WEBVTT - Commercial Real Estate Back on Covid Merry-Go-Round

0:00:00.160 --> 0:00:04.160
<v Speaker 1>This is Bloomberg Business Week with Carol Masser and Bloomberg

0:00:04.240 --> 0:00:08.600
<v Speaker 1>Quick Takes Tim Stinovic on Bloomberg Radio. So a story

0:00:08.640 --> 0:00:10.879
<v Speaker 1>and Business Week magazine this week, it's about how landlords

0:00:10.880 --> 0:00:14.360
<v Speaker 1>from Tampa, Florida, to Memphis, Tennessee in Riverside, California have

0:00:14.400 --> 0:00:16.840
<v Speaker 1>been jacking up runts at record speeds. And they just

0:00:16.880 --> 0:00:20.520
<v Speaker 1>talk about multiple people applying, some renters forced to check

0:00:20.560 --> 0:00:23.800
<v Speaker 1>into hotels while they hunt after losing out too many times.

0:00:23.800 --> 0:00:26.400
<v Speaker 1>It's just one part of the massive real estate market

0:00:26.400 --> 0:00:28.400
<v Speaker 1>that we like to follow at Bloomberg. So too does

0:00:28.440 --> 0:00:31.560
<v Speaker 1>our next guest, and back with him, certainly a friend

0:00:31.600 --> 0:00:34.000
<v Speaker 1>of the show, Ketswig, president at s WWIG Equities of

0:00:34.080 --> 0:00:36.839
<v Speaker 1>real estate development and investment firm. They focus on commercial

0:00:36.880 --> 0:00:39.479
<v Speaker 1>and residential properties here on the East coast, on the

0:00:39.479 --> 0:00:41.640
<v Speaker 1>West coast, and Kent back with us on the phone

0:00:41.640 --> 0:00:44.960
<v Speaker 1>in New York. How are you? I am good, I'm good.

0:00:45.000 --> 0:00:46.959
<v Speaker 1>How are you doing? I'm doing well, trying to make

0:00:46.960 --> 0:00:48.640
<v Speaker 1>sense of you know, once again, I feel like I've

0:00:48.680 --> 0:00:50.360
<v Speaker 1>seen this movie before, and I know you and I

0:00:50.400 --> 0:00:52.000
<v Speaker 1>talk about it every time that there's a little bit

0:00:52.000 --> 0:00:54.600
<v Speaker 1>of a spike in numbers or a hotspot. When it

0:00:54.640 --> 0:00:58.480
<v Speaker 1>comes to COVID, we see IBM closing New York City

0:00:58.480 --> 0:01:01.680
<v Speaker 1>offices amid rosings in COVID nineteen cases. We see a

0:01:01.720 --> 0:01:06.920
<v Speaker 1>lot of companies rolling back bringing back workers to their offices.

0:01:07.480 --> 0:01:10.160
<v Speaker 1>What are you seeing and what are maybe the implications

0:01:10.240 --> 0:01:15.360
<v Speaker 1>kent when it comes to commercial real estate, Well, you

0:01:15.400 --> 0:01:17.399
<v Speaker 1>said it perfectly, you know, I feel like we're back

0:01:17.400 --> 0:01:20.080
<v Speaker 1>on the merry ground. Um. I thought we were coming

0:01:20.080 --> 0:01:22.160
<v Speaker 1>out of this certainly by labor Day. I thought that

0:01:22.319 --> 0:01:25.480
<v Speaker 1>the office population would be you know, very much filled

0:01:25.480 --> 0:01:28.640
<v Speaker 1>back in New York City. Um. I think what's happening

0:01:28.720 --> 0:01:32.280
<v Speaker 1>is it's just it's a slow entry back. Um, we're

0:01:32.319 --> 0:01:35.600
<v Speaker 1>certainly seeing rising occupancy. Um. New York is you know,

0:01:35.720 --> 0:01:40.600
<v Speaker 1>well over with one vaccine and and we're we're getting

0:01:40.959 --> 0:01:44.240
<v Speaker 1>more that way. So UM, you know it, this really,

0:01:44.360 --> 0:01:47.720
<v Speaker 1>this whole variant is a result, frankly, of the fact

0:01:47.760 --> 0:01:51.520
<v Speaker 1>that people aren't getting their vaccines. Um. And those people

