1 00:00:00,800 --> 00:00:04,040 Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside 2 00:00:04,040 --> 00:00:06,920 Speaker 1: my co host Matt Miller. Every business day, we bring 3 00:00:06,960 --> 00:00:11,520 Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along 4 00:00:11,560 --> 00:00:15,600 Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast 5 00:00:15,600 --> 00:00:18,479 Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and 6 00:00:18,480 --> 00:00:22,119 Speaker 1: at Bloomberg dot com slash podcast. I guess the story 7 00:00:22,160 --> 00:00:25,360 Speaker 1: of the weekend markets is the Federal Reserve, the FED 8 00:00:25,560 --> 00:00:29,600 Speaker 1: raising expectations for rising inflation this year as well as 9 00:00:29,680 --> 00:00:33,519 Speaker 1: rate heights next year and into three. And that's obviously 10 00:00:33,560 --> 00:00:37,040 Speaker 1: the market is trying to digest that. Markets ares in general, 11 00:00:37,080 --> 00:00:40,400 Speaker 1: including the commodities market. H we talk commoties. We always 12 00:00:40,400 --> 00:00:42,760 Speaker 1: like to chat with Will Rynd. He's founder and CEO 13 00:00:42,760 --> 00:00:44,920 Speaker 1: of Granite Chairs at one point five billion dollars in 14 00:00:44,960 --> 00:00:47,800 Speaker 1: assets under management, located in New York. So Will, thanks 15 00:00:47,840 --> 00:00:50,960 Speaker 1: so much for joining us again again. A big change 16 00:00:51,320 --> 00:00:54,360 Speaker 1: in tone, well, I would say hawk ish, a tone 17 00:00:54,400 --> 00:00:55,880 Speaker 1: that was probably a little bit more hawkish than the 18 00:00:55,920 --> 00:00:58,800 Speaker 1: market had been discounting. What did you take away from 19 00:00:58,800 --> 00:01:04,200 Speaker 1: FED Chairman Pal's comments this week? Well, I think that's um, 20 00:01:04,240 --> 00:01:07,120 Speaker 1: you know much to what's kind of probably been already 21 00:01:07,160 --> 00:01:09,800 Speaker 1: said in the market that you know, the expectations have 22 00:01:09,920 --> 00:01:13,640 Speaker 1: been brought forward in terms of rate rises. So it 23 00:01:13,760 --> 00:01:16,640 Speaker 1: seems like the the indication is that you know, inflation 24 00:01:16,760 --> 00:01:20,520 Speaker 1: is rising faster than they expected. Um. And you know, 25 00:01:20,560 --> 00:01:25,000 Speaker 1: to that end, trying to bring forward expectations of rate rises. 26 00:01:25,200 --> 00:01:28,280 Speaker 1: There No, there was no specific comments around the tapering. 27 00:01:28,319 --> 00:01:31,720 Speaker 1: That's the asset purchase program. But I think expectations, obviously, 28 00:01:31,760 --> 00:01:34,280 Speaker 1: that's the big story in terms of rising rates. For 29 00:01:34,319 --> 00:01:37,280 Speaker 1: the first time, I did say they're starting to talk 30 00:01:37,319 --> 00:01:42,560 Speaker 1: about tapering. Previously they weren't even talking about talking about tapering. Um. 31 00:01:42,920 --> 00:01:47,160 Speaker 1: The thing I found interesting Will is, alright, so rates 32 00:01:47,160 --> 00:01:50,120 Speaker 1: are gonna rise earlier than expected. What do you do 33 00:01:50,960 --> 00:01:54,080 Speaker 1: sell gold that makes sense? Rates are gonna rise earlier 34 00:01:54,160 --> 00:01:56,880 Speaker 1: than expected. What do you do buy bonds? That doesn't 35 00:01:56,880 --> 00:02:00,960 Speaker 1: make any sense at all? What's going on there? Well? 36 00:02:01,000 --> 00:02:03,720 Speaker 1: I think, Um, to me, this is all a bit 37 00:02:03,720 --> 00:02:07,240 Speaker 1: of a knee jerk reaction, because you know, in my mind, 38 00:02:07,560 --> 00:02:09,840 Speaker 1: if you just look at that in a vacuum and 39 00:02:09,880 --> 00:02:13,720 Speaker 1: you say interest rates are rising or interest rate expectations 40 00:02:13,760 --> 00:02:16,880 Speaker 1: of rising cell gold, Okay, that might be fine, but 41 00:02:17,040 --> 00:02:21,399 Speaker 1: what about inflation and right, now we have the lowest 42 00:02:21,600 --> 00:02:26,160 Speaker 1: real interest rates by the nominal interest rate minus inflation, 43 00:02:26,440 --> 00:02:29,480 Speaker 1: that we've had since the nineteen seventies. So in this 44 00:02:29,639 --> 00:02:34,200 Speaker 1: environment where real rates is so low, inflation is rising 45 00:02:34,280 --> 00:02:36,520 Speaker 1: much quickly. Even the said saying, you know, Jerome Power, 46 00:02:36,600 --> 00:02:40,000 Speaker 1: think the exact words that he used was inflation could 47 00:02:40,040 --> 00:02:42,200 Speaker 1: turn out to be higher and more persistent than we 48 00:02:42,240 --> 00:02:45,639 Speaker 1: anticipate in that environment. I'm not a seller of gold. 49 00:02:45,960 --> 00:02:49,760 Speaker 1: I think gold and commodities. To me, inflation is still rising, 50 00:02:50,240 --> 00:02:52,520 Speaker 1: and in this environment, I think you need to have 51 00:02:52,600 --> 00:02:55,400 Speaker 1: inflation hedges. All right, That's kind of where I wanted 52 00:02:55,480 --> 00:02:58,840 Speaker 1: to go. Well, it just obviously you look across the 53 00:02:58,880 --> 00:03:02,840 Speaker 1: commodities complex, uh, and you see, you know, big gains 54 00:03:02,880 --> 00:03:04,600 Speaker 1: for most of the commodities of the soft of the 55 00:03:04,639 --> 00:03:07,399 Speaker 1: herds and obviously oil, uh, you know, pushing higher above 56 00:03:07,440 --> 00:03:10,160 Speaker 1: seventy on w T I crewed. I guess my question 57 00:03:10,240 --> 00:03:12,760 Speaker 1: is is there room to grow? And if so, what's 58 00:03:12,800 --> 00:03:16,040 Speaker 1: what's kind of the drivers there? I think short term, 59 00:03:16,080 --> 00:03:19,200 Speaker 1: absolutely yes, we're still in this reopening phase. I mean, 60 00:03:19,200 --> 00:03:21,760 Speaker 1: obviously for those of us that you know, watch the 61 00:03:21,760 --> 00:03:25,440 Speaker 1: commodities market, we are now just about to enter the 62 00:03:25,600 --> 00:03:29,360 Speaker 1: notorious or infamous summer driving season, and you know what 63 00:03:29,480 --> 00:03:31,880 Speaker 1: that means is that, you know, when kids get out 64 00:03:31,880 --> 00:03:35,000 Speaker 1: of school and everybody takes off for some vacation, there's 65 00:03:35,040 --> 00:03:38,240 Speaker 1: a lot more driving activity, which you know typically leads 66 00:03:38,240 --> 00:03:41,320 Speaker 1: to higher oil demand. Now this year, arguably that's going 67 00:03:41,360 --> 00:03:43,760 Speaker 1: to be bigger than we've seen it a while, because 68 00:03:43,800 --> 00:03:46,440 Speaker 1: people aren't traveling abroad maybe as much as they would 69 00:03:46,440 --> 00:03:49,200 Speaker 1: have done in prior years, and so the Great American 70 00:03:49,320 --> 00:03:52,320 Speaker 1: Vacation is going to be in full swing. And so 71 00:03:52,440 --> 00:03:55,000 Speaker 1: from that perspective, I think on the short term, you know, 72 00:03:55,120 --> 00:03:57,160 Speaker 1: I looked at what happened with oil yesterday and it 73 00:03:57,520 --> 00:03:59,640 Speaker 1: barely moved. Okay, did go down a little bit, but 74 00:04:00,080 --> 00:04:02,760 Speaker 1: I thought it was very stood up, very well given 75 00:04:02,800 --> 00:04:05,160 Speaker 1: everything else we were seeing in the market. So to me, 76 00:04:05,320 --> 00:04:07,760 Speaker 1: that's an indication of the strength right now and short 77 00:04:07,840 --> 00:04:11,040 Speaker 1: term strength and oil the energy complex more broadly. I 78 00:04:11,040 --> 00:04:14,000 Speaker 1: think really the only things that got hit and got 79 00:04:14,120 --> 00:04:17,839 Speaker 1: hit relatively severely were the metals, which you can also 80 00:04:17,880 --> 00:04:22,200 Speaker 1: trade a little bit risk off when the US dollar rises. 81 00:04:23,320 --> 00:04:27,080 Speaker 1: Oil special obviously, because you've got this cartel um that's 82 00:04:27,120 --> 00:04:29,520 Speaker 1: watching the prices. How high do you think OPEC would 83 00:04:29,600 --> 00:04:33,440 Speaker 1: let it go. Um. Well, I think that they can 84 00:04:33,680 --> 00:04:35,800 Speaker 1: let it or they would let it go significantly high. 85 00:04:35,839 --> 00:04:38,200 Speaker 1: I don't think a hundred dollar oil is out of 86 00:04:38,240 --> 00:04:42,000 Speaker 1: the question. Um. But of course they have their own pressures, 87 00:04:42,000 --> 00:04:45,240 Speaker 1: as we've seen time and time again, economic pressures and 88 00:04:45,279 --> 00:04:49,400 Speaker 1: financial pressures, and you know, they've they've tried to exercise 89 00:04:49,680 --> 00:04:52,360 Speaker 1: restraints in terms of putting more supply into the market. 90 00:04:52,400 --> 00:04:54,720 Speaker 1: So I think naturally, you know, if the price goes 91 00:04:55,160 --> 00:04:57,920 Speaker 1: much higher than it is today, they're they're already talking 92 00:04:57,960 --> 00:05:00,960 Speaker 1: about putting more production on the market. It. But I 93 00:05:00,960 --> 00:05:06,000 Speaker 1: think we'll see some supply response, a little demand response. 94 00:05:06,240 --> 00:05:09,599 Speaker 1: I'm I'm there for the demand response. I'm willing to 95 00:05:09,600 --> 00:05:12,640 Speaker 1: burn as much gas as i can this summer. I'm 96 00:05:12,680 --> 00:05:16,120 Speaker 1: excited to be summer driving season well or yeah, in 97 00:05:16,400 --> 00:05:21,680 Speaker 1: um in a number of different vehicles actually, although I 98 00:05:21,720 --> 00:05:27,400 Speaker 1: promise that my offspring will make this shift to electric vehicles. Well, 99 00:05:27,440 --> 00:05:30,360 Speaker 1: thanks so much for joining us, Will Rind. They're coming 100 00:05:30,360 --> 00:05:32,839 Speaker 1: in from Granite Shares. They have one and a half 101 00:05:32,839 --> 00:05:37,280 Speaker 1: billion dollars of assets under management, uh and located right 102 00:05:37,360 --> 00:05:40,520 Speaker 1: in New York City. We are going to continue to 103 00:05:40,520 --> 00:05:43,520 Speaker 1: watch these commodities because after the moves that we saw yesterday, 104 00:05:43,680 --> 00:05:46,159 Speaker 1: it became even more interesting than just a one way trip. 105 00:05:50,400 --> 00:05:53,160 Speaker 1: Let's get over now to Lauren Sour, Associate Professor Emergency 106 00:05:53,160 --> 00:05:58,200 Speaker 1: Emergency Medicine at Johns Hopkins School of Medicine UM. Lauren, 107 00:05:58,240 --> 00:06:02,560 Speaker 1: I was just telling our list nerves that the delta 108 00:06:02,680 --> 00:06:07,840 Speaker 1: variant of COVID nineteen is spreading quickly throughout the UK. 109 00:06:07,960 --> 00:06:11,480 Speaker 1: I think there's seventy seven thousand cases this week compared 110 00:06:11,520 --> 00:06:17,760 Speaker 1: to thirty three thousand cases last week, and cent of 111 00:06:17,839 --> 00:06:21,400 Speaker 1: the cases that they have tracked down and researched are 112 00:06:21,560 --> 00:06:24,920 Speaker 1: the delta variants. So is that going to spread now 113 00:06:25,000 --> 00:06:29,159 Speaker 1: to the US and too continental Europe? Yeah, I think 114 00:06:29,200 --> 00:06:32,280 Speaker 1: we are going to see delta variant overtaking a lot 115 00:06:32,320 --> 00:06:34,440 Speaker 1: of the cases, sort of the stronghold, similar to what 116 00:06:34,520 --> 00:06:37,680 Speaker 1: the alpha variant did UM late last year and early 117 00:06:37,800 --> 00:06:40,480 Speaker 1: this year. You know, I think we're still all waiting 118 00:06:40,480 --> 00:06:45,080 Speaker 1: to see UM whether or not we'll see an uptick 119 00:06:45,120 --> 00:06:47,120 Speaker 1: in actual cases, but I think the cases we do 120 00:06:47,160 --> 00:06:50,839 Speaker 1: see will start to be that delta variant for sure, Lauren. 