Disease expert says covid19 will not be a pandemic a lot longer. , dr. Ing at an event today Anthony Fauci pointed to rapid progress in vaccine development. He did say the coronavirus could remain endemic for a long time. Generally, a pandemic is defined as an infection that puts the global population at risk, while an endemic disease is one that spreads in some areas and not others. There is a power struggle inside Prime Minister Boris Johnsons office that threatens to destabilize the british government. His communication director quit last night, raising concerns about the future of johnsons most powerful and controversial advisor, dominic cummings. All of this comes at a time when the Prime Minister is dealing with a new lockdown and brexit talks. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Vonnie it is 1 00 p. M. In new york, 6 00 in london, and 2 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. Here are the top stories we are following on the bloomberg and from around the world. As anticipation build for water rollout of 5g, how should investors be positioning . We will speak to marc ganzi about what he is doing. All soon be able during ernas time in the spotlight. They could have news on their vaccine within days. One winner of the 2020 election, marijuana. We will talk to Green Thumb Industries founder Benjamin Kovler. Lets get a quick check on the markets. Its been a choppy session with tech trying to hold in, other indices lower. The s p 500 giving into some losses, down 1 after the administration said it was pulling away from stimulus talks , leaving it to Mitch Mcconnell and nancy pelosi. The 10year yield dropping to about 90 basis points. Gaining, 41. 85. The dollar index just barely above 93 once again. Is a big topic of conversation with the debut of apples enabled 5g phone. What does it mean for investors focusing on the massive infrastructure demands that comes with 5g rollout . Joining us now is Colony Capital president marc ganzi. Changed . It looks like we have a new, incoming administration. What does that mean for the 5g industry, the infrastructure . News is nobody has to vote on 5g, it is not red or blue. Catalyste a tremendous for our economy, we are really excited about it. First and foremost, significant investment. 1. 4 trillion dollars invested in infrastructure over the next five years. We are gearing up for that across our ecosystem. It is an incredibly heavy lift to deliver the promise of the network so that it matches up with its capabilities. Are notverizon and at t upping their expenditure when it comes to 5g infrastructure. Will they at some point, or have we missed the big spend . Marc they absolutely will. If you listen carefully to what they have said, they are obviously building a lot of fiber infrastructure to support the infrastructure, the amount of demand coming. What is so interesting about 5g from my perspective as a builder, developer of infrastructure, 4g was about the promise of delivering device productivity and connectivity. What a lot of people are not looking out in 5g is how it will affect the enterprise. It is not only affecting consumers and delivering lower latency solutions, better battery life, more performance, but you have to think about how 5g spectrum and 5g applications can help the supply chain and improve productivity in the country. This is where we can gain a comparative advantage in the u. S. , by deploying this technology in new use cases. Our crewtunity to grow in a more business facing enterprise environment is something that holds a lot of promise. Vonnie what about under a Biden Administration . I know that you sit on one of the fcc boards. What does regulation look like next year, assuming all goes how it looks like it will . Back if we turn the clock during the obama administration, i think you had a constructive tone and tenor from the fcc about pushing innovation forward. I think about it administration will follow that path as well. The sitting commissioner was put in place in the obama administration. Him, whichrump kept only signals how neutral the fcc is, all hard work that the volunteers are doing there now. The key trends are, how do we get broadband plumbing into rural areas, how do we connect all americans, not just the big cities . Spectrum get that 5g into the hands of the carriers so that we can Start Building the networks and deploy that 1. 1 trillion of capex that is so necessary to take this technology forward. Vonnie you have been unloading legacy assets, hotels, in order to complete the transition. How has it been unloading these assets at a time when they are definitely lower bid, is there any pressure on unloading these, would you hold on for a while . Marc interesting that you say that. We had a great quarter. Gingold our launching lod portfolio and part of our computing portfolio. That is what we promised investors. The trajectory of selling traditional real estate, we are being thoughtful about that. We have three leaves left in our traditional methods. We have properties for seniors, medical office buildings, that portfolio has performed incredibly well during this pandemic. We have a positive outlook on wellness infrastructure. , mortgage reits have been seeing some great recovery. We are predicting another 300 million in the fourth quarter. All of this leads to asset rotation in our performance. We delivered 89 quarter over quarter revenue growth. We are being thoughtful, prudent, rotating the asset base. In turn, we are rotating our revenues, which should excite investors. Vonnie what is the Capital Expenditure for you right now on infrastructure . Not just physical infrastructure and 5g but also Digital Infrastructure, the cloud and so on, where