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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Intelligence Podcast. Catch us live weekdays at ten am

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Speaker 1: Eastern on Apple, Cocklay and Android Auto with the Bloomberg

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Speaker 1: Business App. Listen on demand wherever you get your podcasts,

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Speaker 1: or watch us live on YouTube.

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Speaker 2: Again.

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Speaker 3: We want to get to sort of the main geopolitical

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Speaker 3: risk right now, and that's the fighting between Iran and Israel,

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Speaker 3: with President Trump leaving the G seven early to deal

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Speaker 3: with that. Ethan Bronner is Bloomberg News Israel bureau Cheap

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Speaker 3: and he joins US now. Over here in the US,

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Speaker 3: we're trying to understand what the US position is when

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Speaker 3: it comes to President Trump and what's happening in the

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Speaker 3: Middle East. Where are we where you are in terms

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Speaker 3: of what Israel is doing and what its end goal is.

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Speaker 4: I say that the confusion over what the United States

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Speaker 4: is going to do is equal here as it is there.

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Speaker 4: Israel has set up this plan to try to take

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Speaker 4: down the Iranian nuclear facilities as well as its ballistic

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Speaker 4: missile capacity and its militia ability beyond its borders around Israel.

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Speaker 4: So it's launched this plan. It says it can do

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Speaker 4: it alone. It would love the United States to help out,

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Speaker 4: in particular because there's one huge enrichment facility four DOH,

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Speaker 4: which is deep in a mountain that would be best

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Speaker 4: got in if you wanted to destroy it with thirty

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Speaker 4: thousand pound bunker busters that only the United States has,

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Speaker 4: that only its B two planes can lift.

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Speaker 5: They're so heavy.

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Speaker 4: So right now we're also we're all waiting to see

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Speaker 4: might the US decide to join or might this moment

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Speaker 4: be one where the Iranians decide to negotiate a degree

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Speaker 4: not to enrich uranium Ethan.

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Speaker 5: It just seems to me, at least that Israel as

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Speaker 5: related to Iran, sees maybe a very rare opportunity to

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Speaker 5: really deal almost kind of a death blow to them

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Speaker 5: at or at least as a threat maybe even to their government.

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Speaker 5: Is that the feeling in Israel that this is maybe

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Speaker 5: a special moment of special opportunity for Israel.

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Speaker 4: It's one hundred percent of the feeling in Israel, Paul.

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Speaker 4: The thing is that, you know, it's one thing to

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Speaker 4: say this is a rare moment to go after to

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Speaker 4: defange this regime and take away its ability to be

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Speaker 4: so destructive. It's another thing to say that therefore it's

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Speaker 4: possible to overturn this regime. Look, it might be. It

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Speaker 4: certainly would make them very happy in this country. But

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Speaker 4: remember the Iran Iraq War went on for eight years

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Speaker 4: and the regime in Iran put up with an enormous

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Speaker 4: amount of suffering and it is still there forty years later.

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Speaker 4: So it's a little bit of an you know, it

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Speaker 4: could be an illusion to think that, just like in theory,

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Speaker 4: by taking out being so painful in Gaza, that Hamas

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Speaker 4: would yield. Hamas hasn't yielded yet, has it exactly?

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Speaker 3: Is Israel listening to the United States or will it,

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Speaker 3: like once we get clear on what President Trump's position is.

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Speaker 4: I think Israel cares enormously about what the United States says,

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Speaker 4: and I think it would not I'm certain it would

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Speaker 4: not have launched this attack without a cent from Trump

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Speaker 4: in a phone call last Monday and generally over these

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Speaker 4: last months. So if Trump were to suddenly change, look

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Speaker 4: at this point, it's hard to know because Israel's in

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Speaker 4: the middle. By the way, if I don't know if

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Speaker 4: you're hearing, but we are having an attack on the

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Speaker 4: Tel Aviv area right now with Iranian missiles I'm in

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Speaker 4: my secure room with a steel door and a steel

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Speaker 4: window and reinforced concrete, so I'm as safe as I

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Speaker 4: can be, so I can keep talking to you. But

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Speaker 4: people across central Israel are running to their bomb shelters.

