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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside

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Speaker 1: my co host Matt Miller. Every business day, we bring

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Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along

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Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast

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Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and

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Speaker 1: at Bloomberg dot com slash podcast. What is going on

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Speaker 1: in markets? And I don't know how you play this? Fundamentally,

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Speaker 1: I wonder how you play this if you're a quant,

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Speaker 1: We'll to find out. Mak mood Arani joins us. He's

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Speaker 1: a co founder of quant Insight UM and Mak mood

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Speaker 1: I don't you know? The drivers have been, uh well,

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Speaker 1: going in different directions. Right on Wednesday, the market rallied

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Speaker 1: because the FED raised basis points, raised rates seventy five

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Speaker 1: basis points. And then yesterday the markets tanked because the

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Speaker 1: FED raised rates seventy five basis points. No idea, what's

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Speaker 1: going on today? How do you? How do you play

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Speaker 1: these markets? Okay, well I wouldn't focus too much on

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Speaker 1: a single day, um, but you know what we do

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Speaker 1: is we asked the data and we gather large amounts

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Speaker 1: of data about what's going on with economic fundamentals, real

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Speaker 1: GDP growth, inflation, financial conditions, which includes you know, real

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Speaker 1: interest rates and across the corporate borrowing and how much

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Speaker 1: is priced for the FED for the next twelve months,

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Speaker 1: and the strength of the dollar and so on, and

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Speaker 1: we connect to all that to what markets are doing.

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Speaker 1: And what we've seen for several months now is that

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Speaker 1: if we take the S and P five, the by

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Speaker 1: far the most important driver is real interest rates and

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Speaker 1: tightening of financial conditions is moving equities lower. And of

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Speaker 1: course what's driving driving that tightening of financial conditions is

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Speaker 1: inflation moving higher. And the FED of course move seventy five.

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Speaker 1: I mean, you had almost seventy priced the day they moved, anyway,

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Speaker 1: so it wasn't a massive news event to be honest. Um.

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Speaker 1: And in terms of going forward, what we can see

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Speaker 1: is that everything is really driven by this momentum of inflation,

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Speaker 1: real interest rates, and credit spreads corporate high yield corporate

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Speaker 1: credit spreads. Now the question then is what's going to

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Speaker 1: shift that momentum. And I think if you put a

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Speaker 1: forward looking hat on and you have this framework, that's

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Speaker 1: kind of giving you a good sense for what's going

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Speaker 1: on right now. Under the surface. The game that's ultimately

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Speaker 1: going to be played here is markets need to get

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Speaker 1: some sense that inflation has peaked. And what want yea

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Speaker 1: so well exactly if inflation peaking, do you need to

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Speaker 1: wait for their next read or is there other data

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Speaker 1: that gets you there? Um. So, if we're looking at

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Speaker 1: headline inflation, clearly you know one of one of the

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Speaker 1: facts here is that if you look at long term

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Speaker 1: inflation expectations, and we know the FED looks at this,

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Speaker 1: those are quite closely correlated over many years to crude

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Speaker 1: oil prices. So there is undoubtedly a dynamic at play

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Speaker 1: that you know, if crude oil prices dropped sharply, you're

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Speaker 1: going to get um inflation expectations going south, and that's

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Speaker 1: going to be a comfort for the FED. Conversely, and

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Speaker 1: we're starting to hear more and more about the physical

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Speaker 1: energy market not working especially well, crude oil not getting

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Speaker 1: to the places it needs to get to UM, and

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Speaker 1: so there is this specter hanging over the market of

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Speaker 1: a further increase in crude oil prices. And you can

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Speaker 1: add to that the possibility of sort of China emerging

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Speaker 1: from the latest kind of COVID lockdown. To add to

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Speaker 1: global energy demand. And so if you do get inflation rising,

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Speaker 1: that's going to move inflation expectations higher. That's going to

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Speaker 1: keep the FED on edge. And you know, if you

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Speaker 1: if you look at the last twenty years of hiking cycles,

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Speaker 1: what the market needs to go up is essentially to

