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Speaker 1: Broadcasting live to New York, Kolberg eleventh to Washington, d C,

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Speaker 1: Bloomberg nine one one to Boston, Bloomberg twelve run to

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Speaker 1: San Francisco, Bloomberg nine sixty to the country, Szuki s

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Speaker 1: X and General one ninety and around the glow the

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Speaker 1: Bloomberg Radio plus appen Bloomberg dot com. This is Bloomberg Surveillance.

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Speaker 1: Good morning. I'm Karen Moscow below with Tom Keene and

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Speaker 1: Michael McKee on the opening veil, brought to you by

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Speaker 1: Marks Paneth l LP, ranked among the top three forensic

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Speaker 1: accounting firms in New York by the New York Law

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Speaker 1: Journal for the sixth year in a row. Visit Marx

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Speaker 1: Paneth dot com and the S and P five hundred

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Speaker 1: as little change at the open is a oh one.

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Speaker 1: The Dow Jones Industrial Average down about a tenth of

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Speaker 1: a percent, down nine points to eighteen thousand forty three,

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Speaker 1: the NASDAC that will changed up a point to forty

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Speaker 1: forty one, and the tenure Treasury is up one thirty

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Speaker 1: second to yield one point seven seven percent yield on

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Speaker 1: the two year point seven six percent. Nin X crewd

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Speaker 1: oil down the two point four percent or not the

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Speaker 1: eight cents to forty dollars ten cents of barrel call

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Speaker 1: make school there is down a tenth of upper cent

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Speaker 1: or a dollar ten to twelve fifty three thirty announced

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Speaker 1: the euro a dollar thirteen fifty five The end one

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Speaker 1: oh nine point three eight, Tom and Mike Karen, thanks

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Speaker 1: so much. Out the door that gets anybody's attention. One

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Speaker 1: of our themes this morning, Intel. Here's David Wilson Morning Tom.

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Speaker 1: Intel is actually holding up relatively well at the moment,

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Speaker 1: just down four tents of a percent. That said, the

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Speaker 1: chip maker expects to be less profitable and have lower

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Speaker 1: revenue this quarter than analysts surveyed by Bloomberg We're expecting.

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Speaker 1: Uh Intel said the personal computer market will do worse

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Speaker 1: this year than others expect, and the company's cutting as

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Speaker 1: many as twelve thousand jobs, or eleven percent of its workforce.

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Speaker 1: Coca Cola out with earnings the stocks down three percent.

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Speaker 1: The soft drink maker's profit only beat the average justestment

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Speaker 1: by one cent a share for the third straight quarter,

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Speaker 1: and sales were in line with projections. Uh Intel and

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Speaker 1: Coca Cola both in the Dow Jones Industrial Average, so

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Speaker 1: is Boeing that stock down two and a half percent.

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Speaker 1: The planemaker was cut the equivalent of sell from neutral

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Speaker 1: at Bank of America Merrill Lynch. Yahoo up three and

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Speaker 1: a half percent. The web portals quarterly sales beat the

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Speaker 1: average estiment, even though they fell below a billion dollars

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Speaker 1: for the first time since two thousand five. Uh and

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Speaker 1: speaking of deals with Yahho was reviewing at this point,

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Speaker 1: you've got e m C up about two and a

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Speaker 1: half percent. Chief executive Joe Chu chief said a statement

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Speaker 1: that the maker of data storage systems is on track

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Speaker 1: for a sixty seven billion dollar takeover by Dell. Now

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Speaker 1: e MC's first quarter earnings and Remner trail analy assessments

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Speaker 1: the numbers look better out of the company's vm Ware unit,

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Speaker 1: and that stocks up eleven percent. The software maker's profit

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Speaker 1: and sales for the first quarterbat projections. Vm Ware raised

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Speaker 1: it's full year earnings forecast and plans to buy backs,

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Speaker 1: which is one point two billion dollars of stock this

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Speaker 1: year one more four m Lex Market International up ten percent.

