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

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

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

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

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

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Speaker 1: at Bloomberg dot com slash podcast. Now, I want to

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Speaker 1: bring in Mike Jackson is the CEO of Auto Nation

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Speaker 1: and one of the most respected figures in the industry,

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Speaker 1: UM dealing a lot of cars even before the pandemic.

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Speaker 1: Mike tell us about the your experience during the pandemic

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Speaker 1: and what it's like now as we as we poke

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Speaker 1: our heads out well, I think um the pandemic was

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Speaker 1: a scarring events for Americans, just horrific, unimaginable, But from

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Speaker 1: a business point of view, it had two significant impacts.

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Speaker 1: One know in the housing industry. In the second or

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Speaker 1: automotive housing, they want more space eight and they want

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Speaker 1: the space to be nicer. And then when they leave

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Speaker 1: their house, they want to control the environments that they're in.

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Speaker 1: They want their personal vehicle and they want to control

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Speaker 1: who's in it, when, where it goes. So this independence

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Speaker 1: of American spirit was built out by this pandemic. So

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Speaker 1: that is dramatically increased demand for individual automobiles and that

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Speaker 1: led to a fourth record quarter for automation with an

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Speaker 1: increase in our revenue year over year, increase UH in

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Speaker 1: gross profit. We had cost measures that we also put

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Speaker 1: in place. Hence our earnings per share tripled compared to

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Speaker 1: a year ago. So the environment is good, no question though.

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Speaker 1: Interest rates is very supportive of housing an automotive. But

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Speaker 1: within that automotive UH segment, Auto Nation with its brand,

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Speaker 1: it's great experience with one price on pre owned, a

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Speaker 1: digital platform. Coast to coast, UH performed extraordinarily. Well, hey, Mike,

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Speaker 1: talk to us about the chip shortage. We we've been

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Speaker 1: hearing so much about this, and you've been in the

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Speaker 1: news making some, um, you know, some clear statements about that.

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Speaker 1: Give us a sense of what that really means for

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Speaker 1: your business and how long the chip shortage you think

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Speaker 1: is going to affect the auto industry in this country. Well,

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Speaker 1: we'll have more demand than supply across the board since

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Speaker 1: April May of a year ago, when you hit this

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Speaker 1: inflection point where American sumer woke up and said listen,

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Speaker 1: I want, I want. Personal transportation inventories were, of course

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Speaker 1: for new very low then because the plants were closed

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Speaker 1: for eight weeks, ten weeks, twelve weeks depending on the manufacturer.

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Speaker 1: UH and you had this extraordinarily high demand. Now the

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Speaker 1: chip shortage means they can't meet the demand and UM

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Speaker 1: shipments are still pretty good, but um and it's much

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Speaker 1: better than a year ago. There's no comparison to the

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Speaker 1: shuftdown period. This chip shortage is more a disruption of

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Speaker 1: a very complex global manufacturing system. So the headline remains

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Speaker 1: we have more demand and supply. The way we are

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Speaker 1: managing it as a company is that we've adjusted margins

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Speaker 1: on the new vehicle side and we're selling incoming vehicles,

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Speaker 1: preselling incoming vehicles that at a much higher rate than normal,

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Speaker 1: so everything comes in and goes out. And on the

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Speaker 1: volume side, we've aggressively purchased pre owned. We put very

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Speaker 1: good values on the trade ins for our customers, so

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Speaker 1: that's a win for them and hence we're able to

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Speaker 1: increase our pre owned business by year over year. I

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Speaker 1: talked to all of Colonnas, the CEO of Daimler, a

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Speaker 1: couple of days ago and he told me, in terms

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Speaker 1: of the chip shortage for them, they're prioritizing the higher

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Speaker 1: margin vehicles. So the new e q S, for example,

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Speaker 1: they're gonna prioritize that in the S class. Of course,

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Speaker 1: I see that you had last year bigger growth in

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Speaker 1: your premium luxury segment that you did in domestics and imports.

