1 00:00:01,360 --> 00:00:04,120 Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, along 2 00:00:04,120 --> 00:00:06,200 Speaker 1: with my co host of Bonnie Quinn. Every business day 3 00:00:06,240 --> 00:00:10,360 Speaker 1: we bring you interviews from CEO, market pros and Bloomberg experts, 4 00:00:10,400 --> 00:00:13,600 Speaker 1: along with essential market moving news. Find the Bloomberg Markets 5 00:00:13,600 --> 00:00:17,000 Speaker 1: Podcast on Apple podcast or wherever you listen to podcasts, 6 00:00:17,000 --> 00:00:20,000 Speaker 1: and on Bloomberg dot com. Lisa, you know, as we 7 00:00:20,120 --> 00:00:23,040 Speaker 1: make our way towards New Year's Eve, I'm gonna make 8 00:00:23,040 --> 00:00:25,239 Speaker 1: a call here. I'm gonna say that people are going 9 00:00:25,280 --> 00:00:28,400 Speaker 1: to drink a little bit more champagne than they typically do. 10 00:00:28,440 --> 00:00:30,680 Speaker 1: What do you think that they typically do in quarantine 11 00:00:30,760 --> 00:00:33,040 Speaker 1: or just general? And I think just I think this 12 00:00:33,120 --> 00:00:35,240 Speaker 1: is gonna be a big here for champagne. As we 13 00:00:35,280 --> 00:00:37,920 Speaker 1: get the New Year's Eve, let's talk champagne. There's nobody 14 00:00:37,960 --> 00:00:41,159 Speaker 1: better to do that with than champagne. There you go. 15 00:00:41,760 --> 00:00:45,680 Speaker 1: Blaine Ashley, founder New York Champagne Week and the Fizz 16 00:00:45,800 --> 00:00:48,760 Speaker 1: Is female platform and website, joining us on the phone 17 00:00:48,840 --> 00:00:51,920 Speaker 1: from New York. Blaine, thanks so much for joining us. 18 00:00:51,960 --> 00:00:54,840 Speaker 1: I'm looking at a beautiful bottle of champagne right here. 19 00:00:55,400 --> 00:00:59,920 Speaker 1: My question is what is champagne? Are people drinking more 20 00:01:00,040 --> 00:01:04,400 Speaker 1: champagne and a pandemic and a quarantine then typically, well, 21 00:01:04,440 --> 00:01:06,839 Speaker 1: first off, thank you both for having me. I really 22 00:01:06,840 --> 00:01:09,520 Speaker 1: appreciate it. And yes, the answer is yes, people are 23 00:01:09,600 --> 00:01:12,640 Speaker 1: drinking a lot more champagne, are actually spending more money 24 00:01:12,720 --> 00:01:16,279 Speaker 1: on wine in general. UM sales have been a thirty 25 00:01:16,400 --> 00:01:20,760 Speaker 1: percent for champagne since June. Since mid June, so usually 26 00:01:20,840 --> 00:01:25,600 Speaker 1: most of the revenue for the champagne industry comes in October, November, December. 27 00:01:25,640 --> 00:01:27,640 Speaker 1: We call it O n D. But we've been doing 28 00:01:27,680 --> 00:01:30,920 Speaker 1: those numbers of our sales come from that time frame. 29 00:01:31,120 --> 00:01:37,240 Speaker 1: We've been doing those numbers since June. Okay, Virtual tastings, yeah, 30 00:01:37,840 --> 00:01:40,479 Speaker 1: a real thing. I mean do people actually do that 31 00:01:40,560 --> 00:01:44,160 Speaker 1: and feel satisfied with that? Um it is such a 32 00:01:44,200 --> 00:01:46,479 Speaker 1: real thing because as you know, as I'm the founder 33 00:01:46,480 --> 00:01:48,440 Speaker 1: of New York Champagne Week, which has been the live 34 00:01:48,440 --> 00:01:51,480 Speaker 1: event for the last seven years, we transitioned the web 35 00:01:51,720 --> 00:01:55,000 Speaker 1: this year. In one week, we did ten events. We 36 00:01:55,120 --> 00:01:58,320 Speaker 1: shift the Champagne experiences to thirty nine states, and we 37 00:01:58,400 --> 00:02:01,920 Speaker 1: had over two people per just tickets across the country 38 00:02:02,120 --> 00:02:05,480 Speaker 1: to attend events like the Fried Chicken and Champagne Bash, 39 00:02:05,560 --> 00:02:08,600 Speaker 1: which we did with Marcus Danielson of of the Red 40 00:02:08,680 --> 00:02:12,680 Speaker 1: Rooster in your backyard LISTA and Harlem, I know where 41 00:02:12,680 --> 00:02:17,280 Speaker 1: I live, my God, and then we we also we 42 00:02:17,400 --> 00:02:21,360 Speaker 1: paired him up with a Champagne brand. Owner is also 43 00:02:21,360 --> 00:02:24,520 Speaker 1: based on Harlem Rito Jam for walk Hard All Champagne. 44 00:02:24,800 --> 00:02:29,919 Speaker 1: I have actually done forty three virtual peastings since May 45 00:02:29,960 --> 00:02:32,960 Speaker 1: through December. And that's why I love half bottles because 46 00:02:32,960 --> 00:02:36,359 Speaker 1: they're keeping the waist line and check pennies in my pocket, 47 00:02:37,639 --> 00:02:39,920 Speaker 1: all of that jobs, and they're they're much healthier for 48 00:02:39,960 --> 00:02:42,800 Speaker 1: you all around. Right, So that's why I'm loving half 49 00:02:42,840 --> 00:02:45,880 Speaker 1: bottles of Champagne. Which that business is way up, like 50 00:02:47,520 --> 00:02:51,080 Speaker 1: so Blaine, So people are drinking more. We've heard that 51 00:02:51,160 --> 00:02:56,000 Speaker 1: from different parts of the spirits industry. Are you finding 52 00:02:56,280 --> 00:03:00,120 Speaker 1: new champagne drinkers? Are you attracting new people to champagne? 53 00:03:01,960 --> 00:03:04,600 Speaker 1: I think so. I think that people are really looking 54 00:03:04,639 --> 00:03:08,600 Speaker 1: for those little affordable luxuries in life, and so through 55 00:03:08,880 --> 00:03:10,839 Speaker 1: a lot of the events and the tastings we're doing, 56 00:03:10,840 --> 00:03:13,079 Speaker 1: we're trying to make it very approachable. Like right now, 57 00:03:13,600 --> 00:03:16,280 Speaker 1: I have my bottle of Charles hid stuck open with 58 00:03:16,400 --> 00:03:22,120 Speaker 1: some popcorn. And the newest craze with caviare is instead 59 00:03:22,120 --> 00:03:24,480 Speaker 1: of it's ditching the balinis but putting it on a 60 00:03:24,480 --> 00:03:27,200 Speaker 1: potato chip. So it's kind of like all about like 61 00:03:27,240 --> 00:03:30,960 Speaker 1: the approachable um and the diversity that champagne has to 62 00:03:31,000 --> 00:03:35,000 Speaker 1: offer a diversification. But also champagne is the most food 63 00:03:35,040 --> 00:03:38,320 Speaker 1: friendly wine out there. It really pairs