WEBVTT - The Kokou Agbo-Bloua Aftershow

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<v Speaker 1>Welcome to Marry Talks Money the after show. This is

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<v Speaker 1>where we unpacked all the commentary here in our regular podcast.

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<v Speaker 2>I learned some set web this week.

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<v Speaker 1>John Stepack, senior reporter at Bloomberg and author of the

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<v Speaker 1>daily Money to Shelve newsletter, joined me as usual to

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<v Speaker 1>discuss my conversation with Cock. Here's Society General's global head

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<v Speaker 1>of Economics, cross at IT and quant Research and UK

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<v Speaker 1>head of Research.

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<v Speaker 2>Right, John, have you listened to this one?

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<v Speaker 3>I've read the transcript again, so read it rather than

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<v Speaker 3>listen to it?

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<v Speaker 2>Do you do you?

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<v Speaker 4>Yes?

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<v Speaker 1>I hope everyone else listens to it. But what did

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<v Speaker 1>you think of this conversation? Where would you like to

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<v Speaker 1>say you absolutely do not agree.

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<v Speaker 3>I mean, I'm going on my issue here and I

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<v Speaker 3>think is actually a lot to do with the job

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<v Speaker 3>descriptions that if you'd given me a list of the

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<v Speaker 3>questions you were going to ask CORKU before I read

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<v Speaker 3>this transcript, I could have told you what all of

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<v Speaker 3>the answers were going to be pretty much.

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<v Speaker 1>Wow, I don't have a list of questions in advance.

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<v Speaker 1>It doesn't work like that. But oh yeah, if you

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<v Speaker 1>try to send you the list to questions, you can

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<v Speaker 1>tell me the answers, and we went bothered with all

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<v Speaker 1>this boring podcasting business.

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<v Speaker 3>If you give me the improv before you before you

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<v Speaker 3>did the improv, I mean it's let's say it's not

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<v Speaker 3>it's not really a Christmas so much as like it's okay.

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<v Speaker 3>So the received wisdom is, surely there's going to be

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<v Speaker 3>a recession, but does the recession thing even matter that much?

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<v Speaker 3>And you know, interest rates have gone up an extraordinary rate,

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<v Speaker 3>but somehow everything's going to basically be okay because we've

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<v Speaker 3>got enough time role off that. And if you know

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<v Speaker 3>there is a disaster, then it means, you know, the

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<v Speaker 3>central plants can cut interest rates anyway to stop it

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<v Speaker 3>from being a disaster. So it's basically everything is going

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<v Speaker 3>to be okay, and therefore you should a diversified portfolio.

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<v Speaker 2>That's not an acceptable answer.

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<v Speaker 3>Oh yeah no. And they meant to be fairy through

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<v Speaker 3>some ideas there. And you know, there's there's a lot

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<v Speaker 3>to be said for warning passive investments and all the

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<v Speaker 3>rest of it, and transition metals alone. Again, i'd sort

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<v Speaker 3>of make the point that transmit transition metals are fine,

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<v Speaker 3>but probably have to be a wee bit picky because

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<v Speaker 3>I mean, like the lithium price is kind of like

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<v Speaker 3>shot up and then collapsed when everyone realized that actually

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<v Speaker 3>there's plenty of lithium in the world, and as soon

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<v Speaker 3>as the price is high enough, assuming we even stick

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<v Speaker 3>with elitium batteries, it's yeah, it's not going to be

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<v Speaker 3>the new oil. It's you know, a pretty common substance,

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<v Speaker 3>and as long as you know it's there's enough of

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<v Speaker 3>it out there, it's just to be never had to

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<v Speaker 3>use it before, So I don't I don't know, it's

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<v Speaker 3>it's I know, sorry, it sounds like I'm being like

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<v Speaker 3>terribly kind of I mean, but I think it's just

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<v Speaker 3>at a high level, if you're not going to say

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<v Speaker 3>something out of the ordinary about micro then the rest

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<v Speaker 3>of it's just sort of like, oh, can the decimal points.

