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Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane. Along

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Speaker 1: with Jonathan Ferrell and Lisa Brownwitz Jaily, we bring you

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Speaker 1: insight from the best and economics, finance, investment, and international relations.

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Speaker 1: Find Bloomberg Surveillance on Apple podcast, Suncloud, Bloomberg dot Com,

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Speaker 1: and of course on the Bloomberg Terminal. With short introduction,

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Speaker 1: Mike Wilson, chief US equit strategist at Morgan Stanley. He

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Speaker 1: is cautious on the equity market. Mike Wilson, Your Ellen

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Speaker 1: Santner has a negative two hundred fifteen thousand statistics for

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Speaker 1: the jobs report. Maybe it's a one off, maybe it's

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Speaker 1: not fold in this American economy into your caution. You

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Speaker 1: walk away from the bull case. Yeah, look, I mean

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Speaker 1: I think that the book case is always that Goldilocks

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Speaker 1: would persist into you know, this year, and that was

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Speaker 1: not our UUR base case was that Goldilocks should be challenged.

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Speaker 1: And of course the bear cases that you you slide

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Speaker 1: into something even worse than that. And I would say,

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Speaker 1: you know, because we talked to this program last time,

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Speaker 1: we were leaning more towards the bear than the bull.

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Speaker 1: So so so what's going on? I mean, as you mentioned,

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Speaker 1: you know, we now have a negative forecast for for

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Speaker 1: non farm payrolls tomorrow. Um, the question is is it

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Speaker 1: just an omicron you know, kind of final pair back

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Speaker 1: and hiring, or is this something bigger? You know, we've

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Speaker 1: had this narrative of fire and ice, and we think

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Speaker 1: it it's gonna be ice here. Um. You know that

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Speaker 1: doesn't mean recession, doesn't mean negative payroll numbers for the

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Speaker 1: next five months. But you know, the idea that we're

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Speaker 1: not gonna have some payback here from what was a spectacular,

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Speaker 1: you know, kind of rebound during the pandemic, we think

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Speaker 1: it's naive. And you guys were talking about something I

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Speaker 1: think that's really being overlooked, which is this bifurcation between

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Speaker 1: the lower income cohorts and the upper income cohorts. You know,

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Speaker 1: without the government transfers and with this inflationary burden, I mean,

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Speaker 1: they are the ones bearing it, and it's going to

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Speaker 1: slow demand. Um. So I'm I'm probably a bit more

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Speaker 1: cautious on consumption in the first half of this year

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Speaker 1: than my colleagues and also my peers around the street. Mike,

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Speaker 1: given the team belief that fits of a growth will

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Speaker 1: ever take fits of our interest rate hikes, and I

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Speaker 1: wonder how that separates you from the rest of the

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Speaker 1: street when it just comes to sector andocation beneath the

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Speaker 1: surface of the SMP at the moment. So, you know,

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Speaker 1: I think most people would argue that, you know, if

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Speaker 1: we're gonna have a slowdown, then you want to go

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Speaker 1: right back into the high multiple growth stocks. And the

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Speaker 1: problem with that analysis, in my view, or that conclusion,

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Speaker 1: is it a lot of the growth stocks are also

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Speaker 1: going to see a payback in demand. You know, I

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Speaker 1: don't want to pick on one sector. I think it's

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Speaker 1: pervasive across a lot of different sectors. But let's just

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Speaker 1: take technology as an example. You know, technology is inherently

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Speaker 1: a cyclical industry. You know, I'm I'm pretty old. I

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Speaker 1: followed the industry, the industry for a long time, and

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Speaker 1: I remember when it was treated as such, and for

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Speaker 1: whatever reason now I think people view technology as being

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Speaker 1: you know, that it's non discretionary span ending. It's not.

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Speaker 1: And if we see companies start to struggle with margins,

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Speaker 1: there's gonna be a pairback in spending and also a

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Speaker 1: payback in spending from the overconsumption there too. So I

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Speaker 1: think the strategy that we're employing right now is high quality,

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Speaker 1: but with a more defensive bias than a growth bias.

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Speaker 1: Because the defensive stocks, the stability of earnings is going

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Speaker 1: to be more protected. And they're expensive too, but they're

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Speaker 1: not as expensive as some of the growth stocks. Still, Mike,

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Speaker 1: how far have we gotten to your bearer case? Given

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Speaker 1: some of the pitfalls that we've seen, the lack of

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Speaker 1: a safety night behind the likes of Facebook, and now

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Speaker 1: at the sort of commensurate losses that we're seeing in

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Speaker 1: PayPal and also Spotify. Yeah, I mean, okay, so let's

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Speaker 1: let's get into it. I mean, you know, the fire scenario.