a lot is moving at the moment. Our marketplace, if you think about the total addressable market, about 378 billion of being spent in Digital Infrastructure globally. One of those is cloud and cloud computing. If you think about where computer applications are happening, and if we can get them closer to you and your home , we have invested heavily in edge computing. When we think about delivering a low latency solution, the only way you can do that is by putting the actual radios close to the computing. We are anticipating investing another billion dollars into edge computing, a significant number of opportunities coming. We just started proliferating in the United States. We now have our attention on europe and asia as well. We think those markets will require a lot of edge computing. Do that, we have to put more facilities closer to consumers. Theie how do you fit with at ts and horizons of the world with those particular assets . Ese have been th customers of mine for 26 years, and it is really excitin in chicago, we have been building radio access hubs. What is exciting inside these new radio hubs in this open architecture is you are starting to see verizon and at t put applications adjacent to those radios. If you think about what verizon is doing partnering with amazon, they can bring the entire aws cloud experience to your device quicker. The same thing with at t and azure, we are seeing that microsoft agreement run adjacent to that. From a leasing perspective and organic cash flow perspective, it is adding more equipment to our infrastructure, which leads to increased revenues, hopefully more for our investors. Vonnie it seems like a crowded trade right now. You have a lot of competitors. They are pretty interchangeable these assets, except for location. Are they being bid up, how are you faring . Marc quite well. We have deployed about 20 billion in capex. Five transaction that we will be closing in on. Couple that with another billion in debt. Our buying program in digital, we have about 22 billion. That is a radical transformation. It is a competitive environment longhere, but these are things for us. Most of the people buying new assets are new on the block. These customer relationships tmobile, verizon, anyway that we can help them deploy the network, they know that we are a trusted partner. Vonnie continued success, marc ganzi. This is bloomberg. Bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn. Yesterday, i had a chance to catch up with marathons bruce richards, managing about 20 billion, and sees plenty of opportunity in distressed assets. 2020 will be 20 billion of default in the higher yield market. 1 tp 2022, we are finding compelling opportunities. I think you want to ride this horse, the private horse. It has legs for both what is performing and what these new money solutions, but you need to be very vigilant and stay away from companies and industries during 2021. Vonnie in particular, opportunities in health care, hospitality, and real estate. Investor,table credit the ceo of oak Hill Advisors, was among the biggest during the pandemic. Hetold Erik Schatzker that sees opportunity now even with all of the support in the credit markets. You have a handful of things happening. You had the fed being incredibly both in lowering rates and making largescale asset purchases. You have the congress and the president enacting major stimulus which took some edge off the exploratory nature of the pandemic. That is not to say there have not been incredible loss across our country in the world of lives lost from this pandemic. Small businesses that have been perhaps forever challenged to exist. But as a big picture matter, we all know that we bottomed on march 23. By middle of april, certainly by the end of june, the bulk of the damage had been recovered. What that led to over the last few months in the credit markets were, whether there has been opportunity, and i think will be opportunity, the credit markets bounced back tremendously except for the covid related sectors. As well as sectors that were under immense pressure prior to covid like energy and retail. Do i think that the markets responded much like the equity markets did . We all know what happened to the equity markets. The fed clearly provided a backstop for all markets to physically rally. Lets talk about where things are right now. Rates are at zero, spreads are tight, the new issue market is humming, not a lot of distress, almost no forced sellers, and the election uncertainty has been lifted and there is progress on a vaccine. How is anyone in your business supposed to make money in those conditions . There is a spectrum of value opportunities. An asset class like equities, like real estate, like venture, like growth, that all have a range of value offered to investors at certain points in time. There is no doubt, certainly with the benefit of hindsight, and we spoke in the midst of it, we talked about the extraordinary value that was present in the market, and our firm taking very substantial action to see that opportunity. Erik but then, proof, it was gone. Glenn covid has not gone away. Covid is not gone even if there is progress on the vaccine. When you shock a system, shut down businesses for months, or travel related sectors where 80 , theis down 50 to marginal customer adds so much incremental profitability that the damage is deeper, the need for liquidity is greater, and while i will certainly tell you that in most sectors there has been a major recovery, there is still value in segments of the market. I will also say that even when we get through covid, which i believe we will, hope and pray that we do, credit as an asset class below Investment Grade credit has a place in