1
00:00:02,520 --> 00:00:07,040
Speaker 1: Bloomberg Audio Studios, podcasts, radio News.

2
00:00:07,840 --> 00:00:10,159
Speaker 2: Bob Michael at JP Morgan, We're going to try to

3
00:00:10,160 --> 00:00:10,760
Speaker 2: get him in here.

4
00:00:10,880 --> 00:00:13,440
Speaker 3: You have an outlook out there, and I see an

5
00:00:13,440 --> 00:00:15,320
Speaker 3: outlook of price up, yield down.

6
00:00:15,560 --> 00:00:17,600
Speaker 2: Is that the outlook at JP Morgan.

7
00:00:17,840 --> 00:00:20,919
Speaker 1: Yes, it is. We're off to a fantastic start for

8
00:00:21,000 --> 00:00:24,360
Speaker 1: the third quarter, probably not a repeat of the second

9
00:00:24,440 --> 00:00:28,120
Speaker 1: quarter with all the volatility, but some expectation of the

10
00:00:28,120 --> 00:00:30,280
Speaker 1: Fed bringing rates down by the end of the year.

11
00:00:30,520 --> 00:00:34,000
Speaker 3: Is in the bond world is there fear of missing out?

12
00:00:34,040 --> 00:00:36,920
Speaker 3: Is there fomo among bon buyers?

13
00:00:37,520 --> 00:00:41,040
Speaker 1: We're starting to feel that now there are more and

14
00:00:41,080 --> 00:00:46,360
Speaker 1: more conversations with clients who are in cash looking for

15
00:00:46,479 --> 00:00:49,760
Speaker 1: an opportunity to get into the bond market and trying

16
00:00:49,760 --> 00:00:52,400
Speaker 1: to figure out where in the bond market to go.

17
00:00:52,720 --> 00:00:55,320
Speaker 1: There's still a ton of ton of money in market,

18
00:00:55,440 --> 00:01:01,320
Speaker 1: money market funds and in cash accounts, depositives, checking accounts,

19
00:01:01,400 --> 00:01:04,240
Speaker 1: savings accounts. The last time we looked at was over

20
00:01:04,319 --> 00:01:06,800
Speaker 1: twenty one trillion dollars, which was a new high.

21
00:01:07,680 --> 00:01:07,920
Speaker 2: Bob.

22
00:01:07,920 --> 00:01:11,080
Speaker 4: We saw earlier in the Europe a move of capital

23
00:01:11,600 --> 00:01:14,759
Speaker 4: out of the US into other markets, notably the European

24
00:01:14,760 --> 00:01:18,440
Speaker 4: equity markets. And they're outperforming the US equity markets. Have

25
00:01:18,480 --> 00:01:20,040
Speaker 4: we seen that in a fixed income world.

26
00:01:19,880 --> 00:01:23,319
Speaker 1: As well, We actually haven't. There's been a lot of

27
00:01:23,400 --> 00:01:26,679
Speaker 1: discussion about it, a lot of conversation. There was a

28
00:01:26,720 --> 00:01:30,440
Speaker 1: bit of a pause in the end of April start

29
00:01:30,520 --> 00:01:34,720
Speaker 1: of May where foreign investors who would typically put money

30
00:01:34,720 --> 00:01:38,080
Speaker 1: to work in the US bond market just stopped. And

31
00:01:38,120 --> 00:01:41,200
Speaker 1: then it started up again, and we've seen no selling

32
00:01:41,400 --> 00:01:45,679
Speaker 1: of US fixed income assets and reallocation overseas. What we

33
00:01:45,880 --> 00:01:50,600
Speaker 1: have seen is rethinking whether they want the dollar exposure

34
00:01:50,640 --> 00:01:54,080
Speaker 1: to go along with that. Most now are taking some

35
00:01:54,280 --> 00:01:58,040
Speaker 1: dollar exposure, but hedging some back to their base currency.

36
00:01:58,240 --> 00:02:00,720
Speaker 4: Bloomberg Dollar Index you bring it up, the Bloomberg dollar

37
00:02:00,760 --> 00:02:04,320
Speaker 4: inexus down almost ten percent this year. We don't see

38
00:02:04,320 --> 00:02:05,360
Speaker 4: that very often, do we.

39
00:02:05,400 --> 00:02:06,120
Speaker 2: What do you make of it?