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Speaker 1: I think everybody's on board with that. Infect people are

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Speaker 1: probably paying attention too much to that. At the bond

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Speaker 1: markets price for a lot of tightening, and the equity

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Speaker 1: market is somewhat price for that. I don't think that's

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Speaker 1: the main issue. It's now the slowdown and as I

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Speaker 1: like to say, there's a little bit of Peloton and everyone. Okay,

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Speaker 1: there's a little bit of Netflix and everyone. There's a

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Speaker 1: little bit of PayPal and everyone, right, and now maybe

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Speaker 1: there's a little bit of Facebook and everyone. So it's

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Speaker 1: just broadening up so I think if you would ask

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Speaker 1: folks a month or two ago, Peloton was a one off,

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Speaker 1: they were covered beneficiary. But the reality is is that

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Speaker 1: a lot of businesses benefited from this sort of pull

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Speaker 1: forward during COVID in the stimulus. So this is what

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Speaker 1: we gotta get through now, this sort of reset expectations

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Speaker 1: for growth. It's right our bearercase. Look, our bearcase are okay.

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Speaker 1: Our base case for the US okay, not very exciting.

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Speaker 1: Our bearercases thirty nine. But remember you gotta overshoot the downstairs.

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Speaker 1: So even our if you're our base case, we're gonna

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Speaker 1: probably trade support thousand pretty easily sometime in the first

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Speaker 1: half of this year, and we probably can get you know,

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Speaker 1: but more bullish on the index surveillance question here, Johnny's

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Speaker 1: killing me. Mike Wilson needs to understand there's no Peloton

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Speaker 1: in me. I was wondering whether I don't know what

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Speaker 1: Mike think. Thank you continue with the bearca and Mike,

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Speaker 1: it takes me to my final question, in conversations like

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Speaker 1: these with you in the coming twelve months, will we

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Speaker 1: beat looking more about single names with you? A wife

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Speaker 1: from just rund Price talkets on the SMP is not

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Speaker 1: where the business is coming to the moment for you, Mike.

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Speaker 1: What we've been doing that is, you know, John, we

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Speaker 1: do have a focused list of ten stocks and and

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Speaker 1: it's performed pretty well as it has a macro overlay

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Speaker 1: to it. And right now that list is very defensively oriented.

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Speaker 1: You know, it's it's overweight reads, it's overweight, some of

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Speaker 1: the come you know, services areas, it's it's underweight. You know,

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Speaker 1: consumer distract there's nothing in there, and consumer discretionary. So

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Speaker 1: so word that. I mean, we absolutely think that this

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Speaker 1: is the year of the stock picker. You know. That's

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Speaker 1: that's the tindle of our outlook back in November. That

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Speaker 1: doesn't mean it's easy, okay, because when you when the

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Speaker 1: tail winds are gone, you know, picking stocks is harder.

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Speaker 1: So that's the challenge I think for for portfolio manager

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Speaker 1: this year. But they have to do it. It's gonna

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Speaker 1: be indrisynocratic. You've gotta find the ones who don't have

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Speaker 1: the payback in demand, don't have the overvaluation. Those are

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Speaker 1: two variables to focus on and you go from there.

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Speaker 1: Let's talk about that group of names next time. Let's

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Speaker 1: stop there and do things it's different. I would love

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Speaker 1: to do that. My Wilson Amokin Stany Mike, thank you, sir,

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Speaker 1: Thank you very much. As a white this is a joy.

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Speaker 1: The day that Facebook went public, I had a wonderful

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Speaker 1: conversation with David Kirkpatrick of the Facebook Effect and the

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Speaker 1: wonderful Paul Kadrowski. Those are the kind of people Bloomberg

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Speaker 1: Surveillance talks to about this odds social media space leadership.

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Speaker 1: There is Brian Weezer. He is Global president of Business

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Speaker 1: Intelligence at Group m c f A is definitive on

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Speaker 1: measuring the trends that we see in the advertising space

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Speaker 1: across all this new new Brian, were you surprised by

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Speaker 1: the meta failure? Is Dan I've says the unmitigated disaster

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Speaker 1: that is Facebook wouldn't overly surprised. I think I'm more

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Speaker 1: surprised by the reaction that investors have. I think there's

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Speaker 1: so many factors that are going on. The factors that

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Speaker 1: Facebook sited are probably not the only ones going on.

