1 00:00:04,480 --> 00:00:08,480 Speaker 1: This is Bloomberg Business Week with Carol Messer and Bloomberg 2 00:00:08,560 --> 00:00:13,440 Speaker 1: Quick Takes Tim Stinovik from Bloomberg Radio. Welcome to the 3 00:00:13,440 --> 00:00:16,480 Speaker 1: Bloomberg Business Week Extra. It's our weekly podcast bringing you 4 00:00:16,520 --> 00:00:18,840 Speaker 1: a highlight or favorite interview from the week. This was 5 00:00:18,880 --> 00:00:21,880 Speaker 1: a fun conversation. This week it's with Ted SAIDs. Ted 6 00:00:21,920 --> 00:00:25,160 Speaker 1: began his career at the Yale University investments officer under 7 00:00:25,200 --> 00:00:28,480 Speaker 1: the famed and iconic David Swenson, later co founding a 8 00:00:28,560 --> 00:00:32,400 Speaker 1: multibillion dollar alternative investment firm. Today, Ted said is founder 9 00:00:32,400 --> 00:00:35,479 Speaker 1: and managing partner of Capital Allocators, host of the Capital 10 00:00:35,520 --> 00:00:38,159 Speaker 1: Allocators podcast, where he talks with some of the world's 11 00:00:38,280 --> 00:00:40,800 Speaker 1: top professional investors, and he's got a new book out 12 00:00:40,840 --> 00:00:43,800 Speaker 1: by the same name. It's called Capital Allocators How the 13 00:00:43,800 --> 00:00:46,560 Speaker 1: world's elete money managers lead and invest. We had so 14 00:00:46,640 --> 00:00:49,440 Speaker 1: much to talk about, including all the frenzy trends of 15 00:00:49,479 --> 00:00:52,199 Speaker 1: the past month from SPACs, crypto, e s G, and 16 00:00:52,400 --> 00:00:54,480 Speaker 1: so much more. Honestly, it's been one of the best 17 00:00:54,520 --> 00:00:58,800 Speaker 1: years of my life. Why well, it's a combination of 18 00:00:58,840 --> 00:01:02,160 Speaker 1: things on the professional side, the podcast. As it turns out, 19 00:01:02,280 --> 00:01:05,960 Speaker 1: right this medium can grow and continue in an environment 20 00:01:06,000 --> 00:01:08,400 Speaker 1: like this, so I've been able to focus. It's been 21 00:01:08,480 --> 00:01:11,200 Speaker 1: easier to get access to some of the people that 22 00:01:11,240 --> 00:01:13,440 Speaker 1: I get a chance to talk to because their schedule, 23 00:01:13,560 --> 00:01:17,800 Speaker 1: their travel schedules are down, and the engagement with the 24 00:01:17,840 --> 00:01:20,600 Speaker 1: content we've been putting out has just grown. It grew 25 00:01:20,880 --> 00:01:24,520 Speaker 1: over a last year in terms of downloads, so that's 26 00:01:24,520 --> 00:01:26,880 Speaker 1: been great. On the personal side, I got married last year, 27 00:01:26,920 --> 00:01:29,360 Speaker 1: so that's the love of my life and things have 28 00:01:29,440 --> 00:01:32,880 Speaker 1: been great. Congratulations, Wow, like kidding, get out of the park. 29 00:01:32,920 --> 00:01:36,160 Speaker 1: That is incredible. UM. You know, it's funny that you 30 00:01:36,160 --> 00:01:37,840 Speaker 1: say that about access to people, because I think that's 31 00:01:37,840 --> 00:01:40,959 Speaker 1: something we realized too, that everybody once you realized it 32 00:01:41,040 --> 00:01:45,640 Speaker 1: was kind of okay to talk. Uh, everybody was home 33 00:01:45,680 --> 00:01:48,200 Speaker 1: and in the same situation. And you're right, we had 34 00:01:48,200 --> 00:01:51,280 Speaker 1: like access to people too that we hadn't before. So 35 00:01:51,600 --> 00:01:54,840 Speaker 1: it's interesting that that that was your experience as well. 36 00:01:55,200 --> 00:01:59,760 Speaker 1: Let's talk about UM, your book and capital allocators, because 37 00:01:59,760 --> 00:02:01,720 Speaker 1: I do think we're in an interesting time where we're 38 00:02:01,720 --> 00:02:06,600 Speaker 1: watching a lot of investment trends. We're watching this