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Speaker 1: Is that part of that equation. Premium luxury is in

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Speaker 1: the high thirties as a percent of our business. Uh.

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Speaker 1: And with the largest retailer of Mercedes in the US

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Speaker 1: was a good friend of mine, know him a long time.

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Speaker 1: He's an outstanding CEO. All is not the only one

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Speaker 1: who's come to that conclusion. And we clearly say, and

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Speaker 1: here's an epiphany that the manufacturers saying, let's put the

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Speaker 1: chips in the highest demand vehicles, which by the way,

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Speaker 1: are also the highest margin vehicles for them. I think that, Uh,

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Speaker 1: the industry didn't always do that in s decades. And

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Speaker 1: the consumer, just like in the home, is looking for

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Speaker 1: a bigger vehicle with more content and hence more chips

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Speaker 1: in that particular vehicle, and the manufacturers are prioritizing that.

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Speaker 1: And let's not produce vehicles for which there's very little

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Speaker 1: interest toward demand. I mean, let's give the customer what

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Speaker 1: they want. Wow. Okay, that's a stroke of genius. I

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Speaker 1: like it, and it's been very um. I think it's

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Speaker 1: I think it may have changed the industry long term

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Speaker 1: that there is much rather than being so production driven

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Speaker 1: all the time and overproducing, let's really focus on what

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Speaker 1: consumers want and have a good balance between demand and supply.

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Speaker 1: I just want to ask you a quick question speaking

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Speaker 1: of industry changes. We only got thirty seconds here, but

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Speaker 1: I've heard that Amazon may come into the market. Do

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Speaker 1: you think that they're a potential threat. Amazon is a

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Speaker 1: great company, and they've been coming into automotive for I

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Speaker 1: think thirty years. I've been hearing that, so listen. It's

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Speaker 1: a big, complex business, and I like our position with

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Speaker 1: our brand, our experience in our digital platform. Well Auto

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Speaker 1: National do well. I have a lot of card dealer

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Speaker 1: friends and they wanted me to ask if you have

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Speaker 1: any stories for sale? Do you have anything out there

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Speaker 1: that you're willing to give up? But I'm guessing the

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Speaker 1: answer right now is no. I knew it would be

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Speaker 1: Mike Jackson, the CEO of Auto Nation. The stock has

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Speaker 1: soared Um, has been time today. Absolutely, this is Bloomberg.

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Speaker 1: We've got an old fashioned bidding war in the railroad business.

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Speaker 1: Canadian National launching a thirty billion dollar bid for Kansas

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Speaker 1: City Southern. That comes on top of Canadian Pacifics offer

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Speaker 1: from just last week of about twenty billion dollars. Let's

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Speaker 1: break it down. We do that with Tony Hatch. Tony

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Speaker 1: is a principal a b H Consulting. Tony is one

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Speaker 1: of the leading and longest serving rail analysts on the street.

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Speaker 1: He knows all of these companies intimately. Well, Tony, thanks

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Speaker 1: for joining us here again, the two Canadian rails looking

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Speaker 1: at Kansas City Southern. What's the rationale behind behind their interest? Well, Um,

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Speaker 1: the rationale really is that there's terrific growth potential. These

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Speaker 1: both of the offers were really contingent upon where the

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Speaker 1: success was contingent upon synergies, very different from most historic

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Speaker 1: mergers in the rail industry, which have been about removing

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Speaker 1: duplicate efforts or economies. So I think they both see

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Speaker 1: Mexico being a tremendous growth market. Whether or not we

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Speaker 1: get a big increase in near shoring and other things,

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Speaker 1: that's been the fastest growing market in North American freight

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Speaker 1: for some time and will continue to be. And I

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Speaker 1: think the both of the networks fit with the Kansa

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Speaker 1: City southern pretty well. Tony. How much green space is

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Speaker 1: in this industry? I mean, do you just if you

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Speaker 1: want more railroads, do you have to buy other railroads?

