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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. This is Bloomberg Business

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Speaker 1: Wait inside from the reporters and editors who bring you

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Speaker 1: America's most trusted business magazine, plus global business, finance and

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Speaker 1: tech news. The Bloomberg Business Week Podcast with Carol Messer

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Speaker 1: and Tim Stenebeck from Bloomberg Radio.

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Speaker 2: Now, would you want to get to one thing that

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Speaker 2: is certainly toplined for world leaders at G twenty and elsewhere?

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Speaker 3: Dj T Donald J. Trump's administration and.

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Speaker 2: Cabinet picks chief among them, who will take the job

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Speaker 2: of US Treasury Secretary.

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Speaker 4: Yeah, it's kind of turning into this game of thrones,

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Speaker 4: and that's where we go now to jockeying around the

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Speaker 4: selection for the nation's next treasury secretary. Bloomberg business Week

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Speaker 4: national correspondent Josh Green joins us on that and on

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Speaker 4: his BusinessWeek story on the President Elect's impossible task. Josh

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Speaker 4: is the author of Devils Bargain, Steve Bannon, Donald Trump

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Speaker 4: and the Nationalists Uprising and the Rebels, Elizabeth Warrenney Sanders,

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Speaker 4: Alexandria Kasia Cortez and the Struggle Free New American Politics.

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Speaker 2: All right, Josh, great to have you here. Josh joining

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Speaker 2: us from our Bloomberg Washington DC bureau. Hey, Josh, first step,

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Speaker 2: I want to ask you about the pick for Treasury

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Speaker 2: secretary or the process in the behind the scenes, a

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Speaker 2: super important job. Wall Street is watching, the world is watching.

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Speaker 2: What are you hearing about this process?

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Speaker 5: Yeah? Oh, I put process in quotes.

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Speaker 6: First of all, I mean it's turned out into like

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Speaker 6: an absolute blood bath, with competing candidates stabbing each other

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Speaker 6: in the back. And what you have now is a

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Speaker 6: list of people who are under consideration. Howard Lutnick, Scott Bessant,

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Speaker 6: Robert Leitthheiser, the former trade representative. None of them has

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Speaker 6: been named. There's a lot of jockey going on behind

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Speaker 6: the scenes. Trump himself doesn't seem to be happy with

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Speaker 6: any of the candidates, and as we report in Bloomberg,

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Speaker 6: he's very unhappy that these fights have spilled out into

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Speaker 6: public view. So the latest we're hearing is that Trump

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Speaker 6: is sort of casting about for somebody who would fill

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Speaker 6: what he thinks is the role of Treasury attacker, meaning

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Speaker 6: somebody big, powerful, respected by Wall Street. Some of the

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Speaker 6: names we're hearing and have reported Mark Rowan of Apollo,

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Speaker 6: Kevin Walsh, the former Fed governor. There are other dark

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Speaker 6: horse names floating around, but right now everybody in Washington's

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Speaker 6: trying to figure out, you know, where where the musical

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Speaker 6: chairs will stop and who will wind up in that

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Speaker 6: very important position.

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Speaker 4: Is it hard to find somebody who's respected by Wall

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Speaker 4: Street but also believes what Donald Trump believes when it

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Speaker 4: comes to tariff's Josh, yeah, I.

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Speaker 6: Think that's exactly the tension is. You can Trump can

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Speaker 6: certainly find someone like a Lighthiveser who really believes in

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Speaker 6: the use of tariffs. But as a number of sources

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Speaker 6: told us, wall Street would would would panic if somebody

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Speaker 6: who was seen as too extreme on tariffs gets in there.

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Speaker 6: On the other hand, you have guys with stirling reputations

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Speaker 6: who would be embraced I think by wall Street both

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Speaker 6: a warsh or a best and somebody like that who

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Speaker 6: may not be as willing to come out and embrace,

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Speaker 6: embrace a steep tariff regime of the type that Trumps

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Speaker 6: has bandied about, knowing that the damage that that could

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Speaker 6: potentally caused to markets if they were implemented, you know,

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Speaker 6: and disrupted a lot of things in the global markets.

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Speaker 6: So it's tough to find just the right candidate who

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Speaker 6: has both the stature, the wealth, the name that Trump wants,

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Speaker 6: and also the willingness to do Trump's bidding.

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Speaker 2: Hey, Josh, we have not had a chance to talk

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Speaker 2: to you about the election outcome. You really wrote the

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Speaker 2: book An Understanding Donald Trump's first run at the White

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Speaker 2: House and his win that time around. What do you

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Speaker 2: make of him running a winning excuse me, a second term?

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Speaker 5: Well?

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Speaker 6: Yeah, I think it was a surprise to a lot

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Speaker 6: of people, but in a lot of ways, it's a

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Speaker 6: much more impressive victory than his win in twenty sixteen,

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Speaker 6: which took a lot of people by surprise. He did

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Speaker 6: not win a majority of the popular vote that time.

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Speaker 6: Looks almost certain that he will this time. And I

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Speaker 6: think what's most important is the coalition that Trump put

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Speaker 6: together and winning the twenty twenty four election. There were

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Speaker 6: both the kind of high wattage billionaire supporters, people like

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Speaker 6: Howard lutt Nick and Elon Musk, But on the other hand,

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Speaker 6: Trump cobbled together a really racially diverse, working class coalition

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Speaker 6: that we hadn't seen the last time around. A lot

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Speaker 6: of voters that traditionally vote Democrat were persuaded to come

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Speaker 6: over and vote for Trump, and as a result, he

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Speaker 6: has a really big coalition. As I write about in

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Speaker 6: the new issue of BusinessWeek, Trump has pursued this kind

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Speaker 6: of what I call plutocratic populism, and I think the

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Speaker 6: main tension in his second presidency is going to be

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Speaker 6: how to balance the interests of working class people with

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Speaker 6: the interests of the billionaire and Wall Street crowd, who

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Speaker 6: are another important coalition form.

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Speaker 4: So let's talk a little bit about that, Josh. Because

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Speaker 4: you came with receipts, you have the numbers here. Why

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Speaker 4: is that an impossible task? Why is he unable to

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Speaker 4: do that and make good on really every promise that

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Speaker 4: he made on the campaign trail.

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Speaker 6: Well, if you look at exit poll numbers and just

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Speaker 6: in my own interviews with undecided voters and people were

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Speaker 6: Trump supporters, a lot of what drove Trump's support was

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Speaker 6: voter anger, especially working class voter anger over inflation high prices,

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Speaker 6: for which they blamed Kamala Harris personally. They didn't want

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Speaker 6: her back in that y. They remember the Trump era,

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Speaker 6: rightly or wrongly, as a time of lower prices, lower inflation,

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Speaker 6: strong paychecks for everybody, and so they voted for Trump

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Speaker 6: in the hopes that he would bring that back. But

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Speaker 6: if you look at what some of Trump is planning

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Speaker 6: to do, you know, the first item on his agenda

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Speaker 6: looks to be extending his twenty seventeen tax cuts and

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Speaker 6: maybe even cutting corporate taxes deeper than he did the

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Speaker 6: first time around, which would be very exciting to his

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Speaker 6: Wall Street contingent, to his billionaire contingent. But it could

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Speaker 6: certainly help exacerbate inflation, as could a steep.

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Speaker 5: Round of tariff.

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Speaker 6: So on the one hand, you know, you could satisfy

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Speaker 6: one half of the coalition, But if the cost of

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Speaker 6: that was for prices, inflation, and interest rates to rise again,

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Speaker 6: then a lot of the same working class voters who

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Speaker 6: supported him two weeks ago could potentially turn on him

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Speaker 6: and Republicans in the midterm elections and handpower back to

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Speaker 6: the Democrats.

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Speaker 2: Hey, how much do you think, though Donald J. Trump

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Speaker 2: thinks about the midterms at this point? All right?

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Speaker 3: I mean essentially, right, this is his second term, he's

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Speaker 3: a lame duck president.

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Speaker 2: He can do a lot of stuff, and he's got

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Speaker 2: a Congress, But how much do you think he thinks

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Speaker 2: about what happens at midterms versus following through on his mandate?

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Speaker 5: It's a great question, Carrol.

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Speaker 6: It's one I've asked to some people around him, and

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Speaker 6: the truthful answer I got is he doesn't really care

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Speaker 6: at all. What he cares about is this approval rating.

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Speaker 6: He'd like to have a booming stock market the way

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Speaker 6: he did in his first term, and so part of

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Speaker 6: the thinking in Trump world is that even if he

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Speaker 6: did promote someone a Treasury secretary who got behind this

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Speaker 6: tariff regime and things went badly in the economy, if

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Speaker 6: the market were to fall, that might be a kind

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Speaker 6: of disciplining mechanism for Trump to step back a little bit,

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Speaker 6: because he really does view the stock market, the S

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Speaker 6: and P as a kind of verdict on the success

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Speaker 6: or failure of his presidency. But certainly, thinking about the

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Speaker 6: fortunes of congressional Republicans in twenty twenty six probably not

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Speaker 6: top of mind for Donald Trump right now.

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Speaker 5: That's interesting to hear. Why do you think that is?

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Speaker 4: Because it sort of does provide, to a certain extent,

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Speaker 4: a check on what he's able to do, Because if

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Speaker 4: he puts policies into place that are unpopular among his base,

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Speaker 4: then he could really pay a price in the midterms.

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Speaker 5: Yeah, he could.

