BECAUSE HE KNOWS HE CAN CONTROL THAT INFORMATION AS OPPOSED TO

THAT INFORMATION AS OPPOSED TO SAY HHS OR CDC.

SAY HHS OR CDC. DOWN TO WALL STREET AND BRING IN

DOWN TO WALL STREET AND BRING IN DOMINIC CHU.

DOMINIC CHU. DOM, NEARLY A 1,200 POINT DROP,

DOM, NEARLY A 1,200 POINT DROP, THE WORSE SINGLE DAY LOSS IN THE

THE WORSE SINGLE DAY LOSS IN THE HISTORIES OF THE DOW JONES

HISTORIES OF THE DOW JONES INDUSTRIAL MARKET.

INDUSTRIAL MARKET. WHAT’S IT LOOKING LIKE THIS

WHAT’S IT LOOKING LIKE THIS MORNING?

MORNING? >> TO ADD TO JONATHAN’S POINT

>> TO ADD TO JONATHAN’S POINT HERE, THE REASON WE DON’T WANT

HERE, THE REASON WE DON’T WANT TO BE ALARMISTS ABOUT EITHER THE

TO BE ALARMISTS ABOUT EITHER THE MEDICAL IMPACT FOR THE

MEDICAL IMPACT FOR THE CORONAVIRUS OR THE MARKET

CORONAVIRUS OR THE MARKET IMPACT, BUT THERE’S NO DOUBT

IMPACT, BUT THERE’S NO DOUBT THAT THE ISSUES AROUND THE

THAT THE ISSUES AROUND THE CORONAVIRUS ARE HAVING A

CORONAVIRUS ARE HAVING A SIGNIFICANT IMPACT.

SIGNIFICANT IMPACT. YOU MENTIONED THAT 1,200 NEARLY

YOU MENTIONED THAT 1,200 NEARLY POINT LOSS YESTERDAY IN THE DOW.

POINT LOSS YESTERDAY IN THE DOW. THE BIGGEST SINGLE DAY POINT

THE BIGGEST SINGLE DAY POINT LOSS IN THE HISTORY OF THE DOW.

LOSS IN THE HISTORY OF THE DOW. MORE IMPORTANT HERE FROM A

MORE IMPORTANT HERE FROM A BROADER PERSPECTIVE, NOT JUST

BROADER PERSPECTIVE, NOT JUST THE DOW.

THE DOW. THE S&P 500, A BROADER MEASURE

THE S&P 500, A BROADER MEASURE OF THE U.S. STOCK MARKET, HAS

OF THE U.S. STOCK MARKET, HAS NOW LOST IN THE LAST SIX DAYS

NOW LOST IN THE LAST SIX DAYS SOME $4 TRILLION WORTH OF MARKET

SOME $4 TRILLION WORTH OF MARKET VALUE.

VALUE. $ TRILLION6 TRILLION LOST IN GLO

$ TRILLION6 TRILLION LOST IN GLO VALUE, ALL OF THAT FROM DOW

VALUE, ALL OF THAT FROM DOW JONES INDUSTRIAL INDICES AND A

JONES INDUSTRIAL INDICES AND A SCENARIO MARKETS FOR THE S&P

SCENARIO MARKETS FOR THE S&P HAVE NOW FALLEN BY 10% OR MORE

HAVE NOW FALLEN BY 10% OR MORE IN THE FASTEST PERIOD OR SPAN IN

IN THE FASTEST PERIOD OR SPAN IN MARKET HISTORY.

MARKET HISTORY. THAT IS TO SAY WE WERE JUST

THAT IS TO SAY WE WERE JUST ABOUT SIX, SEVEN TRADING DAYS

ABOUT SIX, SEVEN TRADING DAYS AGO AT RECORD HIGHS AND TOOK

AGO AT RECORD HIGHS AND TOOK ONLY SIX DAYS TO FALL BY 10% OR

ONLY SIX DAYS TO FALL BY 10% OR MORE.