0:01:51.560 --> 0:01:54.640
<v Speaker 1>who are not getting vaccines really are are are walking

0:01:54.680 --> 0:01:58.640
<v Speaker 1>weapons against you know, all of those who have been vaccinated,

0:01:58.680 --> 0:02:01.800
<v Speaker 1>all of humanity and against them selves. So it's incumbent

0:02:01.920 --> 0:02:04.720
<v Speaker 1>upon us as Americans, as a patriotic thing to do

0:02:04.840 --> 0:02:07.680
<v Speaker 1>is to get vaccinated, and that would put us in

0:02:07.680 --> 0:02:11.160
<v Speaker 1>a position where we can reopen in a much safer way. Well,

0:02:11.240 --> 0:02:13.400
<v Speaker 1>you know, when you talk about you know, we're seeing

0:02:13.400 --> 0:02:16.400
<v Speaker 1>people come back though in terms of rising office vacancy.

0:02:16.440 --> 0:02:21.480
<v Speaker 1>How many offices there are still wide open? Nobody's there? Well,

0:02:21.520 --> 0:02:24.480
<v Speaker 1>I meant rising off the office occupancy if I if

0:02:24.480 --> 0:02:27.400
<v Speaker 1>I said it wrong, I heard that we're still there.

0:02:27.440 --> 0:02:31.160
<v Speaker 1>But it's um, you know, we the occupancy is slowly rising,

0:02:31.240 --> 0:02:33.840
<v Speaker 1>is what I was trying to say. The look I

0:02:34.240 --> 0:02:37.160
<v Speaker 1>thought we would have been, you know, fifty six by now,

0:02:37.160 --> 0:02:40.200
<v Speaker 1>we're not. Um, it is getting that way, I think.

0:02:40.400 --> 0:02:42.360
<v Speaker 1>You know, we're sitting also in the last two weeks

0:02:42.360 --> 0:02:45.480
<v Speaker 1>of August going into Labor Day, so people are saying,

0:02:45.720 --> 0:02:48.440
<v Speaker 1>you know, there's a variant out there. The weather's you know,

0:02:48.560 --> 0:02:51.320
<v Speaker 1>still hot. I might as well wait till after Labor Day.

0:02:51.800 --> 0:02:54.160
<v Speaker 1>We're going to go into the Jewish holidays at that point,

0:02:54.520 --> 0:02:57.720
<v Speaker 1>and there'll be another reason not to come back. So, um,

0:02:57.800 --> 0:03:02.080
<v Speaker 1>you know, it's not moving as quickly certainly as we thought.

0:03:02.440 --> 0:03:07.079
<v Speaker 1>You know, masking is starting to become more prevalent again. Um,

0:03:07.120 --> 0:03:11.840
<v Speaker 1>you know, temperature readers are out there, washing hands is certainly,

0:03:11.919 --> 0:03:16.119
<v Speaker 1>you know in Vogue again more so than it was. UM.

0:03:16.600 --> 0:03:20.840
<v Speaker 1>And I think this is all all within our control

0:03:20.919 --> 0:03:23.440
<v Speaker 1>this time. The virus is the virus, and it's up

0:03:23.480 --> 0:03:26.960
<v Speaker 1>to us, as the citizens of America to become vaccinated. No,

0:03:27.040 --> 0:03:29.120
<v Speaker 1>that is how we will deal with the virus. And

0:03:29.400 --> 0:03:33.240
<v Speaker 1>it's a pretty simple thing, um. And it's and that's

0:03:33.280 --> 0:03:35.480
<v Speaker 1>that's what's going on right now is those who have

0:03:35.600 --> 0:03:39.160
<v Speaker 1>not are putting both the economy and human other humans

0:03:39.160 --> 0:03:41.360
<v Speaker 1>at risk. Well, Ken, and forgive me, you did say

0:03:41.400 --> 0:03:44.400
<v Speaker 1>slowly rising office occupancy. I just wrote it down wrong,

0:03:44.480 --> 0:03:47.080
<v Speaker 1>so you're you're spot on. I just want to give

0:03:47.080 --> 0:03:51.200
<v Speaker 1>credit where it's due, Um, present button did did um

0:03:51.440 --> 0:03:53.600
<v Speaker 1>call out the private sector and thank them for what

0:03:53.640 --> 0:03:56.360
<v Speaker 1>they are doing? Do you think the private sector heads

