WEBVTT - Best Technology Opportunities Lie Away From The Herd

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<v Speaker 1>Welcome to the Bloomberg pm L Podcast. I'm pim Fox.

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<v Speaker 1>Along with my co host Lisa Abramowitz. Each day we

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<v Speaker 1>bring you the most important, noteworthy, and useful interviews for

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<v Speaker 1>you and your money, whether you're at the grocery store

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<v Speaker 1>or the trading floor. Find the Bloomberg p m L

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<v Speaker 1>podcast on Apple Podcasts, SoundCloud, and Bloomberg dot com. Focused

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<v Speaker 1>in the markets for the past few weeks has been

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<v Speaker 1>with her tech. Are we heading toward some sort of

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<v Speaker 1>peak in the valuation here, especially as we see chips

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<v Speaker 1>start to lose some luster and as we start to

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<v Speaker 1>have some questions about the likes that you got that

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<v Speaker 1>down grade. Yesterday my key Bank Capital they were talking

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<v Speaker 1>about Cyper Semiconductor n XP Semiconductor, both downgrading because they're

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<v Speaker 1>awarried about things like autonomous driving and automobile tariffs. Yeah, well,

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<v Speaker 1>I think Kevin Landis might be a little bit get

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<v Speaker 1>worried about autonomous driving. He's the CEO and Chief Investment

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<v Speaker 1>officer at Firsthand Capital Management, also the CEO Firsthand Technology

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<v Speaker 1>Value Fund, which trades on the NASDACS s vv c UH,

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<v Speaker 1>and he is based typically in San Jose, California. Thank

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<v Speaker 1>you so much. For being with us, Kevin, thanks good

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<v Speaker 1>to be here. So I want to get your view

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<v Speaker 1>on the autonomous driving because we really have seen some

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<v Speaker 1>choppy valuation there, with the likes of dime Ler investing

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<v Speaker 1>a lot in it not getting rewarded, and Tesla perhaps

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<v Speaker 1>arguably getting rewarded too much. Where are we with with

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<v Speaker 1>this area. Well, I think, like a lot of complex problems,

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<v Speaker 1>the way it's being tackled is to break it into

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<v Speaker 1>smaller problems. So, for example, Uh, we're all very familiar

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<v Speaker 1>with cruise control, that's no big deal. But in the

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<v Speaker 1>last few years, people have started noticing that their new

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<v Speaker 1>cars had adaptive cruise control, which would uh take into

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<v Speaker 1>account how close you are to the car you're following. Uh. Similarly,

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<v Speaker 1>we were now getting comfortable that our car can do

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<v Speaker 1>parallel parking, which is better than most of us can do. Uh.

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<v Speaker 1>So they're they're putting the pieces together. They haven't got

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<v Speaker 1>the whole thing quite yet, but they're getting really close. Kevin, Landish,

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<v Speaker 1>just to maybe offer people a little bit of your

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<v Speaker 1>background firsthand, was a pre I p O investor in Facebook,

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<v Speaker 1>in Twitter, in Solar City, in Yelp, in Roku. That's

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<v Speaker 1>a pretty good track record, any dud's in there that

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<v Speaker 1>we should just be aware of. Oh none, zero? Right, Yeah. Well,

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<v Speaker 1>the reason I ask us because sometimes you learn a

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<v Speaker 1>lot more from your mistakes than you do from your winners. Absolutely,

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<v Speaker 1>success is a poor teacher. And uh, for better or

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<v Speaker 1>for worse, we've had ample opportunity to learn along the way. Uh.

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<v Speaker 1>And you know, you you try to take a lesson

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<v Speaker 1>uh from every loss, and when you have a winner,

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<v Speaker 1>you try to remind yourself that there may be a

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<v Speaker 1>little bit of luck in there too. Alright, So in

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<v Speaker 1>that context, tell us a little bit about this world

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<v Speaker 1>of electric vehicles, alternative few vehicles, as well as autonomous driving.

