Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: We welcome back our Bloomberg Radio, TV and YouTube audiences
Speaker 2: worldwide here on the Close with a discussion about unlocking
Speaker 2: venture capital. Well that's the mission of our next two guests,
Speaker 2: who are working to expand access to opportunities usually just
Speaker 2: reserved for the big guys, the institutional investors. Joining us
Speaker 2: right now is kind of well, the face of the
Speaker 2: retail rise of the retail investor, Kathy Would. She's a
Speaker 2: CEO of ARC invest You know her. She's joined alongside
Speaker 2: Rebecca Cassava. She's co founder and CEO of a company
Speaker 2: called deal Maker, which is revolution how revolutionizing how companies
Speaker 2: raise capital by providing a tech driven platform for companies
Speaker 2: to use. Welcome to both of you, and I'm going
Speaker 2: to start with you, Rebecca. We all know Kathy and
Speaker 2: we all know just how responsible she is for a
Speaker 2: lot of sot of I guests, the democratization, if you will,
Speaker 2: of a lot of investment vehicles. You're also doing something similar,
Speaker 2: and I'm wondering if you just kind of explain how
Speaker 2: deal Maker fits into that landscape.
Speaker 3: Sure things, So, what we're doing is bringing a really
Speaker 3: technology driven approach to raising capital. If you think about it,
Speaker 3: if you rein invented capital raising today, it would be
Speaker 3: on the intranet, it would be data driven, and it
Speaker 3: would be democratized.
Speaker 4: And so that's what our technology brings.
Speaker 3: It essentially allows you to run ad campaigns and target
Speaker 3: investors who might be interested in your deal based on
Speaker 3: their digital profile.
Speaker 2: I am curious, Kathy about these new types of platforms.
Speaker 2: We talk about the evolution of financial markets. We went
Speaker 2: from a day and age where financial markets were just
Speaker 2: for institutional investors. Then you had, of course, the rise
Speaker 2: of mutual funds and then ETFs of course, and then
Speaker 2: now a lot of new products in the private space
Speaker 2: and now trying to draw in individual investors. This is
Speaker 2: just the natural evolution as you see it.
Speaker 1: Yes, it's natural in a way.
Speaker 5: But I think during COVID it was turbo charged a
Speaker 5: lot of especially younger people who would not meet the
Speaker 5: accreditation standards. They were learning about new companies, investing themselves,
Speaker 5: trying to figure out what these new technologies were all about,
Speaker 5: and you know, happened upon private companies to which.
Speaker 1: They had no or little access.
Speaker 5: And I think because of that, and because I know,
Speaker 5: we started our venture fund for that reason, they came
Speaker 5: to us and said, you know, how is it. You know,
Speaker 5: we don't have enough, We don't make enough money two
Speaker 5: hundred and fifty thousand dollars per year, I think it is,
Speaker 5: and we don't have a million dollars in net worth
Speaker 5: to become accredited and have access to these you know,
Speaker 5: incredible technologies early in their lifetimes. Can you help us
Speaker 5: solve that problem? And so yes, that's why we started
Speaker 5: our venture fund. It has no carry and people can
Speaker 5: have access to SpaceX and open AI and thropic xai.
Speaker 1: X for as little as five hundred dollars.
Speaker 6: Okay, So that's one solution to democratizing access of these
Speaker 6: companies to everyday individual investors. Kathy, could you explain a
Speaker 6: little bit about what it is that ARC is doing
Speaker 6: with a deal maker?
Speaker 5: Well, actually, our venture team met Rebecca recently and I
Speaker 5: have yet to be briefed on exactly what we're doing together.
Speaker 5: Maybe Rebecca would want to talk about how far a
Speaker 5: long we are.
Speaker 3: Yeah, I think it's opportunities like this where we can
Speaker 3: understand we can talk to Washington about what the investors
Speaker 3: and what the companies want. Like deal maker is taking
Speaker 3: a slightly different approach on it, where we see retail
Speaker 3: investors having a bit of a distrust of institutions today
Speaker 3: and companies wanting that one to one relationship with the brand.
Speaker 3: And so we're both two different businesses taking a totally
Speaker 3: different approach to the retail market, but understanding the power
Speaker 3: of this and how it can be transformative for the
Speaker 3: capital markets in a lot of different ways, because let's
Speaker 3: face it, there's a lot of ways that the capital
Speaker 3: market's ecosystem is broken that both what ar kids doing
Speaker 3: and deal maker is doing can help solve.