40
00:02:07,480 --> 00:02:13,520
Speaker 1: For us? It's a reflection of an overcrowded Overbaugh trade, Okay,

41
00:02:13,639 --> 00:02:18,360
Speaker 1: where coming into this year everyone wondered, how is the

42
00:02:18,520 --> 00:02:21,800
Speaker 1: dollar up there so high? What's keeping it up there?

43
00:02:22,160 --> 00:02:24,720
Speaker 1: And it kept going and then there was a catalyst

44
00:02:24,760 --> 00:02:28,600
Speaker 1: and reason to diversify out of dollars. We think actually

45
00:02:28,960 --> 00:02:33,399
Speaker 1: there's another five percent move in the Dollar index lower.

46
00:02:33,360 --> 00:02:34,760
Speaker 2: I modeled it today.

47
00:02:35,800 --> 00:02:38,520
Speaker 3: I did not use Fibonacci's which I really don't believe in,

48
00:02:39,160 --> 00:02:42,720
Speaker 3: and I came with a further decline of bbdxy of

49
00:02:42,800 --> 00:02:46,720
Speaker 3: six point three percent total fourteen to fifteen percent down,

50
00:02:46,919 --> 00:02:50,280
Speaker 3: and that takes it back to that range that we're at.

51
00:02:50,400 --> 00:02:53,920
Speaker 3: You're in meetings with lots of foreigners using JP Morgan

52
00:02:54,280 --> 00:02:57,600
Speaker 3: for wisdom on American full faith and credit? Do you

53
00:02:57,639 --> 00:03:00,720
Speaker 3: see any tendency that they want to walk away at

54
00:03:00,720 --> 00:03:03,960
Speaker 3: the margin of a belief to own and at the

55
00:03:04,000 --> 00:03:08,960
Speaker 3: margin by acquire our bills, notes and bonds?

56
00:03:09,760 --> 00:03:15,040
Speaker 1: None whatsoever. There is no concern about the full faith

57
00:03:15,120 --> 00:03:18,240
Speaker 1: and credit of the US Treasury. There was a bit

58
00:03:18,280 --> 00:03:20,880
Speaker 1: of a pause on the amount of supply. Would it

59
00:03:21,000 --> 00:03:25,040
Speaker 1: be too much? But there was a lot of conversation

60
00:03:25,680 --> 00:03:28,280
Speaker 1: about looking for an alternate. Do we have to have

61
00:03:28,520 --> 00:03:32,400
Speaker 1: everything in dollar assets? Isn't there something else that could

62
00:03:32,440 --> 00:03:37,680
Speaker 1: act as a calm in the storm to treasuries and dollars.

63
00:03:37,920 --> 00:03:40,880
Speaker 1: I think that's why you've seen gold, and we should

64
00:03:40,880 --> 00:03:44,120
Speaker 1: see continued support of gold. We should also pay attention

65
00:03:44,240 --> 00:03:47,840
Speaker 1: to what's going on in CenTra Portugal this week, where

66
00:03:48,160 --> 00:03:50,080
Speaker 1: the ECB has some pressure.

67
00:03:50,120 --> 00:03:52,200
Speaker 2: Not there exactly, I mean do.

68
00:03:52,120 --> 00:03:56,200
Speaker 1: You know what I wish I was there. I wouldn't

69
00:03:56,200 --> 00:04:00,000
Speaker 1: be surprised if Breese is there, But it's an opportunity

70
00:04:00,120 --> 00:04:04,240
Speaker 1: unity for them to try to establish more of a

71
00:04:04,360 --> 00:04:05,520
Speaker 1: leadership role here.

72
00:04:05,640 --> 00:04:08,080
Speaker 3: When you were studying Greek and Latin at Penn, I'm

73
00:04:08,120 --> 00:04:10,839
Speaker 3: sure you looked at the X axis, probably in all

74
00:04:10,880 --> 00:04:14,040
Speaker 3: three languages. But the answer is, Okay, they want to

75
00:04:14,040 --> 00:04:18,919
Speaker 3: buy us, but they adjusted their maturity perspective because of

76
00:04:18,960 --> 00:04:20,719
Speaker 3: all the fun and games we're going through.

