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Speaker 2: Again.
Speaker 3: We want to get to sort of the main geopolitical
Speaker 3: risk right now, and that's the fighting between Iran and Israel,
Speaker 3: with President Trump leaving the G seven early to deal
Speaker 3: with that. Ethan Bronner is Bloomberg News Israel bureau Cheap
Speaker 3: and he joins US now. Over here in the US,
Speaker 3: we're trying to understand what the US position is when
Speaker 3: it comes to President Trump and what's happening in the
Speaker 3: Middle East. Where are we where you are in terms
Speaker 3: of what Israel is doing and what its end goal is.
Speaker 4: I say that the confusion over what the United States
Speaker 4: is going to do is equal here as it is there.
Speaker 4: Israel has set up this plan to try to take
Speaker 4: down the Iranian nuclear facilities as well as its ballistic
Speaker 4: missile capacity and its militia ability beyond its borders around Israel.
Speaker 4: So it's launched this plan. It says it can do
Speaker 4: it alone. It would love the United States to help out,
Speaker 4: in particular because there's one huge enrichment facility four DOH,
Speaker 4: which is deep in a mountain that would be best
Speaker 4: got in if you wanted to destroy it with thirty
Speaker 4: thousand pound bunker busters that only the United States has,
Speaker 4: that only its B two planes can lift.
Speaker 5: They're so heavy.
Speaker 4: So right now we're also we're all waiting to see
Speaker 4: might the US decide to join or might this moment
Speaker 4: be one where the Iranians decide to negotiate a degree
Speaker 4: not to enrich uranium Ethan.
Speaker 5: It just seems to me, at least that Israel as
Speaker 5: related to Iran, sees maybe a very rare opportunity to
Speaker 5: really deal almost kind of a death blow to them
Speaker 5: at or at least as a threat maybe even to their government.
Speaker 5: Is that the feeling in Israel that this is maybe
Speaker 5: a special moment of special opportunity for Israel.
Speaker 4: It's one hundred percent of the feeling in Israel, Paul.
Speaker 4: The thing is that, you know, it's one thing to
Speaker 4: say this is a rare moment to go after to
Speaker 4: defange this regime and take away its ability to be
Speaker 4: so destructive. It's another thing to say that therefore it's
Speaker 4: possible to overturn this regime. Look, it might be. It
Speaker 4: certainly would make them very happy in this country. But
Speaker 4: remember the Iran Iraq War went on for eight years
Speaker 4: and the regime in Iran put up with an enormous
Speaker 4: amount of suffering and it is still there forty years later.
Speaker 4: So it's a little bit of an you know, it
Speaker 4: could be an illusion to think that, just like in theory,
Speaker 4: by taking out being so painful in Gaza, that Hamas
Speaker 4: would yield. Hamas hasn't yielded yet, has it exactly?
Speaker 3: Is Israel listening to the United States or will it,
Speaker 3: like once we get clear on what President Trump's position is.
Speaker 4: I think Israel cares enormously about what the United States says,
Speaker 4: and I think it would not I'm certain it would
Speaker 4: not have launched this attack without a cent from Trump
Speaker 4: in a phone call last Monday and generally over these
Speaker 4: last months. So if Trump were to suddenly change, look
Speaker 4: at this point, it's hard to know because Israel's in
Speaker 4: the middle. By the way, if I don't know if
Speaker 4: you're hearing, but we are having an attack on the
Speaker 4: Tel Aviv area right now with Iranian missiles I'm in
Speaker 4: my secure room with a steel door and a steel
Speaker 4: window and reinforced concrete, so I'm as safe as I
Speaker 4: can be, so I can keep talking to you. But
Speaker 4: people across central Israel are running to their bomb shelters.
Speaker 4: So yes, I think what Trump and the United States
Speaker 4: wanted very important to Israel. Absolutely, they've been coordinating very closely.
Speaker 2: So Ethan is there.
Speaker 5: I guess the next step might be, as you suggested,
Speaker 5: use of some military armaments to maybe deal a knockout
Speaker 5: blow to the Iranian nuclear facilities. Is there a sense
Speaker 5: that that is being discussed and if.
Speaker 4: There's no doubt, there's no doubt it's being discussed. There's
Speaker 4: no doubt that. Look, if you look at the Americans
Speaker 4: have moved the Ninnis carrier group to the from the
Speaker 4: Asia to the Mediterranean. That's the second carrier groups. It's
Speaker 4: also sending others. Its sent Thad anti air defense systems
Speaker 4: to Israel. It's moving stuff here in preparation for participating.