Speaker 2: I was kind of going, I'm sorry, yeah, so.
Speaker 1: That's what I thought had happened. We are so like minded.
Speaker 5: Charlie Roberts, who leads our VC effort, and Rebecca met
Speaker 5: at a conference and we just thought, Okay, we're both
Speaker 5: going at this from in a little bit of a
Speaker 5: different way, from different angles, but this idea of democratization
Speaker 5: is in its very early stages, so let's make sure
Speaker 5: we both encourage it.
Speaker 3: Right.
Speaker 6: You both encounter the same issues and you're looking to
Speaker 6: solve it in your own ways.
Speaker 1: So We'rebecca. Can you talk a little bit about the biggest.
Speaker 6: Pain points of capital raising that founders tend to face
Speaker 6: and how deal maker solves for that.
Speaker 3: Yeah, I mean, ultimately, access to capital is a challenge
Speaker 3: for a lot of investors, right, It's very difficult to
Speaker 3: get VC investment that actually finds a very small part
Speaker 3: of the ecosystem. And then there's a lot of brands
Speaker 3: that retail investors love and they want to participate in
Speaker 3: and they can help amplify amplify the.
Speaker 4: Business in a different way.
Speaker 3: So we have technology companies, you know, Monograms building a
Speaker 3: robotic need surgery arm where they've got retail investors forming
Speaker 3: all of their beta users and really supporting bringing that
Speaker 3: business to life and driving revenue for them. So the
Speaker 3: reality is that businesses are built online today and there's
Speaker 3: a lot of different ways that retail can interact with
Speaker 3: these brands to help propel them forward.
Speaker 2: Was there any issues when you were starting this, Rebecca,
Speaker 2: and was there any issues about regulatory concerns? I mean,
Speaker 2: we know that regulators is, particularly here in the US,
Speaker 2: look over the shoulders and they sort of I think
Speaker 2: kunt of Kathy alluded to. Look, they're saying, look, you
Speaker 2: don't have the net worth, so you must not be
Speaker 2: sophisticated enough to buy this type of vehicle. How did
Speaker 2: you navigate that regulatory side of this when you were
Speaker 2: coming up with this idea and building out the business.
Speaker 4: Okay, well, shameless bug.
Speaker 3: I think the regulators were brilliant in the way that
Speaker 3: they designed the legislation because the legislation protects investors already,
Speaker 3: So they put a cap on the amount that a
Speaker 3: retail investor can invest when they're not accredited, so they're
Speaker 3: not going to lose their shirt on any one single offering.
Speaker 3: Because we know some offerings are going to succeed and
Speaker 3: some offerings are going to fail, and so the main
Speaker 3: thing that we're driving for here is to make sure
Speaker 3: that the investors are protected, and the legislation did that already,
Speaker 3: and so there's a bill in the House right now
Speaker 3: that's probably going to pass with the new administration that
Speaker 3: we're going to see the exemption limits go up from
Speaker 3: seventy five million to one hundred and fifty million. You've
Speaker 3: also got FIT twenty one, which is going to bring
Speaker 3: a lot of interest to the crypto space. So we
Speaker 3: see the snowball just rolling now in terms of retail
Speaker 3: access to alls.
Speaker 2: Kathy, I do have to kind of ask you about
Speaker 2: the climate in Washington, and I know you have a
Speaker 2: lot of friends, either business wise or personal in the
Speaker 2: incoming administration coming in. And there's been a euphoria I'm
Speaker 2: sure you've seen it ever since November fifth, even slightly
Speaker 2: before that, when it became somewhat clearer that Trump was
Speaker 2: likely going to win. He's promising obviously a much more
Speaker 2: business friendly administration, one of deregulation. At the same time,
Speaker 2: he's also pitching fiscal policies that could potentially have some
Speaker 2: economic impact to the negative side. I am curious as
Speaker 2: to I guess what type of euphoria you're feeling, and
Speaker 2: more importantly, what type of caution, if at all, you're
Speaker 2: feeling as well.
Speaker 3: Well.