121 00:06:50,880 --> 00:06:53,279 Speaker 1: Here in the States, it's it's obviously a different story, 122 00:06:53,440 --> 00:06:56,960 Speaker 1: much more positive story in terms of vaccine metrics. UM 123 00:06:57,120 --> 00:06:59,960 Speaker 1: is it too early to start talking Yeah, it's true. 124 00:07:00,080 --> 00:07:02,480 Speaker 1: Is it too early to start talking about her community 125 00:07:02,600 --> 00:07:06,360 Speaker 1: here in the US? Her immunities are really challenging things 126 00:07:06,360 --> 00:07:08,680 Speaker 1: to talk about in a general sense, And so you know, 127 00:07:08,960 --> 00:07:12,040 Speaker 1: I think we all want to see her community UM 128 00:07:12,080 --> 00:07:14,800 Speaker 1: conceptually in the US, and I think we're getting really close. 129 00:07:14,840 --> 00:07:16,560 Speaker 1: I think that's why we didn't see that sort of 130 00:07:16,640 --> 00:07:20,680 Speaker 1: spring UM uptick that everyone thought we would see. And 131 00:07:21,600 --> 00:07:25,160 Speaker 1: the key focus in order to start having that conversation 132 00:07:25,200 --> 00:07:29,040 Speaker 1: will be to understand what the the sort of overarching 133 00:07:29,160 --> 00:07:32,520 Speaker 1: coverage of immunity is. So we want to make sure 134 00:07:32,560 --> 00:07:35,640 Speaker 1: we get rid of those pockets of of communities that 135 00:07:35,720 --> 00:07:40,000 Speaker 1: have been resistant to or enabled enabled to access vaccine UM, 136 00:07:40,080 --> 00:07:43,960 Speaker 1: so that we have a really well spread immunity. The 137 00:07:44,000 --> 00:07:46,760 Speaker 1: picture of community looks similar across the United States, rather 138 00:07:46,800 --> 00:07:48,880 Speaker 1: than high and low and high and low. And that's 139 00:07:48,880 --> 00:07:51,320 Speaker 1: where you're going to start to see her community UM 140 00:07:51,440 --> 00:07:55,680 Speaker 1: broadly across the country. Could we see something in the 141 00:07:55,800 --> 00:07:59,080 Speaker 1: US happen the likes of which we're seeing in the UK. 142 00:07:59,280 --> 00:08:03,960 Speaker 1: Could we see another wave of infection start to rapidly 143 00:08:04,000 --> 00:08:08,600 Speaker 1: spread even though UM the majority of the adult population 144 00:08:08,720 --> 00:08:13,640 Speaker 1: is vaccinated. I think we could. Um. I think everyone 145 00:08:13,760 --> 00:08:16,400 Speaker 1: is hopeful that we'll get vaccine coverage that's high enough 146 00:08:16,480 --> 00:08:19,320 Speaker 1: that we won't see that big uptick like the way 147 00:08:19,720 --> 00:08:23,320 Speaker 1: the UK has. UM. But the US is has really 148 00:08:23,440 --> 00:08:28,400 Speaker 1: disparate levels of vaccination coverage, more so than the UK, 149 00:08:28,520 --> 00:08:31,640 Speaker 1: I would say, and so, UM, you know, it's hard 150 00:08:31,680 --> 00:08:33,920 Speaker 1: to compare. It's hard to make predictions on what will 151 00:08:33,960 --> 00:08:36,320 Speaker 1: happen in the US based on what has happened in 152 00:08:36,320 --> 00:08:39,120 Speaker 1: the UK. I think rather we start to look at 153 00:08:39,120 --> 00:08:41,480 Speaker 1: the state level and say, Okay, if this state has 154 00:08:41,480 --> 00:08:45,360 Speaker 1: pretty high vaccination coverage, we're less likely to see um, 155 00:08:45,440 --> 00:08:49,520 Speaker 1: that sort of picture in that state. Um. And over overall, 156 00:08:49,640 --> 00:08:53,600 Speaker 1: I'll just remind listeners, overall the UK has more higher 157 00:08:53,640 --> 00:08:57,000 Speaker 1: percentage of its population fully vaccinated than is that with 158 00:08:57,040 --> 00:09:01,719 Speaker 1: astra zeneca? Though Um yeah does that, hey, doctor, does 159 00:09:01,720 --> 00:09:04,600 Speaker 1: that make a difference? Is is it? Are you more 160 00:09:04,679 --> 00:09:07,560 Speaker 1: likely to get the Delta variant even if you've been 161 00:09:07,679 --> 00:09:12,640 Speaker 1: vaccinated if you were vaccinated with astra zeneca. Um, I'm 162 00:09:12,679 --> 00:09:14,640 Speaker 1: not actually sure. I will say that we're just starting 163 00:09:14,640 --> 00:09:18,280 Speaker 1: to see data back on on the cases, the vaccinated 164 00:09:18,320 --> 00:09:22,120 Speaker 1: cases from Delta. Most of those cases are people who 165 00:09:22,120 --> 00:09:24,360 Speaker 1: have not had their second vaccine dose, which would be 166 00:09:24,400 --> 00:09:28,079 Speaker 1: obviously the MODERNA advisor vaccines. And so the key is 167 00:09:28,120 --> 00:09:30,920 Speaker 1: to get that full coverage of vaccination, right, don't stop 168 00:09:30,960 --> 00:09:34,040 Speaker 1: after that first dose. If you're having a two dose vaccine, 169 00:09:34,400 --> 00:09:36,600 Speaker 1: make sure you're getting the booster if that's what's appropriate 170 00:09:36,600 --> 00:09:39,240 Speaker 1: and recommended by your doctor UM, and make sure you 171 00:09:39,280 --> 00:09:41,520 Speaker 1: get through that. You know, you sort of protect yourself 172 00:09:41,559 --> 00:09:45,000 Speaker 1: and follow those other public health measures until you have 173 00:09:45,640 --> 00:09:48,800 Speaker 1: you know, full vaccination coverage. And that's going to get 174 00:09:48,800 --> 00:09:51,599 Speaker 1: the most protection at the individual and at the population 175 00:09:51,720 --> 00:09:55,320 Speaker 1: level for UM for the delta variant. So I can't 176 00:09:55,320 --> 00:09:57,920 Speaker 1: speak specifically to astrogenica. I haven't looked close enough with 177 00:09:58,000 --> 00:10:00,360 