Taking a real beating. For the fourth week in a row, firsttime jobless claims were in the multimillions taking the total number to 22 million. Retail sales plunged 8. 7 in march, the worst ever in history of data. And the Federal Reserve reported Economic Activity has fallen sharply during the crisis. Mindful of the damage to the economy, President Trump announced on thursday guidelines to begin reopening the country soon, leaving the actual Decision Making to state governors. Meanwhile, the country is being subjected to what is essentially a rather pointless daily battle between the media and mr. Trump plaided out during his coronavirus briefings. Reporters seem to think that their main job is to apportion blame, and they spend endless hours accusing President Trump of failing to do enough to address the virus. And, of course, President Trump being President Trump, he accuses them of fake news, and he hurls himself back at them. A good example came monday in this exchange with paula reid of cbs. The argument is you bought yourself time, you didnt use it to prepare hospitals or ramp up testing youre so, youre so disgraceful. Its so disgraceful what did your administration do in february a lot. A lot. A lot. What . Gerry im not sure what purpose this all serves. Clearly, mistakes have been made, there always are mistakes, many mistakes in the early stages of a government response to a crisis. We saw that from some of our greatest leaders in times such as the civil war and, indeed, world war ii. But there is a lot we dont really yet know about this crisis and how its unfolding, how lethal it is, how long were going to be fighting it. And its a little premature to make judgments about whos to blame until we much more eviden. In the meantime, there is real, proper work to be done. Dreaging the spread of the virus and dealing with the Enormous Economic fallout. No one benefitses from this daily cock fight. We need to learn from past experience. To do that, we can look at the history of these kinds of events which weve had many of. The worst pandemic ever was the 1918 spanish flu which broke out during world war i. Now, that outbreak lasted almost three years, and half a billion people got sick. That was about onethird of everyone loving on the planet at the time. Tens of millions of people died including almost are 700,000 here in america. So what are the lessons that we might learn from previous epidemics, and particularly how people responded to that one . What could we do better to prepare for the next pandemic . To get those answers, i want to welcome historian john barry, author of what is widely considered to be one of the most important books ever written about the 1918 spanish flu entitled the deadly influenza. John barry joins me live via skype from new orleans. Professor barry, thanks for joining us. Of course. Thanks for invite aring me. Gerry lets start, if we could, if you could remind us about the scale of the 19181920 socalled spanish flu, just about how extraordinary, just how extensive, how lethal, how damaging it was to humanity. Well, i think two numbers will pretty much encapsulate that. Number one is the death toll, estimated 50100 Million People. If you adjust for population, that would equal 220440 Million People today. Roughly twothirds of them died in an extraordinarily short period of about 14, 15 weeks from september to december 1918. The second is that the peak age for death was 28. Unlike coronavirus. Roughly twothirds of the dead were aged 1435, so the target demographic was quite different. Gerry you mentioned that peak of a few weeks which occurred in the fall of 1918, and i think in terms of relevance and of concern to this particular crisis, that was actually the second wave, wasnt it which turned out to be much more lethal than the initial wave which happened right around the same time of year this one is happening. Well, thats correct. The first wave was very spotty, did not distribute itself widely around the world at all. For example, los angeles didnt have a single influential death in the spring. New york did have a pronounced pandemic. Western europe did get a more widespread outbreak in the spring, but much of the world escaped almost entirely. Travel, of course, then was quite a bit different. The virus did turn much more virulent, however, there were plenty in the spring that had that capability. Right now there is no evidence anywhere in the world of the slightest hint that this virus will do anything like that. So im not at all concern of that particular part of the problem. Gerry so you think, actually, thats unlikely, that we dont face the risk of a second wave, especially a more lethal second wave in the fall. Well, the virus is going to be around, but its not going to turn more lethal. The key really is not so much seasonality, but susceptibility. You know, cold and influenza viruses are more common in winter because they survive longer outside the body in cold than they do in higher temperatures and higher humidity. Also people on the tend to be inside more, so it spreads more easily in winter. But in this cause the susceptibility, whether its 80 , 95 , we dont know the exact number but certainly the overwhelming majority of people are not yet been exposed, this is an easilyspread virus, so i dont expect seasonality to be as important as it is in a normal influenza or cold season. I think, you know, for example, even in 1919 australia was the last part of the world to be hit