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Speaker 1: Welcome to the Bloomberg p m L Podcast. I'm pim

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Speaker 1: Fox along with my co host Lisa Bramowitz. Each day

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Speaker 1: we bring you the most important, noteworthy, and useful interviews

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Speaker 1: for you and your money, whether you're at the grocery

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Speaker 1: store or the trading floor. Find the Bloomberg p m

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Speaker 1: L Podcast on Apple Podcasts, SoundCloud, and Bloomberg dot Com.

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Speaker 1: We have been talking today about the effect of Hurricane

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Speaker 1: Harvey on gas prices and their lack of effect, frankly

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Speaker 1: on crude prices. I want to bring in Libby to

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Speaker 1: do his partner and portfolio manager, Cushing Asset Management, which

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Speaker 1: is based in Dallas and overseas nearly four billion dollars

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Speaker 1: of assets. Libby, can we get your sense of why

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Speaker 1: we're seeing the increase in gas prices? Uh, and certainly

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Speaker 1: that will likely affect the prices that people see at

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Speaker 1: the pump, whereas we're actually seeing crude prices decline. Can

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Speaker 1: you explain this to us? Yeah, I think that we've

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Speaker 1: got a lot of moving parts going on right now. Certainly,

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Speaker 1: the the storm situation is still active and we're going

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Speaker 1: to probably continue to see more more damage and more

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Speaker 1: refineries maybe come shut in. But on the crude side, UM,

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Speaker 1: you're probably not seeing much reaction because what's happening is

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Speaker 1: as as the crude UM W T I to Brent

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Speaker 1: spread widens, that makes our exports more attractive. And so

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Speaker 1: if there's an potential increase for exports, of course the

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Speaker 1: ship the Houston ship channel has to open. UM. Then

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Speaker 1: that's a little bit of a positive. But reality is

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Speaker 1: that at some point there is no place for this

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Speaker 1: crewd to go. If all the refineries are shut down,

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Speaker 1: UM and to you're gonna have a problem. UH. And

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Speaker 1: I would imagine you're gonna see some more weakness on

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Speaker 1: in crude on the flip side, on the refined products.

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Speaker 1: Even though we've seen gasoline futures jump, you have to

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Speaker 1: remember the damage that's being done is also creating demand destruction. UH.

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Speaker 1: And as we see this continue to unfold, this could

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Speaker 1: be months of of of time UH and years of

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Speaker 1: potential rebuild of the whole area because of this massive

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Speaker 1: historic flooding and that demand destruction UM is going to

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Speaker 1: probably put some pressure on refined products. So gasoline jump now,

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Speaker 1: we're probably going to see that come back in Well, Libby,

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Speaker 1: I wonder if you could give us. Any estimate in

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Speaker 1: your mind about let's say, the infrastructure that has been

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Speaker 1: damaged or that is key. For example, I know Exxon

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Speaker 1: Mobile has a big refining operation in Baytown. Uh, there

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Speaker 1: are over seven hundred platforms in the Gulf of Mexico.

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Speaker 1: Another statistic, you know, more than a quarter of all

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Speaker 1: natural gas production in the Gulf has been closed down.

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Speaker 1: What are some of the most important things that you're

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Speaker 1: watching as a manager of you know, over three and

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Speaker 1: a half billion dollars focused mainly on master limited partnerships. Yeah,

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Speaker 1: I think that that. You know, there's seven thirty seven

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Speaker 1: platforms in the Gulf. A hundred and five were evacuated

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Speaker 1: for the storms. You're probably looking about a quarter roughly

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Speaker 1: give or take a couple of percents of oil and

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Speaker 1: gas being production being shut in. But the key thing

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Speaker 1: is going to be, uh, the refineries and going forward

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Speaker 1: and how that impacts obviously the upstream companies is if

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Speaker 1: there's no outlet, no place to push the crude oil um,

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Speaker 1: then they're going to have to slow production. At the

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Speaker 1: same time, on the midstream side, if there is not

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Speaker 1: a place or volumes to be flowing, that has potential

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Speaker 1: impact on on the mid steam stream business. I think

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Speaker 1: the thing that you want to box right now is,

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Speaker 1: you know, we have about pen refineries, including that big

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Speaker 1: X on Baytown refinery down there's another huge refinery that's

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Speaker 1: actually bigger than Baytown, it's the Motiva refinery and Port Arthur.