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<v Speaker 3>Basically it's like, oh, is the decision going to be

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<v Speaker 3>in this quarter or is it going to be in

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<v Speaker 3>that quarter? And at the end of the day, that

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<v Speaker 3>sort of thing doesn't matter that much. Forests, and then

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<v Speaker 3>beyond that it's kind of they can have At the

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<v Speaker 3>more detailed level, you kind of need to be a

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<v Speaker 3>little bit peckier than just you know, okay, well buy

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<v Speaker 3>by these transition metals or whatever.

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<v Speaker 2>Yeah, I suppose the thing that I would I would

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<v Speaker 2>have picked him up on. I probably did pick him

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<v Speaker 2>up on.

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<v Speaker 1>Is this idea that everything will be fine because interest

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<v Speaker 1>rates of everything will be fine because interest rates have

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<v Speaker 1>gone up so fast that they can come down again.

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<v Speaker 2>Whereas I tend to feel more that interest.

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<v Speaker 1>Rates went out very fast because they had to, because

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<v Speaker 1>the central banks made some enormous mistakes and latinflation get

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<v Speaker 1>out of control. So we now have rates at what

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<v Speaker 1>you might consider to be historically historical normal levels. So

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<v Speaker 1>the idea that as soon as something goes wrong, we

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<v Speaker 1>can drag them back down again to beats historically extremely

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<v Speaker 1>abnormal levels of you know, real terms negative or one percent,

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<v Speaker 1>zero point five percent, et cetera.

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<v Speaker 2>So the idea that that ammunation exists.

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<v Speaker 1>So I'm not sure that it does, because the central

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<v Speaker 1>banks may just may because they didn't alway learn their lessons,

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<v Speaker 1>but they may have learned a lesson about how very

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<v Speaker 1>very very low interest rates allow for the misallocation of

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<v Speaker 1>capital and also open the.

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<v Speaker 2>Door to inflation.

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<v Speaker 1>So even if something does go very wrong in the

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<v Speaker 1>global conin which I expect it will, at some point

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<v Speaker 1>in the not two distal future. I'm not sure that

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<v Speaker 1>that leeway exists, that put still exists.

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<v Speaker 3>Oh yeah, because they went up for a reason. So

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<v Speaker 3>it's kind of like with you know, if they go

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<v Speaker 3>back down, then you can't sot. They can't just see

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<v Speaker 3>that inflation is going to vite niche because it's convenient

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<v Speaker 3>at that point for central banks to be cut in rates.

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<v Speaker 3>The one thing that I did find kind of interesting

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<v Speaker 3>or that I think is something that we could do

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<v Speaker 3>with talking more about in a more specific way is

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<v Speaker 3>the thing about productivity. There's a lot of time people

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<v Speaker 3>talk about productivity and talk about his artificial intelligence going

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<v Speaker 3>to help me out? It is tech going to help

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<v Speaker 3>but it and I think it'd be interesting they just

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<v Speaker 3>maybe break down, well, actually, how are these things going

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<v Speaker 3>to help the productivity? And is there not an issue

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<v Speaker 3>with the way really that we measure productivity? And like,

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<v Speaker 3>one of the reasons productivity is falling so badly in

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<v Speaker 3>the UK, for example, but in lots of other places

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<v Speaker 3>is because productivity measures are basically based on manufacturing industries

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<v Speaker 3>being much more significant parts of the economy than they are.

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<v Speaker 3>And if we all acknowledge that, we'll actually, how does

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<v Speaker 3>a hairdress have become more productive? What is the nature

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<v Speaker 3>of an increase in hairdress is productivity? And what's kind

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<v Speaker 3>of like, well, you know you can't it's going to

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<v Speaker 3>measure that, and you're never going to get to a

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<v Speaker 3>point where one hairdresser can do three haircuts in an

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<v Speaker 3>hour rather than two haircuts in an hour.

