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Speaker 1: Welcome to the Bloomberg Penel Podcast. I'm Paul Swinge. You.

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Speaker 1: Along with my co host Lisa Brahma Waits, each day

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

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Speaker 1: you and your money. Whether at the grocery store or

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Speaker 1: the trading floor, find a Bloomberg Penl podcast on Apple

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Speaker 1: podcast or wherever you listen to podcasts, as well as

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Speaker 1: at Bloomberg dot com. For months, a lot of economists

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Speaker 1: and traders have been saying, it's just manufacturing. It is

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Speaker 1: a specific sector that is suffering specific pain. Today we

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Speaker 1: get data showing that a U S services gauge dropped

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Speaker 1: to a three year low. A gauge of employment in

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Speaker 1: the U S services sector fell into contraction for the

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Speaker 1: first time since two thousand ten. This is beyond manufacturing.

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Speaker 1: Joining us here, Lena Shilietieva in our senior US economist

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Speaker 1: for Bloomberg Economics, Joining us in our Bloomberg Interactive Broker Studios.

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Speaker 1: How concerned should we be so? Uh? Today's numbers a

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Speaker 1: clear sign that worries you know that we saw in

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Speaker 1: the manufacturing sector are spreading beyond into a broader economic activity. However,

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Speaker 1: I would question against you know, saying, Okay, this is

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Speaker 1: a recession signal, it's not. You know, the sector is

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Speaker 1: still expanding, expanding although slower pace. You know. I think

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Speaker 1: this kind of number is comparable to what happened back

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Speaker 1: into thousands sixteen. Remember when we had China devaluation and

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Speaker 1: a market route on the back of it, and that

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Speaker 1: affected business sentiment to quite a significant degree. But we

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Speaker 1: were not talking about recession. So we're not talking about

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Speaker 1: the recession now. We think the probability still remains relatively low. Elena,

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Speaker 1: when we saw the manufacturing side of the economy turned

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Speaker 1: negative and actually into contraction, I think a lot of

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Speaker 1: people felt like it was primarily driven by uncertainties associated

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Speaker 1: with the trade tensions. Is that you think that's also

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Speaker 1: impacting the service society economy as well? Uh? Sure, So

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Speaker 1: if you read some comments, you know, not only look

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Speaker 1: at the numbers, but if you read the comments in

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Speaker 1: the actual ism report, Uh, there's a lot of discussion

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Speaker 1: all across the manufacturing and non manufacturing industries about how

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Speaker 1: tariffs are impacting the businesses. So, but what I found

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Speaker 1: very interesting in today's report actually is that, uh, some

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Speaker 1: some people are talking about how they are substituting how

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Speaker 1: they are working to substitute some imports from China with

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Speaker 1: UH imports from other countries. So I think eventually this

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Speaker 1: will work and we will be just okay. But right

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Speaker 1: now is just creating a lot of uncertainty. So how

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Speaker 1: much of a concern just sort of raise ahead of

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Speaker 1: tomorrow's jobs number. I think it's a significant indicator, you know,

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Speaker 1: along with other labor market indicators. I think it's telling

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Speaker 1: us we will see another relatively weak number, but again

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Speaker 1: not something that will be able to push the unemployment

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Speaker 1: rate higher. In fact, we expect the unemployment rate to

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Speaker 1: go down by attempts to three point six percent, so

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Speaker 1: a one thirty five thousand number that we are forecasting

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Speaker 1: would be just enough to do that. So, given that

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Speaker 1: we are starting to see a little bit of weakness

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Speaker 1: creep into the consumer of the services side um and

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Speaker 1: will certainly wait for the jobs data tomorrow, how do

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Speaker 1: you think that the FED will react for the remainder

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Speaker 1: of this year? Interesting you mentioned that because we already

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Speaker 1: heard today after the week, same number, and you know

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Speaker 1: other indicators. We heard from UH Charlie Evans overnight he

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Speaker 1: was speaking in Madrid and he actually said that he's

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Speaker 1: still not convinced they need to act at the October meeting.

