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Speaker 1: This is Bloomberg Business Week. I'm Carol Masser and I'm

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Speaker 1: Bloomberg Quick Takes Tim Stanovk. We're here every day bringing

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Speaker 1: you the latest news from the world to business and finance,

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Speaker 1: plus technology, politics, economics, all purtnising the power of Business

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Speaker 1: Week reporters and editors, not to mention our journalists and

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Speaker 1: analyst in more than one and twenty countries. You can

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Speaker 1: download Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot com.

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Speaker 1: You can also listen to our radio show at two

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Speaker 1: pm Eastern Time on Bloomberg Radio, or watch us on

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Speaker 1: YouTube search Bloomberg glovel News. Hey, one thing we want

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Speaker 1: to bring to your attention. Uh it went public video

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Speaker 1: spack and it's back back by venture capitalist investor Jamaal Polyopatia.

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Speaker 1: It started trading today on the NASDAC. We're talking about

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Speaker 1: the fintech social finance are so far raising roughly two

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Speaker 1: point four billion dollars to fuel growth at the company.

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Speaker 1: Let's get into it with so FI CEO Anthony Nod,

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Speaker 1: a former ce and CFO over at Twitter from a

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Speaker 1: Goldman Sax partner overseeing tech and media. He joins us

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Speaker 1: on the phone in San Francisco, Anthony, great to have

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Speaker 1: you here on Bloomberg Business Week on Bloomberg Radio. Congratulation.

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Speaker 1: Why do this through a spat and spack and not

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Speaker 1: a traditional I p O. UM? You know, I think

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Speaker 1: each company has to evaluate the different ways to go

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Speaker 1: public based on their facts and circumstances, and for us

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Speaker 1: this was a great option. We had a few things

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Speaker 1: to consider. First, UM, we we wanted to convert our

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Speaker 1: capital structure, where that was largely preferred shares to common shares.

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Speaker 1: That wasn't necessity for two reasons. One, order to file

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Speaker 1: with the Battle Reserve for a bank charter, we needed

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Speaker 1: of comment act that could become a public company. We

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Speaker 1: also needed to make that conversion. We also had two

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Speaker 1: capital needs. First, um, we had bought Galileo in March

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Speaker 1: of two thousand and twenty UM and with that came

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Speaker 1: a seller note and that note was going to be

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Speaker 1: doing March at two thousand twenty one, So that was

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Speaker 1: one capital need. A second capital need was to finance

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Speaker 1: the bank if and when we were able to achieve

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Speaker 1: a charter. UM and so we were raising private money

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Speaker 1: at the time, and we got approached number investors that

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Speaker 1: wanted to put even more capital into the company and

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Speaker 1: also considered UM supporting us in and going public. And

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Speaker 1: so what we ended up doing was choosing a private

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Speaker 1: round with t ro Price who invested three in seventy

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Speaker 1: five million dollars. Then we closed that on or about December.

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Speaker 1: We launched the PIPE confidential pipe process on UH and

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Speaker 1: we're able to complete that by the thirty one and

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Speaker 1: then announced the combination of those two and the third

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Speaker 1: leg of the soul, which was a SPAC merger with

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Speaker 1: Social Capital Head of Sophia five UM on January four.

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Speaker 1: And the combination of those three pieces made it a

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Speaker 1: unique approach for us to raise capital and go public

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Speaker 1: at the same time, and it was the right outcome

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Speaker 1: for us versus a regular way I p O or directs. Well,

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Speaker 1: no shortage of spacts out there, so why Social Capital

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Speaker 1: Head of Sophia founded by Chamatia Patia. We're approached by

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Speaker 1: a number of different um UM SPACs and UM we

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Speaker 1: were confident that we're ready to become a public company.

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Speaker 1: We knew we would have to go through a pretty detailed,

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Speaker 1: more detailed process from a diligence standpoint than going public

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Speaker 1: because it's a merger UM, and we thought that Tamas

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Speaker 1: team brought one, first and foremost a strategic UM perspective

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Speaker 1: to the table for us and that we could partner

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Speaker 1: on different strategic opportunities over time. Number two, UM they

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Speaker 1: had great experience in conducting the type of diligence of

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Speaker 1: a company like US, as they've done with other companies,

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Speaker 1: to make sure they brought the credibility to the PIPE

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Speaker 1: investors when they made when they made the announcement and

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Speaker 1: brought us to Pipe investors. UH. Three they had great

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Speaker 1: experience and executing spects and so the combination of strategic value,

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Speaker 1: UM the diligence process that we knew would bring incremental

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Speaker 1: credibility to the PIPE investors. And then three UM expertise

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Speaker 1: and having done this before were the three factors. And

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Speaker 1: while we was social it was a tough decision. We

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Speaker 1: brought three options to the board that came down to

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Speaker 1: the wire and the board chose Social Capital. So you

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Speaker 1: guys are all in their student loans, a personal loans,

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Speaker 1: there's home loans or insurance, small baz financing, UM investing.

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Speaker 1: There's a lot on your platform. Will crypto be part

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Speaker 1: of it at some point? UM Today we do offer

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Speaker 1: within invest the ability to buy single stocks without commissions,

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Speaker 1: fractional shares which we pioneered, robe advisory accounts which we've

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Speaker 1: created ourselves. UM. We also have UM five so far

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Speaker 1: e T s UM, and we do offer cryptocurrency. We

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Speaker 1: offer eighteen different coins. UM. We do it in a

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Speaker 1: very appropriate way and that we disclose to the volatility

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Speaker 1: of that asset class and the risk that you could

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Speaker 1: lose all your money every time you put in a

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Speaker 1: bye word that is disclosed before you hit the hit

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Speaker 1: the bye button. UM. It is an asset class that

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Speaker 1: our members one and you want to provide cercified selection

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Speaker 1: for them. Hey, Anthony, and we've got about a minute

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Speaker 1: and then we'll come back and talk some more. But

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Speaker 1: because you have an array of services that you can

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Speaker 1: offer folks on the platform, what do you think is

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Speaker 1: going to be the best growth opportunity provide the best

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Speaker 1: more jins for you. Where is going to be the

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Speaker 1: big business in your view? You know, we design each

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Speaker 1: one of the businesses to be best in class from

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Speaker 1: a consumer value proposition, but also best in class unit economics,

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Speaker 1: and so we designed them all to be attractive on

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Speaker 1: their own. UM. We do get incremental benefits when people

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Speaker 1: take the second, third or fourth product with us, but

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Speaker 1: they have to stand on their own both from a

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Speaker 1: value probably to the consumer and the unit economic standpoint

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Speaker 1: for us financially uh and and the reason why we

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Speaker 1: do that is we want to meet the member where

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Speaker 1: they are with what they want what we make money out. Anthony,

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Speaker 1: I want to talk a little bit about profitability and

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Speaker 1: so far's path to profitability. You currently lose money more

