Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside
Speaker 1: my co host Matt Miller. Every business day we bring
Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along
Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast
Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and
Speaker 1: at Bloomberg dot com slash podcast. Let's talk global geopolitics,
Speaker 1: global energy. There's a lot going on out there in
Speaker 1: this big world. At Price, senior fellow and former British
Speaker 1: trade official at n y U joins us, and let's
Speaker 1: first talk about just the global energy markets. That's kind
Speaker 1: of been on topic today again. Brent crew down about
Speaker 1: eight percent today, below a hundred dollars just at one thirty.
Speaker 1: There's a lot of cross winds out there. What are
Speaker 1: you focusing on here right? Well, on those cross winds, honestly,
Speaker 1: and it's it's a bit bizarre. Um. This war in Europe,
Speaker 1: I think is something of a mixed citty, and I
Speaker 1: think that that's something that everyone's looking at, including the FED.
Speaker 1: On the one hand, it's it's obviously inflationary, right because
Speaker 1: it's a supply disruption and that goes back to what
Speaker 1: you're saying about oil prices. They spiked, everyone freaked out
Speaker 1: at the pumps over here in the US. But on
Speaker 1: the other hand, it's deflationary in the sense that it
Speaker 1: could destroy global demand. Look at the I M S.
Speaker 1: It's downgrading its global growth forecast. So I think it's
Speaker 1: it's very it's a good phrase that you're using their
Speaker 1: cross winds and we're just gonna have to lick our finger,
Speaker 1: put it in the air and see which one is stronger.
Speaker 1: What do you think ed about the story that Saudi
Speaker 1: Arabia is in talks with China to um basically accept
Speaker 1: you on instead of dollars for oil. I mean, um,
Speaker 1: this has to be a huge economic issue, right It
Speaker 1: centers around the world reserve currency and the power that
Speaker 1: the US gets from that. But maybe a shift now
Speaker 1: towards UM, you know, the second biggest economy. Yes, this
Speaker 1: is I think everything that's happening now at roots is
Speaker 1: a dollar standard story. So you can you can look
Speaker 1: at the war in Ukraine, you can look at COVID,
Speaker 1: you can look at US domestic inflation, and I think
Speaker 1: with a big piece of paper and a market pin,
Speaker 1: you can draw the lines between all these things and
Speaker 1: what the world expects of the dollar and how people
Speaker 1: are looking at the dollar in the future. So if
Speaker 1: if the Saudis are indeed doing that, UM, that's no
Speaker 1: bueno for us, for those of us who have a
Speaker 1: very strong stake in the dollar standards UM. And I
Speaker 1: think it's something that in this period of disruption we
Speaker 1: should definitely watch, definitely look at, not get too distracted.
Speaker 1: Everything we're looking at is a dollar standard story. And
Speaker 1: what's kind of astounded me as as I think about
Speaker 1: this Russia Ukraine's situation is how it seems like it's
Speaker 1: so well coordinated some of the economic sanctions we're seeing
Speaker 1: from not just the US, but from other countries as well.
Speaker 1: From your perspective, how effective do you think they can
Speaker 1: be will be on Russia, Because just on the surface,
Speaker 1: to this late person, they seem pretty significant, right, I
Speaker 1: think very significant. I've seen a few commentators saying, you know,
Speaker 1: don't count the Russians out. These these sanctions will will
Speaker 1: not have the sort of effect that you want. But honestly,
Speaker 1: I would not be surprised by a complete and total
Speaker 1: collapse in Russia in the social fabric. UM. I think
Speaker 1: part of this is the whole information scenery. It seems
Speaker 1: if you look at reports in New York Times and
Speaker 1: so on, it seems that the Russians still don't know
Speaker 1: that they're at war, most of them, which is bizarre.
Speaker 1: But when they do find out, which you know, one
Speaker 1: has to think will happen as as the body count
Speaker 1: comes up, right, UM, I think that that, in combination
Speaker 1: with what's going on in the financial system, could really
Speaker 1: really put Russia into a serious problem. So I think
Speaker 1: one point to make though, just conceptually, is that a
Speaker 1: lot of people are talking about the Second Cold War.
