1
00:00:02,720 --> 00:00:07,240
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:08,080 --> 00:00:11,559
Speaker 2: Wealgan Stanley's Mike Wilson rising impoor cost exposure for S

3
00:00:11,640 --> 00:00:14,480
Speaker 2: and P five hundred industries. It's more limited thus far,

4
00:00:14,760 --> 00:00:17,599
Speaker 2: given the combination of the countries in scope and the

5
00:00:17,640 --> 00:00:21,400
Speaker 2: exemption seemingly still in place. Mike John is SNAW Football Mike,

6
00:00:21,400 --> 00:00:24,759
Speaker 2: Good morning, morning John. Have we actually been tested? That's

7
00:00:24,800 --> 00:00:26,599
Speaker 2: the question I've got for you, based on the note

8
00:00:26,600 --> 00:00:27,920
Speaker 2: you put out over the weekend.

9
00:00:28,440 --> 00:00:28,640
Speaker 1: Yeah.

10
00:00:28,680 --> 00:00:30,680
Speaker 3: I think we keep getting tested back and forth, And

11
00:00:30,720 --> 00:00:32,479
Speaker 3: I think Amrie did a brilliant job of kind of

12
00:00:32,520 --> 00:00:35,519
Speaker 3: describing yesterday as just another example the president controlling the

13
00:00:35,600 --> 00:00:38,559
Speaker 3: narrative back and forth, you know, maybe the timelines now,

14
00:00:38,600 --> 00:00:40,680
Speaker 3: I mean he lets things go even shorter than he

15
00:00:40,720 --> 00:00:43,120
Speaker 3: comes back in reverses, And I totally agree. I think

16
00:00:43,120 --> 00:00:46,000
Speaker 3: it's about trial balloons. It's no different than FED policy makers.

17
00:00:46,040 --> 00:00:48,440
Speaker 3: It's no different than other policy makers coming in and

18
00:00:48,520 --> 00:00:50,720
Speaker 3: they trial ballooned to see how it will impact the market.

19
00:00:50,880 --> 00:00:53,000
Speaker 3: So have we been tested? Yeah, We've been tested severely.

20
00:00:53,040 --> 00:00:54,320
Speaker 3: In the first three or four months of the year,

21
00:00:54,360 --> 00:00:56,440
Speaker 3: we had a bear market stockture down thirty five to

22
00:00:56,480 --> 00:00:58,760
Speaker 3: forty percent over the prior year. So, I mean, we

23
00:00:58,760 --> 00:01:00,680
Speaker 3: had a bear market, and so now are looking for

24
00:01:00,720 --> 00:01:02,320
Speaker 3: the I go, well, you missed the bear market.

25
00:01:02,320 --> 00:01:02,800
Speaker 1: We had it.

26
00:01:02,880 --> 00:01:05,760
Speaker 3: You know, we bottomed in April, and all the indicators

27
00:01:05,800 --> 00:01:07,800
Speaker 3: we look at from a ready to change standpoint, if

28
00:01:07,800 --> 00:01:10,280
Speaker 3: inflected sharply. That's what we wrote about our mid year update,

29
00:01:10,520 --> 00:01:12,440
Speaker 3: and it's even surprised us to the upside. I mean,

30
00:01:12,480 --> 00:01:15,760
Speaker 3: the arn answer vision breadth is explosive, and so you

31
00:01:15,840 --> 00:01:17,840
Speaker 3: just can't deny that. You can't deny the fact that

32
00:01:17,880 --> 00:01:21,400
Speaker 3: companies are good at mitigating terrors. For example, import prices

33
00:01:21,440 --> 00:01:23,480
Speaker 3: really aren't up that much. So the question is who's

34
00:01:23,520 --> 00:01:25,560
Speaker 3: eating these terrors? That's the big question. I hear now

35
00:01:25,560 --> 00:01:27,760
Speaker 3: from clients like, well, we're collecting all these terrors, but

36
00:01:27,800 --> 00:01:29,760
Speaker 3: where where are they? Some of them are on the

37
00:01:29,800 --> 00:01:32,080
Speaker 3: balance shese of companies that hasn't flowed through the cost

38
00:01:32,080 --> 00:01:34,360
Speaker 3: of goods sold yet, some of them are from exporters.

39
00:01:34,360 --> 00:01:37,240
Speaker 3: They've discounted their pricing. They're eating the terrors, and then

40
00:01:37,280 --> 00:01:39,560
Speaker 3: some it's going to get passed on to the consumer.

