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Speaker 1: Welcome to the Bloomberg p m L Podcast. I'm pim Fox.

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Speaker 1: Along with my co host Lisa Abramowitz. Each day we

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Speaker 1: bring you the most important, noteworthy, and useful interviews for

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Speaker 1: you and your money, whether you're at the grocery store

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Speaker 1: or the trading floor. Find the Bloomberg p m L

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Speaker 1: Podcast on Apple Podcasts, SoundCloud, and Bloomberg dot com. Well

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Speaker 1: as Greg Jarrett was just mentioning the dollar showing strength

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Speaker 1: at least against the Japanese end right now one ten forty,

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Speaker 1: also strength against the pounds sterling at one fifty three.

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Speaker 1: Here to tell us more about exchange rates and the

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Speaker 1: US dollars, Dr Win Thin, Global head of Emerging Markets

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Speaker 1: FX for Brown Brothers Harriman uh Win Thin, thanks very

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Speaker 1: much for being with us. The strength of the US

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Speaker 1: dollar is that going to continue against emerging market uh,

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Speaker 1: currencies such as Mexico and Brazil, as well as Indonesia,

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Speaker 1: Malaysia and so on. Yes, but first of all, thanks

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Speaker 1: thanks for having me. It's always a pleasure. Um. Yes,

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Speaker 1: uh I look for continued e M weakness. Um, it's

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Speaker 1: for a riot of reasons. You know. Obviously the big

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Speaker 1: stories is higher U S rates, but I think what's

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Speaker 1: really given this UH, this last leg lower in the

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Speaker 1: e M pushes the is the rising trade tensions, you know,

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Speaker 1: and strong global growth, strong global trade flows are are

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Speaker 1: really bullish for em and with all the risks that

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Speaker 1: are out there, all the tip for tat um uncertainty,

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Speaker 1: but where where the US WE stands, that's all hurting

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Speaker 1: the emerging markets. So yes, it's a broad based dollar rally.

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Speaker 1: It's not just against the e M, it's also been

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Speaker 1: rallied against the majors. So um that broad based rallually

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Speaker 1: being driven by the US interest rate outlook. So when

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Speaker 1: you know, one thing that I'm struck by is the

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Speaker 1: strengthening dollar has been a trend for many weeks now

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Speaker 1: and people have been adjusting to that. The rapid depreciation

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Speaker 1: of the Chinese un however, seems to be picking up speed.

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Speaker 1: Has been the biggest weekly drop since tu in that currency,

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Speaker 1: and you just have to wonder, you know, is this

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Speaker 1: UH an active devaluation by the Chinese government or does

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Speaker 1: this signal further and and rapidly deteriorating outlook for the

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Speaker 1: Chinese economy. Well, I think it's uh. Two thinks that

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Speaker 1: it's still early on so I don't want to tell

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Speaker 1: the alarm bells. It's it's certainly uh, you know, raising

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Speaker 1: eyebrows the speed of the move this week. But what

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Speaker 1: I've noted and what I've been telling our clients is

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Speaker 1: that this is a short period of you want under

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Speaker 1: performance follows a long extended period of you want a performance.

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Speaker 1: And when the rest of em was selling off in

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Speaker 1: uh do out most of Q two UM, the Chinese

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Speaker 1: one was really holding up pretty well. It was almost unchanged.

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Speaker 1: I would say a year to date, if you look

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Speaker 1: at your w c RS page, the Chinese you want

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Speaker 1: is the fifth best performing currency is down only one

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Speaker 1: against the dollar year to date. That compares to minus

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Speaker 1: for past though, minus seventeen and a half a turkey.