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<v Speaker 1>No, no, no, no, no, that's simply not true.

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<v Speaker 2>Hair cutting takes too long.

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<v Speaker 1>This is one of the conversations I have every time

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<v Speaker 1>I go to the headdresser, say how long is this

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<v Speaker 1>going to take? And they take an hour? I'm like,

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<v Speaker 1>how can this take an hour? How can this possibly

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<v Speaker 1>in any rational world take an hour?

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<v Speaker 2>Man?

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<v Speaker 1>This is why you always look five minutes to cut

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<v Speaker 1>a woman's hair.

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<v Speaker 2>Anyone's hair tops absolute tops this.

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<v Speaker 1>I mean accept that it's very skilled work and that

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<v Speaker 1>it's difficult, but an hour.

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<v Speaker 2>No, no, no, there is a huge room for productivity

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<v Speaker 2>gains in hedressing. You've chosen the wrong example.

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<v Speaker 3>I don't be You could just get a set of

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<v Speaker 3>clippers and then that would kind of, you know, boost

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<v Speaker 3>productivity technically speaking, but but would it actually boost productivity

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<v Speaker 3>if you've got a whole lot of unhappy people we

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<v Speaker 3>know here.

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<v Speaker 1>I can't answer that's that's that's too much for me

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<v Speaker 1>today anyway, But I get your point. It's very hard

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<v Speaker 1>to rise productivity in the service industries.

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<v Speaker 3>But yeah, but I think this is I think this

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<v Speaker 3>is the things that we talk about this again at

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<v Speaker 3>the kind of very high level, but it's I think

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<v Speaker 3>a lot of time it's if we talk about the

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<v Speaker 3>abstract number of productivity, but they're actually talking about, well,

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<v Speaker 3>what would the more productive economy actually look like? And

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<v Speaker 3>also I think the product I mean, I find productivity

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<v Speaker 3>are very abstract, difficult concept or at my head rounte.

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<v Speaker 3>So I do not know what most of for example,

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<v Speaker 3>or kind of non finance listeners think of whenever they

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<v Speaker 3>think about productivity, because this is, like I say, it's

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<v Speaker 3>this kind of like a concept that is infuriatingly abstract

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<v Speaker 3>to me. I'd like to think that we break it

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<v Speaker 3>down in more concrete levels, as in, what would this

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<v Speaker 3>mean for you? Well, I think this means for these industries.

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<v Speaker 1>One of the things in the UK is that it's

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<v Speaker 1>public sector productivity that has been such a disaster, and

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<v Speaker 1>really private sector productivity isn't great either. But when you

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<v Speaker 1>look at our productivity numbers. It's the public sector that

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<v Speaker 1>is genuinely letting us down. And the place where I

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<v Speaker 1>think most people can see that productivity could be massively

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<v Speaker 1>improved is in particular in the NHS. And that's where

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<v Speaker 1>we have where when you talk about digitalization and you

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<v Speaker 1>talk about AI et cetera, something an organization such as

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<v Speaker 1>the NHS could be massively improved by a higher level

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<v Speaker 1>of efficiency and productivity and middle management in particular. Yeah, definitely,

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<v Speaker 1>that's somewhere where we really could see dramatic change have

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<v Speaker 1>a huge benefit not just for us in our health,

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<v Speaker 1>but for our government finances.

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<v Speaker 3>And see on the private sector, say they can allaw

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<v Speaker 3>lawyer area and the process of buying houses and selling

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<v Speaker 3>houses and all the paperwork that kind of has to

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<v Speaker 3>be chucked in between parties. I can see that's another

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<v Speaker 3>area where that could improve it. I mean one thing

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<v Speaker 3>one point I would make with that though, is that

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<v Speaker 3>we sort of point to AI as being a solution

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<v Speaker 3>for all this, but you know, the enertis is still

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<v Speaker 3>using fax machines in some areas.

