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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside

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Speaker 1: my co host Matt Miller. Every business day we bring

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Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along

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Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast

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Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and

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Speaker 1: at Bloomberg dot com slash podcast. Today is a big day, obviously,

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Speaker 1: FED a day today. It looks like the FED is

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Speaker 1: about to give us some more color on how it

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Speaker 1: intends to look at the interest rate structure out there.

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Speaker 1: I eat raising rates and that's gonna be some That's

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Speaker 1: a new environment for a lot of investors out there,

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Speaker 1: So let's see how financial advisors are talking to their

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Speaker 1: clients about that. Katerina Simonetti, Senior vice president, Private wealth

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Speaker 1: advisor for Morgan Stanley, joins this. Katerina, thanks so much

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Speaker 1: for taking the time here. I'm guessing some of your

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Speaker 1: investors really don't have your clients, I mean, don't have

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Speaker 1: a lot of experience investing in a rising interest rate environment.

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Speaker 1: What are you telling them these days? Matt, thank you

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Speaker 1: for having me on um. I think it's no surprise

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Speaker 1: to them that the rates are going up, said has

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Speaker 1: done a pretty good job setting expectations, and look, you know,

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Speaker 1: interest rates are going to be going up, and there

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Speaker 1: is zero reason why they shouldn't be. Um, we really

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Speaker 1: should not be as low as they are right now.

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Speaker 1: And yet there is this perceived fear that when the

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Speaker 1: race are going to be going up, the market somehow

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Speaker 1: is going to pull apart. Is it's not necessarily the case.

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Speaker 1: Rates should be going up, and we're preparing our clients,

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Speaker 1: and we're preparing the investors who were strategically positioning the

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Speaker 1: portfolio in light of the rating late. So what do

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Speaker 1: you do with someone who's you know, looking to retire

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Speaker 1: in the next decade or two and is worried about

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Speaker 1: putting new cash into the market of these high valuations

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Speaker 1: and obviously also into bonds when rates are rising. Well,

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Speaker 1: met it's not just the rates themselves, it's also the inflation.

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Speaker 1: I think that the key of how challenging this environment

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Speaker 1: is is that we've never had the inflation ory period

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Speaker 1: with the raids of this slow and specifically for the

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Speaker 1: in the retirees, the people that are about to start

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Speaker 1: their retirement and are going to be losing their active

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Speaker 1: income and switching into more of a passive situation. You know,

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Speaker 1: the key is to focus on quality, and you know,

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Speaker 1: when we look at strategic positioning of the portfolios and

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Speaker 1: specifically at certain sectors that you know are a little

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Speaker 1: bit stronger, a little bit more defense than the light

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Speaker 1: of all the challenges that this market present. Our focus

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Speaker 1: is on quality and on larger positions large cap for example,

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Speaker 1: but not just like large cap growth or large cap value,

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Speaker 1: but on defensive positions specifically. You know, we're looking very

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Speaker 1: closely at each investments and make sure that the companies

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Speaker 1: that we invest in have the earning stability, reasonable valuations,

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Speaker 1: we're not overpaying for them. In the most importantly, companies

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Speaker 1: with enough pricing power to perform well during this the

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Speaker 1: average challenge and environment. Because while we absolutely are quite

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Speaker 1: positive over the market, there is growth in the US

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Speaker 1: you know that is still strong, that is still going

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Speaker 1: to continue is going to be a bumpy right, and

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Speaker 1: that's would present so many challenges and were preparing investors

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Speaker 1: for it. So, Katarina, you know, there's I guess a

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Speaker 1: little bit of a push and pool out there from

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Speaker 1: some investors who really, since the Gray financial crisis, have

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Speaker 1: really been successfully invested in the big growth names that

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Speaker 1: have really driven this market, whether it's an Apple or

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Speaker 1: an Amazon, or or Facebook or something like that. To

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Speaker 1: what's really been a good trade over last eighteen or

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Speaker 1: twenty months, which is more of a a cyclical trade

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Speaker 1: if you will, um, maybe even you know, betting a

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Speaker 1: little bit on the reopening of the global economy. Where

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Speaker 1: are you suggesting, uh your clients think about, Well, I

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Speaker 1: think it's it's all about the balance, right, and it's

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Speaker 1: all about being the resoughtful about the portfolio design. And

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Speaker 1: when we look at the twenty two and to analyze

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Speaker 1: this amazing growth that we have seen uh in the

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Speaker 1: market recently, the especially the year end is generally the

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Speaker 1: good time to kind of just just analyze what happened.

