1
00:00:01,440 --> 00:00:04,800
Speaker 1: Global business news twenty four hours a day at Bloomberg

2
00:00:04,840 --> 00:00:07,920
Speaker 1: dot Com, the Radio plus Global lapp and on your radio.

3
00:00:08,200 --> 00:00:12,320
Speaker 1: This is a Bloomberg Business Flash from Doomberg World Headquarters.

4
00:00:12,360 --> 00:00:15,400
Speaker 1: I'm Katherine Cowdery. Financial shares are leading the market higher

5
00:00:15,400 --> 00:00:18,240
Speaker 1: today as worries over the help of European banks ease,

6
00:00:18,640 --> 00:00:21,400
Speaker 1: and report said Deutsche Bank is nearing a less expensive

7
00:00:21,440 --> 00:00:25,200
Speaker 1: settlement with US regulators and investors had feared. Financial shares

8
00:00:25,239 --> 00:00:27,360
Speaker 1: are up the most in eight weeks. The SMP five

9
00:00:27,360 --> 00:00:29,600
Speaker 1: Founders is on the verge of erasing a second straight

10
00:00:29,640 --> 00:00:33,040
Speaker 1: monthly loss, helped by today's gains. We check the markets

11
00:00:33,040 --> 00:00:35,720
Speaker 1: every fifteen minutes throughout the trading day. Del Industrial Average

12
00:00:35,800 --> 00:00:37,960
Speaker 1: is up two hundred eight points, a gain of one

13
00:00:38,000 --> 00:00:41,640
Speaker 1: point one percent, trading at eighteen thousand, three hundred fifty one.

14
00:00:42,159 --> 00:00:44,320
Speaker 1: SMP five Foundered up twenty two points to gain of

15
00:00:44,400 --> 00:00:48,360
Speaker 1: one percent, trading at seventy three. NASTAC higher by fifty

16
00:00:48,360 --> 00:00:51,200
Speaker 1: three points or one percent at fifty three twenty two.

17
00:00:51,600 --> 00:00:54,360
Speaker 1: West Texas intermediate crude oil of twenty cents a barrel,

18
00:00:54,440 --> 00:00:56,480
Speaker 1: four tens of a percent to forty eight oh three

19
00:00:56,840 --> 00:00:59,800
Speaker 1: spot gold down five dollars fifty cents announced for thirty

20
00:01:00,480 --> 00:01:02,720
Speaker 1: and the tenure treasury down twelve thirty seconds with the

21
00:01:02,800 --> 00:01:05,520
Speaker 1: yield of one point six zero percent. And that's a

22
00:01:05,520 --> 00:01:08,640
Speaker 1: Bloomberg business flash. Thank you very much, Catherine Cowdery. Or

23
00:01:08,640 --> 00:01:10,360
Speaker 1: at it's time now if the e t F report.

24
00:01:10,400 --> 00:01:12,800
Speaker 1: It is brought to you by Instinct Options from Bank

25
00:01:12,840 --> 00:01:16,600
Speaker 1: of America, Merrill Lynch capture liquidity in the US equity

26
00:01:16,600 --> 00:01:19,679
Speaker 1: and index options trading by unleashing the in depth market

27
00:01:19,720 --> 00:01:24,559
Speaker 1: insights and adaptive al goo strategies of Instinct options. That's

28
00:01:24,600 --> 00:01:28,160
Speaker 1: the power of global connections. Let's go to Catherine Calgary

29
00:01:28,200 --> 00:01:33,520
Speaker 1: for our Exchange Traded Funds report. OPEC's decision to cut

30
00:01:33,520 --> 00:01:37,480
Speaker 1: production is reverberating throughout the energy industry and will affect

31
00:01:37,480 --> 00:01:40,280
Speaker 1: a t s that focus on master limited partnerships or

32
00:01:40,480 --> 00:01:43,880
Speaker 1: m LPs. That's the word from Jeremy Goff, director of

33
00:01:43,880 --> 00:01:48,120
Speaker 1: Strategic Ventures for Tortoise Capital Advisors. It will reduce global

34
00:01:48,120 --> 00:01:50,320
Speaker 1: oil supplies by about a million barrels a day. That'll

35
00:01:50,600 --> 00:01:52,880
Speaker 1: somebody is going to have to fill that void. I

36
00:01:52,920 --> 00:01:54,800
Speaker 1: think North American assets are going to have to produce