Speaker 1: the data, but I do think that we that the 178 00:10:00,440 --> 00:10:03,600 Speaker 1: vaccines are protective. We just have to make sure that 179 00:10:03,640 --> 00:10:05,920 Speaker 1: people get the full course of the vaccine that they're 180 00:10:05,920 --> 00:10:09,199 Speaker 1: getting UM in order to build that protection. Lauren, the 181 00:10:10,520 --> 00:10:14,120 Speaker 1: Barkley Center where the Brooklyn Nets play their basketball game 182 00:10:14,240 --> 00:10:18,920 Speaker 1: last night was packed. Does that make you nervous? You know, 183 00:10:19,320 --> 00:10:23,040 Speaker 1: it's weird right now. Any sort of visible crowd makes 184 00:10:23,040 --> 00:10:25,520 Speaker 1: me feel nervous. And you know, we're going to be 185 00:10:25,600 --> 00:10:27,080 Speaker 1: in a place where we have to tease out what 186 00:10:27,200 --> 00:10:29,760 Speaker 1: is sort of that emotional reaction. Um, And what is 187 00:10:29,840 --> 00:10:33,240 Speaker 1: nervousness because um, we're still coming out of a pandemic, 188 00:10:33,280 --> 00:10:36,480 Speaker 1: and we we still have pretty high numbers of cases 189 00:10:36,520 --> 00:10:40,480 Speaker 1: in a lot of places, and and highly variable vaccination coverage. 190 00:10:40,800 --> 00:10:42,560 Speaker 1: I'm not sure i'd be comfortable and events at the 191 00:10:42,559 --> 00:10:45,800 Speaker 1: Barkley Center yet. I think, you know, the CDC's recommendations 192 00:10:45,840 --> 00:10:48,520 Speaker 1: are allowing for individual choice in a way that you 193 00:10:48,600 --> 00:10:50,760 Speaker 1: have to sort of look at the data and feel, 194 00:10:50,880 --> 00:10:53,360 Speaker 1: you know, decide your level of comfort. I think we're 195 00:10:53,360 --> 00:10:57,920 Speaker 1: all going to have really variable returns to quote unquote normalcy, 196 00:10:58,000 --> 00:11:01,120 Speaker 1: you know, and and and that's okay. And and I think, um, 197 00:11:01,160 --> 00:11:04,679 Speaker 1: that sort of slow roll back into what, uh, you know, 198 00:11:05,000 --> 00:11:08,520 Speaker 1: what your interactions in the public look like is okay? Um. 199 00:11:08,559 --> 00:11:11,719 Speaker 1: And especially if you're choosing to be more cautious um 200 00:11:11,840 --> 00:11:13,920 Speaker 1: or more careful, or maybe you have someone in your 201 00:11:13,920 --> 00:11:16,839 Speaker 1: life who is more vulnerable or susceptible and you want 202 00:11:16,840 --> 00:11:20,119 Speaker 1: to be cautious and careful for them, that is absolutely 203 00:11:20,120 --> 00:11:22,800 Speaker 1: okay right now. Lauren Sour, thank you so much for 204 00:11:22,880 --> 00:11:25,720 Speaker 1: joining us. We always appreciate checking in with you here 205 00:11:25,840 --> 00:11:29,559 Speaker 1: on a weekly basis, getting the latest on this pandemic. 206 00:11:29,640 --> 00:11:33,840 Speaker 1: And on vaccines. Laurence Sour, Associate Professor of Emergency Medicine 207 00:11:33,880 --> 00:11:37,880 Speaker 1: at the Johns Hopkins University School of Medicine. They're not 208 00:11:37,960 --> 00:11:42,720 Speaker 1: just lacrosse players. They are there's some world class uh 209 00:11:42,880 --> 00:11:47,520 Speaker 1: you know, scientists and doctors, and we appreciate their time. Now, 210 00:11:47,600 --> 00:11:51,880 Speaker 1: let's bring in Downtown's with Director of Equity Strategies at Conning. 211 00:11:51,960 --> 00:11:55,359 Speaker 1: They have two hundred billion dollars of assets under management, 212 00:11:55,440 --> 00:12:00,240 Speaker 1: and don let's talk. I guess high dividend equities are 213 00:12:00,280 --> 00:12:04,199 Speaker 1: what you're looking at? What do you see right now? 214 00:12:04,400 --> 00:12:09,360 Speaker 1: And what are the what are the valuations? Tell you? Well, 215 00:12:09,400 --> 00:12:12,959 Speaker 1: in terms of dividend paying stocks, we've really been at 216 00:12:12,960 --> 00:12:17,360 Speaker 1: a relative discount now for quite a long time. Um. 217 00:12:17,400 --> 00:12:19,600 Speaker 1: You know, one of the factors that we look at 218 00:12:19,720 --> 00:12:23,640 Speaker 1: is is growth fears in the market. And growth fears 219 00:12:23,679 --> 00:12:28,319 Speaker 1: actually tend to drive the growth stocks, the technology stocks 220 00:12:28,400 --> 00:12:31,400 Speaker 1: that we've all seen rallies so far, it tests to 221 00:12:31,440 --> 00:12:33,679 Speaker 1: drive them up because they can grow in a growth 222 00:12:33,679 --> 00:12:37,439 Speaker 1: scarcity environment. And that's left some of these dividend pairs 223 00:12:37,520 --> 00:12:41,280 Speaker 1: and in broader in broader terms of value stocks behind 224 00:12:42,040 --> 00:12:45,680 Speaker 1: and so they're their valuations still look relatively attractive even 225 00:12:45,720 --> 00:12:49,920 Speaker 1: though they've had a recent strong rally. Don It's interesting 226 00:12:49,920 --> 00:12:51,920 Speaker 1: when I think about dividend stocks, one of the names 227 00:12:51,920 --> 00:12:55,040 Speaker 1: that really jumps out of me is Apple. I mean, 228 00:12:55,040 --> 00:12:57,200 Speaker 1: here's a company with a hundred billion dollars of net 229 00:12:57,200 --> 00:12:59,720 Speaker 1: cash on the balance sheet, then a free cash flow 230 00:12:59,720 --> 00:13:02,000 Speaker 1: in each the next two years of a hundred billion dollars, 231 00:13:02,120 --> 00:13:06,160 Speaker 1: yet their dividend yield us less than one percent. That's 232 00:13:06,160 --> 00:13:08,600 Speaker 1: gonna be frustrating for a dividend investor who would probably 233 00:13:08,640 --> 00:13:14,200 Speaker 1: love to throw Apple on the portfolio. Absolutely, we would. 