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Speaker 1: Runch you by Bank of America Mary Lynch with virtual reality,

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Speaker 1: Virtually everything will change. Discover opportunities in a transforming world

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Speaker 1: VI of a mL dot Com slash VR, Mary Lynch,

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Speaker 1: Pierced Fenner, and Smith Incorporated. Welcome to the Bloomberg Surveillance Podcast.

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Speaker 1: I'm Tom Keene with David Gura. Daily we bring you

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Speaker 1: insight from the best of economics, finance, investment, and international relations.

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Speaker 1: Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, Bloomberg dot Com,

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Speaker 1: and of course, on the Bloomberg Future. Slat down, futures up,

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Speaker 1: nine equities churning. But look at the doubt twenty one thousand,

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Speaker 1: five to eight, and you weren't in a market because

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Speaker 1: the market, the economy, it was terrible. Things are terrible.

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Speaker 1: On Friday, you read four dooming gloom articles to get

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Speaker 1: you through the terrible weekend, to get to the terrible

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Speaker 1: Monday where Drew Madis the stock market goes up again

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Speaker 1: because in your wonderful days a U B S with

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Speaker 1: more Harris you were right, then, you're right now It's

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Speaker 1: a resilient American economy. Can you link your g d

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Speaker 1: P optimism right over to the stock market Uh No,

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Speaker 1: but I think it's reflecting it. I mean, I think

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Speaker 1: when you look at the world today, you see a

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Speaker 1: moderate growth environment with moderate inflation, very low interest rates, uh,

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Speaker 1: and very low volatility in the economy itself. And so

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Speaker 1: you know, when you look at the equity market, for example, uh,

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Speaker 1: you know, there's less volatility around everything. So you know,

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Speaker 1: you that's why the multiple I think keeps going up

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Speaker 1: is because people are like, well, you know, I'm not

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Speaker 1: gonna get six percent in terms of nominal growth. I'm

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Speaker 1: gonna get four. But I know it's a solid for

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Speaker 1: as opposed to six percent us OUR minus four. Let's

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Speaker 1: let's go back to original drumatics before we get to

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Speaker 1: the markets here, and that is the idea of justifying

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Speaker 1: two point eight or three percent g d P. Is

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Speaker 1: it a consumer we misjudge? Do we get an investment

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Speaker 1: buoyancy or does trade light up like a candle because

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Speaker 1: of dollar dynamics. What's gonna be the partial differential that

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Speaker 1: makes that happen. Well, so I think the consumer is

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Speaker 1: going to have a lot to do with it. Uh.

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Speaker 1: And I think we're going to see that investment cycle

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Speaker 1: begin because I think the thing that's being misjudged and misunderstood.

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Speaker 1: The most uh, and that everyone is getting wrong is

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Speaker 1: that productivity. Productivity is cyclically low. This is not a

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Speaker 1: structural story. This is a cyclical story and it's been

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Speaker 1: persistent because of the low rate environment we've been in.

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Speaker 1: This is a really important comment, folks. Let's dive deeper

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Speaker 1: into this. And this goes back to how any number

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Speaker 1: of Nobel laureates and frankly people that are truly acclaimed

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Speaker 1: thinking about efficiency of capital, efficial see of labor. In

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Speaker 1: this technological overlay, everybody focuses on technology. It's structural. The

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Speaker 1: world's gonna come to an end. You're saying, yeah, that's there,

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Speaker 1: but no, it's about a cyclical Dejanet Yellen force low

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Speaker 1: productivity because she kept rates low. I wouldn't say she

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Speaker 1: forced it, but if you think about what low rates

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Speaker 1: have done, low rates have effectively allowed companies that perhaps

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Speaker 1: should have gone out of business to stay in business. Uh.

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Speaker 1: And so every year that goes by, where that occurs,

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Speaker 1: and you have companies that should be getting churned because

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Speaker 1: they're they're cost of financing what they're trying to do. Uh. Oh,

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Speaker 1: come on, look at the free lunch. Well, they're staying

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Speaker 1: in business. And what that's doing is is it's taking

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Speaker 1: a percentage of the U S workforce and growing percentage

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Speaker 1: of the US workforce and keeping them at firms that

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Speaker 1: are not productive. They're not being churned out, and so

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Speaker 1: we're not getting the turnover in the labor market that

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Speaker 1: puts people to their most efficient use and best use.

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Speaker 1: So it's not good for the employees. It hurts their

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Speaker 1: wages actually because low productivity firms can't afford to pay

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Speaker 1: better um, but they can if they're staying in business.

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Speaker 1: A greater and greater percentage of the York's US workforce

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Speaker 1: is working at these firms that are not productive, and

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Speaker 1: then we wonder why US productivity is. But then the

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Speaker 1: review this These are really important comments, folks, whether you

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Speaker 1: agree or not with Mr Madison that life the first

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Speaker 1: order condition for the FED is to provide financial stability

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Speaker 1: at lowered rates to save the banks, except we all

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Speaker 1: know the story the second order condition. Are these knock

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Speaker 1: on effects of the first order condition? What's the lead

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Speaker 1: knock on effect right now of Bill Gross's financial repression

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Speaker 1: or the idea of looking at a negative two year

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Speaker 1: yield since time real to year yield since time began.

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Speaker 1: What's the key second order effect? Uh, A very low

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Speaker 1: level of economic volatility, which is bad for the economy

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Speaker 1: we need as a country. The US has always thrived

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Speaker 1: in creative destruction. UH. And without creative destruction, we do

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Speaker 1: not get to our efficient operating level. And there's another

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Speaker 1: reason why perhaps productivity might be too low, which is

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Speaker 1: that we are not operating at the right UH. If

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Speaker 1: you think of the economy as an engine where we

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Speaker 1: don't have the RPMs up high enough with the within

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Speaker 1: within the r p ms of the U S economy,

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Speaker 1: how many rate rises changes the oil in the tank?

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Speaker 1: So maybe we've got a Velveolin moment? Can we does

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Speaker 1: Velveolan sponsor us under the under the star under the

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Speaker 1: Texico sign something like that? But but but that was

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Speaker 1: a Midwest moment, folks, excuse me there. But the basic

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Speaker 1: idea we got to get the oil in the engine.

