1
00:00:03,320 --> 00:00:06,680
Speaker 1: Global business news twenty four hours a day. It's Bloomberg

2
00:00:06,760 --> 00:00:09,800
Speaker 1: dot Com, the radio plus mobile lact and on your radio.

3
00:00:10,080 --> 00:00:14,200
Speaker 1: This is a Bloomberg Business Flash from Bloomberg World Handquarters.

4
00:00:14,240 --> 00:00:17,599
Speaker 1: I'm Charlie Pellett. Nez DAC now negative on the day,

5
00:00:17,640 --> 00:00:20,040
Speaker 1: down four points to drop. There of point one percent.

6
00:00:20,079 --> 00:00:23,439
Speaker 1: The SMP five hundred index has gotten within one percent

7
00:00:23,480 --> 00:00:26,280
Speaker 1: of a record. Right now. The SMP is at twenty

8
00:00:26,320 --> 00:00:29,480
Speaker 1: one twelve. The record on the SMP twenty one thirty.

9
00:00:29,520 --> 00:00:31,960
Speaker 1: It is up by two tenths of one percent. Tow

10
00:00:32,040 --> 00:00:34,519
Speaker 1: Industrial is up thirty again there of two tenths of

11
00:00:34,600 --> 00:00:37,520
Speaker 1: one percent. The tenure up seven thirty seconds, the old

12
00:00:37,520 --> 00:00:41,040
Speaker 1: one point seven one percent, Gold lower little change, down

13
00:00:41,080 --> 00:00:44,920
Speaker 1: just thirty cents, twelve forty seven. Announced crude oil fifty

14
00:00:45,479 --> 00:00:48,519
Speaker 1: seven for a barrel of West Texas Intermedia crude. It

15
00:00:48,680 --> 00:00:51,000
Speaker 1: is up one and a half percent today, building on

16
00:00:51,120 --> 00:00:54,720
Speaker 1: yesterday's gains. Brent fifty one fifty one for a barrel

17
00:00:54,760 --> 00:00:58,440
Speaker 1: of Brent. I'm Charlie Palett, and that's a Bloomberg business flash.

18
00:00:59,280 --> 00:01:01,280
Speaker 1: Thank you very much, Charlie Pett. It's time now for

19
00:01:01,280 --> 00:01:03,040
Speaker 1: the e t F Report. It is brought to by

20
00:01:03,120 --> 00:01:06,320
Speaker 1: Vanach vectors et f s. Expect more from your muni's

21
00:01:06,520 --> 00:01:10,160
Speaker 1: target tax exempt income by maturity and credit quality, all

22
00:01:10,200 --> 00:01:14,000
Speaker 1: with low cost ETFs. Visit vanac dot com slash muni

23
00:01:14,520 --> 00:01:18,800
Speaker 1: vanack access the opportunities. That's go to Katherine Cowdery for

24
00:01:18,880 --> 00:01:21,760
Speaker 1: the t F Report. There's a new class of e

25
00:01:21,880 --> 00:01:24,759
Speaker 1: t s. It's taking the industry by storm. What we're

26
00:01:24,800 --> 00:01:27,959
Speaker 1: seeing now with low volatility products is what we saw

27
00:01:28,000 --> 00:01:30,440
Speaker 1: two years ago with currency hedging. It is the flavor

28
00:01:30,520 --> 00:01:33,480
Speaker 1: of the month. Bloomberg Intelligence analyst Eric Bltuna says, an

29
00:01:33,520 --> 00:01:36,280
Speaker 1: example is U s m V or the I Shares

30
00:01:36,440 --> 00:01:40,360
Speaker 1: Edge m SCI Minimum Volatility USA e t F. It's

31
00:01:40,360 --> 00:01:43,240
Speaker 1: attracted five point four billion dollars so far this here,

32
00:01:43,520 --> 00:01:46,039
Speaker 1: putting it in the top five in terms of inflows.

33
00:01:46,440 --> 00:01:49,560
Speaker 1: The reason Valtuna says, there's fear in the market and

34
00:01:49,600 --> 00:01:52,400
Speaker 1: this product basically is a minimum volatility products So basically

35
00:01:52,480 --> 00:01:56,720
Speaker 1: gives you SMP exposure, right, so you get large cap stocks.

