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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.

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Speaker 2: Every business day, we bring you interviews from CEOs, market pros,

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Speaker 2: and Bloomberg experts, along with essential market moving news.

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Speaker 1: Find the Bloomberg Markets Podcast called Apple Podcasts or wherever

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Speaker 1: you listen to podcasts, and at Bloomberg dot com slash podcast.

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Speaker 1: Amy Glacier, senior at VP of Business Operations of the

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Speaker 1: firm's called a deco, and a deco was really it's

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Speaker 1: a staffing company, permanent placement, outsourcing, career transition really tied

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Speaker 1: into the whole labor market and getting people placed in

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Speaker 1: this economy. So Amy's got a great perspective, So Amy

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Speaker 1: some I mean, I'm not sure anybody really saw these

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Speaker 1: numbers coming this morning.

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Speaker 3: What's the job market look like to you out there?

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Speaker 4: Yeah, so it wasn't much of a surprise. Actually, from

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Speaker 4: what we're seeing boots on the ground, we're still seeing

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Speaker 4: leisure and hospitalities super hot. I think, you know, in

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Speaker 4: the headlines, there have been all these news about layoffs

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Speaker 4: and recession, and from a broader petion perspective, people are concerned.

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Speaker 4: But when you really dig in to the trends. There

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Speaker 4: are still some really hot opportunities out there, and lots

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Speaker 4: of employers that are still hungry for talent, you know,

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Speaker 4: especially in restaurants and hotels as they're gearing up for

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Speaker 4: the busy travel season.

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Speaker 2: And are they getting paid, are they getting raises? Is

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Speaker 2: are the you know, salaries and wages keeping up with inflation.

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Speaker 4: So salaries and wages are not keeping up with inflation,

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Speaker 4: and that's been a ongoing concern for the past six

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Speaker 4: months from candidates. So one of the major trends we're

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Speaker 4: seeing is that, especially for an hourly workforce, employers are

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Speaker 4: choosing to put more weight on that base rate. So

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Speaker 4: we're seeing less sign on bonuses, less retention bonuses, less

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Speaker 4: of those extra monetary perks that tied to total compensation

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Speaker 4: in favor of purely putting it in the hourly work rate.

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Speaker 4: What we're also seeing is kind of this entrance into

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Speaker 4: the part time workforce for a lot of folks that

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Speaker 4: have been sitting on the sideline. So I was actually

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Speaker 4: a little bit surprised that the participation rate didn't reflect that,

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Speaker 4: because that is something we're seeing on the ground that

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Speaker 4: as wages aren't keeping up with inflation, folks that are

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Speaker 4: looking for secondary jobs or to return to the workforce,

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Speaker 4: especially in a part time capacity.

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Speaker 1: All Right, I just wanted to disclose that all four

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Speaker 1: of the Sweeney offspring are gainfully employed in this economy.

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Speaker 3: So we're contributing.

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Speaker 1: But I see the Jolts number, Amy, and you know

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Speaker 1: it was it came down, but it's still almost you know,

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Speaker 1: nine and a half million people out there are I'm sorry,

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Speaker 1: you know, kind of open positions.

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Speaker 3: Where's everybody? Why isn't every Why aren't more people kind

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Speaker 3: of in the workforce.

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Speaker 1: I say, the participation rate of sixty two point six percent,

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Speaker 1: I don't know, it seems kind of low to me.

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Speaker 3: It should be higher. Talk to us about that part

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Speaker 3: of it.

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Speaker 4: Yeah, so I think you know, we were at two

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Speaker 4: jobs for every candidate seeking employment. Now we're at one

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Speaker 4: point six. The reality of the situation is, even if

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Speaker 4: we get down to a one point one, it doesn't

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Speaker 4: translate into an exact match of where the job opportunities

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Speaker 4: are and where the worker resides or what their skill

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Speaker 4: set is. So we're going to continue to see that

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Speaker 4: talent scarcity just as a simple matter of where they

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Speaker 4: physically might live or what their skill set.

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Speaker 1: Is is a regional change or differences out there these days,

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Speaker 1: because it just seems like everybody and their brothers going

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Speaker 1: to Florida or Texas, and I know, is there some

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Speaker 1: regional bias out or differences out there?

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Speaker 4: We're absolutely seeing the East Coast is white hot right

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Speaker 4: now in terms of hiring, along with the central part

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Speaker 4: and southern part of the US. Now, part of that

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Speaker 4: also translates into the leisure and hospitality time of year.

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Speaker 4: People and folks are starting to gear up for the

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Speaker 4: summer travel explosion. Yeah, exactly. Well, the other cool trends

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Speaker 4: we're seeing right now. I really think, guys, this is

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Speaker 4: going to be the summer of out of office seeing

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Speaker 4: people that have stockpile PTO and haven't been able to

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Speaker 4: take off over the past two years, especially in some

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Speaker 4: of those hourly workforce and essential workers really taking the

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Speaker 4: opportunity this year to take that PTO time and focus

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Speaker 4: on their personal time off.

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Speaker 2: Yes, okay, yes, I'm not familiar with the acronyms.

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Speaker 1: Because you've been in Bloomberg for twenty three years. Yeah,

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Speaker 1: we had a seed.

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Speaker 2: Days, we have tea days, yes, okay, So well, I

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Speaker 2: think Paul is one of those people. He has been

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Speaker 2: He's been bitterly against working from home until he bought

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Speaker 2: a beach house on the shore. And I think this,

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Speaker 2: so I'm all in, He's going to be working from

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Speaker 2: home a lot. How is that working out? How is

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Speaker 2: that changing? I mean, are our people are that you

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Speaker 2: place still insisting on very flexible workplaces?

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Speaker 4: They're absolutely insisting on flexible workplaces. I think what might

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Speaker 4: be surprising to some is by flexible, they don't all

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Speaker 4: mean remote work from home one hundred percent of the time.

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Speaker 4: We've seen that. You know, the American worker really has

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Speaker 4: a strong appetite for collaboration, being in person coffee chats,

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Speaker 4: talking with their fellow employees. They just don't want to

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Speaker 4: do it five days a week. So the employers that

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Speaker 4: are getting it right and winning right now are opting

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Speaker 4: more for that hybrid work opportunity where sure you come

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Speaker 4: into the office to maybe three days a week, that

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Speaker 4: you have flexibility in picking those days, and both the

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Speaker 4: employer and the worker are benefiting from that flexible schedule.

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Speaker 3: How big of a Kentucky Wildcat fan are you, Amy?

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Speaker 4: I have a third generation Wildcat grad.

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Speaker 1: Wowret big dog gets here undergrad enter MBA from the

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Speaker 1: University of Kentucky.

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Speaker 3: How good is that?

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Speaker 1: And it's Kentucky Derby weekend, so I'm sure that's big

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Speaker 1: for you, So that'd be cool. We'll be watching Amy Glacier,

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Speaker 1: Senior VP of Business Operations at a Deco. They're a

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Speaker 1: big staffing company out there, and they got their finger

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Speaker 1: on the pulse of kind of what's going on in

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Speaker 1: terms of hiring and firing out there in the economy. Boy,

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Speaker 1: it was a blowout jobless our jobs jobs number today,

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Speaker 1: although again there was a revision a prior month.

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Speaker 5: But you're listening to the team. Ken's are Live program

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Speaker 5: Bloomberg Markets weekdays at ten am eastering on Bloomberg dot Com,

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Speaker 5: the iHeartRadio app, and the Bloomberg Business app, or listen

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Speaker 5: on demand wherever you get your podcasts.

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Speaker 1: I want to get right to our next guest, Jonathan Hurdle,

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Speaker 1: executive chairman of Hurdle, Callahan and Company. I think you

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Speaker 1: started that thing around nineteen eighty eight. Before that, he

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Speaker 1: was a little firm called Goldman. Before that, he was

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Speaker 1: an officer in the United States Marine Corps for seven years.

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Speaker 1: So we thank him for service. But for me, the

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Speaker 1: highlight is MBA.

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Speaker 3: From Penn State.

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Speaker 1: Go Nitney Lions, Jonathan, You've got a lot of experience,

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Speaker 1: You've got a lot of perspective.

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Speaker 3: Let's start with.

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Speaker 1: The banking stuff, I mean, the banking stocks. We're not

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Speaker 1: sure whether to call this a crisis, turmoil stress. How

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Speaker 1: do you kind of view what's happening with some of

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Speaker 1: our regional banks.

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Speaker 6: First of all, I like to think about it as

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Speaker 6: part of the cycle. We had this extended cycle. And

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Speaker 6: when you look at a bank, they have to make loans,

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Speaker 6: and they have to have a how do they make

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Speaker 6: their decisions? And if you're in the up part of

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Speaker 6: a cycle, where things are accelerating, you can be more aggressive.

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Speaker 6: But you don't know how that bank is doing until

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Speaker 6: you go through the other part of the cycle, the downturn.

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Speaker 6: And if you can measure their performance trough to trough,

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Speaker 6: then you see who the better bankers are. So we

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Speaker 6: had this weirdly extended easy money cycle. You know, we're

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Speaker 6: at the end of the era of easy money, and

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Speaker 6: so that unprecedented era of easy money created a lot

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Speaker 6: of excess, and part of it was this extended economic boom,

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Speaker 6: which lulled a lot of people into a sense of

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Speaker 6: laissez faire about their risk policies and so forth. And

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Speaker 6: then we got an interest rate shock, and it wasn't

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Speaker 6: an increase. It was a shock when you think of

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Speaker 6: going just to make the number simple one to three

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Speaker 6: or you know, two to four or one to four,

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Speaker 6: so it is a triple and so you get that

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Speaker 6: kind of we have an economy and a banking system

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Speaker 6: based on basically free money. And then at the same

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Speaker 6: time this long cycle which lulled people to sleep. It

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Speaker 6: doesn't make It doesn't surprise anyone that we have problem

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Speaker 6: with banks, I think.

