Speaker 1: This is Bloomberg Business Week. I'm Carol Masser and I'm
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Speaker 1: also listen to our radio show weekdays at two pm
Speaker 1: Eastern only on Bloomberg Radio. Great day at the Plaza
Speaker 1: in New York at the Global Business for annual gathering
Speaker 1: of global political leaders, business leaders, um activists. And it's
Speaker 1: all about really high level conversations. But I do want
Speaker 1: to say, and Mike set the tone at the top.
Speaker 1: Mike Bloomberg, of course, owner of Bloomberg LP, Bloomberg Radio,
Speaker 1: Bloomberg TV. You know, looking at climate change and the
Speaker 1: role public private partnerships and how you solve these problems
Speaker 1: that came up a lot in the panel discussion that
Speaker 1: we were fortunate enough to host earlier in this afternoon,
Speaker 1: but one of the underlying questions of course, is what
Speaker 1: is the state of the global economy, and what do
Speaker 1: we think about businesses, what do we think about consumers?
Speaker 1: How does US China trade play into all of it.
Speaker 1: I put all of those questions to Jonathan Gray. John Gray,
Speaker 1: he is the president and the CEO of Blackstone. He
Speaker 1: joined me earlier here at the Global Business Forum. Let's
Speaker 1: listen in to that conversation. And John just jumping into
Speaker 1: what feels like the big question right now, which is
Speaker 1: cautious businesses optimistic consumers. Help me understand is there a disconnect,
Speaker 1: is there a lag what's going on? Well, I think
Speaker 1: what you're seeing is you've got some uncertainty in the world.
Speaker 1: You certainly have some friction from the China trade, You've
Speaker 1: got the Brexit situation, and you just have some geopolitical
Speaker 1: concerns that are making everybody nervous. Businesses are responding by
Speaker 1: pulling back a bit. You see that in manufacturing, industrial data,
Speaker 1: capital investment, and you're beginning to see that in earnings
Speaker 1: from companies. So that's one side of the equation. On
Speaker 1: the other side of the equation the consumers actually doing
Speaker 1: pretty well around the world, particularly here in the US.
Speaker 1: So I was talking to a friend this morning about
Speaker 1: what I think of is the three threes, which are
Speaker 1: we have three point seven percent unemployment, wages are growing
Speaker 1: north of three percent, and home prices are growing north
Speaker 1: of three percent. So if you think about the consumer,
Speaker 1: they have a job, wages are going up, and the
Speaker 1: biggest assets appreciating in value. And that's why you see
Speaker 1: this bifurcation. So I'd say when you add it together,
Speaker 1: I think what it leads to is not a recession,
Speaker 1: but a slowdown in growth globally, which is what we're experiencing.
Speaker 1: And so how much does it slow down? And when
Speaker 1: are we in that now? I think we're in that now.
Speaker 1: It's hard to say. The good news is central banks
Speaker 1: have decided, you know that they're going to lower rates
Speaker 1: and continue to stimulate, which has helps soften the blow
Speaker 1: a bit. And it's possible that some of these issues
Speaker 1: like China trade or Brexit get resolved, which would take
Speaker 1: a little bit of this uncertainty away. I think as investors, though,
Speaker 1: you don't want to get too caught up in sort
Speaker 1: of the heat of the moment. You want to try
Speaker 1: to take a longer term view. So where are you
Speaker 1: spending money? I know your investors are asking you that
Speaker 1: every time they get on the phone with you. Where
Speaker 1: you to playing capital you've got five plus billion dollars
Speaker 1: in assets. Well, that is the big question. I think
Speaker 1: in this point in the economy where you have slow growth,
Speaker 1: you also have pretty high multiples. Right the low rate
Speaker 1: of interest rates, it's created expanded multiple So you have
Speaker 1: to be cautious on where you invest. What we're looking
Speaker 1: at our places where technology is creating a lot of
Speaker 1: change and where they're really in the path of growth.
Speaker 1: Industries in the path of growth, so globally and logistics
Speaker 1: we've talked about it before. We've been the big buyer
Speaker 1: of warehouses around the world. Probably bought seventy billion dollars
Speaker 1: on the simple premise that goods are moving from physical
Speaker 1: retail to online retail. We're doing things around content creation
Speaker 1: as a result of the cost of distribution of media
Speaker 1: coming down. You want to service that industry software as
Speaker 1: a solution. Things migrating to the cloud. We bought a
Speaker 1: big business a does things in the human resource area
Speaker 1: online UM India another area that's benefiting from I T services.
