WEBVTT - Retail Sales, Inflation, And Solar Energy

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<v Speaker 1>Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside

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<v Speaker 1>my co host Matt Miller. Every business day, we bring

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<v Speaker 1>you interviews from CEOs, market pros, and Bloomberg experts, along

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<v Speaker 1>with essential market moving news. Find the Bloomberg Markets Podcast

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<v Speaker 1>on Apple Podcasts or wherever you listen to podcasts, and

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<v Speaker 1>at Bloomberg dot com slash podcast. We got a lot

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<v Speaker 1>of ECO data today and um, you know, it's kind

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<v Speaker 1>of calls into question that, you know, the strength of

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<v Speaker 1>the consumer a little bit, the concerns about inflation out

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<v Speaker 1>there and how that's going to impact, uh, this economy,

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<v Speaker 1>particularly in the first half of this year. Let's bring

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<v Speaker 1>in David Riley. He's the chief investment strategist for Blue

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<v Speaker 1>Bay Asset Management. David, thanks so much for joining us here. Again,

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<v Speaker 1>we got some of those uh that ECHO data today

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<v Speaker 1>particularly relates to retail sales really weaker than expected. How

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<v Speaker 1>did you take that data? Does that impact kind of

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<v Speaker 1>your view of how this economy and these markets will

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<v Speaker 1>perform in two No, I don't think a single month

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<v Speaker 1>retail sales and number is really going to kind of

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<v Speaker 1>alter that view in the way that we're constructing portfolios

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<v Speaker 1>but you know, you're absolutely right. I mean that the

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<v Speaker 1>retailer sales number was very, very ugly, and I think

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<v Speaker 1>it is a you know, would be a source of

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<v Speaker 1>concern if we saw you know, more prints like that

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<v Speaker 1>and evidence that you know, hrror inflation. Um. You know,

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<v Speaker 1>concerns around the outlook was starting to have an impact

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<v Speaker 1>on confidence about the consumer. But one of the things

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<v Speaker 1>for this year, remember is that you know, it was

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<v Speaker 1>all about demand for goods. It was all about demand

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<v Speaker 1>for stuff that you delivered in a bolt and tangibles. Um.

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<v Speaker 1>And you know, we've seen that with retail sales been

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<v Speaker 1>well above their pre pandemic trend. So I mean, I

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<v Speaker 1>have been expecting that we'll see some rotation out of

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<v Speaker 1>goods demand, out of retail sales into services. I'm not

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<v Speaker 1>saying that's why we had this particul the week number

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<v Speaker 1>just reported, but you know, that's kind of one of

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<v Speaker 1>the trends which I think is going to be a

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<v Speaker 1>feature through two. And then that has implications as to

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<v Speaker 1>how you're you know, you're you're you're looking in terms

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<v Speaker 1>of your your credit picking as well. How does omicron

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<v Speaker 1>play into this, because um, I can understand that the thesis.

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<v Speaker 1>We bought all the goods we possibly could in the

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<v Speaker 1>first year and a half of the pandemic, and now

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<v Speaker 1>we want to get um some experiences. Me and Paul,

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<v Speaker 1>for example, want to take a cruise, but UM, we're

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<v Speaker 1>not going to obviously as the infection rates sores like this.

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<v Speaker 1>So how does that play in. Well, it's clearly going

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<v Speaker 1>to have a negative impact in the near term in

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<v Speaker 1>terms of UM spending and clearly going to continue away

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<v Speaker 1>on things like leisure, on hospitality. But the experience in

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<v Speaker 1>South Africa, the experience you know, from the UK, the

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<v Speaker 1>experience from London where I'm calling from today, UM, is

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<v Speaker 1>that you get this very dramatic rising cases, but then

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<v Speaker 1>it actually comes off pretty relatively quickly as as well.

