1
00:00:00,800 --> 00:00:04,040
Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside

2
00:00:04,040 --> 00:00:06,920
Speaker 1: my co host Matt Miller. Every business day we bring

3
00:00:06,960 --> 00:00:11,520
Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along

4
00:00:11,560 --> 00:00:15,600
Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast

5
00:00:15,600 --> 00:00:18,479
Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and

6
00:00:18,480 --> 00:00:23,920
Speaker 1: at Bloomberg dot com slash podcast. Let's talk global geopolitics,

7
00:00:24,040 --> 00:00:26,880
Speaker 1: global energy. There's a lot going on out there in

8
00:00:26,880 --> 00:00:29,680
Speaker 1: this big world. At Price, senior fellow and former British

9
00:00:29,720 --> 00:00:32,880
Speaker 1: trade official at n y U joins us, and let's

10
00:00:32,920 --> 00:00:35,879
Speaker 1: first talk about just the global energy markets. That's kind

11
00:00:35,880 --> 00:00:38,440
Speaker 1: of been on topic today again. Brent crew down about

12
00:00:38,479 --> 00:00:41,880
Speaker 1: eight percent today, below a hundred dollars just at one thirty.

13
00:00:42,080 --> 00:00:44,239
Speaker 1: There's a lot of cross winds out there. What are

14
00:00:44,280 --> 00:00:48,680
Speaker 1: you focusing on here right? Well, on those cross winds, honestly,

15
00:00:48,680 --> 00:00:52,519
Speaker 1: and it's it's a bit bizarre. Um. This war in Europe,

16
00:00:52,600 --> 00:00:54,880
Speaker 1: I think is something of a mixed citty, and I

17
00:00:54,880 --> 00:00:57,400
Speaker 1: think that that's something that everyone's looking at, including the FED.

18
00:00:57,960 --> 00:01:01,240
Speaker 1: On the one hand, it's it's obviously inflationary, right because

19
00:01:01,240 --> 00:01:03,520
Speaker 1: it's a supply disruption and that goes back to what

20
00:01:03,520 --> 00:01:06,400
Speaker 1: you're saying about oil prices. They spiked, everyone freaked out

21
00:01:06,400 --> 00:01:08,880
Speaker 1: at the pumps over here in the US. But on

22
00:01:08,920 --> 00:01:11,039
Speaker 1: the other hand, it's deflationary in the sense that it

23
00:01:11,040 --> 00:01:13,480
Speaker 1: could destroy global demand. Look at the I M S.

24
00:01:13,560 --> 00:01:17,560
Speaker 1: It's downgrading its global growth forecast. So I think it's

25
00:01:17,600 --> 00:01:19,800
Speaker 1: it's very it's a good phrase that you're using their

26
00:01:19,840 --> 00:01:22,240
Speaker 1: cross winds and we're just gonna have to lick our finger,

27
00:01:22,319 --> 00:01:24,200
Speaker 1: put it in the air and see which one is stronger.

28
00:01:25,360 --> 00:01:29,679
Speaker 1: What do you think ed about the story that Saudi

29
00:01:29,720 --> 00:01:34,200
Speaker 1: Arabia is in talks with China to um basically accept

30
00:01:34,240 --> 00:01:38,040
Speaker 1: you on instead of dollars for oil. I mean, um,

31
00:01:38,080 --> 00:01:41,160
Speaker 1: this has to be a huge economic issue, right It

32
00:01:41,240 --> 00:01:45,440
Speaker 1: centers around the world reserve currency and the power that

33
00:01:45,480 --> 00:01:49,000
Speaker 1: the US gets from that. But maybe a shift now

34
00:01:49,080 --> 00:01:54,160
Speaker 1: towards UM, you know, the second biggest economy. Yes, this

35
00:01:54,240 --> 00:01:57,480
Speaker 1: is I think everything that's happening now at roots is

36
00:01:57,520 --> 00:02:00,440
Speaker 1: a dollar standard story. So you can you can look

37
00:02:00,480 --> 00:02:02,520
Speaker 1: at the war in Ukraine, you can look at COVID,

38
00:02:02,960 --> 00:02:06,000
Speaker 1: you can look at US domestic inflation, and I think

39
00:02:06,000 --> 00:02:08,160
Speaker 1: with a big piece of paper and a market pin,

40
00:02:08,480 --> 00:02:10,760
Speaker 1: you can draw the lines between all these things and

41
00:02:10,960 --> 00:02:14,120
Speaker 1: what the world expects of the dollar and how people

42
00:02:14,120 --> 00:02:16,200
Speaker 1: are looking at the dollar in the future. So if

43
00:02:16,240 --> 00:02:19,360
Speaker 1: if the Saudis are indeed doing that, UM, that's no

44
00:02:19,520 --> 00:02:22,120
Speaker 1: bueno for us, for those of us who have a

45
00:02:22,280 --> 00:02:25,240
Speaker 1: very strong stake in the dollar standards UM. And I

46
00:02:25,280 --> 00:02:28,520
Speaker 1: think it's something that in this period of disruption we

47
00:02:28,560 --> 00:02:31,800
Speaker 1: should definitely watch, definitely look at, not get too distracted.

48
00:02:32,160 --> 00:02:35,280
Speaker 1: Everything we're looking at is a dollar standard story. And

49
00:02:36,639 --> 00:02:38,760
Speaker 1: what's kind of astounded me as as I think about

50
00:02:38,760 --> 00:02:42,560
Speaker 1: this Russia Ukraine's situation is how it seems like it's

51
00:02:42,600 --> 00:02:45,680
Speaker 1: so well coordinated some of the economic sanctions we're seeing

52
00:02:45,680 --> 00:02:48,720
Speaker 1: from not just the US, but from other countries as well.