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<v Speaker 2>This is the point.

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<v Speaker 3>It's kind of like, well, it's not the fact that

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<v Speaker 3>we've invented AI is not going to change this with

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<v Speaker 3>What we need to do is break down some of

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<v Speaker 3>the guilds that are protecting these professions. And I mean

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<v Speaker 3>that's the big hurdle is things like the and all

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<v Speaker 3>the you know, the kind of British Medical Association kind

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<v Speaker 3>of you know, doctors, but also but on the laws side,

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<v Speaker 3>you know a lot of paperwork could presumably have already

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<v Speaker 3>been replaced, and it's all about professions protecting their you know,

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<v Speaker 3>the leveled up status if you like, and rather than

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<v Speaker 3>the technology lagging, because there's lots of technology that could

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<v Speaker 3>already improve all of these areas that wouldn't require artificial intelligence.

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<v Speaker 3>I mean, simple algorithms and spreadsheets would work very wellful

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<v Speaker 3>things like tree eyes, if you know, we were more

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<v Speaker 3>capable of getting them nty all these different parts of

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<v Speaker 3>the bureaucracy. We kind of moved off the interview.

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<v Speaker 1>We had totally and I was about to start talking

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<v Speaker 1>at something else will together and then remembering that we're

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<v Speaker 1>supposed to be talking about this interview. So one of

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<v Speaker 1>the things that he did talk about when we came

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<v Speaker 1>to productivities, he was talking about the Roaring twenties a.

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<v Speaker 4>Little good point. I mean, there was a lot of

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<v Speaker 4>comparison between the Roaring twenties and the Roaring twenty twenties.

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<v Speaker 4>After the reopening of the economy, these sort of revenge

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<v Speaker 4>spending et cetera. When you look at total factor productivity,

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<v Speaker 4>it has actually sort of been flat to two, falling

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<v Speaker 4>independent on countries. Obviously, the US clearly has a lot

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<v Speaker 4>more investment in innovation and productivity, so for that you

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<v Speaker 4>need investment in technology, robots, et cetera. Even artificial intelligent

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<v Speaker 4>intelligence is expected to increase the productivity in the service industry,

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<v Speaker 4>not just replace jobs, but make us a lot more

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<v Speaker 4>efficient at what we do. So I think there is

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<v Speaker 4>a there is a probability for productivity to increase because

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<v Speaker 4>we won't have much alternative As businesses will are facing,

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<v Speaker 4>as you said, real wage growth, they'll have to find

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<v Speaker 4>ways to protect our margin by investing in more productive assets.

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<v Speaker 4>Otherwise they'll just have to they'll struggle and under perform.

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<v Speaker 1>So I think it is yeah, And I remember you

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<v Speaker 1>and I are talking about there's a lot in twenty twenty.

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<v Speaker 1>Twenty twenty one fully expected there'd be a Roaring twenties coming,

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<v Speaker 1>and I wonder if that might still happen. I've started

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<v Speaker 1>seeing mentions again after a break, Mentions of the Roaring

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<v Speaker 1>twenties popping up all over the place. Eddie Ardini at

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<v Speaker 1>Yardini Research is always talking about his Roaring Twenties outlook

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<v Speaker 1>and how it centers on the technological innovations, etc. That

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<v Speaker 1>we were talking about in this podcast, and that he

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<v Speaker 1>thinks that this productivity boom is coming back, and that

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<v Speaker 1>is reflected in the moves in the stock market this year.

0:12:33.160 --> 0:12:36.520
<v Speaker 1>And so this is not just a pop and a

0:12:36.520 --> 0:12:39.280
<v Speaker 1>bear market, but the beginning of a new bull markets

0:12:39.280 --> 0:12:41.400
<v Speaker 1>that reflects this massive productivity search.

0:12:41.480 --> 0:12:44.000
<v Speaker 2>This idea of the Roaring twenties is still out there.

