WEBVTT - Building Pathways in Finance for HBCU Students

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol mess Here

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<v Speaker 1>and Tim Stenebek on Bloomberg Radio.

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<v Speaker 2>All right, let's get to our guests, because I'm so delighted.

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<v Speaker 2>We are so delighted to have back with us Marcushdow,

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<v Speaker 2>president and CEO at Alt Finance here in our studio.

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<v Speaker 3>So great to have you here. How are you, Carol,

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<v Speaker 3>I'm doing fantastic. Thank you. Good to see you again.

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<v Speaker 2>Yeah, it's great to see you. What I was thinking about,

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<v Speaker 2>I kind of was going back. It was about a

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<v Speaker 2>year ago or so, the Equality Summit, you and John

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<v Speaker 2>O'Brien and we talked about, you know, more diversity, certainly

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<v Speaker 2>in the financial world. There were some really dismal statistics

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<v Speaker 2>that are out there, and I think I shared them

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<v Speaker 2>with you and everybody who was there. Are we getting better?

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<v Speaker 2>You got you have some good news we're going to

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<v Speaker 2>get into But are we getting better?

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<v Speaker 3>We are getting better at the margin, But I do

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<v Speaker 3>believe we can't take solace in just getting better, right,

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<v Speaker 3>We've got to continue to improve. What we're really working

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<v Speaker 3>towards is improving several generations of deficit that we've built

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<v Speaker 3>in terms of UH investment acum in wealth building and

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<v Speaker 3>really creating new opportunities for generations that come after us.

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<v Speaker 3>So we're working doubly as hard to try to make

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<v Speaker 3>up for lost time.

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<v Speaker 4>Yeah, I think it's incredibly important. And you know, we've

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<v Speaker 4>covered this story for a long time. What you're doing

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<v Speaker 4>now is you're helping kids that graduate from historically black

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<v Speaker 4>colleges and universities to get jobs in finance. And as

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<v Speaker 4>Carol pointed out, they're drastically underrepresented. Underrepresented even when you

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<v Speaker 4>look at you know, the breakdown of wherever you are locally.

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<v Speaker 2>Statistic, here's one. Yeah, diverse owned financial firms control just

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<v Speaker 2>one point four percent of the eighty two trillion dollars

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<v Speaker 2>of US investment fund assets. This was a foundation as

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<v Speaker 2>of late twenty twenty one.

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<v Speaker 4>I mean, but it's even a problem if you just

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<v Speaker 4>look at the breakdown of employees that's big banks, right,

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<v Speaker 4>especially on the like on the levels where people earn

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<v Speaker 4>real money, like investment bankers.

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<v Speaker 3>And it's critical because in this economy and our in

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<v Speaker 3>our economic system, investing of capital and the return that

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<v Speaker 3>you benefit from that is one of the critical ways

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<v Speaker 3>to build wealth. I mean, there's a statistic that I

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<v Speaker 3>heard at a conference a couple of weeks ago, it said,

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<v Speaker 3>if you go back to nineteen seventy and you look

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<v Speaker 3>at real GP growth since nineteen seventy, you're talking two

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<v Speaker 3>to three percent annualized. If you look at return on

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<v Speaker 3>investments or return on equity in that same period of time,

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<v Speaker 3>you're talking five to six maybe seven percent, depending on

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<v Speaker 3>how you're accounting for it. The punchline here is you

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<v Speaker 3>cannot work your way to wealth in this country. Investing

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<v Speaker 3>has to be a part of your strategy for building wealth.

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<v Speaker 3>And if you're not involved in the investment economy, if

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<v Speaker 3>you're not making those investments directly, you can work your

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<v Speaker 3>butt off for years and you will just get by.

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<v Speaker 4>Right.

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<v Speaker 3>Education helps, it helps you get a better job, but

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<v Speaker 3>once you're in that better job, the growth rate for

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<v Speaker 3>your personal wealth and the wealth of your family will

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<v Speaker 3>likely not outpace growth in this country.

