WEBVTT - Swig Says Business is Best Done in the Office

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Masser and

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<v Speaker 1>Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. All right,

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<v Speaker 1>you are listening to Bloomberg Business Week Carl Masser along

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<v Speaker 1>with Mike Reagan. Tim Stanovic is off today and so

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<v Speaker 1>great to have back with the Tim is gonna be

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<v Speaker 1>bummed that he missed him. Ken's Wig is back with us,

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<v Speaker 1>and we talk about so many different things with him,

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<v Speaker 1>but we certainly get into real estate stories because he's

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<v Speaker 1>president at Swig Equities. It's a real estate development and

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<v Speaker 1>investment firm based in New York City. He is with

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<v Speaker 1>us via Zoom in New York City. Ken's Wig, how

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<v Speaker 1>are you good. Nice to hear your voice, Carol, Well,

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<v Speaker 1>nice to hear your voice. Um, what's top of mind

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<v Speaker 1>for you? Though? When you look at today's investment environment?

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<v Speaker 1>I feel like we talked about so many big macro

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<v Speaker 1>fet issues, inflation issues, supply chain issues. But I'm curious

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<v Speaker 1>from your perspective and your world, what's really top of

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<v Speaker 1>mind and top priority? You know? Um? Well, from an

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<v Speaker 1>investment side, I think you hit it all, um, you know.

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<v Speaker 1>I think one of the big things is which we've

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<v Speaker 1>talked about before is just getting back and cre cranking

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<v Speaker 1>up the American economy again and and and the business

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<v Speaker 1>of doing business. So we're and it's getting their America's

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<v Speaker 1>plus or minus forty three percent occupying their office space today. Um.

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<v Speaker 1>New York City is a tad under that at about

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<v Speaker 1>thirty nine and a half percent UM. And in my opinion,

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<v Speaker 1>one of the things that that is missing and is

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<v Speaker 1>really critical to to really performing business on a on

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<v Speaker 1>a on a very very efficient and productive way is

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<v Speaker 1>being in the office and attending business in person. Uh.

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<v Speaker 1>And I think that's one of the issues. And are

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<v Speaker 1>they back hint, are people really coming back? You know,

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<v Speaker 1>not enough in my opinion, where As they say New

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<v Speaker 1>York City is about thirty nine point five percent actual

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<v Speaker 1>occupancy of people in the office, UM, the rest of

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<v Speaker 1>the nation's forty two to forty three percent. So we're

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<v Speaker 1>lacking a little bit. But business does not perform ultimately,

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<v Speaker 1>l and efficiently and creatively unless people are interfacing back

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<v Speaker 1>and forth. And that goes back to tribal days. You know,

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<v Speaker 1>the thing that separated us from from other animals on

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<v Speaker 1>earth is our ability to communicate with each other and

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<v Speaker 1>work with each other and perform tasks with each other

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<v Speaker 1>in person, and from then going on, that's what our

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<v Speaker 1>success has been. So, um, I understand sort of a

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<v Speaker 1>split schedule, but I believe that's one of the biggest

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<v Speaker 1>challenges that we're facing. Right. I know my course is

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<v Speaker 1>a Christian, but I do feel like there's gonna be

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<v Speaker 1>people saying, say, oh, look, it's the real estate guy

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<v Speaker 1>talking about getting people back to real estate. No offense,

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<v Speaker 1>but of course it is. But but I'm saying, first

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<v Speaker 1>of all, the people that are that have space are

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<v Speaker 1>still paying their rent and then and they're still performing.

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<v Speaker 1>So I'm talking about real business productivity, creativity and opportunity

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<v Speaker 1>and and and and it just doesn't happen. And it will,

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<v Speaker 1>It'll work for a little while. But the networking that

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<v Speaker 1>goes on in the elevator going to work, we're exiting

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<v Speaker 1>work or the or or meeting in a coffee room

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<v Speaker 1>or bumping into people does not happen anymore. Um. But

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<v Speaker 1>people are still going to movies, right, They're still going

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<v Speaker 1>to UH shows, they're going to sporting events, they're going

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<v Speaker 1>to concerts. So it's not that they're not going out,

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<v Speaker 1>it's just they're not going to the office. Um, So