Speaker 4: That doesn't mean it will. And there's no question in
Speaker 4: my mind that the Trump administration is examining this possibility
Speaker 4: right now, and I don't know what it's going to decide,
Speaker 4: but we do know that the President left Canada, left
Speaker 4: banf early and said that he needs to deal with
Speaker 4: this issue, and he didn't sound like he was interested
Speaker 4: in some kind of deep negotiation.
Speaker 3: Right well, Ethan, thank you so much for joining us.
Speaker 3: Ethan broun Our, Bloomberg News Israel Bureau Chief, Stay safe,
Speaker 3: good luck, Our thoughts obviously with you as he reports
Speaker 3: during an attack that is something that is tremendously amazing
Speaker 3: and reporting in all of that, Ethan, we thank you
Speaker 3: very much for joining us on that. I will continue
Speaker 3: to follow those headlines as they continued to cross again.
Speaker 3: US President Donald Trump leaving the G seven meeting early
Speaker 3: in Canada to focus on this Israel Iran conflict, sitting
Speaker 3: that he wants a real end to the nuclear dispute
Speaker 3: dispute with Iran and just a ceasefire when no one
Speaker 3: really knows what that real end will be.
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Speaker 3: Alex ti Al Longside faulse, we need this Bloomberg Intelligence Radio.
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Speaker 3: you can check us out on Bloomberg Originals. All right, so,
Speaker 3: late last evening or afternoon, the Senate passed or the
Speaker 3: Senate Republicans laid out its own version of the tax bill.
Speaker 2: Joining us for more as hand made a trace.
Speaker 3: Managing partner and Director of Economic Policy at Beta Partners,
Speaker 3: Henrita for you, what was the biggest surprise.
Speaker 6: The biggest surprise to me had to be the Medicaid components.
Speaker 6: Some of this stuff we know is going to have
Speaker 6: to be negotiated for the next couple of weeks, if
Speaker 6: not month, at least a month from here.
Speaker 7: Given the disparity between the House and the Senate.
Speaker 6: But the Medicaid cuts really have a constituency of no one.
Speaker 6: I'm not sure exactly how they're planning to thread the
Speaker 6: needle just in the Senate, let alone the House with
Speaker 6: this package. They obviously are on a hunt for revenue.
Speaker 6: The tweaks that they made, I think based off our
Speaker 6: estimates which come from my colleague Spencer Pearlman suggests that
Speaker 6: we're looking at like two hundred billion dollars in additional
Speaker 6: revenue for medicaid.
Speaker 7: But I want to be clear, this cuts.
Speaker 6: Off thirty five percent of the entire state of Alaska's
Speaker 6: medicaid recipients. And that's not even the most recent analysis
Speaker 6: and accounting from CBO. So they're gonna have some serious
Speaker 6: problems with this piece. That really surprised me.
Speaker 5: So talk to us about is this. I guess the
Speaker 5: next date that we're all waiting for is kind of
Speaker 5: a July fourth. That's when the Senate wanted to get
Speaker 5: something done. Is that is that still on the table?
Speaker 4: You know?
Speaker 7: I just can't get my head around July fourth.
Speaker 6: I understand optically and emotionally, it sounds good, it's a
Speaker 6: feel good story to have this done by the fourth
Speaker 6: of July. But the only way that members of Congress
Speaker 6: operate and act is with a sword hanging over their heads,
Speaker 6: and that's the debt ceiling. So last week CBO actually
Speaker 6: pushed out the debt ceiling deadline to mid August to
Speaker 6: mid September. I think that's why you're seeing Ron Johnson,
Speaker 6: the Senator from Wisconsin, saying.
Speaker 7: You know we're going to be to go shooting this
Speaker 7: all the way through.
Speaker 6: August is because they don't have a hard and fast
Speaker 6: deadline until they need to hike the debt ceiling, at
Speaker 6: which point the debt ceiling will be what like forty
Speaker 6: two trillion dollars and get us through November.
Speaker 7: Of twenty twenty six. So they've got a long way
Speaker 7: to go.
Speaker 3: I think going to my world, and that's the energy world.
Speaker 3: I was really interested in how wind and solar got
Speaker 3: no relief in this. I can imagine I neither hydrogen.
