WEBVTT - Raymond J. McGuire Talks M&A Activity, Deal Making

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News. We're going to go

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<v Speaker 1>to a really, really interesting panel right now.

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<v Speaker 2>Raymond J.

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<v Speaker 3>MacGuire, president of Lazard, one of the leading investment bank

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<v Speaker 3>global investment banks, sitting down with us. We're going to

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<v Speaker 3>listen in so Lazard, your partner Peter has set some

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<v Speaker 3>big numbers for you guys.

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<v Speaker 1>I want to talk about how you're going to get

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<v Speaker 1>to those.

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<v Speaker 3>But let's start with private equity overall and where it

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<v Speaker 3>is today. I mean, it had glory days and then

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<v Speaker 3>it really slowed down some, particularly when the interest rates

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<v Speaker 3>got raised. Now it seems to be coming back to

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<v Speaker 3>what extent is the fed industry it's actually affecting the

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<v Speaker 3>rate of private equity deals at all? Or is it

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<v Speaker 3>other factors?

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<v Speaker 2>So let's define private equity. I would probably expand that

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<v Speaker 2>to say asset management, of which private equity is one

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<v Speaker 2>of the verticals with an asset management. Today we see

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<v Speaker 2>the asset managers starting with the likes of black Rock

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<v Speaker 2>with I don't know, ten trillion dollars or so. You

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<v Speaker 2>see the other ones who are now getting close to,

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<v Speaker 2>if not above, a trillion dollars. Private equity is a

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<v Speaker 2>subset of the asset management world. So we see many

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<v Speaker 2>of the institutional investors as well as the family offices

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<v Speaker 2>investing in the asset managers. So their assets are growing

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<v Speaker 2>and the expectations I don't continue to grow as investors

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<v Speaker 2>are looking for returns that either meet or beat the.

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<v Speaker 1>Capital markets.

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<v Speaker 2>FED policy has slowed a little bit of the deployment

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<v Speaker 2>of that capital, and until we see valuations come in line,

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<v Speaker 2>my sense is that you're going to see, at least

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<v Speaker 2>for the private equity side of it, different to how

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<v Speaker 2>they're deploying other aspects of the overall portfolio. Private equity

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<v Speaker 2>has slowed a little bit in the activity. In terms

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<v Speaker 2>of private equities contribution to revenues on Wall Street thirty

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<v Speaker 2>to forty percent and growing. Expect that to be them

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<v Speaker 2>to be continue to be a large component what's taking

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<v Speaker 2>place in the capital markets and be one of the drivers.

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<v Speaker 3>It looks like there's a fair amount of capital out

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<v Speaker 3>there to be deployed. Let's talk about the demand side,

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<v Speaker 3>the need for it. It's took some big transformations. We're

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<v Speaker 3>seeing such a we all talk about artificial intelligence all

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<v Speaker 3>the time these days, and also you've got the energy transition.

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<v Speaker 3>What are the things you're going to demand investment over

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<v Speaker 3>the next five ten years.

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<v Speaker 2>That's a much larger question, and that goes to kind

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<v Speaker 2>of a macro opportunities that we have, and I would

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<v Speaker 2>put them in five categories. One would be generative AI

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<v Speaker 2>in the drop down box, there is the amount of

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<v Speaker 2>capital that we're going to need deploy in order to

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<v Speaker 2>support generative AI data centers as an example.

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<v Speaker 1>Renewable energy or energy transition would.

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<v Speaker 2>Be another of a macro trend, and the drop down

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<v Speaker 2>box renewable energy and energy transition is how do we

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<v Speaker 2>invest in the infrastructure that's going to allow us to

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<v Speaker 2>remain competitive? And energy transition all also be effective in

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<v Speaker 2>how we go about entergy transition. The other is this

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<v Speaker 2>has taken on a different nomenclature dependent upon who's communicating.

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<v Speaker 2>It's either ensuring cringsuring, deglobalization, or what I would call reglobalization,

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<v Speaker 2>and the reglobalization means how do we invest in US manufacturing.

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<v Speaker 2>Remember we peaked in US manufacturing in June of nineteen

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<v Speaker 2>seventy nine, where one in five Americans worked in a

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<v Speaker 2>factory in the manufacturing base said eight. It's probably one

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<v Speaker 2>in twenty and much of the dependence that we have

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<v Speaker 2>in the manufacturing world for all the things that we

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<v Speaker 2>do or dependent upon the supply chain, So reglobalization, that's going.