MORE. AS THE CORONAVIRUS FEARS START

AS THE CORONAVIRUS FEARS START TO EMERGE IN THE ECONOMY, A HOST

TO EMERGE IN THE ECONOMY, A HOST OF ANALYSTS ON WALL STREET

OF ANALYSTS ON WALL STREET TRYING TO PREDICT OR MODEL OUT

TRYING TO PREDICT OR MODEL OUT WHAT THE ECONOMIC IMPACT WILL

WHAT THE ECONOMIC IMPACT WILL BE.

BE. A NUMBER OF BIG INVESTMENT BANKS

A NUMBER OF BIG INVESTMENT BANKS INCLUDING THOSE AT GOLDMAN

INCLUDING THOSE AT GOLDMAN SACHS, JPMORGAN AND CITIGROUP

SACHS, JPMORGAN AND CITIGROUP AND OTHERS HAVE NOW ECONOMIST

AND OTHERS HAVE NOW ECONOMIST TEAMS AND ANALYSTS TEAM WHO HAVE

TEAMS AND ANALYSTS TEAM WHO HAVE TAKEN DOWN THEIR FORECASTS FOR

TAKEN DOWN THEIR FORECASTS FOR BROETH

BROETH GROWTH IN THE ECONOMY, NOT JUST

GROWTH IN THE ECONOMY, NOT JUST HERE IN THE U.S. BUT AROUND THE

HERE IN THE U.S. BUT AROUND THE WORLD.

WORLD. THAT TRANSLATES INTO FEWER

THAT TRANSLATES INTO FEWER CORPORATE PROFITS.

CORPORATE PROFITS. IN FACT, FOLKS AT GOLDMAN SACHS

IN FACT, FOLKS AT GOLDMAN SACHS CITI GROUP PREDICTING NO PROFIT

CITI GROUP PREDICTING NO PROFIT GROWTH FOR S&P 500 COMPANIES IN

GROWTH FOR S&P 500 COMPANIES IN THE YEAR 2020.

THE YEAR 2020. NOW, THEY ARE STILL MAKING

NOW, THEY ARE STILL MAKING MONEY, BUT IT’S HARD TO JUSTIFY

MONEY, BUT IT’S HARD TO JUSTIFY RISING STOCK PRICES WHEN

RISING STOCK PRICES WHEN COMPANIES DON’T MAKE MORE MONEY,

COMPANIES DON’T MAKE MORE MONEY, AND FOLKS, THAT’S THE REASON

AND FOLKS, THAT’S THE REASON YOU’RE SEEING MARKETS REACT THE

YOU’RE SEEING MARKETS REACT THE WAY THEY ARE BECAUSE OF AN

WAY THEY ARE BECAUSE OF AN UNCERTAINTY ABOUT JUST HOW MUCH

UNCERTAINTY ABOUT JUST HOW MUCH THE WORLD ECONOMY WILL SLOW DOWN

THE WORLD ECONOMY WILL SLOW DOWN BASED UPON THE LATEST RESULTS

BASED UPON THE LATEST RESULTS FROM THOSE TESTS AROUND THE

FROM THOSE TESTS AROUND THE WORLD AND CORONAVIRUS, GUYS.

WORLD AND CORONAVIRUS, GUYS. >> YOU KNOW, SO MUCH OF THE

>> YOU KNOW, SO MUCH OF THE MARKETS ARE GOING UP AND DOWN

MARKETS ARE GOING UP AND DOWN AND I KNOW ABOUT MARKETS BECAUSE

AND I KNOW ABOUT MARKETS BECAUSE WERE YOU

WERE YOU WILLIE AND I GO TO OTV.

WILLIE AND I GO TO OTV. READING THE DOGS IS ABOUT THE

READING THE DOGS IS ABOUT THE SAME AS READING BLUE CHIP

SAME AS READING BLUE CHIP STOCKS.

STOCKS. HAVE WE NOT BEEN PROVEN TIME AND

HAVE WE NOT BEEN PROVEN TIME AND AGAIN?

