WEBVTT - Looming Trump Tariffs Rattle Asian Markets

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News. Welcome to the Bloomberg

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<v Speaker 1>day Break Asia podcast. I'm Doug Chrisner. President Trump has

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<v Speaker 1>imposed tariffs on goods from Canada, Mexico, and China now

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<v Speaker 1>in terms of Canada and Mexico rates of twenty five

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<v Speaker 1>percent each for China ten percent. These tariffs will take

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<v Speaker 1>effect at twelve oh one am Tuesday morning, and they

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<v Speaker 1>will apply to a wide range of goods. Mexico and

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<v Speaker 1>Canada have already vowed countermeasures, although China's response to all

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<v Speaker 1>of this has been a bit more muted. Bloomberg Steven

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<v Speaker 1>Engel has more from Hong Kong.

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<v Speaker 2>It is still, you know, wrapping up the lunar Nei

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<v Speaker 2>or holiday. The markets don't really start getting in full

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<v Speaker 2>swing until midweek. In China, Cjnping has not necessarily commented

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<v Speaker 2>directly on this that we know of, but Commerce Ministry has.

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<v Speaker 2>They've expressed the strong dissatisfaction and also vowed corresponding countermeasures.

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<v Speaker 2>As you rightfully said, they didn't elaborate what those measures

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<v Speaker 2>might be. They've also pledged to file a complaint at

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<v Speaker 2>the WTO citing serious violation of international trade rules. But

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<v Speaker 2>you know, beyond tit for tat retaliation on tariffs. They

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<v Speaker 2>could expand their export controls on critical minerals. They could

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<v Speaker 2>restrict market access to some American companies. They could do

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<v Speaker 2>something with a rem and B obviously to cushion the

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<v Speaker 2>blow on exporters. And that's why we'll be watching the

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<v Speaker 2>daily fixing later this morning. The offshore you want approaching

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<v Speaker 2>that record low right now, around seven point three, So

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<v Speaker 2>a number of things they can do. But keep in mind,

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<v Speaker 2>there could be some benefit here for exporters in China.

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<v Speaker 2>If Trump is going after on a larger scale with

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<v Speaker 2>Canada and Mexico and vowing to go tough on the

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<v Speaker 2>e you on the trade front, that could open up

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<v Speaker 2>export opportunities to those markets for China. So you know,

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<v Speaker 2>this is still early days e commerce to the United States.

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<v Speaker 2>That's one step. There could be further export tariffs from

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<v Speaker 2>China to the United States upwards of sixty percent. He's

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<v Speaker 2>also vowing to further increase those tariffs if there are

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<v Speaker 2>retaliatory measures from the countries targeted, including China. So we're

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<v Speaker 2>just in early days here. Clearly, the Chinese economy is

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<v Speaker 2>struggling to gain footing of its own making largely because

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<v Speaker 2>its exports situation has kind of supported at a time,

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<v Speaker 2>supported the economy at a time when the property sector

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<v Speaker 2>is still trying to find its footing, and of course

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<v Speaker 2>consumer confidence is so weak. So yes, these tariffs are

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<v Speaker 2>going to hit the Chinese economy, but I think in

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<v Speaker 2>these initially it's going to be fairly muted because there's

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<v Speaker 2>been a lot of frontloading of orders, you know, from

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<v Speaker 2>the United States of Chinese goods.

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<v Speaker 1>That was Bloomberg's chief North Asia correspondent, Steven Engel. So

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<v Speaker 1>let's take a closer look at the broader market backdrop.

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<v Speaker 1>Right now, joining me from Sydney is Junebailu, founder and

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<v Speaker 1>portfolio manager at Tencap. June bay It's always a pleasure

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<v Speaker 1>a lot of volatility at the moment and a little

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<v Speaker 1>bit of downside here. How do you evaluate what's happening

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<v Speaker 1>in markets right now?

