1 00:00:00,800 --> 00:00:04,040 Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside 2 00:00:04,040 --> 00:00:06,920 Speaker 1: my co host Matt Miller. Every business day, we bring 3 00:00:06,960 --> 00:00:11,520 Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along 4 00:00:11,560 --> 00:00:15,600 Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast 5 00:00:15,600 --> 00:00:18,479 Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and 6 00:00:18,480 --> 00:00:22,680 Speaker 1: at Bloomberg dot com slash podcast. You're kind of a 7 00:00:22,760 --> 00:00:25,239 Speaker 1: rough start to the year for markets here, and uh, 8 00:00:25,440 --> 00:00:27,200 Speaker 1: you know, it's been a while since these markets have 9 00:00:27,320 --> 00:00:31,160 Speaker 1: had to deal with a rising interest rate environment, and 10 00:00:31,280 --> 00:00:33,880 Speaker 1: people are concerned about, you know, how these risk assets 11 00:00:34,159 --> 00:00:36,800 Speaker 1: really perform here in that type of environment. Let's check 12 00:00:36,840 --> 00:00:38,840 Speaker 1: in with a professional who does this for a living, 13 00:00:38,920 --> 00:00:42,720 Speaker 1: Jim Lowell. He's the c i O of Advisor Investments. Jim, 14 00:00:42,720 --> 00:00:44,879 Speaker 1: thanks so much for joining us here. I love to 15 00:00:44,960 --> 00:00:49,440 Speaker 1: get your thoughts, like, what are you telling your clients 16 00:00:49,680 --> 00:00:52,159 Speaker 1: as you know, you kind of start two and this 17 00:00:52,200 --> 00:00:54,880 Speaker 1: is gonna be a different environment than what most investors 18 00:00:54,880 --> 00:00:56,520 Speaker 1: have had to deal with for the last I don't 19 00:00:56,520 --> 00:01:00,720 Speaker 1: know decade plus. What do you say, Jim, Well, one 20 00:01:00,760 --> 00:01:02,959 Speaker 1: of the things we're saying is that any sort of 21 00:01:03,000 --> 00:01:06,600 Speaker 1: selling on short term rumors or news is welcomed by 22 00:01:06,680 --> 00:01:09,120 Speaker 1: us because of course, as long term investors, that means 23 00:01:09,440 --> 00:01:11,360 Speaker 1: we can add to our best ideas at this kount 24 00:01:11,360 --> 00:01:13,680 Speaker 1: of price is something that was pretty difficult to do 25 00:01:13,800 --> 00:01:16,520 Speaker 1: over the last year or two, not to mention over 26 00:01:16,560 --> 00:01:18,800 Speaker 1: the past decade where everything was going up like a 27 00:01:18,840 --> 00:01:22,080 Speaker 1: hockey stick. In particular, of course six or seven stocks 28 00:01:22,120 --> 00:01:25,640 Speaker 1: inside of the SMP. We're also pointing out that inside 29 00:01:25,680 --> 00:01:28,679 Speaker 1: the SMP those six seven stocks that really drove its 30 00:01:28,760 --> 00:01:32,760 Speaker 1: performance mass the fact that's the vast majority of stocks 31 00:01:32,800 --> 00:01:37,120 Speaker 1: are either in correction or even crash level discounted pricing. 32 00:01:37,640 --> 00:01:40,240 Speaker 1: There's a lot of opportunity both we think on the 33 00:01:40,280 --> 00:01:43,520 Speaker 1: growth and the value side of offense. UH is you 34 00:01:43,600 --> 00:01:48,600 Speaker 1: are a discipline, patient, long term investor. For traders, I 35 00:01:48,640 --> 00:01:52,400 Speaker 1: think i'd be, I'd be exceptionally cautious, but we're not traders, 36 00:01:52,560 --> 00:01:58,040 Speaker 1: so we are relatively optimistic. Relatively optimistic, Jim. There's a 37 00:01:58,080 --> 00:02:01,320 Speaker 1: lot of talk about a d basis point rate hike 38 00:02:01,480 --> 00:02:04,320 Speaker 1: in March when you have the bond market really just 39 00:02:04,320 --> 00:02:07,480 Speaker 1: posing in twenty seven basis points. But of course traders 40 00:02:07,480 --> 00:02:10,040 Speaker 1: in particular making the leap that that means perhaps to 41 00:02:10,880 --> 00:02:13,320 Speaker 1: rate hikes wrapped into one in as soon as March. 42 00:02:13,800 --> 00:02:19,320 Speaker 1: Is that a line of thinking that you're taking seriously? Well, 43 00:02:19,360 --> 00:02:23,880 Speaker 1: we certainly look at all the opinions, both both respected 44 00:02:23,960 --> 00:02:27,600 Speaker 1: and simply the those that are broadcasts and red large 45 00:02:27,639 --> 00:02:30,639 Speaker 1: on the daily headlines. But we were patient, will will 46 00:02:30,720 --> 00:02:33,000 Speaker 1: let the data and the FEDS come to us. The 47 00:02:33,080 --> 00:02:35,519 Speaker 1: Fed clearly as broadcasts the fact that they are going 48 00:02:35,560 --> 00:02:40,320 Speaker 1: to be tapering fast there raising rates more, potentially raising 49 00:02:40,400 --> 00:02:43,600 Speaker 1: rates at a higher eclip than is expected. Any consensus 50 00:02:43,639 --> 00:02:46,400 Speaker 1: still expects the quarter point. I can first go around, 51 00:02:46,520 --> 00:02:49,520 Speaker 1: not a not a half point, but whatever the said 52 00:02:49,639 --> 00:02:51,400 Speaker 1: in fact does. We think it's a little bit different 53 00:02:51,480 --> 00:02:55,120 Speaker 1: this time around. They're not trying to fend off any 54 00:02:55,160 --> 00:02:58,160 Speaker 1: sort of recessionary pressure. They're trying to tamp down inflation. 