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<v Speaker 1>And I think, you know, thankfully arm acron does seem

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<v Speaker 1>to be much less dangerous from a health perspective, and

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<v Speaker 1>so I actually think that arm acron will will you know,

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<v Speaker 1>kind of mark the transition, if you like, for COVID

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<v Speaker 1>from from being a pandemic to becoming endemics. So we

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<v Speaker 1>kind of learned to live with it and we get

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<v Speaker 1>on with our lives. So given that backdrop, David, what

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<v Speaker 1>are the conversations you're having with your clients now as

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<v Speaker 1>it relates to kind of that really opportunities might be

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<v Speaker 1>here in Yeah, I mean, you know, when thinking about

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<v Speaker 1>in constructing our fixed income and credit portfolios, try and

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<v Speaker 1>kind of keep it pretty simple. I mean, I think

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<v Speaker 1>we're in a rising rate environment. I do think the

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<v Speaker 1>economy is doing reasonably well and default risk is very low,

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<v Speaker 1>so that makes it, you know, keep it simple. Basically,

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<v Speaker 1>you favor credit over interest rate with and there's a

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<v Speaker 1>lot of opportunities in UM credit and particularly floating rate

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<v Speaker 1>UM credit. There's some you know, one and a half

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<v Speaker 1>trillion dollars worth on some estimates of clos leverage loans,

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<v Speaker 1>you know, mbs, another kind of securitized credit. So I

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<v Speaker 1>do actually think, you know, it makes sense to increase

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<v Speaker 1>your exposure to floating rate instruments and particularly to floating

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<v Speaker 1>rate credit. You can pick up you know, quite a

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<v Speaker 1>decent carry um you know, sort of three fifty basis

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<v Speaker 1>points over for a trip will be rated um cello trance.

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<v Speaker 1>So there's certainly one of the things that we've been

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<v Speaker 1>reflecting in some of our credit portfolios. And then also

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<v Speaker 1>look at some of those sectors which we think will

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<v Speaker 1>benefit from um, you know, higher rates. So again financials

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<v Speaker 1>European subordinated there, we think there's still some value to

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<v Speaker 1>be had there. I think the one area where still

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<v Speaker 1>pretty cautious on but I think could be interesting in

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<v Speaker 1>the latter part of the year would actually be a

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<v Speaker 1>merging market assets. You know that's meaningfully underperformed last year,

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<v Speaker 1>so there's a lot of whis premium bill into emerging

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<v Speaker 1>market assets. Hey, David, thanks so much for joining us.

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<v Speaker 1>We appreciate chatting with you, getting your thoughts here on

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<v Speaker 1>these markets, on the eco data we had today. David Riley,

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<v Speaker 1>chief investment Strategists for Blue Bay Asset Management. Let's go

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<v Speaker 1>right now to J. J. Kinahan. Yeah, should we directly sure?

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<v Speaker 1>I mean this is our American bank of the day

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<v Speaker 1>chief market strategists. Well, I feel they're American because of

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<v Speaker 1>the name, but I know the t D stands for

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<v Speaker 1>Toronto Dominion. Yeah, um, and J. J. Kinahan joins us

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<v Speaker 1>right now to talk about what's going on in UH

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<v Speaker 1>in the market of I guess what's your main client,

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<v Speaker 1>j J? Well, I mean client. Well, first of all,

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<v Speaker 1>you hit it on the head and thanks for havingy guys,

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<v Speaker 1>and then it is an American company and Lyarics you

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<v Speaker 1>owned by Charles up now. But uh, yes, So you know,

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<v Speaker 1>if you say, what's our average client, I would say,

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<v Speaker 1>you know, what's what's the main street American in terms

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<v Speaker 1>of the fact that, uh, it's just average people. And

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<v Speaker 1>I would say the biggest thing about our client based

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<v Speaker 1>over the last couple of years is, I think with

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<v Speaker 1>the entire industry is our client base has gotten younger

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<v Speaker 1>over the last two years. So I think that's probably

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<v Speaker 1>the best thing. If you want to say what's the

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<v Speaker 1>great effect of COVID, The great effect of COVID is

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<v Speaker 1>more people to get interest in the market than ever.

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<v Speaker 1>What do you think that that is good? And what

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<v Speaker 1>are they asking you now? J J. We're going into

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<v Speaker 1>year three this pandemic, the economic disruption has been historical.

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<v Speaker 1>What are they asking you now? Well, I think the

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<v Speaker 1>biggest question for our clients is really the biggest question

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<v Speaker 1>for the market, right, that's what is going to happen

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<v Speaker 1>with interest rates? As we know, Um, you know, the

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<v Speaker 1>the COVID variants kind of come and go if you will,

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<v Speaker 1>in shorter terms. But I think everybody trying to figure

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<v Speaker 1>out what's going to happen in interest rates overall is

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<v Speaker 1>the thing that's truly driving the markets. And you know,

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<v Speaker 1>some clients this morning are saying, well, hold on. JP

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<v Speaker 1>Morgan had record a record year. Yes, a bad quarter,

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<v Speaker 1>but a record year. We expect earnings to be uh

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<v Speaker 1>or interest rates to go higher throughout the year. Yet

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<v Speaker 1>JP Morgan getting you know, kind of slapped today. So

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<v Speaker 1>I think that things like that are a little bit confusing.