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<v Speaker 1>Well, tell us.

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<v Speaker 2>About this program that you guys are doing at your company,

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<v Speaker 2>and you've got what you know or your institution, your organization.

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<v Speaker 2>You've got backing from some really well known firms, certainly

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<v Speaker 2>in the alt investment space. We're talking about Apollo, we're

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<v Speaker 2>talking about areas, we're talking about Oak Oak Tree, oak

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<v Speaker 2>Tree rather Oak MARSK. But I'm just thinking about you know,

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<v Speaker 2>they want a more diverse group, They've talked about it.

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<v Speaker 2>How has their involvement made a difference.

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<v Speaker 3>Well, it's critically important that you have some of the

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<v Speaker 3>biggest names in the industry making a commitment to this

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<v Speaker 3>issue of diversity in the workplace in the investment world.

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<v Speaker 3>I believe what's most critical is that these three firms

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<v Speaker 3>that are competitive in many elements of this business have

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<v Speaker 3>recognized that this is a systemic problem. Therefore, we need

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<v Speaker 3>a systemic solution. They have to work together. All of

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<v Speaker 3>those firms, all the way from leadership down to analysts,

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<v Speaker 3>have been a part of volunteering, mentoring, and creating networks

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<v Speaker 3>for students who are incredibly bright. But these schools had

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<v Speaker 3>not had these companies on campus previously, so we hadn't

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<v Speaker 3>built multiple generations for recruiting these students through all finance.

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<v Speaker 3>We've got seventy three students in our program in eight

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<v Speaker 3>historically black colleges and universities across the country that have

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<v Speaker 3>built the skills, the networks, and most importantly, the confidence

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<v Speaker 3>that they can be successful in this industry. And we're

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<v Speaker 3>graduating fourteen of them this year.

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<v Speaker 2>But one of the things it's tricky, and you talked

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<v Speaker 2>about this when we did the panel a year ago,

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<v Speaker 2>is being, you know, at an organization where you are

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<v Speaker 2>rare and one of the lone individuals, a black individual

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<v Speaker 2>among companies that are still largely white. So how do

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<v Speaker 2>you think about that? Get folks ready to be in

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<v Speaker 2>that environment. You yourself were in that environment.

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<v Speaker 3>I was in that very environment when I came out

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<v Speaker 3>of business school in two thousand and five. I was

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<v Speaker 3>an equity research analyst and I was one of the

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<v Speaker 3>only black people in the entire division Bank of America,

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<v Speaker 3>a Bank of America. And you know, times have changed,

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<v Speaker 3>but that was less than twenty years ago, almost twenty

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<v Speaker 3>I'm not that old yet, but almost twenty years ago.

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<v Speaker 2>The easy right.

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<v Speaker 3>Not not easy at all. It requires a level of

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<v Speaker 3>self assuredness that I think people don't fully appreciate. Right

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<v Speaker 3>to be able to go into work in a place

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<v Speaker 3>where you're the only person that looks like you, there's

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<v Speaker 3>not a ton of shared experience, and to be able

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<v Speaker 3>to perform and outperform every day requires a level of

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<v Speaker 3>grit that's not rewarded all the time. And so one

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<v Speaker 3>of the things that we're working with in all finances,

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<v Speaker 3>we're creating a community of students that are coming from

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<v Speaker 3>similar schools HBCUs that have incredible academic performance, intellectual acumen,

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<v Speaker 3>and building a network of them so that when they

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<v Speaker 3>go out into the workforce, they have people that they

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<v Speaker 3>can call and talk to, and then that gives them

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<v Speaker 3>even greater confidence to operate when they're the only person

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<v Speaker 3>that looks like them in the room.

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<v Speaker 4>That's brilliant, And it's got to be a huge jump

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<v Speaker 4>also from an HBCU into one of these private equity firms.

