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tv   Bloomberg Markets  Bloomberg  August 16, 2021 1:00pm-2:00pm EDT

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thousands of people rushed to leave afghanistan. taliban fighters have taken control of the capital city. richard haass tells bloomberg that u.s. troops in afghanistan were vital for maintaining the status quo. richard: the american presence was essential to keep the allied troops there, and provided a psychological military floor for the afghans. it was not going to give you police. it was not going to give you a military victory. it was going to avoid bringing about exactly what we are seeing on our screens. sometimes, you have to measure success not by what you accomplished, but by what you overt. mark: the pentagon authorized additional troops to help with the evacuation. a u.s. official says american military commander has met with taliban leadership to keep them from interfering with
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evacuations at kabul airport. u.k. is stepping up efforts to encourage young people to come forward and get covid-19 vaccines. a number of companies have come up with rewards for those who get a shot, including gift cards clothing vouchers, and offers from companies like uber. 17-year-olds should be offered the vaccine by next week. in germany, greenhouse gas emissions are set to rise this year after plunging in 2020 20 due to the pandemic. europe's biggest economy will need to strengthen efforts to boost renewable power and limit fossil fuels. germany has pledged to cut emissions by 65%, to 1990 levels, by the end of the decade. global news powered by more than 27 hundred journalists and analysts in over 120 countries.
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i'm mark crumpton. matt: i'm matt miller. welcome to bloomberg markets. here are the top stories from around the world. we are going to have more on the developing situation in afghanistan, with the author of "informal order." we will look at challenges facing a transition to ev's in the u.s. with the former chief economist for ford motors. and hopes of reaching herd immunity against the coronavirus are fading. we will have the latest on the virus with a doctor from the johns hopkins center for health security. i want to look at what is going
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on in the markets. the s&p 500 is off, but only about a quarter of a percent, after hitting a new record high last week. you have the u.s. 10 year yield coming down a little bit. we continue to see very low levels. the u.s. dollar index is moving up a little bit. we have been hovering there for quite a long time. and cooed coming down $.88 -- crude oil coming down $.88. we are following a very fluid situation in afghanistan. desperate themes playing out in the international airport today. thousands rushed to exit the country after taliban fighters exited the capital city, with reports from the airport. here is what newsmakers have been saying about the unfolding crisis. >> what is particularly alarming
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has been the military victories the taliban has obtained. >> the taliban have won. they took 20 years to do it and have proven their strategy of patience will outlast the united states. >> we will see if the process of actually building a government happens. >> i think the taliban are going to gain some kind of international recognition. >> we are talking to leaders in a brotherly way. >> we want to make sure we as the u.k. pull together, with our international, like-minded partners, so we deal with that regime in a concerted way. >> we have abruptly abandoned afghanistan to what will now be a civil war. >> this will hurt both the reality and the perception of the united states and the world. >> this is a humiliating strategic defeat for the west.
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matt: we welcome university of pittsburgh associate professor and director of the center for governance and markets. she is also the author of informal order and the state in afghanistan. let me ask first, jennifer, if this was not easily foreseeable. critics are already saying at the beginning of the year this is going to be effectively surrendering to the taliban, giving them back what we have spent $2 trillion and 20 years to take. and we were not even spending that much money with only 3500 soldiers in afghanistan anyway over the last couple of years. jennifer: the u.s. presence was not building peace. this is a challenge. imagine this is the scenario taking place with a small number of u.s. troops there.
