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Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Term Keene, Jay Lee.

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Speaker 1: We bring you insight from the best in economics, finance,

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Speaker 1: investment and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,

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Speaker 1: Bloomberg dot Com and of course on the Bloomberg. Joining

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Speaker 1: us here in Westminster alongside Tom Keene and might sap

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Speaker 1: Jonathan Farin pleased to say its Adam Wager from the

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Speaker 1: UK in a changing Europe alongside try to greet them Ellen,

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Speaker 1: let's talk about it fast forward to We need to

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Speaker 1: understand and try and get a little bit of clarity

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Speaker 1: of what the Prime Minister wants, and I think Boris

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Speaker 1: Johnson knows what he wants. I think we managed to

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Speaker 1: get to this stage. We had a Breaston election without

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Speaker 1: really interrogating whether Boris Johnson would try and extend the

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Speaker 1: transition period beyond whether he would try and go for

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Speaker 1: a sort of bare bones free and a manifesto, isn't it.

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Speaker 1: He's not gonna extends though, but he's got a huge

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Speaker 1: round of political capital now and I think he it's possible,

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Speaker 1: and I think people in this party are saying that

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Speaker 1: he could just sort of forget about that manifesto commitment

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Speaker 1: when it gets to June, say you're going to say

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Speaker 1: that the EU are being intransident and try and push

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Speaker 1: that a transition period back a couple of years, and

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Speaker 1: I think that would give him a lot of scope

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Speaker 1: for maneuver. That's the option that's open to him, and

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Speaker 1: there's other or not. He will, he'll, he'll do that.

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Speaker 1: Boris Johnson is a very flexible and adaptable politician. That's

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Speaker 1: his key to his strength. Well, which Boris will show

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Speaker 1: up that's so hard at the matter and me into

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Speaker 1: changing Europe. It's all sort of changing Boris, isn't it. Yeah? Yeah, yeah,

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Speaker 1: I think why? I think I think that Boris Johnson

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Speaker 1: at heart is someone that probably would like to flip

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Speaker 1: back towards sort of one nation sender ground. But it's

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Speaker 1: not one. I mean, he got Christians, Scotland, Northern Ireland

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Speaker 1: is shockingly unique this morning. It is not one nation,

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Speaker 1: isn't Yeah? I mean it Boris Shohnson had any strategy

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Speaker 1: and spend the next couple of years really focusing on

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Speaker 1: uniting the United Kingdom because the only thing that could

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Speaker 1: they could really really derail Boris Johnson in the next

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Speaker 1: five years is another independence referinum in Scotland and losing that,

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Speaker 1: I mean his position then would be untenable. That's the

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Speaker 1: only thing that can actually, you know, stop a five

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Speaker 1: years of strong Boris shots in government. Now, sta let's

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Speaker 1: talk about the Frice action, Sterling bid, the pounds, stronger

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Speaker 1: utilities really really ripping higher here in the United Kingdom.

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Speaker 1: When he talked about the mid caps, the banks as

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Speaker 1: well in the UK too. The perception over the last

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Speaker 1: three years, Trevor and I wonder if you share it,

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Speaker 1: is that there is this wall of capital waited to

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Speaker 1: come back into the UK once we resolve some of

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Speaker 1: these issues. Have we resolved those issues to the extent

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Speaker 1: that waller capital starts to come back into the UK. Well,

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Speaker 1: I think you've you've seen the pound move up and

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Speaker 1: moved up about two percent last night on the exit poll.