by that second wave because they had a very rigid quarantine. It was finally leaked in january which is dead winter excuse me, dead summer for australia. It spread widely there. Right now in singapore, tropical, the virus coming back. So i think susceptibility to population is more important than the seasonality. Gerry what were the economic consequences of the spanish flu as it was called at the time . Weve shut down our economy here along with many, many countries, effectively shut down large parts of the economy. What happened in it was the end of the First World War for the first year, what happened economically between 1918 and 1920 . Well, of course, none of the finish most of the cities in the United States banned public gatherings, you with, from Church Services to saloons and theaters, but they did not take the more extreme measures that were actually doing now. And i think the social distancing that is going on is going to be and has already demonstrated that its much more effective than what was done in 1918 because it is more extreme. By the same token, one of the big differences between influenza and the coronavirus is the incubation period. Influenzas 14 days, most people get sick in 2 days. Covid19 is 214 days, most people get sick 56 days. In 56 days. That sprech stretches everything out and makes management much more difficult. You know, the total time frame was 14 or 15 weeks in the fall for influenza, but in any Given Community it would be 610 weeks and then it was essentially gone. There was a third wave that came later, but for all intents and purposes, disappeared from that community. They could get back to normal in quite a short period of time gerry professor, we forgive me for interrupting, weve got to take a quick break. Coming up, i want to talk more, obviously, about what happened 100 years ago, but also, critically, about what we learned and didnt learn from that flu outbreak. Stay with us. Gerry im with john barry, author of the great influenza. Mr. Barry, or thank you again. Professor, as you look at what were going through now and with your depth of knowledge of what happened 19181920, what do do you see in terms of our response to this . What are we getting lets start, if we may, what are we getting right in terms of how we are responding that perhaps enables us to avoid some of the worst outcomes of a hundred years ago . Well, clearly the social distancing measures were getting right. Here and many other, most other places in the world although not everywhere. Of mexico, brazil are outlie iers outliers on a negative side. But the social distancing clearly is having an impact. Gerry how did the, how did the flu in 1918, how did it end . It went up til 1920. How did we finally get beyond that . Well, again, it did last until 1920, but remember the overwhelming majority of deaths were in that incredibly compressed time period. You know, number one, i would say peoples immune systems were better able to respond to it when they saw it again and again. Thats number one. And number two, the virus itself, the influenza virus, decays very, very rapidly. And it seemed to tend toward mildness, not the lethality that that second wave had. Coronavirus, while all of them also mutates, covid19 mutates a lot more slowly than influenza, which is a good thing. Otherwise we had greater difficulty developing vaccines. Gerry what about this idea you really have to let these things essentially burn themselves out, until a significant number of the population have had it, that protects the remaining population, and there really isnt a way until a vaccine comes online, what finish how could that work . Do we just have to wait until, essentially, enough people have had this disease and developed immunity that we can then move on . Well, as you possibly know, sweden is essentially taking that approach, trying to protect the elderly and those with underlying conditions, but other than that theyre largely decided to let the virus run free. Much of the world is looking at that. In this virus to get herd immunity, you would need the vast majority of the population to have been infected, well over 50. And that percent, obviously, presents some very Serious Problems in terms of death toll. Gerry thats the figure that overwhelms our medical capacity to deal with it. Correct. Among other things, yeah. But even if the medical system was able to handle the numbers, you would still have very many deaths. I dont think were ready to pay that price. Gerry just quickly, in your book you talk a lot about the importance of communication and one of the reasons i think obviously one of the failures of governments back in 1918, 1920 was a failure to communicate and to doing it honestly with their people, was it that important then and how important is it now . Well, i think it was crucial then. I think, you know, or we were at war and pretty close to outright lies about the disease initially which led to almost a breakdown, certainly, a fraying of society and many cities and the few places where the local leaders did tell the truth, those cities like San Francisco which had very high excess mortality, but it functioned. Other cities began to fall apart. Youd see people starving to death. Gerry professor, weve got to take one more quick break, if we may, and then well discuss more of the lessons we should be learning from the great flu of 1918. Stay with us. In these uncertain times, look after yourself, your family, your friends. But