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Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane. Daily

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Speaker 1: we bring you insight from the best in economics, finance, investment,

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Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,

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Speaker 1: Bloomberg dot Com, and of course on the Bloomberg. We

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Speaker 1: get lucky. And what we mean is we have to

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Speaker 1: get to Friday of the vote county. All eyes will

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Speaker 1: be on Pennsylvania, after Wisconsin, after Nevada, after Michigan, and

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Speaker 1: we get further lucky because I knew President Trump would

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Speaker 1: win when I saw the map of Bucks County and

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Speaker 1: Montgomery County four years ago. Mark Schweiker joins us. He

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Speaker 1: is from Bucks County, he has provided leadership in Montgomery County,

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Speaker 1: and he's a former governor of Pennsylvania. Now with rend Matrix, Governor,

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Speaker 1: wonderful to have you with us. A warning. You have

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Speaker 1: observed the dynamics of a Bucks in Montgomery County two

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Speaker 1: thousand and twenty. Is it the same as two thousand sixteen.

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Speaker 1: I've got to say four years later there was this

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Speaker 1: discernible drop among and we we've all heard this, this

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Speaker 1: handicapping among suburban women in Bucks, a Montgomery County Uh yet, Uh.

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Speaker 1: You know, Donald Trump, as we know, he's a fierce

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Speaker 1: campaigner and made up for that, for that reduction in

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Speaker 1: the suburban counties across Pennsylvania, because I believe Democratic women,

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Speaker 1: uh in many, many rural hustings, many rural locations went

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Speaker 1: with Donald Trump to make up for that. But now,

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Speaker 1: as we've already observed, it moves from the you know,

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Speaker 1: the the voting machines to a judicial courtroom. You and

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Speaker 1: Tom Ridge went up against Ed Rundell, and of course

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Speaker 1: that's the power of politics of Philadelphia. There's Pittsburgh as well.

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Speaker 1: Are we going to see the same polar rised Biden's

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Speaker 1: support in Philadelphia in Pittsburgh that we observe in Detroit

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Speaker 1: and Milwaukee? My sense is, uh that the election platform

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Speaker 1: in Philadelphia is essentially a safe and valid one. Uh.

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Speaker 1: Yet that jurisdiction, and for that matter, every other county

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Speaker 1: in Pennsylvania has never been through this large influx of

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Speaker 1: writing ballots. So even with the best of intentions, they've

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Speaker 1: got to be monitored as far as the accuracy of

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Speaker 1: the vote. And I'm sure that both the Biden campaign

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Speaker 1: forces and the Trump campaign forces will be making moves

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Speaker 1: this morning immediately to monitor that that process, because as

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Speaker 1: we see in Michigan or in Wisconsin, and particularly dramatically

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Speaker 1: so in Pennsylvania, large number of write in votes, writing ballots,

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Speaker 1: it's gonna take a long time to to get to

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Speaker 1: a conclusion. So to me, uh, you know, that's got

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Speaker 1: to be monitored, and I think it's gonna be done safely.

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Speaker 1: The governor. Early voting a massive feature of this election

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Speaker 1: really picking up, and I wonder it's not something that's

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Speaker 1: going to go away anytime soon. Is there a better

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Speaker 1: way of accounting for these votes as they come through,

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Speaker 1: counting them in a more efficient way, or do we

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Speaker 1: just have to get used to waiting for the elections

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Speaker 1: that come in four years, eight years, twelve. Yeah, I

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Speaker 1: think that it can be made more efficient. Uh, you know,

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Speaker 1: one county in particular in Pennsylvania, and there are you know,

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Speaker 1: you know the geographic makeup rural, suburban Irvan counties. The

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Speaker 1: technology is they're regardless of where you are. Some counties

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Speaker 1: have managed to for example, uh, you know, given the

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Speaker 1: emphasis on security and opening two envelopes, but there there

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Speaker 1: is machinery for quickly opening envelopes without jeopardizing ballot security.

