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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside

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Speaker 1: my co host Matt Miller. Every business day, we bring

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Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along

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Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast

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Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and

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Speaker 1: at Bloomberg dot com Slash podcast. All right, Hinali Tech

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Speaker 1: Media Telecommunications. That's t MT to the cool kids. Um,

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Speaker 1: I love this part of the market because it's changing. Boy,

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Speaker 1: it seems not just on a daily basis, but maybe

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Speaker 1: an hourly basis. You really got to stay on your toes.

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Speaker 1: Mark Gibson. I know Mark Gibson absolutely is on top

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Speaker 1: of this space. Mark Gibson's a u S Tech Media

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Speaker 1: Telecommunications leader for KPMG. Mark, There's a lot to talk

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Speaker 1: about when we talk about tech and tech trends. I

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Speaker 1: want to start with cybersecurity because this is something that

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Speaker 1: we hear companies talk about ramping up their spending to

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Speaker 1: protect their networks every single year, yet we still see

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Speaker 1: hacks and ransomware. How do you think about this space?

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Speaker 1: What are you telling your clients, what are you hearing

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Speaker 1: from your clients. Yeah, Paul, thanks for the chance to

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Speaker 1: be with you today. Great to be here. And cybersecurity

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Speaker 1: is certainly an emerging risk that is accelerated up the

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Speaker 1: up the risk factors for tech companies, no doubt. Um,

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Speaker 1: it's interesting we have We've been surveying and talking with

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Speaker 1: execs that our clients in the tech sector for years

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Speaker 1: and its cybersecurity has always been in the top list

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Speaker 1: of risk, but you know, somewhere near somewhere near the bottom,

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Speaker 1: and it's just sort of sat there and through the pandemic,

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Speaker 1: and I think through the last eighteen months or so,

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Speaker 1: we've really seen and accelerate to the top where most

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Speaker 1: of the exacts we're speaking to in the tech sector

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Speaker 1: are viewing that as one of the top business risks.

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Speaker 1: And I think it's unique to tech because like all sectors,

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Speaker 1: all of the companies in the tech sector have to

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Speaker 1: worry about attacks within their own walls and within their

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Speaker 1: own data. But it's also a reputational thing for tech

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Speaker 1: companies because they're responsible for a lot of the products

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Speaker 1: and solutions that are out being sold out in the

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Speaker 1: market that are other companies are relying on to to

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Speaker 1: protect against these cyber attacks. So it really is both

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Speaker 1: a business and a reputational risk for a lot of

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Speaker 1: a lot of the tech companies. Technology is such a

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Speaker 1: broad term and when you speak to any investment bank

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Speaker 1: around Wall Street, they say all their clients are transforming

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Speaker 1: to digital economy. And what does that even mean? I mean,

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Speaker 1: to be relevant in this new economy? What technologies do

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Speaker 1: you think are really going to move the needle for

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Speaker 1: the big corporations? Yeah, Shivani, it's a great question because

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Speaker 1: you know, the disphrase digital transformation has been out there

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Speaker 1: everywhere and it means a lot of things to a

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Speaker 1: lot of people. And we we surveyed some tech exacts globally.

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Speaker 1: We do that quite often, and we abolutely really interesting

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Speaker 1: results this year where UM most of the responses of

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Speaker 1: what are the transformational technologies that are going to drive

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Speaker 1: the sector going forward? They were new things at the

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Speaker 1: top of that list. It was things like artificial intelligence

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Speaker 1: and IoT and robotic process automation. And it was much

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Speaker 1: different from what we've seen in the past around transformation.