Speaker 1: I think the difference here is that we're not trying
Speaker 1: to contain Russia and the Russian economy. We're actually trying
Speaker 1: to export recession and even a financial crisis into Russia.
Speaker 1: So I think that can be very effective. UM. One
Speaker 1: of the interesting moves I've seen, as someone who you
Speaker 1: know lived in Germany but I know you studied also
Speaker 1: German history, is the shift towards, you know, finally spending
Speaker 1: money on military equipment. They had been so not only understaffed,
Speaker 1: but also UM didn't have enough stuff previously and weren't
Speaker 1: spending enough of their UM weren't spending enough of their
Speaker 1: uh G d p on. You know, they had the
Speaker 1: two percent promise on military gear. Now they're gonna buy
Speaker 1: thirty five F thirty five's and fifteen new eurofighters and
Speaker 1: this seems to be you know, one of the um
Speaker 1: unintended consequences of Vladimir Putin's moving to Ukraine's that he's
Speaker 1: united Europe and you know rearmed Germany. Well, I mean
Speaker 1: absolutely rearmament is the right phrase to use. Again. I mean,
Speaker 1: the fact that the Germans are now comfortable with weaponry,
Speaker 1: with rearming with a strong military force is incredible and
Speaker 1: for anyone with interest in European and German history, this
Speaker 1: shift is profound. It's also so something that I think
Speaker 1: is going to be thought about in London, right because
Speaker 1: of course the UK it's just left the European Union.
Speaker 1: I don't think we foresaw a German standing army when
Speaker 1: we did that. But you're right, the real impact here
Speaker 1: is on Putin. He's made such a massive, massive error
Speaker 1: going into the Ukraine. And I think that the obvious
Speaker 1: bravery of the UK Ukrainian forces, Ukrainian civilians taking up arms.
Speaker 1: The longer that lasts, the longer Europe has time to
Speaker 1: rearm the longer a standing German army is going to
Speaker 1: be more of the prospect. I'd put one caveat in there.
Speaker 1: There are long standing historical ties between Germany and Russia,
Speaker 1: and I think if you look back to the First
Speaker 1: and Second World War, you could argue that the United
Speaker 1: States intervene in both of those wars to prevent a
Speaker 1: continental economy in which Russian and German economics were combined
Speaker 1: under the leadership of either Moscow or Berlin. So in
Speaker 1: the future after this war in Ukraine, I wouldn't rule
Speaker 1: out one scenario, which is an armed Berlin and armed
Speaker 1: Moscow shaking hats. All right, thank you so much for
Speaker 1: joining us. We really appreciate your perspective here. A lot
Speaker 1: of again cross winds here on a global geopolitical space
Speaker 1: impacting markets at prices and senior fellow and former trade
Speaker 1: official at New York University giving us some thoughts here.
Speaker 1: I pulled up my g l g l c O
Speaker 1: screen on the Bloomberg Terminal global commodities prices, and on
Speaker 1: a year to date basis, everything is pretty much everything
Speaker 1: is up double digits, whether it's energy, medals, aggs, and
Speaker 1: I guess that's what you call inflation. Um, the question
Speaker 1: is when does it peak? How click that doesn't come down?
Speaker 1: How do I play it? Will Ryant, chief executive officer
Speaker 1: for Grantit Chairs Advisors, joins us Will again, I'm looking
Speaker 1: at my commodities pretty much everything is up big time.
Speaker 1: When does this peak? Do you think this inflation in
Speaker 1: this U S economy? Well, it's a great question. Um,
Speaker 1: I think that's you know, Unfortunately, for as far as
Speaker 1: inflation goes, these things tend to take a number of years.