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taliban has been making steady advances in the countryside over the past several years. we had already seen cities and districts fall to the taliban while the u.s. had its presence there. this would have been even more embarrassing for the united states had these cities fallen like this with the u.s. there. i can't help but wonder, this counterfactual "what would have happened" had the summer offensive continued as it had come up with the u.s. presence. i think we see very clearly how week the afghan -- how weak the afghan national army is, and it was not military weakness, but unwillingness to fight the potential government. matt: but why is that, jennifer? as "the washington post" reports that the u.s. had pretty much surrendered after the doha conference, that police and military officials have not been getting paid in some cities for six to nine months, is the fact
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we had just given up and abandoned them already without physically leaving yet -- is that why they would not fight? jennifer: no, i don't think this is about us. i think this is about them, about internal dynamics in the country. these soldiers are not getting paid. the government was getting billions of dollars in u.s. assistance and is not getting the funds to frontline soldiers. you are seeing the taliban have done a remarkable job with their propaganda over the last several days. you have seen them taking photos in these luxurious pales of warlords, of government officials. you can see the luxury lifestyle these officials are living while so many were living in such poverty. it is not just fighting against something. you have to have something to fight for. i think this has revealed weariness came into the picture. matt: part of it is the
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corruption. i wonder how much of it is that the people are necessarily against the taliban. it is difficult over an entire country with 60,000 core fighters, 90,000, give or take, militiamen, if the country does not accept at least to some extent what you are about. jennifer: i don't think there is a norma support for the taliban and don't think we should interpret these events as support for the taliban. matt: there is some out of pakistan, iran, al qaeda. they are being funded by their neighbors. jennifer: there are certainly people who do support them. the taliban are a considerable fighting force and they will be part of afghanistan's political fabric for years. but the majority of afghans do not support the telephone. when confronted with the idea of putting up these massive fights for these cities, for a government that cannot pay your
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salary -- there are reports today that the president left with bags full of cash. there is the alienation among people in afghanistan. taliban gains have accelerated over the last several years. u.s. presence was unsustainable. the longer the u.s. was there, the worse the outcomes were. this has been going on for a very long time. matt: the most important question right now is how do we get people out as quickly and safely as possible, and can we get all of the people out that need to leave? these are people that put their trust, a lot of them, into the u.s. government, and now are going to face retaliation. how many thousands of people, of refugees, are we going to need to fly out and except on the shores of the u.s.? jennifer: it is absolutely shameful. no matter how you feel about
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whether the u.s. should stay or go, the way the biden administration has handled this withdrawal is absolutely shameful. this is another humiliation. this is going to take the u.s. to have strong relations with the taliban. this gives the taliban more leverage over the united states to make sure these people get out of the country. this is going to be a prolonged process that is going to require security, that is going to require more u.s. troop presence and what happens if there is a fatality, a casualty among the u.s. military? this is just a disaster for so many afghans who fought alongside us and for us for so long on the military side and the civilian side. matt: is this a disaster for the credibility of the u.s.? as president biden tries to put
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-- tries to have america cooperate with the rest of the world, post trump presidency, has it hurt our credibility? jennifer: devastating. so many of our allies around the world are saying the u.s. is not a reliable partner. to see this visual, to see so many people chasing after our aircraft, holding on for dear life because we have abandoned them -- it paints a devastating picture for the future. what does it mean to partner with the united states? matt: jennifer, thanks so much for joining us. i can tell this is affecting you very deeply and has been a horrendous tragedy. watching the pictures is really moving. i think we all hope that especially those who put our trust in the u.s. are able to get help from the u.s. now. you cannot be optimistic when you look at those images.
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the professor joining us from the university of pittsburg. we are going to bring you president biden's remarks in full when he speaks in front of the white house on this crisis at 3:40 p.m. new york time. next, a complete transition to electric vehicles. ♪
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matt: we have life pictures of president biden getting off of his helicopter, coming in from camp david, and headed back to the white house, where he will
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deliver remarks in just about two and a half hours. we will bring you those remarks live, his first response to the taliban overrunning and completely taking afghanistan. really in just a matter of days. the u.s. and the afghan army effectively surrendering the country to the taliban. let's get to something that caught my eye in the auto world. tesla shares falling after the u.s. opened a formal investigation into the autopilot system after almost a dozen collisions at crash scenes involving first responder vehicles, stepping up the scrutiny of the system that the carmaker has charged thousands of dollars for over the last half decade, often delivering over the year. we will continue to follow the autopilot probe. it is something a lot of people were paying attention to for years. it did not tesla shares today.