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Speaker 1: How many rate increases does it take to get the

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Speaker 1: oil in the engine? I think you have to get

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Speaker 1: to a more normal level. I also think the balance

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Speaker 1: sheet has something to do with it. So I don't

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Speaker 1: have the answer for that because I think it's a

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Speaker 1: mix of the two. But I do think the FED

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Speaker 1: is moving in the right direction, which is towards higher

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Speaker 1: FED funds rates, towards normalizing the balance sheet. Uh. And

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Speaker 1: I would say that, you know, one of the things

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Speaker 1: that concerns me is this idea that the balance sheet

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Speaker 1: is going to remain excessively enlarged for an extraordinary period

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Speaker 1: of time and that we don't have to return to

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Speaker 1: kind of a more historically normal size balance sheet. I

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Speaker 1: think in the end, the FED will have to retreat

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Speaker 1: from that and move back towards a more normal balance sheet,

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Speaker 1: which is somewhere in the order of six to seven

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Speaker 1: percent nominally. How long is it gonna take? Because when

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Speaker 1: I spoke with the President Caplain of the Dallas FED,

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Speaker 1: he kept moving his hand. For those of you who

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Speaker 1: can see this on radio, I'm moving my hand down,

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Speaker 1: and he was moving it out years. I mean, he

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Speaker 1: was on the edge of decades. Are you suggesting this

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Speaker 1: is all gonna happen a lot quicker? I think it's

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Speaker 1: going to take a decade. On the balance sheet, uh.

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Speaker 1: And on interest rates, I'm not sure we'll have a

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Speaker 1: decade before the next before the next downturn. But I

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Speaker 1: do think we've got a few years, and I think

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Speaker 1: by the time we get there, we will have rates

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Speaker 1: in a more reasonable place. What what does what does

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Speaker 1: the low I want to do? The MetLife angle, the

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Speaker 1: institutional angle here in our next section, but in this section,

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Speaker 1: what does this world we're in that we've created do

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Speaker 1: for investors and savers mean? Forget about somebody who wants

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Speaker 1: to buy six thousand shares of Amazon to make a

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Speaker 1: quick hitoff whole foods to mom and pop out there,

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Speaker 1: what does this environment mean? Well, for people who are

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Speaker 1: approaching retirement, they're saving more. And so this is something

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Speaker 1: that we've looked at a lot. If you look at

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Speaker 1: ten year yields versus savings rates, the relationship is not linear,

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Speaker 1: meaning that below a certain interest rate, people save more,

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Speaker 1: and above a certain interest rate people save more. When

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Speaker 1: it's above it, they're saving because they think the economy

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Speaker 1: is going to go into recession. There's this fear out there.

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Speaker 1: Below a certain interest rate, there the fear is that

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Speaker 1: they're not going to be able to have enough for

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Speaker 1: retirement to actually meet their their income needs and retirement,

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Speaker 1: so they save more. So in order to kind of

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Speaker 1: get people to save less and to boost economic spending

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Speaker 1: in the economy, you actually need to move rates up.

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Speaker 1: Well maybe that's a paradox and the paradox to take

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Speaker 1: it back to econ one oh one. But there's a

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Speaker 1: lot of ducks. But how how many rate increases are

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Speaker 1: we too normal? Within this really interesting general discussion. I

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Speaker 1: mean I would say three. I think he would be

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Speaker 1: on the verge of normal with another three or so. Yes. Uh,

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Speaker 1: you know historically the FED saw anything below one is abnormal. Uh,

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Speaker 1: and then obviously the crisis happened, they went to zero. Um.

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Speaker 1: I think once you're above one, you're in a better spot. Uh.

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Speaker 1: You know, something on the closer to three in my

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Speaker 1: mind is better than two. But I'll take two and

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Speaker 1: kind of pinch. You know what's great Aboutdrew maddisas he

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Speaker 1: brings the entire entourage from MetLife with him, including a

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Speaker 1: general council. He's gonna need his general counsel. And the

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Speaker 1: next section as we talk about UH insurance portfolios and

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Speaker 1: actual reial assumption, something I know he spends a lot

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Speaker 1: of time on as well. We got a little geeki

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Speaker 1: there for Global wall Streets where with Drew Maddis of MetLife,

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Speaker 1: drew insurance companies of all flavors, including his venerable is

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Speaker 1: the Metropolitan Life Insurance Company have to worry about meeting

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Speaker 1: the actuarial assumption that has been challenging since his financial

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Speaker 1: crisis began. Is there light at the end of at

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Speaker 1: the extraally real tunnel? Well, I mean, you know, with

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Speaker 1: you know, we haven't had rates move up to the

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Speaker 1: way we would have liked. My forecast for the end

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Speaker 1: of year tenure is to seventy five. I still think

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Speaker 1: we can get there. You know, if you look at

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Speaker 1: it from a kind of a monthly move perspective, you're

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Speaker 1: looking at eight basis points a month, which is not unreasonable,

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Speaker 1: particularly given some of the moves we've seen around some

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Speaker 1: of the bigger events. Uh. But yes, it's challenging, and

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Speaker 1: that's why we have, uh, you know, we have a

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Speaker 1: very solid um team. We have hundreds of people met

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Speaker 1: Life Investment Management working uh to kind of you know,

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Speaker 1: hit our hit our targets. Uh, and we have a

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Speaker 1: lot of expertise in areas that that kind of enable

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Speaker 1: us to invest in places you know that that can

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Speaker 1: help us as well. So um, you know, uh, you know,

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Speaker 1: higher rates would be helpful, but you know, we can

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Speaker 1: we can get through without them, our bonds and stocks

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Speaker 1: correlated right now? Uh? You know, um, yes, but I

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Speaker 1: think you know, fundamentals are actually now beginning to be

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Speaker 1: the driver. So one of the things we've created is

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Speaker 1: as a proprietary index of um of fundamental activity. And

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Speaker 1: what we see is that fundamentals now are driving things,

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Speaker 1: not kind of the shock factors anymore. Uh. And so

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Speaker 1: we watch this index that we've created to give us

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Speaker 1: a sense of whether that's beginning to move or not. Uh.

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Speaker 1: And right now, at least our fundamental index is telling

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Speaker 1: us that fundamentals are driving things. And then we have

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Speaker 1: actually underlying fundamental indicase for credit, real state, uh, the consumer,

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Speaker 1: and all of those are suggesting pretty much a goldilocks

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Speaker 1: not too hot, not too cold environment. I like the

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Speaker 1: goldilocks ideas of goldilocks in the oil patch. I meant

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Speaker 1: three seven percent Bob Moon saying it's two move. We

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Speaker 1: had to readjust from a hundred down to forty at

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Speaker 1: one point, I would suggest we cleared most of the market, right. Uh.

