1
00:00:00,040 --> 00:00:01,920
Speaker 1: Let's focus on the FED for at segment. Bruce Richards,

2
00:00:01,960 --> 00:00:05,200
Speaker 1: Marathon Asset Management Chairman and CEO, Bruce, good to see

3
00:00:05,200 --> 00:00:05,480
Speaker 1: you on.

4
00:00:05,480 --> 00:00:07,280
Speaker 2: FED day, Alex, great to see you.

5
00:00:07,400 --> 00:00:07,960
Speaker 1: When and why?

6
00:00:08,320 --> 00:00:10,240
Speaker 2: When and why? Yes? When?

7
00:00:10,800 --> 00:00:14,800
Speaker 3: Well, that's probably in my base case June of next year.

8
00:00:16,120 --> 00:00:18,759
Speaker 3: The why, and it could come earlier, but that would

9
00:00:18,800 --> 00:00:21,880
Speaker 3: be data dependent. The why is data dependence and data

10
00:00:22,040 --> 00:00:26,240
Speaker 3: is inflation coming down to two or we're really going

11
00:00:26,320 --> 00:00:28,840
Speaker 3: to slow moving towards a recession, and so that would

12
00:00:28,880 --> 00:00:31,479
Speaker 3: be you know the why. Now the ECB, because you

13
00:00:31,560 --> 00:00:33,879
Speaker 3: asked the question about the FED versus the ECB Bank

14
00:00:33,920 --> 00:00:38,000
Speaker 3: of England, the ECB goes first because their economy is

15
00:00:38,040 --> 00:00:42,200
Speaker 3: already around the recession right now, Germany probably, yes, there's

16
00:00:42,240 --> 00:00:44,239
Speaker 3: two or three countries that are in recession, and so

17
00:00:44,440 --> 00:00:47,160
Speaker 3: I think DCB goes first. So one thing people aren't

18
00:00:47,159 --> 00:00:49,800
Speaker 3: thinking about is if DCB goes first and the FED

19
00:00:49,840 --> 00:00:53,240
Speaker 3: turns out to be higher for longer, well, everyone thinks

20
00:00:53,280 --> 00:00:54,840
Speaker 3: the dollar is going to be weakening next year versus

21
00:00:54,840 --> 00:00:55,080
Speaker 3: the euro.

22
00:00:55,360 --> 00:00:56,480
Speaker 2: The dollar will rip on that.

23
00:01:00,040 --> 00:01:02,200
Speaker 4: The EASY and the FED they're going to be cutting

24
00:01:02,200 --> 00:01:05,160
Speaker 4: for different reasons, Bruce. Is what you're basically saying the

25
00:01:05,640 --> 00:01:09,600
Speaker 4: FED can cut because inflation's coming down and as a

26
00:01:09,600 --> 00:01:11,440
Speaker 4: result of which it can stay restrictive, but it can

27
00:01:11,440 --> 00:01:14,120
Speaker 4: still cut. The ECB's cutting because the economy is slowing

28
00:01:14,160 --> 00:01:17,400
Speaker 4: and it needs to cut in terms of the order

29
00:01:17,400 --> 00:01:20,560
Speaker 4: of magnitude. Therefore, how should we be thinking about it.

30
00:01:20,840 --> 00:01:23,039
Speaker 4: If the FED just kind of needs to cut a little,

31
00:01:23,200 --> 00:01:25,520
Speaker 4: what does a little look like? If the ECB's got

32
00:01:25,520 --> 00:01:27,560
Speaker 4: a bigger problem, what does that look like in terms

33
00:01:27,600 --> 00:01:28,800
Speaker 4: of the order of magnitude.

34
00:01:29,040 --> 00:01:32,400
Speaker 3: So let's talk about the FED first, And so the

35
00:01:32,400 --> 00:01:35,119
Speaker 3: FED meeting today, and you know every quarter they come out,

36
00:01:35,200 --> 00:01:36,479
Speaker 3: not every meeting, but every quarter they come.

37
00:01:36,400 --> 00:01:37,839
Speaker 2: Out with their dot plot curve.

38
00:01:38,160 --> 00:01:40,440
Speaker 3: And the dot plots are going to be very revealing today,

39
00:01:40,800 --> 00:01:43,120
Speaker 3: and so the market is expecting five cuts next year.