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Speaker 6: I mean, I've gotten a couple answers from that in

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Speaker 6: my reporting. One is that Trump simply does not believe

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Speaker 6: what most mainstream economists believe, and that is that tariffs

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Speaker 6: are inflationary and the cost will be passed along to

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Speaker 6: consumers in the form of higher prices. I and my

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Speaker 6: Business We colleagues got to ask Trump about that for

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Speaker 6: a Business We Cover story cover interview we did with

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Speaker 6: Donald Trump back in July at mar A Lago, and

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Speaker 6: he simply disagrees. He said, well, if tariffs were inflationary,

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Speaker 6: we would have had inflation during my first presidency when

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Speaker 6: I imposed rounds of tariffs, and we didn't, and therefore

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Speaker 6: it's not going.

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Speaker 5: To be a problem.

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Speaker 6: A lot of people around Trump publicly surrogates, have taken

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Speaker 6: to echoing those points. So, as one of my sources

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Speaker 6: pointed out to me in my current Business Week story,

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Speaker 6: Trump doesn't believe that tariffs are inflationary. Therefore he's not

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Speaker 6: going to believe it until they're implemented and until we

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Speaker 6: see inflation. So to me, that suggests that we may

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Speaker 6: be in for a rocky ride financially economically over the

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Speaker 6: next four years if Trump is able to go ahead

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Speaker 6: and do what he says he's going to do. And

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Speaker 6: there are fewer guardrails and fewer breaks with Republicans controlling

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Speaker 6: all three branches of Congress now than there were last

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Speaker 6: time around. So I think I think his theories on

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Speaker 6: tariffs and everything else make it a real test run.

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Speaker 2: I also do wonder, Josh, do you think Donald Trump

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Speaker 2: thinks about his legacy? You know two assassination tempts, you know,

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Speaker 2: one that we you know, obviously more serious it seems,

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Speaker 2: in certainly than the other one. But I do wonder

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Speaker 2: if he's an older man, right, we all get older,

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Speaker 2: we start to think about kind of our life's impact.

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Speaker 2: Is this your understanding of him?

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Speaker 3: You think he's thinking about that?

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Speaker 6: In this second, I'll say this, I'll say that you know,

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Speaker 6: he and I have I've never had that discussion. But

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Speaker 6: from everything I've seen from him, from everything I've heard

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Speaker 6: from people around him, Trump tends to live in the

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Speaker 6: here and now. I mean he is responsive to the

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Speaker 6: cable chirons that he sees on TV. He's responsive to

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Speaker 6: the closing price in the stock market. He's responsive to,

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Speaker 6: you know, whether or not the Justice Department is going

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Speaker 6: to convict him and send him to jail. Which it

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Speaker 6: doesn't look what they are now, not so much thinking

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Speaker 6: about how his obituary will look in the New York Times.

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Speaker 6: But that being said, look, all presidents like to succeed.

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Speaker 6: I'm sure Trump would like high approval numbers and a

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Speaker 6: lot of the signifiers that Trump looks to for validation,

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Speaker 6: things like the level of the stock market, the wealth

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Speaker 6: of the United States, the trade deficit. Those are all

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Speaker 6: measuring sticks that I think Trump is going to use

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Speaker 6: to measure his own performance. And we'll have to see

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Speaker 6: if he can get those boosted along the lines that

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Speaker 6: I know he wants to based on the policies that

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Speaker 6: he said he's going to pursue, and if he can

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Speaker 6: do it without breaking apart that broad coalition of both

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Speaker 6: Wall Street folks and working class folks that got him

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Speaker 6: elected on November.

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Speaker 4: Fifth, Josh to speaking of policies, do you believe that

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Speaker 4: he will actually make good based on the folks you

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Speaker 4: talk to of deporting millions of people who are here

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Speaker 4: illegally on day one.

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Speaker 6: He's certainly shown every sign that he intends to do that,

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Speaker 6: both from the people he's put in top level positions,

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Speaker 6: people like Stephen Miller and Tom Holmans, that would lead

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Speaker 6: that effort to some of the comments he's made more

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Speaker 6: recently about being willing to deputize US law enforcement to

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Speaker 6: help carry out this deportation. So, everything we've seen so

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Speaker 6: far suggests that yes, Trump is very serious about that

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Speaker 6: and intends to pursue it as president.

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Speaker 2: Hey, just thirty seconds here to wrap up, and you've

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Speaker 2: wrap up your piece. I mean, Donald Trump may also

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Speaker 2: just be lucky in terms of timing right policies put

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Speaker 2: in place by the Body administration. He may reap the

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Speaker 2: benefits up just quickly.

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Speaker 5: Yeah. I mean.

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Speaker 6: The thing that galls so many Biden people and so

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Speaker 6: many Democratic sources is look at the economy Joe Biden

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Speaker 6: has bequeathed Donald Trump. Inflation coming down, the stock market

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Speaker 6: is at record highs. We have all these new jobs

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Speaker 6: in manufacturing factories being built all across the country with

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Speaker 6: money that Biden really helped put in place. And now

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Speaker 6: Donald Trump is about to take over as president and

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Speaker 6: reap the political benefits and credit for all of those things.

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Speaker 6: Great timing for Donald Trump, not so great timing for

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Speaker 6: Joe Biden.

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Speaker 3: Sowa's bat timing, isn't it all right? Josh Green? Good stuff?

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Speaker 3: Thank you?

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Speaker 2: Thank you, Bloomberg BusinessWeek National correspondent. Check out his story

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Speaker 2: on the Bloomberg and at Bloomberg dot com slash BusinessWeek.

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Speaker 1: You're listening to the Bloomberg Business Week podcast. Catch US

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Speaker 1: Live weekday afternoons from two to five pm Eastern. Listen

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Speaker 1: on Apple card Play and then brought auto with a

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Speaker 1: Bloomberg Business app, or watch US Live on YouTube.

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Speaker 5: Robert F.

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Speaker 2: Kennedy Junior's selection to service President like Donald Trump's top

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Speaker 2: health official, is prompting questions from policy watchers over how

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Speaker 2: the pick will handle the range of health and really

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Speaker 2: key health policies that would fall under his per.

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Speaker 4: He's an environmental lawyer and vocal vaccine skeptic. He's publicly

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Speaker 4: taken positions against food additives and immunization recommendations, but the

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Speaker 4: nominee for Secretary of the US Department of Health and

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Speaker 4: Human Services has been relatively quiet on many of the

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Speaker 4: other issues he would oversee while leading thirteen supporting agencies

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Speaker 4: in more than eighty thousand federal employees. So let's get

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Speaker 4: to the interview we got with US doctor Paul Offitt,

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Speaker 4: director of the Vaccine Education Center at the Children's Hospital

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Speaker 4: of Philadelphia, who joins us from Philadelphia.

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Speaker 5: Doctor, good to have you with us.

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Speaker 4: How might RFK Junior impact healthcare, food, medical research and

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Speaker 4: more here in the US.

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Speaker 7: He is a very long anti vaccine activist. He is

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Speaker 7: a science denialist, and he is a conspiracy theorist. This

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Speaker 7: is not the kind of person you want to head

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Speaker 7: health agencies. I mean he has said that no vaccine

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Speaker 7: is a benefit. He has said that the polio vaccine

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Speaker 7: killed more people than it ever saved. He thinks that

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Speaker 7: HIV human and deficiency virus is not the cause of AIDS.

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Speaker 7: He's an AIGs denialist. He thinks we should drink raw milk,

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Speaker 7: which will put us one once again in a position

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Speaker 7: of risking things like campelo bacer and he call I

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Speaker 7: in salmonella. He thinks that the SARS virus was created

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Speaker 7: in the laboratory and specifically designed to spare Ashkenazi Jews

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Speaker 7: in Chinese and target whites and blacks. I mean, this

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Speaker 7: is the man you want to head health agencies.

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Speaker 5: I don't think.

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Speaker 3: So what scares you the most, Well, what scares.

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Speaker 7: Me the most is is that that he now has

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Speaker 7: has a bigger platform to be anti vaccine. So I

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Speaker 7: mean He's always had a platform owing to the famous name,

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Speaker 7: but now that he's even considered for this position gives

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Speaker 7: him a certain level of credibility, which he certainly doesn't deserve.

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Speaker 7: Let's suppose you have a vaccine that is submitted to

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Speaker 7: the FDA for licensure, and it's it's excellent, and it's

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Speaker 7: better than what we've had. I think, you know, say

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Speaker 7: I'm on the FDA Vaccine Devisory Committee. Let's say that

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Speaker 7: we recommend a licensure, and then the FDA considers that

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Speaker 7: recommendation and degrees he could say, no, I think there

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Speaker 7: needs to be more study. Similarly, he could could try

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Speaker 7: and strip away the the CDC's capacity to recommend vaccines.

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Speaker 7: He could take the advisory committees to both those agencies

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Speaker 7: FDA and CDC and try and stock it with people

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Speaker 7: who are similarly like minded science denialists, such as himself.

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Speaker 7: I don't understand this. And when he talks about, for example,

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Speaker 7: something that makes sense, which is trying to make our

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Speaker 7: country healthier, decrease obesity, decrease type two diabetes and the

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Speaker 7: consequences of those disorders such as strokes and heart attacks,

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Speaker 7: I'm all for that. Great idea. But there are a

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Speaker 7: lot of people out there who could do that job

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Speaker 7: much better than he can given his science denialism.

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Speaker 2: Doctor offittt on vaccine specifically, Robert F. Kennedy, as you know,

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Speaker 2: has often been referred to as a vaccine skeptic. You

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Speaker 2: call yourself a vaccine skeptic.

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Speaker 3: What's the difference.

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Speaker 7: A skeptic is somebody who says, prove it to me,

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Speaker 7: show me you're right. So when we sit around the

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Speaker 7: table at the FDA Vaccine Advisor Committee and consider vaccines,

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Speaker 7: as we did for the COVID vaccines, for example, in

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Speaker 7: December of twenty twenty, show us the data, prove that

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Speaker 7: it's effective, prove that it's safe, so that we can

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Speaker 7: then recommend it in good conscience. That's skepticisms. Skepticism is healthy.

