1 00:00:00,800 --> 00:00:04,040 Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside 2 00:00:04,040 --> 00:00:06,920 Speaker 1: my co host Matt Miller. Every business day we bring 3 00:00:06,960 --> 00:00:11,520 Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along 4 00:00:11,560 --> 00:00:15,520 Speaker 1: with essential market moving news. Find the Bloomberg Markets podcast 5 00:00:15,560 --> 00:00:18,479 Speaker 1: called Apple Podcasts or wherever you listen to podcasts, and 6 00:00:18,480 --> 00:00:24,119 Speaker 1: at Bloomberg dot com slash podcast SMP five at eighty. 7 00:00:24,200 --> 00:00:27,080 Speaker 1: That is a correction, territory, kids, and that's what a 8 00:00:27,080 --> 00:00:31,040 Speaker 1: lot of investors have been kind of expecting for a 9 00:00:31,080 --> 00:00:33,000 Speaker 1: while here, and a lot of folks are even saying 10 00:00:33,000 --> 00:00:37,400 Speaker 1: it's a healthy part of a longer term bull market. 11 00:00:37,800 --> 00:00:40,960 Speaker 1: Let's check in with a professional and get a professional opinion. 12 00:00:41,040 --> 00:00:45,280 Speaker 1: Katie Nixon, ce IO Wealth Management for Northern Trust. So, Katie, hey, 13 00:00:45,680 --> 00:00:47,760 Speaker 1: thanks so much for being with us. We really appreciate 14 00:00:47,800 --> 00:00:50,680 Speaker 1: the time. We are in a correction on the SMP. 15 00:00:51,320 --> 00:00:54,960 Speaker 1: What do you make of it? Yes, good morning, and 16 00:00:55,440 --> 00:00:57,760 Speaker 1: yes it's time for investors to buckle up. But I 17 00:00:57,800 --> 00:00:59,840 Speaker 1: do think to your earlier point, this is to be 18 00:00:59,880 --> 00:01:04,360 Speaker 1: a expected five percent corrections. Ten percent corrections are normal 19 00:01:04,480 --> 00:01:07,120 Speaker 1: parts of market cycles, and the fact that this correction 20 00:01:07,200 --> 00:01:11,080 Speaker 1: is taking place during a period of relatively strong economic growth, 21 00:01:11,560 --> 00:01:15,360 Speaker 1: low unemployment, the backdrop is healthy. So our view is 22 00:01:15,400 --> 00:01:17,240 Speaker 1: that it will be sort of a short term correction, 23 00:01:17,240 --> 00:01:19,200 Speaker 1: but something that investors are going to perhaps have to 24 00:01:19,360 --> 00:01:21,040 Speaker 1: have to live with for the next several weeks or 25 00:01:21,040 --> 00:01:23,679 Speaker 1: even months. I guess the you know, the economic picture 26 00:01:23,720 --> 00:01:28,920 Speaker 1: looks good, especially um the historical economic outlook and low 27 00:01:28,959 --> 00:01:33,480 Speaker 1: unemployment is great, but inflation doesn't look so good. What 28 00:01:33,520 --> 00:01:35,640 Speaker 1: do you think about seven? How do you expect this 29 00:01:35,720 --> 00:01:38,920 Speaker 1: year to play out? Yeah, so, I mean that that 30 00:01:39,080 --> 00:01:41,280 Speaker 1: is the big question, and I think that's been the 31 00:01:41,319 --> 00:01:45,240 Speaker 1: biggest issue for investors insofar as the outlook for inflation 32 00:01:45,280 --> 00:01:47,360 Speaker 1: influences your outlook for what the ben's going to do. 33 00:01:47,880 --> 00:01:50,080 Speaker 1: Our all look for inflation is, yes, it's very high. 34 00:01:50,080 --> 00:01:53,400 Speaker 1: It's been higher for longer than we thought it would be. Um, 35 00:01:53,440 --> 00:01:56,640 Speaker 1: the various cycles of the COVID pandemic have certainly not helped, 36 00:01:56,680 --> 00:01:59,000 Speaker 1: and we see continued strains and supply chains and things 37 00:01:59,000 --> 00:02:01,720 Speaker 1: like that. So inflation has higher for longer, but we 38 00:02:01,800 --> 00:02:03,680 Speaker 1: do see it coming off the boil as we as 39 00:02:03,720 --> 00:02:06,640 Speaker 1: we enter the second half of two. And it's a 40 00:02:06,680 --> 00:02:10,000 Speaker 1: combination of some very obvious things like just the base 41 00:02:10,000 --> 00:02:12,360 Speaker 1: effects as we get past the very high levels of 42 00:02:12,360 --> 00:02:16,920 Speaker 1: inflation that we saw, and then an energy prices coming 43 00:02:16,919 --> 00:02:18,720 Speaker 1: back down as we head towards the summer and into 44 00:02:18,760 --> 00:02:21,799 Speaker 1: the fall. So we think inflation will trend down. It 45 00:02:21,840 --> 00:02:24,919 Speaker 1: will still stay stay elevated above the two percent target, 46 00:02:25,000 --> 00:02:27,639 Speaker 1: but it certainly won't be printing seven percent like we've 47 00:02:27,680 --> 00:02:30,400 Speaker 1: seen recently. And because of that, and the important thing 48 00:02:30,440 --> 00:02:33,240 Speaker 1: for investors is because of that, we don't have an 49 00:02:33,280 --> 00:02:35,720 Speaker 1: aggressive sed call here either. We think the market is 50 00:02:35,720 --> 00:02:38,480 Speaker 1: probably a little bit ahead of itself anticipating for rate 51 00:02:38,520 --> 00:02:41,840 Speaker 1: hikes or even I read this morning summer anticipating fifty 52 00:02:41,840 --> 00:02:44,400 Speaker 1: basis point hiking in March, and we think that's a 53 00:02:44,440 --> 00:02:48,480 Speaker 1: bridge too far. So, Katie, you know, I'm looking at 54 00:02:48,520 --> 00:02:50,760 Speaker 1: some of the big movers today, you know, Netflix off 55 00:02:50,800 --> 00:02:55,320 Speaker 1: ten percent, Tesla off seven eight percent. How do you 56 00:02:55,400 --> 00:02:58,920 Speaker 1: think about the sectors that you want to have exposure 57 00:02:58,960 --> 00:03:02,639 Speaker 1: to in twenty twenty two in what is in fact 58 00:03:02,720 --> 00:03:07,120 Speaker 1: a rising interest rate environment. So that is a great question, 59 00:03:07,200 --> 00:03:10,480 Speaker 1: and I think it's a very important question for investors 60 00:03:10,480 --> 00:03:13,600 Speaker 1: to answer because what we've seen sort of coming out 61 00:03:13,639 --> 00:03:17,959 Speaker 1: of the pandemic is a preference for these high growth stocks. 62 00:03:18,080 --> 00:03:20,280 Speaker 1: Right you wanted to be involved in the reopening trade. 