Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside
Speaker 1: my co host Matt Miller. Every business day we bring
Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along
Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast
Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and
Speaker 1: at Bloomberg dot com slash podcast. Big big day in Frankfurt, Germany.
Speaker 1: Tay and for Europe, uh, the ECB raising its benchmark
Speaker 1: R fifty basis points. So no longer negative interest rates
Speaker 1: in Europe. That's big. Um boy, it's been a long
Speaker 1: long time exactly. I'm looking at the euro here trading
Speaker 1: up just a little bit. But let's dig into it
Speaker 1: a little bit. We can do that with me. Have
Speaker 1: a cousin Euro Area economists for Bloomberg Economics, Geneva Zerk
Speaker 1: somewhere over there in Switzerland. Um, pretty cool, Mayva. Thanks
Speaker 1: so much for joining us here. Busy, busy day for
Speaker 1: Christine Lagarde. What are your takeaways from what we've seen
Speaker 1: and heard so far this uh today in Europe? Kay? Thanks?
Speaker 1: So yeah, it's a big thing. Indeed, this fifty basis
Speaker 1: points to bigger HIGs than we were expecting having plans
Speaker 1: because the judge that their TPI, their transmission protection instrument,
Speaker 1: was told enough to allow a bigger move to tame inflation,
Speaker 1: which is again surprised on the web side in June
Speaker 1: after they published their latest forecast. So the big focus
Speaker 1: at the moment in the area and at East is
Speaker 1: really on current inflation and trying to get handled on
Speaker 1: this regnant place inflation pressures. Now the big question is
Speaker 1: how good will be the anti fragmantation to these tp
Speaker 1: I uh, it's good that they've agreed on something, but
Speaker 1: of course it is all steel subject to really the
Speaker 1: discretion of the governing counties or some parts of it,
Speaker 1: in particular as taking the fiscal sustainability of the government
Speaker 1: or the country, the surf reign that would need to
Speaker 1: receive the support, and also deciding when to activate when
Speaker 1: the increasing spread on warm kids which would be subject
Speaker 1: to discrestion. And we are not sure how and when
Speaker 1: they can be activated. And I would say that a
Speaker 1: political crisis in Italy probably doesn't think figure on the
Speaker 1: list of rational or rehaysms why they could activateing wait,
Speaker 1: why we we always maybe it's like a NonStop constant
Speaker 1: political crisis in Italy that should always figure into every
Speaker 1: central bankers list. So, as Christine god said during the briefing,
Speaker 1: this is really to address unwarranted market fact notation that
Speaker 1: is not country specific, so some sort of his conversion mechanism, uh,
Speaker 1: which he said that they already have a mechanism. They
Speaker 1: already have a tool it's called OMT to adviss country
Speaker 1: specific predomination is So that's really if it's a political
Speaker 1: crisis in theory, it would be difficult for the governing
Speaker 1: country to activate the tool. So we see how that happens.
Speaker 1: But they have defined the criteria. It's quite it's still
Speaker 1: a relative debate. As I said, a lot of discussion.
Speaker 1: We would you know, um pretty GUPTO was just in
Speaker 1: here talking about the possibility of another sovereign debt crisis
Speaker 1: because of the blo out and spreads. I think we're
Speaker 1: probably well, we're currently pretty pretty pretty safe in that respect,
Speaker 1: but we could get there. That's the trajectory. Is this
Speaker 1: ECB equipped to deal with that kind of thing? It's
Speaker 1: it's one more tool than they didn't have before. It's
Speaker 1: just much more difficult than it was when they first
Speaker 1: launched to empty and when they first because at that
Speaker 1: time it was easy for them to buy a lot
Speaker 1: of government debt because it was serving at the same
Speaker 1: time the support like the monetary podity direction to increase
Speaker 1: in fation on the market fragmentation aspects. So it's much
Speaker 1: more challenging now. It's good that they are in producing
Speaker 1: a new a new tool, but it will it will
Speaker 1: still be subject to a lot of debates on the government.
Speaker 1: But they could have raised rates much. They could have
Speaker 1: raised rates a long time ago. And I realized that,
Speaker 1: you know, um, the FED also out inflation to get
Speaker 1: ahead of it, and and so did um the Bank
Speaker 1: of England. You used to advise Her Majesty's Treasury there.