Speaker 1: No cycles, particularly on the commodity side, tend to last
Speaker 1: in years, not days or months. Um. I think at
Speaker 1: this stage you're really talking about two possible scenarios. Really,
Speaker 1: if you're talking about inflation easing, that's going to come
Speaker 1: from an increase in supply, and an increase in supply
Speaker 1: you know, will happen, um as long as high prices
Speaker 1: stay or prices stay elevated, but it takes time. The
Speaker 1: other thing, probably the most likely thing that will happen
Speaker 1: if prices keep continuing to rise, is demand destruction. In
Speaker 1: other words, the consumer just gives up at some point
Speaker 1: and says, you know what, I can't pay five dollars
Speaker 1: per gas or six or seven or eight or whatever
Speaker 1: it may be at that time. And once that happens,
Speaker 1: then you start to see using because of demand for
Speaker 1: that commodity falls. How much is how a law stick
Speaker 1: is the oil patch? I was talking to a gold
Speaker 1: miner yesterday who said, it's very that come out of
Speaker 1: the right now is very inelastic. They're taking as much
Speaker 1: out of the ground as they can, and the and
Speaker 1: the ramp up time for new production is is much longer. Um,
Speaker 1: what does what does oil look like in those terms? Yeah?
Speaker 1: I think that's right. Um that you know, again, you
Speaker 1: know it depends on what country you know you're talking about.
Speaker 1: Definitely some more production can be brought online. And clearly
Speaker 1: the the the easiest winds, if you want to look
Speaker 1: at it that way, are going to be from existing
Speaker 1: producing countries. And that's what the administration is doing, is
Speaker 1: going to going to produces like Saudi Arabia, going to
Speaker 1: the OPEC countries, even to Venezuela places like that, and
Speaker 1: trying to get more barrels. So that's certainly possible. But
Speaker 1: in terms of domestic production, you know, again those um
Speaker 1: fields sites that are already in operation may be able
Speaker 1: to to increase but really you're looking for much more
Speaker 1: of an increase from likes of shale et cetera. What
Speaker 1: is the problem with getting more out of the shale? Um?
Speaker 1: I heard somebody this morning say costs to bring oil
Speaker 1: out of the ground in the US are thirty three
Speaker 1: dollars a barrel. Shouldn't that motivate? You know? You hear
Speaker 1: the Biden administration talk all the time as if they've
Speaker 1: done literally everything they can about these nine thousand leases. Um.
Speaker 1: If that's really how it is, wouldn't the massive you know,
Speaker 1: sixties six dollars in profit per barrel of oil drive
Speaker 1: everybody out to bring it to use those leases? Yes?
Speaker 1: And no? Um. So here's what happened last time. You
Speaker 1: may remember that there was a huge boom in US
Speaker 1: shale and because of that, you know one, prices collapsed,
Speaker 1: and ultimately they did so partly because the U S
Speaker 1: shale industrial US got into a market share war with Sadia,
Speaker 1: Arabia and Opeque in terms of competing for market share.
Speaker 1: The price well went down. A lot of those a
Speaker 1: lot of those shell producers went bust, and in that
Speaker 1: sort of rush to produce more production, banks have lent
Speaker 1: them a lot of money as a lot of financing there,
Speaker 1: and a lot of people lost a lot of money
Speaker 1: in that particular collapse. So long story short is, the
Speaker 1: producers are going to be more disciplined. They're going to
Speaker 1: be more disciplined because the banks and the lenders are
Speaker 1: making them mean more disciplined. But they're also fearful of,
Speaker 1: you know, the oil price collapsing again like it did
Speaker 1: last time. So people are going to be more disciplined
Speaker 1: and therefore a bit more cautious about bringing that production
Speaker 1: on because of the cautions and retail that we had
Speaker 1: last time. Hey, well, I'm looking at my metal screen
Speaker 1: here and one of the medals that is kind of
Speaker 1: lagged a little bit is platinum. What's the call on
Speaker 1: spot platinum here? Well, plantinum is an interesting one because
Speaker 1: palladium went to the Moon after the war broke out,
Speaker 1: and that was because simply Russia is the largest producer
Speaker 1: of palladium in the world. Russia is also the second
Speaker 1: largest producer of platinum. Number one producer is South Africa.