from everything really 64 00:03:38,360 --> 00:03:41,840 Speaker 1: that you can find. And then also um, champagne is 65 00:03:41,880 --> 00:03:45,120 Speaker 1: lower than lower and alcohol. Uh, so it generally falls 66 00:03:45,120 --> 00:03:49,000 Speaker 1: in the twelve percent category, whereas a standard still line 67 00:03:49,000 --> 00:03:53,760 Speaker 1: will be around fourteen. I gotta say, I'm not sure 68 00:03:53,880 --> 00:03:56,680 Speaker 1: that you want to reduce alcohol. Actually I shouldn't have 69 00:03:56,720 --> 00:04:00,200 Speaker 1: a joke about that, but I'm wondering going full were 70 00:04:00,520 --> 00:04:04,200 Speaker 1: this concept of virtual paired with actual how do you 71 00:04:04,320 --> 00:04:08,200 Speaker 1: see this evolving in a world that isn't necessarily beset 72 00:04:08,360 --> 00:04:12,360 Speaker 1: with the pandemic woes? Right, So, after Champagne Week, and 73 00:04:12,400 --> 00:04:14,640 Speaker 1: this is something I never saw coming as a total 74 00:04:14,720 --> 00:04:18,080 Speaker 1: small business in One Woman's show, I started having financial 75 00:04:18,320 --> 00:04:21,800 Speaker 1: firms and banks, um uh companies reach out to me 76 00:04:21,880 --> 00:04:25,560 Speaker 1: to do virtual tastings for their clients. So I actually 77 00:04:25,560 --> 00:04:30,120 Speaker 1: there's a few Champagne and caveat experiences with Google. I've 78 00:04:30,120 --> 00:04:33,239 Speaker 1: done some um from age and fays, so like cheese 79 00:04:33,240 --> 00:04:37,120 Speaker 1: and champagne tastings for banks like JP Morgan. Um. I 80 00:04:37,160 --> 00:04:39,760 Speaker 1: never saw that coming. I actually booked that. We booked 81 00:04:39,760 --> 00:04:45,479 Speaker 1: about ten events between December eight and eighteen. Um uh 82 00:04:45,560 --> 00:04:47,919 Speaker 1: four people that are are switching up there. You know, 83 00:04:47,960 --> 00:04:50,520 Speaker 1: they can't do traditional client entertaining, so they're looking to 84 00:04:50,560 --> 00:04:56,160 Speaker 1: do this instead. Another great uh way that we're getting 85 00:04:56,800 --> 00:04:59,440 Speaker 1: these virtual tastings out there and giving back to the 86 00:04:59,480 --> 00:05:02,880 Speaker 1: food and bridge industry, which is obviously hurting majorly right now, 87 00:05:02,960 --> 00:05:05,359 Speaker 1: is doing a lot of chefs collaborations. A lot of 88 00:05:05,360 --> 00:05:08,800 Speaker 1: these chefs are offering items on sites like gold Belly, 89 00:05:08,839 --> 00:05:12,000 Speaker 1: which can ship to fifty states, and they're offering their 90 00:05:12,040 --> 00:05:15,720 Speaker 1: like signature dish and delivering people's doorstep the day before 91 00:05:15,720 --> 00:05:17,480 Speaker 1: so they can prepare it at home and have these 92 00:05:17,480 --> 00:05:20,880 Speaker 1: great experiences. Blaine, what are some of the champagne's that 93 00:05:21,400 --> 00:05:24,240 Speaker 1: you like right now that you're really suggesting people that 94 00:05:24,279 --> 00:05:27,919 Speaker 1: they take some time in experiment with, right so I 95 00:05:28,040 --> 00:05:30,880 Speaker 1: selected some today to chat about. Um. We have the 96 00:05:31,080 --> 00:05:34,200 Speaker 1: Charles types like Group Reserve that is a great champagne 97 00:05:34,720 --> 00:05:38,120 Speaker 1: to start off your festivities for the holidays with, like 98 00:05:38,200 --> 00:05:41,039 Speaker 1: cheese and charcooterie boards something like that. Um. It is 99 00:05:41,040 --> 00:05:44,240 Speaker 1: a blend of the three traditional grapes and champagne so 100 00:05:44,720 --> 00:05:50,320 Speaker 1: Pino noir, Chardonnay, pinomnier, and it's eleven grams of dosage, 101 00:05:50,360 --> 00:05:52,880 Speaker 1: which is the sugar. And that's another great thing about champagne. 102 00:05:52,880 --> 00:05:55,520 Speaker 1: It actually has a lower sugar content that people realize. 103 00:05:55,960 --> 00:06:01,320 Speaker 1: Most groups Champagne's fall between six and twelve grams per leader. Um. 104 00:06:01,680 --> 00:06:06,680 Speaker 1: So that is an excellent um talking point about champagne, 105 00:06:06,800 --> 00:06:09,760 Speaker 1: reason you should be drinking it. And then moving on, um, 106 00:06:09,880 --> 00:06:13,240 Speaker 1: we have billa carsmon blanc to blanc now Blanc to 107 00:06:13,279 --> 00:06:16,640 Speaker 1: blanc is a d percent chardoni and Chardonnay is great 108 00:06:16,680 --> 00:06:19,080 Speaker 1: with fish. So I would pair that with a feast 109 00:06:19,120 --> 00:06:23,880 Speaker 1: of seven fishes Christmas Eve dinner and down maybe also 110 00:06:23,920 --> 00:06:25,800 Speaker 1: if you want to up the antie again, we love 111 00:06:25,880 --> 00:06:29,120 Speaker 1: caviar and champagne. That's the great pairing. And then you 112 00:06:29,240 --> 00:06:34,400 Speaker 1: have the su boi. I believe Paul correct and that 113 00:06:34,640 --> 00:06:39,560 Speaker 1: is excellent with your classic Christmas dinner traditional holiday foods 114 00:06:39,600 --> 00:06:45,039 Speaker 1: like you know, turkey, uh, mushrooms, stuffing. I love duck, 115 00:06:45,200 --> 00:06:48,000 Speaker 1: so I love it with duck. And then I believe 116 00:06:48,040 --> 00:06:52,120 Speaker 1: that Lisa has the Laurent Perier kube rouse and we 117 00:06:52,200 --> 00:06:57,240 Speaker 1: love to pair rose with dessert around here, so um, 118 00:06:57,279 --> 00:07:01,159 Speaker 1: that's that's a great pairing with apple pie, of pecan pie, 119 00:07:01,279 --> 00:07:04,160 Speaker 1: any sort of like fruit tart. Also, if you're not 120 00:07:04,360 --> 00:07:06,560 Speaker 1: into like sweets, I'm kind of a more of a 121 00:07:06,640 --> 00:07:10,600 Speaker 1: cheese person, so you could do creamy cheeses, citrusly jams 122 00:07:10,640 --> 00:07:14,040 Speaker 1: and figs um something like that would be perfect with 123 00:07:14,080 --> 00:07:18,240 Speaker 1: that rose. And it's also it's stunning bottle, right, it's beautiful. 