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<v Speaker 3>Look at we're actually seeing quite a lot of opportunity

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<v Speaker 3>at this point. So market is a little bit surprised

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<v Speaker 3>by the timing of this tariff in position because obviously

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<v Speaker 3>we talked about the quantum of it, but how quickly

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<v Speaker 3>he brought it in has really surprised the market. Hence,

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<v Speaker 3>while we see a bit of sell off, but you know,

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<v Speaker 3>I think it is a little bit harder for investor

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<v Speaker 3>to call that what the actual tariff will be eventually

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<v Speaker 3>or whether there may not be any tariff, so, you know,

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<v Speaker 3>so there's a lot of uncertainty on that front. Hence,

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<v Speaker 3>while we're seeing people taking money off the table, it's

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<v Speaker 3>been a good well, it's been a good, good, you know,

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<v Speaker 3>equity market for the last year and a bit. So

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<v Speaker 3>we're just see people a little bit nervous. But I think,

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<v Speaker 3>you know, for for a lot of long term invested

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<v Speaker 3>like ourselves, were actually pretty excited. We think this does

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<v Speaker 3>represent good buying opportunity, particularly for some of the companies

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<v Speaker 3>that get potentially get impacted, if they those quality companies,

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<v Speaker 3>whether they're healthcare or whether they's some consumers names. You know,

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<v Speaker 3>we will be looking at these opportunities to really pick

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<v Speaker 3>up pick up those those companies.

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<v Speaker 1>June Bay. You know, well, how fragile the Chinese economy

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<v Speaker 1>seems to be right now, It's been very reliant on

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<v Speaker 1>export driven industries. So to what extent could these tariffs

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<v Speaker 1>threaten to undermine Chinese growth?

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<v Speaker 3>Look, I think it's the ten percent imposition is not

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<v Speaker 3>as large as what it could have been. You know,

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<v Speaker 3>sixty five percent would have been pretty nasty, but ten

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<v Speaker 3>percent is not too bad. I think China is on

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<v Speaker 3>a slow road to recovery. You know, we will have

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<v Speaker 3>to see more stimulus, and the consensus are expecting that

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<v Speaker 3>the first quarter this year that China will come up

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<v Speaker 3>with more stimulus, obviously targeted more at consumer and uh

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<v Speaker 3>uh and the SMEs, but these should continue to drive

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<v Speaker 3>recovery there in China. China related equities, I think the

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<v Speaker 3>because the less focused on the heavy uh you know,

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<v Speaker 3>the housing market and the and the like, it will

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<v Speaker 3>see sector like commodities to be under more volatility pressure

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<v Speaker 3>because you know now that we have tariff net net

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<v Speaker 3>higher tariff is not great for commodity businesses around the world.

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<v Speaker 3>So it's not just China. So yeah, so it's just

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<v Speaker 3>changing the dynamics somewhat. We think China is coming back

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<v Speaker 3>with more stimulus, but not not roaring back, but we

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<v Speaker 3>will be focusing more on the consumer SMEs, you know,

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<v Speaker 3>more structural growers than the than your cyclical you know

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<v Speaker 3>sort of names like the resources.

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<v Speaker 1>China, at least for today is still on holiday for

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<v Speaker 1>lunar new year. I'm curious as to whether or not

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<v Speaker 1>you are seeing or have seen any high frequency data

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<v Speaker 1>about the performance of Chinese consumers during this period. How

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<v Speaker 1>well do you think they've been holding up during the

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<v Speaker 1>holiday Yeah, actually.

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<v Speaker 3>It's been pretty good for some of the data we've seen.

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<v Speaker 3>You know, it seems like there's broad based optimism. However,

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<v Speaker 3>I think the strength we saw in the December quarter

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<v Speaker 3>seems to have faulted somewhat just on the consumer front,

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<v Speaker 3>but it's still pretty strong. So, you know, we're hopeful

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<v Speaker 3>when we get the full picture. Once that's done, you know,

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<v Speaker 3>that will continue to drive the return of it. But

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<v Speaker 3>but you know, from here, you really it's China's recovery

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<v Speaker 3>is really about, you know, the continuous the sort of

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<v Speaker 3>stimulus targeted to consumer, to the sme s. Without those stimulus,

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<v Speaker 3>I think, you know, confidence just not yet strong enough

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<v Speaker 3>to sustain its own recovery.

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<v Speaker 1>So we've been talking a little bit about tariffs. We've

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<v Speaker 1>been talking about US China relations in regard to those tariffs,

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<v Speaker 1>but now thinking about US China relations in regard to

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<v Speaker 1>artificial intelligence, particularly around last week's story when it comes

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<v Speaker 1>to deep seek, do you think this story could result

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<v Speaker 1>in a lot more strict controls on American technology flowing

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<v Speaker 1>into China.