know when it comes to your finances, we are here for you. What can i do for you today . Well take a look at the portfolio and make adjustments. Im free to chat if you have any more questions. Our j. P. Morgan advisors are working from home to help guide you through this. For more than 200 years, weve helped our clients navigate historic challenges. And we will get through this one. Together. Heres the thing about managing for your business. S when youve got public clouds, and private clouds, and hybrid clouds things can get a bit cloudy for you. But now, theres the Dell Technologies cloud, powered by vmware. A single hub for a consistent operating experience across all your clouds. That should clear things up. drumbeat dear humans, this is an adoption campaign, but, its not for me or mr. Buttons or frank over there, its for you humans. This is a call to humans to adopt our movement to adopt our cause. This isnt just about saving one of us, it is about saving all of us. Thousands of lives every single day. Its about support for every one of us four and sometimes not four legged best friends waiting to meet a best friend of our own, with best Friends Animal Society leading the charge. Shelter by shelter, city by city, we can save thousands of pets each day. Join us. Together we can save them all. Gerry historian and author johnly is my guest. Professor barry, as you look at the history of these epidemics, obviously, the one you wrote about, the great influenza in particular, but in 1957, asian flu, weve had sars, mers, aids, of course, in many ways the thing that strikes you is how common they are in occurrence they are, and the odd thing that what surprises you that we should be surprised by them. And yet when they come along, as they have done this time, we dont seem to have been prepared, we seem to have been surprised by it. Do you think thats fair . Well, question and no. Finish yes and no. Theres a Certain Community of virologists and preparedness people who were not at all surprised. Theyve been, california santalike, screaming how old by for decades loudly for decades. So the experts arent surprised. Its difficult to get governments or for that matter hospitals in the priest sector to make in the private sector to make the investment to prepare. Because then youre talking about money that seem to be inefficiently used. Same thing for supply chains, just in time inventories is very efficient but creates all sorts of problems when theres an interruption. They dont like slack. Gerry do you think that, as you look at the way in which we responded to this, i mean, first of all, beginning china, you know, it started in china, theres some dispute about whether it started in a wet market or maybe even possibly in a lab, china was, it seems, was very slow in both responding directly and certainly communicating the scale of the threat to the rest of the world. Do you agree with that . I would. The one thing china did do that was extremely helpful was get the genome out there pretty early. Thats hugely important. But on many other things, i would agree that china was not acting as responsibly as they should have. We thought they had learned their lesson from sars. A lot of improvements came after that but, unfortunately, i dont think they performed very well in this. Gerry and what do you think needs to change . Obviously not just in china, but with the rest of the world, the way in which governments prepare. Again, we have had so many warnings of these things. As you said, epidemiologists are warning about it all the time. What do we need to do to insure that we dont suffer in the way that we are, both in human and economic terms, as much as were suffering right now . Well, there are a lot of viruses out there in the wild. All of them not all of them, but many of them could potentially jump species from animals to people p. So the Research Community needs to be better funded, the whole preparedness Community Needs to be better funded. Emerging viruses, particularly viruses but there are other pathogens as well, are a threat. I think after in that will happen. After this, that will happen. This is not something people will forget or pass over in the way sars, which seemed like a threat but turned out to be containable, mers is not spread widely at all, so its easy not to take them seriously. This everyone is taking seriously. Gerry and weve certainly learned to take it seriously. Again, the book is called the great influenza, and my great thanks to john warily. Thank you very much, in john barry. Up next, why time is really of the essence now in getting the country back to normal. Stay with us. Hey, can i. Hold on one second. Sure. Okay. Okay safe drivers save 40 guys guys check it out. Safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him hes here. Hes right here. Hi hi. Hey thats totally him. Its him thats totally the guy. Safe drivers do save 40 . Click or call for a quote today. Gerri while clearly hopeful signs are emerging in the fight against the coronavirus epidemic, the economic damage from the shutdown continues to get much worse. This week the International Monetary fund said that the u. S. Economy is likely to shrink by 5. 