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<v Speaker 1>that that's a whole another piece. And I don't think

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<v Speaker 1>it's just COVID related. Because you pack yourself into a bar,

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<v Speaker 1>you pack yourself in a music festival, you're you're more

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<v Speaker 1>at risk at cold getting COVID than you are sitting

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<v Speaker 1>in an office, you know, distance with people. So I

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<v Speaker 1>think that's one of the big concerns ken when you

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<v Speaker 1>when you plan for the future. Um, is it realistic

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<v Speaker 1>to expect those occupancy rates to get back to a

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<v Speaker 1>sort of the pre pandemic level or you you sort

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<v Speaker 1>of counting on it being something still below still room

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<v Speaker 1>for recovery, but but maybe not back to where we were. Well,

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<v Speaker 1>I think that that clearly what's happened is that we've

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<v Speaker 1>got First of all, we've got it. We've got a

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<v Speaker 1>shortage of workers in America right now. Um and and

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<v Speaker 1>on a whole another level, you know, as a as

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<v Speaker 1>a wilder thought, but I think actually economically prudent was

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<v Speaker 1>that we need about thirty million UH immigrants in this

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<v Speaker 1>country over the next ten to fifteen years. We have

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<v Speaker 1>an aging population, we have we have uh, you know,

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<v Speaker 1>a lack of workforce, and we need people to come

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<v Speaker 1>in and do that. So that's not a whole another level. Um,

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<v Speaker 1>But do I believe that people working are going should

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<v Speaker 1>be partly at home and partly at work right now?

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<v Speaker 1>I think that there's a good case for that. Um.

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<v Speaker 1>You know, it's it's interesting to note that the home

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<v Speaker 1>time that people want to work are always on a

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<v Speaker 1>Monday and Friday, and they're gonna work Tuesday, Wednesday, Thursday. Um. Frankly,

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<v Speaker 1>I believe that Monday is one of the more important

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<v Speaker 1>days to be in the office because that's when people

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<v Speaker 1>set the schedule, set the agenda for what's going to

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<v Speaker 1>happen in the week. If you do a Tuesday, you

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<v Speaker 1>score to lose the day. So I mean, I think Monday, Tuesday,

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<v Speaker 1>Wednesday working is much more important than and and if

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<v Speaker 1>you work from home on a Thursday, Friday, or take

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<v Speaker 1>a Wednesday Friday or something. But I think Monday's very important.

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<v Speaker 1>But I think we're going to be in a hybrid

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<v Speaker 1>situation for a little while. There's no doubt. Does does

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<v Speaker 1>it make sense for a guy like you to think

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<v Speaker 1>about converting some of the office real estate into residential

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<v Speaker 1>in a city like New York, Well, we do lack

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<v Speaker 1>residential um. Um, you know, apartments and housing. Uh. And

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<v Speaker 1>that's all a degree of price right now. Um, but no,

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<v Speaker 1>I haven't. In New York City is on about a

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<v Speaker 1>twenty percent Downtown is about twenty percent vacancy rate. The

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<v Speaker 1>overall Manhattan vacancy rates about sevent So certainly there are

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<v Speaker 1>buildings that are are older, older buildings and can't compete

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<v Speaker 1>with the new buildings that are there. And and that

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<v Speaker 1>is something that would be you know, a prime candidate

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<v Speaker 1>for conversion to residential. Uh. And you look at the

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<v Speaker 1>city right now, there is no residential commercial you know,

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<v Speaker 1>single areas alone. Everything is mixed together. So yeah, that

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<v Speaker 1>that's certainly an option for some. Um. Yeah, hang on

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<v Speaker 1>for a second, Kent. We're gonna do a little bit

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<v Speaker 1>of news, but we'll come right back to you. We're

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<v Speaker 1>gonna get back to Kent Swig. He is president of

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<v Speaker 1>Swig Equities. He's joining us via zoom from New York City,

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<v Speaker 1>and our conversation will continue. We are still here with

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<v Speaker 1>Kent Swig, president of Swig Equity, still with us via

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<v Speaker 1>zoom from New York City. So I am curious, Kent,

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<v Speaker 1>in this environment, there could be some opportunities to stress

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<v Speaker 1>properties Are you doing any buying? Are you doing any

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<v Speaker 1>selling in this environment? I'm not doing any selling, but

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<v Speaker 1>we are doing some buying. Yes, we're looking at the

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<v Speaker 1>development project on the Jersey coast, which we're close to getting.

