Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside
Speaker 1: my co host Matt Miller. Every business day we bring
Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along
Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast
Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and
Speaker 1: at Bloomberg dot com slash podcast. Today is a big day, obviously,
Speaker 1: FED a day today. It looks like the FED is
Speaker 1: about to give us some more color on how it
Speaker 1: intends to look at the interest rate structure out there.
Speaker 1: I eat raising rates and that's gonna be some That's
Speaker 1: a new environment for a lot of investors out there,
Speaker 1: So let's see how financial advisors are talking to their
Speaker 1: clients about that. Katerina Simonetti, Senior vice president, Private wealth
Speaker 1: advisor for Morgan Stanley, joins this. Katerina, thanks so much
Speaker 1: for taking the time here. I'm guessing some of your
Speaker 1: investors really don't have your clients, I mean, don't have
Speaker 1: a lot of experience investing in a rising interest rate environment.
Speaker 1: What are you telling them these days? Matt, thank you
Speaker 1: for having me on um. I think it's no surprise
Speaker 1: to them that the rates are going up, said has
Speaker 1: done a pretty good job setting expectations, and look, you know,
Speaker 1: interest rates are going to be going up, and there
Speaker 1: is zero reason why they shouldn't be. Um, we really
Speaker 1: should not be as low as they are right now.
Speaker 1: And yet there is this perceived fear that when the
Speaker 1: race are going to be going up, the market somehow
Speaker 1: is going to pull apart. Is it's not necessarily the case.
Speaker 1: Rates should be going up, and we're preparing our clients,
Speaker 1: and we're preparing the investors who were strategically positioning the
Speaker 1: portfolio in light of the rating late. So what do
Speaker 1: you do with someone who's you know, looking to retire
Speaker 1: in the next decade or two and is worried about
Speaker 1: putting new cash into the market of these high valuations
Speaker 1: and obviously also into bonds when rates are rising. Well,
Speaker 1: met it's not just the rates themselves, it's also the inflation.
Speaker 1: I think that the key of how challenging this environment
Speaker 1: is is that we've never had the inflation ory period
Speaker 1: with the raids of this slow and specifically for the
Speaker 1: in the retirees, the people that are about to start
Speaker 1: their retirement and are going to be losing their active
Speaker 1: income and switching into more of a passive situation. You know,
Speaker 1: the key is to focus on quality, and you know,
Speaker 1: when we look at strategic positioning of the portfolios and
Speaker 1: specifically at certain sectors that you know are a little
Speaker 1: bit stronger, a little bit more defense than the light
Speaker 1: of all the challenges that this market present. Our focus
Speaker 1: is on quality and on larger positions large cap for example,
Speaker 1: but not just like large cap growth or large cap value,
Speaker 1: but on defensive positions specifically. You know, we're looking very
Speaker 1: closely at each investments and make sure that the companies
Speaker 1: that we invest in have the earning stability, reasonable valuations,
Speaker 1: we're not overpaying for them. In the most importantly, companies
Speaker 1: with enough pricing power to perform well during this the
Speaker 1: average challenge and environment. Because while we absolutely are quite
Speaker 1: positive over the market, there is growth in the US
Speaker 1: you know that is still strong, that is still going
Speaker 1: to continue is going to be a bumpy right, and
Speaker 1: that's would present so many challenges and were preparing investors
Speaker 1: for it. So, Katarina, you know, there's I guess a
Speaker 1: little bit of a push and pool out there from
Speaker 1: some investors who really, since the Gray financial crisis, have
Speaker 1: really been successfully invested in the big growth names that
Speaker 1: have really driven this market, whether it's an Apple or
Speaker 1: an Amazon, or or Facebook or something like that. To
Speaker 1: what's really been a good trade over last eighteen or
Speaker 1: twenty months, which is more of a a cyclical trade
Speaker 1: if you will, um, maybe even you know, betting a
Speaker 1: little bit on the reopening of the global economy. Where
Speaker 1: are you suggesting, uh your clients think about, Well, I
Speaker 1: think it's it's all about the balance, right, and it's
Speaker 1: all about being the resoughtful about the portfolio design. And
Speaker 1: when we look at the twenty two and to analyze
Speaker 1: this amazing growth that we have seen uh in the
Speaker 1: market recently, the especially the year end is generally the
Speaker 1: good time to kind of just just analyze what happened.
