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Speaker 1: Broadcasting live to New York, Bloomberg to Washington, d C,

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Speaker 1: Bloomberg to Boston, Bloomberg twelve unders to San Francisco, Bloomberg

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Speaker 1: to the Country, Channel one, and around the globe the

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Speaker 1: Bloomberg Radio bus Happen Bloomberg dot Com. This is Bloomberg Surveillance.

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Speaker 1: Good Mario seven thirty on Wall Street. I Michael McKee

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Speaker 1: along with Tom Keene. It's a Monday, but so far,

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Speaker 1: no mergers to talk about, no headlines breaking this morning.

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Speaker 1: Kind of a quiet day. Uh we do know. That's

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Speaker 1: Japan's line headed for what could be the biggest initial

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Speaker 1: public offering for a tech company this year. Is the

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Speaker 1: report out that the company behind one of Asia's most

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Speaker 1: popular messaging apps wants to go public in Tokyo and

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Speaker 1: New York, goal of raising one to two billion dollars.

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Speaker 1: They'll they'll come out in mid to late July and

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Speaker 1: they want to raise about half of that in the

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Speaker 1: United States. GELL they're the laboratory of American management, so

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Speaker 1: you gotta pay attention when they say they're rethinking the

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Speaker 1: bedrock tradition of corporate life. The annual rays Gee executives

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Speaker 1: reviewing whether annual updates to compensation are the best response

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Speaker 1: to the achievements and needs of employees. And this you

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Speaker 1: want to trade on something, Here's a here's a company

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Speaker 1: to watch new Balance. They may win an almost decade

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Speaker 1: long marathon and buy American. Provision in the Defense Policy

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Speaker 1: Bill the Senate will debate this week could force the

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Speaker 1: Pentagon to purchase the company sneakers for new military recruits.

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Speaker 1: It's one law requires made in the USA attire for soldiers.

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Speaker 1: No more nikes and no more vouchers, which is what

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Speaker 1: they give out now. They just have to buy those

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Speaker 1: American sneakers. Now, it's time for a look at world

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Speaker 1: of national headlines. Here's John, alright, Michael and Tom. Tropical

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Speaker 1: Storm Common gaining speed and strength as it gets ready

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Speaker 1: to strike Florida later today. The maximum sustained wins are

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Speaker 1: near fifty with some slow strength I think possible over

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Speaker 1: the next couple of days. A forecasters say the center

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Speaker 1: of Collin expected to approached the coast of the Florida

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Speaker 1: Big Bend area this afternoon or this evening. Eastern Georgia

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Speaker 1: the coast of the Carolinas could get up to eight

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Speaker 1: inches of rain through tomorrow. Hillary Clinton goes into Tuesday's

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Speaker 1: California primary leading just twenty six more delegates to clinch

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Speaker 1: the Democratic presidential nomination. At a rally last night in

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Speaker 1: the state, she warned of a contentious campaign, saying she's

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Speaker 1: not gonna point out every single moment that I can

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Speaker 1: she She's gonna use every single moment she has to

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Speaker 1: say why she believes the Republican nomine they should never

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Speaker 1: get anywhere near the White House. Ukraine's Intelligence agency SPU

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Speaker 1: says it has thwarted a plot to attack soccer's European

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Speaker 1: Championships in France. SPU says it had followed a Frenchman

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Speaker 1: since December and allowed him to purchase machine guns, rocket

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Speaker 1: propelled grenades and other weapons before he was arrested on

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Speaker 1: the Ukraine Polish border. Global News twenty four hours a day,

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Speaker 1: powered by a twenty four hund of journalist said more

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Speaker 1: than one hundred fifty news heureaus around the world. I'm

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Speaker 1: John Tucker, Michael Tong, thank one time now for the

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Speaker 1: Landrover parcipity. Bloomberg NBC Sports update with warning Mike. Strength

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Speaker 1: for Joe Girardi and the Yankees has been the back

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Speaker 1: end of their bullpen, but it did falter. On Sundays,