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<v Speaker 3>Look, I think the story itself is not going to

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<v Speaker 3>be the trigger of it. However, in the last five

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<v Speaker 3>years or more than five years, we have seen this

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<v Speaker 3>decoupling between China and US across many different fronts, whether security, technology, infrastructure,

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<v Speaker 3>a lot of those has been taking place, and we

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<v Speaker 3>expect that to continue. And you know, deep Seak, you know,

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<v Speaker 3>in my view is that it's really just a sign

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<v Speaker 3>that you know, technological avestment. Right, at some point we

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<v Speaker 3>will have someone come up with a cheaper model and

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<v Speaker 3>you know, whether it's from a Chinese company or from

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<v Speaker 3>everywhere else, you know net you know, I don't see

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<v Speaker 3>that as negative for the growth of the sector because

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<v Speaker 3>it just makes it AI models cheaper, make it more useful,

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<v Speaker 3>and more people can use it, and more consumer can

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<v Speaker 3>you know, drive the next leg of uptake. Right, So

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<v Speaker 3>you know, it's not it's not negative, but it's yeah,

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<v Speaker 3>so you know, the segregation, the decoupling between US and

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<v Speaker 3>China will continue, maybe it'll become more rapid, but or

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<v Speaker 3>maybe not. And but it just it's it's good expected

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<v Speaker 3>to be a long trend over the next few decades.

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<v Speaker 1>Before I let you go, I know you're in Sydney

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<v Speaker 1>and I want to get your take on how well

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<v Speaker 1>the Australian economy is performing. We know that it's very

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<v Speaker 1>strongly correlated to the China story. How are things down

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<v Speaker 1>under right now?

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<v Speaker 3>Yeah, Interestingly in Australia economy is actually okay. You know,

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<v Speaker 3>it's doing quite well and uh, consumer you know, sort

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<v Speaker 3>of come back somewhat, and but it's uh, you know,

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<v Speaker 3>with the expectation of a rate cut in February, you know,

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<v Speaker 3>things are looking pretty pretty good back here. Our equity

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<v Speaker 3>market optimism returning January would deliver very strong return in January.

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<v Speaker 3>And we do think this year could be the year

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<v Speaker 3>for the Aussie market to outperform. It's some of its peers,

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<v Speaker 3>like the US and AS that peers. So yeah, so

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<v Speaker 3>the market conditions here is good. We expect this reporting

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<v Speaker 3>season just about to start is going to generate a

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<v Speaker 3>bit more positivity relative to last reporting season. You know,

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<v Speaker 3>earnings would have done a little bit better they expected

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<v Speaker 3>and they're holding the margin well. So and also our

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<v Speaker 3>resources company, with commodity prices doing okay, is actually expected

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<v Speaker 3>to pay big dividends again. So yeah, so there, we're

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<v Speaker 3>actually pretty positive over here.

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<v Speaker 1>June Babill, leave it there. It's always a pleasure. Thanks

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<v Speaker 1>for making time to catch up with us. June Bailou,

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<v Speaker 1>founder and portfolio manager at Tencap, joining us from Sydney

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<v Speaker 1>here on the Daybreak Asia podcast. Welcome back to the

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<v Speaker 1>Bloomberg Daybreak Asia Podcast. I'm Doug Krisner. Joining us now

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<v Speaker 1>for more on the tariff story and what we can

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<v Speaker 1>expect from the U side. Is Stuart Thomas. He is

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<v Speaker 1>founding partner at Presidian Investments. Stuart, thank you for making

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<v Speaker 1>time to chat with us. One of the things that

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<v Speaker 1>we're seeing right now in terms of immediate knee jerk

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<v Speaker 1>fashion is weaker currencies in Canada, Mexico, Europe as well

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<v Speaker 1>as a much much stronger dollar. In fact, the Bloomberg

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<v Speaker 1>Dollar Spot index right now is up by around one percent.

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<v Speaker 1>Is this going to be a major headwind for US multinationals.

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<v Speaker 4>Well, look, I don't think any of this comes as

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<v Speaker 4>a surprise, right I mean, the fireworks have started. As

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<v Speaker 4>I always say to everybody, Sorry to use the old cliche,

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<v Speaker 4>but buckle up. It's going to be bumpy, you know.

