Ray Dalio on the Economic Impact of the Coronavirus Crisis

good morning everybody and welcome I'm Eric Schadt scre editor-at-large here at Bloomberg I have a focus on Wall Street and global investing and on behalf of Bloomberg I'm delighted you could join us this morning for the very first in our series of invest talks what surely will be an insightful conversation with Ray Dalio of Bridgewater associates before we get started a few housekeeping items it's normal for these kinds of things although we too are experimenting with virtual conversations if you experience any issues with your audio or video during our broadcast just refresh your browser and that should take care of everything you're going to be able to submit some questions and I encourage you to engage we'll be fielding these questions throughout the interview and while I won't be able to get to all of you I most certainly will do my best to submit a question please type it into the Q&A box below the slide window and then click the submit button one additional thing when you do submit a question please also include your geographic location whether it's New York London Singapore Dallas it doesn't matter just throw it in there I'm not going to name you but I'd love to know where you're watching from I'm also going to be polling you a few times over the course of this event you're going to see the polling questions pop up on your screen as we're talking please take a moment to register your responses we are of course on twitter at hashtag bloomberg invest so please do engage with us there as well with that let's welcome Ray Dalio everybody he is the founder of Bridgewater associates he's a deep thinker he's the author of the best-selling book principles Ray welcome great to see you thank you for joining us great to be here thank you for holes that I mentioned Ray this is a question for our audience not for you and here it is everybody when do you expect normal and I'm saying normal in quotation marks normal business conditions to return in your industry as you can see here we've got four responses third quarter of 2020 fourth quarter of 2020 some I'm in 2021 and the latter is later than anybody thinks so please register those responses and we'll see when we've heard from enough of you what it all looks like ray I think that's a convenient segue into our conversation and I'd like to begin by asking you this question or at least asking this of you tell us if you would about the work you and your colleagues at Bridgewater have been doing trying to understand this pandemic and share with us some of the conclusions you've reached about its impact on the economy well I think I think you know that I believe basically almost everything has happened before you know one of the great things about getting old and reading history as you see these things happen over and over again so this is an economic downturn it's caused by the pandemic and you know we can even go study pandemics and what they're looking like which we've now done we wish we had done that before but so there's this economic downturn and the way it works is basically that everybody has a certain amount of income every individual every company every country has a certain amount of income a certain amount of expenses and a certain amount of savings balance sheet and so this has been a hit financially to income and it's been a hit to balance sheets assets and then those that so think of those as holes there's been a neck hole in income and a hole in balance sheets and then there's the capacity of central banks and governments to fill in those holes so there's a financial world and then that financial world governments produce money and credit out of thin air basically and they can fill in those holes and so this is a moment which is very analogous to announcements that have happened in the past March didn't Roosevelt announced that there would be the printing of money and credit and there would be a severing of the relationship with gold at the time so that they could print money and credit and create credit and to fill in those holes and that was the exact bottom of the economy in 1933 March of 1933 the exact bottom of the markets the exact bottom of the economy similar things have happened throughout history we can remember that when 2008 financial crisis the bottom occurred when the federal government Congress and the President created a program to save the banks and to fill in that hole with money and credit but it's also produced by the Federal Reserve to go by financial transactions and make those purchases and that created that bottom because they filling in the holes and you could take that one Mario Draghi um said he'll do whatever he takes and then the European Central Bank but produce money and credit and filled in the holes and so the issue is really at those moments there are the filling in the holes and so there are two dimensions to that you can't row you can't raise production you can't raise real wealth by producing money and credit you could just fill in the debt holes and you can that process so we're now in a process of those holes being filled in and it's very important to look at what holes exist and what they'll be filled in with and what I mean by that is Americans have holes in different ways different Americans will have it but and what will be produced we're very lucky because we have the world's central bank so think about it this way 70% of the world's transactions and savings and most most everything is in dollars and so they buy they sell and they save mostly in dollars and because the Federal Reserve produces that money in credit it will target it Americans and they'll work out exactly what Oh we'll fill in and and so on but we're in a sense the world's money the world's credit is that which is produced by our central bank but that money in credit really won't go much farther beyond those Americans and we'll need to talk about what that means for Americans but it won't go much farther and then there's a European Central Bank which is not nearly as powerful so there's all of that going on I'm probably going on to all but it's filling in the hole I was just gonna say a thing they'll be as to who before we get into some of that some of deeper into