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Speaker 1: than two million dollars in nineteen twenty each year. What

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Speaker 1: is the path to profitability and when do you get there? Well,

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Speaker 1: we achieved positive ebada UM in the fourth quarter of

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Speaker 1: two thousand twenty is our first quarter of positive ebada

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Speaker 1: since we embarked on such an ambitious strategy to become

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Speaker 1: a one stop shop and opperenceive suite financial services products

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Speaker 1: on on one app UM. So we made a smiff

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Speaker 1: amount of investment in two thousand, eighteen and nineteen and

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Speaker 1: started to bear fruit of that investment two thousand twenty,

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Speaker 1: hitting positive ibadat in the fourth quarter of twenty UM

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Speaker 1: and again in the first quarter of two thousand and

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Speaker 1: twenty one UM then on a trailing told month basis

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Speaker 1: UM we as you'll see in our financial disclosures. We've

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Speaker 1: we've also achieved positive BADA so from a profitability standpoint

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Speaker 1: as it relates to non gap metric of IBADAD, which

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Speaker 1: we think is the best measure for cash flow. We've

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Speaker 1: gotten to that point now each one of our businesses

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Speaker 1: is not profitable or our lending business is very profitable.

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Speaker 1: It's a it's a you know, very very well growing

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Speaker 1: business UM. You can see the growth rates for the

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Speaker 1: business in our filings, but it's a it's a high

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Speaker 1: grower but also very profitable. Our technology platform is a

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Speaker 1: high even higher grower business UM with great profitability as

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Speaker 1: well with about thirty percent margins. And then our financial

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Speaker 1: serve this business which consists of SOFI invest so far

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Speaker 1: money and so by credit card UM. That's an acquisition

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Speaker 1: business where we recoup the customer opposition costs we make

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Speaker 1: in year one over the you know year and a

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Speaker 1: half the two years after we acquire them. So on

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Speaker 1: a per account basis, we may be hitting profitability, but

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Speaker 1: because we're acquiring more customers than we currently have that

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Speaker 1: are profitable, it shows a loss in that in that business,

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Speaker 1: which has also seen in our financials. But we focus

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Speaker 1: on unit economics reach one over our business and ProLAN

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Speaker 1: economics to make sure that overall these businesses can be

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Speaker 1: great unit economic businesses individually and in total. And so

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Speaker 1: we're balancing both growth at a high rate with profitability

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Speaker 1: in the overall mix. One thing I'm wondering, Anthony, is

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Speaker 1: whether you guys UM, who are your users who are

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Speaker 1: on the app, if they're buying so fi shares and

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Speaker 1: kind of showing support for the platform that they're trading on,

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Speaker 1: are you seeing that activity. We've definitely seen robust demand

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Speaker 1: for so far. Invest you can buy individual stocks without commissions,

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Speaker 1: fractional shares which we pioneered, cryptocurrency, and robo accounts, and

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Speaker 1: it's the only place you can buy all four asset classes.

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Speaker 1: If you want to buy UM, robo account, cryptocurrency and

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Speaker 1: stocks on any other platform, you'd have to use at

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Speaker 1: least two different apps to do so. And so we're

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Speaker 1: one stop shop even within invest. And we've seen robust

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Speaker 1: demands since we launched, and that's only increased as interest

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Speaker 1: rates have basically gone to zero and fed funds rate

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Speaker 1: UM and the stay at home economy has also increased

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Speaker 1: the amount awareness of the importance of investing in he

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Speaker 1: so investors on the app are buying so Fi shares,

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Speaker 1: that's what you're seeing. Sorry, I apologize, I thought you meant, uh,

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Speaker 1: Sofi invest and it's increased popularity because really it's just

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Speaker 1: so Far as it rates to so Fi shares. I

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Speaker 1: haven't had a chance to look at the trading volume

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Speaker 1: today of our investmentbers that are buying it. We'll get

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Speaker 1: that data at the end of the close today. My

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Speaker 1: my comments just to be clear, we're about the interests

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Speaker 1: and so Far invest as a as a product as

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Speaker 1: opposed to so Far the stock. I appreciate that. Hey,

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Speaker 1: what do you what do you make of the meme

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Speaker 1: stock frenzy that we're seeing and and to what extent

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Speaker 1: can you talk about what you're seeing on the platform

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Speaker 1: right now in terms of the way that that that

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Speaker 1: that people are trading shares at AMC and and other

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Speaker 1: meme stocks. Yeah. First, in our platform, we're pretty unique

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Speaker 1: in that we're really targeting beginning and novice investors and

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Speaker 1: they're quickly coming up the curve um. But less than

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Speaker 1: one percent of our so Far invest accounts trade more

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Speaker 1: than three stocks in a day, which is a great

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Speaker 1: sign that people are focused on their long term as

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Speaker 1: opposed to day trading, and we try to educate them

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Speaker 1: and not only that, but also dollar cost averaging. We've

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Speaker 1: enabled Functionality to do recurring investments UM so that they're

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Speaker 1: they're buying through the volatility over time as opposed to

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Speaker 1: trying to time the market. That we're proven to be

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Speaker 1: successful um as released the meme stocks. It's just another

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Speaker 1: phenomenon of the increased interest in and retail investing because

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Speaker 1: it's just become more accessible with being able to buy

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Speaker 1: fractional shares and no no commissions. But people need to

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Speaker 1: be educated on how to invest in a long term

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Speaker 1: and make the individual choices for themselves. We actually don't

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Speaker 1: offer options in margin jet. It's something that's in our

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Speaker 1: longer term roadmap. We're not really critical to our investors today.

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Speaker 1: There's some demand for it, but we will add it

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Speaker 1: over time, but it's not the highest priority. So that's

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Speaker 1: also pretty unique. Alright, great stuff, UM, Thank you so much, Anthony,

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Speaker 1: and hopefully we can catch up with you a little

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Speaker 1: bit later this year for an update on the business.

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Speaker 1: Anthony Nodo, he's chief executive officer, It's so FI and

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Speaker 1: former CEO at Twitter, joining us on the phone from

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Speaker 1: San Francisco, of course, going public trading on the nasdack Vias.

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Speaker 1: Back today, you're listening to Bloomberg Business Week with Carol

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Speaker 1: Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Hey, listen,

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Speaker 1: we want to talk about a story online at Business

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Speaker 1: Week that we do want to bring your attention to.

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Speaker 1: It's about the shine coming off the golden child of tech.