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Speaker 1: And this is a perfect time for strategic profit taking

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Speaker 1: because there are some areas, for example, that we're used

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Speaker 1: to saying that are extremely aggressive, that performed pretty well,

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Speaker 1: but they are in fact, you know, showing some some

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Speaker 1: stability and showing some price resilience, and they definitely have

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Speaker 1: role in the portfolio. But this is a good time

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Speaker 1: to rebalance, to go back to the drawing board to

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Speaker 1: make sure that all the sectors are properly represented in

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Speaker 1: some sectors that have that positioning into the interlight of

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Speaker 1: what's happening with the economy. Sectors like financials, like healthcare,

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Speaker 1: um inflationary hadgets of such commodities and reads for example, Well,

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Speaker 1: we want to ensure that we overweight into the sectors

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Speaker 1: that are either positioned well in light of the rising

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Speaker 1: grades or present to be good inflationary head just or

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Speaker 1: like healthcare. You know, the the um, the this this

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Speaker 1: healthcare crisis that we're experiencing. You know, this this situation

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Speaker 1: with the pandemic that you know is still going on.

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Speaker 1: And you know, as much as progress are at healthcare

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Speaker 1: companies and you know, are just health care communities making

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Speaker 1: this is still something that is going to be lingering

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Speaker 1: with us for many years to come. So when we

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Speaker 1: look at this positioning of the portfolios, whether it's fixed income,

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Speaker 1: whether it's equity, we need to take inflation into consideration,

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Speaker 1: the resilience quality and make sure that the portfolio is

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Speaker 1: strong enough to get us through this period of volatility

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Speaker 1: that is not over yet. We still have a lot

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Speaker 1: of challenges out there. Katerina, thank you so much for

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Speaker 1: joining us. Love getting your perspective here. As you talk

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Speaker 1: to and counsel your clients. Katerina Seminetti, Jesus, Senior Vice president,

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Speaker 1: Private Wealth Advisor for Morgan Stanley here, like the rest

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Speaker 1: of us, waiting to see what we will hear from

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Speaker 1: our Freederal Reserve the sion in a two pm Wall

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Speaker 1: Street time, and and how that will impact markets going forward,

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Speaker 1: and how investors should be allocating their capital. Katina deals

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Speaker 1: with her Morgan Stanley clients, and I'm sure they have

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Speaker 1: lots of questions, and so we appreciate getting some time

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Speaker 1: from Katerina. We have read on the screen here not

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Speaker 1: much to speak about SMP off about about three tenths

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Speaker 1: of one percent. All right, we have a pretty great

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Speaker 1: guest for you right now, Sam City, as president and

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Speaker 1: CEO of Customers Bank, and they've had a pretty good pandemic. Sam,

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Speaker 1: looking at your your stock price, you've gone from twenty

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Speaker 1: bucks basically a share at the end of beginning to

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Speaker 1: sixty bucks a share basically now. And I see that

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Speaker 1: some analysts are even raising your price target, uh tow

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Speaker 1: to seventy five dollars web Bush, for example. We talked

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Speaker 1: to Dan Ives from web Bush a lot um and

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Speaker 1: b Riley has your price target raised to a hundred dollars,

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Speaker 1: so expecting a lot from customers. Walk us through what

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Speaker 1: makes Customers different than other banks? Sure? Absolutely, Well, Matt

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Speaker 1: and Paul, thanks so much for having me. It's a

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Speaker 1: pleasure to be here. I really appreciate that that introduction.

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Speaker 1: You know, Customers Bank entered the pandemic as a tech forward,

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Speaker 1: organic grower, and I think that's really one of the

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Speaker 1: big things that differentiates us. So in the banking industry,

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Speaker 1: there's not so much to differentiate yourselves on and a

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Speaker 1: reasonably commoditized business, so service and technology are big portions

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Speaker 1: of that. So we started off in the in in

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Speaker 1: March and April of last year by being a big

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Speaker 1: player in the Paycheck Protection Program and that really helped

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Speaker 1: allow us to deliver three thousand plus loans ten billion

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Speaker 1: dollars of PPP funds out. We also earned origination fee,

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Speaker 1: which really allowed us to build some capital and support

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Speaker 1: the future growth of the organization. So being that sort

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Speaker 1: of tech forward organic grower um with a very strong

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Speaker 1: digital focus as it is, is really what what Customers

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Speaker 1: Bank is today. Sam, what are your clients doing these days?

