Science of COVID-19

November 24, 2020

Crazy, irrational people have always been around and will always be around. It’s part of living on earth, and as long as their craziness doesn’t negatively affect you, let them do their thing.

That’s more difficult in the midst of a pandemic, because some champion of civil liberties, coupled with a good dose of conspiracy paranoia, can actually affect you very negatively. Like some anti-masking moron who purposefully coughs on you, just to prove the point that it’s all a hoax.

There will come a point when some idiot doing that will be of minimal concern, and, of course, we’re not there yet… but let’s talk about immunity.

The chances of you getting mumps, measles or rubella are negligible if you’ve had the MMR vaccine, properly administered. Properly administered means two doses, and in doing so, the efficacy is 97% against measles, 97% against rubella and 88% against mumps.

Measles is a good one to discuss because the vaccine is so good, yet the illness is so contagious. As per the numbers above, even if you’re in the vicinity of someone who actually has measles, if you’ve been immunized, you only have a 3% chance of getting sick. Conversely, if you haven’t been immunized, there’s a better than 90% chance you’ll catch it. And that’s why even though measles is pretty rare, it flares up here and there… the perfect little storm of someone who’s been exposed, running into a cluster of enlightened Southern-California moms who’d never poison their precious kids with vaccines, when we all know essential oils are all you need to keep them healthy.

Sadly, it’s relevant to note that 2021 is likely to see outbreaks of measles in many places due to missed vaccinations. Around the world, some 94 million children have missed their scheduled vaccines… due to C19. If anyone is wondering how effective vaccines really are, just have a look at the unfortunate measles numbers next year.

When things get back to normal, measles will once again be brought under control. With a coordinated effort, like was done with smallpox, it could actually be extinguished. And the same could be said for C19. Since it’s a virus, in theory… it could be eradicated.

My chances of getting smallpox are zero. My chances of getting measles aren’t zero, but thanks to my immunity and the herd immunity caused by enough people having been administered, over many years, a vaccine that’s more than 95% effective… they’re very, very low.

And so it will be with C19 one day. You will be vaccinated, enough people around you will be vaccinated, and that will be that. At that point, it will take a lot for you to get C19… and the evidence we’re seeing seems to imply that in all cases, if you’ve been vaccinated, it’d be, at worst, a mild case.

There will, of course, still be anti-vaxxers and Covidiots around. There are also the quiet anti-vaxxers… they’re not out in the streets screaming about Bill Gates is trying to inject you with 5G trackers… but years of misinformation has made a difference. A recent report states that in the U.S., it’s pretty much 50/50 as to who’s willing to be vaccinated and who isn’t.

Around here, the numbers are better… our denier-precentage is in the 20 to 30 range… but we have them too – the quiet anti-vaxxers, and the loud ones… who will march on the steps of The Art Gallery for years to come. Alien abductions, 9/11 was an inside job, the moon landings were faked, the earth is flat, covid was a hoax. All looney birds of the same feather. I look forward to the day, hopefully sooner than later, when their craziness can once again no longer directly affect me.

By |2020-11-24T19:41:59-08:00November 24th, 2020|Categories: COVID-19 Daily Report, Science of COVID-19|Tags: , , , , , , , , , , |0 Comments
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November 23, 2020

One might be a fluke, but two implies some consistency… and three pretty-much says, “lock” – and that is where we’re at with respect to vaccines.

Another announcement this morning from yet another vaccine manufacturer, this one from AstraZeneca, showing an average efficacy of 70%, but going up to 90%, depending on the dosage. Regulators from the FDA and Europe will be having a look at it soon.

From a timeline point of view, the two frontrunners, Pfizer and Moderna… may have their vaccines hitting the streets in the last two weeks of December, assuming the present timeline and FDA approval (set to be discussed Dec. 10th). Pfizer expects to make 50 million doses by the end of the year (and up to 1.3 billion next year). Moderna will have 20 million doses ready this year. Who will get it first? Mostly Americans, I would expect… and, honestly, they need it.

