so I recommend you follow Kyle
• 22:03
  Speaker 1: Stock on Instagram to check out his work. You can
• 22:06
  Speaker 1: also get his stories on the Bloomberg terminal. This is Bloomberg.
• 22:11
  Speaker 1: Thanks for listening to the Bloomberg Markets podcast. You can
• 22:14
  Speaker 1: subscribe and listen to interviews of Apple Podcasts or whatever
• 22:18
  Speaker 1: podcast platform you prefer. I'm Matt Miller. I'm on Twitter
• 22:22
  Speaker 1: at Matt Miller three. On Fall Sweeney, I'm on Twitter
• 22:26
  Speaker 1: at pt Sweeney Before the podcast, you can always catch
• 22:29
  Speaker 1: us worldwide