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Speaker 1: Are are they going to be building out more network? Well? Um,

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Speaker 1: basic this is sort of like the whole thing about

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Speaker 1: real estate. You know, they don't make any more of it.

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Speaker 1: Building a railroad is prohibitively expensive, Uh, fighting etter, you

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Speaker 1: have to buy them. If you want access, direct access,

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Speaker 1: owned access to markets, you need to purchase it or

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Speaker 1: cut some other kind of deal. You can't simply build

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Speaker 1: into it. Uh you know what, the cost would be astronomical?

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Speaker 1: All right, Tony, So behind this deal, I think, you know,

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Speaker 1: even someone like me who hasn't looked at, you know,

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Speaker 1: a rail stock in thirty years. I look at the

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Speaker 1: map here and I see, you know, the Canadian routes

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Speaker 1: and then I see them connecting down into Kansas City

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Speaker 1: and then going all the way to Mexico, and it

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Speaker 1: just seems like this is just a great play on

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Speaker 1: just North America and trade kicking back in and maybe

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Speaker 1: getting some better trade agreements. Um, is that kind of

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Speaker 1: what these guys are thinking. That's absolutely what they're thinking.

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Speaker 1: I mean this so you know, I hate to say

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Speaker 1: it's a NAFTA or U s m C A play

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Speaker 1: because un that's going on for a while, but this

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Speaker 1: truly links the continents, links all three players in the continent, uh,

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Speaker 1: in the three countries. In addition, it's a big North

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Speaker 1: South play. And what is you know, heretofore been really

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Speaker 1: an East west world. If you look at the big

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Speaker 1: four US railroads, they really work in an East West phenomenon.

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Speaker 1: So this is a way of attaining a different type

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Speaker 1: of growth than we had been seeing. I mean, Kensdy

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Speaker 1: Southern had been the fastest growing railroad for the last

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Speaker 1: many years. The Canadians have been one and two, uh

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Speaker 1: and three, all three of us. Are you really talking

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Speaker 1: about the railroads here involved in this little fractus are

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Speaker 1: all the ones the most focused at this point in growth?

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Speaker 1: And the market se as you talked about in the

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Speaker 1: trade situation, really is supportive of that. Even if it's great,

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Speaker 1: a great commercial play, there's a point when the price

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Speaker 1: could just be too high, right, I mean, we all

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Speaker 1: agree that getting the first n f T on people

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Speaker 1: art would be an incredible opportunity. But for sixty nine

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Speaker 1: million dollars, that's too much. So at what point does

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Speaker 1: UM does this asset get too expensive? You know, of

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Speaker 1: course everything and everything has a value. I don't think

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Speaker 1: there're anything near that. It doesn't mean that we'll see

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Speaker 1: another bid. This wouldn't surprise me this morning. But you know,

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Speaker 1: I think the idea that they're saying that they could

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Speaker 1: be you know, that the synergies will be created pretty

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Speaker 1: quickly makes a lot of sense, and we'll get more

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Speaker 1: information as this process goes along. But we haven't reached

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Speaker 1: the point of saturation here. This will make money for

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Speaker 1: the buyer at both of those prices, even the higher

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Speaker 1: one UM and I think potentially it didn't even hire one.

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Speaker 1: But I don't see any but any of the other

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Speaker 1: carriers getting involved at this point. But I think that

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Speaker 1: you're right. You know, there is a point in which

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Speaker 1: you pay too much for the growth. We haven't hit

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Speaker 1: that level yet. Wait. I got a quick follow Okay, Uh,

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Speaker 1: what was Paul like as a young employee. It's very

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Speaker 1: good to hear his voice. He was kind of hate

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Speaker 1: to say this publicly. But he was pretty good. You know,

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Speaker 1: I wouldn't expect saying that, but but he was. And

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Speaker 1: he does know this stuff better that he's letting on here. Um,

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Speaker 1: this will be an interesting story that The question to

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Speaker 1: me is the regulatory aspect you haven't asked about him?