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Speaker 1: get some idea of where the terminal rate is. Right now,

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Speaker 1: we don't know. We're pricing sort of three and a half,

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Speaker 1: but we don't really know all the FED to tell

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Speaker 1: us that it's close to done. And again we're a

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Speaker 1: long way from that, so markets hit on even has

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Speaker 1: to be a long way from that, right, I mean,

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Speaker 1: if we're looking at nine inflation um in order for

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Speaker 1: the FED to get to neutral, doesn't it have to

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Speaker 1: be much higher? Yes, you know, from a textbook perspective,

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Speaker 1: it does have to be much higher. And that's one

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Speaker 1: of the reasons the market is stratching instead and why

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Speaker 1: equities couldn't really get out of bed after that, because

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Speaker 1: at the end of the day, there are nowhere close

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Speaker 1: to done. By the way, is it also is there

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Speaker 1: also a difference this time compared to you know, the

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Speaker 1: last twelve thirteen years in that there's no FED put

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Speaker 1: I mean most most people are used to the FED

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Speaker 1: coming in and saving the day, and they can't do

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Speaker 1: that now. They can't do that because inflation is too high.

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Speaker 1: You had a FED put in the past, because inflation

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Speaker 1: was solo. In fact, that the underlying fear of all

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Speaker 1: central banks in the decade after the financial crisis was

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Speaker 1: deflation and disinflation. That was the problem. Uh. And so

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Speaker 1: they were always willing to come in with the FED

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Speaker 1: put because the inflation cost was very low. They weren't

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Speaker 1: They didn't feel they were risking letting inflation out of

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Speaker 1: the box. This time, inflation is already out of the box.

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Speaker 1: The stripe on that put is a very long way down.

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Speaker 1: So I don't think there's a FED put anywhere nearby. UM.

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Speaker 1: And you know, the key driving here is inflation. I

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Speaker 1: don't think though, that central banks, whether it's the FED

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Speaker 1: or the ECB, are going to be putting too much

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Speaker 1: weight on the idea of a neutral rate right now.

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Speaker 1: And they're certainly not going to use spots inflation. So

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Speaker 1: spot inflation might be nine percent, but you know, five

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Speaker 1: year inflation expectations are more like four and a half. UM.

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Speaker 1: So I don't think that, you know, the central banks

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Speaker 1: know that their actions have lags and it takes time

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Speaker 1: for those actions to feed through to the real economy.

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Speaker 1: They don't like to overshoot their conservative institutions by their nature,

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Speaker 1: and they're definitely not going to say, gee, inflation is

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Speaker 1: nine percent. If I need real interest rates that there,

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Speaker 1: I'm gonna I'm gonna have to put them at nine. No,

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Speaker 1: they're not going to do that. Thanks so much, Thanks

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Speaker 1: so much for joining us. Mak Mudnarani, their co founder

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Speaker 1: of quant Insight, talking to us about UM what the

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Speaker 1: market drivers is all right. Greg Jarrett there with the

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Speaker 1: Bloomberg Business flash, Thanks very much for joining us. UM

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Speaker 1: gas matters to some extent right now, because it's a

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Speaker 1: long weekend most right, we've got Juneteenth coming up on Monday, UM,

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Speaker 1: and it's a new holiday and important holiday, especially as

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Speaker 1: we UH celebrate and value diversity, hopefully more UM than

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Speaker 1: we have be before. Kim Crowder joins us right now,

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Speaker 1: founder and see of Kim Crowder Consulting UM and Kim,

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Speaker 1: let's talk first of all about what companies UM should

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Speaker 1: do to avoid making a mistake. I mean, obviously you're

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Speaker 1: giving employees the day off, but you're also sometimes holding

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Speaker 1: um events, or allowing employees to celebrate in the way

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Speaker 1: that they want. We had a really cool poetry reading

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Speaker 1: in the in the cafeteria area here a couple of

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Speaker 1: days ago. What what are you hearing about? Yeah? I

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Speaker 1: think the biggest thing that organizations can think about when

