instagram. i we'll be back next week when i discussed the latest on the impact of the coronavirus. thank you very much for joining us. welcome to where we get about te most important things investors should be thinking about right now. the market up and down and what investors should watch for next week. biotech scrambling to develop a coronavirus vaccine and

screen. and we look at buying opportunities intact. ben, carlton and. [inaudible] all practicing social distancing, thank you for letting us into your homes, i promise i will try not to stare at the background behind you for personal details. i'll do my best. then, let me go right to you about the market. i used to know a thing or two about how the stock market works. you had your ups and downs, you waited them out, you got good returns over time, i not only just watched a bull market turn into a bear market in record time, i briefly watch that bear make it turn into a bull market in record time. what in the holy blue is going on with the market. >> i wish i could tell you. the only thing we can really know right now is that it is volatile. through tuesday the market had been averaging 6%. day. it hadn't done anything like

that since the great depression. these kind of moves that were seeing come from the unknowable that's out there. before we were worried that the financial system was melting down. now we've got the fed coming in to help out to make sure that doesn't happen. that gives the market a boost. then we have the stimulus package that looks like it's probably going to pass. so people were selling because the world was ending. now they're buying because is not an end but is just crazy out there. >> the stock that told the story of the week, i think was bowling. you had to upgrade in the beginning of the week from goldman, they said we see more than 80% upside. you think that's a pretty bold case, right, not bold enough because the stock past that by thursday. what happened with boeing. >> just like they said, it's basically, you had a stock, it was the largest industrial in the world, it started at three $125, it hit $90 on march 23.

you get the call from goldman, flashforward, three days, it's up one 100%. you have the largest companies in the world with these unbelievable swings. it's breathtaking and it just goes to what ben just said, this is not your typical market. it is difficult to invest when you have a company like boeing swinging 20, 30% on a given day. >> now ben, you are a little cautious earlier in the year and the stock market indeed turned lower. i want to reach out and give you a virtual pat on the back for that, but i need to know what's can happen next with the stock market, and please, frame your answer in terms of absolute certainty. >> all right. this is the best i can do. the market goes through two stages whenever there's a bear market. there is first the worry that all my god, everything's going to blow up, we just had that. after that we try to figure out what the fundamental impact is going to be. which of the stocks are going to be able to make it through,

how big the revenue hits will be, all these things that right now we just can't know. so there's going to be a retesting of the low. we might even go a little bit lower but were going to figure those things out and at some point the market will start going higher again. >> carlton, this is the part i've been waiting for. i need some good news. i'm begging you, tell me what's going on with the search for treatments and vaccines. >> so we can have a story this weekend by gosh, there are 60 programs underway right now to identify treatments for the coronavirus. plus there's also 40 programs underway right now to develop a vaccine. now this may be a long time till we get those solutions, but the work is certainly happening. >> what's going on with testing. is there anything new there? >> on testing was pretty interesting. earlier tonight there was emergency approval from the fda to start testing. the interesting thing there about the test they offer is it does not have to be sent to

another laboratory. it could come as soon as 45 minutes or a little bit longer. there's certainly hopeful considering how many people had to wait days to get the testing results they needed. on the other side for diagnosing the virus, but then you also have testing to see if antibodies are present and that will be important to see how we can develop cures and also hopefully be able to get some people back to work. advances on testing, were waiting for disease, a vaccine, 12 to 18 months were told, they are trying to develop medicines specifically for this disease so we've got a lot of shots here. are you feeling hopeful? is there any thing to show that we might have a

breakthrough in the next couple of months. >> the hope is that we will have a breakthrough in a couple months. the vaccine, modernity is one that's going to be working on one that will be a little longer out. but you're also looking at the therapeutic like chili gilead. the other interesting thing is these antimalarial drugs that are being tested to see if it can treat coronavirus. it's certainly not certain yet but there are some that are ramping up production and in some cases that could be the right treatment. we sought to be certain and tested out and be very cautious but it's encouraging to see some hope coming. >> al talk to me about tech stocks. we talked already about microsoft and netflix, those companies that are due it doing relatively well. you dug a little deeper for some new name.