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<v Speaker 1>Because I want to note that the Dinler's chief executive officer,

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<v Speaker 1>Dita zet Um, he's no longer going to be the CEO.

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<v Speaker 1>They're turning to Ola Collenneus, who is really the head

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<v Speaker 1>of research and development. That certainly points the way for

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<v Speaker 1>a dimeler. Well, so the way you relate to your

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<v Speaker 1>car as a human being has has changed, right, I mean,

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<v Speaker 1>in some sense a lot of us in the rest

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<v Speaker 1>of the country are turning into New Yorkers. We just

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<v Speaker 1>want to get into the backseat and uh, and and

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<v Speaker 1>read or listen to music while a car takes us

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<v Speaker 1>where we want to go. And and that's that's kind

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<v Speaker 1>of a natural thing. And uh, we're gonna be in

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<v Speaker 1>this heterogeneous environment here where you've got some people driving,

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<v Speaker 1>some people in self driving vehicles, some people who have

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<v Speaker 1>decided they're never even going to get their first driver's license.

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<v Speaker 1>And uh, and then they've got you'll have this underlying

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<v Speaker 1>technology that gets relentlessly better. But we're not. We we

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<v Speaker 1>can't and we won't wait for perfection before we put

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<v Speaker 1>it out there. So there's gonna be some bumps along

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<v Speaker 1>the way. I want to talk just about your investment

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<v Speaker 1>process us, especially right now, given how much money is

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<v Speaker 1>being funneled into the tech industry. Are you seeing any opportunities,

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<v Speaker 1>especially in the non public markets, given how much cash

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<v Speaker 1>is flowt in. Oh sure, I mean there's lots of

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<v Speaker 1>great new startup You could spend your entire day just

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<v Speaker 1>listening to new startup companies. Uh. And that's I think

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<v Speaker 1>that's been true just for my entire lifetime here in

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<v Speaker 1>the valley. Um. But what's interesting is the big bucks

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<v Speaker 1>flowing in tend to pile up in front of the

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<v Speaker 1>really popular ideas. So today everybody wants to invest in

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<v Speaker 1>AI some form of a are you everybody is putting

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<v Speaker 1>an AI slide in their pitch deck so that they

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<v Speaker 1>can say they're an AI company. Uh. And typically, as

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<v Speaker 1>you could imagine um, as with any investment, if you're

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<v Speaker 1>chasing after the same thing that everybody else is chasing after,

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<v Speaker 1>you're not getting a very good price and you're probably

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<v Speaker 1>not being compensated for all the risk that you're taking. Sorry, well,

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<v Speaker 1>I just wanted to follow up that, because then where

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<v Speaker 1>are you seeing money not flowing that it should be flowing. Well,

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<v Speaker 1>when's the last time you heard somebody say it's time

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<v Speaker 1>to invest in semi conductors um private semi conductor startups?

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<v Speaker 1>No one says that. And because no one saying that,

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<v Speaker 1>we're having to look there, because you know, we're not

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<v Speaker 1>having to go to an open auction every time we

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<v Speaker 1>want to fund a company. And you know, when you're

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<v Speaker 1>talking about the evolution of the car, one of the

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<v Speaker 1>things that's going to happen there is that the power

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<v Speaker 1>electronics within the car are going to get a lot

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<v Speaker 1>more challenging, and you're not going to be able to

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<v Speaker 1>do it in silicon and you have to dive deep

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<v Speaker 1>into the advanced materials of silicon carbide or gallium arsenite

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<v Speaker 1>or something or I'm sorry, gallium nitrite or something like this.