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Speaker 1: It's given up half of those games already. It's not

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Speaker 1: a very big move, so you can take from that,

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Speaker 1: but the markets were expecting a Johnson majority, if not

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Speaker 1: this big. I think that there will be money coming

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Speaker 1: back in, but I think the degree of that investment

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Speaker 1: pickup is going to be limited. This is the heart

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Speaker 1: of the matter. Trevor, You've been doing this for years,

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Speaker 1: not only applying a wealth management and asset on occasion,

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Speaker 1: but thinking about where money clothes. How do you flow

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Speaker 1: money to the labor areas of this nation that just

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Speaker 1: voted for Boris Charlton. What's the mechanism to do that

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Speaker 1: fiscal policy because obviously, if we do go out with

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Speaker 1: a sort of bare bones trade deal at the end

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Speaker 1: of next year, if Johnson wants to get that behind

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Speaker 1: him so you can move on to other things, he's

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Speaker 1: going to have to oil the system. Okay, what is

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Speaker 1: the fiscal policy that helps life. You've got to have

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Speaker 1: increased government spending. You've got to have maybe targeted tax cuts.

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Speaker 1: I think we've We've just learned that all of the

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Speaker 1: parties were splurging the cash in their manifestoes and the

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Speaker 1: guilt market didn't blink. So there's much more capacity for

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Speaker 1: borrowing and spending the beach. First, the Conservative Party has

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Speaker 1: has a news consistituously that they didn't have for much

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Speaker 1: of the last part years. I mean we're talking about parts,

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Speaker 1: we're talking about instituencies, Tom but for much of the

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Speaker 1: last century, the Conservative Party were never in and now

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Speaker 1: they are. I'm going to the three of you because

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Speaker 1: I'm the foreigner here. Trillion dollar deficits. There's no one

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Speaker 1: who's a deficit park in Washington. Is that what we're

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Speaker 1: gonna see here? And you may they're not going to

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Speaker 1: get the trillion, But is it bull Well, the guilt

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Speaker 1: market is not there, twether should it be? Well? I mean,

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Speaker 1: in the end, the guilt market will respond more to

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Speaker 1: inflation expectations and interest rate expectations. And because China is

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Speaker 1: going through the structural slowdown in the background, you can't

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Speaker 1: get a good inflation going and at the moment governments

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Speaker 1: can load up on debt. If China comes firing back,

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Speaker 1: commodity prices arising, inflation goes up, then there's a reckoning.

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Speaker 1: I think the question is whether or not Bishton tries

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Speaker 1: to square the circle he's got with his political coalition

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Speaker 1: now by going down the economic route and trying to

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Speaker 1: you know, give some some of tach release and so on,

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Speaker 1: whether he just tries to double down on the on

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Speaker 1: the social populism that he's that he's won this election. Yeah,

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Speaker 1: maybe that's the way they've actually continued let's come back

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Speaker 1: and I want to come back and advanced that point forward.

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Speaker 1: Ellen Wager with US researcher at the United Kingdom UK

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Speaker 1: and Changing Europe. Trevor Grifton with US Royal London Asset Manager,

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Speaker 1: Rosalind Matheson with us running all of our government coverage.

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Speaker 1: Ben Ritchie of averaging standard stuffed by this morning as well, Rosin.

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Speaker 1: The fiscal stimulus to me is key, is it immediate? Urgent?

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Speaker 1: Is it? Does it wait six weeks and there's a

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Speaker 1: State of the Union address or he speaks to everyone

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Speaker 1: and says this is the budget. When does the budget

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Speaker 1: get clarity? Expecting that obviously in the early part of

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Speaker 1: next year. The first thing is to get Brexit through

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Speaker 1: Parliament and then he needs to start talking some numbers

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Speaker 1: for his own budget. But a lot of that you

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Speaker 1: can expect to be put forward, it will say, contingent

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Speaker 1: on X y Z happening with Brexit with the EU.

