that close. a little bit of risk appetite. thess the board, higher on major benchmarks. romaine: opening bill today from the international space station. quite cool, i thought. i like this stuff. interesting day shaping out. just to walk you through some of the movers. today, you are talking about wayfair, car vona, chewy, planet fitness, equifax. these are not normally the same names. seeing a lot of 52-week highs. to the downside, you have something like tiffany's. aboutof folks concerned luxury spending and what that will mean going forward for the economy.

caroline: still with us, anna barton. you were saying that really at the moment, the risk on nature is there in the market. was it right to be? i wanted to talk about technology but it seems to fail me and i needed it. an investor who is sick exposure in a passive way should be aware of. five isosure to top over 20%. how stocks have already outperformed and are trading at a premium. i think ultimately what you were alluding to is growth is the ultimate structural winner. i don't mean it as a style call. the names that have seen higher levels today, they can continue to do well irrespective of that

cyclical recovery we are looking for because they are enabling that next leg of growth. we can talk more about the industries that we like. i think that is the ultimate decision that investors have to make, assess the and growth opportunities. basise: on an individual -- individual basis, we are looking at a huge percentage of stocks above the key short-term and medium-term averages. >> here is one example that you might find of interest. the consumer discretionary sector. caroline: oh no, it failed her again. fails us. such important comments from yana barton, talking about how she needs the growth potential coming from these stocks. overall, she thinks there is

still room to run when it comes to some of these. romaine: over the past couple of months or so, we are still talking about energy leading the pack. it is not some of those discretionary names. they are not that far behind. but you would want to see more leadership there. it is good to have energy up there. i am not sure that is going to be at, taylor. taylor: we are on the same page today, it is incredible. companies wetue halfthe companies went have the earnings forecast. the s&p 500 trading at almost 22

times. still, you are getting these heightened valuations. is that a numerator or denominator issue. half of these companies, i was reading this and some of the analyst and today, withdrawing the guidance because it is hard to forecast what your forward guidance might be in an environment like this. it makes it hard to rely on some of the fundamental models we have all been getting used to. i was joking with a woman at the 1:00 hour that none of these financial models train you how to do negative rates. how do i plug in a negative r into that model? way, taylor is like the only cfa on this set right now. taylor: no way.

but those are some of the issues facing investors and portfolio managers. caroline: we have been trying to process negative rates in europe for a long time. not only talking about fundamentals but also how surprised these sorts of companies. we are starting to get earnings from these businesses. cap since the last results. romaine: crowd strike, q1 ofenue -- q1 loss per share nine cents. cents.d coming in at two not quite sure where the comparisons break down but you can see the breakdown. caroline: zoom video, they are

smashing it. first quarter adjusted per share, better than expected. three cents year on year. the estimate was nine cents. first quarter revenue. more than double in terms of growth year on year. this is a company that of course is dining out on -- i have been doing basically a zoom quiz a week, zoom call a day. we have got ipo's to show that today. taylor: we are here in front of the ceo of zoom, saying they are so humbled by the accelerated adoption of the platform really globally. beingre really proud of able to provide this kind of high quality video service. i will say that the barriers to entry aren't great, they are worried about new entries here.

schools, they hope they get the adoption in as early as can do garden. caroline: is interesting to see if the full-year guidance will live up to expectations. previously, they saw 42 $.45. the estimate was $.46. what a phenomenal upgrade in the adjusted earnings per share. that does it for "the closing bell." "what'd you miss?" is next. david rubenstein with harvard president for leadership life. this is bloomberg. ♪

caroline: from bloomberg world headquarters in new york, i am caroline hyde alongside romaine bostick and taylor riggs. markets following asia higher. we close in the green across the board. the dow closing almost 260 points higher. despite the concern we see on the streets, and it is not letting up thousands gather around the u.s. and the world to protest the death of george floyd. carlisle's david rubenstein with harvard university president lawrence bacow.t -- lawrence guest saysr next that covid-19 is threatening gains in female labor force