Speaker 1: Why why is the ECB, you know, the last to
Speaker 1: raise Why why didn't they act sooner? They had a
Speaker 1: different inflation problems. They still have a different inflation problem. Uh,
Speaker 1: most of the inflation in et needs to due to
Speaker 1: energy and food crisis, so out of their control to
Speaker 1: a large extent. It's also that actually we've seen a
Speaker 1: lot of stating in market conditions at the market rates
Speaker 1: for your area, actually more so than in the US,
Speaker 1: at least initially, um, just without changing the rates. So
Speaker 1: they have already. There has been already a lot of
Speaker 1: stating they didn't pace sooner because they had to exhibit
Speaker 1: the asset purchases. Um, they had to make sure actually
Speaker 1: they had the high schools in place. But it doesn't
Speaker 1: mean that they are. They don't need to do as
Speaker 1: much as the just said. All right, maybe thank you
Speaker 1: so much for joining us. May have a cousin euro
Speaker 1: Area economist for Bloomberg Economics. I want to bring our
Speaker 1: good friend, Ed Price. He's a senior fellow, a former bidtish,
Speaker 1: a trade official, senior fellow at n y U. Lots
Speaker 1: going on in Europe. We've been covering it all day.
Speaker 1: Matt's been up since the before the crack of dawn.
Speaker 1: Lot's going on with the e c B. Let's start there.
Speaker 1: ECB raising their benchmarks, connected all connected, fifty basis points um.
Speaker 1: That's in the face of slowing European economic growth, energy crises.
Speaker 1: There are so many cross currents for our friends over
Speaker 1: in Europe. I think that's right. And um, you know
Speaker 1: what does the ECB want to do? It kind of
Speaker 1: wants to do two things. It wants to kill inflation
Speaker 1: and it wants to not kill the European economy. Right,
Speaker 1: so if you if you say, well, look, you know,
Speaker 1: fifty is quite a lot. It's not enough if you
Speaker 1: want to stop inflation. And again we talked about this
Speaker 1: a lot, but I don't know what you do, like
Speaker 1: what is the answer to that? But fifty also can't
Speaker 1: kill an economy, right, they they're just fifty basis points.
Speaker 1: That's now, Let's remember they're very very low. There's still
Speaker 1: below whatever our star it is, whatever you think it is,
Speaker 1: it's definitely more than fifty, right, it's definitely one fifty.
Speaker 1: I mean I would personally say there's no such thing
Speaker 1: as our star because you've got that m just our
Speaker 1: star the natural rate of interest right, So like yeah, right,
Speaker 1: so like this is this is one of the more
Speaker 1: voodoo aspects of economy. But it's basically whatever your guess is,
Speaker 1: and it's probably better equipped to make a guess than
Speaker 1: you or I at a level of level of interest
Speaker 1: rates that is not enough to not high enough to
Speaker 1: slow the economy, but not low enough to spur it forward.
Speaker 1: So just neutral. Yeah, And you're like, you know, you're
Speaker 1: doing things like searching for what the output gap is,
Speaker 1: and you've got your army of economists, and it's a guess.
Speaker 1: And I'd go further than let's say it probably doesn't exist,
Speaker 1: because if you want to look after financial markets, whatever
Speaker 1: our star is, it's probably quite low. And then if
Speaker 1: you want to look after inflation get rid of that problem,
Speaker 1: it's probably higher. Um. So there's probably no such thing
Speaker 1: as all start. I'm going to look at my Twitter
Speaker 1: later to see what happens to me after saying that. Um. Right,
Speaker 1: so here here in the States, fed trum of Powell
Speaker 1: raises rates sevent five basis points. It's a New York, Kuai, California,
Speaker 1: doesn't really matter um vs VI those different states. But
Speaker 1: it's not the same thing in the East New York,
Speaker 1: Hawaii and California. I'll make a ton of money. Yes,
Speaker 1: how about our good friend. Maybe maybe it matters to
Speaker 1: the states that take all of our money all of
Speaker 1: our money. So let's bring that analogy to Europe and Italy.
