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tv   Bloomberg Markets  Bloomberg  May 5, 2021 1:00pm-2:00pm EDT

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independent oversight board will hold the ban on his account after it was banned four months ago after inciting violence that led to the january 6 right at the capitol. the board also said the indefinite suspension was not appropriate and facebook must reassess the penalty within six months. mr. trump is also banned from twitter. new york representative is the leading contender to replace leachate -- liz cheney as house gop leadership. nordion web steve scalise came out in favor for today. kevin mccarthy told fox news on tuesday that members of his party are questioning whether congresswoman cheney can remain in her leadership role, given her ongoing criticism of former president trump. foreign ministers from the seven -- group of seven nations are signaling out china's treatment in expressing concern over russia was a large buildup on
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ukraine's borders. following two days of talks in london, the ministers are " deeply concerned about human rights violations and abuses." the g7 is pointing the finger at russia for "undermining other country's democratic systems, its malicious cyber activity, and use of disinformation." thailand is trying to help its lowest income citizens cope with economic hits from the coronavirus pandemic. the nation's cabinet approved fiscal stimulus measures today including an extension of two cash hand-out programs. thailand was in the midst of its worst covid-19 outbreak since the pandemic began. global news, 24 hours a day, on air and on "bloomberg quicktake," powered by over 2700 journalists and analysts in more than 120 countries. i am mark crumpton, this is bloomberg.
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>> it's 1:00 p.m. in new york, 7:00 p.m. in berlin, 1:00 a.m. in hong kong. i am matt miller and welcome to "bloomberg markets." here are the top stories we are following from around the world. just a few -- in just a few moments, we speak with the co-ceo, soon-to-be souls ceo -- soon-to-be souls ceo of a company with $9 billion under assets. about the state of investment in the outlook for 2021. plus, how been parks are faring amid the pandemic, hopefully amid the reopening with richard zimmerman, the ceo of teeter fair, one of the largest park operators. they own cedar point and others. we will talk to the prudential
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ceo charles lau bree about how the insurance -- equity indexes as opposed to what we see here in europe. one to 2% gains on european indexes and the s&p 500 is also up about 3/10 -- .3%. even with earnings out that are better than expected, continue to be better than expected. maybe that reflects still a little bit on janet yellen's comments yesterday. the u.s. 10 year yield, little change at 159 .25. gold is gaining eighth -- gaining .3%. the economy is heating up as we head towards the second half of
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2021, and private equity firms are looking to make more deals following changes in management of private equity firm partners group. david layton will be the sole ceo come july and he joins us along with ed hammond, bloomberg field reporter. david, thank you for coming on the program. let me get your take on the second half -- as we look at an economy that may peeking and interest rates that may be rising moderately at some point, paraphrase janet yellen yesterday, how do you see the environment? david: david: it may be peeking -- david: it may be peeking and it may not. we have money coming from every direction. when you have all of this capital coming in, you have the stimulus money coming up from the bottom, people that are feeling increasingly good about the equity they have in their homes with home prices increasing, so, you know, this market may yet have some legs
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left in it. i think it is premature to call it a peak. we are within the private equity community, and we are seeing a lot of very interesting tranction -- transaction opportunities. and partners group is winning its fair share in the current. ed: i wonder how competitive it has become when you are going out to tell people what you need to do to differentiate. david: it has been an extremely competitive market environment. one of the things we are focused on is not only have fantastic returns, which is a baseline, but we have a strategy of solutions for clients where we don't just present our fund and say here is why it is better than that person's fund or that person's fund, but we are custom building a lot of our most
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sophisticated clients and running them separate accounts, which is something quite different. there is demand, about 75 to 80% -- 75% to 80% of institutional investors today believe they will be increasing or sustaining their current allocations to private markets, which provides a healthy tailwind. in addition, you have new pools of capital coming online. if you're an investor investing $1 billion or $10 billion or $100 million, private market is already a big part of your allocation. increasingly, you are seeing high net worth allocations increase and 401(k) programs becoming increasingly important. all of which provide stabilization for industry. ed: capital is one area that has been red hots, it has been the market. we have seen a lot of your competitors go into it. i suppose fearing that if they don't, there is a fear that the specs will eat their lunch. could we expect partners to do something? david: i don't think so.