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Speaker 1: You know, I think so, I think you know, the

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Speaker 1: you know, the the key really for me when when

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Speaker 1: we think about oil, uh, in the context of the

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Speaker 1: U S at least is it um because the US

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Speaker 1: has become this kind of swing producer. Whatever we thought

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Speaker 1: the peak oil price was that you could get to

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Speaker 1: maybe ten or fifteen years ago, that number has got

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Speaker 1: to be lower. And so when you look at the

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Speaker 1: average price that you can expect over the next ten years,

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Speaker 1: it's something divided by two, right, and so uh, it's

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Speaker 1: you know, it's lower than it would have been if

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Speaker 1: you asked the same question fifteen or twenty years ago.

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Speaker 1: And for me, that's the key feature of kind of

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Speaker 1: the U S oil revolution. Dumas thank you so much,

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Speaker 1: with met Life, their chief market strategist. It's a huge responsibility,

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Speaker 1: folks to try to gauge equities, bonds, currencies, commodities and

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Speaker 1: economics across the liabilities of any given insurance company. There,

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Speaker 1: what short term it that life? Five years? We have

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Speaker 1: a very long run perspective. Come on, give me an answer.

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Speaker 1: What short term? Ten years? You're trying to get on fired? Yeah,

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Speaker 1: well we're not. The General Council's hanging on every syllable.

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Speaker 1: Five of years. I mean, seriously, five years a short

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Speaker 1: term for an insurance company. We we make investments, We

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Speaker 1: are a liability driven investor, and that means we make

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Speaker 1: investments for the long term. There he is with the

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Speaker 1: c y a answer. Drew Maddis of MetLife, thank you

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Speaker 1: so much worldwide. This is Bloomberg right now with as

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Speaker 1: William Priest for a brief time, as we await a

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Speaker 1: conversation with a Secretary of Treasury. William Priest wrote an

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Speaker 1: iconic book. It was instantly classic and has stayed that

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Speaker 1: that's hard to do on shareholder yield. A number of

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Speaker 1: years ago. This would be the measurement and cash flow,

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Speaker 1: which would we see more of in the next five

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Speaker 1: or ten years, dividend growth or share buybacks, which has

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Speaker 1: the high ground now in terms of use of cash.

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Speaker 1: I think what's gonna happen is, first of all, you

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Speaker 1: have to take one step back and say should I

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Speaker 1: reinvest or should I return capital? What's critical to that

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Speaker 1: is can you earn a premium over your cost of capital?

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Speaker 1: If you can indeed reinvest at a premium over your

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Speaker 1: cost of capital, you should reinvest or require But for

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Speaker 1: many companies, particularly large ones, that's almost impossible. So they

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Speaker 1: will return much of that cash to the owners of

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Speaker 1: the business, and they will do that either through cash

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Speaker 1: buy backs or debt paid down. From a tax standpoint,

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Speaker 1: buy backs are favorite. Wall Street doesn't always treat buy

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Speaker 1: backs with the same value. It depends on the reason.

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Speaker 1: If the reason for the buy back is to get

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Speaker 1: management paid because earnings for share or hire and they

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Speaker 1: get a bonus, that's a misuse of cash flow. But

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Speaker 1: in theory they are identical. So and and if you

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Speaker 1: don't want to talk about this bill, we know each

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Speaker 1: other so well that if you want to step aside

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Speaker 1: on this, IBM is financial engineering. They basically did William

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Speaker 1: Priest one oh one the first four pages of their

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Speaker 1: annual report for years and years and years and years,

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Speaker 1: and then the show game broke? Did you own IBM?

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Speaker 1: As they were financially engineering their way to oblivion. We

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Speaker 1: have been negative on IBM for years. They had an

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Speaker 1: up quarter. Why have been negative? No revenue growth? No

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Speaker 1: revenue growth from umpty ump quarters. Uh, there are too

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Speaker 1: many games you can play with a counting, and many

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Speaker 1: many years ago, it was uh, Louis when lou rock

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Speaker 1: Hiser Show was on, LOUI asked me a question. Because

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Speaker 1: I'm I'm a CPO. My background includes that at one

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Speaker 1: point I was an accountant. We won't hold that against you. Well,

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Speaker 1: he asked me a question. It was one of the

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Speaker 1: great straight lines I was ever given. Uh And he said, Bill,

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Speaker 1: being an accountant and being a c p A is

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Speaker 1: a helpful and being a security analyst or portfolio management.

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Speaker 1: And I basically said, well, Lou, you know, accounting is

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Speaker 1: a lot like a bathing suit. What it reveals is interesting,

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Speaker 1: but what it conceals is vital. And I think accounting

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Speaker 1: is a way to obfuscate truth. And it's gotten worse

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Speaker 1: and worse as you've gone through time. These sensors just

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Speaker 1: gagged me here at surveillance. So I can't respond, okay

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Speaker 1: to that. Mr Rukeyser could respond to that, and in

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Speaker 1: the modern day even Luu Keiser couldn't respond to the

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Speaker 1: bathing suit priest analogy? Am I doing? Okay? John? Yeah,

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Speaker 1: that whole really you got the shovel on. Think the

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Speaker 1: whole ever deeper? Okay? But IBM, seriously here you look

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Speaker 1: at the IBM pages. Everybody thinks it's c P A

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Speaker 1: c F A one oh one. And you're saying the

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Speaker 1: revenue growth isn't there? Amazon has revenue growth than God is.

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Speaker 1: Mr Bezos did he read William priest, I have no idea.

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Speaker 1: Why not Why can't you look at why can't you?

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Speaker 1: You should? Well, well, who do we have on yesterday? Uh?

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Speaker 1: That was wonderful about this. Uh David Rubinstein saying he

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Speaker 1: made the same mistake you made, and you know, the

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Speaker 1: underestimated Bezos she got revenue growth of Amazon. Does that

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Speaker 1: count towards shareholder yield? I think at the end of

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Speaker 1: the day, you're going to look at does the entity

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Speaker 1: generate cash flow? All businesses are driven ultimately by their

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Speaker 1: ability to generate cash flow. Now, we have a definition

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Speaker 1: for free cash flow, which essentially indicates that the definition

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Speaker 1: that we use, it's the cash available for distribution to

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Speaker 1: shareholders after all planned capitals, adpenditures, and all cash taxes.

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Speaker 1: So what Bezos has done is essentially say, you know what,

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Speaker 1: I can reinvest my capital at a higher than my

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Speaker 1: cost of capital, which has been true in this era

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Speaker 1: we've been in where the cost of capital is following

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Speaker 1: year after year after year. So this is the money question, folks.

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Speaker 1: This is critically important as well. This is so important.