Speaker 1: But those metals can be interchanged one for one. They're
Speaker 1: both used for catholytic converters to clean the emissions that
Speaker 1: come out of an internal combustion engine. And you know,
Speaker 1: with the price of palladium almost three times the price
Speaker 1: of platinum, they can be exchanged or substituted one for one.
Speaker 1: So people are looking at platinum right now, both in
Speaker 1: terms of you know, the war situation and a supply
Speaker 1: disruption coming from Russia, but also because with the price
Speaker 1: of pladium so high, I thinking automakers have to come
Speaker 1: in here and substitute these metals in the favor of platinum. Hey, well,
Speaker 1: thanks so much for joining us. Really appreciate it. Next
Speaker 1: time we're gonna talk a little pork bellies, maybe I'm
Speaker 1: going to lean hogs up to five year to date?
Speaker 1: How about that tree ripping face? Will Ryan, chief executive
Speaker 1: officers for granted Chairs advisors will always checking when with
Speaker 1: Will whenever there's big moves in the commodities space, as
Speaker 1: there has been here over the last uh several truly unbelievable, right,
Speaker 1: I mean, we saw Brent crude um went up to
Speaker 1: what a hundred and thirty nine dollars of barrel like
Speaker 1: literally seven days ago, and now it's trading at Yeah,
Speaker 1: it's amazing. And you know, oil traders, I used to
Speaker 1: know a few oil traders. I would trade this stuff
Speaker 1: in the pits, and they say you will get crushed
Speaker 1: in this market if you don't pay attention, and that's
Speaker 1: certainly the case here. Dave Major's joins us the CEO
Speaker 1: of me Com Collector Car Auctions. Before we get down
Speaker 1: to the business side of it. Um, Yeah, what is
Speaker 1: going on with with the prices in terms of these cars?
Speaker 1: I mean, for regular every day like an F one fifty, Um,
Speaker 1: we're paying out the nose. But the prices that I'm
Speaker 1: seeing for like a goat as as as Greg Jarrett
Speaker 1: just mentioned, are just huge. Yeah. Well yeah, first, good
Speaker 1: morning from State Farm Stadium in Glendale, Arizona. We're getting
Speaker 1: ready to get started with another big MICAM auction starts
Speaker 1: tomorrow and we're expecting to see prices continue to be
Speaker 1: in the stratosphere for collector cars. That that phenomenon started
Speaker 1: for us back in the summer of when we came
Speaker 1: back to auction coming out of the pandemic, and and
Speaker 1: actually has has been picking up steam ever since, as
Speaker 1: evidenced by our well even before that with the Big Muscle.
Speaker 1: I remember ten years ago looking at Plymouth couta Barracuda
Speaker 1: UM that you sold for I think three point four
Speaker 1: million dollars um. Why is this? That's the holy grail
Speaker 1: of collector cars? I see? So that's why because it's
Speaker 1: the one um It's not like a GT five hundred
Speaker 1: or a Chevrolet um at sas now, the Plymouth Plymouth
Speaker 1: heavy Couta has always been that that car that if
Speaker 1: you're if you're a serious collector of American muscle cars,
Speaker 1: you have to have one of those in your collection.
Speaker 1: And as you said, they go for multimillions of dollars,
Speaker 1: which you know, it's just incredible. But the whole collector
Speaker 1: car market, you know, return something like thirty or forty
Speaker 1: percent a year over the last ten fifteen years. So
Speaker 1: that's the cream of the crop that the markets exactly.