Speaker 1: And this is a perfect time for strategic profit taking
Speaker 1: because there are some areas, for example, that we're used
Speaker 1: to saying that are extremely aggressive, that performed pretty well,
Speaker 1: but they are in fact, you know, showing some some
Speaker 1: stability and showing some price resilience, and they definitely have
Speaker 1: role in the portfolio. But this is a good time
Speaker 1: to rebalance, to go back to the drawing board to
Speaker 1: make sure that all the sectors are properly represented in
Speaker 1: some sectors that have that positioning into the interlight of
Speaker 1: what's happening with the economy. Sectors like financials, like healthcare,
Speaker 1: um inflationary hadgets of such commodities and reads for example, Well,
Speaker 1: we want to ensure that we overweight into the sectors
Speaker 1: that are either positioned well in light of the rising
Speaker 1: grades or present to be good inflationary head just or
Speaker 1: like healthcare. You know, the the um, the this this
Speaker 1: healthcare crisis that we're experiencing. You know, this this situation
Speaker 1: with the pandemic that you know is still going on.
Speaker 1: And you know, as much as progress are at healthcare
Speaker 1: companies and you know, are just health care communities making
Speaker 1: this is still something that is going to be lingering
Speaker 1: with us for many years to come. So when we
Speaker 1: look at this positioning of the portfolios, whether it's fixed income,
Speaker 1: whether it's equity, we need to take inflation into consideration,
Speaker 1: the resilience quality and make sure that the portfolio is
Speaker 1: strong enough to get us through this period of volatility
Speaker 1: that is not over yet. We still have a lot
Speaker 1: of challenges out there. Katerina, thank you so much for
Speaker 1: joining us. Love getting your perspective here. As you talk
Speaker 1: to and counsel your clients. Katerina Seminetti, Jesus, Senior Vice president,
Speaker 1: Private Wealth Advisor for Morgan Stanley here, like the rest
Speaker 1: of us, waiting to see what we will hear from
Speaker 1: our Freederal Reserve the sion in a two pm Wall
Speaker 1: Street time, and and how that will impact markets going forward,
Speaker 1: and how investors should be allocating their capital. Katina deals
Speaker 1: with her Morgan Stanley clients, and I'm sure they have
Speaker 1: lots of questions, and so we appreciate getting some time
Speaker 1: from Katerina. We have read on the screen here not
Speaker 1: much to speak about SMP off about about three tenths
Speaker 1: of one percent. All right, we have a pretty great
Speaker 1: guest for you right now, Sam City, as president and
Speaker 1: CEO of Customers Bank, and they've had a pretty good pandemic. Sam,
Speaker 1: looking at your your stock price, you've gone from twenty
Speaker 1: bucks basically a share at the end of beginning to
Speaker 1: sixty bucks a share basically now. And I see that
Speaker 1: some analysts are even raising your price target, uh tow
Speaker 1: to seventy five dollars web Bush, for example. We talked
Speaker 1: to Dan Ives from web Bush a lot um and
Speaker 1: b Riley has your price target raised to a hundred dollars,
Speaker 1: so expecting a lot from customers. Walk us through what
Speaker 1: makes Customers different than other banks? Sure? Absolutely, Well, Matt
Speaker 1: and Paul, thanks so much for having me. It's a
Speaker 1: pleasure to be here. I really appreciate that that introduction.
Speaker 1: You know, Customers Bank entered the pandemic as a tech forward,
Speaker 1: organic grower, and I think that's really one of the
Speaker 1: big things that differentiates us. So in the banking industry,
Speaker 1: there's not so much to differentiate yourselves on and a
Speaker 1: reasonably commoditized business, so service and technology are big portions
Speaker 1: of that. So we started off in the in in
Speaker 1: March and April of last year by being a big
Speaker 1: player in the Paycheck Protection Program and that really helped
Speaker 1: allow us to deliver three thousand plus loans ten billion
Speaker 1: dollars of PPP funds out. We also earned origination fee,
Speaker 1: which really allowed us to build some capital and support
Speaker 1: the future growth of the organization. So being that sort
Speaker 1: of tech forward organic grower um with a very strong
Speaker 1: digital focus as it is, is really what what Customers
Speaker 1: Bank is today. Sam, what are your clients doing these days?