0:12:44.200 --> 0:12:45.920
<v Speaker 1>I don't know if you remember a few years ago,

0:12:46.640 --> 0:12:48.760
<v Speaker 1>maybe it was last year Billy Gifford had a conference

0:12:48.800 --> 0:12:51.000
<v Speaker 1>and it was called the Roaring Twenties and we all

0:12:51.000 --> 0:12:53.319
<v Speaker 1>got notebooks with the Roaring Twenties written on the front.

0:12:53.800 --> 0:12:55.880
<v Speaker 1>I still have that notebook and I must open it

0:12:55.920 --> 0:12:58.720
<v Speaker 1>and see what it says inside, to remind myself of

0:12:58.720 --> 0:13:01.320
<v Speaker 1>what we thought was going to happen for what actually happened.

0:13:01.520 --> 0:13:02.360
<v Speaker 2>But it may come back.

0:13:02.600 --> 0:13:04.400
<v Speaker 1>Maybe maybe next year, John, you and I'll be talking

0:13:04.440 --> 0:13:05.560
<v Speaker 1>about Mooring twenties again.

0:13:05.640 --> 0:13:09.760
<v Speaker 3>What do you think I'll be always I feel pretty optimistic.

0:13:10.040 --> 0:13:14.559
<v Speaker 3>I can see these round twenties being a actually actually

0:13:14.600 --> 0:13:19.199
<v Speaker 3>coming back and actually happening, because there is so much pessimism,

0:13:20.960 --> 0:13:23.480
<v Speaker 3>you know, a high level. And I'm not saying I

0:13:23.480 --> 0:13:27.079
<v Speaker 3>don't necessarily think interest rates will break anything or explode anything.

0:13:27.400 --> 0:13:29.800
<v Speaker 3>I just think I sort of feel that either something

0:13:30.679 --> 0:13:35.080
<v Speaker 3>either quite drastic will happen or actually we'll see a

0:13:35.120 --> 0:13:38.040
<v Speaker 3>boom on the other side of this, because people actually realize, well, wait,

0:13:38.040 --> 0:13:41.280
<v Speaker 3>I'm actually nothing particularly bad it's going to happen, and

0:13:41.480 --> 0:13:43.080
<v Speaker 3>what we actually need to do is just get our

0:13:43.160 --> 0:13:46.200
<v Speaker 3>heads down and get invest in and maybe high interest

0:13:46.280 --> 0:13:48.959
<v Speaker 3>rates will get rid of some of the extraneous rubbish

0:13:49.040 --> 0:13:52.560
<v Speaker 3>and the misallocated capital, and we'll start focusing on what

0:13:52.720 --> 0:13:59.520
<v Speaker 3>matters I do. It's a weirdly uncertain setting outcomes, even

0:13:59.600 --> 0:14:02.199
<v Speaker 3>compared tea, you know, the usual future uncertainty.

0:14:02.280 --> 0:14:04.120
<v Speaker 1>I think it is, but I keep looking at it

0:14:04.120 --> 0:14:06.839
<v Speaker 1>and thinking, as you just said, high interest rates will

0:14:06.840 --> 0:14:10.360
<v Speaker 1>solve some of our capital misallocation problem, and the labor

0:14:10.440 --> 0:14:14.800
<v Speaker 1>shortage may solve other problems, and that it is when

0:14:14.800 --> 0:14:16.800
<v Speaker 1>there is a labor shortage that companies have to get

0:14:16.800 --> 0:14:19.800
<v Speaker 1>a grip and use technology to solve their their general

0:14:19.840 --> 0:14:21.920
<v Speaker 1>economic problems. And I know, I promise I wasn't going

0:14:21.920 --> 0:14:24.640
<v Speaker 1>to talk about my holidays, but back to my holidays.