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Speaker 1: That golden child, of course is Apple. So let's get

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Speaker 1: into the story. Bloomberg News reporter Joe Light with us

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Speaker 1: on the phone from our Washington, d C. Bureau along

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Speaker 1: with Bloomberg Business We get our Joe Webber right next

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Speaker 1: to in our interactive broker studio. Apple. Yeah, it does

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Speaker 1: feel like over the last couple of years they have

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Speaker 1: escaped the scorn of the White House and regulators. Yeah,

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Speaker 1: you know, that tech clash thing has been for real

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Speaker 1: all of a sudden they got dragged into sort of

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Speaker 1: a mud fight. And that mud fight is you know,

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Speaker 1: just basically wrapped with the the epic lawsuit where Tim

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Speaker 1: has come off this this golden child of sorts. So so, Joe,

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Speaker 1: what it's that epic fight is not the only thing

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Speaker 1: that Apple has been been fitting with. What where does

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Speaker 1: Apple find itself? Yeah? No, no, Apple is kind of

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Speaker 1: getting hit on four fronts. You know. The first, as

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Speaker 1: you mentioned, is this epic lawsuit. Um. The second, they

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Speaker 1: were hauled in front of Congress in April to answer

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Speaker 1: accusations that it's you know, anti competitive, that they're not

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Speaker 1: allowing enough competition to put programs on the iPhones. Then

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Speaker 1: they've in May they faced you know, kind of two

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Speaker 1: issues they face. Um uh, as he said, Tim Cook,

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Speaker 1: facing those antitrust accusations. And then the New York Times

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Speaker 1: came out with an investigation about some of Apple's activities

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Speaker 1: in China, which just brought a new way of scorn

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Speaker 1: from lawmakers who you know, say that Apple was kind

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Speaker 1: of sacrificing some of the privacy of its users in

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Speaker 1: China in order to gain access to that to that market. So,

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Speaker 1: as he said, it was kind of nothing at all

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Speaker 1: for a few years. You know, during the Trump administration,

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Speaker 1: Tim Cook had a very good relationship with Donald Trump.

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Speaker 1: And now now all of a sudden, you have all

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Speaker 1: these things kind of hitting the company at once. So

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Speaker 1: what could go ahead to say? I always thought that

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Speaker 1: was unusual, Like Tim Cook and Donald Trump, like I

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Speaker 1: tried to get my head around. I'll never forget him

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Speaker 1: standing next to the President and not correcting him when

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Speaker 1: he was making statements about the factory in Texas a

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Speaker 1: few years ago. Um, Joe, I'm I'm wondering about potential

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Speaker 1: worst case scenarios here for Apple. Among the many challenges

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Speaker 1: that you you spoke about, what's the worst case scenario

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Speaker 1: for for Apple here? Is it? Is it Epic prevailing

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Speaker 1: in this fight? Um? So yeah, so so the Epic lawsuit.

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Speaker 1: I mean, Apple could potentially, you know, lose some of

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Speaker 1: its power over the App store if Epic wins. I mean,

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Speaker 1: the worst case scenario for Apple is if it starts

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Speaker 1: getting hit with antitrust lawsuits from governments, you know, whether

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Speaker 1: it's the whether it's the federal government. The Bloombergs reported

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Speaker 1: that is as uh as late as January, UM d

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Speaker 1: Og investigators were interviewing a developer on the app store,

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Speaker 1: so clearly they're doing some sort of investigation around that. Um.

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Speaker 1: Some seat governments have also brought lawsuits against those other companies,

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Speaker 1: against Amazon, against Facebook, against Google, and if it starts

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Speaker 1: getting hit with those sorts of antitrust lawsuits, I mean,

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Speaker 1: that's where the real real pressure comes. I mean all

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Speaker 1: this lawmaker stuff. You know, they say mean things, but

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Speaker 1: very rarely does it actually result in some sort of legislation.

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Speaker 1: But um, you know, these federal enforcers are a completely

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Speaker 1: different story. I think, I think you're right there, Like,

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Speaker 1: you know, it sounds good to talk mean and you know,

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Speaker 1: but it's another thing to actually like wheeled a stick Joe.

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Speaker 1: But you know, one of the things that I wonder

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Speaker 1: here is do you feel that, you know, is it

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Speaker 1: worse for Apple that you know, face something you know,

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Speaker 1: on a one on one basis, or to be sort

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Speaker 1: of part of like a zone defense where you've got

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Speaker 1: you know, they get wrapped up in things that might

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Speaker 1: also affect the Amazon's and another and facebooks of the world,

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Speaker 1: you know, other tech companies. Well, I mean, I guess

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Speaker 1: I guess you'd much rather be, you know, kind of

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Speaker 1: one in a crowd of people who are are facing iro.

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Speaker 1: I mean, you know, in the same way like you know,

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Speaker 1: you want to be like if you're a zebra, you know,

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Speaker 1: you kind of want to be in the middle of

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Speaker 1: the herd and kind of blend in and hope that

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Speaker 1: you're not the one the lion takes down or whatever.

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Speaker 1: But the you know, once they start facing this one

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Speaker 1: on one scrutiny, you know from these enforcers. I mean,

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Speaker 1: one of the lessons we had from Microsoft, which faces

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Speaker 1: ny I trust scrutiny. Um, you know, like twenty years ago.

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Speaker 1: Is Microsoft ultimately one that case. But because of the pressure,

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Speaker 1: because they didn't want to be seen as to um,

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Speaker 1: you know, growing into other businesses that could face even

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Speaker 1: more anti competitive scrutiny, they missed out on some business.

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Speaker 1: You know, people say that that's what gave Google the

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Speaker 1: opening to become the giant that it became. So that

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Speaker 1: that's the sort of you know thing that Apple is

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Speaker 1: gonna want to avoid, you know, fight this scrutiny while

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Speaker 1: also being aggressive in innovating in business expansion. But you know,

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Speaker 1: you also make a good point that you know, ultimately,

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Speaker 1: even the pressure, the political pressure that Apple and some

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Speaker 1: other tech companies have faced. You know, it's uncomfortable. It

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Speaker 1: gives great fodder for us to talk about on radio

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Speaker 1: and on TV and in Business Week magazine and online,

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Speaker 1: but ultimately didn't really hurt them to find too much financially, right, yeah,

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Speaker 1: so so so Ultimately, the thing, the thing that you know,

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Speaker 1: I'm sure Apple executives are gonna want to avoid is

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Speaker 1: where they decide, you know, not not to do something.

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Speaker 1: You know some you know what, one of their one

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Speaker 1: of their attorneys or even executive in his own mind

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Speaker 1: says no, we're not gonna we're not going to expand

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Speaker 1: into that business line because we know that you know,

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Speaker 1: such and such an investigator that will be just another

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Speaker 1: thing for this investigator or for this lawmaker um to

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Speaker 1: uh to yell at this about um so that that's

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Speaker 1: the sort of kind of you know, self editing of

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Speaker 1: their business business that that could ultimately be the effect

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Speaker 1: of you know, all this scrutiny. Well, Joe, I think

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Speaker 1: that another challenge to think about from an ant trust

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Speaker 1: perspective for for lawmakers is when it comes to Apple,

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Speaker 1: is how do you actually separate apples businesses or break

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Speaker 1: up apples businesses It's not like Amazon, where you could,

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Speaker 1: you know, like Elizabeth Warren has done in the past,

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Speaker 1: called for breaking off Zappos or in some cases people

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Speaker 1: have said, and it's Gott Galloway on our show said,

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Speaker 1: you know, the company A w S could be separated

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Speaker 1: from Amazon or or Facebook divesting from What's App for example.