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Speaker 4: So yes, I think what Trump and the United States

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Speaker 4: wanted very important to Israel. Absolutely, they've been coordinating very closely.

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Speaker 2: So Ethan is there.

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Speaker 5: I guess the next step might be, as you suggested,

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Speaker 5: use of some military armaments to maybe deal a knockout

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Speaker 5: blow to the Iranian nuclear facilities. Is there a sense

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Speaker 5: that that is being discussed and if.

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Speaker 4: There's no doubt, there's no doubt it's being discussed. There's

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Speaker 4: no doubt that. Look, if you look at the Americans

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Speaker 4: have moved the Ninnis carrier group to the from the

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Speaker 4: Asia to the Mediterranean. That's the second carrier groups. It's

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Speaker 4: also sending others. Its sent Thad anti air defense systems

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Speaker 4: to Israel. It's moving stuff here in preparation for participating.

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Speaker 4: That doesn't mean it will. And there's no question in

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Speaker 4: my mind that the Trump administration is examining this possibility

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Speaker 4: right now, and I don't know what it's going to decide,

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Speaker 4: but we do know that the President left Canada, left

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Speaker 4: banf early and said that he needs to deal with

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Speaker 4: this issue, and he didn't sound like he was interested

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Speaker 4: in some kind of deep negotiation.

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Speaker 3: Right well, Ethan, thank you so much for joining us.

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Speaker 3: Ethan broun Our, Bloomberg News Israel Bureau Chief, Stay safe,

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Speaker 3: good luck, Our thoughts obviously with you as he reports

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Speaker 3: during an attack that is something that is tremendously amazing

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Speaker 3: and reporting in all of that, Ethan, we thank you

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Speaker 3: very much for joining us on that. I will continue

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Speaker 3: to follow those headlines as they continued to cross again.

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Speaker 3: US President Donald Trump leaving the G seven meeting early

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Speaker 3: in Canada to focus on this Israel Iran conflict, sitting

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Speaker 3: that he wants a real end to the nuclear dispute

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Speaker 3: dispute with Iran and just a ceasefire when no one

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Speaker 3: really knows what that real end will be.

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Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live

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Speaker 1: weekdays at ten am Eastern on Apple, Corplay and Android

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Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever

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Speaker 1: you get your podcasts, or watch us live on YouTube.

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Speaker 3: Alex ti Al Longside faulse, we need this Bloomberg Intelligence Radio.

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Speaker 3: We are broadcasting to you live from our interactive brookrostudio

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Speaker 3: right here in midtown manhatt And also check us out

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Speaker 3: on YouTube as well as all your streaming device as

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Speaker 3: you can check us out on Bloomberg Originals. All right, so,

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Speaker 3: late last evening or afternoon, the Senate passed or the

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Speaker 3: Senate Republicans laid out its own version of the tax bill.

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Speaker 2: Joining us for more as hand made a trace.

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Speaker 3: Managing partner and Director of Economic Policy at Beta Partners,

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Speaker 3: Henrita for you, what was the biggest surprise.

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Speaker 6: The biggest surprise to me had to be the Medicaid components.

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Speaker 6: Some of this stuff we know is going to have

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Speaker 6: to be negotiated for the next couple of weeks, if

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Speaker 6: not month, at least a month from here.

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Speaker 7: Given the disparity between the House and the Senate.

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Speaker 6: But the Medicaid cuts really have a constituency of no one.

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Speaker 6: I'm not sure exactly how they're planning to thread the

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Speaker 6: needle just in the Senate, let alone the House with

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Speaker 6: this package. They obviously are on a hunt for revenue.

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Speaker 6: The tweaks that they made, I think based off our

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Speaker 6: estimates which come from my colleague Spencer Pearlman suggests that

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Speaker 6: we're looking at like two hundred billion dollars in additional

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Speaker 6: revenue for medicaid.

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Speaker 7: But I want to be clear, this cuts.

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Speaker 6: Off thirty five percent of the entire state of Alaska's

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Speaker 6: medicaid recipients. And that's not even the most recent analysis

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Speaker 6: and accounting from CBO. So they're gonna have some serious

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Speaker 6: problems with this piece. That really surprised me.