53
00:02:49,000 --> 00:02:52,000
Speaker 1: From your perspective, how effective do you think they can

54
00:02:52,080 --> 00:02:54,880
Speaker 1: be will be on Russia, Because just on the surface,

55
00:02:54,919 --> 00:02:58,920
Speaker 1: to this late person, they seem pretty significant, right, I

56
00:02:58,960 --> 00:03:02,800
Speaker 1: think very significant. I've seen a few commentators saying, you know,

57
00:03:02,840 --> 00:03:06,880
Speaker 1: don't count the Russians out. These these sanctions will will

58
00:03:06,919 --> 00:03:09,760
Speaker 1: not have the sort of effect that you want. But honestly,

59
00:03:09,760 --> 00:03:12,160
Speaker 1: I would not be surprised by a complete and total

60
00:03:12,200 --> 00:03:15,080
Speaker 1: collapse in Russia in the social fabric. UM. I think

61
00:03:15,400 --> 00:03:19,320
Speaker 1: part of this is the whole information scenery. It seems

62
00:03:19,360 --> 00:03:21,000
Speaker 1: if you look at reports in New York Times and

63
00:03:21,040 --> 00:03:23,520
Speaker 1: so on, it seems that the Russians still don't know

64
00:03:23,600 --> 00:03:25,919
Speaker 1: that they're at war, most of them, which is bizarre.

65
00:03:26,480 --> 00:03:29,320
Speaker 1: But when they do find out, which you know, one

66
00:03:29,440 --> 00:03:32,360
Speaker 1: has to think will happen as as the body count

67
00:03:32,480 --> 00:03:35,600
Speaker 1: comes up, right, UM, I think that that, in combination

68
00:03:35,640 --> 00:03:38,320
Speaker 1: with what's going on in the financial system, could really

69
00:03:38,440 --> 00:03:41,320
Speaker 1: really put Russia into a serious problem. So I think

70
00:03:41,320 --> 00:03:43,360
Speaker 1: one point to make though, just conceptually, is that a

71
00:03:43,360 --> 00:03:45,440
Speaker 1: lot of people are talking about the Second Cold War.

72
00:03:45,840 --> 00:03:47,560
Speaker 1: I think the difference here is that we're not trying

73
00:03:47,600 --> 00:03:50,800
Speaker 1: to contain Russia and the Russian economy. We're actually trying

74
00:03:50,840 --> 00:03:54,440
Speaker 1: to export recession and even a financial crisis into Russia.

75
00:03:54,800 --> 00:03:57,960
Speaker 1: So I think that can be very effective. UM. One

76
00:03:58,000 --> 00:04:00,680
Speaker 1: of the interesting moves I've seen, as someone who you

77
00:04:00,680 --> 00:04:02,640
Speaker 1: know lived in Germany but I know you studied also

78
00:04:02,760 --> 00:04:08,960
Speaker 1: German history, is the shift towards, you know, finally spending

79
00:04:09,000 --> 00:04:13,240
Speaker 1: money on military equipment. They had been so not only understaffed,

80
00:04:13,280 --> 00:04:16,599
Speaker 1: but also UM didn't have enough stuff previously and weren't

81
00:04:16,640 --> 00:04:19,800
Speaker 1: spending enough of their UM weren't spending enough of their

82
00:04:20,640 --> 00:04:22,960
Speaker 1: uh G d p on. You know, they had the

83
00:04:22,960 --> 00:04:27,000
Speaker 1: two percent promise on military gear. Now they're gonna buy

84
00:04:27,200 --> 00:04:31,480
Speaker 1: thirty five F thirty five's and fifteen new eurofighters and

85
00:04:31,680 --> 00:04:34,160
Speaker 1: this seems to be you know, one of the um

86
00:04:34,320 --> 00:04:37,440
Speaker 1: unintended consequences of Vladimir Putin's moving to Ukraine's that he's

87
00:04:37,480 --> 00:04:42,480
Speaker 1: united Europe and you know rearmed Germany. Well, I mean

88
00:04:42,520 --> 00:04:45,800
Speaker 1: absolutely rearmament is the right phrase to use. Again. I mean,

89
00:04:45,920 --> 00:04:50,039
Speaker 1: the fact that the Germans are now comfortable with weaponry,

90
00:04:50,240 --> 00:04:54,479
Speaker 1: with rearming with a strong military force is incredible and

91
00:04:54,520 --> 00:04:56,880
Speaker 1: for anyone with interest in European and German history, this

92
00:04:56,960 --> 00:05:00,839
Speaker 1: shift is profound. It's also so something that I think

93
00:05:01,000 --> 00:05:04,159
Speaker 1: is going to be thought about in London, right because

94
00:05:04,160 --> 00:05:06,479
Speaker 1: of course the UK it's just left the European Union.

95
00:05:07,200 --> 00:05:10,080
Speaker 1: I don't think we foresaw a German standing army when

96
00:05:10,080 --> 00:05:12,880
Speaker 1: we did that. But you're right, the real impact here

97
00:05:13,040 --> 00:05:16,240
Speaker 1: is on Putin. He's made such a massive, massive error

98
00:05:16,279 --> 00:05:19,520
Speaker 1: going into the Ukraine. And I think that the obvious

99
00:05:19,560 --> 00:05:23,680
Speaker 1: bravery of the UK Ukrainian forces, Ukrainian civilians taking up arms.

100
00:05:23,960 --> 00:05:27,000
Speaker 1: The longer that lasts, the longer Europe has time to

101
00:05:27,080 --> 00:05:29,919
Speaker 1: rearm the longer a standing German army is going to

102
00:05:29,960 --> 00:05:32,640
Speaker 1: be more of the prospect. I'd put one caveat in there.

103
00:05:33,000 --> 00:05:36,960
Speaker 1: There are long standing historical ties between Germany and Russia,

104
00:05:37,240 --> 00:05:38,800
Speaker 1: and I think if you look back to the First

105
00:05:38,800 --> 00:05:41,960
Speaker 1: and Second World War, you could argue that the United

106
00:05:42,000 --> 00:05:44,200
Speaker 1: States intervene in both of those wars to prevent a

107
00:05:44,279 --> 00:05:49,320
Speaker 1: continental economy in which Russian and German economics were combined

108
00:05:49,400 --> 00:05:52,120
Speaker 1: under the leadership of either Moscow or Berlin. So in

109
00:05:52,160 --> 00:05:54,680
Speaker 1: the future after this war in Ukraine, I wouldn't rule

110
00:05:54,720 --> 00:05:58,560
Speaker 1: out one scenario, which is an armed Berlin and armed

111
00:05:58,600 --> 00:06:01,760
Speaker 1: Moscow shaking hats. All right, thank you so much for

112
00:06:01,839 --> 00:06:04,720
Speaker 1: joining us. We really appreciate your perspective here. A lot

113
00:06:04,839 --> 00:06:08,120
Speaker 1: of again cross winds here on a global geopolitical space

114
00:06:08,200 --> 00:06:12,120
Speaker 1: impacting markets at prices and senior fellow and former trade

115
00:06:12,160 --> 00:06:16,520
Speaker 1: official at New York University giving us some thoughts here.