back explosion, 39 00:02:06,760 --> 00:02:10,639 Speaker 1: the Reddit revolution, We're watching crypto bitcoin values continuing to 40 00:02:10,680 --> 00:02:14,000 Speaker 1: grow and actually go more mainstream. UM how do you 41 00:02:14,040 --> 00:02:15,480 Speaker 1: see it? What are some of the things that you 42 00:02:15,520 --> 00:02:20,640 Speaker 1: find interesting, what's worries and what screamed opportunity to you? Sure? Well, 43 00:02:20,720 --> 00:02:22,840 Speaker 1: you know, the people that I talked to regularly in 44 00:02:22,840 --> 00:02:25,639 Speaker 1: the world I came from are really these asset owners, 45 00:02:25,760 --> 00:02:30,040 Speaker 1: these long duration, long term pools of capital, and not 46 00:02:30,200 --> 00:02:33,760 Speaker 1: a lot changes in the way they go about investing 47 00:02:33,880 --> 00:02:36,519 Speaker 1: day to day or week to week. So there are 48 00:02:36,560 --> 00:02:39,120 Speaker 1: always a few key trends that come into play and 49 00:02:39,440 --> 00:02:43,160 Speaker 1: come in and out of their idea generation. But for 50 00:02:43,200 --> 00:02:48,040 Speaker 1: the most part, what they're finding, um is that generally speaking, 51 00:02:48,080 --> 00:02:52,280 Speaker 1: capital markets look expensive, and they all have spending obligations 52 00:02:52,280 --> 00:02:54,600 Speaker 1: they need to meet, call it, you know, five for 53 00:02:54,639 --> 00:02:56,760 Speaker 1: a foundation or a little bit more for pension fund. 54 00:02:57,000 --> 00:02:59,480 Speaker 1: So they're really scratching their heads and saying, how are 55 00:02:59,480 --> 00:03:02,040 Speaker 1: we gonna meet these long term objectives given that the 56 00:03:02,120 --> 00:03:05,799 Speaker 1: easy ways of accessing, say you know, index funds or 57 00:03:05,840 --> 00:03:07,880 Speaker 1: things like that, just don't look like they're priced to 58 00:03:07,960 --> 00:03:11,799 Speaker 1: reach these long term return objectives. Okay, So then having 59 00:03:11,840 --> 00:03:14,239 Speaker 1: said that, when you look at some of them more, 60 00:03:14,440 --> 00:03:17,600 Speaker 1: maybe you know other areas to go. Whether it's crypto, 61 00:03:17,800 --> 00:03:22,960 Speaker 1: I mean, you like crypto, correct the crypto do I 62 00:03:23,000 --> 00:03:26,120 Speaker 1: like it for a particular reason, which is we are 63 00:03:26,200 --> 00:03:30,440 Speaker 1: in this world of fiat money debasement, and all of 64 00:03:30,480 --> 00:03:33,120 Speaker 1: the risk assets, whether you like stocks or bonds, or 65 00:03:33,320 --> 00:03:36,520 Speaker 1: venture capital or private equity, they're all sort of predicated 66 00:03:36,560 --> 00:03:40,560 Speaker 1: on dollar based instruments. And so crypto is this kind 67 00:03:40,560 --> 00:03:45,040 Speaker 1: of asymmetric option for the potential of digital gold uh 68 00:03:45,120 --> 00:03:48,160 Speaker 1: and bitcoin in particular. So you have a combination of 69 00:03:48,320 --> 00:03:51,120 Speaker 1: the thought of something that may be very important ten 70 00:03:51,200 --> 00:03:55,040 Speaker 1: years from now in terms of maintaining your store of value, 71 00:03:55,320 --> 00:03:56,920 Speaker 1: and then you have attached to that sort of the 72 00:03:57,000 --> 00:03:59,880 Speaker 1: venture capital thesis, which is, if you look at we're 73 00:03:59,880 --> 00:04:02,360 Speaker 1: all the talent is going of these young people coming 74 00:04:02,360 --> 00:04:05,240 Speaker 1: out of school, all these engineers, something like twenty or 75 00:04:06,200 --> 00:04:09,640 Speaker 1: of them um And according to christisaid that Andrews and Horost, 76 00:04:09,640 --> 00:04:11,760 Speaker 1: who I had on the show, he said something like 77 00:04:12,840 --> 