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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside

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Speaker 1: my co host Matt Miller. Every business day we bring

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Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along

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Speaker 1: with essential market moving news. Find the Bloomberg Markets podcast

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Speaker 1: called Apple Podcasts or wherever you listen to podcasts, and

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Speaker 1: at Bloomberg dot com slash podcast. Read on this screen

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Speaker 1: here on this Monday morning. We've got rising interest rates,

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Speaker 1: we've got a slowing economy. Where do you put your

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Speaker 1: money to work? In that type of backdrop, let's check

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Speaker 1: in with Katie Nixon. She's a c IO of wealth

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Speaker 1: management at Northern Trust. That is a big, big account

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Speaker 1: for me back in the day when I was in analyst,

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Speaker 1: when I went to Chicago, had to check in with

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Speaker 1: the good friends of Northern Trust, had to get their

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Speaker 1: I I vote back in the day, and I'm proud

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Speaker 1: to report today always did. Okay, what's the I I vote.

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Speaker 1: It's the Institutional Investor magazine. Yes, that benchmark your total

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Speaker 1: wealth in the total worth in the world. And so

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Speaker 1: in Chicago it was Northern Trust plus a couple of others.

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Speaker 1: All right, Katie, thanks so much for joining us. Here.

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Speaker 1: What's an investor to do here? In a rising interest

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Speaker 1: rate environment, slowing growth economy, it seems like a tough backdrop. Well,

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Speaker 1: good morning, and yes, a very difficult period certainly for investors,

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Speaker 1: as all periods of transition are. And you noted we're

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Speaker 1: in a period of transition related to some of the

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Speaker 1: macro outlook. We have slowing growth UM our perspectives will

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Speaker 1: also have slowing inflation as we get towards the middle

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Speaker 1: and the later part of this year. But we're also

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Speaker 1: wanted very important transition with respect monetary policy, going from

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Speaker 1: alter easy to less so UM. But what we would

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Speaker 1: characterize it as UM tighter, not tight. We still believe

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Speaker 1: that conditions are going to be at the end of

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Speaker 1: the day still quite accomminative UM, mainly because we don't

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Speaker 1: think the Fed is going to be able to go

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Speaker 1: through with all the rate hikes that are now built

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Speaker 1: into built into market expectations. Do days then, like uh,

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Speaker 1: well this morning or Friday presented buying opportunity because clearly

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Speaker 1: this sell off is on the back of geopolitical risk. Well,

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Speaker 1: I mean, I think if you look historically, what you

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Speaker 1: see as periods of high volatility typically are outside of recessions,

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Speaker 1: good time a good time to buy. What I would

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Speaker 1: say though, when it kind of goes back to one

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Speaker 1: of the comments made earlier about cash. You know, investors

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Speaker 1: right now need to go back to their plan and

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Speaker 1: make sure that their plan is right, that it's aligned

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Speaker 1: with their financial goals, that they have the liquidity, that

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Speaker 1: they have cash on hand to fund their goals during

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Speaker 1: periods of volatility. And right now we see volatility in

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Speaker 1: both the stock and the bond market, so you don't

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Speaker 1: want to be forced to sell your investment grade bonds,

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Speaker 1: your muni bonds, or your equities under durest. So it's

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Speaker 1: pretty safe to say it's a good strategy to have,

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Speaker 1: you know, a year of spending sitting in cash. Sometimes

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Speaker 1: it's an expensive insurance policy, certainly with zero interest rates

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Speaker 1: and an expensive insurance policy, but it's worth it during

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Speaker 1: periods like this when you can draw down your cash

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Speaker 1: and avoid having to sell other assets under durest. So

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Speaker 1: my best advice right now is go back to your plan,

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Speaker 1: make sure you have the cash that you might need

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Speaker 1: over the next year, because we're certainly going to be

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Speaker 1: in for a period of volatility here. This is becoming

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Speaker 1: consensus cash went from cash to king right as at