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Speaker 1: He's got a game going and like Brian Roberts ad Comcast,

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Speaker 1: someday you shift Comcast brilliantly shifted from CAPEX development over

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Speaker 1: to use the cash to shareholders to great advantage. Do

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Speaker 1: you believe Jeff Bezos can shift from revenue high return

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Speaker 1: new businesses to a more mature business X number of

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Speaker 1: years down the road. I jury is out, but I

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Speaker 1: would say probably can. But right now he just looks

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Speaker 1: at He is a major disruptor in business today. You

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Speaker 1: don't want to be on the other side of what

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Speaker 1: he's doing. It's too disruptive. Brunt you by Bank of

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Speaker 1: America Mary Lynch. With virtual reality, virtually everything will change.

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Speaker 1: Welcome to our viewers around the world, our listeners on

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Speaker 1: Bloomberg Grady as well. I'm joined by the seventy seventh

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Speaker 1: Secretary of the Treasury, Steve Monition. Here uh the Gaylord

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Speaker 1: Resort a South Washington. See. Thank you very much. Thank you.

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Speaker 1: You become familiar with the idiosyncrasies of this town, the

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Speaker 1: strange customs you're about to become familiar with another, that

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Speaker 1: is the semi regular debate about the debt limit. When

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Speaker 1: are we going to get it. How how soon is

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Speaker 1: that debate going to happen? Follow Let me just say

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Speaker 1: we're already having the discussion on it, and I don't

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Speaker 1: think it's a debate. Let me be clear. I think

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Speaker 1: everybody realizes we need to raise the debt ceiling. The

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Speaker 1: government debt is the most important credit in the world

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Speaker 1: and where the reserve currency. So this is just a

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Speaker 1: little bit of a process. That's the government process of

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Speaker 1: how we go about and one of the things I

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Speaker 1: think we think about over time is changing this process.

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Speaker 1: It should be once we've spent the money that the

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Speaker 1: debt limit goes along with the commitment to spend. Is

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Speaker 1: it the beginning of September when you think we we

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Speaker 1: hit that limit? Is it later in the month. Do

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Speaker 1: you have a specific date at this point? We constantly

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Speaker 1: review these numbers internally. UM, I don't want to give

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Speaker 1: exact projections. As I've said, I've encouraged Congress to act

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Speaker 1: before they leave for the summer, but we do have

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Speaker 1: enough money to get us through September and case they

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Speaker 1: don't back in January. Before you were confirmed, you spoke

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Speaker 1: against prioritization of debt payments. Now that you've been on

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Speaker 1: the job, You're familiar with the office and the way

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Speaker 1: things work here in Washington. Do you still feel that way?

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Speaker 1: Are you against prioritization? Let me just say I think

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Speaker 1: that the Congress should raise the debt ceiling so that

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Speaker 1: we don't have to talk about prioritization. That's really the focus.

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Speaker 1: We should be paying our bills when they're due, and

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Speaker 1: we shouldn't put the government at risk. There hasn't been

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Speaker 1: what I would call a course of consensus around this issue.

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Speaker 1: And a few others within the administration. There were some

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Speaker 1: of your colleagues who are calling for a clean raise

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Speaker 1: of the debt limit, through others who think it should

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Speaker 1: be tethered to spending cuts. What's it going to take

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Speaker 1: to get to unanimity on this issue? And others within

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Speaker 1: the within the administration. Well, I think we have a

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Speaker 1: general understanding within the administration and we're clear on that,

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Speaker 1: and we're working with Congress. This is really up to

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Speaker 1: Congress to raise the debt limit, and again it's something

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Speaker 1: I'm confident that they'll do. Before we get to a point.

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Speaker 1: That's critical on the issue of unanimity is the White

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Speaker 1: House saying there is a date by which we will

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Speaker 1: a tax reform proposal from the White House. Are you

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Speaker 1: speaking with one voice on that issue? Well, I think

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Speaker 1: we've been pretty consistent and saying we're working every week

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Speaker 1: very closely with the House and the Senate to have

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Speaker 1: a joint plan when we come out, and the idea

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Speaker 1: is to get us all on the same page. So

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Speaker 1: when we release the combined plan, it's gonna get passed,

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Speaker 1: and it's going to get passed by the House and

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Speaker 1: the Senate and the President will sign it. And it's

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Speaker 1: our focus to get that done this year. It's critical

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Speaker 1: to the economy and we're working every day to get

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Speaker 1: that done. What's your relationship like with lawmakers on Capitol Hill?

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Speaker 1: How have you found that being new to watching, being

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Speaker 1: new to this job. I think we're very good relationships

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Speaker 1: and uh, I think it's a team effort. I think

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Speaker 1: the good news is we understand what we want to do.

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Speaker 1: We want to get growth in this country. We want

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Speaker 1: to have tax reform. It hasn't been done in thirty years.

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Speaker 1: It's critical. We want to simplify personal taxes, we want

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Speaker 1: to create a middle income tax cut, and we want

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Speaker 1: to make business taxes competitive. We have one of the

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Speaker 1: highest tax rates in the world, old with worldwide taxes

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Speaker 1: and deferral, which leads to trillions of dollars left off shore.

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Speaker 1: You bring up growth. I must say that's the thing

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Speaker 1: of this conference. I talked to maybe a half dozen

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Speaker 1: economists to every day, and almost without exception, they disagree

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Speaker 1: with the projections that you have that we can attain

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Speaker 1: three or four percent and growth in the near tow

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Speaker 1: to medium term. What are you seeing that they're not? Well? Again,

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Speaker 1: I just want to put this in perspective. When Obama

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Speaker 1: came into office, he was projecting over four economic growth.

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Speaker 1: We obviously haven't tag necked. We've had one of the

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Speaker 1: lowest growth rates in modern history, and we're just not

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Speaker 1: going to be satisfied with two percent growth. We're gonna

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Speaker 1: work every day in this administration and do everything we

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Speaker 1: possibly can to unlock the economic capital to create jobs,

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Speaker 1: to create better wages, and get growth above three percent.

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Speaker 1: We're committed to doing that. You're here among and talking

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Speaker 1: to foreign investors. Let me ask you about Siphias. You've

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Speaker 1: said your decisions on foreign investment are based largely on

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Speaker 1: national security. That's the cornerstone. Would you be in favor

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Speaker 1: of an economics benefit test it for investment in the

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Speaker 1: U S Well, let me just say they're not largely

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Speaker 1: on national security. They're completely on national security, and no

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Speaker 1: I I favor sifious to be for national security. There's

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Speaker 1: other things we can do to make sure that we

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Speaker 1: are economically competitive. But the US is one of the

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Speaker 1: freest trading markets in the world. It's one of the

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Speaker 1: freest investment markets in the world. We welcome foreign investors

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Speaker 1: to invest here, and we just want to make sure

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Speaker 1: we get treated the same way abroad. That's really our focus.

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Speaker 1: You've talked about a strong dollar and a dependable dollar.