55 00:02:58,280 --> 00:03:01,640 Speaker 1: And investors, if they us look at the headlines, would 56 00:03:01,639 --> 00:03:04,440 Speaker 1: think that inflation was nothing but negative news for them. 57 00:03:04,480 --> 00:03:08,000 Speaker 1: But of course it infences organic growth and no organic 58 00:03:08,040 --> 00:03:11,160 Speaker 1: growth that the set is clearly concerned that things might 59 00:03:11,200 --> 00:03:14,800 Speaker 1: get overheated. So that's an environment where we think investors 60 00:03:14,840 --> 00:03:19,280 Speaker 1: clearly can can take advantage of other people's fears. A 61 00:03:19,440 --> 00:03:24,000 Speaker 1: Jim Worth just kind of getting starting beginning earning season here, 62 00:03:24,240 --> 00:03:26,000 Speaker 1: what are you looking for in terms of earnings, I mean, 63 00:03:26,000 --> 00:03:29,960 Speaker 1: how criticals of you to get some really strong earnings 64 00:03:30,000 --> 00:03:32,800 Speaker 1: here in terms of trying to think about that pe 65 00:03:33,000 --> 00:03:36,800 Speaker 1: ratio for this market. So we like to say that 66 00:03:36,880 --> 00:03:39,840 Speaker 1: earnings drive the markets because for the most part they do, 67 00:03:39,960 --> 00:03:44,000 Speaker 1: although obviously subject to momentum driven headline and news. What 68 00:03:44,080 --> 00:03:47,000 Speaker 1: we're looking for this time clearly we're looking at the 69 00:03:47,120 --> 00:03:51,440 Speaker 1: degree to which top bottom line sales were or were 70 00:03:51,480 --> 00:03:55,480 Speaker 1: not impacted by the latest virus variant um, but we're 71 00:03:55,520 --> 00:03:58,360 Speaker 1: also very focused on guidance. We want to know where 72 00:03:58,440 --> 00:04:02,640 Speaker 1: our best business leaders see their current state and also 73 00:04:02,800 --> 00:04:04,560 Speaker 1: where they think they're going to go from here in 74 00:04:04,560 --> 00:04:07,200 Speaker 1: the next quarter or two. It still remains a very 75 00:04:07,320 --> 00:04:12,200 Speaker 1: difficult environment in which to forecast from from virtually any 76 00:04:12,200 --> 00:04:15,240 Speaker 1: business inside of any industry where one thinks one will 77 00:04:15,280 --> 00:04:17,839 Speaker 1: be just a quarter or two ahead. But we're definitely 78 00:04:18,200 --> 00:04:21,760 Speaker 1: looking at i would say guidance, not more so but 79 00:04:21,880 --> 00:04:25,320 Speaker 1: equally as much as we're looking on how companies are 80 00:04:25,360 --> 00:04:29,120 Speaker 1: being able to continue to manage in the pandemic slash 81 00:04:29,240 --> 00:04:32,520 Speaker 1: endemic that we're in. So how do you hedge against it, 82 00:04:32,839 --> 00:04:35,280 Speaker 1: I mean bets into do you just do it through 83 00:04:35,279 --> 00:04:37,719 Speaker 1: the bond market. Do you through do it through Big Tex? 84 00:04:37,800 --> 00:04:40,320 Speaker 1: Do you do it through commodities for example, oil, copper? 85 00:04:40,600 --> 00:04:43,560 Speaker 1: How do you How do you protect yourself so you 86 00:04:43,560 --> 00:04:45,159 Speaker 1: can do it through all of those. But we're big 87 00:04:45,200 --> 00:04:48,760 Speaker 1: believers that bonds are great bulwarks, great bluffers for stock 88 00:04:48,800 --> 00:04:54,160 Speaker 1: market volatility. Cash for outright defense but also for opportunity. 89 00:04:54,560 --> 00:04:57,360 Speaker 1: We think cash will definitely play an attractive role and 90 00:04:57,400 --> 00:05:01,240 Speaker 1: investors portfolio this year for both of those reasons. Um 91 00:05:01,360 --> 00:05:04,080 Speaker 1: we would we would probably be hesitant in terms of 92 00:05:04,120 --> 00:05:07,400 Speaker 1: trying to go on the commodity side to hedge our 93 00:05:07,480 --> 00:05:10,800 Speaker 1: our bets, mainly because the commodity side is purely dependent 94 00:05:10,880 --> 00:05:15,000 Speaker 1: upon inflation lingering higher and longer than we think it 95 00:05:15,160 --> 00:05:18,080 Speaker 1: may yet do. That said, we do have some tactical 96 00:05:18,080 --> 00:05:22,279 Speaker 1: training portfolios that that are open to both commodities and 97 00:05:22,320 --> 00:05:26,800 Speaker 1: currencies as ways of hedging stock market volatility. Jim, I'm 98 00:05:26,839 --> 00:05:29,400 Speaker 1: willing to take on a little bit of extra risk here. 99 00:05:29,560 --> 00:05:35,200 Speaker 1: Should I be looking at emerging markets? I think emerging 100 00:05:35,279 --> 00:05:39,360 Speaker 1: markets established foreign markets, China, which is a market unto 101 00:05:39,400 --> 00:05:43,680 Speaker 1: itself all present long term investors good opportunities here and now, 102 00:05:44,440 --> 00:05:47,560 Speaker 1: even out of this difficult starting game for the US market. 103 00:05:47,560 --> 00:05:51,760 Speaker 1: In two we've seen the EFA that the broad established 104 00:05:51,760 --> 00:05:56,840 Speaker 1: foreign market measure UH even relatively greater strength than our own. 105 00:05:56,880 --> 00:05:59,280 Speaker 1: We know there are opportunities, we know there are rubies 106 00:05:59,320 --> 00:06:03,080 Speaker 1: in the rubble across the global global landscape, but you're 107 00:06:03,120 --> 00:06:07,640 Speaker 1: gonna have to be highly selective. We think finding good 108 00:06:07,720 --> 00:06:11,400 Speaker 1: active managers with stellar track records in being able to 109 00:06:11,440 --> 00:06:15,040 Speaker 1: turn over stones in the international market makes for for 110 00:06:15,080 --> 00:06:19,800 Speaker 1: a good purchase idea here, you know, fascinating stuff. I 111 00:06:19,800 --> 00:06:21,560 Speaker 1: love that you talked about emerging markets a little bit. 112 00:06:21,600 --> 00:06:23,800 Speaker 1: I want to bring it back to the equity market 113 00:06:23,839 --> 00:06:26,160 Speaker 1: because a lot of people, and I think I can 114 00:06:26,279 --> 00:06:28,480 Speaker 1: throw Paul Sweeney into this as well, is perhaps a 115 00:06:28,520 --> 00:06:30,880 Speaker 1: little bit more optimistic on the value trade. The idea 116 00:06:31,520 --> 00:06:34,360 Speaker 1: the airlines, cruise lines, hotels essentially are going to come back. 117 00:06:34,400 --> 00:06:37,839 Speaker 1: But we started that kind of thinking at the beginning 118 00:06:37,839 --> 00:06:40,680 Speaker 1: of and look how it turned out. What are your 119 00:06:40,720 --> 00:06:45,000 Speaker 1: thoughts on that? Well, my thoughts are that Omicron is 120 00:06:45,040 --> 00:06:47,440 Speaker 1: not going to be the last variant, and that we 121 00:06:47,480 --> 00:06:49,839 Speaker 1: are going to have to continue to be able to 122 00:06:49,920 --> 00:06:53,600 