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<v Speaker 1>To be another factor. The other factor that I would

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<v Speaker 1>look to is the.

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<v Speaker 2>Largest growing population that exists in North America's sixty five

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<v Speaker 2>years and older. And so how we drop down box,

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<v Speaker 2>how do we engage in healthcare for that demographic, how

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<v Speaker 2>do we manage the transfer of wealth or not in

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<v Speaker 2>the last of cybersecurity macro themes, and the investment that

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<v Speaker 2>we will have to make from the private sector is

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<v Speaker 2>investment that we also today see being led by what's

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<v Speaker 2>taking place in Washington, the IRA as an example of

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<v Speaker 2>the Chips Act, fundamental to how we compete going.

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<v Speaker 3>Forward, just where I wanted to go, which is the

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<v Speaker 3>role of private versus public in some of that fancying

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<v Speaker 3>because you mentioned the Chips Act, which obviously has a

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<v Speaker 3>lot to do with generative AI government is a big

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<v Speaker 3>player in that and also energy transition. Goodness knows, with

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<v Speaker 3>the IRA government big player as we go forward. As

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<v Speaker 3>you look at from your point of view at Lazard,

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<v Speaker 3>what it's the right role for the government, what's the

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<v Speaker 3>right role for the private sector in supplying the capital

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<v Speaker 3>that's needed.

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<v Speaker 2>It's going to have to be a partnership, especially for

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<v Speaker 2>the elements of the macro transit. In order for us

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<v Speaker 2>to compete, it's going to have to be public private partnerships,

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<v Speaker 2>which were in many ways I think with the IRA

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<v Speaker 2>and with the Chips Act, and look at a number

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<v Speaker 2>of private enterprises that are involved in that with the

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<v Speaker 2>support of the government.

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<v Speaker 1>So there's those partnerships.

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<v Speaker 2>And each one of these macro themes is going to

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<v Speaker 2>have to be public private partnerships. As we reglobalize, how

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<v Speaker 2>do we invest in the elements of that reglobalization. The

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<v Speaker 2>way that we do that is through we need government

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<v Speaker 2>policy that's going to be supportive, and then we need

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<v Speaker 2>private enterprise to partner.

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<v Speaker 1>And across the spectrum.

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<v Speaker 2>You're going to see public private partnerships that lead our

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<v Speaker 2>ability to remain competitive.

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<v Speaker 3>Where how does that apply cross national boundaries you talk

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<v Speaker 3>about reglobalization, there certainly has been a readjustment, I think

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<v Speaker 3>it's fair to say when it comes to supply chains,

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<v Speaker 3>and we even have a competition perhaps going on with

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<v Speaker 3>the United States and the European Union right now in

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<v Speaker 3>some of these areas to what extent. Does this inhibit

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<v Speaker 3>cross border transactions or does it enhance them?

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<v Speaker 2>Well, what you're going to see is the friendshuring to

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<v Speaker 2>which I referred. If you look at today, ninety percent

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<v Speaker 2>of the manufacturing needs of this country are supplied by China,

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<v Speaker 2>So friendshuring. If I look at auto manufacturing in our

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<v Speaker 2>relationship with Mexico as an example, you look at biofarm

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<v Speaker 2>and our relationship with India as an example, if you

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<v Speaker 2>look at batteries in our relationship with Poland as an example,

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<v Speaker 2>We're going to have to cross boundaries. We're going to

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<v Speaker 2>have to rely on those relationships that have historically been

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<v Speaker 2>friends of the United States. As the global North and

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<v Speaker 2>the global South at some point come together, We're going

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<v Speaker 2>to have to make certain that we have relationships with

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<v Speaker 2>our allies in order for us to.

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<v Speaker 1>Remain in the lead.

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<v Speaker 2>And we are in many fundamental ways in the lead,

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<v Speaker 2>but where we are exposed from a supply chain standpoint,

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<v Speaker 2>we need to be able to rely on our partners

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<v Speaker 2>to reduce that gap.

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<v Speaker 3>There's a lot of talk about industrial policy and big

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<v Speaker 3>investments for the US government and some money.

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<v Speaker 1>Goodness news has been appropriate a fair amount of money.

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<v Speaker 3>I'm not sure how much we've actually seen as we

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<v Speaker 3>would stand in the business up on the screen. Yet

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<v Speaker 3>I mean, talk to me, for example, about the Gateway project,

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<v Speaker 3>which has been on the table here in the New

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<v Speaker 3>York area for a good long time and still I'm

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<v Speaker 3>not sure how much progress I've seen made. Is that

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<v Speaker 3>a warning to us about the ability to actually get

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<v Speaker 3>it done rather than plan it and even spend money

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<v Speaker 3>on it.