124 00:07:18,320 --> 00:07:22,640 Speaker 1: I've actually tasting another one that you sent over currently, 125 00:07:24,640 --> 00:07:27,200 Speaker 1: so that that's what I believe. Are you having the 126 00:07:27,280 --> 00:07:32,440 Speaker 1: Child's type or the lacara velve I'm doing yes, so 127 00:07:32,560 --> 00:07:35,240 Speaker 1: the lacr vel cub Minia and that's what I set 128 00:07:35,280 --> 00:07:38,600 Speaker 1: off the top um. That has been my good I 129 00:07:38,640 --> 00:07:42,040 Speaker 1: had too much of it. No, that has been my 130 00:07:42,160 --> 00:07:45,520 Speaker 1: go to zoom line of this season. And because the 131 00:07:45,640 --> 00:07:48,200 Speaker 1: brand owner lives in New York and it's been really 132 00:07:48,280 --> 00:07:51,280 Speaker 1: great for collaboration Steak, She's able to kind of hop 133 00:07:51,320 --> 00:07:54,160 Speaker 1: onto a lot of these events. So everything we're offering 134 00:07:54,280 --> 00:07:57,480 Speaker 1: on our website right now for virtual any time booking, 135 00:07:58,200 --> 00:08:00,320 Speaker 1: we do with Rita, the owner of Laka of All, 136 00:08:00,480 --> 00:08:04,520 Speaker 1: because she's there and who better to speak to her 137 00:08:04,680 --> 00:08:08,720 Speaker 1: Champagne for these zoom experiences than than the founder herself. 138 00:08:09,200 --> 00:08:12,120 Speaker 1: And what's great as Rita used to own a iconic 139 00:08:12,200 --> 00:08:15,280 Speaker 1: restaurant in Midtown called La Carvell. It closed in two 140 00:08:15,320 --> 00:08:17,840 Speaker 1: thousand and three, but it was like Kennedy's hot Spot 141 00:08:17,960 --> 00:08:21,320 Speaker 1: or the Stewart, like tons of glow, Julia Child, tons 142 00:08:21,320 --> 00:08:23,680 Speaker 1: of g Literatti went there and she is like best 143 00:08:23,720 --> 00:08:26,160 Speaker 1: friends to every single chef in New York. We have 144 00:08:26,360 --> 00:08:29,520 Speaker 1: access to the chefs because of the founder of Lacarravel, 145 00:08:29,600 --> 00:08:36,120 Speaker 1: Rita Jamai Champagne Blaine, you made my Thursday afternoon absolutely fantastic. 146 00:08:36,280 --> 00:08:38,120 Speaker 1: You made it a little bit harry for Paul, who's 147 00:08:38,120 --> 00:08:40,520 Speaker 1: a little concerned. I haven't drug that much. I just 148 00:08:40,640 --> 00:08:43,720 Speaker 1: opened at the beginning of the segment. Champagne Blaine, thank 149 00:08:43,760 --> 00:08:47,240 Speaker 1: you so much. That was fantastic and I look forward 150 00:08:47,280 --> 00:08:51,760 Speaker 1: to a very, very fun evening. Champagne Blaine. Ashley, founder 151 00:08:51,800 --> 00:08:54,319 Speaker 1: of the New York Champagne Week and the phizz is 152 00:08:54,400 --> 00:08:59,679 Speaker 1: female platform website, joining us on the phone. Uh, it 153 00:08:59,800 --> 00:09:02,520 Speaker 1: is nice way to end the week. I've got to say, Paul, 154 00:09:02,800 --> 00:09:05,280 Speaker 1: absolutely and the bottles are beautiful, and you know I'm 155 00:09:05,360 --> 00:09:07,560 Speaker 1: not a huge champagne person. I know a lot of 156 00:09:07,559 --> 00:09:13,000 Speaker 1: folks are, but get started. I get started. Champagne Blane 157 00:09:13,040 --> 00:09:16,040 Speaker 1: definitely got me fired up to open this bottle probably 158 00:09:16,040 --> 00:09:23,440 Speaker 1: this evening, Yeah, opened up a bottle anything radio. What 159 00:09:23,600 --> 00:09:30,600 Speaker 1: a year we're all looking forward exactly. Just unbelievable, and 160 00:09:30,800 --> 00:09:34,160 Speaker 1: you know, it's amazing how these financial markets have reacted. 161 00:09:34,160 --> 00:09:36,920 Speaker 1: We think, Lisa, back to uh, the depths in that 162 00:09:37,000 --> 00:09:40,240 Speaker 1: march in April and just the panic in the marketplace. 163 00:09:40,320 --> 00:09:43,320 Speaker 1: But then the Federal Reserve comes to the rescue, fiscal 164 00:09:43,320 --> 00:09:46,840 Speaker 1: stimulus comes to the rescue, and we have this major 165 00:09:47,280 --> 00:09:50,240 Speaker 1: turnaround in the markets. Now Here, we are a couple 166 00:09:50,280 --> 00:09:51,600 Speaker 1: of days left in the year. The question is what 167 00:09:51,600 --> 00:09:54,800 Speaker 1: do we do next year? Alan Zafyn founding partner and 168 00:09:54,880 --> 00:09:58,840 Speaker 1: co CEO of I e Q Capital, based in Foster 169 00:09:58,920 --> 00:10:02,040 Speaker 1: City and Los Angeles, California. He joins us now, Alan, 170 00:10:02,080 --> 00:10:04,160 Speaker 1: thanks so much for joining us. We really appreciate it. 171 00:10:04,200 --> 00:10:07,880 Speaker 1: On Christmas Eve, again, what a year. I'd love to 172 00:10:07,920 --> 00:10:13,119 Speaker 1: get your thoughts one, how are you positioning your portfolio? 173 00:10:14,720 --> 00:10:18,319 Speaker 1: Lisa and Paul happy, alidays, Thank goodness, We're going to 174 00:10:18,400 --> 00:10:21,520 Speaker 1: get through this year. Absolutely, there's still a couple of 175 00:10:21,600 --> 00:10:26,400 Speaker 1: days left, though, let's not take sick. Carry on all right. Uh, 176 00:10:26,559 --> 00:10:29,080 Speaker 1: here's the longest short of it. If you talk to 177 00:10:29,120 --> 00:10:31,920 Speaker 1: almost any analysts, they'll tell you we're going to go 178 00:10:32,080 --> 00:10:34,680 Speaker 1: up in the U S stock market next year. And 179 00:10:34,720 --> 00:10:37,640 Speaker 1: the reason is you're going to see US economic growth 180 00:10:38,200 --> 00:10:41,360 Speaker 1: the fastest it's been since the mid eighties. And that's 181 00:10:41,400 --> 00:10:46,040 Speaker 1: because when you pump literally nearly fifty worth of g 182 00:10:46,200 --> 00:10:49,040 Speaker 1: d P in the form of monetary and fiscal stimulus, 183 00:10:49,080 --> 00:10:52,360 Speaker 1: which is what we have done this year, you're setting 184 00:10:52,360 --> 00:10:54,880 Speaker 1: yourself for a boom on the back end of that. 185 00:10:55,080 --> 00:10:59,199 Speaker 1: So again, with all due respect to the horrific, horrific 186 00:10:59,320 --> 00:11:03,640 Speaker 1: elements of oalth crises and literally social and economic crisis, 187 00:11:03,720 --> 00:11:07,040 Speaker 1: and we clearly have problems with inequality as it relates 188 00:11:07,040 --> 00:11:09,680 Speaker 1: to the stock market. The money has got to go somewhere. 