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Speaker 2: So I just wonder if a bank, and I won't

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Speaker 2: pick a specific one, but if a regional bank does

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Speaker 2: have enough assets to cover deposits, does it really matter

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Speaker 2: if the shares are driven down to zero? I mean

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Speaker 2: beyond obviously the pain the shareholder feels. Does it matter

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Speaker 2: for the wider banking system.

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Speaker 6: Well, it only matters if it becomes a vicious cycle.

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Speaker 6: So the stock price is key because it's sentiment. And

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Speaker 6: we look at what happened to pack West, and so

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Speaker 6: you could say, well, this circumstance isn't so bad, but

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Speaker 6: the run on the stock could make it bad. It's

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Speaker 6: just from a standpoint of psychology. And then the other

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Speaker 6: big factor is that we have this only.

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Speaker 2: The part I don't get though, how does the run

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Speaker 2: on the stock make it bad? I mean, I get

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Speaker 2: that the bank could fail, but if we are in

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Speaker 2: a place where a bank can fail, I think Joe

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Speaker 2: Wisenheal put it like, if we're at a place where

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Speaker 2: a bank can fail, like a laundry mat fail, we're okay.

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Speaker 6: Well, I think what happens is more people get frightened

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Speaker 6: because they see this news and the stock price is plumbting,

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Speaker 6: and they call and get their deposits out right.

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Speaker 2: So that's the concern. But that's not what we've seen happen.

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Speaker 6: Well, that's why this and that's one of the reasons

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Speaker 6: the stock is bouncing back, right.

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Speaker 2: I mean, First Republic, how many billions of dollars of

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Speaker 2: uninsured deposits we're still there when JP Morgan took it over.

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Speaker 2: That's how sticky bank deposits are. It is, all right,

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Speaker 2: by the way, twenty billion is the number.

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Speaker 1: Yes, so Jonathan, all right, So we've got the banking

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Speaker 1: issue out there.

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Speaker 3: That's a concern.

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Speaker 1: Most more recently, we had a job's number today that

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Speaker 1: was a blowout number. We had a revision downward for

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Speaker 1: the prior month, so that tempers it a little bit.

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Speaker 1: But are you where's what's your recession call? Because I

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Speaker 1: have a hard time when people come in here and

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Speaker 1: talk about recession when I got everybody who wants the

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Speaker 1: job's got a job.

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Speaker 6: Right, And I think the thing is it shouldn't be

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Speaker 6: a binary discussion. We could have a moderate decession, we

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Speaker 6: could have no recession, we could have a soft lining,

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Speaker 6: we could have a semi soft line. I mean, I

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Speaker 6: really think that's where you have to be. It's hard

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Speaker 6: to call in a binary way. My personal feeling is

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Speaker 6: we're likely to have a mild recession. That's just my

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Speaker 6: personal feeling. And then the answer to that is so

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Speaker 6: what I mean? So so what I mean? It's just

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Speaker 6: we're still managing earnings. Earnings are coming better than expected.

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Speaker 6: We have the best managers in the world working on

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Speaker 6: these stocks. So I think it's all binary. Is a

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Speaker 6: hard call, okay.

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Speaker 2: I mean, if we have unemployment at three point four percent,

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Speaker 2: is it possible to get inflation down? Can inflation come

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Speaker 2: down if everyone still has a job.

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Speaker 6: Well, it depends when I mean, how long is it

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Speaker 6: going to take. I mean, I'm struck by the fact

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Speaker 6: that you know the implied inflation rate and tips is

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Speaker 6: a two percent on a ten year bond, So that's

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Speaker 6: the implied rate, and the market knows a lot. The

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Speaker 6: market is telling us a lot. Maybe ten years from

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Speaker 6: now is too long to care about. But I do

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Speaker 6: think in general, one of the things we've talked about

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Speaker 6: before is the balance between focusing on the cycle and

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Speaker 6: focusing on the trend, and so we tend I think

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Speaker 6: you need to focus on back both of them. You

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Speaker 6: can't ignore psycho but in general, people are more focused

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Speaker 6: on the cycle, in my opinion, than they should be.

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Speaker 6: They should be focused a little bit more on the trend,

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Speaker 6: all of which is positive. And Bernanki talks about the

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Speaker 6: idea that there are these secular trends in the world

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Speaker 6: that are disinflationary, and technology is certainly one of them.

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Speaker 5: Yep.

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Speaker 2: So you like technology.

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Speaker 6: We do like technology.

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Speaker 2: You don't think it's overvalued here, Well.

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Speaker 6: It could be overvalued here. But software is changing the world, right,

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Speaker 6: you know Mark Andriesen's article several years ago software is

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Speaker 6: eating the world still true. AI is just another accelerating

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Speaker 6: story on that we.

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Speaker 1: Can't go three hours in this show without mentioning ai Oh,

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Speaker 1: I have personally thought of so many new business cases

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Speaker 1: that I might leave and become entrepreneurial multimillionaire because.

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Speaker 2: I think it could be used in so many different ways.

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Speaker 6: I mean I'm not alone there, yeah, right, But I

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Speaker 6: also think just blockchain, I mean, blockchain may revolutionize software

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Speaker 6: development as well. So software is going to continue to

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Speaker 6: be change our lives lives, and we fortunately are the

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Speaker 6: country that leads that.

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Speaker 5: So we do like that.

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Speaker 6: We like lots of things, but that's one of the

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Speaker 6: areas we like.

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Speaker 2: Hey, what about the banks? You know, I saw a

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Speaker 2: great quote in a Bloomberg story overnight. An analyst Ben

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Speaker 2: Gerlinger from the Hubed Group wrote, the shares in Western

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Speaker 2: Alliance offer a rare, once in an economic cycle entry

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Speaker 2: point into a best of breed banking franchise. I'm not

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Speaker 2: asking you specifically to common Western Alliance, but if these

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Speaker 2: banks are safe and it really is just a short

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Speaker 2: seller's attack, isn't it a great time to buy them?

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Speaker 6: Well, there's no question that there are opportunities when you

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Speaker 6: find dislocation. So for example, in the commercial real estate

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Speaker 6: challenges which we know are coming, there's going to be

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Speaker 6: opportunity to make money there. You always sort of ride

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Speaker 6: to the sound of the guns, you know, wherever the

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Speaker 6: dislocation is, you want to look there. Whether that fella

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Speaker 6: is right or not, only time will tell. And I

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Speaker 6: think it's a little bit like picking a lottery ticket,

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Speaker 6: like somebody's going to be right, and at the end,

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Speaker 6: whoever was right will be declared a genius when it

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Speaker 6: was just random.

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Speaker 1: John, We want to take advantage of your experience, your

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Speaker 1: perspective on a really exciting part of the investment marketplace,

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Speaker 1: and that's private credit. How do you think guys think

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Speaker 1: about private credit as an opportunity for investors?

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Speaker 6: So we love it. This is one of our big

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Speaker 6: emphasies right now. And it's not for amateurs, is the thing,

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Speaker 6: and it's not easily available, so you've got to be

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Speaker 6: careful who you're with. But done right, private credit is

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Speaker 6: a terrific opportunity. We've seen, you know, nominal returns move

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Speaker 6: from like seven to twelve and we think are outstanding

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Speaker 6: managers now, Paul. The key thing here, I think, and

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Speaker 6: this is my opinion, this is one of the things

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Speaker 6: that I talk to myself about in our team is

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Speaker 6: that this is likely to be a low returning decade,

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Speaker 6: and so it's almost like small ball in baseball. You

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Speaker 6: got to you know, get a walk, go to first,

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Speaker 6: steal second, get a month to move to third. That's

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Speaker 6: the kind of environment we're likely to be in for

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Speaker 6: the next decade, in my opinion, which is very different

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Speaker 6: than the decade we just went through. And so I

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Speaker 6: think people are keep thinking how do we get back

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Speaker 6: to normal, and they define normal as what was going

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Speaker 6: on four years ago. That's not normal. This is more

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Speaker 6: normal going through a cycle, having a recession, figuring out

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Speaker 6: how to grind out the returns they're going to fund

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Speaker 6: your success.

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Speaker 2: This is what we heard from Nikolai Tangen, by the way,

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Speaker 2: the head of the Norgus Bank, yep, you know, at

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Speaker 2: the beginning of this year, he said the same thing.

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Speaker 2: I think that it's going to be smaller returns than

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Speaker 2: we're used to. I think pretty obviously right when you

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Speaker 2: have the punch bowl taken away, that's what happens.

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Speaker 7: Well.

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Speaker 6: And if you go back to Robert Schiller's Nobel Prize

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Speaker 6: on his work, was you're going in multiple determines your

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Speaker 6: next decade's price. It's a very linear relationship, and if

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Speaker 6: you have a twenty two multiple going in on average

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Speaker 6: over time, you get like some four percent return or

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Speaker 6: some very low return. So we started out this past year,

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Speaker 6: you know, the year that we just went through with

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Speaker 6: a big negative. So you start out negative and now

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Speaker 6: you have to earn your way back to a ten

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Speaker 6: year return. So I think that's the face we're likely.

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Speaker 6: We don't know, but probability wise, it's more likely that

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Speaker 6: we're going to have that low returning grind out, you know,

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Speaker 6: singles and doubles kind of a world for the next

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Speaker 6: ten years.

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Speaker 3: Hey, John, thirty seconds back to office. What's your thought?

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Speaker 6: This is a long discussion, but I love people being

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Speaker 6: in the office. So one of our four pillars is

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Speaker 6: that we embraced the magic of teamwork, and you can't

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Speaker 6: have the teamwork, and teamwork's not the same if people

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Speaker 6: are not back in the office. I think we're going

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Speaker 6: to end up with twenty nineteen New and Improved, which

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Speaker 6: means that people do have more flexibility. But in my opinion,

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Speaker 6: the default ought to be come to work if you

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Speaker 6: stay at home if you need to, not default stay

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Speaker 6: at home, come to work if you need to, So

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Speaker 6: that might not look that different. But and it gives

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Speaker 6: people the flexibility that they didn't have before twenty nineteen

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Speaker 6: and before this COVID experience. So we've learned a lot

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Speaker 6: and we should learn from that. But in the end,

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Speaker 6: it's not the same if you're not together.