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Speaker 1: Not to get into the semantics here, but what's the

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Speaker 1: difference between the two. How do you define a dependable dollar. Well, again,

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Speaker 1: the dollar is the reserve currency the world. Um, Again,

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Speaker 1: it's not our focus where the dollar is in the

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Speaker 1: short term. There's obviously certain negative aspects of a strong

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Speaker 1: dollar as it relates to our exports. But on the

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Speaker 1: other hand, the strong dollar is a vote of confidence

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Speaker 1: in the US economy and the Trump administration, similarly to

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Speaker 1: what is going on with the stock market. So this

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Speaker 1: is one of the most important economic investment opportunities the

428
00:23:07,720 --> 00:23:10,240
Speaker 1: US and we're seeing a lot of attractions here and

429
00:23:10,240 --> 00:23:12,520
Speaker 1: that's a lot about what this conference is today on

430
00:23:12,560 --> 00:23:14,560
Speaker 1: the issue of investment. A few months back, you're talking

431
00:23:14,600 --> 00:23:15,879
Speaker 1: to a colleague of mine out in l a at

432
00:23:15,880 --> 00:23:18,280
Speaker 1: the Milk and Conference, and you suggested that ultra long

433
00:23:18,359 --> 00:23:21,480
Speaker 1: bonds absolutely made a sense. Do you still believe that?

434
00:23:21,520 --> 00:23:23,240
Speaker 1: Are you walking back from that a little bit in

435
00:23:23,320 --> 00:23:26,879
Speaker 1: la I'm not. I'm not walking back again. It's something

436
00:23:26,920 --> 00:23:30,280
Speaker 1: that we're very seriously considering. UM. I do think it's

437
00:23:30,320 --> 00:23:34,080
Speaker 1: a tool that the government should strongly consider, and we're

438
00:23:34,119 --> 00:23:37,240
Speaker 1: reaching out through the Borrowing Committee and investors to to

439
00:23:37,280 --> 00:23:39,520
Speaker 1: see what the demand is. I mean, what we don't

440
00:23:39,520 --> 00:23:41,920
Speaker 1: want to do is create a program that's a completely

441
00:23:41,960 --> 00:23:43,840
Speaker 1: one off program. We want to see if it would

442
00:23:43,840 --> 00:23:47,480
Speaker 1: be an important part of our borrowing capabilities. In the past,

443
00:23:47,520 --> 00:23:50,080
Speaker 1: people in your position have been advisors to the President

444
00:23:50,119 --> 00:23:52,560
Speaker 1: on picking future chairs of the Federal Reserve? Has the

445
00:23:52,600 --> 00:23:54,800
Speaker 1: presidents solicited your advice on who the next FED chair

446
00:23:54,840 --> 00:23:58,639
Speaker 1: should be? Well on all the financial regulatory positions. Gary

447
00:23:58,680 --> 00:24:02,359
Speaker 1: Koon and I are working very closely together in making

448
00:24:02,400 --> 00:24:05,040
Speaker 1: recommendations to the President so that he he and I

449
00:24:05,119 --> 00:24:08,560
Speaker 1: have have interviewed all the people and have made joint

450
00:24:08,600 --> 00:24:11,560
Speaker 1: recommendations to the President. What do you think constitutes a

451
00:24:11,600 --> 00:24:13,840
Speaker 1: good FED chair? In other words, broadly speaking, what do

452
00:24:13,920 --> 00:24:15,640
Speaker 1: you what do you think the president should be looking

453
00:24:15,680 --> 00:24:18,160
Speaker 1: for gonna in a FED share this next turn, Well,

454
00:24:18,240 --> 00:24:20,480
Speaker 1: let me just say we haven't made any decisions yet

455
00:24:20,520 --> 00:24:22,960
Speaker 1: on the FED chair um whether we're gonna have a

456
00:24:22,960 --> 00:24:24,480
Speaker 1: new one or we're not going to have a new one,

457
00:24:24,560 --> 00:24:27,640
Speaker 1: and uh, we'll be working closely together with the President

458
00:24:27,680 --> 00:24:30,800
Speaker 1: as we consider all the issues. What is your relationship

459
00:24:30,880 --> 00:24:32,760
Speaker 1: like with that, Mr Cone? We we hear so much

460
00:24:32,760 --> 00:24:35,840
Speaker 1: about the palace intrigue, reports of division or discord within

461
00:24:35,960 --> 00:24:38,439
Speaker 1: within the White House. What's your sense of how the

462
00:24:38,480 --> 00:24:41,400
Speaker 1: economic team is working, how it's working together. I think

463
00:24:41,400 --> 00:24:44,640
Speaker 1: the Economic team couldn't be working better together. And that's

464
00:24:44,760 --> 00:24:48,680
Speaker 1: a combination of myself, Gary Cohne, Wilbert Ross, It's Bob

465
00:24:48,760 --> 00:24:54,080
Speaker 1: Leitheiser on trade, it's mcmilvany on the budget. We meet constantly,

466
00:24:54,560 --> 00:24:56,840
Speaker 1: and Uh, I think we couldn't be working together. As

467
00:24:56,880 --> 00:24:58,560
Speaker 1: it relates to Gary and I, he and he and

468
00:24:58,560 --> 00:25:00,080
Speaker 1: I have known each other for a very long in

469
00:25:00,119 --> 00:25:03,280
Speaker 1: period of time and we're worked together very closely in

470
00:25:03,320 --> 00:25:05,960
Speaker 1: the past otto warm beer has passed away from the

471
00:25:05,960 --> 00:25:07,720
Speaker 1: twenty two year old student who was in North Korea

472
00:25:07,760 --> 00:25:09,720
Speaker 1: from more than a year. The President has passed along

473
00:25:09,720 --> 00:25:13,240
Speaker 1: his condolences and said that he's reaffirming his opposition to

474
00:25:13,240 --> 00:25:15,880
Speaker 1: the policies of the North Korean regime. What more can

475
00:25:15,920 --> 00:25:18,560
Speaker 1: you do? We've seen the Treasury Department deploy and implement

476
00:25:18,640 --> 00:25:21,440
Speaker 1: sanctions against North Korea. As you react to this news

477
00:25:21,480 --> 00:25:23,800
Speaker 1: and think about steps forward, are there more tools in

478
00:25:23,840 --> 00:25:26,520
Speaker 1: the Treasury Department's tool kit when it comes to sanctions. Well,

479
00:25:26,600 --> 00:25:29,480
Speaker 1: let me first say it's a it's a very unfortunate situation,

480
00:25:29,520 --> 00:25:33,920
Speaker 1: and I also pass on my condolences to his family. Uh.