peoples investment portfolios. Glenn august of oak Hill Advisors speaking to Erik Schatzker. Still ahead, a green sweep. One winner of election day, cannabis companies. We will speak to Green Thumb Industries ceo Benjamin Kovler next. This is bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn. Green Thumb Industries beating the average analyst estimates. They also added to the outperformance after the green sweep on election day after five states voted to legalize the adult use of cannabis. Joining us now is ceo ben kovler. It was good for Major Companies like yourself, but the other thing was that, this would delay if not make federal legislation go away. What is your take on it . A green sweep across the u. S. , like you said. There was no uncertainty in the minds of the u. S. Consumer. Americans voted for this, they want cannabis as an alternative to wellbeing. What happens at the federal level, while an interesting and important conversation, is less impactful for the u. S. Operators. Operators have businesses, like green thumb, that are set up to win regardless of changes at the federal level. The only way that we see changes going at the federal level is for the positive. Over 150er, doing million in sales. We are excited about what is ahead. Been . how has supplied a lot of small and medium farmers were in deep trouble in coronavirus if they could not get ppp money. Did many of your suppliers have trouble . The regulated states, other than mississippi, we are one of the suppliers. It is tight, not because of economic times, but because there is a lot of demand. There is more demand than supply exists now, but its gotten better. A states legalize, there is step function up. It, multibillion dollars of demand overnight in illinois. The market does not have enough supply yet. There is way more to go. The same thing will happen in new jersey, then pennsylvania, connecticut, and all over. Americans want a better nights sleep, they want less pain, they dont want to be hung over, they dont like pharmaceutical opioids. We can offer a safe, viable, credible alternative in a brandnew industry. Vonnie how will you supply some of the states that have it legalized . Will you farm there . Will you distribute from elsewhere to there . You cannot transport cannabis across state lines. Vonnie im not suggesting that a federal crime, sorry about that. See thearizona, we other operators scaling big time. In new jersey, we are putting capital to work. The same in new jersey, illinois, ohio. Suppliers in the state are turning on. Whether just in the election last week, or over time in the markets, we are aggressively allocating capital on behalf of shareholders to generate outsized returns. We see this as a monstrous opportunity to allocate Investor Capital into the space where we can produce product and serve customers and generate brand loyalty. Vonnie so farmers should get ready. The idea that banking laws may change and make it easier for the Marijuana Industry to actually bank as opposed to having everything in cash, how likely is it . Ben some misconceptions. We do bank. We have direct deposits, retirements. Banked. Stry, we are there is not federal clarity, so we cannot list in the capital markets. Everything happening at the federal level says to us that there is change coming. For shareholders, that means lowering the cost of capital. Somebody should be able to lend to us at 6 with our business and cash flow growing. All of this points to the positive. Its about educating the american investor about this opportunity. There is not a security risk. However, its very cumbersome and it is not clear. We are looking at d. C. , banking committees, and others to give us clarity, so that we can hire more people and bring an economic engine to the United States. Vonnie thank you so much, ben kovler. We will talk trade with carla hills. This is bloomberg. [ sigh ] not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkinbath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkinbath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkinbath provides independence with peace of mind. I am Mark Crumpton with bloombergs first word news. Although republicans in congress are mostly standing by President Trumps attempts to overturn the Election Results, some key conservative voices are in fact speaking up. Oklahoma republican senator James Langford says he will intervene if the Trump Administration does not start offering president elect biden Intelligence Briefings by the end of the week. Nly four republican senators have congratulated the president elect on his win. Hospital beds are filling up across the United States due in large part to a surge in coronavirus cases in the midwest. According to new department of health and Human Services data, analyzed by bloomberg news, hospitalizations climbed more than 10 between november 6 and november 11, led by a 20 jump in new jersey, illinois, michigan, ohio, minnesota, and iowa are also among the states seeing the biggest increases. Tropical storm eta made landfall on floridas west coast today, bringing heavy rain and powerful winds. This is etas second strike after it hit the florida keys late sunday. The storm left a path of destruction through central america, killing more than 100 people across the region last week. Eta briefly became a hurricane wednesday before weakening into a tropical storm. Harvard university can continue to consider race in its admissions decisions. A federal Appeals Court says ruled, rather, that it isnt discriminating against asian americans. The antiaffirmative action group, students for fair admissions, had sued to make harvard abandon the practice and lost. Its likely to appeal to the u. S. Supreme