Speaker 3: I can imagine that the alternative energy lobbyists were going
Speaker 3: hardcore for weeks in terms of the Senators. And I'm
Speaker 3: just wondering, like why, like why keep tax breaks for
Speaker 3: utilities and purchase power agreements for wind and solar but
Speaker 3: not for consumers?
Speaker 5: Right?
Speaker 7: And I think, Alex, you're really nailing my sentiment.
Speaker 6: Right now, I'm trying to talk with as many staffers
Speaker 6: as I can to understand why behind this package. The
Speaker 6: IRA tax credits are extremely popular in Republican states. Specifically,
Speaker 6: they seventy percent of the flow is going to those districts,
Speaker 6: so that is really important for a lot of Senators
Speaker 6: who are for reelection next cycle. I'd highlight Tom Tillis
Speaker 6: most particularly on this one. I think that the IRA
Speaker 6: tax components need to be adjusted from here. It's plane
Speaker 6: from the fact fact that the saltcap, for example, is
Speaker 6: not even addressed by this package.
Speaker 7: It's just kept at the ten K rate. That they're
Speaker 7: going to do more tweaks.
Speaker 6: So I'm expecting some pretty substantial changes to the IRA side,
Speaker 6: to the residential stuff.
Speaker 7: And when we knew some things were going to come out, like.
Speaker 6: The electric vehicles tax credit is standard operating procedure.
Speaker 7: We knew that was going to come out.
Speaker 6: And there's some understanding to get to your specific question
Speaker 6: that there's a duplicative component.
Speaker 7: To the residential and commercial building.
Speaker 6: Tax credits that already exist at the state level, so
Speaker 6: why does the federal government need to layer them on.
Speaker 6: So that's one piece, but really I can't bet the
Speaker 6: needle and get you the votes for this package right now.
Speaker 5: Universities kind of surprised to me. They came out a
Speaker 5: little bit of a winner here. Reduced excise tax on
Speaker 5: university endowments. That's a big one. Where did that come from?
Speaker 7: Yeah, that's a big one.
Speaker 6: There's actually a lot of really random stuff that is
Speaker 6: and is not in this build. The university piece obviously
Speaker 6: is very much an audits with the public projection that
Speaker 6: the administration is take towards universities, and I think that
Speaker 6: is pretty widely supported by Republican lawmakers and voters.
Speaker 7: Obviously, the Senators are indicated that maybe they're not all
Speaker 7: the way there yet.
Speaker 6: But there's other pieces that are not in this bill,
Speaker 6: Like there was a proposal to tax cruise lines that
Speaker 6: you'll maybe remember Commerce Secretary Lutnik came out in wholehearted
Speaker 6: support for.
Speaker 7: But again, you know, not to harp on Alaska.
Speaker 6: I don't know why I keep talking about them, but
Speaker 6: you know that would have been a hit to Alaska.
Speaker 6: So they chose not to use that component to generate revenue.
Speaker 6: But they did choose to cut the Medicaid stuff and
Speaker 6: kick I think the late assessment is sixteen million people
Speaker 6: off Medicaid. So there's a lot of confusing pieces here.
Speaker 6: I'm again, I'm really just trying to thread the needle
Speaker 6: to find the fifty one votes for this package right now,
Speaker 6: and I can't get to it.
Speaker 3: Okay, So then what happens? So you can't get the
Speaker 3: fifty one votes. We don't even know if the House
Speaker 3: Republicans are going to like what this bill is, So
Speaker 3: what happens now?
Speaker 6: Yeah, So you know, let's talk about maybe the underreported
Speaker 6: component here, which is the potential that this doesn't pan out.
Speaker 6: We still have thirty percent odds that they kick this
Speaker 6: into September. Excuse me into Senator Lindsay Graham is the
Speaker 6: chairman of the Budget Committee, and he's being really clear
Speaker 6: that Republicans have four bites at the apple and reconciliation,
Speaker 6: and he's entirely correct. They don't need to have this
Speaker 6: entire comprehensive package ready for prime time, especially with Israel
Speaker 6: lebron and the one hundred and seventy five billion dollars
Speaker 6: in this package that goes to large military preparedness, another
Speaker 6: one hundred and fifty billion that goes to immigration. There's
Speaker 6: a lot of ways for Republicans to operate for the
Speaker 6: next year and a half going into the midterms that
Speaker 6: doesn't have to be this.
Speaker 7: One big package.