37
00:01:54,800 --> 00:01:56,520
Speaker 1: oil in order to fill that void. And so that's

38
00:01:56,560 --> 00:01:59,320
Speaker 1: going to have a benefit across the energy value chain,

39
00:01:59,400 --> 00:02:02,400
Speaker 1: so these assets will definitely be positively impacted. Goff's firm

40
00:02:02,560 --> 00:02:05,760
Speaker 1: offers a Tortoise North American Pipeline Fund tak her t

41
00:02:05,920 --> 00:02:09,640
Speaker 1: P y P, which contains some MLPs. There are currently

42
00:02:09,680 --> 00:02:12,200
Speaker 1: more than thirty e t s in that category, and

43
00:02:12,280 --> 00:02:15,679
Speaker 1: Goff anticipates for their interest and growth. I would say

44
00:02:15,720 --> 00:02:18,280
Speaker 1: it's always primarily a focus for e t s because

45
00:02:18,320 --> 00:02:21,720
Speaker 1: it is such a big yield provider. Goff says these

46
00:02:21,919 --> 00:02:24,720
Speaker 1: MLP e t s can fit into a portfolio in

47
00:02:24,760 --> 00:02:27,320
Speaker 1: a number of ways, as an allocation to a real

48
00:02:27,360 --> 00:02:31,440
Speaker 1: asset or as yield producers. He emphasizes the importance of

49
00:02:31,560 --> 00:02:35,840
Speaker 1: understanding the underlying index and the funds tax implications. That's

50
00:02:35,880 --> 00:02:42,240
Speaker 1: your Bloomberg ETF report. I'm Katherine Cowlery. This is taking

51
00:02:42,320 --> 00:02:46,400
Speaker 1: stock with pim Box and Kathleen Hays on Bloomberg Radio.

52
00:02:47,040 --> 00:02:51,200
Speaker 1: The stock market and the presidential election cycle. Here to

53
00:02:51,240 --> 00:02:54,000
Speaker 1: tell us more, Matt Maine. He is managing director and

54
00:02:54,120 --> 00:02:57,720
Speaker 1: equity strategist at Miller Tabak and Company. Joining us from

55
00:02:57,720 --> 00:03:00,799
Speaker 1: Boston home to Bloomberg twelve hundred. Are right, Matt Maylie,

56
00:03:00,800 --> 00:03:04,720
Speaker 1: tell us about your history work well, it's funny. I

57
00:03:04,760 --> 00:03:09,040
Speaker 1: initially wanted to look at what happens after a two

58
00:03:09,160 --> 00:03:11,720
Speaker 1: term presidency comes to an end, because the last two

59
00:03:11,720 --> 00:03:14,480
Speaker 1: times had happened there was a dramatic move in the market.

60
00:03:14,800 --> 00:03:16,240
Speaker 1: But as I went back all I went back all

61
00:03:16,320 --> 00:03:18,880
Speaker 1: back to World War Two, almost seventy years and a

62
00:03:18,960 --> 00:03:22,400
Speaker 1: show that it didn't matter how many terms right there

63
00:03:22,639 --> 00:03:25,720
Speaker 1: any time there was a change in the person, uh

64
00:03:26,400 --> 00:03:29,440
Speaker 1: it rose to the to the presidency through an election.

65
00:03:29,480 --> 00:03:31,679
Speaker 1: I did not count those times when uh there was

66
00:03:31,720 --> 00:03:34,920
Speaker 1: a death or or a resignation because those policies kind

67
00:03:34,920 --> 00:03:36,800
Speaker 1: of remain the same. But when a new person stepped in,

68
00:03:37,000 --> 00:03:39,520
Speaker 1: there's been a dramatic move in the stock market that

69
00:03:39,560 --> 00:03:43,760
Speaker 1: began right after the election. Every single time, about two

70
00:03:43,760 --> 00:03:45,480
Speaker 1: thirds of the time it's been down, but a third

71
00:03:45,480 --> 00:03:47,320
Speaker 1: of the time it's been up. So it's it's hard

72
00:03:47,360 --> 00:03:49,560
Speaker 1: to say exactly which way we'll go, but people have

73
00:03:49,600 --> 00:03:53,080
Speaker 1: to be prepared, I believe, uh, and start thinking about

74
00:03:53,120 --> 00:03:55,840
Speaker 1: in advance, uh the odds that we will break out