77
00:04:24,000 --> 00:04:27,560
Speaker 1: By and large, the investors we deal with where we've

78
00:04:27,560 --> 00:04:31,360
Speaker 1: seen a lot of clothes from wealth management channels and

79
00:04:31,440 --> 00:04:35,120
Speaker 1: total return investors has always been the intermediate part of

80
00:04:35,160 --> 00:04:37,880
Speaker 1: the curve. The long end of the curve is really

81
00:04:37,960 --> 00:04:41,440
Speaker 1: owned by pension funds and insurance companies, and they're far

82
00:04:41,560 --> 00:04:45,280
Speaker 1: more strategic and where and how they invest, and they

83
00:04:45,279 --> 00:04:49,039
Speaker 1: have certain trigger levels depending on their estimate of liabilities.

84
00:04:49,200 --> 00:04:53,240
Speaker 1: I would say they've been pretty steady investors. In the

85
00:04:53,360 --> 00:04:56,960
Speaker 1: current environment, it feels like there's no sponsorship for the

86
00:04:57,000 --> 00:05:00,760
Speaker 1: long end of the curve. Usually get that when you

87
00:05:00,920 --> 00:05:04,640
Speaker 1: have the FED bringing down rates. Let's not forget when

88
00:05:05,160 --> 00:05:07,960
Speaker 1: we get to the point in the cycle, hopefully years

89
00:05:07,960 --> 00:05:11,440
Speaker 1: from now, when the FED is hiking rates, then curve

90
00:05:11,480 --> 00:05:14,400
Speaker 1: flatteners will be in vogue again, and then there will

91
00:05:14,440 --> 00:05:15,520
Speaker 1: be buying at the long end.

92
00:05:15,600 --> 00:05:18,520
Speaker 2: Paul, can I help this morning? Please? Price up, yield down,

93
00:05:19,000 --> 00:05:27,800
Speaker 2: pretium octum, preventu's diminutum. Oh my goodness, Latin. Okay, that's

94
00:05:27,800 --> 00:05:29,919
Speaker 2: what Michael. He goes out on the floor when the

95
00:05:29,920 --> 00:05:30,760
Speaker 2: world's blown up.

96
00:05:32,240 --> 00:05:34,480
Speaker 4: JP Morgan, I'm a big fan of Vatican two, which

97
00:05:34,680 --> 00:05:37,200
Speaker 4: get away with Len's that Google translator.

98
00:05:38,720 --> 00:05:41,880
Speaker 2: I'm sure exactly, Bob.

99
00:05:42,000 --> 00:05:44,159
Speaker 4: How much credit risk do we take here? I think

100
00:05:44,360 --> 00:05:47,320
Speaker 4: I'm not hearing anybody talk about recession, so shouldn't I

101
00:05:47,360 --> 00:05:48,599
Speaker 4: be taking some credit risk here?

102
00:05:49,200 --> 00:05:54,880
Speaker 1: Absolutely, you get concerned about credit risk when you think

103
00:05:54,920 --> 00:05:58,800
Speaker 1: you're headed into recession. It makes sense. Recession by definition

104
00:05:59,200 --> 00:06:02,839
Speaker 1: is lower corporate at profitability. The most levered companies have

105
00:06:02,920 --> 00:06:06,520
Speaker 1: to go some sort of restructuring. Defaults go up, you

106
00:06:06,640 --> 00:06:10,800
Speaker 1: get widespread de risking because everyone's concerned where the defaults

107
00:06:10,800 --> 00:06:14,880
Speaker 1: could occur. We've been trained every other time there's a

108
00:06:14,920 --> 00:06:18,880
Speaker 1: backup in credit spreads, you buy it if there's no recession.

109
00:06:19,320 --> 00:06:22,279
Speaker 1: And we saw that earlier when credit spreads got to

110
00:06:22,400 --> 00:06:25,760
Speaker 1: about four point fifty on high yield, and then suddenly

111
00:06:26,200 --> 00:06:29,680
Speaker 1: there was a break in tariffs and probabilities of recession

112
00:06:29,720 --> 00:06:32,640
Speaker 1: went down, and suddenly here we are through three hundred

113
00:06:32,680 --> 00:06:34,119
Speaker 1: basis points on high yield.

114
00:06:34,200 --> 00:06:37,279
Speaker 4: All right, you're CIO and head of Global Fixed Income,

115
00:06:37,360 --> 00:06:40,880
Speaker 4: Currency and Commodities Group, to t ask you about commodities,

116
00:06:41,320 --> 00:06:42,080
Speaker 4: gold hiring.