40
00:01:43,280 --> 00:01:46,440
Speaker 3: I think the market's way ahead of itself. I think

41
00:01:46,480 --> 00:01:49,920
Speaker 3: it's probably two, maybe three tops, but probably two.

42
00:01:50,000 --> 00:01:50,840
Speaker 2: But those dots are.

43
00:01:50,720 --> 00:01:53,440
Speaker 3: Going to be really reveal revealing because five and a

44
00:01:53,440 --> 00:01:56,080
Speaker 3: half percent funds today will probably be four and three

45
00:01:56,120 --> 00:01:58,640
Speaker 3: quarters at the end of next year, and it's not

46
00:01:58,680 --> 00:02:00,240
Speaker 3: what people are expecting at all.

47
00:02:00,360 --> 00:02:01,920
Speaker 2: I'd also say, when I was looking.

48
00:02:01,720 --> 00:02:05,600
Speaker 3: Back at data over the last decades to when we

49
00:02:05,680 --> 00:02:08,359
Speaker 3: had a normal yield curve, and when things were more

50
00:02:08,400 --> 00:02:11,960
Speaker 3: normalized back in the nineties, you had the FED increased

51
00:02:12,040 --> 00:02:14,800
Speaker 3: rates rather sharply by three hundred base points beginning February

52
00:02:14,800 --> 00:02:17,799
Speaker 3: of nineteen ninety four, and they raise rates to six

53
00:02:17,840 --> 00:02:20,520
Speaker 3: percent from three percent, and they brought it down by

54
00:02:20,560 --> 00:02:23,200
Speaker 3: seventy five basis points over the course of a year,

55
00:02:24,040 --> 00:02:26,120
Speaker 3: only to raise at twenty five basis points.

56
00:02:26,400 --> 00:02:27,639
Speaker 2: So anyone that thinks they.

57
00:02:27,520 --> 00:02:31,000
Speaker 3: Know the path of this FED funds rate over the

58
00:02:31,000 --> 00:02:33,200
Speaker 3: next two or three years should look back at the

59
00:02:33,240 --> 00:02:36,440
Speaker 3: charts of nineteen nineties, right and just be humble by

60
00:02:36,480 --> 00:02:38,520
Speaker 3: the fact you really don't, because you don't. Really it's

61
00:02:38,520 --> 00:02:38,880
Speaker 3: going to be.

62
00:02:40,360 --> 00:02:43,440
Speaker 4: But to the point, I think this growth, if the

63
00:02:44,240 --> 00:02:46,600
Speaker 4: sorry just to jump in, if the FED is therefore

64
00:02:46,639 --> 00:02:49,799
Speaker 4: cutting because of inflation, there is a greater risk that

65
00:02:50,480 --> 00:02:53,520
Speaker 4: we see hikes further down the road, because inflation can

66
00:02:53,560 --> 00:02:56,000
Speaker 4: be fickle. Whereas if they're cutting from eight points of

67
00:02:56,080 --> 00:02:58,600
Speaker 4: view off slow and growth, that's a different ballgame, and

68
00:02:58,639 --> 00:02:59,839
Speaker 4: those cuts are more likely.

69
00:03:00,800 --> 00:03:03,160
Speaker 3: I am I hearing you, well, Yes, what I'm saying

70
00:03:03,240 --> 00:03:06,320
Speaker 3: is all data dependent. Inflation is coming down. It's coming

71
00:03:06,360 --> 00:03:09,079
Speaker 3: down rather sharply. But what we saw u CIPI yesterday

72
00:03:09,360 --> 00:03:11,520
Speaker 3: is inflation is sticky around four percent, but I'm gonna

73
00:03:11,520 --> 00:03:12,880
Speaker 3: call it three to four percent.

74
00:03:13,240 --> 00:03:14,079
Speaker 2: So getting to.

75
00:03:14,040 --> 00:03:16,320
Speaker 3: Two percent, you're not getting there in the next several months.

76
00:03:16,480 --> 00:03:18,120
Speaker 3: And so I don't think the Fed's moving in March

77
00:03:18,200 --> 00:03:20,040
Speaker 3: like the mark the market seems to think.

78
00:03:20,240 --> 00:03:21,919
Speaker 2: And so I think it's a little later than that

79
00:03:22,120 --> 00:03:22,960
Speaker 2: for the first move.