Speaker 1: So talk to us about how, you know how what
Speaker 1: it's the what Christine the Guard has to balance when
Speaker 1: she's in this rate moving scenario when you have different countries,
Speaker 1: different economic development. So it's a really good point. So okay,
Speaker 1: so borrowing costs You're right, in the US don't matter
Speaker 1: as much as in the your area, and they don't
Speaker 1: matter as much because the spread in the area between
Speaker 1: you know, Tenia borring costs in Italy and Germany is
Speaker 1: as we've said before, essentially an indicator of whether the
Speaker 1: Euro can exist. So the e CBS obviously sitting there thinking,
Speaker 1: we don't want to introduce a an X upper bound
Speaker 1: for Italy, at which point it won't be able to
Speaker 1: function as a government, won't be able to function as
Speaker 1: a state, and we'll have to leave the Euro Area
Speaker 1: because that would be extremely bad. So, by the way,
Speaker 1: you've also got this threat that Russia is going to
Speaker 1: cut off the gas, and you know, there's projections that
Speaker 1: Italy would have a five percent contraction and so on.
Speaker 1: So I think the CBS thinking about these really deep
Speaker 1: structural currency related issues at the same time as in
Speaker 1: public and on the surface of things, talking in the
Speaker 1: normal language of macroeconomics, and it's so tough to deal
Speaker 1: with the gas issues at the same time as they're
Speaker 1: dealing with their persistent lack of a government. Again, they've
Speaker 1: had sixty seven governments and seventy five years. Is that
Speaker 1: the number? Good Lord it's nuts. So but that's just
Speaker 1: how it is in Italy, and frankly, the ECB should
Speaker 1: be prepared for that, um, you know, because it happens
Speaker 1: so often. But it's a very difficult time to see
Speaker 1: spreads widen, and I wonder how far the spread could
Speaker 1: go before it causes, um, a sovereign debt crisis. The
Speaker 1: last one we saw was pretty difficult. That took Mario
Speaker 1: drag to get out of. He's kicking off this one.
Speaker 1: He's kicking off this one. That's very good. You need
Speaker 1: that on a T shirt. Um, whatever, it doesn't take. Yeah,
Speaker 1: I mean, I think the problem is that we don't know.
Speaker 1: But we don't know what that level is. We've been
Speaker 1: obsessed for years as policy makers and economists with this
Speaker 1: thing called the lower bound, which apparently zero. It's not
Speaker 1: wink wink, but apparently zero. Right. Um, But then there's
Speaker 1: there's obviously to your point, that there's this upper bound
Speaker 1: somewhere at which at which point sovereigns and and presumably
Speaker 1: corporates and others are going to hit the wall. So
Speaker 1: we don't know. Um, could be three hundred, fifty, could
Speaker 1: be four hundred, It could be But then of course
Speaker 1: the only way to find out is to get there, right,
Speaker 1: So do you really want to get there? No? And
Speaker 1: that and that's something that's that's my question is if
Speaker 1: we have another crisis, or maybe I say, when we
Speaker 1: have another euro crisis, does that push the European Union
Speaker 1: towards a breakup as it looked like was going to
Speaker 1: happen in two thousand eleven, or does it bring the
Speaker 1: European Union closer together? Did they say enough of this?
Speaker 1: You are to what paulse when he said about how
Speaker 1: the USA hands it, Let's do it like that and
Speaker 1: federalize everything. I think we are. I think you're absolutely
Speaker 1: right federalized. I think that right now we're in the
Speaker 1: articles of confederation stage. If you're making the analogy with
Speaker 1: the US, and my money is on the European Union
Speaker 1: in your area becoming the same thing, getting serious, getting
Speaker 1: that German money into some sort of fiscal mechanism whatever
Speaker 1: it is. Um And by the way, there are a
Speaker 1: lot of indicators that this is kind of happening due
Speaker 1: to external pressures anyway. I mean, we said last time
Speaker 1: I was on the Germans are rearming. That's incredible. So
Speaker 1: my my suggestion to you is that within ten years
Speaker 1: we'll see the United States of Europe de facto, if
Speaker 1: not the jury, if they put together a bill of rights.
Speaker 1: They got to be careful when writing the Second Amendment.
Speaker 1: You watch your punctuation, try and make yourself clear. What
Speaker 1: do you mean, right, A well regulated militia, Right, I mean,
Speaker 1: there's aspects of the Second Amendment that are pretty awesome.
Speaker 1: Come on, so maybe we should we should send them
Speaker 1: over a suggested draft with a fewer commas, maybe real
Speaker 1: quicked the UK? I know it's hot over there. I
Speaker 1: know the folks are you know, really dealing with that.