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Speaker 1: He thinks that fundamentals remain solid, but I think if

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Speaker 1: we continue to get weak data like we did today,

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Speaker 1: especially the unemployment Rade report, this will push the fits

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Speaker 1: And at the end of the months, let's say there

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Speaker 1: are some optimists out there saying, let's buy this deep.

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Speaker 1: We think that the market is going to turn around

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Speaker 1: and that either the feder will come in with stimulus

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Speaker 1: or we'll see strength from somewhere else where in the economy.

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Speaker 1: Could we see strength, well, you know it's it's the consumer.

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Speaker 1: We've been talking about it for quite some time, right,

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Speaker 1: So that doesn't this directly feed into consumer spending? And

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Speaker 1: it isn't consumer spending essentially a lagging indicator, and employment

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Speaker 1: kind of procedes that it depends on how much wages grow, okay,

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Speaker 1: and how much will consumers feel optimistic about the outlook

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Speaker 1: and will they spend it. So we are heading into

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Speaker 1: a holiday season pretty soon, so we'll see how that

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Speaker 1: plays out. So that, like early indicators are saying that

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Speaker 1: the holiday season will be a good one. So, Lena,

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Speaker 1: are you guys at Bloomberg Economics in the camp that UM,

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Speaker 1: there could be a recession in or maybe just more

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Speaker 1: like the new normal, which might be one and a

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Speaker 1: half to two growth, and that might be kind of

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Speaker 1: what we have. So we don't see a recession within

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Speaker 1: the next twelve months. We think the probability is relatively low.

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Speaker 1: We just published some research. Actually our recession indicator is

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Speaker 1: that for the next twelve months, and we think that

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Speaker 1: we will see a significant slow down in the second

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Speaker 1: half of the year uh to something like one percent

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Speaker 1: on average from two point six percent in the first

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Speaker 1: half of the year. But that by no means means

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Speaker 1: recession is coming. I'm just trying to understand going forward.

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Speaker 1: It seems like the market is saying the federal reserve

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Speaker 1: or cut rates it will be insufficient to fuel economic

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Speaker 1: growth real quick. That accurate, I think it is. I

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Speaker 1: think you know, the market is thinking the FIT might

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Speaker 1: not have enough ammunition to act. They will obviously do

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Speaker 1: what they can, but this might require some sort of

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Speaker 1: a fiscal stimulus. The chances I don't know. I cannot

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Speaker 1: talk about the chances of that, but it seems like

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Speaker 1: that's what we need UM at this point. Elena Chila Tieva,

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Speaker 1: thank you so much. Senior US economists for Bloomberg Economics,

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Speaker 1: joining us here on our Bloomberg Interactor broker studio. George Young,

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Speaker 1: partner and portfolio manager at Villary Funds, joins us to

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Speaker 1: talk about volatility and trading in this market. Villary Funds

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Speaker 1: they are based in the great City of New Orleans,

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Speaker 1: but George joins us here live in our Bloomberg Interact

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Speaker 1: their broker studio. So, George, I was just talking about,

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Speaker 1: you know, these past couple of days, this week has

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Speaker 1: just been you know, a sell off on some weekending

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Speaker 1: economic news. How are you guys viewing the market right here. Well,

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Speaker 1: we're long term investors and I think that's import and

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Speaker 1: for people to keep in mind because this is not

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Speaker 1: a short term event. It's not like going to the

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Speaker 1: casino where you need to cash out at the end

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Speaker 1: of the day. So if you can put on some

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Speaker 1: blinders and look out into the future again, I'd like

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Speaker 1: to think that our investors are investing for retirement, for

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Speaker 1: specific goals, whether it's education for the kids, whatever it

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Speaker 1: may be. Uh, you need to look at the fact

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Speaker 1: that the economy is basically healthy. Yeah, there's some ripples

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Speaker 1: out there worried about the manufacturing index, But I think

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Speaker 1: that is a short term indicator. Uh, when I say

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Speaker 1: the economy is healthy, We've got good g d P numbers,

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Speaker 1: we've got low unemployment, we've got not overly strong valuations

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Speaker 1: in the stock market. So it's still attracted from a

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Speaker 1: pe base, especially in the light of the fact that

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Speaker 1: you've got one point six percent yields on the ten

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Speaker 1: year treasury. Got to keep all that in mind. So

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Speaker 1: this is something people say, we're long term investors, buy

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Speaker 1: and hold. The U S. Economy isn't going to collapse entirely.