participation. joining us, dana peterson. you wrote this very company and the report here that talked about some of the effects of a recession, of the downturn we are in right now. i wonder if you can start off by just drawing a line from where we are today to some of the losses in female employment and tied that to the previous recession in some of the gains we saw women make over that time. thisat is unique about time relative to the great financial crisis is that we are seeing job losses in businesses most heavily affected by the coronavirus. we think of businesses and industries in two buckets. ,ne, those associated with work or that are less discretionary. are more there's

discretionary and are not subject to social distancing. a lot of women work in those sectors. we are seeing proportionally more women being laid off and those sectors relative to men. we did not necessarily see that during the great financial crisis. taylor: there is a lot of commentary that women and minority owned businesses do not have traditional banking relationships, so they were not able to get loans through maybe the small business administration. the type of loan thicket, women and minority owned businesses, where can they turn for loans given that maybe these banks or other operations that were set up are not lending to them? dana: that is a great question. those sectors include

entertainment, health care, entertainment, travel and tourism, business services, retail. many of these people are on banked or do not have these formal relationships with banks. , as youry difficult say, to gain access. peoplehave some private offering access to loans but you do need the provisions the fed has made in the u.s. to provide lifelines to financial services to be transmitted to those persons. caroline: i am fascinated in the global nature of this report you have done. you factor in also what is happening in china. there, it seems that the possibility of women keeping their jobs is even worse. data, theooked at the sectors i just mentioned. there are roughly 200 million

women, and that is including -- that is excluding china. 200 million women around the globe in those highly affected sectors. we looked at what was happening in terms of layoffs in the u.s. and we kind of overlaid that with what might happen globally. we estimated that 44 million people getting food in china might be laid off because of covid-19. affectsook at how that the global employment population toio, it falls from 7.5% 6.2%, equivalent of roughly $1 trillion off of global gdp. when you look at the estimate for the global contraction in 1.2% oft is roughly that figure. romaine: thursday, we will get another additional jobless claim

number in the u.s., we will also get unemployment number on friday that is probably going to set records at least based on what most economists think. when we talk about these job losses, we have to talk about how we sort of recoup those losses. when you look at the trends you are seeing with regards to the types of job loss and the types of people who have lost jobs, how fast do you think that some of those jobs can be reestablished, if at all? dana: for those jobs associated with quote unquote work like manufacturing, tech, utilities, they probably will come back online sooner. again, because they are more amenable to social distancing or shifts in timing in terms of when people come in the sectors where the fear factor is really important, going to movie theaters or getting on a plane,

those sectors will probably see of recovery.eriods caroline: always great to get your take. it is a fascinating piece of research. a more than $1 trillion loss expected because of female later -- female labor force disruption at this point in time. companies weighing in on social unrest gripping the country. this is bloomberg. ♪

out in response to the protests around the country in response to the killing of george floyd. nike just one of a growing number of countries that have made statements on police violence in recent days. our next guest, tiffany mcghee, momentum advisors ceo and co-cio. great to have you here. let's start off not only with the nike ad but a lot of the ads and other social media responses we have seen from companies, from brands. you seeat is the value in these brands from doing these things? tiffany: thank you for having me, first of all. there is incredible value of how companies, how corporations respond in times of crisis in times like this. specifically speaking about nike , when they came out with their kaepernick,g colin

they received a lot of backlash. like -- itlly seems feels like things are different. when they came out with that at with colin but there was a boycott, hashtags on social media, a nike boycott, but they really stepped up to the plate and created a bold response. something their customers are definitely responding to. not only with nike, but we see it with netflix, serious fm -- sirius xm, reeboks, target. not just a statement, but a bold statement. siics.in contrast to a put out a statement addressing the concerns, but it was not as bold as nike. i think that consumers will pay attention to that going forward.