That great American Founding Father Patrick Henry proclaimed, “Give me Liberty or give me Death!” back in 1775. Americans, known for wanting it all, are taking those words to heart… potentially changing the “or” to an “and”.

Over the weekend, over 3 million people passed through security checkpoints in American airports. Something like one in 111 Americans travelled on a plane in the last 48 hours, the majority on their way home for Thanksgiving, where they will mingle in close quarters for several hours if not days… before boarding those same planes and heading back to wherever.

The timing with “vaccines vs. the virus” will be interesting… and will be the grand crescendo of 2020. In fact, let’s call it for a specific day – Dec 20th, 2020, precisely one month before Donald Trump exits, stage left. On that day, many places in the U.S. will be facing a catastrophic and unmanageable surge in cases, with hospitals completely overwhelmed. And right alongside that, there will be the knowledge that the vaccine is out there, and “How the hell do I get my hands on it?!”

The amusing-if-it-weren’t-so-tragic part of it will be the conspiracy spin… from those people who for the better part of a year have been claiming it’s a hoax and it’s all bullshit… who will now be screaming that only the elite have access to it and how come we don’t all get it, like, *now*, and it’s my right to have a vaccine… my *constitutional* right as part of the Declaration of Independence: Life, Liberty, and the pursuit of Happiness. Clearly a vaccine fits into that. Like, you know, I don’t want a vaccine, I don’t need a vaccine, vaccines are for crowd control, vaccines are to murder us, Bill Gates, 5G, etc, etc… *BUT*, even so, if I want a vaccine, I should be able to get one. OK.

Keep your seatbelts securely fastened… the roller-coaster has just begun that big downhill. This is the part where you can put your hands up in the air and scream… or just hold on for dear life. Like I keep saying, there’s a finish line… but it’s going to be a wild ride getting there.

Graph for November 23, 2020

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By |2020-12-03T18:59:31-08:00November 23rd, 2020|Categories: COVID-19 Daily Report, Science of COVID-19, Humour, Philosophy, Art & Literature|Tags: , , , , , , , , , , , , |0 Comments
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November 22, 2020

We’ll have to wait till tomorrow to see some B.C. numbers, so until then, let’s shift our attention eastward by one province and look at Alberta, who unfortunately is giving us a textbook example of what exponential growth looks like.

For today, I’ve added a third row of graphs. The top row of the three is each province’s journey through this pandemic, from day one. The bottom two rows represent only the 2nd wave; first, logarithmically… and, the bottom one, normally.

They say a picture is worth a thousand words, but sometimes, it’s not because the picture is so indescribably beautiful… but because the picture is difficult to describe. If math isn’t your thing, hearing a sentence like “the plot an exponential curve on a logarithmic scale will be a perfectly straight line.”… might sound confusing. But when you look at the pictures, it makes perfect sense.

Have a look at Alberta, and have a look at the bottom two graphs. They are displaying the same dataset, but on the bottom one, the Y-axis is linear, ie normal, ie… perfectly spaced out. The one above it is logarithmic, which “squashes” the Y-axis the bigger it gets.

The way a logarithmic scale works is that it perfectly compensates for that exponential growth… which is why those smooth, increasing curves of the bottom graph (TTDs of 20 and 25) show up as perfectly straight lines on the graph above it.

Accordingly, the seven-day moving average of daily case-counts of Alberta, the thicker black line, follows the curve on the bottom graph and follows the straight line on the upper graph. While the logarithmic graphs tend to minimize the growth as things get worse (the steepness gets squashed), the real-data graphs tell the truth. It’s clear from looking at these graphs exactly where Alberta is heading, if things don’t change. It’s clear as well that Saskatchewan’s recent increases are far worse than TTDs of 20 or 25; closer to 15 over the last few days.