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Speaker 1: the Yankees blew a one nothing lead despite out hitting

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Speaker 1: the Orioles three to one at Camping Yards. They allow

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Speaker 1: a three run eighth inning. That was your difference in

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Speaker 1: the three one setback. Dylan Matansas took the loss. Matt

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Speaker 1: Weeders got the game winning hit off Rolla's Chapman. Yankees

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Speaker 1: dropped the series. Welcome to the Angels. Tonight, Matt Shoemaker

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Speaker 1: faces at Massa Heiro Tanaka. Matts, who have been shut

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Speaker 1: down offensively several times this year, fell victim the Jose

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Speaker 1: Fernandez and the Marlins one nothing in Miami's Matt Harvey

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Speaker 1: pitched well in a tough luck loss, gave up a

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Speaker 1: run in seven innings. The problem Fernandez a little bit better, though,

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Speaker 1: seven scoreless fan fourteen. Mets now had to Pittsburgh and

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Speaker 1: they faced Jonathan Nice Tonight. Stephen Mansko's for New York

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Speaker 1: NBA Finals Warriors and make it look easy, blasting the

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Speaker 1: Cavaliers one ten to seventy seven. They're up to oh

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Speaker 1: heading back to Cleveland and Roland Garrosnovad Djokovic wins the

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Speaker 1: French Open, his first career Grand Slam that's your ANBC

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Speaker 1: Bloomberg Sports Update, Mike, Thank you very much. Rob Bushka. Well,

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Speaker 1: we're watching a market that is not as unhappy about

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Speaker 1: the jobs report as you might have thought. The two

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Speaker 1: year no yield, those still down at eight basis points.

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Speaker 1: This is Bloomberg's avalance. Michael McKee with Tom Kane. Futures

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Speaker 1: are higher and adding to their games. Just a few

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Speaker 1: futures now by three points, dal futures by thirty four

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Speaker 1: in Europe. It's about a tenth of a percent gain

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Speaker 1: for the stock six hundred. It is time now for

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Speaker 1: the Bloomberg n j I T STEM Report, brought to

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Speaker 1: you by New Jersey Institute of Technology, investing more than

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Speaker 1: a hundred and ten million dollars a year and applied

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Speaker 1: research to solve problems that improve life. Learn more at

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Speaker 1: Stories of Innovation dot n j I T dot E

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Speaker 1: d U. Here's Bob Moon, Michael, good morning. Here's what's

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Speaker 1: making news and science, technology, engineering and math. They don't

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Speaker 1: need health insurance, they don't take vacations, and they don't

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Speaker 1: get sick. That's how one long here on Capitol Hill

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Speaker 1: explains the next big thing to cost American workers their jobs.

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Speaker 1: The overhaul of the American workplace using more and more robots.

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Speaker 1: Republican Senator Dan Coates of Indiana expects a lot of

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Speaker 1: jobs to become obsolete, as he puts it, faster than

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Speaker 1: anybody realizes. Coats and other lawmakers say it's time to

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Speaker 1: start preparing for technological unemployment. They might want to get

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Speaker 1: started soon. Think self checkout aisles, driverless vehicles, medical robots,

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Speaker 1: and other automations. Not to worry, says Andrew McAfee, a

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Speaker 1: research scientist at the Massachusetts Institute of Technology. He told

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Speaker 1: Bloomberg BNA technological progress has been putting people out of

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Speaker 1: work since at least John Henry, But it also opens

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Speaker 1: up new opportunities. And then there's this. Union officials say

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Speaker 1: new airport towers due to go into operation this fall

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Speaker 1: in San Francisco in Las Vegas will first need extensive

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Speaker 1: remodeling to make room for technology that dates back to

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Speaker 1: the early days of air traffic control. They say. The

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Speaker 1: prototype electronic system the Federal Aviation Administration plans to use

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Speaker 1: in the towers breaks down too often to be relied upon,

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Speaker 1: so controllers must be able to quickly revert to paper strips.