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Speaker 1: And I think what it tells us is UM, before

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Speaker 1: the pandemic, most companies view digital transformation as a way

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Speaker 1: to drive costs out of their business you know, sort

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Speaker 1: of grow the bottom line, update their processes, get their

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Speaker 1: get their systems into the cloud, things like that, take

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Speaker 1: back in cost out. But what we're seeing now through

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Speaker 1: the reasults of these type of technologies are really focused

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Speaker 1: on growing market share in the top line and enhancing

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Speaker 1: customer loyalty and things like that that are much more

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Speaker 1: competitive advantages. And so I think a lot of the

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Speaker 1: tech companies are viewing these, uh, these newer emerging transformational

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Speaker 1: technologies as a way to really generate new insights, attack

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Speaker 1: the data security issue that we talked about previously, and

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Speaker 1: really drive you know, competitive advantage in the market to

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Speaker 1: be a winner going forward. So it is really emerging,

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Speaker 1: but it's a great, uh, it's a great emerging question.

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Speaker 1: So one of the technologies that seems to have just

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Speaker 1: exploded this year and maybe even just in the last

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Speaker 1: six months is crypto, and it just seems like that's

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Speaker 1: where all the cool kids are going now, to bitcoin,

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Speaker 1: to crypto. They're not going on to the trading desk

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Speaker 1: Morgan Stanley to trade the long bond, They're going out

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Speaker 1: and doing crypto stuff. What do you tell clients about that? Yeah,

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Speaker 1: I think everybody's looking at that it's certainly become something

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Speaker 1: that seemed to be UM out of the mainstream for

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Speaker 1: a number of years, and a lot of clients were

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Speaker 1: we're we're looking at that, but viewing it as something

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Speaker 1: they deal with in the future. And I think it

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Speaker 1: has made its way onto the agenda now for discussion UM.

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Speaker 1: You know, blockchain is certainly an important topic for the

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Speaker 1: tech sector UM and that's uh integrated some way with

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Speaker 1: crypto UM and I think we're seeing more and more

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Speaker 1: companies investigating how do you lean into that, how do

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Speaker 1: you accept payment? How do you transact business using those

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Speaker 1: alternative payment means? And so it's got it's made its

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Speaker 1: way onto the agenda, I think for the clients that

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Speaker 1: we talked to you, and I think the we still

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Speaker 1: maybe we'll wait to see exactly how how it's you

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Speaker 1: buy a lot going forward? All right, Mark, we'll talk

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Speaker 1: about that one in the future because it's here to stay.

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Speaker 1: It seems like Mark Gibson, u S t MT leader

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Speaker 1: for KPMG giving us the latest on trends in all

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Speaker 1: things text well, all reports that we're hearing over the

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Speaker 1: past few days is despite the only cron variant and

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Speaker 1: the challenges there people are traveling. You know, it's Christmas

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Speaker 1: and people are heading out and getting on planes and

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Speaker 1: driving and going back and forth for the holidays. Let's

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Speaker 1: chick in what's really going on with the airlines with

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Speaker 1: that whole industry. Peter McNally, Global lead for Industrials, Materials

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Speaker 1: and Energy at Third Bridge. Peter, what do you think

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Speaker 1: holiday travel is gonna look like for these airlines? Uh,

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Speaker 1: it seems like people are heading to the airports and

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Speaker 1: flying out. Yeah. Well, good to be with you. The

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Speaker 1: You know, it's undeniable that people do want to travel,

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Speaker 1: and we've seen it, you know this year, as people

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Speaker 1: got vaccinated, they booked flights and they wanted to travel,

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Speaker 1: the airlines themselves ran into some trouble and dealing with

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Speaker 1: the demand because it was less predictable than in the past. Um,

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Speaker 1: people are booking much closer to their travel dates than

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Speaker 1: in the past. But the difference we've seen Thanksgiving and

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Speaker 1: now coming into Christmas is that the airlines know when

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Speaker 1: those dates are UM and they can staff and get

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Speaker 1: the aircraft in the right places at the right time.