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Speaker 1: my wad of cash Paul. Paul has always been a

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Speaker 1: bullish cash. But but honestly, Katie, we've seen, um, you know,

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Speaker 1: cash was not favored last year, and it seems that now,

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Speaker 1: I mean you're talking about it. Golden Sacks I mentioned

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Speaker 1: earlier is recommending investors go to a substantial portion of cash. So, um,

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Speaker 1: it seems like the right time. Well, I would say

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Speaker 1: we always give that advice. Though. We have a goal

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Speaker 1: based framework where we specifically align clients financial goals with

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Speaker 1: assets and strategies, So we always recommend having a year

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Speaker 1: of cash um in portfolios. But I would say, though,

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Speaker 1: is you know, it's been a tough call for tactical

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Speaker 1: investors with respect to cash because you're you know, you're

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Speaker 1: getting zero um interest rates. You know, with high level inflation,

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Speaker 1: you're getting a deeply negative real rate. So for tactical

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Speaker 1: investors or shorter term time horizons that aren't aligned against goals,

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Speaker 1: it's been very difficult and challenging to hold cash. All right,

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Speaker 1: So if I'm not in cash, I want to be

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Speaker 1: in equities. I have the courage to be in equities.

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Speaker 1: As Tom King would say, am I looking at the

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Speaker 1: big growth names that have been so good for so long.

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Speaker 1: I'm thinking more than a decade? Really, Uh, you know,

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Speaker 1: the Damazons and the Apples have delivered for shareholders. Or

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Speaker 1: do I stick with that cyclical trade um that's worked

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Speaker 1: so well over the past couple of years. You know,

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Speaker 1: I would say both, um, And here's the reason. So

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Speaker 1: we we certainly see economic growth being above trend um

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Speaker 1: for this year, So that would suggest leaning into some

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Speaker 1: of those cyclical areas, including European stocks that have high leverage,

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Speaker 1: high exposure to global growth. That's said, though, think about

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Speaker 1: the forward forecast going into and beyond. Growth is going

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Speaker 1: to come off the boil, and when growth balls you

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Speaker 1: tend or or is the very slow and sluggish you

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Speaker 1: tend to see growth stocks outperform. So I would say,

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Speaker 1: don't try to time the turn in the cycle. You

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Speaker 1: want to own both and if you can add an

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Speaker 1: additional layer of sort of quality over both your growth

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Speaker 1: and value stocks, I think those are the kinds of

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Speaker 1: companies that will be able to really serve you well

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Speaker 1: during this period of excessive volatility and probably slower growth

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Speaker 1: going forward. You just want to finally wrap up your

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Speaker 1: thoughts on the FED because you said you don't think

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Speaker 1: they're going to be able to go through with the

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Speaker 1: what um, four or five rate hikes and then reducing

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Speaker 1: the balance sheet. What do you think is going to

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Speaker 1: flip the Fed? Well, I mean, I think the markets

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Speaker 1: right now piking in somewhere between five and seven rate hikes. UM.

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Speaker 1: We think that's way too aggressive given given our outlook

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Speaker 1: for where the economy is going and really what the

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Speaker 1: economy is going to look like, um and the next uh,

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Speaker 1: you know, once we get past sort of the spring

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Speaker 1: in early summer, and I would say, you know, the

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Speaker 1: Fed may prefer they want to raise rates and start normalizing,

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Speaker 1: but the constraint is going to be the YEO curve,

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Speaker 1: and what we see right now is starty basis point.

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Speaker 1: The market is not giving the Feed a lot of

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Speaker 1: wiggle room here to raise rates five to seven times.

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Speaker 1: We think maybe the Fed's going to go and March.

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Speaker 1: That's that's a fet a complete could be fifty fifty

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Speaker 1: basis points. We hope they do. That will give a

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Speaker 1: strong message to the market that they're they're trying to

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Speaker 1: catch up, and then they may go a couple more times.