Speaker 6: So I think there's going to be some renewed discussion,
Speaker 6: especially as we're talking about delays for forward progress, about
Speaker 6: maybe breaking this bill into pieces. The five trillion dollar
Speaker 6: debt ceiling hike alone loses you ran Paul's vote. So
Speaker 6: there had already been to conversations about cutting that back
Speaker 6: down to two and a half trillion and maybe passing
Speaker 6: these bills piecemeal.
Speaker 7: That is an option.
Speaker 6: It's a low odds prospect, but it's nothing to be
Speaker 6: mindful of as an investor.
Speaker 5: So just thirty seconds on that raising that tax ceiling
Speaker 5: by five trillion. I can't do that in my balance sheet.
Speaker 5: But does it seem to be a problem for the
Speaker 5: federal government.
Speaker 2: Uh?
Speaker 6: Yeah, I mean I wish I had that kind of checkbook.
Speaker 6: That'd be pretty fantastic. This is a absolute record by a
Speaker 6: magnitude that I can't even do the math on. I
Speaker 6: think the last time we increase the debt scented by
Speaker 6: a specific dollar figure, it was like one point two trillion,
Speaker 6: and that got us almost a year and a half
Speaker 6: worth of functionality. Now we're talking about a five trillion
Speaker 6: dollar hike, which by the way, is a trillion dollars
Speaker 6: more than the House.
Speaker 7: Is authorized, and it only gets us through the midterms.
Speaker 7: That's pretty exorbitant, and that really speaks to the sheer.
Speaker 6: Volume of deficit increases that's in this package.
Speaker 7: And it is also, you.
Speaker 6: Know, the most regressive and substantially underwater bill that has passed.
Speaker 6: It's a negative twenty nine percent approval. Right now, that's
Speaker 6: pretty rough.
Speaker 2: I mean, I think rough is like an understatement.
Speaker 5: I mean, I've been a citizen in this country for
Speaker 5: sixty one years. I have no idea how they do that.
Speaker 5: I mean, I guess you just it's just kicked the
Speaker 5: can down the road at the highest level. I guess, yeah.
Speaker 4: I know.
Speaker 2: Also, it's like a holy definition to like the whip,
Speaker 2: Like what are you whipping?
Speaker 6: Like?
Speaker 2: No one's going to be whipped? All right, Henrietta things lot,
Speaker 2: we really appreciate. Jump back on those phones. Let us
Speaker 2: know what you find out.
Speaker 3: Henrita Trice, Managing partner and director of Economic Policy over
Speaker 3: at Beta Partners.
Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live
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Speaker 3: All right, let's get a look in on the markets.
Speaker 3: Then what do you do when their headlines like this?
Speaker 3: Shelby McFadden is investment analyst and Motley Full Asset Management
Speaker 3: to discuss her outlook. How much risk Shelby do you
Speaker 3: think you should have in the markets?
Speaker 8: Well, I will start off with saying we are staying invested.
Speaker 8: Right there are points and in certain portfolio where we
Speaker 8: have a little bit more cash than we would like to.
Speaker 8: And it's not because we're sort of taking that step
Speaker 8: back approach and saying let's get out of this, we
Speaker 8: don't want a part of it. It's more so that
Speaker 8: we're seeing that some of these pullbacks along with the rallies,
Speaker 8: are really broad based, and so the opportunity for buying
Speaker 8: in terms of getting in at a price that would
Speaker 8: favor us in terms of that long term return, it's
Speaker 8: not showing up as in a way that we would like, right.
Speaker 8: So where there are higher cash balances is because we're
Speaker 8: sort of waiting for those fair valuation opportunities, but going
Speaker 8: ahead and staying invested because we can't control these sort
Speaker 8: of big market shocks, right, and it is a bit uncomfortable.
Speaker 8: It is something that requires a very long term orientation
Speaker 8: in order to sort of suffer through it. But it's
Speaker 8: not putting us on the sidelines of anything, We're much
Speaker 8: more active. We're spending a lot more time filling up
Speaker 8: the universe, even when the price opportunity doesn't necessarily present itself,
Speaker 8: and just adjusting according to that sort of geopolitical risk
Speaker 8: as necessary.
Speaker 5: Are there certain sectors that screen well for you guys?
Speaker 5: A lot of folks we're saying ahead now I have
Speaker 5: an opportunity to buy the mag seven when they sold off.
Speaker 7: Earlier in the year.
Speaker 5: What sector screen well for you guys?