Speaker 1: So I think as the global economy transformed, even though
Speaker 1: the overall growth rate isn't that high. Trying to find
Speaker 1: those industries and sectors that have the wind at their
Speaker 1: back is really important. So you a net buyer? Are
Speaker 1: you a net seller at this point across all of
Speaker 1: your empire? You know? I would say it's a bit
Speaker 1: of both. I wouldn't say, you know, there's one clear path.
Speaker 1: I think when we find businesses that have stabilized and
Speaker 1: sort of our buy it, fixed it sell it approach,
Speaker 1: we actit. On the other hand, there are plenty of
Speaker 1: things that we still have conviction in and we hold,
Speaker 1: so you're seeing us sell, but at the same time
Speaker 1: deploy a lot of capital. We put out fifty six
Speaker 1: billion dollars of capital in the last twelve months, so
Speaker 1: we're still finding interesting things. I would say it's more
Speaker 1: selective and it tends to be in larger situations. Uh
Speaker 1: thirty seconds to go real estate? How are you feeling,
Speaker 1: especially the United States, residential and commercial? I would say, Okay.
Speaker 1: The headwind is that prices are high, multiples are high
Speaker 1: for real estate. The economy slowed. The good news is
Speaker 1: that supply is pretty limited and rates remain low. I
Speaker 1: think again, you've got to focus on where do you
Speaker 1: see better growth, so West coast of the United States,
Speaker 1: more technology, more job creation. Warehouses again another area as
Speaker 1: opposed to retail, and then rental housing. The shortage of
Speaker 1: new home construction has led to strength and rental housing
Speaker 1: and single family homes. And that was my conversation with
Speaker 1: John Gray, he is the president and the chief operating
Speaker 1: officer of Blackstone. Then we got a chance to catch up,
Speaker 1: obviously with his boss, Steve Schwartzman on our panel a
Speaker 1: little bit later on. We did, uh, and a great conversation,
Speaker 1: and we talked earlier about the optimism. What's great about Blackstone?
Speaker 1: I mean, what is it? More than half billion dollars
Speaker 1: in assets and management? Half a chillion? Forgive me right, right, right? Um,
Speaker 1: So get your head around that. So many different This
Speaker 1: is big exposure to real estate and a lot of
Speaker 1: different types of assets. So again, uh, you know, a
Speaker 1: company and individuals who really have a good snapshot of
Speaker 1: what's going on in the world. Well, and it's funny
Speaker 1: and you know, not to talk out of school. But
Speaker 1: as I was wrapping up with John off air, he
Speaker 1: basically said that what we talked about on the air
Speaker 1: was essentially every conversation he has with a big investor
Speaker 1: in the sense that they call him up and they
Speaker 1: essentially say, hey, look, I I see these companies who
Speaker 1: are saying, I'm a little bit cautious, I'm worried about trade,
Speaker 1: I'm worried about this, worried about this, worried about that.
Speaker 1: And then meanwhile, all these consumers are saying, I'm gonna
Speaker 1: buy a car, I'm gonna buy a house, I've got
Speaker 1: a job, let's buy some Christmas presents. You know. It's
Speaker 1: it's a it's a bifurcation of sorts and a dichotomy
Speaker 1: that people want to figure out. And then they say
Speaker 1: to him, so, how are you gonna spend all that money? Right?
Speaker 1: Because they have so much right to still put to work.
Speaker 1: And I do wonder about that because I feel like
Speaker 1: the private equity guy, especially the bigger players, continue to
Speaker 1: raise money, right, continue to bring out new funds. UM.
Speaker 1: I feel like we've done the stories on the infrastructure funds,
Speaker 1: and I still feel like that money is waiting to
Speaker 1: be put to work. Fascinating to hear the Prime Minister
Speaker 1: of India, you know, and talking about infrastructure needs right,
Speaker 1: and certainly they are open for business and ready. UM
Speaker 1: to work with companies to put it to work well.