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<v Speaker 2>So Gateway is a great example, as you all know,

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<v Speaker 2>probably the largest allocation of capital by the US government

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<v Speaker 2>where you going to see prime examples of public private partnerships.

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<v Speaker 2>Why do I say that Gateway, as you all know,

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<v Speaker 2>is a sixteen billion dollar project with seventy two thousand jobs,

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<v Speaker 2>and so what that's going to require is one the

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<v Speaker 2>training of a workforce to fill those seventy two thousand jobs, from.

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<v Speaker 1>Engineers to day laborers.

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<v Speaker 2>And we're also are going to need to make certain

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<v Speaker 2>that from a manufacturing standpoint, that we have the industries

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<v Speaker 2>that can supply the equipment necessary for us to go

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<v Speaker 2>and drill.

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<v Speaker 1>Gateway is a great example of that.

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<v Speaker 2>In my expectations that you're going to have private enterprise

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<v Speaker 2>that are also partnering with the government, and what the

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<v Speaker 2>leadership of Gateway now is doing. With Chris colorI and

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<v Speaker 2>his leadership, I think they've done an extraordinary job bipartisanship

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<v Speaker 2>coming together recognizing.

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<v Speaker 1>That in order for the trade that takes.

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<v Speaker 2>Place domestically continue to be facilitated, that the Gateway project

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<v Speaker 2>is one that is a high priority. If you also

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<v Speaker 2>look at the implications on healthcare, Gateway in many of

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<v Speaker 2>the communities that have not benefited so much or have

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<v Speaker 2>suffered because of the emissions have taken place across some

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<v Speaker 2>of the bridges and tunnels that it alleviates that. So

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<v Speaker 2>Gateway is a great example of how the US government

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<v Speaker 2>has come in and supported infrastructure development. This necessary for

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<v Speaker 2>US to continue to increase our growth in our overall economy.

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<v Speaker 3>Let me pick up on one of the things you've mentioned

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<v Speaker 3>a couple of times is workers, the number of workers

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<v Speaker 3>trained workers, because I think train workers want to grow

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<v Speaker 3>as an economy, you need more laborers. In the recent past,

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<v Speaker 3>it appears that we've been sustained to some extent by

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<v Speaker 3>legal immigration, actually legal migrants being added as a workforce.

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<v Speaker 3>What's the role of immigration in terms of the growth

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<v Speaker 3>of this economy. It's as you look at some of

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<v Speaker 3>those huge projects where you need the workers and also

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<v Speaker 3>the trained workers.

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<v Speaker 2>Well, apart from the political implication that first of all,

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<v Speaker 2>we need to make certain that the workforce that we

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<v Speaker 2>currently have as a workforce that is trained to be

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<v Speaker 2>able to address the huge opportunities the demand for labor.

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<v Speaker 2>In my sense is that as you think about the IRA,

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<v Speaker 2>and you think about projects flight Gateway, and you think

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<v Speaker 2>about the organizations today that train the labor, that there's

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<v Speaker 2>a tremendous opportunity for us to continue to invest in

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<v Speaker 2>a unions as an example, how do we invest in

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<v Speaker 2>that and how do we make sure that the union

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<v Speaker 2>is supportive so they can go train the workforce, reducing

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<v Speaker 2>the requirements that you have a college degree in order

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<v Speaker 2>to do some of the work that's going to be necessary.

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<v Speaker 2>So workforce training is critical. By the same token, workforce

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<v Speaker 2>housing is going to be critical. So for seventy two

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<v Speaker 2>thousand people commuting into this geography, where do you house them?

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<v Speaker 2>That's going to be part of the overall thought process

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<v Speaker 2>and part of the overall architecture is we think about

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<v Speaker 2>projects like Gateway, and as I think about what gateways,

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<v Speaker 2>the implications of Gateway profound and exciting in a reflection

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<v Speaker 2>of what we can do when we decide to invest

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<v Speaker 2>in this country and invest in the most important part

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<v Speaker 2>of the country, which is the talent.

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<v Speaker 3>When we talk about things like generative AI as well

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<v Speaker 3>as the energy transition, it's hard to have that discussion

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<v Speaker 3>without talking about China somehow, because China has really put

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<v Speaker 3>a lot of investment into those There's obviously national security

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<v Speaker 3>issues of the China. At the same time, how can

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<v Speaker 3>we get along if I can put it that way

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<v Speaker 3>with China in terms of economies, so that we both

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<v Speaker 3>get the best of it without conceding or compromising our

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<v Speaker 3>national security.