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i think this is a new toy or you see the shine likely to come off in the medium term. i think the way we need to look at spacs's do they bring quality assets to the market? do they leave businesses with integrity and help them to increase market position, and do they outperform the market over the long run? i think that is still yet to be determined. in my opinion, it is an overdone phenomenon. ed: in that case, when we talked about fundraising, what about exits? how does the best strategy for exits look to you in the end of 2021 into 2022? david: this has been a very good market environment for exits. there is no question about it. over the last couple weeks, we signed a $60 million of enterprise value in terms of exits, including a global lodging, a business we bought
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for $2 billion and recently sold it to have potty for $9.5 billion. and another of -- a number of other transactions as well. this is a market quite supportive of new transaction activities. it is robust how the financial markets are an secondary market in particular. we are seeing strong demand. thing you see in the deal market is compressed transaction timelines. used to be if you were to buy an asset with a private market, you had four to six months from the time the sale process was initiated until it was concluded to do your work and complete due diligence. those time frames have compressed more like four to five, to six weeks. you cannot do what you need to do to write a million dollar check in six weeks. the time the firms are spending in advance to build their cases and conviction, so they can come into a sale process with conviction, is one of the things
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differentiate being -- differentiating firms. matt: what does that mean for partners, especially as you take over as ceo? especially concerning sounds like a lack of time for due diligence? david: one of the things we are doing is we have lines in the water on about 100 themes at the current time. we are spending a lot of our time researching and identifying sections that are structurally sound that will provide tailwinds. we are working to get ahead of those sale processes. we are spending speculative resources on assets that might not be for sale for two to four years, but we are prepared to do that. for the right assets. when the sale process does initiate, we are ready to go and doing confirmatory work, not starting from scratch. that has been one of the things differentiating us. we announced the acquisition of a new platform this morning, and
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as an example, an asset we have been tracking for about two years in a process and we will continue to pursue that strategy. ed: one of the competitive advantages we have seen come to the floor in this market and over the last few years is scale. we have seen the private equity firms get larger over the last few years. i wonder, would it make sense to merge a firm like this with another big player or player of similar scale to go toe to to and completes with the likes of the blackstone's and carlisle's? david: i think we hold our own quite well. we might not be the biggest asset management but we are quite considerable if you compare us with many of those other firms. i think what the market sees an partners group is stability, consistency, rigor, and institutional quality.
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if you are going to think about merging a private markets firm with another, there are risks that come with that. we have been a firm that has grown organically. i am a fourth-generation chief executive and joint as an analyst and came up through the ranks. my co-ceo came up through the ranks, and that is the culture of the firm we have, to grow organically. i do expect to see more m&a activity as the market becomes more competitive. particularly as it relates to the topic we talked about before. if you are a small firm with eight partners around the table, you cannot spend the speculative resources on businesses that will not be for sale for two to three years. you have to focus on what is for sale today. i think one of the things that describe the market shareship is pushing the opportunities toward the large platforms like the blackstone's and kkr's of the world, it is our ability to get ahead of assets and willingness to spend the resources --
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speculative resources, and we are holding our own. matt: really fascinating to get your insight, valuable for our viewers. thank you for joining. david layton, partners group co-ceo and deals reporter ed hammond. coming up on the program, we will speak with the ceo of an amusement park operator cedar fire about reopening amid the pandemic. they run some of the biggest parks in the midwest. cedar point and kings island, these were like dream destinations for me as a kid. now, you may be able to go back. richard zimmerman joins us next. this is bloomberg. ♪ this is bloomberg. ♪
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matt: this is "bloomberg markets," i am matt miller.