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<v Speaker 1>It's really deep, basic fundamental underlying tech. It's pretty interesting,

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<v Speaker 1>pretty exciting, and I run into basically zero other investors

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<v Speaker 1>when I go to visit these companies. Kevin, I'm going

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<v Speaker 1>to give you a choice to talk specifics. Pivotal Systems,

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<v Speaker 1>intra opt Medical Corps or Revessum. I don't know if

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<v Speaker 1>I'm pronouncing that correctly, but Reversum is a Australian company,

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<v Speaker 1>right and it is a company that makes what is

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<v Speaker 1>described as chemical mechanical planarization and grinding tools for the

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<v Speaker 1>semiconductor industry. What does it do well? So I get

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<v Speaker 1>to take myself off the hook on Vossum because they're

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<v Speaker 1>exploring an Australian listing right now, and uh so because

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<v Speaker 1>they're they're out on the road, but they haven't filed

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<v Speaker 1>their perspectus yet. I'll have to come back and tell

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<v Speaker 1>all right, fair enoughther details another day. But let me

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<v Speaker 1>tell you Pivotal Systems beat them to the punch. They

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<v Speaker 1>went public on the a s X on June that's

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<v Speaker 1>when they're their ip A was priced. And for us,

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<v Speaker 1>this is the first time we've ever invested in a

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<v Speaker 1>company that went public, but not here in the US.

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<v Speaker 1>They went down Under for it, and the reason was

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<v Speaker 1>that that they were less than fifty million in revenues

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<v Speaker 1>and really didn't have the size to make the big

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<v Speaker 1>enough splash to have a nice sexy NASAC listing. Um.

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<v Speaker 1>But for the Australian market is a good fit, okay.

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<v Speaker 1>But this is what a company that does controls for

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<v Speaker 1>the for the semiconductive manufacturing industry. Right. So, the manufacturing

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<v Speaker 1>process of of wafer semichnactter wafers involves in a lot

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<v Speaker 1>of times evacuating a chamber, putting a wafer in there,

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<v Speaker 1>and then pumping in a very specific type of gas

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<v Speaker 1>at a certain type of pressure, and then you know,

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<v Speaker 1>you're basically baking the wafer, that's how you process it, uh,

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<v Speaker 1>and you're baking different gases into it. They have dozens

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<v Speaker 1>of different types of gases and dozens of different process steps.

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<v Speaker 1>And so just the market for mass flow controllers, which

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<v Speaker 1>is what Pivotal does, it's about a five million dollar

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<v Speaker 1>market and Pivotal is a little company with the better

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<v Speaker 1>mouse trap taking market share there based in Fremont, California.

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<v Speaker 1>That's right, Yeah, thank you very much. Kevin landis joining

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<v Speaker 1>us as the chief executive chief investment officer of Firsthand

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<v Speaker 1>Capital Management. And just to note that the Firsthands Technology

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<v Speaker 1>Value Fund trades under the symbol s v v C

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<v Speaker 1>and it is publicly listed and publicly traded, and the

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<v Speaker 1>shares of s VVC they're up more than eight year

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<v Speaker 1>to date. The topic right now though, the housing industry,

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<v Speaker 1>and we've got Brad Hunter, chief economist at Home Adviser,

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<v Speaker 1>to tell us about the housing industry and whether rising

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<v Speaker 1>interest rates are going to curtail the acceleration in housing sales.

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<v Speaker 1>We've got new home sales today, Brad. They were up

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<v Speaker 1>three and a half percent month over month, upcent year

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<v Speaker 1>over year. Also saw an increase in mortgage applications. They

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<v Speaker 1>were up nearly three percent. What's the role of housing

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<v Speaker 1>right now, sin, thanks for having me on. Yeah, demand

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<v Speaker 1>is strong. The problems for home builders are all on

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<v Speaker 1>the supply side. Demand might become an issue once mortgage

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<v Speaker 1>rates get above five percent, or if home prices go

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<v Speaker 1>up faster than I expect them to. But household formations

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<v Speaker 1>are are well over a million, really in their one

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<v Speaker 1>point three million range. Now you add on a replacement

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<v Speaker 1>of two hundred thousand or so units the year or more,

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<v Speaker 1>and demand is well above production, and most markets are

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<v Speaker 1>still affordable. But you know, pricing is is going to

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<v Speaker 1>become the next issue as interest rates go up. You know, Abroad,

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<v Speaker 1>I'm struck by some of the weakness and where we've

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<v Speaker 1>seen some of the weakness of late New York, New Jersey,

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<v Speaker 1>Westchester places that are affected by some of the tax changes.