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<v Speaker 4>Like you went to Duke for you, so that must

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<v Speaker 4>have also been pretty You must have also been pretty

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<v Speaker 4>lonely in that MBA program, right, well.

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<v Speaker 3>I will say that, And this comes full circle around

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<v Speaker 3>what's happening in alternative investments. There are other industries that

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<v Speaker 3>have tried to recognize the importance of diversity and inclusion

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<v Speaker 3>early on, and I think the banks started this really

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<v Speaker 3>back in the late eighties early nineties in the investment banks.

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<v Speaker 3>Did business schools have done well? My experience at Duke

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<v Speaker 3>was actually pretty diverse. They did a great job. Dean Breeden,

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<v Speaker 3>who's the Dean during my time in Dean Bolding now

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<v Speaker 3>have done a great job at the Fucal School of

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<v Speaker 3>Business in terms of building diverse classes. But education, I

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<v Speaker 3>think was leading the private sector in a lot of

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<v Speaker 3>these places. And the reality is the alternative investment industry

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<v Speaker 3>is give or take, really forty or fifty years old.

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<v Speaker 3>I mean, the main principles are still alive, The founders

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<v Speaker 3>of firms are still alive. So it's you know, we

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<v Speaker 3>were in the early stages of the industry. I think,

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<v Speaker 3>what's happening now and this is where you know, Howard

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<v Speaker 3>and Tony and Mark Rowan from from Oak Tree Areas

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<v Speaker 3>and Apollo respectively, and Mike Herregetty and all the guys

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<v Speaker 3>at those firms have said, we want to fix this

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<v Speaker 3>while we're still here, right, and we want to take

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<v Speaker 3>an active role in doing that, and we want that

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<v Speaker 3>to permeate throughout our companies. So I can say in

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<v Speaker 3>full honesty that these firms have made a commitment from

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<v Speaker 3>the top all the way down to the analyst class

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<v Speaker 3>that diversity has got to be a part of their

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<v Speaker 3>by the way.

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<v Speaker 4>Not not entirely out of altruistic reasons, I assume, right,

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<v Speaker 4>because if you have more diversity, you can also make

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<v Speaker 4>more money. You can generate more revenue, you can fatten

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<v Speaker 4>your margins. You need have people who think differently.

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<v Speaker 3>Basic tenont of capitalism. Okay, more people doing good work

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<v Speaker 3>creates more profit, right, And if you believe in GDP

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<v Speaker 3>growth right, more people being productive increases GDP. So it's

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<v Speaker 3>to the benefit of these companies. It's to the benefit

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<v Speaker 3>of this country that every man, woman and child that's

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<v Speaker 3>in the country operates at their highest potential and their

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<v Speaker 3>highest place of potential.

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<v Speaker 2>Diversity of thought is one thing, but this is what

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<v Speaker 2>you and I were talking about. And because I get

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<v Speaker 2>a little you know, cranky, that we've got these really

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<v Speaker 2>wealthy companies and yet not everybody is benefiting in terms

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<v Speaker 2>of workers that are there. Well, I know we'll get

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<v Speaker 2>into this little bit later. When you think about you

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<v Speaker 2>raise everyone up, you think about you grow the economy.

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<v Speaker 2>There's more people who have money to put to work, right,

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<v Speaker 2>And as far as society, I want to get back

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<v Speaker 2>to Marcus Shasta with US President and CEO of Finance,

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<v Speaker 2>still with us in studio. I want to throw it

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<v Speaker 2>over to you, Matt, because I feel like you had

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<v Speaker 2>you were thinking about financial literacy, you were thinking.

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<v Speaker 1>So, I think they're two separate things.

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<v Speaker 3>Right.

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<v Speaker 4>One thing that the market is that you've done is

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<v Speaker 4>you've got fourteen kids from these HBCU schools that are

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<v Speaker 4>now going to advance into private equity.

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<v Speaker 2>First graduating class, first graduating.