0:03:56.360 --> 0:03:59.360
<v Speaker 1>of companies are doing enough in terms of saying you

0:03:59.400 --> 0:04:02.000
<v Speaker 1>want to come more, or you're gonna be a customer,

0:04:02.200 --> 0:04:05.840
<v Speaker 1>this is what you need to do. Um? Yes, I

0:04:06.600 --> 0:04:09.440
<v Speaker 1>could we do more always, But I think that the

0:04:09.440 --> 0:04:13.640
<v Speaker 1>private sector has responded very very intelligently and quickly and

0:04:13.880 --> 0:04:16.680
<v Speaker 1>rather boldly. You know, UM, I know for our companies,

0:04:16.720 --> 0:04:20.279
<v Speaker 1>we've required a vaccine absolutely or you have to take

0:04:20.320 --> 0:04:22.599
<v Speaker 1>a COVID test at least twice a week within twenty

0:04:22.640 --> 0:04:26.159
<v Speaker 1>four hours and show UM that you have a negative test. UM.

0:04:26.200 --> 0:04:29.880
<v Speaker 1>I'm I'm pushing towards not even allowing that and just

0:04:29.920 --> 0:04:32.039
<v Speaker 1>saying if you're not vaccinated, you just can't come into

0:04:32.040 --> 0:04:35.200
<v Speaker 1>the office. UM. Fortunately for most of my companies, everybody

0:04:35.200 --> 0:04:39.040
<v Speaker 1>has been vaccinated UM. And I commend those people and

0:04:39.080 --> 0:04:42.039
<v Speaker 1>they're honoring themselves as well as as the rest of

0:04:42.680 --> 0:04:46.560
<v Speaker 1>our humanity in America. UM. But I think I do

0:04:46.640 --> 0:04:49.000
<v Speaker 1>think the businesses have responded quite well to that. And

0:04:49.320 --> 0:04:51.440
<v Speaker 1>that's what it takes, you know, it's if we need

0:04:51.480 --> 0:04:54.440
<v Speaker 1>to implore and to all the people to get this vaccine.

0:04:54.760 --> 0:04:56.480
<v Speaker 1>Is there a dislocation? I think you and I have

0:04:56.520 --> 0:04:58.039
<v Speaker 1>talked about this before, and I think one of the

0:04:58.040 --> 0:05:01.440
<v Speaker 1>things that has been so surprising is that we haven't

0:05:01.520 --> 0:05:05.520
<v Speaker 1>seen more problems in the commercial real estate as more,

0:05:05.640 --> 0:05:07.520
<v Speaker 1>you know, as people have stayed home. Is there some

0:05:07.640 --> 0:05:12.880
<v Speaker 1>dislocation coming UH on a larger scale. Kent that that

0:05:13.040 --> 0:05:15.520
<v Speaker 1>you're anticipating and just got about forty five and then

0:05:15.560 --> 0:05:18.840
<v Speaker 1>we'll come back and talk some more perfect question. UM.

0:05:18.880 --> 0:05:21.839
<v Speaker 1>The answer is possibly yes, UM. And and the reason

0:05:22.000 --> 0:05:25.400
<v Speaker 1>is is because for the first time really UM in

0:05:25.480 --> 0:05:28.320
<v Speaker 1>our country's history. Potentially, we have a we have a

0:05:28.400 --> 0:05:32.160
<v Speaker 1>we have a shortage of workers. Um people are finding

0:05:32.240 --> 0:05:34.800
<v Speaker 1>some people are finding that they'd rather take a lot

0:05:34.880 --> 0:05:37.920
<v Speaker 1>less pay and sit at home, not have to commute,

0:05:37.960 --> 0:05:40.400
<v Speaker 1>not have to buy clothing for work, and they think

0:05:40.400 --> 0:05:44.320
<v Speaker 1>that they can work for home. That potentially portends a

0:05:44.320 --> 0:05:48.320
<v Speaker 1>a a slowdown maybe in some of the office uh

0:05:48.520 --> 0:05:50.960
<v Speaker 1>leasing that has occurred in the past. But I would

0:05:50.960 --> 0:05:53.120
<v Speaker 1>say that's more Class B and C space than it

0:05:53.120 --> 0:05:56.440
<v Speaker 1>would be Class A space. Alright, great, great response. Hey,

0:05:56.520 --> 0:05:58.160
<v Speaker 1>sit tight, Kent. We're gonna come back and talk some more.