189 00:11:09,960 --> 00:11:13,040 Speaker 1: And when cash is giving you nothing, and when bonds 190 00:11:13,040 --> 00:11:16,320 Speaker 1: give you so little, risk appetites perk up. And with 191 00:11:16,440 --> 00:11:20,280 Speaker 1: that massive amount of money, equities move higher and other 192 00:11:20,360 --> 00:11:23,160 Speaker 1: risk assets moved higher. All things equal, there's plenty of 193 00:11:23,240 --> 00:11:27,560 Speaker 1: risks and bumps, but the base cases we keep grinding higher, 194 00:11:28,120 --> 00:11:30,480 Speaker 1: largely because the money has got to go somewhere. That's 195 00:11:30,520 --> 00:11:34,640 Speaker 1: your story for two. So another way of putting this 196 00:11:34,840 --> 00:11:37,640 Speaker 1: perhaps is that in two it will sort of be 197 00:11:37,840 --> 00:11:39,480 Speaker 1: like what we saw in the second half of two. 198 00:11:40,480 --> 00:11:43,560 Speaker 1: Nothing really matters except for the money keeps keeps flowing, 199 00:11:43,640 --> 00:11:45,240 Speaker 1: so you might as well buy stocks. Is that the 200 00:11:45,280 --> 00:11:49,760 Speaker 1: same thing here with luck? Yes? With let me give 201 00:11:49,760 --> 00:11:54,800 Speaker 1: you a little bit of nuance. So please give an example. 202 00:11:55,200 --> 00:11:57,800 Speaker 1: I don't know if you know this, but Brexit finally passed. 203 00:11:58,480 --> 00:12:02,280 Speaker 1: I heard about that. Nobody can't the markets that move right? 204 00:12:02,400 --> 00:12:06,080 Speaker 1: How many years have we obsessed about that darn thing? Uh? Frankly, 205 00:12:06,080 --> 00:12:09,360 Speaker 1: it's a modest positive. It's not a not actually that 206 00:12:09,480 --> 00:12:12,000 Speaker 1: big of a deal, but it's a modest positive. But 207 00:12:13,120 --> 00:12:16,800 Speaker 1: you know, one thing that is um a good and 208 00:12:16,840 --> 00:12:19,720 Speaker 1: about is if the economy really improves and broadens out, 209 00:12:19,760 --> 00:12:24,040 Speaker 1: you will finally see this rotation to a degree anyway 210 00:12:24,240 --> 00:12:26,720 Speaker 1: where you start to see the smaller companies perform as 211 00:12:26,720 --> 00:12:29,360 Speaker 1: well as the larger stocks, and you start to see 212 00:12:29,360 --> 00:12:33,120 Speaker 1: the value industries do as well as the technology and 213 00:12:33,200 --> 00:12:36,760 Speaker 1: growth related related stock. And so it may actually be 214 00:12:36,880 --> 00:12:39,760 Speaker 1: a year where it's a little deceptive. And what I 215 00:12:39,800 --> 00:12:41,840 Speaker 1: mean by that is our indexes in the US are 216 00:12:41,840 --> 00:12:46,000 Speaker 1: now dominated by technology companies. It's possible we'll see a 217 00:12:46,080 --> 00:12:50,520 Speaker 1: year where the average stock is doing better than that index. 218 00:12:50,600 --> 00:12:53,480 Speaker 1: The index being market cap weighted, so the big technology 219 00:12:53,520 --> 00:12:56,400 Speaker 1: companies comprise a big part of that index. It could 220 00:12:56,440 --> 00:12:59,320 Speaker 1: be oddly enough, a year the index doesn't go up 221 00:12:59,360 --> 00:13:02,200 Speaker 1: too much in actually a bunch of individual stocks do 222 00:13:02,360 --> 00:13:06,079 Speaker 1: modestly better because as the economy picks up, businesses that 223 00:13:06,120 --> 00:13:08,840 Speaker 1: are a lower quality and need economic growth, they're gonna 224 00:13:08,960 --> 00:13:11,120 Speaker 1: get a little bit of a pickup next year. So 225 00:13:11,679 --> 00:13:18,120 Speaker 1: industrial stocks, financial stocks, selective consumer oriented stocks might actually 226 00:13:18,160 --> 00:13:20,559 Speaker 1: do a little better than the apples and facebooks and 227 00:13:20,720 --> 00:13:23,920 Speaker 1: Microsoft's of the world. Um, that's sort of the other 228 00:13:24,280 --> 00:13:27,600 Speaker 1: element of two thousand twenty one is maybe we'll get 229 00:13:27,640 --> 00:13:32,439 Speaker 1: a broadening of market stock market recovery and that will 230 00:13:32,520 --> 00:13:35,120 Speaker 1: kind of help everybody a little bit. Do you embrace 231 00:13:35,160 --> 00:13:38,600 Speaker 1: that rotation trade there? Allan It's it's certainly been successful here, 232 00:13:38,640 --> 00:13:40,280 Speaker 1: you know, over the last several months, I guess a 233 00:13:40,320 --> 00:13:43,439 Speaker 1: lot of folks are just saying, how much legs does 234 00:13:43,559 --> 00:13:47,800 Speaker 1: that cyclical trade, that rotation trade have in How do 235 00:13:47,840 --> 00:13:50,600 Speaker 1: you think about that? Coming from a guy right here 236 00:13:50,600 --> 00:13:52,640 Speaker 1: in Silicon Valley, I'm gonna be a heretic. I can 237 00:13:52,640 --> 00:13:54,720 Speaker 1: tell you I think there's an element of truth, So 238 00:13:54,760 --> 00:13:57,720 Speaker 1: I embrace it, but only, but you know, only to 239 00:13:57,800 --> 00:14:00,200 Speaker 1: a modest degree. It's like, you know, bulls and bear 240 00:14:00,280 --> 00:14:02,800 Speaker 1: make goals, and bears make money and pigs don't. Um, 241 00:14:02,840 --> 00:14:04,839 Speaker 1: I think you're crazy to just think I'm going to 242 00:14:04,960 --> 00:14:07,520 Speaker 1: rotate entirely out of the large cap tech names and 243 00:14:07,600 --> 00:14:11,320 Speaker 1: go into small caps, low value companies. That's not the trade. 244 00:14:11,800 --> 00:14:14,200 Speaker 1: You still want to be in strong balance sheet businesses 245 00:14:14,240 --> 00:14:19,600 Speaker 1: that generate consistent growth, and so you can find again financials, industrials, 246 00:14:19,600 --> 00:14:23,840 Speaker 1: consumer staples that meet that description without being a technology company. 