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Speaker 1: But the towers have no place to put the equipment

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Speaker 1: necessary to use the old system. And that's this morning's

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Speaker 1: Bloomberg and j I t Stem report, Mike and Tom.

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Speaker 1: I am not worried Bob, not at all. I don't

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Speaker 1: see any way a robot can replace Tom keat I mean,

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Speaker 1: he is irreplaceable. When I think Hal from New Jersey

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Speaker 1: just heard that. He's like, it's gotta be a robot

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Speaker 1: out there somewhere. Good morning, Tom, it is surprisingly good

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Speaker 1: morning in the markets. Um, we're seeing a little bit

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Speaker 1: of a rebound in the bond markets and uh a

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Speaker 1: little bit of a rebound in the foreign exchange markets,

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Speaker 1: and certainly stocks have not given up the ghost here

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Speaker 1: even though everybody has decided Fed's gone away. Well it is,

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Speaker 1: I mean, I mean there you know, the de Bay

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Speaker 1: over the weekend was stunning, and it leads us to

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Speaker 1: Marshall sun and Shine who joins us snow from Marshall?

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Speaker 1: Is it Marshall's Sunshine Partners? No, it's Sununshine Partners. I'm

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Speaker 1: not that being glorious that I would say my first thing, Okay,

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Speaker 1: Sunnshine Partners, are you busy? I mean, that's that's the

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Speaker 1: arch question always last year was amazing. Right, we're always busy, Tom,

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Speaker 1: But we're a boutique bank, so we're not really a

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Speaker 1: proxy for the big market. We're we're just twenty five people,

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Speaker 1: so we're If we weren't busy, we'd I think we'd

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Speaker 1: be out of business. But yes, we are quite busy.

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Speaker 1: Right now, you're busy. But Wall Street in general, this

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Speaker 1: distortion has got to be killing them. I looked at

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Speaker 1: European spreads, net inch margin spreads over the weekend. They're

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Speaker 1: they're they're evaporating. There's no other way to put it.

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Speaker 1: What what does the street do to extricate itself from

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Speaker 1: the economics they've been handed? Well, I don't think the

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Speaker 1: Street by itself is a force that can extricate these

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Speaker 1: These are very very deeply embedded problems that I think

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Speaker 1: are really getting played out in the political sphere right now.

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Speaker 1: All of this low rate phenomenon and low growth phenomenon,

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Speaker 1: and they are two sides of exactly the same coin,

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Speaker 1: really fundamentally reflect a series of political and economic problems

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Speaker 1: that are deeply embedded in Western democracy today, not just

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Speaker 1: in this country but also in Europe. What does that

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Speaker 1: mean for the future is is this a secular change.

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Speaker 1: I think we've had. I think we've been in a

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Speaker 1: long term secular change, yes, Mike. I think that prior

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Speaker 1: to the financial crisis, what we had was a kind

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Speaker 1: of blend of strange chrony capitalism and permissiveness in financial

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Speaker 1: regulation that permitted the UH factors that led to the

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Speaker 1: financial crisis to take place. And in the aftermath of

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Speaker 1: the financial crisis, what we really did in response to

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Speaker 1: that was to use central banks to drive tremendous levels

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Speaker 1: of capital through the arteries of finance, which are the

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Speaker 1: bank and other financial institutions, through first bailouts and then

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Speaker 1: low interest rates, and then the purchasing of fixed income

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Speaker 1: securities out of the marketplace. Is so called twist operation

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Speaker 1: that never really ended. Those responses are not normal, they

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Speaker 1: are not long term sustainable, and Western economies are a

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Speaker 1: little bit like drug addicts now addicted to this stuff.

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Speaker 1: And you can see that play out in Janet Yellen's

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Speaker 1: own common She's trying so damned hard. I feel so

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Speaker 1: badly for her. She wants to get the patient off

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Speaker 1: the drug, and she's having trouble doing it. It's a problem.