Speaker 1: And on that topic of infrastructure that came up on
Speaker 1: our panel as well with Ann Mahindra. They have a
Speaker 1: huge renewable renewables business and he was being a little
Speaker 1: bit funny about it, but essentially saying, listen, everybody, just
Speaker 1: don't worry about this. It's not a thing. And by
Speaker 1: the way, I'm going to make a ton of money
Speaker 1: while you're looking the other way or either arguing about
Speaker 1: the causes and effects or saying, oh, I don't know
Speaker 1: what we're gonna do. Meanwhile, he said, you know, they're
Speaker 1: renewables business is one of their best performing, one of
Speaker 1: the best. They're making money off of it, right, They're finding,
Speaker 1: you know, a lot of business opportunities. So yeah, it's well,
Speaker 1: I was just gonna say, you know, we'll hear a
Speaker 1: little bit later in the show, I believe from Bruce Flat,
Speaker 1: who's the CEO of Brookfield. You know, he was also
Speaker 1: along this morning. He's actually on a panel right now
Speaker 1: with President Clinton and the president, the current president of Columbia.
Speaker 1: He was talking about Brexit the impact on their investments
Speaker 1: there because the only firm that's actually nipping at Blackstones
Speaker 1: heels from a assets under management is Brookfield because they're
Speaker 1: combining with oak Tree. As you remember, that deal is
Speaker 1: going to close on Monday, believe about exactly. They're going
Speaker 1: to have half a trillion dollars of their own under management.
Speaker 1: So these two big investors. So we'll get that perspective
Speaker 1: a little bit later on. Alright, looking forward to that
Speaker 1: and a lot more to come from the Bloomberg Global
Speaker 1: Business form. What is McDonald's and it is, of course
Speaker 1: the world's largest fast food chain, trying to make it
Speaker 1: in an age of code and Kale. Behind it all
Speaker 1: Steve Easterbrook, who has been president and CEO McDonald's for
Speaker 1: I think about four years. A little bit more than that.
Speaker 1: This feature story in the magazine this week online in
Speaker 1: at Bloomberg dot com. It is the cover's story, and
Speaker 1: let's talk about it with Leslie Patton. She is our
Speaker 1: Blueberg News consumer reporter. She's in our Chicago Sorry about that,
Speaker 1: she's in the Chicago bureau scie. I'm like trying to
Speaker 1: remember where everybody is. And of course Jill Weber is
Speaker 1: with us, the editor of the magazine, joining us back
Speaker 1: in our New York studio. So um, Julia made this
Speaker 1: the cover. I have to say, I love this story.
Speaker 1: I had no idea. Jason and I were talking about
Speaker 1: it all of what was going on at McDonald's in
Speaker 1: terms of becoming more digital. Yeah, so this was a
Speaker 1: story that we piqued our interest a while ago when
Speaker 1: McDonald's started to make a series of tech acquisitions and
Speaker 1: investments and we were like, that's kind of interesting. And
Speaker 1: then we kind of looked at the performance of the
Speaker 1: share price and McDonald's is amazing. It's really been on
Speaker 1: a tear over the last five years. And as we
Speaker 1: started talking to to Leslie, who covers the company, and
Speaker 1: our colleague Thomas Buckley in the UK, we said, there's
Speaker 1: a there's actually you know, Jason, you love this. There's
Speaker 1: a great strategy story here. So we got to spend
Speaker 1: some time with Steve Easterbrook, the CEO. Leslie what what's
Speaker 1: the vision? What's he what's he doing with McDonald's. I
Speaker 1: think the plan is really to move McDonald's forward and
Speaker 1: not only do that, but do it at the pace
Speaker 1: that some of the smaller places they're doing, which McDonald's
Speaker 1: the biggest restaurant chain in the whole world. Can they
Speaker 1: can they keep up with some of the smaller, more
Speaker 1: nimble players, and that's what he's really trying to do.
Speaker 1: I think, well, and Leslie one of the reasons I
Speaker 1: really liked this story. First of all, it's a deep
Speaker 1: dive and his droll says it is a great strategy story.
Speaker 1: But it's also a little bit counterintuitive, I think, especially
Speaker 1: given how breathless and I put this on all of us.
Speaker 1: We have been around faux meets and you know, artisan
Speaker 1: artisanal burgers and all of these things that are coming up.
Speaker 1: This is a behemoth that Easterbrook seems to have really
Speaker 1: turned in a direction, not without a sort of internal controversy.
Speaker 1: But this is this is a market shift. Yeah, that's right.
Speaker 1: And let's keep in mind the food itself hasn't really
Speaker 1: changed that much, right, So there might be some new sandwiches,
Speaker 1: there might be some new topics or something like that,
Speaker 1: but you know what, it's the core McDonald's is still burgers, fries, milkshakes.
