RUSH TRANSCRIPT Neil thank ░░░░░░░░ very much ashley You ░░░░░░░░ the best All right ░░░░░░░░ cannot match that French ░░░░░░░░ genius I bet Erin ░░░░░░░░ can Mitch Roschelle microtrends ░░░░░░░░ partner Thank you for ░░░░░░░░ today Erin it is ░░░░░░░░ that you know we ░░░░░░░░ doing just fine with ░░░░░░░░ reopenings and certainly vaccinations ░░░░░░░░ are states you know ░░░░░░░░ are having some stubborn ░░░░░░░░ New Jersey among them ░░░░░░░░ I am with but ░░░░░░░░ fact of the matter ░░░░░░░░ we re doing a ░░░░░░░░ of a lot better ░░░░░░░░ I think any other ░░░░░░░░ on the planet because ░░░░░░░░ ve already written off ░░░░░░░░ 80 of those countries ░░░░░░░░ travel to for the ░░░░░░░░ being What do you ░░░░░░░░ of all that Yeah ░░░░░░░░ you look at how ░░░░░░░░ the vaccine was distributed ░░░░░░░░ also just you know ░░░░░░░░ particular the U S ░░░░░░░░ happened to get a ░░░░░░░░ luckier with getting the ░░░░░░░░ and the Moderna vaccines ░░░░░░░░ have had the least ░░░░░░░░ out first with with ░░░░░░░░ most production in the ░░░░░░░░ S and the least ░░░░░░░░ problems it s impressive ░░░░░░░░ well these two companies ░░░░░░░░ done for the reopening ░░░░░░░░ you know we re ░░░░░░░░ going to see we ░░░░░░░░ looking at more domestic ░░░░░░░░ for quite some time ░░░░░░░░ you know Mitch I ░░░░░░░░ she s exactly right ░░░░░░░░ think the emphasis will ░░░░░░░░ on domestic travel I ░░░░░░░░ stress we were checking ░░░░░░░░ the State Department advisory ░░░░░░░░ not an order In ░░░░░░░░ words by keeping the ░░░░░░░░ Kingdom Ireland Norway Denmark ░░░░░░░░ of these other countries ░░░░░░░░ that list it does ░░░░░░░░ mean you can t ░░░░░░░░ governor there they re ░░░░░░░░ recommending mean you can ░░░░░░░░ go there What do ░░░░░░░░ make of the global ░░░░░░░░ impact I think it ░░░░░░░░ significant or neil Just ░░░░░░░░ at it domestically and ░░░░░░░░ is information and data ░░░░░░░░ the airline industry themselves ░░░░░░░░ maybe a little self ░░░░░░░░ but they say the ░░░░░░░░ of the airline industry ░░░░░░░░ you look at all ░░░░░░░░ the industries related is ░░░░░░░░ 7 trillion employing 10 ░░░░░░░░ people So you extrapolate ░░░░░░░░ across the world tourism ░░░░░░░░ travel is very vital ░░░░░░░░ many countries economies and ░░░░░░░░ s certainly vital to ░░░░░░░░ I think once you ░░░░░░░░ imposing restrictions and in ░░░░░░░░ places they re probably ░░░░░░░░ restrictions than other countries ░░░░░░░░ think you re curtailing ░░░░░░░░ growth I wouldn t ░░░░░░░░ our country relies exclusively ░░░░░░░░ tourism and travel but ░░░░░░░░ are some countries that ░░░░░░░░ And the hole they ░░░░░░░░ finding themselves dug in ░░░░░░░░ take a generation to ░░░░░░░░ out of Neil you ░░░░░░░░ erin when you think ░░░░░░░░ it almost everything else ░░░░░░░░ boffo right What s ░░░░░░░░ on housing nothing short ░░░░░░░░ a boom In our ░░░░░░░░ hour we were hearing ░░░░░░░░ bidding wars even in ░░░░░░░░ tax areas high real ░░░░░░░░ tax areas going for ░░░░░░░░ where people or buyers ░░░░░░░░ forgoing appraisals just to ░░░░░░░░ the house that they ░░░░░░░░ to get The earnings ░░░░░░░░ corporate earnings I know ░░░░░░░░ re very early in ░░░░░░░░ season on this but ░░░░░░░░ or more of them ░░░░░░░░ handily beaten expectations by ░░░░░░░░ we have not seen ░░░░░░░░ decades So all that ░░░░░░░░ good The virus related ░░░░░░░░ you know restrictions not ░░░░░░░░ good How do you ░░░░░░░░ this playing out Well ░░░░░░░░ s interesting when you ░░░░░░░░ at sort of the ░░░░░░░░ areas and the travel ░░░░░░░░ so you know breaking ░░░░░░░░ between the airlines the ░░░░░░░░ most of the travel ░░░░░░░░ Wall Street expects it ░░░░░░░░ be at simple profit ░░░░░░░░ by 2023 So hotels ░░░░░░░░ going to be expected ░░░░░░░░ eke out a very ░░░░░░░░ profit this year but ░░░░░░░░ still have losses And ░░░░░░░░ s really just the ░░░░░░░░ ships thatn t cruise ░░░░░░░░ that aren t expecting ░░░░░░░░ return until 2025 and ░░░░░░░░ Wall Street just gives ░░░░░░░░ expecting profits So it ░░░░░░░░ like it s going ░░░░░░░░ take about two years ░░░░░░░░ are already sort of ░░░░░░░░ in business because obviously ░░░░░░░░ s not so focused ░░░░░░░░ travel but you know ░░░░░░░░ s just about getting ░░░░░░░░ and opening up the ░░░░░░░░ And so then the ░░░░░░░░ that are more related ░░░░░░░░ traveling further abroad take ░░░░░░░░ little longer to recover ░░░░░░░░ really everybody s pretty ░░░░░░░░ onboard that 2023 you ░░░░░░░░ see similar profits to ░░░░░░░░ we had in 2019 ░░░░░░░░ a long time to ░░░░░░░░ for that if you ░░░░░░░░ about it Erin thank ░░░░░░░░ Mitch, thank you.