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Speaker 1: The printer maker accepted a three point six billion dollar

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Speaker 1: takeover offer from a group headed by China's Apex Technology,

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Speaker 1: a producer of Printer Cartridges. David Wilson, Thank you so

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Speaker 1: to Mike. I got good news. The dreaded Yankees are

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Speaker 1: the only this is the one day of the year,

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Speaker 1: like the dreaded Yankees, the only thing between last place

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Speaker 1: in the Boston Red Sox. Yes, we're all I can

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Speaker 1: say constructive. We're three weeks into the baseball season and

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Speaker 1: Tom has already written the Red Sox for the year

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Speaker 1: they were. You were down on them when they lost

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Speaker 1: their first game of the year, And of course the

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Speaker 1: Red Sox are looking up the Baltimore Orioles and for

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Speaker 1: that we give congratulations at least two so far in

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Speaker 1: this young season to the chief operating officer of the

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Speaker 1: team and the man who basically runs the franchise on

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Speaker 1: the business side, John Angelo, Thanks for joining us today.

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Speaker 1: Um what is the state of baseball in terms of

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Speaker 1: of the business side? Mike, Tom, thanks for having me here.

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Speaker 1: It's a it's a pleasure be back at Bloomberg. I

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Speaker 1: think it's my second or third time. You're gonna you're

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Speaker 1: gonna become this is We're gonna paint the studio orange. Well,

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Speaker 1: the last time I was here, I think had a

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Speaker 1: big deal. Mrs Yaki was here a lot. Last time

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Speaker 1: I was here, we were on the way to winning

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Speaker 1: the division titles. So hopefully this will have the same

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Speaker 1: kind of impact on our on our organization. Get rings right,

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Speaker 1: because it's a couple of rings each actually friends and

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Speaker 1: family rings. Um. Now, I love being at Bloomberg, but

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Speaker 1: if for nothing else, not just because it's prestigious, but

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Speaker 1: because you guys feed the guests so well. Here, this

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Speaker 1: elegant campus that had your complex is lovely. H the

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Speaker 1: state of the state of the business in Major League Baseball,

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Speaker 1: I think, um, you know, Baseball's model is a different

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Speaker 1: one from football, basketball, hockey. We are a very low

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Speaker 1: price point, high volume industry that really welcomes everybody under

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Speaker 1: a big tent and says we have a lot of games,

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Speaker 1: we have a lot of seats, and we sell about

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Speaker 1: seventy five million tickets a year, which is far, far

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Speaker 1: more than the other three major sports leagues combined. So

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Speaker 1: we're an event driven business and our goal is to

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Speaker 1: grow that seventy five million, which is we've been in

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Speaker 1: that seventy seventy five million tickets for the last five years,

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Speaker 1: seven years. We want to grow that to five million.

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Speaker 1: As part of a long term marketing plan. How difficult

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Speaker 1: is that to do when you have so much competition

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Speaker 1: these days and people talk about young people, you know,

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Speaker 1: no longer being having the attention span to sit through

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Speaker 1: something like a sporting event, let alone a baseball game,

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Speaker 1: because they're so used to the app culture of it's

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Speaker 1: got to be immediate right now. Yeah, I get the

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Speaker 1: question about you know, demographic challenges is certainly one that

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Speaker 1: baseball has, But I would say any form of entertainment

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Speaker 1: always has a demographic challenge. You're always looking ahead. So

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Speaker 1: when you're when you're in the high volume type of business,

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Speaker 1: that model that we that we talked about, you need

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Speaker 1: to be cognizant of that. But um, you know, whether

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Speaker 1: it's on television, on radio, on digital platforms, or the

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Speaker 1: live entertainment event. Um, when you cum up all of

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Speaker 1: the impressions and all the eyeballs and all the people

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Speaker 1: doing the most important thing is getting up off their

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Speaker 1: couch and attending a live event, I think baseball is

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Speaker 1: well situated. Um is the game you know there is

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Speaker 1: is there there attention span issues or it is the

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Speaker 1: gable the game survived that I think that's just a

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Speaker 1: challenge an opportunity. The better we market it, um, the

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Speaker 1: more it will improve over time. And it's been pretty

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Speaker 1: pretty robust. Um given given our numbers and given the

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Speaker 1: growth of the industry to nine or ten billion, Is

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Speaker 1: that is the future bright in the short run? UM?