Speaker 1: battle the headwinds of a virus that's clearly capable of 123 00:06:53,680 --> 00:06:57,320 Speaker 1: awarding our our best efforts and hopes uh, in terms 124 00:06:57,400 --> 00:07:00,760 Speaker 1: of being more disruptive for a longer period of time 125 00:07:00,839 --> 00:07:03,040 Speaker 1: than I think anyone priced in last year. We don't 126 00:07:03,080 --> 00:07:07,120 Speaker 1: think that that changes this year. Rather than be beholden 127 00:07:07,200 --> 00:07:10,520 Speaker 1: to sectors that obviously would have a firelit under them 128 00:07:10,520 --> 00:07:13,480 Speaker 1: if we could finally turn the pandemics corner, we like 129 00:07:13,600 --> 00:07:16,640 Speaker 1: to invest in managers who have good track records being 130 00:07:16,680 --> 00:07:21,679 Speaker 1: able to find decent value in growth stocks and growth 131 00:07:21,920 --> 00:07:26,000 Speaker 1: in value stocks across across the spectrum. So we don't 132 00:07:26,000 --> 00:07:29,000 Speaker 1: think this is a time to be either style specific 133 00:07:29,600 --> 00:07:33,680 Speaker 1: or to try and that uh, you know, even quarter 134 00:07:33,800 --> 00:07:38,080 Speaker 1: of the ranch on one major value oriented theme. But 135 00:07:38,200 --> 00:07:42,560 Speaker 1: that's we have begun to increase the waiting within our 136 00:07:42,640 --> 00:07:45,840 Speaker 1: overall portfolios on the value side of the ledger. We 137 00:07:45,920 --> 00:07:48,680 Speaker 1: definitely think there's some opportunity there. Jim, Before we let 138 00:07:48,720 --> 00:07:51,200 Speaker 1: you go, i'd love to just get your number one 139 00:07:51,360 --> 00:07:54,880 Speaker 1: message you're going to your clients with today, because there's 140 00:07:54,960 --> 00:07:59,880 Speaker 1: so many cross currents out there in the market. So 141 00:08:00,160 --> 00:08:03,320 Speaker 1: my number one messages don't let short term selling trump 142 00:08:03,560 --> 00:08:07,320 Speaker 1: long term views. The reality is that what happens today 143 00:08:07,440 --> 00:08:10,760 Speaker 1: is going to matter infinite, desimally less. But you think 144 00:08:10,760 --> 00:08:13,760 Speaker 1: it will three five, ten years down the road, what 145 00:08:13,880 --> 00:08:16,880 Speaker 1: will matter most is sticking to your discipline, hopefully being 146 00:08:16,880 --> 00:08:20,520 Speaker 1: diversified so that you can smooth out the volatility. Come 147 00:08:20,600 --> 00:08:23,520 Speaker 1: what may, there will always be volatility, and achieve the 148 00:08:23,560 --> 00:08:26,560 Speaker 1: goals you hope to achieve while still being able to 149 00:08:26,560 --> 00:08:29,160 Speaker 1: sleep well at night. All right, Jim, thank you so much. 150 00:08:29,200 --> 00:08:33,120 Speaker 1: We appreciate that. Jim Lowell, Chief investment Officer for Advisor 151 00:08:33,240 --> 00:08:37,280 Speaker 1: Investments are based up in Newton, Massachusetts. A lot of 152 00:08:37,280 --> 00:08:45,520 Speaker 1: smart folks up there in the Boston Greater Boston area. Okay, folks. 153 00:08:45,679 --> 00:08:51,000 Speaker 1: The Aluminium Company of America otherwise known as ALCOA, they 154 00:08:51,000 --> 00:08:54,640 Speaker 1: are based in Pittsburgh, one of the great American companies. 155 00:08:54,960 --> 00:09:00,000 Speaker 1: Stock reported better than expected results today, Stocks up two today, 156 00:09:00,040 --> 00:09:04,439 Speaker 1: A up a hundred and sixty seven percent Aluminium? Who 157 00:09:04,440 --> 00:09:06,839 Speaker 1: would have thunk it up a hundred sixty seven percent 158 00:09:06,920 --> 00:09:09,440 Speaker 1: over the trailing twelve months. Our next guest gets a 159 00:09:09,559 --> 00:09:13,120 Speaker 1: b A in Industrial Engineering and Operations research from Virginia Tech. 160 00:09:13,160 --> 00:09:15,560 Speaker 1: Who does that? And then get some masters at Carnegie 161 00:09:15,559 --> 00:09:19,120 Speaker 1: mill and so I'm thinking this person likes numbers. Bill Applinger, 162 00:09:19,160 --> 00:09:22,480 Speaker 1: he's a CFO and executive vice president for ALCOHOLA Hey, Bill, 163 00:09:22,520 --> 00:09:24,160 Speaker 1: Thanks so much for joining us. I know you're you're 164 00:09:24,200 --> 00:09:26,960 Speaker 1: busy these days with your earnings. Here just give us 165 00:09:26,960 --> 00:09:30,320 Speaker 1: a snapshot of what you guys reported with your quarterly 166 00:09:30,320 --> 00:09:34,720 Speaker 1: earnings and then more importantly with your guidance. Hey, Paul, thanks, 167 00:09:35,000 --> 00:09:38,320 Speaker 1: thanks for that great introduction, and thanks for having me on. 168 00:09:38,920 --> 00:09:43,160 Speaker 1: We had a strong fourth quarter recorded close to a 169 00:09:43,200 --> 00:09:48,520 Speaker 1: billion dollars of adjusted but UH adjusted net earnings were 170 00:09:48,520 --> 00:09:52,320 Speaker 1: two dollars and fifty cents of share. We provided guidance 171 00:09:52,600 --> 00:09:55,000 Speaker 1: UH for the first quarter that said it would be 172 00:09:55,040 --> 00:09:58,280 Speaker 1: as strong as as the fourth quarter. UH. We're seeing 173 00:09:58,400 --> 00:10:02,199 Speaker 1: some very good under the ying market fundamentals in our 174 00:10:02,240 --> 00:10:06,359 Speaker 1: in our industry, riding the benefits of some higher prices. 