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Speaker 1: If we begin to see, you know, the seventeen refineries

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Speaker 1: a third of our capacity on the Gulf Coast more

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Speaker 1: of those have to shut down because of of the flooding, UM,

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Speaker 1: then that is really going to create some issues for

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Speaker 1: some of the upstream and some of the midstream energy

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Speaker 1: companies over the short term. Libby, over the longer term,

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Speaker 1: do you think that this disaster will continue to accelerate

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Speaker 1: the move of oil production, of crude production to uh

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Speaker 1: the Northern States, to sort of Middle America and away

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Speaker 1: from the Gulf Coast. No, I don't think you're going

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Speaker 1: to see that because the most prolific basins, certainly on

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Speaker 1: the oil side, are in Texas and Oklahoma, um and

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Speaker 1: obviously being impacted, but the Permian and the Eagle Ford

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Speaker 1: is the most southern field that is could be impacted

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Speaker 1: by the hurricane. But the Permian is further west and north,

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Speaker 1: and of course in Oklahoma. Uh, there's there's a lot

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Speaker 1: of oil production in the Scoop stacked area, so so

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Speaker 1: I don't think that is going to change. And that

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Speaker 1: our most prolific natural gas basin is the Marcels on

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Speaker 1: the East Post, so I don't see that changing. I

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Speaker 1: actually think what this does and we'll we'll again, We'll

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Speaker 1: see we need to balance how much supply impact there

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Speaker 1: is with how much demand destruction, uh there is, and

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Speaker 1: if that begins to change our days to cover or

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Speaker 1: our inventory numbers either way, either higher or lower, that's

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Speaker 1: where we're gonna have some some real impacts. And you

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Speaker 1: can see that positively or or negatively reflected in the

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Speaker 1: stock prices. I want to thank you for joining us.

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Speaker 1: Levy two dues is a part our portfolio manager, Cushing

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Speaker 1: Asset Management. They're based in Dallas, Texas. Three point seven

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Speaker 1: billion dollars of assets under management. Want to thank you

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Speaker 1: for spending time with us today and talking about this

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Speaker 1: topic once again. UH. The cost of Hurricane Harvey could

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Speaker 1: end up being more than twenty four billion dollars when

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Speaker 1: you include the effects of flooding on the labor force,

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Speaker 1: the power grid, transportation, and other elements of the region's

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Speaker 1: energy sector plus the residential toll. Here to tell us

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Speaker 1: more about the insurance angle is Jonathan Adams, our senior

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Speaker 1: insurance industry analyst for Bloomberg Intelligence. Jonathan, I want you

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Speaker 1: to begin, if you can, by just describing the different

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Speaker 1: kinds of insurance, because there's flood insurance, wind insurance, hurricane insurance.

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Speaker 1: There's a multitude that goes into this picture. Just dissected

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Speaker 1: for us and tell us what's going on. Sure, so

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Speaker 1: standard homeowners insurance will cover hurricane wind and many other perils,

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Speaker 1: but it has a specific exclusion for flood. So the

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Speaker 1: standard homeowners policy does not cover UH this type of

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Speaker 1: event for many of the people, unfortunately UM in and

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Speaker 1: around Houston. The good news is that there is a

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Speaker 1: national program, National Flood Insurance Program, that allows individuals to

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Speaker 1: buy a separate policy through the n f I P

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Speaker 1: which is the name for that program, and they can

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Speaker 1: have special coverage. I will say that UM auto policies

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Speaker 1: do cover flood, so UH that particular peril will would

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Speaker 1: be covered UM through your auto policy. But UH in

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Speaker 1: the case of home which of course is a significant asset, UH,

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Speaker 1: individuals need to go to the NFIP to get coverage. Well, Jonathan,

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Speaker 1: do you have any sense of how many people in

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Speaker 1: Houston had already gone to the n f I, Pizza

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Speaker 1: National and Flooded Insurance program UH prior to this storm?