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Speaker 1: But We certainly don't think five to seven is in

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Speaker 1: the cards. All right, Katie, thank you so much for

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Speaker 1: joining us. Always appreciate getting your thoughts. Katie Nixon, ce

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Speaker 1: I O of Walth Management at Northern Trust, giving our

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Speaker 1: thoughts on these markets. Again, we have got a sell

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Speaker 1: off in the markets right today. In the last two years,

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Speaker 1: we've all been or many of us, many of us

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Speaker 1: have been working from home, learning from home. That's putting

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Speaker 1: a lot of data out there in the cloud. It's

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Speaker 1: putting it outside of the corporate offices, which raises all

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Speaker 1: kinds of cybersecurity issues. Let's get a handle on how

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Speaker 1: that's developing here, David Brittain, Global Strategy, were identity and

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Speaker 1: fraud from the firm experience at the ESPN Trades in London. Uh, David,

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Speaker 1: thanks much for joining us here. What have you guys

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Speaker 1: noticed from your clients in terms of data security, cyber fraud,

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Speaker 1: all those issues. How have they trended over the past

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Speaker 1: couple of years. Yeah? Thanks, it's a well, first of all,

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Speaker 1: it's a pleasure to be with you guys again and

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Speaker 1: to share a little bit of the thoughts that we've gotten.

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Speaker 1: Maybe for a little bit of context, are The group

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Speaker 1: that I work within where I leave strategy is the

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Speaker 1: identity and fraud group within Experience, as you rightly pointed out,

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Speaker 1: which we get access to a lot of interesting insights.

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Speaker 1: Uh And and with this rush to digital, unfortunately, the

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Speaker 1: digital progress has caused real rush to digital fraud as

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Speaker 1: well in fraud vulnerability. And so we we put out

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Speaker 1: a number of different predictions where we think fraud is

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Speaker 1: moving this year. It includes areas like we believe that

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Speaker 1: you know, we've all been hearing about ransomware. We think

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Speaker 1: ransomware a tax is going to increase going forward. Um,

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Speaker 1: and the and the crime that occurs there's not us

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Speaker 1: the ransom payout, that's the one that everybody is seemingly

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Speaker 1: most concerned about. But there's also data theft issues there

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Speaker 1: When those procesters get in and start to disrupt the networks,

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Speaker 1: there's a disruption to business. And then there's data theft

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Speaker 1: and compromise, which ultimately leads to a loss of trust.

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Speaker 1: So that's one thing that I think businesses need to

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Speaker 1: be increasingly aware of coming into the new year. How

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Speaker 1: do we the next one is David. First of all,

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Speaker 1: Nathan's mom works for you, and UH, we heard that

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Speaker 1: Nathan's mom works from home a lot of time. So

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Speaker 1: you have workers at home. Are you confident in UM

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Speaker 1: your ability to keep things safe even as not all

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Speaker 1: of your employees are in the office. You know, it's

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Speaker 1: we We absolutely embrace what we call a security first

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Speaker 1: philosophy here at Experience, and we we ensure that the people,

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Speaker 1: the systems, and the processes are under a constant review

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Speaker 1: UH to ensure that they maintain we maintain a best

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Speaker 1: in class security posture, and we spent a lot of

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Speaker 1: time and energy on that. Not really the area of

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Speaker 1: MYFA specifically. I'm more focused on some of the solutions,

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Speaker 1: the data, the solutions and technologies we offer to the market,

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Speaker 1: and that's where we see things like along, I didn't

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Speaker 1: really mean your ability to to stay safe. I meant

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Speaker 1: all of us, you know, because we're all doing that

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Speaker 1: right now, David Um not being Paul but or Nathan,

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Speaker 1: but everyone else seems is working from home and UM

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Speaker 1: there haven't been any massive catastrophes yet. Yeah. I think

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Speaker 1: it speaks to the work that had been done leading

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Speaker 1: up to this, the trends around what businesses were investing

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Speaker 1: in to be able to enter and maintain that security,