175 00:10:06,360 --> 00:10:09,200 Speaker 1: But over the last five years we've really spent a 176 00:10:09,200 --> 00:10:11,920 Speaker 1: lot of time trying to transform the company into the 177 00:10:11,960 --> 00:10:16,880 Speaker 1: company that has become This year and UH one, the 178 00:10:16,880 --> 00:10:19,800 Speaker 1: fourth quarter really capped off a very strong one that 179 00:10:19,880 --> 00:10:24,120 Speaker 1: was transformative for the company. Talk to us a little 180 00:10:24,120 --> 00:10:28,680 Speaker 1: bit about how you're pricing in simply some of these 181 00:10:28,760 --> 00:10:30,959 Speaker 1: kind of new supplies that may or may not come. 182 00:10:31,000 --> 00:10:34,160 Speaker 1: In December, you halted, and I say you'll CoA halted 183 00:10:34,320 --> 00:10:37,079 Speaker 1: their primary aluminum production at its plant in Spain. You're 184 00:10:37,080 --> 00:10:39,840 Speaker 1: also dealing with cut output from of course you're the 185 00:10:39,840 --> 00:10:42,719 Speaker 1: rest of Europe and China. On top of that, you're 186 00:10:42,760 --> 00:10:46,319 Speaker 1: dealing with potential conflict between Russia and Ukraine. How are 187 00:10:46,400 --> 00:10:50,720 Speaker 1: you crunching the numbers on that pretty h WE We 188 00:10:50,800 --> 00:10:55,320 Speaker 1: have seen UH some supply constraints that have come about 189 00:10:55,440 --> 00:10:58,720 Speaker 1: in in Europe. As you alluded to, with the higher 190 00:10:59,160 --> 00:11:03,160 Speaker 1: energy prices in Europe. UH we in Spain had to 191 00:11:03,559 --> 00:11:06,920 Speaker 1: purtail the facility that we have there a little over 192 00:11:06,920 --> 00:11:11,120 Speaker 1: two d thousand metric tons. We have seen significant reductions 193 00:11:11,120 --> 00:11:14,400 Speaker 1: and capacity, and some of our competitors also in Europe. 194 00:11:15,000 --> 00:11:19,000 Speaker 1: UM combine that with some of the overall structural changes 195 00:11:19,080 --> 00:11:21,920 Speaker 1: that we see in China UH in that they are 196 00:11:22,000 --> 00:11:26,040 Speaker 1: capping their their UH their their output to a forty 197 00:11:26,040 --> 00:11:32,120 Speaker 1: five million metric ton capacity cap really combined with some 198 00:11:32,200 --> 00:11:35,200 Speaker 1: of the stronger market dynamics that we're seeing on the 199 00:11:35,240 --> 00:11:37,960 Speaker 1: demand side, has UH has it led to some of 200 00:11:37,960 --> 00:11:41,240 Speaker 1: the higher aluminum prices UH that that we're UH that 201 00:11:41,360 --> 00:11:46,360 Speaker 1: we're seeing today. As far as the Ukrainian situation goes, UH, 202 00:11:46,640 --> 00:11:50,160 Speaker 1: the impacts of that are yet to be determined. However, 203 00:11:50,480 --> 00:11:53,360 Speaker 1: if it does have any impact as far as higher 204 00:11:53,480 --> 00:11:57,679 Speaker 1: energy costs in Europe, that would put further pressure on 205 00:11:57,720 --> 00:12:01,480 Speaker 1: some of the supply side uh in in Europe, and uh, 206 00:12:01,600 --> 00:12:08,040 Speaker 1: aluminum is largely you know, very energy intensive and therefore, uh, 207 00:12:08,280 --> 00:12:11,360 Speaker 1: you know, increased energy costs would put upward pressure on 208 00:12:11,360 --> 00:12:14,640 Speaker 1: on aluminium crisis. So it remains to be term be 209 00:12:14,720 --> 00:12:18,439 Speaker 1: determined based on what the response from other countries will be. 210 00:12:19,040 --> 00:12:23,040 Speaker 1: Bill you mentioned, Uh, you know, aluminium is energy intensive. 211 00:12:23,160 --> 00:12:26,079 Speaker 1: How do you think about your carbon footprint you as 212 00:12:26,080 --> 00:12:29,199 Speaker 1: a company, as an industry you know, I'm sure you're 213 00:12:29,200 --> 00:12:33,679 Speaker 1: getting some question slash pressure from investors and other stakeholders 214 00:12:34,000 --> 00:12:36,120 Speaker 1: about the kind of the whole E s G aspect 215 00:12:36,200 --> 00:12:38,960 Speaker 1: of your business. How do you guys think about that? Oh, 216 00:12:39,040 --> 00:12:42,160 Speaker 1: we think a lot about it, Paul, and the industry 217 00:12:42,200 --> 00:12:46,320 Speaker 1: itself is decarbonizing, uh, and we think we will lead 218 00:12:46,360 --> 00:12:50,280 Speaker 1: the way. We along with our joint venture partner Rio Tinto, 219 00:12:50,800 --> 00:12:54,960 Speaker 1: have launched the technology called Elisis, which is zero carbon smelting. 220 00:12:55,040 --> 00:12:58,880 Speaker 1: So it is a revolutionary process that takes the carbon 221 00:12:58,960 --> 00:13:03,680 Speaker 1: emissions out of the smelting process. And UH we will 222 00:13:03,760 --> 00:13:07,040 Speaker 1: be uh coming out with a commercialized package for that, 223 00:13:07,160 --> 00:13:09,640 Speaker 1: or I should say Ellisish the joint venture will be 224 00:13:09,840 --> 00:13:13,120 Speaker 1: coming out with a commercialized package for that in four 225 00:13:13,760 --> 00:13:17,720 Speaker 1: and that will lead the industry in low carbon technology 226 00:13:17,880 --> 00:13:22,520 Speaker 1: for UH for for aluminum smelting. I'm just looking at 227 00:13:22,520 --> 00:13:24,439 Speaker 1: your forward guidance here. A lot of this is based 228 00:13:24,480 --> 00:13:28,440 Speaker 1: on just stronger aluminium demand. This persistent supply constraints. Any 229 00:13:28,520 --> 00:13:32,480 Speaker 1: concerns around meeting some of that capacity, that's a course 230 00:13:32,520 --> 00:13:34,760 Speaker 1: been a concern we talked for the oil market, for example, 231 00:13:34,960 --> 00:13:39,000 Speaker 1: can you apply the same to aluminum? So on on. 232 00:13:39,000 --> 00:13:43,160 Speaker 1: On the capacity side, um we we have seen very 233 00:13:43,240 --> 00:13:48,480 Speaker 1: strong UH demand growth UH in one across all of 234 00:13:48,520 --> 00:13:52,400 Speaker 1: our end markets. We're projecting that that will continue in 235 00:13:52,480 --> 00:13:58,000 Speaker 1: two UH and we will have demand growth in in 236 00:13:58,000 --> 00:14:02,560 Speaker 1: in the aluminum demand space. UM so we will be 237 00:14:02,559 --> 00:14:04,400 Speaker 1: able to meet some of that by some of the 238 00:14:04,440 --> 00:14:08,600 Speaker 1: restarts that we are currently having in uh IN. Down 239 00:14:08,600 --> 00:14:11,839 Speaker 1: in Brazil, we've announced capacity that will be coming online 240 00:14:12,440 --> 00:14:15,319 Speaker 1: UH later this year in one of our Brazilian operations 241 00:14:15,360 --> 00:14:19,040 Speaker 1: called