Speaker 1: Hey David, you know, unlike Matt, I'm not a car geek,
Speaker 1: although I do own BMW five thirty five with a
Speaker 1: manual transmission. So if you want to make a bid, uh,
Speaker 1: feel free. What's driving this market? Is this just the
Speaker 1: people saying, oh my god, they aren't going to make
Speaker 1: any more you know, gasoline driven cars, so I better
Speaker 1: get one, you know, gasolene cars, manual shift. Uh, it's
Speaker 1: a lot of you know, people my age coming of
Speaker 1: age and remembering the cards of their youth from the
Speaker 1: sixties and seventies in particular. But now we're starting to
Speaker 1: see cars in the eighties and nineties pick up steam
Speaker 1: as well. And so, you know, I think a lot
Speaker 1: of things happened during the pandemic that that built the
Speaker 1: steam for the collector car market, and we're seeing that
Speaker 1: continue with a lot of great cars coming to the market.
Speaker 1: We've got fifteen cars here in Arizona, the largest number
Speaker 1: of cars ever to come to this office. It doesn't
Speaker 1: look like it's selling down at Yeah, we should definitely
Speaker 1: go there. You you sell though the cream of the
Speaker 1: crop we're talking about. You have a nineteen sixty seven
Speaker 1: Ferrari to s G t V four, So this is
Speaker 1: another level. But on a lower end, have things like
Speaker 1: bring a trailer or what's Doug Demro's thing called cars
Speaker 1: and bids um you know Hemming's have they kind of
Speaker 1: helped push up the top end. Yeah, I think particularly
Speaker 1: in the collector car market, that rising tide lifts all
Speaker 1: boats certainly holds true. There's you know, they're bring a trailer.
Speaker 1: There's a certain clientele that wants to just transact transact business.
Speaker 1: When you come to make and makeam auction, it's more
Speaker 1: of an experience. You want to you want to come
Speaker 1: and look at the cars and touch and feel them
Speaker 1: and talk to your friends. Will you never do a day?
Speaker 1: Will you never do an online auction platform, you know,
Speaker 1: eBay style like those others we do. We do online
Speaker 1: live auctions. So for instance, our auction here from Glendale,
Speaker 1: you can bid online right along with those people that
Speaker 1: are sitting in the seats, and and if you look
Speaker 1: on the website on makam dot com as you're bidding,
Speaker 1: it looks just like you're sitting in the front row
Speaker 1: of the auction. So we're we're a live auction company.
Speaker 1: We prefer to, you know, to include the excitement of
Speaker 1: a live auction, whether you're in person, on the phone,
Speaker 1: or via the internet. However you want to bid with us,
Speaker 1: you can participate, Dave. But I understand it correctly that
Speaker 1: you're at the big football stadium in in Glenville, correct.
Speaker 1: State Farmers. State Farmers our oldest and and largest sponsor,
Speaker 1: and we're really happy to have this third year. I
Speaker 1: believe that we've been at State Farm Stadium where the
Speaker 1: Arizona Cardinals. I mean that suggests you're gonna have a
Speaker 1: lot of people, a lot of Matt Miller type people
Speaker 1: come through. How many people are going to come through
Speaker 1: this auction, Well, we'll probably have over the four days
Speaker 1: of the auction, we'll probably have somewhere around twenty people.
Speaker 1: You know. I certainly wish that we could fill the
Speaker 1: sixty five thousand seats in the arena every day, but
Speaker 1: that that doesn't quite happen. Have you seen any effect
Speaker 1: of I mean, I don't know Russians, uh what their
Speaker 1: taste is in cars, but have you ever seen have
Speaker 1: you seen any effect on the the sanctions? You know,
Speaker 1: we haven't yet. We do have a few Russian collectors
Speaker 1: that work with us. I assume that we're going to
Speaker 1: see you know, that fall off. They're typically not at
Speaker 1: this auction there at one of our two biggest auctions,
Speaker 1: either in cas Semi, Florida that we just had in
Speaker 1: January or Indianapolis, Indiana in May. But I would expect
Speaker 1: that we're probably going to see them apps and hopefully
Speaker 1: this conflict is over by the time we get to
Speaker 1: May and things get back to normal little bit, not
Speaker 1: just for the sake of our auctions and our collector
Speaker 1: and look for the world in general. From your mouth
Speaker 1: to God's ears. Dave, thanks so much for joining us.