Speaker 1: But just from an economic perspective, how are things in
Speaker 1: the UK these days? Well, I mean, if you if
Speaker 1: you look at some of the projections, three GDP growth
Speaker 1: goes down to zero, so you guys know about finance,
Speaker 1: zero is a bad number. So there's definitely some sort
Speaker 1: of head winds going on there. But look, I'm hopeful
Speaker 1: that there's going to be a period of structural reform
Speaker 1: and that Britain will essentially do what it did in
Speaker 1: the eighties under Thatcher and go through some sort of
Speaker 1: self inflicted shock but then come out, you know, past
Speaker 1: the curve ahead of the curve on globalization as a result.
Speaker 1: Um so we'll have to see. I don't know, but
Speaker 1: the headline is bad, but medium term good, alright, good stuff.
Speaker 1: I mean, lots of news coming out of Europe. We've
Speaker 1: been uh trying to stay on top of it today
Speaker 1: at Price senior fellow at n y U and a
Speaker 1: former British trade of Fisher. We love getting his thoughts
Speaker 1: on economics, particularly coming out of Europe, coming out of
Speaker 1: the UK and again today the e C B uh,
Speaker 1: you know, being a little bit surprised in the market
Speaker 1: a little bit clearly with a fifty point increase in
Speaker 1: their base borrowing rate uh FED coming up July. That's
Speaker 1: kind of where all eyes are now as we think
Speaker 1: about these markets and where rates are going visa v
Speaker 1: this economy, this this Bloomberg. All right, we got rates rising.
Speaker 1: We've had a brutal first half of the year across
Speaker 1: the fixed income specter spectrum, and that includes high yield.
Speaker 1: And we talked high yield. We talk Ken Monahan, co
Speaker 1: director of high Yield at a munday US. He joins
Speaker 1: us in our Bloomberg Interact a broker studio. Ken, thanks
Speaker 1: so much for joining us. Declining corporate bond index first
Speaker 1: half of the year. We've never seen that, have we.
Speaker 1: You know, it's been a miserable, miserable year thus far
Speaker 1: in ext income And it's not just how yield but
Speaker 1: how you'll certainly take it on the chin. So uh,
Speaker 1: If from an equities perspective, and obviously Paul and I
Speaker 1: have grown up kind of plain ventil equities, I would
Speaker 1: say that's time to go in there and buy. I mean,
Speaker 1: there is legit blood in the streets, to paraphrase possibly
Speaker 1: Benjamin Graham. Um, is that not the case for everybody else? Well?
Speaker 1: I I think it is, and it's gonna be at
Speaker 1: some point. But I think right now what people are
Speaker 1: concerned about is is the FED gonna tip us over
Speaker 1: into a recession or we're gonna eke this through with
Speaker 1: the maybe modest growth that probably is subpar. And I
Speaker 1: think that that's the big question. If we go into recession,
Speaker 1: people are concerned that spreads will back out further and
Speaker 1: bond prizes will drop further. If we don't, then maybe
Speaker 1: it's an attractive by right now. All right, So if
Speaker 1: we wanted to dip bar tow in the high yield space,
Speaker 1: I still have a specter that I might have a
Speaker 1: recession sometimes in my investment outlook of the next couple
Speaker 1: of years. So does that suggests that I really try
Speaker 1: to just focus on the highest quality or do I
Speaker 1: still try to reach for some better yield. You know,
Speaker 1: it's interesting if you look, Paul, at the beginning of
Speaker 1: this year, when people's major concern with rates duration was
Speaker 1: driving the market, so double bees underperformed and single bees
Speaker 1: and triple c's outperformed. That shifted in May when it
Speaker 1: became clear that the concerns about inflation were more significant
Speaker 1: and the Fed really had to get its act together.
Speaker 1: Then we started to see double bees fade and single
Speaker 1: bees and triple c is underperformed. And that's where we
Speaker 1: are right now. Single bees are a little under the
Speaker 1: double b sector. We would suggest you're probably pretty safe
Speaker 1: and most double bees right now. If you type in
Speaker 1: D I S go and then UM, you click the
Speaker 1: button historical charts instead of just the spaghetti of numbers
Speaker 1: that you see there UM number of distress bonds traded
Speaker 1: distress issuers. We've spiked up again, not as high as
Speaker 1: we were in March of UM. But where are we going?
Speaker 1: Where are we going on? This chart. Well, I think
Speaker 1: from our perspective, the good news is if we have
Speaker 1: a recession, it's likely to be a pretty mild one.