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Speaker 1: the practices that were being laid out, they had to

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Speaker 1: be accelerated. We advanced the agenda of what it meant

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Speaker 1: to be digital very quickly over the course of two years,

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Speaker 1: probably ten years in advance and when they thought they

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Speaker 1: may need them. Um and and so there's a number

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Speaker 1: of different things. And for consumers themselves, Uh, there are

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Speaker 1: a couple of other things to consider. One is around

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Speaker 1: the evolution of the crypto and the crypto scams that

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Speaker 1: are happening. There's reportedly half a billion dollars in losses

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Speaker 1: recorded last year on crypto payment scams, and that goes

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Speaker 1: to uh, sort of a bit appropriate to the topic today,

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Speaker 1: appropriate for Valentine's Days, are on the romance scams, where

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Speaker 1: we've seen a lot of an increase over the last year,

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Speaker 1: specifically in the vulnerability and as you mentioned, we're all

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Speaker 1: working from home, we're all sort of isolated during the

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Speaker 1: pandemic and there's a need to reach out, and so

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Speaker 1: romance scams were it was the most profitable year for

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Speaker 1: romance scams last year in the market. Yeah, yeah, interesting.

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Speaker 1: All right, David, too short a time. We're gonna get

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Speaker 1: you back on. We'll chat. I want to talk about

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Speaker 1: zel scams with David. Yes, and honestly about the the

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Speaker 1: the the solutions they offer consumers. You know, I guess

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Speaker 1: the question here is a micron as it eases here

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Speaker 1: in many parts of the country, particularly here in New York,

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Speaker 1: it's the infection rate is extraordinarily low, kind of pre

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Speaker 1: um kind of omicron levels. The question once again end

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Speaker 1: for employers turns back to how do I get people

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Speaker 1: back to work? Do I want to get people back

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Speaker 1: to work? Do people want to come back to the

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Speaker 1: office per se? Uh? It continues to be an issue

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Speaker 1: for Corporate America. John Fish, he's a CEO and chairman

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Speaker 1: of Suffolk Construction Company. John, thanks so much for joining

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Speaker 1: us here. What's your take of how this might normalize?

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Speaker 1: I e. Will people come back to the office, will

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Speaker 1: they work from home? Will they hybrid? What's your take? Well,

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Speaker 1: Matt and Paul, it's a pleasure to be with you

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Speaker 1: this morning. I want to thank you very much. I

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Speaker 1: do believe it's not if, but it's when. I think

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Speaker 1: most people want to return to the work once they

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Speaker 1: feel safe. So I think what we need to be

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Speaker 1: doing is a society is really following the data all

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Speaker 1: along and right now, I think we really are transitioning

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Speaker 1: really from a pandemic to an endemic, and we can

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Speaker 1: see that through the numbers. So my sense right now,

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Speaker 1: the average office is about forty full. I think by

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Speaker 1: the springtime we're gonna be seeing eight and hopefully by

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Speaker 1: the summertime end of the sum we're seeing about But

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Speaker 1: I think at the end of the day, I think

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Speaker 1: that's a direct we're going in right now. I gotta

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Speaker 1: push back against that. Um, if I were allowed to

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Speaker 1: work from home, I would never want to come back

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Speaker 1: to the office because I'd be working from home in Montana.

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Speaker 1: You know I would. But now you're gonna be in

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Speaker 1: Westchester community, and I love coming here, so don't get

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Speaker 1: me wrong. UM, And I love Westchester and I love

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Speaker 1: Suffolk County. I don't know where you are, John, but UM,

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Speaker 1: I'm guessing Boston. I think I think most people who

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Speaker 1: can are going to move are the kids, let's say,

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Speaker 1: are going to move to someplace that's not New York

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Speaker 1: prices and work for a place that is New York salary. UM,

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Speaker 1: I don't know, Uh, I don't know. I guess the

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Speaker 1: answer and we'll find out. But what are you hearing

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Speaker 1: from business leaders as far as getting people back in.