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Speaker 1: Yeah, I think that default way of thinking about it.

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Speaker 1: It makes a lot of sense, Yes, but that's flipped

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Speaker 1: from what it is now. Right Yeah, I say right

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Speaker 1: now people, I'll come in once a week, you know. Yeah,

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Speaker 1: but that has to change as heyel Friday is not

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Speaker 1: one of those days exactly, John the Great having it here.

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Speaker 2: We need to get you back for a longer discussion

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Speaker 2: because there's so many issues we didn't touch on.

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Speaker 3: Yeah's always a pleasure to be with you.

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Speaker 5: You're listening to the tape Cansur Live program Bloomberg Markets

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Speaker 5: weekdays at ten am Eastern on Bloomberg Radio, the tune

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Speaker 5: in app, Bloomberg dot Com, and the Bloomberg Business App.

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Speaker 5: You can also listen live on Amazon Alexa from our

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Speaker 5: flagship New York station, Just say Alexa play Bloomberg eleven thirty.

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Speaker 1: All right, I want to get to our next discussion.

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Speaker 1: This is gonna be fascinating Michael Sonenfeld joins us. He's

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Speaker 1: chairman and founder of Tiger twenty one and Tiger twenty

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Speaker 1: one is a network of learning groups for high net

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Speaker 1: worth investors and this is a fascinating discussion. Michael, thank

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Speaker 1: you for joining us in our studio here. How does

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Speaker 1: a person how does a person come to Tiger twenty

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Speaker 1: one and why do they come to Tiger twenty one.

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Speaker 8: So, you know, we have a lot of great entrepreneurs

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Speaker 8: in this country, but when the best of them sell

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Speaker 8: their business in an instant, they go from being an

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Speaker 8: entrepreneur to a wealth manager and they're not prepared for that.

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Speaker 8: They may be a great leader, a great manager, they

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Speaker 8: can inspire troops, but what do they know about convertible bonds, equities,

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Speaker 8: inflation rates? Obviously they knew it through their business. But

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Speaker 8: we're the place that they join and meet with others.

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Speaker 8: We're a peer to peer learning center and we have

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Speaker 8: about twelve hundred and fifty members managing their own money

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Speaker 8: a total of about one hundred and fifty billion dollars.

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Speaker 2: So what are the what are the limits? I mean,

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Speaker 2: how much do you have to have to be a

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Speaker 2: member and what kind of help can you expect once

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Speaker 2: you get in.

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Speaker 8: So to qualify first as good character, we do a

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Speaker 8: lot of background checks. That's really important because there's confidential information.

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Speaker 8: But the marketplace we serve is from twenty million to

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Speaker 8: a billion of personal assets an average of a little

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Speaker 8: over one hundred, with most of our members having between

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Speaker 8: thirty and sixty million, and what they can expect. The

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Speaker 8: most important thing is to meet other people who have

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Speaker 8: also been vetted, going through the same journey they are.

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Speaker 8: It's a peer to peer learning model. We have about

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Speaker 8: one hundred staff that serve these twelve hundred and fifty people,

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Speaker 8: but fundamentally, what they're joining is a network that doesn't

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Speaker 8: exist anywhere else.

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Speaker 2: By the way, the importance of this, I think needs

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Speaker 2: to be underlined because you know, if somebody makes a

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Speaker 2: hundred million dollars selling her business, we're not feeling sorry

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Speaker 2: for her, right, but she may have no idea what

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Speaker 2: to do with that money, absolutely no idea where to

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Speaker 2: start other than what her bankers tell her, and they

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Speaker 2: of course just want her money. If she loses that money,

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Speaker 2: that doesn't do any economic good for the society either.

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Speaker 2: So it's helpful for all of us if she knows

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Speaker 2: how to invest it and does well with it, isn't.

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Speaker 8: It for sure? And you know the nature of what

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Speaker 8: you know? This isn't just about money. It's about legacy. Family.

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Speaker 8: You've had your nose to the grindstone or your head

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Speaker 8: to the grindstone for forty years, and all of a sudden,

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Speaker 8: now you've sold for.

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Speaker 3: The first time.

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Speaker 8: You're looking at the broader issues. And this is the

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Speaker 8: community that you can explore them with.

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Speaker 3: So what are I sell my company? For example?

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Speaker 1: And I like the way you described it before we

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Speaker 1: went on the air. Oftentimes that sell now feels a drift, right,

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Speaker 1: So when they come to you, what do you find

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Speaker 1: they most need, because presumably they're getting some financial advice from,

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Speaker 1: you know, somewhere.

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Speaker 2: Investmentalers that help them sell the company.

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Speaker 3: First, all the wealth management business.

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Speaker 8: Our members use a lot of the great managers, but

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Speaker 8: sometimes you find they're selling instead of serving and learning

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Speaker 8: how to figure out the wheat from the chaff. Who

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Speaker 8: are the good managers? How do you look at managers?

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Speaker 8: That's an important thing. What you're really getting is a perspective.

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Speaker 8: How do you become an investor? Just as an example,

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Speaker 8: I'll ask you guys a question, how long do you

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Speaker 8: think it takes for an incredibly bright, incredibly successful entrepreneur

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Speaker 8: to become a mildly competent investor.

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Speaker 2: I would imagine years.

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Speaker 8: Yeah, five years, that's sort of the average. When you

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Speaker 8: sell your business, you have no idea what you don't know,

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Speaker 8: and unless somebody tells you to go slow, don't invest

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Speaker 8: everything right away, wait till you learn a new trade.

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Speaker 8: You can make some real bloopers, and we want to

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Speaker 8: try and help members avoid that.

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Speaker 2: How do you convince members to trust you? I mean,

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Speaker 2: is it your track record?

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Speaker 4: You know?

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Speaker 2: Obviously people want to get into this network, but there

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Speaker 2: must be some people who think everyone's trying to take

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Speaker 2: what I got, So I need to be protective of this.

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Speaker 8: So I'd like to think just we don't just talk

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Speaker 8: the talk, we walk the walk. I started this twenty

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Speaker 8: five years ago. It is a business, but it was

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Speaker 8: a labor of love, and I think we've put members

438
00:20:58,040 --> 00:21:01,080
Speaker 8: first in every decision that we've done. And if you

439
00:21:01,240 --> 00:21:03,320
Speaker 8: come and look under the hood, I think we can

440
00:21:03,400 --> 00:21:06,399
Speaker 8: pretty much defend that. And that's how we've grown to

441
00:21:06,560 --> 00:21:10,520
Speaker 8: seven countries, twelve hundred and fifty members, and almost one

442
00:21:10,600 --> 00:21:12,120
Speaker 8: hundred and fifty billion in assets.

443
00:21:12,320 --> 00:21:17,080
Speaker 1: So what are your members talking about and discussing over.

444
00:21:17,160 --> 00:21:19,800
Speaker 1: I mean, we've just come out of this pandemic and

445
00:21:19,920 --> 00:21:22,400
Speaker 1: who knows how it impacted their businesses and their wealth,

446
00:21:22,440 --> 00:21:23,920
Speaker 1: and now we're in, you know, kind of a post

447
00:21:24,000 --> 00:21:24,760
Speaker 1: pandemic world.

448
00:21:25,000 --> 00:21:26,919
Speaker 3: What are some of the items they are discussing?

449
00:21:27,000 --> 00:21:27,080
Speaker 4: Right?

450
00:21:27,119 --> 00:21:33,000
Speaker 8: So two realms. One is family, legacy, children, multi generational issues.

451
00:21:33,400 --> 00:21:36,520
Speaker 8: But in the economic sphere, it's how do you create

452
00:21:36,800 --> 00:21:39,840
Speaker 8: an all weather portfolio. I'm not here as a trader.

453
00:21:40,320 --> 00:21:43,240
Speaker 8: I've created wealth once and I want to preserve it.

454
00:21:43,680 --> 00:21:46,880
Speaker 8: And that's why our asset allocation is so important. Don't

455
00:21:47,400 --> 00:21:49,960
Speaker 8: we just measure what our members do. We don't dictate it.

456
00:21:50,040 --> 00:21:53,320
Speaker 8: They all manage their own funds. But today, as an example,

457
00:21:53,840 --> 00:21:57,680
Speaker 8: private equity is thirty one percent, public equity is twenty

458
00:21:57,760 --> 00:22:02,040
Speaker 8: two percent, and real estate twenty four percent. That's seventy

459
00:22:02,080 --> 00:22:05,959
Speaker 8: eight percent long. But when you have that much long exposure,

460
00:22:06,160 --> 00:22:08,439
Speaker 8: you better have a lot of cash to weather the storm.

461
00:22:08,840 --> 00:22:12,280
Speaker 8: So eleven percent cash, which is a particularly high number.

462
00:22:12,720 --> 00:22:14,840
Speaker 8: So finding out how to get the benefit of a

463
00:22:14,920 --> 00:22:17,399
Speaker 8: day like today. What a day we're having, right, But

464
00:22:17,480 --> 00:22:19,240
Speaker 8: you didn't know that yesterday what it was going to

465
00:22:19,280 --> 00:22:21,199
Speaker 8: look like if it turned the other way. The eleven

466
00:22:21,240 --> 00:22:24,720
Speaker 8: percent cash creates a kind of buffer, and just dealing

467
00:22:24,840 --> 00:22:27,280
Speaker 8: in those concepts is not what you were doing as

468
00:22:27,280 --> 00:22:28,679
Speaker 8: an entrepreneur, No, not at all.

469
00:22:28,920 --> 00:22:30,080
Speaker 3: You were selling more widgets.