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Speaker 5: So talk to us about is this. I guess the

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Speaker 5: next date that we're all waiting for is kind of

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Speaker 5: a July fourth. That's when the Senate wanted to get

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Speaker 5: something done. Is that is that still on the table?

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Speaker 4: You know?

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Speaker 7: I just can't get my head around July fourth.

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Speaker 6: I understand optically and emotionally, it sounds good, it's a

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Speaker 6: feel good story to have this done by the fourth

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Speaker 6: of July. But the only way that members of Congress

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Speaker 6: operate and act is with a sword hanging over their heads,

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Speaker 6: and that's the debt ceiling. So last week CBO actually

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Speaker 6: pushed out the debt ceiling deadline to mid August to

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Speaker 6: mid September. I think that's why you're seeing Ron Johnson,

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Speaker 6: the Senator from Wisconsin, saying.

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Speaker 7: You know we're going to be to go shooting this

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Speaker 7: all the way through.

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Speaker 6: August is because they don't have a hard and fast

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Speaker 6: deadline until they need to hike the debt ceiling, at

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Speaker 6: which point the debt ceiling will be what like forty

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Speaker 6: two trillion dollars and get us through November.

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Speaker 7: Of twenty twenty six. So they've got a long way

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Speaker 7: to go.

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Speaker 3: I think going to my world, and that's the energy world.

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Speaker 3: I was really interested in how wind and solar got

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Speaker 3: no relief in this. I can imagine I neither hydrogen.

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Speaker 3: I can imagine that the alternative energy lobbyists were going

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Speaker 3: hardcore for weeks in terms of the Senators. And I'm

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Speaker 3: just wondering, like why, like why keep tax breaks for

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Speaker 3: utilities and purchase power agreements for wind and solar but

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Speaker 3: not for consumers?

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Speaker 5: Right?

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Speaker 7: And I think, Alex, you're really nailing my sentiment.

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Speaker 6: Right now, I'm trying to talk with as many staffers

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Speaker 6: as I can to understand why behind this package. The

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Speaker 6: IRA tax credits are extremely popular in Republican states. Specifically,

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Speaker 6: they seventy percent of the flow is going to those districts,

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Speaker 6: so that is really important for a lot of Senators

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Speaker 6: who are for reelection next cycle. I'd highlight Tom Tillis

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Speaker 6: most particularly on this one. I think that the IRA

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Speaker 6: tax components need to be adjusted from here. It's plane

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Speaker 6: from the fact fact that the saltcap, for example, is

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Speaker 6: not even addressed by this package.

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Speaker 7: It's just kept at the ten K rate. That they're

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Speaker 7: going to do more tweaks.

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Speaker 6: So I'm expecting some pretty substantial changes to the IRA side,

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Speaker 6: to the residential stuff.

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Speaker 7: And when we knew some things were going to come out, like.

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Speaker 6: The electric vehicles tax credit is standard operating procedure.

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Speaker 7: We knew that was going to come out.

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Speaker 6: And there's some understanding to get to your specific question

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Speaker 6: that there's a duplicative component.

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Speaker 7: To the residential and commercial building.

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Speaker 6: Tax credits that already exist at the state level, so

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Speaker 6: why does the federal government need to layer them on.

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Speaker 6: So that's one piece, but really I can't bet the

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Speaker 6: needle and get you the votes for this package right now.

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Speaker 5: Universities kind of surprised to me. They came out a

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Speaker 5: little bit of a winner here. Reduced excise tax on

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Speaker 5: university endowments. That's a big one. Where did that come from?

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Speaker 7: Yeah, that's a big one.

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Speaker 6: There's actually a lot of really random stuff that is

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Speaker 6: and is not in this build. The university piece obviously

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Speaker 6: is very much an audits with the public projection that

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Speaker 6: the administration is take towards universities, and I think that

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Speaker 6: is pretty widely supported by Republican lawmakers and voters.

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Speaker 7: Obviously, the Senators are indicated that maybe they're not all

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Speaker 7: the way there yet.