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Speaker 1: Whereas you know, through the summer in the fall, as

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Speaker 1: like the delta variant emerged and then receded. It was

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Speaker 1: a lot harder for the airline to do planning. So

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Speaker 1: over the last few weeks, you know, we've seen better

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Speaker 1: performance out of the airlines and demand is on the rise,

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Speaker 1: you know. And first of all, I must say I

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Speaker 1: was also a buck Now graduate too, so you know,

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Speaker 1: you must really know what you're talking about. So you know,

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Speaker 1: here's the thing. A lot of things are being canceled

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Speaker 1: that would have spurred a lot of global travel. That is,

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Speaker 1: things like Davos or things. I guess there's a lot

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Speaker 1: of private planes, but but still it bought a lot

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Speaker 1: of people flying around the world. The JP Morgan conference

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Speaker 1: events are being canceled. How does that shape what the

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Speaker 1: beginning of the next year starts to look like. Sure, well,

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Speaker 1: the way we're looking at it at third bridges to markets,

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Speaker 1: we've got the domestic market which is basically in a

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Speaker 1: full recovery, but the international market, even by midsummer next year,

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Speaker 1: we still expected to be off. It's off levels like

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Speaker 1: it's not going to be until in all likelihood that

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Speaker 1: UH international air travel does make that full recovery, whereas

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Speaker 1: the domestic market a lot more leisure domestic business is

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Speaker 1: still different. UH, leisure, domestic travel has come back and

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Speaker 1: has come back strong, and things like delaying returned to

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Speaker 1: office or conferences being canceled. That's more impacting the business market.

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Speaker 1: So um, you know, it is really important to segment

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Speaker 1: um the different types of travelers that that you're seeing

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Speaker 1: when looking at the airlines. All right, A car larry

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Speaker 1: to kind of the airline industry is the oil business. Energy.

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Speaker 1: It's a big cost for these airlines. We've seen oil here.

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Speaker 1: We've got w t a Coude oil and fifty cents.

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Speaker 1: I mean, this seems to be supply seems to be

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Speaker 1: fixed and oil seems to be moving simply on where

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Speaker 1: demand or perceived demand is going to be. How are

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Speaker 1: you thinking about that? And when you look at your companies, Well,

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Speaker 1: the first thing to think about, you know, oil, is

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Speaker 1: that inventories are extremely low. We've really flipped the script

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Speaker 1: from where we were eighteen months ago. And this really

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Speaker 1: has to do with OPEC, and OPEC has managed supply

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Speaker 1: lower um and inventories have come down, so that has

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Speaker 1: led to this recovery in the oil price. That said,

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Speaker 1: for the first time in a year and a half.

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Speaker 1: When we look ahead to the first quarter, we actually

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Speaker 1: see inventories rising for you for crude oil, and to

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Speaker 1: US that's likely to cap prices. UM. There is a

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Speaker 1: significant amount of under investment that has gone it, you know,

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Speaker 1: gone on over the last few years in the sector

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Speaker 1: that will have long term implications. But over the next

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Speaker 1: six months for US, it's kind of hard to see

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Speaker 1: oil prices running away with inventories on on the rise.

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Speaker 1: And this has to do with OPEC has steadily been

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Speaker 1: in greasing production UM and the US has also increased.

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Speaker 1: But we think that in particular is a lot of

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Speaker 1: low hanging fruit in terms of supply. At the same time,

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Speaker 1: you know, look, the demand recovery is underway. Jet fuel

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Speaker 1: is still off, but diesel has been very strong. Gasoline

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Speaker 1: is picked up. So that's that's the dynamic we've seen

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Speaker 1: it in oil prices. But regardless, you know, the cost

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Speaker 1: of oil for airlines is definitely higher than it was

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Speaker 1: a year ago UM, and this is leading to a

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Speaker 1: situation while revenues we think in do recover higher fuel costs.

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Speaker 1: Is one of the reasons why profitability won't get back

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Speaker 1: to twenty nineteen levels just yet for the year. Now,

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Speaker 1: what does this all mean for the consumer at the end.

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Speaker 1: If you want a flight apparently to the UK near term,

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Speaker 1: you're paying a thousand bucks. You know, you're it's expensive

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Speaker 1: to fly right now. So what is the direction of

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Speaker 1: travel so to speak here for for pricing. Well, there's

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Speaker 1: there's limited capacity right now going you know, to the

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Speaker 1: to the international destinations. Right. It was only November eight

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Speaker 1: when the US opened up to thirty three uh countries

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Speaker 1: that had been had been closed before, and the airlines

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Speaker 1: are just moving capacity into you know, serving those markets.