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<v Speaker 1>If the market is supposed to be forward looking, how

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<v Speaker 1>is it that JP Morgan is you know, eight percent

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<v Speaker 1>lower as we speak, So it's uh. You know, these

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<v Speaker 1>kind of conundrums I think are very difficult for people

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<v Speaker 1>to sort of get their arms around. Um. You know,

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<v Speaker 1>I think it's really interesting the point you make about

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<v Speaker 1>the how do you say this, the the youthening of

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<v Speaker 1>your clients. I mean, I wonder how long it's been

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<v Speaker 1>since that generation was interested. And it bodes well for

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<v Speaker 1>the future of markets, right because al um, the kids

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<v Speaker 1>are in it to win it for the next few decades. UM.

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<v Speaker 1>The previous generation or the one before that, probably didn't

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<v Speaker 1>get involved until they were thirties, in their thirties or

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<v Speaker 1>in their forties, UM, and then they had to had

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<v Speaker 1>to give way too much gas and risk missing a curve.

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<v Speaker 1>But these kids are probably gonna set themselves up well

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<v Speaker 1>for the future. Absolutely, And you want to know, the

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<v Speaker 1>biggest thing I love is that our use of our education,

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<v Speaker 1>you know, we we build a lot of our business

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<v Speaker 1>on education has gone up in almost direct correlation, and

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<v Speaker 1>actually as trading as you guys know, reporting on it

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<v Speaker 1>every day has softened a bit from its peak obviously.

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<v Speaker 1>Uh you know, in in the spring of last year,

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<v Speaker 1>our education numbers haven't come down as much in their correlation.

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<v Speaker 1>So I think what you're really starting to see is

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<v Speaker 1>people who not only are involved for the first time,

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<v Speaker 1>but as you said, you know, in it to win it,

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<v Speaker 1>in it for the longer term, and trying to figure

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<v Speaker 1>out what everything means. You know, how do I use

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<v Speaker 1>how do I use technical patterns for finding out the

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<v Speaker 1>value of stocks going forward? How do I use options

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<v Speaker 1>in a smart way in my portfolio? So I think

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<v Speaker 1>that that's really been the best friend we've seen, all right,

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<v Speaker 1>j J. Thank you so much for joining us. We're

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<v Speaker 1>gonna have you back on again soon. J. J. Kinahan,

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<v Speaker 1>chief market strategist for t D Ameritor Trade, giving us

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<v Speaker 1>his thoughts on these markets Bloomberg Markets Today. It's brought

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<v Speaker 1>to you by Commonwealth, supporting more than two thousand independent

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<v Speaker 1>financial advisors with the solutions they need to grow with

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<v Speaker 1>thriving business. Commonwealth go where you grow. Visit Commonwealth dot

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<v Speaker 1>com to learn more. Well, Matt, I recently sold my

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<v Speaker 1>house and like the day or two after we actually

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<v Speaker 1>came to an agreement, that buyer said, can I come

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<v Speaker 1>in with my entertainment consultant because they wanted to do

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<v Speaker 1>a wireless audio, video, security, the whole thing. And apparently

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<v Speaker 1>they had a consultant do that for them. So, you know,

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<v Speaker 1>I had cable TV. I thought I was, okay, let's

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<v Speaker 1>check in with that business, because that is a big business.

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<v Speaker 1>Bretton Ware, CEO, president chairman of Summit Wireless Technologies. Brett,

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<v Speaker 1>what are people doing to their homes now in terms

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<v Speaker 1>of home entertainment? It's not just a big screen and

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<v Speaker 1>a cable box, is it? Not at all? It's pretty fascinating. Actually,

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<v Speaker 1>if you look at just the consumer trends over the

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<v Speaker 1>last ten years, it was big screen right then higher

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<v Speaker 1>resolution to K four K, eight K, and at this

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<v Speaker 1>point you're able to for a couple of grand by

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<v Speaker 1>a seventy seven inch TV, right, that looks spectacular. So

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<v Speaker 1>the trend you see now is how do you move

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<v Speaker 1>audio into around that TV? And how hard is it?

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<v Speaker 1>And how expensive is it? And and how quickly can

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<v Speaker 1>you set it up? And do you need that consultant? Right?

