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Speaker 2: I've Ben find stuff joins us with Tigris this morning.
Speaker 2: He survived Boston University Finance and accounting, one of the
Speaker 2: great grinds of college academics. Ivan, I'm going to cut
Speaker 2: to the chase. You've got a very very constructive note
Speaker 2: on a quote classic shakeout of crowded AI trades. Do
Speaker 2: you load the boat on Microsoft? What's the character of
Speaker 2: your enthusiasm to acquire shares?
Speaker 3: Well, first of all, I think this negative view of
Speaker 3: this software stocks is just way overdone. Even Jensen Long
Speaker 3: has said that software drives the functionality of hardware.
Speaker 2: But look, it's still.
Speaker 3: AI is a powerful investment theme, and we're going to
Speaker 3: see things get to have themselves like we saw this
Speaker 3: run up in arm, run up in Micron, run up
Speaker 3: in SanDisk. But yet this is a very powerful theme
Speaker 3: that I think has still long to run, and the
Speaker 3: next phase is going to be the evolution of smart
Speaker 3: devices that just have an AI operating system, and instead
Speaker 3: of on your phone using different apps to do different functions,
Speaker 3: you're going to have an overall AI interactive operating system
Speaker 3: that then will drive agents to use different apps to
Speaker 3: accomplish what you want. Like for example, if you're interested in,
Speaker 3: you know, you want to eat Italian food, where's the
Speaker 3: best place to go to where I am. It'll give
Speaker 3: you some suggestions and all you have to do is say,
Speaker 3: all right, book me a table at seven point thirty
Speaker 3: for four people at this restaurant, and it will do
Speaker 3: that rather than you having to go to Rezi or
Speaker 3: to one of the other apps to both interaction.
Speaker 2: And this is what qualcomm.
Speaker 3: In fact, I'm going to be attending quill Common investerday today,
Speaker 3: but is using their processors, data centers, and most important,
Speaker 3: the power of this is computing at the edge.
Speaker 2: Okay, now, yeah, but hold on, Paul, help me there?
Speaker 2: Can AI get me a table at rows?
Speaker 4: I don't think there?
Speaker 3: I know, yes, he I doesn't have that much juice
Speaker 3: at least right now.
Speaker 4: Ivan frame mount kind of your conversations with your clients
Speaker 4: about software broadly defined, because again we've had a sell
Speaker 4: off in this sector, particularly for the SaaS names that
Speaker 4: a lot of people did not see coming. And it's
Speaker 4: been such a strong, strong sector to be in for
Speaker 4: decades because of the recurring revenue and a free cash flow.
Speaker 4: What's your view of software broadly defined these days.
Speaker 3: I think there's a lot of opportunity in the database
Speaker 3: software companies like Mango dB and like Monday dot Com.
Speaker 3: I think the software the infrastructure providers like Oracle, as
Speaker 3: well as the process of providers like Nvidia and memory. Look,
Speaker 3: there's a tremendous shortage of memory because of the huge
Speaker 3: demand to build out these data centers, and memory prices
Speaker 3: have tripled and quadrupled over the past year, and that's
Speaker 3: what's been driving things like Micron at sand Disc. So,
Speaker 3: but this is a powerful theme that will go on
Speaker 3: for some time.
Speaker 4: Microsoft down twenty three percent year to date. You don't
Speaker 4: see that very often here, which your view there of
Speaker 4: just kind of Microsoft and some of these software names.
Speaker 3: I think Microsoft is a tremendous buy here. We've seen
Speaker 3: this trend before where all of a sudden the market
Speaker 3: turns negative on Microsoft because years ago they weren't in
Speaker 3: the cloud. They are a cloud leader. They weren't INAI,
Speaker 3: they are in AI leader, and they still command ninety
Speaker 3: percent of all computer desktops. So this is a huge
Speaker 3: infrastructure provider and I think a tremendous buy here.
Speaker 2: And look the state of this and the catalyst of it.
Speaker 2: What is the earning season going to look like? Is
Speaker 2: it can convey that all these companies, these believe you
Speaker 2: tech companies are still.
Speaker 3: Thriving, absolutely and with each report an increasing capital investment
Speaker 3: in AI.
Speaker 2: We saw it. So with the you know Q four
Speaker 2: and full.