Exactly 8 months ago, we were heading into the last week of March wondering the same thing we are today… I wonder what the week ahead will look like. It feels like a lifetime ago, March 22nd… that was the 6th day of me writing about all of this (here it is if you’re interested: https://kemeny.ca/2020/03/22/march-22-2020/). The U.S. had 32,000 cases. Canada had less than 1,500. B.C. had less than 500.

Here we are today (Day 251) – and the sentiment hasn’t changed. Just the numbers, which are all a lot bigger.

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By |2020-11-22T20:32:27-08:00November 22nd, 2020|Categories: COVID-19 Daily Report, Politics, Science of COVID-19|Tags: , , , , , , , , , |4 Comments
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Day 250 – November 21, 2020

No B.C. numbers today, but here’s a brief look elsewhere…

Parts of Ontario (Toronto and Peel) are in a lockdown of the sort we saw around here at the start of this pandemic. Very tight constraints with respect to with whom you can get together, and strict rules around what that needs to look like. Everything else is pretty-much closed, except the essentials.

Saskatchewan saw a huge increase in numbers today, something they saw coming; measures were put in last week, but they’re now dealing with the effects of what came before. As we know, it can take a couple of weeks to realize the effects of these measures.

Alberta also set its record for new cases in the last 24 hours.

Today’s lesson in exponential growth comes from Nunavut… where, for the longest time (like till November), they’d seen zero cases. They got their first one Nov. 6th… their second one Nov. 7th… and then two more Nov. 8th. Then 8, 18, 26, 60… and they’re now over 100. Their graph is not a gentle slope or a hockey stick… it’s a literal cliff wall which they slammed into, after 7 months of flat road. That’s how this thing can take off.

In the spring, it was all about flattening the curve. For those late to the game, like Nunavut and Saskatchewan, where they never got a first wave, that’s where they’re at.

For places like Ontario and Quebec, it’s not just about flattening the potential frightening growth… it’s that the numbers, as flat as they may be (which they’re not) are already really big.

What’s worse… if you have 100 hospital beds available… to see cases go from 2 to 8 to 20 to 50 in a few days? Or to see them go 98, 99, 103, 98?

The answer is… it depends… on what measures are in place. Drastic measures are needed in example A, but example B is just as frantic, because it’s evidence of a problem that’s stressing the limits and that’s not going away unless something is done about it. Roughly speaking, example A is Nunavut and example B is Ontario.

The rate of growth is interesting to look at, on an apples-to-apples basis. I’ve added Time To Double (TTD) lines to the provincial graphs, and I’ve set them all (for now) to 20 and 25, so you can compare the data against those straight lines… and across provinces. Don’t worry too much about where those lines cross, just look at the slope of the data compared to the TTD lines. B.C. and Alberta are examples of consistent growth… you can see the recent growth is virtually parallel to the TTDs of 25. And at their steepest recent points, both Saskatchewan and Manitoba had recent TTDs approaching 10.

You’ll notice that Quebec and Ontario are a lot flatter. Indeed, their TTDs are 50 and 77 respectively. Their issue isn’t so much exponential growth… it’s just that any growth is already putting pressure on a system that at some point won’t be able to handle it.

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By |2020-12-03T18:57:46-08:00November 21st, 2020|Categories: COVID-19 Daily Report, Politics, Science of COVID-19|Tags: , , , , , , , , , , , |5 Comments
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November 20, 2020

In hindsight, there was plenty to learn from Donald Trump’s nomination of the first (of his three) Supreme Court Justices. Before Barrett and Kavanaugh, there was Gorsuch.

This was very early into his presidency, and the announcement was to be like no other. Trump wanted a full-on reality-TV moment. Had he had his way, it would’ve been like a Bachelor/Bachelorette-like Rose Ceremony – held in the White House Rose Garden, of course – where Trump would’ve had his three finalists standing there, and with some great drama – heck, perhaps even by handing them a Rose – revealed to the world his choice. One of the other two, Tom Hardiman, was actually on his way to Washington for the “ceremony” until an insider reached out and told him something like, “Dude, bail… this is bullshit.”