Alumar. We are also restarting a small amount of 242 00:14:19,040 --> 00:14:22,760 Speaker 1: capacity in Australia. UH so we will be able to 243 00:14:22,760 --> 00:14:26,400 Speaker 1: meet some of that higher demand. In essence, though across 244 00:14:26,440 --> 00:14:30,720 Speaker 1: the industry, we are seeing a deficit of of metal 245 00:14:30,880 --> 00:14:34,760 Speaker 1: going into two about another million and a half metric 246 00:14:34,880 --> 00:14:39,920 Speaker 1: tons of deficits. So that should burn off some of 247 00:14:39,920 --> 00:14:43,280 Speaker 1: the inventories that we see across the industry. Hey Bill, 248 00:14:43,320 --> 00:14:46,240 Speaker 1: When we have members of the corporate C suite on, 249 00:14:46,320 --> 00:14:49,040 Speaker 1: we love to just get a sense of yeah, maybe 250 00:14:49,040 --> 00:14:51,800 Speaker 1: how their businesses has been impact by this pandemic. I 251 00:14:51,800 --> 00:14:53,880 Speaker 1: think so we think about al COHA, this is you know, 252 00:14:54,240 --> 00:14:59,840 Speaker 1: iconic aluminum manufacturing industrial America type company. How is it 253 00:15:00,040 --> 00:15:02,280 Speaker 1: some of the ways that your company, your business, your 254 00:15:02,360 --> 00:15:06,320 Speaker 1: day to day has been impacted by the pandemic. Well, 255 00:15:06,480 --> 00:15:08,960 Speaker 1: when when the pandemic first hit back in February, in 256 00:15:09,000 --> 00:15:11,960 Speaker 1: March of we we took action to make sure that 257 00:15:12,000 --> 00:15:14,560 Speaker 1: we would be able to keep our operations running. It 258 00:15:14,640 --> 00:15:17,600 Speaker 1: has not been easy, especially with the with the latest 259 00:15:17,800 --> 00:15:23,240 Speaker 1: omicron variant UH spreading so rapidly. However, we've not we've 260 00:15:23,320 --> 00:15:26,840 Speaker 1: we've largely not been impacted from an operations perspective. We've 261 00:15:26,840 --> 00:15:30,200 Speaker 1: been able to keep the plants going. We reacted quickly, 262 00:15:30,280 --> 00:15:33,360 Speaker 1: we added shifts, we we did everything we needed to do. 263 00:15:33,480 --> 00:15:35,720 Speaker 1: So a real testament to the folks that are that 264 00:15:35,760 --> 00:15:37,920 Speaker 1: are running our plants that we've been able to keep 265 00:15:37,960 --> 00:15:41,520 Speaker 1: that going the rest of the rest of the organization, 266 00:15:41,600 --> 00:15:43,920 Speaker 1: probably very similar to a lot of the companies that 267 00:15:44,000 --> 00:15:47,880 Speaker 1: you talked to. We've gone to a flexible work policy, uh, 268 00:15:48,200 --> 00:15:50,440 Speaker 1: you know, to to to the credit of many of 269 00:15:50,440 --> 00:15:53,320 Speaker 1: the people at work at Alcoa, we've been able to 270 00:15:54,000 --> 00:15:57,200 Speaker 1: release earnings as quickly as we do even though we've 271 00:15:57,200 --> 00:16:00,800 Speaker 1: been remote. We've done a numerous spawn train actions, we've 272 00:16:00,840 --> 00:16:04,000 Speaker 1: done a lot of corporate activity, announced our first dividend 273 00:16:04,080 --> 00:16:07,200 Speaker 1: in the fourth quarter, and largely uh, much of the 274 00:16:07,200 --> 00:16:11,200 Speaker 1: staff continues to work remotely. And so how about the 275 00:16:11,280 --> 00:16:14,080 Speaker 1: on the labor front? Bill, just quickly thirty seconds? Are 276 00:16:14,080 --> 00:16:15,440 Speaker 1: you okay on the labor front, because we here a 277 00:16:15,480 --> 00:16:20,560 Speaker 1: lot of companies are not the labor front of tell 278 00:16:20,640 --> 00:16:24,160 Speaker 1: you honestly, Paul, the labor front has been difficult, especially 279 00:16:24,240 --> 00:16:27,440 Speaker 1: in certain parts of the world. We've been able to 280 00:16:27,480 --> 00:16:30,520 Speaker 1: work through it. We we do that by making sure 281 00:16:30,680 --> 00:16:36,040 Speaker 1: that our compensation packages are fair and competitive. But I 282 00:16:36,080 --> 00:16:39,880 Speaker 1: really believe that the long term vision of the company 283 00:16:40,280 --> 00:16:43,760 Speaker 1: is one that appeals to people and uh, and we've 284 00:16:43,760 --> 00:16:47,280 Speaker 1: been able to manage through some of the difficult labor environments. Hey, Bill, 285 00:16:47,280 --> 00:16:49,440 Speaker 1: thanks so much for joining us. We really appreciate getting 286 00:16:49,480 --> 00:16:52,560 Speaker 1: some of your time. Bill Opplinger, CFO and executive vice 287 00:16:52,560 --> 00:16:56,400 Speaker 1: president for Alcoa UH company just reported some pretty strong 288 00:16:56,600 --> 00:16:59,640 Speaker 1: numbers of stock has performed very well over the trailing 289 00:16:59,640 --> 00:17:06,360 Speaker 1: twelve You know, I think I'm probably like a lot 290 00:17:06,359 --> 00:17:09,800 Speaker 1: of investors that during this pandemic, I've spent more time 291 00:17:09,840 --> 00:17:16,959 Speaker 1: thinking about healthcare investing, you know, big farmer, biotech, healthcare services, UM. 292 00:17:17,000 --> 00:17:21,040 Speaker 1: Because you think about how well these farma and biotech 293 00:17:21,040 --> 00:17:24,439 Speaker 1: companies did in terms of delivering a vaccine to the 294 00:17:24,480 --> 00:17:28,120 Speaker 1: world in such incredibly short time. UH, it really makes 295 00:17:28,160 --> 00:17:31,040 Speaker 1: you rethink kind of your views of healthcare, and our 296 00:17:31,040 --> 00:17:33,560 Speaker 1: next guest certainly spends a lot of time thinking about 297 00:17:33,600 --> 00:17:36,840 Speaker 1: investing in healthcare. That's Nina dec A, senior research analysts 298 00:17:36,840 --> 00:17:40,320 Speaker 1: at Robo Global. Nina, thanks so much for joining us here. 299 00:17:40,800 --> 00:17:45,080 Speaker 1: I wonder where you guys are thinking about maybe where 300 00:17:45,200 --> 00:17:51,480 Speaker 1: some of the best opportunities are in healthcare right now. Sure, so, UM, 