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Speaker 1: In this world where um we have you have so

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Speaker 1: much competition? Uh? Are you just holding your own or

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Speaker 1: is you actually moving forward? You said you you selling

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Speaker 1: seats for a number of years. I think I think

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Speaker 1: the certainly after the turn down in the economy in

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Speaker 1: two thousand and eight, everybody took a step back, and

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Speaker 1: at that point baseball redoubled its marketing efforts. I think

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Speaker 1: the big challenge in front of us is competitive balance

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Speaker 1: for the future. The NFL has a very elegant competitive

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Speaker 1: balances to where a team in this market, US market

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Speaker 1: the size of Green Bay can compete with the New

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Speaker 1: York Giants, which is a wonderful thing for fans because

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Speaker 1: fans then think they're in it every year. Where are

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Speaker 1: you on that? What I hear constantly from people with

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Speaker 1: their love of the game, Mike and myself included, is

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Speaker 1: where's the urgency of the elite of baseball? Is that

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Speaker 1: urgency there? In two thousand six. If you ask this

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Speaker 1: team the Orioles, I would say the urgency is absolutely

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Speaker 1: when you go to league meetings, is the urgency there?

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Speaker 1: I think among there, I think there are several groups

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Speaker 1: and points of view on that. I think some of

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Speaker 1: the larger market clubs take a view that they're already

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Speaker 1: paying substantial revenue sharing and perhaps that that's not the

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Speaker 1: best model to grow a league. I think the clubs

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Speaker 1: at the bottom end of the spectrum take the view

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Speaker 1: that more revenue sharing is necessary. I think where you

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Speaker 1: need to look in order to get to the right

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Speaker 1: answer is some of the examples other leagues have set.

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Speaker 1: The NFL has been incredibly balanced over a long period

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Speaker 1: of time, and I think that's really served their growth well.

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Speaker 1: The NBA and the NHL have moved down. They continuum

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Speaker 1: towards the absolutely and that seems to be the right answer.

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Speaker 1: Less than ten years ago you had seventy the NHL clubs.

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Speaker 1: We're having a financial distress and that's not the case anymore.

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Speaker 1: The Royals, which I'm gonna say is a smaller market team,

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Speaker 1: did better than good last year. The game ended a

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Speaker 1: twelve thirty a m. Eastern time. I urge you to

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Speaker 1: single handedly fix that. That is insane. I don't building

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Speaker 1: the sport. I don't disagree, and I would say that

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Speaker 1: fans don't disagree. And the most important thing is it's

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Speaker 1: not that you and I agree, it's that fans often

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Speaker 1: say that very same thing. So so one way to

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Speaker 1: solve that is you don't necessarily make all of your

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Speaker 1: programming lineup decisions based on an extra dollar you can

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Speaker 1: get in a media rights deal. And and the way

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Speaker 1: you saw that is look at the Royals. The Royals

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Speaker 1: winning the World Series. Is that evidence of competitive balance

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Speaker 1: or a team that achieved in the absence of it?