Trump still made the best of it. He had Gorsuch and his wife hidden away, in a hallway. Trump made it all about himself, as usual, and after his magnanimous speech, finally had Tom Gorsuch, and his wife, emerge… to the thunderous applause so that he, Trump, could take credit for his awesome selection. “What is going on?”, asked some people. “This is going to be fun!”, said some others.

The astonishing reality show is exactly two months away from cancellation. Many of the actors have already moved on, some trying to distance themselves from the negative reviews, to find new shows. Some are holding on, hoping for a sequel. They will soon be bitterly disappointed. Nobody is picking this up for another 4-year run.

The problem, of course, is that the star of the show doesn’t want to go away, and it’d be funny were it not so tragic. His pathetic attempts of “They love me! They really love me!” aren’t going to take him anywhere.

Yet – and this is where it gets very serious – every single hour that goes by, with this petulant child-actor’s attitude of “If I lose, we all lose”, people are dying. The studio needs to reconfigure for the next 4 seasons, but they can’t, because the soon-to-be-former star won’t hand over the keys. He just makes lame and baseless excuses. How appropriate it was for Giuliani to be holding that almost-final press conference in the parking lot of a Four Seasons. Not the elegant hotel, of course, but the kind of Four Seasons operation the specializes in shoveling manure, exactly what his BFF/client has been doing for four long seasons.

It’s far too late to restore the tarnished image in which Trump has enveloped himself, but like any good show or series, some people just remember the end. The last 10 minutes of the last episode. And here we are, and Trump could actually make a difference. With now literally nothing else left to lose as president, he could at least leave it with a bit of a swan song… and invoke a federal mask policy. It would upset a lot of his core. It would also save tens of thousands of lives. It’s sad – tragic – that he won’t.

Closer to home, we *do* have a new mask policy, and whether you agree with it or not, how about you just do it? We can discuss it next year, whether it was as right as I said or as wrong as you said… because we both agree we’d like to get to next year, and we’d also like everyone around us, especially those we care deeply about, to get there as well. Yes, you might be young and healthy, and maybe this won’t affect you… notwithstanding a recent death here in BC was an otherwise-healthy man in his 30s… he and some co-workers tested positive. The co-workers all had mild symptoms, but the unfortunate victim got it much worse… and the point is, that even if you think you’re immortal, you have friends and family who are older, immunocompromised and/or simply as unlucky as that guy whose friends, family and co-workers still can’t believe it.

Outbreaks can happen anywhere, but the serious ones we hear about are care homes, which of course are populated with the people who are at highest risk… and it’s within those walls that infections can spread like wildfire. Tabor Home, a long-term care facility in Abbotsford had 4 cases (two staff, two residents) two weeks ago. Today, it’s over 100. How did that happen…?

There are more of you out there than you think… that have this virus. Eighty percent of you will never even know it… yet, for a while, you were just as infectious as anyone else… and somewhere along the line… while not wearing a mask and/or being too close to someone else, you passed it along… and so on and so on. Breaking those chains of transmissions is what it’s all about, and far more of us are potential links in that chain… that inevitably end at someone who is unable to fight it off. Once it enters an environment like a care-home, it hits hard.

If you think wearing a mask or not getting together socially or not travelling isn’t to your benefit, think about others… because your irresponsibility could literally kill someone else. Think about them… some elderly resident of a care home… whose life is worth far more than your irresponsible little maskless get-together. The get-together can wait. That elderly resident is also waiting… for a hug from their grand-daughter. Do your part to make sure that eventually happens.