Speaker 1: That's what he's promoting, and that's what he wants to
Speaker 1: really get in the hands of more people faster. That
Speaker 1: more people faster, I mean to give you a sense
Speaker 1: of what their scale is, right, This is a global company.
Speaker 1: They basically feed one percent of the global population on
Speaker 1: any given days. Amazing scale. Right, so when they make
Speaker 1: a tweak, and like one of the ones that opening
Speaker 1: anectory that Leslie and Thomas have some amazing reporting about
Speaker 1: is the moment that McDonald's decided to do delivery and
Speaker 1: it wasn't like we'll get to that next year. It's like, no,
Speaker 1: I want this now, and I want it done globally.
Speaker 1: And when you think about the operations that it takes
Speaker 1: to actually do something like that, I mean, and you
Speaker 1: know they partnered with uber Eats to accomplish that, but
Speaker 1: it speaks of like, Okay, we have a Spanish Armada
Speaker 1: style ship here that we need to move and we
Speaker 1: need to move it faster than ever before, while competitors
Speaker 1: are doing kale salads or fried chicken sandwiches now, and
Speaker 1: we're McDonald's, Like, so we have an advantage, but we
Speaker 1: we can't take that for granted. Well, and what go ahead, Leslie? No,
Speaker 1: I was wanna say, that's that's exactly right, Joel. I think,
Speaker 1: and keeping in mind that that because this ship is
Speaker 1: so large, they have such a large influence. But Easterbrook,
Speaker 1: he's really just brought this sense of urgency that wasn't
Speaker 1: there before. And he's not satisfied was taking years and
Speaker 1: years to do things and an eighteen months plan for
Speaker 1: a new sandwich is not okay anymore. Well, and I
Speaker 1: love the story at the top that talks about I
Speaker 1: think it was something like three years ago and Easter
Speaker 1: Book made a stop in Madrid before heading home for
Speaker 1: the Christmas holidays, and you know was it's the soccer
Speaker 1: matches were going on and you get a whopper delivered
Speaker 1: but you couldn't get a big Mac. Yeah, exactly, Like
Speaker 1: he was just really ticked off and did you like
Speaker 1: call these guys? Yeah, that's through the whole delivery thing
Speaker 1: into into motion. But you know the heart of this
Speaker 1: to me, though, is this this tech thing, which is
Speaker 1: why the cover it looks like a big macbox, only
Speaker 1: instead of saying a saying big Mac on the box,
Speaker 1: that says big data. And then did you see what
Speaker 1: I did? What we did there? That really I think
Speaker 1: speaks to the spirit of this, because that is the
Speaker 1: secret sauce, right, how can we use technology to sell
Speaker 1: burgers better? That? And nobody else has really thought that way.
Speaker 1: But to give you a sense of where it can
Speaker 1: go is like you you drive through the drive through
Speaker 1: and suddenly you get offered something that you had last
Speaker 1: time because it remembered your license plate number. We're basically there,
Speaker 1: like we can we can do that. Um, you might
Speaker 1: find it creepy or it's like maybe it's a way
Speaker 1: to sell you a couple of extra boxes of French fries. Well,
Speaker 1: and it does feel like, you know, you know a
Speaker 1: person my age is creepy, is a millennial's cool? I'm
Speaker 1: so glad. Yeah, I don't have to open my mouth,
Speaker 1: like get the online eating apps right. They're like, oh, hey,
Speaker 1: you had this last time. I'm like, yeah, you know
Speaker 1: what I wanted again And I don't know. I find
Speaker 1: him helpful and get another acquisition that man exactly. Great discussion, guys,
Speaker 1: Thank you so much. Check out the converstry this week
Speaker 1: in Bloomberg Business Week. Leslie Pattons she wrote it with
Speaker 1: Thomas Buckley. There's a conversation that Carol had with Thomas
Speaker 1: Buckley on our weekend show in Bloomberg Business Week this weekend.
Speaker 1: Our thanks also, of course, Joel Weber, who was over
Speaker 1: here earlier moderating a killer panel at the Global Business Forum.