80
00:03:23,320 --> 00:03:25,880
Speaker 3: But I think the FED will win and they'll get

81
00:03:25,880 --> 00:03:27,840
Speaker 3: inflation down to two percent, no doubt in my mind,

82
00:03:28,040 --> 00:03:31,360
Speaker 3: so I'll be able to normalize rates. What is normal

83
00:03:31,560 --> 00:03:35,760
Speaker 3: is the big question, and normal means the normal Yo curve,

84
00:03:35,800 --> 00:03:38,680
Speaker 3: and so from a normal standpoint, I think that one

85
00:03:38,720 --> 00:03:40,720
Speaker 3: has to think of the endgame when you look out

86
00:03:40,720 --> 00:03:45,480
Speaker 3: two years and say, hey, where is inflation probably two percent?

87
00:03:46,120 --> 00:03:49,360
Speaker 3: Where is then the FED fund rate? That's the question.

88
00:03:49,560 --> 00:03:52,640
Speaker 3: If inflation is two and we haven't seen normal since

89
00:03:52,640 --> 00:03:56,040
Speaker 3: O eight because we had QII, we had the z

90
00:03:56,120 --> 00:03:58,160
Speaker 3: up world that we lived through, we had zero rates

91
00:03:58,200 --> 00:03:59,640
Speaker 3: that we went back into.

92
00:03:59,800 --> 00:04:01,840
Speaker 2: And then we went to five hundred and twenty five

93
00:04:01,840 --> 00:04:03,520
Speaker 2: base points with an inverted Yell curve.

94
00:04:03,560 --> 00:04:05,480
Speaker 3: It hasn't been normal for a long time, and a

95
00:04:05,480 --> 00:04:08,240
Speaker 3: lot of people don't remember normal, and so when you

96
00:04:08,280 --> 00:04:13,280
Speaker 3: think about normal, FED funds would be free if inflation

97
00:04:13,400 --> 00:04:15,920
Speaker 3: is two, maybe it's two and a half if inflation's two,

98
00:04:16,240 --> 00:04:18,440
Speaker 3: and then you can start to spot your curve because

99
00:04:18,480 --> 00:04:20,640
Speaker 3: if FED funds are two and a half to two

100
00:04:20,720 --> 00:04:24,200
Speaker 3: year notes three, I'm just saying on average normal, which

101
00:04:24,200 --> 00:04:27,760
Speaker 3: puts ten year notes around four percent, which is normal,

102
00:04:27,960 --> 00:04:30,480
Speaker 3: a two hundred base point real rate off of inflation.

103
00:04:31,040 --> 00:04:32,440
Speaker 2: People don't know what normal is.

104
00:04:32,839 --> 00:04:34,440
Speaker 3: And one thing I think Pal is going to get

105
00:04:34,440 --> 00:04:36,880
Speaker 3: to by the end of his term, which doesn't expire

106
00:04:36,960 --> 00:04:40,640
Speaker 3: until you know, the second quarter of twenty twenty six,

107
00:04:41,400 --> 00:04:44,920
Speaker 3: is to normalize interest rates and the normalize the Yell curve,

108
00:04:45,080 --> 00:04:49,400
Speaker 3: which we haven't had since before Burnank and before Janet Yellen,

109
00:04:49,640 --> 00:04:51,920
Speaker 3: and so he wants to make that his legacy.

110
00:04:51,800 --> 00:04:52,320
Speaker 4: So Bruce.

111
00:04:52,720 --> 00:04:54,400
Speaker 1: In that environment in the beginning of the year, we

112
00:04:54,400 --> 00:04:56,159
Speaker 1: were talking about this is the golden age of credit,

113
00:04:56,200 --> 00:04:58,760
Speaker 1: right or the golden era of credit? In that environment?

114
00:04:58,960 --> 00:05:00,680
Speaker 1: Is it because you all you like credit, but you

115
00:05:00,720 --> 00:05:03,200
Speaker 1: also like distress. Dead in that environment, I don't see

116
00:05:03,200 --> 00:05:05,159
Speaker 1: the distress then necessarily.

117
00:05:05,000 --> 00:05:06,920
Speaker 2: Well, I think they do coexist.

118
00:05:07,040 --> 00:05:10,880
Speaker 3: But the bigger picture is the comedies just fine for

119
00:05:10,960 --> 00:05:15,360
Speaker 3: right now, and you know, and markets are doing quite fine.

120
00:05:15,360 --> 00:05:16,560
Speaker 2: They're functioning for right.