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<v Speaker 2>So I would say when it comes to generative AI

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<v Speaker 2>that we are ahead in the actual general of AI,

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<v Speaker 2>the technology of generative AI, and if you look at

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<v Speaker 2>who are the architects of that, they reside in this country.

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<v Speaker 2>So I take confidence in that when it comes to

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<v Speaker 2>the energy sources that are necessary for energy transition. As

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<v Speaker 2>an example, seventy to ninety percent of the raw materials

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<v Speaker 2>necessary for renewable energy energy transition is refined by China,

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<v Speaker 2>and so as we think think about that, we'll have

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<v Speaker 2>to reduce our exposure to the supply chain and invest more,

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<v Speaker 2>which is why I come back to what we're doing

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<v Speaker 2>with the Chips Act and the public private partnerships that

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<v Speaker 2>reside there. Exists there and other examples out there. So

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<v Speaker 2>I would say there is a reliance today that we

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<v Speaker 2>have to reduce our exposure. But that comes to not China,

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<v Speaker 2>but China plus many, not China plus one. And I

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<v Speaker 2>spoke about Mexico or India or Poland, or if I

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<v Speaker 2>look at the global South coming from Tierra del Fuego

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<v Speaker 2>up and the natural resources that exist there in the

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<v Speaker 2>relationships that we are developing there to generate or to

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<v Speaker 2>get our exposure increased to raw materials, the minerals, that's increasing,

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<v Speaker 2>and I think there's an acknowledgement that we need to

0:12:49.760 --> 0:12:53.360
<v Speaker 2>increase that. Another example would be the continent of Africa

0:12:53.440 --> 0:12:56.240
<v Speaker 2>fifty four to fifty five countries, depending upon how you

0:12:56.320 --> 0:13:00.640
<v Speaker 2>decide on one country. We have not invested there. That's

0:13:00.679 --> 0:13:04.240
<v Speaker 2>where many of their raw materials come from. They exist there.

0:13:04.960 --> 0:13:07.320
<v Speaker 2>The two challenges that we have when we think about

0:13:07.360 --> 0:13:10.040
<v Speaker 2>the continent, there are two threshold challenges. One is the

0:13:10.120 --> 0:13:12.680
<v Speaker 2>rule of law, the other's currency. We ought to be

0:13:12.679 --> 0:13:15.600
<v Speaker 2>able to come with a structure that allows for us

0:13:15.600 --> 0:13:21.280
<v Speaker 2>to invest private capital to invest on the continent in

0:13:21.600 --> 0:13:25.000
<v Speaker 2>friendly relationships there so that we can access the material.

0:13:25.640 --> 0:13:26.720
<v Speaker 1>How do we go about doing that?

0:13:26.840 --> 0:13:30.040
<v Speaker 2>So you have to solve those two threshold challenges in

0:13:30.120 --> 0:13:35.720
<v Speaker 2>order to attract private investment into those markets.

0:13:36.240 --> 0:13:39.320
<v Speaker 3>Ray, what does ZE mean for Lazard? What does it

0:13:39.360 --> 0:13:41.840
<v Speaker 3>mean for Lazard? Because as I say, Peter and you

0:13:41.960 --> 0:13:44.840
<v Speaker 3>have set some pretty aggressive goals in terms of growth,

0:13:45.360 --> 0:13:47.560
<v Speaker 3>What are the opportunities all of what you just said

0:13:47.800 --> 0:13:50.360
<v Speaker 3>presents to Lazard? And for that matter, what are the

0:13:50.440 --> 0:13:51.360
<v Speaker 3>challenges as well?

0:13:51.920 --> 0:13:54.080
<v Speaker 2>So for the opportunity, I think there are probably more

0:13:54.120 --> 0:13:57.040
<v Speaker 2>opportunities than there are challenges. As you all know, we've

0:13:57.080 --> 0:13:59.520
<v Speaker 2>been around now this is one hundred and seventy six year.