470
00:22:30,119 --> 00:22:33,120
Speaker 2: Yes, I was thinking when you said you're seventy eight

471
00:22:33,200 --> 00:22:36,760
Speaker 2: percent long, do you teach them how to hedge? And

472
00:22:36,880 --> 00:22:39,720
Speaker 2: then my thoughts fall back. We have geniuses come in

473
00:22:39,760 --> 00:22:41,879
Speaker 2: the studio all the time. Neil Roseman, for example, I

474
00:22:41,920 --> 00:22:43,680
Speaker 2: will say like, oh, I just sell puts on this

475
00:22:43,840 --> 00:22:45,879
Speaker 2: and that, and I have no idea what he's talking about,

476
00:22:45,960 --> 00:22:48,159
Speaker 2: you know, And I imagine a lot of entrepreneurs are

477
00:22:48,200 --> 00:22:48,640
Speaker 2: the same way.

478
00:22:48,840 --> 00:22:49,040
Speaker 5: Yeah.

479
00:22:49,160 --> 00:22:51,600
Speaker 8: So look, some of our members are some of the

480
00:22:51,680 --> 00:22:54,080
Speaker 8: world's great traders came out of that. But most of

481
00:22:54,160 --> 00:22:57,840
Speaker 8: our members built a business. They started with a concept

482
00:22:58,200 --> 00:23:01,200
Speaker 8: and they took it to fruition. Even hedging is a

483
00:23:01,240 --> 00:23:04,000
Speaker 8: little complicated. They may be investing in funds that have

484
00:23:04,160 --> 00:23:08,440
Speaker 8: hedging strategies, but having the basic portfolio work for the

485
00:23:08,560 --> 00:23:10,600
Speaker 8: long term, that's the objective.

486
00:23:10,720 --> 00:23:14,359
Speaker 2: Can you start a family office with Tiger? I mean,

487
00:23:14,400 --> 00:23:15,640
Speaker 2: how does this work?

488
00:23:16,480 --> 00:23:19,000
Speaker 8: So we do have a group of members who have

489
00:23:19,240 --> 00:23:23,919
Speaker 8: family offices. Family offices typically begin at about two hundred

490
00:23:23,960 --> 00:23:28,520
Speaker 8: million and above. You can't economically underwrite a family office

491
00:23:28,600 --> 00:23:32,160
Speaker 8: at a smaller amount. And then obviously once you get

492
00:23:32,200 --> 00:23:35,400
Speaker 8: into the billions of dollars, you have huge family offices.

493
00:23:35,480 --> 00:23:38,600
Speaker 8: That's not our market. We're from twenty million of investable

494
00:23:38,680 --> 00:23:40,119
Speaker 8: assets to a billion.

495
00:23:40,800 --> 00:23:41,000
Speaker 3: Wow.

496
00:23:41,119 --> 00:23:43,119
Speaker 1: Just fascinating discussion. Million ways we could go on this.

497
00:23:43,200 --> 00:23:44,959
Speaker 1: So we're gonna get you back in here because now

498
00:23:44,960 --> 00:23:46,920
Speaker 1: that I understand that you are in New York, there's

499
00:23:46,960 --> 00:23:48,600
Speaker 1: no excuse. So we're going to get you to STUDI

500
00:23:48,640 --> 00:23:49,840
Speaker 1: a little bit more often because we can go a

501
00:23:49,920 --> 00:23:51,719
Speaker 1: million different ways. I love to just know what your

502
00:23:51,800 --> 00:23:54,560
Speaker 1: members are doing in markets from time to time. That'd

503
00:23:54,600 --> 00:23:57,080
Speaker 1: be a good gauge of how these markets are performing.

504
00:23:57,119 --> 00:23:59,800
Speaker 1: Michael Sonenfeld, he's the chairman and he is the founder

505
00:23:59,840 --> 00:24:00,959
Speaker 1: of Tiger twenty one.

506
00:24:01,600 --> 00:24:01,840
Speaker 3: Again.

507
00:24:01,880 --> 00:24:04,840
Speaker 1: Tiger twenty one is a network of learning groups. That's

508
00:24:04,880 --> 00:24:06,800
Speaker 1: a good way to describe it. A network of learning

509
00:24:06,800 --> 00:24:09,280
Speaker 1: groups for high net worth investors. And love talking to

510
00:24:09,320 --> 00:24:12,439
Speaker 1: Michael because he has a very unique perspective into these

511
00:24:12,480 --> 00:24:15,520
Speaker 1: markets based upon what he learns from his group.

512
00:24:15,600 --> 00:24:17,200
Speaker 3: There, so good discussion.

513
00:24:18,800 --> 00:24:22,160
Speaker 5: You're listening to the team Ken's are Live program Bloomberg

514
00:24:22,280 --> 00:24:25,480
Speaker 5: Markets weekdays at ten am Eastern on Bloomberg dot com,

515
00:24:25,720 --> 00:24:28,840
Speaker 5: the iHeartRadio app and the Bloomberg Business app, or listen

516
00:24:28,920 --> 00:24:31,040
Speaker 5: on demand wherever you get your podcasts.

517
00:24:33,640 --> 00:24:36,200
Speaker 9: Curiously comes on you in the heels of a spate

518
00:24:36,320 --> 00:24:40,520
Speaker 9: of deaths at the track at Churchill Downs. Clearly the

519
00:24:40,680 --> 00:24:45,679
Speaker 9: track and the company are on edge. It's a it's

520
00:24:45,760 --> 00:24:48,119
Speaker 9: a major problem, and it's a major pr problem. And

521
00:24:48,200 --> 00:24:50,879
Speaker 9: I think they are trying to really exercise caution here

522
00:24:51,280 --> 00:24:53,520
Speaker 9: and any horse that there may be any questions about

523
00:24:53,560 --> 00:24:55,880
Speaker 9: of any kind. They are telling trainers get that horse

524
00:24:55,920 --> 00:24:56,480
Speaker 9: out of the race.

525
00:24:56,680 --> 00:25:00,040
Speaker 2: So what you say, deaths And immediately I'm concerned a

526
00:25:00,600 --> 00:25:03,560
Speaker 2: would be peda person, you know, except for I don't

527
00:25:03,640 --> 00:25:05,919
Speaker 2: have I don't know the inner strength.

528
00:25:06,000 --> 00:25:07,400
Speaker 3: We have a very nice leather jacket.

529
00:25:07,440 --> 00:25:09,960
Speaker 2: You it don't look like a fact. This is horse leather.

530
00:25:10,080 --> 00:25:13,879
Speaker 2: This jacket and these boots. Horse not go there. But

531
00:25:14,640 --> 00:25:17,480
Speaker 2: is this a problem? Do these horses die because I

532
00:25:17,680 --> 00:25:20,680
Speaker 2: imagine they're doped up? Or are they pushed too hard?

533
00:25:21,080 --> 00:25:22,879
Speaker 2: Do they hit them badly with that stick?

534
00:25:23,000 --> 00:25:26,080
Speaker 9: Like what's the you know, the stick or the riding crop.

535
00:25:26,280 --> 00:25:28,159
Speaker 9: I would say, is one of the things that actually

536
00:25:29,000 --> 00:25:33,000
Speaker 9: is off in the whole conversation, but listen that part

537
00:25:33,040 --> 00:25:35,400
Speaker 9: of it. Actually, they have taken concrete measures to crack

538
00:25:35,480 --> 00:25:37,120
Speaker 9: down on use of the riding crop, and it's used

539
00:25:37,119 --> 00:25:40,080
Speaker 9: a lot less now than it was two, five, ten

540
00:25:40,200 --> 00:25:42,560
Speaker 9: years ago. You can't shockeys can't use it the way

541
00:25:42,600 --> 00:25:45,240
Speaker 9: they used to. I mean Victor Espinosa famously in the

542
00:25:45,320 --> 00:25:47,600
Speaker 9: derby hit American Pharaoh who go on to win the

543
00:25:47,640 --> 00:25:49,800
Speaker 9: Triple Crown. I counted him. I wrote a piece on it.

544
00:25:49,840 --> 00:25:52,960
Speaker 9: He hit American Pharaoh thirty times in the stretch. That is,

545
00:25:53,040 --> 00:25:56,800
Speaker 9: if nothing else unsightly. The issue, yes, that they have

546
00:25:56,920 --> 00:25:58,960
Speaker 9: when you get debts on the track, it can often

547
00:25:59,000 --> 00:26:01,639
Speaker 9: be problems with the race surface. And that's one of

548
00:26:01,680 --> 00:26:04,680
Speaker 9: the big concerns they suddenly have at Church Redowns. It

549
00:26:04,800 --> 00:26:08,000
Speaker 9: is a dirt primarily a dirt surface, and it is

550
00:26:08,119 --> 00:26:08,720
Speaker 9: subject to.

551
00:26:09,600 --> 00:26:12,119
Speaker 6: Rain and cold freezes.

552
00:26:11,720 --> 00:26:13,639
Speaker 9: And then you know, temperatures right around this time of

553
00:26:13,760 --> 00:26:16,280
Speaker 9: year go up and down, and the and the and

554
00:26:16,440 --> 00:26:19,840
Speaker 9: the surface the consistency of that surface can change, and

555
00:26:19,920 --> 00:26:22,840
Speaker 9: you can it can lead to injuries and at times deaths.