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<v Speaker 1>That consultant going to be several thousand dollars. Yeah, it

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<v Speaker 1>all seems so confusing, and I wonder how how do

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<v Speaker 1>you compete in a world where you know, Um, Apple,

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<v Speaker 1>Google offer their products which admittedly are low quality sound,

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<v Speaker 1>but you can get a little better performance out of

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<v Speaker 1>something like so Nos and it's just super easy to operate.

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<v Speaker 1>What are you pitching to a different field here? I mean,

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<v Speaker 1>what are we talking about? Actually we're not in a

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<v Speaker 1>lot of ways. Now, there is one difference. If you

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<v Speaker 1>want to stream music around your house, I mean, so Nos, Apple, Um, Amazon,

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<v Speaker 1>all those WiFi speakers can do that. But if you

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<v Speaker 1>want to create that immersive audio experience, not simulated, but

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<v Speaker 1>really have it, then our technology with the White Association

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<v Speaker 1>actually gives the consumer a very simple way to do that.

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<v Speaker 1>And if you think of the beauty of the sound

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<v Speaker 1>bar is two things. It's is a lot better than

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<v Speaker 1>your TV and You just gotta plug it into the

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<v Speaker 1>wall and plug it into the HDMI port. Right when

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<v Speaker 1>you look at the wiser technology that we market the

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<v Speaker 1>same thing, you can get a complete immersive home theater system.

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<v Speaker 1>And it's the same two step up steps right, you

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<v Speaker 1>plug it. You plug a transmitter into the TV, and

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<v Speaker 1>you plug your speakers into a wall outlet. You don't

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<v Speaker 1>need to consultant, you don't need an installer. You don't

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<v Speaker 1>have to pull wires through the wall or through the

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<v Speaker 1>attic or under the house. It's all wireless, and so

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<v Speaker 1>our specialty is making sure up to eight speakers are

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<v Speaker 1>all synchronized with together and with that video. That video

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<v Speaker 1>now is great. These smart TVs are great, and there's

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<v Speaker 1>so much content being streamed. Yet it all gets shoved

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<v Speaker 1>into TV speakers or little sound bars. So, by the way,

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<v Speaker 1>is the Wireless Speaker and Audio Association. I get us

0:13:00.320 --> 0:13:06.240
<v Speaker 1>and UM So you guys make some high end products

0:13:06.280 --> 0:13:10.600
<v Speaker 1>like uh um d a C board or you make

0:13:10.880 --> 0:13:14.280
<v Speaker 1>a thirty watt amp. It looks like I'm going through

0:13:14.280 --> 0:13:17.040
<v Speaker 1>your website and looking at this stuff, but you put

0:13:17.080 --> 0:13:21.760
<v Speaker 1>this into what partner products for consumer? Yeah, exactly. So

0:13:22.360 --> 0:13:26.000
<v Speaker 1>we make the wireless chip and modules that transmits to

0:13:26.040 --> 0:13:29.000
<v Speaker 1>all the speakers. But when you look at speakers, you

0:13:29.040 --> 0:13:34.280
<v Speaker 1>can buy a five point one system for seven from

0:13:34.320 --> 0:13:38.840
<v Speaker 1>Platin Audio, or you can buy a eight dollars stereo

0:13:38.880 --> 0:13:42.679
<v Speaker 1>system from Banging Olson and every price point in between.

0:13:43.400 --> 0:13:49.760
<v Speaker 1>So the consumer chooses a price point, but WHISA enables

0:13:50.120 --> 0:13:53.760
<v Speaker 1>the simplicity is set up and that spectacularly immersive sound.

0:13:54.760 --> 0:13:56.599
<v Speaker 1>Now the Bail Lab stuff. Oh and you know what

0:13:56.640 --> 0:13:59.320
<v Speaker 1>I was gonna say. When I was a kid, the

0:13:59.440 --> 0:14:03.199
<v Speaker 1>pinnacle was you got like a CLIPS reference system hooked

0:14:03.280 --> 0:14:06.360
<v Speaker 1>up to a nice pre amp and an amplifier. You guys,

0:14:06.880 --> 0:14:10.520
<v Speaker 1>you can work with Clips as well. We do. They've

0:14:10.559 --> 0:14:14.280
<v Speaker 1>they've got a speaker's designed with our products in them.