36
00:01:56,800 --> 00:01:59,120
Speaker 1: But it is designed in a way to give you

37
00:01:59,440 --> 00:02:02,559
Speaker 1: less faulty, so it's about less the ups and downs.

38
00:02:03,320 --> 00:02:06,200
Speaker 1: It's basically like taking the edge off of the marketer.

39
00:02:06,360 --> 00:02:08,880
Speaker 1: It's like a diet coke version of the market um

40
00:02:09,080 --> 00:02:11,480
Speaker 1: in that you get to participate into some of the upside,

41
00:02:11,560 --> 00:02:13,639
Speaker 1: not all of it, but you get less downside about you,

42
00:02:13,720 --> 00:02:17,280
Speaker 1: and says low volatility ets are now big business, with

43
00:02:17,400 --> 00:02:20,639
Speaker 1: about twenty five billion dollars invested in about thirty five

44
00:02:20,760 --> 00:02:25,680
Speaker 1: low volatility products. That's your Bloomberg ETF report. I'm Katherine Caldary.

45
00:02:27,880 --> 00:02:30,880
Speaker 1: You're listening to Taking Stock with Kathleen Hayes and Kim

46
00:02:30,960 --> 00:02:36,520
Speaker 1: Fox on Bloomberg Radio. We're broadcasting live from Pershing's Insite

47
00:02:36,600 --> 00:02:41,120
Speaker 1: Tien conference at the Highatt Regency in Orlando. Kind of

48
00:02:41,200 --> 00:02:45,120
Speaker 1: ready to take a look at the markets today broadly

49
00:02:45,200 --> 00:02:47,520
Speaker 1: as we do every day around this time, going into

50
00:02:47,560 --> 00:02:50,120
Speaker 1: the market close. Ralph Studley is joining us now. He's

51
00:02:50,160 --> 00:02:53,440
Speaker 1: head of investment strategy for b n Y Melon. He's

52
00:02:53,600 --> 00:02:57,440
Speaker 1: based in Boston, and of course he's here in Orlando today. Raul,

53
00:02:57,520 --> 00:02:59,519
Speaker 1: thank you for joining us, Thank you for having so

54
00:03:00,040 --> 00:03:03,200
Speaker 1: thig part. But what b and my mel and does Pershing?

55
00:03:03,440 --> 00:03:09,240
Speaker 1: This this very powerful uh organization, many services, all kinds

56
00:03:09,240 --> 00:03:11,400
Speaker 1: of things invited to provided to investment advisors, but of

57
00:03:11,440 --> 00:03:13,959
Speaker 1: course one of them is just market intelligence, a sense

58
00:03:14,040 --> 00:03:17,680
Speaker 1: of trends where things are going. You started out as

59
00:03:17,919 --> 00:03:20,040
Speaker 1: a muti bond trader. I did you know about dealing

60
00:03:20,080 --> 00:03:22,959
Speaker 1: with volatility, which is investors have been dealing with that

61
00:03:23,160 --> 00:03:27,520
Speaker 1: in spades this year. What what what would use? How

62
00:03:27,520 --> 00:03:29,880
Speaker 1: whe would you start with the volatility? Where we are?

63
00:03:29,960 --> 00:03:32,840
Speaker 1: Where we're going? Yeah, I think you know it's it's

64
00:03:32,880 --> 00:03:36,000
Speaker 1: certainly an interesting topic and one that's on everybody's minds.

65
00:03:36,120 --> 00:03:38,280
Speaker 1: Myself and my team. We have a unique position within

66
00:03:38,400 --> 00:03:41,280
Speaker 1: this you know massive organization that you talk about. We

67
00:03:41,520 --> 00:03:45,000
Speaker 1: we have a unique little investment management business that has

68
00:03:45,000 --> 00:03:47,560
Speaker 1: about one point six trillion in assets under managements. Were

69
00:03:47,560 --> 00:03:51,000
Speaker 1: actually the seventh largest, and that's comprised of thirteen investment

70
00:03:51,040 --> 00:03:53,040
Speaker 1: management boutiques. So we have the ability, my team and

71
00:03:53,080 --> 00:03:54,600
Speaker 1: I to sit in the middle of all that and

72
00:03:54,720 --> 00:03:57,680
Speaker 1: listen to you know, a lot of really smart portfolio managers,

73
00:03:57,680 --> 00:04:00,120
Speaker 1: a lot of really smart market strategist and economists talk