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Speaker 1: A lot of the money has to come in to

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Speaker 1: fund some of that, including on the health service. It

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Speaker 1: wasn't just labor saying when you used that money from

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Speaker 1: Brussels to pay for some of the stuff. It was

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Speaker 1: the government as Well's the other thing but got to

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Speaker 1: think about is something that never touched on what does

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Speaker 1: the cabinet look like in the coming weeks, how does

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Speaker 1: it change. On top of that, the Governor of the

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Speaker 1: Bank of England leaves around the same time the UK

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Speaker 1: leaves the EU at the January next year. Any idea

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Speaker 1: how these kind of issues materialized in the coming days,

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Speaker 1: coming weeks, We will be interesting to see how cabinet

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Speaker 1: may move our ship. But to be honest, he already

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Speaker 1: had most of his die hard supporters in there. Remember

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Speaker 1: when he removed thereason may form a bit of a word.

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Speaker 1: He essentially fired a bunch of Tories who thought were

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Speaker 1: against him and they sat in Parliament as independence until

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Speaker 1: yesterday until the election, so he rewarded. He's in a

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Speaker 1: circle those with very much hard brexiteers from the far

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Speaker 1: right of the party. But there are also some of

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Speaker 1: his closest confidence So you may not expect see cabinet

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Speaker 1: move all shift that much. To be honest, this early

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Speaker 1: in the game. Ben overnight, when we caught up with

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Speaker 1: people in the FX market talking about what comes next

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Speaker 1: in the rate cup, call came up pretty quickly. The

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Speaker 1: Bank of England has got seventy five basis points to

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Speaker 1: play with. Do they follow through on a cut anytime soon. Well,

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Speaker 1: I don't think so. I think after I think after yesterday,

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Speaker 1: we've put a lot of more stability. I think that

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Speaker 1: the Bank of Being that made a fairly clear at

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Speaker 1: their latest update that they were sort of on a

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Speaker 1: waiting brief and if anything, I suspect we're probably going

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Speaker 1: to be talking about rates going up rather than going

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Speaker 1: down from here. The Bank of England, I guess plays

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Speaker 1: a part, But it comes down to that analysis of

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Speaker 1: fiscal space. Rosalind and a team are written endless articles

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Speaker 1: about this nation, this nation frame, the fiscal space of

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Speaker 1: the United Kingdom right now. Well, I think it all

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Speaker 1: comes down to market confidence at the end of the

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Speaker 1: daytime and I think if the paper issuing, I think

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Speaker 1: that's the key thing. And I think expectations have changed,

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Speaker 1: and so the ability to run a deficit of one

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Speaker 1: to percent something like that, which we which we've been

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Speaker 1: shooting for in recent years, has probably widened. And I

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Speaker 1: think the capacity of bond markets and debt markets to

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Speaker 1: take that has expanded. And I think there's an appetite

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Speaker 1: to see fiscal stimulus from governments and from investors to

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Speaker 1: see that as a responsible action. It's opposed to an

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Speaker 1: irresponsible one, and I think that shifted, and I think

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Speaker 1: that gives government more flexibility and the room from here.

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Speaker 1: The United States is proof that you can do that

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Speaker 1: in a big way. Is that the privilege of the

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Speaker 1: United States or can the UK follow suit? Well? I

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Speaker 1: think the UK one of the remarkable of things. I

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Speaker 1: think throughout the whole Brexits you've got saga has been

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Speaker 1: the UK bonniels have remained so low and no stage

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Speaker 1: has been the concern that inflation is going to rip,

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Speaker 1: that confidence is going to be lost. And I think

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Speaker 1: with you know, UK TENUA guilts at sevent basis points,

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Speaker 1: I think the market saying, yes, we do have episode

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Speaker 1: for the UK paper. Sure we might not have the

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Speaker 1: extortionate privilege of the United States, but we're still a

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Speaker 1: well regarded issue and so I would expect that the

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Speaker 1: government to look to take advantage of that, because this

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Speaker 1: conservative government is not going to want to put up

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Speaker 1: taxes any more than they can do, and so I

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Speaker 1: think borrowing is going to be the way forward for them. Glass.

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Speaker 1: Let me ask you a treasure Raphael question. I'm sure

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Speaker 1: i'll get you in trouble. Is it an existential crisis

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Speaker 1: for the United Kingdom that they've come this far, now

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Speaker 1: they've got to go forward and they have to forget austerity.