Speaker 1: And and I'm not sure we're going to have a recession,
Speaker 1: but you know, there are some out there suggesting that
Speaker 1: defaults could hit ten percent by twenty four, which is
Speaker 1: like a great financial crisis level. Correct. And I think
Speaker 1: that's a ridiculous number if you're looking at it from
Speaker 1: a bottom up basis, and you're looking at the individual
Speaker 1: sectors and trying to figure out what's going to hit
Speaker 1: the fan. It's kind of hard to get to that
Speaker 1: kind of number when you do look at uh, look
Speaker 1: at it from bottoms up and and and study the
Speaker 1: individual sectors. What do you like? Well, I think you
Speaker 1: know that there are sectors out there that are pretty safe.
Speaker 1: Cable is largely safe. We would suggest that you've got
Speaker 1: sectors money, the healthcare sector is safe. Um, we would
Speaker 1: suggest that much of telecom is pretty safe. And energy,
Speaker 1: which has really been you know, a big bankruptcy candidate,
Speaker 1: and in previous years particularly, a lot of them got
Speaker 1: pulled down in each twenty that's obviously got the winded.
Speaker 1: It's back right now. Is a T T A high
Speaker 1: yield spiritus at investment grade. Well I noticed the A T. Yeah, hard,
Speaker 1: but it's it's still investment grade. And they've been very
Speaker 1: protective of that investment grade rating because they've got a
Speaker 1: lot of financing to do, because I know they took
Speaker 1: their free cash flow down a couple of billion dollars
Speaker 1: their outlook and I'm just I'm just reaching out to
Speaker 1: some you know, bond and als saying how bad is this?
Speaker 1: Is this for A T T? But it certainly was unexpected.
Speaker 1: That's the type of thing when you think about telecommon cable.
Speaker 1: They're good free cash flow stories until they're not because
Speaker 1: there's a lot of operating leverage there right there is.
Speaker 1: And I think but I think we've been we've been
Speaker 1: thinking that they're going to maintain that investment grade rating.
Speaker 1: I gotta talk with my colleagues post todays, obviously, but
Speaker 1: I think that our our our thought with that would
Speaker 1: remain the same. Yeah, boy, A T and T big
Speaker 1: big news out of their stocks down a big. Ken Monahan,
Speaker 1: thanks so much for joining us. Ken Monahan's a co
Speaker 1: director of High Yield for a Mundi US and like me,
Speaker 1: a former UH player at Solomon Brothers. Where you are
Speaker 1: Solomon Brothers alumni along with some other guy. Yeah, yeah,
Speaker 1: is he's sitting right over there. I think he's sitting
Speaker 1: right over there in the good seats. So we appreciate it.
Speaker 1: All right, Let's check in with Barry red Holt's post
Speaker 1: of Masters in Business, uh Chairman and chief investment Officer
Speaker 1: Red Holts Wealth Management. Barry, let's start with if you
Speaker 1: don't mind Europe, we've kind of had a European focused today,
Speaker 1: the ECB, Mario draggy stepping down. Um, we've got you know,
Speaker 1: gas coming back on or not so coming back on,
Speaker 1: lots of issues coming out of Europe today. As a
Speaker 1: fund manager here in the US, how do you kind
Speaker 1: of put that into perspective? Well, I'm excited. I'm excited
Speaker 1: about the euro parody and do some traveling overseas with
Speaker 1: a very strong dollar. That's that's pretty uh impressive. But look,
Speaker 1: you know, Europe is following the United States and they're
Speaker 1: raising rates because we're raising rates. They have inflation of inflation.
Speaker 1: It's a global economy. It's very challenging to treat one
Speaker 1: part of the developed world very differently from another. Uh.
Speaker 1: So you know, we We've just finished a ten year
Speaker 1: or twelve year period of US out performance versus Europe.
Speaker 1: I'm waiting for that wheel, that cycle to change. So far,
Speaker 1: we're seeing no signs it's gonna happen anytime soon. UM.
Speaker 1: As a US investor or, your clients, who are I
Speaker 1: assume mostly investors with US, how much how important is
Speaker 1: it to follow you know, the latest new government in
Speaker 1: Italy or Rischi Sunac versus liz Trust and the UK
Speaker 1: or UM, you know the Russian gas situation. How much
Speaker 1: does it matter to to U S investors? Well, if
Speaker 1: you want to be an informed individual, it certainly doesn't
Speaker 1: hurt to know what's going on in the con tent
Speaker 1: in the continent. But generally speaking, as an investor, all
Speaker 1: that stuff is noise and meaningless. You're buying broad assets,
Speaker 1: so you have a diversified portfolio and you're really just
Speaker 1: not paying attention to the day to day stuff. How
Speaker 1: many governments has Italy had and since World War Two?