those holes and deeper into the programs that the Federal Reserve and the government have undertaken to try to fill them in can you give us a sense Rea of two things first of all how big is the hole and how big a hole are we talking about how long is that hole going to last just to give you an idea of what the audience thinks our viewers don't think they're going to be back that their businesses are going to be back to normal conditions until sometime in 2021 which is probably about a year from now so give us a sense of how long you think it's going to take and how big a hole we're gonna have to fill well the the holes to incomes in the United States we estimate somewhere in the vicinity of five trillion dollars and the holes in the in the world economy is probably somewhere in the vicinity of 20 trillion dollars and we look at particularly who has what holes and then how they'll be filled so the economy as a result of this so the real economy which is good services production and all of that in the world over the next year we'll probably have a fall of maybe four or five percent which is a bigger fool this is a bigger event than the 2008 financial crisis and it's most comparable to the nineteen thirty to forty five period of time in terms of you know the size of the hole rates and those types of impact and then we'll adapt the one of the great things about the greatest force is in humanity and the greatest force in productivity is the capacity of humans to adapt and change the way they're doing things and we're doing that right now and so I'm pretty confident that the inventiveness the adaptation and will bring us to a new way of operating and let's say if you take that decline that'll be a peak to trough decline of somewhere in that magnitude that will get get past that but it'll be in a total new world order the world won't resemble the world that were used to it's going to change in various ways so it's it's it's a big hole it's not a unsustainable hole because the capacity of producing money and credit is unlimited it means that we have to look at what is the value of money and credit okay that new world what is the value of money and credit what is a store hold of wealth what okay you just can't produce it without it having its effect on its value and so that when we talk about production we'll adapt and we'll get past it but how wealth will change will be very very big and different that's it that's I'm gonna come back to that in just a moment and I keep saying I'm gonna come back to the things you're mentioning but I promise I will ray in your opinion is what we've seen thus far in the way of fiscal stimulus from the federal government and monetary stimulus from the Federal Reserve appropriate are both of those organs of the US government if you will doing what they should be doing and if they're not doing quite enough yet what else should they be doing yes in my reaction there's you know there's no choice yeah it's in like in the 2008 financial crisis you're faced with the choice do you want those banks to exist in the future or you want to get rid of those bags and they they may have gone broke and they may not have had enough savings and they may have done even things that they should bear the consequences of but you want to save the backs and so this is a crisis that's similar except it goes way beyond the banks so when you start to think who do you want to save you have to think about do you provide them with income and how do you how much do you do deal with their balance sheet and if you don't do that the consequences are enormous so the reaction needed to be of the sort we have to think about the consequences though of producing all that money in credit where does it come from and what does it mean we'll turn that to that in a minute but it's just like no rate depression to do that and you will need to do more and we will argue over what we should do and who gets what and that'll be our big discussion but yes there has to be more money and credit and you have to operate in a way where it you save important things and that you only impose a certain amount of suffering on certain people that they can bear otherwise you'll have a revolution and you won't have productivity ray can we talk about some of those consequences I think that's a critical part of this conversation when you when you say the word consequences are you thinking about economic consequences like inflation for example a product perhaps of all the liquidity that's being generated by the government are you thinking about the impact that it has on the Treasury bond market are you thinking about the impact that it has may be on the foreign exchange market are you thinking about those things are you thinking more broadly tell me of course it's my responsibility to think about all of those things and that's my passion since I was a kid and I'm thinking about all those things and then you also have to bring in the elements of of wealth gaps in and and and politics you the world does not operate just without consideration to how wealth is distributed so I'm thinking for example that when we look ahead the world is going to be very different like when we think about how you'll pay for it okay will there be a reversal of the corporate tax cut for example the paradigm that we were in since about 2008 until it ended with the downturn was one in which just mechanistically certain things happened that supported markets and they included things that probably are not repeatable for example when you had a corporate tax cut the decline in corporate tax rates benefited stocks when you had interest rates go down the effect of lowering that interest rate caused all asset prices to rise because they all compete and so that causes a price earnings expansion but we won't have in the future interest rates go down in the same way you had expansion in profits and wealth assets prices going up for the purchase of those and that benefited those with assets more than those without assets and that created a wider wealth gap so you had low levels of interest rates cause corporations to borrow and to buy back stocks and to buy other corporations because the returns on equities were greater than the cost of funding and that supported prices and