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at one point, they were down more than 5%. we are infinitely seeing the market vote with its feet. speaking of ev's, the bipartisan infrastructure deal dedicated funding for electric vehicles charging infrastructure. but is that enough for the u.s. to transition to electric vehicle use? with us to discuss is a former chief economist for ford motor company, with the third way climate and energy program. ellen hughes, thanks for joining us. it is not a lot of money in the grand scheme of things, but the u.s. has already gone pretty far thanks to tesla for the most part, in terms of putting charging stations across the country. is this going to be enough to get consumers to really make the leap? here in europe, i know from first-hand experience there are not nearly enough charging
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stations. they are all very slow and terribly painful to use. is it going to be different in the u.s. post this spending? ellen: we desperately need to start the link out the infrastructure more than we have now. as you know, we have about 100,000 chargers in the u.s. right now, but the president has now identified a goal of 50% ev 's by 2030. that means we have to step up with some nudges. you mention $7.5 million in the infrastructure deal. 5 billion of that is dedicated to ev charging. bottom line, we have much more billed here. we have to get competitive and really think about a job for the next generation. matt: i often talk to ceo's of big oil companies -- dp, royal
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dutch shell, etc. why don't you immediately put electric charging stations at all of your filling stations? that would be, i feel, pretty easy and relatively inexpensive, with a great return. why do you think the gas filling stations are switching over quickly enough? ellen: what i have seen in equity reports -- a lot of research has been done. the charging stations are relatively thin and a lot of the dealerships are saying i'm not going to make money on that. and then unfortunately -- once we get the federal funding going , we get more of a tailwind, better scale economy. and then better profitability over time.
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frankly, we can't be looking in the rearview mirror when it comes to infrastructure. we have to look ahead. we have to invest right now, when interest rates are low, and when developers and other industries see this, they will jump in much faster. it is really kind of an economic piece. the jobs are part of our future. we have got to do this for the next generation. matt: are we going to see industry standardization? from my experience, there are a number of different systems. none of them is terribly easy to use. and they all work at very different speeds as well. are we going to see something that is simple so that american consumers can use it? ellen: i think over time we will see much more standardization. even tesla has made a station --
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statement that they want to make their superchargers accessible. and we are seeing technology advance. we are seeing increases in throughput, the fast charger. and we are seeing other advances which will make it easier for vehicle owners to step up, plug in, and they are on their way. this is a chance for us to get ahead. we have got to get competitive. the first step is getting your infrastructure out there so people can begin to use the tech. matt: hopefully, we will get you back soon. ellen hughes-cromsick -- hughes-cromwick. angela merkel speaking now, saying the taliban takeover of afghanistan is bitter.
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i will state germans use this to mean something far more emotional than the u.s., then americans do. of course, the same word. she is speaking with france's emmanuel macron, she says, to coordinate evacuations. they have both flown their own planes down there to get thousands of people out. she lays the blame effectively at the u.s., saying afghan operations are completely dependent on u.s. decisions. we are going to continue to follow that developing tragedy for you. ♪
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matt: this is bloomberg markets. i'm matt miller. hopes the world will ever reach herd immunity covid are fading.
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this month, the infectious diseases society of america estimated that delta had pushed the threshold for herd immunity well over 80%. we are joined by a senior scholar at the johns hopkins center for health security. he joins us now. it is unlikely we are going to get that many people vaccinated. if you look at herd immunity and something that includes the vaccinated and the infected, do we get there? is that a good calculation? >> i think eventually if you combine who is vaccinated and who gets naturally infected, we likely will get to that point, because this is a respiratory virus that efficiently spreads. over time, most people are going to have a bout with it, whether it is a breakthrough after a vaccination or a natural infection. remember, herd immunity is an important goal, but it is not the end all. the real goal is to decouple
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cases from hospitalizations and deny the ability of the virus to cause serious disease. i think we will get there long before we get to herd immunity, just by vaccinating high-risk individuals. matt: for the vaccinated, how much of a concern is this pandemic now? i realize that if you are vaccinated you can contract the virus and you can spread it, that the people i know who are vaccinated and have gotten sick did not get that sick. they definitely did not die. is it really that bad? >> think you are a fully vaccinated individual, the virus really does not pose the same threat to you. it is extremely unlikely you would get a serious illness, require hospitalization, or die. it is extremely rare. that is the goal. if you get the breakthrough infection, it is mild. the virus is not being eliminated or eradicated. our goal is to make it more like other respiratory viruses we deal with your in and year out.
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that would be life. matt: in terms of getting anti-vaxxers to take the plunge, are you optimistic at all? >> i am not very optimistic. i think we have hit a wall. i think for fda licensure will help. i think more organizations mandating this will help. but it is very difficult. matt: thanks for your time. always appreciate talking to you. a quick note -- the school is supported by michael bloomberg, the founder of bloomberg lp and the owner of this broadcaster. this is bloomberg. ♪
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comcast nbcuniversal is investing in entrepreneurs to bring what's next for sports technology to athletes, teams, and fans. that's why we created the sportstech accelerator, to invest in and develop the next generation of technology that will change the way we experience sports. we've already invested in entrepreneurs like ane swim, who develops products that provide hair protection so that everyone can enjoy the freedom of swimming. like the athletes competing in tokyo, these entrepreneurs have a fierce work ethic and drive to achieve - to change the game and inspire the team of tomorrow.