it has to be authentic. you can't just come on and make a statement all over your social, even if it is a bold hashtagt, using the black lives matter. we stand in solidarity but here is what we are doing internally. that third case is coming out and saying, customers, here's what you can do if you would like to get involved? caroline: it has to ring true from the brand. nike has made bold statements in the past, which is why i am sure that sits well with many of its followers and brand loyalists. i am interested in the investor following. tiffany, you help direct investors toward the environmental policies they want to focus on, the social policies

they want to focus on. sociallytors demanding responsible businesses at this time? tiffany: absolutely. i have noticed a trend overall. even about two years ago, we were talking about socially conscious investing. let's be clear about what that is. necessarily socially conscious investing, it is taking these factors and lining them up alongside the traditional financial metrics we use to evaluate strategies. the theory is that when you have these companies that are engaging in these practices, that tends to identify companies style of management and often higher return. there was still always this question, even on wall street, of whether those types of

strategies generate alpha. i feel like as i was having conversations with clients, as we at the firm or having conversations with clients, i am starting to see things change in the past couple of years. more recently, this whole idea of how companies are responding to covid-19 comedy widening economic divide, we started to get a lot of data to kind of come out of that. thejust the letter s, but g. it is easy to look at a company and figure out whether some company like an oil company is doing their part for low carbon emissions. but how do you quantify that and relate it to alpha? at this time, we are seeing more and more flows going to esg strategies than ever before.

we are also seeing these outperform, which is great. pretty amazing to watch them actually. looking at this kind of perspective, esg as a tool to mitigate risk, number one. instances, toin generate alpha. esg strategies outperform. i wonder if the pitfalls of the s. you start to get into this idea that certain companies have to stake their ground on certain issues. for a company like nike that has i guess a certain weight and certain customer base that has been loyal to it, it can do that, but for other companies, you kind of run the risk of offending large groups of the population that could be potential customers.

how do you sell this that the s in esg is something that can be done in a way that is not going to backfire on them down the road? tiffany: i think companies have to be realistic. day,at the end of the companies have to make any. that is a real thing particularly what is going on in country right now. this time around feels different. nothing new, but it feels different. i don't know if it is because of covid-19, everyone was at home watching this horrific video, it started to sink in, but this is what is going on on a continuous basis in america. i don't know exactly what it is about this time. but i have been talking to colleagues of friend. this time feels different.

tois almost like you have take a stand. if you are silent, you are complacent. i think this situation is a little bit different. companies have customers of all different races, cultures. but this is going beyond the black community. we are seeing so many people of different colors and cultures saying, this is not ok. as a consumer, looking at the brands, looking at what you are spending your money on, i think people are definitely paying attention. nike is doing so much to solidify their brand in the hearts of black little boys and their families across america. caroline: tiffany mcghee, great to get your expertise. momentum advisors ceo, co-cio. we leave you with live pictures of what has been happening in

california. up next, david rubenstein. ♪

caroline: leadership live is underway with carlisle's david rubenstein and harvard university president lawrence bacow. david: this is what happened in the covid-19 crisis. today, we are very fortunate to have larry bacow, president of harvard, from his home. thank you for coming on the show today. howuld like to talk about harvard is operating under the constraints of covid-19. before we do that, i would like to talk about a statement you issued the other day about the

riots and concerns many people have in the united states about racial discrimination and many issues. i contrasted the situation we find ourselves in right now with 1968 when i was in high school. nations a time when the seemed deeply divided. we had just suffered the killing of martin luther king, bobby kennedy. there were riots in detroit where i grew up, many other cities in the united states. i reflected a little bit about how we survived that and what we needed to do to come through this. i tried to find something positive today. when they address how they are going to come back in the fall, do you expect you will see protest related to this or how do you think this hope he dealt with by students? lawrence: a lot of it depends on

where the country is in the fall , with the coronavirus, people gathering and getting together. how the country deals with the challenges now, dealing with some difficult issues we have been dealing with for generations. a flashpoint in the last several weeks. for those who may not know you, you mentioned you grew up -- you grew up in pontiac, michigan. he did not go to harvard. he went to another school down the street. lawrence: that was m.i.t.. david: did you think you would be president of harvard? lawrence: i thought i was going to do what you probably thought you were going to do, that