that created a certain cash flow you're not going to have that so as we come into the new paradigm we have to realize that even at you know how is capitalism how will it mechanically work what does it mean for redistribution of wealth all of those questions are part of the same series of questions you asked so when I think about foreign exchange when I think about each of the markets I have to look at it in that holistic way to figure that out and then I think about that globally you just can't think about it as one thing the United States's conditions are different from Europe's and a difference from China and different from other countries and those differences are important so I have to think about all that yes now I was just going to say could you give us a sense so you've you've established some really valuable context but I want to try and get a better sense of how you think it's gonna play out so things are not going to be the same what is going to happen with inflation in the period after the financial crisis we saw this monetary levitation we saw asset prices rise as you pointed out we saw you know a widening of the wealth gap if you will the rich getting richer we did see the buybacks that you talked about the amount of leverage that was built into the corporate economy how will that be different are we gonna have more inflation will asset prices rise the way they did before is to the point that you just made a moment ago will the the Fed in its asset purchase program be able to manage interest rates and and yields more importantly market yields the way that it's been able to up until recently well you gave me a bunch of questions there so I'll take him a bit by bet let's start with the inflation component there's inflation and goods and services and then there's the value of money and inflation and certain assets I think the period that we're going through right now is most analogous to the 1930 to 1945 period in many many many ways and so in that period what you had is deflation Airy pressures much the same way as we have deflationary I mean think about a you know is the supply demand of goods and services such that it's tight and well in other words were short of the goods and services and so prices are high and that's one type of supply to man inflation then there's monetary inflation and so like in the 1930s period when you had you had deflation of goods and services and you had inflation because of financial assets and other things because they produced it and so you saw a series of currency declines so you saw one country after another devalue its currency in relationship to other countries currencies and in relationship to gold which was then considered the money and so there were those two valuations very similar another period of time that seems very similar to me is the 1980 to 1990 period because what happened then is the world had a lot of debt and the money was tight and then what happened is they there was a debt crisis and it differentiated some countries from other countries so the emerging countries that owed a lot of debt and also didn't have the best benefit of the money that was coming out of the Federal Reserve had a crisis from 1980 to 1991 when they put the brady bonds in and and about at the same time the United States was going through a reef reflation period in which assets reef laid it but inflation rates fell globally so it's important to distinguish what we mean by inflation this is not a supply demand kind of global supply demand we're going to be short of things we're going to bit up its price kind of inflation we have to deal with the monetary inflation and I think in the early stages of this you're going to see it reflected in asset prices so you see it reflected to some extent in gold and to some extent in to stocks and other things I can get into what I think will be the sort of the beneficiaries of that it'll be a different kind of world it'll be difficult to it it'll be a very selective world - what what we'll do well but pay attention to the value of money what is a store hold of wealth no don't just look at goods and services because I think when we look at an economy the way we normally do we just think it's all a function of goods services stocks and bonds and so on and we may not pay enough attention to the value of money I think we'll be in an environment where that'll be a very important issue ray I'm just gonna take this opportunity to ask the second polling question of our audience let's bring it up and here it is what quarter will the US economy return to positive growth will it be the third quarter of 2020 the fourth quarter of 2020 sometime in 2021 or once again later than anybody thinks I'm going to give the audience time to think about that for a moment and and to to register their responses ray I'm gonna take this opportunity as well to weave in a question from our live audience I can't tell you where it's coming from but but it seems relevant given what you were just saying is it surprising for you ray to see global equity markets enter what amounts to a new bull market while we're still in the middle of one of the worst health economic and financial crises in modern history no not at all I mean it just just like you can go back to the dates of announced reflation you have a whole the economy follows what this is the important thing even when you're answered you're asking the question of others when will it fill in you have to understand the financial part of it what it means from incomes and balance sheets and so what I'm saying is let me give you know I can give you the dates [Music] so it was the date that the bottom when the Federal Reserve and the Treasury in 2008 announced its program to produce enough money and credit to buy financial assets that we that we entered the new paradigm it was the date of Mary when it helped you for just just a moment I I'm interrupting your rate just to make one point that I think people are trying to wrestle with right now is they listen to your answers you're absolutely right that the Fed and the government for that matter at least in this country and then elsewhere in Europe you know took action in 2008 and clearly the federal government took action and the Fed took action back during the