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<v Speaker 4>Class, which I think is amazing. So you're you're placing

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<v Speaker 4>these kids. Another thing that's separate is financial literacy, which

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<v Speaker 4>may not just be a racial inequality problem. I never

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<v Speaker 4>learned anything about right how to run my money and

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<v Speaker 4>tell us forty and as a result, I have.

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<v Speaker 1>A lot less than I probably should.

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<v Speaker 4>But just but so are you doing both because you're

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<v Speaker 4>helping these kids also in a sense be financially literate

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<v Speaker 4>by getting them ready to recruit for these jobs. And

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<v Speaker 4>that's you know, going to an interview is something that

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<v Speaker 4>a lot of kids aren't just aren't ready to do

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<v Speaker 4>if they haven't gone to business school.

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<v Speaker 2>Like you have.

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<v Speaker 3>Right, So I will say for the kids that are

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<v Speaker 3>in our program directly, we want to imbue them all

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<v Speaker 3>with a sense of investment acumen and a healthy sense

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<v Speaker 3>of where they feel comfortable taking risk. Right, That's what

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<v Speaker 3>largely I believe twenty first century financial literacy is about

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<v Speaker 3>It's no longer about how to set up a checking

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<v Speaker 3>account in a savings account, but it's about you know,

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<v Speaker 3>how do you think about managing your tax liabilities? Right?

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<v Speaker 3>How do you think about establishing your retirement accounts? You know,

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<v Speaker 3>if you're five twenty nine counts, if you want to

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<v Speaker 3>have kids, how do you think about financial planning and

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<v Speaker 3>managing your risk? Knowing when to be liquid, knowing when

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<v Speaker 3>to be illiquid, all of that just with comfort and

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<v Speaker 3>confidence and so but it.

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<v Speaker 4>Goes back to the investment point you were investing earlier.

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<v Speaker 4>You can't really build wealth through work. I was just

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<v Speaker 4>walking down the street and I saw a sign for

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<v Speaker 4>a certificate a deposit that earns you five and a

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<v Speaker 4>half percent. And then I got back to my computer

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<v Speaker 4>and saw that wage growth is only four and a

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<v Speaker 4>half percent. So you can money makes more money than.

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<v Speaker 3>What you got to invest. You know. The point that

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<v Speaker 3>we're talking about is it's very hard to earn your

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<v Speaker 3>way to wealth. You can, you know, get different levels

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<v Speaker 3>of education and you make these step function increases. Right,

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<v Speaker 3>you get an undergrad degree, you're gonna have a better

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<v Speaker 3>job than you did if with a high school diploma.

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<v Speaker 1>You get a graduate degree.

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<v Speaker 3>Hopefully you'll have a better job than you would with

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<v Speaker 3>an undergrad degree, But as you stay in that role,

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<v Speaker 3>the growth of your wages over time is not going

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<v Speaker 3>to allow you to earn real wealth. You've got to

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<v Speaker 3>find ways to invest, You've got to find ways to

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<v Speaker 3>increase your personal returns. And so the first step is

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<v Speaker 3>getting comfortable with having that conversation. One of my favorite

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<v Speaker 3>things with our fellows is just, you know, we'll invite

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<v Speaker 3>them to dinner and we'll have conversations about everything. We'll

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<v Speaker 3>talk about music, we'll talk about sports, we'll talk about politics,

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<v Speaker 3>and then the same level of confidence, we start having

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<v Speaker 3>discussions about investing and things that they're thinking about doing,

0:11:13.000 --> 0:11:15.240
<v Speaker 3>things that they're seeing in there in the workplace during

0:11:15.320 --> 0:11:17.720
<v Speaker 3>internships for full time. And so, if you can create

0:11:17.760 --> 0:11:22.199
<v Speaker 3>a dialogue right where students feel is comfortable talking about

0:11:22.240 --> 0:11:25.080
<v Speaker 3>the best new album from Beyonce or Drake, or you

0:11:25.120 --> 0:11:27.960
<v Speaker 3>know what's happening in the National Football League or you

0:11:28.000 --> 0:11:30.520
<v Speaker 3>know what piece of art they like, as they have

0:11:30.679 --> 0:11:34.160
<v Speaker 3>about the financial decisions they're making, then you have true

0:11:34.160 --> 0:11:36.600
<v Speaker 3>ownership and true confidence. And that's what it takes to

0:11:36.600 --> 0:11:39.600
<v Speaker 3>build true you know, personal financial literacy.