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Speaker 1: It's not that simple with Apple's business, No, and and

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Speaker 1: and one of the points that um, you know, Tim

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Speaker 1: Cook made in this testimony a couple of weeks ago

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Speaker 1: was that, you know, the user experience in the app

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Speaker 1: store is it is pretty positive, right, Like they don't

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Speaker 1: face some of the male malware or security issues that

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Speaker 1: more open systems face. So when um uh, you know,

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Speaker 1: if if lawmakers or investigators ultimate or courts you know,

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Speaker 1: ultimately cause Apple to open up access to its marketplace,

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Speaker 1: I mean, one of the one of the arguments Apple makes,

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Speaker 1: and one of the things these people want to avoid

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Speaker 1: is making the user experience you know, actually worse, because

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Speaker 1: you know, the whole point of bringing bringing you know,

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Speaker 1: bringing more competition to a marketplace is supposed to be

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Speaker 1: that you make pricing and the experience you know better

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Speaker 1: for consumers. If you actually have the opposite effect in

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Speaker 1: bringing these cases. Um, you know that could cause a

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Speaker 1: you know, a backlash to some of the anti dress enforcement. Yeah,

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Speaker 1: I'm just thinking about you know, we're an Apple household

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Speaker 1: because it's it all works together seamlessly, and you do

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Speaker 1: wonder if you start pulling it apart, what happens? Music

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Speaker 1: to Tim Cook's here's Carol Kinching, Kinching, Joe Light, thank

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Speaker 1: you so much for porter of Bloomberg News joining us

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Speaker 1: from our Washington d C. Pure Check out his story

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Speaker 1: and many others at Bloomberg business Week dot com. Till Webber,

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Speaker 1: our editor of Bloomberg Business Week, joining us here in studio.

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Speaker 1: You're listening to Bloomberg Business Week with Carol Masser and

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Speaker 1: Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. It's Bloomberg

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Speaker 1: Business Week, Tim Sinback and Carol Masser in the Interactive

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Speaker 1: Broker Studio in New York. Bloomberg Business Week is brought

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Speaker 1: to you by s c I Asset managers don't get

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Speaker 1: results that are off the charts when their solutions are

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Speaker 1: off the shelf. Learn how sci is operating platform can

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Speaker 1: turn infrastructure into a competitive advantage at se i C

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Speaker 1: dot com Slash I m s so Tim this story

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Speaker 1: among our most read on the Bloomberg at this hour

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Speaker 1: about how employees are quitting instead of giving up working

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Speaker 1: from home. This is on a day when Deutsche Bank

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Speaker 1: launched its new remote working policy. So we've got a

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Speaker 1: lot going on when it comes to how people come

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Speaker 1: back to work. We're figuring it out. I guess as

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Speaker 1: we go here with more Anders Melon, he is wealth

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Speaker 1: reporter at Bloomberg News. He's in our interactive broker studio.

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Speaker 1: There is there was no playback playbook for the pandemic.

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Speaker 1: There's no playbook for how we come back to work, right,

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Speaker 1: That's right. I think every company is trying to figure

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Speaker 1: out how to deal with this. Well, employees do, right,

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Speaker 1: So tell us what you found out. So we are

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Speaker 1: finding out that there are some people that feel so

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Speaker 1: strongly about this that they're actually quitting their jobs, in

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Speaker 1: some cases with other employment lined up and in some

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Speaker 1: cases not, or they're looking for remote only opportunities because

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Speaker 1: they just don't want to go back to the office.

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Speaker 1: It's generational though, as you guys point out in your story,

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Speaker 1: a survey of a thousand adults in the US show

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Speaker 1: that would consider quitting if their employers weren't flexible. But

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Speaker 1: among millennials and Gen Z that figure was that's a

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Speaker 1: acording to a poll by Morning consult On behalf of

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Speaker 1: Bloomberg News. Right, so, I think it's hard to paint

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Speaker 1: with the braun brush. But but I think generally, you know,

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Speaker 1: reporting shows that younger generations tend to be more you know,

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Speaker 1: I think more fondly of remote work, see the benefits

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Speaker 1: of it, whereas older generations tend to be more of

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Speaker 1: the office first. Well, younger generations may not have kids

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Speaker 1: or mortgages either. No, I mean I do wonder about,

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Speaker 1: you know, kind of where you are in life that

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Speaker 1: determines kind of your your bargaining position on all of this.

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Speaker 1: But unders as you guys day in and day out

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Speaker 1: report on this, we have constant conversations around the office

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Speaker 1: about what companies are doing. And I do feel like

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Speaker 1: there's just not one one format fits all. I mean,

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Speaker 1: is hybrid here to stay or or what I think

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Speaker 1: companies themselves are asking that too. I feel like right

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Speaker 1: now everybody's just looking at everybody else to see who's

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Speaker 1: making the first move. Um. I think many looked to

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Speaker 1: Jamie Diamond, who of course made a very strong statement

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Speaker 1: last month saying that should be in the office. I'm

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Speaker 1: sick of zoom calls, and with that you get a

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Speaker 1: trickle by the financial firms following. So it's financial firms

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Speaker 1: that are like, if we focus on them, I feel

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Speaker 1: like there's more of a push to be kind of

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Speaker 1: back in the office. I mean, I would say so

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Speaker 1: definitely from from the bigger ones. But like you we

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Speaker 1: may have said earlier, Deutschebank came out today saying that

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Speaker 1: there's a hybrid model coming. So I feel like again,

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Speaker 1: it also might depend on who you consider your competitors

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Speaker 1: to be, because if you're tech focused, or want to

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Speaker 1: be tech focused, or if you have tech focused workers,

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Speaker 1: then you're competing with an industry where remote first has

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Speaker 1: been decades in the making, and who might be more

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Speaker 1: prone to go fully your remote Well. I wonder how

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Speaker 1: much power employees have right now and how much power

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Speaker 1: the worker has right now, And I use the term

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Speaker 1: worker totally understanding there are different types of workers in

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Speaker 1: this economy. We have more than a million people who

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Speaker 1: are still unemployed, and there are many businesses that say

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Speaker 1: they're having trouble finding workers. But based on the people

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Speaker 1: you talk to, how confident are they can find another

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Speaker 1: job after quitting depends a bit of what on what

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Speaker 1: industry you're in, UM, But like you're saying, there is

432
00:22:09,240 --> 00:22:11,360
Speaker 1: a lot of movement going on at the moment um,

433
00:22:11,640 --> 00:22:16,000
Speaker 1: surprising amount of movement according to some experts. And with that,