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amusement park operator cedar fire reported earnings today after have for -- having no operating days in the first quarter due to the pandemic. clearly it was difficult. joining us to discuss the optimism ahead in reopening is the cedar fair president and ceo, richard zimmerman. thank you for joining us. i grew up sailing boats out of cedar point, so writing the gemini, the corkscrew was always the highlight of my summer. then, when we could get down to kings island in cincinnati, that was an absolute dream. are these parks going to reopen and get back to full capacity anytime soon? richard: first, great took be with you -- great to be with you. as we set on our call, we are looking to reopening all of our places in the month of may. all of our associates, it's great to have guests to come through.
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in 2020, we missed the pandemic where we had 10 properties open in some form or fashion. we and stayed -- we stayed engaged with our customers. questions about growing up really pointed to one of the appeals of our business model, people coming to us were a must part of their summer and must do part of their full calendar year. whether that be the halloween event in the fall or food festival. a lot of people spent a lot of time with us growing up. i speak with you and many others who have memories about visiting rout the generations of their lives. matt: just saw a video of the corkscrew. of course, people are not wearing masks in these videos, so they are dated. when people come back, are they going to be wearing masks? is there going to be social distancing? will you have lines for vaccinated and unvaccinated? how is it going to work? richard: it is health and safety of guest stands associates, top
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priority. looking back at 2020, we entertained 3 million guest and we were aggressive going in with safety protocols to keep everyone safe. out of the 3 million, we had no active cases contact traced back to us. we found a way to provide a high-quality guest experience we have always provided in a safe and effective manner. into this year, we operate different properties across the u.s. and canada, each region is dramatically different. they're working with our outside medical experts and infectious disease doctors and working with state and local regulators. we always comply with state and local guidelines, but they vary because conditions on the ground will vary. we opened up and many of our locations -- when we open up in many of our locations, you won't have to wear a mask and people will have the great fun they come to expect. matt: you have really increased awareness for the parks as the economy reopens. folks are focused on parks, but
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you have a lot of competition as well. disney made a huge deal about reopening its parks, six flags i'm sure is going to be there, toe to toe with you. what sets cedar fair apart from your competition? richard: being in the live entertainment business, we get up every day and compete. we don't think it was competition as much as comparables. the beauty of our industry as we can entertained large groups of people in a short period of time, give a guest experience that is unique, done on a scale you cannot get down the street or down the block, so we think more about the industry is something that has a lot of appeal across all fronts. what has always set us apart is high quality assets and markets. we invest a lot into our experience. as we go back to 2019, which was a record year, we pivoted away from building steel coasters.
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the first 200 to 400 coasters in the world were built at our locations. as we pivoted and had a record year, little over 500 million and even done in 2019, that was the -- was on the back of halloween haunt events, winterfest holiday events, that really start to broaden our appeal so we can appeal to more people. as we think about what sets us apart and we think about the impact of the pandemic upon internally, where the pandemic needs to be a great reset, we have looked at everything we are doing, making sure what was building our momentum and strength into the pandemic will lead us out and make sure we are doing things in a manner that increases our appeal. we see signs of strong pent-up demand and others see it as well. we have got almost 1.9 season pass holders that have stuck with us over the last 12 months. we were not open in the fashion we wanted in 2020 but we did get
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open. less than one half of 1% of our season pass holders requested a refund. they stayed with us. we quick -- quickly pivoted last year and major what they bought for 2020 is good all the way through 2021, because we believe in giving our guests what they bought. so i will go back to your question, the appeal is there demand. last monday, we opened up our reservation spot. you have to have a reservation but we had almost an hour wait last week because so many people wanted in line to get a spot. matt: i just want to know, richard, when i was younger, the beast was the ultimate scare. that was the adult roller coaster. what is the most aggressive wall street thrillseeker roller coaster you got at your parks? richard: we have so many it is tough to pick one out. if you go to cedar point, which has over 12 miles of coaster, there are three to four
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memorable and unique coasters. it is tough to pick one. throughout our coasters and parks, there are memorable coasters that people keep coming back, year after year, or when they grow up, bring their kids like you mentioned, bring them back to ride and see something like blue streak, which at one time was the tallest coaster at the park. matt: it will be quite a few years before i can bring my daughter to ride the beast. richard zimmerman there, cedar fair ceo talking about the reopening. shares appellate on hit hard after recalling its treadmill products for safety reasons. we take a look at their financials in our stock of the hour. this is bloomberg. ♪
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matt: this is "bloomberg markets." i am matt miller. time for our stock of the hour. shares of peloton, taking a hit
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as the company recalls treadmills over safety concerns. wilson is dig -- dave wilson is digging into the financials. dave: you could say this is a slow-motion train wreck for peloton. they are best known for their exit top -- exercise bike, but they have been in treadmills since 2018. things started unfolding in mid-march when peloton issued a safety warning about the tread plus treadmill after one child died and another was seriously injured. in mid april, regulators told consumers to stop using it if they had young children or pets at home. that came from the consumer -- ellis on call that inaccurate. today, peloton recalls the tread plus but also the cheaper moderate called tread -- cheaper model called tread, retu rn them for a free refund.