00:04:15,560 Speaker 1: of them, they're all going to build blockchain technologies. And 78 00:04:15,600 --> 00:04:17,920 Speaker 1: when all the talents, that's what Silicon Valley does. When 79 00:04:17,920 --> 00:04:20,480 Speaker 1: the talent moves in a certain direction, they go and 80 00:04:20,520 --> 00:04:22,640 Speaker 1: look to access it. And so you put those two 81 00:04:22,680 --> 00:04:25,240 Speaker 1: things together, and I have a small percentage of my 82 00:04:25,240 --> 00:04:29,760 Speaker 1: personal portfolio invested in crypto in particular, I'm taking baby steps, 83 00:04:29,760 --> 00:04:31,680 Speaker 1: so for me, it's just bitcoin and ethereum at this 84 00:04:31,720 --> 00:04:33,480 Speaker 1: point in time. Hey, Ted, one thing I want to 85 00:04:33,520 --> 00:04:35,400 Speaker 1: ask you, and we just did a story Charlie and 86 00:04:35,480 --> 00:04:38,800 Speaker 1: I um for some of our audience, and it's about 87 00:04:38,920 --> 00:04:41,719 Speaker 1: E s G. And it's an opinion column here at Bloomberg. 88 00:04:41,760 --> 00:04:44,840 Speaker 1: But it's just there is a feeling that because there's 89 00:04:44,880 --> 00:04:47,960 Speaker 1: so much money flowing into the E s G space, 90 00:04:48,000 --> 00:04:50,839 Speaker 1: it's where investors, a lot of institutional investors are increasingly 91 00:04:51,200 --> 00:04:54,440 Speaker 1: looking to commit new money that a lot of you know, 92 00:04:55,880 --> 00:04:58,760 Speaker 1: investment houses are fund offerings are just kind of slapping 93 00:04:58,760 --> 00:05:01,000 Speaker 1: a E s G label it. What do you think 94 00:05:01,000 --> 00:05:03,360 Speaker 1: about I know you like the E s G space 95 00:05:03,400 --> 00:05:06,800 Speaker 1: and that you are following it. How do you you know, 96 00:05:06,880 --> 00:05:11,560 Speaker 1: how do we make it purer and more true? Yeah? Well, 97 00:05:12,279 --> 00:05:14,719 Speaker 1: I think you have to start with that perspective. If 98 00:05:14,760 --> 00:05:17,960 Speaker 1: you look backwards, as this sort of research study showed, 99 00:05:18,040 --> 00:05:20,480 Speaker 1: there will be a lot of that. And the reason is, 100 00:05:20,680 --> 00:05:23,480 Speaker 1: as one of my guests, James Aiton had said, there's 101 00:05:23,520 --> 00:05:26,600 Speaker 1: a tsunami as capital coming into this space for all 102 00:05:26,600 --> 00:05:30,440 Speaker 1: the right reasons. And so really starting with Greta Thunberg 103 00:05:30,480 --> 00:05:34,000 Speaker 1: a year and a half ago. Her her description of 104 00:05:34,000 --> 00:05:37,600 Speaker 1: what was happening Davos just before COVID, every description was 105 00:05:37,640 --> 00:05:40,880 Speaker 1: about climate change. We know that this is really important 106 00:05:41,240 --> 00:05:44,080 Speaker 1: and it will be a very strong secular change and 107 00:05:44,160 --> 00:05:48,239 Speaker 1: how capital gets allocated worldwide. Now, as soon as money 108 00:05:48,279 --> 00:05:51,839 Speaker 1: starts flowing, it's not that surprising that people trying to 109 00:05:51,920 --> 00:05:53,880 Speaker 1: capture their share of it will do, you know, what 110 00:05:53,920 --> 00:05:56,839 Speaker 1: you call greenwashing. But let's not be too short term 111 00:05:56,880 --> 00:05:59,840 Speaker 1: about that. If you look over time, the first thing 112 00:05:59,920 --> 00:06:02,520 Speaker 1: is we now have interest. We have interest in doing 113 00:06:02,560 --> 00:06:05,080 Speaker 1: things that are better for the environment. We have interest 114 00:06:05,240 --> 00:06:10,760 Speaker 1: in promoting more socially diverse people throughout the economy, all 115 00:06:10,800 --> 00:06:13,760 Speaker 1: of which is good for the long term. Now, as 116 00:06:13,800 --> 00:06:17,120 Speaker 1: that happens, we need definitions. We need to understand in 117 00:06:17,160 --> 00:06:20,200 Speaker 1: the capital markets and public markets, we need benchmarks. And 118 00:06:20,240 --> 00:06:22,600 Speaker 1: if you look at the different benchmarks, nobody really knows 119 00:06:22,680 --> 00:06:26,000 Speaker 1: yet what is a good company what is a bad company, 120 00:06:26,320 --> 00:06:28,799 Speaker 1: And that will get worked out, but it does take time. 121 00:06:29,120 --> 00:06:31,520 Speaker 1: And in that process, I'm not that surprised that you 122 00:06:31,600 --> 00:06:34,080 Speaker 1: have products that want to say they have in the 123 00:06:34,279 --> 00:06:36,240 Speaker 1: s G lens for the first time, and maybe they 124 00:06:36,240 --> 00:06:39,200 Speaker 1: do and maybe they don't. But over time, I think 125 00:06:39,240 --> 00:06:43,760 Speaker 1: We'll see the stronger companies that have the those trends 126 00:06:43,760 --> 00:06:46,640 Speaker 1: and doing the right things for a broader constituency than 127 00:06:46,720 --> 00:06:50,160 Speaker 1: just the shareholder will be the winners over time. And 128 00:06:50,560 --> 00:06:53,120 Speaker 1: you know that will play out as capital markets do. 129 00:06:53,800 --> 00:06:55,520 Speaker 1: Until then, Yeah, there'll be a little bit of a 130 00:06:55,520 --> 00:06:58,680 Speaker 1: mess along the way, okay, but ultimately that the long 131 00:06:58,760 --> 00:07:02,520 Speaker 1: game is that we get to a better point. Yeah, 132 00:07:02,560 --> 00:07:05,640 Speaker 1: I think so. Hey, listen your book, your podcast, your approach. 133 00:07:05,839 --> 00:07:09,039 Speaker 1: There's a lot of useful information. Informative, it's you know, 134 00:07:09,120 --> 00:07:12,080 Speaker 1: really on how the best invest. It's very instructional. I 135 00:07:12,080 --> 00:07:16,840 Speaker 1: think even in maybe the forward call it a textbook. Um, 136 00:07:16,960 --> 00:07:19,520 Speaker 1: you talk with the best. Are there common threads among 137 00:07:19,600 --> 00:07:22,640 Speaker 1: the best capital allocators and elite money managers on how 138 00:07:22,680 --> 00:07:26,720 Speaker 1: they lead and how they invest? There really are, And 139 00:07:27,280 --> 00:07:30,040 Speaker 1: you could really break it down into two sets of disciplines, 140 00:07:30,160 --> 00:07:32,240 Speaker 1: one or the investment related and then the other are 141 00:07:32,280 --> 00:07:35,200 Speaker 1: the leadership related. So if you start with the ladder, 142 00:07:35,560 --> 00:07:38,680 Speaker 1: the investment industry is known for managing money well, not 143 00:07:38,840 --> 00:07:42,160 Speaker 1: for managing people well. And one of the things I've 144 00:07:42,160 --> 00:07:44,600 Speaker 1: had the benefit of doing on the podcast is interview 145 00:07:44,680 --> 00:07:48,640 Speaker 1: people from other disciplines who are talented at leadership and 146 00:07:48,760 --> 00:07:52,760 Speaker 1: management and things like decision making. Annie Duke the Great, 147 00:07:52,840 --> 00:07:56,840 Speaker 1: the great form of poker player, and so the great 148 00:07:56,920 --> 00:08:00,360 Speaker 1: c I O S are really like Baseball's five tool yers. 149 00:08:00,800 --> 00:08:03,320 Speaker 1: They really understand all of these different disciplines. And that 150 00:08:03,400 --> 00:08:04,840 Speaker 1: what I tried to do in that section of the 151 00:08:04,840 --> 00:08:07,280 Speaker 1: book is describe some of the basics, like how do 152 00:08:07,360 --> 00:08:10,440 Speaker 1: you do this well? Then you turn to the investment side. 153 00:08:10,600 --> 00:08:12,560 Speaker 1: And you know, I was very fortunate to learn in 154 00:08:12,600 --> 00:08:15,200 