434
00:22:16,080 --> 00:22:21,520
Speaker 1: of course comes openings for UM and also companies are

435
00:22:21,520 --> 00:22:23,960
Speaker 1: seeing this as an opportunity to perhaps attract people that

436
00:22:24,000 --> 00:22:25,960
Speaker 1: would be hard to get otherwise because you can all

437
00:22:26,000 --> 00:22:29,200
Speaker 1: of a sudden offer up this perk that you're larger,

438
00:22:29,560 --> 00:22:32,639
Speaker 1: perhaps wealthy arrivals. We'll just will not do unless you

439
00:22:32,640 --> 00:22:36,040
Speaker 1: don't have that perk right right. Well. It's also interesting

440
00:22:36,040 --> 00:22:39,120
Speaker 1: in the story that you guys report UM about how

441
00:22:39,119 --> 00:22:42,040
Speaker 1: only about US office workers are back at their at

442
00:22:42,040 --> 00:22:44,440
Speaker 1: their buildings according to an index of ten metro areas

443
00:22:44,480 --> 00:22:48,160
Speaker 1: compiled by the security company Council Systems. We're still kind

444
00:22:48,160 --> 00:22:50,399
Speaker 1: of early in on the game in terms of people

445
00:22:50,600 --> 00:22:52,720
Speaker 1: were turning back to work. Our office feels a little

446
00:22:52,720 --> 00:22:54,879
Speaker 1: bit more normal, but there's still a lot of missing workers.

447
00:22:54,920 --> 00:22:57,920
Speaker 1: There definitely are, But I think I would think that

448
00:22:58,000 --> 00:23:00,399
Speaker 1: will remain the case throughout the summer. I feel like

449
00:23:00,440 --> 00:23:04,159
Speaker 1: towards the end of the summer companies will probably have

450
00:23:05,080 --> 00:23:08,640
Speaker 1: put in place more solid policies for this and decided

451
00:23:08,640 --> 00:23:11,040
Speaker 1: which route they're going to take, which, in turn also

452
00:23:11,520 --> 00:23:14,119
Speaker 1: workers will have had a couple of more months to

453
00:23:14,200 --> 00:23:16,680
Speaker 1: think through what they really want to do and perhaps

454
00:23:16,880 --> 00:23:20,440
Speaker 1: move as well. I'd also wonder two orders, if it

455
00:23:20,480 --> 00:23:24,080
Speaker 1: means that these larger companies that have been vocal proponents

456
00:23:24,160 --> 00:23:26,600
Speaker 1: for for working from the office, for cultural reasons, for

457
00:23:26,640 --> 00:23:29,520
Speaker 1: business reasons, they might change their tune a little bit

458
00:23:29,680 --> 00:23:33,120
Speaker 1: if they start to see that not necessarily peers or competitors,

459
00:23:33,119 --> 00:23:37,000
Speaker 1: but other companies that attract their workforce don't do that. Yeah,

460
00:23:37,040 --> 00:23:40,720
Speaker 1: we spoke to um one professor down at Texas A

461
00:23:40,760 --> 00:23:43,320
Speaker 1: and M University who said that thing that if you

462
00:23:43,359 --> 00:23:45,119
Speaker 1: are a company and you think that the world is

463
00:23:45,160 --> 00:23:48,119
Speaker 1: not changing, you might be right, but you're taking a

464
00:23:48,119 --> 00:23:51,040
Speaker 1: pretty big risk in making that assumption because you might

465
00:23:51,119 --> 00:23:54,199
Speaker 1: just start seeing your people jump ship. Yeah exactly, Or

466
00:23:54,240 --> 00:23:56,919
Speaker 1: is this somebody said to me earlier Listen, it may

467
00:23:56,960 --> 00:23:58,600
Speaker 1: go back to the way it was like its We

468
00:23:58,800 --> 00:24:02,480
Speaker 1: just don't know at this point. But it's interesting because

469
00:24:02,480 --> 00:24:04,920
Speaker 1: you guys talk to a lot of individuals, and one

470
00:24:04,920 --> 00:24:07,040
Speaker 1: of the things that people want is more time, like

471
00:24:07,080 --> 00:24:09,800
Speaker 1: you lose time in commuting. I know that is certainly

472
00:24:09,840 --> 00:24:12,240
Speaker 1: the case from my world, Like, there's things you do

473
00:24:12,400 --> 00:24:15,879
Speaker 1: benefit by by not having to go to the office,

474
00:24:15,960 --> 00:24:20,359
Speaker 1: totally commute, child care, having more flexibility, freedom to work

475
00:24:20,560 --> 00:24:22,800
Speaker 1: kind of when you want, as opposed to set hours.

476
00:24:23,240 --> 00:24:26,600
Speaker 1: It's something that you know, we've shown for people that

477
00:24:26,680 --> 00:24:28,560
Speaker 1: work from home for for a year that you know,

478
00:24:28,800 --> 00:24:32,359
Speaker 1: it's something that we can manage largely, and many people

479
00:24:32,400 --> 00:24:34,359
Speaker 1: are just not willing to give up those benefits. One

480
00:24:34,359 --> 00:24:36,480
Speaker 1: of the things that I wonder too, is though as

481
00:24:36,760 --> 00:24:38,680
Speaker 1: some people come back to work, others don't. I mean

482
00:24:39,040 --> 00:24:40,879
Speaker 1: no doubt about it. If you're in the office, you

483
00:24:40,920 --> 00:24:44,119
Speaker 1: can easily get face time with the boss, if your

484
00:24:44,119 --> 00:24:46,280
Speaker 1: boss at the office, if your bosses at the office.

485
00:24:46,640 --> 00:24:49,040
Speaker 1: But you wonder if at that point whether that will

486
00:24:49,080 --> 00:24:50,920
Speaker 1: have some sway on some of those workers who stay

487
00:24:50,920 --> 00:24:52,480
Speaker 1: at home and said, well, wait a minute, I might

488
00:24:52,520 --> 00:24:54,840
Speaker 1: miss add on some opportunities because it's just the way

489
00:24:54,920 --> 00:24:59,080
Speaker 1: the world works. Yeah, and it's especially could be especially perilous.

490
00:24:59,320 --> 00:25:01,679
Speaker 1: One expert, and it's to me if you're a younger worker,

491
00:25:01,920 --> 00:25:04,880
Speaker 1: you're new in the game, and being at home could

492
00:25:04,880 --> 00:25:07,840
Speaker 1: be very isolating. You don't get FaceTime, you'll learn from

493
00:25:07,960 --> 00:25:12,680
Speaker 1: older colleagues, so there could be drawbacks for for younger workers.

494
00:25:12,760 --> 00:25:14,479
Speaker 1: I just think it's interesting because I think you go

495
00:25:14,560 --> 00:25:17,040
Speaker 1: back six months, eight months, and everybody said, Okay, this

496
00:25:17,119 --> 00:25:20,000
Speaker 1: is changing, our workforce is going to be changed forever.