481
00:25:33,960 --> 00:25:37,399
Speaker 1: He was treated very poorly and nobody should be treated

482
00:25:37,480 --> 00:25:40,800
Speaker 1: like that. And as we've said before, we are firmly

483
00:25:40,840 --> 00:25:44,000
Speaker 1: committed at Treasury to use all our powers to put

484
00:25:44,080 --> 00:25:47,840
Speaker 1: sanctions on North Korea and work with our allies to

485
00:25:48,040 --> 00:25:51,760
Speaker 1: stop what they're doing. And that's the missile testing, the

486
00:25:51,840 --> 00:25:55,520
Speaker 1: nuclear testing. Um this is something we're working very closely

487
00:25:55,640 --> 00:25:58,840
Speaker 1: with our allies on. I spoke with your predecessor about sanctions.

488
00:25:58,840 --> 00:26:00,679
Speaker 1: It was something he was very we sted in and

489
00:26:00,720 --> 00:26:04,479
Speaker 1: worked hard to raise the status of that's a policy

490
00:26:04,480 --> 00:26:07,200
Speaker 1: tool implementing sanctions in the in the realm of national security.

491
00:26:07,440 --> 00:26:10,200
Speaker 1: Do you see your sanctions policy as an extension of that.

492
00:26:10,760 --> 00:26:13,080
Speaker 1: Are you doing anything differently than Secretary louis doing when

493
00:26:13,080 --> 00:26:15,639
Speaker 1: it comes to sanctions, Well, let me just comment. You know,

494
00:26:15,840 --> 00:26:18,359
Speaker 1: sanctions have been around for a long period of time,

495
00:26:18,800 --> 00:26:23,120
Speaker 1: and specifically post nine eleven. They are a very important

496
00:26:23,160 --> 00:26:26,639
Speaker 1: tool for policy makers. So we will continue to use

497
00:26:26,680 --> 00:26:30,000
Speaker 1: sanctions to the maximum amount that we can. And I

498
00:26:30,080 --> 00:26:34,800
Speaker 1: constantly meet with Secretary Tillerson and Secretary Matters and at

499
00:26:34,800 --> 00:26:37,479
Speaker 1: the National Security Council. This is one of the tools

500
00:26:37,480 --> 00:26:40,440
Speaker 1: we talk about and all of our foreign policy objectives.

501
00:26:40,480 --> 00:26:42,320
Speaker 1: I don't know if you've opened your mail from yesterday,

502
00:26:42,359 --> 00:26:45,240
Speaker 1: but a number of Congressman, Republicans Democrats wrote you about

503
00:26:45,320 --> 00:26:48,200
Speaker 1: Rose and Potential Investing are becoming a controlling investor of

504
00:26:48,359 --> 00:26:51,480
Speaker 1: SITCO given the status of that company, raising concerns about

505
00:26:51,520 --> 00:26:53,359
Speaker 1: what that might mean for sanctions, having a company with

506
00:26:53,400 --> 00:26:56,560
Speaker 1: so much infrastructure in the U S under Russian control?

507
00:26:56,600 --> 00:26:59,760
Speaker 1: Are you concerned about that as well? Well? First of all,

508
00:26:59,760 --> 00:27:04,280
Speaker 1: I do read my math because again late yesterday, Um,

509
00:27:04,320 --> 00:27:07,639
Speaker 1: you know I can't comment on any specific cases and Siphius,

510
00:27:07,800 --> 00:27:10,960
Speaker 1: but I can assure them and I can assure others.

511
00:27:11,280 --> 00:27:14,520
Speaker 1: I take my role as chair of Cephius very seriously.

512
00:27:14,920 --> 00:27:18,760
Speaker 1: We will use Ciphius solely for the purposes of protecting

513
00:27:18,760 --> 00:27:23,000
Speaker 1: our national security, and any transaction that's within our jurisdiction

514
00:27:23,119 --> 00:27:25,040
Speaker 1: we will look at very careful. Like just the last

515
00:27:25,119 --> 00:27:27,320
Speaker 1: question here about an op ed that Gary Code and

516
00:27:27,359 --> 00:27:29,800
Speaker 1: Aatrian McMaster read for The Wall Street Journal on the

517
00:27:29,840 --> 00:27:32,360
Speaker 1: arena seeing the world community as less of a community,

518
00:27:32,359 --> 00:27:34,680
Speaker 1: as a place where countries are competing against one another

519
00:27:35,080 --> 00:27:37,840
Speaker 1: in that space. What's what's the what's the role of

520
00:27:38,040 --> 00:27:41,440
Speaker 1: multi ladder institutions. Oh, I think there's a significant role.

521
00:27:41,520 --> 00:27:44,280
Speaker 1: I mean, I think there's a lot of common objectives

522
00:27:44,680 --> 00:27:46,840
Speaker 1: that we have. I think whether it's the World Bank,

523
00:27:46,880 --> 00:27:49,280
Speaker 1: whether it's the I m F or or others, there's

524
00:27:49,320 --> 00:27:52,840
Speaker 1: definitely a role for us, working with our allies with

525
00:27:52,920 --> 00:27:57,920
Speaker 1: these institutions to to create fixes for problems around the world.

526
00:27:57,960 --> 00:28:00,000
Speaker 1: I think, as you know, kind of we've been worked

527
00:28:00,040 --> 00:28:03,760
Speaker 1: being with the Greeks on the dead crisis. They are

528
00:28:03,840 --> 00:28:06,560
Speaker 1: we're pleased that we've come to an agreement, or the

529
00:28:06,560 --> 00:28:09,560
Speaker 1: Europeans have come to an agreement. Then I worked closely

530
00:28:09,600 --> 00:28:12,560
Speaker 1: with the I m F and with our partners. Although

531
00:28:12,560 --> 00:28:14,960
Speaker 1: this is primarily a European issue, we wanted to make

532
00:28:14,960 --> 00:28:17,800
Speaker 1: sure that this was done. And uh, we're very pleased

533
00:28:17,800 --> 00:28:20,320
Speaker 1: with the I m f S role in those negotiations,

534
00:28:20,480 --> 00:28:23,399
Speaker 1: sectual menation. Thank you very much, The seventy seventh Secretary

535
00:28:23,400 --> 00:28:38,920
Speaker 1: of the Treasury back to you. This is a great pleasure,

536
00:28:39,560 --> 00:28:42,320
Speaker 1: great great pleasure. This is truly one of the nation's leaders.

537
00:28:42,680 --> 00:28:44,880
Speaker 1: I'm trying to get your kids to learn a multiplication,

538
00:28:45,000 --> 00:28:48,960
Speaker 1: label tables and actually get through trigonometry in high school.