0:11:39.720 --> 0:11:40.079
<v Speaker 1>By the way.

0:11:40.080 --> 0:11:43.320
<v Speaker 4>The best financial literacy conversation I ever had was an

0:11:43.360 --> 0:11:45.200
<v Speaker 4>interview with ray Lewis on the floor of the New

0:11:45.240 --> 0:11:47.960
<v Speaker 4>York Stock Exchange during the draft. He was in town

0:11:48.320 --> 0:11:51.680
<v Speaker 4>to help these kids not blow you know, the millions

0:11:51.720 --> 0:11:54.360
<v Speaker 4>of dollars they were getting there, which a surprising number

0:11:54.400 --> 0:11:55.760
<v Speaker 4>of them actually do, right.

0:11:55.840 --> 0:11:58.319
<v Speaker 3>I mean, I look at Tom Brady. Tom Brady's made

0:11:58.320 --> 0:12:00.760
<v Speaker 3>a small mint playing football. He is going to make

0:12:00.800 --> 0:12:04.960
<v Speaker 3>more money being a broadcaster than he ever made playing football.

0:12:05.559 --> 0:12:08.440
<v Speaker 3>But that conversation started with what do I do next?

0:12:08.800 --> 0:12:11.760
<v Speaker 3>How do I properly price myself in that market? Is

0:12:11.760 --> 0:12:14.160
<v Speaker 3>that something that I can return on? And ray lewis

0:12:14.200 --> 0:12:16.200
<v Speaker 3>a great job, I mean, one of my favorite all

0:12:16.240 --> 0:12:20.360
<v Speaker 3>time football players. But he's also built a brand for himself,

0:12:20.679 --> 0:12:22.880
<v Speaker 3>you know, as part of a part of color commentating

0:12:22.920 --> 0:12:23.800
<v Speaker 3>for the NFL.

0:12:23.600 --> 0:12:26.440
<v Speaker 1>And what's and he's a hugely successful investor.

0:12:26.600 --> 0:12:30.640
<v Speaker 2>Right. No, But it's tragic how many athletes, professional athletes,

0:12:30.640 --> 0:12:33.200
<v Speaker 2>to end up with no money ultimately. And so that's

0:12:33.280 --> 0:12:36.200
<v Speaker 2>a whole other other chapter. What I'm curious is going

0:12:36.240 --> 0:12:39.400
<v Speaker 2>back to the firms Apollo, aras O Tree that are involved.

0:12:39.440 --> 0:12:42.800
<v Speaker 2>Why weren't they reaching out beforehand helped me out there.

0:12:42.800 --> 0:12:45.840
<v Speaker 2>Because they understood the importance of diversity of thought or

0:12:45.880 --> 0:12:48.679
<v Speaker 2>diversity investments, why weren't they doing it beforehand?

0:12:49.360 --> 0:12:50.240
<v Speaker 3>It's a great question.

0:12:50.320 --> 0:12:51.960
<v Speaker 2>It's a conversation around that, and.

0:12:51.880 --> 0:12:53.880
<v Speaker 3>I think I think it's rooted in a couple of things.