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Speaker 1: What happens is she just to keep going with the

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Speaker 1: medical metaphor, if she just rips the band aid off, well,

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Speaker 1: at this point she's gonna she's gonna have to do

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Speaker 1: some of that, and at some point you're gonna have

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Speaker 1: to bite the bullet. I think that the expectation of

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Speaker 1: rate increases is now baked into the stock market, which

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Speaker 1: has been flatlighting for a little while now, And I

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Speaker 1: think what she's really trying to accomplish, whether whether she

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Speaker 1: says it this way or not, is a safe landing

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Speaker 1: in the form of a series of little band aid

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Speaker 1: rips over the course of eighteen or twenty four or

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Speaker 1: so months, in which we would see rates gently increase

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Speaker 1: each time, tepidly each time, with a lot of kind

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Speaker 1: of I don't know whether it will be the next one,

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Speaker 1: it will be a few months later. We're worried about Brexit,

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Speaker 1: We're worried about we drop job reports, were worried about China,

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Speaker 1: We're worried, worried, worried. But each time you're gonna have

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Speaker 1: to rip a band aid off and see what happens.

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Speaker 1: The heart of the matter, to link your world to

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Speaker 1: the world of our listeners is the only way people

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Speaker 1: can acquire do growth, is to acquire nobody's generating anything

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Speaker 1: but good single digit growth. Let's come back and talk

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Speaker 1: to Marshall Sonenshine about this, this idea of linking in

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Speaker 1: his world of mergers and acquisitions with what we're gonna

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Speaker 1: see from Mr Lockhart in an hour and twenty minutes

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Speaker 1: and from Janet Yelling later. Uh this morning, Well, here's

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Speaker 1: what you need to know. A nice recovery to the

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Speaker 1: tape off of the Friday eight three Joy features up

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Speaker 1: three Bloomberg Surveillas. Bloomberg's Avalance brought to by S S

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Speaker 1: and C. More experienced, superior technology, independence, had expertise. That's

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Speaker 1: how S S and C drives the future of fund administration.

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Speaker 1: S S and C. They are the future fund administration.

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Speaker 1: Global business news twenty four hours a day at Bloomberg

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Speaker 1: dot com, the Radio plus Mobile Lab and on your radio.

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Speaker 1: This is a Bloomberg Business Flash and I'm kerin Moscow.

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Speaker 1: This updates brought to you by Sector Spider e t

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Speaker 1: F minors and energy companies rallying with commodities after US

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Speaker 1: jobs data crushed speculation. The Federal Reserve a raise interest

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Speaker 1: racist month. The pound is slumping following polls that showed

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Speaker 1: Britain's favor exiting the European Union. US DOT Index Future

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Speaker 1: is they're higher before Federal Reserve Chary Jenny Yellen speaks

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Speaker 1: in Philadelphia, the last skittled appearance by a central bank

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Speaker 1: official before the next policy meeting concludes on June fifteen.

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Speaker 1: And now let's get you up to dat and I'll

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Speaker 1: stalk you're faring SNP E Many Future is up four

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Speaker 1: points this morning, dowie Many futures up forty and Nasdaq

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Speaker 1: e many futures up nine. The docks in Germany is

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Speaker 1: little change now ten. Your treasury down five thirday seconds.

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Speaker 1: The yeld one point seven one percent, nine mix corn

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Speaker 1: oil at one point two per cent or fifty six

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Speaker 1: cents to forty nine eighteen, A barrel called MIxS gold

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Speaker 1: up two tens per cent or two dollars to twelve

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Speaker 1: forty four and ninety announced the euro at dollar thirteen

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Speaker 1: forty seven, AYGD one oh seven point oh seven and

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Speaker 1: as a Bloomberg Business flash, Tom and Mike Karen thank

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Speaker 1: you so much. Good morning everyone, Michael McKee and I

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Speaker 1: thank you for your comments on Friday. You know, and

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Speaker 1: I guess it was fun like I mean, I don't

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Speaker 1: know funds the right word, but it was amazing to

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Speaker 1: say it is, you know, fun when you have breaking

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Speaker 1: news like that in stunning news. Thank you to our guests,