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Speaker 1: And if they didn't, what's there what's their recourse? Now?

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Speaker 1: That's an excellent question, and unfortunately, UM there's not a

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Speaker 1: good figure on individual areas. Although if you analysis was

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Speaker 1: done after Hurricane Sandy here in the northeast and not surprisingly,

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Speaker 1: UM what's called take up rates people who decide to

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Speaker 1: UH cover themselves with a particular type of protection are

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Speaker 1: pretty good close to the coastline. So I would expect

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Speaker 1: that individuals close to Galvis, Gavelston, Kelston, Exies, me UM

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Speaker 1: and Corpus Christi UH, the take up rates would be

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Speaker 1: close to close to areas in Houston where flooding has

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Speaker 1: been um UH an occasional event. Again pretty good. UH

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Speaker 1: take up grades outside of that area probably quite low,

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Speaker 1: and on average, I believe the number is close to

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Speaker 1: one in six or about so that is quite low.

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Speaker 1: And for those that do not have coverage, really there's

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Speaker 1: very little option um it. You know that there could

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Speaker 1: be some federal or state support given, but that type

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Speaker 1: of support is not really replacing damaged property. It's more

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Speaker 1: along the lines of infestry loans or things of that

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Speaker 1: nature that uh, the government tries to put in place

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Speaker 1: in order to allow individuals to get back on their feet.

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Speaker 1: But um, if you don't have any coverage, it really

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Speaker 1: isn't a good picture. I was just reading actually an

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Speaker 1: article talking about how after disasters like this, the percent

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Speaker 1: of people in poverty typically does increase and stay elevated

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Speaker 1: or higher than it was before for a for a

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Speaker 1: long period of time. And perhaps this is part of

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Speaker 1: the reason why I have people lose a lot of

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Speaker 1: the value that they have been storing in the form

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Speaker 1: of their homes. What about the national program itself? How

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Speaker 1: well funded is that unfortunately not well funded? The billion

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Speaker 1: dollars in debt to the U. S. Treasury um, it's

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Speaker 1: a very unfortunate and simple situation where they don't collect

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Speaker 1: enough premium for the risk that they are incurring. UM.

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Speaker 1: When I say that, that's the the n f I

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Speaker 1: P and there are certainly limitations that Congress puts on

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Speaker 1: the program so that it's difficult for the administrators to

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Speaker 1: put in place a program that is actually sound. That

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Speaker 1: program is up for renewal as we speak, it expires

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Speaker 1: at the end of September and unfortunately for the next

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Speaker 1: six years. Based upon the bills that are currently being discussed,

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Speaker 1: it's unlikely the program will be able to charge an

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Speaker 1: actually actuarily sound rate, and that will ultimately come back

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Speaker 1: to haunt us because the taxpayers obviously need to cover

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Speaker 1: that in debt to the Treasury at some point. Jonathan,

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Speaker 1: And what if you just outline for us quickly in

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Speaker 1: looking at the big commercial insurers, the ones that maybe

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Speaker 1: are used by the energy industry, what effect does have

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Speaker 1: on them. So the good news of this storm is

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Speaker 1: that the very high winds UM dropped very quickly after landfall,

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Speaker 1: and um my channel checks show that many of the

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Speaker 1: refiners and other industrial UM entities in that area suffered

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Speaker 1: relatively modest damage. Again that's that's a relative term. But

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Speaker 1: UM the likes of travelers, which provides a great deal

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Speaker 1: of commercial proper D coverage a I G. CHUB UM

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Speaker 1: will probably not incur the same percentage of loss given

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Speaker 1: the total loss here as they would have if UM

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Speaker 1: this was a more traditional wind driven loss event. So

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Speaker 1: UM those are the names that are likely UM participating

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Speaker 1: in that type of coverage and frankly, there'll be some claims,

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Speaker 1: but they won't be too bad for them, Thank you

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Speaker 1: very much. Jonathan Adams is our senior insurance industry analyst

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Speaker 1: for Bloomberg Intelligence. We'll have about a price check in

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Speaker 1: Aisle four organic bananas are now sixty nine cents a pound.