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Speaker 6: But there's other pieces that are not in this bill,

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Speaker 6: Like there was a proposal to tax cruise lines that

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Speaker 6: you'll maybe remember Commerce Secretary Lutnik came out in wholehearted

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Speaker 6: support for.

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Speaker 7: But again, you know, not to harp on Alaska.

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Speaker 6: I don't know why I keep talking about them, but

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Speaker 6: you know that would have been a hit to Alaska.

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Speaker 6: So they chose not to use that component to generate revenue.

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Speaker 6: But they did choose to cut the Medicaid stuff and

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Speaker 6: kick I think the late assessment is sixteen million people

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Speaker 6: off Medicaid. So there's a lot of confusing pieces here.

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Speaker 6: I'm again, I'm really just trying to thread the needle

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Speaker 6: to find the fifty one votes for this package right now,

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Speaker 6: and I can't get to it.

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Speaker 3: Okay, So then what happens? So you can't get the

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Speaker 3: fifty one votes. We don't even know if the House

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Speaker 3: Republicans are going to like what this bill is, So

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Speaker 3: what happens now?

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Speaker 6: Yeah, So you know, let's talk about maybe the underreported

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Speaker 6: component here, which is the potential that this doesn't pan out.

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Speaker 6: We still have thirty percent odds that they kick this

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Speaker 6: into September. Excuse me into Senator Lindsay Graham is the

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Speaker 6: chairman of the Budget Committee, and he's being really clear

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Speaker 6: that Republicans have four bites at the apple and reconciliation,

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Speaker 6: and he's entirely correct. They don't need to have this

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Speaker 6: entire comprehensive package ready for prime time, especially with Israel

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Speaker 6: lebron and the one hundred and seventy five billion dollars

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Speaker 6: in this package that goes to large military preparedness, another

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Speaker 6: one hundred and fifty billion that goes to immigration. There's

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Speaker 6: a lot of ways for Republicans to operate for the

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Speaker 6: next year and a half going into the midterms that

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Speaker 6: doesn't have to be this.

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Speaker 7: One big package.

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Speaker 6: So I think there's going to be some renewed discussion,

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Speaker 6: especially as we're talking about delays for forward progress, about

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Speaker 6: maybe breaking this bill into pieces. The five trillion dollar

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Speaker 6: debt ceiling hike alone loses you ran Paul's vote. So

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Speaker 6: there had already been to conversations about cutting that back

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Speaker 6: down to two and a half trillion and maybe passing

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Speaker 6: these bills piecemeal.

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Speaker 7: That is an option.

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Speaker 6: It's a low odds prospect, but it's nothing to be

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Speaker 6: mindful of as an investor.

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Speaker 5: So just thirty seconds on that raising that tax ceiling

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Speaker 5: by five trillion. I can't do that in my balance sheet.

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Speaker 5: But does it seem to be a problem for the

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Speaker 5: federal government.

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Speaker 2: Uh?

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Speaker 6: Yeah, I mean I wish I had that kind of checkbook.

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Speaker 6: That'd be pretty fantastic. This is a absolute record by a

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Speaker 6: magnitude that I can't even do the math on. I

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Speaker 6: think the last time we increase the debt scented by

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Speaker 6: a specific dollar figure, it was like one point two trillion,

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Speaker 6: and that got us almost a year and a half

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Speaker 6: worth of functionality. Now we're talking about a five trillion

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Speaker 6: dollar hike, which by the way, is a trillion dollars

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Speaker 6: more than the House.

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Speaker 7: Is authorized, and it only gets us through the midterms.

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Speaker 7: That's pretty exorbitant, and that really speaks to the sheer.

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Speaker 6: Volume of deficit increases that's in this package.

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Speaker 7: And it is also, you.

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Speaker 6: Know, the most regressive and substantially underwater bill that has passed.

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Speaker 6: It's a negative twenty nine percent approval. Right now, that's

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Speaker 6: pretty rough.

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Speaker 2: I mean, I think rough is like an understatement.

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Speaker 5: I mean, I've been a citizen in this country for

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Speaker 5: sixty one years. I have no idea how they do that.

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Speaker 5: I mean, I guess you just it's just kicked the

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Speaker 5: can down the road at the highest level. I guess, yeah.