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Speaker 1: You know, I think fundamentally in the United States today,

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Speaker 1: in order for us to be competitive globally, we need

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Speaker 1: that energy, We need that cultural impetus to drive our

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Speaker 1: successes at our companies right now. And we saw the

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Speaker 1: experiment with education. Education really was a failed experiment. I

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Speaker 1: don't think the kids retained or learned much during the

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Speaker 1: last eighteen months during this virus itself. And also the

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Speaker 1: impact and we talk about the cities. When you think

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Speaker 1: about service oriented type of jobs that are really our economy,

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Speaker 1: they basically shut down in our city areas and people

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Speaker 1: the white college jobs were able to work remotely. But

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Speaker 1: at the end of the day, if we don't have

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Speaker 1: thriving cities, we're not going to have a strong economy

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Speaker 1: of the overall. And lastly, I would say this way

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Speaker 1: is that when you think about competitive edge, I've never

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Speaker 1: heard of anybody really having been able to build a

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Speaker 1: culture remotely, or mentor remotely, or provide a sense of

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Speaker 1: leadership remotely. And probably most how do people get promoted remotely?

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Speaker 1: And I'm not saying people cannot work remotely, but I'm saying,

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Speaker 1: generally speaking, in order for this our society that continue

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Speaker 1: going forward in a productive, equal way. We need our

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Speaker 1: cities and our offices to come back to full health.

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Speaker 1: You know, I see a lot of you know on

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Speaker 1: TV and things. When I see you know, stories about

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Speaker 1: coming back to the office. I see a lot of

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Speaker 1: officers have the plastic dividers up between deaths. Have you

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Speaker 1: seen that around? What? What do you what are you

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Speaker 1: seeing in some of your building, some of your clients?

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Speaker 1: You know? What's really about is I think over the

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Speaker 1: last ten years is we know cities have grown quite

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Speaker 1: a bit old temper cent over the last ten years,

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Speaker 1: and this whole office space grew quite a bit and

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Speaker 1: it became very expensive. So what people did is they

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Speaker 1: took of the average squift foot allocation for a person

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Speaker 1: from probably about a hundred and seventy five down to

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Speaker 1: some even went below a hundred square feet. I think

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Speaker 1: what we're gonna see now with the omicrone virus subsiding,

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Speaker 1: I think people coming back to work and that squift

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Speaker 1: footage figure is probably gonna move back to that one

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Speaker 1: fifty to two square foot range. So at the end

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Speaker 1: of the day, in the next two or three years,

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Speaker 1: I do think the office market will move back to

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Speaker 1: where it originally was. It will set this resiliency and

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Speaker 1: I think people will want to come back to work

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Speaker 1: with each other. I wonder about travel between you know,

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Speaker 1: along the Eastern Seaboard. You are obviously, um we hear

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Speaker 1: a little Boston there, and I think you're rated one

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Speaker 1: of the one most important people in Boston one hundred

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Speaker 1: most influential people in Boston by Boston Magazine. You also

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Speaker 1: sit on the executive committee of the Real Estate Board

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Speaker 1: of New York, so you're up and down the Eastern Seaboard.

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Speaker 1: Is the mobility what you want to see right now?

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Speaker 1: You know it's again I'm gonna go back to this

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Speaker 1: issue of safety going to the airport's right now. I

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Speaker 1: think you look at their protocols have been put in place,

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Speaker 1: and I believe it is safe for people to travel today,

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Speaker 1: especially on your lines. You take a look at the

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Speaker 1: how to improve the hb A system on these build planes.

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Speaker 1: It's never been as strong as it has been right now.

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Speaker 1: But at the end of the day, what we are

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Speaker 1: seeing is dealing with an endemic. Right now. The numbers

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Speaker 1: in the data show the things the virus is subsiding,

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Speaker 1: and we are getting close hopefully to what we call

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Speaker 1: herd immunity. At the end of the day, if we

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Speaker 1: can achieve that, I think we're all back in business.