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Speaker 1: It's a good time to just stay invested and stay

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Speaker 1: the course. What happened. And if someone is sixty four

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Speaker 1: years old, they're going to retire in the next three years,

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Speaker 1: and they want to know where should they be hiding

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Speaker 1: right now? You know, should they basically shift away from

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Speaker 1: all their stocks and just go to cash because there

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Speaker 1: is sort of an imminent crash being signaled by weakening

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Speaker 1: services and on the heels of manufacturing and then talk

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Speaker 1: of trade wars and forget about it. Well, I'll give

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Speaker 1: you two answers on that one. If you're sixty four

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Speaker 1: years old, that means that you're retiring possibly, but that

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Speaker 1: doesn't mean you're going to die tomorrow. So you've got

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Speaker 1: to think that you've got another twenty years to live.

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Speaker 1: And if that's going to happen on a statistical basis,

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Speaker 1: you've got to buy stocks one point six percent and

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Speaker 1: a government bond is not going to cut it. So

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Speaker 1: you really need to be prepared to invest for a

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Speaker 1: longer term. And that's not going to be fun. But again,

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Speaker 1: it's very easy to look backwards and see what the

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Speaker 1: cell signals were. Again, if you look back at the

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Speaker 1: fourth quarter of last year, a lot of people are remembering, oh,

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Speaker 1: fourth quarter last year, that was a problem. We're entering

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Speaker 1: the fourth quarter or now October, i'm told is a

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Speaker 1: bad month. All those things are true, And I have

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Speaker 1: no aversion to a sixty four year old having a

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Speaker 1: certain amount in cash or certain amount in bonds. But

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Speaker 1: I think they've still got to have a preponderance in

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Speaker 1: stocks because that's what's going to keep them for the

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Speaker 1: long term. I'd say a different answer if you were

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Speaker 1: talking about an eighty year old. Life expectancy isn't as long.

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Speaker 1: Different needs, different reaction to volatility. Uh. And there's one

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Speaker 1: of our old aphorism. Uh, no safe haven for capital

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Speaker 1: or capitalists. So you've got to be a little cautious.

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Speaker 1: But again, you you enter the stock market assuming there's

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Speaker 1: gonna be a certain amount of risk, and you have

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Speaker 1: to be willing to take that. So here we are, George,

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Speaker 1: ten plus years into this economic cycle. We have signs of,

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Speaker 1: you know, a weakening economy, still growing in the US,

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Speaker 1: but but weakening. What are the sectors that you think

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Speaker 1: that you're recommending to your clients that they pay attention to. Well,

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Speaker 1: I think you've got good opportunities in technology. And again

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Speaker 1: technology dominates the S and P five. But one common

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Speaker 1: characteristic technologies whatever software, for instance, that you buy, you

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Speaker 1: as a user, tend to re up that same software,

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Speaker 1: and so they've got very visible cash flow streams. The

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Speaker 1: other thing that's attractive as most technology companies have very

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Speaker 1: little debt, and that's obvious the way that you get

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Speaker 1: in trouble nowadays if you have too much debt, and

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Speaker 1: as we all know with a lot of corporations, any

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Speaker 1: debt that is on a company's books can be refinanced

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Speaker 1: at these historically low rates. So I think technology is

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Speaker 1: a good area to look at. I want to go

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Speaker 1: back to the sort of age issues I'm having. My head,

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Speaker 1: of course went on succeed four. I'm not going to