41
00:01:39,600 --> 00:01:42,480
Speaker 3: That's to be determined still, And so as we've been saying,

42
00:01:42,520 --> 00:01:45,200
Speaker 3: the third quarter is probably the quarter of risk where

43
00:01:45,200 --> 00:01:46,920
Speaker 3: you'll see some of this flow through to the cost

44
00:01:46,959 --> 00:01:48,880
Speaker 3: of goods sold. I don't think this is, you know,

45
00:01:48,920 --> 00:01:51,200
Speaker 3: a massive correction. It's a five seven percent correction for

46
00:01:51,240 --> 00:01:53,280
Speaker 3: some companies that could be bigger. But this is the

47
00:01:53,360 --> 00:01:55,000
Speaker 3: quarter of risk for where the terrorists will start to

48
00:01:55,040 --> 00:01:57,000
Speaker 3: hit and then but the markets are you thinking about?

49
00:01:57,000 --> 00:02:00,280
Speaker 3: This is a temporary impact and twenty six now Ernie'

50
00:02:00,280 --> 00:02:01,480
Speaker 3: grows standpoint is looking better.

51
00:02:01,760 --> 00:02:03,280
Speaker 2: Is that a correction you'd be looking to buy?

52
00:02:03,280 --> 00:02:03,440
Speaker 1: Then?

53
00:02:03,640 --> 00:02:05,800
Speaker 3: Absolutely, we're looking to I mean, I'm hoping we get

54
00:02:05,800 --> 00:02:07,480
Speaker 3: a pullback to some degree. I think a lot of

55
00:02:07,640 --> 00:02:09,959
Speaker 3: clients are looking for a pullback of some kind. They've

56
00:02:09,960 --> 00:02:12,080
Speaker 3: been surprised we haven't gotten one. But this is what

57
00:02:12,160 --> 00:02:13,799
Speaker 3: the beginning of a new bowl market looks like.

58
00:02:13,880 --> 00:02:14,000
Speaker 1: Right.

59
00:02:14,000 --> 00:02:16,880
Speaker 3: It's just explosive. It doesn't let people in, right. The

60
00:02:16,960 --> 00:02:19,800
Speaker 3: rate of change is accelerating beyond what you expected. So

61
00:02:20,000 --> 00:02:22,000
Speaker 3: it's just I think the pullbacks will be short and shallow.

62
00:02:22,720 --> 00:02:25,360
Speaker 3: Maybe there'll be another surprise, another test of some kind

63
00:02:25,360 --> 00:02:27,679
Speaker 3: that will cause something more severe. But I really can't

64
00:02:27,680 --> 00:02:30,119
Speaker 3: see more than a five or ten percent correction given

65
00:02:30,160 --> 00:02:31,519
Speaker 3: what I see now in the landscape.

66
00:02:31,600 --> 00:02:34,000
Speaker 4: When you think of tariffs, though, I think you're talking

67
00:02:34,040 --> 00:02:37,160
Speaker 4: about the visa the country tariffs, right, the reciprocal what

68
00:02:37,200 --> 00:02:39,960
Speaker 4: about the sectoral tariffs? Does that make it more complicated?

69
00:02:40,160 --> 00:02:40,720
Speaker 1: Absolutely?

70
00:02:40,720 --> 00:02:41,880
Speaker 3: I mean, and that's one of the reason why I

71
00:02:41,919 --> 00:02:43,480
Speaker 3: think a lot of investors have thrown up their hands

72
00:02:43,520 --> 00:02:45,440
Speaker 3: and the market is kind of looking past this.

73
00:02:45,520 --> 00:02:46,720
Speaker 1: Because there's so many carbauts.

74
00:02:46,720 --> 00:02:49,480
Speaker 3: I mean, even the USMCA, right, the exclusions, and that's

75
00:02:49,480 --> 00:02:51,239
Speaker 3: what we've word about this weekend. So a lot of

76
00:02:51,240 --> 00:02:53,399
Speaker 3: the tariffs on China go you know, they go through

77
00:02:53,400 --> 00:02:56,520
Speaker 3: backdoor through Mexico. Well, a lot of that's been excluded,

78
00:02:56,600 --> 00:02:58,440
Speaker 3: so the twenty five percent tariff doesn't even end up

79
00:02:58,480 --> 00:02:58,920
Speaker 3: hitting that.