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Speaker 1: I think at the end of the day, in a

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Speaker 1: competitive society, especially in globalization, we have to be with

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Speaker 1: each other. Totally agree. I just want to wonder what

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Speaker 1: you want to see beyond it. I mean, Paul and

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Speaker 1: I were done with the pandemic, so what's next to me?

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Speaker 1: I think in a sense of normalcy, I think what

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Speaker 1: people want to be they want to be with their

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Speaker 1: families with a sense of confidence and comfort, they want

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Speaker 1: to be with their work is in work and having

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Speaker 1: that social experience. At the end of the day, we

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Speaker 1: all think about building up personally and professional balance sheets.

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Speaker 1: We can't build that personal balance sheet or our professional

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Speaker 1: balance sheet working remotely in isolation. And I think the

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Speaker 1: whole issue of the school experience naturally prove that out. Hey, John,

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Speaker 1: thanks so much for joining us. Really appreciate getting some

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Speaker 1: of your time here, John Fish, CEO and chairman of

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Speaker 1: Suffol Construction Company, getting a little sense of kind of

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Speaker 1: what the new normal might look like for back to work. Um,

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Speaker 1: you know, it's it's interesting here in New York city.

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Speaker 1: You cannot get an apartment. There's not any vacancies for apartments.

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Speaker 1: But I don't know where the do the kids still

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Speaker 1: go to hobo? They do, but yeah they do, But

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Speaker 1: I mean, but they're not going to the office. Is

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Speaker 1: that's really odd. One of the topics that Matt and

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Speaker 1: I like to discuss is the supply chain issue, which

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Speaker 1: has become such an economic headwin on a global scale

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Speaker 1: as as a one of the fallouts from this pandemic.

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Speaker 1: And when we do that, we often talk about some

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Speaker 1: of the big, big companies, whether it's a big box

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Speaker 1: retailer like Walmart or a big transportation company like some

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Speaker 1: of the railroads. But I'm gonna go at it from

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Speaker 1: the angle of some smaller, newer businesses, and our next

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Speaker 1: guests can help us talk about that. Laura Modi, CEO

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Speaker 1: and co founder of Bobby. Bobby is a baby formula

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Speaker 1: delivery startup that sells direct to consumer and offers a

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Speaker 1: subscription service to parents across the United States. Laara, thanks

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Speaker 1: so much for joining us here. Talk to us about

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Speaker 1: your business getting stuff, delivering stuff. How are you dealing

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Speaker 1: with what is in you know, a supply change challenge

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Speaker 1: for so many sectors of this economy. Yeah, I'm delighted

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Speaker 1: to be chatting at you guys again. Look, I mean

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Speaker 1: there's global supply chain issues in every industry, but I

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Speaker 1: think we're seeing it. And the anxiety around infant formula

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Speaker 1: is it's at an all time high. And it is

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Speaker 1: because if there's any product that you shouldn't be running

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Speaker 1: out of, I mean, infant formula is one of those.

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Speaker 1: So what we offer is we're directed consumer infant formula

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Speaker 1: delivery service. Bobby is one of the first organically and

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Speaker 1: infantformers on the market in the last six years, and

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Speaker 1: we get the product wherever you are, to your door.

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Speaker 1: Like when you do look at why is there a shortage?

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Speaker 1: The consumer behavior is rapidly changing, and it's changing in

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Speaker 1: the way they shop, where they shop, the quantity at

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Speaker 1: which they're buying. And because of that, retailers are just

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Speaker 1: not quick enough to be able to respond. But online

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Speaker 1: we are last order. In Q four of last year,

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Speaker 1: we saw a hundred and eight percent increase in our

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Speaker 1: subscriptions because parents want the security in getting their formula

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Speaker 1: well and because it's difficult to get the kind of

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Speaker 1: formula you offer in this country. As you know, we've

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Speaker 1: spoken before. UM, I just moved over here from Berlin,