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<v Speaker 4>I think long term, the trends are in place for

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<v Speaker 4>a very strong US dollar. Red you you have a

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<v Speaker 4>hawkish fed, you had the thread of tariffs which are

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<v Speaker 4>now actual, actually being implemented. I guess it will happen

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<v Speaker 4>on this Tuesday. We've got a stronger economy relative to

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<v Speaker 4>the rest of the world. So you've got all the

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<v Speaker 4>pieces of a puzzle in place for a very strong

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<v Speaker 4>US dollar. Will it be a headwind? You know what,

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<v Speaker 4>I am not as concerned long term as I think

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<v Speaker 4>most people are. Again, I think these are knee jerk reactions.

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<v Speaker 4>Let's think about where this is coming from. President Trump

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<v Speaker 4>is the penultimate negotiator. This is not about punishing our

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<v Speaker 4>trade partners. This is about trying to implement fair trade

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<v Speaker 4>policies and stop putting US companies and their workers at

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<v Speaker 4>a disadvantage.

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<v Speaker 1>So we're getting an immediate response on the part of

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<v Speaker 1>both the government in Canada and the government in Mexico.

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<v Speaker 1>It seems as though retaliatory tariffs will be put in place.

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<v Speaker 1>This smells a little bit like a trade war rather

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<v Speaker 1>than a process of negotiation.

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<v Speaker 4>Well, you know what, Doug, Let's remember if Canada, for example,

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<v Speaker 4>what is it I think we represent exports to the

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<v Speaker 4>US represents something like twenty five percent. Maybe it's even

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<v Speaker 4>higher than that these days of their GDP. So I

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<v Speaker 4>still think this is initial reaction. I think this is

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<v Speaker 4>to bring everybody back to the table. Nobody wants an

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<v Speaker 4>extended trade war. It would absolutely impact the US market

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<v Speaker 4>over the long term. So I think this is to

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<v Speaker 4>get everybody back to the table. We knew they would

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<v Speaker 4>react in this fashion, but I don't believe it's going

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<v Speaker 4>to hurt them a lot worse than it will hurt us.

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<v Speaker 4>And that's that's not to say that we want to

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<v Speaker 4>be in an extended trade war here, but I think

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<v Speaker 4>it's to bring people back to the table. No one

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<v Speaker 4>should be surprised by the retaliation.

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<v Speaker 1>So I hear what you're saying in terms of a

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<v Speaker 1>negotiating strategy. But let's assume for a moment that the

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<v Speaker 1>process takes several months, and in that period there are

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<v Speaker 1>inflationary pressures that begin to seep through.

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<v Speaker 4>Here.

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<v Speaker 1>I'll use one example. Wolf re Search was saying the

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<v Speaker 1>average price of a new car in the US may

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<v Speaker 1>climb by around three thousand dollars. Does the inflationary even

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<v Speaker 1>though it may be kind of short term, does that

0:12:53.920 --> 0:12:55.880
<v Speaker 1>concern you in the least.

0:12:55.520 --> 0:13:00.120
<v Speaker 4>Well, it does, because ultimately that impacts our GDP. In

0:13:00.200 --> 0:13:02.720
<v Speaker 4>a prolonged trade war, could peel off one hundred basis

0:13:02.800 --> 0:13:06.480
<v Speaker 4>points of GDP for US. But I think what you're

0:13:06.480 --> 0:13:07.880
<v Speaker 4>going to say, I think they're gonna be a lot

0:13:07.920 --> 0:13:10.680
<v Speaker 4>of benefits. You know, again, we're all guessing it. Where

0:13:10.679 --> 0:13:12.800
<v Speaker 4>this is going. I think it's to bring people back

0:13:12.800 --> 0:13:17.120
<v Speaker 4>to the table to negotiate and unfair trade policies. I

0:13:17.320 --> 0:13:21.800
<v Speaker 4>like it short term, not obviously long term. If we've

0:13:21.800 --> 0:13:25.640
<v Speaker 4>seen this type of action before, if Canadian companies hadn't

0:13:25.679 --> 0:13:29.040
<v Speaker 4>already been considering moving business and manufacturings in the US,

0:13:29.040 --> 0:13:31.640
<v Speaker 4>they sure as heck will now. So I think it could.

0:13:31.800 --> 0:13:34.800
<v Speaker 4>It could ultimately be a big benefit to us, But

0:13:34.880 --> 0:13:38.240
<v Speaker 4>an extended trade wark, to your point, will absolutely peel

0:13:38.280 --> 0:13:38.880
<v Speaker 4>off GDP.