Speaker 3: Year results of all the big tech companies, the five
Speaker 3: or six major tech companies have committed over six on
Speaker 3: close to seven hundred billion dollars in capital investment for
Speaker 3: this year, close to fifty percent from last year. So
Speaker 3: capital investment in AI infrastructure and data centers and in
Speaker 3: all the different factors or cloud computing, edge computing and
Speaker 3: the access to this. Now I bring up WELLcom because
Speaker 3: they recently announced we're they're working with open Ai. Last year,
Speaker 3: open ai hired Johnny Ives from Apple to lead device creator.
Speaker 3: Johnny Ives was the developer of the original iPhone. So
Speaker 3: you're going to see devices from all of these companies.
Speaker 3: It's going to be you know handheld desk connected devices.
Speaker 3: The Meta just announced a new line of smart glasses.
Speaker 3: It's going to be all these different devices that help
Speaker 3: you interact right and get your questions answered by using
Speaker 3: AI agent.
Speaker 2: I've ad finds this wonderful and technology at Tigers. Stay
Speaker 2: with us. More from Bloomberg Surveillance coming up after this.
Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us live
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Speaker 2: We are just thrilled in Chad Wayne with us with Vanguard.
Speaker 2: The academic path is her Beijing University in China that
Speaker 2: she stumbled on the duke peaked at peached a duke
Speaker 2: and then I wandered by Stanford to pick up the people.
Speaker 2: What was your first day like at Duke to come
Speaker 2: from China? Did you know who UNC was? Did you
Speaker 2: have any Indiana Duke un see when you walked in
Speaker 2: the door.
Speaker 5: Well, my memory is still vivid when I actually come
Speaker 5: to North Carolina, Blue Devil right, you know, fos keyboy
Speaker 5: is the number one thing, and I still remember oil
Speaker 5: price was ninety nine cents at that moment. That was
Speaker 5: back in nineteen ninety seven.
Speaker 6: Surely that's just.
Speaker 2: Too short a visit today. But I've just got to
Speaker 2: cut to the chase. The state of Hong Kong. We
Speaker 2: have a huge platform there Stephen Engel, Yvonne and Dan
Speaker 2: and all the team at Bloomberg. There the state of
Speaker 2: government in Hong Kong on right now.
Speaker 5: M Yeah, I think Hong Kong actually is you know,
Speaker 5: stabilizing right after quite a few years of uh, you
Speaker 5: know uncertainty, right, you know, this kind of uncertainty about
Speaker 5: the political landscape there Hong Kong. Actually, I think the economy,
Speaker 5: the market is finally coming back, so some of the
Speaker 5: regulatory uncertainty is actually fading. We do see the finance
Speaker 5: industry and the labor market is actually starting coming back,
Speaker 5: especially with this Ai story.
Speaker 2: What is it's my great mentor Michael Elliott who had
Speaker 2: lost way too early from Time Magazine Up the mountain,
Speaker 2: up the hill. Is the capitalistic spirit still in Hong Kong.
Speaker 5: I think this is where what you would see in
Speaker 5: Hong Kong is more this kind of socialist style, right,
Speaker 5: you know, uh market economy, right, That's where I think
Speaker 5: to a certain stand Hong Kong is so unique to China, right,
Speaker 5: it still remains the window, you know, for China to
Speaker 5: connect to the rest of the world. Right, So that's
Speaker 5: where I would say you would continue to see this
Speaker 5: kind of free capital flow, free market economy that will
Speaker 5: remain to be the uniqueness about Hong Kong that is
Speaker 5: actually different from the mainland China.
Speaker 4: Talk to us about the economy on mainland China. How
Speaker 4: do you see it today and what are the key
Speaker 4: drivers going forward?
Speaker 2: Do you think?
Speaker 5: Well, I think when you look at the Chinese economy,
Speaker 5: I think on the headline, you see that the real
Speaker 5: economic growth seems to be pretty good, right, you know,
Speaker 5: they are able to achieve their growth target last year
Speaker 5: and this year four point five to five percent is
Speaker 5: not that difficult to achieve either. But I think underline
Speaker 5: that headline you see significant divergence between supply and demand.
Speaker 5: At this moment, most of the economy driver is really exports,
Speaker 5: Right Is that sustainable? I don't think so, right, because
Speaker 5: that's going to create a lot of global friction, right,
Speaker 5: protectionism from US, Europe even other emergent markets. Well, on
Speaker 5: the other hand, if you look at the domestic demands
Speaker 5: and consumer retail sales just you know contracted last months, right,
Speaker 5: and then you know, fixed investment housing is in this
Speaker 5: persistent long term. I don't see a decisive turn yet
Speaker 5: at this moment without you know, significant government intervention or
Speaker 5: leverage in central government balance sheet. So housing market hasn't
Speaker 5: bottom yet.