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Speaker 1: So I think one by one by one, these counties

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Speaker 1: will adopt that and it will come more quickly for sure. Yeah,

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Speaker 1: I know that Tom Keane's favorite story of the day

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Speaker 1: was Green Bay running out of ink and having to

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Speaker 1: pause some of the ballet counting talking about old technology Governor.

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Speaker 1: About twenty minutes ago, we got data on the US

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Speaker 1: economy showing the US added fewer jobs than expected in October.

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Speaker 1: This was not something people were focused on, and yet

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Speaker 1: it is the issue. There needs to be a recovery

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Speaker 1: from the steepest recession, if the shortest since the Great Depression.

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Speaker 1: Just can you speak about what's needed and how likely

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Speaker 1: we could get the support needed with a split government

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Speaker 1: with say a Republican Senate and a potential Democratic president. Well,

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Speaker 1: process wise, Lisa, it's hard to see in the in

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Speaker 1: the immediate weeks to come. Uh, you know that the

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Speaker 1: coming together of Democratic and Republican leadership in Washington, d C.

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Speaker 1: You know, I hope I'm wrong, But ultimately, and this

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Speaker 1: is the upshot of my reaction is is that I

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Speaker 1: think we do have the consensus around a broad, meaningful

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Speaker 1: stimulus package. Um, so you know, the sooner they get

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Speaker 1: to that, I think we really kick off the surge

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Speaker 1: and the uptick in the American economy. I do think

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Speaker 1: we get you know, the jobs returning and and the paychecks.

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Speaker 1: So uh, it's hard to kind of ponder and assess

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Speaker 1: that possibility on this Wednesday morning here on the East

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Speaker 1: Coast as we go into this judicial battle over ballots

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Speaker 1: and so on. But and I'll add this, I think

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Speaker 1: I'd like to see uh an emphasis on you know,

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Speaker 1: what they call the the next normal, in the next normal,

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Speaker 1: whenever that might unfold, and I hope it's soon. To

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Speaker 1: your question is that there'd be a heavy emphasis on workforce,

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Speaker 1: train and retraining, UH and reskilling opportunities. We're going to

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Speaker 1: need that that heavy emphasis across the country and in

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Speaker 1: each state, regardless of who takes the oath on January twenty,

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Speaker 1: just a few weeks from now, governor, thank you so much,

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Speaker 1: greatly appreciate it, Mark Schweiker, were this a former Pennsylvania governor.

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Speaker 1: Right now, Christopher Harvey joins. He is with Wells Fargo

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Speaker 1: and head of equity Strategy with a real focus on

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Speaker 1: disciplined portfolios. Christopher, how do you be disciplined with an

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Speaker 1: election chaos? What is the to do? Today for our

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Speaker 1: listeners on radio and TV to be disciplined given the

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Speaker 1: angst that's out there. So let me start with this.

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Speaker 1: I think Kevin and John had hit it right, and

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Speaker 1: I think what I want to play upon is the Senate.

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Speaker 1: To us, yes, the Presidency is important, but we think

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Speaker 1: that this Senate is even more important. That's where fiscal

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Speaker 1: state mellist comes into play. That's where taxes come into play,

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Speaker 1: and if if the GOP is going to control it,

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Speaker 1: what we have to think about, what we have to

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Speaker 1: believe is any sort of stimulus is going to be

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Speaker 1: rather skinny, and taxes in all likelihoods are not going

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Speaker 1: to change. And so when we think about the Kappa markets,

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Speaker 1: when we think about what's going to go forward, we

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Speaker 1: could see a bit of a pullback because one this

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Speaker 1: was unexpected and to the stimulus that we thought we

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Speaker 1: were going to get will probably much less and much later.

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Speaker 1: But longer term, we're going to see gridlock, and we

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Speaker 1: think gridlock is good. We're not going to see higher taxes.