116
00:06:21,440 --> 00:06:25,000
Speaker 1: I pulled up my g l g l c O

117
00:06:25,240 --> 00:06:28,800
Speaker 1: screen on the Bloomberg Terminal global commodities prices, and on

118
00:06:28,800 --> 00:06:31,640
Speaker 1: a year to date basis, everything is pretty much everything

119
00:06:31,720 --> 00:06:35,839
Speaker 1: is up double digits, whether it's energy, medals, aggs, and

120
00:06:35,839 --> 00:06:39,320
Speaker 1: I guess that's what you call inflation. Um, the question

121
00:06:39,320 --> 00:06:41,640
Speaker 1: is when does it peak? How click that doesn't come down?

122
00:06:41,800 --> 00:06:44,960
Speaker 1: How do I play it? Will Ryant, chief executive officer

123
00:06:45,040 --> 00:06:47,960
Speaker 1: for Grantit Chairs Advisors, joins us Will again, I'm looking

124
00:06:48,000 --> 00:06:50,600
Speaker 1: at my commodities pretty much everything is up big time.

125
00:06:51,240 --> 00:06:54,440
Speaker 1: When does this peak? Do you think this inflation in

126
00:06:54,440 --> 00:06:58,839
Speaker 1: this U S economy? Well, it's a great question. Um,

127
00:06:58,880 --> 00:07:02,320
Speaker 1: I think that's you know, Unfortunately, for as far as

128
00:07:02,360 --> 00:07:07,320
Speaker 1: inflation goes, these things tend to take a number of years.

129
00:07:07,360 --> 00:07:11,760
Speaker 1: No cycles, particularly on the commodity side, tend to last

130
00:07:11,800 --> 00:07:15,120
Speaker 1: in years, not days or months. Um. I think at

131
00:07:15,120 --> 00:07:19,520
Speaker 1: this stage you're really talking about two possible scenarios. Really,

132
00:07:19,920 --> 00:07:22,840
Speaker 1: if you're talking about inflation easing, that's going to come

133
00:07:22,880 --> 00:07:26,920
Speaker 1: from an increase in supply, and an increase in supply

134
00:07:27,280 --> 00:07:30,760
Speaker 1: you know, will happen, um as long as high prices

135
00:07:30,760 --> 00:07:34,320
Speaker 1: stay or prices stay elevated, but it takes time. The

136
00:07:34,360 --> 00:07:37,040
Speaker 1: other thing, probably the most likely thing that will happen

137
00:07:37,240 --> 00:07:41,360
Speaker 1: if prices keep continuing to rise, is demand destruction. In

138
00:07:41,400 --> 00:07:44,480
Speaker 1: other words, the consumer just gives up at some point

139
00:07:44,520 --> 00:07:48,040
Speaker 1: and says, you know what, I can't pay five dollars

140
00:07:48,040 --> 00:07:50,960
Speaker 1: per gas or six or seven or eight or whatever

141
00:07:51,000 --> 00:07:53,720
Speaker 1: it may be at that time. And once that happens,

142
00:07:53,840 --> 00:07:56,200
Speaker 1: then you start to see using because of demand for

143
00:07:56,240 --> 00:08:00,320
Speaker 1: that commodity falls. How much is how a law stick

144
00:08:01,160 --> 00:08:03,760
Speaker 1: is the oil patch? I was talking to a gold

145
00:08:03,800 --> 00:08:07,320
Speaker 1: miner yesterday who said, it's very that come out of

146
00:08:07,320 --> 00:08:09,840
Speaker 1: the right now is very inelastic. They're taking as much

147
00:08:09,880 --> 00:08:12,000
Speaker 1: out of the ground as they can, and the and

148
00:08:12,080 --> 00:08:16,520
Speaker 1: the ramp up time for new production is is much longer. Um,

149
00:08:16,640 --> 00:08:20,280
Speaker 1: what does what does oil look like in those terms? Yeah?

150
00:08:20,280 --> 00:08:23,280
Speaker 1: I think that's right. Um that you know, again, you

151
00:08:23,320 --> 00:08:26,600
Speaker 1: know it depends on what country you know you're talking about.

152
00:08:26,720 --> 00:08:30,320
Speaker 1: Definitely some more production can be brought online. And clearly

153
00:08:30,360 --> 00:08:33,120
Speaker 1: the the the easiest winds, if you want to look

154
00:08:33,120 --> 00:08:35,800
Speaker 1: at it that way, are going to be from existing

155
00:08:36,520 --> 00:08:39,440
Speaker 1: producing countries. And that's what the administration is doing, is

156
00:08:39,440 --> 00:08:43,160
Speaker 1: going to going to produces like Saudi Arabia, going to

157
00:08:43,240 --> 00:08:47,240
Speaker 1: the OPEC countries, even to Venezuela places like that, and

158
00:08:47,360 --> 00:08:50,920
Speaker 1: trying to get more barrels. So that's certainly possible. But

159
00:08:51,000 --> 00:08:54,240
Speaker 1: in terms of domestic production, you know, again those um

160
00:08:54,760 --> 00:08:57,400
Speaker 1: fields sites that are already in operation may be able

161
00:08:57,440 --> 00:09:00,760
Speaker 1: to to increase but really you're looking for much more

162
00:09:00,800 --> 00:09:03,679
Speaker 1: of an increase from likes of shale et cetera. What

163
00:09:04,040 --> 00:09:07,079
Speaker 1: is the problem with getting more out of the shale? Um?

164
00:09:07,120 --> 00:09:11,040
Speaker 1: I heard somebody this morning say costs to bring oil

165
00:09:11,080 --> 00:09:13,280
Speaker 1: out of the ground in the US are thirty three

166
00:09:13,280 --> 00:09:16,520
Speaker 1: dollars a barrel. Shouldn't that motivate? You know? You hear

167
00:09:16,559 --> 00:09:19,800
Speaker 1: the Biden administration talk all the time as if they've

168
00:09:19,840 --> 00:09:24,800
Speaker 1: done literally everything they can about these nine thousand leases. Um.