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Speaker 7: He's a cynic. He's a vaccine cynic. He doesn't believe

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Speaker 7: the data. He thinks that there are dark, evil forces

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Speaker 7: working behind the scenes that are misrepresenting data. What he

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Speaker 7: doesn't realize is that there.

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Speaker 5: Is no hiding.

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Speaker 7: Even a farm pharmacytical company misrepresented data on safety or

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Speaker 7: efficacy that will soon be found out because there are

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Speaker 7: post marketing studies like that can be done by the

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Speaker 7: Vaccine Safety Data Link, where you'll know if there's a

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Speaker 7: problem immediately. There is no hiding, so his whole premise

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Speaker 7: is wrong.

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Speaker 4: One thing that I've been wondering is how different are

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Speaker 4: we than other developed countries or other wealthy countries when

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Speaker 4: it comes to vaccine schedules.

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Speaker 5: Doctor?

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Speaker 4: Do we do things differently than other countries around the world.

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Speaker 7: We tend to recommend more vaccines than most other countries. So,

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Speaker 7: for example, the chicken pox vaccine, which came onto the

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Speaker 7: market in nineteen ninety five is not used in a

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Speaker 7: number of developed world countries. They're willing to have children

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Speaker 7: suffer tricken pox. In this country, obviously, there would be

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Speaker 7: millions of cases of chicken pox a year, and there

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Speaker 7: be about about seventy five two hundred people who would

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Speaker 7: die off chicken pox, and there would be tens of

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Speaker 7: thousands of hospitalizations. So we thought that was worth eliminating.

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Speaker 7: But you know, not all countries felt the same way.

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Speaker 4: Other than that, though, are there aren't big differences?

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Speaker 5: No? No, For the most.

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Speaker 7: Part, the developed world doesn't like children, so we would.

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Speaker 4: So if you did over end up overseeing the CDC

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Speaker 4: and changing the recommendations we'd be an outlier in this

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Speaker 4: country based on some of the recommendtions that he could make.

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Speaker 7: Right, I think his fanatical anti vaccine activismsm has already

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Speaker 7: scared people. I mean, if you look, for example, over

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Speaker 7: the last few years, our number of cases of measles

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Speaker 7: have increased dramatically. Last year we had three thousand cases

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Speaker 7: of protesterler hooping cough. This year we have seventeen thousand.

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Speaker 7: We've had more than two hundred children less than eighteen

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Speaker 7: years of eight dive influenza over the pasture. That's a

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Speaker 7: high number. So you're already seeing an erosion in trust,

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Speaker 7: already seeing an erosion in vaccine rates among kindergartens, and

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Speaker 7: as a content winch, you're seeing an increase in infectious

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Speaker 7: diseases that are preventable. It's unconscionable.

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Speaker 3: I have to say.

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Speaker 2: I have talked with colleagues and friends and associates who

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Speaker 2: have autistic children now adults, and who are open to

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Speaker 2: the idea that maybe vaccines cause this problem. So like

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Speaker 2: there is you know, I've had these discussions. I guess

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Speaker 2: what I wonder about, are we going to maybe depending

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Speaker 2: on what comes out If RFK is indeed our next

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Speaker 2: top health voice.

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Speaker 3: Here in the administration.

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Speaker 2: That will that potentially lead to maybe some kind of

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Speaker 2: ruling or mandate that comes down that says we don't

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Speaker 2: believe in vaccines and then are they not covered by insurance? Like,

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Speaker 2: how does this potentially play out realistically?

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Speaker 7: Right? So, so there's the Vaccine for Children's program which

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Speaker 7: was born in the nineteen nineties and the Clinton administration

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Speaker 7: which basically covers about half of the vaccines in this

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Speaker 7: country for children who are either under insured or uninsured.

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Speaker 7: I don't think he could touch that. I mean, that's

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Speaker 7: really a congressional program. The Congress would have to agree

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Speaker 7: to that.

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Speaker 5: I can't imagine that happening.

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Speaker 7: He could make it more difficult to get insurance generally

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Speaker 7: for vaccines, making them more expensive for the consumer, that's possible.

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Speaker 7: I mean, I think he'll do everything he can to

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Speaker 7: lessen immunization rate.

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Speaker 5: This is what he says.

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Speaker 7: I think that, you know, the parents should make decisions

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Speaker 7: well with their doctor and basically pull the CCC out

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Speaker 7: of it. Let let us look at the real data.

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Speaker 7: And he's going to show us the real data because

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Speaker 7: only he knows the real data, because he's a conspiracy theorist,

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Speaker 7: it's hard to watch. I do think there'll be an

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Speaker 7: erosion in vaccine rates and regarding autism, it's fair to

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Speaker 7: ask the question, my child was fine, they got a vaccine,

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Speaker 7: Now they're not fine. Could the vaccine have done it?

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Speaker 7: That's an answerable question, and it's been answered. There's been

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Speaker 7: eighteen studies done in seven country on three con instead

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Speaker 7: have shown vaccines don't cause autism. It's question asked unanswered.

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Speaker 3: Is the medical community, you know, gearing up to fight back.

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Speaker 7: Yes, but again, you know we're not good at this stuff.

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Speaker 7: I mean I think, well, fight will certainly fight back

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Speaker 7: the way we knew how, which is which is to

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Speaker 7: try and present all the day that we know supports vaccines.

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Speaker 7: But this is really becoming a political issue. So I

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Speaker 7: think it's going to have to have a political solution.

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Speaker 7: I think we're going to have to find those senators who,

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Speaker 7: assuming there is a confirmation hearing, that are reasonable enough

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Speaker 7: to say that this is not the guy you want

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Speaker 7: in that position.

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Speaker 4: So after RFK was announced, the Governor of Colorado, Jared Polish,

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Speaker 4: sent a post on accident said he was excited because

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Speaker 4: of a vaccine choice and he helped push back in

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Speaker 4: Colorado when it came to this particular topic, can you

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Speaker 4: share your view as to why it's important for lots

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Speaker 4: of people to get vaccines, because if it is a

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Speaker 4: parent's choice, and you know that parent chooses to get

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Speaker 4: their kid vaccinate against something, it's not necessarily that that

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Speaker 4: kid is actually protected if other kids aren't protected.

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Speaker 5: Exactly right.

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Speaker 7: So if you step on a rusty nail and you

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Speaker 7: go to the doctor and you say I don't want

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Speaker 7: a tennis vaccine and you get tetanus, no one's going

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Speaker 7: to catch tennis from you. It's not a contagious disease.

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Speaker 7: Measles is, influenza is, and others are. So a choice

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Speaker 7: not to get a vaccine is a choice not only

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Speaker 7: for yourself, but for those with whom you come in contact.

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Speaker 7: And remember there are about nine million people in this country.

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Speaker 7: You can't be vaccinated because they're getting chemotherapy for their

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Speaker 7: cancer or immute suppressive therapy for the autoimmune diseases. They

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Speaker 7: depend on those around them to protect them. Do we

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Speaker 7: have any responsibility for our neighbors? It is hard to

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Speaker 7: watch if you look what happened with Stars Kobe two,

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Speaker 7: those counties that were generally under vaccinated had much higher

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Speaker 7: rates of hospitalization and death than those counties that were

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Speaker 7: highly vaccinated, and that affects the people. If you're better

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Speaker 7: off actually being unvaccinated living in a highly vaccinated community

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Speaker 7: than being vaccinated living in a highly unvaccinated unity.

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Speaker 5: That's wild to hear.

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Speaker 4: What about the power of states and local municipalities over this?

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Speaker 4: For example, I have a kid in the New York

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Speaker 4: City public school district and he has to get a

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Speaker 4: certain number of vaccines in order to actually be able

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Speaker 4: to go to school. That's a way for them to say, Okay,

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Speaker 4: well we are making this choice, or for the parent

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Speaker 4: to make this choice to vaccine back their kids against

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Speaker 4: these things. Isn't their power there at the local level.

439
00:21:04,600 --> 00:21:06,840
Speaker 7: Yeah, Well, mandates are state run. I mean, there's not

440
00:21:07,000 --> 00:21:10,400
Speaker 7: federal mandates. I mean the school vaccine mandates are done

441
00:21:10,400 --> 00:21:12,879
Speaker 7: by states, and different states actually have different vaccines that

442
00:21:12,960 --> 00:21:15,919
Speaker 7: they mandate. But we've had school mandates from the books

443
00:21:15,920 --> 00:21:19,280
Speaker 7: for decades. There was about by nineteen sixty four to five,

444
00:21:19,320 --> 00:21:23,000
Speaker 7: about twenty five schools states had school mandates. By the

445
00:21:23,040 --> 00:21:25,280
Speaker 7: mid seventies, that went up to forty by nineteen eighty one,

446
00:21:25,320 --> 00:21:28,440
Speaker 7: all fifty states had school vaccine mandates, and with that,

447
00:21:28,520 --> 00:21:31,200
Speaker 7: with the enforcement of school vaccine mandates, we went from

448
00:21:31,440 --> 00:21:34,240
Speaker 7: forty seven thousand cases of measles a year, seventy five

449
00:21:34,280 --> 00:21:36,760
Speaker 7: thousand cases of measles a year, one hundred and fifty

450
00:21:36,800 --> 00:21:39,479
Speaker 7: deaths from measles a year, to eliminating that disease from

451
00:21:39,520 --> 00:21:41,800
Speaker 7: this country by the year two thousand. But it's come

452
00:21:41,840 --> 00:21:44,399
Speaker 7: back in part because the critical percentage of parents are

453
00:21:44,440 --> 00:21:45,920
Speaker 7: choosing not to vaccinate their children.

454
00:21:46,080 --> 00:21:47,600
Speaker 3: Yeah, numbers tell a story.