court. Global news 24 hours a day, on air and on bloomberg quicktake, powered by thor man 2,700 journalists in over 120 countries. I am Mark Crumpton. This is bloomberg. Eye man da live from toronto, i am amanda. Vonnie i am vonnie quinn. We are now joined by our bloomberg audiences. Here are the stories we are following this hour. How will president elect biden respond to chinas encroachment on hong kong, once he takes office . We will speak with carla hills, former u. S. Trade representative. We will keep an eye on the markets this hour as we see the s p 500 drop. An exclusive for our bloomberg green report. We will also take a look at moderna which may take to the spotlight shortly. Reports that it may have some results that we can use in a few days on its vaccine trials. Lets have a look at how the markets are faring, amanda. Amanda we are seeing moderation here and slightly more broad based although the moves for the majors are not big. We are seeing most of the subgroups, at last check every subgroup in negative territory. You can see that mildly more positive for the techs but overall its energy thats leading us lower. Financials are weak. Materials are weak and it really is that combination of resurgence of covid, concerns about economic outlook, some comments by jay powell not really helping out too much from overseas, but really this will continue as we get data points on the economy that show we are just at the beginning perhaps of whats been called this cold, dark winter ahead of us. Watching the 10year treasury yield shy of 1 but awfully close to it. And lots of hopes for what may change as of course there is a change at the top in america. Chinas president has now effectively shut down the Hong Kong Legislative Council by passing a law that allows for the removal of lawmakers there deemed insufficiently loyal. That could be something of a message, of course, to president elect joe biden about what will be tolerated. For the future of u. S. China relations, carla hills, International Consultants and former u. S. Trade representative under george h. W. Bush, thank you very much for being with us. I do want to start with what hopes we can have for improved relationship. I believe china is still on that list of countries, leaders who have yet to congratulate the president elect. What do we think will happen in terms of the normalization or improvement of that relationship . Carla i think the tone with respect to china and all governments will change and it will be far more diplomatic than it has been in the past. President elect biden has said he will work with allies to deal with china and a range of other issues, and i applaud that. I think thats in the right direction. He has also said that he would try very hard to find areas of agreement with china, where we can work together, on climate, on world health problems, on north korea and he has already stated that he would rebuild the center for Disease Control in its beijing office. O hes trying to be more diplomatic and yet he is not receding on issues where we have differences. Amanda what are those issues these days, carla . Its very clear that there are very definitely deepseated issues between the u. S. And china that would have to be delicately approached at this point. What are the priorities there . Carla well, there are geopolitical issues. Obviously we are upset about the actions in hong kong, the actions with respect to the the actions in the South China Sea and then there are the Economic Issues. When china joined the World Trade Organization in 2001, it ommitted to a series of market should i say conduct, and they have not abided by the commitments that they made. I think that some of them will actually be in chinas benefit. So i approve of president elect bidens stating that he would sit down with china and have periodic meetings to deal with those Economic Issues because china is wasting its capital by giving to Stateowned Enterprises when the sector that is contributing growth is the private sector, and so we could create a winwin situation. But it will never happen by calling names and trying to insult the other side of the table. I am hopeful that we will have a better trajectory going forward. Amanda as one of the chief negotiators of the north american tree Free Trade Agreement i am curious how you feel about the current state of thinking around free trade and i say that because we know protectionism plays well politically at home even for free trading nations, canada being one of them and america another. Are you worried we have set ourselves back by changing the thinking and tone around trade . Carla i do think we have set ourselves back. I think it was a mistake to withdraw from the transpacific partnership. There we had connections with asia that are important and your listenership probably knows that this weekend the Regional Comprehensive Economic Partnership of 15, which includes china but not the United States, and all of our allies in the asian region are signing a trade agreement. So it means that china has lped shape rules when we are intense about having a place at the table to produce those rules, but we did that to ourselves. Amanda can i ask you something just a little bit more broad . If you could prioritize one thing in a postpandemic ear action what must Global Leaders do in order to make sure we have a greener, more sustainable, healthier Global Economy postpandemic . Rla well, the virus doesnt observe boundaries. Working with our allies makes a difference and already we have heard that pfizer is working with a German Company and that theyre coming up with a product, but other countries are doing the same thing, and by working together, as by the way we have