Speaker 5: If you look at the performance of our funds since
Speaker 5: the election, they've far outpaced the market, outpaced the mag
Speaker 5: seven and so forth. So I think of what the
Speaker 5: market is beginning to say is this administration is going
Speaker 5: to support innovative strategies, anything that will accelerate the growth,
Speaker 5: increase the productivity of our economy. Deregulation is going to
Speaker 5: be we think a very large part of that tax incentives,
Speaker 5: tax rate cuts as well. You mentioned the perhaps the
Speaker 5: cutback in government spending programs. You know, in our mind,
Speaker 5: government spending longer term is taxation in one form of
Speaker 5: the other. It's got to be paid for with increased
Speaker 5: taxes now, increase taxes later, or basically through inflation inflating
Speaker 5: away the debt. And so we think that's going to
Speaker 5: be very positive. This drive towards increasing the efficiency of
Speaker 5: the government, which will then limit the kinds of tax
Speaker 5: increases we've seen over the last few years, and perhaps
Speaker 5: even continue to roll back taxes, leaving more for the
Speaker 5: private sector at the expense of sort of inefficiencies in
Speaker 5: the government sector.
Speaker 6: So Kathy following on that, the President elect has outlined
Speaker 6: a number of initiatives that he wants to put in
Speaker 6: place as soon as he is inaugurated on January twentieth.
Speaker 6: Of the different proposals of pro growth items that he
Speaker 6: has on his to do list, which do you think
Speaker 6: needs to be prioritized. Is it tax cuts, is it
Speaker 6: immigration reform, tariffs, is it deregulation? Which of those things
Speaker 6: should be at the top.
Speaker 1: Well, consider the source.
Speaker 5: So my answer might be different from President elect Trump's answer,
Speaker 5: but in terms of turbocharging growth, I think if tax rates, if.
Speaker 1: This administration is going to cut tax rates.
Speaker 5: The most important thing it has to do is make
Speaker 5: sure they're retroactive to January first of twenty twenty five,
Speaker 5: because and we learned this from the Reagan administration, if
Speaker 5: they defer or or phase in tax cuts, businesses and
Speaker 5: individuals will wait for the lower tax rates and that
Speaker 5: can weaken economic activity. Beyond that, deregulation critically important. I
Speaker 5: think one of the reasons venture capital has had so
Speaker 5: much trouble during the last few years and strategies in
Speaker 5: the innovation space, especially in life sciences, is because M
Speaker 5: and A has been prevented by the FTC. That is
Speaker 5: going to change, so we are finally going to have
Speaker 5: price discovery as strategic buyer's bid for these innovative companies.
Speaker 5: We'll see how much they're really worth. This has not
Speaker 5: happened in a long time. We also think therefore there
Speaker 5: will be liquidity events for private companies into the public world,
Speaker 5: which is also going to become very important.
Speaker 2: Well, Rebecca, I'd like to get your thoughts on that
Speaker 2: as well, because when you look at the data for
Speaker 2: certainly in the first half of the year, I mean,
Speaker 2: VC funding activity was abysmal. We saw definitely a bit
Speaker 2: of a pickup in three Q. I'm not sure what
Speaker 2: the fourth quarter has shown, but are you optimistic we're
Speaker 2: going to see more VC activity kind of to the
Speaker 2: point of what Kathy was talking about in terms of
Speaker 2: the catalysts, is that going to really push this industry forward?
Speaker 4: It definitely feels that way, it really does.
Speaker 3: I think the momentum is there, the street is excited
Speaker 3: and feeling the effects of deregulation. And you know, one
Speaker 3: of the benefits that we saw over the down market
Speaker 3: activity was that retail investors stay strong. Like while VC
Speaker 3: activity did, retail investment continued to pull through and continue
Speaker 3: to carry a lot of the capital markets, which was
Speaker 3: what Congress intended when they originally passed the legislation. So
Speaker 3: we expect to just consider that upswing continuing.
Speaker 6: Kathy, you had mentioned the ARC Venture Fund. I'm wondering,
Speaker 6: with this new administration coming in, the deregulation that you
Speaker 6: talk about and the things that they can do to
Speaker 6: really get the economy going and get companies going, do
Speaker 6: you think that startups will choose to stay private less.
Speaker 6: They'll start to look to the public markets as an
Speaker 6: engine of growth more so than they have in the
Speaker 6: past couple of years.
Speaker 5: Well, it depends if again, if there's more deregulation and
Speaker 5: if the red tape associated with going public starts to disappear.