247 00:14:23,880 --> 00:14:27,200 Speaker 1: And I still think you've got to be balanced, um 248 00:14:27,320 --> 00:14:29,280 Speaker 1: between putting all your eggs and ones ask. But it's 249 00:14:29,320 --> 00:14:31,640 Speaker 1: just a reckless strategy, and it also drives a lot 250 00:14:31,680 --> 00:14:34,960 Speaker 1: of transactional activity and taxes. So you know, just be 251 00:14:35,080 --> 00:14:37,600 Speaker 1: prudent about it, don't You know. You don't have to 252 00:14:37,640 --> 00:14:40,440 Speaker 1: find the next test one, just keep balanced. But yeah, 253 00:14:40,440 --> 00:14:43,400 Speaker 1: I do embrace the fact the economy is going to strengthen, 254 00:14:43,800 --> 00:14:47,280 Speaker 1: and I do think the market will broaden out the participation, 255 00:14:47,360 --> 00:14:49,040 Speaker 1: and I think it will end up being a good year, 256 00:14:49,280 --> 00:14:51,880 Speaker 1: not not an amazing year, but a good year, and 257 00:14:51,920 --> 00:14:55,880 Speaker 1: the risks um include the outcome of the Georgia election 258 00:14:56,000 --> 00:14:58,440 Speaker 1: and that the market doesn't want to see corporate tax 259 00:14:58,520 --> 00:15:01,520 Speaker 1: rates higher. So if it's both seats on January fifth 260 00:15:01,560 --> 00:15:05,280 Speaker 1: go to a Democrat, it's possible the market won't react 261 00:15:05,320 --> 00:15:07,760 Speaker 1: well because there will be a perception corporate tax rates 262 00:15:07,840 --> 00:15:11,520 Speaker 1: might ultimately hike as a result, we certainly need to 263 00:15:11,560 --> 00:15:16,320 Speaker 1: see the distribution of the vaccines working. And then, lastly, ironically, 264 00:15:16,920 --> 00:15:19,280 Speaker 1: even though you want great economic growth, you don't want 265 00:15:19,280 --> 00:15:22,320 Speaker 1: the economic growth to be so strong as to create 266 00:15:22,360 --> 00:15:25,680 Speaker 1: an inflation scare. So if you see interest rates spiking 267 00:15:26,560 --> 00:15:29,520 Speaker 1: spiking up towards two percent on an tender treasure bond 268 00:15:29,600 --> 00:15:33,120 Speaker 1: too quickly, we'll get some hiccup in the stock market, 269 00:15:33,160 --> 00:15:36,600 Speaker 1: because this market is built on low interest rates supporting 270 00:15:36,720 --> 00:15:40,920 Speaker 1: the current higher than average valuation. Once rates get high enough, 271 00:15:41,920 --> 00:15:44,840 Speaker 1: it gets to the point where they compete with taking stocks. 272 00:15:44,880 --> 00:15:47,080 Speaker 1: But I don't think we're going to be in a 273 00:15:47,160 --> 00:15:51,160 Speaker 1: protracted inflationary environment for at least another couple of years, 274 00:15:51,200 --> 00:15:54,640 Speaker 1: for all sorts of reasons, including our aging population. Older 275 00:15:54,680 --> 00:15:57,640 Speaker 1: individuals tend to spend less, and we still have some 276 00:15:57,720 --> 00:16:01,720 Speaker 1: elements of benefit of technology and product the UH preventing 277 00:16:01,760 --> 00:16:04,480 Speaker 1: inflation from coming to play. So that's two thousand twenty one. 278 00:16:04,480 --> 00:16:07,360 Speaker 1: It's a good environment, not a great environment for stocks 279 00:16:07,360 --> 00:16:11,600 Speaker 1: and a broadening economic outlook. We're speaking with Alan Zaffron, 280 00:16:11,680 --> 00:16:14,800 Speaker 1: founding partner and co CEO of I e Q Capital. 281 00:16:15,440 --> 00:16:17,920 Speaker 1: You said a lot there. Let's unpack one aspect. We're 282 00:16:17,920 --> 00:16:21,320 Speaker 1: talking about the Georgia elections and how a democratic outcome. 283 00:16:22,000 --> 00:16:25,320 Speaker 1: If the Democrats ended up taking leadership in the Senate, 284 00:16:25,360 --> 00:16:28,520 Speaker 1: that could be a negative for the market because of 285 00:16:28,560 --> 00:16:32,000 Speaker 1: a higher regulation and taxes. This actually is a bit 286 00:16:32,080 --> 00:16:34,720 Speaker 1: contrarian because some people think it's a positive for the 287 00:16:34,800 --> 00:16:38,320 Speaker 1: market due to more fiscal support. Can you sort of 288 00:16:38,360 --> 00:16:42,600 Speaker 1: talk about the balance between those two risk factors. Yeah, 289 00:16:42,640 --> 00:16:47,520 Speaker 1: absolutely so, UM various amost the Communists have projected that 290 00:16:47,560 --> 00:16:50,520 Speaker 1: if corporate tax rates, as stated initially by the Biden 291 00:16:50,600 --> 00:16:54,320 Speaker 1: platform in the campaign, and of course it could all change. Um, 292 00:16:54,360 --> 00:16:58,600 Speaker 1: if those corporate tax rates arose from it would reduce 293 00:16:58,680 --> 00:17:02,200 Speaker 1: the earnings per share of the SMP five by anywhere 294 00:17:02,200 --> 00:17:05,920 Speaker 1: from nine to fifteen percent. So in a vacuum that 295 00:17:06,000 --> 00:17:07,919 Speaker 1: all we're going to do is raise corporate tax rates. 296 00:17:08,880 --> 00:17:11,359 Speaker 1: I could argue that if the multiple stay the same, 297 00:17:11,640 --> 00:17:13,399 Speaker 1: I could argue that the market is going to take 298 00:17:13,400 --> 00:17:16,080 Speaker 1: a nine to hit. You could also give me the 299 00:17:16,160 --> 00:17:19,159 Speaker 1: argument that a democratic administration, all things equal, might be 300 00:17:19,240 --> 00:17:23,600 Speaker 1: slightly more regulatory on technology companies which comprise part of 301 00:17:23,600 --> 00:17:27,240 Speaker 1: the index, which could even worsen stock market reactions as well. 302 00:17:27,320 --> 00:17:30,160 Speaker 1: On the other hand, there is absolutely belief that such 303 00:17:30,160 --> 00:17:33,879 Speaker 1: an administration will imediately increase infrastructure spending, that which has 304 00:17:33,920 --> 00:17:37,000 Speaker 1: desperately needed in other forms of fiscal spending, which will 305 00:17:37,080 --> 00:17:42,520 Speaker 1: clearly amplifies consumer spending in US directed corporate spending. And 306 00:17:42,560 --> 00:17:47,160 Speaker 1: again now talking about analysts uh an economists of ranges 307 00:17:47,880 --> 00:17:52,360 Speaker 1: arguing that that could actually increase uh earnings pretty sure 308 00:17:52,359 --> 00:17:55,439 Speaker 1: on a magnitude of anywhere from seven to twelve percent. 