Speaker 1: Dave Major's there, the CEO of me Com Collector Car Auctions.
Speaker 1: The auction I think its off tomorrow in Glendale. I'm
Speaker 1: definitely gonna be sitting home watching it. You can follow
Speaker 1: that TV, yeah, for sure, or or online or online,
Speaker 1: but I'm probably not gonna be bidding during this entire
Speaker 1: pandemic and the resulting economic dislocation. One of areas of
Speaker 1: the economy that just always amazed me to the upside
Speaker 1: was the real estate business, whether it's new home sales,
Speaker 1: new home construction, um existing home sales just really really strong.
Speaker 1: And obviously there's a lot of reasons for that, not
Speaker 1: the least which is a record low interest rate. But
Speaker 1: a lot of folks are thinking about ways to play that,
Speaker 1: and one way might be through the technology side. Uh
Speaker 1: two weeks Court Demaunch. He's the CEO of pro Corps
Speaker 1: technolog He joins us here. See thanks so much for
Speaker 1: joining us here. Tell us about procure pro Core pro
Speaker 1: Core Sorry, and how you guys kind of kind of
Speaker 1: fit into the construction business. Yeah, no, Paul, by the way,
Speaker 1: thank you for having me nice too, nice to meet you.
Speaker 1: So pro Core is a construction project management platform and
Speaker 1: we have provided we provide solutions to everybody involved in
Speaker 1: the construction process. So if you've ever built anything like
Speaker 1: remodeled the bathroom or built a house, you know that
Speaker 1: you're going to hire a general contractor and a bunch
Speaker 1: of subcontractors and these folks are going to come together, uh,
Speaker 1: probably never worked together as a team before and try
Speaker 1: to solve the complexities of your project, which is a prototype.
Speaker 1: And it doesn't matter if it's a house, doesn't matter
Speaker 1: if it's a nuclear power plant or a port, or
Speaker 1: a bridge or a highway. Uh. You know, construction is
Speaker 1: everywhere and pro Work platform brings everybody together onto a
Speaker 1: single source of truth uh and enables jobs to get
Speaker 1: done on time and on budget. And it's um you know,
Speaker 1: we've we've now been in business for twenty years and
Speaker 1: we're a global company and we're having a lot of fun.
Speaker 1: So how much of your business is retail, residential versus
Speaker 1: um you know, commercial? So it's actually even way broader
Speaker 1: than that, Pall. It's it's interesting people tend to think
Speaker 1: of construction as being residential and commercial. Um, there is industrial,
Speaker 1: there's warehouses, there is ports and harbors and civil engineering
Speaker 1: projects and you know, uh, nuclear power plants. So um,
Speaker 1: we are very diversified across a very broad spectrum. There's
Speaker 1: very little construction on this planet that doesn't benefit from
Speaker 1: using pro corps across all of those sectors. So we're
Speaker 1: very much not concentrated. All right, So give us a
Speaker 1: sense of kind of how your business fared during the
Speaker 1: pandemic and kind of what's the near term outlook. Yeah,
Speaker 1: so um, we we we tend to follow the macro
Speaker 1: economic environment pretty pretty closely, which was as as the
Speaker 1: pandemic came on. Um, the general sense it in the
Speaker 1: building industry was there was some fear about what was
Speaker 1: coming in the future. Um. So what we what we
Speaker 1: saw was there were some headwinds in the industry, but
Speaker 1: then there were some tail winds. So let me the
Speaker 1: headwinds that we faced when we were going into the
Speaker 1: pandemic was, uh, there's been a labor shortage in construction
Speaker 1: for years and that only got more challenging during the
Speaker 1: during the pandemic. And then you you you know, you've
Speaker 1: probably talked a lot about the supply chain challenges and
Speaker 1: the global economy, and that's been an issue as well
Speaker 1: as commodity prices and inflation. So those are the headwinds
Speaker 1: um that we see in the industry, but we are
Speaker 1: benefiting from some tail winds. And the tail winds are
Speaker 1: that this industry is one of the last to go
Speaker 1: through the digital transformation uh phase, so in it's still
Speaker 1: early days in digital transformation, and COVID brought on two
Speaker 1: new kind of opportunities for pro Core. One was because
Speaker 1: of the remote work environment that came out of COVID.