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Speaker 1: They're also probably being very conservative in the numbers that

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Speaker 1: they're putting forward. Martin Soil is trying to rebuild his

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Speaker 1: ad business to take on traditional ad vertizing from this purview,

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Speaker 1: it seems that Google, Amazon, and the rest on the

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Speaker 1: high ground is traditional advertising, including on Facebook, is dead. No, No,

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Speaker 1: I mean, to be clear, Google's numbers were just just stellar,

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Speaker 1: and I think when we see Amazon later today, the

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Speaker 1: interest we've see in retail media and related advertising, it's

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Speaker 1: just through the roof right now. So no, not at all.

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Speaker 1: Although Brian, do you think that Facebook perhaps relies too

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Speaker 1: much on the advertising model given that the revenue is

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Speaker 1: derived from this source at a time when they have

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Speaker 1: a lot of competition. Absolutely, they are an advertising company,

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Speaker 1: and I think that it's a mistake to think of

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Speaker 1: them as anything other than that. It's also mistake to

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Speaker 1: assume that as an advertising company that in the long

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Speaker 1: run you can grow faster than the advertising industry, which

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Speaker 1: is a mid single digit growth business typically. Right it's

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Speaker 1: been elevated pandemic probably help them a lot. But are

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Speaker 1: they more to dependent? Hard to say. I I think

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Speaker 1: that pushing into the metaverse ideas that we're talking about

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Speaker 1: prior to yesterday, at least they seem to talk about

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Speaker 1: that much. I mean, hey, probably a good diversification idea

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Speaker 1: for them over a multi decade period of time. Bryan

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Speaker 1: can you pass through what you think is the overreaction

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Speaker 1: to perhaps this sort of existential crisis that people are

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Speaker 1: looking at Facebook and saying perhaps it's obsolete and TikTok

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Speaker 1: is going to take over, and it's not going to

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Speaker 1: really remain anything close to what it has been and

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Speaker 1: is right now versus just a cyclical business that is

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Speaker 1: growing and has to grow at a pace that is

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Speaker 1: commensurate with the advertising industry. Yeah, what you said is

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Speaker 1: the long term. Ultimately, I think in there's still in

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Speaker 1: a place where there's probably still a decent amount of

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Speaker 1: growth to be had. But I think that the problem

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Speaker 1: is that, you know, Facebook has always had a lot

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Speaker 1: of issues. I mean, the way in which they identify

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Speaker 1: whether or not they're causing performances always been a bit flawed.

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Speaker 1: Um a number of users. It's always been overstated by

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Speaker 1: about I mean they tell you as much in the

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Speaker 1: in the Cave and the que There's always been all

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Speaker 1: these issues out there that I don't think investors have

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Speaker 1: properly understood. Ums. When you know, in the in the

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Speaker 1: Cave just out this morning, Um, Kailand is now other

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Speaker 1: top markets because of Vietnam and uh, I guess Japan

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Speaker 1: are no longer in there. We don't even know what's

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Speaker 1: going on with parts of the ways we need to

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Speaker 1: know about them. Brian and I loads of people that

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Speaker 1: have like the stock, and a very few people that

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Speaker 1: like the company. It is. It's just like a tobacco name.

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Speaker 1: Now it goes ex growth. You don't really want to

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Speaker 1: touch it, but it still makes a lot of money

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Speaker 1: and that's why people hold it. It's it's not a

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Speaker 1: bad characterization, you know. I obviously don't talk to investors

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Speaker 1: as much as I used to as a seal side analyst,

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Speaker 1: but certainly I think that that would be a fair sentiment.

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Speaker 1: I think that there are a lot of advertisers and

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Speaker 1: obviously that's when we do talk to all the time,

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Speaker 1: who believe that Facebook contributes to the outcomes that they

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Speaker 1: want from a media platform, and that's why there is

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Speaker 1: still such a large business for them. Um, but I

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Speaker 1: think that your characterization is not wrong. It's been too lone.

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Speaker 1: Come back, same buddy. Yeah, we enjoyed that out of

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Speaker 1: green right now we digress and we mixed part of

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Speaker 1: this the pandemic and the medicine, the miracle medicines that

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Speaker 1: have helped all of us through the pandemic and also

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Speaker 1: look at the hard nosability to run a pharmaceutical company.