9 this year. Thatll be among the worst annual declines this countrys faced since the Great Depression with unemployment likely to rise as high as 20 . But many economists believe that when the crisis is over, the economy will recover most of that lost ground and quite quickly. Financial markets also reflect that optimism. The Dow Jones Industrial average has made up more than half the loss it incurred on hopes of an early socalled vshaped recovery. But this outlook is actually highly uncertain and, i think, maybe much too optimistic. The longer the lockdown goes on, the greater the longterm economic damage it will do. Businesses will be more reluctant to hire. Workers will lose key skills. Consumer confidence will be weakened further, and debt levels will place a much larger burden on governments and companies. That is why its so critical that we are able to return to some semblance of normality soon. Those workers who can safely return should be back at work without delay. A staged reopening of the economy must be implemented quickly. Its too soon, obviously, to declare victory e over this epidemic, but if we dont find a smart way to restart our economic engine soon, the ultimate damage will be even greater than a what we now fear it will be. Well, thats it for us this week. Be sure to follow me on twitter, facebook and instagram, and ill be back next week when my guest will be michael lev visits who helped lead president george w. Bushs efforts to prepare for pandemics like the one were facing now. Thats it the wall street journal at large. Thats it for this us, have a great weekend. Barrons round table sponsored by jack welcome to barrons round table, im jack otter. We begin with what we think are the three most important things investors should be thinking about right now. Stocks took a big hit in response to the coronavirus, but the s p 500 and big tech are showing surprising resilience. Health Care Companies at the center of the pandemic, which stocks to watch and the impact of the crisis on automakers. How the entire auto ecosystem might function in our new reality. We spoke to ford ceo jim hackett. On the barrons round table, ben leveson, jack howe. Ben, we saw stunningly horrible economic numbers last week, really unbelievable, but the market actually was higher on the week. What is happening . Yeah. I mean, this data was just terrible. Retail sale, industrial production, empire state manufacturing, you name it, it was probably the worst ever on record. Unemployment, the jobless claims continued to rise another 5 Million People lost their jobs. I mean, its just bad. But we knew it was going to be bad, and theres also two rays of hope out there. One was a new set of treatments that gilead is working on for covid actually might be work. We dont have all the data on it yet, but that provided a boost for stocks x. Then theres talk of reopening the economy, and thats also helped too because it signals perhaps there is a light at the end of this tunnel. Jg jon so, jack howe, i know youre looking at valuations, and as ben pointed out, there is light at the end of the tunnel, but still stocks look a Little Pricey given what we do know, no . They do. I mean, look, jobs matter most right now, and im hopeful that this stimulus will get the economy going again. Look at the s p 500, its now 17 times last years earnings. I dont know many people who expected us to bounce back to last years earnings level right away. I think you have to hold them for the long term. Im saying is anyone worried that the stimulus will have a faster and strongerfect on the stock market effect on the stock market than it does the economy and before long well be talking about new highs, meltups, maybe bubbles. Jack so, ben, tell us whew why the s p 500 is a little different from other global indexes. Yeah. I think its not to confuse important not to confuse the s p 500 with the economy. Its got tech and health care really working now. Big tech, the fangs are back, amazon and netflix hit new highs earlier this week. Theyre both up more than 10 . And then you have, and then you have health care which is doing great as well. And then you have this little middle area, banks and industrials and energy, that if the economy does start to do better, theyre going to do okay. So the s ps up 2 or so this week, maybe a little bit less, but the small caps in the u. S. Are down 3. So if you look everywhere else, theyre not saying great things. Its really about the composition of the s p 500. Jack you mentioned health care. I know, carlton, youve taken a look at health care. Barrons is doing a big package on health care. I know theres some sort of Second Derivative effect. Of course, theres the search for a cure, but theres more than that going on. Absolutely. And i urge everyone to pick up a copy or to read it online, so, of course, while gilead is getting a lot of attention, you need to look at the broader base, and thats what were doing this weekend. You look at the managed Care Companies. A not of elective procedures are not happening, you know, the knee replacements, things like that, United Health cares, humanas, youre going to see lower costs for them. This is going to be a tricky spot because we do have the Election Year going, so companied tend to face headwinds in those sorts of situations. But outside of the gileads, you want to look at the other pharmaceutical companies. Were examining potential opportunities in your mercks, your pfizers, eli lilly. They make most of the u. S. stock of tylenol i should say the sup is element, not supplement, but generic, excuse me. And other generics that people are using right now as theyre treating or potentially stocking up on. And then finally youve got to look at the teledoc space. Its kind