0:14:14.720 --> 0:14:17.720
<v Speaker 1>But you just don't need that preamp anymore. You don't

0:14:17.720 --> 0:14:21.560
<v Speaker 1>need that a V receiver you plug a little um wise.

0:14:21.640 --> 0:14:26.040
<v Speaker 1>It does sell one product itself, which is a universal transmitter.

0:14:26.520 --> 0:14:29.400
<v Speaker 1>It won the c E S Audio Peripheral Product of

0:14:31.280 --> 0:14:34.440
<v Speaker 1>top product, right, which is great. But you just plug

0:14:34.480 --> 0:14:36.760
<v Speaker 1>that little transmitter into your HDU my port on the

0:14:36.760 --> 0:14:39.280
<v Speaker 1>TV and it'll connect to every wise of speaker in

0:14:39.280 --> 0:14:42.680
<v Speaker 1>that room. All right, Brett fascinating stuff. And then Matt

0:14:42.720 --> 0:14:44.880
<v Speaker 1>was taking notes because he's about to move into the

0:14:44.920 --> 0:14:49.080
<v Speaker 1>compound in Westchester. Brett Moyer CEO, President Chairman of Summit

0:14:49.160 --> 0:14:53.120
<v Speaker 1>Wireless Technologies. That's a public trading company. W I s A.

0:14:58.120 --> 0:15:01.440
<v Speaker 1>We have uh an interview I'm excited about right now

0:15:01.560 --> 0:15:04.040
<v Speaker 1>with Erica Brinker. She is the chief Marketing Officer and

0:15:04.120 --> 0:15:08.760
<v Speaker 1>head of e s G at Array, sorry, chief commercial officer.

0:15:09.200 --> 0:15:12.440
<v Speaker 1>She was the CMO at Honeywell. Um, she's the c

0:15:12.680 --> 0:15:16.080
<v Speaker 1>c O, I guess at A Ray Technology, and UM,

0:15:16.120 --> 0:15:21.360
<v Speaker 1>this is quite cool because they installed trackers that tilt

0:15:21.400 --> 0:15:23.920
<v Speaker 1>solar panels throughout the day in order to maximize energy

0:15:24.040 --> 0:15:27.160
<v Speaker 1>output as we're all looking to do something to reduce

0:15:27.200 --> 0:15:30.400
<v Speaker 1>our carbon footprint. Even me really well, you know I

0:15:30.480 --> 0:15:33.440
<v Speaker 1>want I want a Mustang g T five HUD, but

0:15:33.480 --> 0:15:36.080
<v Speaker 1>I also want an electric car and I'd love to

0:15:36.120 --> 0:15:39.280
<v Speaker 1>power that with solar. So not to feel as guilty

0:15:39.320 --> 0:15:43.200
<v Speaker 1>about it. Let's bring her an. Erica Brinker joins us. Now, UM,

0:15:43.480 --> 0:15:45.920
<v Speaker 1>talk to us Erica first of all about what you're

0:15:45.920 --> 0:15:48.160
<v Speaker 1>doing at A Ray Technology and how customers can get

0:15:48.200 --> 0:15:53.480
<v Speaker 1>hold of your products. Yeah. Absolutely, A Ray Technologies has

0:15:53.600 --> 0:15:57.480
<v Speaker 1>been around for thirty years, which in the solar universe

0:15:57.600 --> 0:16:01.000
<v Speaker 1>is quite a long time Our founder wrong Coreo was

0:16:01.520 --> 0:16:05.400
<v Speaker 1>a real trailblazer in the area of solar and so,

0:16:05.520 --> 0:16:08.280
<v Speaker 1>as you mentioned, UM, I was impressed with your knowledge. Yes,

0:16:08.320 --> 0:16:12.400
<v Speaker 1>we're a tracker UH manufacturer and technology company. There's also

0:16:12.440 --> 0:16:15.320
<v Speaker 1>a software component that helps track and measure how much

0:16:15.440 --> 0:16:21.000
<v Speaker 1>productivity is coming through the modules and we we basically

0:16:21.040 --> 0:16:27.400
<v Speaker 1>are helping UH utility scale inner solar customers or they're

0:16:27.600 --> 0:16:30.560
<v Speaker 1>those asset owners along term massive owners get the most

0:16:30.640 --> 0:16:33.960
<v Speaker 1>out of their solar site. So in terms of like

0:16:34.120 --> 0:16:36.640
<v Speaker 1>who our target market is, UM we love to hear

0:16:36.680 --> 0:16:39.240
<v Speaker 1>that people are doing residential solar, but that's that's not

0:16:39.280 --> 0:16:41.640
<v Speaker 1>what we do. We're doing utility scale solar. So when

0:16:41.680 --> 0:16:44.560
<v Speaker 1>you think about your major utility companies that are diversifying

0:16:45.040 --> 0:16:48.240
<v Speaker 1>their portfolio into more renewables, that's who our customers are.