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Speaker 1: say it. I'm wondering, do you think then that, for

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Speaker 1: no reason, should people change their allocations? In other words,

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Speaker 1: let's just say, I mean, should they reduce their allocations

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Speaker 1: to equities in a situation where they're needing to preserve

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Speaker 1: cash and focus on the income level, or should they

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Speaker 1: look to stocks as the new income providers. I think

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Speaker 1: that people need to understan and the total return concept,

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Speaker 1: and I think most people do that. As you shift,

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Speaker 1: and let's say we're talking about i RA, so for

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Speaker 1: the argument's sake, you don't have to worry about taxes.

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Speaker 1: You can make that shift, and you should as you

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Speaker 1: move from let's say the sixty four year old to

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Speaker 1: the eighty year old. The other thing to keep in

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Speaker 1: mind is that if you do make an abrupt decision

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Speaker 1: to liquidate your portfolio and go fifty into cash, what's

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Speaker 1: going to be the sign that's going to tell you, Okay,

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Speaker 1: now it's quote safe to get back in. It does

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Speaker 1: not ring a bell. You never know when that's going

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Speaker 1: to happen. So I think it's much better to adopt

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Speaker 1: a constant um uh investment policy statement for yourself. Endowment

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Speaker 1: funds mutual funds have an investment policy statement and they

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Speaker 1: adhere to those with good reason. So if you think

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Speaker 1: back about the fourth quarter of last year, think back

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Speaker 1: to the first quarter of two thousand nine, when the

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Speaker 1: market was hitting loads, it's good that you would have

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Speaker 1: stuck to your investment policy statement to maintain the proper

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Speaker 1: asset allocation. Well, certainly people who stuck to their allocations

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Speaker 1: today in equities are actually going to be pleasantly surprised

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Speaker 1: because what looked like it was going to be a

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Speaker 1: very down day has turned surprisingly positive with the nastac

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Speaker 1: opp nearly six tenths of a percent. George Young, thank

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Speaker 1: you so much for being with us. George Young, portfolio

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Speaker 1: manager of the Villary Balanced Fund, which trades under the

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Speaker 1: ticker v I l l X, joining us now. We

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Speaker 1: are so happy to have Damien Sassaur Fixing come Strategistic

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Speaker 1: focused on the emerging markets for Bloomberg Intelligence and UH.

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Speaker 1: I want to look first at Argentina because it's hundred

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Speaker 1: year bonds that were sold just a couple of years ago,

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Speaker 1: trading at forty three cents in the dollar trading a

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Speaker 1: par not so long ago. What is the implication here, Well,

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Speaker 1: I think you want to talk about Argentina, because I

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Speaker 1: just returned from Buenos Ayres last week, So let's talk

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Speaker 1: about Argentina. Argentina, and I've met with quite a bunch

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Speaker 1: of people on the ground, and it's certainly a deflating

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Speaker 1: a sentiment down there. But three hundred fifty billion dollars

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Speaker 1: of debt outstanding, of which two hundred sixty billion dollars

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Speaker 1: is in hard currency, so they will have to undergo

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Speaker 1: a major restructuring. I mean, this isn't just gonna be

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Speaker 1: a reprofiling maturities such as they've led us to believe.

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Speaker 1: This is gonna be led by the I m F, which,

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Speaker 1: by the way, forty four billion dollars of that hard

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Speaker 1: currency debt is owed to the I m F. And

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Speaker 1: so there's gonna be a lot of interplay there. I mean,

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Speaker 1: certainly with the Guard moving to the e c B

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Speaker 1: and now Krystalina Georgieva ascending to the head of the

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Speaker 1: I m F. You know, she's a Bulgarian economist. The

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Speaker 1: Bulgaria was bailed out by the I m F BA.