301 00:17:51,920 --> 00:17:54,280 Speaker 1: as you mentioned, there's just been a lot of really 302 00:17:54,359 --> 00:17:58,720 Speaker 1: interesting and impressive UM demonstrations of technology and innovation over 303 00:17:58,760 --> 00:18:01,640 Speaker 1: the last couple of years. With the endemic, rapid adoption 304 00:18:01,640 --> 00:18:05,439 Speaker 1: of telehealth, for example, UM, we've seen a lot of 305 00:18:05,440 --> 00:18:08,159 Speaker 1: companies rise about what we're not hearing. Oh and you 306 00:18:08,200 --> 00:18:12,119 Speaker 1: mentioned the vaccines. Of course, the rapid um UH research 307 00:18:12,160 --> 00:18:15,119 Speaker 1: and development and bringing vaccines to market. Now, as we 308 00:18:15,160 --> 00:18:18,080 Speaker 1: look forward, we've got the next public health crisis, which 309 00:18:18,119 --> 00:18:22,240 Speaker 1: is UH staffing shortages, and that is driving a very 310 00:18:22,320 --> 00:18:28,639 Speaker 1: compelling needs for automation AI, UH data integration technology, robotic solutions. 311 00:18:28,680 --> 00:18:31,520 Speaker 1: So when we look forward on UH. In fact, we 312 00:18:31,600 --> 00:18:34,199 Speaker 1: have a Healthcare Innovation e t S the tickers H 313 00:18:34,280 --> 00:18:37,879 Speaker 1: Tech ht e C. It's comprised of about eighty five companies, 314 00:18:38,440 --> 00:18:40,439 Speaker 1: half of which are small MidCap names that a lot 315 00:18:40,480 --> 00:18:43,040 Speaker 1: of people have never heard of. However they're they're driving 316 00:18:43,080 --> 00:18:45,639 Speaker 1: fast growth. One of which is called both Sarah. This 317 00:18:45,760 --> 00:18:48,200 Speaker 1: is a company that helps to integrate all the different 318 00:18:48,200 --> 00:18:51,240 Speaker 1: medical devices within a hospital and smooth and make the 319 00:18:51,840 --> 00:18:55,160 Speaker 1: nurses workload a lot more efficient. We need this type 320 00:18:55,160 --> 00:18:57,520 Speaker 1: of technology as we move forward to deal with the 321 00:18:57,560 --> 00:19:00,840 Speaker 1: fact that UH, the the US healthcare system alone has 322 00:19:00,920 --> 00:19:05,920 Speaker 1: lost over a half million healthcare workers since February UH 323 00:19:05,960 --> 00:19:08,000 Speaker 1: And then a Striker just announced that they're going to 324 00:19:08,040 --> 00:19:10,679 Speaker 1: acquire both Era. This goes to show that there is 325 00:19:10,760 --> 00:19:14,840 Speaker 1: demand for these these integration capabilities helped here just got 326 00:19:14,880 --> 00:19:17,520 Speaker 1: digitized in the last ten years, and so we're going 327 00:19:17,560 --> 00:19:20,880 Speaker 1: to see a lot of investment dollars going towards digitization 328 00:19:21,000 --> 00:19:24,800 Speaker 1: and integration moving forward. You know, that is fascinating to me. 329 00:19:24,840 --> 00:19:28,720 Speaker 1: The combination of biotech and AI sounds like something from 330 00:19:30,080 --> 00:19:33,080 Speaker 1: perhaps Paul, I mean, Paul and I talk about just 331 00:19:33,240 --> 00:19:35,639 Speaker 1: the kind of very binary response when it comes to 332 00:19:35,640 --> 00:19:38,320 Speaker 1: some of these biotech stocks and getting FDA approvals or 333 00:19:38,320 --> 00:19:41,760 Speaker 1: clinical trial developments or everything. How do you price something 334 00:19:41,800 --> 00:19:44,560 Speaker 1: like that? How do you looking at this the monster 335 00:19:44,640 --> 00:19:47,800 Speaker 1: gains that Paul was mentioning in the biotech space. How 336 00:19:47,800 --> 00:19:49,639 Speaker 1: do you decide if you want to really enter the 337 00:19:49,680 --> 00:19:52,360 Speaker 1: sector at a time when this is of course very 338 00:19:52,400 --> 00:19:57,920 Speaker 1: front and center. Well, interestingly, you mentioned a great entry 339 00:19:57,960 --> 00:20:00,520 Speaker 1: point would be now, uh, if you get the h 340 00:20:00,560 --> 00:20:03,720 Speaker 1: tech portfolio, it's trading at around five and a half 341 00:20:03,800 --> 00:20:07,520 Speaker 1: times next year's sales. Um that that valuation is just 342 00:20:07,560 --> 00:20:12,520 Speaker 1: not sustainable for these high growth technology forward disruptive companies, 343 00:20:12,920 --> 00:20:15,240 Speaker 1: um with with very most of which have very strong 344 00:20:15,280 --> 00:20:18,720 Speaker 1: balance sheets. To two thirds of the portfolio is net 345 00:20:18,720 --> 00:20:22,480 Speaker 1: cash positive. So or I should say it so um 346 00:20:22,600 --> 00:20:25,919 Speaker 1: So as you look forward right now, these stocks have 347 00:20:26,080 --> 00:20:30,280 Speaker 1: all really come in due to concerns about rising interest 348 00:20:30,359 --> 00:20:33,960 Speaker 1: rates inflation. UM tech stocks kind of took a back 349 00:20:33,960 --> 00:20:36,920 Speaker 1: seat last year because people are concerned about companies that 350 00:20:36,960 --> 00:20:39,919 Speaker 1: aren't profitable yet or don't have cash positivity yet. But 351 00:20:40,000 --> 00:20:44,159 Speaker 1: when you look at healthcare innovation, we are only in 352 00:20:44,280 --> 00:20:47,280 Speaker 1: the earliest days. We have just seen one type of 353 00:20:47,440 --> 00:20:49,879 Speaker 1: mr and A therapy come to market, and that is 354 00:20:49,920 --> 00:20:55,200 Speaker 1: the vaccine for coronavirus. There are over twenty other uh 355 00:20:55,520 --> 00:21:00,159 Speaker 1: mRNA therapies that that the company of Maderna had in 356 00:21:00,240 --> 00:21:02,960 Speaker 1: its pipeline and all it took for is one to 357 00:21:03,040 --> 00:21:04,960 Speaker 1: come to market for the rest of these to all 358 00:21:05,040 --> 00:21:09,600 Speaker 1: UH see some some further UM tail winds for that industry. 359 00:21:09,600 --> 00:21:12,040 Speaker 1: And that's just one area. UM. We're going to see 360 00:21:12,119 --> 00:21:16,160 Speaker 1: more adoption of telehealth. We're gonna see early cancer detection. 