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there have now been something like 70 incidents involving the treadmill. appellate on ceo said it was an error do not have taken the earlier warnings more seriously. this will definitely put a dent in peloton's results and plans for growth. matt: my good friend and cohost on bloomberg radio, paul sweeney, is a big fan of the pellets on bicycle. i imagine, as the weather gets better in new jersey, he will want to get out and maybe ride a real bike. our people going to start going out of the house and using the products less? dave: there is always that potential, matt. you can always stare at the four walls of your exercise room for so long -- only stare at the four walls of your exercise room for so long. this gets most of its revenue from the biker, 60 2%, and the rest is coming from other products. folks at bloomberg intelligence point out that tread plus was not a big seller but an area of the company, the company was
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focusing on it for growth and they were planning on moving marketing dollars there. to have that source of potential growth dry up, that is a real issue. we get a better sense on how big an issue late tomorrow, after the close of u.s. trading, because peloton third-quarter results are due. analysts at bloomberg are looking for revenue and a wider loss. they will be having a lot of pieces to get to, especially with this recall. matt: coming up, india is not the only country seeing a surge in virus cases. we discussed the global implications with andy brown at bloomberg was a economy forum. this is bloomberg. ♪
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>> compton. -- i'm mark crompton.
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the centers for disease control and prevention is also warning that substantial increase in hospitalizations and deaths is possible if unvaccinated people do not follow basic precautions such as wearing a mask and keeping their distance from others. 3000 new cases each week, more than 4000 deaths. a federal judge in washington is ending protection for renters who lost their jobs during the pandemic. a judge ruled the agency overstepped its authority are issuing a broad moratorium on all rental properties. the cdc ban was enacted in september and was originally set to expire at the end of this year has been extended through the end of june.
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a covid-19 scare at the g7 meeting -- g7 meeting. the crew risked desk -- the news risked the gathering. as the world faced and the outlook remains grim for 2021. some 55 million people across would be five countries suffer from issues ranging from a full crisis to famine. that's 20 more million then their previous view. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumptonm.
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this is bloomberg. ♪ >> i am amanda lang. and i am matt miller. here are the top stories we are are following. covid rampages through the developing world. we will take a look at how the virus is exacerbating as the crisis worsens in india and beyond. we are going to speak with charles lowery about how the insurance industry is grappling with the pandemic and the reopening. we are going to hear general motors.