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Speaker 1: So I just want to keep things sort of in

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Speaker 1: in perspective. The other thing I would also add is

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Speaker 1: if you look at China's real effective exchange rate that

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Speaker 1: is just for the trade inflation, et cetera. UM, it's

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Speaker 1: done at the b I S. If you look on

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Speaker 1: your on your page, you carry that b I S

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Speaker 1: DCNR index. UM, it's it's been rising this past year,

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Speaker 1: and that's because the yuan is outperforming. That is is

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Speaker 1: it's training partners. The currency of its trading partners have

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Speaker 1: been weakening much more than yuan, and so the in

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Speaker 1: real effective terms, the yu want's actually appreciating. So again,

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Speaker 1: just things that sort of think about you know, I

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Speaker 1: know that you know these headlines, but you know, and

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Speaker 1: you have to think a sort of longer view that.

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Speaker 1: Uh and look, remember just that they're also reminded one

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Speaker 1: there in two thousands of team the last time China

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Speaker 1: shock the marks of evaluation, it ends up having contend

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Speaker 1: with the massive cap rout flows out of China, know, uh,

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Speaker 1: and it really roys CAPA marks. I don't think that's

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Speaker 1: something they want to do right now. So for now,

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Speaker 1: I think it's just sort of regular adjustment. Well, I

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Speaker 1: mean to talk about some of those headlines, I just

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Speaker 1: want to think give you one of them. China think

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Speaker 1: tank warns of financial panic risk and leaked note. I

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Speaker 1: mean there was a leaked report by a Chinese government

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Speaker 1: backed think tank talking about how with the rising defaulse,

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Speaker 1: with the trade tensions, liquidity shortages, China's looking pretty shaky

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Speaker 1: right now. What do you make of China? Like the

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Speaker 1: rest of them is struggling um with a global environment

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Speaker 1: that's that's not as friendly as it used to be.

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Speaker 1: Of course, China has its own domestic issues with the

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Speaker 1: banking sector, financials that I totally agree with that. My

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Speaker 1: base case has always been that that that it will

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Speaker 1: moddle through and I think that and the reason that's

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Speaker 1: one of the main things that I feel that evaluation

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Speaker 1: is unlikely is that's just gonna add just more uncertain

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Speaker 1: to the mix. Um they really in times uncertainty. I

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Speaker 1: think in general, the Chinese policy makers seemed a favor stability,

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Speaker 1: at least appearance of stability, and I think I'd be

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Speaker 1: sort of pushing the panic button if they were the

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Speaker 1: value now. So um, you know again it's keep we

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Speaker 1: gotta keep buying this. You know a lot of people

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Speaker 1: in calling for disaster and from China's last pan twenty years,

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Speaker 1: and you'll continue to model through and then that's that's

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Speaker 1: still my basic case. Win. Then give you about twenty seconds.

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Speaker 1: If emerging market currencies continue to weaken against the US dollar,

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Speaker 1: all things being equal, isn't that going to be better

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Speaker 1: for their exports? Uh? It's better for their exports, yes, Um,

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Speaker 1: But again it's for instance, a lot of these countries

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Speaker 1: that have taken on a lot of external debt in dollars,

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Speaker 1: so it becomes much more owners to repay that actor

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Speaker 1: in finance excellent nets. So there's pros and cons um

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Speaker 1: you know. To me, I think the emerging markets just

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Speaker 1: prefer a stable global environment, free trade, the currencies you

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Speaker 1: know rise, their currencies fall. But I think the possible

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Speaker 1: making the in which is like some clarity out of

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Speaker 1: the US. They like they have to step back from

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Speaker 1: uh this this trade war talk, um, and you know

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Speaker 1: that's what the US will take care of themselves. Dr Winton,

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Speaker 1: thank you so much for being with us. Dr Winton,

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Speaker 1: global head of Emerging Markets and Effects at Brown Brothers Harriman,

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Speaker 1: coming to us UH in New York and some some

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Speaker 1: good insight and good perspective when people start to wring

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Speaker 1: their hands over this really rapid evaluation of the UN

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Speaker 1: given the fact that it has appreciated for the most part.