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Speaker 1: That's down from cents. Avocados they used to cost nearly

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Speaker 1: three bucks each, They're now a dollar fifty. Yes, this

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Speaker 1: is what Amazon does the whole foods the Monday after

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Speaker 1: its purchase is complete. And here to tell us more

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Speaker 1: about this strategy is Scott Mushkin's senior retail staples analysts

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Speaker 1: for Wolf Research. Scott, great to have you with us.

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Speaker 1: Is this just we're gonna get used to the fact

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Speaker 1: that Amazon deals with competition by just undercutting everybody else

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Speaker 1: on price. I mean, I think that's what we're gonna see.

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Speaker 1: I mean, I was in the store on Sunday at Sarasona, Florida.

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Speaker 1: I was back there this morning. Um, the price cuts

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Speaker 1: are pretty limited right now, but the size of the

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Speaker 1: price cuts are pretty significant. So we're finding on average,

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Speaker 1: the pricing what it's being cut is down about and

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Speaker 1: you hit some of the items, the avocados, eggs, milk, butter,

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Speaker 1: can of all these staple items that Amazon's moved on.

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Speaker 1: And as they said, this is just the first time

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Speaker 1: they're gonna do it. We're we're respecting more from them.

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Speaker 1: And I think the most significant thing they analysis they're

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Speaker 1: going to make it part of their Prime program um

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Speaker 1: and you'll get discounts if you're a Prime member and

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Speaker 1: Whole Foods it's a big deal. It's a game changer.

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Speaker 1: So how big would the discounts be and would it

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Speaker 1: just be at the physical locations of Whole Foods or

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Speaker 1: does this mean that we are soon going to get

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Speaker 1: some kind of online delivery and distribution mechanism from Amazon.

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Speaker 1: I mean, I think we're going through. I think what

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Speaker 1: you're gonna see is you're gonna integrate. No one knows

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Speaker 1: you have by the way, but you know are guessing

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Speaker 1: is that they're going to integrate pretty readily the Amazon

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Speaker 1: Fresh operations and Whole Foods. Um it's likely to be

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Speaker 1: pretty powerful as they do that. They already made the

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Speaker 1: announcement that the Whole Foods private label three sixty five

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Speaker 1: is going through going through Amazon. Uh, so you know Amazon,

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Speaker 1: it's got sit set on this one point one trillion

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Speaker 1: dollar consumables market, and unfortunately, you know, for other competitors

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Speaker 1: in the market, if you look at what's going on

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Speaker 1: with the consumer, they're really primed pun intended there, but

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Speaker 1: primed to move some of their some of their purchasing

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Speaker 1: over to Amazon and now Amazon Whole Foods. So, Scott,

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Speaker 1: you know, you're talking about how the price cuts are

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Speaker 1: fairly limited and are really focused on staples butter milk, eggs,

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Speaker 1: avocados for the millennials out there. And I like them too,

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Speaker 1: But but I want to ask about that strategy. Is

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Speaker 1: that enough to bring people in the door, and does

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Speaker 1: it make them more amenable to spending uh more for

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Speaker 1: the other goods in the store or uh, you know,

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Speaker 1: what's the evidence behind this approach? Oh? I mean, I

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Speaker 1: actually think you're saying something really important. I don't think

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Speaker 1: it's enough. Um, they're going to need to do more.