455
00:21:47,760 --> 00:21:50,919
Speaker 2: Hey, listen, speaking of choice revaccination, You know, we do

456
00:21:51,000 --> 00:21:55,000
Speaker 2: have choices what to eat, We have choices. McDonald's is

457
00:21:55,480 --> 00:21:57,879
Speaker 2: clearly a favorite a president like Donald Trump.

458
00:21:58,320 --> 00:21:59,040
Speaker 3: During the campaign.

459
00:21:59,040 --> 00:22:01,640
Speaker 2: He even helps serve cuss at one restaurant. I got

460
00:22:01,680 --> 00:22:03,160
Speaker 2: to say, I'm a fan of their fries.

461
00:22:03,480 --> 00:22:04,320
Speaker 3: Full disclosure.

462
00:22:04,440 --> 00:22:06,919
Speaker 2: We've seen Donald Trump and RFK Junior and Elon and

463
00:22:06,960 --> 00:22:09,280
Speaker 2: others chowing down on McDonald's together.

464
00:22:09,400 --> 00:22:11,600
Speaker 4: Oh, to be fair, rfk's holding the burger. He's not

465
00:22:11,680 --> 00:22:12,160
Speaker 4: chowing yet.

466
00:22:12,240 --> 00:22:15,080
Speaker 2: Yes, okay, so maybe he's just holding maybe the little

467
00:22:15,080 --> 00:22:18,120
Speaker 2: osmosis going on there. Just got about thirty seconds here.

468
00:22:18,200 --> 00:22:20,399
Speaker 2: I do think about the role of Donald Trump, what

469
00:22:20,560 --> 00:22:25,080
Speaker 2: impact he might have in terms of his thinking about

470
00:22:25,240 --> 00:22:28,200
Speaker 2: health and medical care and all that good stuff. I mean,

471
00:22:28,240 --> 00:22:29,879
Speaker 2: we saw what he did during his first term with

472
00:22:30,000 --> 00:22:33,280
Speaker 2: COVID and getting a vaccine, So how do you think

473
00:22:33,359 --> 00:22:36,560
Speaker 2: his impact might be on what goes on in this area?

474
00:22:36,560 --> 00:22:38,320
Speaker 3: And again, just got about thirty seconds.

475
00:22:39,080 --> 00:22:39,159
Speaker 6: Now.

476
00:22:39,440 --> 00:22:41,639
Speaker 7: I think he's hard to predict Donald Trump. But I

477
00:22:41,680 --> 00:22:44,080
Speaker 7: think that scene though, with him sitting there and Elon

478
00:22:44,160 --> 00:22:47,160
Speaker 7: Musk and RFK Junior and Mike Johnson and others eating

479
00:22:47,240 --> 00:22:50,159
Speaker 7: eating Donald's, I think my take home from a message

480
00:22:50,160 --> 00:22:53,240
Speaker 7: from that scene was Donald Trump telling Robert Kennedy Jr.

481
00:22:53,560 --> 00:22:57,240
Speaker 7: You'll eat what I tell you to.

482
00:22:57,640 --> 00:22:58,000
Speaker 5: I believe.

483
00:22:58,000 --> 00:23:01,000
Speaker 4: Donald Trump Junior retweeted that and said the Make America

484
00:23:01,040 --> 00:23:02,480
Speaker 4: Healthy Again starts tomorrow.

485
00:23:03,560 --> 00:23:06,320
Speaker 2: So I gotta say I love a happy meal as well.

486
00:23:06,800 --> 00:23:09,840
Speaker 2: Doctor Paul Offit, this was a treat a pleasure. Thank

487
00:23:09,880 --> 00:23:12,159
Speaker 2: you so much for finding time for as doctor Paul Offfitt,

488
00:23:12,160 --> 00:23:17,120
Speaker 2: director of the Vaccine Education Center the Children's Hospital of Philadelphia.

489
00:23:17,400 --> 00:23:21,240
Speaker 1: You're listening to the Bloomberg Business Week podcast. Listen live

490
00:23:21,359 --> 00:23:23,960
Speaker 1: each weekday. He's starting at two pm Eastern on Apple

491
00:23:24,040 --> 00:23:27,040
Speaker 1: car Play and Android Auto. With the Bloomberg Business app.

492
00:23:27,160 --> 00:23:30,000
Speaker 1: You can also listen live on Amazon Alexa from our

493
00:23:30,040 --> 00:23:34,399
Speaker 1: flagship New York station, Just say Alexa play Bloomberg eleven thirty.

494
00:23:35,560 --> 00:23:37,359
Speaker 4: Well, we talk a lot about the performance of the

495
00:23:37,440 --> 00:23:39,679
Speaker 4: S and P five hundred and the Nasdaq one hundred.

496
00:23:39,680 --> 00:23:41,239
Speaker 4: By the way, the S and P five hundred up

497
00:23:41,280 --> 00:23:43,080
Speaker 4: more than twenty three percent so far this year, the

498
00:23:43,160 --> 00:23:45,040
Speaker 4: Nasdaq one hundred up more than twenty two percent.

499
00:23:45,520 --> 00:23:48,159
Speaker 5: Large caps and megacaps have done well this year. We

500
00:23:48,240 --> 00:23:51,040
Speaker 5: know that small caps not so much. The RUST two.

501
00:23:50,880 --> 00:23:54,439
Speaker 4: Thousand only up around fourteen percent so far this year. Well,

502
00:23:54,480 --> 00:23:56,760
Speaker 4: Mike Road thinks that could be about to change. He's

503
00:23:56,800 --> 00:23:59,640
Speaker 4: senior investment director at American Century Investments. They've got about

504
00:24:00,240 --> 00:24:02,760
Speaker 4: and sixty billion dollars in assets under management, forty five

505
00:24:02,800 --> 00:24:06,520
Speaker 4: billion of which is invested in actively managed small cap strategies.

506
00:24:06,800 --> 00:24:10,040
Speaker 4: Mike joins us here in the Bloomberg Interactive at Brokers Studio.

507
00:24:10,320 --> 00:24:10,960
Speaker 5: Mike welcome.

508
00:24:11,080 --> 00:24:11,359
Speaker 1: Thanks.

509
00:24:12,000 --> 00:24:15,120
Speaker 4: Single biggest catalyst in your view in the last few

510
00:24:15,119 --> 00:24:17,880
Speaker 4: weeks for small caps or right now for small caps,

511
00:24:17,880 --> 00:24:18,199
Speaker 4: what is it?

512
00:24:18,280 --> 00:24:21,399
Speaker 8: Yeah, it's say the Trump election for sure, and the

513
00:24:21,440 --> 00:24:21,840
Speaker 8: red wave.

514
00:24:22,040 --> 00:24:22,679
Speaker 3: There was an election.

515
00:24:22,760 --> 00:24:26,600
Speaker 8: There was an election breaking news, I think, but that

516
00:24:26,680 --> 00:24:30,560
Speaker 8: really just through fuel on the fire that had already started.

517
00:24:30,560 --> 00:24:33,240
Speaker 8: Around July, you started to see a market rotation towards

518
00:24:33,240 --> 00:24:37,879
Speaker 8: small caps. What you have is expected earnings growth of

519
00:24:38,000 --> 00:24:41,480
Speaker 8: nearly eighteen percent next year. That's higher than midcaps, that's

520
00:24:41,520 --> 00:24:45,399
Speaker 8: higher than large caps. Rather magnificent seven still growing a

521
00:24:45,480 --> 00:24:48,119
Speaker 8: twenty percent plus next year, but that's slowing, whereas you

522
00:24:48,200 --> 00:24:51,920
Speaker 8: have accelerating earnings for small caps, which have actually had

523
00:24:51,960 --> 00:24:54,720
Speaker 8: negative earnings the last two years. So you're coming out

524
00:24:54,720 --> 00:24:58,159
Speaker 8: of a small cap earnings recession and you're getting acceleration

525
00:24:58,240 --> 00:25:00,200
Speaker 8: into next year, and we think that that's to be

526
00:25:00,240 --> 00:25:01,760
Speaker 8: a real growth driver for the ASA class.

527
00:25:01,840 --> 00:25:03,919
Speaker 2: So the expectation what that the US economy is going

528
00:25:03,960 --> 00:25:07,360
Speaker 2: to do better, maybe tariffs push back on foreign imports,

529
00:25:07,359 --> 00:25:10,080
Speaker 2: and so that's good for those smaller cap companies that

530
00:25:10,160 --> 00:25:12,280
Speaker 2: tend to be here in the US focused on the

531
00:25:12,359 --> 00:25:13,760
Speaker 2: US doing work in the US.

532
00:25:13,840 --> 00:25:14,399
Speaker 5: Yeah, exactly.

533
00:25:14,440 --> 00:25:16,359
Speaker 8: So small caps get about eighty percent of the revenue

534
00:25:16,359 --> 00:25:18,200
Speaker 8: from inside the United States. So if you're positive on

535
00:25:18,240 --> 00:25:20,199
Speaker 8: the US, the best way to play that is with

536
00:25:20,280 --> 00:25:24,000
Speaker 8: small caps, and restoring has been a major positive catalyst

537
00:25:24,119 --> 00:25:28,120
Speaker 8: for small caps in terms of again bringing manufacturing back

538
00:25:28,160 --> 00:25:32,320
Speaker 8: to the US, and with Trump getting elected and tariffs

539
00:25:32,320 --> 00:25:35,200
Speaker 8: are likely kicking in. That's probably going to accelerate restoring

540
00:25:35,359 --> 00:25:37,119
Speaker 8: even more, and small caps are the best way to

541
00:25:37,160 --> 00:25:37,479
Speaker 8: play that.

542
00:25:37,600 --> 00:25:37,760
Speaker 1: Mike.