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Speaker 1: In recent months, the US Food and Drug Administration has

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Speaker 1: approved g W Pharmaceuticals treatment for two rare forms of

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Speaker 1: childhood epilepsy. Now the treatment, it's a liquid. It's made

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Speaker 1: from a compound in the marijuana plant. And to tell

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Speaker 1: us more about this, we've got the chief executive of

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Speaker 1: g W Pharmaceuticals, Justin go over, Justin, thank you very

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Speaker 1: much for being with us. Tell us about this treatment

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Speaker 1: and is it epidialects or epity Alex, I beg your part.

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Speaker 1: That's correct, it's epidialects, So thank you very much for

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Speaker 1: having me on your show. Yes, the treatment is called epidialects.

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Speaker 1: It is made from a molecule called cannabi dial, which

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Speaker 1: is a part of the cannabis plant that does not

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Speaker 1: make you high. So it's a purified um cannabi dial

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Speaker 1: formulation administered to children in the form of an oral solution.

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Speaker 1: We have developed this treatment within the field of childhood

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Speaker 1: onset epilepsy, conducted three controlled clinical trials published in leading

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Speaker 1: medical journals, and obviously delighted earlier this week that the

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Speaker 1: FDA has approved this medication. The types of conditions that

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Speaker 1: we treat, these two examples of that are called lenox

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Speaker 1: gasto syndrome and travase syndrome are two of the most

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Speaker 1: difficult forms of epilepsy to treat, often uh commencing in

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Speaker 1: very early childhood, characterized by seizures that tend not to

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Speaker 1: respond to other anti epileptic drugs. So it's a real breakthrough.

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Speaker 1: The first medicine approved by FDA derived from the cannabis

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Speaker 1: plant and the first and a new type of anti

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Speaker 1: epileptic drug. So I see that the Drug Enforcement Administration

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Speaker 1: has yet to reclassify this form of cannabis and that

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Speaker 1: it has to do so before it can be put

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Speaker 1: to market. Can you give us a sense of how

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Speaker 1: long that could take and what the outreach has been

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Speaker 1: like there? Yes, So it's important to say that this

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Speaker 1: is not a political issue. It's very much a procedural

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Speaker 1: one that follows the FDA's approval. So under the rate

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Speaker 1: relevant regulations, the d e A has up to ninety

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Speaker 1: days um to what is termed reschedule this product Epidialects,

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Speaker 1: so that it can be prescribed by for positions and

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Speaker 1: available through pharmacy. So um, the the FDA will have

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Speaker 1: made a recommendation to the d e A as to

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Speaker 1: the schedule which they believe epidialect should be placed into.

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Speaker 1: The d e A will currently be reviewing that recommendation

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Speaker 1: and will rule on that within a ninety day period.

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Speaker 1: So what that means commercially is that the product will

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Speaker 1: be available. We believe in the early fall of this year,

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Speaker 1: could this could this drug to be used to treat

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Speaker 1: other types of conditions well, our focus for epidialects has

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Speaker 1: very much been in within the epilepsy arena and specifically

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Speaker 1: within these two forms of childhood epilepsy. UM. I think

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Speaker 1: it's fair to say that our focus for future development

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Speaker 1: of this product falls within the epilepsy arena. So there

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Speaker 1: are several other forms of epilepsy, particularly those in childhood,

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Speaker 1: which summer suffer similar we have suffer similar situations with

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Speaker 1: regard to seizures that are difficult to control. So there

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Speaker 1: really continues to be an unmet need within the field

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Speaker 1: of epilepsy, and our focus remains dedicated towards addressing those

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Speaker 1: patient needs. I mean, more broadly, I would say that

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Speaker 1: there are within the cannabis plant and within our own pipeline,

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Speaker 1: a range of other molecules which we call cannabinoids that

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Speaker 1: may not be epidone X, but maybe different molecules within

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Speaker 1: the plant that may well have applications and other disease areas.