63 00:03:20,280 --> 00:03:23,160 Speaker 1: And Netflix and Peloton and these these stocks are sort 64 00:03:23,160 --> 00:03:28,119 Speaker 1: of very obvious uh stories um COVID related stories and 65 00:03:28,120 --> 00:03:32,519 Speaker 1: and and also very strong results backing up investors enthusiasm. 66 00:03:32,919 --> 00:03:35,960 Speaker 1: What has been under owned though really historically, but even 67 00:03:36,280 --> 00:03:40,040 Speaker 1: post COVID is value. UM. So what we're telling our 68 00:03:40,080 --> 00:03:42,640 Speaker 1: clients is you really want to strike that balance and 69 00:03:42,640 --> 00:03:45,880 Speaker 1: and look at your portfolio see where you're under invested in. 70 00:03:45,920 --> 00:03:48,360 Speaker 1: Most of the time that's value and value to mean 71 00:03:48,440 --> 00:03:51,680 Speaker 1: US value stocks, but it can also mean non US stocks. 72 00:03:51,760 --> 00:03:55,400 Speaker 1: European stocks tend to skew towards the value end of 73 00:03:55,400 --> 00:03:58,520 Speaker 1: of the spectrum. UM. So we are telling our clients 74 00:03:58,520 --> 00:04:02,120 Speaker 1: go global and diversify and really strike the balance between 75 00:04:02,160 --> 00:04:04,960 Speaker 1: growth and value because that you're probably under under invested 76 00:04:04,960 --> 00:04:08,720 Speaker 1: in value. What about US stocks? I mean, I'm watching 77 00:04:09,080 --> 00:04:11,200 Speaker 1: a live ticker of the SMP now down two points 78 00:04:11,280 --> 00:04:16,839 Speaker 1: seven per cent um. We've we've started the year so poorly. 79 00:04:17,080 --> 00:04:18,920 Speaker 1: Is this a buying opportunity or do you want to 80 00:04:18,920 --> 00:04:21,560 Speaker 1: wait it out? Since it took so long, I mean, 81 00:04:21,640 --> 00:04:23,640 Speaker 1: since it didn't take so long, since it was so fast, 82 00:04:24,960 --> 00:04:26,720 Speaker 1: it happened pretty fast. I mean it's just like the 83 00:04:26,720 --> 00:04:28,000 Speaker 1: blink of an eye that we were back. We were 84 00:04:28,040 --> 00:04:30,200 Speaker 1: at the highs in early January. So yes, it happened 85 00:04:30,240 --> 00:04:32,760 Speaker 1: quite quickly. And you know that that that that tends 86 00:04:32,760 --> 00:04:35,680 Speaker 1: to be in an historical pattern. You know, the the 87 00:04:35,720 --> 00:04:38,080 Speaker 1: market takes the escalator up in the elevator down, as 88 00:04:38,120 --> 00:04:40,640 Speaker 1: they say, and we certainly have seen that. I wouldn't 89 00:04:40,640 --> 00:04:45,000 Speaker 1: really encourage investors not to try to time the market here. Um. 90 00:04:45,480 --> 00:04:47,960 Speaker 1: It's so interesting. Investors always say that they want to 91 00:04:48,000 --> 00:04:49,800 Speaker 1: buy the dips, but then when you have a dip 92 00:04:49,839 --> 00:04:51,800 Speaker 1: like we're seeing we've seen the last couple of weeks, 93 00:04:51,839 --> 00:04:54,960 Speaker 1: then especially today, investors are afraid to get in. So 94 00:04:55,240 --> 00:04:57,920 Speaker 1: you have to fight your emotions state with your strategic plan. 95 00:04:58,160 --> 00:05:01,480 Speaker 1: Make sure that your investments are aligned with your financial goals. 96 00:05:01,520 --> 00:05:03,600 Speaker 1: And that might mean buying in a dip, it could 97 00:05:03,640 --> 00:05:05,840 Speaker 1: mean selling into a dip. Um. It all really depends 98 00:05:05,880 --> 00:05:08,800 Speaker 1: on what your specific and unique goals are and focus 99 00:05:08,839 --> 00:05:10,200 Speaker 1: on that because you're not going to be able to 100 00:05:10,200 --> 00:05:11,960 Speaker 1: predict the market moves and you're not gonna be able 101 00:05:12,000 --> 00:05:15,159 Speaker 1: to control the market moves, um, So better to just 102 00:05:15,200 --> 00:05:16,919 Speaker 1: focus on what you know, which is what do you 103 00:05:16,960 --> 00:05:19,320 Speaker 1: need your assets to do for you and how can 104 00:05:19,320 --> 00:05:23,840 Speaker 1: you position them for the best best long term success. Canny, 105 00:05:23,880 --> 00:05:26,400 Speaker 1: think about global energy here, are you a buyer. We've 106 00:05:26,440 --> 00:05:29,320 Speaker 1: got oil. It's off a little bit today, as everything is, 107 00:05:29,360 --> 00:05:31,800 Speaker 1: but generally oil has been had a nice run up here. 108 00:05:33,200 --> 00:05:35,080 Speaker 1: We do like it, and you know, we love natural 109 00:05:35,120 --> 00:05:38,640 Speaker 1: resources as as sort of a one to tail went 110 00:05:38,680 --> 00:05:41,359 Speaker 1: for portfolios. Number one, you get that equity beta and 111 00:05:41,360 --> 00:05:44,280 Speaker 1: as I said earlier, we're positive on equities. Um, we're 112 00:05:44,279 --> 00:05:47,760 Speaker 1: constructive on US equities in particular. So with that as 113 00:05:47,800 --> 00:05:49,960 Speaker 1: a as a backdrop, we like energy stocks. And the 114 00:05:50,040 --> 00:05:53,000 Speaker 1: second thing is, as I mentioned before, inflation are we 115 00:05:53,080 --> 00:05:56,560 Speaker 1: anticipate coming off the boil in the second half, but 116 00:05:56,640 --> 00:05:59,320 Speaker 1: the risk is that we're wrong, and if we are 117 00:05:59,400 --> 00:06:02,320 Speaker 1: in a much more persistent inflationary environment, you do tend 118 00:06:02,360 --> 00:06:06,360 Speaker 1: to get good inflation protection out of natural resource equities, 119 00:06:06,400 --> 00:06:09,040 Speaker 1: So we like those as part of a diversified portfolio. 