74
00:04:00,160 --> 00:04:02,440
Speaker 1: about how they think about volatility, and then it allows

75
00:04:02,480 --> 00:04:04,680
Speaker 1: us to go out and position that overall holistically to

76
00:04:04,720 --> 00:04:08,160
Speaker 1: our clients. So when I think about volatility, when we

77
00:04:08,240 --> 00:04:10,600
Speaker 1: think about volatility, our biggest concerns, how do we take

78
00:04:10,640 --> 00:04:13,000
Speaker 1: that out of portfolio today? How do we prepare prepare

79
00:04:13,120 --> 00:04:15,720
Speaker 1: clients for things that they may not necessarily be prepared for.

80
00:04:16,200 --> 00:04:18,719
Speaker 1: A lot of clients tend to have a significant US bias.

81
00:04:18,720 --> 00:04:20,760
Speaker 1: A lot of clients tend to have forgotten maybe what

82
00:04:21,279 --> 00:04:23,280
Speaker 1: two thousand and eight did to their portfolios and what

83
00:04:23,360 --> 00:04:26,480
Speaker 1: a significant market turn can do to your overall glide paths.

84
00:04:26,600 --> 00:04:30,120
Speaker 1: So we're we're very concerned about talking about those types

85
00:04:30,160 --> 00:04:32,760
Speaker 1: of events and how they can head your position themselves

86
00:04:33,320 --> 00:04:36,039
Speaker 1: to whether those events are whether those storms. Is there

87
00:04:36,080 --> 00:04:39,840
Speaker 1: a behavioral finance components all this in the conversation, I

88
00:04:39,960 --> 00:04:42,640
Speaker 1: think there certainly is. There certainly is there's there's certainly

89
00:04:42,680 --> 00:04:45,880
Speaker 1: a component of people, uh, you know, feeling comfortable with

90
00:04:45,960 --> 00:04:48,320
Speaker 1: certain things. You know, you you mentioned uni bonds, you know,

91
00:04:48,480 --> 00:04:51,640
Speaker 1: for there's plenty muni bond investors out there that, uh

92
00:04:51,880 --> 00:04:53,920
Speaker 1: that are afraid to get away from municipal bonds because

93
00:04:53,960 --> 00:04:55,400
Speaker 1: it's what they know and what they love. And we've

94
00:04:55,440 --> 00:04:57,360
Speaker 1: been telling people for years that, you know, interest rates

95
00:04:57,360 --> 00:04:59,200
Speaker 1: are gonna rise and bonds are gonna work against you,

96
00:04:59,320 --> 00:05:02,120
Speaker 1: but that hasn't happened yet. So there's certainly a behavioral

97
00:05:02,200 --> 00:05:05,080
Speaker 1: finance component of how people invest in and getting them

98
00:05:05,120 --> 00:05:07,640
Speaker 1: to think more broadly, about how to manage volatility. There's

99
00:05:07,680 --> 00:05:09,880
Speaker 1: no doubt about it. Okay, So since you are at

100
00:05:09,960 --> 00:05:12,040
Speaker 1: heart a bond guy, let's take a look just at

101
00:05:12,120 --> 00:05:16,160
Speaker 1: at the at the broadly, where bond yields haven't haven't

102
00:05:16,200 --> 00:05:17,840
Speaker 1: gone four or five years in a row that Fed

103
00:05:17,920 --> 00:05:20,360
Speaker 1: was supposed to start moving and then we'd have bond

104
00:05:20,440 --> 00:05:24,000
Speaker 1: we have that tenure benchmark Treasury note up around three

105
00:05:24,120 --> 00:05:28,400
Speaker 1: percent easily, we'll guess what here we are once again,

106
00:05:28,520 --> 00:05:31,960
Speaker 1: it hasn't happened. What is your sense of where the

107
00:05:32,120 --> 00:05:35,040
Speaker 1: where the risk and reward lies in the bond market

108
00:05:35,160 --> 00:05:37,880
Speaker 1: right now? Yeah? I think you know, there's certainly there's

109
00:05:37,880 --> 00:05:40,080
Speaker 1: certainly the reality that we're going to be facing a

110
00:05:40,200 --> 00:05:42,400
Speaker 1: rising interest rate environment at some point. It's just a