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Speaker 1: But more importantly, the underlying fundamentals of the economy are

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Speaker 1: quite good. We have very easy first half cops for

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Speaker 1: many companies. We have low funding costs, but more importantly,

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Speaker 1: large sections of the U S consumer isn't very good shape,

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Speaker 1: and that's something we don't typically see post recession. Or

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Speaker 1: people want to spend, that can spend, they want to spend.

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Speaker 1: Typically it's a much more depressed attitude and mentality. It's

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Speaker 1: more of a cash and can good type mentality or

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Speaker 1: bunker mentality, and that should not be underappreciated. Chris. A

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Speaker 1: lot of people were coming into this saying that the

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Speaker 1: outcome that we are now looking at the potential for

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Speaker 1: a Senate that is republican and undetermined presidency would be

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Speaker 1: negative for the reflation trade, would ultimately be negative for

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Speaker 1: risk assets. Today we're not seeing that. Does it at

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Speaker 1: least challenge the theory of the rotation into say financials,

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Speaker 1: since we're seeing a flattening yield curve and some of

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Speaker 1: these other cyclicals. Well a couple of things there. So

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Speaker 1: last time I looked at futures, small cap futures were

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Speaker 1: down or in the negative, and you saw NASA futures up.

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Speaker 1: As you pointed out before, um, if we look at

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Speaker 1: bond yields in the shape of the yield curve, rates

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Speaker 1: have come down the curve as flatten. That's not great

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Speaker 1: for financials. What we are seeing the knee jerk reaction

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Speaker 1: is somewhat positive or relatively positive for technology. The reinflation

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Speaker 1: trade does have to take a step back, and perhaps

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Speaker 1: we'll see if fin as some air come out of

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Speaker 1: the financials, some airic amount of small caps. But longer term,

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Speaker 1: the underlying fundamentals for the economy and for many stocks

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Speaker 1: is still quite good. Chris Bullish, no matter what the

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Speaker 1: outcome is. Chris Holley Wilds five securities had of equity strategy.

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Speaker 1: Jim Bianco's with Bianco Research, He writes a hugely coveted

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Speaker 1: research not synthesizing markets into our political moment, and he

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Speaker 1: joins us this morning, Jim, there's just so many themes

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Speaker 1: going on here. So let me ask you what I

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Speaker 1: just alluded to on the view forward for Congress, how

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Speaker 1: do you invest forward to two thousand twenty two. That's

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Speaker 1: gonna be tough, especially if you think that Washington is

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Speaker 1: going to be as important as everybody thinks, because there's

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Speaker 1: no clarity yet coming out of Washington. But if you

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Speaker 1: put that aside, you are left with a couple of

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Speaker 1: troubling issues that are out there there's gonna be no

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Speaker 1: fiscal stimulus that should slow the economy. Remember the virus

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Speaker 1: that you to be important. Yesterday was another record day

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Speaker 1: for cases in Europe and almost in the United States,

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Speaker 1: one of the two highest days that we've ever had.

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Speaker 1: That pretends a economy that is going to continue to

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Speaker 1: struggle as we move forward from here. And that pretends

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Speaker 1: that without any kind of clarity from Congress, support for

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Speaker 1: the economy is not gonna come. It might come down

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Speaker 1: to the Federal Reserve that meets today and tomorrow. So Jim,

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Speaker 1: I'm looking right now at ten year treasury yields and

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Speaker 1: John Farro has done a great job of talking about

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Speaker 1: the swing it has. You've seen yields come in the

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Speaker 1: most at one point since April. Is this a trend

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Speaker 1: to bet on? Basically, the consensus was wrong heading into

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Speaker 1: this selection that you're actually going to see lower yields ahead.

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Speaker 1: I think over the short term you're going to see

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Speaker 1: a correction in yields and they're gonna move lower. But

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Speaker 1: I'm still of the opinion that the March ninth low

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Speaker 1: of thirty three basis points in the tenure was the

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Speaker 1: end of the bullmarket for bonds. And what we're gonna

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Speaker 1: have is a correct a phase now, and that if

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Speaker 1: you want to look out six or nine ones, I

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Speaker 1: know it's hard to look up past six or nine hours.