117
00:06:42,400 --> 00:06:43,599
Speaker 2: What are we doing with gold here?

118
00:06:43,960 --> 00:06:45,640
Speaker 4: Why are we all not owning gold?

119
00:06:46,800 --> 00:06:52,200
Speaker 1: Well, actually, we think you should. We think of all

120
00:06:52,640 --> 00:06:58,320
Speaker 1: the options for an alternate safe haven, a counterbalance to risk.

121
00:06:58,800 --> 00:07:02,520
Speaker 1: Treasuries are out there, our high quality bonds are out there,

122
00:07:02,680 --> 00:07:06,559
Speaker 1: Investors are adding those. Gold is another one of those

123
00:07:06,680 --> 00:07:11,240
Speaker 1: generally accepted vehicles we expect to see more buying.

124
00:07:12,000 --> 00:07:13,600
Speaker 4: I mean, it's just amazing. What's going on? Is that

125
00:07:13,760 --> 00:07:17,120
Speaker 4: just Chinese banks and Chinese consumers buying it? Is there

126
00:07:17,160 --> 00:07:18,360
Speaker 4: something else going on with gold?

127
00:07:19,120 --> 00:07:23,600
Speaker 1: No, it's developed market. Central banks have been adding to

128
00:07:23,640 --> 00:07:27,320
Speaker 1: their gold reserves, Its wealth management platforms have been talking

129
00:07:27,360 --> 00:07:31,080
Speaker 1: to clients about holding some gold. It's not only a

130
00:07:31,120 --> 00:07:35,320
Speaker 1: safe haven, it's also a reasonably good hedge against inflation.

131
00:07:35,880 --> 00:07:39,080
Speaker 1: And just in case we get into next year and

132
00:07:39,160 --> 00:07:43,640
Speaker 1: suddenly all the liquidity in the system gets ignited and

133
00:07:43,920 --> 00:07:48,320
Speaker 1: inflation rears it's ugly head again and stays, then gold

134
00:07:48,360 --> 00:07:49,680
Speaker 1: will be a pretty good hedge.

135
00:07:49,760 --> 00:07:52,000
Speaker 3: Bob, I'm doing it. I mean, this is the way

136
00:07:52,000 --> 00:07:54,360
Speaker 3: we roll with the Michael and JP marketing. Good morning

137
00:07:54,400 --> 00:07:56,880
Speaker 3: in your commute across the nation. Good morning ninety two

138
00:07:56,960 --> 00:07:59,240
Speaker 3: nine FM in Boston.

139
00:08:00,000 --> 00:08:00,720
Speaker 2: We did a lot of.

140
00:08:00,760 --> 00:08:04,520
Speaker 3: Linear regression of the Bloomberg Corporate Total Return Index get

141
00:08:04,520 --> 00:08:07,560
Speaker 3: a little more yield, and I went back thirty years

142
00:08:08,280 --> 00:08:11,880
Speaker 3: and it's stunning, the recovery off the gloom of a

143
00:08:11,920 --> 00:08:15,840
Speaker 3: couple of years ago in price. It's appening. You guys, Neil,

144
00:08:16,320 --> 00:08:19,640
Speaker 3: do you envision in your head that with price and

145
00:08:19,800 --> 00:08:23,160
Speaker 3: you know, making the coupon, we will get back on

146
00:08:23,480 --> 00:08:27,840
Speaker 3: trend of a wonderful linear trend from about two thousand

147
00:08:27,840 --> 00:08:31,680
Speaker 3: and three straight up. That will get price up, back

148
00:08:31,920 --> 00:08:34,560
Speaker 3: on trend that we knew before the tobacco.

149
00:08:35,559 --> 00:08:39,800
Speaker 1: It feels like it. It feels like we're first of all,

150
00:08:39,920 --> 00:08:44,000
Speaker 1: in an interest rate environment that will have yield to it.

151
00:08:44,200 --> 00:08:47,560
Speaker 1: We're not going back to zero percent interest rates. I

152
00:08:47,559 --> 00:08:50,360
Speaker 1: don't know if the Fed brings rates down to three percent,

153
00:08:50,480 --> 00:08:53,280
Speaker 1: maybe three and a half, but somewhere in the threes

154
00:08:53,559 --> 00:08:57,000
Speaker 1: puts treasur right close to four and puts credit close

155
00:08:57,040 --> 00:08:59,160
Speaker 1: to five percent, which is kind of where we are.