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Speaker 1: particularly in short notice Bob since on short notice Friday

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Speaker 1: and David blanche Flower of Dartmouth College, Stephen Stanley Amorous

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Speaker 1: peer upon. It was good with us on long notice,

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Speaker 1: Marshal snid Shine. As we look at mergers and acquisitions

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Speaker 1: and the linkage is here, I guess into the spirit

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Speaker 1: of what we do. It explained to me the percentage

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Speaker 1: of synergies being taken now in deals, our corporations carving

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Speaker 1: out more cost savings than before the same. Is there

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Speaker 1: something different about it this time around? Well, I think

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Speaker 1: cost savings are a big driver of the large strategic

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Speaker 1: transactions Tom and indeed even the tax in version deals

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Speaker 1: that have now that window is largely shut down and

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Speaker 1: which is why the fights are allergant. Deal is no

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Speaker 1: longer in the marketplace. Even those had a fairly significant

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Speaker 1: amount of cost saving. Now when it gets out of control.

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Speaker 1: When you think you're gonna cut so much cost that

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Speaker 1: you're not actually going to be innovating or investing anymore,

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Speaker 1: you run into a problem if you overdo it. That's valiant.

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Speaker 1: They did too many acquisitions, cut too many costs, didn't

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Speaker 1: in fact emphatically they didn't want to invest in a

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Speaker 1: lot of drug drug development programs. I think this stuff

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Speaker 1: has a natural limit. It is a finite exercise. But

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Speaker 1: cost savings on corporate mergers have always been an important

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Speaker 1: driver that and revenue growth. What what are our companies

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Speaker 1: telling you now about how how they see efforts to

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Speaker 1: make money in the future has been debate. We've been having.

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Speaker 1: We talked about it some on Friday before the jobs

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Speaker 1: numbers came out. Are they just looking to do um

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Speaker 1: to to buy growth through M and A or is

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Speaker 1: anybody going to start investing to to create some organic

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Speaker 1: top line. Well, capital investments are down right now, and

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Speaker 1: that is a serious red flag warning signal that you

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Speaker 1: won't see on the cover of lots of newspapers or

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Speaker 1: financial tables, but it is a very very important statistics.

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Speaker 1: So to Tom's point, some acquisition is in lieu of

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Speaker 1: what could have been direct investment. That's true now, I

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Speaker 1: think when you look at macro macro trends, I think

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Speaker 1: a lot companies today have trouble planning. You use the

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Speaker 1: term future, you know, Joki Verys said the future is

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Speaker 1: the hardest thing to predict, right and m and A

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Speaker 1: and Tom said, I'm a long term planned guest. As

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Speaker 1: opposed to our friend Robert Sins who came on short notes.

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Speaker 1: He talks about currencies as a short market. M and

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Speaker 1: A is a long market and maybe there's some some

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Speaker 1: metaphor there. In order to engage in the acquisition of

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Speaker 1: a company, you have to have a view on the future.

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Speaker 1: M and A is a conviction market. It is a

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Speaker 1: It is the last stop in long term planning. And

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Speaker 1: right now, the future is the damnedest, hardest thing to predict.

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Speaker 1: We have very very low growth. We are highly addicted

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Speaker 1: in most economies, certainly the United States and Europe, to

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Speaker 1: very low rates. It's hard to know where where opportunity lies.

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Speaker 1: How do you when you see Bloomberg headlines which thank

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Speaker 1: you an I know you look at Marshall when you

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Speaker 1: see someone say a deals a creative in the first

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Speaker 1: year or the second year? Am I right? That The

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Speaker 1: reason they can say that is the plug in of

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Speaker 1: interest rates, a lot of it. If we have normal

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Speaker 1: interest rates, they be jaw owning dilute of until blah

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Speaker 1: blah blah, Tom, I'm gonna go even yes you are,

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Speaker 1: but I'm gonna go even a step further. Some of

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Speaker 1: what constituted accretion in M and A modeling and financial

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Speaker 1: planning in deals was not cost. It wasn't even cheap