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Speaker 1: Happy to talk about it. I think it could hash mustard,

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Speaker 1: But it's getting a little more complicated than it was

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Speaker 1: just late last night when I went to bed. Fascinating.

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Speaker 1: So Tony, thanks for coming on. We really appreciate it.

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Speaker 1: Love getting your perspective here. Chat with you going forward.

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Speaker 1: But again, a big big deal UH in the railroad

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Speaker 1: business in this country as both Canadian railroads taking a big,

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Speaker 1: big liking to Kansas City Southern Tony Hatch principal at

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Speaker 1: A B H Consulting, that's his consulting firm. He talks

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Speaker 1: all the rig railroads, talks the institutional investors. He's got

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Speaker 1: his UH finger on the pulse of that industry and

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Speaker 1: he was a very good guy to learn the industry from. UH.

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Speaker 1: So I can say that much and I still know

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Speaker 1: revenue ton Miles, Matt, that's the key metric for your

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Speaker 1: earnings models. How much did you make moving a ton

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Speaker 1: of freight. Well, we're all buying more and more stuff online.

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Speaker 1: It seems like there are boxes in front of every

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Speaker 1: door across America on a daily basis. But what about

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Speaker 1: the jewelry business? Has that gone online? Has that gone digital?

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Speaker 1: Let's check in with Tom Nolan. He's a newly appointed

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Speaker 1: CEO of Julie firm Kendrick Scott. Tom, thanks so much

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Speaker 1: for joining us here, love to get your thoughts. Just

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Speaker 1: starting out, how has your business, the jewelry business been

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Speaker 1: impacted by the pandemic. Yeah, thanks for having me on.

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Speaker 1: I appreciated good morning. Um, you know, two thousand twenty,

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Speaker 1: the year of COVID and even leading into has really been.

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Speaker 1: It's been a fantastic year for us from our business perspective,

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Speaker 1: challenging one for our society obviously, But um, we really

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Speaker 1: weather the storm remarkably well. I would say we were

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Speaker 1: for sure an outlier, and I'm really proud of the

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Speaker 1: team and what a great job they did do in it.

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Speaker 1: So what have you been doing to sell more stuff online?

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Speaker 1: I mean, I imagine, you know, sometimes I'll go around

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Speaker 1: and look at watch I'm not really a jewelry guy,

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Speaker 1: but I'll look at watch websites and they have kind

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Speaker 1: of developed into more interesting places I guess to spend time,

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Speaker 1: but otherwise, you know, I just need to see a

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Speaker 1: picture and I know if I want it. Yeah, you know.

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Speaker 1: I think our our business has always been really experiential.

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Speaker 1: And then it's from when Kendra started the company twenty

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Speaker 1: years ago. It's been been a really experiential business and

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Speaker 1: we lead that to brick and mortar and retail, and

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Speaker 1: so it was a it was a challenge for us

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Speaker 1: as more customers migrated to the web business to create

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Speaker 1: that experience and and deliver it to folks online. I

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Speaker 1: think at the end of the day, what we've really

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Speaker 1: always focused on. We know that the customers are boss.

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Speaker 1: I mean she she ultimately signed my paychecks and all

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Speaker 1: of our companies paychecks, and and it's important that we're

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Speaker 1: meeting her and him wherever they are. And I think

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Speaker 1: what we saw was that everybody migrated online when brick

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Speaker 1: and mortar stores were closed. We managed to have a

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Speaker 1: successful retail the year last year. We're still having a

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Speaker 1: successful retail year this year. And additionally, on top of it,

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Speaker 1: and there's huge incre mentality and what happened in the

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Speaker 1: web business um and we just tried to pivot and

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Speaker 1: move very quickly to meet them where they where they