done in the past, when we had to deal with aids, with the sars epidemic, with ebola, we worked with other nations, including china, and it made a difference. We are now going through a terrible problem of differing rules in differing parts of our country. Some people saying that not to wear a mask or it doesnt matter instead of trying to be more disciplined, more constructive, and i hope that that too can change. Vonnie our thanks to you, former trade representative for joining us today. Coming up, we will have the c. E. O. Of gsl environmental. He will talk about how the covid19 pandemic is impacting the waste and recycling industry. This is bloomberg. Vonnie this is bloomberg markets. I am vonnie quinn. Today in our bloom birg green series we take a look at the waste and recycle industry. Erik schatzker is with us now with a guest as the world grapples with the global pandemic. Erik we are talking about patrick dovigi, the c. E. O. Of g. S. L. Environmental. The fourth largest Waste Disposal company in north america. Patrick, good to see you. Patrick hi, erik. Erik in the midst of a pandemic for 2 billion you have told investors you are hitting the a, why . Ton on m patrick a large focus of ours coming out of march of this year was to delever the Balance Sheet and execute on these two larger transactions. I think from our perspective, we will continue doing smaller cuts in m a over the next few months, but our real focus will be on integrating these two assets we have acquired in the month of october. Erik the Waste Industry is very fragmented. What if opportunities come up . Would you not want to continue playing the consolidated role you have for the past several years . Patrick i think it will still continue to play for sure. At the end of the day Capital Allocation has been a huge component of our success over the last 14 years, and again integration is paramount today and ensuring though that they get tucked into the overall business the way we expect them to and we have them on the current trajectory to earn, so that will continue to be the big focus the next little while and we will then turn our attention back to continuing the m a program once everything is tucked in. Erik what is the strategy behind that program . What is it that you want to be ultimately . What are you gunning for . Patrick at the end of the day for us its about making money and driving the most erik how quaint. Patrick deriving the most profitability, creating equity value for our shareholders. We are moving that forward, our goal is to continue driving equity returns for our new public shareholders. We have had a model thats worked extremely well for 14 years albeit in the private markets. We think it will work exceptionally in the Public Markets as well, and when you look at sort of our track record, our belief is we will continue executing as we have in the past. Our model is very simple. We have done 140 acquisitions. At the end of the day only 15 of those have been larger scale platform type. Really what we focus on is buying one of those platforms and taking smaller acquisitions that tuck well into the platform and we have a very simple model by where we centralize everything the customer doesnt see. That drives significant savings and allows significant costs as we move forwarded and we move to the operational synergy, getting density out of our basically tucking our disposal into our assets and operations. Erik the pandemic is raging once again as we know. Local governments across the continent are starting to shut down parts of economic activity. Will those new restrictions hurt the company the way that the lockdown did in the first and Second Quarter . Patrick i think if you look at the shutdowns that happened earlier in the year, i think what came out of that is that our industry was far more resilient than maybe many people thought. I would say what we are looking at the shutdowns today, theyre much more targeted than they were versus the big, broad shutdown of every single industry, every single business, school, etc. I think what we are seeing now is because we have so much more better data, the real focus is now on the targeted shutdowns and i think when you look at our business particularly, 65 of it is in rural markets and 35 in the market where we see more impacts today is the targeted shutdowns in the urban markets. Think again the resilience experienced taught us a lot about our businesses and the cost structure so we are well prepared for it. But our view is today that the impacts will be far less than they were in 2020 just because of the targeted approach that most of the governments take. Erik what about the other pandemic effect . The shift to purchasing on online platforms, both by consumers, amazon, but also by corporations . How is that affecting your business because there is a lot more packaging out there . Patrick i think when you see particularly in north america, the recycling industry changed a lot in 2018, with the borders closing to china and india and some of these markets that were taking a lot of the recycling out of north america. We are seeing incremental volumes of Curbside Collection, which is a bit of a change and we are sighing significantly more seeing significantly more he iscycleables at the curb. Given the investment that a lot of the packaging manufacturers have made in north america and the model shift to more where the customer is now paying a processing charge for recycling, its actually created a pretty Good Business model for the Curbside Collection recycling as well as the actual processing of recycling. Erik thats an interesting point and lets try to answer it. The impression people have, two, three years ago when china shut