543
00:25:37,760 --> 00:25:39,520
Speaker 2: One thing I wanted to ask you since the election,

544
00:25:39,760 --> 00:25:41,760
Speaker 2: what have you seen in terms of investment flows, Because

545
00:25:41,800 --> 00:25:44,479
Speaker 2: if you look at the russell is up about two

546
00:25:44,520 --> 00:25:46,800
Speaker 2: percent since the election, it's pretty much the same as

547
00:25:46,800 --> 00:25:47,840
Speaker 2: the S and P five hundred.

548
00:25:47,880 --> 00:25:50,600
Speaker 3: Where has money been going into since the outcome?

549
00:25:50,680 --> 00:25:52,840
Speaker 8: Yeah, so there's been about eight billion that's flown in

550
00:25:53,119 --> 00:25:57,000
Speaker 8: float into the small cap etf since November. That's pretty good,

551
00:25:57,000 --> 00:25:59,760
Speaker 8: but you actually saw ten billion in July when the

552
00:25:59,760 --> 00:26:02,720
Speaker 8: thought was that rates where we were starting a kind

553
00:26:02,720 --> 00:26:05,720
Speaker 8: of rate cut cycle. So you still haven't seen it. Now.

554
00:26:05,720 --> 00:26:07,520
Speaker 8: If you look at how large small caps are in

555
00:26:07,600 --> 00:26:10,160
Speaker 8: terms of the percentage of the broader US equity market,

556
00:26:10,280 --> 00:26:13,920
Speaker 8: still less than four percent. That's fifty percent below average,

557
00:26:14,280 --> 00:26:16,240
Speaker 8: and the last time it was this low was the

558
00:26:16,320 --> 00:26:19,439
Speaker 8: nineteen thirties. So small caps have been a forgotten asset

559
00:26:19,440 --> 00:26:23,320
Speaker 8: class institutionally. And you get a lot of agreement that

560
00:26:23,560 --> 00:26:25,440
Speaker 8: small caps are the place to be over the next

561
00:26:25,440 --> 00:26:27,760
Speaker 8: twelve months, but you haven't yet seen the flows.

562
00:26:28,040 --> 00:26:28,920
Speaker 3: I feel like we have.

563
00:26:28,920 --> 00:26:31,600
Speaker 2: Been talking about everyone saying, here's the reason to buy

564
00:26:31,600 --> 00:26:32,399
Speaker 2: small caps for a.

565
00:26:32,520 --> 00:26:35,200
Speaker 5: Long time, say it, yeah's international.

566
00:26:35,600 --> 00:26:38,960
Speaker 2: Yeah, And yet you're saying it's not like everybody's running in.

567
00:26:39,280 --> 00:26:42,040
Speaker 8: Yeah, not yet. But I think that's actually, frankly a

568
00:26:42,080 --> 00:26:43,680
Speaker 8: good thing. It's kind of the empty room. I think

569
00:26:43,680 --> 00:26:46,840
Speaker 8: now is a good time. There's a lot of expectation

570
00:26:47,119 --> 00:26:49,640
Speaker 8: out there for earnings to accelerate next year. I think

571
00:26:49,680 --> 00:26:52,040
Speaker 8: you're going to have to start to see that now.

572
00:26:52,040 --> 00:26:54,440
Speaker 8: I was at a regional bank conference two weeks ago,

573
00:26:54,560 --> 00:26:55,919
Speaker 8: was the day after Trump got elected.

574
00:26:55,920 --> 00:26:57,760
Speaker 3: Digital banks have done really much.

575
00:26:57,600 --> 00:27:01,199
Speaker 8: Better recently after two years of misery. Uh, and the

576
00:27:01,200 --> 00:27:04,800
Speaker 8: CEOs were literally was it literally? But like Jamie Diamond said,

577
00:27:04,880 --> 00:27:08,040
Speaker 8: dancing in the streets right doing the Trump dance because

578
00:27:08,040 --> 00:27:09,520
Speaker 8: they're they're most excited.

579
00:27:09,280 --> 00:27:11,240
Speaker 2: About someone in the newsroom who does the Trump dance

580
00:27:11,400 --> 00:27:12,040
Speaker 2: really well.

581
00:27:12,119 --> 00:27:13,000
Speaker 5: But I'm not gonna try.

582
00:27:13,080 --> 00:27:13,800
Speaker 3: We're going to table that.

583
00:27:14,640 --> 00:27:18,960
Speaker 8: But deregulation is going to really benefit regional banks, and

584
00:27:19,000 --> 00:27:21,520
Speaker 8: regional banks are also a big beneficiary of restoring right

585
00:27:21,520 --> 00:27:24,680
Speaker 8: when these big new projects get started, you need to

586
00:27:24,960 --> 00:27:27,239
Speaker 8: you need funding for those projects, and regional banks are

587
00:27:27,240 --> 00:27:30,159
Speaker 8: really going to drive the growth in these kind of

588
00:27:30,200 --> 00:27:32,639
Speaker 8: mini regional economies around the country.

589
00:27:32,520 --> 00:27:35,679
Speaker 4: Like, what happens if the FED doesn't lower rates to

590
00:27:35,720 --> 00:27:37,520
Speaker 4: the extent that a lot of people think, they, well,

591
00:27:37,520 --> 00:27:40,240
Speaker 4: what happens if inflation doesn't come down to that two percent?

592
00:27:40,440 --> 00:27:41,080
Speaker 5: Crazily?

593
00:27:41,200 --> 00:27:43,399
Speaker 8: Yeah, that is that is the question I think that

594
00:27:43,560 --> 00:27:45,959
Speaker 8: I think you have to ask the next question why? Okay,

595
00:27:46,040 --> 00:27:48,959
Speaker 8: so why and what does the yield curve look like?

596
00:27:49,000 --> 00:27:52,000
Speaker 8: So if we have growth outpacing, if growth it starts

597
00:27:52,040 --> 00:27:56,160
Speaker 8: to accelerate right three percent plus next year in part

598
00:27:56,240 --> 00:27:59,760
Speaker 8: due to Trump's policies, and inflation doesn't come right down

599
00:27:59,760 --> 00:28:02,080
Speaker 8: to two percent, I think that's okay, that's good news

600
00:28:02,160 --> 00:28:07,720
Speaker 8: is good news and growth Trump's no pun intended inflation,

601
00:28:08,400 --> 00:28:10,040
Speaker 8: it's And then the second part of that is more

602
00:28:10,040 --> 00:28:13,119
Speaker 8: about this shape of the yield curve. So, yes, rates

603
00:28:13,160 --> 00:28:15,320
Speaker 8: not be there might not be eight rate cuts next year,

604
00:28:15,320 --> 00:28:18,080
Speaker 8: But if you have a steepening yield curve, that's a

605
00:28:18,119 --> 00:28:20,720
Speaker 8: really good environment for small caps. We had an inverted

606
00:28:20,960 --> 00:28:23,920
Speaker 8: yield curve for two years. That's really tough for banks

607
00:28:23,920 --> 00:28:26,760
Speaker 8: and for other spread type businesses. And as that yield

608
00:28:26,800 --> 00:28:29,640
Speaker 8: curve reinverts, that's just a really good environment. So I'd

609
00:28:29,640 --> 00:28:31,960
Speaker 8: say focus more on the shape of the yield curve

610
00:28:31,960 --> 00:28:35,199
Speaker 8: as opposed to the absolute interest rate number or how

611
00:28:35,200 --> 00:28:36,560
Speaker 8: many how many times the Fed will cut.

612
00:28:36,640 --> 00:28:38,360
Speaker 3: So the flattening out that we've seen in the belly

613
00:28:38,360 --> 00:28:39,480
Speaker 3: of the curve not great.

614
00:28:40,000 --> 00:28:41,120
Speaker 5: Not great, not great.

615
00:28:41,160 --> 00:28:42,640
Speaker 8: But I think if you believe that we're going to

616
00:28:42,720 --> 00:28:46,080
Speaker 8: have an accelerating GDP over the next couple of years

617
00:28:46,080 --> 00:28:49,040
Speaker 8: because of Trump's policy, small caps are the biggest beneficiary

618
00:28:49,040 --> 00:28:49,240
Speaker 8: of that.

619
00:28:49,360 --> 00:28:51,959
Speaker 2: But if we have an accelerating GDP and we have

620
00:28:52,000 --> 00:28:54,880
Speaker 2: too much money back in the economy, which leads to inflation,

621
00:28:55,080 --> 00:28:57,840
Speaker 2: we know from Fitcher jpow we're not quite there yet.

622
00:28:58,960 --> 00:29:01,160
Speaker 2: I do think about the implications of that and the

623
00:29:01,200 --> 00:29:03,200
Speaker 2: impact that they could have on small caps or other sectors.

624
00:29:03,280 --> 00:29:06,360
Speaker 8: Yeah, I think it comes down to that, why do

625
00:29:06,400 --> 00:29:09,520
Speaker 8: we have inflation? Is there too much money flooding the systry?

626
00:29:09,600 --> 00:29:11,360
Speaker 3: Do you think we have too much inflation.

627
00:29:11,600 --> 00:29:14,080
Speaker 5: Right now or in the future? Yeah?

628
00:29:14,280 --> 00:29:16,120
Speaker 8: Yeah, right now, I think we're still we still have

629
00:29:16,160 --> 00:29:19,600
Speaker 8: that hangover from all the COVID spending going forward. If

630
00:29:19,600 --> 00:29:23,440
Speaker 8: you have there could be an increase in inflation coming

631
00:29:23,480 --> 00:29:26,880
Speaker 8: from the tariffs, right or the threat of tariffs, and

632
00:29:27,280 --> 00:29:30,160
Speaker 8: most of these companies will probably price that through to

633
00:29:30,200 --> 00:29:31,400
Speaker 8: the end consumer.