Speaker 4: How does China view the US in terms of these
Speaker 4: trade negotiations? I kind of it just feels like to
Speaker 4: me as an outsider, both sides kind of need each other.
Speaker 4: It seems like, how does China view it?
Speaker 3: Yeah?
Speaker 5: I think that's you know one thing especially I think
Speaker 5: with President Trump's visit to China. You know, they talk
Speaker 5: about this kind of strategic stability, and to me, it's
Speaker 5: more of a transactional relationship. Right. That's where the world
Speaker 5: and the US realized that, yeah, we still need China,
Speaker 5: especially at this moment when we are doing all those
Speaker 5: build out right AI you know, and the rest work
Speaker 5: Green transition, and you still need that kind of manufacturing
Speaker 5: capacity from China.
Speaker 2: Help us with the dollar. The basics in vanguard courses
Speaker 2: front and center. Honest, we need a weak dollar to
Speaker 2: have international equity investment go. That's been disproving here recently.
Speaker 2: Do we need a week dollar, Do we need a
Speaker 2: strong yuan?
Speaker 1: Yeah?
Speaker 5: I think I definitely think one actually is somewhat undervalue.
Speaker 5: You know, if you look at the fundamental the purchase
Speaker 5: and power, the record high you know, current council plus right,
Speaker 5: you know, one point two treaty and last year and
Speaker 5: then this year is likely to remain elevated. I do think,
Speaker 5: you know, there's room for reman be yuan to appreciate
Speaker 5: and to a certain stand I think that aligns with
Speaker 5: the strategic goal of the Chinese government, right. They want
Speaker 5: to push in them and be internationalization. They want to
Speaker 5: boost up people's confidence in the Chinese economy and assets.
Speaker 5: A stronger rum will actually help them. But I think
Speaker 5: it's the question is really about the pace of appreciation.
Speaker 5: I don't think China will ever let the pace of
Speaker 5: appreciation or depreciation to be that fast, right, So anything
Speaker 5: is in the controlled, managed, you know, pace by the
Speaker 5: central bankan government.
Speaker 4: Tariffs were however long we're into the whole tariff regime. Here,
Speaker 4: President Trump, here, what's the view in China? What's the
Speaker 4: impact been on China? How are they viewing this tariff environment?
Speaker 5: Yeah, I mean that's an interesting part because I've been
Speaker 5: you know, visiting you know, China manufacturing sector, you know,
Speaker 5: in Guangdong, in Huatyang, you know, every year, right, And
Speaker 5: you know, last year at the peak of the tariff,
Speaker 5: when I was talking to a lot of manufacturers, I think,
Speaker 5: you know, many of them feel like, you know what,
Speaker 5: we see this coming, right, Like the trade war actually
Speaker 5: started in twenty eighteen, and Chinese factories manufacturing has been
Speaker 5: preparing for this for quite a few years. They've been
Speaker 5: diversifying their you know, export market and moving their factories
Speaker 5: right out of China. And also China is so competitive, right,
Speaker 5: the cost is so low, so they can bear the target,
Speaker 5: you like, way Lee of black Rock.
Speaker 2: There's just such an authentic reality of China away from
Speaker 2: the media myths in America. What's the number one thing
Speaker 2: Americans get wrong about the state of China right now?
Speaker 5: Well, I think you know, for a long time, we
Speaker 5: as economists has been arguing that, you know, does China's
Speaker 5: model work, right, the kind of you know, a government
Speaker 5: plant or you know, socialist style of market economy does
Speaker 5: not work at all, I mean, including industry policy, right.
Speaker 5: I mean, you know, at some point people start to realize, Yeah,
Speaker 5: it worked to a certain extent. Right, It's so at
Speaker 5: some point it needs to be a you know combination. Right,
Speaker 5: maybe the government can need to help, right, need to
Speaker 5: support the economy to a certain extent, but at the
Speaker 5: same time they also need to let the market economy
Speaker 5: play their role in areas that you know, otherwise you
Speaker 5: could end up with over capacity as we are seeing
Speaker 5: today and you kind of distort you know, the economy,
Speaker 5: which is not sustainable.
Speaker 2: This has been wonderful. Thank you so much for the
Speaker 2: effort to get here, and a long travels. Chang Wing
Speaker 2: is with this chief Asia Pacific economist at Vanguard driving
Speaker 2: all of their economics worldwide. Stay with us. More from
Speaker 2: Bloomberg Surveillance coming up after this.