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Speaker 1: figuring out how to celebrate Juneteenth is how are they

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Speaker 1: doing this beyond just the day? Right? Letting folks off

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Speaker 1: is great, um all, so you know, providing information around

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Speaker 1: what June tenth was that education pieces always great, but

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Speaker 1: also what are they looking at around things like pay equity,

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Speaker 1: What does that look like? Around leadership? Are they providing

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Speaker 1: opportunities for leadership and mentorship for team members? What does

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Speaker 1: visibility look like around celebration for visibility around certain projects,

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Speaker 1: but also visibility around wins for team members? So how

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Speaker 1: are they looking at this three and sixty five days

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Speaker 1: of the year instead of just sort of this one holiday,

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Speaker 1: one time, you know, in all the twelve months. One

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Speaker 1: thing that's really interesting is, you know, we look very

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Speaker 1: closely here at the e O one data. That's the

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Speaker 1: data that really disclosures how companies are doing on diversity

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Speaker 1: and inclusion goals when it comes to their own ranks

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Speaker 1: and it's choppy. It's really choppy. There's some companies that

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Speaker 1: have actually regressed. I'm wondering, you know, what's the push

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Speaker 1: to for companies to really renew the promises they've made

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Speaker 1: in terms of achieving equity. Yeah, I think the biggest

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Speaker 1: thing is looking at retention internal rates. What we find

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Speaker 1: is when we're working with the organization that retention rates are,

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Speaker 1: it can be low, particularly when we start to look

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Speaker 1: at folks wore from historically ignore backgrounds, whether they be

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Speaker 1: you know, oftentimes their black employees are cycling out really quickly,

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Speaker 1: and that costs organizations money. Right. Um. Also you don't

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Speaker 1: get you know, there's a benefit to having someone on

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Speaker 1: the team with a different perspective but also different experiences

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Speaker 1: and different approaches to the work. And so workplaces are

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Speaker 1: losing out on that when they're not keeping those team

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Speaker 1: members in place, but also not engaging those team members

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Speaker 1: or providing opportunities for them to move up. Because despite

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Speaker 1: what organizations think, folks have options. Especially right now, you know,

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Speaker 1: we're still in the midst of the great resignation. Um.

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Speaker 1: If you follow any HR facebook uh you know facebook page,

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Speaker 1: you know that HR is still looking to keep people

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Speaker 1: on or even to bring people on. And so it

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Speaker 1: really is important that organizations realize that it is sort

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Speaker 1: of you know, no longer sort of here's this job.

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Speaker 1: You should be so grateful, But employees are really pushing

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Speaker 1: back and saying, I wouldn't been a workplace where I'm valued.

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Speaker 1: I want to be seen, but not only that, I

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Speaker 1: want to be paid. Well, I'm gonna have the opportunity

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Speaker 1: to move forward. And so that's that's the approach that

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Speaker 1: organizations should be taken at this point. So that's what

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Speaker 1: organizations should do in terms of hiring their employees, looking

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Speaker 1: UH to diversify their workforce and treat those people right,

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Speaker 1: treat them equally UM. But there's more right, especially for

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Speaker 1: bigger companies that have UM vendors that have third party relationships,

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Speaker 1: they can look to work with black owned businesses, for example,

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Speaker 1: or they can look to give contracts to UM minority

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Speaker 1: run businesses. Right, that's absolutely right. And also what I

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Speaker 1: would love for organizations as they're doing that is to

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Speaker 1: not just go with the same few that always get

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Speaker 1: the opportunity to actively look for partners who they have

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Speaker 1: not necessarily engaged with. Also actively look to make sure

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Speaker 1: that they're paying them equitably. Are they paying them the

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Speaker 1: same way that they would pay a non black owned business. UM,

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Speaker 1: Are they making sure that in their expectations that they're fair.