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Speaker 1: I think it's more the latter. They achieved in the

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Speaker 1: absence of it. Royals fans are gonna say, how do

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Speaker 1: I keep our team together? Let's not schedule games so

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Speaker 1: late just to grinde out an extra dollar. Let's fix

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Speaker 1: the system. A lot to talk about, uh coming up

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Speaker 1: here we'll continue this discussion on the economics and business

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Speaker 1: of sports. The market opened the down negative three. This

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Speaker 1: hour of Chavellas brought you by BMW Monkisco. Visit BMW

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Speaker 1: mont Kisco dot com. Let's take out with Michael Barr

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Speaker 1: and get the latest World of National headlines, Mike Tom,

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Speaker 1: thank you very much. As senior strategist for Democrat Bernie

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Speaker 1: Sanders says the campaign will take a step back and

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Speaker 1: then decide publicly what his intentions are. Following Hillary Clinton's

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Speaker 1: win in the New York primary yesterday, she now leads

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Speaker 1: the delegate account one thousand nine to one thousand, one

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Speaker 1: hundred eighty nine, including super delegates. During last night's victory

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Speaker 1: party for Clinton, New York Governor Andrew Cuomo was critical

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Speaker 1: of what he called the Republican Party's aggression towards different people.

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Speaker 1: But we're saying in New York is don't you ever

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Speaker 1: try to turn on one against anoga Republican? Donald Trump

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Speaker 1: is campaigning today in Maryland and Indiana. Trump had a

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Speaker 1: strong winning yesterday's New York primary, winning eighty nine of

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Speaker 1: the ninety Republican delegates. It looks like Ted Cruz was

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Speaker 1: shut out in winning any delegates. Ecuador was still feeling

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Speaker 1: strong tremors following Saturday night's magnitude seven point eight quake

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Speaker 1: that killed at least five hundred twenty five people. Early

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Speaker 1: this morning, there was a six point one magnitude jolt,

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Speaker 1: the strongest aftershock. Since the quake, no reports of any

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Speaker 1: new damage. Global News twenty four hours a day, powered

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Speaker 1: by our twenty four hundred journalists and more than one

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Speaker 1: d fifty bureaus from around the world. Michael Barr Mike

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Speaker 1: to Michael, thanks so much. Coming up and continue with

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Speaker 1: John Angelos. Will talk about the first place, Baltimore Orioles.

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Speaker 1: Maybe we'll talk about camping yards. What a success that's been.

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Speaker 1: John Angelo's Next he needs to fix Duke basketball. It's

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Speaker 1: Bloomberg Surveillance. I just Bloeberg Surveillance, brought to you by

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Speaker 1: Bentley University Prepared you project. Are millennials ready for the workplace?

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Speaker 1: overview Global business News twenty four hours a day at

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Speaker 1: This is a Broomberg Business flash and I'm Terran Moscow.

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Speaker 1: This updates brought to you by a New York Community

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Speaker 1: US stocks little change, with the SNP five hundred hovering

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Speaker 1: at a four month high, while crude oil slips for

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Speaker 1: the fifth time in six days. We checked the markets

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Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg in

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Speaker 1: the SNP five hundred little changed at that now joins

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Speaker 1: industrial average. Also little change. At eighteen thousand fifty two,

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Speaker 1: the nastacts down a tenth of upper cent or six points,

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Speaker 1: to forty nine thirty three. Ten year Treasury up three

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Speaker 1: thirty seconds, the yield one point seven seven percent yield

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Speaker 1: on the two year point seven five percent nimax screwed

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Speaker 1: oil down one point nine percent or seventy nine cents

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Speaker 1: to forty twenty nine cents of barrel comes gold up

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Speaker 1: thirty cents. It's little changed. At twelve fifty four seventy

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Speaker 1: announced the euro a dollar thirteen forty four the n

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Speaker 1: one oh nine point three to the European Commission sending

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Speaker 1: Google a formal antitrust complaint, accusing the company of a

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Speaker 1: striking restrictive contracts that prevent makers of tablets and phones

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Speaker 1: from adding competing apps and web browsers. Google parent alphabet

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Speaker 1: shares are down about two tents of a percent at