of like the zoom for medicine. People arent going to the Doctors Office right now. Theyre seeing their doctors remotely, and theres also some plays to be making for some of these medical device companies, some of these monitoring devices so people can still get Health Care Even if its not safe for them to go into the Doctors Office or hospital. Jack like a lot of things were seeing right now, theres a decent possibility that this has changed for good, that even after this crisis passes, we may very well see more teledocs and seeing your doctor virtually rather than literally. Exactly. And i think this has kind of accelerated that dynamic. Telemedicine has existed, but it was always more of a curiosity. And i think now were going to see that acceleration to a new normal for certain types of issues. Jack so, jack howe, you have taken a look at a very different industry, the automobile manufacturers. What do you see there . Well, the business is so important to employment, i mean, millions of people work in this industry. We want these people to remain employed as much as possible. But the business is going to change going forward. I mean, were looking at whats going to be different. I think youre going to see consolidation among dealers, thats inevitable. It could help some of the larger chains like auto nation. There may be more digital and Touchless Service offered by the car dealers and the service stations. You can actually see a younger fleet of cars. Adam jonas at ohio Morgan Stanley is calling for a cash for clunkers program, we might get one thats more than three times the size of the one we saw during the great recession. Im going to call that clunkers humonkers until i find a better name jack try to find a better name. [laughter] ill work on it. Weve got a tblut of used cars, so we have to find a way to get people to buy cards. I did speak with jim hackett at ford, and he said ford learned a lot during that downturn. Lets have a listen. Remember, ford didnt take any bailout money. It was able to manage itself. It was really tough and a big challenge, but it did it. Well, think of that influence that said if you ever face a challenge again, you really want to be ready. We are really ready this time. And, jack, jim hackett even said i found this interesting he talked about how ford is exploring new material for vehicle interiors that can kill viruses on contact. Jack wow, thats interesting. And, you know, i do think on a consumer note we are going to see deals in used cars. I dont think thats taking advantage of the situation. Anyone spending money will be good for the economy right now. Coming up, the fed taking extraordinary measures to keep the economy afloat, but are we helping the right people . Former jack the sbas paycheck protection program, or ppp, has run out of funds to help Small Businesses. How the Federal Reserve may be able to help, is that the right move . Joining me now, former fdic chair sheila bair. I want to make sure viewers know your track record. Way back in 1992 you warped against loosening rules a decade later, enron proved you right. And just a year ago you warned that during the next cats few, we have to focus catastrophe, we have to focus on main street rather than wall street. So so here we are. Tell me . Here we are. I think theyre trying. I think theyre trying. I think theyre absolutely trying. But the problem is theyre just not equipped to do this. Theyre a big bank and they lend to other big banks. Thats how theyre set up. Even when they try to get money to main street, theyve got to use the banks to be their intermediary, and that creates a lot of issues. You know, theres some issues with some of the facilities theyre setting up. I think the wall street journal has rightly called them out on imposing more conditions on the smaller businesses and the large corporate and large Financial Institutions who are also being helped. So i do think they need to make sure that the restrictions and programs are consistent and even across the board, and its not clear thats being done. Jack you told my colleagues that you thought maybe the money was actually going to the wrong people. What did you mean by that . Yeah. Well, that was a very early on conversation because initially when this started, they just pumped a lot of money into the banks and the primary dealers, and that was the playbook in 2008. Just pump a lot of liquidity into the big banks, and that doesnt work. Bailing out wall street does not help main street. I think that was the key lesson of the 20082009 crisis. So since that time theyve launched which gives authority to nonbanks, nonregulated banks, and theyve tried to theyve announced interventions in the corporate debt market. I think thats necessary, frankly, just to keep credit flowing and keep the larger employers funded. I think thats important though, again, these programs should come with restrictions, i think particularly buybacks and dove depends. Dividends. Some companies are fine, but the one withs that are needing help i think they should be restricting capital distributions. They should be putting their capital into operations and payroll right now. It would be nicer to see the restrictions apply across the board. But again, the fed is trying to get more money into nonfinancial employers large and small, but the way its doing it is uneven, and i think its kind of plugging up the works for the smaller employers and businesses. Jon jon just to be clear, so when the