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Speaker 1: But really, you have to look back to to know

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Speaker 1: why Argentina is in the current situation. It's in Lisa

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Speaker 1: and the fact remains, you know, they've got a lot

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Speaker 1: of debt outstanding. They need short term relief. It's going

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Speaker 1: to be led by the I M F and how

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Speaker 1: RGIVA and UM whoever is in office after the elections

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Speaker 1: on the seven is. You know, however they play and

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Speaker 1: however those negotiations go. We can only hope from the

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Speaker 1: back of an external U. S Dollar creditor that they

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Speaker 1: go smoothly and then they go quite frankly, quite quickly,

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Speaker 1: because in addition to you know, the bonds that are outstanding,

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Speaker 1: there's also CDs twenty a billion notional of CDs outstanding,

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Speaker 1: of which five billion is net not gross notional outstanding.

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Speaker 1: So someone's gonna have to eat that loss if indeed

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Speaker 1: money changes his hands and there's a CDs trigger which

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Speaker 1: is hit. So you know, there's a lot to look at.

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Speaker 1: I mean, certainly, I mean, but you know, just looking

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Speaker 1: back at what's in the best interest of Argentina. You know,

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Speaker 1: if before my trip down there last week, I would

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Speaker 1: have said, you know, most people would have thought that

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Speaker 1: you know, a Fernandez Kirshner government would have been deemed

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Speaker 1: um bad for the market. I don't think you can

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Speaker 1: make that claim anymore. I mean, certainly some of the

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Speaker 1: capital controls, and not all capital controls are bad, but

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Speaker 1: the Macaree administration, some of the capital controls they just

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Speaker 1: put into place. I mean basically what they did was

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Speaker 1: they they they basically um wouldn't let local paceol denominated

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Speaker 1: money market funds which are holding the salaries for local

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Speaker 1: workers basically pay back that money. So you know, I

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Speaker 1: mean corporates, local corporates who are using money markets to

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Speaker 1: stash their cash couldn't access it to pay salaries last

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Speaker 1: month because of a lot of these capital controls. So

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Speaker 1: I mean McCree is not well loved locally on the ground,

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Speaker 1: and certainly that was probably a very hasty and cumbersome

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Speaker 1: move in my opinion. So what's what would be a

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Speaker 1: quick resolution here? What kind of timing are we looking for?

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Speaker 1: I mean, most I am a you know kind of

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Speaker 1: negotiations probably take about six months, um. So anything before

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Speaker 1: that would be very very quick, because this is a

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Speaker 1: very very complicated restructuring that needs to take place. I mean,

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Speaker 1: you know, Paul, I mean we have marketable and non

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Speaker 1: marketable debt. We have hard currency and local currency that

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Speaker 1: we have different creditors. We have pars, we have discoes,

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Speaker 1: we have bonars, we have leleaks. I mean, we have

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Speaker 1: so many different structures that form that debt stack that

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Speaker 1: to kind of go through it all and kind of

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Speaker 1: i mean different covenants, different um um, it's just so

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Speaker 1: much stuff that you need to go through. But the

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Speaker 1: good thing is you do have collective action clauses and

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Speaker 1: most of the foreign law debt, so they should be

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Speaker 1: able to kind of push things forward a little bit

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Speaker 1: more quickly than we've seen in the past. Just in

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Speaker 1: a minute, I'm wondering how representative is Argentina of other

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Speaker 1: potential potholes in emerging markets. Well, Argentina is very unique.

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Speaker 1: I mean this has been going on for years. I

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Speaker 1: mean they've defaulted twice in the last twenty years already.

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Speaker 1: I mean again, a lot of us started with with

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Speaker 1: with in ninety nine when Russia defaulted on its debt

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Speaker 1: and basically that pushed a great recession into Latin America.

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Speaker 1: If you look at OTWO, Brazil emerged from that, and

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Speaker 1: there was a similar politician that was actually um running

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Speaker 1: under a very kind of populous platform in Braziliano two

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Speaker 1: and that was Lula and so Lula, which was the

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Speaker 1: market thought he would be very market unfriendly going into office,

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Speaker 1: actually wound up being very friendly in terms of the market.