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Speaker 1: Is society here lucked psychologically into austerity or can they

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Speaker 1: actually wound the stimulus? Can they mentally get there? We

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Speaker 1: did see the reason, for example, acknowledge that the austerity,

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Speaker 1: even though she was a big champion of austerity, was

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Speaker 1: perhaps something that voters had felt have been taken too far.

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Speaker 1: And you've seen that with just waiting times at hospitals.

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Speaker 1: We saw in a very powerful way during the campaign itself.

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Speaker 1: You've seen questions around jobs, around crime, around education as

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Speaker 1: a whole, and there's a feeling that yes, perhaps there

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Speaker 1: had to be a bit careful, particularly through this very

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Speaker 1: long and protracted on certain period when Brexit was being

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Speaker 1: debated within the UK. But if we get to the

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Speaker 1: point that Brexit is happening, perhaps that creates a certainty

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Speaker 1: to have more of a discussion around spending on some

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Speaker 1: of these key areas, and certainly the labor voters who

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Speaker 1: swung behind Boris Johnson last that we'll be expecting it

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Speaker 1: before we move this conversation on to other issues. Just

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Speaker 1: getting some reporting around the Bank of England, according to

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Speaker 1: officials that the new Bank of England governor will not

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Speaker 1: be named this coming Friday. This coming Friday, as in today,

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Speaker 1: I've lost track of where we have been up all

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Speaker 1: night to UK government officials discussing the timing of that appointment.

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Speaker 1: We won't find out today. Will it be a different

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Speaker 1: Bank of England official with the size of the Can

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Speaker 1: you wonder if we're going to have an official that

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Speaker 1: believes in Brexit in a way that perhaps Governor Krni,

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Speaker 1: at least he's accused of does not. General adliance for

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Speaker 1: instances have been name. It has been a name circulating

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Speaker 1: in the city used to be the chief economists that

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Speaker 1: standard charted. So that's something to think about as well.

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Speaker 1: I think, for instance, stance for us just taking a

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Speaker 1: step back for a moment, equities rolling over the deal

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Speaker 1: between China and the United States in doubt. We've heard

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Speaker 1: from the U s side, just briefly the reporting suggesting

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Speaker 1: that the President is signed off on a proposal with

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Speaker 1: the Chinese, but at the moment very little. Welcome all

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Speaker 1: of you on Bloomberg Television and Bloomberg Radio, roseland Myths

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Speaker 1: and with us with Bloomberg News and working in international

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Speaker 1: and government leadership there in ben Ritchie where us as

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Speaker 1: well with everything standard investment, Do you change anything? Are

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Speaker 1: you going to write a twenty page note or read

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Speaker 1: a twenty page note that's going to foreshoot a change

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Speaker 1: of the selection. Well, I think it's the combination of

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Speaker 1: trade and the election. They're removed two of the bigger

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Speaker 1: issues that have hung over European equities for most of

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Speaker 1: the last couple of years. And so I think if

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Speaker 1: we are an environment where we have a Phase one deal,

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Speaker 1: whatever that actually means, but we reduce hostilities and the

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Speaker 1: perception of stability see and we take away Brexit as

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Speaker 1: a potential sort of cliff edge issue. And we also

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Speaker 1: start to see more governments across Europe move into fiscal expansion.

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Speaker 1: That's creating an environment that's going to be positive at

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Speaker 1: least for investor sentiment towards European equities, which has been

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Speaker 1: pretty dreadful for most of the last two year. And

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Speaker 1: assuming that we actually sort things out between the United

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Speaker 1: States and China, we're just hearing from the Global Times

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Speaker 1: reporting that China will hold a press briefing today entrade talks.