0:14:00.480 --> 0:14:04.680
<v Speaker 2>We pride ourselves on being the trusted advisor to the

0:14:04.679 --> 0:14:10.640
<v Speaker 2>most sophisticated corporate and sovereign leaders. If you think about

0:14:10.800 --> 0:14:13.920
<v Speaker 2>much of what's taking place in sovereign restructuring, we have

0:14:14.040 --> 0:14:16.840
<v Speaker 2>been in the lead of that. If you think about

0:14:16.920 --> 0:14:21.440
<v Speaker 2>what's taking place today and renewables, and you saw announced

0:14:21.720 --> 0:14:26.080
<v Speaker 2>transaction between Rear Beyond and Volkswagen, we led that. And

0:14:26.200 --> 0:14:30.160
<v Speaker 2>there are numerous examples historically and today where we have

0:14:30.240 --> 0:14:34.640
<v Speaker 2>been out front both on behalf of senior managements and

0:14:34.680 --> 0:14:39.880
<v Speaker 2>boards and also on behalf of necessary important sophisticated sovereigns.

0:14:40.560 --> 0:14:42.160
<v Speaker 1>So we have played a leading we're on.

0:14:42.120 --> 0:14:44.720
<v Speaker 2>The expectations going forward will continue to play a leading role.

0:14:44.960 --> 0:14:49.080
<v Speaker 2>We're onboarding talent to add to the existing galaxy of

0:14:49.840 --> 0:14:53.480
<v Speaker 2>stellar talent that we have and it's exciting to be

0:14:53.840 --> 0:14:56.440
<v Speaker 2>if I want to be anywhere, and I've chosen you

0:14:56.440 --> 0:14:58.040
<v Speaker 2>want to be anywhere you want to be at Lizard

0:14:58.120 --> 0:14:59.760
<v Speaker 2>because we're at the forefront of a lot of what's

0:14:59.760 --> 0:15:00.880
<v Speaker 2>taking place in the world.

0:15:01.040 --> 0:15:03.400
<v Speaker 3>Onboarding talent is that one of the key gateways for you.

0:15:03.440 --> 0:15:05.520
<v Speaker 3>How hard is it to find the right talent for

0:15:05.640 --> 0:15:06.720
<v Speaker 3>what you need to do to grow?

0:15:07.040 --> 0:15:09.520
<v Speaker 2>Well, we're looking for eight players, so you know, wherever

0:15:09.560 --> 0:15:12.000
<v Speaker 2>we can find them, we're looking. We're looking aggressively to

0:15:12.040 --> 0:15:15.120
<v Speaker 2>help build on the tradition. I think if you think

0:15:15.160 --> 0:15:19.440
<v Speaker 2>about storied brands and transactions and sovereigns around the world

0:15:19.440 --> 0:15:21.680
<v Speaker 2>and who's been involved in that, we've been involved in that,

0:15:21.760 --> 0:15:24.320
<v Speaker 2>and we are looking for talent. We've onboard a number

0:15:24.360 --> 0:15:29.960
<v Speaker 2>of talent today. We've had talent that's covering the sovereign

0:15:30.040 --> 0:15:33.920
<v Speaker 2>wealth funds, covering the sponsors it's covering many of the

0:15:34.240 --> 0:15:37.680
<v Speaker 2>large and sumer products companies, covering the healthcare space. So

0:15:37.760 --> 0:15:41.960
<v Speaker 2>the largest spaces out there are technology, healthcare, and industrials,

0:15:42.600 --> 0:15:45.680
<v Speaker 2>and we're onboarding amongst the best talent that exist on

0:15:45.680 --> 0:15:48.560
<v Speaker 2>the street. That's a high priority as we go forward

0:15:48.600 --> 0:15:52.400
<v Speaker 2>and achieve Peter's vision of twenty thirty.

0:15:53.120 --> 0:15:54.400
<v Speaker 3>Ray you mentioned you don't want to tell with the

0:15:54.400 --> 0:15:57.000
<v Speaker 3>politics of immigration, so this is not a political question,

0:15:57.080 --> 0:15:58.880
<v Speaker 3>but it does get to that we have an election

0:15:58.960 --> 0:16:01.440
<v Speaker 3>coming with November, So what extent does that really take

0:16:01.480 --> 0:16:03.240
<v Speaker 3>some of the wind out of the sales of companies.

0:16:03.320 --> 0:16:05.720
<v Speaker 3>Likelyis right, because companies are saying, let's just sit in

0:16:05.720 --> 0:16:07.960
<v Speaker 3>our hands right now, so we figure out what happens.