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Speaker 1: seven fifty two dollars sixty five cents. Discover financial services

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Speaker 1: the credit card issue where that's expanded to student lending

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Speaker 1: and unsecured personal loans climbing the most in more than

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Speaker 1: three years. After first quarter profit beat analysts estimates on

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Speaker 1: gains in cards spending it shares up seven point three percent,

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Speaker 1: and that's a Bloomberg business flash. Tom and Mike, all right,

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Speaker 1: thank you very much. We're talking with John Angelos, who

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Speaker 1: is the chief operating officer of the Baltimore Orioles. Also,

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Speaker 1: people probably don't realize this, Uh, you run the mid

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Speaker 1: Atlantic Sports Network, the sports channel that carries the Oriels

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Speaker 1: and Carols, carries the Washington Nationals, And I wanted to

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Speaker 1: get at that as part of the whole business because

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Speaker 1: that has become a significant part of the business of

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Speaker 1: running sports teams. So many now either have their own network,

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Speaker 1: have created their own network, or our partners with someone

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Speaker 1: in a network that it's almost a tail wagging a

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Speaker 1: dog to to some extent. Yeah, the Regional Sports network

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Speaker 1: spaces um there there are approximately thirty five thirty six

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Speaker 1: r s ns throughout the country, most of them are

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Speaker 1: the preponderance round by Fox, some by Comcast, and then

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Speaker 1: by other entities. Some are independent. But as you mentioned, Mike,

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Speaker 1: the invariably or almost invariably of the majority of the

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Speaker 1: club's have some degree of investment equity stake in their

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Speaker 1: regional sports or if they carries their games, um and

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Speaker 1: and it has become an increasingly larger percentage of the

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Speaker 1: overall industry revenues. Now, baseball still realies heavily on the

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Speaker 1: live game ticket sales, food and beverage sales, merchandise and

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Speaker 1: so forth, more so than the other sports. But over

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Speaker 1: the last twenty three years that I've been in this,

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Speaker 1: if you look at a pie chart, yes, media revenues

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Speaker 1: have taken a greater and greater chunk of the pie.

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Speaker 1: Now everybody says, uh, you look at normal TV channels,

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Speaker 1: and there seems to be this view that going a

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Speaker 1: few years out, they're going to be dinosaurs. Everybody is

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Speaker 1: going to be watching on their mobile phone or whatever.

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Speaker 1: Can you envision envision a day where your investment in

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Speaker 1: mess and it's not a big deal because you've got

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Speaker 1: the Orioles app or whatever. I definitely cannot envision that day.

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Speaker 1: But but you know. I think seriously you you you

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Speaker 1: what what we would do, um, what a regional sports

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Speaker 1: network would do, regardless of its owners ship, but it

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Speaker 1: could be a Fox R sen Is. They would read

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Speaker 1: price and repackage the way that they distribute their content. So,

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Speaker 1: whether you're using multiple platforms or your transitioning or substituting

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Speaker 1: as as you say, a digital for a linear platform,

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Speaker 1: it's a it's it's it's just a question of pricing

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Speaker 1: and package. I think, more than anything friend or enemy,

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Speaker 1: I think all those platforms and all those devices that

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Speaker 1: are out there are our our friend. Um. We will

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Speaker 1: always have what the FCC is called must have programming.

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Speaker 1: That's what gives us tremendous high value to the franchises

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Speaker 1: in a league as a whole, and all you need

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Speaker 1: do is price it properly. I think there's the jury

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Speaker 1: still out to on this linear digital divide. Well. I

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Speaker 1: think if there's a there's a book out recently, a

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Speaker 1: Television is the New Television, and it talks about the

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Speaker 1: triumph of traditional platforms over digital ones. And I think

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Speaker 1: the the issue of what platforms will come to the

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Speaker 1: top or will retain their pre eminence is going to

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Speaker 1: be a function of what's the most efficient way for