0:16:48.880 --> 0:16:50.520
<v Speaker 1>So Eric could give us a sense of kind of

0:16:51.040 --> 0:16:54.680
<v Speaker 1>where the energy industry large is here in the United

0:16:54.720 --> 0:16:58.000
<v Speaker 1>States in terms of solar. So when you talk to

0:16:58.000 --> 0:17:01.720
<v Speaker 1>those commercial customers of yours, what percentage of there you

0:17:01.760 --> 0:17:07.480
<v Speaker 1>know energy is solar versus maybe some traditional sources. Solar

0:17:07.760 --> 0:17:11.359
<v Speaker 1>is still very fledgling, right, We know that the US

0:17:11.400 --> 0:17:16.240
<v Speaker 1>market in particular UM the Biden administration has announced their

0:17:16.240 --> 0:17:22.399
<v Speaker 1>intent to reach solar by UM. This is you know,

0:17:22.440 --> 0:17:25.480
<v Speaker 1>a huge commitment since that that sits well below ten

0:17:25.520 --> 0:17:28.520
<v Speaker 1>percent at this point. So what you really need is

0:17:28.560 --> 0:17:31.560
<v Speaker 1>this massive investment and utility scale solar. And when you

0:17:31.560 --> 0:17:37.520
<v Speaker 1>think about solar versus hydrogen or nuclear or wind UM,

0:17:37.560 --> 0:17:40.040
<v Speaker 1>we are the quickest to come online from the time

0:17:40.040 --> 0:17:42.159
<v Speaker 1>that you start a solar site, and we are the

0:17:42.200 --> 0:17:46.159
<v Speaker 1>most um i'd say, least disrupted. So the sun is

0:17:46.200 --> 0:17:48.920
<v Speaker 1>always shining in the in the site UM where we

0:17:49.400 --> 0:17:51.679
<v Speaker 1>are are putting them. You don't have a lot of

0:17:51.800 --> 0:17:55.520
<v Speaker 1>especially with our product which is you know, largely sourced

0:17:55.560 --> 0:17:59.119
<v Speaker 1>in the US. UM, you have a lot of productivity

0:17:59.280 --> 0:18:02.320
<v Speaker 1>and rely ability of the products. So in terms of

0:18:02.920 --> 0:18:06.199
<v Speaker 1>utility companies looking to diversify solar is kind of what

0:18:06.240 --> 0:18:09.080
<v Speaker 1>I would call a safer bet for them to diversify

0:18:09.119 --> 0:18:13.960
<v Speaker 1>beyond fossil fuels. What happened Erica to the stock in May.

0:18:14.600 --> 0:18:16.840
<v Speaker 1>I'll look at the chart and I see, you know,

0:18:16.960 --> 0:18:19.399
<v Speaker 1>May eleven, May twelve, all of a sudden, there's like

0:18:19.400 --> 0:18:24.040
<v Speaker 1>a tent drop UM And you had such a fantastic

0:18:24.160 --> 0:18:26.520
<v Speaker 1>first few hundred days of trading after the I P

0:18:26.680 --> 0:18:31.040
<v Speaker 1>O Yeah, so I think there's a couple of things

0:18:31.240 --> 0:18:35.360
<v Speaker 1>UM at work here. Currently. We have some headwinds, right,

0:18:35.440 --> 0:18:40.720
<v Speaker 1>you have this commodity UH challenge with UH steel and aluminum,

0:18:40.800 --> 0:18:43.760
<v Speaker 1>and so there's a lot of volatility, particularly in the US,

0:18:43.840 --> 0:18:47.560
<v Speaker 1>around around those two materials. And then you we have

0:18:47.560 --> 0:18:50.520
<v Speaker 1>continued logistics challenges. And so what we're doing for our

0:18:50.520 --> 0:18:52.560
<v Speaker 1>customers so that we can hold price for them is

0:18:52.600 --> 0:18:56.280
<v Speaker 1>we've completely changed our quoting process so that we are

0:18:56.359 --> 0:19:00.159
<v Speaker 1>less vulnerable and our customers are less vulnerable to UM