Speaker 5: Any company that wants to scale very quickly, and especially
Speaker 5: if they have anything, if they are at a higher
Speaker 5: fixed cost base. The robotics industry would be one example
Speaker 5: of this, they would probably scale faster in the public market.
Speaker 5: So we think it would be fantastic to have both
Speaker 5: markets operating efficiently efficiently.
Speaker 1: One encouraged by more M and A.
Speaker 5: Activity as we change the leadership at the FTC, and
Speaker 5: the other one just enjoying the lower red tape associated
Speaker 5: with less regulation. So we think this administration is going
Speaker 5: to be very pro business and is going to be
Speaker 5: that's going to be a big reason that the growth
Speaker 5: rate of the economy is going to accelerate in the
Speaker 5: next few years.
Speaker 2: Kathy, I do want to get your thoughts on Elon
Speaker 2: Musk and his role in this administration, particularly given we
Speaker 2: know that arc is invested in many, if not all,
Speaker 2: of his companies. He's wearing a lot of hats and
Speaker 2: now he's got the Washington hat on in theory starting
Speaker 2: in January. I mean, how much do you think he
Speaker 2: can do given that he's not technically going to be in.
Speaker 1: An official role.
Speaker 2: And do you worry at all that his work in
Speaker 2: Washington might come at the expense of the attention to
Speaker 2: his actual companies.
Speaker 5: Well, I think one of the reasons he he is
Speaker 5: dedicated to this is because his own companies have faced
Speaker 5: such regulatory pressures and obstacles, and he just knows he
Speaker 5: could change the world even faster than he already has
Speaker 5: if he got some of those obstacles out of the way.
Speaker 2: But Kathy Kenny do that safely though, And I'm just
Speaker 2: playing devil's advocate here. I mean, a lot of those
Speaker 2: regulations are you know, you know, kind of meant to
Speaker 2: kind of protect the consumer to a certain extent from
Speaker 2: car crashes or whatever. You know, it's one thing to
Speaker 2: move fast and break things, as another, you know, to
Speaker 2: break your customer.
Speaker 4: No.
Speaker 5: I think if you listen to elon Musk and safety
Speaker 5: and focus on del lighting the end consumer. You know,
Speaker 5: Tesla has the safest cars in the world, and yet
Speaker 5: the regulators in the last four years have focused on
Speaker 5: almost every accident and fatality in an accident in a
Speaker 5: Tesla car, as opposed to in the other forty thousand accidents.
Speaker 5: So I think that he understands that there is an
Speaker 5: important place for regulation, that safety of the consumer is
Speaker 5: paramount that we're not going to dilect, We're not going
Speaker 5: to neglect that. But there is such a thing as
Speaker 5: regulation gone too far. I've seen statistics that in the
Speaker 5: last four years, regulations piled one on top of the
Speaker 5: other and from different departments have taken six percentage points
Speaker 5: off of real GDP.
Speaker 1: So that has to change.
Speaker 2: And also to that point, though, Kathy and I want
Speaker 2: to this question as to you, Rebecca, and it really
Speaker 2: has to do about the idea of business creation. There's
Speaker 2: been a lot of stats about how business creation is
Speaker 2: just really just shrunk. Now, some of that's just because
Speaker 2: of the pandemic and a few other things, but there
Speaker 2: has been a lot of theories about government regulation, government
Speaker 2: oversight maybe putting a little bit of a squash on that.
Speaker 2: Do you hear from that with some of the startups
Speaker 2: and the entrepreneurs that you deal with on a day
Speaker 2: to day basis.
Speaker 4: Yeah, for sure.
Speaker 3: I Mean when Elon said so himself, right, when Elon
Speaker 3: can build the rocket faster than he can get it
Speaker 3: approved to launch, you know, you've got a fundamental problem
Speaker 3: that's slowing down innovation. So of course, as a tech CEO,
Speaker 3: I'm very excited to see what he can accomplish applying
Speaker 3: engineering concepts to government as retail capital from direct to
Speaker 3: investor retail. We saw even in a down market, five
Speaker 3: issuers that raised on deal Maker go public on NASDAC
Speaker 3: during the last year. So I think as we open
Speaker 3: up new categories, new ways of building businesses and having
Speaker 3: those be digital and what that means means there's different
Speaker 3: things that are going to emerge and different trends that
Speaker 3: are going to emerge. And definitely one of the trends
Speaker 3: that we saw was a lot of our companies are
Speaker 3: tech and robotics companies and now more emerging sports sports
Speaker 3: teams as well. We're going to see a whole different,
Speaker 3: changing landscape of companies going public sooner.