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Speaker 1: the consumer to buy their content today? If you get

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Speaker 1: a high speed broadband internet connection will cost the consumer

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Speaker 1: sixty dollars a month, add one service to that, Netflix

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Speaker 1: twelve thirteen dollars, let's see call it ten. Even at

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Speaker 1: a Hulu as at a Sports you're there, and you're

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Speaker 1: pretty much there. Why not just buy the bundle and

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Speaker 1: then go through gating an authenticating process to allow the

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Speaker 1: consumer access to additional platforms. Real question is if you

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Speaker 1: look at packages like the Sling Dish Sling package, the

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Speaker 1: Rise and packages, etcetera, what's in them and what's the

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Speaker 1: price to value ratio? That's I think it gonna be

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Speaker 1: the answer is to how we ultimately distribute. But I

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Speaker 1: think sports is going to be very well positioned irrespective

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Speaker 1: of how that unfolds. Well, As people cut the cord,

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Speaker 1: how do you make sure they're including you and what

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Speaker 1: they have well in in a in a bundle model,

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Speaker 1: in the traditional pay television model, that is absolutely going

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Speaker 1: to be a question for us to resolve. Now in

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Speaker 1: a direct to consumer model, I think you're gonna have

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Speaker 1: a much higher price point and there'll be there'll be

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Speaker 1: a lot of shape acout for the industry. There'll be

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Speaker 1: networks to go out of business and employees in the

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Speaker 1: TV space that won't won't have jobs, and that will

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Speaker 1: be transitional, um and unfortunate, I think, because I think

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Speaker 1: the package today is very robust. But where I think

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Speaker 1: you'll see most of the loss will be in more

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Speaker 1: niche programming, arts and entertainment, UM, cultural programming, minority program

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Speaker 1: women's programming, and I think that would be a tremendous,

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Speaker 1: tremendous loss to the system. I think those types of

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Speaker 1: programming make the bundle a good bundle for society. I mean,

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Speaker 1: all I can do is look at what I see

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Speaker 1: at home and the answer. Sports is the only thing

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Speaker 1: that binds us to traditional media. It's sports, that's it.

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Speaker 1: I mean, the rest has been taken over by Amazon, Primary,

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Speaker 1: Apple Movies or whatever. From from many people, it is

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Speaker 1: must have, But uh, what's the best model? You have?

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Speaker 1: The National Football League they sell their games on a

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Speaker 1: national basis to the television networks. Baseball hasn't done that.

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Speaker 1: You retain your own local broadcast, right is that likely

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Speaker 1: to continue? Well? I think baseball has done a combination.

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Speaker 1: Baseball has at the national level, taking its all Star

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Speaker 1: Game and postseason packages and broken them into sub packages

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Speaker 1: and sold them in rights agreements to major networks ESPN

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Speaker 1: and Fox and others. UM. At the regional level, we've

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Speaker 1: also UM sold our rights to rs ns. What in

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Speaker 1: many cases, as we talked about, there are equity stakes

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Speaker 1: in those r sens. UM. The NFL does a single

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Speaker 1: national package. It's really a different, you know, a different

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Speaker 1: way that they monetize it. Um. I don't see baseball

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Speaker 1: going to that for a lot of really good, uh

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Speaker 1: economic reasons, but as a practical reason, there are clubs

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Speaker 1: that have signed long term deals for decades out into

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Speaker 1: the future at the RSN level. Um So, I think

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Speaker 1: that's the model. Now. If if a Fox started to

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Speaker 1: go to with their r s ns more of a

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Speaker 1: streamed model or a combination of oli carte and bundled

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Speaker 1: I think a lot of that. What you're seeing is

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Speaker 1: you're seeing the mv pd s, the distributors out there

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Speaker 1: trying different packages and seeing what the consumer wants. There's

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Speaker 1: also a question about this theoretical millennial buyer and where

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Speaker 1: they're headed. Are they always gonna want their content for nothing?