80
00:02:59,200 --> 00:03:01,200
Speaker 1: And then we have the two two exclusions.

81
00:03:01,200 --> 00:03:04,079
Speaker 3: We just saw that now you know, you can sell

82
00:03:04,160 --> 00:03:07,639
Speaker 3: semiconnectors into China again. So like there's these carve outs

83
00:03:07,639 --> 00:03:10,959
Speaker 3: and it's very confusing. My base case view and has

84
00:03:11,000 --> 00:03:13,560
Speaker 3: been this all year, is ultimately I think that what

85
00:03:13,560 --> 00:03:16,880
Speaker 3: they're going for is a ten percent import tax, basically

86
00:03:16,880 --> 00:03:19,440
Speaker 3: a consumption tax, and that's where we're going to land

87
00:03:19,880 --> 00:03:22,079
Speaker 3: rit large. Now we're not quite there right now if

88
00:03:22,080 --> 00:03:24,960
Speaker 3: you do the math, it's like sixteen seventeen percent. But ultimately,

89
00:03:24,960 --> 00:03:27,440
Speaker 3: if we get to a ten percent import tax. Companies

90
00:03:27,440 --> 00:03:29,360
Speaker 3: can deal with that. You raise three to four hundred

91
00:03:29,360 --> 00:03:31,720
Speaker 3: million dollars in revenue per year. I mean, it's not

92
00:03:31,760 --> 00:03:33,280
Speaker 3: a bad it's not a bad strategy.

93
00:03:33,360 --> 00:03:36,000
Speaker 4: Does the One Big Beautiful Bill tax cuts offset that

94
00:03:36,080 --> 00:03:36,720
Speaker 4: import tax?

95
00:03:36,760 --> 00:03:39,200
Speaker 3: Well, that's exactly the strategy, which is that you're instead

96
00:03:39,240 --> 00:03:43,520
Speaker 3: of taxing companies and private companies and individuals, you're sharing

97
00:03:43,560 --> 00:03:47,040
Speaker 3: the tax now through exporters, importers, and consumers and then

98
00:03:47,120 --> 00:03:49,600
Speaker 3: let the market figure that out, like figure out where the.

99
00:03:49,520 --> 00:03:50,760
Speaker 1: Tax can get allocated.

100
00:03:50,960 --> 00:03:54,600
Speaker 3: So what we're moving from is an economy where capital

101
00:03:54,640 --> 00:03:58,120
Speaker 3: has been allocated by government to an economy where capital

102
00:03:58,200 --> 00:04:01,600
Speaker 3: is being allocated by private corporation. That's the beauty of

103
00:04:01,600 --> 00:04:04,640
Speaker 3: the Big Beautiful Bill is that you're basically shifting the

104
00:04:04,680 --> 00:04:08,160
Speaker 3: economy mix from a publicly driven economy to a privately

105
00:04:08,240 --> 00:04:08,880
Speaker 3: driven economy.

106
00:04:08,880 --> 00:04:10,560
Speaker 1: SOMEBOE we talked about six eight months ago.

107
00:04:10,800 --> 00:04:12,920
Speaker 4: But is there a fiscal impulse given the fact that

108
00:04:13,240 --> 00:04:15,000
Speaker 4: really the crux of the One Big Beautiful Bill is

109
00:04:15,000 --> 00:04:16,479
Speaker 4: an extension of current policy.

110
00:04:16,600 --> 00:04:19,960
Speaker 3: That's right, So there's no incremental fiscal in the traditional

111
00:04:20,000 --> 00:04:23,160
Speaker 3: way you think about it. However, there's a massive positive

112
00:04:23,160 --> 00:04:26,920
Speaker 3: impact to cash earnings for corporations and an incentive structure

113
00:04:26,960 --> 00:04:29,680
Speaker 3: to start investing something that companies have not been doing

114
00:04:29,720 --> 00:04:31,880
Speaker 3: for the last three or four years is investing in capex.

115
00:04:32,720 --> 00:04:35,640
Speaker 3: The bill basically encourages them to spend money in capital

116
00:04:35,640 --> 00:04:37,919
Speaker 3: goods in R and D, something that we need to

117
00:04:37,960 --> 00:04:39,839
Speaker 3: do to grow down the road.