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Speaker 1: wanted to buy. And as everybody is seen in the

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Speaker 1: markets and the macroeconomic indicators, I mean, there was a

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Speaker 1: lot more discretion your income. People weren't going on vacations,

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Speaker 1: they weren't taking trips the same way. So I think

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Speaker 1: folks like yourself, we're looking for things to do in

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Speaker 1: a lot of ways, and I think we're fortunate to

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Speaker 1: be on the receiving end of that. And our brand

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Speaker 1: just means a lot to a lot of people. It's

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Speaker 1: philanthropies and the core of it and the heart of it,

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Speaker 1: and we always try to do good. It's it was

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Speaker 1: remarkable year and it taught us a lot and it

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Speaker 1: made us all better and stronger and faster. So who

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Speaker 1: do you compete with? Uh, Tom? You know, now as

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Speaker 1: your as your business kind of you know, becomes a

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Speaker 1: little bit more digital, you know, yeah, first and foremost,

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Speaker 1: I think are we our largest competitors ourselves? Right? I mean,

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Speaker 1: we just we're always competing against doing better than we

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Speaker 1: did the day before, the year before. But we're in

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Speaker 1: the jewelry space and accessory space. Brands like Kate Spade,

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Speaker 1: brands like Tiffany's and Tom and James, Bablo, bar Pandora Oriana.

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Speaker 1: I'd say brands like that are the ones that we

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Speaker 1: were competing against on the day to day basis. So

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Speaker 1: what kind of spending do you expect from stimulus? Have

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Speaker 1: you seen a big boost from the checks that went

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Speaker 1: out or do you think we're going to see, you know,

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Speaker 1: post pandemic, a huge spending splurge. Yeah, I think that

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Speaker 1: we all saw it. I mean, if you're if you're

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Speaker 1: paying attention to networks and stations like y'alls, there was

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Speaker 1: definitely an increase in stimulus spending, and I think there

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Speaker 1: was a lot of consumer brands around the receiving into that.

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Speaker 1: You know, it's the market is you know, is so

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Speaker 1: so challenging. I mean, it's really more it's harder to

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Speaker 1: figure out that there never has been before us. So

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Speaker 1: I think for us, we think about controlling the things

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Speaker 1: that we can control. If we know that if we

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Speaker 1: make a great product, if we focus on the customer,

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Speaker 1: if we deliver a great experience, we make our web

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Speaker 1: experience as good or better than our retail experience, we're

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Speaker 1: going to continue to win. So you know, I can't

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Speaker 1: control what what happens in the market, so we can

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Speaker 1: control the things that we do, and I think when

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Speaker 1: we when we do that, well, we're gonna continue to

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Speaker 1: be successful and win, all right, tom So, it just

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Speaker 1: gives a sense of how much of your business now

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Speaker 1: is sold in stores, you know, the brick and mortar

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Speaker 1: versus online, and how do you think that split might

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Speaker 1: develop going forward? Yeah, so so two thousand nineteen is

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Speaker 1: probably the best indicator is a benchmark. In that year,

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Speaker 1: almost six of our business was brick and mortar and

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Speaker 1: retail about it was was online. At the end of

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Speaker 1: last year, it almost was. I think at the end

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Speaker 1: of this year it's going to be pretty close to

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Speaker 1: that as well. As it relates to our direct consumer business.

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Speaker 1: We have a meaningful wholesale business as well, but I'm

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Speaker 1: continue to still build pretty bullish on the retail side

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Speaker 1: of things. I think it has also created some nice

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Speaker 1: inventory opportunities and the right kind of places. We always

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Speaker 1: focused on outdoor centers primary for us, and those those

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Speaker 1: certainly got through COVID better than others. Um. But I

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Speaker 1: think that there's been such a pent up demands. I

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Speaker 1: was with some folktion of Cowboys last night and we're

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Speaker 1: talking about this. There's been such a pent up demand

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Speaker 1: for people to get out and get back to normalcy.