634
00:29:31,080 --> 00:29:32,440
Speaker 3: Or tax breaks some have said.

635
00:29:32,720 --> 00:29:35,360
Speaker 2: I mean, what's interesting is we had actually a listener,

636
00:29:35,640 --> 00:29:37,880
Speaker 2: a Bloomberg terminal users say, listen, we got to push

637
00:29:37,880 --> 00:29:40,080
Speaker 2: back a little bit on tariffs and the impact on inflation,

638
00:29:40,600 --> 00:29:44,120
Speaker 2: because you know, maybe there have been economists and folks

639
00:29:44,120 --> 00:29:46,320
Speaker 2: on our air that have also said maybe that's not

640
00:29:46,440 --> 00:29:46,880
Speaker 2: the case.

641
00:29:46,960 --> 00:29:48,600
Speaker 3: So we'll have to see on that one.

642
00:29:48,840 --> 00:29:52,680
Speaker 2: But I do think about tax cuts creating more velocity

643
00:29:52,680 --> 00:29:55,560
Speaker 2: in terms of money in the system, that could be Inflationay,

644
00:29:55,600 --> 00:29:55,880
Speaker 2: we just.

645
00:29:55,800 --> 00:29:56,840
Speaker 3: Heard that with our Josh Green.

646
00:29:56,960 --> 00:30:00,360
Speaker 4: What about immigration policy and the labor market something I

647
00:30:00,360 --> 00:30:05,400
Speaker 4: think about a lot. According to the Center for Migration Studies,

648
00:30:06,440 --> 00:30:10,360
Speaker 4: there are about eleven point seven million undocumented.

649
00:30:09,880 --> 00:30:10,920
Speaker 5: People here in the US.

650
00:30:11,920 --> 00:30:15,040
Speaker 4: If they get deported in a very short period of time,

651
00:30:15,200 --> 00:30:16,640
Speaker 4: there are gonna be a lot of people who are

652
00:30:16,680 --> 00:30:17,680
Speaker 4: looking to fill jobs.

653
00:30:17,720 --> 00:30:17,960
Speaker 5: Yeah.

654
00:30:18,120 --> 00:30:20,640
Speaker 4: Yeah, a lot of managers looking to fill for sure.

655
00:30:20,640 --> 00:30:22,440
Speaker 4: I think I'm wondering what that does to the labor market.

656
00:30:22,480 --> 00:30:24,720
Speaker 8: Yeah, I think the labor market is more in balance

657
00:30:24,840 --> 00:30:26,960
Speaker 8: today than it was just a couple of years ago.

658
00:30:27,080 --> 00:30:30,760
Speaker 8: So yeah, the immigration, that's that is a potential risk

659
00:30:31,000 --> 00:30:35,760
Speaker 8: to the inflation environment. But if you're getting that inflation

660
00:30:35,960 --> 00:30:38,760
Speaker 8: because the economy is growing and there's more supply chains

661
00:30:38,800 --> 00:30:41,440
Speaker 8: being built out here in the US. I think that's

662
00:30:41,480 --> 00:30:43,959
Speaker 8: a good thing if you get it in the fundamentals

663
00:30:44,120 --> 00:30:46,640
Speaker 8: of these small cap companies. If you're getting that ten percent,

664
00:30:46,760 --> 00:30:49,760
Speaker 8: fifteen twenty percent earnings growth, and all research shows that

665
00:30:49,840 --> 00:30:52,440
Speaker 8: dollars follows earnings growth, and I think that's going to

666
00:30:52,440 --> 00:30:53,960
Speaker 8: be viewed as a positive thing.

667
00:30:54,080 --> 00:30:56,160
Speaker 2: Although voters have said they don't like inflation, and that

668
00:30:56,240 --> 00:30:58,080
Speaker 2: was a clear mandate. Hey, listen before you go, got

669
00:30:58,120 --> 00:30:59,760
Speaker 2: about a minute left here, Let's talk groups.

670
00:31:00,680 --> 00:31:03,200
Speaker 3: What do you like in this environment? Which you like?

671
00:31:03,360 --> 00:31:03,560
Speaker 2: Yeah?

672
00:31:03,560 --> 00:31:07,600
Speaker 8: I think banks mentioned it's uh, regionals. Yeah, they've had

673
00:31:07,760 --> 00:31:10,520
Speaker 8: they've had a bit of a run since Trump was elected,

674
00:31:10,560 --> 00:31:12,680
Speaker 8: but they're still trading at a discount to where they

675
00:31:12,680 --> 00:31:14,880
Speaker 8: were when Trump was in the office the first time.

676
00:31:15,280 --> 00:31:18,480
Speaker 8: And I think the sentiment is so negative. You have

677
00:31:18,480 --> 00:31:22,320
Speaker 8: commercial real estate fears which are unfounded so far, credit

678
00:31:22,520 --> 00:31:26,320
Speaker 8: cycle unfounded so far. They're kicking off pretty good dividends,

679
00:31:26,400 --> 00:31:28,960
Speaker 8: and they're under owned by most institutional investors. So I

680
00:31:28,960 --> 00:31:30,760
Speaker 8: think there's still room to run in regionals.

681
00:31:31,520 --> 00:31:33,520
Speaker 5: What about when it comes to some of the retailers

682
00:31:33,520 --> 00:31:34,440
Speaker 5: out there. Yeah, I think.

683
00:31:34,560 --> 00:31:36,400
Speaker 3: Okay, so that's the reporting this week.

684
00:31:36,480 --> 00:31:39,080
Speaker 8: Yeah, yeah, you know, if you look at the consumer,

685
00:31:39,120 --> 00:31:41,200
Speaker 8: I think we like to say it's trifurcated right that

686
00:31:41,280 --> 00:31:44,000
Speaker 8: the high end consumer is still doing really well. Low

687
00:31:44,040 --> 00:31:46,680
Speaker 8: in consumer if you look at the dollar stores, pretty tough.

688
00:31:47,000 --> 00:31:49,680
Speaker 8: But we believe that there's some areas that are bouncing

689
00:31:49,720 --> 00:31:51,360
Speaker 8: off of the bottom. So if you look at boats,

690
00:31:51,440 --> 00:31:54,160
Speaker 8: boats have fallen off a cliff. They're down fifty percent.

691
00:31:55,120 --> 00:31:57,400
Speaker 8: But we think there's a bottoming and we think we're

692
00:31:57,400 --> 00:32:00,440
Speaker 8: going to see improving numbers going forward. So it's all

693
00:32:00,440 --> 00:32:03,680
Speaker 8: about that acceleration. So we're getting that off of the bottom. Boats,

694
00:32:03,960 --> 00:32:07,360
Speaker 8: r v's potentially housing, We'll have to see what happens

695
00:32:07,400 --> 00:32:09,800
Speaker 8: with housing. That would be a good catalyst for small

696
00:32:09,800 --> 00:32:10,680
Speaker 8: caps very quickly.

697
00:32:10,800 --> 00:32:13,840
Speaker 2: Energy you like it. If there's more drilling, there's more pumping,

698
00:32:13,840 --> 00:32:15,240
Speaker 2: more supply. Won't that be hurt?

699
00:32:15,320 --> 00:32:15,520
Speaker 5: Yeah?

700
00:32:15,680 --> 00:32:16,960
Speaker 3: Does that hurt the group just quickly?

701
00:32:17,040 --> 00:32:19,560
Speaker 8: No, it's and it goes back to that really to GDP,

702
00:32:19,680 --> 00:32:22,400
Speaker 8: if you have an acceleration in demand, it should offset that.

703
00:32:22,480 --> 00:32:28,600
Speaker 8: The other biggest Yeah, yeah, well, I think the biggest

704
00:32:28,600 --> 00:32:30,760
Speaker 8: thing that we look at is the quality levels at

705
00:32:30,800 --> 00:32:33,320
Speaker 8: these E n p's and the small cap side, they're

706
00:32:33,480 --> 00:32:36,080
Speaker 8: they're much more better run than they were five or

707
00:32:36,080 --> 00:32:36,640
Speaker 8: ten years ago.

708
00:32:36,760 --> 00:32:39,680
Speaker 3: Micro good stuff come back soon. This is this is

709
00:32:39,720 --> 00:32:44,280
Speaker 3: Bloomberg Business Week, mark.

710
00:32:46,000 --> 00:32:46,640
Speaker 5: A journal.

711
00:32:47,720 --> 00:32:48,720
Speaker 2: Now about you let me drive?

712
00:32:49,240 --> 00:32:53,320
Speaker 1: No, no, honey, please, I'll.

713
00:32:55,520 --> 00:33:00,400
Speaker 2: I want to drive. It's a good question time.

714
00:33:03,200 --> 00:33:07,840
Speaker 1: This is the drive to the globe communing well, lad

715
00:33:08,400 --> 00:33:09,600
Speaker 1: on Bloomberg Radio.

716
00:33:11,480 --> 00:33:13,960
Speaker 2: All right, TikTok, everybody, Just about eighteen minutes left in

717
00:33:14,000 --> 00:33:17,440
Speaker 2: today's trading session here on this Monday, we've got like

718
00:33:17,520 --> 00:33:19,160
Speaker 2: games as you just heard from Charlie and the S

719
00:33:19,200 --> 00:33:22,160
Speaker 2: and P five hundred outperformance in the Nasdaq one hundred

720
00:33:22,680 --> 00:33:24,440
Speaker 2: up about one hundred and forty five points, good for

721
00:33:24,520 --> 00:33:25,120
Speaker 2: gain of seven.

722
00:33:25,040 --> 00:33:27,920
Speaker 3: Tens a percent. Wasn't so great for stocks last week.