497
00:25:20,400 --> 00:25:22,440
Speaker 1: Or you go back a year and workers were scared

498
00:25:22,480 --> 00:25:24,399
Speaker 1: to quit and trying to find another job because they

499
00:25:24,400 --> 00:25:25,760
Speaker 1: didn't know if they were going to get laid off

500
00:25:25,760 --> 00:25:29,120
Speaker 1: in the next three weeks, which I think means equals

501
00:25:29,200 --> 00:25:34,080
Speaker 1: we still don't know tb D. Anyways, great reporters, great reporting,

502
00:25:34,200 --> 00:25:36,400
Speaker 1: and it's a great read. It's among the most read

503
00:25:36,400 --> 00:25:38,480
Speaker 1: on the Bloomberg terminals. So Unders, thanks for stopping by.

504
00:25:38,600 --> 00:25:41,040
Speaker 1: Thank you appreciate it. Unders Melon, he's wealth reporter here

505
00:25:41,040 --> 00:25:44,080
Speaker 1: at Bloomberg News. Check him out at Melan Anders. Unders.

506
00:25:44,200 --> 00:25:47,880
Speaker 1: I always do that wrong, Melan Unders on Twitter. You're

507
00:25:47,920 --> 00:25:56,199
Speaker 1: listening to Bloomberg Business Week a journal. Yeah, but you

508
00:25:56,280 --> 00:26:00,960
Speaker 1: let me drive? Oh no, no, no, no no, Ann, Please,

509
00:26:01,080 --> 00:26:07,760
Speaker 1: I'll do the right rivel. I want to drive, just drive,

510
00:26:11,280 --> 00:26:22,400
Speaker 1: question trying. This is the drive to the Globe community. Thanks,

511
00:26:22,440 --> 00:26:26,919
Speaker 1: we'll drying us to dawn on Bloomberg Radio. All right,

512
00:26:26,960 --> 00:26:28,879
Speaker 1: just got about ten and a half minutes left into

513
00:26:28,920 --> 00:26:32,439
Speaker 1: today's trading session. It is the first trading day of

514
00:26:32,480 --> 00:26:35,120
Speaker 1: the week and the first trading day of the new month. Okay,

515
00:26:35,200 --> 00:26:37,320
Speaker 1: let's get to with Aaron Kennon, co founder and chief

516
00:26:37,320 --> 00:26:40,600
Speaker 1: executive officer at Clear Harbor Asset Management roughly one billion

517
00:26:40,600 --> 00:26:44,000
Speaker 1: in assets under management, on the phone from Stanford, Connecticut. Aaron,

518
00:26:44,080 --> 00:26:46,480
Speaker 1: good to have you here. You know, it's interesting. I

519
00:26:46,520 --> 00:26:49,040
Speaker 1: always love knowing about the assets under management, and I

520
00:26:49,080 --> 00:26:50,720
Speaker 1: think it was up from the last time we talked

521
00:26:50,720 --> 00:26:52,919
Speaker 1: to you. Is that just appreciation or is it new

522
00:26:52,960 --> 00:26:55,720
Speaker 1: money coming in? I'm always curious. Well, it's a bit

523
00:26:55,720 --> 00:26:58,800
Speaker 1: of both. Carol, good to be with you again. And uh,

524
00:26:58,960 --> 00:27:02,479
Speaker 1: certainly the tail winds of the market have assisted. But

525
00:27:03,040 --> 00:27:05,200
Speaker 1: you know, the work that we do in advising families

526
00:27:05,200 --> 00:27:08,560
Speaker 1: and individuals and non for profits has been uh an

527
00:27:08,640 --> 00:27:11,320
Speaker 1: endeavor of ours where we have great passion and a

528
00:27:11,359 --> 00:27:14,199
Speaker 1: lot of you know, individuals during this time of uncertainty

529
00:27:14,240 --> 00:27:20,000
Speaker 1: and economic tumult have sought advice and we have thankfully

530
00:27:20,040 --> 00:27:22,159
Speaker 1: been the recipient of some of that. What kind of

531
00:27:22,200 --> 00:27:24,159
Speaker 1: advice are they looking for? What are the questions that

532
00:27:24,240 --> 00:27:27,119
Speaker 1: they come to you with. That's a great question. Tim

533
00:27:27,320 --> 00:27:30,720
Speaker 1: you know, it's everything from gosh, I just sold this

534
00:27:30,840 --> 00:27:33,720
Speaker 1: tech stock that I bought it almost zero several years ago.

535
00:27:33,880 --> 00:27:36,080
Speaker 1: And is there any way for me to you know,

536
00:27:36,160 --> 00:27:39,040
Speaker 1: sort of allocated in a tax efficient manner. You know,

537
00:27:39,080 --> 00:27:42,879
Speaker 1: maybe it's through an opportunity zone fund or some other strategy,

538
00:27:43,119 --> 00:27:45,560
Speaker 1: or if it's a non for profit, it's you know,

539
00:27:45,600 --> 00:27:47,240
Speaker 1: a question about you know, can you take a look

540
00:27:47,240 --> 00:27:50,159
Speaker 1: at our investment policy statement and are we you know,

541
00:27:50,240 --> 00:27:53,520
Speaker 1: looking through corporate governance issues correctly? And how about our

542
00:27:53,560 --> 00:27:56,720
Speaker 1: capital allocations strategy? And do you think it represents our

543
00:27:56,800 --> 00:27:59,560
Speaker 1: risk tolerance and our long term objectives? And you know

544
00:27:59,600 --> 00:28:02,440
Speaker 1: the same for families, um, whether it's planning for retirement,

545
00:28:02,480 --> 00:28:05,360
Speaker 1: planning for college, or just trying to preserve wealth relative

546
00:28:05,440 --> 00:28:08,680
Speaker 1: to this great inflation debate. So all of these issues

547
00:28:08,760 --> 00:28:11,160
Speaker 1: we be tackled here at Clear Harbor. Hey, how many

548
00:28:11,160 --> 00:28:13,959
Speaker 1: more people Aaron are saying, you know what, it's been

549
00:28:13,960 --> 00:28:16,120
Speaker 1: a crazy year. I think I'm going to retire earlier

550
00:28:16,119 --> 00:28:18,719
Speaker 1: because we've done this story at Bloomberg. I've certainly been

551
00:28:18,720 --> 00:28:21,359
Speaker 1: talking with individuals of my own family and elsewhere who

552
00:28:21,400 --> 00:28:23,080
Speaker 1: are like, you know what, you know, how much is

553
00:28:23,119 --> 00:28:25,119
Speaker 1: just too much? At this point? And maybe I should

554
00:28:25,119 --> 00:28:28,320
Speaker 1: just retire. It's interesting because I look at the labor