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Speaker 1: Uh for instance, in our in our business today, Jason's

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Speaker 1: body wash. Uh uh. You can see that at a

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Speaker 1: GB down in Texas for every day. So they're gonna

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Speaker 1: have to do more. They're gonna have to broaden this out.

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Speaker 1: They're gonna have to really get rid of that whole

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Speaker 1: paycheck uh persona on on whole food So I think

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Speaker 1: it's the first step. I think the most interesting thing

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Speaker 1: we will see is what they do for the prime

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Speaker 1: members and what kind of discount you will get at

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Speaker 1: being a prime member in shopping at Whole Foods. I

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Speaker 1: think that's going to be incredibly powerful when they roll

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Speaker 1: that out. Hey, Scott, the competition sprouts Kroger as well

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Speaker 1: as Walmart. Can you give us an idea of whether

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Speaker 1: there are opportunities to invest in those companies or whether

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Speaker 1: you want to stay away, and also what they're doing

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Speaker 1: to respond. I think you gotta stay uh the you know,

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Speaker 1: if you look at some of the big markets. For instance,

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Speaker 1: let's talk about program we can get kind of micro here.

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Speaker 1: Kroger owns something called Mariano's in Chicago. The Whole Foods

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Speaker 1: is a very large operation in Chicago and hasn't been

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Speaker 1: doing very well. Mariano's has priced under Whole Foods in

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Speaker 1: the Chicago market. That's going to change. They've also Amazon

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Speaker 1: has rolled out their Amazon Fresh operations recently in Chicago.

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Speaker 1: As they integrate the Amazon Fresh and the Whole Foods offering,

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Speaker 1: very problematic for that Kroger banner there. But if you

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Speaker 1: look at all Hold, which is uh, you know, owns

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Speaker 1: the stopping shop banner again very large whole foods markets

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Speaker 1: and markets stead of Amazon US. So for those traditional grossers,

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Speaker 1: incredibly problematic. What's going on because they've done well with

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Speaker 1: the natural organic, especially Kroger with simple Truth. So really

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Speaker 1: stay away from the sector. That's what we've been telling

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Speaker 1: people now for about the last twelve eighty months. If anything,

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Speaker 1: we feel that more strongly about that today than than

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Speaker 1: we have. It's really going to stand away from the

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Speaker 1: sector until we kind of feel we kind of figure

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Speaker 1: out where things are going. You know, one question in

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Speaker 1: my mind, Scott, Yeah, the last week we were speaking

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Speaker 1: with Shara o. V Day, a Bloomberg gad Fly columnists

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Speaker 1: who is noting that Whole Foods had a bigger profit

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Speaker 1: margin than Amazon itself at the time of purchase. How

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Speaker 1: much can Amazon squeeze that profit margin at Whole Foods

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Speaker 1: while still remaining viable and in good shape. I mean,

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Speaker 1: I think they can squeeze it as much as they

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Speaker 1: I mean, we've seen this with Amazon. They'll squeeze it

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Speaker 1: as much as they can to grab the market share. Uh. So,

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Speaker 1: I again repeating the idea of the prime. One of

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Speaker 1: the things I don't think we all considered when Amazon

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Speaker 1: did this, how much volume will Amazon be able to

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Speaker 1: increase as they make it part of their prime membership. Um,

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Speaker 1: that's gonna be very powerful. But the Amazon has been

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Speaker 1: shownself to be a company that doesn't necessarily thinking short

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Speaker 1: term profits. Uh And I don't think they're They're going

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Speaker 1: to drop pricing as much as they can, um to

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Speaker 1: to drive the traffic into the whole foods and and

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Speaker 1: also to drive up the usage of Amazon Fresh. So

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Speaker 1: they're playing a long game, and that's what's problematic for

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Speaker 1: companies like a Kroger and a novel Scott. Do you

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Speaker 1: foresee a change in the layout of the whole food

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Speaker 1: stores to accommodate things like real time price changes and

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Speaker 1: getting rid of the normal you know, stocking the shelves