156
00:08:59,480 --> 00:09:03,480
Speaker 1: That's a pretty good level to be a holder of

157
00:09:03,600 --> 00:09:05,040
Speaker 1: high quality corporate.

158
00:09:04,760 --> 00:09:08,520
Speaker 3: There's job in Manhattan internship with bout Michael and JP work.

159
00:09:08,679 --> 00:09:10,640
Speaker 2: It's like, you know you're working six days a week.

160
00:09:11,559 --> 00:09:14,920
Speaker 2: Doesn't you just throw a fobosi at him? Because none

161
00:09:14,960 --> 00:09:17,760
Speaker 2: of these kids remember like a normal yield market.

162
00:09:18,200 --> 00:09:22,120
Speaker 1: So we now call them analysts. We don't call them interns.

163
00:09:22,800 --> 00:09:27,000
Speaker 1: Their summer analysts and prove that. And then they come.

164
00:09:27,920 --> 00:09:32,880
Speaker 1: They come prepared far more than I ever remember. They

165
00:09:33,240 --> 00:09:36,960
Speaker 1: they come with a level of knowledge of markets and

166
00:09:37,000 --> 00:09:40,400
Speaker 1: how the financial system works that probably took me five

167
00:09:40,480 --> 00:09:41,320
Speaker 1: years to get there.

168
00:09:41,440 --> 00:09:44,600
Speaker 3: The great L Hunt used to lecture at your Pennsylvania

169
00:09:45,000 --> 00:09:47,720
Speaker 3: and Al told me once, he said, Tom, you're in

170
00:09:47,800 --> 00:09:53,360
Speaker 3: the classroom in every single person there, it's smarter.

171
00:09:53,400 --> 00:09:55,920
Speaker 2: Than all was thirty or thirty five.

172
00:09:56,640 --> 00:09:58,920
Speaker 1: Yeah, and you know what, there's a lot of truth

173
00:09:59,000 --> 00:10:01,200
Speaker 1: to that. They know it.

174
00:10:02,559 --> 00:10:08,839
Speaker 2: Exactly. Not in terns. They're called analysts now here, summer analysts. Noted.

175
00:10:08,920 --> 00:10:12,320
Speaker 4: Thanks, Okay, what is our fetter reserve thinking these days?

176
00:10:12,400 --> 00:10:12,600
Speaker 1: Bob?

177
00:10:12,679 --> 00:10:14,839
Speaker 4: I mean they could probably just give themselves a nice

178
00:10:14,880 --> 00:10:16,800
Speaker 4: pat on the back and say we've engineered a nice

179
00:10:16,840 --> 00:10:20,400
Speaker 4: soft landing. We've weathered some of the uncertainty from tariff's.

180
00:10:21,040 --> 00:10:24,160
Speaker 4: Inflation seems okay, the economy okay, it's slowing, but it's

181
00:10:24,160 --> 00:10:26,320
Speaker 4: still there. They do anything.

182
00:10:26,520 --> 00:10:29,240
Speaker 1: They're thinking, how fast can I get out of here

183
00:10:29,320 --> 00:10:32,079
Speaker 1: and go to the beach? I'll I promise I'll come

184
00:10:32,200 --> 00:10:34,480
Speaker 1: back after Labor Day. That gives me a couple of

185
00:10:34,520 --> 00:10:37,840
Speaker 1: weeks to look at the data, see how the US

186
00:10:37,920 --> 00:10:39,000
Speaker 1: economy survived.

187
00:10:39,040 --> 00:10:39,560
Speaker 2: This summer.

188
00:10:39,960 --> 00:10:43,400
Speaker 1: We'll have more clarity on the one big beautiful bill,

189
00:10:43,640 --> 00:10:47,320
Speaker 1: We'll have clarity on tariffs. Hopefully we'll start to gauge

190
00:10:47,400 --> 00:10:51,400
Speaker 1: the impact to the labor market and two prices. Then

191
00:10:51,480 --> 00:10:54,920
Speaker 1: we can make a decision whether we can and should

192
00:10:55,000 --> 00:10:58,439
Speaker 1: bring rates down in September or whether we stay in

193
00:10:58,520 --> 00:10:59,480
Speaker 1: track for December.

194
00:11:00,120 --> 00:11:01,800
Speaker 2: Let's go back to your outlook. What is the anside?