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Speaker 1: One of the things that we see, particularly with job descriptions,

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Speaker 1: and so I'm gonna make a parallel here with job descriptions,

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Speaker 1: uh that black women typically are more harshly UM give

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Speaker 1: received harsher criticism and job performance reviews. And if that's

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Speaker 1: the case, is that translating into the way that they

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Speaker 1: are working with vendors where that that sort of um

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Speaker 1: natural look is more Uh, it comes with more criticizing, UM,

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Speaker 1: it comes with more expectations that wouldn't be necessarily UM

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Speaker 1: looked for and non black owned businesses. And so this

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Speaker 1: really is a holistic viewpoint in the way that organizations

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Speaker 1: can really move this forward. But the goal is Black liberation,

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Speaker 1: and so in that theations should be looking to say,

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Speaker 1: how can we continuously create and create opportunities and to

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Speaker 1: move forward black liberation, including the type of organizations that

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Speaker 1: we partner with. Where we put our money is what

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Speaker 1: communities are we celebrating on a regular basis. If we

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Speaker 1: have lobbyists, what are we asking them to look for

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Speaker 1: and watching and so all of those ways the organizations

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Speaker 1: can really make this tactful. But I feel like we

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Speaker 1: may have lost him there. Did the line drop? I

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Speaker 1: think the line may have dropped, you know, Nally. I

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Speaker 1: think the interesting thing is, of course, for June tenth,

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Speaker 1: we're celebrating, um, the freedom of of black people in America,

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Speaker 1: that the end of slavery, UM, and of course black

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Speaker 1: liberation and equality should be goals. But when you practice uh,

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Speaker 1: you know, these kind of diversity and inclusion UM ethics,

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Speaker 1: you also raise your own organization financially. You also increase

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Speaker 1: your revenue growth. You also can increase profitability. Do we

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Speaker 1: have him back? Can you know? For for selfish business

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Speaker 1: leaders out there, UM, this is about more than just

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Speaker 1: doing the right thing right you You become a better business.

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Speaker 1: You make more money for yourself and for your shareholders,

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Speaker 1: your stakeholders if you if you practice these diversity and

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Speaker 1: inclusion techniques correctly, you do One thing that I really

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Speaker 1: try hard not to do is to focus on that

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Speaker 1: revenue piece. And I'm going to tell you why. When

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Speaker 1: we think about why June tenth was in place, it

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Speaker 1: was because of black labor being used in ways that

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Speaker 1: were um inequitable, being used in ways that were unfair

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Speaker 1: and basically with prossibility right, it was based on capitalism,

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Speaker 1: and so I tried to move away from seeing it's

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Speaker 1: from providing that viewpoint for organizations as to why this

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Speaker 1: is the right thing to do, to say, hey, you

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Speaker 1: can make more money if you just use black people

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Speaker 1: this certain way. I really like to focus on, you know,

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Speaker 1: what are the things that go beyond that again and

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Speaker 1: the innovation piece, what are ways that you should be

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Speaker 1: looking at that the moral of your organization in totality,

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Speaker 1: what are some ways where you might be missing out

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Speaker 1: on having a great leader in place that could really

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Speaker 1: turn the organization around, but because they're not given that opportunity,

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Speaker 1: they can't do So, how do you keep employees in place?

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Speaker 1: Because now that does cost you money, right to make

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Speaker 1: sure that employees are in place. And so that is

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Speaker 1: where we really like to focus beyond this idea of

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Speaker 1: you could make more money if you treated people people better.

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Speaker 1: That could be a byproduct, but it's bigger than that,

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Speaker 1: all right, Kim, great to have you and thanks so

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Speaker 1: much for joining us. Kim Crowder their founder and CEO

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Speaker 1: of Kim Crowder Consulting certified d e I and six

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Speaker 1: Sigma Leadership CEO Lyle Honba joins us right now a

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Speaker 1: partner with Granted Group Advisers, to talk about what we

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Speaker 1: should be um doing in terms of um our investments.

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Speaker 1: Have we gone far enough? Lyle, do you think at

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Speaker 1: this point that, especially if you have a long enough window,

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Speaker 1: you should start buying? You know, great question, Thanks for

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Speaker 1: having me. Yeah, listen, I think you know everything's about valuation, valuation, valuations,

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Speaker 1: So to your point, you know, just to give you

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Speaker 1: a little history, U two thousand two, we traded in

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Speaker 1: a recession at eleven times forward numbers, and then back

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Speaker 1: in we were trading also at eleven times forward numbers.