169
00:09:24,840 --> 00:09:30,040
Speaker 1: If that's really how it is, wouldn't the massive you know,

170
00:09:30,120 --> 00:09:34,120
Speaker 1: sixties six dollars in profit per barrel of oil drive

171
00:09:34,320 --> 00:09:38,760
Speaker 1: everybody out to bring it to use those leases? Yes?

172
00:09:38,880 --> 00:09:42,080
Speaker 1: And no? Um. So here's what happened last time. You

173
00:09:42,120 --> 00:09:46,040
Speaker 1: may remember that there was a huge boom in US

174
00:09:46,080 --> 00:09:51,439
Speaker 1: shale and because of that, you know one, prices collapsed,

175
00:09:51,440 --> 00:09:55,160
Speaker 1: and ultimately they did so partly because the U S

176
00:09:55,160 --> 00:09:59,920
Speaker 1: shale industrial US got into a market share war with Sadia,

177
00:10:00,000 --> 00:10:04,760
Speaker 1: Arabia and Opeque in terms of competing for market share.

178
00:10:05,000 --> 00:10:06,960
Speaker 1: The price well went down. A lot of those a

179
00:10:06,960 --> 00:10:10,360
Speaker 1: lot of those shell producers went bust, and in that

180
00:10:10,880 --> 00:10:14,200
Speaker 1: sort of rush to produce more production, banks have lent

181
00:10:14,320 --> 00:10:17,040
Speaker 1: them a lot of money as a lot of financing there,

182
00:10:17,040 --> 00:10:18,760
Speaker 1: and a lot of people lost a lot of money

183
00:10:19,360 --> 00:10:23,480
Speaker 1: in that particular collapse. So long story short is, the

184
00:10:23,520 --> 00:10:26,000
Speaker 1: producers are going to be more disciplined. They're going to

185
00:10:26,040 --> 00:10:28,760
Speaker 1: be more disciplined because the banks and the lenders are

186
00:10:28,800 --> 00:10:32,440
Speaker 1: making them mean more disciplined. But they're also fearful of,

187
00:10:32,840 --> 00:10:35,400
Speaker 1: you know, the oil price collapsing again like it did

188
00:10:35,480 --> 00:10:37,479
Speaker 1: last time. So people are going to be more disciplined

189
00:10:37,520 --> 00:10:40,760
Speaker 1: and therefore a bit more cautious about bringing that production

190
00:10:40,840 --> 00:10:45,000
Speaker 1: on because of the cautions and retail that we had

191
00:10:45,120 --> 00:10:47,840
Speaker 1: last time. Hey, well, I'm looking at my metal screen

192
00:10:47,840 --> 00:10:50,520
Speaker 1: here and one of the medals that is kind of

193
00:10:50,559 --> 00:10:52,880
Speaker 1: lagged a little bit is platinum. What's the call on

194
00:10:53,120 --> 00:10:57,640
Speaker 1: spot platinum here? Well, plantinum is an interesting one because

195
00:10:57,760 --> 00:11:01,760
Speaker 1: palladium went to the Moon after the war broke out,

196
00:11:02,040 --> 00:11:05,880
Speaker 1: and that was because simply Russia is the largest producer

197
00:11:05,960 --> 00:11:10,800
Speaker 1: of palladium in the world. Russia is also the second

198
00:11:10,960 --> 00:11:15,199
Speaker 1: largest producer of platinum. Number one producer is South Africa.

199
00:11:15,400 --> 00:11:18,520
Speaker 1: But those metals can be interchanged one for one. They're

200
00:11:18,520 --> 00:11:22,680
Speaker 1: both used for catholytic converters to clean the emissions that

201
00:11:22,800 --> 00:11:26,960
Speaker 1: come out of an internal combustion engine. And you know,

202
00:11:27,080 --> 00:11:29,920
Speaker 1: with the price of palladium almost three times the price

203
00:11:29,960 --> 00:11:33,480
Speaker 1: of platinum, they can be exchanged or substituted one for one.

204
00:11:33,600 --> 00:11:37,600
Speaker 1: So people are looking at platinum right now, both in

205
00:11:37,760 --> 00:11:41,320
Speaker 1: terms of you know, the war situation and a supply

206
00:11:41,440 --> 00:11:44,520
Speaker 1: disruption coming from Russia, but also because with the price

207
00:11:44,559 --> 00:11:47,640
Speaker 1: of pladium so high, I thinking automakers have to come

208
00:11:47,679 --> 00:11:53,880
Speaker 1: in here and substitute these metals in the favor of platinum. Hey, well,

209
00:11:53,920 --> 00:11:56,000
Speaker 1: thanks so much for joining us. Really appreciate it. Next

210
00:11:56,040 --> 00:11:58,079
Speaker 1: time we're gonna talk a little pork bellies, maybe I'm

211
00:11:58,080 --> 00:12:01,120
Speaker 1: going to lean hogs up to five year to date?

212
00:12:01,120 --> 00:12:04,959
Speaker 1: How about that tree ripping face? Will Ryan, chief executive

213
00:12:04,960 --> 00:12:07,800
Speaker 1: officers for granted Chairs advisors will always checking when with

214
00:12:07,800 --> 00:12:10,520
Speaker 1: Will whenever there's big moves in the commodities space, as

215
00:12:10,520 --> 00:12:13,720
Speaker 1: there has been here over the last uh several truly unbelievable, right,

216
00:12:13,800 --> 00:12:17,240
Speaker 1: I mean, we saw Brent crude um went up to

217
00:12:17,720 --> 00:12:21,120
Speaker 1: what a hundred and thirty nine dollars of barrel like

218
00:12:21,200 --> 00:12:26,280
Speaker 1: literally seven days ago, and now it's trading at Yeah,

219
00:12:26,320 --> 00:12:28,520
Speaker 1: it's amazing. And you know, oil traders, I used to

220
00:12:28,600 --> 00:12:30,439
Speaker 1: know a few oil traders. I would trade this stuff

221
00:12:30,440 --> 00:12:32,559
Speaker 1: in the pits, and they say you will get crushed

222
00:12:32,840 --> 00:12:34,679
Speaker 1: in this market if you don't pay attention, and that's

223
00:12:34,679 --> 00:12:41,600
Speaker 1: certainly the case here. Dave Major's joins us the CEO

224
00:12:41,679 --> 00:12:44,520
Speaker 1: of me Com Collector Car Auctions. Before we get down

225
00:12:44,520 --> 00:12:48,840
Speaker 1: to the business side of it. Um, Yeah, what is

226
00:12:48,960 --> 00:12:53,760
Speaker 1: going on with with the prices in terms of these cars?