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Speaker 2: YouTube Massive Rip up the script and we can do
Speaker 2: this with Libby Cantrol of Pimco as well. The Secondary
Speaker 2: of Treasury is over on a death start given the
Speaker 2: Republican line off the elections last night this is Bessent.
Speaker 2: Last night we saw ma'm donnie is Leader of Democrats.
Speaker 2: Laura Nemaias picked that up for Bloomberg with Naka Kitan
Speaker 2: and Samuel Church this morning, talking about anti establishment anger
Speaker 2: is the Progressive Democrats, the Social Democrats, the new Mumdanni angle.
Speaker 2: This is not Jacob Javits, this is not this is
Speaker 2: not Hubert Humphrey. This isn't even John Lindsay, is it.
Speaker 5: No?
Speaker 7: I mean this is so I think a couple of things.
Speaker 7: One is that just remember politics are local, so we're
Speaker 7: talking about one of, if not the most liberal city
Speaker 7: in America. But what this does show you what sort
Speaker 7: of the what the primary results show you last night
Speaker 7: is one, Mumdanni has incredible star power. He went three
Speaker 7: for three in terms of endorsing folks who ended up winning.
Speaker 7: But two, there is a lot of anti incumbent anger and.
Speaker 4: You saw this.
Speaker 7: You've seen this on the Republican side just as a reminder,
Speaker 7: and now you're seeing it on the Democratic side as well.
Speaker 7: And then number three is that the Democratic Socialist at
Speaker 7: least here in New York City, are much better organized
Speaker 7: than the party. So grassroots outreach, that all that stuff
Speaker 7: still matters. I think this is very much expected that
Speaker 7: the Republicans will sort of demagogue this, they'll make this
Speaker 7: sort of the face of the Democratic Party. I think
Speaker 7: it is also important just to remember that other folks,
Speaker 7: more moderate candidates actually won last night, and on the
Speaker 7: Democratic side in Utah and upstate New York, down in Maryland.
Speaker 7: So I'm not sure that we should be extrapolating massive
Speaker 7: themes about kind of the future of the Democratic Party.
Speaker 7: But what is clear from on the Republican side and
Speaker 7: Democratic side, and people are angry and they're mad at
Speaker 7: incumbents and they're taking them out on this sort of
Speaker 7: the political class, if you will.
Speaker 4: Democratic socialists not really even sure what that is. But
Speaker 4: is that a national thing?
Speaker 7: Well again I think, I mean, it's definitely a thing
Speaker 7: in the urban cities. So what you've seen in LA,
Speaker 7: what you're seeing in Washington, DC, and you can hear
Speaker 7: in New York. So and again, what do democratic socialist
Speaker 7: stand for? I think it is pretty amorphous, honestly. But
Speaker 7: their their outreach, their grassroots, they're organizing, I mean, it
Speaker 7: has been you know, seller and as a result they
Speaker 7: are doing well in these cities. Again, I would just
Speaker 7: be were I would not extrapolate necessarily to national politics.
Speaker 7: New York City, LA, Washington, d C. Obviously very you know,
Speaker 7: very different. The only the other thing I think just
Speaker 7: to remember is that, like we haven't gotten the final
Speaker 7: voter turnout figures, but it's like ten percent of voters
Speaker 7: voted last night.
Speaker 6: If that okay, I get it.
Speaker 2: That forty two people voted.
Speaker 7: Were you one of them?
Speaker 2: Okay? But here's the sub sub headline in the Washington Post.
Speaker 2: How can Jeffries back candidates lose key primary races? How
Speaker 2: do the Jeffries How does a mainstream Democrat in Michigan
Speaker 2: adapt and adjust to this anger? This is Laura says,
Speaker 2: this anti establishment anger.
Speaker 7: Well, so again, I mean I think they'll try to
Speaker 7: tap into this. I mean, this is a theme. We're
Speaker 7: just seeing this. So whatever your labels you put on it,
Speaker 7: you're seeing that voters are angry about gas and groceries
Speaker 7: and housing and healthcare and now AI is the new boogeyman.
Speaker 7: And so you know, I think that what democrats who
Speaker 7: are moderate, who are winning and need to win and
Speaker 7: kind of purple, if not reddish districts, they'll try to
Speaker 7: kind of tap into the bigger themes and try to
Speaker 7: stay away from the labels. Now, of course, question if
Speaker 7: they can do that. Think Republicans are going to try
Speaker 7: to be smart about pinning Mamdani on the entire Democratic Party.