Great Depression but there's often a lag between the moment they fire the bazooka and the moment that we so to speak hit bottom the bazooka has been fired a number of times over the past few weeks we don't know whether we've seen the bottom whether it's the economic bottom probably not yet or the financial market bottom how do you think about that I I think you're not adequately distinguishing economic activity and stock prices and financial market considerations I learned this early in life it was so funny if when I was a kid I was a you know invested it a kid and I would see this the economy gets stronger and stronger and stronger and I would see the markets go down down down and then I would see the economy get weaker and weaker and weaker and then I would see them go up up up based on what the amount of money and credit is so you it like like it goes when it gets stronger and stronger and let's say money becomes tighter and tighter and central banks become tighter and tighter that has an effect on the present value of all cash flows and so on and that's more important and so the real economy lags the financial economy so if we're looking at that we first have to start off with the financial economy and then we have to say where does the money and credit flow and you have to follow those flows I mean down at a detail level so then that's what we try to do okay so money and credit is going to buy central but they'll buy what do they buy okay they will buy first investment great starts with Treasury then they buy investment great then they buy junk bonds okay what is their objective who is going to get the money and credit what will that mean for the cost of funds and then you have to follow that money and credit through I think just to answer your question I'm saying it's a money and credit question at the same time I can't tell you how much this I can give you my thoughts about what what will happen in terms of it passing through if I get down to the granular I think that what'll happen is it'll be a big shift in wealth it'll be a big shift in where things go and you know so when I look at that I think it's a mistake to look at the economy as a whole like you know everybody saying the economy as a whole you know there's this economy and you know it goes up and down based on what they do but it's not gonna be like that it's gonna be more like this that they're going to change the nature of that mix in a very important way and that mix is going to change so while we see let's say a 3 or 4 or 5 percent decline and then we think about what are our impediments to bring economic activity up we'll get past those impediments and we'll bring economic activity up ok but the balance sheet damage the income damage and who is going to get what in that new economy are the most important things so the follow originally let me get the 1971 move by by President Nixon okay to devalue that are imprinted money um did not help the stock market much stock market did not perform well no gold it all a lot went into gold a lot went into inflation hedge assets it created an era that the night that move in August 15 1971 created the 70s okay and because of the way that money flowed so it so when you ask of stocks I can't tell you how much stocks I can't tell you help what other assets as we're working that through I have my theories and I can tell you but the nature of that is it's a reflation in which the value of money will go down and the value of other things that are of a certain nature certain types of stocks certain types of other financial assets in certain places in the world which we can delve into if you want will be the big beneficiaries and the world order will change in an important way based on who those beneficiaries are just like what happened after post 1971 just like what happened after post 1933 one well let's do that now let's do that share with us your theories who are the beneficiaries going to be and how is that going to be reflected in the things that we see like prices prices of assets and prices of goods i believed that as we distinguish we can do that by countries and parts of the world and we could do that by asset types and so on i believe that when you look at bonds and debt a bond is a promise to the receive currency so you have when you're holding a bond that gives you no interest rate or a negative interest rate and they're producing a lot of currency and you're going to receive that why would you hold that bond okay and and and where is that bond and who owns that bond okay so this period like the 19 30 to 45 period is a period in which i think you'd be pretty crazy throwing bonds okay cuz because what is a debt at that in a fiat currency is a promise to receive currency and is them pretty clear they're good make a lot of currency so I think that that changes the appeal of bonds wipe why in the world would you all the bots and that has a big effect so when you start to think about how much wealth is in bonds and where is that wealth going to go and how is that going to work and how are they going to control it you know I have real thoughts about that so what is a good store hold of wealth when we're all holding all of these debt assets and how will that play out that'll be an important consideration another and that has to do with store hold of wealth and so on when I think of store hold of wealth I think what are the stable store hold the wealth in the form of stocks and other kinds of debt I want those that have strong balance sheets stable incomes and so on so that you're basically having those assets that will perform well in any kind of an environment and I'll look at them what based on how cheap or expensive they are and when I think of the world I divide the world in two different locations as I say I think that this picture is very much like the 1980 to 90 period when we're flooding the it with financial assets excuse me with money and credit but they're not getting to a number of emerging countries so when I look at the distribution of wealth in terms of their balance sheets like every individual I look at what is their income what is their expenses and what is their savings and when we go through that exercise I you know I then it changes I don't want to be in places