AGAIN? >> ALL RIGHT.

>> ALL RIGHT. JUST GET SERIOUS.

JUST GET SERIOUS. >> SORRY, DOM.

>> SORRY, DOM. YOU DON’T HAVE TO RESPOND TO

YOU DON’T HAVE TO RESPOND TO THAT.

THAT. >> I’VE BEEN TO THE RACETRACK.

>> I’VE BEEN TO THE RACETRACK. HARD TO SAY THIS, BUT HARD TO

HARD TO SAY THIS, BUT HARD TO SAY ANYTHING ELSE WITH REGARD WE

SAY ANYTHING ELSE WITH REGARD WE CAN PREDICT WHAT THE MARKET’S

CAN PREDICT WHAT THE MARKET’S GOING TO DO.

GOING TO DO. RIGHT?

RIGHT? SO MANY FACTOR IN PLACE.

SO MANY FACTOR IN PLACE. >> NONSENSE.

>> NONSENSE. LEADING TO A QUESTION, THAT’S

LEADING TO A QUESTION, THAT’S THIS.

THIS. I WAS ABOUT TO SUGGEST THAT I

I WAS ABOUT TO SUGGEST THAT I ACTUALLY KNEW WHAT HAPPENED WITH

ACTUALLY KNEW WHAT HAPPENED WITH STOCK MARKETS.

STOCK MARKETS. SO THAT’S WHY I DID THE

SO THAT’S WHY I DID THE SELF-DEPRECATING DOG TRACK JOKE,

SELF-DEPRECATING DOG TRACK JOKE, ALL THE KIDS HAVE DONE I ASSURE

ALL THE KIDS HAVE DONE I ASSURE YOU OF THAT.

YOU OF THAT. >> YEAH.

>> YEAH. >> USUALLY WHEN I LOOK AT

>> USUALLY WHEN I LOOK AT MARKETS I SAY, THIS IS WITCH

MARKETS I SAY, THIS IS WITCH CRAFT.

CRAFT. SO MUCH GOES UP AND DOWN.

SO MUCH GOES UP AND DOWN. WE DON’T REALLY KNOW WHY

WE DON’T REALLY KNOW WHY EVALUATION IS NOT TIED TO THE

EVALUATION IS NOT TIED TO THE WAY A PARTICULAR BUSINESS IS

WAY A PARTICULAR BUSINESS IS GOING, BUT IN THIS CASE, IT’S

GOING, BUT IN THIS CASE, IT’S NOT SPECULATION.

NOT SPECULATION. THE DROPS ARE CONNECTED TO VERY

THE DROPS ARE CONNECTED TO VERY REAL EVENTS THAT ARE HAPPENING

REAL EVENTS THAT ARE HAPPENING RIGHT NOW.

RIGHT NOW. NO GUESSWORK.

NO GUESSWORK. CORPORATIONS ACROSS AMERICA,

CORPORATIONS ACROSS AMERICA, ACROSS THE WORLD, ARE CUTTING

ACROSS THE WORLD, ARE CUTTING BACK NON-ESSENTIAL TRAVEL.

BACK NON-ESSENTIAL TRAVEL. SEVERELY CUTTING BACK

SEVERELY CUTTING BACK NON-ESSENTIAL TRAVEL.

NON-ESSENTIAL TRAVEL. CONFERENCES ARE -- ARE BEING

CONFERENCES ARE -- ARE BEING CANCELED.

CANCELED. I TALKED TO A DIPLOMAT WHO WAS

I TALKED TO A DIPLOMAT WHO WAS GOING TO A VERY CRITICAL

GOING TO A VERY CRITICAL INTERNATIONAL MEETING, AND SAID

INTERNATIONAL MEETING, AND SAID THAT HE WAS NOT GOING TO BE

THAT HE WAS NOT GOING TO BE GOING.

GOING. THAT THE COUNTRY DECIDED THEY

THAT THE COUNTRY DECIDED THEY WERE GOING TO HAVE TO SIT IT

WERE GOING TO HAVE TO SIT IT OUT.