0:13:39.240 --> 0:13:41.560
<v Speaker 1>I think the price action in the bond market is

0:13:41.640 --> 0:13:44.559
<v Speaker 1>going to be particularly interesting. On one hand, there may

0:13:44.600 --> 0:13:48.600
<v Speaker 1>be some haven buying people wanting to reduce their exposure

0:13:48.679 --> 0:13:51.720
<v Speaker 1>to risk. The other tension is going to come from

0:13:52.000 --> 0:13:55.800
<v Speaker 1>the implicit inflationary impact of tariffs. What do you think

0:13:55.880 --> 0:13:57.760
<v Speaker 1>is going to happen to the interest rate environment?

0:13:58.600 --> 0:14:01.640
<v Speaker 4>Well, I mean, I think we're already seeing that. But

0:14:01.679 --> 0:14:06.240
<v Speaker 4>for first and foremost, the we we've got a lot

0:14:06.280 --> 0:14:11.840
<v Speaker 4>more flexibility here than either Canada or China for that matter,

0:14:12.040 --> 0:14:15.800
<v Speaker 4>or Mexico. We've got all of the elements in place

0:14:15.800 --> 0:14:19.280
<v Speaker 4>for strong US dollar, and we have reiterated both the

0:14:19.320 --> 0:14:22.720
<v Speaker 4>Treasury Secretary and President Trump have reiterated our commitment to

0:14:22.800 --> 0:14:25.520
<v Speaker 4>ensuring that the US dollar remains the reserve currency of

0:14:25.520 --> 0:14:28.560
<v Speaker 4>the world. That is going to still drive in a

0:14:28.720 --> 0:14:32.280
<v Speaker 4>risk on situation. Risk off situation is going to drive

0:14:32.320 --> 0:14:33.720
<v Speaker 4>people to US bond market.

0:14:34.080 --> 0:14:37.000
<v Speaker 1>So if you were putting a strategy together, given the

0:14:37.040 --> 0:14:41.000
<v Speaker 1>current environment, what assets, what instruments would you be deploying

0:14:41.080 --> 0:14:42.240
<v Speaker 1>right now as a part of that.

0:14:43.080 --> 0:14:45.560
<v Speaker 4>Well, I'd like to I'd like to take it, Doug,

0:14:45.560 --> 0:14:49.520
<v Speaker 4>if you don't mind, and just a slightly different different

0:14:49.600 --> 0:14:53.080
<v Speaker 4>avenue here, because one of the things that really concerns

0:14:53.120 --> 0:14:55.400
<v Speaker 4>me most is that, and this is one of the

0:14:55.440 --> 0:14:58.600
<v Speaker 4>things you and I were talking about before, most US

0:14:58.600 --> 0:15:03.000
<v Speaker 4>investors don't even understand the implications of a strong US

0:15:03.080 --> 0:15:07.360
<v Speaker 4>dollar policy and a falling foreign currency the impact that

0:15:07.400 --> 0:15:09.760
<v Speaker 4>it has on the returns of their international investment. So

0:15:10.600 --> 0:15:12.440
<v Speaker 4>if I could take in a different direction, set, I

0:15:12.480 --> 0:15:15.080
<v Speaker 4>think we need to start raising awareness, because we've done

0:15:15.120 --> 0:15:17.560
<v Speaker 4>an awful job of that, especially when it comes to

0:15:17.560 --> 0:15:21.480
<v Speaker 4>the equity side of the equation where people own ADRs,

0:15:21.480 --> 0:15:24.800
<v Speaker 4>and it's understandable why they may think they don't have

0:15:24.840 --> 0:15:28.280
<v Speaker 4>the risk right US listed securities traded in US dollars.

0:15:28.680 --> 0:15:31.640
<v Speaker 4>They don't understand it. They've got risks. So I want

0:15:31.680 --> 0:15:34.560
<v Speaker 4>to raise a cautionary flag here and say you need

0:15:34.600 --> 0:15:38.280
<v Speaker 4>to reevaluate your portfolio. All of US own international equities

0:15:39.440 --> 0:15:42.960
<v Speaker 4>and fixed income for that matter. When you own international

0:15:43.000 --> 0:15:46.440
<v Speaker 4>equities in particular through ADRs or foreign ordinary shares, you

0:15:46.600 --> 0:15:49.280
<v Speaker 4>have to be aware of the fact that you have

0:15:49.440 --> 0:15:52.320
<v Speaker 4>dollar for dollar exposure to the local currency, whether it

0:15:52.360 --> 0:15:55.960
<v Speaker 4>be sterling, euro, yen pay so, whatever it happens to be.