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mark: the death toll from saturday's massive earthquake in haiti is nearly 1300.
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7.2 magnitude quake struck off the coast, flattening homes and businesses. the administration is already struggling with the pandemic and a recent presidential assassination. haiti is also in the forecast path of tropical storm grace. the biden administration plans to announce the largest increase in food stamp benefits in the programs history. after october, it will go up by more than 25% from pre-pandemic levels for the 42 million people in the program. that will mean billions of dollars more in costs for the federal government. a week after the olympic games in tokyo ended, the japanese government is set to expand the state of emergency in place in six of its jurisdictions, including the capital city. it will now run into september. hong kong has tightened problem
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restrictions for residents returning from 16 countries, including the u.s., france, and spain, less than two months after it began easing some of the world's strictest quarantine measures. one of the countries on the high-risk list must spend 12 days in hotel quarantine. more than 2700 journalists and analysts in over 120 countries. this is bloomberg. greg: welcome to bloomberg markets. matt: we welcome our audiences each day at this hour. these are the top stories we are following from around the world.
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sonos shares jumped after the first round of a patent case against google. that is our stock of the hour. an investment volume hit record highs. we speak with the managing director of intuitive investment at bearings. and we will discuss the outlook for gaming and leisure with a long-term investment banker covering the space. greg? greg: looking at the market action, we are well off the lows of the session, on wall street and in toronto. it was interesting to start the week with concerns about the delta variant, and what it could mean for economic growth. you saw the retail space and industrials, the manufacturing gauge out of the united states. the world's largest economy showing softness on those fronts.
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it is interesting in a sense that what we saw on friday, with the s&p 500 closing at an all-time high, despite the fact the university of michigan sentiment index hit lows it has not seen since 2011. i was scratching my head a bit. maybe it comes down to a friday in the middle of august. it gets us on the back foot to start. we will see if things cannot turn around. we have yields as well. matt: it pains me to hear about the university of michigan so much as an ohio state fan. i partially think people are just pessimistic because they have not had a decent football team for over a decade. maybe they turn things around and bring it back. you have a lot of news coming out of canada, really a regime change was the theme of the
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weekend. there is something to it in canada as well. greg: we have a federal election campaign well underway. prime minister justin trudeau has had a minority government all through this pandemic. that means in our system you have to ask other parties for a bit of help to pass your laws. they have to ask combatants for help. it is time for canadians to weigh in on a government supports during the pandemic. the conservatives, the biggest foes in the fight, came up with a full platform today. you can see where the focus is going to be. how do we support businesses through what is left of this pandemic? variance -- the variants keep popping up. this seems to be the
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battleground. justin trudeau's hope is to get a majority government. matt: we will be following that very closely. time now to get to our stock of the hour, the smart speaker maker sonos, after winning the first stage of its patent fight over alphabet over technology. we asked dave wilson to take a deeper look. dave: this patent dispute goes back to january of last year. google, the search unit of alphabet -- they had violations going back to 2015 that involve chromecast, google home, phones, and laptops. friday, and international trade judge weighed in. this is a process that is subject to review by commissions.
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there is a decision do. you are talking about the potential for sonos to read royalties on google devices, at a minimum. the commission could decide that google could not be able to sell in the u.s., going forward. it is what happens now that sonos has won this initial legal victory. it raises the potential for royalty payments. this is a company whose revenue has been moving up. you talk about the stay-at-home shop. they have benefited in terms of revenues in september. it's a relatively small piece of a bigger market. google and amazon really dominate, with sonos just a 5% market share with smart speakers.