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Speaker 1: Whereas like if you want to go to Florida, right,

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Speaker 1: this is where all the airlines have been competing to

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Speaker 1: get that leisure traveler. Um. So it's a lot more

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Speaker 1: seven thirty seven but three twenties and three that are

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Speaker 1: targeted of that, but there's fewer seven and eight three

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Speaker 1: fifties in position to carry people to these international markets.

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Speaker 1: And that's why you're seeing this dispersion in what it

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Speaker 1: costs to travel. Hey, Peter, thanks so much for the update.

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Speaker 1: Really appreciate you taking the time. Peter McNally, he's a

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Speaker 1: global lead for industrials, Materials and Energy and the firm's

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Speaker 1: name is Third Bridge. So getting an update there on

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Speaker 1: some some airlines and some travel and some energy there. Well,

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Speaker 1: I have to admit that when I was getting my

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Speaker 1: MBA at Duke University's Fucal School of Business, where are

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Speaker 1: um our next guest actually had some studies there, I

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Speaker 1: have to admit I didn't pay much attention to the operations,

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Speaker 1: management and logistics classes I know, and that was a mistake,

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Speaker 1: because those are the folks that are, uh, you know,

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Speaker 1: really at the center of attention right here. Mike Powa,

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Speaker 1: CEO of DHL Express America's joint US Mike supply Chain,

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Speaker 1: I'd probably say a three or four times a day.

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Speaker 1: It's an excuse for basically everything UH in my world.

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Speaker 1: Give us a sense of kind of where we are

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Speaker 1: right now and managing these challenges with the supply chain,

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Speaker 1: and kind of how do you think it's going to

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Speaker 1: play out over the coming six months. Day. Thank you

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Speaker 1: Paul and Chanelli, thanks for having us, and by the way,

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Speaker 1: go Blue Devils as you know UM and hopefully we

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Speaker 1: can do something nice for Coach k on his way out. UH.

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Speaker 1: But back to supply chain first and foremost, I'd have

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Speaker 1: to say that we are really pleased with where we're at.

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Speaker 1: UH as we kind of start to wrap up this

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Speaker 1: peak season. UM. And I don't know what you call

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Speaker 1: peak season these days, because we've been in peak season

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Speaker 1: since last May. But we've had a strong peak season.

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Speaker 1: Our volumes have been up. We started planning for what

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Speaker 1: we call the super Bowl of peak season back in

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Speaker 1: June of this year, going out and hiring two thousand

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Speaker 1: two additional UH individuals just alone here in the US. UM.

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Speaker 1: But so far, knock on wood and we're in the

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Speaker 1: last what we would call the last week, last couple

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Speaker 1: of days of the hurdle. We've performed quite well and

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Speaker 1: I can speak to that as we go through this.

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Speaker 1: You know, it's interesting. We've been talking to retailer after retailer,

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Speaker 1: and the ones that are winning say they have just

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Speaker 1: gotten their inventory management right. But I want to be

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Speaker 1: also clear because you have someone like Cathy Wood who

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Speaker 1: says the biggest risk to businesses are the fact that

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Speaker 1: people have over ordered and that's going to come to

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Speaker 1: bite them next year. I'm wondering, what is a delicate

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Speaker 1: balance here at this very tricky time when it comes

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Speaker 1: to the world of managing your supply chains. Yeah, well

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Speaker 1: that's that's a good concept. That's UH. I talked about

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Speaker 1: this about nine months ago and I called it four

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Speaker 1: oh fear of running out UM, and a lot of retailers,

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Speaker 1: a lot of our customers went from just in time

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Speaker 1: to just in case. So it speaks exactly to the

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Speaker 1: point you're referencing to. But we've also seen a big

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Speaker 1: shift UH in supply chain. So a lot of what

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Speaker 1: used to go maritime or ocean, or a lot of

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Speaker 1: what used to go freight forwarding has moved over into

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Speaker 1: our space of time definite international. And that's because we