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Speaker 1: You're probably going to have much higher yields into the

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Speaker 1: summer of one on the back of a potential move

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Speaker 1: higher in inflation, not a big move higher information, but

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Speaker 1: I still think that's coming. What's great about this John

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Speaker 1: Farrell as if the uncle's only day trade in for

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Speaker 1: six or nine hours, he's a candidate to be on

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Speaker 1: the Real Yield. I've got a time arising in five

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Speaker 1: minutes right now. Jim Bianca was on Real Yield last week.

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Speaker 1: Tom't YouTube Jim. Yesterday I asked the following question, if

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Speaker 1: I could tell you the result four years ago, twenty

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Speaker 1: four hours ahead of time, would you have put on

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Speaker 1: the right trade? So many people wrote back and said no.

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Speaker 1: If I could have told you how things would develop

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Speaker 1: overnight into this morning, twenty four hours ago, you might

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Speaker 1: have had traceries bid. Would you have equities up fifty

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Speaker 1: eight on SMP five hundred advances in one point seven No?

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Speaker 1: I would not. And you know, to be fair about

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Speaker 1: what's happening when equities is they were up two percent

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Speaker 1: overnight and then gave it all back, and now they're

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Speaker 1: up two percent again. And don't forget that last week

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Speaker 1: we were down five point six percent, one of the

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Speaker 1: biggest weekly declines we've seen since the dark days of March.

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Speaker 1: So there's probably a little bit of an oversould bounce

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Speaker 1: going on in equities. But I'm not convinced that even

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Speaker 1: with the strong bid today, they're gonna reverse all of

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Speaker 1: last week and they are ready to poison go higher.

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Speaker 1: I think they're gonna have a slug from here and

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Speaker 1: move sideways with a lot of volatility. Jimmis grit a

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Speaker 1: catch shop has no wise gets ahead from you. Jim Biancow,

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Speaker 1: that of Biancow Research. Right now, we are going to

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Speaker 1: rip up the script and we're gonna do this with

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Speaker 1: great respect for what John is observing in London of

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Speaker 1: continental Europe. Julie Norman was to be with us on

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Speaker 1: this election and on the politics of the moment, but

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Speaker 1: she she is truly one of our experts on violence

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Speaker 1: and non violence in societies. She's really done an extraordinary

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Speaker 1: job over that over the years. On she is at

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Speaker 1: u CEL in London and John, I just think with

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Speaker 1: the terror attempts in Vienna that we've seen, and in

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Speaker 1: Niece twice now maybe three times, and Leah Leon the

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Speaker 1: other day. John, it's really important to address this for

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Speaker 1: our European audience. Well, Professor, let's just start with the

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Speaker 1: election itself, and then maybe Tom can move us over

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Speaker 1: to Europe briefly. Professor, your reaction on the events of

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Speaker 1: this morning, Well, you know, I don't think what we're

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Speaker 1: seeing today is too much of a surprise. This is

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Speaker 1: certainly a scenario that we knew was very possible. We

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Speaker 1: knew that there probably would not or would likely not

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Speaker 1: be a firm decision on election night as we're used to.

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Speaker 1: So the fact that the race is taking longer, the

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Speaker 1: fact that we're seeing the procedural delays in terms of

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Speaker 1: counting the mail in ballot is something that was pretty expected.

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Speaker 1: Of course, it's a lot tighter than the bid end

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Speaker 1: campaign would hope. Um. I think the Trump campaign took

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Speaker 1: a lot of confidence from that initial boost of Florida.

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Speaker 1: But right now, like everyone, we're just waiting to see

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Speaker 1: what happened. Julie, what is so important here, with your

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Speaker 1: acclaimed expertise on terror, is the idea and the president

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Speaker 1: of course has spoken about this quite clearly. He's got

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Speaker 1: a very strong opinion about it. In America is well,

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Speaker 1: what does a European society or an American society do

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Speaker 1: about the threat of violence? What's the Norman prescription? Welcome.