361 00:21:16,280 --> 00:21:19,159 Speaker 1: There's been over ten billion dollars worth of M and 362 00:21:19,200 --> 00:21:22,640 Speaker 1: A going towards companies who are looking to acquire new 363 00:21:22,720 --> 00:21:27,240 Speaker 1: technology to help detect cancer earlier, and estimated hundred thousand 364 00:21:27,240 --> 00:21:29,679 Speaker 1: lives can be saved each year if cancer is the 365 00:21:29,760 --> 00:21:33,000 Speaker 1: text center. The technology exists and now it's a matter 366 00:21:33,000 --> 00:21:37,240 Speaker 1: of adoption. This is a huge multi billion dollar market opportunity. 367 00:21:37,560 --> 00:21:39,720 Speaker 1: There's a long runway for growth here and this is 368 00:21:39,760 --> 00:21:42,680 Speaker 1: a great entry point you we gotta get you back. 369 00:21:42,720 --> 00:21:45,160 Speaker 1: There's a ton more to talk about when you're talking 370 00:21:45,240 --> 00:21:47,919 Speaker 1: healthcare investing in healthcare, and again, I think a lot 371 00:21:47,920 --> 00:21:50,720 Speaker 1: of folks probably have a greater appreciation for some of 372 00:21:50,760 --> 00:21:54,080 Speaker 1: the opportunities in the healthcare investing space. Nina Decca, senior 373 00:21:54,119 --> 00:21:58,320 Speaker 1: research analysts for Robo Global uh former cell Side analysts 374 00:21:58,359 --> 00:22:02,720 Speaker 1: Piper Sandler. Piper Sandlers all always had really good healthcare 375 00:22:02,760 --> 00:22:05,080 Speaker 1: research and they've trained a lot of good analysts there. 376 00:22:09,960 --> 00:22:13,159 Speaker 1: Today's Bloomberg Markets brought to you by Commonwealth, supporting more 377 00:22:13,160 --> 00:22:16,880 Speaker 1: than two thousand independent financial advisors with the solutions they 378 00:22:16,960 --> 00:22:20,040 Speaker 1: need to grow a thriving business. Commonwealth Go where you grow. 379 00:22:20,480 --> 00:22:24,080 Speaker 1: Visit Commonwealth dot com to learn more. Well. I think 380 00:22:24,119 --> 00:22:27,080 Speaker 1: the first lesson I learned on Wall Street way back 381 00:22:27,119 --> 00:22:30,360 Speaker 1: in six from Johnny Coglan, the head of the block 382 00:22:30,400 --> 00:22:32,480 Speaker 1: trading desk at pain Weber, and probably the most valuable 383 00:22:32,520 --> 00:22:35,920 Speaker 1: lesson is don't fight the Fed. So now I've got 384 00:22:35,920 --> 00:22:38,159 Speaker 1: to fed raising interest rates. This year they kind of 385 00:22:38,200 --> 00:22:42,639 Speaker 1: indicated three. Now the market was telling me four, maybe 386 00:22:42,680 --> 00:22:46,080 Speaker 1: as many as five What is a trader to do? 387 00:22:46,800 --> 00:22:49,480 Speaker 1: What is an investor to do? David Coudla, founder CEO 388 00:22:49,560 --> 00:22:52,080 Speaker 1: and c I O of Mainstay Capital Management, hopefully has 389 00:22:52,119 --> 00:22:54,639 Speaker 1: some answers for us. David, how are you thinking about 390 00:22:54,720 --> 00:23:01,520 Speaker 1: your Federal reserve in Hi? Paul? Yeah, it's been I 391 00:23:01,560 --> 00:23:04,840 Speaker 1: think more fun and meaningful to watch this or listen 392 00:23:04,880 --> 00:23:07,800 Speaker 1: to this bidding war that seems to have been going 393 00:23:07,880 --> 00:23:10,560 Speaker 1: on the last week as to who can call for 394 00:23:11,760 --> 00:23:15,680 Speaker 1: more rate hikes or a higher basis point rate hike. 395 00:23:15,760 --> 00:23:18,719 Speaker 1: We you know, we had Jamie Diamond last week at 396 00:23:18,760 --> 00:23:22,879 Speaker 1: this time talking about six or seven rate hikes this year. 397 00:23:23,480 --> 00:23:27,280 Speaker 1: Bill Ackman one up and with fifty basis points at 398 00:23:27,280 --> 00:23:31,280 Speaker 1: the first March hike, and then JP Mortgage Global ce 399 00:23:31,280 --> 00:23:34,680 Speaker 1: IO Fixed Income earlier this week on Bloomberg talked about 400 00:23:34,840 --> 00:23:40,439 Speaker 1: eight rate hikes in and so I think, you know, 401 00:23:40,520 --> 00:23:43,240 Speaker 1: investors need to take that for what it's worth. Uh. 402 00:23:43,400 --> 00:23:46,720 Speaker 1: These are smart people that have good ideas. But you know, 403 00:23:46,800 --> 00:23:49,320 Speaker 1: we think that the market has priced in somewhere around 404 00:23:49,359 --> 00:23:52,720 Speaker 1: four rate hikes right now, and we expect and there 405 00:23:52,760 --> 00:23:56,439 Speaker 1: could be another pivot by the Fed as we get 406 00:23:56,480 --> 00:23:59,040 Speaker 1: towards that March meeting. We have CPI coming out just 407 00:23:59,080 --> 00:24:03,240 Speaker 1: six days before it and talk to me a little 408 00:24:03,280 --> 00:24:05,960 Speaker 1: bit about just I mean, we've talked about the amount 409 00:24:06,119 --> 00:24:08,240 Speaker 1: of rate hikes and of course the markets pricing, and 410 00:24:08,240 --> 00:24:11,240 Speaker 1: there's also been the thought that what if every meeting 411 00:24:11,280 --> 00:24:13,119 Speaker 1: just comes with the rate high. It's kind of a 412 00:24:13,200 --> 00:24:16,679 Speaker 1: two and one if you will, Uh, at what point 413 00:24:16,840 --> 00:24:19,800 Speaker 1: do you start to see the bond market, the equity market, 414 00:24:19,840 --> 00:24:22,960 Speaker 1: or even the underly economy having averse reaction to that? 415 00:24:25,280 --> 00:24:28,480 Speaker 1: You know, it's interesting when we look back historically, Uh, 416 00:24:28,520 --> 00:24:30,800 Speaker 1: there's a lot of anxiety leading up to that first 417 00:24:30,880 --> 00:24:33,960 Speaker 1: rate hike. We're seeing that right now. Uh, and we're 418 00:24:34,000 --> 00:24:36,160 Speaker 1: seeing a lot of that almost seems like a near 419 00:24:36,240 --> 00:24:39,000 Speaker 1: panic these last few weeks with the ten year, two 420 00:24:39,080 --> 00:24:43,399 Speaker 1: year getting bit up really across the whole short and 421 00:24:43,440 --> 00:24:47,679 Speaker 1: intermediate term portion of the of the yield curve. But 422 00:24:48,080 --> 00:24:52,119 Speaker 1: as rate hikes start, uh, we sometimes will see, you know, 423 00:24:52,160 --> 00:24:54,680 Speaker 1: the markets settled down a little bit, the equities tend 424 00:24:54,720 --> 00:24:56,840 Speaker 1: to do okay. It's it's probably going to be a 425 00:24:57,119 --> 00:25:01,679 Speaker 1: more important about, you know, where investors are looking to 426 00:25:01,760 --> 00:25:05,520 Speaker 1: have their exposure and what they're gonna do about volatility 427 00:25:05,560 --> 00:25:08,360 Speaker 1: in because we expected to be quite a bit higher 428 00:25:08,359 --> 00:25:11,560 Speaker 1: than what we've experienced really the last twenty two months 429 00:25:12,320 --> 00:25:17,000 Speaker 1: since since the pandemic started, we've had very little volatility. 430 00:25:17,200 --> 00:25:20,879 Speaker 1: We've just now broken a record for a pullback for 431 00:25:20,920 --> 00:25:24,800 Speaker 1: the S and p fived through yesterday. So, you know, 432 00:25:25,119 --> 00:25:27,560 Speaker 1: I think it's important for investors that they look at 433 00:25:28,160 --> 00:25:31,879 Speaker 1: with the FED, not as as Paul kicked off the 434 00:25:31,920 --> 00:25:34,880 Speaker 1: segment with don't fight the Fed. So when the FED 435 00:25:35,000 --> 00:25:38,760 Speaker 1: has been easing these long duration stocks, tech stocks, even 436 00:25:38,960 --> 00:25:41,280 Speaker 1: you know, the gross stocks that are nonprofitable that were 437 00:25:41,320 --> 00:25:44,320 Speaker 1: highly leveraged very well because of so much money slashing around, 438 00:25:44,920 --> 00:25:47,800 Speaker 1: that liquidity is now going to be drying up. And 439 00:25:47,840 --> 00:25:51,480 Speaker 1: so we think that points is to the high quality 440 00:25:51,600 --> 00:25:58,120 Speaker 1: names with good free cash flow, profitable, good balance sheets. Uh. 441 00:25:58,200 --> 00:26:00,480 Speaker 1: And that's in either growth or value. We think it's 442 00:26:00,480 --> 00:26:02,840 Speaker 1: important that if if investors haven't done it yet, that 443 00:26:02,840 --> 00:26:06,200 Speaker 1: they're bringing more value into their portfolio, because this will 444 00:26:06,240 --> 00:26:10,159 Speaker 1: be a year for value. Um. But most importantly is 445 00:26:10,200 --> 00:26:14,600 Speaker 1: companies that uh, not necessarily an exercise bike with an iPad, 446 00:26:14,960 --> 00:26:19,840 Speaker 1: but companies that are are highly profitable, high free cash flow, 447 00:26:20,040 --> 00:26:23,399 Speaker 1: very strong balance sheets. I like my exercise bike with 448 00:26:23,440 --> 00:26:25,560 Speaker 1: an iPad. I think I must might even have like 449 00:26:25,600 --> 00:26:28,440 Speaker 1: a hundred thirty rides or something. How about Paul's a 450 00:26:28,520 --> 00:26:34,280 Speaker 1: peloton man, Jen Sherman fan something. Nothing. I don't and 451 00:26:34,320 --> 00:26:37,960 Speaker 1: I don't mean that against the product, not at all. 452 00:26:38,119 --> 00:26:40,639 Speaker 1: Just just you know, there's a lot of other examples 453 00:26:40,640 --> 00:26:43,400 Speaker 1: out there of of stock that did so well during 454 00:26:43,440 --> 00:26:46,439 Speaker 1: the pandemic or during you know, this period of AD 455 00:26:46,600 --> 00:26:50,639 Speaker 1: twenty billion dollars of stimulus to the too. You know, 456 00:26:50,680 --> 00:26:53,240 Speaker 1: the let's face it into in the financial system that 457 00:26:53,320 --> 00:26:56,120 Speaker 1: finds its way to stocks, and and that's let those 458 00:26:56,119 --> 00:26:59,520 Speaker 1: stocks continue get bit up and we're seeing the we're 459 00:26:59,520 --> 00:27:01,159 Speaker 1: seeing the air come out of those Now we've all 460 00:27:01,200 --> 00:27:05,159 Speaker 1: heard the statistic of you know, of the of the 461 00:27:05,160 --> 00:27:09,200 Speaker 1: stocks in the NaSTA Accora down more than um It's 462 00:27:09,400 --> 00:27:13,600 Speaker 1: it's been it's been a blood letting. Ye absolutely all right, David, 463 00:27:13,640 --> 00:27:15,359 Speaker 1: thank you so much for joining us once again. We 464 00:27:15,359 --> 00:27:18,760 Speaker 1: always appreciate getting your perspective. I think of all our guests, 465 00:27:18,760 --> 00:27:21,640 Speaker 1: critic dame, it's got the strongest social media game. I mean, 466 00:27:22,280 --> 00:27:24,520 Speaker 1: yet it'll be all over to fulfill you on Twitter. 467 00:27:24,680 --> 00:27:26,720 Speaker 1: You do absolutely you need to followed. David Coodley is 468 00:27:26,760 --> 00:27:29,320 Speaker 1: the founder, CEO and c I of main Stay Capital Management, 469 00:27:29,320 --> 00:27:32,480 Speaker 1: He also is a founder and sponsor of Engage. That's 470 00:27:32,520 --> 00:27:37,200 Speaker 1: the world's largest student stock pitch competition conference. It's hosted 471 00:27:37,560 --> 00:27:40,359 Speaker 1: at the University of Michigan. It's are really a great 472 00:27:40,440 --> 00:27:43,920 Speaker 1: event getting some young folks to really think about investing 473 00:27:44,359 --> 00:27:47,639 Speaker 1: in the stock market. And David's been a founder and sponsor. 474 00:27:47,720 --> 00:27:51,560 Speaker 1: That's that's really cool too. Thanks for listening to the 475 00:27:51,560 --> 00:27:55,480 Speaker 1: Bloomberg Markets podcast. You can subscribe and listen to interviews 476 00:27:55,480 --> 00:27:59,800 Speaker 1: with Apple Podcasts or whatever podcast platform you prefer. I'm 477 00:27:59,800 --> 00:28:04,120 Speaker 1: a Miller. I'm on Twitter at Matt Miller venty three 478 00:28:04,040 --> 00:28:06,480 Speaker 1: and on Faull Sweeney I'm on Twitter at pt Sweeney. 479 00:28:06,560 --> 00:28:09,199 Speaker 1: Before the podcast, you can always catch us worldwide at 480 00:28:09,200 --> 00:28:10,000 Speaker 1: Bloomberg Radio.