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By |2020-11-22T17:04:33-08:00November 20th, 2020|Categories: COVID-19 Daily Report, Follower Favourites, Politics, Science of COVID-19, Humour|Tags: , , , , , , , , , , |0 Comments
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November 19, 2020

Earlier today, Dr. Henry laid down the law… a detailed and lengthy list of restrictions, which are now in place for at least two weeks (Dec 7th)… and this now applies to the entire province. The whole thing can be read at www.bccdc.ca – but here’s the summary… go back to how you were doing things in March and April: No social gatherings outside your immediate bubble. No non-essential travel. And by the way, masks are now mandatory. Finally, some clout behind the good sense. If you’re out in public, indoors, wear a mask. It’s that simple, and every business and every person walking into a business… needs to respect that.

As heavy-handed as it sounds, it’s with a finish line on the horizon… and the idea is to get there without overwhelming our medical system. The numbers don’t lie; if we don’t change course, we will run out of hospital beds and equipment before we get there… yet, we know there are people who won’t follow the rules. We know there are people who held lavish parties over the weekend. Heck, I know we’re not supposed to talk about it, but police in New York busted an actual Fight Club, with 200 fighters and numerous participants all crowded together. The U.S. went over 12,000,000 cases today… over 2,000 deaths today, for the first time. Almost 200,000 new cases today. Ouch.

It takes a while to see the effects of these orders… so, again, like back in March/April… we sit and wait… and hope things don’t spiral out of control.

From a flattening-the-curve point of view, when we’d actually flattened it… back in June, the cases Time To Double was 175 days. That dropped to 100 in July. In October, cases were doubling every 43 days. In the first week of November, that number dropped to 26. In the second week of November, down to 24. Right now it’s at 23. I’d be surprised and delighted if it managed to stay above 20, but nothing changed till today, so the trend that got us here is likely to continue before it turns around. Now, we just wait and see how much worse it gets before it gets better.

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By |2020-11-19T21:11:30-08:00November 19th, 2020|Categories: COVID-19 Daily Report, Politics, Science of COVID-19|Tags: , , , , , |0 Comments
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November 18, 2020

It’s been a while since I’ve written anything about Sweden, so it’s time for an update. To rewind to the almost-beginning, the first thing I ever wrote on the topic was on April 10th… my opinion with respect to what they were doing handling this pandemic… you can read it here: https://kemeny.ca/2020/04/10/april-10-2020/

If you’re not familiar with what they attempted to do, it’d be helpful to read that, for context. And here we are 7 months later:

Did their approach cause more deaths? They’d hoped it wouldn’t, but understood it might… but that the risk/reward was worth it. To summarize, “Some people might die, but saving the economy makes it worth it.” That post from April makes it pretty obvious that things were not heading in a great direction, but I suppose they’d hoped things would settle down.

How bad was it? The obvious comparison would be against their Scandinavian neighbours… and here are the deaths per million caused by C19:

Norway: 55
Finland: 67
Denmark: 133
Sweden: 624

Let’s mark that one down in the “miserable failure” column… but at least the economy was saved, right?

The usual measure of economic growth/decline is GDP. Here are those four countries’ rough economic declines for 2020, as per data from the OECD:

Norway: -5.1%
Finland: -5.9%
Denmark: -7.9%
Sweden: -7.7%

Not only did their economy suffer just as badly as their neighbours (the ones with one tenth the number of deaths), but it was actually a little worse.

Well… at least they achieved herd immunity, and after all those great sacrifices, they won’t have to face a second wave like all the rest of us, right?

Unfortunately, that second wave is hitting Sweden very hard, as we speak… so hard, in fact, that Sweden is abandoning the Swedish model. The very lockdowns and closures they’d so adamantly refused… are now in place. They’ve finally admitted to themselves that herd immunity is unachievable without a vaccine, or a tremendous amount of carnage, something that’s been evident to everyone else for a long time.

The whole thing was an unfortunate disaster, and for more than one reason, not the least of which was other “leaders” touting the benefit of the Swedish model and imposing it on their populations. Before all of this, the only thing that came to mind when you heard “Swedish model” was Tiger Wood’s wife… but, oh… how things have changed.