234 00:13:14,720 --> 00:13:17,160 Speaker 1: We would love to have Apple in the portfolio if 235 00:13:17,200 --> 00:13:20,200 Speaker 1: only they returned more value to the shareholder in terms 236 00:13:20,200 --> 00:13:23,679 Speaker 1: of dividends. And it's been a big frustration across the 237 00:13:24,280 --> 00:13:28,320 Speaker 1: whole kind of fraternity of of dividend investors. And you know, 238 00:13:28,440 --> 00:13:30,520 Speaker 1: we would, we would like them to take some of 239 00:13:30,520 --> 00:13:33,280 Speaker 1: that free cash flow and distribute it to get their 240 00:13:33,360 --> 00:13:36,040 Speaker 1: yield up closer to two or two and a half percent. 241 00:13:39,400 --> 00:13:45,679 Speaker 1: So why, um, why don't they? Well, that's a great question. 242 00:13:45,840 --> 00:13:49,720 Speaker 1: I think that um, there are many technology stocks, particularly 243 00:13:49,720 --> 00:13:53,480 Speaker 1: on the equipment UH and semiconductor side, that have for 244 00:13:53,520 --> 00:13:57,560 Speaker 1: a very long time paid an attractive dividend, and they've 245 00:13:57,559 --> 00:13:59,760 Speaker 1: done it while growing at a at a fairly good 246 00:13:59,760 --> 00:14:04,200 Speaker 1: pay eight UM. I can only speculate based upon any 247 00:14:04,240 --> 00:14:08,319 Speaker 1: company comments and and maybe our our biases here that 248 00:14:08,720 --> 00:14:12,360 Speaker 1: that they see that cash hoard as an opportunity for 249 00:14:12,679 --> 00:14:15,920 Speaker 1: acquisitions that they might see in the future, and they'd 250 00:14:16,000 --> 00:14:19,160 Speaker 1: rather keep it on their balance sheet. But as it 251 00:14:19,200 --> 00:14:22,960 Speaker 1: grows and grows, one can only imagine that there's going 252 00:14:23,000 --> 00:14:26,640 Speaker 1: to be a growing pressure along with that that can 253 00:14:26,720 --> 00:14:34,720 Speaker 1: never make any big acquisition like well, who you know 254 00:14:34,920 --> 00:14:37,760 Speaker 1: who knows? I wish I knew, and I I buy 255 00:14:37,800 --> 00:14:41,600 Speaker 1: a lot of that acquisition target myself. Hey, don talk 256 00:14:41,640 --> 00:14:46,600 Speaker 1: to us about UM tax policy and how that impacts 257 00:14:46,760 --> 00:14:49,920 Speaker 1: your strategy, your dividends strategy, because the President Biden is 258 00:14:49,920 --> 00:14:52,120 Speaker 1: talking about some changes to the capital gains taxes and 259 00:14:52,120 --> 00:14:57,680 Speaker 1: so on. Absolutely UM. Historically speaking, and this is really 260 00:14:58,080 --> 00:15:00,960 Speaker 1: the thirty years I've been in the business, capital gains 261 00:15:01,040 --> 00:15:05,000 Speaker 1: tax rates have been lower than their tax rates paid 262 00:15:05,040 --> 00:15:08,040 Speaker 1: on dividends, which often are our tax at the level 263 00:15:08,080 --> 00:15:12,000 Speaker 1: of your ordinary income as an investor. With the talk 264 00:15:12,080 --> 00:15:15,800 Speaker 1: about raising capital gains rates, uh, it means that in 265 00:15:15,920 --> 00:15:20,000 Speaker 1: relative terms, the go go growth stocks that don't pay 266 00:15:20,000 --> 00:15:23,400 Speaker 1: a dividend, those stocks are going to become relatively less 267 00:15:23,400 --> 00:15:28,359 Speaker 1: attractive as them as your tax rate goes up on 268 00:15:28,360 --> 00:15:31,800 Speaker 1: on on the proceeds when you sell. So we think 269 00:15:31,840 --> 00:15:35,400 Speaker 1: that that's actually a positive in relative terms or dividend 270 00:15:35,400 --> 00:15:40,960 Speaker 1: paying stocks. As perhaps the new tax laws equalize the 271 00:15:41,040 --> 00:15:44,560 Speaker 1: tax treatment of capital games and dividends, that's going to 272 00:15:44,600 --> 00:15:47,680 Speaker 1: give a boost to the dividend paying stocks because the 273 00:15:47,720 --> 00:15:51,400 Speaker 1: other guys have to pay more taxes too. I've always 274 00:15:51,440 --> 00:15:55,479 Speaker 1: found this interesting because um, as the owner of the company, 275 00:15:55,560 --> 00:15:58,560 Speaker 1: you're paying taxes on the cash that you get paid 276 00:15:58,560 --> 00:16:00,640 Speaker 1: out that you pay yourself out from profits, but those 277 00:16:00,680 --> 00:16:06,480 Speaker 1: profits are also getting taxed. Yes. Yes, the question of 278 00:16:10,040 --> 00:16:12,560 Speaker 1: well I couldn't agree more, I couldn't agree more. Double 279 00:16:12,600 --> 00:16:15,960 Speaker 1: taxation is a has been a problem for years, and 280 00:16:16,200 --> 00:16:19,440 Speaker 1: I think that if if more people, if more people 281 00:16:20,160 --> 00:16:22,160 Speaker 1: thought in those terms, I think that there would be 282 00:16:22,160 --> 00:16:26,280 Speaker 1: more pressure on on reducing that double taxation load. For now, 283 00:16:27,120 --> 00:16:29,360 Speaker 1: we're still gonna have a little with it. Yeah, So 284 00:16:29,640 --> 00:16:33,160 Speaker 1: don how do you guys typically screen for dividends. Is 285 00:16:33,160 --> 00:16:35,320 Speaker 1: it a certain yield and you do it by industry 286 00:16:35,440 --> 00:16:38,800 Speaker 1: or how do you do that? Well, we actually do 287 00:16:39,080 --> 00:16:43,000 Speaker 1: take a look at a certain yield or higher, but 288 00:16:43,640 --> 00:16:48,000 Speaker 1: Unlike many dividend managers, once a company has met a 289 00:16:48,080 --> 00:16:51,840 Speaker 1: certain minimum, we actually tend to be agnostic after that, 290 00:16:52,000 --> 00:16:55,000 Speaker 1: because what we're looking at is companies that have a 291 00:16:55,160 --> 00:16:59,720 Speaker 1: very manageable debt load and companies that are generating the 292 00:16:59,760 --> 00:17:03,760 Speaker 1: free cash flow that you referred to before um consistently 293 00:17:03,880 --> 00:17:07,960 Speaker 1: year after year after year. Uh. Our hidden talent really 