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Speaker 1: And I certainly can provide a few examples well, but

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Speaker 1: justin before you get into that, I think that one

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Speaker 1: reason why we found this so particular particularly interesting is

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Speaker 1: because the FDA has been slow to approve medications that

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Speaker 1: are based on cannabis or marijuana. And I'm wondering, you know,

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Speaker 1: you've been in the industry, the pharmaceutical industry for nearly

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Speaker 1: two decades. Was the process of getting this drug approved

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Speaker 1: different when it comes to dealing with the FDA. Well,

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Speaker 1: i'd firstly, I would say, I think, I mean, the

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Speaker 1: FDA will be the first agency in the world to

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Speaker 1: have approved epidialects, So I'm not sure I would say

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Speaker 1: that they've been slow. In fact, I think this review

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Speaker 1: timeline has been rapid, and the engagement that we've had

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Speaker 1: with FDA over the last five years as we've developed

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Speaker 1: this medicine has been very constructive. Indeed, so I think

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Speaker 1: where I think, uh, And you saw statements from FDA

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Speaker 1: ear earlier this week which I think ring true with us,

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Speaker 1: which is when when it comes to the rigors of science,

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Speaker 1: when it comes to looking at the cannabis plant and

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Speaker 1: identifying molecules from it that may be developed as prescription medications. Um,

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Speaker 1: you know, the FDA are willing to assess and potentially

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Speaker 1: approve those kinds of medications and engage constructively. I think

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Speaker 1: what they have been pointing out is that that's a

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Speaker 1: different process and a different way of of approaching patients

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Speaker 1: treatment uh to um, you know, marijuana per se. So

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Speaker 1: I think it's what what this approval does do, is

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Speaker 1: it it very much signals the fact that if one

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Speaker 1: looks at cannabis and tries to apply rate modern pharmaceutical

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Speaker 1: principles to components of the cannabis plant, that f d

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Speaker 1: A will and have shown themselves to engage very constructively

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Speaker 1: with industry. Thank you so much for being with us.

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Speaker 1: Justin go Over, chief executive of GW Pharmaceuticals based in California,

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Speaker 1: coming to us after having their drug based aimed at

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Speaker 1: curing epilepsy approved by the FDA. Congratulations. Our next guest

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Speaker 1: has a fascinating story and he over sees a fascinating company.

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Speaker 1: So I'm very glad to bring in Abe and Kuma,

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Speaker 1: his chief executive and co founder of Nyanza, which is

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Speaker 1: based in San Francisco, but he joins us here in

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Speaker 1: our eleven three oh studios. Abe, your company is uh

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Speaker 1: pretty pretty significant and it does business with a lot

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Speaker 1: of the biggest companies out there. But I want to

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Speaker 1: start with your story because you hadn't even seen a

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Speaker 1: computer when you were growing up in Ghana before arriving

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Speaker 1: in the US. Tell us a little bit about that. Sure.

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Speaker 1: First of all, thanks for having me, um. So I

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Speaker 1: grew up in Ghana. As you mentioned, I went to

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Speaker 1: high school in Ghana, but moved to the United States

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Speaker 1: for college. And so I went to college at Caltech

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Speaker 1: in southern California, where I, without seeing a computer, I

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Speaker 1: did the crazy thing of deciding to major in computer

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Speaker 1: science and electrical engineering and so and so far it's

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Speaker 1: worked out great. Yeah, that's what everybody does, right. You know,

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Speaker 1: you don't know, you don't have a computer growing up,

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Speaker 1: and you decide comp you there's technology is where it's at.

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Speaker 1: Like you go to cal Tech and then you go

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Speaker 1: to Harvard Business School and then you've become a chief

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Speaker 1: executive of a tech Yeah. Right, that's those no stumbling

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Speaker 1: blocks there right now there you go. Um, let's talk

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Speaker 1: a little bit about how you decided that the founding

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Speaker 1: the answer that this company serves a need. What did

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Speaker 1: you see out there and what caused you to think

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Speaker 1: I can solve this problem? For sure? So, so I

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Speaker 1: started your answer, first of all with a group of

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Speaker 1: very talented UM other individuals as well. Um I have

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Speaker 1: two other co founders, um Dan and on and both immigrants,

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Speaker 1: both immigrants, UM a couple of m I T pH

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Speaker 1: d s. The problem that we saw was basically sort

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Speaker 1: of a melding of what's happening within large businesses today.