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<v Speaker 1>I'm wondering how much has the tax cut and some

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<v Speaker 1>of the alterations with respect to the salt deductions affected

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<v Speaker 1>housing values in the northeastern particular. I don't think it's

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<v Speaker 1>had much of an effect at all, because most people

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<v Speaker 1>do not itemize, and so even fewer are going to

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<v Speaker 1>itemize the future given the standard deduction change. So I

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<v Speaker 1>don't see that as a big deal um in terms

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<v Speaker 1>of policy changes, I see the tariffs as more of

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<v Speaker 1>a concern. Really, do you think, well, yeah, when when

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<v Speaker 1>you think about the home builders and how much production

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<v Speaker 1>they can bring to bear in this undersupplied market. They're

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<v Speaker 1>facing what they call the three ls, land, labor and lumber,

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<v Speaker 1>and lumber is really shorthand for materials, so um, lumber,

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<v Speaker 1>steal aluminum. These are things that are being affected greatly

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<v Speaker 1>by tariffs, and it's gonna had a couple of thousand dollars.

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<v Speaker 1>These arteris are gonna had a couple of thousand dollars

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<v Speaker 1>to the production costs of the average home. And so

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<v Speaker 1>it's getting harder and harder for home builders to serve

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<v Speaker 1>the millennials and other people that are just trying to

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<v Speaker 1>get into homes for the first time. Well, Brad, in

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<v Speaker 1>that context of rising lumber prices, does that mean that

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<v Speaker 1>it is now time to buy home building stocks because

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<v Speaker 1>they've already sold off in response to that increase in price. Well,

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<v Speaker 1>I don't give advice or a commentary on what you

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<v Speaker 1>know whether to buy or sell stocks, but what I

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<v Speaker 1>can say is that the home builders are facing these constraints,

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<v Speaker 1>and one of the biggest constraints that they're facing is

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<v Speaker 1>actually the other l which is land um and the

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<v Speaker 1>land and lots supplies extremely tight. The prices of land

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<v Speaker 1>are really making it prohibitive for them to serve the

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<v Speaker 1>lower echelons of the market. I'll give you an example

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<v Speaker 1>in Dallas Texas, a new home demand is under two

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<v Speaker 1>hundred and fifty dollars, but the percentage of lots that

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<v Speaker 1>are available that are suited to that price range are

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<v Speaker 1>much lower. In Dallas, the percentage of developed lots, according

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<v Speaker 1>to Metro study, suited for homes five hundred thousand and

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<v Speaker 1>up has risen from ten percent ten years ago to

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<v Speaker 1>twenty three point one percent, and only twelve percent of

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<v Speaker 1>the lots are suited for homes under two demand, twelve

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<v Speaker 1>of the supply. Um. You know, so what that's forcing

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<v Speaker 1>the builders to do is to buy land and locations

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<v Speaker 1>that are more and more distant from the urban cores

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<v Speaker 1>and markets all around the country. And you know, occasionally

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<v Speaker 1>when they're lucky doing an infol project in a condemned

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<v Speaker 1>shopping center, closed air force base or golf course, but um,

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<v Speaker 1>they are having to build farther and farther out. Rod Hunter,

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<v Speaker 1>thank you so much for joining us. It's sort of

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<v Speaker 1>ignites my imagination about what home ownership will look like

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<v Speaker 1>going forward, if it really will turn it into people

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<v Speaker 1>at the top can buy homes and people at the

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<v Speaker 1>bottom have to rent, or or how this is going