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<v Speaker 1>We have another project up in Yonkers that we're looking

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<v Speaker 1>at right now and negotiating and sporadically starting looking at Manhattan. Ken.

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<v Speaker 1>I know you have a side hustle, as they say,

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<v Speaker 1>as the kids saying in crypto, Can you talk to

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<v Speaker 1>us a little bit about that, how you got involved

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<v Speaker 1>in that and sort of what the state state of

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<v Speaker 1>the project is. Well, I got involved about three years ago,

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<v Speaker 1>and um we ended up buying some cryptocurrency uh and

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<v Speaker 1>and found that there was problems with the company um

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<v Speaker 1>and we ended up um starting our own token, if

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<v Speaker 1>you will. The company is called Dignity Gold. We've got

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<v Speaker 1>three billion tokens out outstanding. Very uniquely uh and quickly

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<v Speaker 1>is one. We've got gold backing from minds that we

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<v Speaker 1>own and control that are in Nevada. So we're all

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<v Speaker 1>US based. Our gold as US based, our company as

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<v Speaker 1>US based, our attorneys or accounts, everything is US based,

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<v Speaker 1>all transparent. Also uniquely, we voluntarily filed last year with

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<v Speaker 1>the sec UM, and then very uniquely we UM all

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<v Speaker 1>the people that lost money uh in in the crypto

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<v Speaker 1>that we got involved with, including ourselves. We then went

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<v Speaker 1>out and issued free tokens UM you know, put out

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<v Speaker 1>three billion tokens, including to ourselves, UM for all those

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<v Speaker 1>who lost money that could show that they actually had

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<v Speaker 1>a legitimate token owned before any impropriety in trading which

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<v Speaker 1>was uh IN on some non you know, the non

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<v Speaker 1>central decentralized trading platform in Ukraine. We issued all free

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<v Speaker 1>tokens to anybody who could show us that. So we

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<v Speaker 1>made everybody whole, including ourselves, and went forward. So we're

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<v Speaker 1>now in the process with the sec UM. We are

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<v Speaker 1>trading overseas for foreigners on CRYPTOESX and the Philippines and

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<v Speaker 1>bit uh Global which is in Singapore, UH and going

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<v Speaker 1>very well. We're six billion dollars of gold backing our token.

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<v Speaker 1>It's about two dollars per token. If gold goes up,

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<v Speaker 1>we put up more gold ore ore ore to UH

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<v Speaker 1>minds that we own, and we've got seven that we've

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<v Speaker 1>got rights to. Is over half a billion dollars half

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<v Speaker 1>a trillion dollars of of precious metals gold, silver, rare

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<v Speaker 1>earth minerals, platinum, etcetera. So it's an exciting project, very

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<v Speaker 1>new for the for the industry. Though, so when when

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<v Speaker 1>he talks about crypto mining, it's a whole different, whole,

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<v Speaker 1>different different definitions. You're talking about the real Yeah, and

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<v Speaker 1>it's interesting because the gold is an inflation hedge. Crypto

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<v Speaker 1>is obviously, um, you know, a very up and coming

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<v Speaker 1>type of business. It's you know, multi trillion dollar business

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<v Speaker 1>at this point. But what we believed is taking business

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<v Speaker 1>practices of transparency, good you know, procedures, policies and filing

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<v Speaker 1>with the sec um uh, and take those and applied

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<v Speaker 1>into the crypto market. So with with real backing of

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<v Speaker 1>provable gold reserves. All right, you know, I'm going to

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<v Speaker 1>jump in here because stable coins, i mean have certainly

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<v Speaker 1>been on everybody's radar in terms of what happened to

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<v Speaker 1>terror U s d um. You know we are not

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<v Speaker 1>a stable coin, okay, but but it has sent shivers

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<v Speaker 1>through the whole crypto market. Kent, you know this, it's

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<v Speaker 1>brought everything down. It should. So how do you distinguish

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<v Speaker 1>what you are doing or differentiate and how it is

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<v Speaker 1>a longer term way? Well, first of all, we've we've

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<v Speaker 1>filed with the SEC because we want to be regulated,

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<v Speaker 1>which is a very unique thing. So we spent a

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<v Speaker 1>lot of money because we believe that we should we

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<v Speaker 1>should be regulated as a digital security which we are too.