Speaker 1: I mean, it's a full time job tracking Italian politics.
Speaker 1: So why does does any US based investor, other than
Speaker 1: to be a well rounded, wealth informed individual have to
Speaker 1: track the specifics of what's happening there. It's it's not
Speaker 1: crucial to them, all right. What I thought was interesting
Speaker 1: out of the earnings news flow today it was a
Speaker 1: T and T stuck getting crushed. Now they Barry called
Speaker 1: out some of their clients not paying their phone bill. Man,
Speaker 1: that says something about the consumer. I well, those kinds
Speaker 1: of things. We've seen some credit card delinquencies tick up.
Speaker 1: We've seen it always starts in the worst of the
Speaker 1: automobile loans. So like housing, there's subprime loans and there's
Speaker 1: sub subprime loans. The differences. If you have the weakest credit,
Speaker 1: a car company is going to install literally a kill switch,
Speaker 1: and if you stop making payments, they shut the car
Speaker 1: and they go get it. They know exactly where it is.
Speaker 1: So around the edges we're seeing these things tick up.
Speaker 1: It's not significant yet. It's certainly not a weight oh nine.
Speaker 1: But you pay attention to the ebbs and flows of
Speaker 1: these because you want to know is the household in
Speaker 1: good shape or are they dealing with financial pressures that
Speaker 1: could affect consumer spending, corporate revenues and profits. And the
Speaker 1: other question is, um how are companies deploying capital or
Speaker 1: are they starting to put up barriers as well. We've
Speaker 1: had a number of concerning uh job cut stories, starting
Speaker 1: with the kind of Apple may cut jobs in some
Speaker 1: units next year Scoop at the beginning of the week.
Speaker 1: But now we've got Um, Microsoft, Google, Lift, even Ford
Speaker 1: plans to cut eight thousand jobs. I mean, I'm desperately
Speaker 1: trying to buy any car I see on the lot.
Speaker 1: Why are they cutting jobs now? So Ford is a
Speaker 1: different case and the technology companies. Ford specifically said they're
Speaker 1: going to reduce some headcount in order to be able
Speaker 1: to fund further expansion of their ev production and sales.
Speaker 1: So Ford is moving into the future as aggressively as
Speaker 1: they can. When you look at Google, Apple, Microsoft, Amazon,
Speaker 1: go town the list six months ago, they were desperate
Speaker 1: to hire people, and arguably we're over hiring people. We're
Speaker 1: basically anybody who could father a Mira and and had
Speaker 1: the qualifications was offered a job at a certain point.
Speaker 1: Doesn't take a whole lot of economic slowing for these
Speaker 1: large corporations to look and say, all right, we're good
Speaker 1: for now. Let's catch our breath, let's digest these these
Speaker 1: new hires, get people integrated into their jobs, and see
Speaker 1: if that solves the employee shortfall that everybody's been dealing
Speaker 1: with for the past couple of years. Alright, Baty all
Speaker 1: I know about the car businesses. Matt still waiting for
Speaker 1: Chevy Silverado. I think it's still stuck in Mexico. I
Speaker 1: think it's still stuck in Mexico. I can't get any
Speaker 1: updates on this except the chips then, exactly exactly. It's
Speaker 1: missing chips, that's all I know. And it's sitting on
Speaker 1: a lot outside the factory with like thousands and thousands
Speaker 1: of other trucks. And that's on a first name basis
Speaker 1: with the CEO Afford. You'd think he could get this GM.
Speaker 1: I want to marry as well and Mark. I haven't
Speaker 1: called them on this issue. I might have to call
Speaker 1: him one half. All right, Barry, thanks so much for
Speaker 1: joining us. Barry rid Hilts, host of Masters in Business,
Speaker 1: chairman and chief investment officer Ridholt's Wealth Management. Thanks for
Speaker 1: listening to the Bloomberg Markets podcast. You can subscribe and
Speaker 1: listen to interviews with Apple Podcasts or whatever podcast platform
Speaker 1: you prefer. I'm Matt Miller. I'm on Twitter at Matt
Speaker 1: Miller three on False Sweeney, I'm on Twitter at pt
Speaker 1: Sweeney before the podcast. You can always catch us worldwide
Speaker 1: at Bloomberg Radio