121
00:05:16,440 --> 00:05:18,919
Speaker 3: Now, but are they really So let's dig into that

122
00:05:19,000 --> 00:05:20,880
Speaker 3: for a second. So Number one to answer a question

123
00:05:21,040 --> 00:05:23,039
Speaker 3: is the golden erave credit? How you'll bonds are up

124
00:05:23,040 --> 00:05:26,120
Speaker 3: over ten percent this year. Lever's loans and these are

125
00:05:26,320 --> 00:05:29,240
Speaker 3: you know, liquid credit is up eleven percent, actually more

126
00:05:29,279 --> 00:05:31,800
Speaker 3: than eleven percent this year, and private credit is well

127
00:05:31,800 --> 00:05:34,839
Speaker 3: over twelve percent this year. And so all the private

128
00:05:34,839 --> 00:05:38,360
Speaker 3: credit markets and public credit markets are really doing quite

129
00:05:38,360 --> 00:05:43,520
Speaker 3: well with these higher rates. And we're printing money and

130
00:05:43,720 --> 00:05:46,440
Speaker 3: lots of credit managers are printing money at the expense

131
00:05:46,480 --> 00:05:47,799
Speaker 3: of some equity returns.

132
00:05:47,839 --> 00:05:50,000
Speaker 2: We're getting generating a really high rate of return.

133
00:05:50,480 --> 00:05:53,840
Speaker 3: So I think while that exists, you can also have

134
00:05:53,880 --> 00:05:56,880
Speaker 3: dislocation and distressed. How can you have dislocation and distressed

135
00:05:56,920 --> 00:05:59,280
Speaker 3: when you just had a five point two percent GDP number?

136
00:05:59,360 --> 00:06:00,599
Speaker 2: Yep? How do you have that?

137
00:06:01,000 --> 00:06:03,279
Speaker 3: Well, let's look at the high old market and leverage

138
00:06:03,279 --> 00:06:05,800
Speaker 3: loan market, which is five point one trillion in US

139
00:06:05,880 --> 00:06:09,760
Speaker 3: and Europe, right, so there's about ten percent of that market,

140
00:06:10,160 --> 00:06:13,280
Speaker 3: ten percent, which is five hundred billion. That's radio triple C.

141
00:06:14,279 --> 00:06:16,280
Speaker 3: Five hundred billion is radio triple C.

142
00:06:16,600 --> 00:06:18,640
Speaker 2: Do you know that in Europe. God, you've probably know this.

143
00:06:19,000 --> 00:06:21,880
Speaker 3: In Europe, there hasn't been a triple c issuance in

144
00:06:21,920 --> 00:06:25,120
Speaker 3: the high old bond market since January of twenty twenty two,

145
00:06:25,400 --> 00:06:28,280
Speaker 3: not one deal in two years. And so is that

146
00:06:28,320 --> 00:06:30,599
Speaker 3: market functioning or a lot of those companies going to

147
00:06:30,600 --> 00:06:35,000
Speaker 3: get restructured? Absolutely, a lot of dislocation, a lot of

148
00:06:35,000 --> 00:06:38,360
Speaker 3: distress despite it being the golden there of credit, despite

149
00:06:38,640 --> 00:06:39,920
Speaker 3: performance being what it is.

150
00:06:40,279 --> 00:06:41,760
Speaker 2: Then look at the real estate markets.

151
00:06:41,760 --> 00:06:44,800
Speaker 3: Five point six trillion dollars of debt in the real

152
00:06:44,920 --> 00:06:47,920
Speaker 3: estate markets. I think the default rate for real estate

153
00:06:48,000 --> 00:06:50,640
Speaker 3: is going to be about ten percent before this history

154
00:06:50,960 --> 00:06:53,960
Speaker 3: chapter is written, which is five hundred and sixty billion

155
00:06:54,040 --> 00:06:55,039
Speaker 3: dollars of real estate.

156
00:06:55,279 --> 00:06:57,560
Speaker 2: And so the banks are not in position to make

157
00:06:57,600 --> 00:06:58,159
Speaker 2: these loans.

158
00:06:58,240 --> 00:07:01,400
Speaker 3: You know, one thing we should talk about, Buzle free endgame.