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Speaker 1: Right now we're trading at about fourteen times forward numbers,

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Speaker 1: which is historically below the long term average of fifteen

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Speaker 1: and well well below the seventeen and a half average

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Speaker 1: of the last ten years. So I think it's a

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Speaker 1: really it is a time to start looking and start

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Speaker 1: taking things around. We personally don't believe that we're going

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Speaker 1: to be in a recession. The valuations in the market

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Speaker 1: are accurately predicted a slowdown the market. Since we're trading

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Speaker 1: at fourteen times numbers, So I think it's time to

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Speaker 1: start dipping the toe. And I wouldn't go full more,

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Speaker 1: but I would definitely start looking at you know, like

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Speaker 1: the financials and uh some of these other uh, you know,

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Speaker 1: sectors that have been really just disserrated beyond where they

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Speaker 1: should be. There's the valuations, some valuations in certain stocks.

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Speaker 1: Talk more about that because you know, on one hand,

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Speaker 1: if you got into the market now and the market

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Speaker 1: faces for the decline, you face a loss. But if

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Speaker 1: you don't start dipping your foot in, you know are

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Speaker 1: also works very closely with Bloomberg for Masters of Business

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Speaker 1: is Barry Riddholt, and he makes the point that a

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Speaker 1: lot of investors don't get back in at the right

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Speaker 1: time and therefore lose a lot of money that way,

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Speaker 1: they get back in a too high a price. So

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Speaker 1: talk about that kind of issue that investors face here.

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Speaker 1: And you know, to what extent do you face a

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Speaker 1: risk of not getting back in at this point? Yeah,

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Speaker 1: I think if you have a long term view, and

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Speaker 1: I wouldn't dip your you know, your foot and I

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Speaker 1: would dip a toe in, right, So I think I would.

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Speaker 1: I would absolutely if if investors don't go back in,

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Speaker 1: it's a they will be very sorry a few years

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Speaker 1: from now. Right, So those people who are just indiscriminated

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Speaker 1: selling now, I think are going to be upset in

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Speaker 1: in a couple of years. Now. Stock market is a

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Speaker 1: long term gain. It's it's not not a short term price.

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Speaker 1: You know. We we actually are fiduciaries to UH uh

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Speaker 1: to four owing case, and we've noticed people are cutting

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Speaker 1: back on their contributions to offset so they have the

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Speaker 1: cash flow to pay for higher gas prices. And to

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Speaker 1: your point, they're going to miss out on UH. They

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Speaker 1: won't get back in right away, and they're gonna miss

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Speaker 1: out on, I think on some pretty good prices. Yeah.

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Speaker 1: John Author has had a piece today pointing out that UM,

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Speaker 1: even if you'd gone back into the market just two

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Speaker 1: weeks after the collapse of Lehman Brothers UM right now,

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Speaker 1: you'd be looking at four hundred and forty games, right,

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Speaker 1: because there was still a long way to go at

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Speaker 1: that point. I think markets were only down twenty five

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Speaker 1: or thirty percent, and we ended up down at the

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Speaker 1: end of it all. But it's difficult to time the bottom.

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Speaker 1: I mean, even the best investors get burned trying to

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Speaker 1: do that, so, um, what what kind of valuations do

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Speaker 1: you think we should be seeing longer term? Lyle? What's

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Speaker 1: normal that's a great and what's normals fifteen into sixteen?

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Speaker 1: I also know we also think that, uh, you knows,

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Speaker 1: the ten year bond yield will is pretty much maxed

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Speaker 1: out here for the short term. It's already actually anticipated everything.