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Speaker 1: so that you can see everything is now going to

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Speaker 1: be changed to maybe just you know, a few items

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Speaker 1: or even a few days, and I have it be

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Speaker 1: rotated more quickly. I think you'll see that. I also

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Speaker 1: think just Amazon lockers show up, and especially in the

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Speaker 1: suburban whole food stores, I think you know, obviously Amazon

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Speaker 1: has been experimenting with their Amazon Ghost store out in Seattle,

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Speaker 1: so I think you'll see Amazon try to bring in

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Speaker 1: some technology to help the productivity of those stores and

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Speaker 1: take down the cost. So I think over time you'll

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Speaker 1: see Amazon doing a number of things in conjunction with

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Speaker 1: Whole Foods UH to be able to again invest in

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Speaker 1: price it. It It will invest back into the business, but

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Speaker 1: to make it more efficient. So over time, I do

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Speaker 1: think the stores to getularly, the suburban stores. The Artman

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Speaker 1: stores are so busy, but those suburban stores, I think

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Speaker 1: you'll see some changes come through. Another change that came

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Speaker 1: through today is that Amazon's Echo was on display at

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Speaker 1: Whole Foods, meaning that they are definitely putting their stamp

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Speaker 1: on the store in many different ways. Scott Muschkin, thank

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Speaker 1: you so much for joining us. Scott Mushkin is a

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Speaker 1: senior retailed staples analyst at Wolf Research. Um. Definitely a

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Speaker 1: new era for Whole Foods. Pound four galla apples that

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Speaker 1: are organic will definitely entice some people to the store.

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Speaker 1: All right, let's turn our attention out to a new

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Speaker 1: chief executive for Uber and perhaps two hundred rather two

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Speaker 1: hundred million dollar pay bonus here to tell us more

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Speaker 1: is a men Deep sing He is our technology analyst

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Speaker 1: for Bloomberg Intelligence. Man Deep, always a pleasure, Thanks for

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Speaker 1: coming into the studio. Dara kosro Shah, he is tapped

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Speaker 1: to be the new chief executive formally of Expedia, formerly

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Speaker 1: of Barry Diller Allen and Company, Brown University. What can

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Speaker 1: you tell me about the challenges that Dara faces? So

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Speaker 1: clearly he is a very qualified candidate. He has proven

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Speaker 1: himself at Expedia, you know, scaled Expedia from a small

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Speaker 1: online travelers invendor to the largest O t A vendor

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Speaker 1: by bookings. And I think what he'll find is he

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Speaker 1: can repeat the same playbook over here, because when you

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Speaker 1: think about Uber, there's a lot of similarity with online

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Speaker 1: travel companies. You know, Uber also deals with price conscious customers.

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Speaker 1: It has the same kind of network effects as an

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Speaker 1: online travel company does. It has to overcome regulatory hurdles,

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Speaker 1: which online travel vendors did as well. So there's a

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Speaker 1: lot of similarity. And I think I feel personally Uber

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Speaker 1: is where O t A vendors like Expedient price Line

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Speaker 1: were ten years back, So he can repeat that playbook.

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Speaker 1: Where did he come from in the running for the

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Speaker 1: new Uber CEO. Because I heard a lot of names

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Speaker 1: to be the potential new chief executive here, including Meg Whitman.

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Speaker 1: I did not hear his until this weekend. I was

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Speaker 1: as surprised as you were, Liza. He definitely was not

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Speaker 1: in the running, or at least no one heard about

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Speaker 1: him up on told Sunday where Meg Whitman. It seems

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Speaker 1: that the board couldn't agree. So that's the thing about

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Speaker 1: Uber is the board is very small and it's divided

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Speaker 1: into two parts. One pro UH co founder Travis scan Lake,

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Speaker 1: the other one is not supportive of him. And I

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Speaker 1: think it came to a point where Dara was the

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Speaker 1: least offensive choice, somebody who could pacify, you know, both

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Speaker 1: the sides. And wow, that's that's the least offensive. I

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Speaker 1: don't think of Jeffrey Emmilt and Meg Whitman necessarily as

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Speaker 1: being offensive. But whatever it is that that flows your boat.