OUT. YOU’RE LOOKING AT HUGE EVENTS

YOU’RE LOOKING AT HUGE EVENTS THAT ARE BEING CANCELED ACROSS

THAT ARE BEING CANCELED ACROSS THE GLOBE, AND OUR PARENT

THE GLOBE, AND OUR PARENT COMPANY HERE IS GOING TO HAVE TO

COMPANY HERE IS GOING TO HAVE TO MAKE A DECISION ON THE OLYMPICS

MAKE A DECISION ON THE OLYMPICS IN JAPAN RIGHT NOW.

IN JAPAN RIGHT NOW. THE JAPANESE ARE TRYING TO

THE JAPANESE ARE TRYING TO FIGURE OUT WHAT THEY’RE GOING TO

FIGURE OUT WHAT THEY’RE GOING TO DO WITH THE OLYMPICS, AND I’M

DO WITH THE OLYMPICS, AND I’M SURE A LOT OF ORGANIZATIONS

SURE A LOT OF ORGANIZATIONS ACROSS THE WORLD, THE SAME.

ACROSS THE WORLD, THE SAME. THIS IS -- THIS IS THE SEVERITY

THIS IS -- THIS IS THE SEVERITY OF THIS ON BUSINESS.

OF THIS ON BUSINESS. AS YOU SEE A LOT OF TANKERS JUST

AS YOU SEE A LOT OF TANKERS JUST SITTING OUT, YOU KNOW, IN CHINA,

SITTING OUT, YOU KNOW, IN CHINA, IN PORTS, GOING NOWHERE.

IN PORTS, GOING NOWHERE. THIS IS -- THIS IS AN EXTREME

THIS IS -- THIS IS AN EXTREME SITUATION.

SITUATION. SUPPLY LINES HAVE BEEN

SUPPLY LINES HAVE BEEN SHATTERED, AND THES GOING TO

SHATTERED, AND THES GOING TO HAVE -- IT’S GOING TO HAVE A

HAVE -- IT’S GOING TO HAVE A REAL EXTREME IMPACT, AND I DON’T

REAL EXTREME IMPACT, AND I DON’T KNOW THAT WE’VE EVEN SEEN THE

KNOW THAT WE’VE EVEN SEEN THE BEGINNING OF THE WORST OF IT,

BEGINNING OF THE WORST OF IT, AND THAT’S GOT TO JUST TERRIFY

AND THAT’S GOT TO JUST TERRIFY INVESTORS.

INVESTORS. >> UH-HUH.

>> UH-HUH. >> IT DOES.

>> IT DOES. TO ALL OF THOSE POINTS, YOU

TO ALL OF THOSE POINTS, YOU SPEAK THE TRUTH.

SPEAK THE TRUTH. I MEAN, FIRST OF ALL, WE SAW

I MEAN, FIRST OF ALL, WE SAW WHAT HAPPENED TO THE WORLD’S

WHAT HAPPENED TO THE WORLD’S BIGGEST WIRELESS TECHNOLOGY

BIGGEST WIRELESS TECHNOLOGY EVENT.

EVENT. THE MOBILE WORLD CONGRESS.

THE MOBILE WORLD CONGRESS. BIGGEST EVENT FOR WIRELESS

BIGGEST EVENT FOR WIRELESS TECHNOLOGY IN THE WORLD GOT

TECHNOLOGY IN THE WORLD GOT CANCELED IN BARCELONA EARLIER

CANCELED IN BARCELONA EARLIER THIS YEAR.

THIS YEAR. AND FACEBOOK, A HUGE CONFERENCE

AND FACEBOOK, A HUGE CONFERENCE FOR ALL PEOPLE TIED TO ITS

FOR ALL PEOPLE TIED TO ITS APPLICATION AND PLATFORMS.

APPLICATION AND PLATFORMS. THEY ARE CANCELING THEIR

THEY ARE CANCELING THEIR DEVELOPERS CONFERENCE LATER THIS

DEVELOPERS CONFERENCE LATER THIS YEAR.