227
00:12:53,800 --> 00:12:58,040
Speaker 1: I mean, for regular every day like an F one fifty, Um,

228
00:12:58,080 --> 00:13:00,679
Speaker 1: we're paying out the nose. But the prices that I'm

229
00:13:00,720 --> 00:13:03,280
Speaker 1: seeing for like a goat as as as Greg Jarrett

230
00:13:03,360 --> 00:13:07,800
Speaker 1: just mentioned, are just huge. Yeah. Well yeah, first, good

231
00:13:07,800 --> 00:13:11,240
Speaker 1: morning from State Farm Stadium in Glendale, Arizona. We're getting

232
00:13:11,240 --> 00:13:15,320
Speaker 1: ready to get started with another big MICAM auction starts

233
00:13:15,360 --> 00:13:19,760
Speaker 1: tomorrow and we're expecting to see prices continue to be

234
00:13:19,800 --> 00:13:23,760
Speaker 1: in the stratosphere for collector cars. That that phenomenon started

235
00:13:23,800 --> 00:13:28,400
Speaker 1: for us back in the summer of when we came

236
00:13:28,440 --> 00:13:31,000
Speaker 1: back to auction coming out of the pandemic, and and

237
00:13:31,120 --> 00:13:34,040
Speaker 1: actually has has been picking up steam ever since, as

238
00:13:34,080 --> 00:13:37,440
Speaker 1: evidenced by our well even before that with the Big Muscle.

239
00:13:37,440 --> 00:13:42,160
Speaker 1: I remember ten years ago looking at Plymouth couta Barracuda

240
00:13:42,880 --> 00:13:45,240
Speaker 1: UM that you sold for I think three point four

241
00:13:45,280 --> 00:13:50,000
Speaker 1: million dollars um. Why is this? That's the holy grail

242
00:13:50,080 --> 00:13:53,240
Speaker 1: of collector cars? I see? So that's why because it's

243
00:13:53,280 --> 00:13:56,599
Speaker 1: the one um It's not like a GT five hundred

244
00:13:56,760 --> 00:14:03,960
Speaker 1: or a Chevrolet um at sas now, the Plymouth Plymouth

245
00:14:04,000 --> 00:14:06,800
Speaker 1: heavy Couta has always been that that car that if

246
00:14:06,840 --> 00:14:09,720
Speaker 1: you're if you're a serious collector of American muscle cars,

247
00:14:09,800 --> 00:14:12,800
Speaker 1: you have to have one of those in your collection.

248
00:14:12,880 --> 00:14:16,440
Speaker 1: And as you said, they go for multimillions of dollars,

249
00:14:16,480 --> 00:14:19,760
Speaker 1: which you know, it's just incredible. But the whole collector

250
00:14:19,800 --> 00:14:23,000
Speaker 1: car market, you know, return something like thirty or forty

251
00:14:23,080 --> 00:14:26,680
Speaker 1: percent a year over the last ten fifteen years. So

252
00:14:27,200 --> 00:14:30,920
Speaker 1: that's the cream of the crop that the markets exactly.

253
00:14:31,920 --> 00:14:34,560
Speaker 1: Hey David, you know, unlike Matt, I'm not a car geek,

254
00:14:34,640 --> 00:14:38,880
Speaker 1: although I do own BMW five thirty five with a

255
00:14:38,960 --> 00:14:41,800
Speaker 1: manual transmission. So if you want to make a bid, uh,

256
00:14:41,920 --> 00:14:45,480
Speaker 1: feel free. What's driving this market? Is this just the

257
00:14:45,640 --> 00:14:47,640
Speaker 1: people saying, oh my god, they aren't going to make

258
00:14:47,640 --> 00:14:50,920
Speaker 1: any more you know, gasoline driven cars, so I better

259
00:14:50,960 --> 00:14:56,240
Speaker 1: get one, you know, gasolene cars, manual shift. Uh, it's

260
00:14:56,280 --> 00:14:59,560
Speaker 1: a lot of you know, people my age coming of

261
00:14:59,640 --> 00:15:02,200
Speaker 1: age and remembering the cards of their youth from the

262
00:15:02,320 --> 00:15:05,000
Speaker 1: sixties and seventies in particular. But now we're starting to

263
00:15:05,040 --> 00:15:07,920
Speaker 1: see cars in the eighties and nineties pick up steam

264
00:15:07,960 --> 00:15:10,160
Speaker 1: as well. And so, you know, I think a lot

265
00:15:10,200 --> 00:15:14,240
Speaker 1: of things happened during the pandemic that that built the

266
00:15:14,320 --> 00:15:17,840
Speaker 1: steam for the collector car market, and we're seeing that

267
00:15:17,920 --> 00:15:20,560
Speaker 1: continue with a lot of great cars coming to the market.

268
00:15:20,600 --> 00:15:23,480
Speaker 1: We've got fifteen cars here in Arizona, the largest number

269
00:15:23,480 --> 00:15:27,120
Speaker 1: of cars ever to come to this office. It doesn't

270
00:15:27,120 --> 00:15:30,120
Speaker 1: look like it's selling down at Yeah, we should definitely

271
00:15:30,160 --> 00:15:32,240
Speaker 1: go there. You you sell though the cream of the

272
00:15:32,280 --> 00:15:34,880
Speaker 1: crop we're talking about. You have a nineteen sixty seven

273
00:15:35,360 --> 00:15:38,160
Speaker 1: Ferrari to s G t V four, So this is

274
00:15:38,960 --> 00:15:43,400
Speaker 1: another level. But on a lower end, have things like

275
00:15:43,960 --> 00:15:46,800
Speaker 1: bring a trailer or what's Doug Demro's thing called cars

276
00:15:46,800 --> 00:15:49,760
Speaker 1: and bids um you know Hemming's have they kind of

277
00:15:49,760 --> 00:15:54,000
Speaker 1: helped push up the top end. Yeah, I think particularly

278
00:15:54,000 --> 00:15:56,800
Speaker 1: in the collector car market, that rising tide lifts all

279
00:15:56,880 --> 00:16:00,600
Speaker 1: boats certainly holds true. There's you know, they're bring a trailer.

280
00:16:00,640 --> 00:16:04,880
Speaker 1: There's a certain clientele that wants to just transact transact business.