120 00:06:09,800 --> 00:06:11,560 Speaker 1: Katie Nixon, thank you so much for joining us. We 121 00:06:11,640 --> 00:06:15,039 Speaker 1: really appreciate getting your thoughts, getting your perspective. Katie Nixon, 122 00:06:15,080 --> 00:06:18,719 Speaker 1: she's a c I O of wealth management at Northern 123 00:06:18,760 --> 00:06:22,800 Speaker 1: Trust's Northern Trust. They're based in Chicago, and I'll tell 124 00:06:22,839 --> 00:06:27,279 Speaker 1: you they're one of the good long term deep money 125 00:06:27,320 --> 00:06:29,839 Speaker 1: managers out there in the Midwest. When you've got to Chicago, 126 00:06:29,920 --> 00:06:36,080 Speaker 1: you have to get a meeting to get It's unbelievable 127 00:06:36,160 --> 00:06:40,040 Speaker 1: take on this market, for sure, especially as we bounce 128 00:06:40,120 --> 00:06:43,479 Speaker 1: a little bit back higher. Right now, we're UM down 129 00:06:43,760 --> 00:06:47,080 Speaker 1: two point three percent little less so UM we have 130 00:06:47,640 --> 00:06:51,520 Speaker 1: had a rough morning today, but it is still deeply, 131 00:06:51,640 --> 00:06:58,440 Speaker 1: deeply in the red. Now I want to get to 132 00:06:58,880 --> 00:07:01,760 Speaker 1: well coast. I'll say. He is the CEO and founder 133 00:07:01,800 --> 00:07:07,920 Speaker 1: of Biotricity, and they UM are trying to improve healthcare 134 00:07:08,000 --> 00:07:12,440 Speaker 1: by developing basically digital solutions aiding a chronic disease prevention 135 00:07:12,480 --> 00:07:14,679 Speaker 1: and management while cost You know, I was thinking about 136 00:07:14,680 --> 00:07:17,920 Speaker 1: your company and you can uh tell us more about it, 137 00:07:18,000 --> 00:07:21,720 Speaker 1: I guess in your answer, but it daught on me. Um. 138 00:07:21,760 --> 00:07:24,680 Speaker 1: I've always had this kind of negative view of the 139 00:07:24,760 --> 00:07:30,080 Speaker 1: metaverse or a future living in virtual reality UM from 140 00:07:30,080 --> 00:07:34,480 Speaker 1: movies like Wally and Uh and Uh what's that one 141 00:07:34,480 --> 00:07:38,160 Speaker 1: with Bruce Willis where he UM plays a cop in 142 00:07:38,200 --> 00:07:41,240 Speaker 1: the metaverse. In any case, I always have thought it 143 00:07:41,240 --> 00:07:44,720 Speaker 1: would be unhealthy. But now that I'm thinking about your country, 144 00:07:44,920 --> 00:07:48,280 Speaker 1: your company, it seems like it could be healthier living 145 00:07:48,280 --> 00:07:51,400 Speaker 1: in the metaverse. What do you think? No, it's a 146 00:07:51,480 --> 00:07:54,440 Speaker 1: it's an excellent point. Um. I I always thought about 147 00:07:54,440 --> 00:07:57,840 Speaker 1: that myself in terms of, you know, getting so connected 148 00:07:57,840 --> 00:08:00,120 Speaker 1: and being completely integrated, and then how do we how 149 00:08:00,120 --> 00:08:02,360 Speaker 1: do we take care of ourselves if we're you know, 150 00:08:02,600 --> 00:08:05,680 Speaker 1: sipping smoothies and and doing all of that, and uh, 151 00:08:05,720 --> 00:08:09,760 Speaker 1: you know, I think that as we've seen through the pandemic, 152 00:08:10,120 --> 00:08:11,960 Speaker 1: people have gotten a lot more engaged. I mean the 153 00:08:11,960 --> 00:08:15,560 Speaker 1: direction was already there. We were getting into more connected healthcare, 154 00:08:15,920 --> 00:08:19,120 Speaker 1: but there was an unwillingness from individuals to engage, read 155 00:08:19,160 --> 00:08:22,360 Speaker 1: instructions and figure that out, and that got all accelerated. 156 00:08:22,400 --> 00:08:24,280 Speaker 1: So I really think that as long as we as 157 00:08:24,320 --> 00:08:28,560 Speaker 1: a as, uh you know, individuals as companies continue to 158 00:08:28,640 --> 00:08:33,240 Speaker 1: innovate on this idea of digital tracking home based labs, 159 00:08:33,320 --> 00:08:35,880 Speaker 1: but make sure that it's clinically relevant, like it's actually 160 00:08:36,240 --> 00:08:40,720 Speaker 1: not lifestyle but really rooted and based on good science, 161 00:08:41,200 --> 00:08:43,360 Speaker 1: then we can actually get that insight. And I think 162 00:08:43,360 --> 00:08:47,280 Speaker 1: that the consumption of care, for for basic episodic visits, 163 00:08:47,360 --> 00:08:49,959 Speaker 1: for general care is going to happen more and more 164 00:08:50,000 --> 00:08:53,120 Speaker 1: in the home where individuals are engaged. And then they're 165 00:08:53,120 --> 00:08:57,040 Speaker 1: going to go in for treatment, um, into the into 166 00:08:57,040 --> 00:08:59,760 Speaker 1: the providers or into the hospital. So first of all 167 00:08:59,800 --> 00:09:02,640 Speaker 1: them Bruce Willis movie, I was thinking of a Surrogates 168 00:09:02,679 --> 00:09:06,079 Speaker 1: but in this and while you know, um, we didn't 169 00:09:06,080 --> 00:09:09,400 Speaker 1: do anything. People in those movies and those fictional uh 170 00:09:09,480 --> 00:09:11,760 Speaker 1: you know future forecast did nothing. And you're right. During 171 00:09:11,760 --> 00:09:14,199 Speaker 1: the pandemic, people did a lot more. Paul for example, 172 00:09:14,240 --> 00:09:17,800 Speaker 1: got a Peloton bike and was riding every day. Um. 173 00:09:17,840 --> 00:09:19,640 Speaker 1: A lot of people were doing trying to figure out 174 00:09:19,679 --> 00:09:22,160 Speaker 1: ways to do exercise and ended up doing even more 175 00:09:22,360 --> 00:09:25,840 Speaker 1: in lockdown than they would have before. But what kind 176 00:09:25,880 --> 00:09:29,680 Speaker 1: of solutions are you able to provide now walks in 177 00:09:29,800 --> 00:09:33,760 Speaker 1: terms of for example, health monitoring solutions. What what can 178 00:09:33,880 --> 00:09:39,000 Speaker 1: biotricity give us? Great questions. So you know, we started 179 00:09:39,000 --> 00:09:42,160 Speaker 1: out we had the diagnostic product which was really available 180 00:09:42,400 --> 00:09:45,199 Speaker 1: for high risk of patents and so and when I 181 00:09:45,240 --> 00:09:47,160 Speaker 1: talk about high risk pations, I'm talking about patients that 182 00:09:47,160 --> 00:09:49,400 Speaker 1: can have a heart attack or stroke. Uh. And you 183 00:09:49,440 --> 00:09:52,880 Speaker 1: don't want them basically sitting at home, uh, waiting for 184 00:09:53,160 --> 00:09:55,240 Speaker 1: the data to be collected and then returned back and 185 00:09:55,280 --> 00:09:57,600 Speaker 1: downloaded because you're worried about something is going to happen. 