723
00:33:28,000 --> 00:33:30,120
Speaker 2: But again, earnings are going to be front and center

724
00:33:30,160 --> 00:33:31,760
Speaker 2: with Nvidian, a few others reporting us.

725
00:33:31,840 --> 00:33:33,880
Speaker 4: Yeah, we're gonna hear from the retailers, many of the retailers,

726
00:33:33,920 --> 00:33:36,080
Speaker 4: so we've got a good read on the consumer. Let's

727
00:33:36,080 --> 00:33:37,760
Speaker 4: see what Jeff McLain has to say about this. He's

728
00:33:37,800 --> 00:33:40,440
Speaker 4: a ceover at Solidarity Wealth. It's a wealth management firm

729
00:33:40,480 --> 00:33:42,840
Speaker 4: based in Utah. They've got about six hundred million dollars

730
00:33:42,920 --> 00:33:45,440
Speaker 4: in assets under management. Jeff joined us here in the

731
00:33:45,440 --> 00:33:49,480
Speaker 4: Bloomberg Interactive Brokers studio. I'm wondering what's top of mind

732
00:33:49,520 --> 00:33:51,520
Speaker 4: for your clients right now when you're out there talking

733
00:33:51,600 --> 00:33:51,920
Speaker 4: to them.

734
00:33:52,320 --> 00:33:54,600
Speaker 5: What are they asking you? What do they want to know?

735
00:33:55,080 --> 00:33:57,320
Speaker 9: Yeah, I think a lot of it is election related.

736
00:33:57,560 --> 00:33:59,520
Speaker 9: I mean, what does the next four years look like

737
00:34:00,080 --> 00:34:03,320
Speaker 9: in the excitement or nervousness depending on the political backgrounds

738
00:34:03,520 --> 00:34:06,320
Speaker 9: of where they're looking at the markets From our perspective,

739
00:34:06,600 --> 00:34:08,440
Speaker 9: I mean, I think in either case, you were going

740
00:34:08,520 --> 00:34:11,880
Speaker 9: to have some consistency of the current administration continuing on

741
00:34:12,160 --> 00:34:14,480
Speaker 9: or Trump. We've we've kind of seen the show before.

742
00:34:15,000 --> 00:34:17,120
Speaker 9: It'll be different people involved, but we kind of know

743
00:34:17,200 --> 00:34:18,920
Speaker 9: what's coming, and you're seeing that a little bit in

744
00:34:19,000 --> 00:34:22,600
Speaker 9: the market of a bit of steadiness associated with it.

745
00:34:22,920 --> 00:34:25,600
Speaker 9: You're essentially going to have divided government with the house

746
00:34:25,719 --> 00:34:29,800
Speaker 9: being so tight, it'll be incredibly tight if anything in

747
00:34:29,880 --> 00:34:32,520
Speaker 9: the house. You think so, Yeah, I think as you

748
00:34:32,719 --> 00:34:34,680
Speaker 9: talk about the people he's named, they're going to have

749
00:34:34,719 --> 00:34:36,560
Speaker 9: to give up their spots in the house.

750
00:34:36,719 --> 00:34:37,480
Speaker 5: You have a few lives.

751
00:34:37,640 --> 00:34:39,879
Speaker 2: I wonder if there's somebody with a whiteboard said hey, wait,

752
00:34:41,480 --> 00:34:42,720
Speaker 2: his name is Speaker Johnson.

753
00:34:42,920 --> 00:34:45,520
Speaker 9: Yeah, and I don't think they're being that strategic and

754
00:34:45,640 --> 00:34:48,920
Speaker 9: so divided government's good for the markets, right, nothing's crazy

755
00:34:48,960 --> 00:34:49,479
Speaker 9: going to happen.

756
00:34:50,760 --> 00:34:52,600
Speaker 4: I would think they are being strategic because they want to,

757
00:34:52,680 --> 00:34:55,200
Speaker 4: you know, and that's stuff done. Jusie Wilds, the incoming

758
00:34:55,280 --> 00:34:57,279
Speaker 4: chief of Staff, made the point at a fundraiser last

759
00:34:57,360 --> 00:34:59,880
Speaker 4: week in Las Vegas that was basically like this, according

760
00:34:59,880 --> 00:35:02,920
Speaker 4: to New York Times, that hey, we got two years

761
00:35:03,520 --> 00:35:06,840
Speaker 4: to get everything done because the history, you know, books

762
00:35:06,880 --> 00:35:09,399
Speaker 4: show that if you have a trifecta in government, it's

763
00:35:09,640 --> 00:35:10,120
Speaker 4: not forever.

764
00:35:10,600 --> 00:35:12,600
Speaker 9: Yeah, that's true. But at the end of the day,

765
00:35:12,800 --> 00:35:14,759
Speaker 9: special elections that are going to have to come up

766
00:35:14,760 --> 00:35:19,120
Speaker 9: to replace those seats. Republicans do terrible in special elections historically,

767
00:35:19,760 --> 00:35:21,480
Speaker 9: and so I think at the end of the day

768
00:35:21,520 --> 00:35:24,279
Speaker 9: the House will be divided, which again I think is good.

769
00:35:24,520 --> 00:35:28,040
Speaker 9: Nothing crazy can happen if you start with a proposition

770
00:35:28,200 --> 00:35:31,279
Speaker 9: like I do, that most government officials are not great

771
00:35:31,320 --> 00:35:33,920
Speaker 9: people and they're going to trade in their own self interest.

772
00:35:34,440 --> 00:35:35,239
Speaker 9: Divide is great.

773
00:35:35,320 --> 00:35:40,000
Speaker 5: They can't do anything. There's a lot of places I

774
00:35:40,040 --> 00:35:41,400
Speaker 5: could go with that, because.

775
00:35:41,280 --> 00:35:43,600
Speaker 4: Where do you want to go, well, is that a

776
00:35:43,680 --> 00:35:46,400
Speaker 4: concern to you in terms of the way that the

777
00:35:46,480 --> 00:35:48,840
Speaker 4: government has been run in the way that the government

778
00:35:49,840 --> 00:35:52,279
Speaker 4: potentially will be run in the new administration. There are

779
00:35:52,280 --> 00:35:54,680
Speaker 4: a lot of folks very close to the president who

780
00:35:54,760 --> 00:35:56,279
Speaker 4: have a lot of money.

781
00:35:56,800 --> 00:35:59,400
Speaker 9: Yeah, and I would say that's always true, right, Whenever

782
00:35:59,440 --> 00:36:02,080
Speaker 9: there's power, money is attracted to it, and so that's

783
00:36:02,120 --> 00:36:03,960
Speaker 9: always been the case. I think long term is that

784
00:36:04,040 --> 00:36:04,440
Speaker 9: a problem?

785
00:36:04,600 --> 00:36:04,759
Speaker 1: Yeah?

786
00:36:04,840 --> 00:36:07,800
Speaker 9: Short term, no, I don't see any issues there. I

787
00:36:07,920 --> 00:36:09,600
Speaker 9: do think some of the changes they're going to make

788
00:36:09,920 --> 00:36:14,440
Speaker 9: do help certain sectors over others. Right. RFK Junior Pharma

789
00:36:14,560 --> 00:36:18,759
Speaker 9: has obviously traded down since that name was nominated to

790
00:36:18,840 --> 00:36:19,320
Speaker 9: the position.

791
00:36:19,880 --> 00:36:22,160
Speaker 5: That's probably justified. We'll see if he gets confirmed.

792
00:36:22,239 --> 00:36:23,200
Speaker 9: Yeah, that's a big if.

793
00:36:23,600 --> 00:36:27,279
Speaker 2: All right, So the week after the election, I'm going

794
00:36:27,360 --> 00:36:29,120
Speaker 2: back to not last week. Last week's stocks were down

795
00:36:29,120 --> 00:36:30,440
Speaker 2: about two percent. If I'm looking at the S and

796
00:36:30,480 --> 00:36:32,000
Speaker 2: P five found to the prior week, they're up about

797
00:36:32,000 --> 00:36:33,960
Speaker 2: four point seven percent. So we've seen a little bit

798
00:36:33,960 --> 00:36:36,080
Speaker 2: of a correct but not all the way back. I mean,

799
00:36:36,200 --> 00:36:39,239
Speaker 2: are what we're seeing right now is all right, some enthusiasm,

800
00:36:39,280 --> 00:36:42,120
Speaker 2: but we don't really know what policies are ultimately going

801
00:36:42,160 --> 00:36:45,160
Speaker 2: to be put into effect. So hold on, everybody, kind

802
00:36:45,200 --> 00:36:47,480
Speaker 2: of slow your role and let's see. Yeah, it's a

803
00:36:47,520 --> 00:36:49,080
Speaker 2: long h Is there anything that you feel like you

804
00:36:49,160 --> 00:36:51,279
Speaker 2: can bank on right now in terms of a Trump

805
00:36:51,320 --> 00:36:53,600
Speaker 2: administration what it means for playing the equity term?

806
00:36:53,680 --> 00:36:56,239
Speaker 9: Yeah, from a long term perspective, all that right now

807
00:36:56,360 --> 00:36:59,480
Speaker 9: is noise. From a short term trading perspective, volatility is

808
00:36:59,520 --> 00:37:02,239
Speaker 9: going to continue spike with every new announcement, depending on

809
00:37:02,320 --> 00:37:05,320
Speaker 9: because he's not going to nominate an you know, steady,

810
00:37:05,920 --> 00:37:07,880
Speaker 9: keep it as it is type person. He's just not

811
00:37:08,320 --> 00:37:11,200
Speaker 9: And so every new announcement's going to drive volatility and.

812
00:37:11,200 --> 00:37:13,080
Speaker 3: A specifically it kind of did in the first term.

813
00:37:13,360 --> 00:37:14,319
Speaker 5: Yeah, and it did, but.