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Speaker 1: have a fixed air network and you know, we're not

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Speaker 1: unique in that sense. Our competitors are there. Some of

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Speaker 1: us planned ahead of others and created that capacity from

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Speaker 1: that perspective, So yes, I would say there is a

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Speaker 1: bit of that that is going on UM, and it

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Speaker 1: may not be too bad, to be honest with you,

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Speaker 1: because I think they will have the inventory that's appropriate

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Speaker 1: and needed as you moved into the next peak season,

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Speaker 1: which will be the run up to Chinese New Year,

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Speaker 1: which is you know, late January of next year. Mike,

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Speaker 1: when you I guess, just based on your internal analysis

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Speaker 1: and your discussion with your customers, what's your best estimate

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Speaker 1: of when the global supply chain will. I'm not sure

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Speaker 1: what the right term is, but but just normalize a

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Speaker 1: little bit more, UM, because it's been you know, a

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Speaker 1: good twelve plus months here. Absolutely, everything that we are seeing,

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Speaker 1: every analysis we've done, every conversation we've had, every session

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Speaker 1: we've attended, indicates late or even early. Absolutely, so we

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Speaker 1: don't see any change in twenty two. Uh. And especially

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Speaker 1: with the variant and the explosiveness that we have seen

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Speaker 1: and you've seen it. I'm living here in South Florida

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Speaker 1: right now. We're up to a hundred and eight thousand

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Speaker 1: new cases just Monday alone of this week in South Florida.

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Speaker 1: All the testing sites are up. We are out of

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Speaker 1: at home testing kits at least here in South Florida.

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Speaker 1: That's what I can speak to, UM. And I don't

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Speaker 1: see this changing in twenty two. So we're headed for

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Speaker 1: another uh, you know, pandemic year in twenty two where

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Speaker 1: we thought it would be an endemic. Hopefully at some

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Speaker 1: point it will change. But again, no change in capacity

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Speaker 1: in twenty two uh. And we think we're well positioned.

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Speaker 1: We went ahead in twenty nineteen and purchased fourteen triple

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Speaker 1: seven YE bodies from Boeing. We then put in another

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Speaker 1: order for eight uh and we continue and we added

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Speaker 1: one new aircraft every week from June of this year

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Speaker 1: to the end of the year. I'm curious, and we

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Speaker 1: only really have thirty seconds year. Can you do this

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Speaker 1: in a way that's greener. We are working on that

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Speaker 1: through sustainable aviation fuel, which we started in Europe and

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Speaker 1: in the United States. We kicked it off in San Francisco,

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Speaker 1: uh and now we're looking to kick it off in

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Speaker 1: other markets, but absolutely from that perspective, and we will

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Speaker 1: launch the first twelve fixed wing electric aircraft in the

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Speaker 1: United States through a partnership with Aviation at a Western Washington.

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Speaker 1: So stay tuned for that. All right, Hey, Mike, thanks

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Speaker 1: so much for joining us. Really appreciated getting the update

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Speaker 1: on the supply chain. I didn't necessarily like the timing

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Speaker 1: that Michael suggesting. Late Mike Para, CEO for DHL Express

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Speaker 1: America's um again talking about supply chain challenges remaining uh

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Speaker 1: well into tree. So again we'll have to see how

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Speaker 1: that plays out going forward. Certainly a challenge for the

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Speaker 1: global economy. All right, So infrastructure, we got that infrastructure

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Speaker 1: built through bridges, tunnels, all that kind of stuff. The

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Speaker 1: Gateway project, for example, new train tracks underneath the Hudson River,

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Speaker 1: which we so desperately need, which has been my pet project.

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Speaker 1: Looks like that's even gonna get funded. So this is

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Speaker 1: a great time to talk to our next guest and

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Speaker 1: Fan Dazi, chief executive officer for Richie Brothers. Richie Brothers

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Speaker 1: trades on the n y S E r b A.