ultimately i was going to be a lawyer. david: what happened to that important plan to be a lawyer? lawrence: life happened. i wound up enrolling in harvard at the kennedy school of government. i graduated a year early from m.i.t. to save a years worth of tuition. it was too late to apply the law school. i started at the kennedy school, then applied to harvard law school from there. i enjoyed what i was doing at the kennedy school more than the law school. anduck around, got a phd became an academic. david: on your first day of law school, did you meet anyone interesting? lawrence: i met someone very interesting. i met my wife on a blind date and yesterday, we celebrated our 45th wedding anniversary. david: let's talk about how you became president of harvard. you had an academic career. he rose up to be in effect the

provost at m.i.t., the chancellor it is called. that you were asked to be the president at tufts. many people thought you were one of the best university presidents. he retired from that and you joined the harvard corporation port and your job is to find the next president of harvard. how did you go from trying to find the next president of harvard to being picked? lawrence: maybe you can help me because you are on the search committee. david: it was not quite a dick cheney situation. i would say you were clearly the most qualified candidate. now being a university of president, any regrets? not at all. i don't live my life in the rearview mirror. paraphrasing john kennedy, not

because i thought it would be easy, but because i thought it would be hard. these are challenging times for higher education. they have become even more challenging in the last several months. i feel like i owe my entire life to higher education. both of by parents were immigrants, both refugees to this country. i do what i do to ensure that future generations have opportunities in the same way higherher upper -- education makes that possible. david: unlike everyone else i have interviewed on the show, you have actually had covid-19. how did you get it and what was it like living through it? lawrence: i am not sure how i got it. my wife and i both came down with it at the same time. quarantined for 10

days and seen literally no one else when both of us started to take off, -- started to get a cough, fever, i had terrible muscle aches, chills. it turned out to be covid. david: as the president of harvard, you could have presumably gone to any hospital and cotton the best treatment. why did you do that? i did not need to be in the hospital. we actually went to the hospital to get tested for it. they had just set up a walk in clinic, so we drove ourselves down there, walked in like anyone else, got tested actually quite expeditiously. david: how long did you have the symptoms? lawrence: i would say we were

sick for a good week to 10 days. in my case, it took a lot out of me. a good 10 days after that, to truly regain our strength. once we were symptom-free, we still, 4:00 in the afternoon came along and we were still dead tired. david: how are you running harvard when you had covid-19? lawrence: i am blessed with a fabulous team. i told people quite explicitly that i needed to take care of myself. i was not going to be very good to harvard if i did not advocate myself and my strength. people stepped up. my chief of staff was terrific, provost was fabulous. i was still monitoring emails. but i was generally trying to take it easy. but you never thought the

worst effects of it would come to you? lawrence: i knew that i was quite at risk because i have an autoimmune condition. i was fortunate that neither my wife nor i suffered from severe respiratory problems which landed most people in the hospital. david: when covid-19 arose, you were one of the first university presidents to say to students, go home, you can't be on the campus anymore. were you criticized about that and were you sure that was the right decision when you made it? university of think was the first but they had a breakout on their own campus. yes, i was criticized for acting prematurely. my response to people at the time was, i hope you are right. it was not that difficult a decision. we had been monitoring the

coronavirus since it broke out in china. it in partching because we were concerned about somebody coming from china, one of our students, potentially affecting others on campus. we had watched that the disease had taken root in massachusetts. the numbers now seem quaint. in the four days before our announcement, we went to 28 to 61.o 42 to 21 -- wet students that were going to leave, they left and then came back to campus, we would have a big problem on our hands. realized that the cost of being wrong was asymmetrical. if we sent students home prematurely, we would have inconvenienced people, squandered resources.

wrong,aited and we were people could die. that made the decision easier. implementing the decision was hard. david: around that time, harvard was supposed to host the ivy league basketball tournament and you said we are not doing that. was that unpopular with the other ivy league presidents? lawrence: we were bringing people together, not just the teams in the ivy league, but spectators. easier byon was made the fact that we lost to yale. i mentioned that because harvard had been in first place in the ivy league. when yelping us, then they were in first place. if we canceled the tournament, the winner of the ivy league championship was going to go to the ncaa tournament.