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Speaker 1: I mean, I guess that the other question is a

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Speaker 1: political question. And uh, you know, we know that that

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Speaker 1: Uber has come under fire for some controversial political leanings

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Speaker 1: and Dara comes in and has been an outspoken opponent

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Speaker 1: of President Trump. Does that matter at all to Uber?

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Speaker 1: I think it does. Because Uber is a global company.

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Speaker 1: Think about it. It's operating in you know, worldwide eighty

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Speaker 1: three countries, and as a global company, you can't be

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Speaker 1: very narrow in your views. So the CEO really sets

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Speaker 1: the bar. And I think it's a good thing for

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Speaker 1: Uber to have such a CEO who's vocal about these

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Speaker 1: kind of things. And and really I think, uh, he's

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Speaker 1: setting up a good precedent if if he carries on

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Speaker 1: that way. One of the issues I believe that Uber

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Speaker 1: right now has to do with the lawsuit that has

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Speaker 1: been filed by Benchmark about Travis Kalanak having a hand

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Speaker 1: in appointment of two additional board members. Does this make

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Speaker 1: it easier to solve this or I mean, is this

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Speaker 1: We just gonna have to wait and see what what

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Speaker 1: Benchmark thinks of the new CEO. Yeah, we'll have to

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Speaker 1: wait and see. The board structure, like I said, is

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Speaker 1: very complex, but based on how he has run Expedia,

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Speaker 1: my gut feeling is he's going to diversify the board.

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Speaker 1: He's going to add people who have experienced running billion

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Speaker 1: dollar plus companies. This board is very new right now.

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Speaker 1: Five appointees are new. You know, they've been at Uber

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Speaker 1: for less than one year, So he may want to

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Speaker 1: add people who have that experience running a multinational, multibillion

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Speaker 1: dollar company. And and I think he also needs a CFO. Right,

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Speaker 1: that's the other vacuum that is there in the company.

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Speaker 1: There's no CEO, there is no CFO. So maybe one

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Speaker 1: of those two guys could be on the board as well. Um.

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Speaker 1: The price tag for this new chief executive officer is

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Speaker 1: quite large, right. Um. Again, it's a tough question because

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Speaker 1: obviously he had a lot of options, uh in Expedia,

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Speaker 1: So of to get a guy like that who has

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Speaker 1: been running the company successfully for twelve years, yes, you've

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Speaker 1: got to pay up, but that's not a problem for Uber.

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Speaker 1: Uber has all that you know, cash and and they

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Speaker 1: can attract any candidates, So it's really about getting the

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Speaker 1: right one. So two million dollars, which is the currently

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Speaker 1: reported fee that they'll have to pay their new chief

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Speaker 1: executive to leave Expedias, that's drop in the bucket for them.

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Speaker 1: I mean it's not a drop, but they can you know,

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Speaker 1: invest those options, they can create a package for him

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Speaker 1: that kind of vessel over time, and I mean in

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Speaker 1: the grand scheme of things, it's not really a big deal.

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Speaker 1: I was just gonna say, and just taking a look

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Speaker 1: at the Bloomberg at the at the total compensation cash,

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Speaker 1: non cash, and so on, thirty one point six million

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Speaker 1: dollars for a cost row shot EXPETI. Thanks for listening

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Speaker 1: to the Bloomberg P and L podcast. You can subscribe

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Speaker 1: and listen to interviews at Apple Podcasts, SoundCloud, or whatever

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Speaker 1: podcast platform you prefer. I'm pim Fox. I'm on Twitter

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Speaker 1: at pim Fox. I'm on Twitter at Lisa Abramo. It's

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Speaker 1: one before the podcast. You can always catch us worldwide

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Speaker 1: on Bloomberg Radio