Speaker 1: They've just gone through you know, almost two years of
Speaker 1: unprecedented disruption to their businesses. Just give us an overall
Speaker 1: sense of how they're faring. Are they are they trying
Speaker 1: to come back, are they trying to invest in their business,
Speaker 1: are they trying to expand? Or are they still cautious?
Speaker 1: Absolutely so, I think that there's obviously been a little
Speaker 1: bit of a change in stands. Will wait and see
Speaker 1: what happens with the Fed UH later today, UM, But
Speaker 1: earlier this year there was a strong sense of confidence
Speaker 1: emerging inflation. I think that that concern has turned into
Speaker 1: a little bit more of a little bit of a
Speaker 1: reality UM sitting where we are today, but overall, the
Speaker 1: macroeconomics backdrop is strong. There are challenges with supply chain,
Speaker 1: there are challenges with concerns about labor UH and inflation,
Speaker 1: but generally UH, the the sentiment is still positive and
Speaker 1: I think that's the that's the importance. We've survived as
Speaker 1: an economy, the pandemic, and you know, while they're they're
Speaker 1: arguably could have been too much stimulus as leading to
Speaker 1: potential non transitory inflation. I think at the end of
Speaker 1: the day, it's it's difficult to um to Monday morning
Speaker 1: quarterback with certainty I just want to paint a picture
Speaker 1: for for listeners of where you're coming from, because you
Speaker 1: have a pretty impressive resume. Undergrad at Wharton NBA. From Harvard,
Speaker 1: you worked at Providence Equity Partners as well as Goldman Sachs.
Speaker 1: You've done real estate focused private equity, You've done blockchain
Speaker 1: based real payment services. UM, what do you think with
Speaker 1: all of this experience in finance and on Wall Street,
Speaker 1: what do you think of something like defy? M so uh.
Speaker 1: I like to firstly say, my resume makes me seem
Speaker 1: a lot stronger uh than I am, but note the
Speaker 1: less that's that's how my friend. That's very humble of you,
Speaker 1: you know. But I think Defied is really a reaction
Speaker 1: to to where we are from number one, the emergence
Speaker 1: of blockchain, because that's really the ledger and the and
Speaker 1: the platform upon which and the infrastructure upon which these
Speaker 1: decentralized finance concept is is going to be established. I think,
Speaker 1: you know, generally, as you think about if defy it
Speaker 1: is successful in the way that the folks that are
Speaker 1: that are um emerging as as important players and platforms
Speaker 1: from a decentralist finance perspective, Arguably, centralized finance kee structures
Speaker 1: methodologies would would change UM and you may see reversion
Speaker 1: back to a different way of doing business, to traditional
Speaker 1: forms which are working extremely well. By the way, say
Speaker 1: that's that's why I asked, you know, yesterday I talked
Speaker 1: to Mike Novigrats. He's got a new office UM down
Speaker 1: by Goldman Sachs and he was most pumped about that.
Speaker 1: And it just makes me wonder, UM, what the future
Speaker 1: of Wall Street looks like? How do you see it?
Speaker 1: You know? UM, At Customers Bank, we we like to
Speaker 1: think that this hybrid approach of human based experienced bankers
Speaker 1: plus technology and a commercial banking sense is the right
Speaker 1: is the right hybrid way to approach the market today.
Speaker 1: I think similarly, from an investment banking perspective, you're gonna
Speaker 1: see very similar trends. There's always going to need be
Speaker 1: a need for for customized advice, for specific advice, and
Speaker 1: for bespoked UM type transactions and service in handholding. It.
Speaker 1: It's going to be difficult to completely UM, you know,
Speaker 1: change the way that that many businesses need to operate,
Speaker 1: given the fact that that that there's a lot of
Speaker 1: businesses that that have disparate needs and not everything is somotronized. Alright,
Speaker 1: never enough time, Sam, but always great talking to you.
Speaker 1: Thanks so much for joining us. Sam. To do there's
Speaker 1: president and CEO of Customers Bank. Check out the stock.
Speaker 1: The ticker is CEU b I trades on the New
Speaker 1: York Stock Exchange. All right, it is FED day today. Um.
Speaker 1: The question is how our investors positioning their portfolios for
Speaker 1: what is likely to be a rising interest rate environment.