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Speaker 1: Right within large businesses, there there is an untapped opportunity

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Speaker 1: to actually make sense of the data that's flowing freely

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Speaker 1: on their networks today. Data is the new oil, and

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Speaker 1: what we do is we enable our customers actually makes

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Speaker 1: sense of the data on their networks to solve a

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Speaker 1: number of different business problems. One of the core business

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Speaker 1: problems we allow them to use the data for is

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Speaker 1: around user experience and performance management. In the world where

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Speaker 1: things are growing from the types and diversity of devices

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Speaker 1: connecting to their networks and the growth of IoT devices,

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Speaker 1: a lot of customers have the ability to harness and

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Speaker 1: generate tremendous new business value on the database on their networks.

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Speaker 1: Think about what we do as being akin to what

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Speaker 1: Google does with websites right. Google allows you to make

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Speaker 1: sense out of your websites. Google allows you to make

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Speaker 1: sense out of the data that UM your people are

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Speaker 1: searching on the Internet for we're doing something similar with

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Speaker 1: the data on computer networks. I don't think though of

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Speaker 1: Google Search as having artificial intelligence sort of algorithms trying

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Speaker 1: to parse out and turn in large codes in the

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Speaker 1: same way. I mean, perhaps that is the case, but

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Speaker 1: when you're talking, I wonder how important it is to

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Speaker 1: have some sort of intelligence in analyzing the data for

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Speaker 1: say an uber or what are the other companies you

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Speaker 1: work with? Yeah, so so what Whether it's um Uber

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Speaker 1: leveraging our technology for driving user experience on their computer networks.

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Speaker 1: Whether it is large universities um whether it's Stanford, whether

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Speaker 1: it's USC, whether it's Notre Dame leverage internet technology to

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Speaker 1: generate insights for the I T teams to better support

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Speaker 1: the students and the end users. Whether it's a large

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Speaker 1: global manufacturing organization leveraging the data on their networks in

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Speaker 1: order to effectively um UM if um UM drive the

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Speaker 1: manufacturing process because of the device land themselves, big data,

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Speaker 1: machine learning AI. It's all about making It allows us,

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Speaker 1: It allows our customers to see the invisible. It allows

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Speaker 1: our customers to make sense of invisible of what's happening

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Speaker 1: on their networks. By bringing you know, all this disparate

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Speaker 1: unstructured data, making sense of it to solve different business problems.

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Speaker 1: One of those could be performance, another one could be, um,

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Speaker 1: you know, improving the manufacturing process. Let's say I'm the

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Speaker 1: Atlanta Braves, I come to you, I say I need help.

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Speaker 1: You tell me great and tell people the story. Yeah.

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Speaker 1: So you know, whether it's the Atlanta Braves, whether it's

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Speaker 1: a large public venue that has lots and lots of

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Speaker 1: users leveraging the network. What we allow a company like

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Speaker 1: the Atlanta Braves to do is to actually ask questions

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Speaker 1: out of the data that's on their networks, right, ask

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Speaker 1: questions about, Hey, for this particular game or for this

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Speaker 1: particular time on the network, what were people actually doing,

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Speaker 1: all in an anonymised fashion, right. And so one of

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Speaker 1: the things with big data and data sciences, while there's

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Speaker 1: a fair bit of insights to clean out of that data,

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Speaker 1: companies that enable that data transformation also have a big

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Speaker 1: responsibility in terms of respecting sort of the privacy of

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Speaker 1: the users on their networks. And so for Atlanta Braves,

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Speaker 1: we give them the tools in order to sort of

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Speaker 1: ask questions of the networks and also give a world

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Speaker 1: class user experience off for their fans. Well done. Thanks

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Speaker 1: very much for being with us and giving us a

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Speaker 1: look inside the world of analyzing data on Internet systems

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Speaker 1: that are Internet networks that are based inside of corporations.