294 00:17:08,040 --> 00:17:12,040 Speaker 1: is that we're UH. We were primarily a fixed income shop, 295 00:17:12,080 --> 00:17:14,720 Speaker 1: and so we have credit analysts that have decades of 296 00:17:14,840 --> 00:17:19,159 Speaker 1: experience and they're looking at these same investments for the 297 00:17:19,359 --> 00:17:23,960 Speaker 1: the safety and credit worthiness of their debt. We take 298 00:17:24,040 --> 00:17:27,000 Speaker 1: that information and also look at the credit worthy units, 299 00:17:27,040 --> 00:17:31,040 Speaker 1: if you will, of their dividend payment. Also, how sustainable 300 00:17:31,040 --> 00:17:33,959 Speaker 1: as the dividend can they grow it? Are they generating 301 00:17:34,160 --> 00:17:37,919 Speaker 1: excess free cash flow after they've paid their dividend to 302 00:17:37,960 --> 00:17:41,040 Speaker 1: be That's our secret weapon in terms of finding companies 303 00:17:41,080 --> 00:17:43,480 Speaker 1: to pay a dividend and raise it. Hey, John, thanks 304 00:17:43,480 --> 00:17:45,879 Speaker 1: so much for joining us. We really appreciate hearing about 305 00:17:46,280 --> 00:17:48,959 Speaker 1: your strategy the dividend paying stocks. We don't talk enough 306 00:17:49,000 --> 00:17:53,239 Speaker 1: about that. I think equity strategy at a Conning they 307 00:17:53,240 --> 00:17:55,199 Speaker 1: have a two or billion under management, A lot of 308 00:17:55,240 --> 00:17:59,680 Speaker 1: it focused on dividend paying companies and the income the 309 00:17:59,760 --> 00:18:06,680 Speaker 1: day and produced for shareholders. This is Bloomberg, you know, Matt. 310 00:18:06,720 --> 00:18:09,760 Speaker 1: When I came onto the street in eighties six, insider 311 00:18:09,800 --> 00:18:12,520 Speaker 1: trading was really a thing. You know. We had Ivan Bowski, 312 00:18:13,240 --> 00:18:16,560 Speaker 1: you know, Drexel, Burnham, Lambert. I mean, some really juicy things. 313 00:18:16,560 --> 00:18:18,719 Speaker 1: They wrote books and made movies about it. But I don't. 314 00:18:19,080 --> 00:18:20,800 Speaker 1: It feels like I don't see it, at least not 315 00:18:20,840 --> 00:18:22,840 Speaker 1: on the scale that that we used to see it. 316 00:18:22,920 --> 00:18:25,320 Speaker 1: So but actually looking at the Bloomberg terminal today, we 317 00:18:25,359 --> 00:18:29,359 Speaker 1: have a good old fashioned insider trading report in there, 318 00:18:29,800 --> 00:18:32,320 Speaker 1: and we have the reporter. And this reporter is a 319 00:18:32,480 --> 00:18:35,760 Speaker 1: Duke Rad, so double good story here. We're overwhelmed by 320 00:18:35,800 --> 00:18:39,480 Speaker 1: all these reporters. Being a duke rad is more important, 321 00:18:39,560 --> 00:18:42,680 Speaker 1: I think than reporting on insider I think. So Bradhaim, 322 00:18:42,680 --> 00:18:44,840 Speaker 1: she joins us here. She's reporter for Bloomberg News, and 323 00:18:44,840 --> 00:18:46,720 Speaker 1: so Burtte, thanks so much for joining us here. Talk 324 00:18:46,760 --> 00:18:48,840 Speaker 1: to us about this case. Give us the background of 325 00:18:48,920 --> 00:18:51,720 Speaker 1: this insider trading case, because it's got a little twist 326 00:18:51,760 --> 00:18:54,600 Speaker 1: because it does include an NFL player who lost quite 327 00:18:54,600 --> 00:18:55,840 Speaker 1: a bit of money. But give us the background on 328 00:18:55,880 --> 00:18:58,119 Speaker 1: this case. Hey, yeah, thank you so much for having me. 329 00:18:58,160 --> 00:19:00,640 Speaker 1: I'm really excited to be here. UM. So, like you said, 330 00:19:00,640 --> 00:19:02,399 Speaker 1: this is a very interesting case. So I've spent the 331 00:19:02,440 --> 00:19:04,960 Speaker 1: last three days down at a courthouse in downtown Manhattan 332 00:19:05,160 --> 00:19:07,040 Speaker 1: following this case. And there's kind of two parts that 333 00:19:07,080 --> 00:19:09,520 Speaker 1: I'll break down for you here. So one is insider 334 00:19:09,520 --> 00:19:12,480 Speaker 1: trading case. We have Donald Black's dad who's facing charges 335 00:19:12,880 --> 00:19:16,640 Speaker 1: and prosecutors say that he committed insider trading talking with 336 00:19:16,760 --> 00:19:19,480 Speaker 1: UM an accountant who worked at Alumina UM all of 337 00:19:19,520 --> 00:19:23,000 Speaker 1: this well, black dad's based in San Diego UM and 338 00:19:23,040 --> 00:19:26,200 Speaker 1: so he was talking with this accountant and they say 339 00:19:26,200 --> 00:19:29,639 Speaker 1: that he used insider information to trade and along with 340 00:19:29,680 --> 00:19:31,080 Speaker 1: some others, so they say he was the leader of 341 00:19:31,080 --> 00:19:33,680 Speaker 1: this insire trading ring. They used money to trade UM, 342 00:19:33,760 --> 00:19:36,680 Speaker 1: including some options related to Alumina, and make millions of 343 00:19:36,720 --> 00:19:40,119 Speaker 1: dollars doing that over the course of eighteen around the 344 00:19:40,160 --> 00:19:42,320 Speaker 1: same time that this was going on. They're also saying 345 00:19:42,720 --> 00:19:46,000 Speaker 1: that he well, he's charged with committing investment fraud as well. Yeah, 346 00:19:46,080 --> 00:19:49,000 Speaker 1: there was some shady I mean it sounds even shadier. 