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going after google, you have to worry what is up for other companies. matt: it is a very different product. there is wireless, bluetooth, wi-fi smart speakers, but sonos is focused on sound quality. can you get that hi-fi experience from google or apple? dave: the bigger question is, are you willing to pay for that quality? google products cost less. that becomes a concern in terms of their ability to do business. you put on top of it the patent issues, and you can see where the company is trying to build out its business by tapping into its rivals, as other companies have done. think about qualcomm and semiconductors. in any case, the shares were
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taking off last year when the suit was filed. some of that is clearly the effect of the pandemic, people staying at home, willing to spend big bucks on their audio systems. more than that, there is the potential for this income stream down the line. matt: thanks very much. dave wilson talking to our top of the hour, sonos. if anyone knows of higher audio quality speakers in a general price range of sonos, i would love to hear that, because i don't know if it is the best sound quality out there but i have not heard anything better in the same range. you can email me at mt we talk about private equity. we are joined by the managing director of alternative investments at bearings. ♪
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greg: this is bloomberg markets. matt: we are both together. greg: almost in harmony. we have a few weeks to work at those two-part harmonies. a private equity firm looking to deploy capital has had an active first half of the year. funds are trying to find a place to invest after the pandemic slowdown. one point $2 trillion in equity transitions -- transactions are pending or complete this year involving a private equity country. elizabeth weindruch joins us now from barings investments. it sounds like there is still
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dry powder to deploy. what are the targets? elizabeth: you are right. i think the preponderance of dry powder in the market has been a story for the last decade or so. but something that is different that we are seeing today that i really think was sparked during the pandemic was the rise of continuation vehicles. these are gp-led secondary transactions as opposed to a portfolio of fund investments that a secondary buyer would purchase. we have seen, the last five to six years, an increase in gp-lent secondaries, and over 36%. we think that is a remarkable trend, and the outlook has changed significantly as well. matt: what do you think regulation is going to do to this? are we good to see that pinch in? we have seen on the m&a front a lot of talk from the s.e.c.
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elizabeth: it is a good question. i think from a regulation standpoint, the way we have seen these transactions occur -- what these do is they allow a general partner to roll a single asset or multiple assets from one or more funds into a new vehicle with fresh capital, and a new valuation, and you effectively reset the clock to allow that firm to go in and continue creating value within the asset. i think from a regulatory standpoint, they are generally within the bounds of a limited partnership agreement that we all agree to when we invest. in addition, i have also seen multiple firms seeking third outside valuation consultants to help price these assets. what is interesting is we are seeing these happen more and more with the very high quality trophy assets in the portfolio. 10 years ago, these were happening for the stragglers in a portfolio.
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these are now happening for high-quality assets. i think what we are seeing is general partners wanting to maintain access to and continue investing in assets that they know and like, that perform very well. greg: i feel like the retail investor right now is sort of trying to gauge the course we are on with the pandemic. is it behind us, or rearing its head? from the private equity side, is the focus longer-term to be positioned? and if it is, where do you want to be? elizabeth: i think maintaining an allocation of private equity is important. it is important to be an investor in the asset class. one comes to the retail investor, i think there are more and more opportunities available for an investor to get access to private equity. but these are typically investments that are going to be dominated by more institutional players, these public-private pension plans, development foundations, and sort of larger
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institutions. but to your point, for the retail investor, i think there is also a trend of getting more access to industrials, which i think is positive. the continuation vehicles are a nice opportunity for that as well. they create a short duration opportunity investment for retail investors to gain access to really high-quality. matt: in terms of the esg fad, is there something to it? i know everyone wants to sound green, but they really want returns, right? is anybody really pushing to make change with those? elizabeth: i think there are, to be honest. i would say esg as a theme is something -- you could always say there are going to be groups that want to do greenwashing. but i do think there is a drumbeat throughout the asset class that says we need to think
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about the sustainability of business models we are investing with. they are thinking more about sustainability within a business, and business ability to exist for the long term. i think you are going to see a lot more of that within private equity firms. i would say most groups that we invest with or are speaking with today, all of them have esg policies. most of them had an esg framework in their diligence processes. many of them are doing it before in different ways but had not pricked -- had not packaged it as such. you are seeing more investors asking the question, and you are seeing more come out of private equity from an esg standpoint as well. greg: great to get your insights today, liz. thank you for joining us. elizabeth weindruch, barings vanishing director. we will talk about the delta variant and what it means for the gaming industry.
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we are joined by a managing director. ♪
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matt: this is bloomberg markets. the spread of the highly contagious delta variant is creating new questions about the reopening trade. for a look at how that might disrupt the recovery of the travel and entertainment industries, as well as the impact on the gaming and dealmaking, we welcome a managing director for gaming whose clients have included wynn resorts, fan dual -- fanduel, barstool sports. and sonali basak brings us this great desk.