Speaker 6: Kathy, I can't resist asking about Tesla since we were
Speaker 6: talking about Elon Musk. I know that your funds have
Speaker 6: been actively trading this week. Are fund sold about one
Speaker 6: hundred and sixty four thousand shares of Tesla this week.
Speaker 6: I'm guessing this is tactical, but I'm wondering if post election,
Speaker 6: there's a fundamental change in the story when it comes
Speaker 6: to Tesla.
Speaker 5: Well, I think one of the changes, again back to regulation,
Speaker 5: is the likelihood that autonomous mobility, so robotaxis are going
Speaker 5: to be regulated not on the state level so fifty
Speaker 5: different regulators, but on the federal level. Autonomous vehicles will
Speaker 5: travel from state to states, so it really should be
Speaker 5: federal legislation. So I think that will speed up the
Speaker 5: move towards autonomous taxi networks. And I do believe for
Speaker 5: that reason, investors analysts are starting to model out what
Speaker 5: that will mean to the Tesla model. It will take
Speaker 5: their gross margins from mid teens right now up into
Speaker 5: the sixties if we are right, because robotaxis and autonomous
Speaker 5: taxi network is a SaaS model. I think the other
Speaker 5: thing that has happened is more and more people are
Speaker 5: seeing videos of the humanoid robot doing all sorts of
Speaker 5: things that we didn't think were possible as the dexterity
Speaker 5: in its hands get so much better.
Speaker 6: Yeah, and to your point, analysts over at me Zuho
Speaker 6: do see idiosyncratic tailwinds over the next four years for
Speaker 6: a company like Tesla, upgrading their price target there so
Speaker 6: when it comes to autonomous vehicles and all that. There
Speaker 6: are reports that Honda and Nissan are exploring some kind
Speaker 6: of tie up, maybe a merger. W what a combined
Speaker 6: company create a worthy competitor to Tesla or Chinese eatia
Speaker 6: makers even.
Speaker 5: Well, I think that anytime there is a combination of
Speaker 5: two companies, takes a while for the integration to take place. So,
Speaker 5: if anything, we would think if there is a competitive
Speaker 5: dynamic from those two companies associated with autonomous that it
Speaker 5: will be delayed. More competition for evs is coming from China,
Speaker 5: no question. Now we have very big tariffs already in
Speaker 5: place to prevent that here in the United States, and
Speaker 5: we'll see what happens with the administration. I think that
Speaker 5: Elon Musk is not worried about competition. If we're talking
Speaker 5: abou about Tesla, He's driving the cost curves down dramatically
Speaker 5: for his own company, So he's not worried about losing
Speaker 5: the EV tax credits either. He doesn't need them. He
Speaker 5: will be profitable. Tesla will be profitable without them.
Speaker 2: Katy, I do want to pivot here and ask you
Speaker 2: about some of the market action, particularly over the last
Speaker 2: few months, and particularly when it comes to crypto. I'm
Speaker 2: sure you've seen the big run up in bitcoin above
Speaker 2: briefly above one hundred grand, now back below that today,
Speaker 2: but certainly phenomenal run on a year to date basis
Speaker 2: from where it was just a few months ago. Here
Speaker 2: do you still sort of see bitcoin really hitting some
Speaker 2: of those lofty milestones that you've talked about before. I mean,
Speaker 2: one hundred thousand is still a long way from a million.
Speaker 2: I do kind of wonder how much further you think
Speaker 2: this could actually go.
Speaker 5: Well, what's interesting about bitcoin today? Now that we're going
Speaker 5: to get more regulatory green lights, we're seeing institutional investors
Speaker 5: focus on this new asset class, and as they're learning
Speaker 5: about it, they're saying, wait a minute, this new asset class,
Speaker 5: or this component of a new asset class, Bitcoin is
Speaker 5: going to reach twenty one million units out there, twenty
Speaker 5: one million bitcoin out there at its peak, and no
Speaker 5: more from there on.
Speaker 1: Where are we now?
Speaker 5: We're all ready above nineteen and a half million units.