186 00:09:57,600 --> 00:09:59,800 Speaker 1: So that was our first product, and it's a smart 187 00:09:59,840 --> 00:10:01,440 Speaker 1: to ice and so when you put it onto a 188 00:10:01,480 --> 00:10:04,480 Speaker 1: patient and you send them home, UH, it'll it'll look 189 00:10:04,520 --> 00:10:06,400 Speaker 1: for the data and when it detects an emergence here 190 00:10:06,400 --> 00:10:10,240 Speaker 1: and anomaly, it actually alerts your doctrine gets you back 191 00:10:10,280 --> 00:10:13,320 Speaker 1: into the hospital. It's like a bracelet or a wearable 192 00:10:13,320 --> 00:10:16,200 Speaker 1: that detects like it doesn't e c G and detect 193 00:10:16,280 --> 00:10:19,959 Speaker 1: your pulse and correct. It's a small little advice of 194 00:10:20,559 --> 00:10:22,480 Speaker 1: of a mouse and it hangs around your neck and 195 00:10:22,480 --> 00:10:25,719 Speaker 1: and and and makes contact with your skin. And that 196 00:10:25,800 --> 00:10:29,400 Speaker 1: device uh saves lives every day. And then we've taken 197 00:10:29,440 --> 00:10:32,400 Speaker 1: that technology and we've simplified it in two products, one 198 00:10:32,400 --> 00:10:36,040 Speaker 1: which was just FC cleared last week, which is a 199 00:10:36,160 --> 00:10:39,560 Speaker 1: patch that gets connected and collects your ECG uh and 200 00:10:39,559 --> 00:10:44,439 Speaker 1: and accelerates and your your diagnostic response time. So it's 201 00:10:44,440 --> 00:10:48,000 Speaker 1: a halter product but slightly highly condensed. And then we 202 00:10:48,040 --> 00:10:51,800 Speaker 1: have a consumer product which is collecting your your e 203 00:10:51,920 --> 00:10:55,040 Speaker 1: c G long term for weeks, months, years, as long 204 00:10:55,080 --> 00:10:58,120 Speaker 1: as you're wearing it. And this is really good for bikes, bikers, 205 00:10:58,200 --> 00:11:01,000 Speaker 1: is really good for individuals who had an issue but 206 00:11:01,040 --> 00:11:04,559 Speaker 1: they're fine, now, but they want to track themselves. Uh, 207 00:11:05,080 --> 00:11:08,720 Speaker 1: really a lifestyle play. So is this you know, I 208 00:11:08,720 --> 00:11:11,959 Speaker 1: guess the digitization, if you will, of healthcare, is that 209 00:11:12,040 --> 00:11:15,800 Speaker 1: going to drive costs down? It doesn't every other industry. 210 00:11:15,840 --> 00:11:19,960 Speaker 1: Good point, now, excellent questions. So I would say, you know, 211 00:11:20,040 --> 00:11:24,040 Speaker 1: seventy cents of every dollar in the United States is 212 00:11:24,080 --> 00:11:27,480 Speaker 1: spent on chronic conditions. And so we've been seeing a 213 00:11:27,760 --> 00:11:31,800 Speaker 1: huge movement in telemedicine, right, But telemedicine is episodic care. 214 00:11:32,120 --> 00:11:34,960 Speaker 1: It's thirty cents on the dollar. So the real issue 215 00:11:35,040 --> 00:11:37,440 Speaker 1: is exactly what you're talking about, right. The people who 216 00:11:37,520 --> 00:11:40,880 Speaker 1: are sitting at home, they're not exercising, they're not engaging. 217 00:11:40,920 --> 00:11:42,440 Speaker 1: They have to go in and out of the doctor's 218 00:11:42,520 --> 00:11:45,199 Speaker 1: hospital all the time, people with cardiac issues, people who 219 00:11:45,240 --> 00:11:48,240 Speaker 1: were servicing at biotric City, and we're focused on and 220 00:11:48,280 --> 00:11:51,480 Speaker 1: the reason is most of these individuals don't actually have 221 00:11:51,640 --> 00:11:55,640 Speaker 1: technology available to them to get insight. So they get 222 00:11:55,679 --> 00:11:57,960 Speaker 1: really on it. The doctor says, you're you know, this 223 00:11:58,040 --> 00:12:00,600 Speaker 1: is gonna be a problem. You really have to do this, 224 00:12:00,679 --> 00:12:03,280 Speaker 1: and for a week or two weeks the self manage. 225 00:12:03,679 --> 00:12:05,360 Speaker 1: But because they have no data, they have no device, 226 00:12:05,440 --> 00:12:07,760 Speaker 1: they have no technology to tell them that there it's 227 00:12:07,760 --> 00:12:10,880 Speaker 1: actually doing something. They drop off the wagon and that's 228 00:12:11,400 --> 00:12:13,360 Speaker 1: what we're doing. And and to your point, I think 229 00:12:13,400 --> 00:12:16,400 Speaker 1: that's really going to drive cost downs. But we need 230 00:12:16,440 --> 00:12:22,160 Speaker 1: to continue this trend. So is is this the again 231 00:12:22,240 --> 00:12:25,560 Speaker 1: kind of some of the telemedicine. Is that just a 232 00:12:25,559 --> 00:12:27,920 Speaker 1: function of the pandemic or is this a big trend 233 00:12:27,920 --> 00:12:31,280 Speaker 1: that's going to continue. So I think telemedicine is going 234 00:12:31,320 --> 00:12:34,480 Speaker 1: to get bifurcated. So part of it is going to stay. 235 00:12:34,559 --> 00:12:36,480 Speaker 1: So you know, the people who have a fluid that 236 00:12:36,520 --> 00:12:39,480 Speaker 1: it's convenient and whatnot, but I think there'll be a 237 00:12:39,559 --> 00:12:42,600 Speaker 1: drop there and then they're going to be telemedicine for 238 00:12:42,760 --> 00:12:46,400 Speaker 1: chronic patients. The problem with chronic patients is, you know, 239 00:12:46,679 --> 00:12:49,360 Speaker 1: you need blood work, you need diagnostics, you need an 240 00:12:49,360 --> 00:12:53,240 Speaker 1: actual test. I mean you cannot tell a cardiac patient, 241 00:12:53,280 --> 00:12:55,559 Speaker 1: I you know, are you actually having a rhythmia or 242 00:12:55,640 --> 00:12:59,000 Speaker 1: not if you're feeling complications without running some sort of test. 243 00:12:59,320 --> 00:13:02,800 Speaker 1: And that's a companies like us have to continue to 244 00:13:02,840 --> 00:13:05,480 Speaker 1: innovate and provide those technologies so that you can get 245 00:13:05,520 --> 00:13:08,800 Speaker 1: that data integrated with telemedicine and provide here. And that's 246 00:13:08,840 --> 00:13:11,280 Speaker 1: that seventy cents I'm talking about. All right, that's what's 247 00:13:11,320 --> 00:13:13,120 Speaker 1: going to move the needle. All right, will cause, thank 248 00:13:13,160 --> 00:13:15,199 Speaker 1: you so much. We appreciate a walk us all Sadiq, 249 00:13:15,600 --> 00:13:21,520 Speaker 1: CEO and founder of Biotricity talking about the future of medicine. 