>> yes, and our colleague eric had a story up this weekend, like you say you get the usual suspects, the gaming stock, netflix, that stock is up year to date, i think it's important at this point to go the second and third derivatives of people who might or industries who might benefit, we are doing this virtually, zoom video communication stock is up over 100% year to date, i think there's some other cloud infrastructure stock that people should take a look at, doc you sign, that will certainly become more prevalent, people can do things virtually. some of the real. [inaudible] that house the server farms, make the cloud happen, you get digital realty trust, core site, some of these stocks are up your date, but they yield between three and 5%, they don't trade like some of these tech stocks with unbelievable valuation. it's a way for investors to say okay, the cloud was a nice secular growth story, now it's looking like an imperative, it

will benefit these sectors so take a look at some of those digital realty trust. >> got it. >> the infrastructure that makes it work. >> thanks for those ideas. i'm not can ask you how many of those books behind you you've read, i know the answer is all of them. coming up, could coronavirus become a seasonal illness. doctor lloyd miner of stanford medical school ways income annexed. tv sports announcer: five seconds left. oh ho!

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this economy opened up as soon as we can safely. what is the risk if we jumped the gun and do that too soon. describe to me what that might mean. >> thank you jack. it's good to be with you. the risk of opening things back up or relaxing the shelter in place and social distancing that's in place today, the risk is the cases of the virus can increase dramatically. we know infections, when left unchecked, spread at an exponential growth rate. when that happens the healthcare livery systems become overwhelmed as we've seen in italy and as were starting to see in new york. then we can't deliver the type of healthcare people with severe consequences of the covid-19 infection deserve and need. >> i want to ask you about vaccines than treatments. vaccines i keep hearing 12 to 18 months.

i don't see anyone offering any wiggle room on that. why does it take so long to create a vaccine. >> it takes a long time because the process has multiple different steps. as we read this week there's already a vaccine in phase one trial, that is actually a safety trial. after the safety trial there has to be efficacy trials, often times the formulation of the vaccine needs to be changed somewhat so there are a variety of different steps involved in getting to a final vaccine that has evidence to indicate that it's effective in preventing the infection. >> i'm hopeful for a lot of things, i hope when the warm weather comes there's some effect of this virus, that we see it fade a little bit but in terms of treatment before that vaccine, what's your best sense on whether we might have treatments that can be useful for this by let's say, late spring early summer. >> there are already a number of treatments for drugs in

clinical trials today. we've read a lot about the gilead drug that is in multiple clinical trials, one focused on patients with moderate disease, others focused on those with more severe disease. my understanding, and we here at stanford are participating in both those trials, my understanding is that we should maybe have some indication in mid-to-late april about the efficacy in both situations, and that will give us better information going forward as to how to recommend treatment. >> so let's be optimistic and think that when the warm weather comes things are going to get a lot better and will be opening the economy back up for summer, but then in people's mind could there be a recurrence in the fall and what might that look like compared with the spring episode? >> i think the way to think about it is, right now the social distancing, the shelter in place is needed because we have to slow the growth in the

number of cases, the number of people infected with the virus. we have to achieve that so-called plateau in the number of new cases and as we know were not close to that in the united states today. just yesterday they indicated that now more cases in the u.s. than any other country and that weigh rate grows every day. when we achieve that plateau, that's when testing, testing is important now but it becomes even more important than because you'll need to identify cases early, be able to isolate people and then prevent a resurgence in the number of cases which is what could occur if we go back to opening things up before we've got the infection controlled and before we can identify cases early. >> what is your sense of how were doing now on testing? >> i think we are doing better, but we still have a ways to go. if we just look here in the bay area, we were one of the first to have an fda approved diagnostic test, rtp t pcr for

clinical use, and when we first introduced it in early march we were testing patients from multiple different healthcare delivery systems here in the bay area. now many of those systems have their own test available and we of course expanded our testing capacity, we started out maybe doing a few hundred patients a day, now we can do over a thousand patients a day, more testing is coming online but still more is needed, and also, a different, consideration of different types of tests as well. >> the chief of cbs told me this past week that he has seen a 3x increase in the amount of telemedicine, people seeing doctors over the phone or online. is that a permanent shift in american healthcare? >> i do think it will be a permanent shift. during the entire month of february in our adult

healthcare delivery system we had about a thousand virtual visits. in one day this week we had over 2500 virtual visits. what we are seeing is that we can deliver a lot of healthcare safely and effectively through a virtual visit. i think that's a change that's been a long time in coming and i think it will be permanent. >> dean miner, thank you. >> thank you. >> coming up, will the government stimulus package do enough to help struggling businesses hit by the coronavirus crisis. that's next.