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<v Speaker 1>to get reconfigured. A conversation for another time. Brad Hunter,

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<v Speaker 1>chief economist at Home Adviser. It's time to turn to

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<v Speaker 1>car Whicka Donna, our chief US economist for Bloomberg Economics,

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<v Speaker 1>to give us some insight into the into today's federal

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<v Speaker 1>reserve rate decision. And Carl, just to give you a

0:13:03.240 --> 0:13:06.520
<v Speaker 1>little bit of oomph. Their new home sales coming out

0:13:06.920 --> 0:13:10.520
<v Speaker 1>just moments ago for the month of August six and

0:13:10.600 --> 0:13:14.559
<v Speaker 1>twenty nine thousand. The estimate was for six thirtyes, so

0:13:14.640 --> 0:13:18.200
<v Speaker 1>that was right seemingly right on target. But new home

0:13:18.360 --> 0:13:22.000
<v Speaker 1>sales month over month increase of three and a half percent.

0:13:22.520 --> 0:13:26.040
<v Speaker 1>Add that to a nearly three percent increase in mortgage application.

0:13:26.160 --> 0:13:29.680
<v Speaker 1>Seems as though the housing markets doing pretty well well. Pim,

0:13:30.000 --> 0:13:32.040
<v Speaker 1>first of all, a good morning, and thanks for having

0:13:32.080 --> 0:13:35.439
<v Speaker 1>me on the program. Housing markets doing okay. If we

0:13:35.520 --> 0:13:39.599
<v Speaker 1>look at the new home sales, they're up about in

0:13:39.760 --> 0:13:42.120
<v Speaker 1>your on your terms. That being said, we've had a

0:13:42.200 --> 0:13:44.760
<v Speaker 1>little bit of a cold streak over the last couple

0:13:44.840 --> 0:13:49.880
<v Speaker 1>of months, so uh, we we met expectations for today's forecast,

0:13:50.120 --> 0:13:54.360
<v Speaker 1>but the prior months were indeed the revised lower that

0:13:54.480 --> 0:13:57.360
<v Speaker 1>was troop for both July and June. Uh, and what

0:13:57.480 --> 0:14:00.360
<v Speaker 1>we're seeing is mortgage rates for ex ample, if we

0:14:00.400 --> 0:14:03.800
<v Speaker 1>look at the thirty year mortgage rates definitely creeping higher,

0:14:03.840 --> 0:14:08.240
<v Speaker 1>and this is starting to weigh on affordability about four

0:14:08.240 --> 0:14:12.440
<v Speaker 1>and a half percent. That that's higher than most homebuyers

0:14:12.480 --> 0:14:15.559
<v Speaker 1>are used to so historically, absolutely, that's still a very

0:14:15.679 --> 0:14:19.480
<v Speaker 1>low lending rate, but not for folks who are accustomed

0:14:19.520 --> 0:14:21.480
<v Speaker 1>to what they've seen in the market of the last

0:14:21.720 --> 0:14:24.280
<v Speaker 1>fifteen years or so. And if we look at what's

0:14:24.360 --> 0:14:27.600
<v Speaker 1>driving the economy right now, housing is definitely not part

0:14:27.680 --> 0:14:30.920
<v Speaker 1>of it. And so it looks like interessensitive spending is

0:14:31.040 --> 0:14:35.120
<v Speaker 1>indeed starting to be impacted by FED rate tightening. And

0:14:35.200 --> 0:14:36.600
<v Speaker 1>let's pick up on that. We're going to talk more

0:14:36.680 --> 0:14:39.800
<v Speaker 1>about the housing market later on in this hour, but

0:14:39.880 --> 0:14:42.400
<v Speaker 1>I want to get to this sort of rate hiking environment.