250 00:13:22,840 --> 00:13:24,920 Speaker 1: You know, one of the key topics that Matt and 251 00:13:24,960 --> 00:13:27,679 Speaker 1: I like to stay on top of is the global 252 00:13:27,679 --> 00:13:31,440 Speaker 1: supply chain challenges out there. Uh, and they are in 253 00:13:31,520 --> 00:13:33,880 Speaker 1: fact global and the impact all of us really in 254 00:13:33,920 --> 00:13:37,199 Speaker 1: so many different ways, from going to the supermarket to 255 00:13:37,400 --> 00:13:41,920 Speaker 1: going to the card dealer, lots of ways to experience 256 00:13:42,000 --> 00:13:45,440 Speaker 1: the challenges facing the global supply chain. And we have 257 00:13:45,480 --> 00:13:47,680 Speaker 1: a great voice to help us get a sense of 258 00:13:47,720 --> 00:13:50,760 Speaker 1: what's going on out there. That is Geene Sharroka, Executive 259 00:13:50,800 --> 00:13:53,520 Speaker 1: Director of the Port of Los Angeles. And again on 260 00:13:53,559 --> 00:13:55,959 Speaker 1: my Bloomberg screen, one of my many Bloomberg screens in 261 00:13:56,000 --> 00:13:58,240 Speaker 1: front of me, I have map Go and I'm looking 262 00:13:58,280 --> 00:14:00,760 Speaker 1: at the uh uh you know, all the ships that 263 00:14:00,760 --> 00:14:02,640 Speaker 1: are at sea and kind of where they're kind of 264 00:14:02,679 --> 00:14:05,720 Speaker 1: anchored and uh, certainly the Port of Los Angeles is 265 00:14:05,960 --> 00:14:09,760 Speaker 1: um the busiest container port in North America. So this 266 00:14:09,840 --> 00:14:12,400 Speaker 1: is a great opportunity. Gene, thanks so much for joining us. 267 00:14:12,400 --> 00:14:14,720 Speaker 1: I know you're super busy, you and all your folks 268 00:14:14,800 --> 00:14:17,640 Speaker 1: there at the port here. Uh since the last time 269 00:14:17,640 --> 00:14:19,080 Speaker 1: we spoke to you, I would say probably you know, 270 00:14:19,080 --> 00:14:20,880 Speaker 1: three or four weeks ago. Give us a sense of 271 00:14:21,440 --> 00:14:24,640 Speaker 1: kind of where we are as a nation in terms 272 00:14:24,720 --> 00:14:29,560 Speaker 1: of our supply chain logistics. Well, good morning, Paul and Matt, 273 00:14:29,640 --> 00:14:32,080 Speaker 1: and thanks for having me back on. Since we last 274 00:14:32,120 --> 00:14:34,760 Speaker 1: spoke when I visited New York in December, we have 275 00:14:35,040 --> 00:14:39,560 Speaker 1: seen some improvement. Overall, imports on the docks in Los 276 00:14:39,560 --> 00:14:42,520 Speaker 1: Angeles have been cut by half meeting. They're moving out 277 00:14:42,560 --> 00:14:46,280 Speaker 1: to the marketplace here domestically, and those aging containers that 278 00:14:46,320 --> 00:14:48,760 Speaker 1: we had targeted during the fourth quarter to move those 279 00:14:48,800 --> 00:14:51,680 Speaker 1: out of the way are down by nearly two thirds. 280 00:14:52,160 --> 00:14:54,960 Speaker 1: We're still struggling a little bit with the amount of 281 00:14:54,960 --> 00:14:58,800 Speaker 1: time containers sit at the terminal on the street waiting 282 00:14:58,800 --> 00:15:02,320 Speaker 1: for warehouse space and coming back to the port. That's 283 00:15:02,320 --> 00:15:04,440 Speaker 1: been a difficult time. But with all these imports we've 284 00:15:04,480 --> 00:15:08,000 Speaker 1: pushed out, now we're starting to see those empty containers return. 285 00:15:08,120 --> 00:15:10,280 Speaker 1: So our focus has got to be loading up as 286 00:15:10,280 --> 00:15:13,760 Speaker 1: many of these as possible for US exporters and pushing 287 00:15:13,760 --> 00:15:15,960 Speaker 1: out the rest of the empties for the next round 288 00:15:16,360 --> 00:15:19,200 Speaker 1: of import from Asia. We've got about a hundred and 289 00:15:19,280 --> 00:15:23,600 Speaker 1: three ships on the way departing Asia and headed towards 290 00:15:23,680 --> 00:15:26,560 Speaker 1: the ports here in southern California, but only about a 291 00:15:26,680 --> 00:15:30,400 Speaker 1: third of those are ten thousand container units and larger 292 00:15:30,480 --> 00:15:33,480 Speaker 1: the traditional vessels that we have calling at the port. 293 00:15:33,800 --> 00:15:37,120 Speaker 1: The balance are those newcomers, the charter hires and the 294 00:15:37,200 --> 00:15:40,760 Speaker 1: one way ships trying to augment for additional capacity here 295 00:15:40,760 --> 00:15:44,400 Speaker 1: ahead of water New year. How long do you think 296 00:15:44,400 --> 00:15:48,640 Speaker 1: it's gonna be geane until we get back to normal? What? What? 297 00:15:48,760 --> 00:15:52,240 Speaker 1: And what would you consider that I think it's going 298 00:15:52,280 --> 00:15:55,320 Speaker 1: to be sometime. A normal has so many variables in 299 00:15:55,360 --> 00:15:59,360 Speaker 1: that equation, from how merchandisers are putting in orders and factories, 300 00:15:59,400 --> 00:16:02,880 Speaker 1: what factory can do through all macron, keeping staff on 301 00:16:03,040 --> 00:16:05,320 Speaker 1: deck to produce the goods that we want to buy, 302 00:16:05,480 --> 00:16:08,520 Speaker 1: making sure we have enough vessel capacity in the right places, 303 00:16:08,560 --> 00:16:12,480 Speaker 1: and utilizing that capacity. One of the areas we're focused 304 00:16:12,480 --> 00:16:16,600 Speaker 1: on most right now, Paul, is the latent capacity available 305 00:16:16,640 --> 00:16:19,240 Speaker 1: to us here at the Port of Los Angeles. Fifty 306 00:16:19,440 --> 00:16:24,720 Speaker 1: five of all available truck gates go unused every day, 307 00:16:24,760 --> 00:16:27,760 Speaker 1: and we have an overhang of about thirty in our 308 00:16:27,840 --> 00:16:31,400 Speaker 1: railroad capacity. We've got to keep moving this cargo out, 309 00:16:31,440 --> 00:16:34,160 Speaker 1: absorb more that's on the water, and take advantage of 310 00:16:34,200 --> 00:16:37,400 Speaker 1: squeezing every hour of efficiency we can through the port complex. 