Speaker 8: I think right now we have surprisingly actually taken a
Speaker 8: closer look at certain financials, and in terms of some
Speaker 8: of our core and income oriented strategies, trying to get
Speaker 8: a better look at certain consumer stable companies that are
Speaker 8: just good at what they do and have been overlooked
Speaker 8: and sort of punished for where we are in the cycle.
Speaker 2: In terms of tech.
Speaker 8: We've taken another We've taken a look at Service Now,
Speaker 8: which has remained a bit expensive, but they're very mature
Speaker 8: in their space. They have high quality leadership, great retention,
Speaker 8: fantastic cross selling opportunity, and if the runway for agentic
Speaker 8: ai has been pulled forward the way we think it has,
Speaker 8: it's a great opportunity. If we sort of see any
Speaker 8: sort of market dip that allows us to enter that
Speaker 8: position sooner.
Speaker 3: Now, you were stalwarts of say Costco and Walmart, and
Speaker 3: I'm assuming you still are. But if I'm max on
Speaker 3: that position, what do I do?
Speaker 8: You max out on Costco and Walmart and you're already
Speaker 8: maxed out on MasterCard, you can do what we've been
Speaker 8: trying to do. You can go ahead and play that
Speaker 8: cow position that we've seen coming up this the past
Speaker 8: week or so, which has been Costco, O'Reilly Autoparts, and Walmart.
Speaker 2: So we got, yeah, I do coin Cow. I did
Speaker 2: not coin Cow, and I.
Speaker 8: Was devastated that I didn't see it's a Costco, Costco,
Speaker 8: O'Reilly Auto Parts and then Walmart. So O'Reilly had been
Speaker 8: something that we were looking at because when you think
Speaker 8: about it, and this has been something that's been ongoing
Speaker 8: since we had a lot of that inflation and autos
Speaker 8: in twenty two to twenty three.
Speaker 2: People were fixing their cars.
Speaker 8: Right now, when we look at that savings being depleted,
Speaker 8: people are doing that again. And then you add on
Speaker 8: top of savings depletion, student loan resumption, and tariffs. You're
Speaker 8: definitely choosing to fix your car. If you can, right,
Speaker 8: and so that has been something that has been periodically
Speaker 8: a little bit more expensive, but very much staple oriented,
Speaker 8: similar to how people are fixing their homes instead of
Speaker 8: trying to sell in buying new ones. So if you
Speaker 8: can't get into some of those staples already, and you're
Speaker 8: still not able to get into the toll takers MasterCard,
Speaker 8: you could wait for something like an O'Reilly to pop up,
Speaker 8: or you could look in some of those other consumer
Speaker 8: staples that are more in sort of the health and
Speaker 8: beauty sort of space. Can View is a great option
Speaker 8: for that. We've seen that white label has not penetrated
Speaker 8: that sort of consumer health space the way that we
Speaker 8: would expect it too. It's kind of hanging out, kind
Speaker 8: of flat.
Speaker 5: The average age of US cars and light trucks twelve
Speaker 5: point six years. I'm looking at John Tucker when I say.
Speaker 2: This, Well, have you looked under the hood of your car?
Speaker 2: I mean, there's nothing in there.
Speaker 4: I recognize that I used to be able to change
Speaker 4: out a carburetor, fire.
Speaker 2: YouTube videos for that.
Speaker 5: Well, it's basically my new car, a twenty twenty four vehicle,
Speaker 5: is I've been saying, it's basically my iPhone it's an
Speaker 5: iPhone with four wheels, That's what it is. It is
Speaker 5: it's crazy. Is the FED going to help us out
Speaker 5: this year? Or should we not rely on that?
Speaker 7: They could help us out this year?
Speaker 8: But I wouldn't expect it to be until the end
Speaker 8: of the year, and as a result, I would not
Speaker 8: rely on it. I've coined in my team this is
Speaker 8: something I have coined frozen fed summer. I think that's
Speaker 8: what we're going to see because there's so much murkiness
Speaker 8: in the data. Right we're about to enter a period
Speaker 8: where there's not going to be too.
Speaker 2: Too much promo shopping. We will have a little bit of.
Speaker 8: Promo in July fourth, but a lot of the vacations
Speaker 8: have been booked right once we start to get into August,
Speaker 8: it gets a little bit more promo activity for back
Speaker 8: to So there's a short window for June and July
Speaker 8: where we can probably have a look at the data
Speaker 8: and say, are people still spending? Is kind of just
Speaker 8: the weather? What are we going to get here? And
Speaker 8: so that'll help us out a little bit. But shortly
Speaker 8: after that we'll have murky data again from promo from
Speaker 8: Labor Day and then all of a sudden, it'll be
Speaker 8: promo from Christmas.