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Speaker 4: I know.

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Speaker 2: Also, it's like a holy definition to like the whip,

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Speaker 2: Like what are you whipping?

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Speaker 6: Like?

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Speaker 2: No one's going to be whipped? All right, Henrietta things lot,

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Speaker 2: we really appreciate. Jump back on those phones. Let us

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Speaker 2: know what you find out.

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Speaker 3: Henrita Trice, Managing partner and director of Economic Policy over

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Speaker 3: at Beta Partners.

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Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live

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Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android

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Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever

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Speaker 1: you get your podcasts, or watch us live on YouTube.

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Speaker 3: All right, let's get a look in on the markets.

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Speaker 3: Then what do you do when their headlines like this?

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Speaker 3: Shelby McFadden is investment analyst and Motley Full Asset Management

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Speaker 3: to discuss her outlook. How much risk Shelby do you

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Speaker 3: think you should have in the markets?

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Speaker 8: Well, I will start off with saying we are staying invested.

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Speaker 8: Right there are points and in certain portfolio where we

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Speaker 8: have a little bit more cash than we would like to.

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Speaker 8: And it's not because we're sort of taking that step

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Speaker 8: back approach and saying let's get out of this, we

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Speaker 8: don't want a part of it. It's more so that

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Speaker 8: we're seeing that some of these pullbacks along with the rallies,

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Speaker 8: are really broad based, and so the opportunity for buying

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Speaker 8: in terms of getting in at a price that would

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Speaker 8: favor us in terms of that long term return, it's

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Speaker 8: not showing up as in a way that we would like, right.

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Speaker 8: So where there are higher cash balances is because we're

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Speaker 8: sort of waiting for those fair valuation opportunities, but going

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Speaker 8: ahead and staying invested because we can't control these sort

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Speaker 8: of big market shocks, right, and it is a bit uncomfortable.

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Speaker 8: It is something that requires a very long term orientation

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Speaker 8: in order to sort of suffer through it. But it's

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Speaker 8: not putting us on the sidelines of anything, We're much

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Speaker 8: more active. We're spending a lot more time filling up

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Speaker 8: the universe, even when the price opportunity doesn't necessarily present itself,

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Speaker 8: and just adjusting according to that sort of geopolitical risk

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Speaker 8: as necessary.

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Speaker 5: Are there certain sectors that screen well for you guys?

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Speaker 5: A lot of folks we're saying ahead now I have

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Speaker 5: an opportunity to buy the mag seven when they sold off.

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Speaker 7: Earlier in the year.

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Speaker 5: What sector screen well for you guys?

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Speaker 8: I think right now we have surprisingly actually taken a

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Speaker 8: closer look at certain financials, and in terms of some

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Speaker 8: of our core and income oriented strategies, trying to get

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Speaker 8: a better look at certain consumer stable companies that are

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Speaker 8: just good at what they do and have been overlooked

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Speaker 8: and sort of punished for where we are in the cycle.

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Speaker 2: In terms of tech.

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Speaker 8: We've taken another We've taken a look at Service Now,

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Speaker 8: which has remained a bit expensive, but they're very mature

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Speaker 8: in their space. They have high quality leadership, great retention,

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Speaker 8: fantastic cross selling opportunity, and if the runway for agentic

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Speaker 8: ai has been pulled forward the way we think it has,

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Speaker 8: it's a great opportunity. If we sort of see any

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Speaker 8: sort of market dip that allows us to enter that

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Speaker 8: position sooner.

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Speaker 3: Now, you were stalwarts of say Costco and Walmart, and

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Speaker 3: I'm assuming you still are. But if I'm max on

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Speaker 3: that position, what do I do?

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Speaker 8: You max out on Costco and Walmart and you're already

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Speaker 8: maxed out on MasterCard, you can do what we've been

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Speaker 8: trying to do. You can go ahead and play that

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Speaker 8: cow position that we've seen coming up this the past

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Speaker 8: week or so, which has been Costco, O'Reilly Autoparts, and Walmart.

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Speaker 2: So we got, yeah, I do coin Cow. I did

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Speaker 2: not coin Cow, and I.