banks reported earnings, some of them made a point of, hey, we can afford these dividends, but youre saying, no, banks should not pay dividends right now. No, i dont think so. We dont know how bad this things going to get. Theyve said theyre so highly capitalized, the fed said theyre so highly capitalized, but theyve been providing all these reductions in their capital minimums, so i wonder why thats necessary if theyve got so much capital. [laughter] we dont know how bad this thing is going to get seriously, we dont know how bad its going to get. They need capital to absorb losses and keep lending, so at the same time tells us they can go ahead and pay dividends just doesnt make any sense. They should be conserving that capital. If im wrong and it turns out they didnt need capital, fine, they can invest it later. There respect many shareholders, but the ones that need the cash, they could sell the shares on the secondary market. It doesnt compromise your Balance Sheet or weaken your Balance Sheet. If you let the cash out the door, it does. Jack youve written about what you feel is the overfinancialization of the economy. I suspect youre going to say we want to avoid that. We are. Obviously, were down on it now because this is what we do, we get in crisis e, we fault the fed. The fed pumps a lot of liquidity into the financial sector, and it creates a bigger financial sector, more debt. So i think the good news is that congress has [inaudible] funding certainly to households. The Small Business loans are forgivable if you support payroll, so i think theres a trend to get away from that model. But once we get past this going forward, we have got to get off this financialization carousel where we just, you know, we get boo trouble, we lower rates, the economy levers up. We never really delevered after the great financial crisis that just moved from mortgage debt to nonmortgage Consumer Debt and business debt and, of course, government debt. So its not sustainable. Debt is not a good way to drive your economy. Its not sustainable, and, you know, absolving companies, were doing that more now, its just a drag, and i hope we can break out of that after this terrible crisis is over. Jack this time i hope everyone is listening. Thank you very much, sheila. As the market tries to recover, which sectors are likely to come out on top . Investor strategist because you cant get to the theater, were bringing the theater home to you, with xfinity movie premiere. Theres a world full of other trolls. How different can they be . Our brandnew service that lets you watch all the latest movie releases from the comfort of home. Trolls world tour available now. I will protect you no matter what, pinky promise. Just say xfinity movie premiere into your voice remote to bring the theater to you. Jack as the market makes huge moves in response to government stimulus and coronavirus news, which Economic Indicator should we be watching, and which sectors are likely to perform best . Charles schwab chief investment strategist liz and sawshedders liz and saunders joins the panel now. Weve seen economic numbers that are literally worse than anything weve seen in our lifetime. The market is kind of manicdepressive. Help us make sense out of all this first thing youre looking at, you say, health care. Well, absolutely. As much as the virus defines when and the magnitude of the shutdown, i think it will define how and when we open the economy back up which is paramount to understanding the depth of the economic hit here. We know some to have higher frequency Economic Indicators that are leading in nature pick this up first, notably initial unemployment claims and now continuing claims and four week average of claims now that we have about a months worth of call it postshutdown data. And i think those will still be very valuable metrics. But i think we need to focus mostly on the socalled High Frequency measures of growth. Not the backwards looking quarterly or maybe even monthly numbers, but some of these more [inaudible] to get a sense of the depth of recession were going to see. Jack what one or two of those did you like the most . In addition to claims, we can look at a number of other staffingrelated indicators, job openingrelated indicators. We can see the percentage when we get the next payrolls report of how many people have been laid off temporarily versus permanently. As of the most recent payrolls report, it was about 85 were temporary layoffs. For now thats good news, it means when we open the economy back up, most of them should go back on payroll. But i think we can also look at shorter term measures of Consumer Confidence and, in turn related to the stock market, measures of Investor Confidence as well. I would focus more on those daily and weekly measures. Liz ann, you spoke about what we do know, the data points like the job figures and things like that, what are some of the unknowns that maybe worry you right now . Well, certainly, as it relates to the virus when we will fully have the economy back open. The guidelines that have been put forth by the administration and the approach that states and localities are taking is to do it on a rolling basis, and then even within a particular state that might say, okay, were ready to start opening up, even there it will be done sort of industry by industry, segment by segment. So theres no moment in time where were going to have a sense of this. Were going to have to look at the data on a rolling