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Speaker 1: Much appreciated. Aba h on Kuma. He is the chief

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Speaker 1: executive and the co founder of Nyanswa, joining us here

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Speaker 1: in our eleven three oh studios. I do want to

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Speaker 1: just get a note here in on emerging markets because

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Speaker 1: the MSCI Emerging Markets Currency Index is now ropping today

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Speaker 1: for the biggest one day drop. It's the biggest since

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Speaker 1: March of last year. And our next guest has a

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Speaker 1: really interesting theory as to why. Dr Brendan Brown joins

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Speaker 1: US now chief economist and head of Economic research at

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Speaker 1: Mitsubishi u f J Securities. Dr Brown, so, how do

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Speaker 1: you interpret the weakness we've seen in emerging markets assets?

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Speaker 1: Interpreted for the the emerging market weakness as being a first

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Speaker 1: sign of a credit cycle turning globally And you have

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Speaker 1: to remember that the emerging markets have been the absolute

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Speaker 1: focal point of the credit inflation in this cycle. It's

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Speaker 1: been where the hunt for yield has been at its

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Speaker 1: greatest and where the various forms of financial engineering and

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Speaker 1: leverage have been the greatest. Okay, so this could be

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Speaker 1: sort of the canary in the coalbine that more than

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Speaker 1: a canary in a cor mine. Even the emerging market

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Speaker 1: economies these days PPP exchange rates account for six world GDP,

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Speaker 1: so so this was this could actually a signal a

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Speaker 1: real turning point. I'm just wondering how this relates to

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Speaker 1: monetary policies, which, yes, the US is tightening um, but

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Speaker 1: the e c B is still holding on so well.

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Speaker 1: I would make a general observation that monetary normalization at

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Speaker 1: this point is a fiction. Even in the US, we

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Speaker 1: have interest rates well below rate of inflation, negative real

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Speaker 1: interest rates, So from a point of view of money

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Speaker 1: supply from a central bank side of the equation, there

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Speaker 1: is really no normalization taking place. That maybe a bit

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Speaker 1: less in the US and elsewhere, but monetary policy is

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Speaker 1: still set at a pretty inflation redial. But there's another

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Speaker 1: there's another dynamic in monetary policy, and that's what's happening

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Speaker 1: on the credit side. You can have for central bank

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Speaker 1: still with their foot down on the accelerator, but if

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Speaker 1: the credit cycle is turning, the accelerator doesn't work so well.

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Speaker 1: And may even actually not work at some point, and

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Speaker 1: I think that's where we're approaching. Then, Okay, I'm just

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Speaker 1: going to do a brief list of, you know, supposedly

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Speaker 1: the problems in the world. Right, Okay, So you've got

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Speaker 1: the Brexit negotiations between the UK and the European Union.

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Speaker 1: They seem to be a mess. You have the political

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Speaker 1: situation in Italy and the potential for some kind of

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Speaker 1: challenge to the European Union in the euro and Angela

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Speaker 1: Merkel in Germany facing political uh pressure. Um, you had

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Speaker 1: a change of government in Spain recently. You have the

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Speaker 1: issues related to Venezuela and oil politics in the Middle East.

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Speaker 1: I raise all of the trade wars in the United

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Speaker 1: States and NAFTA and child I raise all these things.

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Speaker 1: At the same time, we haven't seen a big sell

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Speaker 1: off in stock prices, and I'm wondering why, well, stock

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Speaker 1: prices are not where this all starts. I mean, yes,

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Speaker 1: we can all talk about the bubble and the fangs

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Speaker 1: or whatever, but either I think the core of the

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Speaker 1: asset inflation process is in the credit markets. It's in

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Speaker 1: the irrational strategies we see for leverage. It's in the

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Speaker 1: financial engine nearing, which camouflages believe ridge and that's that's

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Speaker 1: where the irrational forces are. By the bye, you get

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Speaker 1: asset prices which may be too high, but that's not

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Speaker 1: where the unwinding starts, or it may and it may

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Speaker 1: unwind at any time, I think. Just to take your

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Speaker 1: points about Europe, the key point to watch there is