75
00:03:55,840 --> 00:03:59,480
Speaker 1: of this range and be prepared for either eventuality. So

76
00:03:59,520 --> 00:04:02,920
Speaker 1: how could you profit from having this information that you

77
00:04:03,000 --> 00:04:06,160
Speaker 1: know that there's going to be a surge or a

78
00:04:06,400 --> 00:04:09,840
Speaker 1: move in one direction or the other, but you don't

79
00:04:09,840 --> 00:04:13,720
Speaker 1: know which direction. Well, I think number one is really

80
00:04:14,240 --> 00:04:15,960
Speaker 1: is going to be key in your planning. Now, there

81
00:04:15,960 --> 00:04:18,360
Speaker 1: are some things you can you know, you know, buy

82
00:04:18,480 --> 00:04:21,280
Speaker 1: you try to invest in a pick up of volatility,

83
00:04:21,800 --> 00:04:24,440
Speaker 1: whether it be you know, the VIX and things like that. However,

84
00:04:24,480 --> 00:04:26,680
Speaker 1: I think more importantly it's just a situation where you

85
00:04:26,680 --> 00:04:29,440
Speaker 1: want to sit back and decide, you know, have a

86
00:04:29,480 --> 00:04:31,839
Speaker 1: plan in advance. Now, don't you know most people go

87
00:04:31,920 --> 00:04:34,640
Speaker 1: to their financial advisor in December or January to talk about,

88
00:04:34,720 --> 00:04:37,119
Speaker 1: you know, the upcoming year. I say do it now,

89
00:04:37,480 --> 00:04:40,480
Speaker 1: because if we do, once you see the market moving,

90
00:04:40,600 --> 00:04:42,800
Speaker 1: if you have a plan for each eventuality, you're not

91
00:04:42,839 --> 00:04:44,920
Speaker 1: going to panic and sell everything if the market starts

92
00:04:44,920 --> 00:04:46,760
Speaker 1: to go down, and you're also not going to even

93
00:04:46,760 --> 00:04:48,800
Speaker 1: if the market goes up. People tend to just, you know,

94
00:04:48,839 --> 00:04:50,520
Speaker 1: well let's buy the you know, the hottest thing, and

95
00:04:50,600 --> 00:04:52,400
Speaker 1: that's not always the best move. So if you have

96
00:04:52,440 --> 00:04:54,440
Speaker 1: a base plan in advance, you can kind of sit

97
00:04:54,480 --> 00:04:56,200
Speaker 1: back and decide you want what you want to do

98
00:04:56,480 --> 00:04:59,239
Speaker 1: once you see the market making making its move. Now

99
00:04:59,440 --> 00:05:01,680
Speaker 1: again I will say this, I'm not doing this for

100
00:05:01,680 --> 00:05:04,240
Speaker 1: self serving purposes. Motorita back that really we really talked

101
00:05:04,240 --> 00:05:08,200
Speaker 1: to institutional investors, not individuals. So, uh, my advice is

102
00:05:08,240 --> 00:05:10,120
Speaker 1: to go see a financial advisor. And I mean that

103
00:05:10,480 --> 00:05:12,919
Speaker 1: in a in a non a self promoting way. I

104
00:05:12,920 --> 00:05:14,800
Speaker 1: guess at my point, no, we I I think I

105
00:05:14,839 --> 00:05:17,440
Speaker 1: think we take that, Matt and and I just want you,

106
00:05:17,520 --> 00:05:19,520
Speaker 1: if you can, to step after just a moment, because

107
00:05:19,560 --> 00:05:22,040
Speaker 1: you know, if you take a look at the money

108
00:05:22,080 --> 00:05:25,359
Speaker 1: that is made in any asset class and you chart it,

109
00:05:25,400 --> 00:05:27,719
Speaker 1: if you put it together and you draw a nice line,

110
00:05:27,960 --> 00:05:31,480
Speaker 1: and you ask people where should you have purchased this asset,

111
00:05:31,600 --> 00:05:34,760
Speaker 1: it's usually at the very bottom. It's at the very

112
00:05:34,920 --> 00:05:38,120
Speaker 1: valley of the line. And as a result, you look

113
00:05:38,160 --> 00:05:41,520
Speaker 1: at what the news was around those events that brought

114
00:05:41,560 --> 00:05:43,919
Speaker 1: it to that conclusion, and you finds a lot of