195
00:11:01,800 --> 00:11:04,720
Speaker 3: I think of Jamie's great annual letter, which I really

196
00:11:04,840 --> 00:11:07,319
Speaker 3: advocate folks as a long read, and there's four or

197
00:11:07,360 --> 00:11:08,160
Speaker 3: five sixteens.

198
00:11:08,240 --> 00:11:12,480
Speaker 2: What's a theme secondary within your mid year outlook? It

199
00:11:12,720 --> 00:11:14,320
Speaker 2: deserves note well.

200
00:11:14,760 --> 00:11:19,280
Speaker 1: I think within that is a view that we're heading

201
00:11:19,400 --> 00:11:24,440
Speaker 1: into an environment that's more normal that existed pre great

202
00:11:24,600 --> 00:11:30,120
Speaker 1: financial crisis when there is a demand for capital because

203
00:11:30,600 --> 00:11:34,120
Speaker 1: there's a productive use for capital, and there will be

204
00:11:34,200 --> 00:11:36,920
Speaker 1: a cost for that capital and it won't be zero.

205
00:11:37,360 --> 00:11:41,040
Speaker 1: Does that mean the FED funds rate belongs about where

206
00:11:41,200 --> 00:11:43,880
Speaker 1: that first dot was that the FED put out in

207
00:11:43,960 --> 00:11:48,240
Speaker 1: twenty twelve, four and a quarter percent Maybe could be

208
00:11:48,640 --> 00:11:52,559
Speaker 1: Get ready for that. Get ready for markets where you

209
00:11:52,679 --> 00:11:54,920
Speaker 1: could see a surge in inflation that Fed may have

210
00:11:55,000 --> 00:11:57,079
Speaker 1: to go to six percent, and they may have to,

211
00:11:57,679 --> 00:12:00,800
Speaker 1: you know, apply a little stim us and go down

212
00:12:00,840 --> 00:12:04,120
Speaker 1: to three percent. I think that's the market we're headed for,

213
00:12:04,280 --> 00:12:05,800
Speaker 1: and I think that's an exciting market.

214
00:12:06,280 --> 00:12:10,600
Speaker 4: Do we ever have to worry about deficits and national debt?

215
00:12:10,760 --> 00:12:13,240
Speaker 4: I'm looking at the negotiations going on down to Washington

216
00:12:13,360 --> 00:12:15,600
Speaker 4: right now. We're all seeing, you know, talking about two

217
00:12:15,720 --> 00:12:18,679
Speaker 4: three four trillion dollars of depthitts coming out of this

218
00:12:18,760 --> 00:12:21,080
Speaker 4: budget plan. We ver have to worry about that? I mean,

219
00:12:21,360 --> 00:12:23,439
Speaker 4: you're the front lines of the fixed andcome markets. Set,

220
00:12:23,800 --> 00:12:24,559
Speaker 4: how do you think about that?

221
00:12:26,360 --> 00:12:26,920
Speaker 2: We should?

222
00:12:27,440 --> 00:12:30,480
Speaker 1: And I think we all have a sense of righteous

223
00:12:30,559 --> 00:12:35,640
Speaker 1: indignation because every month we go home and rebalance our

224
00:12:35,760 --> 00:12:39,200
Speaker 1: checkbook and pay bills, and it seems like our government

225
00:12:39,280 --> 00:12:43,959
Speaker 1: doesn't have to. But the reality is we're watching deficits

226
00:12:44,040 --> 00:12:48,040
Speaker 1: go up globally. We're now seeing Europe starting to borrow

227
00:12:48,240 --> 00:12:51,960
Speaker 1: and spend and it seems to be the generally accepted

228
00:12:52,040 --> 00:12:56,160
Speaker 1: principle that government should be allowed to borrow and spend,

229
00:12:56,600 --> 00:12:59,839
Speaker 1: and you appoint central bankers which will help underwrite that.

230
00:13:00,040 --> 00:13:01,319
Speaker 1: Bob Minake is spending.

231
00:13:01,160 --> 00:13:03,520
Speaker 2: Generous time with you. Thank you so much. Mister Michael

232
00:13:03,600 --> 00:13:08,040
Speaker 2: is with JP Morgan. Get their outlook from the analyst

233
00:13:08,240 --> 00:13:09,160
Speaker 2: at JP Morgan.