309 00:17:55,520 --> 00:17:59,040 Speaker 1: So I would argue it's a modest negative. Ultimately, I 310 00:17:59,040 --> 00:18:02,840 Speaker 1: think it's got more headline risk than ultimate economic impact, 311 00:18:03,280 --> 00:18:05,960 Speaker 1: and it shifts where the winners and losers are. It 312 00:18:06,119 --> 00:18:09,520 Speaker 1: actually amplifies what we just talked about in a broadening economy, 313 00:18:09,560 --> 00:18:13,879 Speaker 1: all things equal, those perspective target technology companies which historically 314 00:18:13,880 --> 00:18:16,440 Speaker 1: have not paid high taxes. It's going to force them 315 00:18:16,440 --> 00:18:19,280 Speaker 1: pay higher taxes, and they might be under greater regulation. 316 00:18:19,640 --> 00:18:23,080 Speaker 1: The businesses that benefit from greater infrastructure spending tend to 317 00:18:23,080 --> 00:18:28,479 Speaker 1: be more cursory, basic industry economically sensitive companies. So it's 318 00:18:28,520 --> 00:18:32,880 Speaker 1: another argument towards the rotation. I'd argue you would get 319 00:18:33,040 --> 00:18:37,199 Speaker 1: ahead if both seats go to Democrats in Georgia. I 320 00:18:37,240 --> 00:18:40,359 Speaker 1: think you'll get a knee jerked reaction down. You know, 321 00:18:40,520 --> 00:18:42,640 Speaker 1: pick your number, will take a week or two, maybe 322 00:18:42,640 --> 00:18:45,760 Speaker 1: the market goes down. Kick a number five to ten percent. 323 00:18:45,880 --> 00:18:47,919 Speaker 1: I think that's a knee jerk reaction, and it's the 324 00:18:47,960 --> 00:18:52,000 Speaker 1: proverbial buying opportunity. In the long run, companies will do 325 00:18:52,080 --> 00:18:54,160 Speaker 1: just find profits will be made, and those that are 326 00:18:54,200 --> 00:18:57,520 Speaker 1: fortunate enough to have savings in an IRA or you know, 327 00:18:57,600 --> 00:18:59,719 Speaker 1: in their own personal accounts, I think they will benefit 328 00:18:59,720 --> 00:19:02,240 Speaker 1: by own stocks. So you get a need jerk reaction down. 329 00:19:02,480 --> 00:19:05,639 Speaker 1: It's not a permanent erosion of someone's well. Alan, you 330 00:19:05,680 --> 00:19:08,159 Speaker 1: mentioned that you're in Silicon Valley. One of the stories 331 00:19:08,200 --> 00:19:12,720 Speaker 1: in twenty twenty, maybe starting in nineteen, was the increased 332 00:19:12,800 --> 00:19:17,040 Speaker 1: regulatory oversight from US US officials, not just European officials, 333 00:19:17,119 --> 00:19:21,680 Speaker 1: but UH regulators Congress. What's the feeling in the valley 334 00:19:21,840 --> 00:19:25,520 Speaker 1: right now about kind of the regulatory environment as it 335 00:19:25,560 --> 00:19:28,359 Speaker 1: relates to tech, it's historically been a very light touch. 336 00:19:28,680 --> 00:19:32,120 Speaker 1: Are they concerned it's gonna get a little heavier, Yes, 337 00:19:32,800 --> 00:19:35,720 Speaker 1: But I would tell you everyone around here is always paranoid, 338 00:19:36,080 --> 00:19:39,119 Speaker 1: and so that doesn't change anything. You always hope for 339 00:19:39,200 --> 00:19:42,160 Speaker 1: the best and planned for the worst. Another story we're 340 00:19:42,200 --> 00:19:44,280 Speaker 1: not covering much today is take a look at Ali 341 00:19:44,320 --> 00:19:49,640 Speaker 1: Baba stock Alibaba stock, and it's down from its peak. 342 00:19:49,760 --> 00:19:52,280 Speaker 1: Why because the Chinese regulators have said, we don't like 343 00:19:52,840 --> 00:19:57,840 Speaker 1: Ali Baba's anti um you know, it's it's monopolistic policies 344 00:19:57,880 --> 00:19:59,879 Speaker 1: and we're going to go after them. And that's exactly 345 00:20:00,359 --> 00:20:04,280 Speaker 1: with these large cap, largest tech companies fear by the way, 346 00:20:04,960 --> 00:20:08,520 Speaker 1: lots of the small entrepreneurs, smaller companies of entrepreneurs around here, 347 00:20:08,680 --> 00:20:11,119 Speaker 1: they love that because they want to be able to 348 00:20:11,720 --> 00:20:14,480 Speaker 1: have a more competitive or fair marketplace. So there's two 349 00:20:14,480 --> 00:20:17,640 Speaker 1: sides of that coin. There's absolutely concerned that there will 350 00:20:17,640 --> 00:20:22,240 Speaker 1: be greater elements of regulation, but usually the bark is 351 00:20:22,280 --> 00:20:25,399 Speaker 1: worse than the bike, so there's a belief that the 352 00:20:25,560 --> 00:20:28,480 Speaker 1: regulation probably won't get to the point that it's demonstrably 353 00:20:28,640 --> 00:20:33,160 Speaker 1: punitive to the business. Business models, again, modestly negative impacts 354 00:20:33,240 --> 00:20:36,359 Speaker 1: and probably the headlines will actually be worse than the 355 00:20:36,400 --> 00:20:38,840 Speaker 1: actual damage to the business model in the long run. 356 00:20:39,040 --> 00:20:41,399 Speaker 1: It's gonna be hard for you to convince me that 357 00:20:41,800 --> 00:20:45,399 Speaker 1: companies like Amazon and Microsoft and Google are going to 358 00:20:45,600 --> 00:20:49,760 Speaker 1: lose permanent competitive advantages given their scale and first mover 359 00:20:49,880 --> 00:20:54,200 Speaker 1: advantage and their respective businesses they've entered into before we 360 00:20:54,280 --> 00:20:56,760 Speaker 1: let go, Allen, what are you doing for the new year? 361 00:20:56,800 --> 00:21:00,720 Speaker 1: In the holidays, I'm going to be doing from reading 362 00:21:00,720 --> 00:21:04,800 Speaker 1: a few books I think big essentialism. I'm going to 363 00:21:04,880 --> 00:21:08,200 Speaker 1: take a few walks in the Redwoods and clear my 364 00:21:08,320 --> 00:21:11,000 Speaker 1: mind and hope and pray for a much better two 365 00:21:11,040 --> 00:21:14,880 Speaker 1: thousand twenty one for everyone at every socio economic level. 366 00:21:15,040 --> 00:21:17,760 Speaker 1: This has been a really tough year, so I had 367 00:21:17,760 --> 00:21:20,520 Speaker 1: a lot of gratitude and I'm counting my blessings. That's 368 00:21:20,560 --> 00:21:24,120 Speaker 1: what I'm doing. A wonderful message, Thank you, Alan Saffron. 