555
00:28:28,320 --> 00:28:31,520
Speaker 1: participation rate and that sort of speaks to the issue

556
00:28:31,560 --> 00:28:34,320
Speaker 1: that you you raise, which is some people are certainly

557
00:28:34,359 --> 00:28:36,480
Speaker 1: doing that, and they're looking at themselves in the mirror

558
00:28:36,520 --> 00:28:40,640
Speaker 1: and they're realizing life is short and perhaps now now

559
00:28:40,760 --> 00:28:43,400
Speaker 1: is a great time to retire. I'm not seeing that here,

560
00:28:43,440 --> 00:28:45,360
Speaker 1: to be honest, at the firm. I mean, we have

561
00:28:45,400 --> 00:28:49,080
Speaker 1: many retirees as clients, but I think those who are

562
00:28:49,160 --> 00:28:51,840
Speaker 1: working are are you know, for the most part, doing

563
00:28:51,840 --> 00:28:55,160
Speaker 1: it because they're they're they're driven to achieve their their

564
00:28:55,200 --> 00:28:58,080
Speaker 1: long term family financial goals and there to some extent

565
00:28:58,120 --> 00:29:00,560
Speaker 1: passionate about what they do. So we're just not seeing

566
00:29:00,600 --> 00:29:02,520
Speaker 1: that to a great extent. All right, let's get into

567
00:29:02,520 --> 00:29:05,440
Speaker 1: the knee gritty of the trade and what you've been

568
00:29:05,440 --> 00:29:08,000
Speaker 1: seeing as far as trends over the last few months

569
00:29:08,040 --> 00:29:10,880
Speaker 1: and what you see looking forward starting with inflation. The

570
00:29:10,960 --> 00:29:14,440
Speaker 1: transitory or to be transitory or not to be transitory,

571
00:29:14,480 --> 00:29:17,880
Speaker 1: that is the question. And what's the answer. Well, you know,

572
00:29:18,000 --> 00:29:20,240
Speaker 1: I think there's a lot of nuance here that that

573
00:29:20,360 --> 00:29:23,680
Speaker 1: requires um peeling back the onion a bit. I mean,

574
00:29:23,800 --> 00:29:26,400
Speaker 1: certainly we've had a huge supply Chaine disruption the likes

575
00:29:26,440 --> 00:29:29,520
Speaker 1: we haven't seen in our lifetime, and uh now we're

576
00:29:29,520 --> 00:29:32,600
Speaker 1: seeing demand. We're back as the economies of the United

577
00:29:32,600 --> 00:29:36,080
Speaker 1: States and the global economy generally generally reopen. And that

578
00:29:36,200 --> 00:29:38,960
Speaker 1: requires you know that the notion that the supply chain

579
00:29:39,040 --> 00:29:41,760
Speaker 1: is going to normalize overnight, I think is is a

580
00:29:41,880 --> 00:29:44,960
Speaker 1: naive one, and that the idea that there's going to

581
00:29:45,200 --> 00:29:48,720
Speaker 1: exist a supply response from every important input is also

582
00:29:49,280 --> 00:29:52,960
Speaker 1: just not possible. So you look at something like oil

583
00:29:53,840 --> 00:29:58,440
Speaker 1: where supply can come back online over the course of weeks, months,

584
00:29:58,440 --> 00:30:04,280
Speaker 1: and quarters, and relative robust fashion UM versus copper, which

585
00:30:04,360 --> 00:30:07,479
Speaker 1: is an important input has always been an important input,

586
00:30:07,520 --> 00:30:09,520
Speaker 1: and even more so now that we're talking about the

587
00:30:09,520 --> 00:30:13,880
Speaker 1: renewable initiatives in the economy e V, which requires three

588
00:30:13,920 --> 00:30:17,680
Speaker 1: times more copper, for example, than a combustion engine vehicle

589
00:30:18,360 --> 00:30:23,200
Speaker 1: UM that requires about an eight year period of time

590
00:30:23,320 --> 00:30:26,520
Speaker 1: to bring a full mind supply online. Of course, you

591
00:30:26,560 --> 00:30:29,719
Speaker 1: have recyclable UH copper that can come online, you have

592
00:30:29,880 --> 00:30:32,280
Speaker 1: a mine expansion that can occur over let's say a

593
00:30:32,320 --> 00:30:35,320
Speaker 1: two year period. But if you want a robust supply

594
00:30:35,400 --> 00:30:38,040
Speaker 1: to come online and and something as important as copper,

595
00:30:38,080 --> 00:30:40,000
Speaker 1: it can take as long as eight years. So the

596
00:30:40,080 --> 00:30:44,480
Speaker 1: point there is that inflation variables are are very nuanced.

597
00:30:44,480 --> 00:30:47,640
Speaker 1: Some are going to normalize sooner than others. I think

598
00:30:47,640 --> 00:30:50,240
Speaker 1: the FED is fully aware of this, which is why

599
00:30:50,280 --> 00:30:54,360
Speaker 1: I think they're far less data centric focused and much

600
00:30:54,400 --> 00:30:57,720
Speaker 1: more sort of time focused, realizing that many of these

601
00:30:57,720 --> 00:31:02,280
Speaker 1: supply chain issues, whether it's semi conductors, oil, uh, and

602
00:31:02,280 --> 00:31:05,800
Speaker 1: and others, it will take several quarters to bear themselves out,

603
00:31:05,880 --> 00:31:08,000
Speaker 1: and I think we're going to have a clearer picture

604
00:31:08,080 --> 00:31:09,960
Speaker 1: by the end of the year. Tim all right, Aaron,

605
00:31:10,000 --> 00:31:11,680
Speaker 1: this is kind of a wacky question, but the meme

606
00:31:11,760 --> 00:31:14,160
Speaker 1: stocks whether to see or others? How much of that

607
00:31:14,200 --> 00:31:17,160
Speaker 1: comes up with your conversations with some of your institutional

608
00:31:17,320 --> 00:31:26,520
Speaker 1: or are private wealth UM clients, for example, Oh the Mets. Yeah, sorry,

609
00:31:26,520 --> 00:31:30,040
Speaker 1: I didn't didn't hear that. UM. Not not significantly. I mean,

610
00:31:30,080 --> 00:31:33,080
Speaker 1: I think there are clearly there's a human sort of

611
00:31:33,200 --> 00:31:38,920
Speaker 1: desire to you know, appear onto proverbial screens and and

612
00:31:38,960 --> 00:31:42,320
Speaker 1: maybe there's a temptation to uh to chase some of

613
00:31:42,320 --> 00:31:45,600
Speaker 1: these things. But UH and I understand that, but we're

614
00:31:45,680 --> 00:31:48,600
Speaker 1: not really seeing that. We're not receiving phone calls from

615
00:31:48,640 --> 00:31:51,800
Speaker 1: people that want to own these sorts of things. And

616
00:31:51,840 --> 00:31:54,440
Speaker 1: we are discretionary managers on behalf of clients, but we