556
00:26:22,880 --> 00:26:24,919
Speaker 9: And wild on Ice, who was one of the horses

557
00:26:24,960 --> 00:26:27,879
Speaker 9: that was gonna run in the Derby was pulled up,

558
00:26:28,240 --> 00:26:31,240
Speaker 9: brought to the vet and and died. They had to

559
00:26:31,280 --> 00:26:34,720
Speaker 9: put that horse down. So, but is it a concern

560
00:26:34,880 --> 00:26:37,679
Speaker 9: is it in steroids issue? Steroids are no longer an

561
00:26:37,720 --> 00:26:39,439
Speaker 9: issue they used to be. I don't know if anybody

562
00:26:39,440 --> 00:26:42,879
Speaker 9: who remembers Big Brown, who was a horse that almost

563
00:26:42,880 --> 00:26:44,880
Speaker 9: won the Triple Crown back in two thousand and eight,

564
00:26:46,040 --> 00:26:48,399
Speaker 9: and he was a famous horse that they had, you know,

565
00:26:48,640 --> 00:26:51,119
Speaker 9: on a lot of steroids that drew a lot of

566
00:26:51,160 --> 00:26:55,000
Speaker 9: attention to that particular issue. Steroids have since been banned

567
00:26:55,119 --> 00:26:58,359
Speaker 9: from the game, but there's no doubt that the game

568
00:26:58,480 --> 00:27:01,520
Speaker 9: still has an issue of cracking down on cheaters. Listen,

569
00:27:01,560 --> 00:27:04,480
Speaker 9: there are multiple people, top trainers and again who are

570
00:27:04,520 --> 00:27:07,800
Speaker 9: currently in jail who were busted by the FEDS for cheating.

571
00:27:08,240 --> 00:27:11,320
Speaker 9: Bob Bafford is not in jail, but he's the biggest

572
00:27:11,440 --> 00:27:15,000
Speaker 9: name in racing. He is still suspended from Churchill Downs

573
00:27:15,000 --> 00:27:20,160
Speaker 9: and he suspended for his four having given illegal medications

574
00:27:20,160 --> 00:27:22,359
Speaker 9: to his horses. He might recall two years ago he

575
00:27:22,480 --> 00:27:26,760
Speaker 9: won his seventh record breaking seventh Kentucky Derby. That horse

576
00:27:26,800 --> 00:27:30,359
Speaker 9: Medina Spirit, was found to have illegal substances in his blood.

577
00:27:30,720 --> 00:27:34,280
Speaker 9: He was subsequently disqualified and Bafford was suspended and is

578
00:27:34,320 --> 00:27:37,720
Speaker 9: still on the outside looking in Churchill after this spate

579
00:27:37,760 --> 00:27:38,280
Speaker 9: of deaths.

580
00:27:38,400 --> 00:27:39,640
Speaker 3: Two of the deaths.

581
00:27:39,560 --> 00:27:43,040
Speaker 9: Horses that didn't sustain injuries in the track but literally

582
00:27:43,240 --> 00:27:47,200
Speaker 9: drop dead. Okay, we're trained by Saffie Joseph, a young

583
00:27:47,280 --> 00:27:50,400
Speaker 9: up and coming trainer. Saffie had a horse to run

584
00:27:50,440 --> 00:27:53,880
Speaker 9: in the Derby. Churchill Downs told him, scratch that horse

585
00:27:53,920 --> 00:27:56,879
Speaker 9: from the race, scratch all your horses schedule to run

586
00:27:56,920 --> 00:28:00,200
Speaker 9: at Churchill this weekend and take all your horses at here.

587
00:28:00,240 --> 00:28:01,639
Speaker 9: You're kicked out of Churchill Downs.

588
00:28:02,080 --> 00:28:04,800
Speaker 1: Churchill Downs is a publicly traded company market cap of

589
00:28:05,119 --> 00:28:08,159
Speaker 1: ten point nine billion dollars as symbole c h d N.

590
00:28:08,480 --> 00:28:10,560
Speaker 1: It's up thirty eight percent year to date a forty

591
00:28:10,600 --> 00:28:12,840
Speaker 1: five percent on a trailing twelve month basis, so a

592
00:28:12,960 --> 00:28:15,600
Speaker 1: good investment there for public shareholders. David talk to us

593
00:28:15,600 --> 00:28:18,240
Speaker 1: about this year's race and the horses who are some

594
00:28:18,320 --> 00:28:19,879
Speaker 1: of the favorites, who are some of them maybe the

595
00:28:19,920 --> 00:28:21,240
Speaker 1: long shots to keep an eye on, because we had

596
00:28:21,280 --> 00:28:22,600
Speaker 1: a long shot win last year.

597
00:28:22,840 --> 00:28:25,240
Speaker 9: We did have a long shot win last year, Rich Strike,

598
00:28:25,280 --> 00:28:29,840
Speaker 9: and actually Rich Strike is running today in about an hour.

599
00:28:29,920 --> 00:28:32,560
Speaker 9: If you want to go back. Okay, I will say this,

600
00:28:33,000 --> 00:28:36,119
Speaker 9: after winning at eighty to one on Derby Day last year,

601
00:28:36,200 --> 00:28:40,120
Speaker 9: how many races has Rich strike one sins then zero?

602
00:28:40,360 --> 00:28:44,840
Speaker 9: The number is one zero times. Now I think that

603
00:28:44,960 --> 00:28:46,520
Speaker 9: race is a bit of a fluke. It was a

604
00:28:46,600 --> 00:28:49,479
Speaker 9: sub it was it was circumstances that helped get him

605
00:28:49,480 --> 00:28:51,720
Speaker 9: in the winter circle. But what will absolutely happen this

606
00:28:51,840 --> 00:28:54,120
Speaker 9: year is after an eighty to one shot wins one year,

607
00:28:54,560 --> 00:28:57,400
Speaker 9: everybody goes out and bets the long shots. The next

608
00:28:57,480 --> 00:28:59,920
Speaker 9: year that's just gonna happen. So all these crazy long

609
00:29:00,120 --> 00:29:02,360
Speaker 9: shots that you'd be seventy eighty ninety to one, we'll

610
00:29:02,400 --> 00:29:04,320
Speaker 9: get bet down to twenty to one. And that doesn't

611
00:29:04,360 --> 00:29:07,600
Speaker 9: make a whole lot of sense, to be honest, but

612
00:29:07,760 --> 00:29:09,360
Speaker 9: it is something that's absolutely gonna happen.

613
00:29:09,360 --> 00:29:11,120
Speaker 2: By the way, this I don't want to get too

614
00:29:11,240 --> 00:29:14,400
Speaker 2: deep into this if it's complicated. I know nothing about betting.

615
00:29:14,840 --> 00:29:18,320
Speaker 2: Can you short a horse? Can you sell puts? I mean,

616
00:29:18,360 --> 00:29:21,320
Speaker 2: can you get into that sort of derivative stuff? Or

617
00:29:21,440 --> 00:29:22,920
Speaker 2: is it just bet on the ones you think are

618
00:29:22,960 --> 00:29:23,320
Speaker 2: gonna win.

619
00:29:23,520 --> 00:29:25,360
Speaker 9: So it's a lot easier in place like the UK

620
00:29:25,560 --> 00:29:27,560
Speaker 9: you can flat out short a horse and I love

621
00:29:27,720 --> 00:29:30,480
Speaker 9: that right so here because it's just very simple. I

622
00:29:30,560 --> 00:29:32,960
Speaker 9: want to bet against that horse. I essentially, if Paul

623
00:29:33,080 --> 00:29:35,720
Speaker 9: Sweeney wants to bet on the favorite Forte in the Derby,

624
00:29:36,120 --> 00:29:38,040
Speaker 9: I can say, hey, I'll take that action from Paul.

625
00:29:38,240 --> 00:29:40,320
Speaker 9: All right, you bet that bet with me. I'll give

626
00:29:40,320 --> 00:29:42,360
Speaker 9: it a forourte wins, I pay you. If he loses,

627
00:29:42,400 --> 00:29:44,760
Speaker 9: you pay me. In the United States of America, you cannot,

628
00:29:44,840 --> 00:29:47,520
Speaker 9: at least not at the major racetracks and the major

629
00:29:47,560 --> 00:29:50,360
Speaker 9: betting venues. So what you're typically left to do if

630
00:29:50,360 --> 00:29:53,800
Speaker 9: there's a big favorite that you're negative on to bet against,

631
00:29:54,040 --> 00:29:55,600
Speaker 9: find a bookie or you just what we say, you

632
00:29:55,760 --> 00:29:58,320
Speaker 9: fade that horse. You find you have to find the

633
00:29:58,440 --> 00:30:01,360
Speaker 9: most likely up setters to try to beat him.

634
00:30:01,400 --> 00:30:03,960
Speaker 3: But it's much much easier in the UK to.

635
00:30:04,280 --> 00:30:07,400
Speaker 2: So Fortes favored to win. Tell us about the favorites.

636
00:30:07,520 --> 00:30:09,480
Speaker 9: So the favorite so Forte was two year old champion

637
00:30:09,600 --> 00:30:13,320
Speaker 9: last year. He looked dynamite in his return as a

638
00:30:13,360 --> 00:30:14,920
Speaker 9: three year old. All the horses in the Derby are

639
00:30:14,920 --> 00:30:18,960
Speaker 9: three years old, right, He looked dynamite returning in February

640
00:30:20,160 --> 00:30:24,640
Speaker 9: at the races in Gulfstream, looked less great. Last in

641
00:30:24,720 --> 00:30:27,240
Speaker 9: his last race. He won that too. The issue with Forte,

642
00:30:27,280 --> 00:30:29,120
Speaker 9: and this is one of the really things that's unique

643
00:30:29,160 --> 00:30:31,280
Speaker 9: about the Derby, is at the Derby there will be

644
00:30:31,320 --> 00:30:35,680
Speaker 9: one hundred and fifty thousand screaming, drunk human beings. Horses

645
00:30:35,720 --> 00:30:39,760
Speaker 9: are flight animals, they're skittish animals, and surrounded by one

646
00:30:39,840 --> 00:30:41,760
Speaker 9: hundred and fifty thousand drunk people, they can get on

647
00:30:42,000 --> 00:30:44,320
Speaker 9: edge and they can lose their minds and run their

648
00:30:44,400 --> 00:30:47,960
Speaker 9: race before the race even begins. Forte has a bad habit.