311 00:16:37,760 --> 00:16:39,960 Speaker 1: Geane talked to us about labor. A lot of folks 312 00:16:40,080 --> 00:16:44,640 Speaker 1: have suggested that, you know, there's just aren't enough folks 313 00:16:44,720 --> 00:16:47,760 Speaker 1: to unload the containers, and then there aren't enough truckers 314 00:16:48,000 --> 00:16:51,960 Speaker 1: to you know, get them out into, uh, the interior 315 00:16:52,000 --> 00:16:55,120 Speaker 1: of the country. How do you think about the labor 316 00:16:55,200 --> 00:16:59,120 Speaker 1: situation within your you know, ecosystem there at the port. 317 00:17:00,240 --> 00:17:03,120 Speaker 1: Everybody who wants work right now still has it is 318 00:17:03,160 --> 00:17:06,439 Speaker 1: that caravan a cargo is coming across the Pacific at 319 00:17:06,680 --> 00:17:10,960 Speaker 1: still high levels of volume. Three segments of labor the 320 00:17:11,040 --> 00:17:14,120 Speaker 1: dock workers, the International Longshore and Warehouse Union. They've been 321 00:17:14,160 --> 00:17:16,760 Speaker 1: averaging six days a week on the job since the 322 00:17:16,800 --> 00:17:20,800 Speaker 1: pandemic began back in March of They're going all out. 323 00:17:20,920 --> 00:17:25,000 Speaker 1: Productivity per ship basis is the best in the industry. Second, 324 00:17:25,000 --> 00:17:28,160 Speaker 1: of those truckers that you mentioned, they have hours of service, 325 00:17:28,320 --> 00:17:30,479 Speaker 1: can't drive more than eleven hours a day, and if 326 00:17:30,520 --> 00:17:34,840 Speaker 1: they drive consecutively, they've got to take some time off. Nationwide, 327 00:17:34,880 --> 00:17:39,639 Speaker 1: the American Trucking Association says that we're eighty thousand drivers short, 328 00:17:39,920 --> 00:17:42,640 Speaker 1: and I would represent here in southern California, we could 329 00:17:42,680 --> 00:17:46,760 Speaker 1: use another three to four thousand port drayage drivers. Then 330 00:17:46,800 --> 00:17:50,480 Speaker 1: there's the warehousing space. We've got two billion square feet 331 00:17:50,520 --> 00:17:52,639 Speaker 1: under roof from the shores of the Pacific, outs of 332 00:17:52,680 --> 00:17:55,920 Speaker 1: the desert region in southern California, and we're about eight 333 00:17:55,960 --> 00:18:00,000 Speaker 1: thousand workers short right now, four hundred thousand ware hackers 334 00:18:00,000 --> 00:18:04,119 Speaker 1: warehouse workers short nationwide. On these last two segments, they 335 00:18:04,119 --> 00:18:06,679 Speaker 1: tend to be unrepresented, and we have to find a 336 00:18:06,720 --> 00:18:11,000 Speaker 1: way to attract, recruit, and retain folks make these professions. Again, 337 00:18:11,840 --> 00:18:13,879 Speaker 1: I know a great way to attract people to jobs 338 00:18:14,600 --> 00:18:17,840 Speaker 1: that pay them more. Is that absolutely? Is that not 339 00:18:17,920 --> 00:18:21,600 Speaker 1: part of the equation gene. It has to be thinking 340 00:18:21,640 --> 00:18:25,080 Speaker 1: about how we pay labor wage and benefits, what you 341 00:18:25,080 --> 00:18:27,879 Speaker 1: can do to attract folks into this industry and not 342 00:18:28,040 --> 00:18:30,399 Speaker 1: wait until it's crunch time. Like we've seen over the 343 00:18:30,400 --> 00:18:33,439 Speaker 1: past eighteen months, the industry has really got to focus 344 00:18:33,440 --> 00:18:35,000 Speaker 1: on this, and some of the work that we're doing 345 00:18:35,040 --> 00:18:36,879 Speaker 1: at the federal level with the C suite and the 346 00:18:36,920 --> 00:18:39,440 Speaker 1: private sector is leading us down that path, but we've 347 00:18:39,440 --> 00:18:42,960 Speaker 1: got to work double time alright. So Jean, as you 348 00:18:43,000 --> 00:18:44,320 Speaker 1: think about it, I mean, you've been in this game 349 00:18:44,359 --> 00:18:48,040 Speaker 1: a long time. Is the just in time inventory strategy 350 00:18:48,080 --> 00:18:50,320 Speaker 1: that we've all grown up with is that being rethought? 351 00:18:50,320 --> 00:18:53,400 Speaker 1: Do you think it has to be? We've all thought 352 00:18:53,440 --> 00:18:56,240 Speaker 1: about lee and keeping inventory levels low. They are right 353 00:18:56,240 --> 00:18:58,720 Speaker 1: now in the retail sector the lowest they've been in 354 00:18:58,800 --> 00:19:02,439 Speaker 1: the decade since two thousand eleven. We've got to make 355 00:19:02,480 --> 00:19:04,600 Speaker 1: sure that we have a good combination of where we 356 00:19:04,680 --> 00:19:09,119 Speaker 1: can reshore manufacturing or near short in addition to having 357 00:19:09,400 --> 00:19:13,960 Speaker 1: some certainty placed back into the international supply chain simply 358 00:19:14,040 --> 00:19:17,280 Speaker 1: buying products just in case. So we weren't the company 359 00:19:17,320 --> 00:19:22,000 Speaker 1: that was the paper example, tissue and toilet paper last 360 00:19:22,040 --> 00:19:25,840 Speaker 1: year seemed to really gum up the works and folks 361 00:19:25,840 --> 00:19:27,960 Speaker 1: are putting in orders and factories who are working in 362 00:19:28,080 --> 00:19:30,399 Speaker 1: capacity now for the better part of a year and 363 00:19:30,440 --> 00:19:34,480 Speaker 1: a half. So streamlining this, evaluating it at the company level, 364 00:19:34,600 --> 00:19:36,639 Speaker 1: but also as a nation, and that's part of what 365 00:19:36,720 --> 00:19:39,520 Speaker 1: we're doing and working with Port Envoy John Paccary, the 366 00:19:39,640 --> 00:19:43,120 Speaker 1: National Economic Council, led by Brian Eas and others. Hey Geen, 367 00:19:43,200 --> 00:19:46,000 Speaker 1: thanks so much for taking a time. We really appreciate 368 00:19:46,000 --> 00:19:49,000 Speaker 1: getting your perspective. You are absolutely on the front lines 369 00:19:49,440 --> 00:19:52,879 Speaker 1: of this global supply chain issue. With Gene Siroka, executive 370 00:19:52,880 --> 00:19:56,680 Speaker 1: director at the Port of Los Angeles, the busiest container 371 00:19:56,760 --> 00:20:04,040 Speaker 1: port in North America. You know a lot of folks 372 00:20:04,080 --> 00:20:06,119 Speaker 1: are saying, hey, we need a ten percent, a fifteen 373 00:20:06,200 --> 00:20:08,959 Speaker 1: or twenty percent correction in the market. It looks like 374 00:20:09,200 --> 00:20:11,199 Speaker 1: where you go, here you go. This is what it 375 00:20:11,200 --> 00:20:14,960 Speaker 1: looks like, Charlotte. It is the worst one day sell 376 00:20:15,000 --> 00:20:20,159 Speaker 1: off for the SMP five since October twenty, which feels 377 00:20:20,160 --> 00:20:22,280 Speaker 1: like it was so long ago. And how does Matt 378 00:20:22,320 --> 00:20:25,399 Speaker 1: Miller know that? Because