Speaker 1: A platform like pro Corp, which brings everyone together virtually
Speaker 1: is really really beneficial to come and so it enables
Speaker 1: people to not have to drive into the job site
Speaker 1: every day that don't aren't required to be there. Number
Speaker 1: one and number two was some of the some of
Speaker 1: the folks that had been in the industry for a
Speaker 1: long time retired during COVID, and then a lot of
Speaker 1: the younger folks that were coming out of university. We're
Speaker 1: coming in to the industry expecting the technology that would
Speaker 1: be uh you know, mobile centric and more consumer based,
Speaker 1: and that's where pro Bowl really shines. So what we
Speaker 1: like to say, is that on net net basis, the
Speaker 1: headwinds and the tail winds kind of um netted themselves out.
Speaker 1: But I will tell you that the head winds are
Speaker 1: working themselves out over time, and we are incredibly optimistic
Speaker 1: about this fourteen trillion dollar TAM that we're looking at all. Right,
Speaker 1: So in terms of your company, you mentioned it was
Speaker 1: twenty years old, came public last year, had some gold
Speaker 1: plated underwriters there sixty seven dollars share the stocks that
Speaker 1: just under fifty two dollars today. The good news, it's
Speaker 1: up four percent today. The bad news is down about
Speaker 1: the thirty year today. What's the market concern around your
Speaker 1: stock over the last several months. I don't believe that
Speaker 1: our stock has been singled out. I believe that our sector,
Speaker 1: the high growth vertical SAS market, has been uh challenged
Speaker 1: across so our cohorts I think are spacing the same challenges.
Speaker 1: I think we because we closed out the year so
Speaker 1: strong and we're so optimistic about the future that I
Speaker 1: think all of this will work itself out over time.
Speaker 1: So talk to us about the growth driver. What's the
Speaker 1: key growth driver that you guys are real is he
Speaker 1: really is focusing on right now. Aside from just the
Speaker 1: economic expansion, yeah, so um our platform is very much
Speaker 1: driven around driving growth uh and and driving adoption of
Speaker 1: new users and new pain customers. Interestingly enough, our platform
Speaker 1: allows our customers to bring on unlimited collaborators onto the platform,
Speaker 1: So if you're general contractor, you can bring all your
Speaker 1: subs on it no additional costs to the platform. And
Speaker 1: because of that, we create this fly wheel effect of
Speaker 1: more The more people on our platform that see the
Speaker 1: value of it, the more people that want to be
Speaker 1: our customers. So the growth factors are the network effect
Speaker 1: that we get from the from our platform, our international
Speaker 1: expansion of the CAM is outside the US, and our
Speaker 1: international group last year. We have a lot of new
Speaker 1: products that our customers can can put us on our platform,
Speaker 1: and so there's just a lot of ways that we
Speaker 1: look at growth in four and it's exciting. Some good stuff.
Speaker 1: There to a quarterma CEO of pro Court Technologies joining
Speaker 1: us here talk about technology coming to the construction business
Speaker 1: and where the upside might be. Thanks for listening to
Speaker 1: the Bloomberg Markets podcast. You can subscribe and listen to
Speaker 1: interviews with Apple Podcasts or whatever podcast platform you prefer.
Speaker 1: I'm Matt Miller. I'm on Twitter at Matt Miller. Three
Speaker 1: pt on Fall Sweeney, I'm on Twitter at pt Sweeney.
Speaker 1: Before the podcast. You can always catch us worldwide at
Speaker 1: Bloomberg Radio