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Speaker 1: Is that a sustainable business model? It didn't work in

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Speaker 1: the music business. You really saw the record labels demonetize

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Speaker 1: the industry by unbundling and essentially now giving away product

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Speaker 1: for free. That has had a trickle down effect on

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Speaker 1: everybody in that business, producers, artists, songwriters, the entire publishing industry.

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Speaker 1: It really wasn't good for business, and I don't know

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Speaker 1: that it was good for the consumer either. Well if

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Speaker 1: you don't uh, if you retain your own broadcast, right,

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Speaker 1: So that's a significant part of your revenue. That how

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Speaker 1: do you get to the revenue sharing model that you're

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Speaker 1: looking forward to even out competition? Well, you know, I

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Speaker 1: think some people and fans, and and and and and

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Speaker 1: and of all differently I asked that question too. They say, well,

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Speaker 1: what's the what's similar? What's different about creating a competitively

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Speaker 1: balanced system in baseball from say football? And one one

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Speaker 1: thing that's proffered as well. In football, say seventy of

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Speaker 1: the gross revenues come through the league portal and the

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Speaker 1: rest through the teams locally. And baseball is really the

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Speaker 1: mirror image where s the money is generated by the

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Speaker 1: individual thirty clubs. So does that make it any different

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Speaker 1: in when in the in your ability to balance the

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Speaker 1: league have full revenue sharing and salary caps and floors.

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Speaker 1: And my answers, no, it doesn't make a difference how

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Speaker 1: the money comes in. It just as a question what

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Speaker 1: rules you put in place and distribute it. Carl b

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Speaker 1: like over in great statistic blow, great great um value

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Speaker 1: all in all average length of a game. The chart

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Speaker 1: is stunning. The Oils have been leaders in that. I

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Speaker 1: looked at a team chart the Rays. I guess of

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Speaker 1: the worst team in terms of slow motion a game.

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Speaker 1: It's gone from the good news was a hundred and

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Speaker 1: seventy minutes and it's spiked right back up over eleven

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Speaker 1: years to like minutes from one's horse. Do you see

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Speaker 1: any improvement? And what I remember is a kid when

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Speaker 1: Dizzy Dean was the announcer. John's looking at me like god,

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Speaker 1: he's that old. I remember the Orioles. I do not

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Speaker 1: remember the Orioles when they're st Louis Brown's full disclosure.

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Speaker 1: Where are we un speeding up the game and not

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Speaker 1: doing the norma garcia part? I gotta fix my gloves well,

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Speaker 1: I think first, let me see my brother Lewis and

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Speaker 1: I used to play Earl Weaver a baseball on the

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Speaker 1: computer and about twenty years ago, and Dizzy Dean was

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Speaker 1: one of the pictures. So um, if there for no

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Speaker 1: other reason, I know a lot of those UH players

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Speaker 1: from the rich history of Major League Baseball. UM, so

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Speaker 1: it's nice to hear that name, you know. I think

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Speaker 1: that there has been an effort to speed the game up. UM.

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Speaker 1: I think that's a good thing. I think fans like it. UM.

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Speaker 1: I I would also, though, I would prefer a game

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Speaker 1: that you refer to the arrow that you refer to,

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Speaker 1: where games moving along more quickly. I think most people would.

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Speaker 1: On the other hand, I don't think I want to

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Speaker 1: commoditize the games. I hope we don't commoditize the game

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Speaker 1: so much that it becomes only about only about the

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Speaker 1: span of time, not about the quality out of time.

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Speaker 1: Come back if you're in first place. May one. I

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Speaker 1: like because it's great therapy to speak to a winner.

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Speaker 1: Coom Barty Bloomberg eleven three O, New York. Good Morning,

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Speaker 1: Bloomberg twelve, Boston, Sean Angelos of the first Bottomer areas

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Speaker 1: in Bloomberg FM,