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Speaker 1: Rob Davis would tenure at Baxter as president and chief

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Speaker 1: executive officer at Market has been a tumultuous twelve months

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Speaker 1: from Mr Davis and the venerable company. This is a

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Speaker 1: company with heritage back to the seventeenth century in Germany,

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Speaker 1: and of course I know it from the months and

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Speaker 1: Rubella miracle that Murk conceived in the sixties, in the

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Speaker 1: seventies with a wonderful Gordon Douglas. Rob Davis thrilled to

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Speaker 1: have you with us at today. Here's the criticism, you

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Speaker 1: guys missed the fiser moderna boat. Respond well, you know,

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Speaker 1: I look at what the company has done and I'm

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Speaker 1: proud of our ability to contribute to the COVID nineteen situation.

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Speaker 1: This is an all hands on deck situation. And obviously

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Speaker 1: you know we brought forward Mouliperevier, which is an important

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Speaker 1: and a viral drug to help in the fight against

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Speaker 1: COVID nineteen. It reduces the risk of death by over

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Speaker 1: nine by about so this is an important addition to

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Speaker 1: the armamentarium. And really, as we think about battling COVID nineteen,

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Speaker 1: this is an important drug, so we feel good about it,

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Speaker 1: and this is about what do we all do to

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Speaker 1: address this more than it is looking at comparison. When

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Speaker 1: you talk I I agree with you totally. When we

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Speaker 1: talked to the medical experts, they are screaming for efficacious

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Speaker 1: drugs for the poor, for those that can't take advantage

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Speaker 1: of mr r N a refrigeration or even the expense.

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Speaker 1: How do you dovetail the merk research combine with the

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Speaker 1: ability to once and for all take care of COVID

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Speaker 1: worldwide for the great number unvaccinated well, and I think

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Speaker 1: this is that's a great question and so important. And

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Speaker 1: how you can think about malnupervier arena viral this is

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Speaker 1: this is a drug you take orally uh, it's it's

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Speaker 1: you know, obviously easy to supply, easy to get around

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Speaker 1: the world. And one of the things I'm most proud

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Speaker 1: about what we've done as a company is the what

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Speaker 1: I think a really creative and first of its kind

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Speaker 1: access strategy to make sure we can get this to

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Speaker 1: the parts of the country and around the world that needed.

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Speaker 1: So I feel really good about this is so important.

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Speaker 1: What do you need from Joe Biden to effect this?

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Speaker 1: What do you need from Washington to get your drug

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Speaker 1: and the competition's drugs out to people in the Sahara. Yeah, well,

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Speaker 1: a lot of this is is not only about what

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Speaker 1: we do with US government. It's about how we partner

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Speaker 1: around the world, like what we did with UNISEF recently.

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Speaker 1: So this is a global effort, not just a US effort.

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Speaker 1: But I do think importantly we need to help people

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Speaker 1: understand the efficacy of these drugs, the safety of these drugs,

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Speaker 1: and get the metal SiGe out about how you can

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Speaker 1: get them. And that's really what we are trying to do,

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Speaker 1: is to make sure people understand how can they find

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Speaker 1: them and how can they take them? Because they do

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Speaker 1: make a difference. If you look, uh, we still have

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Speaker 1: in the US two thousand people dying a day from

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Speaker 1: COVID nineteen and you have a drug in mulnipervior that

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Speaker 1: reduces the risk of death. We can make a difference.

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Speaker 1: We just have to continue to get the message out there.

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Speaker 1: Rob How it difficult is it to determine how much

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Speaker 1: to charge for this given the public health need for

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Speaker 1: it and the fact that the US government is really

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Speaker 1: uh stomaching most of the bill. Yeah, well, a lot

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Speaker 1: of this, we look at what is both the value

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Speaker 1: proposition we bring and the availability of the relative governments

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Speaker 1: around the world to be able to give access to

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Speaker 1: their to their own populations, and so we actually put

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Speaker 1: in place a tiered pricing strategy aimed at what is

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Speaker 1: the affordability based on economic conditions in the local market

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Speaker 1: to make sure we can give access to the patients

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Speaker 1: that need it while ensuring we also continue to make

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Speaker 1: the the necessary returns to invest for the next innovation

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Speaker 1: down the road. There's there's been criticisticism around vaccines for influenza,

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Speaker 1: for other viruses as not being particularly profitable for a

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Speaker 1: lot of companies, and yet here we are having this

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Speaker 1: be one of the biggest health crisis that we've seen

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Speaker 1: in modern history. How do we sort of reframe how