Speaker 7: As we know, Democrats are a big tent, so they'll
Speaker 7: think they'll try to they'll try to use that as
Speaker 7: their kind of rationalization.
Speaker 4: Please, So, most of our viewers and listeners were just
Speaker 4: enjoying the early early days of summer, but boy, the
Speaker 4: midterms are right around the corner. What's the feeling these
Speaker 4: days about how this might lay out in mid terms?
Speaker 7: Well, look, I think that Well, again, anti incumbency, I
Speaker 7: think this, and so you know, I would argue that Democrats,
Speaker 7: we are a casualty of this. In twenty twenty four,
Speaker 7: voters were angry. Then they put President Trump obviously pretty
Speaker 7: unequivocally into the White House. Republicans won both chambers. I
Speaker 7: think you're going to see a little bit of a
Speaker 7: reversal of that now the Democrats or Democrats probably winning
Speaker 7: the House. I think those Republicans will still keep the Senate.
Speaker 7: But again, I think that the overall theme is that
Speaker 7: the political establishment is not working for voters, and voters
Speaker 7: will take that out on either party, with all parties.
Speaker 2: With all your connections, with all your heritage to Washington.
Speaker 2: If there's a four box dilemma, the basic idea that
Speaker 2: if the Democrats mess this up mid term in presidential
Speaker 2: twenty eight, that the Republicans will win again. Can the
Speaker 2: Democrats get their act together and coalesce into a winning message?
Speaker 7: They have to be something other than just anti Trump.
Speaker 7: And because they are kind of a bunch of cats
Speaker 7: and dogs, a big umbrella party, I viewers, that's the history.
Speaker 7: Of course, it's a big tent. You know, this is
Speaker 7: sort of the heritage of the Democratic Party. You know
Speaker 7: very well, Tom. So you can they though, coalesce around
Speaker 7: several key themes or key messages that are not just
Speaker 7: anti Trump. That has been the glue for the party
Speaker 7: since twenty sixteen. I think it's a it's a pretty
Speaker 7: fragile base in order to win a launch.
Speaker 2: Can you come back tomorrow?
Speaker 6: Well, I promise, well, ye, we'll talk to thanks tomorrow.
Speaker 2: Let me caret. Thank you so much for that. Stay
Speaker 2: with us. More from Bloomberg Surveillance coming up after this.
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Speaker 1: weekday afternoons from seven to ten am Eastern. Listen on
Speaker 1: Apple Karplay and Android Auto with the Bloomberg Business app,
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Speaker 2: Our guest here I'm Detroit, but also on his Cleveland Cavaliers.
Speaker 2: Jared Fleischer joins us right now the pet and Bogs
Speaker 2: with Bedrock Detroit. I want to talk about Detroit, but
Speaker 2: what I really want to talk about is Dan Gilbert.
Speaker 2: Like his father or grandfather lily washed cars. Yes, they
Speaker 2: started out classically with next to nothing. How did that
Speaker 2: affect you? Every day? That the big guy owns the
Speaker 2: Cleveland Cavalies and others, they there's an internal energy there
Speaker 2: like no other.
Speaker 6: I think Dan Gilbert represents the American dream, but also
Speaker 6: the best of America. You know, came from nothing. His
Speaker 6: parents owned a bar in a in a rough area
Speaker 6: of Detroit. That's how he grew up. Left himself up
Speaker 6: by the bootstraps, you know, went to Michigan State University,
Speaker 6: ran a little gambling room out of his dorm, gambling
Speaker 6: ring out of his dorm room to make some money
Speaker 6: when he was at MSU. This is this is a
Speaker 6: guy's a hustler. Started a little brick and mortar mortgage company,
Speaker 6: and it was the first to see the vision of
Speaker 6: bringing mortgages national and online. And really basically, you know,
Speaker 6: from basically is his basement, built the largest mortgage lender
Speaker 6: in the United States of America, bigger than the big banks,
Speaker 6: and took the profits from that and turned around Detroit
Speaker 6: and turned around.
Speaker 2: Ross Family in Miami. From day one, he gave it
Speaker 2: back population growth in Detroit in twenty twenty five, what's
Speaker 2: the final catalyst to get people in Gross Point to
Speaker 2: move back into Detroit?
Speaker 6: Before Dan, the last time Detroit grew is nineteen fifty seven.