649
00:30:48,400 --> 00:30:50,680
Speaker 9: Everyone should watch him in the pre race warm ups

650
00:30:50,720 --> 00:30:52,800
Speaker 9: and in the post brid He has a bad habit

651
00:30:52,880 --> 00:30:56,000
Speaker 9: of getting worked up and riled up and anxious and

652
00:30:56,120 --> 00:30:58,920
Speaker 9: sweaty's if that's happening to him in front of crowds

653
00:30:58,920 --> 00:31:01,640
Speaker 9: of ten and twenty thousand people, you can only imagine

654
00:31:01,640 --> 00:31:02,800
Speaker 9: what it's going to look like in front of one

655
00:31:02,880 --> 00:31:04,920
Speaker 9: hundred and fifty thousand people. That's one of my concerns

656
00:31:04,920 --> 00:31:08,280
Speaker 9: about him. I am indeed negative. I'm fading Forte.

657
00:31:08,320 --> 00:31:11,080
Speaker 3: All right, So other horses, who are you betting?

658
00:31:11,240 --> 00:31:12,240
Speaker 2: Who are you betting on to.

659
00:31:12,280 --> 00:31:16,960
Speaker 9: Win the winner of? Like voting the winner of the

660
00:31:16,960 --> 00:31:19,960
Speaker 9: one hundred and forty ninth Kentucky Derby is named Angel

661
00:31:20,120 --> 00:31:23,600
Speaker 9: of Empire. He'll be somewhere around eight to one ish.

662
00:31:24,000 --> 00:31:26,080
Speaker 9: I just like everything about the way he's coming into

663
00:31:26,120 --> 00:31:29,240
Speaker 9: the race, right. I'm someone who puts a lot of

664
00:31:29,320 --> 00:31:31,480
Speaker 9: stock in the way horses are training in the morning.

665
00:31:31,960 --> 00:31:34,760
Speaker 9: He right now everyone is just you know Gaga or

666
00:31:34,800 --> 00:31:36,440
Speaker 9: the way he looks in the track in the morning.

667
00:31:36,920 --> 00:31:38,800
Speaker 9: He's He's a horse that was a sort of a

668
00:31:39,000 --> 00:31:41,640
Speaker 9: more of a late developer, but he's the now. To me,

669
00:31:41,800 --> 00:31:43,400
Speaker 9: he's the now horse, and I think.

670
00:31:43,320 --> 00:31:44,120
Speaker 3: There's a lot of value.

671
00:31:44,160 --> 00:31:47,320
Speaker 9: So Forte has had a much more impressive career. But

672
00:31:47,520 --> 00:31:50,120
Speaker 9: you know, Forte very precocious at two, but seems to

673
00:31:50,160 --> 00:31:51,920
Speaker 9: be tailing off. A horse like Angel of Empire, I

674
00:31:51,960 --> 00:31:53,800
Speaker 9: think is a great candid. I also like, you know

675
00:31:53,880 --> 00:31:56,640
Speaker 9: a horse that almost beat Forte and the last race

676
00:31:56,640 --> 00:31:59,080
Speaker 9: of horse named Mage John Tucker. I see he's paying

677
00:31:59,080 --> 00:32:02,320
Speaker 9: attention right that downshot age got it?

678
00:32:02,760 --> 00:32:04,680
Speaker 2: Where can you go to place these bets?

679
00:32:04,960 --> 00:32:09,280
Speaker 9: Ot storing I obvious online there's all you know from

680
00:32:09,320 --> 00:32:12,160
Speaker 9: gambling apps. I mean, the New York Racing Association's got

681
00:32:12,200 --> 00:32:15,200
Speaker 9: one that's very popular, and IRA Bets Churchill Downs has

682
00:32:15,280 --> 00:32:17,920
Speaker 9: one that's very popular called you know Twin Spires dot Com.

683
00:32:18,200 --> 00:32:19,880
Speaker 2: I mean everyone's I need a long shot.

684
00:32:19,960 --> 00:32:22,120
Speaker 3: That's how I play. You want to long shot on

685
00:32:22,200 --> 00:32:23,040
Speaker 3: a long shot.

686
00:32:22,840 --> 00:32:24,200
Speaker 2: But they're not going to pay off as much as

687
00:32:24,240 --> 00:32:26,480
Speaker 2: the long shots typically do. David just told us everybody's

688
00:32:26,480 --> 00:32:27,920
Speaker 2: betting a long shot that drives the odds down.

689
00:32:27,920 --> 00:32:29,880
Speaker 3: That is absolutely you bet your book. I'll bet my

690
00:32:29,920 --> 00:32:31,040
Speaker 3: book shot.

691
00:32:31,160 --> 00:32:33,800
Speaker 9: The only thing I'll say, and thatcher right, Matt's paying attention.

692
00:32:33,880 --> 00:32:35,480
Speaker 9: Here's the only thing I'll say about the Derby is

693
00:32:35,520 --> 00:32:38,760
Speaker 9: the Derby gets you chaotic results because not only is

694
00:32:38,800 --> 00:32:42,640
Speaker 9: the crowd massive, it's a huge field. And so even

695
00:32:42,720 --> 00:32:45,400
Speaker 9: though we're down to just nineteen horses after the scratches,

696
00:32:45,720 --> 00:32:49,120
Speaker 9: nineteen horses is more than double the typical size of

697
00:32:49,120 --> 00:32:51,920
Speaker 9: a field in a race. So chaos reins. Last thing

698
00:32:51,960 --> 00:32:54,720
Speaker 9: that creates chaotic results and why sometimes long shots are

699
00:32:54,760 --> 00:32:57,720
Speaker 9: a good bet is no horse has ever run this

700
00:32:57,880 --> 00:33:00,360
Speaker 9: distance before this long a mile and a quarter, and

701
00:33:00,520 --> 00:33:03,040
Speaker 9: most of them will never run this distance again. AM

702
00:33:03,040 --> 00:33:05,360
Speaker 9: mile and a quarter is a rare distance. Nowadays they

703
00:33:05,440 --> 00:33:07,680
Speaker 9: tend to could be a mile and so you can

704
00:33:07,720 --> 00:33:09,560
Speaker 9: get chaotic results. So, Paul Sweeney, if you want to

705
00:33:09,600 --> 00:33:12,120
Speaker 9: dial up a long shut or two knock yourself, nice

706
00:33:12,160 --> 00:33:12,600
Speaker 9: good stuff.

707
00:33:13,000 --> 00:33:14,760
Speaker 2: Why don't we have a whole show with David Pye

708
00:33:14,880 --> 00:33:16,000
Speaker 2: knows I know he's coming back.

709
00:33:16,040 --> 00:33:16,920
Speaker 3: We're gonna, don't worry.

710
00:33:16,960 --> 00:33:19,160
Speaker 2: At least a weekly show we should have with you exactly.

711
00:33:19,240 --> 00:33:23,000
Speaker 1: They have a Populattopoulos, executive editor for Bloomberg News, and

712
00:33:23,080 --> 00:33:23,560
Speaker 1: he is our.

713
00:33:23,560 --> 00:33:25,760
Speaker 3: Resident horse guy. You gotta have a horse guy, and

714
00:33:25,840 --> 00:33:26,320
Speaker 3: we got one.

715
00:33:26,640 --> 00:33:29,720
Speaker 5: You're listening to the tape Can's are live program Bloomberg

716
00:33:29,840 --> 00:33:33,360
Speaker 5: Markets weekdays at ten am Eastern on Bloomberg Radio, the

717
00:33:33,480 --> 00:33:36,680
Speaker 5: tune in app, Bloomberg dot Com, and the Bloomberg Business App.

718
00:33:36,720 --> 00:33:39,520
Speaker 5: You can also listen live on Amazon Alexa from our

719
00:33:39,600 --> 00:33:43,960
Speaker 5: flagship New York station, Just say Alexa play Bloomberg eleven thirty.

720
00:33:46,880 --> 00:33:49,920
Speaker 2: It looks like there's a group of shall I say,

721
00:33:50,080 --> 00:33:54,200
Speaker 2: dissidents or activist shareholders yep, that are attempting what I

722
00:33:54,320 --> 00:33:57,680
Speaker 2: imagine is a very long shot bid to remove Warren

723
00:33:57,760 --> 00:34:02,160
Speaker 2: Buffett yeah from the air, from the position his position

724
00:34:02,200 --> 00:34:06,280
Speaker 2: as chairman at Berkshire Hathaway at the annual shareholder meeting

725
00:34:06,560 --> 00:34:09,800
Speaker 2: this Saturday. The reason, apparently, is because of his ties

726
00:34:09,840 --> 00:34:13,719
Speaker 2: to Bill Gates. The two are famously close and Bill

727
00:34:13,800 --> 00:34:17,560
Speaker 2: Gates charity charitable foundation, the Bill and Melinda Gates Foundation.

728
00:34:18,160 --> 00:34:19,840
Speaker 2: I don't know why, but.

729
00:34:20,239 --> 00:34:22,160
Speaker 3: We've got somebody who does know what exactly.

730
00:34:22,239 --> 00:34:25,280
Speaker 2: We've got the author of the article, the reporter joining

731
00:34:25,360 --> 00:34:28,520
Speaker 2: us right now, Bill Allison, comes to us from Washington,

732
00:34:28,600 --> 00:34:28,759
Speaker 2: d C.

733
00:34:28,920 --> 00:34:30,920
Speaker 3: Bill, what do we know about?

734
00:34:31,600 --> 00:34:33,719
Speaker 2: First of all, how how much of a long shot

735
00:34:33,840 --> 00:34:37,880
Speaker 2: is this? I mean, doesn't Warren Buffett have incredible uh,

736
00:34:38,080 --> 00:34:42,360
Speaker 2: speaking of brand loyalty, just unbelievable loyalty among Berkshire Hathaway shareholders.

737
00:34:43,120 --> 00:34:46,680
Speaker 10: Yeah, he definitely does. And you know he owns, you know,

738
00:34:47,080 --> 00:34:49,200
Speaker 10: almost a third of the stock. So that's going to

739
00:34:49,200 --> 00:34:53,040
Speaker 10: be votes again, and it's you know, it's very unlikely.