the s I N S function 379 00:20:25,480 --> 00:20:29,440 Speaker 1: on the Bloomberg terminal tells you so, I will say, 380 00:20:29,440 --> 00:20:32,600 Speaker 1: it's an internal function? Is it so only we can 381 00:20:32,640 --> 00:20:35,120 Speaker 1: see it? I did not know that. If you ever 382 00:20:35,200 --> 00:20:38,199 Speaker 1: need a quote on S I N S, I just 383 00:20:38,280 --> 00:20:40,240 Speaker 1: message me. All right, let's check in with a professional 384 00:20:40,359 --> 00:20:42,719 Speaker 1: on how we should be thinking about this. Jill Garby, 385 00:20:42,800 --> 00:20:46,840 Speaker 1: she's a senior VP and senior wealth strategist at Huntington's 386 00:20:47,040 --> 00:20:50,680 Speaker 1: National Bank. Jill, thanks so much for joining us. How 387 00:20:50,720 --> 00:20:53,480 Speaker 1: do you how do you think about days like today, 388 00:20:54,240 --> 00:20:56,119 Speaker 1: weeks like we've had over the last few weeks. How 389 00:20:56,119 --> 00:20:59,680 Speaker 1: do you think about that? What are you telling your clients? Well, hello, 390 00:20:59,760 --> 00:21:02,560 Speaker 1: Matt Paul, it's great to be with you. We look 391 00:21:02,600 --> 00:21:05,199 Speaker 1: at this is maybe the best buying opportunity over the 392 00:21:05,280 --> 00:21:09,600 Speaker 1: last two years. So we're coaching our clients to be patient, 393 00:21:10,359 --> 00:21:13,000 Speaker 1: get the bio list ready. Our equity team certainly has 394 00:21:13,040 --> 00:21:16,840 Speaker 1: their by list ready. And for those individuals who are 395 00:21:16,880 --> 00:21:19,320 Speaker 1: sitting on a lot of cash, and as a top 396 00:21:19,440 --> 00:21:22,840 Speaker 1: national bank, we're so fortunate to work with individual clients, 397 00:21:23,200 --> 00:21:25,880 Speaker 1: many of whom are business owners. They've been liquidating all 398 00:21:26,000 --> 00:21:28,960 Speaker 1: our portions of their business, others who have been liquidating 399 00:21:29,000 --> 00:21:32,560 Speaker 1: real estate. You see this as a tremendous opportunity to 400 00:21:32,600 --> 00:21:37,080 Speaker 1: start working that cash in. What do you think we're 401 00:21:37,080 --> 00:21:40,040 Speaker 1: gonna see in terms of how is it going to 402 00:21:40,119 --> 00:21:42,560 Speaker 1: work out in terms of inflation and the FED and 403 00:21:42,600 --> 00:21:47,680 Speaker 1: how important is that to your individual investors. It's it's 404 00:21:47,760 --> 00:21:52,040 Speaker 1: very important to our individual investors. In fact, we expect 405 00:21:52,080 --> 00:21:57,240 Speaker 1: Wednesday to be very wild and another volatile day and 406 00:21:57,280 --> 00:22:00,879 Speaker 1: it'll be very interesting to see the playboy that's coming 407 00:22:01,240 --> 00:22:06,080 Speaker 1: with respect to inflation. We've been investing in our client 408 00:22:06,200 --> 00:22:09,399 Speaker 1: portfolios with a bias too small and mid caps and reads. 409 00:22:09,480 --> 00:22:12,159 Speaker 1: Of course, we like reads for current income and the 410 00:22:12,160 --> 00:22:16,359 Speaker 1: potential for price appreciation, and right now with this volatility, 411 00:22:16,400 --> 00:22:18,960 Speaker 1: I think it's a good reminder and certainly we're imparting 412 00:22:18,960 --> 00:22:21,560 Speaker 1: this to our clients that you don't want to be 413 00:22:21,680 --> 00:22:26,760 Speaker 1: invested in large cap growth. So we're taking a very 414 00:22:26,880 --> 00:22:31,200 Speaker 1: nice barbettle approach where we have growth quality growth names, 415 00:22:31,520 --> 00:22:34,480 Speaker 1: quality value names, and that's worked out very well for 416 00:22:34,520 --> 00:22:39,679 Speaker 1: our clients. So, Joe, what's your economic outlook for two? 417 00:22:39,680 --> 00:22:42,600 Speaker 1: I think you know, the economy by many measures, is 418 00:22:42,640 --> 00:22:45,840 Speaker 1: in a pretty solid shape, but there is that inflation 419 00:22:45,920 --> 00:22:48,159 Speaker 1: concern out there and it's getting I think more and 420 00:22:48,200 --> 00:22:50,480 Speaker 1: more real by the day for a lot of investors. 421 00:22:50,640 --> 00:22:56,680 Speaker 1: What's your economic outlook underpinning your investment outlook? It certainly 422 00:22:56,800 --> 00:23:00,959 Speaker 1: is very real to everyone, and we expect that inflation 423 00:23:01,520 --> 00:23:06,240 Speaker 1: will be dampened and there will be a decrease each quarter. 424 00:23:06,359 --> 00:23:10,240 Speaker 1: We could end up with inflation in the three percent 425 00:23:10,760 --> 00:23:16,080 Speaker 1: range later this year, and that's what we're imparted to 426 00:23:16,640 --> 00:23:20,000 Speaker 1: our clients, and certainly we're watching that. But again, we 427 00:23:20,160 --> 00:23:26,840 Speaker 1: see very strong individual consumer balance sheets, strong business balance sheets, 428 00:23:26,880 --> 00:23:29,840 Speaker 1: and cash levels, so we think that will support continue 429 00:23:29,920 --> 00:23:33,920 Speaker 1: spending an investment in so we think we would see 430 00:23:34,160 --> 00:23:37,639 Speaker 1: you know, sm P, the SMP fire in h the 431 00:23:37,760 --> 00:23:40,360 Speaker 1: high single digits and maybe even getting to the ten 432 00:23:40,440 --> 00:23:43,920 Speaker 1: percent range. Certainly less than what we saw last year. 433 00:23:43,960 --> 00:23:48,359 Speaker 1: But we are still very positive on stock. Yeah, we've heard. 434 00:23:48,680 --> 00:23:50,280 Speaker 1: We've had a lot of people come and say CAPEX 435 00:23:50,359 --> 00:23:53,200 Speaker 1: is going to be strong. Um, what about buy backs? 436 00:23:53,280 --> 00:23:57,640 Speaker 1: What about dividends? What about payouts? Well, right now we're 437 00:23:57,680 --> 00:24:02,080 Speaker 1: seeing um, dividend stocks are doing very well, and um, 438 00:24:02,119 --> 00:24:06,600 Speaker 1: you know we we expect dividends and buy backs to continue. 