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>> that was one of the companies reporting pretty solid earnings. slightly more positive sentiment. although we should note that the leaders of this market. tec has joined the party. techno positive along with the other groups. it's not a barnburner one big standup group is energy. the subgroup is up. exxon, chevron moving higher today. facebook one of the big names that posted the results but now is focused for a different reason. fuzz -- facebook uphold its ban on former president donald trump . it will maintain the ban with
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the review possibly at six months time. they said an indefinite ban was not inappropriate. this will cause some controversy although it has caused little in terms of free speech advocates, but we have heard from the president today. >> indefinite ban was not appropriate that's why they're going to come back in six months. trump responded to the ruling -- this is a direct quote. he went on to say these corrupt social media companies must pay a political price and much month -- and must never be allowed to destroy or decimate our electoral process. the ironic part of that statement is that he has been banned from -- four making up and distributing lies about the actual election and for the
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potential to cause violence again like we saw that happened in the corp. -- in the capital the interesting thing i think will be to see is how they rule if he runs again in 2020 four. may be in that case they would have to let him back on some of these platforms. >> erases -- it raises issues even now to me, what's interesting about this is they have made a ruling about being desk about him being done yet. they are worried about what he might do in the future and that a pretty strange encroachment for screech -- for free speech from a private company. amy: it will be interesting -- matt: it will be intruding at
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the aclu gets behind donald trump. amy: no, we want to bring in a guest. turning out to the weekly segment on the economy which tackles some of the global challenges facing the global leaders, in this case the rising death toll. andy brown, thank you for being with us. and there really is the number from india is staggering and you can only imagine as we see leaders meeting that this will be on the agenda certainly a different variety. what do you think is the most important job for the world when it comes to india. andy: the most important job is to get vaccines, get therapies, take seriously the threat to the global economy.
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covid-19 has arrived with full few week. a demonic fury in the demonic world. it's not just india. its rampaging through all parts of the developing world. even to the most remote island in the south pacific. if you think about the art of this pandemic, it's not in china. -- if you think about the arc of this pandemic, it's not in china. everybody is saying that what happens when he gets to the developing world. you have these apocalyptic projections about what's going to happen. talking about famines of biblical proportions in africa. nobody quite understand why it doesn't happen, but it has happened now. far more contagious, far more deadly. in an emerging world that suffered from complacency and a
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lack of preparedness and lack of support from rich countries. matt: what can be done about this? we are hearing a lot of big companies and countries offer a little help. germany has blown military transport to -- to it -- has flown military oxygen to india. only 32 million will go this year. there are a lot more people in need. what needs to be done? andy: there are easy wins. the stockpiles in the united states could be shipped immediately. the big debate right now in india and south africa. they've been arguing passionately that these big drug
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companies need to give temporarily and technology to say allow the technology of these vaccines to be ramped up. 50%, something that costs the population, look at india. you are getting 400 cases every day. the unofficial count is many times that number. 2% of the population have been vaccinated and india is a place where most of the bulk of the world's vaccine. then you look at countries next door where 1% of the population. this virus is driving a wedge and the global economy. those countries that have a strong health care systems. those companies that have weak ones. those countries where properly -- poverty is returning.
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the scars from this are going to be deep and long-lasting. matt: thanks very much for joining us. andy brown. it you can check out the daily. focused on what's driving the economy and what it means for policymakers. sign up for the new economy daily newsletter at coming up, record company for credential. with the company boosting its share, we talked to the ceo. charles lowrey joins us. this is bloomberg. ♪
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matt: this is bloomberg markets. this that i am matt miller with amanda langa. i was blown away by this and i guess people who are paying attention noticed, but i feel like there wasn't desk there was a big deal made out of something a few years ago would have been unthinkable. a fake it's fascinating that europe's investment arm is using the investment chain to issue bonds. amy: what's important about it is the technology that matters and makes sense. when you talk about bitcoin, i
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will say i don't believe the world central bank will not own the crypto space. they will create digital currencies which is why i question. matt: you had me at this intermediate -- let's move on. as the -- as it embarks on an overhaul. charles lowrey joins us now. we really appreciate you joining us. let me ask how these incredible volatile situation that we are in, with the reopening and inflation and spike in growth affect your strategic plan. it's difficult to navigate such a change in current.
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charles: thank -- thanks for having me. i'm excited to be on your show. we had a very strong start this year and we are focused on our plan. and our plan is to, we have three parts to that plan of transformation. the first part is to prevent our products. the second is to focus on cost efficiencies. those are all within our control. we can execute on those. we are allen seen that with the return of capital to shareholders. we -- we plan to return tenant have billion dollars to show her up to shareholders. it really is a strong start to our year. we had record aoi. good fundamental. we will continue to execute as we go through these turbulent
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times and we will control we can control and we will execute what we -- we will get -- we will execute on our transformation plans. amy: as part of that plan the sale of your -- sale of a chunk of your retirement. charles: we cannot comment on any particular business, but what we can say is as we look at all of the businesses we are transforming our company. less market sensitive and through this plan, we will reduce -- we will be executing on our transformation in order to achieve the goal of becoming less market sensitive. matt: what do you make of yellen's comments?