115
00:05:43,960 --> 00:05:47,960
Speaker 1: negativity that maybe you should buy into exactly. I think

116
00:05:48,240 --> 00:05:52,080
Speaker 1: it's funny because the last why I say that people

117
00:05:52,240 --> 00:05:55,799
Speaker 1: when things turn around, Uh, people tend to chase the winners,

118
00:05:55,920 --> 00:05:57,839
Speaker 1: but they're usually coming to an end of their of

119
00:05:57,920 --> 00:06:00,479
Speaker 1: their cycle. The one thing to know too is, of course,

120
00:06:00,520 --> 00:06:02,880
Speaker 1: what we saw. We had a big sell off that

121
00:06:02,960 --> 00:06:06,360
Speaker 1: began right literally on election day when Obama was elected

122
00:06:06,400 --> 00:06:12,479
Speaker 1: president and it sold off over. However, that March provided

123
00:06:12,480 --> 00:06:14,800
Speaker 1: one of the best flying opportunities of all time. UH.

124
00:06:14,880 --> 00:06:17,120
Speaker 1: So again investors need to be nimble and have their

125
00:06:17,160 --> 00:06:20,440
Speaker 1: plans set up in advance. But I totally agree. You know,

126
00:06:20,800 --> 00:06:24,200
Speaker 1: right now and with the market valuations high and the

127
00:06:24,240 --> 00:06:26,960
Speaker 1: markets near its all time high, uh, the odds that

128
00:06:27,040 --> 00:06:29,360
Speaker 1: this move will be to the downside, but you want

129
00:06:29,360 --> 00:06:32,560
Speaker 1: to be prepared to uh, you know, scoop up. And

130
00:06:32,640 --> 00:06:35,400
Speaker 1: I guess another important point to make is it unlike

131
00:06:35,400 --> 00:06:37,920
Speaker 1: the big moves we've had recently in the last year too,

132
00:06:37,920 --> 00:06:40,719
Speaker 1: when we've had ten to fifteen percent moves, these post

133
00:06:40,800 --> 00:06:44,240
Speaker 1: election moves usually last at least nine ten months or

134
00:06:44,240 --> 00:06:46,440
Speaker 1: even a year year and a half. So I think

135
00:06:46,560 --> 00:06:50,000
Speaker 1: whatever we get, it's going to be a long a

136
00:06:50,080 --> 00:06:51,800
Speaker 1: longer process than we've seen in the past, So we

137
00:06:51,800 --> 00:06:54,760
Speaker 1: want to be prepared for into advance. So with the VIX,

138
00:06:55,120 --> 00:06:58,880
Speaker 1: the volatility index right now down eight and a half percent,

139
00:06:59,200 --> 00:07:02,320
Speaker 1: two days down one point one seven, trading at twelve

140
00:07:02,320 --> 00:07:06,600
Speaker 1: point eight five, would you concur that it is uh

141
00:07:06,760 --> 00:07:10,600
Speaker 1: at a level that indicates complacency. Yes, I definitely think so.

142
00:07:10,640 --> 00:07:12,560
Speaker 1: I mean, you look at what's going on with with

143
00:07:12,560 --> 00:07:14,440
Speaker 1: with Deutsche Bank. And I'm sure you guys have been

144
00:07:14,440 --> 00:07:16,560
Speaker 1: talking about all day long, and and I've been hearing

145
00:07:16,560 --> 00:07:18,680
Speaker 1: you talk about it when I can be when I've

146
00:07:18,680 --> 00:07:21,440
Speaker 1: been able to listen in. And the thing is is

147
00:07:21,440 --> 00:07:23,640
Speaker 1: that I don't think Deutsche Bank has got to go

148
00:07:23,760 --> 00:07:27,040
Speaker 1: under Stocker go the way of leaving brothers. However, um,

149
00:07:27,200 --> 00:07:29,200
Speaker 1: look at what's happened the markets. That stock is down

150
00:07:29,240 --> 00:07:33,000
Speaker 1: over and the stock markets done nothing that that we

151
00:07:33,080 --> 00:07:36,000
Speaker 1: are way too complacent because people kind of think that, well,

152
00:07:36,040 --> 00:07:37,640
Speaker 1: it's not going to go out of business, so therefore

153
00:07:37,640 --> 00:07:40,720
Speaker 1: everything's fine. Deutsche Bank still has issues. I mean the