Speaker 1: Let's check out the Brian small Look, Chief investment Officer
Speaker 1: of hood River Capital Management. Brian, thanks so much for
Speaker 1: joining us once again. You guys at hood River, you
Speaker 1: focus on small cap growth stocks. Give us a sense
Speaker 1: of how you think small caps are going to perform
Speaker 1: and what's going to be a different interest rate environment.
Speaker 1: So we're constructive on small caps from here, especially after
Speaker 1: after this ten percent pullback or so we've seen in
Speaker 1: small caps since oh Macron broke and talks of a
Speaker 1: FED taper of really heated up here. Valuations have pulled
Speaker 1: back pretty significantly to where now small cap trades at
Speaker 1: an absolute pe discount on earnings versus the SMP. Usually
Speaker 1: it's at a premium. The market does have to thread
Speaker 1: the needle here over the next couple of months with
Speaker 1: rising rates and O Macron, which could kind of put
Speaker 1: a pause on recovery while rates are going up. But
Speaker 1: after that, we think that earning assessments need to move
Speaker 1: up and the economy will recover and you want to
Speaker 1: own stocks and small cat stocks will move up with
Speaker 1: those earnings revision. Specifically a good river. We're looking for
Speaker 1: a dislocation in of the market fundamentals for that particular company,
Speaker 1: which is what the streets expecting, and we're optimists is
Speaker 1: gonna be able to find plenty of those opportunities in
Speaker 1: twent twenty two. So do you expect a big dip
Speaker 1: a correction? Is there is there an opportunity for investors
Speaker 1: to buy? So yeah, I mean, I think we're kind
Speaker 1: of looking at it here. There's going to be continued
Speaker 1: choppinists over the next month or so. You'll probably see
Speaker 1: a spike in O Macron cases crowd crowding out Delta,
Speaker 1: but thus far the disease looks to be more mild
Speaker 1: than Delta. We're probably going to have a vaccine ready
Speaker 1: in the next days and people are gonna start to
Speaker 1: look through that. The FED doesn't have much room to
Speaker 1: raise race it looks like without invarying the curve, but
Speaker 1: the market is basically saying that it's transitory, and that's
Speaker 1: how we're thinking about it. What are some of the
Speaker 1: sectors that you think investors should be looking at in
Speaker 1: their portfolios in two again, given what looks like to
Speaker 1: be a at least for some period of time at
Speaker 1: a rising interest rate environment, So we're overweight, and we've
Speaker 1: been overweight for the last nine months or so. Cyclical names,
Speaker 1: so that would include financials, industrials, consumer stocks, and then
Speaker 1: also some semi stocks. Valuation is more important in a
Speaker 1: rising rate environments, particularly in small cup growth um so
Speaker 1: you want to own names that are cheaper on traditional
Speaker 1: valuation metrics like price to earnings. A lot of growth
Speaker 1: investors tend to look at enterprise value two revenues and
Speaker 1: and when you have to discount the terminal value out more,
Speaker 1: that can make those stocks riskiers. That's why you've seen
Speaker 1: software names, for example, pull back a lot and biotech
Speaker 1: pull back a lot in this environment because in rising
Speaker 1: rates environments is tougher on those valuations. What do you
Speaker 1: expect to hear from Jerome Powell today? Do you think
Speaker 1: we'll get any surprises or does he telegraph everything pretty well?
Speaker 1: He tends to telegraph everything pretty well, and River were
Speaker 1: not exactly said watching experts were focusing on bombs up,
Speaker 1: stock picking and s pundamentals there. But but my sense
Speaker 1: is that he's had to get track wickers there and
Speaker 1: they'll just announce an accelerated taper, which I think is
Speaker 1: what the markets expecting. Is there a risk in your
Speaker 1: mind as you listen to and read FED Chairman Pale's
Speaker 1: comments over the last several months, that perhaps he feels
Speaker 1: he's a little bit behind the curve and maybe needs
Speaker 1: to catch up and maybe maybe more aggressive than the
Speaker 1: market's discounting. I think that's for sure a risk. He
Speaker 1: basically acknowledged the fact that he had to take the
Speaker 1: word transitory out of their vocabulary. And when you talk
Speaker 1: to companies, that's what we're doing every quarter. We're talking
Speaker 1: to foreign companies every quarter. They're seeing real inflation that
Speaker 1: they have to handle day to day, and there's no
Speaker 1: guarantee that that is transitory. So it's not responsible for
Speaker 1: the FED to handle it that way, and they're gonna
Speaker 1: have to make some adjustments and see how see how
Speaker 1: it pleased, all right? Brian great having on the program.