Speaker 1: Back in our New York studio. You're listening to Bloomberg
Speaker 1: Business Week, Jason Kelly and Carol Master live here in
Speaker 1: New York City at the Global Business Forum Business Bloomberg Journal. Yeah,
Speaker 1: but you let me drive. Oh no, no, no no, no,
Speaker 1: Ann please, I want to try questions to the Globe
Speaker 1: Bloomberg Radio. All right, well, we have a special edition
Speaker 1: of today's Drive to the Close. Checking in with one
Speaker 1: of the world's biggest global investors. I caught up with
Speaker 1: him earlier. That's Bruce Flatt. He's the CEO of Brookfield.
Speaker 1: Let's listen to what he had to say about the
Speaker 1: state of the global markets. As you're moving around not
Speaker 1: just this event, but around New York City this week,
Speaker 1: you're talking to a lot of heads of state, a
Speaker 1: lot of investors. It's a world of instability. It feels
Speaker 1: like fair to say, but how does it feel to
Speaker 1: a big investor. Look, I'd say politically, many countries are
Speaker 1: up in the air and uh and and pretty extreme
Speaker 1: politics in those places. But on the ground, in business,
Speaker 1: actually it's pretty constructive. Most countries of the world are
Speaker 1: doing okay. And as value investors, we look for places
Speaker 1: where you can put money for a long term, you
Speaker 1: can make decent returns in the fullness of time, and
Speaker 1: uh instability sometimes brings opportunity, so you just need to
Speaker 1: think long term in these situations. Well, let's talk about
Speaker 1: those opportunities, because, as you say, maybe some of this
Speaker 1: uncertainty drives valuations down, because valuations have been pretty high.
Speaker 1: It feels like for the past couple of years. Are
Speaker 1: you seeing that yet? Well not in in the in
Speaker 1: the developed markets, valuations are still high. So so our
Speaker 1: focus is special situations in those places. Um. But you
Speaker 1: know Europe is being driven by interest rates that are
Speaker 1: really low today. UM. India has uh um a situation
Speaker 1: where the financial system needs capital, so there's a lot
Speaker 1: of opportunity there. In China, we're seeing more opportunities because
Speaker 1: of just the de leveraging going on in the country,
Speaker 1: and that's a positive and it creates opportunity. All right,
Speaker 1: So you mentioned China US China trade. Obviously, top of
Speaker 1: mind continues to be how does that play through it
Speaker 1: at all into your investments or into your thesis about
Speaker 1: the world. So our our business is about um buying
Speaker 1: real things, real assets. We buy pipelines, toll roads, real estate,
Speaker 1: renewable power plants and and their local investments in every country.
Speaker 1: So we're in thirty five countries in the world, but
Speaker 1: we're a local investor in every single country, So it's
Speaker 1: not trade doesn't really affect on the margins. It does
Speaker 1: if it affects the country's economy. It obviously affects investments
Speaker 1: of affect hits currencies, It affects your investment as a
Speaker 1: global investor. But we're on the ground investors, so trade
Speaker 1: isn't as important to us. Do you worry as someone
Speaker 1: who has to think about the whole world of the
Speaker 1: implications of a decoupling between the US and China or
Speaker 1: does that just mildly change what the landscape looks like? Look,
Speaker 1: I'd say again, as a long term value group, Um,
Speaker 1: we try to find great places in the world which
Speaker 1: have rule of law, functioning systems, respect for capital, operate
Speaker 1: with standards that we can operate with. We like to
Speaker 1: go there, and we invest for long periods of time. Yes.
Speaker 1: Does all do all these things affect us? Yes, in
Speaker 1: the short term. In the long term, not really. So
Speaker 1: let's talk about one specific local national situation that's Brexit.
Speaker 1: You know, we had Boris Johnson, the UK Prime Minister,
Speaker 1: leave here or l leave New York or leave you
Speaker 1: in General Assembly to get back. We're gonna be hearing
Speaker 1: from him later on today. You're a big landowner and
Speaker 1: in a big landlord I should say they're in London.
Speaker 1: Canary Wharf obviously has been a big project. You got
Speaker 1: a lot invested there. How does that play through? We do, Um,
Speaker 1: business has been good since Brexit happened. Every day that
Speaker 1: this gets extended and nothing happens, fewer decisions get made
Speaker 1: and that's not helpful for business in the fullness of time.
Speaker 1: I think just getting something resolved will be a good
Speaker 1: thing for everyone in London is going to be a
Speaker 1: center of commerce for a long time. And uh, we
Speaker 1: just need we just need a solution to it, that's all.