617
00:31:54,480 --> 00:31:58,320
Speaker 1: have intimate financial conversations. We're just not not seeing that

618
00:31:58,680 --> 00:32:01,760
Speaker 1: to a great extent. What about when it comes to cryptocurrency,

619
00:32:01,560 --> 00:32:05,000
Speaker 1: Are they asking questions about whether cryptocurrency bitcoins should be

620
00:32:05,000 --> 00:32:08,840
Speaker 1: part of their portfolio? Certainly seeing more of that um

621
00:32:08,880 --> 00:32:13,120
Speaker 1: And we're having some really um interesting conversations with many

622
00:32:13,120 --> 00:32:17,880
Speaker 1: clients about sort of the evolution of uh centralized you know,

623
00:32:17,920 --> 00:32:21,240
Speaker 1: sort of de decentralized finance, and the importance of the

624
00:32:21,280 --> 00:32:26,080
Speaker 1: blockchain and its application and why bitcoin and the THEORYUM

625
00:32:26,120 --> 00:32:28,800
Speaker 1: for example, could be the beneficiaries of this, not only

626
00:32:28,880 --> 00:32:31,480
Speaker 1: today but into the future. And of course we've seen

627
00:32:31,520 --> 00:32:34,920
Speaker 1: a major correction in that segment of the marketplace. But

628
00:32:35,680 --> 00:32:39,280
Speaker 1: while the vast majority of our clients have zero exposure

629
00:32:39,320 --> 00:32:43,480
Speaker 1: to cryptocurrencies, we are seeing a sort of incympiate level

630
00:32:43,560 --> 00:32:46,600
Speaker 1: of conversation occurring here at the firm. Hey, any thoughts

631
00:32:46,680 --> 00:32:49,160
Speaker 1: about the monthly jobs report and how that might impact

632
00:32:49,280 --> 00:32:54,880
Speaker 1: kind of investor psyche. Yes, I mean it's been extraordinarily noisy, right,

633
00:32:54,920 --> 00:32:57,520
Speaker 1: and I think it's going to continue to be because

634
00:32:57,560 --> 00:33:00,200
Speaker 1: you have a bunch of dynamics at play. One is

635
00:33:00,240 --> 00:33:04,800
Speaker 1: the um the unemployment bonuses are are continuing to roll

636
00:33:05,000 --> 00:33:09,000
Speaker 1: into bank accounts for millions of Americans and that will

637
00:33:09,000 --> 00:33:11,720
Speaker 1: not stop until September. So you have, you know, sort

638
00:33:11,760 --> 00:33:16,000
Speaker 1: of that issue to deal with and UH, and you

639
00:33:16,080 --> 00:33:19,360
Speaker 1: also have the the whole schooling concern where people are

640
00:33:19,400 --> 00:33:21,880
Speaker 1: at home with their children and not everyone worse in

641
00:33:21,880 --> 00:33:24,560
Speaker 1: an industry where they can you know, serve telecommute, right

642
00:33:24,600 --> 00:33:28,040
Speaker 1: and so uh, we're seeing help wanted ads at restaurants

643
00:33:28,160 --> 00:33:30,840
Speaker 1: and yet more people in the service sector are unemployed

644
00:33:30,880 --> 00:33:32,640
Speaker 1: now than they were pre COVID. And I think this

645
00:33:32,760 --> 00:33:35,240
Speaker 1: dynamic is again going to sort itself out probably in

646
00:33:35,280 --> 00:33:40,560
Speaker 1: the fourth quarter, Carol, when the bonus pop ups dissipate

647
00:33:41,040 --> 00:33:44,840
Speaker 1: and UH and people get back to work. I'm wondering

648
00:33:45,200 --> 00:33:48,920
Speaker 1: about I don't know, It's like the conversation has shifted

649
00:33:48,960 --> 00:33:51,160
Speaker 1: so much in recent months about trying to get those

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00:33:51,160 --> 00:33:53,840
Speaker 1: employees back to work. How closely are you watching wage

651
00:33:53,840 --> 00:33:56,840
Speaker 1: inflation is a sign of of inflation being not transitory,

652
00:33:56,920 --> 00:33:59,040
Speaker 1: because if we do continue to see employees sitting on

653
00:33:59,080 --> 00:34:01,400
Speaker 1: the sidelines of employers are going to have to start

654
00:34:01,440 --> 00:34:04,800
Speaker 1: raising those wages. That's right, And I think this is

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00:34:04,880 --> 00:34:07,680
Speaker 1: the big question at the moment. And and and my

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00:34:07,760 --> 00:34:12,200
Speaker 1: own personal view is that the FED has been critiqued

657
00:34:12,239 --> 00:34:15,440
Speaker 1: for maybe not responding, but I think they're fully aware

658
00:34:15,560 --> 00:34:18,320
Speaker 1: that we have supply chain bottlenecks, and we have government

659
00:34:18,320 --> 00:34:21,839
Speaker 1: fiscal policy again, you know, the unemployment bonus payments which

660
00:34:21,840 --> 00:34:25,360
Speaker 1: are impacting decisions on the part of potential workers to

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00:34:25,400 --> 00:34:28,719
Speaker 1: either work or not work. Um, And of course this

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00:34:28,800 --> 00:34:32,080
Speaker 1: sort of schooling issue, right, And so I think you're

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00:34:32,080 --> 00:34:35,560
Speaker 1: seeing wage inflation. My guess is that part is more transitory,

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00:34:35,640 --> 00:34:39,760
Speaker 1: particularly in the sort of unskilled or lower skilled service

665
00:34:39,760 --> 00:34:44,239
Speaker 1: segment of the economy. Um. The facts of all this

666
00:34:44,600 --> 00:34:47,360
Speaker 1: will come out in the quarters ahead. Yeah, well certainly,

667
00:34:47,640 --> 00:34:49,400
Speaker 1: and we're looking for and I think investors are kind

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00:34:49,400 --> 00:34:52,000
Speaker 1: of looking forward to it as well. Hey, Aaron, thank

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00:34:52,000 --> 00:34:54,399
Speaker 1: you so much. Aaron Kennon, co founder CEO of Clear

670
00:34:54,400 --> 00:34:57,880
Speaker 1: Harbor Asset Management roughly one billion in assets under management,

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00:34:57,920 --> 00:35:02,160
Speaker 1: on the phone from Stanford, Connecticut. Thanks for listening to

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00:35:02,160 --> 00:35:05,719
Speaker 1: Bloomberg Business Week. Download the podcast on iTunes, SoundCloud, or

673
00:35:05,760 --> 00:35:07,920
Speaker 1: Bloomberg dot com, and you can also listen to our

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00:35:08,000 --> 00:35:10,600
Speaker 1: radio show at two pm Eastern on Bloomberg Radio or

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00:35:10,640 --> 00:35:13,320
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