0:19:00.240 --> 0:19:03.960
<v Speaker 1>those swings and commodities. And in the logistics challenges, we've

0:19:03.960 --> 0:19:08.640
<v Speaker 1>also diversified our supply chains so that we are making

0:19:08.800 --> 0:19:11.800
<v Speaker 1>our trackers closer to where they're delivering. And so that's

0:19:11.840 --> 0:19:16.640
<v Speaker 1>really helped us UM create more stabilities in the pricing

0:19:16.640 --> 0:19:20.480
<v Speaker 1>models for our customers. UM. You know, all that said,

0:19:20.560 --> 0:19:23.520
<v Speaker 1>with all of these fluctuations and with steel and aluminum

0:19:23.520 --> 0:19:26.040
<v Speaker 1>being more expensive than they were, say even when we

0:19:26.119 --> 0:19:29.280
<v Speaker 1>I POT a year and a half ago, UM, we

0:19:29.440 --> 0:19:32.639
<v Speaker 1>are not seeing any demands slow down for solar and

0:19:32.680 --> 0:19:34.719
<v Speaker 1>in fact, you know, we were delivered a little bit

0:19:34.720 --> 0:19:38.320
<v Speaker 1>of a blow. It's filled back better, not passing yet UM.

0:19:38.359 --> 0:19:40.960
<v Speaker 1>But again we don't hear from any of our customers

0:19:40.960 --> 0:19:44.000
<v Speaker 1>that they're not building their sites because they're waiting for

0:19:44.040 --> 0:19:46.760
<v Speaker 1>this bill. There's just a huge demand for solar and

0:19:47.080 --> 0:19:49.639
<v Speaker 1>we have our biggest book of business this year than

0:19:49.680 --> 0:19:52.520
<v Speaker 1>we've had in our history. So des quite these challenges

0:19:52.520 --> 0:19:54.479
<v Speaker 1>in the market, I think you're gonna see Solar make

0:19:54.520 --> 0:19:59.000
<v Speaker 1>a really big comeback. Actually, I wanted to ask it

0:19:59.080 --> 0:20:02.440
<v Speaker 1>also about your career path, because I think it's interesting

0:20:02.440 --> 0:20:05.760
<v Speaker 1>for a lot of people who you know, have one

0:20:05.880 --> 0:20:08.480
<v Speaker 1>act and then think about E. S. G. And their

0:20:08.520 --> 0:20:10.600
<v Speaker 1>impact on the planet and want to have act too.

0:20:11.240 --> 0:20:14.560
<v Speaker 1>How do they make that change? Uh? Coming from Honeywell

0:20:14.600 --> 0:20:18.000
<v Speaker 1>makes perfect sense at Array, But before that you had

0:20:18.560 --> 0:20:22.880
<v Speaker 1>um leadership roles at Ralph Lauren, at Tiffany at Kate Spade,

0:20:22.920 --> 0:20:26.399
<v Speaker 1>which is an entirely different industry if I'm not mistaken.

0:20:26.520 --> 0:20:29.359
<v Speaker 1>So how did you make that jump? What what pushed

0:20:29.400 --> 0:20:32.239
<v Speaker 1>you and how did you do it? First of all,

0:20:32.240 --> 0:20:34.600
<v Speaker 1>I'm impressed with the homework that you did. Um. Most

0:20:34.600 --> 0:20:36.520
<v Speaker 1>people don't go that far back to find out what

0:20:36.560 --> 0:20:39.960
<v Speaker 1>I was doing before. Um. Yeah, I mean I think

0:20:40.000 --> 0:20:43.199
<v Speaker 1>there's a little bit of as you get further in

0:20:43.280 --> 0:20:46.200
<v Speaker 1>your career, you want to do things that give you

0:20:46.240 --> 0:20:50.320
<v Speaker 1>a sense of fulfillment. And certainly, Honeywell opened my eyes

0:20:50.400 --> 0:20:54.720
<v Speaker 1>to what's possible when you make great technology, life changing technology,

0:20:54.760 --> 0:20:58.480
<v Speaker 1>and so um, when I made the step over to Array,

0:20:59.040 --> 0:21:01.840
<v Speaker 1>it was something was very personal to me. Um. I

0:21:01.920 --> 0:21:04.399
<v Speaker 1>have young children. I want them to grow up at

0:21:04.400 --> 0:21:08.240
<v Speaker 1>a place that is impacted by global warming and climate

0:21:08.320 --> 0:21:11.800
<v Speaker 1>change and doing something that's good for the world. So uh,

0:21:11.920 --> 0:21:15.040
<v Speaker 1>we say, doing well as a company while also doing good.