Those two Swedish models actually have something in common… one beat up her cheating husband and smashed up his SUV. The other one beat up an entire country, and smashed any confidence anyone could possibly have that letting this virus run its course is a good idea.

Elin Nordegren realized she was in a crappy situation, and moved on. Better late than never. I guess the same can be said about Sweden.

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By |2020-11-18T20:56:40-08:00November 18th, 2020|Categories: COVID-19 Daily Report, Science of COVID-19|Tags: , , , , , , , , , |0 Comments
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November 17, 2020

Back at the start of the pandemic, when things were growing frighteningly out of control, there were a lot of charts and diagrams being published about the present and future potential “Time to Double”. When you’re dealing with exponential growth, the steeper the curve, the quicker the numbers double from where they are today. For a while, things got frantic. Then they got flat. Now they’re not so flat anymore, but certainly not as steep as they were back then. Which is perhaps why there’s less panic about these ever-increasing numbers.

But maybe there should be a bit more concern than what’s actually being seen. It’s harder to move bigger numbers. But that’s because they’re already big, and we’re not just dealing with relative numbers here. We’re dealing with absolutes.

If you look at B.C, it’s pretty consistent over the last week… a 3% growth of cases on a daily basis. That translates to a TTD of about 25 days… meaning, at the rate things are increasing, we will go from 23,500 cases to 47,000 by Dec. 12th. We’d be hitting 100,000 by early January. The demand on hospital beds, ICU beds and ventilators will scale up proportionally as well. Today’s hospitalization and ICU numbers are the highest ever in this province. What’s also the highest, by a lot, is the 11 deaths over the last 24 hours.

I’m growing uneasy at the nonchalance that’s out there, potentially starting at the top. I’ll be honest, if I were in charge, commanding traffic, there would be some stiff measures being thrown into place. I’m clear on the reasons being given as to why that’s not happening; that the majority of transmission is taking place in private homes, by the nonchalant crowd who simply won’t listen to reason. And while that’s going on, restaurants and many other businesses are all open, because they have all the safety measures in place.

That’s all fine in theory, but for some reason I keep hearing about people catching this; people who are taking all the safety measures they can, and they simply get it, and they have no idea when or where or why. So yes, I would be heavy-handed and I would take a lot of flak for it and some businesses might fail, especially those who count on the holiday season to see them through the much leaner rest-of-the-year. But I would mitigate this with some intelligent guesswork with respect to what the future has to offer. Nobody likes to make announcements they can’t live up to, so we get ‘safe’ guesses. On the flipside, never underestimate the human potential when our backs are against the wall.

I have a bet with a friend that I think I’m going to cash, made back in March – me saying there will be a vaccine by the end of the calendar year; perhaps not one readily available, but the one we’ll all eventually get by the time they manufacture enough. But the public, not just test-subjects, will be getting jabbed with it by Dec 31st. And it’s looking likely that might happen.

We’ve all heard vaccines typically take 3 to 5 years. We’ve all heard this one will be super-rushed to get it down to 12 to 18 months. Here we are, 9 months into it… with a very real possibility that this particular finish line has already been hit. Way to go, humans.

Which brings me back to the point… a very viable finish line on the horizon, with a time period of “now till then” which is shorter than what we suffered through the first time. We’re hearing summer. We’re hearing by this time next year. And I’m saying it’ll be sooner than that… because it won’t be a magic switch. This will be like trying to get a car going, starting in 6th gear. You have to let that clutch out super-slowly, and you might damage it, but if you do it right, you won’t stall the car and eventually you’ll be up to speed. It’s a painful process to get there, but at some point, you realize your foot is completely off the clutch… and you’re driving normally. Similarly, as things slowly re-open for real, one day you’ll realize it’s back pretty-much back to normal.

When we locked this province down back in the spring, there were outcries of “overkill” and “our economy” and all that. But it worked. With a big, vast unknown future in front of us, we bought into it, we did it, and it worked.