Speaker 1: the formative part of my career from David Swinson who 155 00:08:15,280 --> 00:08:17,160 Speaker 1: is sort of the dean of this and wrote the 156 00:08:17,200 --> 00:08:20,720 Speaker 1: seminal book twenty years ago. Um, And it does start 157 00:08:20,800 --> 00:08:24,320 Speaker 1: with really an understanding of what's the purpose of the capital, 158 00:08:24,360 --> 00:08:27,560 Speaker 1: what is the time horizon, what beliefs about investing the 159 00:08:27,640 --> 00:08:30,560 Speaker 1: people bring in, and then the discipline process that I 160 00:08:30,600 --> 00:08:32,680 Speaker 1: walked through in the book of how did these people 161 00:08:32,720 --> 00:08:35,120 Speaker 1: find their investment ideas, how do they do their research, 162 00:08:35,520 --> 00:08:37,800 Speaker 1: how do they make decisions? And then how do they 163 00:08:37,840 --> 00:08:42,000 Speaker 1: monitor and manage their portfolio, manage risk over time? Is 164 00:08:42,000 --> 00:08:44,800 Speaker 1: there something to like do all of them admit that 165 00:08:44,840 --> 00:08:47,280 Speaker 1: they've made some really big mistakes And that was kind 166 00:08:47,280 --> 00:08:50,880 Speaker 1: of a big learning opportunity. Not all of them, but 167 00:08:51,000 --> 00:08:54,040 Speaker 1: only the good ones. Okay, you mean admit that they 168 00:08:54,040 --> 00:08:57,400 Speaker 1: made a mistake. You know. The investment business in some 169 00:08:57,440 --> 00:09:00,040 Speaker 1: ways is very humbling. Morgan Howe will who recently with 170 00:09:00,160 --> 00:09:02,480 Speaker 1: the book Psychology of Money, has this great analogy that 171 00:09:02,559 --> 00:09:06,560 Speaker 1: he says, you could be trained at the greatest academic institution, 172 00:09:06,880 --> 00:09:09,320 Speaker 1: worked for the best place on Wall Street, and still 173 00:09:09,400 --> 00:09:12,760 Speaker 1: underperform someone who knows nothing. If you were a brain surgeon, 174 00:09:13,000 --> 00:09:17,600 Speaker 1: that would never ever happen. So yeah, the great investors 175 00:09:17,600 --> 00:09:21,080 Speaker 1: are only right six of the time in the public market. 176 00:09:21,200 --> 00:09:24,480 Speaker 1: So um. Yeah, it's a very humbling business and it's 177 00:09:24,480 --> 00:09:26,600 Speaker 1: important for people who learn from their mistakes. How do 178 00:09:26,600 --> 00:09:30,559 Speaker 1: you hope people use this book? You know, I wrote 179 00:09:30,600 --> 00:09:33,080 Speaker 1: this book in large part because it was what I 180 00:09:33,160 --> 00:09:35,720 Speaker 1: wanted to distill from my own investing in the investing 181 00:09:35,760 --> 00:09:38,600 Speaker 1: that I do. And what I hope is that people 182 00:09:38,679 --> 00:09:42,000 Speaker 1: see it as incremental ways that they can get better. 183 00:09:42,240 --> 00:09:44,760 Speaker 1: And that's what the podcast has been. This is just 184 00:09:44,840 --> 00:09:47,880 Speaker 1: phenomenal way of sharing in public with some of these 185 00:09:47,880 --> 00:09:50,080 Speaker 1: great investors how they go about doing what they do, 186 00:09:50,360 --> 00:09:52,920 Speaker 1: and every single one of them has a little nugget 187 00:09:52,920 --> 00:09:55,040 Speaker 1: of wisdom along the way, which in fact is the 188 00:09:55,080 --> 00:09:57,800 Speaker 1: whole third section of the book is just a series 189 00:09:57,840 --> 00:09:59,880 Speaker 1: of quotes that are some of the very best quotes 190 00:10:00,000 --> 00:10:03,040 Speaker 1: about how these people think about it, nuggets of wisdom, 191 00:10:03,360 --> 00:10:06,920 Speaker 1: nuggets of wisdom, and how they think about life too. Well. Listen, 192 00:10:07,000 --> 00:10:09,600 Speaker 1: I'm not going to ask you to say your favorite conversation. 