347 00:19:49,080 --> 00:19:52,720 Speaker 1: Because I love your story by the way, bree Um, 348 00:19:52,800 --> 00:19:55,320 Speaker 1: because you you you put some details in there that 349 00:19:56,160 --> 00:19:58,600 Speaker 1: I think make it more interesting because I can imagine 350 00:19:58,640 --> 00:20:02,120 Speaker 1: being there. So at the stake house, for example, Um, 351 00:20:02,160 --> 00:20:06,800 Speaker 1: you know, he gives this football player a prospectus. The 352 00:20:06,840 --> 00:20:10,000 Speaker 1: guy reads it. He's into it for an energy company 353 00:20:10,040 --> 00:20:14,760 Speaker 1: that apparently has some kind of storage technology for renewables 354 00:20:14,880 --> 00:20:17,199 Speaker 1: that is just about to go off the hook because 355 00:20:17,720 --> 00:20:20,480 Speaker 1: California is going to change the law and this ball 356 00:20:20,600 --> 00:20:22,760 Speaker 1: er says, all right, I'm in for one fifty. The 357 00:20:22,800 --> 00:20:26,640 Speaker 1: guy then takes his money. Uh, the investment manager, puts 358 00:20:26,640 --> 00:20:29,359 Speaker 1: it into a bank account where he keeps also his 359 00:20:29,440 --> 00:20:34,320 Speaker 1: personal money, and apparently uses that lump sum to make 360 00:20:34,359 --> 00:20:37,919 Speaker 1: an offer to pick up another company unrelated to the 361 00:20:38,040 --> 00:20:41,000 Speaker 1: energy company in which the baller wanted to invest in 362 00:20:41,000 --> 00:20:43,879 Speaker 1: the first place. Yeah, so it gets very complicated, and 363 00:20:43,880 --> 00:20:45,840 Speaker 1: we're still seeing the prosecution and defense lay out their 364 00:20:45,880 --> 00:20:49,119 Speaker 1: cases right now. The prosecution is um questioning witnesses, so 365 00:20:49,160 --> 00:20:51,560 Speaker 1: we haven't actually gotten to um here all the defenses 366 00:20:51,600 --> 00:20:53,879 Speaker 1: side yet. But um, so what happened here was we 367 00:20:53,960 --> 00:20:57,080 Speaker 1: have this NFL player corelj who had been UM picked 368 00:20:57,119 --> 00:20:59,639 Speaker 1: in the first round of the two thousand and eleven draft. 369 00:20:59,760 --> 00:21:03,119 Speaker 1: He UM pretty high profile UM defensive lineman and he 370 00:21:03,160 --> 00:21:06,440 Speaker 1: went out to UM dinner at this San Diego steakhouse. 371 00:21:07,080 --> 00:21:10,240 Speaker 1: UM and Donald Black's dad was there and they talked 372 00:21:10,240 --> 00:21:13,960 Speaker 1: about this company, mid Continental Petroleum that Black dad UM 373 00:21:14,080 --> 00:21:17,640 Speaker 1: was hyping up, and later on he sent UM Lug 374 00:21:17,960 --> 00:21:20,560 Speaker 1: this prospectus that they ended up reading out a lot 375 00:21:20,600 --> 00:21:23,159 Speaker 1: of parts of in court yesterday, some very technical language. 376 00:21:23,160 --> 00:21:25,320 Speaker 1: They are going over some of these very specific clauses 377 00:21:25,800 --> 00:21:29,000 Speaker 1: and talking through UM, you know just what Luge's experience 378 00:21:29,119 --> 00:21:32,160 Speaker 1: was with this process. And then he ended up wiring 379 00:21:32,440 --> 00:21:36,399 Speaker 1: UM make Continental Petroleum's account one hundred fifty thousand dollars. 380 00:21:36,440 --> 00:21:39,680 Speaker 1: And that's kind of where the NFL player becomes involved 381 00:21:39,680 --> 00:21:42,720 Speaker 1: in this story. And prosecutors are saying that Um this 382 00:21:42,760 --> 00:21:45,960 Speaker 1: money ended up being used for at least parts of 383 00:21:46,000 --> 00:21:49,480 Speaker 1: it ended up being used for personal UM purposes. And 384 00:21:49,800 --> 00:21:52,880 Speaker 1: the defense said in their opening statements, however, that Um 385 00:21:53,040 --> 00:21:55,840 Speaker 1: Black said was using one account for all purposes. So 386 00:21:55,880 --> 00:21:57,960 Speaker 1: they're saying that, you know, this was an account that 387 00:21:57,960 --> 00:22:00,240 Speaker 1: he used for business used for personal purposes, and that 388 00:22:00,320 --> 00:22:03,520 Speaker 1: he put his own money UM involved in business purposes too. 389 00:22:03,760 --> 00:22:05,840 Speaker 1: So how much money are we talking about here on 390 00:22:05,880 --> 00:22:08,720 Speaker 1: this insider trading deal? Again? I just mentioned a man 391 00:22:08,840 --> 00:22:11,640 Speaker 1: I just haven't seen too many high profile ones recently. 392 00:22:11,680 --> 00:22:14,560 Speaker 1: How how much we're talking about here, Yeah, that's that's 393 00:22:14,600 --> 00:22:17,280 Speaker 1: obviously a great question. Um. So we originally saw when 394 00:22:17,320 --> 00:22:20,200 Speaker 1: prosecutors were first talking about this that a black side 395 00:22:20,280 --> 00:22:22,800 Speaker 1: his associate, so he had several people involved in this. 396 00:22:22,880 --> 00:22:25,520 Speaker 1: That's why they're calling it, you know, an inspire trading ring. Um. 397 00:22:25,560 --> 00:22:27,560 Speaker 1: They initially tossed out the figure of about six million 398 00:22:27,560 --> 00:22:30,000 Speaker 1: dollars um that was made, and actually what we were 399 00:22:30,000 --> 00:22:31,639 Speaker 1: seeing in court where they left off at the end 400 00:22:31,640 --> 00:22:34,679 Speaker 1: of the day yesterday was having an sec economist go 401 00:22:34,840 --> 00:22:38,760 Speaker 1: over on the very specifics of this trade and talking 402 00:22:38,800 --> 00:22:43,840 Speaker 1: about the timing around on trades around Alumini announcements. Coral 403 00:22:44,320 --> 00:22:47,680 Speaker 1: got paid fifty million for a five year contract. I 404 00:22:47,720 --> 00:22:51,040 Speaker 1: just want to point out, Um, it's better. It's this 405 00:22:51,119 --> 00:22:53,240 Speaker 1: is the lesson to take away from this. It's better 406 00:22:53,320 --> 00:22:58,480 Speaker 1: to be a successful NFL star than an inside trader. Yes, absolutely, 407 00:22:58,760 --> 00:23:01,760 Speaker 1: And it's it's weird. I mean, Brie, it's you always 408 00:23:01,800 --> 00:23:05,119 Speaker 1: see like as It's another angle to this story is, 409 00:23:05,200 --> 00:23:09,960 Speaker 1: you know, a professional athlete or celebrity oftentimes they're targeted 410 00:23:10,000 --> 00:23:12,679 Speaker 1: by some of these scam artists and it's and you 411 00:23:12,680 --> 00:23:16,080 Speaker 1: know that's why you have these financial representatives and managers. 