0:14:42.480 --> 0:14:44.280
<v Speaker 1>The fact of the FED is expected to raise rates

0:14:44.440 --> 0:14:46.040
<v Speaker 1>and the fact that we saw two year and five

0:14:46.120 --> 0:14:49.680
<v Speaker 1>year auctions this week that we're less than inspired. And

0:14:49.760 --> 0:14:52.440
<v Speaker 1>I have to wonder why are people so uncertain with

0:14:52.560 --> 0:14:54.600
<v Speaker 1>a lead up to this meeting, considering the fact that

0:14:54.640 --> 0:14:56.960
<v Speaker 1>it's pretty much a percent priced in that they're going

0:14:57.000 --> 0:14:59.240
<v Speaker 1>to raise rates. Well, that that hones in on a

0:14:59.360 --> 0:15:01.920
<v Speaker 1>very important point and That's not the issue of whether

0:15:02.000 --> 0:15:04.000
<v Speaker 1>they'll raise rates or not at this meeting, because I

0:15:04.040 --> 0:15:06.800
<v Speaker 1>think that's a fate to complete, but rather what the

0:15:06.880 --> 0:15:09.600
<v Speaker 1>future policy is going to look like. So those week

0:15:09.680 --> 0:15:12.920
<v Speaker 1>auctions again, they were you know, weak ish, not not

0:15:13.600 --> 0:15:16.920
<v Speaker 1>you know, jarringly disappointing. But this happens at the same

0:15:17.000 --> 0:15:20.640
<v Speaker 1>time that next week we'll see the FED ramping up

0:15:20.720 --> 0:15:23.040
<v Speaker 1>the pace of balance sheet unwind h the e c

0:15:23.240 --> 0:15:27.239
<v Speaker 1>B will be ramping down the pace of asset purchases.

0:15:27.800 --> 0:15:30.760
<v Speaker 1>And all of this has consequences for the financial markets.

0:15:30.800 --> 0:15:32.280
<v Speaker 1>And so why do you want to lock in rates

0:15:32.360 --> 0:15:36.160
<v Speaker 1>now when you know these artificial buyers and artificial holders

0:15:36.600 --> 0:15:41.000
<v Speaker 1>of assets are becoming less aggressive in terms of their holdings.

0:15:41.040 --> 0:15:44.400
<v Speaker 1>And I think that factors into, uh, the the appetite

0:15:44.520 --> 0:15:47.040
<v Speaker 1>at these auctions. On top of that, in terms of

0:15:47.080 --> 0:15:50.320
<v Speaker 1>the FED meeting, again, the rate increases are largely expected,

0:15:50.800 --> 0:15:55.600
<v Speaker 1>but the guidance for future actions is not entirely clear.

0:15:55.720 --> 0:15:59.440
<v Speaker 1>So the Feds leaning towards a December move today, they'll

0:15:59.440 --> 0:16:02.520
<v Speaker 1>have the opportunity to either cast it in stone or

0:16:02.640 --> 0:16:05.440
<v Speaker 1>retain some optionality ahead of the December meeting. I think

0:16:05.440 --> 0:16:08.640
<v Speaker 1>it'd be wise to keep that optionality in place and

0:16:08.800 --> 0:16:13.200
<v Speaker 1>not drive market expectations higher. And also this notion of

0:16:13.480 --> 0:16:15.480
<v Speaker 1>where rates are going to be going over the course

0:16:15.560 --> 0:16:19.600
<v Speaker 1>of twenty nineteen and as we close in on neutral

0:16:19.760 --> 0:16:22.520
<v Speaker 1>is going to be very key to how financial markets respond.