basis, and i think the risks and unknowns, number one, are do we get a resurgence in incidence after the start of opening things up. That would be one kind of negative case scenario. The other one would be even if we dont get a resurgence in the virus, what is going to happen to demand. Are we going to see that pentup demand meaning the recoverys going to happen a fatherly quickly, or is there going to be enough caution that the demand maybe doesnt come back as quickly as many hoped for. I think those are the unknowns and questions to which we just dont have answers at this point. So the fed moves really seem to have given investors a lot of confidence. Do you think thats a wellplaced confidence . Well, i think the combination of what congress and the fed have done, which is an extraordinary amount of money relative to the size of the overall economy just on the fiscal side its about 12 of gdp, and then you add what the fed has done, its clearly not the elixir for what ails us. Its not a vaccine or a treatment for the virus. It cant open the economy back up or cant sort of force demand to come back. It hopefully prevents an chick if crisis which were economic crisis from becoming a Financial System crisis. Jack lets talk about sectors briefly. At the top of the show, ben mention tech and health care. I think that aligns with your analysis of what might come out stronger. So health care is the one sector on which we have an outperform rating, and that was placed prethe economic shutdown. And sure during this period of time both on the way down and on the way back up, health cares been a relative leader. Some of the reasons are obvious given the focus by pharma, by biotech on coming up with treatments and vaccines or, you know, purchases of personal care. And i think within tech a focus on those companies that are high quality, dominant in their tries, have strong cash flows and earnings streams, and those are the factors that are going to perform well both in this environment and when we get back to some semblance of normalcy. Jack i know you guys are worried about small caps, we dont have time to talk about that now, so well have you back. Thank you so much for joining us, liz ann. Up next, round table members give their investment ideas for the coming week, so stay right there. In these uncertain times, look after yourself, your family, your friends. But know when it comes to your finances, we are here for you. What can i do for you today . Well take a look at the portfolio and make adjustments. Im free to chat if you have any more questions. Our j. P. Morgan advisors are working from home to help guide you through this. For more than 200 years, weve helped our clients navigate historic challenges. And we will get through this one. Together. Sprinting past every leak in our softest, smoothest fabric. Shes confident, protected, her strength respected. Depend. The only thing stronger than us, is you. From anyone else. So why accept it from your allergy pills . Flonase relieves your worst symptoms which most pills dont. Get allinone allergy relief for 24 hours, with flonase. Muck if. Jack so, jack, as you shelter in place, i understand you are channeling your inner grease monkey. [laughter] its been a little while since i got under the hood, i got that tell you. I want investors to look at autozone and oreillys this week, these are auto parts chains. Earlier we talked about the possibility of a big cash for clunkers program, what if it doesnt work . What if we have clunker keeper es because people are feeling strapped for cash . That can work out well for some of these auto parts chains that cater to do do it yourselfers. Right now stores are closed, but once the economy reopens, i think these chains are going to be among the first in the car sector to bounce back. Jack as always, we want one actionable idea from carlton. Carlton, im going to start with you speak of channeling, though youre going crazy cleaning that house every hour. I really am. [laughter] and i have to admit, i do feel a little repetitive, but im looking at chlorox right now. A lot of people have bought into it recently, but even when we hook at reopening the economy, theres going to be a new normal, new standard for how offices and homes have to be maintained. So im looking at chlorox right now. Jack and, ben, im not going to make a joke here, goldman sachs. Why is it looking good to you right now . Well, carlton has a great article in this weekends magazine about the banking sector, and goldman really stands out to me. The earnings this week that all the big banks released earnings, they werent really taken very well. All the banks dropped. Goldman dropped less. Its got a lot of investment banking, a lot fewer loans to go bad. I think in this environment just with the trading going well, its just going to be ad good stock to own. Jack thanks, ben, jack, carlton. Great ideas with. To read more, check out this weeks edition at barrons. Com and follow us on twitter. Thats all for us. Wash your hands, wear your masks. See you next week on announcer the following is a sponsored program for prostagenix, furnished by prostatereport. Com. upbeat music hi, this is larry king. Over 30 million men in america have prostrate problems. I know, i was one of them. And all these natural prostate supplements like the ones i have here in front of me are everywhere. Drugstores, health food stores, on the internet, and all over tv, selling millions of bottles every year