111
00:05:42,480 --> 00:05:45,080
Speaker 1: matter of when. Right. The market doesn't seem to think

112
00:05:45,120 --> 00:05:47,520
Speaker 1: that the Fed's gonna do anything and Jill in June,

113
00:05:47,560 --> 00:05:50,679
Speaker 1: excuse me, and less likely in July. That's mostly because

114
00:05:50,720 --> 00:05:54,200
Speaker 1: of there's no scheduled press conference. Um. But Yellen's comments

115
00:05:54,320 --> 00:05:57,200
Speaker 1: yesterday give us some belief that will most likely see

116
00:05:57,320 --> 00:05:59,280
Speaker 1: something this year. And there's a lot of you know,

117
00:05:59,400 --> 00:06:01,560
Speaker 1: people out there that believe we'll see one or two rises.

118
00:06:01,839 --> 00:06:03,840
Speaker 1: I don't think it's gonna be dramatic and we're gonna

119
00:06:03,839 --> 00:06:05,760
Speaker 1: see that, you know, the ten year ago from self

120
00:06:05,800 --> 00:06:08,240
Speaker 1: to two to over three. But I do think it's

121
00:06:08,240 --> 00:06:10,000
Speaker 1: something that investors need to be aware of. I think

122
00:06:10,040 --> 00:06:11,920
Speaker 1: the beautiful part about the bond market though, is this

123
00:06:12,000 --> 00:06:14,400
Speaker 1: it's not correlated globally anymore like it used to be.

124
00:06:14,520 --> 00:06:17,920
Speaker 1: So there's plenty of opportunity outside the US and good

125
00:06:18,040 --> 00:06:21,480
Speaker 1: quality credits to get you know, diversification away from the

126
00:06:21,560 --> 00:06:24,119
Speaker 1: potential monetary policy US that we have here in the US.

127
00:06:24,200 --> 00:06:26,160
Speaker 1: So you know, while I think, you know, our our

128
00:06:26,240 --> 00:06:28,320
Speaker 1: rise will be slow and steady, I do think that

129
00:06:28,440 --> 00:06:32,840
Speaker 1: there is opportunity out them. What about opportunity in alternative assets,

130
00:06:32,960 --> 00:06:36,480
Speaker 1: assets that are not correlated either to the bond market

131
00:06:36,680 --> 00:06:39,520
Speaker 1: or to the equity market. And I'm keep thinking, for example,

132
00:06:39,600 --> 00:06:42,880
Speaker 1: of things such as annuities and insurance and other elements

133
00:06:42,920 --> 00:06:46,080
Speaker 1: of a portfolio to plan for retirement. Yeah, I mean

134
00:06:46,200 --> 00:06:48,640
Speaker 1: retirements a big components something that we we spend a

135
00:06:48,680 --> 00:06:50,880
Speaker 1: lot of you know, spend a lot of time worrying about.

136
00:06:51,040 --> 00:06:53,080
Speaker 1: You know, when we look at you know the majority

137
00:06:53,120 --> 00:06:56,160
Speaker 1: of US investors have actually have not saved the proper

138
00:06:56,240 --> 00:06:58,599
Speaker 1: amount for retirement when we look at you know, pensions

139
00:06:58,640 --> 00:07:01,840
Speaker 1: and endowments, most of them are unfunded. So there's certainly

140
00:07:02,080 --> 00:07:05,760
Speaker 1: a huge focus now on looking at alternative sources of

141
00:07:05,920 --> 00:07:09,040
Speaker 1: return um for you know, for for two reasons. One

142
00:07:09,120 --> 00:07:10,920
Speaker 1: is to insulate those portfolios so you can stay on

143
00:07:10,920 --> 00:07:13,800
Speaker 1: the correct clypath and look for alternative sources and return.

144
00:07:14,240 --> 00:07:16,360
Speaker 1: I think the key to that, though, PIM is is

145
00:07:16,400 --> 00:07:19,680
Speaker 1: manager due diligence. Right, it's not just the asset class itself,

146
00:07:19,720 --> 00:07:22,680
Speaker 1: but who's investing that money for you? How have they done? Uh?