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interest rates might need to rise modestly with the growing economy. it does it affect the way that you think about investing? charles: nope, because our view on interest rates is they may rise into the twos, but we think they will revert and stay low. that's a function of the demographics. it's a function of where the low global rates are. it's also ultimately a function. we believe that we will be in an environment which has the lower rate for a longer. of time. -- for a longer period amy: -- longerperiod of time. amy: where there be a delay in
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the growth of those markets as the pandemic is brought under control? charles: there may be a slight delay, but we think that the vaccinations are coming and they will be coming faster and faster . the developing markets will get the covid under control and when we invest, we invest for the long-term. as we think about the markets, we will take a long-term perspective as to those markets and the months we want to invest in. matt: you are an architect by training and i know that even though you are now fully immersed in the insurance financial world, architects always think about things like working space and how employees will use it. what is the return at the office going to look like for you? charles: we have a very specific policy. we are not going to bring the majority of the people back
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until after labor day and when we do bring them back, we asked the question which is "we know we can work remotely. we all have and we have been successful. we just had a record quarter. the reason, the question is how do you come back to work or why do you come back to work? the first is to innovate, to get together and dashed to get together in order to create -- in order to get together. to learn, especially for young people. how did they learn? they learned by watching you or amanda. the third is culture. we have hired many people during this time and we want to bring them back into the office to experience culture and get together with groups of people so that we can begin to have
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them learn about the culture. innovation money -- learning and culture. we think we will do that and a hybrid format. we have talked to employees to see what employees want and they do not want to come back to work full-time. they would rather come back and work for the reasons i just said. come this fall, we will be in a hybrid mode where we will have about half the people come back to the office, have people work at home and those people will work -- those people will change as we go forward. amanda: so great to have you with this. really appreciate your time today. we are back after this. stay with us. ♪
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matt: -- amanda: i'm amanda lenk. -- i'm amanda lang.
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earlier, dave and weston talked to the city -- ceo about the chips. >> i think we are going to see recovery. we think quarter two will be the weakest. we will see some recovery in q3 and q4. i don't have anything to share, but there's a whole menu of things that we are working on. more to come later in the year of how we will make sure that we are never in this situation again. we have a dedicated team working on that as well. matt: fascinating interview. i recommend you go on bloomberg and check it out. the thing is, most of the other automakers have almost been brought to their knees by this chip shortage. we see a shortage of cars on
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dealers lots. the only benefit has been the incredible pricing power that they have gotten from this because dealer markups are going to turn into higher prices on the manufacturer and that is going to be a good thing for the carmakers and to bring a little bit of inflation. amanda: the supply chain disruption that led to this one, but it's one of those places that we are watching higher input costs and we are seeing it across the board. lumber is another one that is catching our attention today. it's a hugely important part of the input, a big chunk of your economy, the u.s. economy and the canadian economy. we are going to see more and more ceos addressing the high prices and the inflationary impact it's going to have on those prices. matt: it's the biggest
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construction development firm in the world and they said the lumber prices are out of control. so many of the input prices are. even though i live in berlin, i've still feel very american. i love your economy and especially the national parks. for amanda lang, i'm matt miller and this is bloomberg. ♪
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>> i'm mark compton. --crmpo --crumpton.
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dr. anthony fauci told nbc news he thought the fda would issue an emergency use authorization of the pfizer vaccine within several days. if the fda grants by authorization, the cdc would meet and make recommendations for how the vaccine should be distributed to adolescents. new york yankees and mets fans be able to get free tickets if they get the covid vaccine at either of the two teams facilities. it will be the one shot johnson and johnson vaccine. the incentive comes as both of those teams assess they will have separate sections for vaccinated and unvaccinated fans. trying to build that countries last -- next government.


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