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Speaker 1: We don't know where things are at all. In fact,

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Speaker 1: for many people, the last twenty four hours was reerily

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Speaker 1: similar to October eleventh. We're told we've got an agreement,

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Speaker 1: we don't have the details around it. It's a little

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Speaker 1: bit too premature to say the coast is clear for

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Speaker 1: risk assets going into next year when we've got nothing

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Speaker 1: on paper whatsoever. But I think we want to see

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Speaker 1: the deal agreed again. I think the contents of the

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Speaker 1: deal are less relevant than that there is a deal

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Speaker 1: for market sentiment. I think that that there whereas and

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Speaker 1: what's of how much agricultural purchases, what they extend to,

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Speaker 1: what the protections are in around technology and patterns are

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Speaker 1: not so important as the fact that the agreement has

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Speaker 1: reached and that some degree of confidence can be restored

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Speaker 1: to corporate It's in a degreement. Just once slice though,

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Speaker 1: of a broader issue between China and the United States.

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Speaker 1: Let's look at what's happening at the moment over the

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Speaker 1: last two weeks alone. But one thing, one of the

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Speaker 1: few things that is agreed upon in DC right now

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Speaker 1: between Democrats and Republicans is a hard stance on China.

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Speaker 1: You can see right now for the Chinese in the

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Speaker 1: past week alone, decoupling of supply chains is something not

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Speaker 1: only happening, they're actively encouraging in China and the United States.

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Speaker 1: I don't think whatever's agreed on this Phase one deal,

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Speaker 1: whatever you want to call it, that we can sit

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Speaker 1: here over the last two half months and say we

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Speaker 1: have a truce, Do we really have a truce just

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Speaker 1: because we agree on buying a little bit more agricultural good.

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Speaker 1: I think that, I think that, I think that's absolutely right,

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Speaker 1: and it's it's just one part of it of a

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Speaker 1: longer frame, and it's likely to be an ongoing rivalry

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Speaker 1: that stretches on for for decades from here. But I

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Speaker 1: think in terms of the disruption to corporate confidence, to

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Speaker 1: corporate investment that we've seen, I think this is an

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Speaker 1: important step in trying to ameliorate that does some degree.

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Speaker 1: I'm Richie of Aberdeen. We can catch up from Brussels.

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Speaker 1: Maria Demetrius, Deputy director of Brugal. She's still could be

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Speaker 1: with us and alongside us here in London, Ben Richie

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Speaker 1: of Abberdey Standard Investment. Maria, just to come to you initially,

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Speaker 1: ignore the sound all around me, the sirens here in London.

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Speaker 1: Your thoughts on how Brussels will respond in the coming

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Speaker 1: months with a UK British Prime Minister with a much

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Speaker 1: bigger majority here in the UK. Well, it was an

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Speaker 1: expected result. Actually, this is going to probably mean that

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Speaker 1: the Withdoral Agreement will pass. It will be voted in

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Speaker 1: the Parliament, which means in itself that we can start

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Speaker 1: discussing the future trade deal. That is good news because

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Speaker 1: it's going to provide the certainty that the markets need.

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Speaker 1: So in that respect, this result is probably a solid

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Speaker 1: result in terms of being able to start to think

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Speaker 1: about the long term relationship. Maria took Canada WAP seven

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Speaker 1: years to come up with an agreement between the Canadians

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Speaker 1: and the EU. There's a leaf and I think it's

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Speaker 1: well placed that the UK can do it quicker. The

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Speaker 1: question how much quicker and what can it deal? Your

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Speaker 1: thoughts on a timeline, hire, Maria, How doable is all

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Speaker 1: of this? Well, that's a good point. Actually, a typical

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Speaker 1: trade deal of if you take any random couple of

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Speaker 1: countries that is, trying to strike a trade deal takes

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Speaker 1: more on that it takes a little bit more than

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Speaker 1: two years. So in that respect, yes, wanting to do

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Speaker 1: it everything in one year is rather ambitious. On the

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Speaker 1: other hand, so we know exactly what we expect, the

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Speaker 1: incentives are aligned. We both want good outcomes. So I

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Speaker 1: mean it could if you get your minds to it.