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<v Speaker 1>We have proven proven assets of gold backing our token.

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<v Speaker 1>So they're in the United States and Nevada in two minds,

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<v Speaker 1>they're they're they're shown. We've got forty three one on

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<v Speaker 1>one engineering reports. We are doing due diligence also to

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<v Speaker 1>file publicly on ourselves as part of our SEC filing,

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<v Speaker 1>so we have you know, and the unique thing is

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<v Speaker 1>that if you lose your password, unlike every other crypto,

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<v Speaker 1>uh you we replace your password, just like if you

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<v Speaker 1>own stock and ibm uh. They don't burn, they don't say,

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<v Speaker 1>oh I'm sorry, you don't get your stock. They you know,

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<v Speaker 1>cancel the stock certificate issue and your one. That's the

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<v Speaker 1>same as us because everybody has to go through no

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<v Speaker 1>your cent KYC and Anti Money Laundering m L processing,

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<v Speaker 1>so we know who people are and we go forward.

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<v Speaker 1>In addition to which we're also creating a fund right

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<v Speaker 1>will throw off dividends and those dividends will be also

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<v Speaker 1>issued to token holders, so we're very much running the

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<v Speaker 1>company as a publicly, as a public company that is

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<v Speaker 1>in a Wall Street world. But volatility is going to

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<v Speaker 1>be part of this environment, right, Kent. I mean it's

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<v Speaker 1>not going to go I mean, I've talked to a

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<v Speaker 1>lot of folks who are you know, so called you

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<v Speaker 1>know experts in this world too, and they're saying, you've

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<v Speaker 1>got to think about it like the early days of

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<v Speaker 1>the internet, and so think about that when you're either

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<v Speaker 1>making an investment bank or I mean investment decision. I

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<v Speaker 1>mean right, I mean we're in the early stages of this.

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<v Speaker 1>We still don't really know how this all plays out. Well, yes, um,

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<v Speaker 1>but if I if I were to tell you to

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<v Speaker 1>Carroll uh and and um, I've got a great Mike,

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<v Speaker 1>and I've got a great stock for you, and you go, okay,

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<v Speaker 1>can't tell me about it? Okay, what would you like

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<v Speaker 1>to know? Well, where's its base? Well, I'm not really sure.

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<v Speaker 1>And who owns it? Well, I'm really not sure. And

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<v Speaker 1>what does it do? I'm really not sure. How does

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<v Speaker 1>it make money? Well it really doesn't. Well why will

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<v Speaker 1>it go up because somebody else will pay more money

0:12:19.679 --> 0:12:22.960
<v Speaker 1>from it? Well, that's describing a lot of the cryptocurrency companies.

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<v Speaker 1>This is this and that that is why people say

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<v Speaker 1>they don't understand it. Well in that respect, there's not

0:12:30.120 --> 0:12:35.160
<v Speaker 1>much to understand this, but the technology, the blockchain, operation,

0:12:35.679 --> 0:12:39.760
<v Speaker 1>upside and and usage of a cryptocurrency in the world

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<v Speaker 1>more and more is is good any as a as

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<v Speaker 1>an industry. Applying business applying business practices that aren't good

0:12:48.920 --> 0:12:52.120
<v Speaker 1>doesn't work. So what we've done is applied good, solid

0:12:52.440 --> 0:12:56.080
<v Speaker 1>business practices into that world. And I think that makes sense.

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<v Speaker 1>All right, we have to leave it on that note.

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<v Speaker 1>I know we will talk more about this, says we

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<v Speaker 1>always like to touch on it with you. Um, good

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<v Speaker 1>to hear your voice, glad to hear your well, and uh,

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<v Speaker 1>of course that's Kent Swig joining us via zoom from

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<v Speaker 1>New York City. He's president of Swig Equities.