154
00:07:40,760 --> 00:07:42,840
Speaker 1: whole banking I don't want to say the whole banking system,

155
00:07:42,840 --> 00:07:45,280
Speaker 1: but banks in general, with these you know, low ultra

156
00:07:45,320 --> 00:07:48,520
Speaker 1: low registrates, negative interest rates, zero indust rates, it's gonna

157
00:07:48,560 --> 00:07:51,400
Speaker 1: be hard for them to make money. And so therefore,

158
00:07:51,720 --> 00:07:54,760
Speaker 1: I think the markets, the complacency in the marketplace is

159
00:07:54,800 --> 00:07:57,120
Speaker 1: higher than most people realize because and even in our

160
00:07:57,160 --> 00:08:00,160
Speaker 1: own stocks in the US, they have badly lie the

161
00:08:00,280 --> 00:08:02,360
Speaker 1: S and P. And I think it shows that maybe

162
00:08:02,360 --> 00:08:04,640
Speaker 1: people are a little too complacent with the way the

163
00:08:04,640 --> 00:08:07,360
Speaker 1: banking system. We've gotten too much into this situation where,

164
00:08:07,480 --> 00:08:09,880
Speaker 1: oh my gosh, if it's gonna be negative, it's going

165
00:08:09,880 --> 00:08:12,560
Speaker 1: to be a disaster. Well, that doesn't always happen. It's

166
00:08:12,560 --> 00:08:14,760
Speaker 1: just it has. It has happened the last two times

167
00:08:14,760 --> 00:08:16,920
Speaker 1: for us, but usually it doesn't. And my point is

168
00:08:16,960 --> 00:08:19,640
Speaker 1: that that the chances of the of this next move

169
00:08:19,680 --> 00:08:23,360
Speaker 1: being a down tent or is not out of the question.

170
00:08:23,520 --> 00:08:25,360
Speaker 1: It's not the end of the world, and let's take

171
00:08:25,360 --> 00:08:28,440
Speaker 1: advantage of it. But just because it's not going to

172
00:08:28,560 --> 00:08:30,920
Speaker 1: be two thousand eight all over again, doesn't mean it

173
00:08:31,080 --> 00:08:34,319
Speaker 1: still can't be a painful one. This idea of taking

174
00:08:34,360 --> 00:08:38,080
Speaker 1: advantage of a market move. When someone sells there's another

175
00:08:38,120 --> 00:08:40,960
Speaker 1: buyer that may step in, you've got to have that

176
00:08:41,040 --> 00:08:46,000
Speaker 1: ready cash in order to make that kind of trade exactly.

177
00:08:46,200 --> 00:08:49,520
Speaker 1: You know, it's just the people get too too much

178
00:08:50,160 --> 00:08:52,720
Speaker 1: caught up in what's going on at the moment. You know,

179
00:08:52,760 --> 00:08:54,720
Speaker 1: everybody kind of says, don't panic, don't panic on the

180
00:08:54,720 --> 00:08:57,079
Speaker 1: way down, but people can panic on the way up too.

181
00:08:57,160 --> 00:08:59,559
Speaker 1: So when you've got that plan in advantage, you sit

182
00:08:59,600 --> 00:09:02,479
Speaker 1: down and talk to your financial advisor. Have you know,

183
00:09:02,280 --> 00:09:04,800
Speaker 1: you've you've got your your your your plan. You've always

184
00:09:04,800 --> 00:09:06,599
Speaker 1: had a plan set up, Do you want to tweak it?

185
00:09:06,800 --> 00:09:08,560
Speaker 1: How do you want to take advantage of it? But

186
00:09:08,600 --> 00:09:10,120
Speaker 1: when you have the plan at least some sort of

187
00:09:10,120 --> 00:09:12,600
Speaker 1: a base plan and based in both, there you know

188
00:09:12,679 --> 00:09:15,600
Speaker 1: two plans for both eventuality and so that when it

189
00:09:15,640 --> 00:09:17,200
Speaker 1: comes to it, you can sit back and make an

190
00:09:17,200 --> 00:09:19,920
Speaker 1: intelligent one and not one where you're where you're panicked

191
00:09:20,120 --> 00:09:24,600
Speaker 1: in either direction. Do you believe that institutional investors panic

192
00:09:24,960 --> 00:09:28,520
Speaker 1: or are they just so powerful that they're able to