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Speaker 1: And the reason why that's important for your listeners is

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Speaker 1: that it'll sort of helps dictate the valuation. Right, So

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Speaker 1: if we think that this is sort of tapped out

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Speaker 1: here for the short term, you know, a valuation of fifteen,

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Speaker 1: sixteen or even sixteen and a half could be a

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Speaker 1: good a good valuation point. But we're trading at fourteen,

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Speaker 1: So I think there's some real upside here. You know,

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Speaker 1: if my friend dropping go little bit cred swist says

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Speaker 1: that we're gonna have seven point five percent predicted earnings growth, well,

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Speaker 1: if we have seven point five predicted earnings uh increase

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Speaker 1: for companies and we're trading at a real slow down level,

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Speaker 1: you know, I think it's it's it's a good time

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Speaker 1: all right, Lyle, thanks so much for joining us. Lyle Hamba,

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Speaker 1: their partner at Grand Group Advisers, talking to us about UM,

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Speaker 1: the point we are where we are in these markets now, UM,

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Speaker 1: we are going to focus on uh, something that one

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Speaker 1: of my producers put together, and I'm pretty impressed. Travel

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Speaker 1: is finally bouncing back from the pandemic. Tourist destinations took

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Speaker 1: a big hit over the past two years, but exclusive,

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Speaker 1: upscale destinations are still doing fine. And when it comes

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Speaker 1: to real estate, perhaps no destination has been as resilient

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Speaker 1: as the Island of Turks and Caicos. Bloomberg's Eric Mallow

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Speaker 1: tells us more in this report, there's a lot to

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Speaker 1: like about the white sand beaches and clear waters of

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Speaker 1: Turks and Caicos. The likes of Christie Brinkley, Keith Richards,

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Speaker 1: and Bruce Willis have owned properties there, and now more

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Speaker 1: people are getting in on the action. We've had fairly

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Speaker 1: consistent growth and in en obviously that reached an apex

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Speaker 1: kicked in and we virtually doubled the kind of numbers

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Speaker 1: that we had. In twenty nineteen, after years of steady growth,

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Speaker 1: the island's real estate sales increased one hundred and fifty

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Speaker 1: eight percent and condominium sales nearly tripled, massive jumps that

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Speaker 1: portend another strong year in two, So what's driving the growth.

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Speaker 1: Grace Bay Resorts CEO Mark Durleyot points to a few things.

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Speaker 1: All of our properties are residential resort hotels. We're able

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Speaker 1: to sustain our tourism product year round and also brand

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Speaker 1: these properties as stillbone hotels, and it makes the customer

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Speaker 1: who's not a buyer of residential makes them comfortable on

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Speaker 1: the tourism side. So there's two markets happening at the

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Speaker 1: same time, ownership and those who are just coming as

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Speaker 1: a tourist. Southby's Nina seegin Thaler was the listing agent

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Speaker 1: when Bruce Willis sold his property on the island. She

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Speaker 1: tells me the environments comfortable for visitors. In many ways,

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Speaker 1: it is an extension of the US. On the other hand,

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Speaker 1: it is a British overseas territory. So it's just a

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Speaker 1: wonderful combination. We used the US dollar, English is the

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Speaker 1: spoken language, the only correctives. We drive on the left

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Speaker 1: side of the road. And the tax component opens up

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Speaker 1: more opportunity for investment. We have a one time tax

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Speaker 1: that table upon purchases. It's called a stamp duty. And

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Speaker 1: then we have import duties and you know, their local

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Speaker 1: business license fees and work permits, feeds and accommodations taxes,

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Speaker 1: but on property on an ongoing basis, you do not

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Speaker 1: have a property tax yet. Nina and Mark have high

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Speaker 1: expectations for Turks and Caicos real estate market in two.

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Speaker 1: But how might luxury real estate properties hold up in

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Speaker 1: an inflationary environment where interest rates are rising the housing

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Speaker 1: market shifting here in the US, US new home sales

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Speaker 1: recently plunged to its lowest points since the start of

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Speaker 1: the pandemic, and interest rates and inflation are slowing the

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Speaker 1: economy and squeezing a lot of buyers out of homes.