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Speaker 1: I think the web customer has change and forever and

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Speaker 1: it's always going to be dominant force. But I also

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Speaker 1: think that there's this demand of people wanting to get

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Speaker 1: back out and return to normalcy. They're going to a

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Speaker 1: sporting event, going shopping for themselves or somebody in their lives.

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Speaker 1: And I we've seen a little bit of that regionally

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Speaker 1: where states that open up a little bit sooner, like

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Speaker 1: Texas in the southeast, and I anticipate seeing a little

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Speaker 1: bit more in the markets that we're a little bit

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Speaker 1: more behind. So at the end of this year, we're

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Speaker 1: gonna be real post to answer your question, but I

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Speaker 1: think retail still is going to be meaningful for us

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Speaker 1: and all the other retailers. Some things to think about

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Speaker 1: it that way, and business too. I would just add

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Speaker 1: one more thing is that we're small footprints. Um, you know,

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Speaker 1: in the jewelry of business, we don't have sizes. We

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Speaker 1: don't need huge, big, monster storytelling retail spaces, so it

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Speaker 1: helps us economically as well. Tom grad spending some time

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Speaker 1: with you, Tom Nolan, CEO of Kendra Scott. Now we're

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Speaker 1: bringing Fiona Sincana Senior Mark could find a senior financial

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Speaker 1: markets analysts City Index. It's a retail division of stone

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Speaker 1: X and Fiona, let me start by asking you about

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Speaker 1: what we're seeing in U s docks um investors selling

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Speaker 1: off buying into bonds even with you know, these huge

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Speaker 1: growth expectations and inflation fears. What's happening in the US

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Speaker 1: equity market today. Yes, so what we're seeing is we

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Speaker 1: said we we we sort of had record high struck

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Speaker 1: last week with the Dow in the SMP and then

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Speaker 1: today is the second day of losses that we're seeing.

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Speaker 1: So we sort of set off yesterday, we're seeing another

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Speaker 1: still off today, and there is that sort of there

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Speaker 1: is this feeling of risk off trade going on. We've

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Speaker 1: got demands for sort of riskier assets such as equity

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Speaker 1: is sort of really coming off invested litten to pull

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Speaker 1: risk off the table, when whilst we've got sort of

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Speaker 1: the more safe haven such as the US gold just

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Speaker 1: taking higher. I think the big concern here is with

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Speaker 1: these rising COVID numbers again, so well, the US is

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Speaker 1: doing a very good job at reopening and getting vaccines

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Speaker 1: out there. The rest of the world of very much

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Speaker 1: sort of India and Pakistani can talk with Asia, the

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Speaker 1: situation is much more concerning, and I think there is

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Speaker 1: this fear about how that's going to impact on the

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Speaker 1: global growth and global economic recovery. So if you know,

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Speaker 1: we're just you know, about ten the way through this

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Speaker 1: first quarter earning season, we've seen some names and when

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Speaker 1: you think about the banks, lest we've put up some

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Speaker 1: huge numbers, yet the stocks, uh you know, are flat

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Speaker 1: or down on the news. Is that suggests to you

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Speaker 1: that this market is priced too close to perfection it does,

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Speaker 1: or even slightly slightly overextended. It could be. I mean,

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Speaker 1: we did have some really strong data at the end

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Speaker 1: of last week as far as the U S data

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Speaker 1: on retail PUS and inflation. With bolts so higher, we'd

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Speaker 1: have some great UM numbers from the banks as well.

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Speaker 1: So so really we were with those really strong numbers

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Speaker 1: sitting at all time high UM, and then we've had

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Speaker 1: this sort of sort of doubt to come in. There

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Speaker 1: are some concerns about where we might be going forward.

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Speaker 1: I think there's also a lot of high high expectations

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Speaker 1: for this earning season and when expectations are so high,

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Speaker 1: it does make it very difficult to please the market.