0:05:58.200 --> 0:05:59.720
<v Speaker 1>I want to talk a little bit about crypto the

0:06:00.000 --> 0:06:02.480
<v Speaker 1>ald because I know you guys have been moving into

0:06:02.520 --> 0:06:05.159
<v Speaker 1>that and with a stable coin specifically. And I also

0:06:05.160 --> 0:06:07.040
<v Speaker 1>want to talk a little bit about maybe local politics.

0:06:07.200 --> 0:06:09.080
<v Speaker 1>We are talking about Ken Swig, he is president of

0:06:09.120 --> 0:06:12.880
<v Speaker 1>Swig Equities with us on the phone from New York City.

0:06:12.880 --> 0:06:16.280
<v Speaker 1>Will continue that conversation in just a moment. Let's get

0:06:16.279 --> 0:06:18.920
<v Speaker 1>back to our guest. Ken Swig, president at Swig Equity,

0:06:19.040 --> 0:06:21.320
<v Speaker 1>is a real estate development and investment firm. They've got

0:06:21.320 --> 0:06:23.440
<v Speaker 1>properties on the eastern West Coast. He's still with us

0:06:23.680 --> 0:06:25.599
<v Speaker 1>on the phone in New York City. Hey, hey Ken,

0:06:25.640 --> 0:06:27.599
<v Speaker 1>when you hear like Macy's, I mean they're on a

0:06:27.640 --> 0:06:31.080
<v Speaker 1>tear this year at least the equity trade here. How

0:06:31.120 --> 0:06:34.240
<v Speaker 1>do you think about retail going forward? What really stays

0:06:34.320 --> 0:06:36.080
<v Speaker 1>with us? Especially after a year and a half or

0:06:36.120 --> 0:06:39.039
<v Speaker 1>we've seen so much of a move to the upside

0:06:39.040 --> 0:06:42.000
<v Speaker 1>in e commerce, Yet you still have somebody like Amazon

0:06:42.360 --> 0:06:44.560
<v Speaker 1>who says, wait a minute, we still need also we're

0:06:44.560 --> 0:06:48.599
<v Speaker 1>interested in opening up large retail. Well, it's it's interesting

0:06:49.120 --> 0:06:52.640
<v Speaker 1>retail itself. Um, you know, I like to say it's

0:06:52.720 --> 0:06:55.160
<v Speaker 1>you know what what Einstein said about matter, right, It's

0:06:55.200 --> 0:06:58.640
<v Speaker 1>it's neither created nor destroyed. It's merely changes its form.

0:06:58.680 --> 0:07:01.799
<v Speaker 1>So retail is clearly changing its form. But in terms

0:07:01.800 --> 0:07:05.239
<v Speaker 1>of popularity, um, you know, people are still buying things

0:07:05.440 --> 0:07:09.440
<v Speaker 1>um all over I think that, Um, it's just you

0:07:09.440 --> 0:07:13.240
<v Speaker 1>know it, the big box users have such realized that

0:07:13.280 --> 0:07:16.520
<v Speaker 1>they don't need to have that kind of space in

0:07:16.880 --> 0:07:19.840
<v Speaker 1>you know, very very expensive locations in order to perform

0:07:19.920 --> 0:07:23.240
<v Speaker 1>well and sell their goods and services. So, um, you

0:07:23.280 --> 0:07:25.680
<v Speaker 1>know there are form changes. You know, industrial was used

0:07:25.720 --> 0:07:27.920
<v Speaker 1>to be we used to call industrials really now just

0:07:27.960 --> 0:07:32.400
<v Speaker 1>an extension of retail. Um. So people are still shoppings,

0:07:32.440 --> 0:07:36.320
<v Speaker 1>people are still buying. I was talking to UM, a

0:07:36.440 --> 0:07:41.280
<v Speaker 1>company of Vashon Constantine the other day and and unbelievable,

0:07:41.320 --> 0:07:46.640
<v Speaker 1>their sales are so dramatically better over in the middle

0:07:46.680 --> 0:07:50.320
<v Speaker 1>of COVID. So um, you know, people are buying very

0:07:50.400 --> 0:07:53.280
<v Speaker 1>very expensive watches to wear at home. But but nonetheless

0:07:53.320 --> 0:07:56.760
<v Speaker 1>they were so UM. It's it's it's an interesting period

0:07:56.800 --> 0:07:59.240
<v Speaker 1>of time. Yeah, it's interesting in the luxury space are

0:07:59.520 --> 0:08:02.080
<v Speaker 1>We talked to a watchmaker, to a seller of watches,

0:08:02.120 --> 0:08:04.000
<v Speaker 1>one of the luxury, the high end too, and they said,

0:08:04.040 --> 0:08:07.280
<v Speaker 1>you know, basically you'd get into a virtual store and

0:08:07.360 --> 0:08:10.800
<v Speaker 1>you would be showing watches a seller to some customer.