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Speaker 1: I think we could do it in less than that.

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Speaker 1: If it were to be blocked, there would be blocked

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Speaker 1: for administrative issues, and you know, it might take a

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Speaker 1: little bit more than that. But in principle, I don't

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Speaker 1: think why shouldn't be why you need the seven or

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Speaker 1: eight years to strike a de deal, be doing the

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Speaker 1: two Yeah, Maria, one of the unspoken things is a

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Speaker 1: changing of the guard within European trade leadership. Really talked

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Speaker 1: about him from Strasburg back to Brussels as well. Does

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Speaker 1: it matter here that their new individuals doing these discussions. No,

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Speaker 1: I don't think so. There's pure continuity here. I think

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Speaker 1: it would be it would be important to just know

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Speaker 1: what the next step is, so you know, first things first,

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Speaker 1: let's pass the withdrawal agreement with the majority of that

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Speaker 1: Premnister Johnson god yesterday. That probably will happen as soon

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Speaker 1: as this. As soon as this happened, then I think

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Speaker 1: the continuity will be ensured. Certainly from the EU side,

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Speaker 1: the negotiations will still happen by the same people. It

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Speaker 1: doesn't really matter that you have a change. God, right, Maria,

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Speaker 1: thank you so much for the time this afternoon. Maria

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Speaker 1: Demetris is the deputy director of BROGL and we greatly

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Speaker 1: thank her and Brussels today with Ben Ritchie in with

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Speaker 1: the news for the heapphines really starting to change her

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Speaker 1: what we find a goal and I think we knew

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Speaker 1: it already. Making trade deals is really difficult. We're talked

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Speaker 1: about the United Kingdom and the EU on the timeline

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Speaker 1: of what twelve months to try and come up with

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Speaker 1: a comprehensive free trade of agreement. Maybe if that's what

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Speaker 1: the Prime Minister wants, talk to us about the ficulty

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Speaker 1: not with the UK and the EU. The one that's

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Speaker 1: moving markets right now, the epicenter of things at the moment,

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Speaker 1: China and the United States. A lot of people think

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Speaker 1: risk is diminished going into next year. Do you feel

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Speaker 1: the same way? Well, I think yes, is the answer.

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Speaker 1: But I think we need to see this deal agreed

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Speaker 1: in some form. I think, as I said earlier, I

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Speaker 1: think the details are less relevant than the deal itself.

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Speaker 1: Um and can we see that perhaps by the end

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Speaker 1: of the year perhaps earlier in the start of next year.

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Speaker 1: Hopefully we can do. And I think that that puts

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Speaker 1: us in a reasonable place going forward. We started this

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Speaker 1: year worried about the effectiveness of monetary policy. We end

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Speaker 1: it feeling very differently about that. It's interesting because we

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Speaker 1: haven't seen a real pickup in the economic data worldwide,

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Speaker 1: in Europe or An Asia for that matter. I think

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Speaker 1: we're defining the effectiveness of monetary policy by what markets

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Speaker 1: do ensure. There is a channel into the real economy

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Speaker 1: from financial markets, that's clear, But I just wonder when

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Speaker 1: the global economy is going to start picking up and

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Speaker 1: what kind of recovery we have. Ultimately, Is it You shaped,

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Speaker 1: is it Oul shaped? What are you looking for in

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Speaker 1: the fundamentals the data in the coming mons. I think

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Speaker 1: at the moment we've started to see Tom Lindes of

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Speaker 1: improvement in you in European manufacturing data, so we've seen

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Speaker 1: stabilization and p M eyes stabilization industrial production. We haven't

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Speaker 1: yet seen an inflection upwards, but we but we've seen

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Speaker 1: some stabilization in those rates. Um and I guess the U.