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Speaker 8: Was devastated that I didn't see it's a Costco, Costco,

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Speaker 8: O'Reilly Auto Parts and then Walmart. So O'Reilly had been

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Speaker 8: something that we were looking at because when you think

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Speaker 8: about it, and this has been something that's been ongoing

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Speaker 8: since we had a lot of that inflation and autos

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Speaker 8: in twenty two to twenty three.

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Speaker 2: People were fixing their cars.

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Speaker 8: Right now, when we look at that savings being depleted,

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Speaker 8: people are doing that again. And then you add on

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Speaker 8: top of savings depletion, student loan resumption, and tariffs. You're

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Speaker 8: definitely choosing to fix your car. If you can, right,

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Speaker 8: and so that has been something that has been periodically

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Speaker 8: a little bit more expensive, but very much staple oriented,

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Speaker 8: similar to how people are fixing their homes instead of

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Speaker 8: trying to sell in buying new ones. So if you

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Speaker 8: can't get into some of those staples already, and you're

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Speaker 8: still not able to get into the toll takers MasterCard,

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Speaker 8: you could wait for something like an O'Reilly to pop up,

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Speaker 8: or you could look in some of those other consumer

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Speaker 8: staples that are more in sort of the health and

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Speaker 8: beauty sort of space. Can View is a great option

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Speaker 8: for that. We've seen that white label has not penetrated

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Speaker 8: that sort of consumer health space the way that we

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Speaker 8: would expect it too. It's kind of hanging out, kind

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Speaker 8: of flat.

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Speaker 5: The average age of US cars and light trucks twelve

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Speaker 5: point six years. I'm looking at John Tucker when I say.

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Speaker 2: This, Well, have you looked under the hood of your car?

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Speaker 2: I mean, there's nothing in there.

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Speaker 4: I recognize that I used to be able to change

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Speaker 4: out a carburetor, fire.

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Speaker 2: YouTube videos for that.

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Speaker 5: Well, it's basically my new car, a twenty twenty four vehicle,

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Speaker 5: is I've been saying, it's basically my iPhone it's an

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Speaker 5: iPhone with four wheels, That's what it is. It is

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Speaker 5: it's crazy. Is the FED going to help us out

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Speaker 5: this year? Or should we not rely on that?

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Speaker 7: They could help us out this year?

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Speaker 8: But I wouldn't expect it to be until the end

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Speaker 8: of the year, and as a result, I would not

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Speaker 8: rely on it. I've coined in my team this is

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Speaker 8: something I have coined frozen fed summer. I think that's

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Speaker 8: what we're going to see because there's so much murkiness

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Speaker 8: in the data. Right we're about to enter a period

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Speaker 8: where there's not going to be too.

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Speaker 2: Too much promo shopping. We will have a little bit of.

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Speaker 8: Promo in July fourth, but a lot of the vacations

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Speaker 8: have been booked right once we start to get into August,

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Speaker 8: it gets a little bit more promo activity for back

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Speaker 8: to So there's a short window for June and July

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Speaker 8: where we can probably have a look at the data

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Speaker 8: and say, are people still spending? Is kind of just

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Speaker 8: the weather? What are we going to get here? And

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Speaker 8: so that'll help us out a little bit. But shortly

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Speaker 8: after that we'll have murky data again from promo from

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Speaker 8: Labor Day and then all of a sudden, it'll be

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Speaker 8: promo from Christmas.

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Speaker 2: So I'm not sure the Fed's going to.

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Speaker 8: Have a great idea what we're looking at. Unless there's

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Speaker 8: a really huge swing in employment in a negative direction.

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Speaker 8: I would probably bet that employment would push them faster

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Speaker 8: than just sort of retail and NCPI data.

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Speaker 3: How do you guys look at the international trade? Right

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Speaker 3: Bank of America pum manager survey came out today and

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Speaker 3: said that fifty four percent of respond and think the

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Speaker 3: international trade is like the place to be in the

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Speaker 3: next twelve months.

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Speaker 8: We have on our team. That's something we started looking

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Speaker 8: at a couple of months ago. We were I don't

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Speaker 8: want to say early movers, but we were early believers

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Speaker 8: in the international trade, and especially in Europe. Now Europe

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Speaker 8: had gotten beat up for a long time, but it's

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Speaker 8: a place that we decided to just stay the course.