its doors and india shut its doors was that recycling couldnt be done profitably in north america. Can it be done profitably . Is it a viable business . Patrick absolutely. What was once a negative for the industry actually turned to a positive, just for the simple fact that we arent relying on the commodity value anymore to actually generate a great return on invested capital. At the end of the day, the customers are paying a proper processing fee to process the recycling, and we are doing revenue sharing arrangements for whatever the back end commodity is worth. Whether its worth 11 or 150, it really doesnt have a Significant Impact on our businesses anymore because we are making the proper return by way of the processing fee to our Customer Base today. Erik patrick, great to see you. Patrick dovigi is with us from toronto, the c. E. O. Of g. F. L. Environmental. Vonnie our thanks to bloombergs Erik Schatzker for the interview. Bloomberg quicktake is is launching a new show called bloomberg green. This weekend it is on bloomberg tv. Coming up right now, the top u. S. Infectious disease official says covid wont be a pandemic for a lot longer thanks to rapid progress in vaccine developments. We will talk about modernas vaccine candidate next. This is bloomberg. Amanda this is bloomberg markets. I am amanda lang alongside vonny quinn. Vonnie some biggest news right now. The company is investing in a network of Community Developments and financial institutions, black, latinx and rural bar owers will have access o below market rate loans. Rose by the most since 2013 according to the National Association of realtors, house prices were up 12 from the Previous Year and that is your atest Bloomberg Business news. Amanda vonnie, all eyes have been on pfizer but moderna also working on a vaccine for covid19 is expected to announce results with efficacy that could come close to the high numbers hat pfizer has produced. Max, i feel as if part of our role has to be cautious as we always are with early stage drugs but these ones are so closely watched, its hard to contain the enthusiasm. Yeah, it is a good point to treat these numbers with some caution because you are right that they are early. Its an early look at a very large trial, so that really the number from pfizer or whatever we see from modearn is something that could decline over time and may not precisely represent what you see in the real world as opposed to the kind of more groomed and closely watched Clinical Trial setting where everyone gets their shots on time. Its not necessarily the same. Not necessarily the same population that actually gets the vaccine. T i will say that pfizers genuinely was promising, better than what a lot of people expected from the first look and its reasonable to hope for something similar from moderna considering that they use very similar m. R. A. Technology when they unveil results next week or so. Amanda moderna doesnt need its vaccine stored at such a low temperature. Isnt that correct . Thats one reason why it might be more exciting potentially. Max that is one advantage. The pfizer one does need to be kept colder and i think the major benefit of that, it makes it a little better for rural settings that dont have as much in the way of freezer infrastructure, developing nations. But i think at the end of the day we are going to need every vaccine that we can get beyond even pfizers and modernas because the need is so acute and the manufacturing constraints still a big problem well into next year. You need millions and millions of doses and that takes time. The more producers, the more opportunities, and also the more different types of vaccines you have because some vaccines may work better in different populations. So great that this one is a little bit easier on the infrastructure front, but we will certainly need both. Amanda only about a minute here, max, but there might be multiple ones to your point is a good thing but complicated, too, right . One might be better or different. The safety details might differ. Who will choose which one . Max definitely complex. But its a nice problem to have. I think the best path forward in that respect is to start thinking about doing comparative trials, looking at all of the different vaccines together. Thats a good idea so you get a sense of what those differences are in more detail and so you can continue to run a trial even when you are not able to run the kind of Gold Standard placebocontrolled trial so that will be a problem going forward. With later vaccines if you are doing comparative trials, you will still be able to enroll people and collect information even though there is a vaccine already out there. Vonnie max, thank you, max nisen. This is bloomberg. This is bloom. Mark i am Mark Crumpton with bloombergs first word news. The Democratic National committee is telling a federal judge that republicans are trying to illegally scrap more than 6 million votes in pennsylvania because President Trump is upset about his loss in the state. In a filing, the dnc says the president s lawsuit seeking to block pennsylvania from certifying results violates state law and obliterates the Constitutional Rights of voters and candidates. Chuck schumer says republicans should accept the Election Results and work to provide relief from the pandemic. Instead of working to pull the country back together so that we can fight our common inmy, covid19, Republicans Congress are spreading conspiracy theories, denying reality, and poisoning the well of our democracy. Mark both senator schumer and House Speaker nancy pelosi say republicans should concede the president ial election was won by joe biden and immediately return to negotiations on covid relief