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officer at guggenheim, scott miner. i will come to you in a moment, i just want to ask ben, the subject of our cover story is the difference between hope and reality, what can you tell me about that? >> basically we had a lot of hope this week, hopes to fill. we had the fed launch this massive monetary stimulus program, we had the senate and now the house looks like they're going to pass this fiscal stimulus program, we have talk of maybe coming back to work in getting our lives back to normal, but there's still so much that needs to be done both to bring the disease under control and to get through this. where the economy will be shut down. we looked at that and what it means for the markets. >> okay, scott you were ringing alarm bells about coronavirus back in february and your concerns about the market, what is your updated view of things from here?

>> given the last week, it's not surprising, we've had a various hard selloff. i believe what happened is, with the news from the fed on monday morning and then once the market stabilized due to this big rotation, people rebounding which is causing people to liquidate, that rebalancing is almost all played out so i would say there's hardly anybody left to buy the stock market at this point, and the news isn't any better than it was last week. >> scott you've warned about the dangers of bottom fishing. is there anything you can tell our viewers about what a true market bottom will look like or just other things to look at over the next few months. >> sure. one of the things that market

bottoms are always associated with his capitulation and that's nothing more than buying me a bid at any price. the stock market didn't really get to the levels we would typically think of of capitulation in a recession, that would be an area between 45 and 55%, but more telling was the bond, even after or before the fed's intervention, large parts of the bond market that were not receiving support for the government were not trading in line elsewhere. for instance, one example would be a collateralized loan, when oil was last trading at $26.4 years ago, the loan obligation at 40

cents a dollar. today there trading at 70 cents a dollar. that's telling me that we really don't have the panic selling that you would expect. >> you know when you talk about the bond markets and the peaks and drops in capitulation, is this a financial crisis, this is like a health crisis. you were early in that so what are you looking for, how can you invest through something that really none of us have experienced? >> we have about 30 seconds scott. >> well i think the first thing is to look for evaluation. evaluation is still rich in most markets and valuation is a poor timing tool. i think first you look for that and then you look to find

panic. >> scott miner, thank you very much. up next roundtable members give their investment ideas for the coming weeks. stay right here. r car insurance so you only pay for what you need? given my unique lifestyle, that'd be perfect! let me grab a pen and some paper. know what? i'm gonna switch now. just need my desk... my chair... and my phone. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

>> i'm feeling antsy. give me some action items. carlton. >> all right. jack you know how much i love cash. we talked about it a few weeks ago, but investors certainly want to nibble a little bit, one thing to look at is look at the companies that are supporting our economy right now. i'm liking ups, home delivery is becoming all the more important as people are getting goods to their home. they have about $5 billion in cash, this would be one to nibble on right now but i am going to stress nibble only. >> nibble, not a gobble. >> that's a nibble.

>> been. >> look, people are going to be getting checks in the mail soon, and right now they're not spending money on anything but food. they're gonna want to buy a little something else. ebay is their chance to go by something use, maybe get a bargain, i think that's a place they might go. the stocks been beaten up so much, it could be a good opportunity. >> i want ultra- safe, i want quality, i look at stocks that generated cash flow reasonably priced, i like granger an industrial distributor and it has a safety franchise. as some of these investor chain chains, it spans the benefit. granger. >> great ideas, and thank you. i've got an action item of my own. let me limber up here so i can deliver a quality plug. i have a new podcast called barren streetwise. the first episode is available. it's all about the search for a treatment for covid-19.

pleassubscribe@apple, spotify or wherever you go for podcast. check out this week edition at barron's.com. don't forget to follow us on barron's online. that's it for us. see you next week on barron's roundtable. ♪ ♪ ♪ ♪ happy weekend everybody. what a week it was. welcome to the program that analyzes the week that was in helps position you for the week ahead. big show ahead right now, coming up in just a few moments steven mnunchin, my special guest to discuss the stimulus package. then later on right here, rick reeder is here to talk about how to navigate