0:08:11.000 --> 0:08:12.800
<v Speaker 1>And that's how they did it, and it worked. And

0:08:12.800 --> 0:08:15.400
<v Speaker 1>who would have thought a few years ago that they

0:08:15.400 --> 0:08:17.800
<v Speaker 1>would do and be able to sell something that sells

0:08:17.840 --> 0:08:21.320
<v Speaker 1>for thousands of dollars, you know, virtually, but they did it. Hey,

0:08:21.400 --> 0:08:24.680
<v Speaker 1>I want to switch gears a little bit if I can. UM,

0:08:24.800 --> 0:08:28.360
<v Speaker 1>Let's talk a little bit about the crypto world, because

0:08:28.520 --> 0:08:32.000
<v Speaker 1>you guys are developing a new cryptocurrencies. It's a stable coin,

0:08:32.120 --> 0:08:34.760
<v Speaker 1>it's backed by a physical asset. We're talking about gold.

0:08:34.800 --> 0:08:37.760
<v Speaker 1>How is that going and where are you in that process. Um,

0:08:37.800 --> 0:08:41.440
<v Speaker 1>it's not. While it appears a lot like a stable coin,

0:08:41.480 --> 0:08:44.719
<v Speaker 1>we cannot define ourselves quite that way. Okay, don't um,

0:08:44.760 --> 0:08:46.960
<v Speaker 1>But how is it going? It's going very well? We

0:08:47.120 --> 0:08:51.520
<v Speaker 1>um we uh. We actually have a coin that we

0:08:51.640 --> 0:08:56.120
<v Speaker 1>took over and the coin had some problems and trading discrepancy,

0:08:56.240 --> 0:08:59.319
<v Speaker 1>so we basically closed it down and we're re issuing

0:08:59.320 --> 0:09:01.960
<v Speaker 1>a brand new cone with gold backing and giving a

0:09:02.000 --> 0:09:05.760
<v Speaker 1>free coin to everybody who had a legitimate coin ownership

0:09:05.840 --> 0:09:10.480
<v Speaker 1>prior to the trading this proprieties um, and it's going well.

0:09:10.520 --> 0:09:12.680
<v Speaker 1>Where One of the unique things about us is that

0:09:12.720 --> 0:09:15.120
<v Speaker 1>we're based in the United States and the coin is

0:09:15.120 --> 0:09:18.240
<v Speaker 1>Dignity Gold UM. But we're basing the United States. We're

0:09:18.320 --> 0:09:22.120
<v Speaker 1>open and transparent of who owns it. Our attorneys are

0:09:22.200 --> 0:09:24.720
<v Speaker 1>in the United States, the gold is in the United States.

0:09:24.800 --> 0:09:28.400
<v Speaker 1>We've got gold backing, um, you know, with a lean

0:09:28.640 --> 0:09:32.200
<v Speaker 1>on on on the mind where the gold rests. UM.

0:09:32.880 --> 0:09:36.120
<v Speaker 1>We're voluntarily going in and filing with the SEC for us.

0:09:36.160 --> 0:09:39.400
<v Speaker 1>So it's it's a very different way of going about

0:09:39.440 --> 0:09:41.320
<v Speaker 1>doing it. And in fact, we will also be paying

0:09:41.320 --> 0:09:44.960
<v Speaker 1>a dividend because we're setting up an investment fund that

0:09:44.960 --> 0:09:48.960
<v Speaker 1>that is linked with with the coin and pledging some

0:09:49.040 --> 0:09:52.400
<v Speaker 1>of the dividends UM that are you know, profits will

0:09:52.440 --> 0:09:54.680
<v Speaker 1>be paid at a dividend to the coin holder. So

0:09:55.480 --> 0:09:57.560
<v Speaker 1>help me out here, because it is it is so

0:09:57.679 --> 0:10:00.000
<v Speaker 1>different from like the other cryptocurrencies that are out there.