369 00:21:24,200 --> 00:21:28,359 Speaker 1: I'm doing probably about half of that, maybe a quarter, 370 00:21:28,640 --> 00:21:32,280 Speaker 1: maybe an eighth. Definitely less ambitious, that's for sure. No reading, 371 00:21:32,640 --> 00:21:35,520 Speaker 1: Definitely not a walk in the redwoods, trying to wrangle kids. 372 00:21:35,560 --> 00:21:39,440 Speaker 1: Alan's after in Central Park. That's that's that's sure. Sure. Yeah, 373 00:21:39,520 --> 00:21:41,960 Speaker 1: I'll check out the mud from the snow and the rain. 374 00:21:42,040 --> 00:21:45,159 Speaker 1: Alan Zaffred, founding partner and co chief executive officer at 375 00:21:45,240 --> 00:21:48,359 Speaker 1: I e Q Capital, talking about the Redwoods and some 376 00:21:48,520 --> 00:21:50,879 Speaker 1: lofty goals and really really wonderful market calls. Thank you 377 00:21:50,960 --> 00:21:53,600 Speaker 1: for everything, Allen. I will say in all seriousness, Paul, 378 00:21:53,600 --> 00:21:56,080 Speaker 1: it actually has been beautiful because after it snowed, it 379 00:21:56,200 --> 00:21:58,439 Speaker 1: was great. It was going sledding, it was going out 380 00:21:58,480 --> 00:22:01,119 Speaker 1: and enjoying the city. And now we're facing down with 381 00:22:01,200 --> 00:22:04,320 Speaker 1: a very wet Christmas Eve, and yes, it's gonna be windy, 382 00:22:04,359 --> 00:22:05,720 Speaker 1: so it's gonna be tough out there for Santa and 383 00:22:05,760 --> 00:22:08,080 Speaker 1: the sled but hopefully he'll be okay. Yeah, I know 384 00:22:08,160 --> 00:22:11,120 Speaker 1: that you're worried about him. He'll make it through. I promise. 385 00:22:14,080 --> 00:22:17,600 Speaker 1: This is Bloomberg Markets with Lisa Rama, Weds and Paul's 386 00:22:17,600 --> 00:22:22,199 Speaker 1: Wheeney on Bloomberg Radio, twelve minutes left before the end 387 00:22:22,359 --> 00:22:25,880 Speaker 1: of the shortened trading day. Here ahead of Christmas, we're 388 00:22:25,920 --> 00:22:28,520 Speaker 1: thinking about all of the things to come that would 389 00:22:28,520 --> 00:22:31,040 Speaker 1: be nice and bubbly, just like the champagne that we 390 00:22:31,119 --> 00:22:33,720 Speaker 1: were just talking about and now drinking. Joining us now 391 00:22:33,800 --> 00:22:37,320 Speaker 1: to discuss the outlook for perhaps an area that needs 392 00:22:37,359 --> 00:22:38,879 Speaker 1: to see brighter days if you look in some of 393 00:22:38,880 --> 00:22:41,439 Speaker 1: the bigger cities, but certainly is seeing brighter days if 394 00:22:41,480 --> 00:22:44,280 Speaker 1: you look at the likes of Florida. Is Bonnie Stone 395 00:22:44,320 --> 00:22:47,520 Speaker 1: Sellers and Jeff Highland, co founders of Forbes Global Properties, 396 00:22:48,080 --> 00:22:51,000 Speaker 1: taking a look at the Luxury Outlook, I just to 397 00:22:51,040 --> 00:22:52,840 Speaker 1: give you a sense of what Forbes Global Properties is. 398 00:22:52,880 --> 00:22:56,000 Speaker 1: It's a luxury portal membership only for elite real estate 399 00:22:56,080 --> 00:22:59,879 Speaker 1: firms showing high end residences across the world. So, Bonnie, 400 00:23:00,040 --> 00:23:02,359 Speaker 1: you could just start by giving us a sense of 401 00:23:02,760 --> 00:23:05,960 Speaker 1: what you do and how much interest you have seen 402 00:23:06,119 --> 00:23:10,600 Speaker 1: at a time of such bifurcated fortunes. It's it's an 403 00:23:10,680 --> 00:23:15,359 Speaker 1: incredibly interesting time to be launching a consumer marketplace and 404 00:23:15,480 --> 00:23:20,760 Speaker 1: an elite brokerage network. Was clearly the year of the home, 405 00:23:21,119 --> 00:23:24,159 Speaker 1: and although there are a few cities that didn't do 406 00:23:24,320 --> 00:23:28,520 Speaker 1: as well in the luxury real estate world, nearly every 407 00:23:28,640 --> 00:23:33,320 Speaker 1: place around the world in luxury was reflective of people 408 00:23:33,359 --> 00:23:37,639 Speaker 1: wanting bigger homes, people wanting second homes, people wanting vacation homes, 409 00:23:37,960 --> 00:23:42,680 Speaker 1: and accordingly, home sale prices doubled in the past home 410 00:23:42,800 --> 00:23:47,240 Speaker 1: sales doubled in the past year. But we see as 411 00:23:47,400 --> 00:23:51,159 Speaker 1: being even better for the luxury housing market. There's so 412 00:23:51,320 --> 00:23:54,119 Speaker 1: much pent up demand and foreign buyers will then be 413 00:23:54,240 --> 00:23:58,080 Speaker 1: going back after the vaccine into lots of markets. And 414 00:23:58,320 --> 00:24:01,200 Speaker 1: we also see, um, what a great time for a 415 00:24:01,280 --> 00:24:05,800 Speaker 1: digital platform. If if nothing else, Uh, the COVID gear 416 00:24:06,160 --> 00:24:10,679 Speaker 1: has taught us that everyone buys things online, looks at 417 00:24:10,760 --> 00:24:14,240 Speaker 1: things online, and um, doesn't matter what the price of 418 00:24:14,280 --> 00:24:17,359 Speaker 1: the home is, it'll start with digital. So we're pretty 419 00:24:17,520 --> 00:24:22,200 Speaker 1: upbeat about the luxury market and our platform. Hey, Jeff, 420 00:24:22,240 --> 00:24:25,600 Speaker 1: give us a sense of kind of the geographic strengths 421 00:24:25,800 --> 00:24:28,639 Speaker 1: and weaknesses. It's just you know, around the world wherever 422 00:24:28,760 --> 00:24:31,520 Speaker 1: you're seeing kind of the real demand. Because here in 423 00:24:31,560 --> 00:24:33,960 Speaker 1: New York City it seems like everybody's leaving for Florida. 424 00:24:34,240 --> 00:24:37,320 Speaker 1: What can you tell us, Well, you know that's a 425 00:24:37,400 --> 00:24:40,360 Speaker 1: momentary thing. We all hope everyone comes back to New York. 426 00:24:41,440 --> 00:24:43,639 Speaker 1: But then you look at everything's like the Hampton's and 427 00:24:44,760 --> 00:24:50,040 Speaker 1: Florida maybe for taxes, Austin again, for taxes Southern California. 