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Speaker 8: And that is part of what comes with active but

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Speaker 8: also concentrated portfolios, where you're going out head and saying,

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Speaker 8: let's hand pick twenty thirty spots and this is where

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Speaker 8: we're going to position ourselves. So thankfully we're not having

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Speaker 8: to time the market there, but we have decided to

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Speaker 8: take a step and say, okay, Is it European discretionary,

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Speaker 8: is it euromp in financials? Is it European defense? Right?

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Speaker 8: Where do we need to go ahead and take more

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Speaker 8: time and be more interested in just building up that universe.

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Speaker 8: So the short answer to that question is yes, we're

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Speaker 8: definitely taking a look because especially between France and Germany,

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Speaker 8: we know that there's going to be more spending there,

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Speaker 8: not just defense, but in general the world savers are

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Speaker 8: about to spend a bit more money. So how can

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Speaker 8: we go ahead and orient ourselves. We have strong positions

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Speaker 8: in companies like Icon, which is in pharmaceuticals, Nintendo which

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Speaker 8: we don't have to pbscribe Nintendo, right, that's just a

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Speaker 8: strong operator. But we also have positions and these are

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Speaker 8: in our model portfolios, companies like a Simrise where we're

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Speaker 8: talking about different additives for sense and products like that.

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Speaker 8: So being in that space already sort of gives us

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Speaker 8: an advantage when that market kind of comes in the upswing.

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Speaker 5: One of the name here, I want to get to

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Speaker 5: United Parcel Service. Yeah, the folks in Brown what's going

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Speaker 5: on there?

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Speaker 8: That's always been one of my favorite positions. It's something

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Speaker 8: I've covered ever since I've been in Motley Full asset management,

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Speaker 8: and it's because they have a fantastic operator, Carol Toomey

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Speaker 8: is a force of nature. They've gotten beat up over

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Speaker 8: the past year or so because of the labor negotiations.

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Speaker 8: I think a lot of investors thought they were going

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00:20:15,080 --> 00:20:16,520
Speaker 8: to come out with a bit more of an upperhand

443
00:20:16,520 --> 00:20:18,199
Speaker 8: than they did, but they've already faced a lot of

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00:20:18,200 --> 00:20:19,440
Speaker 8: those costs on the upfront.

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Speaker 2: What they've gone ahead and done is shedded.

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Speaker 8: Business that's not profitable for them, and so that business

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00:20:23,920 --> 00:20:26,720
Speaker 8: is now going to absolutely dilute pricing in the market,

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00:20:26,760 --> 00:20:28,639
Speaker 8: and they've taken themselves out of it. So when we

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00:20:28,680 --> 00:20:31,080
Speaker 8: come out on the other side of this business cycle,

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00:20:31,400 --> 00:20:34,800
Speaker 8: we feel very comfortable with our position in ups because

451
00:20:35,359 --> 00:20:37,640
Speaker 8: people find ways to buy things. When we look at

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00:20:37,680 --> 00:20:40,840
Speaker 8: the overall financing nature of just consumption at this point,

453
00:20:41,359 --> 00:20:43,600
Speaker 8: we know that there's going to continue to be movement

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00:20:43,640 --> 00:20:46,440
Speaker 8: of goods, and so finding that position where they're also

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00:20:46,800 --> 00:20:51,040
Speaker 8: a solid yielder and pretty high shareholder return, we're more

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Speaker 8: than happy to be there.

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Speaker 3: Great stuff. Shelby always loved chatting with you, so fun.

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Speaker 3: Shelby mcfadd an investment analyst and Motley full asset Management.

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Speaker 2: I'm so upset you didn't quit cloud and come can no.

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Speaker 8: And it's just I think the journalist, who did I

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00:21:05,080 --> 00:21:05,960
Speaker 8: want to meet that person?

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Speaker 2: Yeah? Because what a line? What a line?

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Speaker 3: Yeah? They need to get into marketing, all right, Shelby,

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Speaker 3: Thanks lot, always wonderful to get your perspective.

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