281
00:16:05,480 --> 00:16:07,520
Speaker 1: When you come to make and makeam auction, it's more

282
00:16:07,520 --> 00:16:09,760
Speaker 1: of an experience. You want to you want to come

283
00:16:09,760 --> 00:16:11,520
Speaker 1: and look at the cars and touch and feel them

284
00:16:11,560 --> 00:16:15,080
Speaker 1: and talk to your friends. Will you never do a day?

285
00:16:15,080 --> 00:16:18,800
Speaker 1: Will you never do an online auction platform, you know,

286
00:16:18,880 --> 00:16:22,760
Speaker 1: eBay style like those others we do. We do online

287
00:16:22,960 --> 00:16:26,280
Speaker 1: live auctions. So for instance, our auction here from Glendale,

288
00:16:26,640 --> 00:16:29,200
Speaker 1: you can bid online right along with those people that

289
00:16:29,240 --> 00:16:31,640
Speaker 1: are sitting in the seats, and and if you look

290
00:16:31,680 --> 00:16:34,200
Speaker 1: on the website on makam dot com as you're bidding,

291
00:16:34,240 --> 00:16:35,800
Speaker 1: it looks just like you're sitting in the front row

292
00:16:35,800 --> 00:16:38,600
Speaker 1: of the auction. So we're we're a live auction company.

293
00:16:38,640 --> 00:16:41,520
Speaker 1: We prefer to, you know, to include the excitement of

294
00:16:41,560 --> 00:16:43,720
Speaker 1: a live auction, whether you're in person, on the phone,

295
00:16:43,840 --> 00:16:46,400
Speaker 1: or via the internet. However you want to bid with us,

296
00:16:46,680 --> 00:16:50,200
Speaker 1: you can participate, Dave. But I understand it correctly that

297
00:16:50,240 --> 00:16:54,680
Speaker 1: you're at the big football stadium in in Glenville, correct.

298
00:16:54,720 --> 00:16:59,040
Speaker 1: State Farmers. State Farmers our oldest and and largest sponsor,

299
00:16:59,160 --> 00:17:01,720
Speaker 1: and we're really happy to have this third year. I

300
00:17:01,720 --> 00:17:03,800
Speaker 1: believe that we've been at State Farm Stadium where the

301
00:17:03,840 --> 00:17:06,199
Speaker 1: Arizona Cardinals. I mean that suggests you're gonna have a

302
00:17:06,280 --> 00:17:08,960
Speaker 1: lot of people, a lot of Matt Miller type people

303
00:17:09,000 --> 00:17:10,439
Speaker 1: come through. How many people are going to come through

304
00:17:10,440 --> 00:17:13,760
Speaker 1: this auction, Well, we'll probably have over the four days

305
00:17:13,760 --> 00:17:16,840
Speaker 1: of the auction, we'll probably have somewhere around twenty people.

306
00:17:17,320 --> 00:17:19,040
Speaker 1: You know. I certainly wish that we could fill the

307
00:17:19,240 --> 00:17:21,919
Speaker 1: sixty five thousand seats in the arena every day, but

308
00:17:22,040 --> 00:17:26,080
Speaker 1: that that doesn't quite happen. Have you seen any effect

309
00:17:26,119 --> 00:17:29,640
Speaker 1: of I mean, I don't know Russians, uh what their

310
00:17:29,680 --> 00:17:31,399
Speaker 1: taste is in cars, but have you ever seen have

311
00:17:31,400 --> 00:17:36,600
Speaker 1: you seen any effect on the the sanctions? You know,

312
00:17:36,920 --> 00:17:41,800
Speaker 1: we haven't yet. We do have a few Russian collectors

313
00:17:41,840 --> 00:17:44,520
Speaker 1: that work with us. I assume that we're going to

314
00:17:44,560 --> 00:17:47,640
Speaker 1: see you know, that fall off. They're typically not at

315
00:17:47,680 --> 00:17:50,120
Speaker 1: this auction there at one of our two biggest auctions,

316
00:17:50,119 --> 00:17:52,560
Speaker 1: either in cas Semi, Florida that we just had in

317
00:17:52,640 --> 00:17:56,159
Speaker 1: January or Indianapolis, Indiana in May. But I would expect

318
00:17:56,160 --> 00:17:59,120
Speaker 1: that we're probably going to see them apps and hopefully

319
00:18:00,080 --> 00:18:02,800
Speaker 1: this conflict is over by the time we get to

320
00:18:02,840 --> 00:18:05,320
Speaker 1: May and things get back to normal little bit, not

321
00:18:05,400 --> 00:18:07,840
Speaker 1: just for the sake of our auctions and our collector

322
00:18:07,880 --> 00:18:09,920
Speaker 1: and look for the world in general. From your mouth

323
00:18:09,960 --> 00:18:11,919
Speaker 1: to God's ears. Dave, thanks so much for joining us.

324
00:18:12,000 --> 00:18:16,040
Speaker 1: Dave Major's there, the CEO of me Com Collector Car Auctions.

325
00:18:16,080 --> 00:18:18,320
Speaker 1: The auction I think its off tomorrow in Glendale. I'm

326
00:18:18,320 --> 00:18:21,120
Speaker 1: definitely gonna be sitting home watching it. You can follow

327
00:18:21,160 --> 00:18:24,800
Speaker 1: that TV, yeah, for sure, or or online or online,

328
00:18:24,840 --> 00:18:31,600
Speaker 1: but I'm probably not gonna be bidding during this entire

329
00:18:31,720 --> 00:18:35,399
Speaker 1: pandemic and the resulting economic dislocation. One of areas of

330
00:18:35,400 --> 00:18:37,880
Speaker 1: the economy that just always amazed me to the upside

331
00:18:37,960 --> 00:18:41,800
Speaker 1: was the real estate business, whether it's new home sales,

332
00:18:42,040 --> 00:18:47,119
Speaker 1: new home construction, um existing home sales just really really strong.