Speaker 2: So I'm not sure the Fed's going to.
Speaker 8: Have a great idea what we're looking at. Unless there's
Speaker 8: a really huge swing in employment in a negative direction.
Speaker 8: I would probably bet that employment would push them faster
Speaker 8: than just sort of retail and NCPI data.
Speaker 3: How do you guys look at the international trade? Right
Speaker 3: Bank of America pum manager survey came out today and
Speaker 3: said that fifty four percent of respond and think the
Speaker 3: international trade is like the place to be in the
Speaker 3: next twelve months.
Speaker 8: We have on our team. That's something we started looking
Speaker 8: at a couple of months ago. We were I don't
Speaker 8: want to say early movers, but we were early believers
Speaker 8: in the international trade, and especially in Europe. Now Europe
Speaker 8: had gotten beat up for a long time, but it's
Speaker 8: a place that we decided to just stay the course.
Speaker 8: And that is part of what comes with active but
Speaker 8: also concentrated portfolios, where you're going out head and saying,
Speaker 8: let's hand pick twenty thirty spots and this is where
Speaker 8: we're going to position ourselves. So thankfully we're not having
Speaker 8: to time the market there, but we have decided to
Speaker 8: take a step and say, okay, Is it European discretionary,
Speaker 8: is it euromp in financials? Is it European defense? Right?
Speaker 8: Where do we need to go ahead and take more
Speaker 8: time and be more interested in just building up that universe.
Speaker 8: So the short answer to that question is yes, we're
Speaker 8: definitely taking a look because especially between France and Germany,
Speaker 8: we know that there's going to be more spending there,
Speaker 8: not just defense, but in general the world savers are
Speaker 8: about to spend a bit more money. So how can
Speaker 8: we go ahead and orient ourselves. We have strong positions
Speaker 8: in companies like Icon, which is in pharmaceuticals, Nintendo which
Speaker 8: we don't have to pbscribe Nintendo, right, that's just a
Speaker 8: strong operator. But we also have positions and these are
Speaker 8: in our model portfolios, companies like a Simrise where we're
Speaker 8: talking about different additives for sense and products like that.
Speaker 8: So being in that space already sort of gives us
Speaker 8: an advantage when that market kind of comes in the upswing.
Speaker 5: One of the name here, I want to get to
Speaker 5: United Parcel Service. Yeah, the folks in Brown what's going
Speaker 5: on there?
Speaker 8: That's always been one of my favorite positions. It's something
Speaker 8: I've covered ever since I've been in Motley Full asset management,
Speaker 8: and it's because they have a fantastic operator, Carol Toomey
Speaker 8: is a force of nature. They've gotten beat up over
Speaker 8: the past year or so because of the labor negotiations.
Speaker 8: I think a lot of investors thought they were going
Speaker 8: to come out with a bit more of an upperhand
Speaker 8: than they did, but they've already faced a lot of
Speaker 8: those costs on the upfront.
Speaker 2: What they've gone ahead and done is shedded.
Speaker 8: Business that's not profitable for them, and so that business
Speaker 8: is now going to absolutely dilute pricing in the market,
Speaker 8: and they've taken themselves out of it. So when we
Speaker 8: come out on the other side of this business cycle,
Speaker 8: we feel very comfortable with our position in ups because
Speaker 8: people find ways to buy things. When we look at
Speaker 8: the overall financing nature of just consumption at this point,
Speaker 8: we know that there's going to continue to be movement
Speaker 8: of goods, and so finding that position where they're also
Speaker 8: a solid yielder and pretty high shareholder return, we're more
Speaker 8: than happy to be there.
Speaker 3: Great stuff. Shelby always loved chatting with you, so fun.
Speaker 3: Shelby mcfadd an investment analyst and Motley full asset Management.
Speaker 2: I'm so upset you didn't quit cloud and come can no.
Speaker 8: And it's just I think the journalist, who did I
Speaker 8: want to meet that person?
Speaker 2: Yeah? Because what a line? What a line?
Speaker 3: Yeah? They need to get into marketing, all right, Shelby,
Speaker 3: Thanks lot, always wonderful to get your perspective.
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