814
00:37:14,360 --> 00:37:16,440
Speaker 9: You're going to see that with the Treasury whoever he

815
00:37:16,560 --> 00:37:19,320
Speaker 9: names in the cat fighting that's involved right now, whoever

816
00:37:19,400 --> 00:37:21,360
Speaker 9: he names, you're going to see some trades based on

817
00:37:21,480 --> 00:37:24,239
Speaker 9: whoever that is, depending on if it's someone from a

818
00:37:24,280 --> 00:37:28,880
Speaker 9: traditional finance background or is it someone outside right an

819
00:37:29,040 --> 00:37:31,160
Speaker 9: unknown to the financial world.

820
00:37:31,400 --> 00:37:34,160
Speaker 2: I got to say these conversations. I like macro, but

821
00:37:34,280 --> 00:37:37,080
Speaker 2: it's like, okay, so what do we do? Yeah, because

822
00:37:37,080 --> 00:37:39,279
Speaker 2: if you've got a portfolio you're thinking about it. I

823
00:37:39,320 --> 00:37:40,480
Speaker 2: think about investments.

824
00:37:40,520 --> 00:37:41,440
Speaker 3: I'm like, what do I do do?

825
00:37:41,560 --> 00:37:43,520
Speaker 2: I like, you know, things have had a nice little

826
00:37:43,560 --> 00:37:45,279
Speaker 2: run this year, but is it going to get a

827
00:37:45,280 --> 00:37:46,319
Speaker 2: little sketchy next year?

828
00:37:46,400 --> 00:37:49,960
Speaker 3: We just don't know. So what do you say? You are,

829
00:37:50,480 --> 00:37:53,680
Speaker 3: you know, responsible for managing the wealth of your clients.

830
00:37:54,120 --> 00:37:54,920
Speaker 3: What do you do right now?

831
00:37:55,000 --> 00:37:59,320
Speaker 2: Have you made any changes to portfolios since the election outcome?

832
00:37:59,520 --> 00:37:59,680
Speaker 1: Yes?

833
00:38:00,320 --> 00:38:00,440
Speaker 9: Yes?

834
00:38:00,520 --> 00:38:01,520
Speaker 3: What have what have you done?

835
00:38:01,520 --> 00:38:03,640
Speaker 9: And so you know, I think part of that is

836
00:38:03,640 --> 00:38:07,000
Speaker 9: trimming allocations in certain segments and areas that aren't going

837
00:38:07,080 --> 00:38:11,120
Speaker 9: to do well. So, generally speaking, defense could be a problem. If,

838
00:38:11,200 --> 00:38:13,920
Speaker 9: for example, you own Lockheed Martin, right, they are going

839
00:38:14,000 --> 00:38:17,240
Speaker 9: to be a target of what the VEC and Elon

840
00:38:17,360 --> 00:38:20,200
Speaker 9: Musk are doing. They're no bid contracts, probably not going

841
00:38:20,280 --> 00:38:22,520
Speaker 9: to be looking good here in the next couple months.

842
00:38:22,920 --> 00:38:27,000
Speaker 9: If Elon Musk and his team are successful. Another group

843
00:38:27,040 --> 00:38:27,440
Speaker 9: that could be.

844
00:38:27,600 --> 00:38:30,840
Speaker 2: Until senators and members of Congress and House reps saying.

845
00:38:31,080 --> 00:38:33,759
Speaker 5: By the way, our constituents are pretty upset about this.

846
00:38:33,960 --> 00:38:36,839
Speaker 9: Yeah, yeah, there is part of that. But remember, from

847
00:38:36,840 --> 00:38:41,200
Speaker 9: an administrative law perspective, presidencies have enormous power to do

848
00:38:41,360 --> 00:38:44,640
Speaker 9: things independent of Congress. And both administrations, and so they

849
00:38:44,680 --> 00:38:49,000
Speaker 9: can drive significant change just changing the no bid contract

850
00:38:49,080 --> 00:38:53,600
Speaker 9: thing alone to ban any no bid contract. That's a problem.

851
00:38:53,640 --> 00:38:55,040
Speaker 3: What does that mean? So nobody can bid?

852
00:38:55,239 --> 00:38:55,359
Speaker 5: Right?

853
00:38:55,480 --> 00:38:58,200
Speaker 9: So they directed directly to Lockheed Martin. If you win

854
00:38:58,280 --> 00:39:01,759
Speaker 9: this contract and it's not an open process for that

855
00:39:02,120 --> 00:39:04,600
Speaker 9: government contract, which are billions and billions.

856
00:39:04,320 --> 00:39:06,520
Speaker 3: Of dollars, you've seen opposite of what it's You've.

857
00:39:06,440 --> 00:39:09,279
Speaker 9: Seen Elon Musk fight this from his side of saying, hey,

858
00:39:09,320 --> 00:39:11,520
Speaker 9: we can do these things. We're doing the way cheaper

859
00:39:11,560 --> 00:39:14,160
Speaker 9: than NASA and all these other things. But yet NASA

860
00:39:14,239 --> 00:39:17,640
Speaker 9: is getting these or Boeing is getting these gigantic contracts

861
00:39:17,680 --> 00:39:18,520
Speaker 9: and are not performing.

862
00:39:18,880 --> 00:39:20,480
Speaker 3: So tripping defense, what else have you been doing for

863
00:39:20,520 --> 00:39:20,920
Speaker 3: your clients?

864
00:39:21,880 --> 00:39:26,040
Speaker 9: I think Boeing's and although I agree with their CEO change,

865
00:39:26,080 --> 00:39:28,480
Speaker 9: I think that's a good move. I think long term

866
00:39:28,600 --> 00:39:31,440
Speaker 9: Boeing could be good. From a short term perspective, Boeing's

867
00:39:31,480 --> 00:39:34,960
Speaker 9: problematic for a variety of reasons. That has been and

868
00:39:35,040 --> 00:39:37,319
Speaker 9: I would argue it's going to continue to be problematic

869
00:39:37,680 --> 00:39:39,960
Speaker 9: from a go forward. I think there's also some trading

870
00:39:40,480 --> 00:39:43,880
Speaker 9: opportunities and what I would call the anti ESG trade,

871
00:39:44,320 --> 00:39:46,880
Speaker 9: Those kind of industries that aren't favored in the EESG

872
00:39:47,280 --> 00:39:50,040
Speaker 9: where that's at times defense like pell and Teer, which

873
00:39:50,040 --> 00:39:54,200
Speaker 9: will probably be a winner from this administration. Oil and gas,

874
00:39:54,600 --> 00:39:57,520
Speaker 9: although not broadly like your Exon or Chevron, But think

875
00:39:57,600 --> 00:40:01,160
Speaker 9: of the pipeline type of producer and those actually pulling

876
00:40:01,239 --> 00:40:02,400
Speaker 9: the minerals out of the ground.

877
00:40:02,600 --> 00:40:04,640
Speaker 5: Even if we see a decline in demand.

878
00:40:04,719 --> 00:40:06,440
Speaker 9: Or yeah, I think from a long term they have

879
00:40:06,560 --> 00:40:10,000
Speaker 9: some great opportunities because you're more likely to find value

880
00:40:10,080 --> 00:40:13,480
Speaker 9: there because the huge part of return is what you're

881
00:40:13,560 --> 00:40:17,520
Speaker 9: buying it for. Because of the disfavored nature of those industries,

882
00:40:17,600 --> 00:40:20,600
Speaker 9: you can get better valuations than the broader market, and

883
00:40:20,760 --> 00:40:23,040
Speaker 9: so over time that's going to play out. Even if

884
00:40:23,480 --> 00:40:25,640
Speaker 9: some people want to hold their nose at it, we

885
00:40:25,840 --> 00:40:29,560
Speaker 9: still need oil, it funds just about everything in our society.

886
00:40:29,640 --> 00:40:32,319
Speaker 2: You're the second person today that is looking at small caps.

887
00:40:32,360 --> 00:40:35,040
Speaker 2: Forgive me only about twenty five seconds. You like small caps,

888
00:40:35,120 --> 00:40:36,960
Speaker 2: put money there, or you are putting money there.

889
00:40:37,360 --> 00:40:39,680
Speaker 9: We are, and I like it from a go forward perspective.

890
00:40:39,760 --> 00:40:41,839
Speaker 9: You have to be careful, right, not all small caps

891
00:40:41,840 --> 00:40:44,480
Speaker 9: are created equal, but yeah, small caps can be an

892
00:40:44,520 --> 00:40:49,120
Speaker 9: incredible opportunity right now based on valuation simply compared to

893
00:40:49,200 --> 00:40:49,720
Speaker 9: large caps.

894
00:40:50,320 --> 00:40:51,640
Speaker 3: All right, we gotta leave it there. Of course we

895
00:40:51,719 --> 00:40:54,360
Speaker 3: had more time. Good stuff, come back. Thank you really appreciate.

896
00:40:54,440 --> 00:40:57,239
Speaker 2: Jeff McLain's chief executive officer at Solidary Wealth.

897
00:40:57,280 --> 00:40:58,760
Speaker 3: As we said, they're based in Utah.

898
00:40:59,480 --> 00:41:03,000
Speaker 9: Yes, right now, all right, ski season is here, come

899
00:41:03,040 --> 00:41:03,960
Speaker 9: to Utah, skier.

900
00:41:04,400 --> 00:41:05,399
Speaker 3: Have you ever ski in Utah?

901
00:41:05,520 --> 00:41:07,600
Speaker 5: Of course, of course he has a crazy flight.

902
00:41:09,440 --> 00:41:14,040
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903
00:41:14,200 --> 00:41:17,920
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904
00:41:17,920 --> 00:41:21,399
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905
00:41:21,600 --> 00:41:24,879
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906
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907
00:41:28,160 --> 00:41:30,120
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