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Speaker 1: I think there's becoming a bay economic divide with the

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Speaker 1: high and the low, and the high just keeps getting

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Speaker 1: higher and the wealdy keeps getting wealthier. And I think

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Speaker 1: that's what we're seeing that fall out in the luxury market.

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Speaker 1: Correy sass Hour is an associate real estate agent in

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Speaker 1: another top luxury market, Westchester County. She tells me buyers

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Speaker 1: were moving quickly to start the year, but she noticed

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Speaker 1: things started to slow a bit in April, one of

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Speaker 1: the most popular times for showings in the area. I

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Speaker 1: think people feel like they're getting hit from every direction,

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Speaker 1: from gas to furniture to their kids classes. And at

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Speaker 1: some point, if you're not making enough to subsidize the inflation,

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Speaker 1: then that's going to prevent people from be able to

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Speaker 1: afford the monthly that they need to pay. Even if

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Speaker 1: buying word of slow In Turks and Caicos, property owners

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Speaker 1: can supplement their income. Here's Mark Durley out in, the

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Speaker 1: CEO of Grace Bay Resorts. Once again, we have this

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Speaker 1: perpetual tourism market that helps to prop up all of

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Speaker 1: these single family homes because if there is a void

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Speaker 1: in the residential investment market, which we had in two

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Speaker 1: thousand and eight to twelve, the reason it didn't freefall

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Speaker 1: is those owners were able to rely on the tourism

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Speaker 1: market to continue to help support economically the cost of ownership.

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Speaker 1: Nina segn Thaller of Southebyes says that's pretty common. Most

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Speaker 1: owners do not spend the entire years here. During the

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Speaker 1: time that they're not here, it's really nice to be

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Speaker 1: able to offset the operating costs with the rental of

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Speaker 1: a property. Dream Hotel Group CEO J Stein tells Bloomberg

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Speaker 1: he expects a surgeon travel this year, which should give

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Speaker 1: property owners a lot of opportunity to rental. Leisure is

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Speaker 1: not only back, it's it's stronger than it ever was

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Speaker 1: because what we call leisure people traveling from business and

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Speaker 1: leisure that a lot of them are working remotely anyway.

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Speaker 1: So we used to just go work for a weekend.

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Speaker 1: Now you can go for Florida's and still work on

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Speaker 1: a couple of those days. So the leisure is actually

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Speaker 1: stronger than it ever was, more than just back. And

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Speaker 1: there's even a question of buying wood slow in a

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Speaker 1: place like Turks and Caicos. Sass Hour points out that

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Speaker 1: in her experience, many people looking to buy luxury property

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Speaker 1: usually are able to There's more luxury buyers now than

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Speaker 1: ever before. I think if you asked them in eighteen

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Speaker 1: to nineteen and fifteen to sixteen, what was the trajectory,

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Speaker 1: how many luxury sales were there, how many were the

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Speaker 1: d's on the market, or however they kind of want

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Speaker 1: to look at it, I think you'll see a very

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Speaker 1: similar situation. While there are pressures all over the U. S.

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Speaker 1: House market, Turks and Kikos has shown it was able

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Speaker 1: to weather the economic storm of COVID and with its

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Speaker 1: limited supply, broad appeal and consistent growth. It's once again

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Speaker 1: poised to weather economic pressures. In two for Bloomberg News

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Speaker 1: in New York. I'm Eric Mollow. Eric Mallow, who produces

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Speaker 1: this show and does a fantastic job of it every day.

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Speaker 1: Somehow found the time to put together that package on

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Speaker 1: turks and Kikos. Have you been Shinali? Maybe that's what's next.

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Speaker 1: That should be what's next for us for sure. Thanks

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Speaker 1: for listening to the Bloomberg Markets podcast. You can subscribe

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Speaker 1: and listen to interviews with Apple Podcasts or whatever podcast

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Speaker 1: platform you prefer. I'm Matt Miller. I'm on Twitter at

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Speaker 1: Matt Miller. Pen On fal Sweeney I'm on Twitter at

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Speaker 1: pt Sweeney. Before the podcast, you can always catch us

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Speaker 1: worldwide at Bloomberg Radio