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Speaker 1: They've just gone through you know, almost two years of

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Speaker 1: unprecedented disruption to their businesses. Just give us an overall

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Speaker 1: sense of how they're faring. Are they are they trying

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Speaker 1: to come back, are they trying to invest in their business,

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Speaker 1: are they trying to expand? Or are they still cautious?

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Speaker 1: Absolutely so, I think that there's obviously been a little

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Speaker 1: bit of a change in stands. Will wait and see

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Speaker 1: what happens with the Fed UH later today, UM, But

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Speaker 1: earlier this year there was a strong sense of confidence

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Speaker 1: emerging inflation. I think that that concern has turned into

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Speaker 1: a little bit more of a little bit of a

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Speaker 1: reality UM sitting where we are today, but overall, the

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Speaker 1: macroeconomics backdrop is strong. There are challenges with supply chain,

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Speaker 1: there are challenges with concerns about labor UH and inflation,

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Speaker 1: but generally UH, the the sentiment is still positive and

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Speaker 1: I think that's the that's the importance. We've survived as

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Speaker 1: an economy, the pandemic, and you know, while they're they're

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Speaker 1: arguably could have been too much stimulus as leading to

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Speaker 1: potential non transitory inflation. I think at the end of

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Speaker 1: the day, it's it's difficult to um to Monday morning

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Speaker 1: quarterback with certainty I just want to paint a picture

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Speaker 1: for for listeners of where you're coming from, because you

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Speaker 1: have a pretty impressive resume. Undergrad at Wharton NBA. From Harvard,

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Speaker 1: you worked at Providence Equity Partners as well as Goldman Sachs.

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Speaker 1: You've done real estate focused private equity, You've done blockchain

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Speaker 1: based real payment services. UM, what do you think with

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Speaker 1: all of this experience in finance and on Wall Street,

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Speaker 1: what do you think of something like defy? M so uh.

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Speaker 1: I like to firstly say, my resume makes me seem

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Speaker 1: a lot stronger uh than I am, but note the

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Speaker 1: less that's that's how my friend. That's very humble of you,

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Speaker 1: you know. But I think Defied is really a reaction

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Speaker 1: to to where we are from number one, the emergence

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Speaker 1: of blockchain, because that's really the ledger and the and

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Speaker 1: the platform upon which and the infrastructure upon which these

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Speaker 1: decentralized finance concept is is going to be established. I think,

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Speaker 1: you know, generally, as you think about if defy it

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Speaker 1: is successful in the way that the folks that are

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Speaker 1: that are um emerging as as important players and platforms

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Speaker 1: from a decentralist finance perspective, Arguably, centralized finance kee structures

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Speaker 1: methodologies would would change UM and you may see reversion

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Speaker 1: back to a different way of doing business, to traditional

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Speaker 1: forms which are working extremely well. By the way, say

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Speaker 1: that's that's why I asked, you know, yesterday I talked

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Speaker 1: to Mike Novigrats. He's got a new office UM down

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Speaker 1: by Goldman Sachs and he was most pumped about that.

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Speaker 1: And it just makes me wonder, UM, what the future

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Speaker 1: of Wall Street looks like? How do you see it?

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Speaker 1: You know? UM, At Customers Bank, we we like to

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Speaker 1: think that this hybrid approach of human based experienced bankers

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Speaker 1: plus technology and a commercial banking sense is the right

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Speaker 1: is the right hybrid way to approach the market today.

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Speaker 1: I think similarly, from an investment banking perspective, you're gonna

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Speaker 1: see very similar trends. There's always going to need be

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Speaker 1: a need for for customized advice, for specific advice, and

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Speaker 1: for bespoked UM type transactions and service in handholding. It.

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Speaker 1: It's going to be difficult to completely UM, you know,

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Speaker 1: change the way that that many businesses need to operate,

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Speaker 1: given the fact that that that there's a lot of

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Speaker 1: businesses that that have disparate needs and not everything is somotronized. Alright,

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Speaker 1: never enough time, Sam, but always great talking to you.

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Speaker 1: Thanks so much for joining us. Sam. To do there's

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Speaker 1: president and CEO of Customers Bank. Check out the stock.

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Speaker 1: The ticker is CEU b I trades on the New

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Speaker 1: York Stock Exchange. All right, it is FED day today. Um.

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Speaker 1: The question is how our investors positioning their portfolios for

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Speaker 1: what is likely to be a rising interest rate environment.