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Speaker 1: And actually, you know, the economy, look at where it

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Speaker 1: is now relative to our to where it once was. Um,

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Speaker 1: you can only hope that Alberta Fernandez might kind of

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Speaker 1: fit into that category. I mean, the verdict is still

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Speaker 1: out because he's not saying anything until he's elected, and

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Speaker 1: we don't know what it was cabinet is going to

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Speaker 1: be comprised of. But I think that's gonna be really

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Speaker 1: key after the election. Who does he pick to be

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Speaker 1: in his cabinet? From an economics perspective, that is the

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Speaker 1: most important thing that we're looking at right now. Paul,

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Speaker 1: all right, well, have you back on to give us

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Speaker 1: some colors. This plays out big, big numbers for Argentina.

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Speaker 1: Hopefully sooner ra the later they get a resolution there.

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Speaker 1: Damien sass Our, chief Emerging markets credit strategist, joining us

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Speaker 1: in a Bloomberg Interactive broker's studio. People don't want to

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Speaker 1: pay to trade stocks. That has been the resounding message

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Speaker 1: behind the success of apps like robin Hood, which allows

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Speaker 1: people to do just that. Joining us down to talk

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Speaker 1: about the shift to no fee trading is Bill Capuzzi.

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Speaker 1: He's chief executive officer of APEX Clearing, joining us on

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Speaker 1: the phone from Chicago. Bill, I want to talk a

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Speaker 1: little bit about Charles Schwab's decision announcement earlier this week

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Speaker 1: to abandon commissions for their brokers and move into a

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Speaker 1: model that more closely resembles robin Hood. What was your reaction. Yeah,

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Speaker 1: I'm not surprised. I'm not surprised at all that that happen,

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Speaker 1: and it's just a matter of time. Uh. You know,

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Speaker 1: as you mentioned robin Hood, which we helped as a

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Speaker 1: custodial uh partner to robin Hood back when we helped

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Speaker 1: them launch of the free app. We also helped since

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Speaker 1: then a couple of dozen others offer free trading solutions,

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Speaker 1: and uh, there's there's demand right look at robin and

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Speaker 1: they have, you know, close to seven million users today

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Speaker 1: and and the reason for it is people are looking

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Speaker 1: for yield, looking for opportunities and lowering barriers to investing.

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Speaker 1: So I'm not surprised at all, and I'm certainly not

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Speaker 1: surprised that TV and the trade followed suit. And my

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Speaker 1: expectation is somewhere in the next twenty four hours we'll

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Speaker 1: hear from from Fidelity as well. So, Bill, we've seen

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Speaker 1: in the asset management business, uh, you know, rates UM

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Speaker 1: fees continuing to go lower. Where does just give us

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Speaker 1: a sense of like the economic model for like a

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Speaker 1: robin head for robin hood, for example, how did they

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Speaker 1: make money? Yeah, that's a great question. You know, there's

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Speaker 1: there's lots of pressed out over the last twenty four

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Speaker 1: hours around this and and the reality is there's there's

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Speaker 1: a few different levers I'll say that are that are

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Speaker 1: pulled in terms of how to monetize you know, a

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Speaker 1: free uh you know from an explicit the perspective of

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Speaker 1: free solution UM one is payment for order flow, right,

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Speaker 1: so to they send people are trading actively in stocks

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Speaker 1: those orders. Retailers are routed to market makers UM, and

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Speaker 1: there's spread in the name UM and there's an opportunity

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Speaker 1: to make make money off of the trading UM. And

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Speaker 1: what I would say is, uh, you know, for retail investor,

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Speaker 1: the friction lists way of trading today, it's probably never

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Speaker 1: been better as a matter of fact, I want to say,

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Speaker 1: probably it's never been better than this today, and the

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Speaker 1: spreads are so tight. Uh you know, there's some opportunity there,

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Speaker 1: but I think you know, in terms of the win

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Speaker 1: win for an end investor, it's a it's a tremendous

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Speaker 1: time in just in terms of trading friction. The second

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Speaker 1: is interest, right, So you know, if you look at

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Speaker 1: schwabing what they came out with, they said, hey, look,

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Speaker 1: three to four percent of our top line revenue came

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Speaker 1: from commissions. The vast majority of their uh you know

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Speaker 1: there revenue today is either interest income or fee based revenue.