0:12:54.400 --> 0:12:58.559
<v Speaker 3>Number One, these firms grew very, very fast. And so again,

0:12:58.600 --> 0:13:02.040
<v Speaker 3>they started off small, largely in the nineties, right, started

0:13:02.080 --> 0:13:05.160
<v Speaker 3>off small, did not have full fledged HR departments. Right,

0:13:05.200 --> 0:13:09.560
<v Speaker 3>They were recruiting from schools that they're current employees, and

0:13:09.600 --> 0:13:13.360
<v Speaker 3>investors spent different Right. So you know, when you're working

0:13:13.400 --> 0:13:16.480
<v Speaker 3>at an investment firm, and I've been there, you don't

0:13:16.480 --> 0:13:18.880
<v Speaker 3>want to spend a ton of time on hiring because

0:13:18.920 --> 0:13:21.040
<v Speaker 3>you need to get people in place, trained up so

0:13:21.080 --> 0:13:23.360
<v Speaker 3>that they can, you know, put money at risk and

0:13:23.559 --> 0:13:28.240
<v Speaker 3>they can earn returns. And so if you can say, look,

0:13:28.240 --> 0:13:32.000
<v Speaker 3>i've had four people from this school, go back to

0:13:32.040 --> 0:13:34.959
<v Speaker 3>your school and recruit some more people like you, Right,

0:13:35.080 --> 0:13:37.720
<v Speaker 3>Because if I can minimize the risk around who the

0:13:37.760 --> 0:13:40.640
<v Speaker 3>investor is, I can maximize the value of some of

0:13:40.640 --> 0:13:43.120
<v Speaker 3>the returns that I would expect to get. I think

0:13:43.160 --> 0:13:47.640
<v Speaker 3>where that fails is number one, you don't fully understand

0:13:47.720 --> 0:13:50.280
<v Speaker 3>what you're leaving on the table because guess what, there

0:13:50.320 --> 0:13:53.400
<v Speaker 3>could be a better class of investors out there. Right.

0:13:53.400 --> 0:13:55.800
<v Speaker 3>They could be kids at HBCUs, they could be women,

0:13:55.960 --> 0:13:59.240
<v Speaker 3>they could be folks overseas. So at a certain point

0:13:59.280 --> 0:14:02.360
<v Speaker 3>in time, once you scale, you say I need to

0:14:02.360 --> 0:14:05.280
<v Speaker 3>find the best talent that I can find, even if

0:14:05.320 --> 0:14:07.760
<v Speaker 3>it takes a little bit more effort after you scale,

0:14:07.920 --> 0:14:11.360
<v Speaker 3>after you start, right, and so the key is right,

0:14:11.400 --> 0:14:14.280
<v Speaker 3>that's the generation where we are now. What I do believe,

0:14:14.679 --> 0:14:17.040
<v Speaker 3>and I see it in new firms that are starting up.

0:14:17.320 --> 0:14:20.280
<v Speaker 3>People are starting to think right off the bat, I'm

0:14:20.280 --> 0:14:22.760
<v Speaker 3>gonna spend a little bit more time and effort in

0:14:22.840 --> 0:14:25.640
<v Speaker 3>building my team more diverse so that I don't have

0:14:25.680 --> 0:14:27.200
<v Speaker 3>to do it down the line. And that's just part

0:14:27.200 --> 0:14:29.920
<v Speaker 3>of evolution, right. We went through generations where people said,

0:14:29.960 --> 0:14:31.440
<v Speaker 3>I'm going to start a team and it's not gonna

0:14:31.440 --> 0:14:33.560
<v Speaker 3>be diverse, and I'm gonna grow it as fast as

0:14:33.600 --> 0:14:35.720
<v Speaker 3>I can and it's not going to be diverse, and

0:14:35.840 --> 0:14:37.960
<v Speaker 3>I'm gonna end up with ex returns. And I'm happy

0:14:38.000 --> 0:14:40.560
<v Speaker 3>with that because all I'm benchmarking and against is people

0:14:40.600 --> 0:14:43.200
<v Speaker 3>doing the same thing right exactly. Now, we're in an