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sonali: i am interested in the business being done by draftkings. what are investors seeing that perhaps everyone else is not? remi: we are in a special time for the gaming industry. it has really blown the roof off of the growth opportunities in the sector. what you have seen over the last three years is traditional casino operators like caesars and mgm have dived head in to the category. it key reason is land-based operations in the u.s. are pretty much everywhere if you include the tribal casinos around the country. for the most part, and has been pretty stable. but online has taken off the return of basketball and the formation of companies like that mgm and -- betmgm and barstool
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sports. matt: i get online for sure. i'm not worried, because i am vaccinated, about the spread of the delta variant, but a lot of people are, especially those with young kids who cannot get vaccinated, or people who for whatever reason are not able to boost their immune system with the shot. isn't travel and leisure a real concern right now because of that? ramy: i think it's on everyone's mind. i was in vegas last thursday and friday. travel as an individual, i think people who are vaccinated have a lot more comfort in their ability to travel. granted, the delta variant is on the mind of the land-based operators. the airport in vegas was jampacked across several casinos just last week. everyone was wearing masks. the plexiglass was up.
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i think people have decided that if they are vaccinated they are going to take a little more flexibility in terms of their decision-making. from what i saw on the ground last week, it feels like many of the populations that have been vaccinated are still very comfortable with traveling. greg: we hear stories about the young people who are maybe fueling the frenzy in meme stocks last year and maybe now are gravitating away from the market and getting more into betting. are we fooling ourselves as journalists, or is that actually happening? ramy: there was a confluence of events when covid struck. sports across the world was pretty much shut down. the advent of robin hood and the democratization of trading stocks, you saw an environment where people were looking for another form of entertainment, and trading stocks on robin hood was part of that.
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i don't think that goes away. but the fact that sports are back, legalization is rolling out at an accelerated pace, the ability to get legally across the country -- it is covering 50% of the u.s. population right now. i think you will see a lot of trading activity move into online gaming and sports betting. sonali: it is not legal everywhere yet. it is not legal in new york, for example. folks that are investing in games franchises see online betting as part of the evaluation reasoning. they think it's going to skyrocket because people bet on these teams more. do you think they are getting ahead of themselves? ramy: there are a lot of numbers out there in terms of how big the market is that everyone talks about. you have 30 million, 40 million, some people publishing 60 million. whatever the number is, it is a massive opportunity.
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our people getting ahead of themselves? maybe a little bit. we are seeing there are going to be significant winners in this category. it is too big of an opportunity. you will see competition. there are billions committed on advertising going out to customers. you mentioned -- i think operators are willing to pay over 50%. matt: i'm looking at these pictures and wondering, aren't regulators going to try to put a stop to this at some point? this looks like people who may develop serious problems. ramy: look, i hope that is not the case. gaming has been in existence forever. there has been a black market in the united states. we all know about that. legalization has brought the black market to the legalized world. there are customer protections. the industry is very focused on
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responsible gaming. sure, are there going to be a certain percentage that takes things too far? that is in any society. but i think the u.s. operators have taken that to be a serious priority, and we hope they have learned from some of the mistakes that were made in europe. matt: really appreciate your time. ramy ibrahim, brought to us by sonali basak. thank you so much for joining us as well. some breaking headlines we are getting from the cdc right now, the cdc lowering its covid-19 advisory for india to a level two. i'm matt miller. this is bloomberg. ♪
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mark: i am mark crumpton with first word news. there were desperate scenes playing out at the kabul international airport as
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thousands rushed to leave afghanistan after the taliban took control of the capital city. the u.s. officials say the american military commander has met with taliban officials to try and keep them from interfering with evacuations at the airport. during an emergency un security council meeting in new york secretary-general antonio guterres called for the protection of civilians. >> i urge all parties, especially the taliban, to exercise utmost restraint to protect lives and ensure humanitarian needs can be met. mark: the pentagon authorized an additional 1000 troops help with the evacuation from kabul. president biden is back in washington from camp david and is set to address the nation this afternoon about the situation. those remarks expected at 3:45 washington time. bloomberg television and radio will have it. new york city is expanding the vaccine mandate to include


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