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Speaker 1: So sort of you know, to have a really good

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Speaker 1: upside surprise is given me much harder um. And so

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Speaker 1: that does mean that sort of any slight um concerns

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Speaker 1: or any niggles that the market could have to see

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Speaker 1: the stocks fall off quite quickly. How important our Netflix

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Speaker 1: earnings to text docs? I think these are going to

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Speaker 1: be really important. They're really going to be closely watched.

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Speaker 1: I mean, if we think about it, that the first

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Speaker 1: three months of this year, they were still lockdown um

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Speaker 1: uh sort of measured imposed and so that does support

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Speaker 1: the stay at home steam really boosted Netflix across the

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Speaker 1: past year. But we've also got heating up competition. There's

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Speaker 1: a big focus on content. So I think there's going

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Speaker 1: to be a really really close watch on how these

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Speaker 1: are going to perform and also what that means for

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Speaker 1: other text stops coming forward to next week when we've

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Speaker 1: got the big US TEX stops coming through. So these

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Speaker 1: are really going to be sort of you know, setting

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Speaker 1: the trends and letting investors sort of have an idea

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Speaker 1: to how that stay at home play is still in

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Speaker 1: going on, or whether we are sort of on that

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Speaker 1: customers rotation out of that. So if you know, kind

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Speaker 1: of on the other side of the typical tech traders,

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Speaker 1: you've got a cyclical trade and a trade into small

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Speaker 1: cap stocks that's been working for a lot of investors.

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Speaker 1: Really since September of last year. That cyclical rotation trade,

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Speaker 1: if you will, has really been paying off. Is that's

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Speaker 1: something you expect to continue. It could do. It's something

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Speaker 1: that I think we could still seem much more room

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Speaker 1: for the cyclical to to gain. But it just depends

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Speaker 1: now and what happens as far as the COVID situation

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Speaker 1: globally is taking place. So if we feel that, if

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Speaker 1: if the dissentiment concerning COVID is really starting to to

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Speaker 1: unnerve investors again, then we're just going to see a

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Speaker 1: hold back on that rotation into cyculical them back into grad.

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Speaker 1: But if we can get under this, this sort of

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Speaker 1: draw a line under this COVID concern, which I think

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Speaker 1: we're still some way off for the moment, that then

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Speaker 1: that would mean that would have a much stronger move

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Speaker 1: back into ciculical. So I think that the trade isn't over,

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Speaker 1: but I just think the timing on it is not

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Speaker 1: quite right in the moment. You just got a minute left.

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Speaker 1: I want to get your thoughts on cryptol. I mean,

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Speaker 1: I know it doesn't seem to be influencing financial assets

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Speaker 1: that much, but the run up has been amazing and

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Speaker 1: now the slump this week, oh completely. I mean it

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Speaker 1: has been one wild ride. And I mean if that's

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Speaker 1: something that crypto is really well known for, its sort

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Speaker 1: of loose why off twings, and it's definitely not disappointing

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Speaker 1: as far as that's consent, and it's been one that

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Speaker 1: we've been watching extremely closely. We have those those highs

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Speaker 1: as we have the the I p A from coin based,

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Speaker 1: and then it's sort of the slumped down afterwards has

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Speaker 1: been absolute spectacular. But that's what we expect from crypto, right,

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Speaker 1: that's sort of those big moves exactly what it's all about.

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Speaker 1: So just yeah, it's definitely some type for those rides. Fiana,

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Speaker 1: thanks so much for journing us. We appreciate a Fiona Sinkata,

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Speaker 1: senior financial markets analysts at the City Index, Thanks for

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

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Speaker 1: listen to interviews of Apple podcasts or whatever podcast platform

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

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Speaker 1: Miller ninety three. On bo Sweeney, I'm on Twitter at

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Speaker 1: pt sweeney Before the podcast. You can always catch us

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Speaker 1: worldwide at Bloomberg Radio