Speaker 1: Do you feel like, uh, folks are making or putting
Speaker 1: off decisions, you know people who would be leasing from
Speaker 1: you or putting off decisions. Look, we had one building.
Speaker 1: Brexit happened. It was least it opens this month. It's
Speaker 1: a percent least at the rents we thought. So people
Speaker 1: make decisions, it takes longer and right now, why would
Speaker 1: you make a decision in this month? So you'll wait.
Speaker 1: But people do make decisions. They have to. Business goes on,
Speaker 1: life goes on. And when you think about the infrastructure
Speaker 1: of possibilities that are out there right now, that's clearly
Speaker 1: on the minds of a lot of people here in
Speaker 1: the guise of sustainability and where those sorts of investments
Speaker 1: are happening. You mentioned renewables. How has your strategy evolved
Speaker 1: even over the past few years in terms of the
Speaker 1: types of infrastructure deals you might be doing. Yes, so
Speaker 1: in renewables, where the I think the largest private owner
Speaker 1: of renew wables in the world. We've always believed in it.
Speaker 1: We were a large hydro owner for many decades. Uh
Speaker 1: in the last ten years we've pushed into wind and
Speaker 1: solar and will continue to do that because we think
Speaker 1: it's it's for the future and and and why it's
Speaker 1: different today is that it's actually economically feasible to do
Speaker 1: it without without subsidies. Therefore, we're putting a much much
Speaker 1: more emphasis on that infrastructure in the world, though, is
Speaker 1: going to go and go into private hands. Governments are indebted,
Speaker 1: they need to provide services to their people and more
Speaker 1: and more, and every country will be different, but more
Speaker 1: and more infrastructure will be funded by private by private entities,
Speaker 1: and we're one of them that can put capital together
Speaker 1: for that. You've got a lot of big investment partners
Speaker 1: around the world who commit hundreds of billions of hundreds
Speaker 1: of millions, I should say ultimately and in hundreds of
Speaker 1: billions that you've collected. What's their mood right now? If
Speaker 1: you can generalize across the big institutional investors, you know,
Speaker 1: I just say that everyone in the world is thinking
Speaker 1: about and especially people with large sums of money UM.
Speaker 1: Japan went negative ten years ago. Europe has just gone negative.
Speaker 1: What that means is that there's only one place to
Speaker 1: get returns in sovereign credit, and that's in the United States.
Speaker 1: And that's obviously been pushing the yield curve UM down
Speaker 1: on the back end, but increasingly people are needing to
Speaker 1: put money into alternatives to that, and it's just pushing
Speaker 1: money into credit. It's pushing money into alternatives, and that
Speaker 1: is going to keep happening UM going forward. If interest
Speaker 1: rates with at this level you mentioned credit, you're about
Speaker 1: to combine officially close the deal with oak Tree. That combination.
Speaker 1: What should we expect in the near term in terms
Speaker 1: of the opportunities that that presents. Well, we've announced closing,
Speaker 1: it's on Monday. UM. We're excited and thrilled to partner
Speaker 1: with Howard Marks and Bruce carshon their team. They're going
Speaker 1: to run the business. We're gonna help them in any
Speaker 1: way we possibly can. We think it's an added benef
Speaker 1: fits were institutional clients to offer their products UM and UH.
Speaker 1: And in the world we're in where UM low rates
Speaker 1: are pushing money into alternatives I think are general private equity,
Speaker 1: real estate, infstructure, franchise will benefit and and now we
Speaker 1: have a credit offering to add to that. Bruce flat,
Speaker 1: the CEO of Brookfield, speaking with me earlier here at
Speaker 1: the Bloomberg Global Business Forum. He in fact just wrapped
Speaker 1: up a really interesting panel discussion. We're told we weren't
Speaker 1: able to go see it because we've been on the air,
Speaker 1: but with former President Clinton and the current president of Columbia.
Speaker 1: So between him and John Gray, we got a trillion
Speaker 1: dollars worth of insights into the market there, right. And
Speaker 1: these guys, I mean, I love when we're talking with
Speaker 1: these kinds of people because of what they're seeing in
Speaker 1: a perspective. Thanks for listening to Bloomberg Business Week. You
Speaker 1: can subscribe to the podcast on iTunes, SoundCloud, or Bloomberg
Speaker 1: dot com. You can also listen to our radio show
Speaker 1: every weekday at two pm Eastern, only on Bloomberg Radio