if we had been in first place and i had canceled the tournament, people might have accused me of doing so just to -- david: this was designed to thwart yale? lawrence: i don't know about that. david: when you say to students, don't come back for spring break or go home, what about low income students who may not be able to go home and have internet connections where they can watch classes on the internet? lawrence: it is a good question. we did not send everybody home. we kept those students on the campus. foreign students who could not go home, or if they went home they would not get back. students,pt on campus students enrolled at harvard who are all, who have no -- who are homeless, who have no homes to go to, or those who could not productively study at home. we tried to accommodate those

the best we could. who doese faculty research, did they have to go home? lawrence: it depends upon the research the faculty members are doing. about five days after we sent students home, we went into a remote work mode. some faculty members can do their research from home quite easily. others, it is quite difficult. faculty need access to their laboratories of example. or scholars need access to library archives or museums. with some faculty, it worked quite well. with others, it has been a challenge. we are now in the mode of reopening our search operations. david: how many total students does harvard have in a given year? lawrence: about 6600 undergraduate. 24,000, 25,000e,

students on campus at any time with graduate and professional students, also continuing education students. those 30,000, how many are now on campus? lawrence: most of our graduate students live off-campus and most of them did not move. they are still in the area. of oure all undergraduates on campus. 6600 undergraduates, we have at this point probably about 400 still. david: running the university remotely, how was that? how did you change your operating style? lawrence: there are a number of groups i meet with regularly. i have a direct report group i

meet with weekly. we met more frequent and that initially until we reached a routine. there is something called academic council that consists of the dean, vice president, provosts. i have one on one meetings with individuals, some of which are done like this mother's over the phone. there is some regular check in. the provost, the executive vice president and i get together at least once a week, usually saturday mornings. david: when students are doing things online, do they say to you, this is not the experience i signed up for, so can i pay little less tuition, or do they not say that? lawrence: some students say that. i think i would tell you that the online experience worked better than most of us expect. far from perfect. it was a very quick pivot.

we have people working now to develop courses that will be taught online in the fall from scratch if we have to be online. a lot of universities are trying to do. notre dame has announced they are coming back with all their students. i think boston university is coming back as well. bu has announced a hybrid form. the mix may be different by different institutions. david: is it different between undergraduates and graduates? graduate students tend to live off-campus. what is the problem with undergraduates? housing, bathrooms, athletics, or what? lawrence: we have more options when we control our housing stock, as we do for undergraduates. they do not have to find housing in the marketplace as graduate

students. graduate students, most of them are living in apartments. most, one to a bedroom. they could self-isolate in ways that are easier for undergraduate -- easier than undergraduates. one of the other difficulties with undergraduates has to do live, whaty they they expect to experience when they come to a college campus. we are looking at making sure that we can ensure proper social distancing with undergraduates when they are here, wearing proper masks and other things. not just a housing, we have to think about how we teach students. a class that normally might have 90 students in it, let's say, you can only probably put

30 students in a same classroom at a time and maintain social distancing. students have to exit the classroom carefully so they don't bunch up. you have to probably disinfect the classroom after each use. the availability of classrooms will be a challenge for many. suited to-- david: come back, will they have to wear masks or how will you police there social distancing techniques? working through a number of protocols right now on how we would manage that. lots of things will be different when students come back. i don't expect students to be gathering in large numbers in dining halls. they will be scheduled in terms of when they can eat so we can spread them out. athletics? about lawrence: i think it is highly likely that certain sports will not be played this fall. governmentfederal

passed legislation, the cares act, which said all colleges and universities to some extent were getting some money. that harvard was told not to take the money that you are allocated. lawrence: we did not ask for the money. congress adopted a formula based upon the number of students who were receiving pell grants on each campus as well as the number of students enrolled. harvard was eligible for $8.6 million under that formula. we had nothing to do with the design of the formula or anything else. there were conditions placed upon receipt of the money and those conditions were -- made it unattractive for us. we decided we were not going to apply or accept the money. there were lots of people who thought we were receiving money

that was intended for small businesses under the paycheck protection program. not true. we never applied for any money, never asked for any money. david: harvard is well known for having the biggest endowment of any private college i guess in the country, roughly $40 billion give or take. so, you have enough money to pay for anything. can't you just take money out of that endowment to pay for any cost? lawrence: first of all, the endowment, while it is the largest in absolute terms, it is far from the largest in terms of endowment per student. it is important to think of the size of an endowment in terms of how many students it is supporting. by that measure, there are a number of institutions that are wealthier than you are. second, the endowment is highly restricted, accumulated over close to 400 years.