Speaker 1: Thanks very much for joining us. Another Harvard NBA by
Speaker 1: the way, but I would say more importantly a University
Speaker 1: of Virginia undergrad. He's Oahu. But but he's also a
Speaker 1: fellow alum of Solomon Brothers like me. Wow. Yeah, the
Speaker 1: solid team, all right? Excellent. Brian Smallock is the chief
Speaker 1: investment officer at hood River Capital Management, talking to us
Speaker 1: about the future of growth and markets. Enough of this
Speaker 1: tri state areas stuff out a little bit. Dan Gander
Speaker 1: joins us CEO of r n C Genter Capital Management
Speaker 1: to talk about his expectations for UM, the FED, the markets,
Speaker 1: and the economy. Dan, we had a very strong pp
Speaker 1: I number UM nine point six, nine point seven percent.
Speaker 1: I think after a huge CPI number six last week.
Speaker 1: Is this gonna push Jerome Powell to be faster with
Speaker 1: his taper. Well, I think he's in a position that
Speaker 1: he just can't ignore it. I mean, they took an
Speaker 1: early position that inflation was going to be transitory. I
Speaker 1: think that they're frankly being honest that that's what they thought.
Speaker 1: They didn't really know how things were gonna flesh out
Speaker 1: now with the CPI number, as you mentioned at six,
Speaker 1: eight with pp I at nine six. You know, we
Speaker 1: don't have the new PC number, which is one of
Speaker 1: the main things that they look at, the personal consumption
Speaker 1: at spendature index, but that was five percent in October.
Speaker 1: So we're no matter how you look at it, we're
Speaker 1: running double to triple really where they'd like to be
Speaker 1: at two to three percent. So I know, I don't
Speaker 1: know how you ignore it. I think it's it's a
Speaker 1: matter of what do you do about it? And the
Speaker 1: you know, they're the tools are there. You know, you
Speaker 1: you finish out the taper even faster, obviously, start to
Speaker 1: raise FED funds, and we don't you know, certainly don't
Speaker 1: think along with everyone else that we're going to see
Speaker 1: an increase in rates at this meeting. But you know,
Speaker 1: you you look, you're putting some odds on the table. Now.
Speaker 1: You could see something as early as the first quarter
Speaker 1: of two or certainly by the second quarter, and up
Speaker 1: until recently two was off the table. So things are changing, Dan,
Speaker 1: things are changing it. As you mentioned here, how do
Speaker 1: your clients, how are you positioning your portfolio for what's
Speaker 1: likely to be, you know, a rising interest rate environment
Speaker 1: for the foreseeable future. Well, I think on the equity market,
Speaker 1: there's really not much of a change when you when
Speaker 1: you look at it historically of what you're likely to
Speaker 1: see out of this FED. I mean, when you look
Speaker 1: at it historically, typically when there's a major reversal policy,
Speaker 1: you normally see fifty basis points initially twenty and the
Speaker 1: same thing when they start lowering rates, it's very very similar.
Speaker 1: I don't think you're gonna see anything more aggressive here.
Speaker 1: As a matter of fact, you might even are much
Speaker 1: more likely. You're just gonna see a well telegraphed twenty
Speaker 1: five basis points increase, and they'll do that very steadily.
Speaker 1: Now with that, if you look at it again historically
Speaker 1: from the standpoint of FED policy, is that pees generally
Speaker 1: don't change much. You know, what they were at six
Speaker 1: months before the FED started the rays and where they
Speaker 1: are six months after basically that twelve month window, pea
Speaker 1: stay about the same. So I think the equity market,
Speaker 1: you know, we're you know, it will certainly start to
Speaker 1: buy us more the value stocks. It's going to buy
Speaker 1: us more the sixical stocks. You know, we're we've already
Speaker 1: begun tilting more in that direction. You know, the bond
Speaker 1: markets a different matter altogether. I mean, you're you're gonna
Speaker 1: have to be very active and what you're doing in
Speaker 1: the bond market, you know, as the as the youal
Speaker 1: curves already shifted. What do you expect in terms of hikes?