Speaker 6: Detroit's peak population is one point nine million, trunk all
Speaker 6: the way to six hundred and thirty thousand. With Dan's
Speaker 6: investments in the city, it's growing for the first time
Speaker 6: starting in twenty twenty four. It's leading the state of
Speaker 6: Michigan in growth. In Dan's whole thesis is if we
Speaker 6: invest in place and we turned Detroit into a cool
Speaker 6: city we were talking earlier, making it like you know,
Speaker 6: Williamsburg in Brooklyn, where the young people want to be.
Speaker 6: It works. You create that kind of place the young
Speaker 6: people come. When you have talented young people, then you
Speaker 6: get business and you create a virtuous cycle. That's what
Speaker 6: we're seeing in Detroit and Cleveland.
Speaker 4: Talk to us about just the economic drivers of Detroit
Speaker 4: has many of our listeners and viewers, they'll think auto
Speaker 4: industry much like I think Texas energy. But it's different.
Speaker 2: Now.
Speaker 4: Talk to us about the economic drivers in Detroit.
Speaker 2: Yeah.
Speaker 6: So, uh, you know, the auto industry still dominates our state,
Speaker 6: you know, the home of the Big three and the
Speaker 6: whole and the supply chains. You know, our region is
Speaker 6: still a big economic region four point one million people.
Speaker 6: But what you saw, you know, over a generation, was
Speaker 6: all that economic activity leave Detroit and as you saw
Speaker 6: kind of broader de industrialization and the globalization the auto industry,
Speaker 6: you saw, you know, the whole economic footprint in Michigan's shrink.
Speaker 6: And so what we're trying to do is diversify our economy.
Speaker 6: Mortgage is a big part of our economy in Michigan.
Speaker 6: Increasingly tech it's a big part of our economy. Heads
Speaker 6: and meds, you know, with innovation and healthcare is a
Speaker 6: big part of our economy. But Dan's whole thesis is
Speaker 6: it starts with place. If we turned Detroit, we just
Speaker 6: got great bones, such history on the river all for
Speaker 6: sports teams, downtown great bars, restaurants. If we build you know,
Speaker 6: the kind of Williamsburg like environment that attracts young people.
Speaker 6: That's how you start the engine.
Speaker 2: Okay, you're tan inrested from working in patent bogs in Washington.
Speaker 2: You go out to the war zone there. Can you
Speaker 2: explain to Detroit into Michigan that the Gordi Hell Bridge
Speaker 2: is not open cold you be here?
Speaker 6: You know the Gordie how Bridge, which is a connection
Speaker 6: between Detroit and Windsor, Canada, the busiest overland trade corridor
Speaker 6: in the country or the second busiest. Canada financed the
Speaker 6: construction of the bridge one percent. Canada even built the
Speaker 6: toll plaza on the US side. And the deal is
Speaker 6: so that can say, put up all the money they
Speaker 6: get the tolls from.
Speaker 2: Utreo exactly.
Speaker 6: That was the deal until they get paid back. And uh,
Speaker 6: there's some people, you know at sixteen hundred Pennsylvania Avenue
Speaker 6: who think that was not a good deal and are
Speaker 6: holding up the opening of the bridge. Not quite sure
Speaker 6: you can get a better deal than somebody paying for something.
Speaker 4: Yeah, so what's next for Detroit here? Talk to us
Speaker 4: about kind of how you guys are thinking about the
Speaker 4: next five years, ten years.
Speaker 2: Yeah.
Speaker 6: So the last ten years Dan's focus in Detroit was
Speaker 6: on our north South corridor, which is we call it
Speaker 6: Woodward Avenue, think about it like Fifth Avenue here your
Speaker 6: main avenue. And then for the next ten to fifteen
Speaker 6: years it's on our riverfront, on our riverfront, which our
Speaker 6: east west axis. The big anchor of our riverfront is
Speaker 6: the Renaissance Center, which to give you a sense how
Speaker 6: big this building is, it's twice the size of the
Speaker 6: Empire State Building built by Henry Ford. The second former
Speaker 6: home of the General Motors Corporation, big empty, empty office
Speaker 6: complex looming over the riverfront. We're going to do the
Speaker 6: most ambitious and complex adaptive reuse project in the country,
Speaker 6: bring that thing back to life and redevelop our whole
Speaker 6: riverfront in Detroit. You know, there's a lot of models
Speaker 6: of how New York is brought back its riverfront. We're
Speaker 6: gonna try to do the same in Detroit.
Speaker 2: Chure Fleas, sure, thank you. So this is don't be
Speaker 2: a stranger Bedrock Detroit on one of the great great
Speaker 2: comebacks in America.
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