0:14:43.200 --> 0:14:46.400
<v Speaker 3>era where it's been proven you bring a diverse workforce

0:14:46.440 --> 0:14:48.640
<v Speaker 3>in I mean, McKenzie's done the sties, a lot of

0:14:48.640 --> 0:14:51.600
<v Speaker 3>the consultants and academia has done the studies. More diverse

0:14:51.600 --> 0:14:55.680
<v Speaker 3>teams generate higher risk adjusted returns is the bedrock of

0:14:55.760 --> 0:15:00.880
<v Speaker 3>investing diversification, right, It's right there. And so what people

0:15:00.960 --> 0:15:04.240
<v Speaker 3>realize is now now that we've kind of stabilized and

0:15:04.280 --> 0:15:05.720
<v Speaker 3>we know what the firm is going to survive and

0:15:05.760 --> 0:15:07.760
<v Speaker 3>we know where it's going, we need to make sure

0:15:08.040 --> 0:15:10.400
<v Speaker 3>that as we move into the next generation that we

0:15:10.440 --> 0:15:12.880
<v Speaker 3>have the most competitive workforce imaginable.

0:15:12.920 --> 0:15:16.080
<v Speaker 1>And people need to be greedy enough to overcome their biases.

0:15:15.640 --> 0:15:17.880
<v Speaker 3>Greedy enough to overcome their bias. That's exactly right.

0:15:18.120 --> 0:15:19.440
<v Speaker 2>We're gonna get t shirts printed out.

0:15:19.480 --> 0:15:19.920
<v Speaker 1>I like it.

0:15:20.040 --> 0:15:21.960
<v Speaker 2>No, it's like it's brilliant. Like you think about the

0:15:22.000 --> 0:15:26.120
<v Speaker 2>biasedness that's been in recruiting, right, and you've really changed

0:15:26.120 --> 0:15:29.240
<v Speaker 2>it dramatically. We've run out of time. You're always welcome, Errol,

0:15:29.280 --> 0:15:32.160
<v Speaker 2>Thank you. Love to hear more as the graduates continue

0:15:32.160 --> 0:15:33.520
<v Speaker 2>and how they're doing, so come back soon.

0:15:33.600 --> 0:15:36.560
<v Speaker 1>Yeah, I want to follow their careers. It's so exciting.

0:15:36.600 --> 0:15:37.520
<v Speaker 1>It is pretty cool stuff.

0:15:37.520 --> 0:15:39.440
<v Speaker 3>Hopefully you'll have some of them on in years to come.

0:15:39.520 --> 0:15:40.400
<v Speaker 2>Actually, that would be great.

0:15:40.440 --> 0:15:43.640
<v Speaker 3>I think there'll be folks that are moving the needle

0:15:43.680 --> 0:15:45.640
<v Speaker 3>in this industry of finance. I agree.

0:15:45.640 --> 0:15:47.760
<v Speaker 2>All right, Marcus, thank you be wow, thank you so much.

0:15:47.800 --> 0:15:50.240
<v Speaker 2>Marcus Shaw's chief executive officer at All Finance. Here in

0:15:50.280 --> 0:15:54.200
<v Speaker 2>our interactive broker's studio, you are listening and watching Bloomberg BusinessWeek.

0:15:54.200 --> 0:15:54.440
<v Speaker 3>Matt.

0:15:54.440 --> 0:15:55.960
<v Speaker 2>Remember YouTube originals.

0:15:56.200 --> 0:15:58.680
<v Speaker 4>Yes, you can watch us as well as chie it down.

0:15:58.760 --> 0:16:00.320
<v Speaker 4>Are you saying that you're suggested.

0:16:00.040 --> 0:16:02.640
<v Speaker 2>They just stay, don't move, don't move. You're listening and

0:16:02.680 --> 0:16:03.800
<v Speaker 2>watching Bloomberg Radio.

0:16:03.920 --> 0:16:04.680
<v Speaker 3>This is Bloomberg