412 00:23:16,080 --> 00:23:19,320 Speaker 1: And he was with, he was with, Yeah, I know, 413 00:23:19,400 --> 00:23:21,280 Speaker 1: I mean, I think it's time to get another that 414 00:23:21,600 --> 00:23:23,159 Speaker 1: I look at these guys are like, why don't they 415 00:23:23,160 --> 00:23:25,040 Speaker 1: just buy stocks and bonds and mutual funds like the 416 00:23:25,080 --> 00:23:26,479 Speaker 1: rest of us. Why do they need to go in 417 00:23:26,560 --> 00:23:30,040 Speaker 1: on these crazy deals? But is this football player going 418 00:23:30,080 --> 00:23:33,080 Speaker 1: to testify? Do you think? Yes? He actually spent yesterday 419 00:23:33,119 --> 00:23:35,280 Speaker 1: on the day on the stand and so they had 420 00:23:35,359 --> 00:23:38,880 Speaker 1: him come in UM and he It's actually interesting because 421 00:23:38,880 --> 00:23:40,399 Speaker 1: you know, we're still in the air of covid UM 422 00:23:40,440 --> 00:23:42,240 Speaker 1: and so you go into the courtroom. People are spaced 423 00:23:42,240 --> 00:23:44,880 Speaker 1: out UM where he masks, and the witness boxes actually 424 00:23:45,040 --> 00:23:48,119 Speaker 1: UM like witness boxes and there's plexiglass around it. And 425 00:23:48,160 --> 00:23:50,639 Speaker 1: so he came in and sat down and UM told 426 00:23:50,640 --> 00:23:53,919 Speaker 1: the jury and UM answered questions from prosecutors in defense 427 00:23:53,920 --> 00:23:55,679 Speaker 1: about this. And he has he's seen any of his 428 00:23:55,760 --> 00:23:57,720 Speaker 1: money back? Right? He said he has not gotten any 429 00:23:58,119 --> 00:24:00,840 Speaker 1: of the money back, and there wasn't Another witnesses spoke 430 00:24:00,920 --> 00:24:05,360 Speaker 1: yesterday UM Park City, um Utah based general contractor who 431 00:24:05,359 --> 00:24:08,520 Speaker 1: talked about Heath given a hundred thousand dollars before um 432 00:24:08,560 --> 00:24:12,320 Speaker 1: pre prior to the NFL player um into mccontinal Petroleum, 433 00:24:12,359 --> 00:24:13,800 Speaker 1: and they asked for half of that back him and 434 00:24:13,840 --> 00:24:16,040 Speaker 1: his business partner, and they got half back over the 435 00:24:16,040 --> 00:24:18,160 Speaker 1: course of this. But yeah, I thought it was cool that, 436 00:24:20,080 --> 00:24:22,439 Speaker 1: you know, got the prospectus and read it. I mean, 437 00:24:22,480 --> 00:24:24,000 Speaker 1: it's not like he didn't know what he was doing. 438 00:24:24,520 --> 00:24:27,600 Speaker 1: He just got scammed. I would be like, uh, here's 439 00:24:27,640 --> 00:24:30,960 Speaker 1: my financial advisor, give it to him and so and 440 00:24:31,359 --> 00:24:34,359 Speaker 1: order another steak because they had Wagyu beef apparently twenty 441 00:24:34,400 --> 00:24:36,320 Speaker 1: six dollars announced there. Well, this is something that they 442 00:24:36,359 --> 00:24:38,359 Speaker 1: talked about quite a lot. They went over on the 443 00:24:38,400 --> 00:24:41,000 Speaker 1: specific clauses and you know, um lug as they were 444 00:24:41,000 --> 00:24:44,000 Speaker 1: reading through this, he said, UM, quite often. You know 445 00:24:44,080 --> 00:24:46,639 Speaker 1: I I looked at this document. I don't necessarily remember 446 00:24:46,680 --> 00:24:48,919 Speaker 1: this clause. Um. I'm not quoting him on that, but 447 00:24:48,960 --> 00:24:51,280 Speaker 1: that was kind of, um, the conversation that they were having. 448 00:24:51,320 --> 00:24:54,080 Speaker 1: And he said that, UM, yes he had. There were 449 00:24:54,119 --> 00:24:57,399 Speaker 1: emails and stuff going back and forth between black Stad 450 00:24:57,440 --> 00:24:59,680 Speaker 1: and all these conversations going on, and a lot of 451 00:24:59,720 --> 00:25:02,920 Speaker 1: doctor is there that they were showing real quick any 452 00:25:03,320 --> 00:25:06,399 Speaker 1: ten seconds timing on this when when I think I 453 00:25:06,400 --> 00:25:10,160 Speaker 1: have a resolution the court. Yeah, Um, the tentative plan 454 00:25:10,240 --> 00:25:13,320 Speaker 1: that they were talking about potentially um yesterday just kind 455 00:25:13,320 --> 00:25:16,600 Speaker 1: of in conversations between the attorneys and the judge was 456 00:25:17,040 --> 00:25:19,240 Speaker 1: trying to get it to the jury by on this 457 00:25:19,280 --> 00:25:22,119 Speaker 1: coming Friday. But that still seemed a little bit up 458 00:25:22,119 --> 00:25:25,760 Speaker 1: in there. All right. A great reporting, Bree, really appreciate 459 00:25:25,800 --> 00:25:29,240 Speaker 1: bringing this story to us and joining us here on radio. 460 00:25:29,320 --> 00:25:34,560 Speaker 1: Bree Bradam there um a Duke graduate and a Bloomberg 461 00:25:34,560 --> 00:25:39,919 Speaker 1: reporter talking about NFL star core Leja testifying an insider 462 00:25:40,000 --> 00:25:44,200 Speaker 1: trading case, um where he talks also about the wag 463 00:25:44,240 --> 00:25:47,919 Speaker 1: you beef that he got. This is Bloomberg. Thanks for 464 00:25:47,920 --> 00:25:51,439 Speaker 1: listening to the Bloomberg Markets podcast. You can subscribe and 465 00:25:51,480 --> 00:25:55,560 Speaker 1: listen to interviews at Apple Podcasts or whatever podcast platform 466 00:25:55,600 --> 00:25:58,920 Speaker 1: you prefer. I'm Matt Miller. I'm on Twitter at Matt 467 00:25:58,960 --> 00:26:02,000 Speaker 1: Miller nineteen seven d three. I'm Fall Sweeney. I'm on 468 00:26:02,000 --> 00:26:04,879 Speaker 1: Twitter at pt Sweeney. Before the podcast, you can always 469 00:26:04,960 --> 00:26:06,800 Speaker 1: catch us worldwide at Bloomberg Radio.