I think it’s time to take that deep breath, suck it up, and do it all again… this time, with that finish line well in sight. Call me Captain Overkill – I don’t mind. I know a bit about risk/reward, and I’m not known for not taking risks… but that means carefully thinking about it and picking your spots. And this one, to me, is a no brainer. Everyone go home for a few weeks, close schools early, suffer through a very weird holiday season… and then things, sooner than later, will be better. A lot better. I promise.

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By |2020-11-17T19:39:56-08:00November 17th, 2020|Categories: COVID-19 Daily Report, Politics, Business & Economics, Science of COVID-19, Sports & Gaming|Tags: , , , , , , , , , |0 Comments
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November 16, 2020

Terrific news today regarding Moderna’s vaccine trial… an unheard-of efficacy rate of 94.5%. In the study, 30,000 volunteers received a vaccination. Half of them got the real thing, half of them got salt water. Out of all those volunteers, 95 of them got infected with C19. Of those 95, 90 had gotten the placebo, and 5 had gotten the vaccine. Of those 5 who’d gotten the vaccine, none had a serious case of C19. Out of the other 90 cases, 11 of them were serious, a number that lines up with what’s been seen with some consistency out in the wild. In summary, as expected with any vaccine… it doesn’t guarantee you won’t get sick, but it dramatically cuts down your chances. And, if you do get sick, it’s likelier to be a milder course of illness. And, added bonus, this Moderna vaccine doesn’t need extreme cold to be transported or stored. It lives at the same temperature (conventional refrigeration) as many other common vaccines.

It’s great news if it holds up, like nobody in that study suddenly gets super-sick and has serious side-effects or anything like that. On that assumption, Moderna is already manufacturing for production, and some of the public (those at highest risk) might be getting the jab by late December. Perhaps by spring, we’ll be seeing a much larger general rollout. If that’s the case, there will be one hell of a lot of incredible summer parties. I’ll be sure to host a few. You’re all invited. Well… most of you.

However… we’re not there yet… and, as every day goes by, we seem to be drifting further and further from it. We will ultimately hit that finish line, but the idea is that most of us get there, and in good health.

I’ve added a new row of graphs… a graphic representation of deaths, just below the corresponding case-counts, just to keep a little reality in the picture… because there is a double-edge to the sword that will ultimately slay this virus, and that is… that this vaccine’s existence, whether today or in the future, gives many people the idea that this is all almost over and we can just gently glide to the end, and it’s party time now.

This is exactly not the time to let our collective guard down. The virus is still out there, the weather is getting colder and we’re all going to be indoors a lot more. The steepness of case counts and death counts – see attached. The gently rising curve of death hasn’t hit the levels we saw back in April, but it’s not hard to see the trend. We saw how quickly it blew up last time; not taking the proper measures could lead to this getting far worse. It’s up to us to not let that happen.

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By |2020-11-16T21:34:04-08:00November 16th, 2020|Categories: COVID-19 Daily Report, Business & Economics, Science of COVID-19, Life in Vancouver|Tags: , , , , , , , , |0 Comments
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November 14, 2020

The U.S. Securities and Exchange Commission is tasked with keeping stock markets fair, clear, transparent and free of fraud. That’s their mandate, and they’re pretty good at doing so, especially these days when super-intelligent super-computers can keep tabs of everything that’s going on every millisecond, and can instantly flag irregularities. Getting away with it, whatever “it” is, is tougher these days.

The most straightforward type of stock fraud is when someone acts on insider information, and the most common version of that is someone inside a public company who’s privy to knowledge that the public doesn’t yet know. It can certainly be the CEO, the CFO, the CIO, the COO… whatever C-letter-O executive you can think of often has knowledge of the sort, but it’s usually not those people who try to pull a fast one. Those guys know they’re being watched, and they’re all already well-compensated. Any shenanigans that would be materially relevant to them would almost-certainly get caught.