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Speaker 1: we think about vaccine development after it has not been

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Speaker 1: a hot spot for a lot of companies over the years. Well,

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Speaker 1: I think, what we just have to keep making sure

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Speaker 1: everyone understands that vaccines in general are one of the

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Speaker 1: greatest health contributions that have ever been made. If you

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Speaker 1: look at the people and the lives that have been

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Speaker 1: impacted by avoiding disease affects everyone in the United States,

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Speaker 1: everyone around the world. We talked a little bit about

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Speaker 1: m m R. You think about the number of childhood diseases,

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Speaker 1: adult diseases we've avoided. So it starts with understanding the

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Speaker 1: importance of this as part of driving for a healthy population,

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Speaker 1: and then looking at what is the returns now necessary

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Speaker 1: to ensure that people continue to want to invest capital

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Speaker 1: behind that, And that's what we're very much focused on.

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Speaker 1: Rob cancer drugs cost fifty dollars. And of course, you guys,

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Speaker 1: and I'm gonna mention your good competition Bristol myser iconic

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Speaker 1: and cancer treatments as well. Your pill for COVID has

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Speaker 1: a treatment price of roughly seven hundred dollars. That is

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Speaker 1: chump change compared to what it costs to hospitalize an

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Speaker 1: unvaccinated person in America. Can you explain to our audience

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Speaker 1: why Mark and Joe Biden can't get on the same

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Speaker 1: page to take your drug and solve the unvaccinated problem. Well,

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Speaker 1: and I think you know it is a matter of

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Speaker 1: looking at partnering with US government. The US government is

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Speaker 1: ordering we've actually uh delivered already to the U S government.

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Speaker 1: We're going to deliver about in total three million courses

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Speaker 1: of the drug by the roughly about actually the end

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Speaker 1: of this week. So we are working with the government.

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Speaker 1: They are supporting us. I think it's just about us

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Speaker 1: collective of getting the message out there and ensuring that

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Speaker 1: the drugs are in the the locations where patients can

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Speaker 1: can get access to them, and that's where we're focusing

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Speaker 1: our partnership with US government to try to drive that message. Davis,

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Speaker 1: Thank you, Seth. Wonderful to have you. Want to around

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Speaker 1: the CEO of we need to re recalibrate, We need

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Speaker 1: to come down. There's no one better to do that with.

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Speaker 1: And Stephen Roshudo, he's been in Missoo's security since Arthur

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Speaker 1: Burtons was chairman and he joins us this morning. We

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Speaker 1: hope with some perspective. Stephen, we're over a barbecue this weekend,

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Speaker 1: getting ready for Super Bowl a week from now, and

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Speaker 1: everybody's under massive anxiety attack. How do you calm them

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Speaker 1: down about these unique economic times? Well, it's very very simple.

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Speaker 1: The reason why I think it's it's such a unique

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Speaker 1: economic time is because this is one of the few times,

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Speaker 1: um in modern history. For those who haven't been out

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Speaker 1: around as long as I have thank you Tom for

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Speaker 1: mentioning that UM to remember that this is one of

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Speaker 1: the few times where monetary and fiscal policy are working

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Speaker 1: in coordination. You know, since Paul Ulcer, through Alan Greenspan,

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Speaker 1: Jane Ellen, Um, Ben Bernanke, and then eventually the early

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Speaker 1: parts of your own pal monetary and fiscal policy tended

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Speaker 1: to move in opposite directions UM. And this was done

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Speaker 1: primarily because the emphasis of time was based on controlling

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Speaker 1: inflation to achieve an environment where you can have maximum

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Speaker 1: sustainable employment UM. In August of the federal reserves switched

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Speaker 1: switched that around to maximum employment to achieve average inflation.

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Speaker 1: And to a great extent, even though they've they've backed

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Speaker 1: away from a good portion of that shift, they haven't

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Speaker 1: backed away from a completely. And the net result is

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Speaker 1: this is a particular time where in March of both

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Speaker 1: policy levels were going to accommodation. As a result, we

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Speaker 1: had a rapid recovery that got us back to the

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Speaker 1: pre recession level in g d P in one year's time.

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Speaker 1: And now we've got the alternative where both policy levels

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Speaker 1: are being pulled back a slowing the economy, and the

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Speaker 1: deceleration in the economy is going to be quick and powerful,

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Speaker 1: and people aren't really grappling having difficulty grappling with both

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Speaker 1: of these switches. And this is what's happening. This is

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Speaker 1: the first time in modern history we've had them both

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Speaker 1: going in the reverse direction at exactly the same time.