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Speaker 1: And then the last thing that's not talked about a

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Speaker 1: lot is just traditional brokerage is um stock loan al Right,

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Speaker 1: So every anytime someone is buying a stock, there's an

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Speaker 1: opportunity on the street where someone wants to short the

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Speaker 1: stock and is looking for the ability to loan the

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Speaker 1: stock and has money made in terms of stock loan.

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Speaker 1: So despite all of those areas to possibly make money,

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Speaker 1: we are looking at charl Schwab shares down an additional

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Speaker 1: three point two today following a three three point three

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Speaker 1: percent loss yesterday and a nine point seven percent loss

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Speaker 1: the day that they made this announcement, So it does

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Speaker 1: seem like people will view this in a negative light

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Speaker 1: in terms of earning his profitability. There is a saying

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Speaker 1: there's no such thing as free lunch. For individual investors

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Speaker 1: who are looking at potential brokers, what should they be

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Speaker 1: looking for for truly a good deal and not perhaps

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Speaker 1: some fees that are gonna be baked in on the

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Speaker 1: back end. Yeah, that's a that's a great question. And

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Speaker 1: I think that there are some things right. So, uh,

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Speaker 1: you know the fine print you talked about the free launch, right,

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Speaker 1: make the analogy to you know, the ads for Verizon

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Speaker 1: where it's a free you get a free iPhone? Right,

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Speaker 1: it's not free, it's baked into a longer term contract,

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Speaker 1: and the same those for brokerage. Like people made to

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Speaker 1: look at things like is there a minimum balance that's

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Speaker 1: required in the account? Is there a certain trade size

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Speaker 1: that I have to do in order to to to

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Speaker 1: get that quote unquote free? Um, what's the interest that

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Speaker 1: I'm going to receive on the cash that's that's that's

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Speaker 1: in these accounts? Um? What what my pain for options? Right?

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Speaker 1: If I'm going to trade an option, what's the cost

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Speaker 1: of an option? And then the last one and kind

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Speaker 1: of the last fontira is mutual funds. Um. You know,

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Speaker 1: are are the fees for mutual funds free or is

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Speaker 1: it close to free? Um um? I do think sort of.

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Speaker 1: The one of the consequences of of this is that

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Speaker 1: there's they're going to be further pressure on the mutual

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Speaker 1: fund industry, right because ets look at Schwab's announcement, equities

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Speaker 1: and e t s are free. Well, mutual funds aren't, uh,

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Speaker 1: And it's just gonna put more and more pressure on

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Speaker 1: the mutual fund industry and you know, drive more into

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Speaker 1: the etf world. Bill Capozzi, thanks so much for joining us.

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Speaker 1: Really really appreciate your thoughts on this move. We're seeing

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Speaker 1: an asset management business towards zero fees. Chief executive officer

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Speaker 1: of APEX Clearing Bill joined us on the phone from Chicago. Again.

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Speaker 1: Just really amazing using change to the asset management business. UH.

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Speaker 1: With Charles Schwab announcing going to zero costs for many

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Speaker 1: of their equity trades, just a real change in the industry.

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Speaker 1: Thanks for listening to the Bloomberg P and L podcast.

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Speaker 1: You can subscribe and listen to interviews at Apple Podcasts

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Speaker 1: or whatever. Podcast platform you prefer Paul Sweeney, I'm on

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Speaker 1: Twitter at pt Sweeney. I'm Lisa Abram Woyd's I'm on

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Speaker 1: Twitter at Lisa Abram Woyds One. Before the podcast, you

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00:23:25,480 --> 00:23:28,000
Speaker 1: can always catch us worldwide on Bloomberg Radio