Speaker 5: And so if institutional investors are looking at this new
Speaker 5: asset class more seriously, and bitcoin is really the first
Speaker 5: of its kind in a new asset class, and we
Speaker 5: believe the biggest opportunity of them all, they must consider
Speaker 5: an allocation and so supply demand. They're doing the arithmetic,
Speaker 5: and we see a million to a million and a
Speaker 5: half by twenty thirty that the probability of that has
Speaker 5: increased because of institutional.
Speaker 2: Okay, so that's six years from now, and I understand
Speaker 2: the supplied demand dynamics. But Kathy, I'm sure you're also
Speaker 2: very aware of some of the main criticisms that there
Speaker 2: really is no I guess fundamentals, if you will, at
Speaker 2: least in the traditional sense of how we try to
Speaker 2: value stocks or hard assets here. So beyond the speculative
Speaker 2: nature of I buy this and someone will buy it
Speaker 2: for more than me down the road, is there anything
Speaker 2: else there that gooses this beyond just that supply demand equation.
Speaker 5: Well, I think it's a very big idea, and it's
Speaker 5: not just speculative. It's a global monetary system that is
Speaker 5: rules based, it is private, it is digital, it is decentralized,
Speaker 5: and it is backed by the largest computer in the
Speaker 5: world or the largest computing system. It's the most secure
Speaker 5: network in the world. So that's very important. Gold would
Speaker 5: be in the same category. Gold is a store of
Speaker 5: value and it is fairly scarce. What's interesting in the
Speaker 5: last year, with the last having this April, the increase
Speaker 5: in bitcoin, the number of bitcoin per year, the percentage
Speaker 5: increase dropped to roughly zero point nine percent per year.
Speaker 5: That is below the one percent long term growth in
Speaker 5: the supply of gold, so it is becoming even more
Speaker 5: scarce than gold.
Speaker 1: And the difference between.
Speaker 5: Gold and bitcoin is when the gold price goes up,
Speaker 5: as it has production goes up, the rate of increase
Speaker 5: in the supply goes up. That cannot happen with bitcoin.
Speaker 5: It is mathematically metered to go up now zero point
Speaker 5: nine percent per year for the next four years and
Speaker 5: then the supply growth will be cut in half again.
Speaker 1: So we think you.
Speaker 5: Can use gold as a guide in terms of what
Speaker 5: this asset class is right now. At least, it's very
Speaker 5: definitely a store of value, a digital store of value,
Speaker 5: and it's a very big idea from our point of view.
Speaker 1: You can also go to our.
Speaker 5: Big Ideas, ourcinvest dot com Big Ideas twenty twenty three
Speaker 5: and see how we get to that one point five
Speaker 5: million dollars by twenty thirty in our goal case.
Speaker 1: Rebecca, let me bring.
Speaker 6: You back into the conversation here as we talk about
Speaker 6: crypto and you know, kind of the growth stage it's
Speaker 6: in with the change in administration, I'm curious whether crypto
Speaker 6: companies are a natural customer for a deal maker in
Speaker 6: tapping this retail investor base.
Speaker 3: Yeah, they haven't been in the past because it was
Speaker 3: a gray area and you know, there was a lot
Speaker 3: of concern about whether it was legal and what they
Speaker 3: were doing is legal, but we'd definitely been considering that.
Speaker 3: On a go forward, I think that will change, which
Speaker 3: is what the legislation is intended to do. It's intended
Speaker 3: to clarify what is a security and what is not
Speaker 3: and going to be regulated differently as a commodity. And
Speaker 3: we also think there may be some interest now for
Speaker 3: people to come back to tokenization. You know, that was
Speaker 3: big a couple of years ago, and then that totally
Speaker 3: fell off the radar. It was very hard to maintain
Speaker 3: the central register for the securities amidst all.
Speaker 4: Of the trading activity.
Speaker 3: But once the legislation gets clarified, we think there'll be
Speaker 3: you know, some renewed interest in that.
Speaker 2: All right.
Speaker 6: Fantastic to get both of your takes and really appreciate
Speaker 6: your joining us. And spending some time with us this afternoon,
Speaker 6: Rebecca Cassaba's co founder and CEO of deal Maker and
Speaker 6: Our Things, as well to Kathy Woods, CEO of ARC invest,
Speaker 6: joining us from Saint Petersburg, Florida,