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Speaker 1: All Right, that doesn't sound like supportive of economic growth here,

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Speaker 1: And I know you're a little bit. I would say

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Speaker 1: more than a little bit. You're much more conservative. And

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Speaker 1: I think a lot of folks are out there in

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Speaker 1: terms of your GDP call, give us your thoughts about

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Speaker 1: how you think economic growth will slow. What's that trajectory? Well,

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Speaker 1: I mean, let's take a quarterly poudent of growth, because

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Speaker 1: then that lays it out the easiest. Um. You know,

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Speaker 1: we at six point nine percent growth in the fourth

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Speaker 1: quarter of last year. You know, almost five percent of

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Speaker 1: that was inventory um on. My forecast for Q one

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Speaker 1: is four percent growth, Q two three percent growth, Q

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Speaker 1: three is two point five percent growth, and Q four

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Speaker 1: is two and a quarter percent growth. Essentially, I have

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Speaker 1: us getting back to that post financial crisis, pre COVID

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Speaker 1: shallow growth dejectory by the end of this year. The

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Speaker 1: Federal Reserve wouldn't have you getting there until and the

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Speaker 1: consensus wouldn't have you getting there unto the end of three.

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Speaker 1: So I'm actually a year ahead of everybody else. So

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Speaker 1: you're right, I'm much more conservative. What's the glide path

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Speaker 1: of inflation with a Rasuto call, Well, that that becomes

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Speaker 1: the interesting thing. We think, you know, because there are

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Speaker 1: lags and inflation um inflation takes a little bit longer

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Speaker 1: to two start to one one. But we think between

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Speaker 1: April and June of this year you're going to start

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Speaker 1: seeing the inflation numbers begin to roll over. The average numbers, unfortunately,

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Speaker 1: will still be high. By twenty three, we're back down

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Speaker 1: into that growth dejectoring chart of the day. Paul I

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Speaker 1: mentioned this on TV, and I mentioned it now on radio.

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Speaker 1: Charts work on radio is Kit Juke Sin with a

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Speaker 1: beautiful chart of the five year five year forward CPR swap.

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Speaker 1: And it's not a plunge, it's not a rollover, but

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Speaker 1: it's ebbings and in October of the guestimate that's already

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Speaker 1: beginning to all right, that's what people are certainly hoping for.

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Speaker 1: I think a Steve the build back better doesn't seem

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Speaker 1: to be uh having much support in Washington, d C

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Speaker 1: howich does that figure into your GDP forecast. Oh, it's

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Speaker 1: a big, big portion of it. Um. You know, we've

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Speaker 1: assumed builback better is not going to get done. So

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Speaker 1: the reality is the fiscal consolidation that we're talking about

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Speaker 1: here is a function of the fact that the American

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Speaker 1: Rescue Program created an environment where people were receiving child

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Speaker 1: tax credits um in cash and in the year that

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Speaker 1: they were supposed to receive it, rather than as a

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Speaker 1: refund in the following year when they file their taxes,

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Speaker 1: because they all got their refunds last year UM in

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Speaker 1: real time. Now, when you go into the period where

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Speaker 1: you start filing your tax returns, suddenly in a position

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Speaker 1: where you're not getting a refund. Not only that you're

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Speaker 1: not getting the cash infusion from the three dollars per

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Speaker 1: child check. In addition to that, the rally we saw

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Speaker 1: in the equity markets late last year, which really pushed

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Speaker 1: things to very very aggressive levels in the fourth courter

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Speaker 1: created a lot of capital gains for individuals having to

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Speaker 1: make estimated payments. So essentially, the budget deficit in two

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Speaker 1: is gonna be about trillion dollars lower than it was

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Speaker 1: in one. That's a big fiscal direct to short of visit.

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Speaker 1: Let's do it against you SHOOTO in Miszoi. You know

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Speaker 1: this morning. This is the Bloomberg Surveillance Podcast. Thanks for listening.

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Speaker 1: Join us live weekdays from seven to ten am Eastern

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Speaker 1: on Bloomberg Radio and on Bloomberg Television each day from

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Speaker 1: six to nine am for insight from the best in economics, finance, investment,

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Speaker 1: and international relations. And subscribe to the Surveillance podcast on

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Speaker 1: Apple podcast, SoundCloud, Bloomberg dot com, and of course on

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Speaker 1: the terminal. I'm Tom Keene, and this is Bloomberg