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Speaker 1: Let's check out the Brian small Look, Chief investment Officer

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Speaker 1: of hood River Capital Management. Brian, thanks so much for

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Speaker 1: joining us once again. You guys at hood River, you

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Speaker 1: focus on small cap growth stocks. Give us a sense

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Speaker 1: of how you think small caps are going to perform

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Speaker 1: and what's going to be a different interest rate environment.

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Speaker 1: So we're constructive on small caps from here, especially after

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Speaker 1: after this ten percent pullback or so we've seen in

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Speaker 1: small caps since oh Macron broke and talks of a

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Speaker 1: FED taper of really heated up here. Valuations have pulled

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Speaker 1: back pretty significantly to where now small cap trades at

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Speaker 1: an absolute pe discount on earnings versus the SMP. Usually

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Speaker 1: it's at a premium. The market does have to thread

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Speaker 1: the needle here over the next couple of months with

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Speaker 1: rising rates and O Macron, which could kind of put

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Speaker 1: a pause on recovery while rates are going up. But

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Speaker 1: after that, we think that earning assessments need to move

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Speaker 1: up and the economy will recover and you want to

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Speaker 1: own stocks and small cat stocks will move up with

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Speaker 1: those earnings revision. Specifically a good river. We're looking for

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Speaker 1: a dislocation in of the market fundamentals for that particular company,

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Speaker 1: which is what the streets expecting, and we're optimists is

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Speaker 1: gonna be able to find plenty of those opportunities in

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Speaker 1: twent twenty two. So do you expect a big dip

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Speaker 1: a correction? Is there is there an opportunity for investors

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Speaker 1: to buy? So yeah, I mean, I think we're kind

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Speaker 1: of looking at it here. There's going to be continued

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Speaker 1: choppinists over the next month or so. You'll probably see

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Speaker 1: a spike in O Macron cases crowd crowding out Delta,

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Speaker 1: but thus far the disease looks to be more mild

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Speaker 1: than Delta. We're probably going to have a vaccine ready

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Speaker 1: in the next days and people are gonna start to

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Speaker 1: look through that. The FED doesn't have much room to

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Speaker 1: raise race it looks like without invarying the curve, but

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Speaker 1: the market is basically saying that it's transitory, and that's

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Speaker 1: how we're thinking about it. What are some of the

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Speaker 1: sectors that you think investors should be looking at in

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Speaker 1: their portfolios in two again, given what looks like to

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Speaker 1: be a at least for some period of time at

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Speaker 1: a rising interest rate environment, So we're overweight, and we've

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Speaker 1: been overweight for the last nine months or so. Cyclical names,

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Speaker 1: so that would include financials, industrials, consumer stocks, and then

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Speaker 1: also some semi stocks. Valuation is more important in a

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Speaker 1: rising rate environments, particularly in small cup growth um so

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Speaker 1: you want to own names that are cheaper on traditional

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Speaker 1: valuation metrics like price to earnings. A lot of growth

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Speaker 1: investors tend to look at enterprise value two revenues and

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Speaker 1: and when you have to discount the terminal value out more,

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Speaker 1: that can make those stocks riskiers. That's why you've seen

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Speaker 1: software names, for example, pull back a lot and biotech

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Speaker 1: pull back a lot in this environment because in rising

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Speaker 1: rates environments is tougher on those valuations. What do you

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Speaker 1: expect to hear from Jerome Powell today? Do you think

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Speaker 1: we'll get any surprises or does he telegraph everything pretty well?

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Speaker 1: He tends to telegraph everything pretty well, and River were

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Speaker 1: not exactly said watching experts were focusing on bombs up,

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Speaker 1: stock picking and s pundamentals there. But but my sense

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Speaker 1: is that he's had to get track wickers there and

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Speaker 1: they'll just announce an accelerated taper, which I think is

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Speaker 1: what the markets expecting. Is there a risk in your

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Speaker 1: mind as you listen to and read FED Chairman Pale's

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Speaker 1: comments over the last several months, that perhaps he feels

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Speaker 1: he's a little bit behind the curve and maybe needs

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Speaker 1: to catch up and maybe maybe more aggressive than the

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Speaker 1: market's discounting. I think that's for sure a risk. He

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Speaker 1: basically acknowledged the fact that he had to take the

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Speaker 1: word transitory out of their vocabulary. And when you talk

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Speaker 1: to companies, that's what we're doing every quarter. We're talking

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Speaker 1: to foreign companies every quarter. They're seeing real inflation that

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Speaker 1: they have to handle day to day, and there's no

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Speaker 1: guarantee that that is transitory. So it's not responsible for

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Speaker 1: the FED to handle it that way, and they're gonna

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Speaker 1: have to make some adjustments and see how see how

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Speaker 1: it pleased, all right? Brian great having on the program.