0:16:22.760 --> 0:16:25.800
<v Speaker 1>If I can just add one last footnote, the rhetoric

0:16:25.960 --> 0:16:30.840
<v Speaker 1>from the Fed has seemingly toughened as of late. Initially

0:16:30.880 --> 0:16:33.760
<v Speaker 1>there was some notion that the policy makers would move

0:16:33.880 --> 0:16:37.320
<v Speaker 1>cautiously as they get into neutral territory. That kind of

0:16:37.440 --> 0:16:40.480
<v Speaker 1>changed towards let's get to neutral and then reassess, And

0:16:40.560 --> 0:16:44.680
<v Speaker 1>even some policymakers like Governor Lyle Brainerd have this notion

0:16:44.800 --> 0:16:49.000
<v Speaker 1>that the short term neutral rate is higher than the

0:16:49.040 --> 0:16:51.400
<v Speaker 1>long run neutral rate, and therefore the Fed may have

0:16:51.560 --> 0:16:55.440
<v Speaker 1>to push rates further above neutral uh in the course

0:16:55.520 --> 0:16:59.720
<v Speaker 1>of the medium term. I'm just digesting that footnote, Carl,

0:16:59.800 --> 0:17:02.320
<v Speaker 1>that is a long footnote. Um, can you tell us

0:17:02.600 --> 0:17:06.520
<v Speaker 1>what role crude oil and crude oil prices at seventy

0:17:06.560 --> 0:17:09.480
<v Speaker 1>one dollars a barrel play in the federal reserves? Thinking

0:17:09.720 --> 0:17:13.520
<v Speaker 1>about interest rates, given that President Donald Trump spoke at

0:17:13.520 --> 0:17:16.880
<v Speaker 1>the United Nations yesterday saying that OPEK is ripping people off, well,

0:17:16.920 --> 0:17:20.280
<v Speaker 1>I think it plays in a very indirect fashion. And

0:17:20.480 --> 0:17:21.840
<v Speaker 1>and by that I mean the FED is not going

0:17:21.960 --> 0:17:25.159
<v Speaker 1>to respond to an increase in oil prices or a

0:17:25.359 --> 0:17:29.800
<v Speaker 1>transitory shock in the energy price in the energy space.

0:17:30.480 --> 0:17:34.199
<v Speaker 1>But this does factor into the performance of emerging markets,

0:17:34.320 --> 0:17:37.040
<v Speaker 1>for instance, which the FED. Uh, that's not you know,

0:17:37.280 --> 0:17:39.800
<v Speaker 1>on the top five list of priorities. But the FED

0:17:39.920 --> 0:17:43.520
<v Speaker 1>is cognizant that their actions have consequences across the globe

0:17:43.520 --> 0:17:47.919
<v Speaker 1>and they want to avoid any type of destabilizing action. Uh.

0:17:48.000 --> 0:17:51.160
<v Speaker 1>That's number one. And number two is through business investment.

0:17:51.280 --> 0:17:54.399
<v Speaker 1>In prior episodes where oil prices have been high, we

0:17:54.480 --> 0:17:58.120
<v Speaker 1>see a lot of domestic investment into fracking and those

0:17:58.160 --> 0:18:01.440
<v Speaker 1>types of industries, and that actually supports business investment in

0:18:01.480 --> 0:18:04.400
<v Speaker 1>the economy. All right, thank you so much, Carl Goddon,

0:18:04.480 --> 0:18:07.000
<v Speaker 1>in chief US economist for Bloomberg Economics. I know you're

0:18:07.040 --> 0:18:13.280
<v Speaker 1>gonna be covering this in detail throughout the day. Thanks

0:18:13.320 --> 0:18:15.920
<v Speaker 1>for listening to the Bloomberg P and L podcast. You

0:18:16.000 --> 0:18:19.760
<v Speaker 1>can subscribe and listen to interviews at Apple Podcasts, SoundCloud,

0:18:19.920 --> 0:18:23.360
<v Speaker 1>or whatever podcast platform you prefer. I'm pim Fox. I'm

0:18:23.400 --> 0:18:27.400
<v Speaker 1>on Twitter at pim Fox. I'm on Twitter at Lisa Abramo.

0:18:27.520 --> 0:18:30.119
<v Speaker 1>It's one before the podcast. You can always catch us

0:18:30.160 --> 0:18:31.720
<v Speaker 1>worldwide on Bloomberg Radio