there has been, which is what charlie described the market as a few days ago in an interview with caltech. taylor: we only have about a minute left. i want to switch, within the value trade. a price-to-book ratio that is still below one. we have been seeing these levels in years. does that make them attractive or do they have significant headwinds? bill: wonderful question. the economic activity created by the 30-45-year-olds, there are 90 million millennials versus 65 ers, will drive rates higher, banks higher. banks got much higher price to earnings ratio and they do now. the answer to that is, that is why jamie dimon wants to buy back $30 billion of his own stock. caroline: short and sweet. we like it. thank you very much for taking us through some of the calls. chief invest in debt chief investment officer talking up the capital gain. coming up, we drill down on the new market investment service. why the bank is inviting employees to test the platform before the public rollout. this is bloomberg. ♪ taylor: today, we have been focused on the future of banks. one massive trend in 2020 c

just the basics you need backups which are totally disconnected from your computer might even use caltech up to you have to you need to enable to talk to authentication where you don't need to password and username but also because if you get sent to your device to make it more secure your accounts at facebook or whatever and you need to use strong passwords and you need to be aware of what you're clicking even if it's only if you do all these things then you have a basic 80 percent or more to survive or to get through breaches and cyber attacks when it's been having just very briefly how well protected do you feel. depends on what we're looking at against iraq when as i feel ok against nation state actors not so much when her pick their head of international cyber security policy it s. and the thank you so much for your time this morning now has the world is trying to cut greenhouse gas emissions electric cars seem to be a clean way to stay mobile and that means demand for lizzie and i am batteries is rising and mckenzie consultancies study says annual global demand for batteries is curr

talented technology workers at a lower level to pay the more, because right now the best coder out of caltech is going to come in as a gps nine because she does not have experience. the regime that will be in place next year will be able to pay her more and get her into government. the other thing is we need a tech infusion at the state and local level. when we look at the problem sets of ransomware. would i would hear about the u.s. conference of mayors and governors is that we really need more i.t. modernization for our cities and states. when you look at some of the operating systems, they are still running windows seven. that capitalization for tech is not there. we talked about the next infrastructure bill and i'm sure the roads in the tunnels and the bridges need work, but if that does not include a technological component for capital reinvestment internet works and i.t. systems of cities and states, then we will be missing an opportunity. >> why does it not happen from your perspective? >> i think generally, ceos and sees those are not always -- their constituencies are not -- have not

this section or this section, email each other, when we next meet, in cambridge, we spent a year at caltech so went back and forth with each other, i don't get his research or this particular point, in santa barbara, spent the whole day and jim explained to me what they were doing, this element of it. i go back and write it all up, go back to cambridge to see him and he is reviewing the part that i had written, this is wrong and i am going what? i'm sure i understood it and i don't know what to say, looking at my old notes and look, my notes from talking to jim and he goes to me, that is what he used to think that we changed our mind. >> host: we changed our mind. >> guest: the research was a work in progress. an email would have been nice. i know you're working on explaining this but it is upside down. >> guest: in the book what i love about your relationship is you were unafraid to discuss in the book your frustration with certainly the most famous physicist of my time as a layperson, you talked about your frustration about if you are going to do this, i am paraphrasing, he essentially dr

caltech, harvard inviting the community. that is why it matters we are embedded in this process, so that our work that only fuels development of vaccines and treatments, but also that our work shines, so that our community is just as informed as everyone else. >> we just heard something so major from dr. corbett. that was newsworthy, what she just said. it was very newsworthy. listening to dr. corbett, she's basically saying that, things have changed since years ago. in thee mistrust clinical trials for us. black peopleout getting involved in trials for our collective good, not just for covid, but for sickle cell, that there is still no cure for, other diseases that in impact us. >> we felt historically black colleges had a very important place. 30, they were going to enroll committee members in a study of vaccine candidates as a part of project warp speed. i came in and said to serve as a community liaison as a dissemination specialist, as a person who was both a scientist and a person that would make communities where they

chemist who gave up a professor ship at caltech to start a business to create scientific instrumentsand he built a fortune 500 company and became the l.a. chamber of commerce of commerce point man on smog an air pollution. and when he saw that air pollution was really threatening the growth of los angeles. to the point where banks were talking about not issuing new mortgages to people, or not investing in new mortgages for people moving to los angeles. and he you know he is also, it's a very staunch conservative. and you look through his archives, and you see photo after photo of dull gray boxes of chemical instruments, and you come to the next photo it which is picture after picture of him shaking hands with national republican leaders, and he played this crucial role in connecting scientists with policy. and to address smog. and california especially southern california, was the real leader in many ways for that template for how the clean air act would be implemented. i think there is this rich legacy, of republicans and conservatives embracing what science can provide. and letting

i have caltech and fighting the community, harvard inviting the community, that is why it matters we are embedded in this process. our work not only fuels the work of vaccines and treatments, but that our work shines so that our -- community is just as informed as everyone else. >> doctor alcendor, we just heard something amazing from doctor corbett. doctor alcendor, listening to doctor corbett, she's basically saying things have changed since years ago with the mistrust in clinical trials for us. talk to that issue of black people now getting involved in trials for our own collective good, for issues, not just for covid, but sickle cell, which there is still no cure for. other diseases that impact is greater than the other communities. >> when this pandemic started, we felt that the historically black colleges had a very important place. it was a call to action for historically black colleges. on june 30th, the vaccine trial network we're going to enroll community members in a study of vaccine candidates as a part of project warp speed. i came in and started to serve as a community