118
00:04:39,960 --> 00:04:41,440
Speaker 2: Let's build on some of this. She talked about the

119
00:04:41,440 --> 00:04:44,320
Speaker 2: broad based earnings revisions. Is that more than just AI,

120
00:04:44,640 --> 00:04:46,560
Speaker 2: more than just big tech? Where are you seeing that?

121
00:04:46,839 --> 00:04:49,359
Speaker 3: So it's been led by the mag seven so to speak,

122
00:04:49,360 --> 00:04:51,280
Speaker 3: But no, it's actually fairly brought now. It is a

123
00:04:51,480 --> 00:04:55,360
Speaker 3: larger company driven sort of revision factor. So the small

124
00:04:55,880 --> 00:04:57,760
Speaker 3: the small companies still aren't seeing it yet. That's what

125
00:04:57,839 --> 00:05:00,240
Speaker 3: we've been underweight. We've remained underweight with the smaller BIS say,

126
00:05:00,240 --> 00:05:02,360
Speaker 3: is now that could change if the FED starts cutting rates.

127
00:05:02,360 --> 00:05:04,760
Speaker 3: That's something we're thinking about for twenty twenty six. But

128
00:05:04,839 --> 00:05:08,719
Speaker 3: it is a fairly broad expansion. It's financials, it's industrials,

129
00:05:08,920 --> 00:05:11,159
Speaker 3: it's some of the software stack which was kind of

130
00:05:11,200 --> 00:05:12,960
Speaker 3: left behind over the last year year and a half.

131
00:05:13,160 --> 00:05:14,520
Speaker 1: So it is it is broadening out.

132
00:05:14,560 --> 00:05:16,560
Speaker 3: And this is I think a function of Look, there's

133
00:05:16,560 --> 00:05:18,680
Speaker 3: been there is pent up demand in the economy, there

134
00:05:19,040 --> 00:05:22,160
Speaker 3: is pent up capex in the economy, and somebody's incentives. Now,

135
00:05:22,200 --> 00:05:25,000
Speaker 3: some of these tax changes, I think do give clarity

136
00:05:25,400 --> 00:05:27,400
Speaker 3: to companies now saying Okay, we can move forward with

137
00:05:27,400 --> 00:05:30,760
Speaker 3: our business. The legislative agenda is done. Now we now

138
00:05:30,760 --> 00:05:32,760
Speaker 3: we can look forward for at least three years, maybe

139
00:05:32,760 --> 00:05:34,400
Speaker 3: not beyond that, but at least for the next three years,

140
00:05:34,520 --> 00:05:35,720
Speaker 3: and we got to get out with our life.

141
00:05:35,760 --> 00:05:37,640
Speaker 2: What are the kind of companies you like at the moment.

142
00:05:37,760 --> 00:05:40,200
Speaker 3: Industrials and financials really are the two areas we've been

143
00:05:40,560 --> 00:05:42,800
Speaker 3: really focused on. And software because I think a lot

144
00:05:42,839 --> 00:05:44,400
Speaker 3: of folks are too bearish on software.

145
00:05:44,440 --> 00:05:47,120
Speaker 1: I understand why. I mean AI, you know, coding and

146
00:05:47,120 --> 00:05:47,400
Speaker 1: all that.

147
00:05:47,440 --> 00:05:48,919
Speaker 3: But at the end of the day, this is the

148
00:05:48,960 --> 00:05:51,600
Speaker 3: part of the tech cycle where you've done the compute

149
00:05:51,960 --> 00:05:54,680
Speaker 3: and now the application layer has to get built so

150
00:05:54,760 --> 00:05:56,760
Speaker 3: that you know, dummies like me on tech can actually

151
00:05:56,880 --> 00:05:58,760
Speaker 3: use this technology and become more productive.

152
00:05:59,160 --> 00:06:00,720
Speaker 2: One of them will can POSSI the Hudson down the

153
00:06:00,800 --> 00:06:03,120
Speaker 2: Hudson in downtown New York, and I look across the

154
00:06:03,200 --> 00:06:06,960
Speaker 2: river to back office city compliance. All of those workers

155
00:06:07,000 --> 00:06:09,440
Speaker 2: that are working for these major financial institutions and forgive

156
00:06:09,440 --> 00:06:10,960
Speaker 2: me because many of them are watching right now and

157
00:06:11,000 --> 00:06:14,200
Speaker 2: this might be a rather brutal conversation. How close are

158
00:06:14,200 --> 00:06:17,320
Speaker 2: we to seeing some big cuts to the amount of

159
00:06:17,400 --> 00:06:18,960
Speaker 2: people to work at these institutions?