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Speaker 1: that the mercle era is coming to an end and

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Speaker 1: Germany is almost certainly or know nothing certain in politics,

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Speaker 1: but it's going to swing towards the right away from

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Speaker 1: the center euro center and and and that presents a

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Speaker 1: big change in the set of opportunities for Italy on

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Speaker 1: the one hand, and also for the UK. And my

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Speaker 1: view in the UK and Brexit is that everyone will

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Speaker 1: remain quiet amongst the Brexiteers in the UK until Britain

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Speaker 1: is actually out of the door next March. But that's

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Speaker 1: when the fun starts. But the fun will start, hopefully

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Speaker 1: when Merkel is also going out for the door quite soon.

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Speaker 1: So you know, you're saying that the the the asset

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Speaker 1: inflation that's really most important is in the credit markets

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Speaker 1: are where you need to really focus. Um. A lot

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Speaker 1: of people have been looking to the U S HIG

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Speaker 1: yield bond market as the canary in the coal mine

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Speaker 1: of cracks forming in credit markets globally, and you just

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Speaker 1: really haven't seen it. Why, what I would say was

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Speaker 1: two points there. Clearly in the US market, how yield

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Speaker 1: is related to a price of equity, So if you're

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Speaker 1: still in the middle of a real bull market in equities,

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Speaker 1: that sort of keeps for high yield market up. The

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Speaker 1: second point, which is more strange, is well, we're not

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Speaker 1: so strange, is that we had that volatility sell off

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Speaker 1: in February, but volatility is a way back down again.

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Speaker 1: I there is a key mathematical relationship, of course, which

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Speaker 1: every quant will tell you between rising volatility and the

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Speaker 1: price of hw yuel bonds, so that that's an accident

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Speaker 1: waiting to happen at some point in the future, but

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Speaker 1: it's not happened yet. So I think for key pressures

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Speaker 1: have been on the emerging markets rather than on the

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Speaker 1: US hi yield credit market. So do you think that

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Speaker 1: people who are saying now is a time to pick

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Speaker 1: up extra yield go into emerging markets are fooling themselves

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Speaker 1: and that there's more pain ahead. Absolutely, I think the

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Speaker 1: emerging markets situation is the center of the asset price

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Speaker 1: deflation when it comes, and it almost certainly will go further.

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Speaker 1: The question is how much contagion is going to be

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Speaker 1: onto other asset inflated markets. Give you about thirty seconds.

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Speaker 1: Trade wars and currency wars. Haven't heard much about currency wars,

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Speaker 1: have we, Which is sort of a big puzzle, because

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Speaker 1: if you were advising President Trump, you would think a

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Speaker 1: big point would now be being made about the manipulation

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Speaker 1: of currencies by Germany and Japan. After all, Japan sticking

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Speaker 1: long term interest rated zero with the economy at overheating,

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Speaker 1: and Germany and easy b chief Draggy, who's fully backed

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Speaker 1: by Bundas Bank and Chancellor Merkel keeping rates negative for

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Speaker 1: another eighteen months despite the German economy and boom. What

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Speaker 1: greater currency manipulation can you have? So it's very strange,

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Speaker 1: but this hasn't really a focal point of US trade negotiations.

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Speaker 1: Thank you very much. Dr Brendan Brown is the chief

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Speaker 1: economist and head of economic research for Mitsubishi u f

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Speaker 1: J Securities, also the author of the Global Monetary Plague,

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Speaker 1: Asset price Inflation, and Federal Reserve Quantitative Easing. Thanks for

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Speaker 1: listening to the Bloomberg p and L podcast. You can

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Speaker 1: subscribe and listen to interviews at Apple Podcasts, SoundCloud, or

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Speaker 1: whatever podcast platform you prefer. I'm pim Fox. I'm on

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Speaker 1: Twitter at pim Fox. I'm on Twitter at Lisa Abramo.

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Speaker 1: It's one before the podcast. You can always catch us

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Speaker 1: worldwide on Bloomberg Radio