147
00:07:22,840 --> 00:07:25,240
Speaker 1: Through somewhat baldom markets. Have they stayed the course in

148
00:07:25,400 --> 00:07:26,880
Speaker 1: terms of what their direction is. If you have a

149
00:07:26,920 --> 00:07:29,520
Speaker 1: real return strategy that you know is looking to get you,

150
00:07:30,040 --> 00:07:32,400
Speaker 1: you know, cash plus three or four percent, have they

151
00:07:32,440 --> 00:07:35,560
Speaker 1: returned twelve percent in certain years? If so, maybe that's

152
00:07:35,560 --> 00:07:37,880
Speaker 1: not exactly what you're looking for. So there's a lot

153
00:07:37,960 --> 00:07:40,360
Speaker 1: of manager do a big manager due diligence component that

154
00:07:40,720 --> 00:07:41,960
Speaker 1: I want to come back to this point you just

155
00:07:42,040 --> 00:07:45,680
Speaker 1: made about opportunities outside the US. High quality credits offer

156
00:07:45,800 --> 00:07:48,440
Speaker 1: more yield because if you just look at the sovereign

157
00:07:48,520 --> 00:07:51,280
Speaker 1: think at the government bond yields around the world, they're

158
00:07:51,960 --> 00:07:56,880
Speaker 1: low and uh, just about negative in some cases. Right, Uh, Brazil,

159
00:07:57,000 --> 00:08:00,640
Speaker 1: of course that the bench their benchmark tenure government's at

160
00:08:00,680 --> 00:08:03,440
Speaker 1: five point three percent. Where where are you and your

161
00:08:03,480 --> 00:08:06,360
Speaker 1: team looking for value? And again are you looking not

162
00:08:06,560 --> 00:08:10,560
Speaker 1: just at a country, but at a sector like investment

163
00:08:10,600 --> 00:08:13,360
Speaker 1: grade corporates for example. Yeah, So just to be clear,

164
00:08:13,400 --> 00:08:15,400
Speaker 1: I mean, we're not investing my team and I write

165
00:08:15,400 --> 00:08:17,560
Speaker 1: so you know, I would look to our our our

166
00:08:17,880 --> 00:08:20,160
Speaker 1: our our portfolio managers on our teams, and some of

167
00:08:20,200 --> 00:08:22,480
Speaker 1: our boutiques for more specific comment. Ever, what I will

168
00:08:22,560 --> 00:08:25,880
Speaker 1: tell you is that less about the yield and more

169
00:08:26,000 --> 00:08:29,160
Speaker 1: specifically about the monetary policy and the environment. Right. So,

170
00:08:29,640 --> 00:08:31,640
Speaker 1: you know, Australia is a perfect example. They seem to

171
00:08:31,680 --> 00:08:33,480
Speaker 1: be going in a little bit of a different direction

172
00:08:33,520 --> 00:08:35,240
Speaker 1: than us. They tend to be you know, to be

173
00:08:35,360 --> 00:08:37,319
Speaker 1: easy and as a result, you know that will be

174
00:08:38,000 --> 00:08:40,559
Speaker 1: somewhat more beneficial to the fixed income markets, similar to

175
00:08:40,640 --> 00:08:42,160
Speaker 1: what we've seen here in the US for the past

176
00:08:42,200 --> 00:08:44,959
Speaker 1: several years. So when I talk about opportunity, that's more

177
00:08:45,040 --> 00:08:48,319
Speaker 1: what I'm thinking through Japan, Australia peripherally, you based on

178
00:08:48,400 --> 00:08:50,520
Speaker 1: the e c B. You know, those are places where

179
00:08:50,559 --> 00:08:54,080
Speaker 1: we send tendency our fixed income managers with global lens,

180
00:08:54,400 --> 00:08:58,400
Speaker 1: with a global lens looking more proactively. We are here,

181
00:08:58,440 --> 00:09:02,240
Speaker 1: obviously at at your conference inside sixteen, you've got over

182
00:09:02,320 --> 00:09:06,959
Speaker 1: two thousand investment of professionals. Here is the conversation more

183
00:09:07,000 --> 00:09:09,959
Speaker 1: about volatility or do you believe it really is? The

184
00:09:10,080 --> 00:09:12,719
Speaker 1: subtext is I can't live on two percent, so you've

185
00:09:12,720 --> 00:09:15,679
Speaker 1: got to give me more. And as a client, you're

186
00:09:15,720 --> 00:09:19,240
Speaker 1: probably not going to tell the complete truth, which is, oh, yes,

187
00:09:19,320 --> 00:09:21,480
Speaker 1: I can stomach lots of volatility if you get me

188
00:09:21,520 --> 00:09:24,320
Speaker 1: the return I want. Except when that doesn't happen. Yeah,

189
00:09:24,520 --> 00:09:27,000
Speaker 1: you are you gonna make me pick one or the other? Well,

190
00:09:27,040 --> 00:09:28,920
Speaker 1: I mean you can pick, you can, you can do both.