0:10:00.080 --> 0:10:02.599
<v Speaker 1>So who do you see actually buying it? Is? Is

0:10:03.240 --> 0:10:04.560
<v Speaker 1>it correct and that it's going to be available at

0:10:04.559 --> 0:10:05.959
<v Speaker 1>the end of the year or what's the timeline on

0:10:06.000 --> 0:10:09.120
<v Speaker 1>this UM, Well, it'll it should be publicly traded, you know,

0:10:09.160 --> 0:10:10.959
<v Speaker 1>at the end of the year. It's not an initial

0:10:11.000 --> 0:10:13.960
<v Speaker 1>coin offering because it's just we're issuing coins to people

0:10:14.000 --> 0:10:17.520
<v Speaker 1>who had a previous one. UM. But the part of

0:10:17.559 --> 0:10:19.600
<v Speaker 1>what I think we're looking at is the different thing

0:10:19.640 --> 0:10:22.800
<v Speaker 1>that the dig the digital currency is in fact the

0:10:22.840 --> 0:10:25.800
<v Speaker 1>digital currency. I think what we're doing is we're taking

0:10:26.080 --> 0:10:29.959
<v Speaker 1>business practices that make sense UM in terms of governance,

0:10:29.960 --> 0:10:34.560
<v Speaker 1>in terms of SEC regulation and and and review uh

0:10:34.600 --> 0:10:38.480
<v Speaker 1>in terms of real backing attorneys, etcetera, and then applying

0:10:38.480 --> 0:10:41.320
<v Speaker 1>it into the digital currency world because frankly, you know,

0:10:41.440 --> 0:10:45.080
<v Speaker 1>there some two eight digital currencies that are out there.

0:10:45.120 --> 0:10:47.360
<v Speaker 1>A lot of it, you know, are out there in

0:10:47.400 --> 0:10:49.920
<v Speaker 1>the wild wild west of the world. UM where you

0:10:49.920 --> 0:10:52.440
<v Speaker 1>don't know who owns them. You don't know the trading platforms,

0:10:52.440 --> 0:10:57.320
<v Speaker 1>you can't find anybody around. They're they're all decentralized. Um

0:10:57.679 --> 0:11:00.760
<v Speaker 1>and and you know, it's it's an odd thing to

0:11:00.800 --> 0:11:03.000
<v Speaker 1>go buy a company that you don't really know what

0:11:03.080 --> 0:11:05.880
<v Speaker 1>it does. It doesn't perform, it doesn't make money, etcetera.

0:11:06.160 --> 0:11:08.400
<v Speaker 1>And it's the greater fool theory that if you you

0:11:08.480 --> 0:11:10.920
<v Speaker 1>buy it and somebody else will pay more. This this

0:11:10.960 --> 0:11:15.480
<v Speaker 1>has business practices with gold backing and and procedures and policies,

0:11:15.520 --> 0:11:17.520
<v Speaker 1>and it will be linked to a fund with dividends

0:11:17.559 --> 0:11:22.480
<v Speaker 1>being paid. So it's kind of blending good business, you know,

0:11:22.520 --> 0:11:24.760
<v Speaker 1>from from the old world, if you will, into the

0:11:24.800 --> 0:11:27.520
<v Speaker 1>digital currency world. We've learned a lot since you learned

0:11:27.520 --> 0:11:34.600
<v Speaker 1>about cryptocurrencies from your son. No, seriously, it's a lot. Um. Hey,

0:11:34.640 --> 0:11:36.200
<v Speaker 1>you just got a couple of minutes left. Here are

0:11:36.240 --> 0:11:38.839
<v Speaker 1>a little bit under that New York politics. I know

0:11:38.920 --> 0:11:41.880
<v Speaker 1>you're backing Eric Adams. You are all in on him.