740
00:34:53,120 --> 00:34:56,080
Speaker 10: A similar proposal was introduced at the last year's meeting,

741
00:34:57,600 --> 00:34:59,600
Speaker 10: but it did get some support. It got almost eleven

742
00:34:59,640 --> 00:35:04,520
Speaker 10: percent support, and that's largely because CalPERS, the California Pension

743
00:35:04,560 --> 00:35:09,439
Speaker 10: employee retirement system, voted for the resolution and they said

744
00:35:09,480 --> 00:35:12,520
Speaker 10: that they long support you know, corporate governance where you

745
00:35:12,640 --> 00:35:16,720
Speaker 10: have an independent board share rather than having the CEO

746
00:35:16,840 --> 00:35:17,640
Speaker 10: play both roles.

747
00:35:18,320 --> 00:35:20,120
Speaker 3: So is this a political thing?

748
00:35:20,200 --> 00:35:23,080
Speaker 1: What do we know about the reasoning behind this that

749
00:35:23,360 --> 00:35:27,520
Speaker 1: perhaps some investors don't appreciate the politics of Gates and

750
00:35:27,560 --> 00:35:31,000
Speaker 1: maybe some other folks that mister Buffett may align himself with.

751
00:35:31,719 --> 00:35:34,040
Speaker 10: Yeah, I think that this is this is sort of

752
00:35:34,120 --> 00:35:37,040
Speaker 10: the question that these these folks are raising, is that

753
00:35:37,239 --> 00:35:40,640
Speaker 10: you know, Warren Buffett has last year's meeting, he said

754
00:35:40,640 --> 00:35:43,880
Speaker 10: that basically, you know, if you take political positions, you

755
00:35:44,280 --> 00:35:47,719
Speaker 10: end up angering more people than you please. And it's

756
00:35:48,040 --> 00:35:50,560
Speaker 10: you know, he would never do that to hurt Berkshire

757
00:35:50,560 --> 00:35:53,120
Speaker 10: half the way shareholders. And then these guys are looking, well,

758
00:35:53,560 --> 00:35:56,080
Speaker 10: you serve on the board of an organization that, you know,

759
00:35:56,160 --> 00:35:59,359
Speaker 10: maybe not political in the sense of Democrats and Republicans,

760
00:35:59,440 --> 00:36:01,920
Speaker 10: but political in the sense of they take a lot

761
00:36:01,960 --> 00:36:04,480
Speaker 10: of positions on social issues that are you know, frankly,

762
00:36:04,560 --> 00:36:07,279
Speaker 10: really contentious. And it's you know, whether it's you know,

763
00:36:08,120 --> 00:36:13,400
Speaker 10: abortion or transgender issues or uh, you know, how how

764
00:36:13,480 --> 00:36:15,920
Speaker 10: we teach students in schools. You know, a lot of

765
00:36:15,960 --> 00:36:18,319
Speaker 10: these things have become hot button issues. And what they're

766
00:36:18,400 --> 00:36:20,680
Speaker 10: asking is, you know, are pointing to, is you know,

767
00:36:20,760 --> 00:36:23,360
Speaker 10: you have this close association with this you know, foundation

768
00:36:24,000 --> 00:36:26,520
Speaker 10: that has you know, all kinds of different programs that

769
00:36:26,760 --> 00:36:29,440
Speaker 10: some of which could be controversial or view as controversial

770
00:36:29,880 --> 00:36:31,600
Speaker 10: isn't that doing what you said you wouldn't do?

771
00:36:32,560 --> 00:36:36,759
Speaker 2: All right? So you know, I was struck by your

772
00:36:36,840 --> 00:36:39,800
Speaker 2: story in that it says Warren Buffett's ties to Bill Gates,

773
00:36:40,000 --> 00:36:44,920
Speaker 2: whose charitable work has triggered criticism, are putting investors in

774
00:36:44,960 --> 00:36:47,920
Speaker 2: Berkshire Hathaway at risk. I would have thought his ties

775
00:36:47,960 --> 00:36:52,360
Speaker 2: to Bill Gates are a problem because of Bill gates

776
00:36:52,520 --> 00:36:56,120
Speaker 2: association with Jeffrey Epstein more and more of which we're

777
00:36:56,160 --> 00:36:56,680
Speaker 2: learning about.

778
00:36:57,560 --> 00:36:59,920
Speaker 10: Well, that's something that you know that the shareholders. It's

779
00:37:00,080 --> 00:37:04,160
Speaker 10: group called the National Law, Legal and Policy Center, and

780
00:37:04,280 --> 00:37:05,960
Speaker 10: that's one of the issues that they're raising is that,

781
00:37:06,040 --> 00:37:09,279
Speaker 10: you know, there's this reputational risk that you know that

782
00:37:09,400 --> 00:37:13,239
Speaker 10: Bill Gates has kind of become you know, his his

783
00:37:13,400 --> 00:37:15,520
Speaker 10: reputation has taken a hit. You know, it's not just

784
00:37:16,480 --> 00:37:20,360
Speaker 10: you know, Jeffrey Epstein. There's the question of you know,

785
00:37:20,480 --> 00:37:23,799
Speaker 10: his you know, the divorce and everything else, and it's

786
00:37:23,920 --> 00:37:26,919
Speaker 10: it's kind of that, you know, he's become much more

787
00:37:27,000 --> 00:37:30,680
Speaker 10: of a you know, much less of somebody who you know,

788
00:37:30,800 --> 00:37:33,000
Speaker 10: people thought was you know, always had his heart in

789
00:37:33,040 --> 00:37:35,960
Speaker 10: the right place. To raising some questions about some of

790
00:37:36,000 --> 00:37:37,919
Speaker 10: the things that he's done. In fairness, to Bill Gates.

791
00:37:38,000 --> 00:37:40,080
Speaker 10: He said that it was a mistake to know Jeffrey Epstein,

792
00:37:40,160 --> 00:37:43,560
Speaker 10: that he regrets it, but still this is just you know,

793
00:37:44,520 --> 00:37:46,959
Speaker 10: you know, Jeffrey Epstein just keeps popping up in the news.

794
00:37:47,040 --> 00:37:48,920
Speaker 10: You know, there's just a couple of series of articles

795
00:37:49,360 --> 00:37:51,800
Speaker 10: looking at his appointment calendar and lo and behold. You

796
00:37:51,840 --> 00:37:53,879
Speaker 10: know whose name is mentioned in it? But Bill Gates,

797
00:37:54,160 --> 00:37:55,400
Speaker 10: you're listening to the tape.

798
00:37:55,600 --> 00:37:58,640
Speaker 5: Can's are live program Bloomberg Markets week days at ten

799
00:37:58,680 --> 00:38:02,160
Speaker 5: am Eastern on Blomberg Radio, the tune in app, Bloomberg

800
00:38:02,239 --> 00:38:04,759
Speaker 5: dot Com, and the Bloomberg Business App. You can also

801
00:38:04,880 --> 00:38:08,359
Speaker 5: listen live on Amazon Alexa from our flagship New York station.

802
00:38:08,719 --> 00:38:11,759
Speaker 5: Just say Alexa play Bloomberg eleven thirty.

803
00:38:13,800 --> 00:38:16,759
Speaker 1: Brian, You're in our Bloomberg Interactive Broker Studio. I love

804
00:38:16,840 --> 00:38:20,280
Speaker 1: the casino business. Most of the casino operators have reported numbers.

805
00:38:20,360 --> 00:38:23,160
Speaker 1: Just generally speaking, are people rolling the bones here these days?

806
00:38:24,000 --> 00:38:27,080
Speaker 7: It appears they are. I mean, gaming has been generally speaking,

807
00:38:27,440 --> 00:38:30,480
Speaker 7: really quite strong. You know, there are some puts and takes,

808
00:38:30,600 --> 00:38:34,920
Speaker 7: but domestically Vegas is looking quite strong. Probably the biggest

809
00:38:34,960 --> 00:38:39,480
Speaker 7: inflection point is the group convention, Business and Business travel appears.

810
00:38:39,080 --> 00:38:39,839
Speaker 6: To be coming back.

811
00:38:39,960 --> 00:38:44,040
Speaker 7: But you know, the overall tone of gaming lodging earning

812
00:38:44,080 --> 00:38:46,799
Speaker 7: season thus far has been quite positive. Maybe a little

813
00:38:46,800 --> 00:38:49,880
Speaker 7: bit of tentativeness and certaintly about the second half, but

814
00:38:50,000 --> 00:38:52,840
Speaker 7: overall quite positive. And you know, also just directing this

815
00:38:52,960 --> 00:38:57,440
Speaker 7: to what happening internationally, McCaw was also doing quite a

816
00:38:57,480 --> 00:39:00,399
Speaker 7: bit better now that the travel restrictions in that part

817
00:39:00,400 --> 00:39:00,759
Speaker 7: of the world.

818
00:39:00,800 --> 00:39:04,000
Speaker 1: So that's off the coast of China, that's the the

819
00:39:04,160 --> 00:39:06,800
Speaker 1: big that is the Las Vegas strip of Asia, and

820
00:39:06,880 --> 00:39:10,200
Speaker 1: that depends almost entirely on mainland China. And now that

821
00:39:10,280 --> 00:39:13,560
Speaker 1: China's reopened, definitely okay.

822
00:39:13,440 --> 00:39:16,240
Speaker 7: I mean, the whole high end business has been choked

823
00:39:16,280 --> 00:39:18,880
Speaker 7: off a little bit because there's some restrictions on junkets

824
00:39:19,160 --> 00:39:21,960
Speaker 7: can't want money, you know, junk get credit. But overall,

825
00:39:22,080 --> 00:39:25,640
Speaker 7: you know that business is definitely coming back because of

826
00:39:25,760 --> 00:39:28,560
Speaker 7: the winding down of the zero COVID regime. That's what's

827
00:39:28,640 --> 00:39:29,680
Speaker 7: really helping that part.

828
00:39:29,520 --> 00:39:29,879
Speaker 6: Of the world.