0:14:25.040 --> 0:14:26.320
<v Speaker 1>So one of the things that I did at three

0:14:26.360 --> 0:14:29.520
<v Speaker 1>Nank was I visited quite a few tea plantations because

0:14:29.680 --> 0:14:31.800
<v Speaker 1>you know, I love a plantation and I love the factory, right,

0:14:31.840 --> 0:14:35.960
<v Speaker 1>So I've also visited a couple of them tea factories,

0:14:36.000 --> 0:14:38.280
<v Speaker 1>which was absolutely fascinating. And one of the things that

0:14:38.600 --> 0:14:41.520
<v Speaker 1>constant complaint out there was the shortage of labor. That

0:14:41.600 --> 0:14:44.480
<v Speaker 1>it's really hard to get people to pick tea or

0:14:44.480 --> 0:14:47.400
<v Speaker 1>pluck teath, which seems which makes sense to me, because

0:14:47.440 --> 0:14:49.960
<v Speaker 1>it's extremely hard work and it's horribly underpage. You get

0:14:50.120 --> 0:14:52.640
<v Speaker 1>one one hundred and fifty rupieces a day as a

0:14:52.680 --> 0:14:55.880
<v Speaker 1>base base pay for plucking tea, which is, you know,

0:14:55.880 --> 0:14:58.520
<v Speaker 1>about three pounds I think, so really not very much,

0:14:58.800 --> 0:15:01.720
<v Speaker 1>and the tea pluck is in in the hells around.

0:15:01.720 --> 0:15:05.200
<v Speaker 1>Candy are demanding a doubling of their base break, which

0:15:05.200 --> 0:15:09.600
<v Speaker 1>seems entirely reasonable. And there's also a incentive program on

0:15:09.640 --> 0:15:11.720
<v Speaker 1>top of that where you get another fifty rupees for

0:15:11.840 --> 0:15:14.960
<v Speaker 1>each kilo of tea that you pluck etc. So it's

0:15:15.000 --> 0:15:17.840
<v Speaker 1>still extremely low wages. Even if it was double, that's

0:15:17.840 --> 0:15:21.280
<v Speaker 1>still extremely low. However, a doubling of wage from whatever

0:15:21.440 --> 0:15:23.800
<v Speaker 1>from a level plus a labor shortage means that the

0:15:23.840 --> 0:15:28.120
<v Speaker 1>plantations are having to look at alternative ways. How can

0:15:28.160 --> 0:15:30.840
<v Speaker 1>we make this more productive? How can each person have

0:15:30.960 --> 0:15:33.000
<v Speaker 1>more tea picked at the end of the day. And

0:15:33.040 --> 0:15:36.920
<v Speaker 1>so they've started looking at mechanical pickers, which is amazing

0:15:36.920 --> 0:15:39.600
<v Speaker 1>because one of these machines and go look them up online,

0:15:39.600 --> 0:15:41.479
<v Speaker 1>if anyone can be bothered, is quite everything.

0:15:41.280 --> 0:15:41.680
<v Speaker 2>To look at.

0:15:42.640 --> 0:15:45.960
<v Speaker 1>You can double or triple their productivity of each tea picker,

0:15:46.000 --> 0:15:48.200
<v Speaker 1>ie the amount of tea that they pick every day,

0:15:49.160 --> 0:15:51.760
<v Speaker 1>using a variety of machines that are two in particular,

0:15:51.800 --> 0:15:53.600
<v Speaker 1>one one that is used by tvlee, one that is

0:15:53.680 --> 0:15:57.800
<v Speaker 1>used by one person. And this is extremely innovative and

0:15:57.840 --> 0:16:02.120
<v Speaker 1>it's a classic example of employers going, Okay, we can't

0:16:02.120 --> 0:16:06.760
<v Speaker 1>get enough labor and we can't afford to pay labor

0:16:06.800 --> 0:16:08.960
<v Speaker 1>what labor needs, or maybe you can't afford it and

0:16:09.040 --> 0:16:11.200
<v Speaker 1>want to However, you look at it right, and so