that don't have good ones and then I look at civil behavior on how a people with each other is there going to be a fight and will that fight will people be orderly will we work it out and then what will be the changes in tax rules you know taxation will corporate taxes come back in certain ways what will the changes because we're not going to deal with that equally so I'm looking at all of that to create a picture of differentiation I see a very differentiated world and when we talk about the economy coming back hmm I think you have to realize what big changes are that are behind that that can't be Jake's let's say for example self-sufficiency I think we're going to produce different things and and we'll be self-sufficient we operated in a world where we were globally connected and whoever was most efficient would get it and we were all we would just go get it wherever it was most efficiently produced that world won't happen again so you're going to come to a world where the ill originated it you know produce it at home and you'll start to think about what do you need and I imagine that we're going to be rebuilding our basics healthcare systems how much savings are we going to have put into rebuilding some of those basics like basics of hospital what's our storage for the next time we have the next epidemic and then there'll be other things climate change you know this is the act of nature that hit us over the head the virus but there's other evolutionary costs that are going to come in the form of climate change and those types of things all of those things are important to imagine in imagining the new world order I think so you and I have talked in the past ray about your concerns over populism your concerns about inequality your concerns about capitalism and some of the flaws that you had observed or believed existed in the system that we still have and and now you've raised the question as to whether there's going to be a fight a fight over wealth is there going to be a fight over wealth let's just talk about it in terms of this country what is going to happen in that sense is there going to be a battle over tax rates and redistribution give me a sense of what you have been thinking and what you anticipate well again I'm just a mechanic who's tries to be a practical guy and so when I answer these questions I don't answer them ideologically I'm just trying to answer them mechanistically so as as far as what I believe in what I've written I wrote a piece which how and why capitalism needs to be reformed and I'm a capitalist so it sometimes you get thrown in as just a generalization and it before this it struck me that if we have a downturn and we don't have much of an effective monetary policy we're we're a particularly risky position and it's fundamentally not good that we don't have this that we have such a problem in terms of the outcomes it would Becca mystically for history when you have people who share a budget or share wealth and you have a large wealth gap and hmm so when you have a large wealth gap and there's an economic downturn there's a high risk over fighting over wealth and that's just history we see that happen over and over again so most probably there's a question of whether we'll do that well or whether we don't won't do that well and I can give historico examples of doing it well and not doing it well but mostly it's a risky thing that people don't do well and then in addition it struck me that the system is not producing the desired outcomes in totality because if you know what is the desired outcome when I was growing up okay we created a new world order in 1945 1945 and the world war with 1945 we created a new dollar based monetary system 1945 would began a new world order and we had the United Nations in New York and we had the World Bank and the IMF in Washington because it was the American and enterprise and then we had 80% of the world's gold and we began a process now we're heavily in debt and we are at those kinds of limits and so on how are we going to restructure that world order so when I look at it I think in terms of your answer it depends very much on how we are together and will we will we bring the country together you know like togetherness and being behind a common mission like and what is that common mission I believe what is the American dream do we know what the American Dream is or do we each have our individual dreams like I want to get richer and I want to do something else and and so the up to me when I was growing up the American Dream meant something like equal opportunity I was very lucky to be raised by two pounds my dad was a jazz musician a modest income but I was able to go to to parents who loved me and and then I was able to go to a public school and I got a good public education and then I was able to go into a world of equal opportunity and it's those kinds of fundamental things so we'll need an American dream we'll need to do it together and we need to do it harmoniously with those who are competitors in the world like China if we're going to do this well and so I think we're at a juncture of deciding we're in a fork in a road that you will find out in fairly quickly in the next year or two about whether we're going to do this in a harmonious bipartisan way that we can get through our disagreement or not and everything depends on that there's enough wealth in the world and enough opportunity and still the inventiveness so what we have to do it's an engineering exercise what we have to do is engineer intelligently how to increase the size of the pie so productivity increases and you increase the size of the pie and then also divide it well so we have not only divide the wealth well but divide the productivity opportunities well so like there's a investing in education is a great thing but in any case yes how we are going to be with each other when we're creating this new world order is going to be the most important thing up rate I'd like to turn our attention to some of the questions from the audience many of them are very similar which gives you a very clear sense that there are a number of specific things on the minds of people who are out there and and more importantly the people who are listening to you right now and I'm going