0:16:08.360 --> 0:16:11.520
<v Speaker 2>You know, I think companies are trying to trying to

0:16:12.160 --> 0:16:18.400
<v Speaker 2>decide where they fit geopolitically and geoeconomically. Strategy, the strategy

0:16:18.440 --> 0:16:21.960
<v Speaker 2>sessions are now in full force. The elections will have

0:16:22.040 --> 0:16:25.360
<v Speaker 2>some impact as people digest the results of the election,

0:16:26.520 --> 0:16:28.960
<v Speaker 2>but I'm not certain that history is demonstrated that's going

0:16:29.000 --> 0:16:30.400
<v Speaker 2>to have such a material impact.

0:16:31.120 --> 0:16:31.360
<v Speaker 1>Now.

0:16:31.400 --> 0:16:34.280
<v Speaker 2>The policies that are going to be necessary to address

0:16:34.280 --> 0:16:37.280
<v Speaker 2>some of the micro challenges are clear. Micro I would

0:16:37.320 --> 0:16:41.600
<v Speaker 2>say policies to address education, policies to address notwithstanding the

0:16:41.600 --> 0:16:44.360
<v Speaker 2>fact that we have some of the lowest historical unemployment

0:16:44.400 --> 0:16:46.360
<v Speaker 2>rates in many of our communities, you've got pretty high

0:16:46.480 --> 0:16:51.280
<v Speaker 2>unemployment rates, policies to address healthcare. So those policies will

0:16:51.280 --> 0:16:53.640
<v Speaker 2>have an impact at a local level, and we need

0:16:53.680 --> 0:16:58.400
<v Speaker 2>to address those. So the administrations, whichever administration is is

0:16:59.520 --> 0:16:59.840
<v Speaker 2>is it.

0:17:00.000 --> 0:17:02.440
<v Speaker 1>And since you at that point, will have to address those.

0:17:03.200 --> 0:17:05.359
<v Speaker 3>Finally, we tend to focus on the United States and

0:17:05.400 --> 0:17:07.600
<v Speaker 3>New York here when we're situated here, which is often

0:17:07.600 --> 0:17:10.720
<v Speaker 3>a mistake. You're a global firm, You're dealing with global clients.

0:17:11.960 --> 0:17:14.640
<v Speaker 3>What about the level of geopolitical uncertainty? It goes well

0:17:14.680 --> 0:17:17.280
<v Speaker 3>beyond the elections here, and we've got elections coming up

0:17:17.280 --> 0:17:20.560
<v Speaker 3>ovi see in France, in the UK, there's so many elections,

0:17:20.640 --> 0:17:23.680
<v Speaker 3>a lot of which were surprising, particularly for incumbents. How

0:17:23.800 --> 0:17:25.399
<v Speaker 3>is that affecting deal making?

0:17:25.560 --> 0:17:26.680
<v Speaker 1>Is to say, there's.

0:17:26.520 --> 0:17:28.960
<v Speaker 3>Just more of a geopolitical risk that you have to

0:17:28.960 --> 0:17:30.680
<v Speaker 3>take into account than you did before.

0:17:30.880 --> 0:17:34.199
<v Speaker 2>You know, we have a geopolitical risk team and they

0:17:34.240 --> 0:17:36.280
<v Speaker 2>are in demand in a large part because of what

0:17:36.320 --> 0:17:42.600
<v Speaker 2>you've said. Corporations and sovereigns are trying to digest the

0:17:42.600 --> 0:17:45.160
<v Speaker 2>implications of the fifty semi election that are taking place

0:17:45.200 --> 0:17:45.879
<v Speaker 2>around the world.

0:17:46.520 --> 0:17:49.720
<v Speaker 1>We see the pauses taking place in France. Now we

0:17:49.840 --> 0:17:50.679
<v Speaker 1>see the.

0:17:53.240 --> 0:17:56.600
<v Speaker 2>Scenario plane, and that's taking place in the US. Having

0:17:56.640 --> 0:17:59.399
<v Speaker 2>said this, as we go through all the geopolitical uncertainty,

0:18:00.400 --> 0:18:03.520
<v Speaker 2>which today is a country to which the world continues

0:18:03.520 --> 0:18:06.040
<v Speaker 2>to look as the United States of America. So if

0:18:06.040 --> 0:18:07.600
<v Speaker 2>I look at that, and I look at some of

0:18:07.600 --> 0:18:11.480
<v Speaker 2>the policies that are being implemented in the allocation of

0:18:11.560 --> 0:18:15.680
<v Speaker 2>capital to the future, I couldn't be more excited about

0:18:16.119 --> 0:18:18.560
<v Speaker 2>what's in front of us and what's ahead of us.