YEAR. EVERYBODY IS NOW LOOKING AT

EVERYBODY IS NOW LOOKING AT THEIR TRAVEL PLANS SAYING, YES,

THEIR TRAVEL PLANS SAYING, YES, THIS COULD BE AN ISSUE.

THIS COULD BE AN ISSUE. MORE SO PERHAPS A BIT MORE

MORE SO PERHAPS A BIT MORE UNCERTAIN ABOUT THIS WHOLE THING

UNCERTAIN ABOUT THIS WHOLE THING IS WHETHER OR NOT THAT BECOMES A

IS WHETHER OR NOT THAT BECOMES A LONG-TERM ISSUE.

LONG-TERM ISSUE. RIGHT?

RIGHT? BECAUSE IF THIS IS JUST A

BECAUSE IF THIS IS JUST A SITUATION WHERE IT’S THE NEXT

SITUATION WHERE IT’S THE NEXT THREE OR SIX MONTHS, EVEN NINE

THREE OR SIX MONTHS, EVEN NINE MONTHS, YOU CAN KIND OF SAY,

MONTHS, YOU CAN KIND OF SAY, HEY, THINGS WILL BOUNCE BACK IN

HEY, THINGS WILL BOUNCE BACK IN THAT TILE.

THAT TILE. THE REAL UNCERTAINTY RIGHT NOW

THE REAL UNCERTAINTY RIGHT NOW IS ABOUT WHETHER OR NOT IT LASTS

IS ABOUT WHETHER OR NOT IT LASTS FOR EVEN LONGER THAN THAT.

FOR EVEN LONGER THAN THAT. THAT’S THE REASON WHY A HOST OF

THAT’S THE REASON WHY A HOST OF DIFFERENT COMPANIES FROM THE

DIFFERENT COMPANIES FROM THE LIKES OF MICROSOFT, TO OTHER

LIKES OF MICROSOFT, TO OTHER TECHNOLOGY COMPANIES, TO FOLKS

TECHNOLOGY COMPANIES, TO FOLKS OUT THERE LINKED TO INDUSTRIALS

OUT THERE LINKED TO INDUSTRIALS ARE SAYING, HEY, IF THE ECONOMY

ARE SAYING, HEY, IF THE ECONOMY SLOWS DOWN, OUR BUSINESS WILL

SLOWS DOWN, OUR BUSINESS WILL TAKE A HIT.

TAKE A HIT. OUR REVENUES, OUR TOP-LINE

OUR REVENUES, OUR TOP-LINE NUMBER, BOTTOM-LINE PROFITS WILL

NUMBER, BOTTOM-LINE PROFITS WILL TAKE A HIT AND WHY YOU’RE SEEING

TAKE A HIT AND WHY YOU’RE SEEING THINK REVALUATION.

THINK REVALUATION. TO YOUR POINT ABOUT CERTAIN

TO YOUR POINT ABOUT CERTAIN COMPANIES IMPACTED BY THIS.

COMPANIES IMPACTED BY THIS. IT’S NOT ALL NEGATIVE.

IT’S NOT ALL NEGATIVE. RIGHT?

RIGHT? I JUST LOOKED EARLIER THIS

I JUST LOOKED EARLIER THIS MORNING.

MORNING. SHARES OF CLOROX OF ALL

SHARES OF CLOROX OF ALL COMPANIES.

COMPANIES. NOT THE SEXIEST NAME IN THE

NOT THE SEXIEST NAME IN THE WORLD AT RECORD HIGHS NOW

WORLD AT RECORD HIGHS NOW BECAUSE IN PART PEOPLE ARE

BECAUSE IN PART PEOPLE ARE LOOKING AT BLEACH AND SANITIZING

LOOKING AT BLEACH AND SANITIZING PRODUCTS.

PRODUCTS. BY THE WAY, FOR THE

BY THE WAY, FOR THE VIDEOCONFERENCING THING YOU WERE