829
00:39:30,960 --> 00:39:33,960
Speaker 1: So when I think Vegas, how I got into Vegas

830
00:39:34,080 --> 00:39:35,560
Speaker 1: was just a convention route. I mean, you go to

831
00:39:35,600 --> 00:39:37,759
Speaker 1: the Vegas for all these conventions and that's kind of

832
00:39:37,800 --> 00:39:40,120
Speaker 1: exposed to you to Vegas and then you're kind of

833
00:39:40,200 --> 00:39:43,279
Speaker 1: for people like me, kind of hooked and really two

834
00:39:43,320 --> 00:39:45,280
Speaker 1: to three nights is the max for me. Let's be honest.

835
00:39:45,800 --> 00:39:47,640
Speaker 1: So talk to us about that convention business, because we

836
00:39:47,760 --> 00:39:50,200
Speaker 1: just had a story earlier that says March was a

837
00:39:50,719 --> 00:39:53,360
Speaker 1: like almost pre pandemic levels and it was due in

838
00:39:53,440 --> 00:39:57,080
Speaker 1: part two Taylor Swift and the PAC twelve championship and

839
00:39:57,080 --> 00:39:59,120
Speaker 1: thinking things like that. So how's the convention business, So,

840
00:39:59,200 --> 00:40:01,960
Speaker 1: I mean, convention busines, this overall, it's really coming back

841
00:40:02,000 --> 00:40:05,839
Speaker 1: at its peak pre pandemic. It was maybe twenty one

842
00:40:05,880 --> 00:40:08,319
Speaker 1: percent of total room nights and now we're pretty much

843
00:40:08,560 --> 00:40:11,360
Speaker 1: back there and moving that direction. You know, overall Vegas

844
00:40:12,040 --> 00:40:16,000
Speaker 1: first quarter gaming revenues was twenty eight percent higher than

845
00:40:16,040 --> 00:40:19,319
Speaker 1: the first quarter of nineteen, so we're now we're now

846
00:40:19,400 --> 00:40:21,480
Speaker 1: above pre pandemic levels in terms of revenue.

847
00:40:21,760 --> 00:40:24,720
Speaker 2: Is it the best place? Is it the biggest place

848
00:40:24,920 --> 00:40:27,640
Speaker 2: in the country for conventions? I mean, Paul seems to

849
00:40:27,680 --> 00:40:29,560
Speaker 2: want to go there every other week for a convention,

850
00:40:29,840 --> 00:40:31,680
Speaker 2: but that's just because you want to wants to hit

851
00:40:31,680 --> 00:40:32,040
Speaker 2: the table.

852
00:40:33,000 --> 00:40:33,160
Speaker 6: Yeah.

853
00:40:33,200 --> 00:40:35,440
Speaker 7: What makes what makes Vegas really different is if you're

854
00:40:35,480 --> 00:40:39,120
Speaker 7: in a regional casino in another part of the country.

855
00:40:39,400 --> 00:40:41,759
Speaker 7: Gaming is maybe eighty five percent of the total. When

856
00:40:41,760 --> 00:40:43,759
Speaker 7: you're out in Vegas, it's pretty close to fifty to

857
00:40:43,800 --> 00:40:46,600
Speaker 7: fifty sixty forty in favor of the non gaming component.

858
00:40:47,160 --> 00:40:48,960
Speaker 7: So the big change over the last few decades has

859
00:40:49,000 --> 00:40:54,839
Speaker 7: been the conventions, restaurants, entertainment, meetings, all those all those

860
00:40:54,920 --> 00:40:55,800
Speaker 7: businesses now.

861
00:40:55,960 --> 00:40:56,960
Speaker 2: And I would think it's a big part.

862
00:40:57,080 --> 00:40:58,560
Speaker 1: And I would think, you know, with the work from home,

863
00:40:58,600 --> 00:41:00,839
Speaker 1: what I'm hearing from a lot of companies is we're

864
00:41:00,920 --> 00:41:03,040
Speaker 1: being flexible, we're working from home, but we're trying to

865
00:41:03,120 --> 00:41:04,600
Speaker 1: get together as a group more often.

866
00:41:04,640 --> 00:41:07,279
Speaker 3: I'm like, Vegas, you know, I mean, are they is that?

867
00:41:07,880 --> 00:41:09,799
Speaker 1: Are they when they're when they're booking some of these groups,

868
00:41:09,840 --> 00:41:11,319
Speaker 1: Are they seeing some of that as something new?

869
00:41:11,400 --> 00:41:11,600
Speaker 5: Maybe?

870
00:41:12,560 --> 00:41:14,279
Speaker 7: I think so. I mean, Vegas this has you know,

871
00:41:14,360 --> 00:41:17,840
Speaker 7: it's not just about Vegas being the fun destination. It is,

872
00:41:17,920 --> 00:41:19,960
Speaker 7: but it has the infrastructure right. It's got the airport,

873
00:41:19,960 --> 00:41:23,960
Speaker 7: it's got the hotel rooms, it's got the amenity package,

874
00:41:24,000 --> 00:41:25,520
Speaker 7: it's got the convention facilities.

875
00:41:25,600 --> 00:41:27,160
Speaker 2: It's also got all the high end dining.

876
00:41:28,080 --> 00:41:29,440
Speaker 7: Has everything you need to make.

877
00:41:29,320 --> 00:41:30,200
Speaker 6: It right at the destination.

878
00:41:30,600 --> 00:41:32,799
Speaker 1: My man, all right, let's we got you. You cover

879
00:41:32,920 --> 00:41:35,760
Speaker 1: all the fun stuff, including the cruise lines. Royal Caribbean

880
00:41:35,800 --> 00:41:39,120
Speaker 1: had some pretty decent results here. I guess people are

881
00:41:39,280 --> 00:41:41,520
Speaker 1: are they cruising, are they worried about inflation, are they

882
00:41:41,520 --> 00:41:44,600
Speaker 1: worried about a recession? Or are they just kind of saying, heck,

883
00:41:44,719 --> 00:41:45,239
Speaker 1: booked me up.

884
00:41:45,600 --> 00:41:47,480
Speaker 7: So you know, first of all, the ships are all

885
00:41:47,560 --> 00:41:49,759
Speaker 7: back in service now, we're pretty much at our near

886
00:41:49,840 --> 00:41:54,120
Speaker 7: complete redeployment after those ships were paused. And you know,

887
00:41:54,320 --> 00:41:56,600
Speaker 7: just the numbers that just came out recently from Royal

888
00:41:56,680 --> 00:41:59,480
Speaker 7: Caribbean where the strength they're seeing, and it's it's really

889
00:41:59,560 --> 00:41:59,960
Speaker 7: quite strong.

890
00:42:00,040 --> 00:42:01,120
Speaker 5: Wrong is.

891
00:42:02,640 --> 00:42:05,080
Speaker 7: You know, it's global, but it's it's certainly we led

892
00:42:05,160 --> 00:42:07,800
Speaker 7: by the North American consumer in the Caribbean and the

893
00:42:08,200 --> 00:42:10,960
Speaker 7: sort of shortly bookings are improving. It's gonna take a

894
00:42:10,960 --> 00:42:13,840
Speaker 7: while for cruises in China to come back, you know.

895
00:42:13,920 --> 00:42:18,240
Speaker 7: But but the North America consumer of all things leisure

896
00:42:18,360 --> 00:42:19,440
Speaker 7: is really health in there.

897
00:42:19,920 --> 00:42:20,839
Speaker 3: And that's what he does.

898
00:42:20,880 --> 00:42:24,320
Speaker 1: He's a leisure There's an institutional investor magazine category called leisure.

899
00:42:24,400 --> 00:42:26,160
Speaker 6: Have you gone on a cruise?

900
00:42:26,640 --> 00:42:27,320
Speaker 4: I have? I have?

901
00:42:28,280 --> 00:42:28,560
Speaker 5: You don't.

902
00:42:31,200 --> 00:42:33,560
Speaker 7: I've got on cruises as part of my due diligence

903
00:42:33,640 --> 00:42:35,800
Speaker 7: roles in analysts and also for fun. But I actually do,

904
00:42:36,200 --> 00:42:39,040
Speaker 7: I personally do enjoy it, which helps me.

905
00:42:39,040 --> 00:42:40,839
Speaker 2: And Paul are gonna go. We're gonna do it cruise.

906
00:42:40,880 --> 00:42:42,799
Speaker 3: We're gonna do a cruise and we have to. All right,

907
00:42:43,200 --> 00:42:44,200
Speaker 3: great step Ryanegger.

908
00:42:44,239 --> 00:42:47,080
Speaker 1: He covers all the leisure stuff, the casinos, the hotels,

909
00:42:47,120 --> 00:42:49,960
Speaker 1: the cruises, all that fun stuff you also cover, you know,

910
00:42:50,120 --> 00:42:51,080
Speaker 1: just anything that's fun.

911
00:42:51,160 --> 00:42:53,680
Speaker 3: He tends to cover, which is a great career choice.

912
00:42:54,600 --> 00:42:56,839
Speaker 3: He made it, like, yeah, he does, so it's all good.

913
00:42:59,000 --> 00:43:01,880
Speaker 2: Thanks for listening to the Blue Burg Markets podcasts. You

914
00:43:01,960 --> 00:43:05,239
Speaker 2: can subscribe and listen to interviews on Apple Podcasts or

915
00:43:05,520 --> 00:43:09,200
Speaker 2: whatever podcast platform you prefer. I'm Matt Miller. I'm on

916
00:43:09,320 --> 00:43:11,799
Speaker 2: Twitter at Matt Miller nineteen seventy three.

917
00:43:12,280 --> 00:43:13,120
Speaker 3: And I'm Paul Sweeney.

918
00:43:13,160 --> 00:43:15,759
Speaker 1: I'm on Twitter at pt Sweeney. Before the podcast, you

919
00:43:15,840 --> 00:43:18,239
Speaker 1: can always catch us worldwide at Bloomberg Radio