191
00:09:28,960 --> 00:09:31,320
Speaker 1: But I but from a professional perspective, because it's as

192
00:09:31,400 --> 00:09:34,160
Speaker 1: much about educating the client as it is about having

193
00:09:34,200 --> 00:09:36,640
Speaker 1: the information as a as an advisor, what I would

194
00:09:36,640 --> 00:09:38,960
Speaker 1: say is, I think those two things go hand in hand. Him.

195
00:09:39,080 --> 00:09:41,760
Speaker 1: I think, you know, there's certainly a concern from clients

196
00:09:41,800 --> 00:09:44,599
Speaker 1: that I can't live on this, but you know, so

197
00:09:44,760 --> 00:09:47,160
Speaker 1: let's find something else for me that I can live on.

198
00:09:47,640 --> 00:09:49,640
Speaker 1: But you have to be willing to have that really

199
00:09:49,720 --> 00:09:52,880
Speaker 1: difficult conversation with a client in terms of what taking

200
00:09:52,960 --> 00:09:55,160
Speaker 1: more risk means to you what it can do to

201
00:09:55,240 --> 00:09:57,760
Speaker 1: your overall portfolio, what it can do to your ride,

202
00:09:57,880 --> 00:10:01,040
Speaker 1: or at least the perception of your you know, your investment, uh,

203
00:10:01,679 --> 00:10:04,079
Speaker 1: your your investment return. So I think those two things

204
00:10:04,160 --> 00:10:06,000
Speaker 1: go hand in hand. I would say, you know, I

205
00:10:06,040 --> 00:10:08,280
Speaker 1: spend the majority of my year traveling around and talking

206
00:10:08,320 --> 00:10:12,000
Speaker 1: to financial advisors at times talking to their clients. I think, um,

207
00:10:12,200 --> 00:10:15,559
Speaker 1: while the short search for yield is important, volatility is

208
00:10:15,600 --> 00:10:17,679
Speaker 1: a big concern for people. People do not want to,

209
00:10:18,400 --> 00:10:20,199
Speaker 1: you know, two thousand and eight, while it's you know,

210
00:10:20,760 --> 00:10:23,480
Speaker 1: we we've had a relatively well, it hasn't necessarily felt great,

211
00:10:23,520 --> 00:10:26,520
Speaker 1: a relatively reasonable rights. Since then, it's still very much

212
00:10:26,559 --> 00:10:28,320
Speaker 1: on the forefront of people's minds, and I don't think

213
00:10:28,360 --> 00:10:31,320
Speaker 1: anybody wants to experience that again. So you do see

214
00:10:31,360 --> 00:10:33,640
Speaker 1: people willing to give up some yield because of all.

215
00:10:34,160 --> 00:10:37,000
Speaker 1: Thanks very much for spending time with us. Ralph Studley

216
00:10:37,120 --> 00:10:40,319
Speaker 1: is the head of investment strategy at b N Y Melon.

217
00:10:40,760 --> 00:10:42,679
Speaker 1: Thank you for being here and thank you for having us.

218
00:10:42,720 --> 00:10:46,559
Speaker 1: We're broadcasting live from Pershing Insights sixteen conference at the

219
00:10:46,640 --> 00:10:51,200
Speaker 1: Highatt Regency in Orlando, Florida, and this year marks eighteen

220
00:10:51,320 --> 00:10:55,160
Speaker 1: years of insight, eighteen years committed to the success of advisors.

221
00:10:55,640 --> 00:10:59,160
Speaker 1: We're here with over two thousand financial professionals from Paul

222
00:10:59,400 --> 00:11:02,280
Speaker 1: over Glow. We're gonna take you through to the clothes

223
00:11:02,360 --> 00:11:05,760
Speaker 1: on Wall Street down on pim Fox my co host

224
00:11:05,880 --> 00:11:08,560
Speaker 1: Kathleen Hayes. You're listening to Bloomberg Radio.