159
00:07:01,680 --> 00:07:04,160
Speaker 3: This is going to have such an impact on the

160
00:07:04,200 --> 00:07:06,840
Speaker 3: credit markets and what it means for the banks, and

161
00:07:06,839 --> 00:07:09,039
Speaker 3: it's coming down the pike in a very big way,

162
00:07:09,279 --> 00:07:11,440
Speaker 3: and it's going to have a meaningful impact for all

163
00:07:11,480 --> 00:07:14,000
Speaker 3: banks that have one hundred billion dollars of assets are greater,

164
00:07:14,200 --> 00:07:16,640
Speaker 3: and there's thirty banks from JP Morgan, the biggest the

165
00:07:16,720 --> 00:07:18,960
Speaker 3: banks like Key Bank and Fifth Third and lots of

166
00:07:19,000 --> 00:07:22,239
Speaker 3: banks that we're going to have to have twenty percent

167
00:07:22,400 --> 00:07:26,600
Speaker 3: more reserves against the risk weighted assets than they have today.

168
00:07:26,880 --> 00:07:28,040
Speaker 2: And that's a big deal.

169
00:07:28,280 --> 00:07:30,120
Speaker 3: And it means a lot of those banks aren't gonna

170
00:07:30,120 --> 00:07:32,680
Speaker 3: be able to extend these loans. And there's not enough

171
00:07:32,680 --> 00:07:34,880
Speaker 3: capital in the private credit market to fill in the

172
00:07:34,920 --> 00:07:37,880
Speaker 3: bank void there, and so we're gonna have to be

173
00:07:37,920 --> 00:07:42,640
Speaker 3: out there raising a lot of money to.

174
00:07:41,880 --> 00:07:43,920
Speaker 2: Keep the wheels going. So it is just a goal

175
00:07:44,000 --> 00:07:44,840
Speaker 2: number of credit rks.

176
00:07:45,520 --> 00:07:51,280
Speaker 4: When you can I can almost see you celebrating when

177
00:07:51,520 --> 00:07:55,240
Speaker 4: when the real estate truck hits. Who he just talks

178
00:07:55,280 --> 00:07:57,480
Speaker 4: about the banks, who does it hits? How hard as

179
00:07:57,520 --> 00:08:00,200
Speaker 4: it hits, does they will come at once? It just

180
00:08:00,280 --> 00:08:02,600
Speaker 4: kind of me through what you see twenty twenty four

181
00:08:02,880 --> 00:08:04,240
Speaker 4: looking like. For really said, I know a lot of

182
00:08:04,240 --> 00:08:06,720
Speaker 4: people who work in real estate. They're all waiting for

183
00:08:06,760 --> 00:08:09,160
Speaker 4: the truck to hit. It's kind of there's a few

184
00:08:09,160 --> 00:08:12,119
Speaker 4: little accidents happening here and there, but nothing major yet.

185
00:08:12,480 --> 00:08:13,400
Speaker 4: They know it's coming.

186
00:08:13,880 --> 00:08:17,080
Speaker 2: So there's five hundred billion dollars of debt.

187
00:08:17,120 --> 00:08:18,640
Speaker 3: A little bit more than that, five hundred twenty five

188
00:08:18,640 --> 00:08:21,200
Speaker 3: billion dollars of debt in the commercial real estate market

189
00:08:21,440 --> 00:08:24,840
Speaker 3: that mature is calendar year twenty twenty four, and so

190
00:08:25,200 --> 00:08:27,320
Speaker 3: that's come in our way, coming to a theater and

191
00:08:27,320 --> 00:08:30,080
Speaker 3: near you know. And so I think if you're in

192
00:08:30,120 --> 00:08:33,560
Speaker 3: real estate, you're on your knees and you're by your

193
00:08:33,600 --> 00:08:36,520
Speaker 3: bedside and you're saying your prayers that the FED is

194
00:08:36,520 --> 00:08:38,839
Speaker 3: going to come to the rescue and lower rates and

195
00:08:38,920 --> 00:08:42,520
Speaker 3: allow for the financing markets to open up and allow

196
00:08:42,640 --> 00:08:45,440
Speaker 3: for debt to get rolled. But the problem is, I

197
00:08:45,440 --> 00:08:49,520
Speaker 3: don't think it comes in time to really rescue, you know,

198
00:08:49,600 --> 00:08:52,320
Speaker 3: a big chunk in the marketplace. So office is under

199
00:08:52,320 --> 00:08:54,720
Speaker 3: a lot of stress. You know, if you're related and

200
00:08:54,760 --> 00:08:57,480
Speaker 3: you have the best office in New York City around

201
00:08:57,520 --> 00:09:01,040
Speaker 3: the country, you're sitting there pretty you're so well capitalized,

202
00:09:01,840 --> 00:09:02,080
Speaker 3: you know.