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Speaker 1: the cost of cheap money. It was the trading value

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Speaker 1: of the stock making the acquisition. Yes, interesting, and that's

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Speaker 1: not sustainable. If you have this great rotation that has

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Speaker 1: gone on from fixed income into equities for the simple,

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Speaker 1: plain and simple reason that cash is so cheap, capital

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Speaker 1: so cheap, but you can't make any money in most

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Speaker 1: categories of fixed income, certainly not the safe categories, then

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Speaker 1: you you have seen this great rotation into equities. Also,

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Speaker 1: cheap capital for acquirers is cheap for all acquirers who

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Speaker 1: must compete to buy a company. So cheap capital doesn't

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Speaker 1: mean cheap acquisition. All the other players have the same

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Speaker 1: chief capital. And what's important here, correct me if I'm wrong, uh, Marshal, Like,

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Speaker 1: what's interesting is on announcement everybody will job bone. It's

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Speaker 1: a creative, a creative, a creative, and when they have

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Speaker 1: to adjust that a year out or two years or

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Speaker 1: three years out, there's nobody there to here the adjustment. Well,

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Speaker 1: I think that's truely, go oops, I think that's true.

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Speaker 1: And it's long been the case in our business that

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Speaker 1: in interviews CEO round Table and CFO roundtable interviews, you

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Speaker 1: find that some forty or fifty percent of acquirers will

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Speaker 1: tell you that they materially overstated their their synergies, that

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Speaker 1: they were not able to achieve that much. Did you

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Speaker 1: ever look at somebody's proposal when they come to you

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Speaker 1: for advice and say, no, it's not don't do this,

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Speaker 1: you're not going to make money, or you're gonna have

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Speaker 1: to adjust after a while. Um is ever? Obviously Yes,

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Speaker 1: But I'm gonna tell you a dirty little secret about

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Speaker 1: the M and A business right here and now on

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Speaker 1: Bloomberg Radio. Most of what constitutes M and A advisors work,

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Speaker 1: the bread and butter, is actually selling companies. It's not

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Speaker 1: buying companies. Many, many, many large acquirers of companies have

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Speaker 1: assembled a team of X M and A bankers in

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Speaker 1: house to do their own by side work, so they

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Speaker 1: are less and less frequently even engaging a by side advisor.

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Speaker 1: Look look Comcast, for example, they just hired my my,

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Speaker 1: my buddy Bobby Trough from Morgan Sandley. Well he did

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Speaker 1: the DreamWorks animation acquisition a couple of billion bucks without

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Speaker 1: a bank, or didn't even hire Morgan Familey's old shop.

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Speaker 1: He could do it on the cell side. What you're

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Speaker 1: really trying to do, if I have to be entirely honest,

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Speaker 1: is get your clients price so high that the buyer

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Speaker 1: will regret it. And is there a trick to that?

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Speaker 1: I mean to putting the lipstick on the pig. Well,

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Speaker 1: hopefully you're not selling a pig. You're selling a good company. Um,

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Speaker 1: And there's different tricks to tools of the trade. You

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Speaker 1: sometimes you run an auction, not as often as you

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Speaker 1: might think. By the way, all auctions actually are, if

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Speaker 1: they're done correctly, are a series of bilateral negotiations among

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Speaker 1: the participants in the auction, and you're really negotiating with

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Speaker 1: each participant. Um, that's the game within the game. I

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Speaker 1: tell that to my students. I just taught taught a

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Speaker 1: course in M and A at Harvard Law School, and

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Speaker 1: one of my students asked me, can you lie when

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Speaker 1: you're selling a company? Yeah, there's a wonderful question, right,

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Speaker 1: And you got that question from the law student not

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Speaker 1: normally teaching the business schools, right. And I said to him,

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Speaker 1: it's not that you can lie. You can't engage in fraud.

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Speaker 1: But you're an advocate, can you can you lie when

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Speaker 1: you're in front of a jury. As a lawyer will

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Speaker 1: know you can't lie, but you have to tell a

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Speaker 1: version of the truth that might actually achieve your clients objective.