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Speaker 1: It's a global asset management company that sells industrial equipment

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Speaker 1: and trucks through live and online auctions and distributes through

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Speaker 1: other channels as well. So a really cool company. I

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Speaker 1: didn't even know this existed until we spoke earlier. Um,

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Speaker 1: and thanks towards for joining us here. It looks like

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Speaker 1: we're gonna get a lot of infrastructure. What's it like

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Speaker 1: out there in the used equipment business? Are people scrambling

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Speaker 1: trying to get stuff to build stuff with? Yeah, Paul,

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Speaker 1: so they're trying, but the supply chain it doesn't seem

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Speaker 1: to be cooperating with us. So the way that used

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Speaker 1: equipment works, uh, is that you know, people replace used

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Speaker 1: equipment typically with new equipment, and if there's a lag

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Speaker 1: and new equipment, they can't dispose of their used equipment.

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Speaker 1: So what's happening is very little supply in the uthed

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Speaker 1: equipment market. It is, however, resulting in an incredible price

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Speaker 1: environment for sellers. Oftentimes these days, because people are scrambling,

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Speaker 1: as you said, for the infrastructure bill, they're busier than

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Speaker 1: they've ever been before. Some used assets are actually selling

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Speaker 1: above their original acquisition costs, unheard of unprecedents that has

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Speaker 1: never happened before. You know, I'm kind of wondering here

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Speaker 1: how long this lasts for and the investments that people

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Speaker 1: are going to need to make to get through all

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Speaker 1: of this uncertainty. Yeah, so that that is the question.

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Speaker 1: That is the question, how long does it last? You know?

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Speaker 1: When this started UH, So I joined Richie Brothers January

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Speaker 1: of UH. Similarly, when I started looking at the company,

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Speaker 1: hadn't heard of it. It's incredible, UH, an incredible marketplace

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Speaker 1: for global use industrial equipment UM around the globe. So

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Speaker 1: I started in UH. And you know, the first inkling

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Speaker 1: we had that there was going to be a supply

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Speaker 1: chain issue kind of came towards the end of the

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Speaker 1: year from the O E. M S. And originally it

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Speaker 1: manifested like a chip shortage. You know, hey, chip shortages

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Speaker 1: UH and then it went to containers and shipping containers

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Speaker 1: and labor and gluts and you know, uh and and

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Speaker 1: the question on everybody's minds is when does it end?

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Speaker 1: And so we know it's not now, if anything, is

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Speaker 1: getting worse now because the supply chain still remains difficult,

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Speaker 1: and the demand because of the infrastructure bill and just

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Speaker 1: making people busier than they've ever been before. We're anticipating

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Speaker 1: on time this year, but looking like towards the back end, uh,

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Speaker 1: not the first half for sure, So give us a sense.

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Speaker 1: And I mean, you know, it's all tied together the

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Speaker 1: new equipment that used equipment market. What are the caterpillars

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Speaker 1: and the deers and all those other manufacturers. What are

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Speaker 1: they saying about their production schedules and how they'll be

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Speaker 1: able to supply the market. Yeah, we're watching those very

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Speaker 1: very closely, and they are experiencing the very the very

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Speaker 1: problems that I alluded to. So we're kind of listening

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Speaker 1: to their public filings, obviously meeting with dealers as well

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Speaker 1: as corporate players in the space to understand what folks

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Speaker 1: are feeling. And the reality is that, uh, you know,

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Speaker 1: the demand from their dealers are higher than anything the

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Speaker 1: companies can supply how they've chosen to kind of balance

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Speaker 1: that is more fulfilled the demand on the retail side,

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Speaker 1: so for retail sales and kind of uh you know,

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Speaker 1: where they're feeling the brunt of the pause is on

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Speaker 1: their rental fleets, which are aging. Uh and uh don't

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Speaker 1: have a replacement cycle that's coming up. The nice thing

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Speaker 1: for Richie Brothers with that is, uh, you know, as

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Speaker 1: equipment continues to age, it for sure he'll need to

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Speaker 1: be disposed of. Uh. And you know that's where we

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Speaker 1: come in. The question is not if, it is when

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Speaker 1: and we are waiting patiently for that day. You know,

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Speaker 1: this idea that equipment demand is really being driven by

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Speaker 1: infrastructure projects, how does that play out on the ground.