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Speaker 1: I think that the threat of political violence is always present,

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Speaker 1: and of course we've witnessed that in Europe in the

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Speaker 1: last few weeks in the incidents in France and Austria

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Speaker 1: in particular, and we've heard a lot in the US

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Speaker 1: also about the risk of potential violence after the election

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Speaker 1: as well. However, I think it's really notable that, even

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Speaker 1: as polarized as the country is, election day went off

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Speaker 1: mostly keep belief. They were very few reported incidents of

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Speaker 1: aggression or of anything getting out of source at any

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Speaker 1: of the coins stations. And I think that afterwards too,

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Speaker 1: even though emotions will certainly be high, will certainly see

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Speaker 1: Americans as they always do in terms of the participation, demonstrating, protesting,

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Speaker 1: I don't see the country devolving into violence. And I

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Speaker 1: think that's largely because at the end of the day,

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Speaker 1: most Americans do have faith in our institution. They do

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Speaker 1: want to believe in the way that the system has

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Speaker 1: been working up until now in terms of keeping things

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Speaker 1: at least moving forward, even if moving forward somewhat somewhat

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Speaker 1: slowly in election like this, and I don't see people

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Speaker 1: panicking and the way that we've we've heard some of

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Speaker 1: the rhetheric suggesting Professor. Right now, where we stand, it

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Speaker 1: looks like the Senate will remain in Republican control, presidency

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Speaker 1: up for grabs, Biden currently leading when it comes just

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Speaker 1: to the electoral vote counts still a lot to go.

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Speaker 1: If it were beef, if it would be a former

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Speaker 1: Vice president Joe Biden who as the president but a

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Speaker 1: Republican Senate, how would that affect foreign policy and terms

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Speaker 1: of protectionism in terms of tariffs and the like. Wellly so,

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Speaker 1: I think that's a good question. But one thing to

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Speaker 1: note is that a lot of the foreign policies that

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Speaker 1: Trump put forward, it's not just necessarily there are substance,

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Speaker 1: but more of the style in which he went about

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Speaker 1: them that I think Biden would would pivot from. For example,

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Speaker 1: I believe that Biden would still maintain a tough on

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Speaker 1: China policy, would still push NATO allies to contribute more

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Speaker 1: to the alliance and what have you. But with Biden

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Speaker 1: we could expect much more of a um stable, predictable

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Speaker 1: foreign policy, one that's very much cooperative, cooperative with our allies,

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Speaker 1: very much built on multilateral relationships. So in the sense

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Speaker 1: that even if the Senate stayed Republican, some of the

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Speaker 1: policies that are currently in play would not necessarily shift

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Speaker 1: that much, but just the tone in which they were

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Speaker 1: undertaken would be a bit more what we'd expect as normal,

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Speaker 1: so speak under Biden. Judie, fantastic to catch up. Appreciate

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Speaker 1: time this morning, Judie Norman that University College London professor

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Speaker 1: plus Sweene and I are going to speak with Douglas

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Speaker 1: Casts of Sea Breeze partners, still recovering from a Dodgers

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Speaker 1: victory uh In in the in the World Series. He

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Speaker 1: and I went back and forth on that. Well, the

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Speaker 1: time is so precious here, Doug. Let's maybe avoid baseball

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Speaker 1: today because the Red Sox or so we can just

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Speaker 1: get right to this election. Doug, you've done this a

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Speaker 1: few few times before. I mean, I remember your playoff

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Speaker 1: Kennedy Nixon. How do you play the equity markets off

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Speaker 1: of the tumult of this election? Um, it's tough, I'm

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Speaker 1: we don't know really the outcome of the election. Um.