160
00:06:19,640 --> 00:06:21,920
Speaker 3: Well, I mean, compliance is definitely one area that will

161
00:06:21,960 --> 00:06:24,719
Speaker 3: be hit not only from AI but also from just

162
00:06:24,760 --> 00:06:27,919
Speaker 3: a change in regulatory environment. Potentially, we don't really know.

163
00:06:28,080 --> 00:06:30,640
Speaker 3: We're not seeing it yet. Okay, I would say that

164
00:06:30,680 --> 00:06:34,280
Speaker 3: the AI concern about employment I think is real. We're

165
00:06:34,279 --> 00:06:37,040
Speaker 3: seeing it. Here's here's the lead indicator. So the largest

166
00:06:37,040 --> 00:06:40,760
Speaker 3: companies who are very fascial with data Okay, you're Nvidios,

167
00:06:40,760 --> 00:06:44,880
Speaker 3: your metas, etc. Are showing the ability to use this data. Microsoft, right,

168
00:06:44,880 --> 00:06:47,360
Speaker 3: They're laying off people more and more because they're able

169
00:06:47,400 --> 00:06:48,039
Speaker 3: to use this data.

170
00:06:48,080 --> 00:06:49,360
Speaker 1: So the question is can.

171
00:06:49,160 --> 00:06:53,920
Speaker 3: That translate into the average company in the economy to

172
00:06:54,279 --> 00:06:57,600
Speaker 3: be determined, But you know, I think that, like I

173
00:06:57,640 --> 00:06:59,200
Speaker 3: don't want to make a statement here, that's not great

174
00:06:59,240 --> 00:07:01,920
Speaker 3: for employees necessarily, but man, if you think about what

175
00:07:02,040 --> 00:07:03,600
Speaker 3: it does for S and P earnings, well, this is

176
00:07:03,640 --> 00:07:03,960
Speaker 3: it might.

177
00:07:04,040 --> 00:07:04,719
Speaker 1: Really really positive.

178
00:07:04,760 --> 00:07:06,680
Speaker 3: That's why the multiple keeps expanding because that's what it's

179
00:07:06,720 --> 00:07:07,400
Speaker 3: looking forward.

180
00:07:07,200 --> 00:07:09,640
Speaker 2: To the conversation for further down the road, and this

181
00:07:09,680 --> 00:07:11,640
Speaker 2: is the next several years, you can have this really

182
00:07:11,640 --> 00:07:14,920
Speaker 2: strange dynamic where the labor market data stinks, but the

183
00:07:15,000 --> 00:07:17,360
Speaker 2: yearnings coming out of these companies might be really powerful.

184
00:07:17,400 --> 00:07:20,480
Speaker 2: I just wonder how far you can push that, How

185
00:07:20,480 --> 00:07:21,480
Speaker 2: far can we push that.

186
00:07:21,720 --> 00:07:23,320
Speaker 3: Well, we're going to find out, I think, because I

187
00:07:23,360 --> 00:07:25,920
Speaker 3: think companies or US companies are really good at cutting costs,

188
00:07:25,920 --> 00:07:29,080
Speaker 3: whether it's employees or you know, other types of expenses,

189
00:07:29,120 --> 00:07:30,760
Speaker 3: and so I mean that's what they're that's what they're

190
00:07:30,760 --> 00:07:32,040
Speaker 3: going to do because we're still in kind of a

191
00:07:32,080 --> 00:07:34,920
Speaker 3: slow growth top line environment, so companies have to become

192
00:07:34,920 --> 00:07:36,520
Speaker 3: more efficient. Plus they have to offset some of these

193
00:07:36,520 --> 00:07:38,000
Speaker 3: other things like terrafs and things like that.

194
00:07:38,040 --> 00:07:39,400
Speaker 1: So but companies will figure that out.

195
00:07:39,400 --> 00:07:41,320
Speaker 3: That's why the market continues to go for the high

196
00:07:41,360 --> 00:07:44,520
Speaker 3: quality businesses. One other thing that we haven't talked about

197
00:07:44,560 --> 00:07:47,240
Speaker 3: yet is last week's Supreme Court ruling I think was

198
00:07:47,280 --> 00:07:51,080
Speaker 3: really fascinating with respect to the government's ability to do

199
00:07:51,200 --> 00:07:54,200
Speaker 3: these reductions in force you know from the DOGE.