to try and summarize these questions because you know they are a number of them dance around the same issue some critics say that this is specifically about the fed programs race some critics say it's wrong for the Fed to be in the market buying corporate bonds buying investment grade bonds and buying junk bonds as opposed to what they used to do which was Treasuries and agencies because it's picking winners and losers in the real economy what do you think I think everything is a matter of weighing the pros and the cons and what happens over a long period of time is that whoever steps into the job inherits that which happened before them and then they deal with that thing in the best possible way in over a long period of time that's bad because let's say a government official you become a governor of a state and what happens is there's an incentive to spend money and borrow money because at that time if you borrow money and spend money people look at how much you're spending and you pre can produce a a prosperity on borrowed money and then you leave your term and then the person next inherits what they have and so when you're head of the Federal Reserve when you step in to the existing job you have an overly indebted economy that is and you have a situation where if you just bought government bonds in the traditional way at which it isn't of itself a problem in a sense and you just bought that then you have to allow the other parts of the economy to go broke and then when thinking about that um you have to then say what do you do with that and and you have to do it quick and you have to do it imprecisely and so the choice that you face is that those country companies which were investment grade all of a sudden because of the deteriorations and their incomes and their balance sheets have become junk and so all of them be a lot of you know good quality at one level consider good quality becomes junk and so do you say I'm not going to provide that money to those it's just a choice you have that choice okay and you have to think about the consequences of the choice so yes it's correct that they history is shown that they that central banks have bought stocks central banks have done anything they will do practically anything and by practically anything in order to save the system so you ask what's just systemically important and they'll probably buy it and therefore you won't have a regular market and then you as an investor get to make the choice of what do you own you have that freedom so what are you own what are you gonna own you have that freedom right here's a question for you about the way you think about the company you founded because it's a question that pretty much everybody who has any business anywhere in the world is thinking about I want to know how you're wrestling with the debate over reopening the economy how will you decide when employees come back to Bridgewater and what impact is working from home having on a culture like yours right a unique company culture a culture of radical transparency how are you wrestling with those questions and how do you think it'll look in the in the months and even years ahead well we've been I don't know lucky or whatever it is what we've done years and years ago was to assume that for one reason or another could be a hurricane knocks everything out or it could be any reason that we would have to be able to operate digitally and so on and and we we've done that we've operated this way and it made it in our normal practices to be able to operate this way and so when there was the beginning of the virus I mean it pretty much we knew what it would look like I'm we studied it in the past because it happening in China then also gave us a good sense and we studied what what it was like and then so we quickly went operating in this way and it's it there are some differences in it but the way we're operating is fine yeah it you know it it's good and like human evolution it's all a matter of knowing how to adapt and there'll be new inventions and and humanity you know it'll be zoom is very popular and now online education will be very popular and it'll prove and I'm sure man will adapt and so when we look about let's say the coming coming back we're going to deal with the health case very seriously is there's a lot of silent transmission and we're going to be very conservative in terms of that we're coming back because on this way of operating works fine and and so it will be conservative and when we're coming back and we also believe that you know studying pandemics um these come in waves so um you know this is not like just one wave like it's going to be gone it'll be really more a question of human inventiveness in terms of coming up with testing processes and you know vaccines still look quite a way out there but testing processes and various protocols and changes and protocols and and I'm sure that we'll find good ways of adapting to it as as the world will and so we'll see but we'll be conservative in coming back and with the way we're operating is you know just fine we're with that I want to thank you very much for joining us today ladies and gentlemen Ray Dalio and thank you to our audience for tuning in this is the first in a series we call invest talks delighted to have Ray as our first guest folks we'd also love to have your feedback about this event an exit survey is going to appear on your screen shortly you can also find a replay of this conversation with Ray Dalio by following the very stream registration link you started with today stay tuned for more interviews in this invest awk series you can follow us at Bloomberg live on Twitter and LinkedIn for updates please also be sure to follow our ongoing financial and markets coverage on twitter at business is Bloomberg's handle and of course on Bloomberg comm if you haven't already done so please consider subscribing to Bloomberg at Bloomberg comm slash subscriptions I'm Eric Schadt scre here in New York want to thank you all very much for joining us today we'll see you at our next conversation here on invest talks

Channel: Bloomberg Television

Views: 794,776

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Id: WA1Ji-Hj1qo

Length: 46min 17sec (2777 seconds)

Published: Wed Apr 15 2020