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Speaker 1: Thanks very much for joining us. Another Harvard NBA by

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Speaker 1: the way, but I would say more importantly a University

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Speaker 1: of Virginia undergrad. He's Oahu. But but he's also a

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Speaker 1: fellow alum of Solomon Brothers like me. Wow. Yeah, the

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Speaker 1: solid team, all right? Excellent. Brian Smallock is the chief

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Speaker 1: investment officer at hood River Capital Management, talking to us

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Speaker 1: about the future of growth and markets. Enough of this

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Speaker 1: tri state areas stuff out a little bit. Dan Gander

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Speaker 1: joins us CEO of r n C Genter Capital Management

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Speaker 1: to talk about his expectations for UM, the FED, the markets,

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Speaker 1: and the economy. Dan, we had a very strong pp

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Speaker 1: I number UM nine point six, nine point seven percent.

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Speaker 1: I think after a huge CPI number six last week.

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Speaker 1: Is this gonna push Jerome Powell to be faster with

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Speaker 1: his taper. Well, I think he's in a position that

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Speaker 1: he just can't ignore it. I mean, they took an

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Speaker 1: early position that inflation was going to be transitory. I

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Speaker 1: think that they're frankly being honest that that's what they thought.

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Speaker 1: They didn't really know how things were gonna flesh out

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Speaker 1: now with the CPI number, as you mentioned at six,

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Speaker 1: eight with pp I at nine six. You know, we

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Speaker 1: don't have the new PC number, which is one of

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Speaker 1: the main things that they look at, the personal consumption

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Speaker 1: at spendature index, but that was five percent in October.

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Speaker 1: So we're no matter how you look at it, we're

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Speaker 1: running double to triple really where they'd like to be

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Speaker 1: at two to three percent. So I know, I don't

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Speaker 1: know how you ignore it. I think it's it's a

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Speaker 1: matter of what do you do about it? And the

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Speaker 1: you know, they're the tools are there. You know, you

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Speaker 1: you finish out the taper even faster, obviously, start to

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Speaker 1: raise FED funds, and we don't you know, certainly don't

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Speaker 1: think along with everyone else that we're going to see

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Speaker 1: an increase in rates at this meeting. But you know,

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Speaker 1: you you look, you're putting some odds on the table. Now.

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Speaker 1: You could see something as early as the first quarter

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Speaker 1: of two or certainly by the second quarter, and up

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Speaker 1: until recently two was off the table. So things are changing, Dan,

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Speaker 1: things are changing it. As you mentioned here, how do

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Speaker 1: your clients, how are you positioning your portfolio for what's

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Speaker 1: likely to be, you know, a rising interest rate environment

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Speaker 1: for the foreseeable future. Well, I think on the equity market,

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Speaker 1: there's really not much of a change when you when

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Speaker 1: you look at it historically of what you're likely to

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Speaker 1: see out of this FED. I mean, when you look

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Speaker 1: at it historically, typically when there's a major reversal policy,

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Speaker 1: you normally see fifty basis points initially twenty and the

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Speaker 1: same thing when they start lowering rates, it's very very similar.

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Speaker 1: I don't think you're gonna see anything more aggressive here.

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Speaker 1: As a matter of fact, you might even are much

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Speaker 1: more likely. You're just gonna see a well telegraphed twenty

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Speaker 1: five basis points increase, and they'll do that very steadily.

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Speaker 1: Now with that, if you look at it again historically

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Speaker 1: from the standpoint of FED policy, is that pees generally

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Speaker 1: don't change much. You know, what they were at six

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Speaker 1: months before the FED started the rays and where they

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Speaker 1: are six months after basically that twelve month window, pea

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Speaker 1: stay about the same. So I think the equity market,

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Speaker 1: you know, we're you know, it will certainly start to

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Speaker 1: buy us more the value stocks. It's going to buy

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Speaker 1: us more the sixical stocks. You know, we're we've already

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Speaker 1: begun tilting more in that direction. You know, the bond

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Speaker 1: markets a different matter altogether. I mean, you're you're gonna

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Speaker 1: have to be very active and what you're doing in

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Speaker 1: the bond market, you know, as the as the youal

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Speaker 1: curves already shifted. What do you expect in terms of hikes?