200
00:07:53,920 --> 00:07:55,760
Speaker 1: And this this this could be.

201
00:07:56,040 --> 00:07:58,360
Speaker 3: Also quite interesting development where this is like the return

202
00:07:58,400 --> 00:08:01,120
Speaker 3: of DOGE. Because I would say most people are disappointed

203
00:08:01,160 --> 00:08:03,200
Speaker 3: that those wasn't allowed to kind of complete the deal.

204
00:08:03,680 --> 00:08:05,840
Speaker 1: They were kind of blocked. They weren't able to kind

205
00:08:05,840 --> 00:08:07,720
Speaker 1: of reduce government headcount.

206
00:08:08,400 --> 00:08:11,560
Speaker 3: And maybe this ruling by the Supreme Court allows those

207
00:08:11,640 --> 00:08:14,200
Speaker 3: to kind of return and we could see headcount reduction

208
00:08:14,280 --> 00:08:17,320
Speaker 3: in government, which is another type of a slowdown in labor,

209
00:08:17,560 --> 00:08:21,440
Speaker 3: which won't affect the market. Right, That's not great for

210
00:08:21,480 --> 00:08:25,520
Speaker 3: government employees necessarily, but that will liberate Okay, you know

211
00:08:25,720 --> 00:08:27,320
Speaker 3: kind of the private economy.

212
00:08:27,360 --> 00:08:28,880
Speaker 1: Once again, two parts.

213
00:08:28,680 --> 00:08:31,120
Speaker 4: Of these conversations. When you talk about the fact that

214
00:08:31,200 --> 00:08:33,880
Speaker 4: more capital being allocated to the private sector, not the

215
00:08:33,960 --> 00:08:37,400
Speaker 4: US government. But if you have companies laying off people

216
00:08:37,440 --> 00:08:40,360
Speaker 4: because of AI, who has to step in to help

217
00:08:40,880 --> 00:08:43,640
Speaker 4: what potentially could be high unemployment rates.

218
00:08:43,640 --> 00:08:44,920
Speaker 2: It's going to be the US government.

219
00:08:45,160 --> 00:08:46,959
Speaker 3: Yeah, well, I would hope that, you know, instead of

220
00:08:47,040 --> 00:08:48,960
Speaker 3: laying people off, you just make them more productive. I

221
00:08:48,960 --> 00:08:51,720
Speaker 3: mean ultimately, so everyone says yeah, but I mean that

222
00:08:52,160 --> 00:08:53,320
Speaker 3: at the end of the day, if you look at

223
00:08:53,360 --> 00:08:55,160
Speaker 3: the private economy for the last three years, this is

224
00:08:55,160 --> 00:08:57,680
Speaker 3: something that doesn't get a lot of airtime. The private

225
00:08:57,920 --> 00:09:00,880
Speaker 3: labor force has not really ground the most part. Okay,

226
00:09:00,880 --> 00:09:05,480
Speaker 3: it's been a government heavy healthcare, heavy education like state

227
00:09:05,480 --> 00:09:08,520
Speaker 3: and local jobs, and so the private economy has been

228
00:09:08,840 --> 00:09:10,640
Speaker 3: operating with fewer employees already.

229
00:09:10,800 --> 00:09:12,000
Speaker 1: This is not a new deal.

230
00:09:12,360 --> 00:09:14,520
Speaker 3: I mean, companies once again are really good at being

231
00:09:14,520 --> 00:09:17,679
Speaker 3: more efficient. So you know, my hope would be that

232
00:09:17,720 --> 00:09:20,040
Speaker 3: we could just grow with fewer people. By the way,

233
00:09:20,080 --> 00:09:22,319
Speaker 3: we have less immigrants now right because of the shutdown

234
00:09:22,440 --> 00:09:24,240
Speaker 3: the border, so we kind of need this.

235
00:09:24,400 --> 00:09:26,000
Speaker 1: We need to fill that.

236
00:09:26,040 --> 00:09:29,559
Speaker 3: Gap of making the people who are in America more

237
00:09:29,559 --> 00:09:31,319
Speaker 3: productive and so we can grow the economy.

238
00:09:31,600 --> 00:09:34,280
Speaker 2: Mike Wilson smile is always good to see you. Thank you, sir,