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Speaker 1: There's an English expression that's claimed to be the translation

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Speaker 1: of a traditional Chinese curse. Maybe we live in interesting times,

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Speaker 1: and we clearly live in interesting times. UM. I think,

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Speaker 1: as was the case in two thousand and sixteen, the

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Speaker 1: predictive ability of betting shops and internal political forecasts UM

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Speaker 1: have both have failed. I think that the two uh

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Speaker 1: substantive observations I would have is that there was no

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Speaker 1: repudiation of Trump's policy, nor will his um throng of

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Speaker 1: devotes be cast out as lepers as some expected. Trump

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Speaker 1: may be emboldened, but we have a very slim margin

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Speaker 1: in the makeup of Congress is something of a limiting factor.

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Speaker 1: The second thing is it relates to the stock market.

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Speaker 1: This is really important, is that the inroads of the

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Speaker 1: progressive left of the Democratic Party were overstated and round

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Speaker 1: and roundly renounced in the election. So there's going to

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Speaker 1: be a period of soul searching of message and policy

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Speaker 1: recalibration likely lying ahead. But regardless of the outcome, it's

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Speaker 1: clear that our country is divided and the white sweeping

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Speaker 1: policy initiatives are unlikely for the Democrats or Republicans over

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Speaker 1: the next several years. So from a stock market standpoint,

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Speaker 1: we have a house divided. It's something of a positive

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Speaker 1: in the markets, but it's really close to a non

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Speaker 1: event um um though, I think over the short term

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Speaker 1: we're going to benefit from the unusual poor and defensive

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Speaker 1: and cautious positioning by market participants. The one stat I'll

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Speaker 1: give you is that the et F put call ratio

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Speaker 1: was one point seven two yesterday, and that's the highest

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Speaker 1: level since March of twelve, right before and exposed move

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Speaker 1: higher higher. So we all have the fact that there's

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Speaker 1: not going to be a capital gains tax increase, so

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Speaker 1: we're not going to see the traditional December selling Paul.

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Speaker 1: That was Sandy Kofax's e R a in and off

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Speaker 1: year in the sixties one seven to exactly, Doug, it

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Speaker 1: looks like, I mean, if things kind of hold here,

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Speaker 1: I mean, at one scenario is a Democratic white House,

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Speaker 1: but uh, a Republican Senate and even the Democrats in

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Speaker 1: the House less strong. So does that suggest not much

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Speaker 1: gets done? And if that's the case, what do you

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Speaker 1: do from a stock market perspective? Uh, there's a couple

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Speaker 1: of things that I'm doing right now. So um, rather

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Speaker 1: than being um theoretical, I'll tell you what I'm doing

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Speaker 1: kinetically speaking. Um, the first thing we've seen is that

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Speaker 1: there's weakness and bank stocks today after strength, as we

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Speaker 1: saw a pivot from growth to value in the last

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Speaker 1: couple of weeks. I think it's going to be shortly reversed,

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Speaker 1: and I'm buying aggressively more bank stocks. I think regardless

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Speaker 1: of the presidential outcome, the Republican Party, as I said,

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Speaker 1: is going to control the Senate, and the Democratic Party,

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Speaker 1: as I said, could move towards the center. This means

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Speaker 1: that the fears of tighter and more onerous banking industry

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Speaker 1: legislation are unlikely, something that has really weighed on the group.

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Speaker 1: Polly interesting and so you know, it's what's your sense

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Speaker 1: as to I mean, we pivot back. We have to

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Speaker 1: get back to reality at some point, and the reality

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Speaker 1: is there's a raging pandem make out there. The economic

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Speaker 1: impacts likely to continue away on the economy. Are you

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Speaker 1: having any changing thoughts as to potential for fiscal stimulus

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Speaker 1: over the next several months, Yeah, I'm look. I spent

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Speaker 1: all year, um unrelentlessly buying the dips. In fact, right

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Speaker 1: now I have my lowest um gross exposure on the

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Speaker 1: short side I've had probably in the year or two.

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Speaker 1: I am still between medium sized and large size and

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Speaker 1: that long um. So I think over the short term

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Speaker 1: we're going to get you know, have a salutary impact

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Speaker 1: upon the markets. But as you look for all into

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Speaker 1: one UM, the pandemic is appears that it's going to linger.