333
00:18:47,160 --> 00:18:49,639
Speaker 1: And obviously there's a lot of reasons for that, not

334
00:18:49,680 --> 00:18:51,399
Speaker 1: the least which is a record low interest rate. But

335
00:18:51,520 --> 00:18:53,480
Speaker 1: a lot of folks are thinking about ways to play that,

336
00:18:53,640 --> 00:18:56,760
Speaker 1: and one way might be through the technology side. Uh

337
00:18:56,880 --> 00:18:59,600
Speaker 1: two weeks Court Demaunch. He's the CEO of pro Corps

338
00:18:59,600 --> 00:19:02,560
Speaker 1: technolog He joins us here. See thanks so much for

339
00:19:02,800 --> 00:19:06,920
Speaker 1: joining us here. Tell us about procure pro Core pro

340
00:19:07,040 --> 00:19:09,520
Speaker 1: Core Sorry, and how you guys kind of kind of

341
00:19:09,520 --> 00:19:14,400
Speaker 1: fit into the construction business. Yeah, no, Paul, by the way,

342
00:19:14,400 --> 00:19:16,479
Speaker 1: thank you for having me nice too, nice to meet you.

343
00:19:16,920 --> 00:19:20,960
Speaker 1: So pro Core is a construction project management platform and

344
00:19:21,000 --> 00:19:23,840
Speaker 1: we have provided we provide solutions to everybody involved in

345
00:19:23,880 --> 00:19:26,800
Speaker 1: the construction process. So if you've ever built anything like

346
00:19:26,840 --> 00:19:29,280
Speaker 1: remodeled the bathroom or built a house, you know that

347
00:19:29,320 --> 00:19:31,160
Speaker 1: you're going to hire a general contractor and a bunch

348
00:19:31,160 --> 00:19:34,080
Speaker 1: of subcontractors and these folks are going to come together, uh,

349
00:19:34,160 --> 00:19:37,040
Speaker 1: probably never worked together as a team before and try

350
00:19:37,080 --> 00:19:40,440
Speaker 1: to solve the complexities of your project, which is a prototype.

351
00:19:40,480 --> 00:19:42,479
Speaker 1: And it doesn't matter if it's a house, doesn't matter

352
00:19:42,480 --> 00:19:44,480
Speaker 1: if it's a nuclear power plant or a port, or

353
00:19:44,520 --> 00:19:47,200
Speaker 1: a bridge or a highway. Uh. You know, construction is

354
00:19:47,240 --> 00:19:51,000
Speaker 1: everywhere and pro Work platform brings everybody together onto a

355
00:19:51,040 --> 00:19:53,720
Speaker 1: single source of truth uh and enables jobs to get

356
00:19:53,720 --> 00:19:56,280
Speaker 1: done on time and on budget. And it's um you know,

357
00:19:56,359 --> 00:19:58,600
Speaker 1: we've we've now been in business for twenty years and

358
00:19:58,640 --> 00:20:01,440
Speaker 1: we're a global company and we're having a lot of fun.

359
00:20:01,920 --> 00:20:06,240
Speaker 1: So how much of your business is retail, residential versus

360
00:20:06,440 --> 00:20:10,479
Speaker 1: um you know, commercial? So it's actually even way broader

361
00:20:10,520 --> 00:20:12,920
Speaker 1: than that, Pall. It's it's interesting people tend to think

362
00:20:12,920 --> 00:20:17,360
Speaker 1: of construction as being residential and commercial. Um, there is industrial,

363
00:20:17,440 --> 00:20:21,680
Speaker 1: there's warehouses, there is ports and harbors and civil engineering

364
00:20:21,680 --> 00:20:25,440
Speaker 1: projects and you know, uh, nuclear power plants. So um,

365
00:20:25,480 --> 00:20:30,520
Speaker 1: we are very diversified across a very broad spectrum. There's

366
00:20:30,640 --> 00:20:34,399
Speaker 1: very little construction on this planet that doesn't benefit from

367
00:20:34,480 --> 00:20:37,320
Speaker 1: using pro corps across all of those sectors. So we're

368
00:20:37,440 --> 00:20:40,439
Speaker 1: very much not concentrated. All right, So give us a

369
00:20:40,440 --> 00:20:43,840
Speaker 1: sense of kind of how your business fared during the

370
00:20:43,840 --> 00:20:47,480
Speaker 1: pandemic and kind of what's the near term outlook. Yeah,

371
00:20:47,560 --> 00:20:51,760
Speaker 1: so um, we we we tend to follow the macro

372
00:20:51,920 --> 00:20:56,560
Speaker 1: economic environment pretty pretty closely, which was as as the

373
00:20:56,600 --> 00:21:00,440
Speaker 1: pandemic came on. Um, the general sense it in the

374
00:21:00,480 --> 00:21:02,840
Speaker 1: building industry was there was some fear about what was

375
00:21:02,880 --> 00:21:06,119
Speaker 1: coming in the future. Um. So what we what we

376
00:21:06,160 --> 00:21:08,879
Speaker 1: saw was there were some headwinds in the industry, but

377
00:21:08,880 --> 00:21:10,280
Speaker 1: then there were some tail winds. So let me the

378
00:21:10,320 --> 00:21:12,639
Speaker 1: headwinds that we faced when we were going into the

379
00:21:12,640 --> 00:21:16,400
Speaker 1: pandemic was, uh, there's been a labor shortage in construction

380
00:21:16,440 --> 00:21:19,960
Speaker 1: for years and that only got more challenging during the

381
00:21:20,800 --> 00:21:23,040
Speaker 1: during the pandemic. And then you you you know, you've

382
00:21:23,040 --> 00:21:25,639
Speaker 1: probably talked a lot about the supply chain challenges and

383
00:21:26,680 --> 00:21:29,160
Speaker 1: the global economy, and that's been an issue as well

384
00:21:29,200 --> 00:21:32,480
Speaker 1: as commodity prices and inflation. So those are the headwinds

385
00:21:32,880 --> 00:21:34,600
Speaker 1: um that we see in the industry, but we are

386
00:21:34,640 --> 00:21:37,719
Speaker 1: benefiting from some tail winds. And the tail winds are

387
00:21:37,800 --> 00:21:40,240
Speaker 1: that this industry is one of the last to go

388
00:21:40,359 --> 00:21:43,800
Speaker 1: through the digital transformation uh phase, so in it's still

389
00:21:43,800 --> 00:21:47,520
Speaker 1: early days in digital transformation, and COVID brought on two

390
00:21:48,160 --> 00:21:51,760
Speaker 1: new kind of opportunities for pro Core. One was because

391
00:21:51,800 --> 00:21:54,320
Speaker 1: of the remote work environment that came out of COVID.