0:15:56.160 --> 0:15:59.600
<v Speaker 4>So I would say, take a look at your portfolio,

0:16:00.120 --> 0:16:03.240
<v Speaker 4>take a look at your international investments in particular. Even

0:16:03.280 --> 0:16:07.600
<v Speaker 4>if you owned US listed securities ADRs in particular, you

0:16:07.720 --> 0:16:11.360
<v Speaker 4>have currency risk, and I would caution you going forward

0:16:11.480 --> 0:16:13.080
<v Speaker 4>to bet against the US dollar.

0:16:13.400 --> 0:16:17.200
<v Speaker 1>Okay, So that's a hedging strategy, that's my takeaway. Talk

0:16:17.240 --> 0:16:19.160
<v Speaker 1>a little bit more about what that might look like.

0:16:19.200 --> 0:16:22.200
<v Speaker 1>What is the shape of a good effective hedging strategy

0:16:22.240 --> 0:16:22.720
<v Speaker 1>these days?

0:16:23.800 --> 0:16:26.560
<v Speaker 4>Well, it's you know, we talk about hedging strategy, but

0:16:26.600 --> 0:16:29.520
<v Speaker 4>for the average US investor, there is no way to

0:16:29.760 --> 0:16:34.440
<v Speaker 4>hedge individual positions, at least until now. So if you

0:16:34.680 --> 0:16:39.040
<v Speaker 4>need exposure to a particular region, there are ETFs out

0:16:39.040 --> 0:16:42.080
<v Speaker 4>there that are hedged versus an entire index. And then

0:16:42.160 --> 0:16:45.080
<v Speaker 4>recently we've watched a whole series, a whole new series

0:16:45.080 --> 0:16:49.320
<v Speaker 4>of products called ADR hedged ETFs, which are simply the

0:16:49.440 --> 0:16:53.320
<v Speaker 4>underlying ADR plus a currency hedge overlay to mitigate the

0:16:53.400 --> 0:16:56.880
<v Speaker 4>volatility between the US dollar and the local currency. So

0:16:57.240 --> 0:17:01.440
<v Speaker 4>first and foremost, when you're taking a look at international

0:17:01.480 --> 0:17:05.560
<v Speaker 4>equities in particular and identifying the company, what you want

0:17:05.600 --> 0:17:07.800
<v Speaker 4>to know is do I want currency risk or not?

0:17:08.400 --> 0:17:11.440
<v Speaker 4>And for most investors the answers you shouldn't. The de

0:17:11.560 --> 0:17:16.399
<v Speaker 4>facto position really should be I want to hedge security.

0:17:16.720 --> 0:17:19.439
<v Speaker 4>The only people that should be buying ADRs are ones

0:17:19.640 --> 0:17:23.679
<v Speaker 4>or people that want to actively take currency risk versus

0:17:23.680 --> 0:17:24.639
<v Speaker 4>a local currency.

0:17:24.920 --> 0:17:26.720
<v Speaker 1>Stuart will leave it there. Thank you so much for

0:17:26.800 --> 0:17:30.960
<v Speaker 1>joining us, helping us understand market dynamics during the time

0:17:31.119 --> 0:17:35.639
<v Speaker 1>of tariffs. Stuart Thomas there founding partner at Presidian Investments,

0:17:35.680 --> 0:17:40.399
<v Speaker 1>joining us here on the Daybreak Asia podcast. Thanks for

0:17:40.440 --> 0:17:45.080
<v Speaker 1>listening to today's episode of the Bloomberg Daybreak Asia Edition podcast.

0:17:45.400 --> 0:17:48.520
<v Speaker 1>Each weekday, we look at the story shaping markets, finance,

0:17:48.880 --> 0:17:51.959
<v Speaker 1>and geopolitics in the Asia Pacific. You can find us

0:17:52.000 --> 0:17:56.200
<v Speaker 1>on Apple, Spotify, the Bloomberg Podcast YouTube channel, or anywhere

0:17:56.200 --> 0:17:59.320
<v Speaker 1>else you listen. Join us again tomorrow for insight on

0:17:59.359 --> 0:18:03.480
<v Speaker 1>the market move moves from Hong Kong to Singapore and Australia.

0:18:03.920 --> 0:18:06.399
<v Speaker 1>I'm Doug Prisoner and this is Bloomberg