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Speaker 1: I mean you said you don't expect this meeting. I

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Speaker 1: don't think anyone does. But um, is the dot plot

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Speaker 1: gonna show to this year? Is their possibility for a

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Speaker 1: hawk is surprise? Look, it's always there. And I think

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Speaker 1: that the good thing about Jerome Powell's he's you know,

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Speaker 1: it's not like dealing with green you know, green speak.

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Speaker 1: I mean he telegraphs it right out in front. Everything's

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Speaker 1: I think he's going to give the market a lot

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Speaker 1: of indication, uh to some degree. Frankly, you know, the

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Speaker 1: market may even breathe a sigh of relief when we

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Speaker 1: have that, you know, because the market will take good

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Speaker 1: news bad news. It just doesn't like no news. And

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Speaker 1: so this this unknown limbo right now is making people nervous.

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Speaker 1: So you know, I doubt that we're gonna be see

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Speaker 1: something that's going to surprise the market. But him well

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Speaker 1: telegraphing in advance that they're going to start with the

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Speaker 1: basis point to increase and FED funds, you know, I

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Speaker 1: think is what we're going to see. So Dan, all right,

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Speaker 1: that's the Fed. And again we're gonna get a lot

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Speaker 1: more information later on today. The other aspect there are

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Speaker 1: One of the other aspects that the market tends to

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Speaker 1: focus on is kind of what's coming out of Washington,

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Speaker 1: d c Um. How important is that to you to

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Speaker 1: this market or do you think the markets again is

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Speaker 1: pricing in some kind of build back better But there's

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Speaker 1: other things to focus on. Well, I think the market

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Speaker 1: is definitely pricing it in and the build back better.

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Speaker 1: We're look, we're gonna have something now, whether it's a

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Speaker 1: two trillion dollar number or a two trillion that really

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Speaker 1: is four point two trillion when you take the time

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Speaker 1: limits off. I mean, we're gonna have something that's going

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Speaker 1: to come out of that. They're gonna make some kind

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Speaker 1: of a deal. But but now, I don't think you're

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Speaker 1: gonna see anything very radical, and the reason being is

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Speaker 1: that the Democrats right now are in trouble. Look the

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Speaker 1: way the numbers stack up now is redistricting. They're gonna

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Speaker 1: lose the House two and so you have a lot

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Speaker 1: of people that are midstream that you know, they're they're

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Speaker 1: just not going to go hardcore against radical democratic policy

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Speaker 1: because they don't want to. They don't want to get

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Speaker 1: washed out. So I'm not expecting anything dramatic. You know,

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Speaker 1: we were probably the biggest thing the market will be

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Speaker 1: concerned about, and that's waning is significant tax increases. But

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Speaker 1: I mean that that's frankly, it's really dropping off. You're

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Speaker 1: just you know that that's going down to a whisper

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Speaker 1: right now. So we don't think right now, barring something unforeseen,

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Speaker 1: which can always happen, there's going to be a dramatic

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Speaker 1: change of change in policy that will have a significant impact.

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Speaker 1: All right, thanks very much for joining us. Dan, always

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Speaker 1: great talking to you. Dan Genter there, who is the

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Speaker 1: CEO as well as the c i O and the

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Speaker 1: chairman of R and C all management. I love. I

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Speaker 1: mean a lot of people have a lot of titles,

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Speaker 1: um and I always wonder what else, what else is

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Speaker 1: he hiding? Exactly based in the based in Los Angeles,

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Speaker 1: we get get getting away from the metro area. So

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Speaker 1: I think it's great, by the way to have a

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Speaker 1: diversity of views, because if you just stick in the

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Speaker 1: Wall Street bubble or just in the Tri State area.

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Speaker 1: If we include you know, Wall Street, Greenwich and Summit,

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Speaker 1: you don't get the viewpoint from the left. From the

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Speaker 1: left coast, I'm not necessarily left, obviously, and it's key

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Speaker 1: I think to get Thanks for listening to the Bloomberg

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Speaker 1: Mark Gets podcast. You can subscribe and listen to interviews

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00:23:03,200 --> 00:23:07,480
Speaker 1: of Apple Podcasts or whatever podcast platform you prefer. I'm

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00:23:07,520 --> 00:23:11,800
Speaker 1: Matt Miller. I'm on Twitter at Matt Miller three and

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00:23:11,920 --> 00:23:14,520
Speaker 1: on Fall Sweeney I'm on Twitter at pt Sweeney. Before

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00:23:14,560 --> 00:23:17,680
Speaker 1: the podcast. You can always catch us worldwide at Bloomberg Radio.