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Speaker 1: S economy has continued to grow and develop in a

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Speaker 1: sort of similar way. To that, which it has done

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Speaker 1: for much of the last five or six years. Has

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Speaker 1: maybe got a little bit slow around the margins, but

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Speaker 1: then we had that very strong jobs parently last week,

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Speaker 1: so again it's in that band of be doing okay China.

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Speaker 1: I think again the some of the domestic consumption stats

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Speaker 1: that continue to be weak and we haven't really seen

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Speaker 1: a significant pickup. But I think a stabilization around the

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Speaker 1: trade war I think gives the capacity for European manufacturing

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Speaker 1: to pick up what Q four we've seen lower for longer,

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Speaker 1: established and fixed income everybody's moving out, and also we're

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Speaker 1: waiting on international to come in, including an e M market.

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Speaker 1: It really didn't happen in the fourth quarter. What does

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Speaker 1: the signs you look for every day to link together

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Speaker 1: lower for longer with finally em coming up? Well, what

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Speaker 1: does what does the sign I want to see out

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Speaker 1: to know that's quite dim. Well, I think it's really

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Speaker 1: looking to China. I think that's the key, and I

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Speaker 1: think if we just gross to I think I think

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Speaker 1: I think it's looking at the p M I and

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Speaker 1: the manufacturing data there. I think that's probably going to

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Speaker 1: be the key lead that starts to drive a lot

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Speaker 1: of a lot of the other global economies that are

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Speaker 1: the ones that have been struggling over the last sort

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Speaker 1: of twelve eighteen months as a result primarily of trade,

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Speaker 1: perhaps some other issues in there as well, But that

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Speaker 1: that that, to my mind, is that is going to

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Speaker 1: be the key sentimental driver for for European What do

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Speaker 1: you make of the big debate currently going into next

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Speaker 1: year the rest of the world versus say, the United States.

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Speaker 1: Overwhelmingly we've got used to a consensus forming looks on

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Speaker 1: the other side of the Atlantic sitting in New York

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Speaker 1: on Moll Street, that it's by the rest of the

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Speaker 1: world in twenty that's the story to get behind, is it. Well,

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Speaker 1: I think it's been that story pretty much every year

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Speaker 1: for about the last ten years, and that's generally been wrong, right,

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Speaker 1: So I think I think as we look at it

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Speaker 1: from here, I think there's reasonable reasons to be more

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Speaker 1: enthused about European equities, particularly going into I think we've

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Speaker 1: we've had a tough time in terms of certainly in

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Speaker 1: terms of the manufacturing side of things. I'm pretty sure

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Speaker 1: that's going to on as we moved through into next year.

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Speaker 1: We've seen an incredibly negative investor sentiment towards that market.

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Speaker 1: I mean, can you buy the European banks? I don't

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Speaker 1: mean the interrupret this is so important. Could you buy

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Speaker 1: European banks at point to three and point three five failure?

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Speaker 1: Well you, well, you can do something. I'm not sure

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Speaker 1: that necessarily the ones you're gonna make loads of money

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Speaker 1: on over the next five to ten years. But I

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Speaker 1: think there's enough attractive businesses within the European context. And

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Speaker 1: it's not just about valuation multiples. I think it's about

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Speaker 1: the earnings performance of these businesses. If we're in an

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Speaker 1: environment where actually we can see a better earnings environment

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Speaker 1: that can deliver a much better returns perhaps than that

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Speaker 1: we can see from the from the US, And that's

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Speaker 1: what I think we're interested in next year in a

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Speaker 1: place decide of Ben Ricchie of Aberdeen Standard Investments, where

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Speaker 1: we stick in with us. Thanks for listening to the

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Speaker 1: Bloomberg Surveillance podcast. Subscribe and listen to interviews on Apple Podcasts, SoundCloud,

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Speaker 1: or whichever podcast platform you prefer. I'm on Twitter at

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Speaker 1: Tom Keane Before the podcast, you can always catch us worldwide.

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Speaker 1: I'm Bloomberg Radio