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Speaker 1: The stimulus will be delayed both in timing and reduced

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Speaker 1: in size, and unfortunately small businesses will continue to be

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Speaker 1: gutted along with industries like try entertainment hospitality. So I

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Speaker 1: don't think, Paul, the consensus estimate for S ANDP earnings

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Speaker 1: of about a hundred and seventy dollars a share comes

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Speaker 1: to fruition. The positive is that the fifteen dollars or

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Speaker 1: twenty dollars that will be locked off from that because

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Speaker 1: of an increase in corporate tax rates is no longer

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Speaker 1: a factor. And the other positive, of course is that

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Speaker 1: when you do divot and discount models you look at

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Speaker 1: the risk rey rate of return as you can look

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Speaker 1: as you can see by the t LT and bond yields,

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Speaker 1: that's going ever lower. So that helps valuations. So UM

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Speaker 1: short term quite bullish, uh, intermediate term quite negative, Doug,

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Speaker 1: how do you play and this is what I mean

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Speaker 1: like trading like you're talking about your claim if you will,

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Speaker 1: But how do you play the growthiness of the tech area, etcetera.

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Speaker 1: Healthcare maybe as well with a voltage shift to small

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Speaker 1: cap MIDCAB and the international. Did you buy the story, Um,

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Speaker 1: you mean the pivot from growth of value? Yeah, I

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Speaker 1: do buy the story, with the exception of two growth

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Speaker 1: outliers that I'm pretty long as you know, Amazon, which

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Speaker 1: was up over a hundred and thirty dollars this morning,

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Speaker 1: and Google, which is up another sixty one dollars, which

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Speaker 1: had just exceptional UH search and advertising results in their

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Speaker 1: earnings released last week. So in the main I like

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Speaker 1: value over growth with some except with the two exceptions. Um,

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Speaker 1: so my focus is on food package companies, banks on

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Speaker 1: the longside. Um. Perhaps even I'm looking for the first

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Speaker 1: time at energy. WHOA, Yeah, I was just energy your

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Speaker 1: energy thesis there because we you know Tom and I,

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Speaker 1: we we search for folks that will talk to us

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Speaker 1: about energy, and they're hard to find. All energy is

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Speaker 1: such a small percentage of the SMP that's become almost irrelevant. Um,

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Speaker 1: you know I manage money based upon UH having a

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Speaker 1: calculator in one hand and a contrarian mindset and the other.

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Speaker 1: And with the exception of solo, which will be penalized

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Speaker 1: by an apparent Trump victory. I do think umsil fuels

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Speaker 1: and energy, which is really really hated. UM is at

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Speaker 1: evaluation divergence against growth and the board of market which

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Speaker 1: is unparalleled, So you could have UH again. Market participants

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Speaker 1: are not positioned in the sector, and I think that's

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Speaker 1: important as well. Well. One quick question, Doug, you're you're

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Speaker 1: you're wonderful at not being a yield hug with energy.

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Speaker 1: The temptation of our listeners does go after x on

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Speaker 1: mobile with a ten point seven percent dividend. I would

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Speaker 1: say it's an elegant chart, Seuth, What do you do

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Speaker 1: with Exxon? I'm looking at the entire group. Next time

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Speaker 1: I'm on, I'll tell you what the applies himself, right yea.

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Speaker 1: He usually does that during spring training, but we get

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Speaker 1: it on election day. Doug cast too short of visit.

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Speaker 1: Thank you so much, sir. Thanks for listening to the

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Speaker 1: Bloomberg Surveillance podcast. Subscribe and listen to interviews on Apple Podcasts, SoundCloud,

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Speaker 1: or whichever podcast platform you prefer. I'm on Twitter at

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Speaker 1: Tom Keane Before the podcast. You can always catch us worldwide.

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Speaker 1: I'm Bloomberg Radio