539
00:28:49,360 --> 00:28:51,600
Speaker 1: Here's what you need to know. He was what was

540
00:28:51,640 --> 00:28:55,640
Speaker 1: called a Westinghouse scholar. This is a few years ago,

541
00:28:55,720 --> 00:28:59,840
Speaker 1: before Princeton, before this, before that, everybody who was cool

542
00:29:00,080 --> 00:29:02,360
Speaker 1: didn't want to do what you and I did, which

543
00:29:02,400 --> 00:29:04,000
Speaker 1: is a lot of science and a lot of math,

544
00:29:04,280 --> 00:29:07,520
Speaker 1: and you took a trophy in high School's a Westinghouse scholar.

545
00:29:07,600 --> 00:29:10,360
Speaker 1: It's like the movie October Sky. It's a nerd on

546
00:29:10,400 --> 00:29:13,280
Speaker 1: the block. How did you get through the social impact

547
00:29:13,320 --> 00:29:16,840
Speaker 1: of math and science where everybody said what Tom Layton did,

548
00:29:16,920 --> 00:29:19,880
Speaker 1: that's not cool. Well, I just love math and science,

549
00:29:20,000 --> 00:29:22,360
Speaker 1: so I had a lot of fun doing it and uh,

550
00:29:22,400 --> 00:29:24,760
Speaker 1: there are a few other kids. At the time, there

551
00:29:24,760 --> 00:29:26,680
Speaker 1: were there were a few others, but there was also

552
00:29:26,720 --> 00:29:29,800
Speaker 1: that social tension of that's not cool what Tom Layton

553
00:29:29,800 --> 00:29:32,920
Speaker 1: of acomy is doing. That's not cool. Yeah, no, that's true,

554
00:29:32,920 --> 00:29:35,560
Speaker 1: and we we faced that same challenge today. I think

555
00:29:36,360 --> 00:29:39,400
Speaker 1: in terms of what is emphasized and um, it is

556
00:29:39,440 --> 00:29:41,640
Speaker 1: a challenge I think for the country with with within

557
00:29:41,720 --> 00:29:44,400
Speaker 1: this and within your public service. Along with the success

558
00:29:44,400 --> 00:29:46,840
Speaker 1: of acama ie and and what you've done in the

559
00:29:46,840 --> 00:29:51,080
Speaker 1: the internet is the idea of the rigor of mathematics.

560
00:29:51,120 --> 00:29:54,080
Speaker 1: How do we help kids get through the tough moments

561
00:29:54,120 --> 00:29:57,400
Speaker 1: the rigor where you're looking at signed, co sign, tangent

562
00:29:57,640 --> 00:30:00,640
Speaker 1: and there's other three functions on the other how do

563
00:30:00,720 --> 00:30:02,880
Speaker 1: we get through the rigor? You know? I think one

564
00:30:02,960 --> 00:30:06,240
Speaker 1: key is to make math be interesting. I and to

565
00:30:06,760 --> 00:30:09,640
Speaker 1: show kids what it can be used to do. Uh,

566
00:30:09,680 --> 00:30:14,160
Speaker 1: you know, take search, that's all math, and you know,

567
00:30:14,240 --> 00:30:16,160
Speaker 1: I think when you expose it to kids in the

568
00:30:16,240 --> 00:30:18,960
Speaker 1: right way, show them the magic of math, of power

569
00:30:19,040 --> 00:30:21,600
Speaker 1: of math, that goes a long way to increasing interest.

570
00:30:22,240 --> 00:30:25,120
Speaker 1: Later on. Tom Layton, of course, is a co founder

571
00:30:25,120 --> 00:30:28,240
Speaker 1: of Amy Technologies in the Internet, in video and all

572
00:30:28,560 --> 00:30:30,320
Speaker 1: a lot of the nuts and bolts of how what

573
00:30:30,480 --> 00:30:33,880
Speaker 1: we take for granted happens every day. I've got about

574
00:30:33,880 --> 00:30:35,560
Speaker 1: eight themes to go with you, but I'm gonna go

575
00:30:35,680 --> 00:30:38,480
Speaker 1: right now to the M and A market of Silicon Valley,

576
00:30:38,560 --> 00:30:43,680
Speaker 1: which is we extrapolate out valuations of tech up starts.

577
00:30:44,000 --> 00:30:46,480
Speaker 1: This didn't happen when ak am I was around. You

578
00:30:46,520 --> 00:30:49,080
Speaker 1: didn't get money come in and then they'd say it's

579
00:30:49,080 --> 00:30:52,040
Speaker 1: a forty two billion dollar company, and that's the vogue

580
00:30:52,120 --> 00:30:54,920
Speaker 1: right now. How did this begin to happen? Like with Uber?

581
00:30:55,080 --> 00:30:59,640
Speaker 1: How do we extrapolate Uber into an umpteen billion dollar company? Well,

582
00:30:59,640 --> 00:31:02,960
Speaker 1: we act shliakam I went through that. Did you go through?

583
00:31:03,160 --> 00:31:07,760
Speaker 1: We did? We started and in nine did one of

584
00:31:07,760 --> 00:31:09,800
Speaker 1: the largest I p O s ever and did get

585
00:31:09,840 --> 00:31:13,720
Speaker 1: a very high got up to about thirty five billion

586
00:31:13,760 --> 00:31:18,800
Speaker 1: shot chart Luncher. Yeah. And then of course reality does

587
00:31:18,840 --> 00:31:22,800
Speaker 1: set in and during the bubble bursting had a tremendous crash.

588
00:31:22,880 --> 00:31:27,280
Speaker 1: We've lost you know, seven one in value and you

589
00:31:27,320 --> 00:31:29,880
Speaker 1: know managed through a lot of hard work from very

590
00:31:29,880 --> 00:31:33,040
Speaker 1: talented employees to survive that and then grow into a

591
00:31:33,160 --> 00:31:36,560
Speaker 1: very profitable, uh and fast growing company today. Yeah, the

592
00:31:36,640 --> 00:31:39,080
Speaker 1: rate to return folks off the tobacco of two thousand.

593
00:31:39,120 --> 00:31:41,840
Speaker 1: One of them is jaw dropping and really speaks. It's

594
00:31:41,840 --> 00:31:45,280
Speaker 1: pretty much a linear function of of double digit excellence

595
00:31:45,280 --> 00:31:47,680
Speaker 1: and shareholder return. I guess I got to go to

596
00:31:47,680 --> 00:31:50,760
Speaker 1: the video question. I perceived video on the Internet as

597
00:31:50,800 --> 00:31:53,160
Speaker 1: a kid's domain. Kids love it. We all know that.