No… usually, it’s an intern who runs across something left in the recycle bin next to the copier… who then calls her BFF and asks what she should do with this info, and the BFF texts her boyfriend who knows a bit about the markets. And that guy logs into his Ameritrade account, buys a few call options, and gets totally busted when the SEC flags his trades because it’s so ridiculously blatant.

But, back to the C-people… many of them are partially paid/bonused in shares, and what they do with their shares is scrutinized inside out. Which is why when they intend to buy or sell shares, they need to make it very clear and very well-known, usually in advance. And those filings are all available to the public.

Accordingly, on August 19th of this year, Pfizer CEO Albert Bourla filed his intent to sell 132,508 shares of his company, should the share price hit a certain number. On November 9th, Pfizer announced that most excellent news, the one about the 90%-effective vaccine… and the spike in share price hit that number… and the order to sell was executed.

That part of it is simple, and that would be it… except there’s perhaps a troubling little footnote… which is what Bourla may or may not have known back in August. Indeed, the day after he renewed that order to sell, the company issued a press release confirming they were on track to deliver a vaccine candidate in October. But… the sell order had been in place from years earlier, and that was simply the timing of the renewal. And, the announcement didn’t have much of a relevant impact.

None of that will stop people from thinking something’s wrong here… and watchdog groups will call upon the SEC to investigate. The SEC may or may not dig into it any further, though what you’ve read above is pretty-much all there is to it. But… everyone agrees, even the SEC, that it doesn’t look good. Wearing white after Labour Day doesn’t look good either, but it shouldn’t send you to prison. It’s not illegal; just generally bad judgment… the same sort of bad judgement that may have been displayed by Albert Bourla in not pulling the plug on the transaction.

Bourla, who’s been with Pfizer more than 25 years, made over $18 million last year in salary, bonuses and stock allocation. While a lot of noise is being made about the $5.6M he pocketed in this transaction, it’s certainly not $5.6M out of thin air. He’s been earning those shares for a while. Those shares were around $36 before, $40 during the frenzy, now $38. This story is perhaps more hoopla than it deserves. 130,000 shares plus or minus $2 a share equals a quarter million dollars… for a guy who makes more than $18M a year.

On that note too – “buy on rumour, sell on news” – investors who’ve been following all of the these pharmaceutical and biotech companies… the thing is this: share prices move on unexpected news or rumour… and if news comes out that’s unexpected, good or bad, it’ll have a positive or negative effect. Expected news doesn’t move the needle, because that knowledge is already built into the price. We all know Pfizer is working on a vaccine, we all know they’re trying to get it done ASAP.

The unexpected news in this case was simply the “90%”, and all of the day traders who jumped on it and bought bought bought… might regret it, unless they’re going to hold on to it for a while… because shortly after, the price slid down again.

The reason is simple… materially, that 90% doesn’t change much. Pfizer is committed to making as much vaccine as they can, for any definable future period of time. The 90% won’t let them make it faster, nor will they be able to charge more because it’s “better”. The purchase contracts for the vaccine are already in place, and even if they weren’t, this wouldn’t affect it. It’s business as usual.

One thing though about the timing of the announcement… it came (very) shortly after the election. Pfizer knew that Trump would jump all over it and take credit for it and make all sorts of bullshit claims about how it’s all due thanks to him. As expected, all of that happened… but after, of course. Was that on purpose? Pfizer claims they’re simply going by the science and reporting things when and where it makes sense to do so. Perhaps that’s true. Or perhaps they knew, and they waited.

It’d be a pretty suitable FU to Trump, to be honest. Would it have altered the course of the election? Doubtful. Who knows. And, really, who cares. There are far more important things to worry about.

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By |2020-11-14T21:35:48-08:00November 14th, 2020|Categories: COVID-19 Daily Report, Politics, Business & Economics, Science of COVID-19|Tags: , , , , , , , , |0 Comments
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