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Speaker 1: and the formula that um, everybody on Park Avenue wants

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Speaker 1: is is only available in Europe, it seems, so why

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Speaker 1: is that? Why? Um, have you been the first person

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Speaker 1: to fill this gap? You know, why didn't anybody else

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Speaker 1: see the problem and shoot in first? Well? First, I

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Speaker 1: mean Berlin, Germany is the birthplace of high quality insan

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Speaker 1: formia and in many ways was the inspiration to getting

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Speaker 1: Bobby off the ground. I would say many people noticed it,

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Speaker 1: and you know, as a tired, exhausted mom, it's the

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Speaker 1: first thing you see, which is why are returning to

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Speaker 1: a black market for European infant formula? Why are we

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Speaker 1: not able to get high quality intant formula here? Now?

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Speaker 1: It would be remiss to not say that this wasn't

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Speaker 1: a journey. It takes a long time to essentially redesign

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Speaker 1: an intrant formula, find the suppliers of choice, and then

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Speaker 1: get it approved here in the US. So we went

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Speaker 1: on a three year journey just to get the FDA

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Speaker 1: green light to launch our formula. This is not a

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Speaker 1: pantry product. You can't just enter the market easily. It

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Speaker 1: takes a lot of rigor a lot of quality, and

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Speaker 1: we're very fortunate. By the way. I don't want to

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Speaker 1: go off on too much of a tangent, but when

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Speaker 1: I think of the importance of formula and nutrition for

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Speaker 1: infants and children, it always reminds me of there was

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Speaker 1: a Freakonomics in the first book when they talk about

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Speaker 1: changes made in the seventies lead to drops in crime

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Speaker 1: rates in the nineties. And I always think about the

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Speaker 1: importance of feeding our children well nutritionally. Um is up

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Speaker 1: there with like giving them love right in terms of

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Speaker 1: creating better citizens when they're eighteen, you know, and we don't,

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Speaker 1: and we have a real problem with that, I think, Um,

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Speaker 1: in this country, Laura, I don't know if if you've

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Speaker 1: noticed it, because judging by your accent, you didn't grow

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Speaker 1: up here, but it could make such a big difference. Um,

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Speaker 1: what do you do for the to help the underserved

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Speaker 1: or the underprivileged people who can't afford good formula? Yeah,

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Speaker 1: well said, I mean, I think we forget as well

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Speaker 1: that infant formula is the first food that a baby

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Speaker 1: is going to consume. So why is it that the

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Speaker 1: first ingredient is corn syrup or not setting them up

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Speaker 1: for success. We need to make sure that the nutrients

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Speaker 1: and ingredients in this product do set them up for

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Speaker 1: success at an adolescent as an adult. Um So for

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Speaker 1: the underserved, I mean this is really really important for

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Speaker 1: us that the affordability and access to high quality formulas

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Speaker 1: out there for everyone. We've made a commitment that every

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Speaker 1: CAWNT purchase it equals a feed to a baby, and

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Speaker 1: we've made many different partnerships with those underserved communities like

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Speaker 1: Brilliant a Choice where we're giving Bobby back to make

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Speaker 1: sure it is accessed by everyone. Lauren, thank you so

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Speaker 1: much for joining us. We always appreciate getting your perspective

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Speaker 1: on the day to day small business in America dealing

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Speaker 1: with some of the challenges of growth and supply chain.

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Speaker 1: Laura Modi, CEO and co founder of the firm Bobby,

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Speaker 1: which provides a baby formula delivery. Thanks for listening to

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Speaker 1: the Bloomberg Markets podcast. You can subscribe and listen to

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Speaker 1: interviews of Apple podcasts or whatever podcast platform you prefer.

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Speaker 1: I'm Matt Miller. I'm on Twitter at Matt Miller. Put

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Speaker 1: on fall Sweeney I'm on Twitter at pt Sweeney. Before

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Speaker 1: the podcast, you can always catch us worldwide at Bloomberg Radio,