0:11:42.040 --> 0:11:44.120
<v Speaker 1>Tell us about what you think the city needs right

0:11:44.160 --> 0:11:48.360
<v Speaker 1>now as a leader. Well, we need leadership and and

0:11:48.360 --> 0:11:51.600
<v Speaker 1>and and one of the reasons I'm backing Erica Adams

0:11:51.720 --> 0:11:54.720
<v Speaker 1>is is he happened to be, in my opinion, the

0:11:54.840 --> 0:11:58.000
<v Speaker 1>right person certainly at the right time. Um. He could

0:11:58.000 --> 0:12:00.760
<v Speaker 1>walk into the police force, um having been there for

0:12:00.800 --> 0:12:04.040
<v Speaker 1>twenty two years as a captain, and talk to the

0:12:04.080 --> 0:12:07.480
<v Speaker 1>police as one of them, and and and be able

0:12:07.520 --> 0:12:10.240
<v Speaker 1>to look and say, you know, nobody's there's no human

0:12:10.280 --> 0:12:13.040
<v Speaker 1>group on earth that's perfect. So we have to recognize

0:12:13.040 --> 0:12:16.040
<v Speaker 1>our weaknesses and we have to you know, overcome them, etcetera.

0:12:16.360 --> 0:12:19.319
<v Speaker 1>And he's doing it with respect and understanding. At the

0:12:19.360 --> 0:12:22.080
<v Speaker 1>same time, he can walk into the black community and

0:12:22.120 --> 0:12:24.839
<v Speaker 1>other communities here and say, look, you know, not only

0:12:24.880 --> 0:12:26.840
<v Speaker 1>do I understand the community, and I have grown up

0:12:26.880 --> 0:12:29.920
<v Speaker 1>in New York and I understand your issues. I was

0:12:29.960 --> 0:12:31.800
<v Speaker 1>also beaten up by the police at one point in

0:12:31.840 --> 0:12:34.600
<v Speaker 1>my life, and I joined them to make changes. So

0:12:34.640 --> 0:12:37.600
<v Speaker 1>I'm not looking to ostracize people. I'm looking to, you know,

0:12:37.679 --> 0:12:40.760
<v Speaker 1>to to to work from within. And I think that's

0:12:40.760 --> 0:12:42.800
<v Speaker 1>a very unique plant. He knows where all the street

0:12:42.800 --> 0:12:45.640
<v Speaker 1>corners are, he knows where all where people live, he

0:12:45.679 --> 0:12:48.480
<v Speaker 1>knows where the communities are, he knows and he takes

0:12:48.480 --> 0:12:53.360
<v Speaker 1>a very logical business practice, you know, uh viewpoint of

0:12:53.360 --> 0:12:56.160
<v Speaker 1>of how to run the city, which through a business

0:12:56.160 --> 0:12:57.920
<v Speaker 1>point of view. Well, that's gonna ask you just thirty

0:12:57.960 --> 0:13:00.640
<v Speaker 1>seconds quick. I mean, this is a city, the Wall

0:13:00.640 --> 0:13:03.679
<v Speaker 1>Street community, the financial community, the business community. Is he

0:13:03.800 --> 0:13:05.640
<v Speaker 1>going to be sympathetic to it in your view, the

0:13:05.679 --> 0:13:09.880
<v Speaker 1>investment community, just quickly, quickly. The answer is yes, but

0:13:10.160 --> 0:13:11.880
<v Speaker 1>I'm saying it in a different way. He's going to

0:13:11.960 --> 0:13:14.880
<v Speaker 1>be sensitive to the New York City population as a whole,

0:13:15.160 --> 0:13:18.040
<v Speaker 1>which is a blend of all of the component parts

0:13:18.080 --> 0:13:20.360
<v Speaker 1>of us. So he's leading all of us, he's not

0:13:20.440 --> 0:13:23.280
<v Speaker 1>leading fractions of us. And he can walk in and

0:13:23.400 --> 0:13:25.640
<v Speaker 1>people and will listen to him. They don't have to

0:13:25.679 --> 0:13:27.880
<v Speaker 1>agree with him all the time, but they'll listen because

0:13:27.960 --> 0:13:30.400
<v Speaker 1>he is one of us in so many different ways.

0:13:30.840 --> 0:13:34.200
<v Speaker 1>And that is leadership with an understanding, and that's what

0:13:34.280 --> 0:13:36.160
<v Speaker 1>we need. All right. On that note, we're going to

0:13:36.240 --> 0:13:38.079
<v Speaker 1>say goodbye, Kent, thank you so much. To be well.

0:13:38.200 --> 0:13:40.800
<v Speaker 1>Ket Swigg, he is president of Swig Equities. On the

0:13:40.800 --> 0:13:42.280
<v Speaker 1>phone from New York City,