203
00:09:02,720 --> 00:09:05,640
Speaker 2: But if you're a BC property.

204
00:09:05,160 --> 00:09:09,560
Speaker 3: Owner and you're on Third Avenue or in San Francisco

205
00:09:09,760 --> 00:09:11,959
Speaker 3: or wherever you are around the country, and you don't

206
00:09:12,000 --> 00:09:14,200
Speaker 3: have those rental increases and you only get a fifty

207
00:09:14,240 --> 00:09:17,960
Speaker 3: percent of LTV loan and the value of the properties

208
00:09:18,000 --> 00:09:20,920
Speaker 3: down thirty to forty percent to start with, there's very

209
00:09:20,960 --> 00:09:24,760
Speaker 3: little equity worth anybody. And so so we've been buying

210
00:09:24,840 --> 00:09:27,800
Speaker 3: the debt on good quality product. We've been buying it

211
00:09:27,800 --> 00:09:30,440
Speaker 3: for the CNBS market. We've been issuing loans at the

212
00:09:30,520 --> 00:09:33,559
Speaker 3: highest loan rate you know, in a generation for real

213
00:09:33,640 --> 00:09:34,199
Speaker 3: estate lending.

214
00:09:34,400 --> 00:09:36,760
Speaker 2: So we love real estate landing. But where's it come.

215
00:09:36,880 --> 00:09:39,080
Speaker 3: It starts with office, but it doesn't start with your

216
00:09:39,120 --> 00:09:40,079
Speaker 3: better quality properties.

217
00:09:40,080 --> 00:09:42,359
Speaker 2: It starts with the B and C properties.

218
00:09:42,360 --> 00:09:46,160
Speaker 3: And then it trickles down to if you bought it

219
00:09:46,200 --> 00:09:49,560
Speaker 3: in the wrong vintage twenty twenty or twenty twenty one,

220
00:09:49,760 --> 00:09:52,360
Speaker 3: and you have any financing needs coming up, that's a

221
00:09:52,400 --> 00:09:55,840
Speaker 3: problem because you're probably overpaid by twenty five thirty percent

222
00:09:56,160 --> 00:09:59,000
Speaker 3: and a good deal of the equity is being scratched,

223
00:09:59,200 --> 00:09:59,719
Speaker 3: at least on.

224
00:09:59,679 --> 00:10:00,880
Speaker 2: A mark a market basis.

225
00:10:00,960 --> 00:10:03,040
Speaker 3: But when it comes to financing, you'll you'll have to

226
00:10:03,080 --> 00:10:06,400
Speaker 3: really dig into the loans. But listen, you know there

227
00:10:06,400 --> 00:10:08,000
Speaker 3: are loans that are coming out of the banks in

228
00:10:08,480 --> 00:10:11,760
Speaker 3: big size and and so firms like ours can come

229
00:10:11,800 --> 00:10:15,480
Speaker 3: and provide debt measuring to debt financing, can provide this

230
00:10:15,800 --> 00:10:17,679
Speaker 3: inner financing and fill that voyage.

231
00:10:19,440 --> 00:10:21,840
Speaker 4: Brice, when I when I asked where the truck was

232
00:10:21,840 --> 00:10:23,120
Speaker 4: going to hit, I didn't think you're going to be

233
00:10:23,160 --> 00:10:25,280
Speaker 4: as specific as third Avenue.

234
00:10:26,120 --> 00:10:29,920
Speaker 3: That's that's I quite specific in terms of the ad

235
00:10:30,000 --> 00:10:30,400
Speaker 3: leux to it.

236
00:10:30,600 --> 00:10:32,280
Speaker 1: Well, Les has more abuse to our friends right now.

237
00:10:32,280 --> 00:10:37,520
Speaker 4: Okay, third, but Lex and third, the truck's coming, Okay,

238
00:10:37,679 --> 00:10:40,120
Speaker 4: Bruce Richard's such a pleasure, always a pleasure. Thank you,

239
00:10:40,160 --> 00:10:43,839
Speaker 4: Sir Bruce Richards, Marathon Asset Management Chair and c e O.

240
00:10:44,320 --> 00:10:44,920
Speaker 4: Thanks Bryce,