usually, when donors donate to the university to endow certain activities, the funds are restricted to only support that i have any. so, we can't take money that was given financial aid and redirected to support something else. david: students who don't come back, will they pay a different tuition than those who were on campus? lawrence: it is our intention to give every student who is at harvard a first rate educational experience. we are working very hard to do that. there are some schools that harvard that are likely to allow students to go part-time and we will prorate tuition as a result. those schools, there will be some accommodation for students who are not attending part-time. but right now, we plan to charge one tuition. david: lots of people want to go

to harvard or have their kids go to harvard. rate?s your acceptance what percentage get in? lawrence: it is roughly about 5%, sometimes a little bit under that. 4.5%,mes as low as sometimes a little over that. caroline: --david: let's say 5%, which is like stanford. what percentage of people who get accepted actually show up? lawrence: this year at harvard, about 84% of people we accepted accepted our offer for admission. david: is there a risk for people who say, i will stay close to home, or do you not have any indication that people will come this year? lawrence: we are waiting to see

about that. there are students every year who decide to defer for a variety of reasons. forso think that typically, students who are thinking about whether or not they want to come this year or not, when push comes to shove, they will consider what else they are going to do. is -- not just harvard but other schools decide it is probably not appropriate to have other students on campus for public health reasons, most parents are not going to want their kids sitting at home watching netflix and playing video games. back, if students come let's say in the fall, some will be back, some will not come are you worried about a so-called ,econd wave in the wintertime

in stronger doses than before. lawrence: we are monitoring the virus very closely right now. we are blessed at harvard that we have some of the world's most experts on infectious disease. some states are seeing an increase in the number of diagnosed cases as they loosen their social distancing requirements. yetave not made a decision whether or not to bring students back or how many to bring back. we are trying to delay that as long as we can. but we are monitoring it. one of the things that will be a factor in terms of how many students we bring back is the degree to which we can provide for isolating any student that gets sick. we want to make sure that we have enough room that if we have a breakout on campus we can isolate the students who are sick from those who are healthy.

david: what about the faculty? to be oldertends than the students. are you worried about the faculty? david: it is not just the faculty. it is the staff, those that work in the dormitories, the dining halls. and it is not just them. it is all the people in the community that our students and others encounter. as a group, students are quite healthy. there's been very few fatalities in the age range represented by our students. but we have students with pre-existing conditions as well that we need to be careful about. the concern is not just for the health of the students. the concern is for the health of the community. when you are the president of harvard, do you get a lot of people coming up to you and saying, my grandson is a

great student and should get into harvard? lawrence: never happens. i am surprised it never happens. david: so what do you do if somebody says that? lawrence: i always say the same thing. admissions is above my pay grade. we have a long traditions at harvard of a wall between admissions and the president's office. if i got involved in one case, i have a hard enough -- our dean of admissions has a hard enough job without me trying to make his harder. david: for nearly 400 years, harvard has had annual graduations or commitments. they never did one virtually as far as i know. this year, they did one. what was that like? lawrence: it was interesting. i stood in my backyard and i was videotaped giving my speech. it is not what everyone was expecting.

i made a point in my remarks by saying that there are actually some benefits to doing it virtually. people did not have to have tickets. anybody could watch. students could get a big hug from their parents literally as they got their degree handed to them. nobody had to scramble for a seat in harvard yard. we did not have to worry about rain. that said, i would not want to do it again. david: many people would say that the best higher education in the world is in the united states. , the top0 universities 17 or so are american universities. why is it that members of congress seem to want to penalize great universities? caroline: that was leadership live with david rubenstein and harvard university president

lawrence bacow. that is it for "what'd you miss? " this is bloomberg. ♪

♪ emily: welcome to "bloomberg technology." protests across the country and flooding social media. tuesday now trending. says he will deploy troops if police in cities and states cannot contain it. he takes to talk to himself describing the protesters as hoodlums,