439 00:24:07,080 --> 00:24:09,840 Speaker 1: On the fixed income side, Joe, where are the opportunities here? 440 00:24:09,960 --> 00:24:14,040 Speaker 1: And again a rising uh interest rate environment? What are 441 00:24:14,080 --> 00:24:18,240 Speaker 1: you kind of telling your clients, Well, we see more 442 00:24:18,320 --> 00:24:20,840 Speaker 1: risk in the fixed income market than the stock market 443 00:24:20,960 --> 00:24:24,000 Speaker 1: right now as the rates rise. So again we're looking 444 00:24:24,119 --> 00:24:27,119 Speaker 1: our Our fixed income team is looking at opportunities to 445 00:24:27,160 --> 00:24:29,560 Speaker 1: get in. Many of our clients do have fixed income. 446 00:24:29,840 --> 00:24:31,679 Speaker 1: We do a lot of work with our clients up 447 00:24:31,680 --> 00:24:34,879 Speaker 1: front on planning and what they need. Some clients like 448 00:24:35,000 --> 00:24:38,640 Speaker 1: fixed income to damp in volatility. So right now we're 449 00:24:38,640 --> 00:24:42,280 Speaker 1: really looking at what the taxable equivalent yield is. We 450 00:24:42,320 --> 00:24:46,000 Speaker 1: aren't really um getting into the muni markets. But um, 451 00:24:46,119 --> 00:24:51,080 Speaker 1: we're looking at um tips of course for inflation protection, 452 00:24:51,359 --> 00:24:56,080 Speaker 1: and some higher yielding fixed income investments because, let's face it, 453 00:24:56,480 --> 00:25:00,439 Speaker 1: this lower interest rate environment has been great for roars 454 00:25:00,560 --> 00:25:03,360 Speaker 1: but not great for savers. So we're looking to get 455 00:25:03,359 --> 00:25:05,720 Speaker 1: as much shield as we can, and oftentimes we're looking 456 00:25:05,760 --> 00:25:08,119 Speaker 1: at equities for that because the divining yield can be 457 00:25:08,440 --> 00:25:11,640 Speaker 1: higher than the fiction comal do you have? I mean, 458 00:25:11,760 --> 00:25:16,080 Speaker 1: are your high net worth individuals also interested in investing 459 00:25:16,160 --> 00:25:21,200 Speaker 1: in things like commodities? And I hesitates you asked these 460 00:25:21,200 --> 00:25:24,159 Speaker 1: in the same question, but crypto. I was going to 461 00:25:24,280 --> 00:25:26,159 Speaker 1: go there, but you beat me. Yeah. Well, I mean, 462 00:25:26,200 --> 00:25:28,560 Speaker 1: I'm just you know, I mean, you're in the middle 463 00:25:28,560 --> 00:25:33,159 Speaker 1: of America. Um, Columbus, Ohio. She she's you're in Cincinnati, right. 464 00:25:34,720 --> 00:25:38,040 Speaker 1: I hear Michigan in your voice. But I thought you 465 00:25:38,040 --> 00:25:41,440 Speaker 1: were headquartered. I thought you were your office was in Cincinnati. Yes, 466 00:25:41,440 --> 00:25:43,919 Speaker 1: of course, as as a as a native Ohio and 467 00:25:44,000 --> 00:25:48,719 Speaker 1: I can spot a Michigander from like ten miles away, Ohio. 468 00:25:49,440 --> 00:25:51,480 Speaker 1: What happened with the buck Eyes? You know, we did 469 00:25:51,520 --> 00:25:54,639 Speaker 1: so well against the Sparties and then we lost to 470 00:25:54,680 --> 00:25:59,760 Speaker 1: the Wolverines. I could not believe that this year. Normally 471 00:25:59,800 --> 00:26:01,439 Speaker 1: we we talk a lot more about this jail, but 472 00:26:01,480 --> 00:26:03,200 Speaker 1: we can't on a day when the SMP is selling 473 00:26:03,200 --> 00:26:07,760 Speaker 1: off three bitcoin is a huge uh drop. We we 474 00:26:07,840 --> 00:26:12,399 Speaker 1: saw it coming down below thirty four thousand. Do you 475 00:26:12,440 --> 00:26:16,080 Speaker 1: have high net worth individuals or your big investors interested 476 00:26:16,200 --> 00:26:20,640 Speaker 1: all in crypto or they just completely staying away from it. 477 00:26:20,640 --> 00:26:23,800 Speaker 1: It's a mix. Certainly people are very curious about it. 478 00:26:23,880 --> 00:26:27,080 Speaker 1: We still see it as speculative. So if our clients 479 00:26:27,160 --> 00:26:32,399 Speaker 1: have excess cash and they can they like the volatility 480 00:26:32,440 --> 00:26:35,520 Speaker 1: and they can ride that out, then they're investing in crypto. 481 00:26:35,640 --> 00:26:38,159 Speaker 1: Many of our clients are staying away from it, but 482 00:26:38,359 --> 00:26:42,840 Speaker 1: certainly that is the talk of the town, and if 483 00:26:42,880 --> 00:26:47,720 Speaker 1: they have the excess liquidity, they're going in real quick 484 00:26:47,760 --> 00:26:50,359 Speaker 1: thirty seconds. What's the number one, number one question you 485 00:26:50,359 --> 00:26:55,640 Speaker 1: get from your clients these days? Where should I put 486 00:26:55,680 --> 00:26:58,280 Speaker 1: my money? When should I be going into the market. 487 00:26:58,400 --> 00:27:01,879 Speaker 1: And a lot of our clients are also concerned about 488 00:27:02,040 --> 00:27:05,720 Speaker 1: protecting the wealth that they have, rather whether or not 489 00:27:05,800 --> 00:27:10,560 Speaker 1: that's a business, real estate, they're marketable securities portfolio. So 490 00:27:10,600 --> 00:27:12,560 Speaker 1: we get that question a lot. How can I best 491 00:27:12,920 --> 00:27:17,080 Speaker 1: protect my asset and make sure that my family receives 492 00:27:17,440 --> 00:27:20,639 Speaker 1: my wealth in a way that allows me to disinherit 493 00:27:20,800 --> 00:27:23,760 Speaker 1: very appropriately the I R S. So that's a good questions, 494 00:27:25,000 --> 00:27:27,840 Speaker 1: A non market question. Yeah, I like that. I like 495 00:27:27,960 --> 00:27:29,880 Speaker 1: that term disinherit the I R S. I'm all fort 496 00:27:30,000 --> 00:27:33,679 Speaker 1: Joe Garvey, Senior vice president and senior wealth Strategist at 497 00:27:33,760 --> 00:27:38,720 Speaker 1: Huntington National Bank from the great state of Ohio. Thanks 498 00:27:38,760 --> 00:27:42,199 Speaker 1: for listening to the Bloomberg Markets podcast. You can subscribe 499 00:27:42,240 --> 00:27:45,920 Speaker 1: and listen to interviews an Apple Podcasts or whatever podcast 500 00:27:46,000 --> 00:27:49,520 Speaker 1: platform you prefer. I'm Matt Miller. I'm on Twitter at 501 00:27:49,600 --> 00:27:53,200 Speaker 1: Matt Miller three. Put on false Sweeney I'm on Twitter 502 00:27:53,240 --> 00:27:56,120 Speaker 1: at pt Sweeney before the podcast. You can always catch 503 00:27:56,160 --> 00:27:57,680 Speaker 1: us worldwide at Bloomberg Radio.