0:21:15.080 --> 0:21:18.000
<v Speaker 1>That's something that was really attractive to me. And so um,

0:21:18.040 --> 0:21:20.680
<v Speaker 1>the E S G component of my job is something

0:21:20.720 --> 0:21:23.800
<v Speaker 1>that it's been a learning experience understanding how much it's

0:21:23.840 --> 0:21:27.160
<v Speaker 1>being embraced by the investment community, but also something that's

0:21:27.200 --> 0:21:30.240
<v Speaker 1>just extremely personally fulfilling for me. I mean, I think

0:21:30.720 --> 0:21:33.000
<v Speaker 1>that's the case for a lot of people right now, Erica.

0:21:33.080 --> 0:21:35.000
<v Speaker 1>I think there are people out there who say, like,

0:21:35.280 --> 0:21:38.639
<v Speaker 1>all right, Ralph Lauren makes awesome clothes. I love the design,

0:21:38.720 --> 0:21:40.159
<v Speaker 1>but I want to do something for the world. I

0:21:40.160 --> 0:21:42.400
<v Speaker 1>want to do something that means something to humanity. How

0:21:42.440 --> 0:21:44.440
<v Speaker 1>do you make that leap? How do you convince David

0:21:44.480 --> 0:21:49.200
<v Speaker 1>Cody to take you on? Well, you know, when you're

0:21:49.200 --> 0:21:51.720
<v Speaker 1>when you talk about a function, if you're a finance person,

0:21:51.760 --> 0:21:54.040
<v Speaker 1>if you're a marketing person like I was when I

0:21:54.080 --> 0:21:56.800
<v Speaker 1>first started out, I think in all of our crafts

0:21:56.800 --> 0:21:59.360
<v Speaker 1>and for what you do as well, um as a

0:21:59.359 --> 0:22:04.080
<v Speaker 1>communicate or it is the skill set, temper cent is

0:22:04.160 --> 0:22:07.760
<v Speaker 1>learning the product, and so if you can demonstrate expertise

0:22:07.840 --> 0:22:11.240
<v Speaker 1>in your craft, I think that if you're talented and

0:22:11.280 --> 0:22:15.120
<v Speaker 1>the right cultural fit, you can apply that in any industry. Uh,

0:22:15.119 --> 0:22:19.720
<v Speaker 1>it's just helping, um that next play picture you there,

0:22:19.760 --> 0:22:21.800
<v Speaker 1>and so it might take a little bit of work

0:22:21.880 --> 0:22:24.840
<v Speaker 1>or maybe you have to do something a bit extra um.

0:22:25.000 --> 0:22:29.040
<v Speaker 1>But I joined Honeywell in their aerospace business and they

0:22:29.040 --> 0:22:32.400
<v Speaker 1>were a bit surprised to know that I was listed too,

0:22:32.520 --> 0:22:34.639
<v Speaker 1>but ended up being it ended up being they wanted

0:22:34.640 --> 0:22:37.080
<v Speaker 1>someone from outside the industry and I wanted to get

0:22:37.119 --> 0:22:39.600
<v Speaker 1>into the industry, So it just worked out. Eric, thank

0:22:39.640 --> 0:22:41.840
<v Speaker 1>you so much for joining us. Really good stuff. Erica

0:22:41.840 --> 0:22:44.800
<v Speaker 1>brinker Head b S g Ray Technology Chief Commercial Officer.

0:22:47.119 --> 0:22:50.240
<v Speaker 1>Thanks for listening to the Bloomberg Markets podcast. You can

0:22:50.240 --> 0:22:54.040
<v Speaker 1>subscribe and listen to interviews with Apple Podcasts or whatever

0:22:54.119 --> 0:22:57.800
<v Speaker 1>podcast platform you prefer. I'm Matt Miller. I'm on Twitter

0:22:58.080 --> 0:23:01.560
<v Speaker 1>at Matt Miller three at on full Sweeney. I'm on

0:23:01.560 --> 0:23:04.119
<v Speaker 1>Twitter at p T Sweeney Before the podcast. You can

0:23:04.160 --> 0:23:06.399
<v Speaker 1>always catch us worldwide at Bloomberg Radio