193
00:09:28,640 --> 00:09:32,160
Speaker 1: battle against each other and whip saw the market in

194
00:09:32,200 --> 00:09:35,120
Speaker 1: a way that we perhaps have not seen before. Well,

195
00:09:35,160 --> 00:09:36,680
Speaker 1: that's certainly the case. And when the one thing is

196
00:09:36,720 --> 00:09:41,319
Speaker 1: that for for panic for them, um is they tend

197
00:09:41,320 --> 00:09:43,160
Speaker 1: to be because because they're in the markets every single

198
00:09:43,200 --> 00:09:45,800
Speaker 1: day and looking at them, looking individual companies, looking at

199
00:09:45,840 --> 00:09:49,120
Speaker 1: trends for individual industries. So so the panic isn't not

200
00:09:49,160 --> 00:09:51,080
Speaker 1: the so of situation. But what they do have to

201
00:09:51,120 --> 00:09:54,600
Speaker 1: deal with sometimes is on the downside is forced selling,

202
00:09:54,920 --> 00:09:56,679
Speaker 1: where it doesn't matter what they think, you know that

203
00:09:56,800 --> 00:09:59,800
Speaker 1: even though they know things are are are are overdone

204
00:09:59,800 --> 00:10:02,880
Speaker 1: to the downside, that there are assets that have value exactly,

205
00:10:03,040 --> 00:10:05,880
Speaker 1: but they have to sell because they're getting the mutual

206
00:10:05,880 --> 00:10:07,640
Speaker 1: from redeptions or a margin call because they've got too

207
00:10:07,679 --> 00:10:09,560
Speaker 1: much leverage. But the other thing happens to the in

208
00:10:09,559 --> 00:10:12,000
Speaker 1: the other direction, where sometimes they get what I call

209
00:10:12,080 --> 00:10:14,800
Speaker 1: performance fear or the markets going up. And I got,

210
00:10:14,840 --> 00:10:16,400
Speaker 1: you know, especially at the end of the year, when

211
00:10:16,440 --> 00:10:18,400
Speaker 1: the market's going up. At the end of the year,

212
00:10:18,480 --> 00:10:20,960
Speaker 1: you might think the world's gonna end next year, but

213
00:10:21,080 --> 00:10:23,360
Speaker 1: you still got to be in there in December, because

214
00:10:23,760 --> 00:10:26,080
Speaker 1: you all your measure two is the end two towards

215
00:10:26,080 --> 00:10:28,080
Speaker 1: the end of the year. So now the institutions are

216
00:10:28,080 --> 00:10:30,840
Speaker 1: definitely a different animal, but they can still have these

217
00:10:31,040 --> 00:10:34,080
Speaker 1: fear greed situations crop prop up for them. Matt, just

218
00:10:34,200 --> 00:10:37,040
Speaker 1: really briefly, because we're going to the clothes here. For

219
00:10:37,120 --> 00:10:40,000
Speaker 1: the quarter, for the month, s and P five hundred

220
00:10:40,080 --> 00:10:42,440
Speaker 1: is up more than twenty two points, the Dow is

221
00:10:42,520 --> 00:10:45,240
Speaker 1: up more than a hundred and seventy eight points. Give

222
00:10:45,280 --> 00:10:46,800
Speaker 1: me about ten seconds. What do you think of this?

223
00:10:47,600 --> 00:10:50,880
Speaker 1: I think it's a short squeeze on shadow that Deutsche

224
00:10:50,880 --> 00:10:52,760
Speaker 1: Bank is going to be fine. I think it will

225
00:10:52,760 --> 00:10:54,360
Speaker 1: take a little bit longer for it to play out,

226
00:10:54,400 --> 00:10:56,400
Speaker 1: so I would not be chasing this market right here.

227
00:10:56,559 --> 00:10:58,760
Speaker 1: I want to thank you very much as always Matt Mainlee,

228
00:10:58,760 --> 00:11:01,720
Speaker 1: equity strategist mill Our take Back, joining us from Boston

229
00:11:01,800 --> 00:11:06,520
Speaker 1: home to Bloomberg Dred. This is taking Stock. I'm pim Fox.

230
00:11:06,520 --> 00:11:09,839
Speaker 1: We're gonna take you through to the close on Wall Street. Next,

231
00:11:09,840 --> 00:11:13,319
Speaker 1: this is Bloomberg. Yeah,