Speaker 1: I mean you said you don't expect this meeting. I
Speaker 1: don't think anyone does. But um, is the dot plot
Speaker 1: gonna show to this year? Is their possibility for a
Speaker 1: hawk is surprise? Look, it's always there. And I think
Speaker 1: that the good thing about Jerome Powell's he's you know,
Speaker 1: it's not like dealing with green you know, green speak.
Speaker 1: I mean he telegraphs it right out in front. Everything's
Speaker 1: I think he's going to give the market a lot
Speaker 1: of indication, uh to some degree. Frankly, you know, the
Speaker 1: market may even breathe a sigh of relief when we
Speaker 1: have that, you know, because the market will take good
Speaker 1: news bad news. It just doesn't like no news. And
Speaker 1: so this this unknown limbo right now is making people nervous.
Speaker 1: So you know, I doubt that we're gonna be see
Speaker 1: something that's going to surprise the market. But him well
Speaker 1: telegraphing in advance that they're going to start with the
Speaker 1: basis point to increase and FED funds, you know, I
Speaker 1: think is what we're going to see. So Dan, all right,
Speaker 1: that's the Fed. And again we're gonna get a lot
Speaker 1: more information later on today. The other aspect there are
Speaker 1: One of the other aspects that the market tends to
Speaker 1: focus on is kind of what's coming out of Washington,
Speaker 1: d c Um. How important is that to you to
Speaker 1: this market or do you think the markets again is
Speaker 1: pricing in some kind of build back better But there's
Speaker 1: other things to focus on. Well, I think the market
Speaker 1: is definitely pricing it in and the build back better.
Speaker 1: We're look, we're gonna have something now, whether it's a
Speaker 1: two trillion dollar number or a two trillion that really
Speaker 1: is four point two trillion when you take the time
Speaker 1: limits off. I mean, we're gonna have something that's going
Speaker 1: to come out of that. They're gonna make some kind
Speaker 1: of a deal. But but now, I don't think you're
Speaker 1: gonna see anything very radical, and the reason being is
Speaker 1: that the Democrats right now are in trouble. Look the
Speaker 1: way the numbers stack up now is redistricting. They're gonna
Speaker 1: lose the House two and so you have a lot
Speaker 1: of people that are midstream that you know, they're they're
Speaker 1: just not going to go hardcore against radical democratic policy
Speaker 1: because they don't want to. They don't want to get
Speaker 1: washed out. So I'm not expecting anything dramatic. You know,
Speaker 1: we were probably the biggest thing the market will be
Speaker 1: concerned about, and that's waning is significant tax increases. But
Speaker 1: I mean that that's frankly, it's really dropping off. You're
Speaker 1: just you know that that's going down to a whisper
Speaker 1: right now. So we don't think right now, barring something unforeseen,
Speaker 1: which can always happen, there's going to be a dramatic
Speaker 1: change of change in policy that will have a significant impact.
Speaker 1: All right, thanks very much for joining us. Dan, always
Speaker 1: great talking to you. Dan Genter there, who is the
Speaker 1: CEO as well as the c i O and the
Speaker 1: chairman of R and C all management. I love. I
Speaker 1: mean a lot of people have a lot of titles,
Speaker 1: um and I always wonder what else, what else is
Speaker 1: he hiding? Exactly based in the based in Los Angeles,
Speaker 1: we get get getting away from the metro area. So
Speaker 1: I think it's great, by the way to have a
Speaker 1: diversity of views, because if you just stick in the
Speaker 1: Wall Street bubble or just in the Tri State area.
Speaker 1: If we include you know, Wall Street, Greenwich and Summit,
Speaker 1: you don't get the viewpoint from the left. From the
Speaker 1: left coast, I'm not necessarily left, obviously, and it's key
Speaker 1: I think to get Thanks for listening to the Bloomberg
Speaker 1: Mark Gets podcast. You can subscribe and listen to interviews
Speaker 1: of Apple Podcasts or whatever podcast platform you prefer. I'm
Speaker 1: Matt Miller. I'm on Twitter at Matt Miller three and
Speaker 1: on Fall Sweeney I'm on Twitter at pt Sweeney. Before
Speaker 1: the podcast. You can always catch us worldwide at Bloomberg Radio.