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Speaker 1: What does it look like? Oh yeah, exactly. So the

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Speaker 1: interesting thing is was how busy everybody has been the

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Speaker 1: infrastructure money hasn't actually started to blow. So I think

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Speaker 1: we're seeing the tip of the iceberg here. I think

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Speaker 1: do covid um Infrastructure construction has been being an essential service,

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Speaker 1: so we've kind of seen that steadily rise. Obviously people

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Speaker 1: working from home, uh, so kind of construction on the rise,

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Speaker 1: and and you know home improvement, those types of things. Uh.

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Speaker 1: And now how right on the heels of that is

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Speaker 1: going to be this infrastructure of money that's going to

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Speaker 1: be desperately needed flooding in um and the supply chain

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Speaker 1: will for sure catch up. The question is when what

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Speaker 1: piece of equipment or or type of equipment is most

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Speaker 1: in demand or which one is experiencing that, you know,

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Speaker 1: supply demand mismatcher, you're really having some problems, picket. And

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Speaker 1: it's there anything transportation to construction, to crane to mining, right,

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Speaker 1: It's it's actually interesting. So I'm you know, I I've

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Speaker 1: seen from the car space over a decade between Ford

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Speaker 1: Motor Company and Chrysler uh and so kind of Uh.

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Speaker 1: You know, in this industry about two years, we've never

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Speaker 1: seen anything like this before. That across the board. The manufacturers,

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Speaker 1: we see it with the car manufacturers as well, are

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Speaker 1: just experiencing, you know, never before seeing disruptions and their

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Speaker 1: supply chain. You know, we're hearing from some manufacturers that

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Speaker 1: at this point there only taking orders for they will

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Speaker 1: not be able to fulfill anything else. In Again, what

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Speaker 1: that means for sellers is incredible time for to sell.

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Speaker 1: The prices are sky highs. So you know, our last

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Speaker 1: guest was a duke grad. But Anne is uh War

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Speaker 1: an m b A and systems engineering, and I'm wondering

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Speaker 1: and how important is this for the future, for more

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Speaker 1: people to be building in operations and engineering skills into

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Speaker 1: their own work. Yeah, you know, thank you for that question.

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Speaker 1: I am a huge STEM fan, so uh as you

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Speaker 1: As you noted, I have a Masters and engineer, bachelor's

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Speaker 1: and engineering and Masters and engineering before my m b A.

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Speaker 1: Uh you know, I firmly believe that every company today

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Speaker 1: is in fact the technology company, and for the leaders

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Speaker 1: of tomorrow to be fluent in the language of technology

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Speaker 1: is just invaluable, even if you're not coding. Uh you know, uh,

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Speaker 1: heaven forbid eye code off my coding skills from two

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Speaker 1: decades back. But the fact that I can speak that

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Speaker 1: language just is such an incredible skill set and a

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Speaker 1: shortcut actually for the organization so that you know, they

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Speaker 1: don't constantly have to wait for me to catch up.

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Speaker 1: So for anybody listening, I believe STEM is the future.

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Speaker 1: I have um two children, a boy and a girl.

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Speaker 1: He is actually majoring in engineering right now, which she's

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Speaker 1: thinking something in STEM, either science or engineering, and I

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Speaker 1: couldn't be happier yep. Likewise, all right, and thank you

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Speaker 1: so much for joining us. Always love chatting with you

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Speaker 1: and getting your perspective really interesting and Fan Dazzi, chief

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Speaker 1: executive officer of Richie Brothers. Thanks for listening to the

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Speaker 1: Bloomberg Markets podcast. You can subscribe and listen to interviews

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Speaker 1: with Apple Podcasts or whatever podcast platform you prefer. I'm

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Speaker 1: Matt Miller. I'm on Twitter at Matt Miller three. On

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Speaker 1: Fall Sweeney, I'm on Twitter at pt Sweeney Before the podcast,

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Speaker 1: you can always hatches worldwide at Bloomberg Gradient