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Speaker 1: And then the time that we've got left, have you

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Speaker 1: ever seen a unicorns? I see a lot of companies

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Speaker 1: that could that geld valued his unicorns. I've never actually

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Speaker 1: seen what I mean. I mean, I will. I understand

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Speaker 1: that there's got to be a revenue growth or capture

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Speaker 1: of market where you can extrapolate out and I'll cut

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Speaker 1: Uber some slack, but some of these things, where did

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Speaker 1: this massive extrapolation come from? Do we blank guys like you? Well,

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Speaker 1: the unicorns are not really guys like me. It's a

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Speaker 1: different category of banker. It's the private placement specialists who

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Speaker 1: are selling equities for UH for high growth companies that

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Speaker 1: have big, big, big stories and listen, some of them

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Speaker 1: are big, big, big flops. Look at what the hell

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Speaker 1: went on with Sara knows where Walgreens company we represent.

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Speaker 1: We love Walgreens, but they clearly made a mistake. They

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Speaker 1: bought into a acorn thesis that just wasn't real. Yeah,

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Speaker 1: so it happens. I think you look at Uber, is

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Speaker 1: it worth sixty or seventy billion? I don't know. I

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Speaker 1: mean there's a few other competitors, Lift and a few others.

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Speaker 1: On the other hand, who's actually propping up these numbers?

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Speaker 1: It's not just I'll go with my Michael Mabousian's basic

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Speaker 1: idea that a few people win, and maybe Uber wins

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Speaker 1: or doesn't. I don't have an opinion. I just I

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Speaker 1: see an extrapolation into the future that's nowhere within the

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Speaker 1: c f A curriculum for folks. Let's have a moment

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Speaker 1: of silence for all those on Saturday who took level one, two, three,

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Speaker 1: and four of the c f A. Come on, I mean,

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Speaker 1: how do you extrapolate these equity returns and many of

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Speaker 1: them haven't turned out? Yes, But Tom, you would have

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Speaker 1: said the same thing. I think about the Facebook I

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Speaker 1: p O, which was a charade and a disaster in

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Speaker 1: a debacle and circus and everything else. But when the

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Speaker 1: settled it really was worth over a billion bucks. I

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Speaker 1: guess I just got put in my place. Well, no,

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Speaker 1: I gave you thar nos. Yeah, there's one for one,

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Speaker 1: but do not very equivalent companies. So what are you

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Speaker 1: telling people now about what this this terrible future that

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Speaker 1: you can't predict is going to be. I mean, somebody

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Speaker 1: comes in and they say, I want to do a deal. Um, well,

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Speaker 1: so the first thing that I think we have to

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Speaker 1: all tell ourselves is Tom's right, we have to get

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Speaker 1: back to base six. The people who actually can take

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Speaker 1: an example, the series one to three or four of

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Speaker 1: the c f A, you actually know how to value

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Speaker 1: a company. They include people like Warren Buffett, who are

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Speaker 1: not dumb, who don't buy into momentums, who don't buy

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Speaker 1: into the flavor du jour, but are instead looking at fundamentals.

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Speaker 1: It is always better to look at fundamentals than to

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Speaker 1: look at the shortest term track. Would I would call

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Speaker 1: it the extrapolation, which is fair enough. Marshall. Gotta leave

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Speaker 1: it there. Thank you so much for coming by with

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Speaker 1: Sunshine Partners. Marshall, what what question is it on the

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Speaker 1: on the on the CFA exam where the answer is

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Speaker 1: Tom is right, there's none in my case. There was

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Speaker 1: a classic example on indirect indirect cash flow. People lives

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Speaker 1: were lost across the floor of the Javit Center, and

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Speaker 1: they question. A number of years ago, Michael McKee and

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Speaker 1: I say good morning to Taylor Riggs is taking the

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Speaker 1: rest of the year off after attempting the CFA. Bloomberg

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Speaker 1: surveillance