598
00:31:53,240 --> 00:31:57,000
Speaker 1: I mean, I get all the statistics. Do adults want video? Oh?

599
00:31:57,040 --> 00:31:59,440
Speaker 1: I think so. And you know, kids grow up and

600
00:31:59,800 --> 00:32:01,520
Speaker 1: you to doing some of the same things as when

601
00:32:01,560 --> 00:32:04,200
Speaker 1: they were kids. So we see the video coming over

602
00:32:04,240 --> 00:32:08,160
Speaker 1: the top as being increasing. Uh And ultimately I think

603
00:32:08,160 --> 00:32:10,400
Speaker 1: in the long run, most all video will be over.

604
00:32:10,480 --> 00:32:13,600
Speaker 1: I P. It'll be over, I P. But within the

605
00:32:13,720 --> 00:32:18,400
Speaker 1: video that you're the backbone of, there's got to I

606
00:32:18,520 --> 00:32:22,160
Speaker 1: get the generational shift that the young kids today on YouTube, etcetera.

607
00:32:22,480 --> 00:32:26,360
Speaker 1: Will use video more. Do you see evidence now that

608
00:32:26,520 --> 00:32:29,920
Speaker 1: adults want video? In journalism, it's a real debate. Yes.

609
00:32:30,200 --> 00:32:34,560
Speaker 1: Now you see the video traffic and share substantially increasing.

610
00:32:34,600 --> 00:32:37,120
Speaker 1: We see the traffic on akama I, you know, growing

611
00:32:37,120 --> 00:32:40,000
Speaker 1: at very substantial rates. And I do think and you

612
00:32:40,040 --> 00:32:43,120
Speaker 1: talk to the world's major broadcasting executives, and I think

613
00:32:43,120 --> 00:32:46,280
Speaker 1: now they all believe that the large majority of video

614
00:32:46,320 --> 00:32:49,880
Speaker 1: watching across you know, the globe will be digital and

615
00:32:49,920 --> 00:32:53,720
Speaker 1: that includes adults. Of course, how do you retain employees today?

616
00:32:53,760 --> 00:32:55,640
Speaker 1: I don't know what the headcount is it ACoM, but

617
00:32:55,960 --> 00:32:58,479
Speaker 1: you got the young upstarts gonna they think they know

618
00:32:58,560 --> 00:33:01,200
Speaker 1: everything and you're like, yeah, please is come on? How

619
00:33:01,200 --> 00:33:05,600
Speaker 1: do you retain that that constructive ego of those bright

620
00:33:05,680 --> 00:33:08,160
Speaker 1: kids today? Well, we work hard to make OKAM would

621
00:33:08,160 --> 00:33:10,360
Speaker 1: be a great place to work. Part of that is

622
00:33:10,400 --> 00:33:15,240
Speaker 1: having a really innovative culture with teamwork. You know, it's

623
00:33:15,280 --> 00:33:18,000
Speaker 1: what matters that Akama is the quality of the idea,

624
00:33:18,560 --> 00:33:21,240
Speaker 1: not the rank of the person who said it. Uh,

625
00:33:21,280 --> 00:33:23,960
Speaker 1: you know, and that really is very helpful and to

626
00:33:24,440 --> 00:33:27,560
Speaker 1: grow innovation. And you get a lot of innovation from

627
00:33:27,880 --> 00:33:30,640
Speaker 1: folks coming out of school, uh, you know that have

628
00:33:30,800 --> 00:33:33,240
Speaker 1: fresh ways of looking at things, and that's that's vital

629
00:33:33,280 --> 00:33:36,320
Speaker 1: for engineering and mathematics is a is an area where

630
00:33:36,360 --> 00:33:38,760
Speaker 1: you love to start projects and you keep them going

631
00:33:38,800 --> 00:33:41,400
Speaker 1: way too long. How do you do with Christiansen talks

632
00:33:41,400 --> 00:33:44,400
Speaker 1: about which is disrupt the failed projects? How do you

633
00:33:44,440 --> 00:33:48,720
Speaker 1: get rid of failed projects? That it's always hard to

634
00:33:48,760 --> 00:33:52,520
Speaker 1: shut something down and you know we're we're not perfect

635
00:33:52,520 --> 00:33:54,560
Speaker 1: aut it either. But you know, in order to be

636
00:33:54,600 --> 00:33:57,560
Speaker 1: able to continue to fund innovation or new ideas, you

637
00:33:57,680 --> 00:34:01,840
Speaker 1: do have to terminate objects that you know, at one

638
00:34:01,880 --> 00:34:04,440
Speaker 1: point seemed like they had a lot of promise but

639
00:34:04,680 --> 00:34:07,680
Speaker 1: no longer do and that you've invested in you say, okay,

640
00:34:08,080 --> 00:34:11,040
Speaker 1: that one didn't work out. You know, innovation is always

641
00:34:11,080 --> 00:34:13,719
Speaker 1: a high risk endeavor and most ideas are not going

642
00:34:13,760 --> 00:34:15,960
Speaker 1: to work out, and you do need the discipline to

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Speaker 1: shut him down when it's when that becomes clear. One

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Speaker 1: final question, did ad more Rick Over come over for dinner?

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Speaker 1: Your father knew ad Rick Over? This is for those

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Speaker 1: of you younger, this was an extraordinary and unique individual.

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Speaker 1: How every navy did ad more Rick Over come over

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Speaker 1: for dinner? Yes, many times, and he was an extraordinary

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Speaker 1: human being. He was wound up like a top. He

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Speaker 1: made the submarines go, didn't he? He did? And uh,

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Speaker 1: you know, I had the benefit of growing up in

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Speaker 1: a home where science was really important. My dad worked

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Speaker 1: very closely with add more rick Over and uh, you know,

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Speaker 1: very hard working man. This has been great. Thomas Layton

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Speaker 1: back and I thank you so much thanks for listening

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00:35:03,960 --> 00:35:08,319
Speaker 1: to the Bloomberg Surveillance Podcast. Subscribe and listen to interviews

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Speaker 1: on Apple Podcasts, SoundCloud, or whichever podcast platform you prefer.

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Speaker 1: I'm on Twitter at Tom Keene. David Gura is at

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Speaker 1: David Gura. Before the podcast, you could always catch us worldwide.

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Speaker 1: I'm Bloomberg Radio. Runt You by Bank of America Mary Lynch.

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Speaker 1: With virtual reality, virtually everything will change. Discover opportunities in

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Speaker 1: a transforming world. VI of a mL dot Com slash Vr,

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Speaker 1: Mary Lynch, Pierced Fenner and Smith Incorporated