392
00:21:54,760 --> 00:21:57,840
Speaker 1: A platform like pro Corp, which brings everyone together virtually

393
00:21:58,560 --> 00:22:00,960
Speaker 1: is really really beneficial to come and so it enables

394
00:22:00,960 --> 00:22:03,040
Speaker 1: people to not have to drive into the job site

395
00:22:03,040 --> 00:22:05,880
Speaker 1: every day that don't aren't required to be there. Number

396
00:22:05,880 --> 00:22:07,879
Speaker 1: one and number two was some of the some of

397
00:22:07,880 --> 00:22:09,919
Speaker 1: the folks that had been in the industry for a

398
00:22:09,920 --> 00:22:13,320
Speaker 1: long time retired during COVID, and then a lot of

399
00:22:13,320 --> 00:22:15,560
Speaker 1: the younger folks that were coming out of university. We're

400
00:22:15,600 --> 00:22:19,600
Speaker 1: coming in to the industry expecting the technology that would

401
00:22:19,600 --> 00:22:22,600
Speaker 1: be uh you know, mobile centric and more consumer based,

402
00:22:22,600 --> 00:22:24,679
Speaker 1: and that's where pro Bowl really shines. So what we

403
00:22:24,760 --> 00:22:27,439
Speaker 1: like to say, is that on net net basis, the

404
00:22:27,480 --> 00:22:31,040
Speaker 1: headwinds and the tail winds kind of um netted themselves out.

405
00:22:31,760 --> 00:22:33,479
Speaker 1: But I will tell you that the head winds are

406
00:22:33,520 --> 00:22:37,480
Speaker 1: working themselves out over time, and we are incredibly optimistic

407
00:22:37,520 --> 00:22:41,119
Speaker 1: about this fourteen trillion dollar TAM that we're looking at all. Right,

408
00:22:41,200 --> 00:22:43,119
Speaker 1: So in terms of your company, you mentioned it was

409
00:22:43,200 --> 00:22:46,720
Speaker 1: twenty years old, came public last year, had some gold

410
00:22:46,720 --> 00:22:49,800
Speaker 1: plated underwriters there sixty seven dollars share the stocks that

411
00:22:49,920 --> 00:22:52,760
Speaker 1: just under fifty two dollars today. The good news, it's

412
00:22:52,840 --> 00:22:55,520
Speaker 1: up four percent today. The bad news is down about

413
00:22:55,560 --> 00:22:59,400
Speaker 1: the thirty year today. What's the market concern around your

414
00:22:59,400 --> 00:23:03,160
Speaker 1: stock over the last several months. I don't believe that

415
00:23:03,400 --> 00:23:06,800
Speaker 1: our stock has been singled out. I believe that our sector,

416
00:23:06,880 --> 00:23:10,560
Speaker 1: the high growth vertical SAS market, has been uh challenged

417
00:23:10,600 --> 00:23:13,560
Speaker 1: across so our cohorts I think are spacing the same challenges.

418
00:23:13,920 --> 00:23:16,119
Speaker 1: I think we because we closed out the year so

419
00:23:16,200 --> 00:23:18,960
Speaker 1: strong and we're so optimistic about the future that I

420
00:23:19,000 --> 00:23:21,080
Speaker 1: think all of this will work itself out over time.

421
00:23:21,680 --> 00:23:23,960
Speaker 1: So talk to us about the growth driver. What's the

422
00:23:24,040 --> 00:23:25,840
Speaker 1: key growth driver that you guys are real is he

423
00:23:25,960 --> 00:23:28,840
Speaker 1: really is focusing on right now. Aside from just the

424
00:23:28,840 --> 00:23:34,240
Speaker 1: economic expansion, yeah, so um our platform is very much

425
00:23:34,320 --> 00:23:37,960
Speaker 1: driven around driving growth uh and and driving adoption of

426
00:23:38,640 --> 00:23:42,160
Speaker 1: new users and new pain customers. Interestingly enough, our platform

427
00:23:42,160 --> 00:23:46,480
Speaker 1: allows our customers to bring on unlimited collaborators onto the platform,

428
00:23:46,520 --> 00:23:48,359
Speaker 1: So if you're general contractor, you can bring all your

429
00:23:48,400 --> 00:23:51,239
Speaker 1: subs on it no additional costs to the platform. And

430
00:23:51,320 --> 00:23:54,240
Speaker 1: because of that, we create this fly wheel effect of

431
00:23:54,520 --> 00:23:56,399
Speaker 1: more The more people on our platform that see the

432
00:23:56,480 --> 00:23:57,960
Speaker 1: value of it, the more people that want to be

433
00:23:57,960 --> 00:24:02,320
Speaker 1: our customers. So the growth factors are the network effect

434
00:24:02,400 --> 00:24:06,280
Speaker 1: that we get from the from our platform, our international

435
00:24:06,280 --> 00:24:10,359
Speaker 1: expansion of the CAM is outside the US, and our

436
00:24:10,440 --> 00:24:14,359
Speaker 1: international group last year. We have a lot of new

437
00:24:14,400 --> 00:24:17,560
Speaker 1: products that our customers can can put us on our platform,

438
00:24:17,600 --> 00:24:19,240
Speaker 1: and so there's just a lot of ways that we

439
00:24:19,280 --> 00:24:22,000
Speaker 1: look at growth in four and it's exciting. Some good stuff.

440
00:24:22,000 --> 00:24:25,560
Speaker 1: There to a quarterma CEO of pro Court Technologies joining

441
00:24:25,640 --> 00:24:28,639
Speaker 1: us here talk about technology coming to the construction business

442
00:24:28,640 --> 00:24:31,840
Speaker 1: and where the upside might be. Thanks for listening to

443
00:24:31,840 --> 00:24:35,399
Speaker 1: the Bloomberg Markets podcast. You can subscribe and listen to

444
00:24:35,440 --> 00:24:39,600
Speaker 1: interviews with Apple Podcasts or whatever podcast platform you prefer.

445
00:24:39,960 --> 00:24:43,960
Speaker 1: I'm Matt Miller. I'm on Twitter at Matt Miller. Three

446
00:24:44,400 --> 00:24:46,840
Speaker 1: pt on Fall Sweeney, I'm on Twitter at pt Sweeney.

447
00:24:46,920 --> 00:24:49,560
Speaker 1: Before the podcast. You can always catch us worldwide at

448
00:24:49,600 --> 00:24:50,359
Speaker 1: Bloomberg Radio