193 00:10:09,600 --> 00:10:12,040 Speaker 1: That wouldn't be fair because I I, you know, somebody 194 00:10:12,040 --> 00:10:13,920 Speaker 1: who talks to a lot of people. When people ask 195 00:10:13,960 --> 00:10:15,760 Speaker 1: me that question, I'm like, I like everybody. I mean, 196 00:10:16,080 --> 00:10:17,920 Speaker 1: you know, it's just a it's fun to kind of 197 00:10:17,960 --> 00:10:20,480 Speaker 1: go back and forth. Um, but you have some that 198 00:10:20,559 --> 00:10:24,080 Speaker 1: stand out for you, It's hard. I do have two 199 00:10:24,160 --> 00:10:27,920 Speaker 1: hundred children, and probably nine of them have been outstanding students. 200 00:10:28,200 --> 00:10:31,600 Speaker 1: Um or any surprises, Yeah, go ahead, Yeah, there there 201 00:10:31,720 --> 00:10:33,880 Speaker 1: is one I loved to point to. Not so much 202 00:10:33,920 --> 00:10:36,040 Speaker 1: that it's so much different or better than any others, 203 00:10:36,160 --> 00:10:38,120 Speaker 1: but it really was what I thought I might be 204 00:10:38,200 --> 00:10:40,400 Speaker 1: able to get at. And that was the conversation I 205 00:10:40,440 --> 00:10:43,520 Speaker 1: had with Scott Malpass, who's the recently retired chief investment 206 00:10:43,520 --> 00:10:47,240 Speaker 1: officer at Notre Dame University. And I had known Scott 207 00:10:47,280 --> 00:10:48,800 Speaker 1: from when I worked at Yale, but I hadn't seen 208 00:10:48,880 --> 00:10:50,720 Speaker 1: him and I hadn't seen him in over a decade, 209 00:10:51,440 --> 00:10:55,160 Speaker 1: and when we sat down, that conversation for me was, Hey, 210 00:10:55,320 --> 00:10:57,920 Speaker 1: how have you evolved investing over the last ten years? 211 00:10:58,320 --> 00:11:01,000 Speaker 1: And he walked through every aspect of what they had 212 00:11:01,040 --> 00:11:02,839 Speaker 1: done in that office, and there was so much rich 213 00:11:02,960 --> 00:11:07,360 Speaker 1: information about his investment process. And he's uniquely positioned because 214 00:11:07,360 --> 00:11:09,679 Speaker 1: he had been in the seat for thirty years and 215 00:11:09,720 --> 00:11:12,920 Speaker 1: really had just stellar results. So that wasn't so much. 216 00:11:12,960 --> 00:11:15,600 Speaker 1: It wasn't my favorite or least favorite. It was just 217 00:11:15,720 --> 00:11:19,080 Speaker 1: something that was really emblematic over the lessons that people 218 00:11:19,120 --> 00:11:21,640 Speaker 1: can learn from listening to the show. Those Ted Siddy's 219 00:11:21,679 --> 00:11:24,480 Speaker 1: founding and managing partner of Capital Allocators, host of the 220 00:11:24,520 --> 00:11:26,959 Speaker 1: podcast by the same name, and author of the book 221 00:11:27,000 --> 00:11:29,760 Speaker 1: the new book Capital Allocators, How the world's elete money 222 00:11:29,800 --> 00:11:33,080 Speaker 1: managers lead and invest. You've been listening to Bloomberg Business 223 00:11:33,080 --> 00:11:35,240 Speaker 1: Week Extra, be sure to listen to our Bloomberg Business 224 00:11:35,280 --> 00:11:37,760 Speaker 1: Week Daily radio show. It airs live Monday through Friday 225 00:11:37,800 --> 00:11:40,520 Speaker 1: at two pm Wall Street Time on Bloomberg Radio. Watches 226 00:11:40,559 --> 00:11:43,280 Speaker 1: two on our daily broadcast on YouTube. Just searched Bloomberg 227 00:11:43,280 --> 00:11:46,000 Speaker 1: Global Days, and you can also see me on Bloomberg Quicktake, 228 00:11:46,000 --> 00:11:49,000 Speaker 1: available at Bloomberg Dot com, slash QT, and streaming platforms 229 00:11:49,000 --> 00:11:52,080 Speaker 1: like Roku, Apple TV, Samsung TV, and more. I'm Tim 230 00:11:52,080 --> 00:11:54,880 Speaker 1: Stanebeck and I'm Carol Masser. This is Bloomberg