0:16:11.320 --> 0:16:13.360
<v Speaker 1>we need to come up with an innovative solution. And

0:16:13.400 --> 0:16:17.120
<v Speaker 1>suddenly everyone is inventing ways to help a picker double

0:16:17.160 --> 0:16:19.160
<v Speaker 1>the amount of tea they get during a day by

0:16:19.680 --> 0:16:22.600
<v Speaker 1>using mechanical pickers. And I found that very interesting, just

0:16:22.600 --> 0:16:26.440
<v Speaker 1>because there's actually a classic of the shortage of labor

0:16:26.720 --> 0:16:31.360
<v Speaker 1>causes technological change genre. And that's all I'm going to

0:16:31.360 --> 0:16:34.080
<v Speaker 1>say about the holidays for now. Anyway, we can talk

0:16:34.120 --> 0:16:35.280
<v Speaker 1>about the beaches later.

0:16:35.520 --> 0:16:38.920
<v Speaker 3>Yeah, and we'll look forward to motivate. It's also it's

0:16:38.960 --> 0:16:41.840
<v Speaker 3>really interesting here there's a labor shortage like kin Sholanka

0:16:42.000 --> 0:16:43.080
<v Speaker 3>as well, laker.

0:16:42.920 --> 0:16:45.480
<v Speaker 1>Shortages, labor shotges coming everywhere, which is one of the

0:16:45.480 --> 0:16:47.560
<v Speaker 1>reasons why I mean, we won't talk about immigration at

0:16:47.560 --> 0:16:49.600
<v Speaker 1>the moment, but one of the one of the things

0:16:49.600 --> 0:16:54.680
<v Speaker 1>about the idea that we can use migrants forever to

0:16:55.120 --> 0:16:59.040
<v Speaker 1>cover our own lower paying jobs as absurd because there

0:16:59.040 --> 0:17:02.000
<v Speaker 1>are labor shortages across the world, and across the world

0:17:02.080 --> 0:17:03.480
<v Speaker 1>there are people who are saying, I see, do you

0:17:03.560 --> 0:17:05.280
<v Speaker 1>know what, I'm not going to do that really hard

0:17:05.280 --> 0:17:06.040
<v Speaker 1>work for their money.

0:17:06.080 --> 0:17:09.400
<v Speaker 2>I'm going to need a bit more, which is entirely reasonable. Right.

0:17:09.440 --> 0:17:13.040
<v Speaker 1>So this is a global dynamic, not just a UK dynamic.

0:17:13.119 --> 0:17:15.040
<v Speaker 1>So it makes no sense for us to say we're

0:17:15.040 --> 0:17:17.720
<v Speaker 1>going to solve our labor problem by importing labor from

0:17:17.720 --> 0:17:19.959
<v Speaker 1>other countries, but there's also a labor shortage. It might

0:17:20.000 --> 0:17:21.720
<v Speaker 1>work a short time, but its perfinitely not going to

0:17:21.760 --> 0:17:26.359
<v Speaker 1>work long time. Excellent, right, John, I think we'd better

0:17:26.520 --> 0:17:29.400
<v Speaker 1>leave it there and remember everybody that had diversified portfolio.

0:17:29.560 --> 0:17:31.520
<v Speaker 1>Is a good thing, but it's not the most interesting thing.

0:17:33.359 --> 0:17:35.439
<v Speaker 1>Thanks for listening to this week's Maren Talks Money the

0:17:35.480 --> 0:17:38.040
<v Speaker 1>After Show. This episode was hosted by me Maren Sunset

0:17:38.119 --> 0:17:40.840
<v Speaker 1>Web alongside John Stepic. It was produced by Some Society

0:17:40.840 --> 0:17:43.400
<v Speaker 1>and additional editing by Blake Naples.

0:17:45.119 --> 0:17:46.840
<v Speaker 2>Now we gould you like to hear more about my holiday?

0:17:46.880 --> 0:17:47.480
<v Speaker 2>We've done here