428 00:24:50,160 --> 00:24:53,640 Speaker 1: It's it's a boom time again. Uh. And I hate 429 00:24:53,680 --> 00:24:55,440 Speaker 1: to say that COVID had something to do with it, 430 00:24:55,640 --> 00:24:59,920 Speaker 1: but I had a client whose house we ever sale 431 00:25:00,119 --> 00:25:05,720 Speaker 1: or nine digits who who was asked the question do 432 00:25:05,840 --> 00:25:08,879 Speaker 1: you know it caused the Roaring twenties? And he said, no, 433 00:25:09,040 --> 00:25:13,080 Speaker 1: I don't, And the person answered him it was the 434 00:25:13,200 --> 00:25:16,000 Speaker 1: Spanish flu. He said, what do you mean? He said, well, 435 00:25:16,200 --> 00:25:19,480 Speaker 1: all that pent up demand from two years and deaths 436 00:25:19,560 --> 00:25:23,320 Speaker 1: and no one doing anything just got everybody out. They 437 00:25:23,359 --> 00:25:25,480 Speaker 1: wanted the party, they wanted to spend money, they wanted 438 00:25:25,520 --> 00:25:28,280 Speaker 1: to play. So he said, he feels the same thing 439 00:25:28,400 --> 00:25:34,080 Speaker 1: is going to happen in four and uh, we could 440 00:25:34,119 --> 00:25:37,000 Speaker 1: have a whole another boom time. Uh. And unfortunately, the 441 00:25:37,080 --> 00:25:40,280 Speaker 1: way that we're going with um you know, the rich 442 00:25:40,320 --> 00:25:43,879 Speaker 1: getting richer and the poor getting poorer. Uh, it is 443 00:25:44,000 --> 00:25:46,680 Speaker 1: affecting the high end of the market. And what bye 444 00:25:46,720 --> 00:25:52,000 Speaker 1: not created here with Forbs Global Properties is a luxury portal. 445 00:25:52,520 --> 00:25:55,320 Speaker 1: It's basically going to be the zello of high net 446 00:25:55,359 --> 00:25:59,240 Speaker 1: worth individuals. And we'll be able to attract as we've 447 00:25:59,240 --> 00:26:02,639 Speaker 1: already had. We're like twelve days out now since we 448 00:26:02,800 --> 00:26:07,320 Speaker 1: launched our website, UH, to really attract and direct the 449 00:26:07,359 --> 00:26:10,760 Speaker 1: high net worth individual to the site, and then we'll 450 00:26:10,840 --> 00:26:15,439 Speaker 1: have them contact directly with our individual agents on the portal. 451 00:26:16,200 --> 00:26:20,119 Speaker 1: And we're just terribly excited about it the Roaring twenties. 452 00:26:20,160 --> 00:26:22,159 Speaker 1: I gotta say, Paul, this is what you buy into, right, 453 00:26:22,200 --> 00:26:24,399 Speaker 1: you think it's going to be the Roaring twenties? Do 454 00:26:24,680 --> 00:26:27,920 Speaker 1: and Uh, I absolutely do. I think it's the similarities 455 00:26:27,920 --> 00:26:30,680 Speaker 1: are pretty telling. So body, I mean, one of the 456 00:26:30,760 --> 00:26:33,760 Speaker 1: things driving real estate in general and certainly the high 457 00:26:33,840 --> 00:26:37,920 Speaker 1: end are just these record low interest rates here. What 458 00:26:38,040 --> 00:26:41,080 Speaker 1: are your buyers of luxury properties? How sensitive are they 459 00:26:41,200 --> 00:26:45,640 Speaker 1: to interest rates? Yeah? I don't think that UM buyers 460 00:26:45,680 --> 00:26:50,000 Speaker 1: of high end properties are particularly sensitive to interest rates. 461 00:26:50,840 --> 00:26:54,160 Speaker 1: Of course, low interest money is available and that helps 462 00:26:54,280 --> 00:26:57,520 Speaker 1: on any purchase, but the luxury market is also in 463 00:26:57,560 --> 00:27:00,960 Speaker 1: an old cash market, and it's more or less a 464 00:27:01,000 --> 00:27:05,800 Speaker 1: global phenomena. Having said that, I think that the the 465 00:27:06,880 --> 00:27:10,840 Speaker 1: UH real estate markets overall will definitely benefit from the 466 00:27:10,960 --> 00:27:14,879 Speaker 1: low interest rates. There's a question, Jeff, going back to 467 00:27:14,960 --> 00:27:17,440 Speaker 1: what you were talking about the Roaring twenties I find 468 00:27:17,520 --> 00:27:20,240 Speaker 1: really compelling, which is I think about the Great Gatsby 469 00:27:20,359 --> 00:27:22,680 Speaker 1: and the Hampton's and the scene there. Is that what 470 00:27:22,840 --> 00:27:25,080 Speaker 1: we're going to do a repeat of or is it 471 00:27:25,160 --> 00:27:28,280 Speaker 1: going to take place in Austin, in Florida? Is it 472 00:27:28,400 --> 00:27:32,000 Speaker 1: going to take place in new places? Because of tax 473 00:27:32,080 --> 00:27:35,240 Speaker 1: reasons because of other reasons. Well, you know the whole 474 00:27:35,280 --> 00:27:37,639 Speaker 1: thing about East Dag it was one big mansion on 475 00:27:37,720 --> 00:27:40,960 Speaker 1: the north shore. What we're talking about now are people 476 00:27:41,000 --> 00:27:44,960 Speaker 1: with multiple homes around the world. And almost every home 477 00:27:45,040 --> 00:27:47,879 Speaker 1: that we sell in Beverly Hills it's fifty million dollars 478 00:27:47,920 --> 00:27:50,920 Speaker 1: in up. It's not the primary residence. It could be 479 00:27:51,040 --> 00:27:54,600 Speaker 1: the fourth, the fifth, the sixth home. So it's such 480 00:27:54,720 --> 00:27:57,280 Speaker 1: such it's so well spread out. And one of the 481 00:27:57,400 --> 00:28:01,000 Speaker 1: things that attracted Body and me to create forms global 482 00:28:01,040 --> 00:28:04,480 Speaker 1: properties is that we now have people from all over 483 00:28:04,560 --> 00:28:08,119 Speaker 1: the world. We're already in seventy markets, and they come 484 00:28:08,200 --> 00:28:10,840 Speaker 1: from everywhere. There were waves when maybe you had a 485 00:28:10,920 --> 00:28:15,040 Speaker 1: certain group who would let's say, uh, Middle Easterners would 486 00:28:15,080 --> 00:28:16,879 Speaker 1: come to the United States, or then you had had 487 00:28:16,960 --> 00:28:22,200 Speaker 1: Venezuelan's going to Florida, etcetera, etcetera. We've had that whole cycle. 488 00:28:22,720 --> 00:28:26,080 Speaker 1: So now it's a little of everything coming from everywhere, 489 00:28:26,680 --> 00:28:29,159 Speaker 1: and it no longer has a distinction of well, this 490 00:28:29,400 --> 00:28:33,480 Speaker 1: is the year of the Chinese uh getting their money 491 00:28:33,560 --> 00:28:36,760 Speaker 1: out of China. It's it's it's coming from everywhere, and 492 00:28:36,800 --> 00:28:41,080 Speaker 1: I think we'll see throughout the United States people from 493 00:28:41,480 --> 00:28:45,280 Speaker 1: every portion UH going. Whether it's for business, or it's 494 00:28:45,320 --> 00:28:49,360 Speaker 1: for pleasure, or it's even tax avoidance, but we're going 495 00:28:49,440 --> 00:28:52,720 Speaker 1: to see a boom in the high end luxury market continue. 496 00:28:56,040 --> 00:29:00,600 Speaker 1: I jump in. Our portal is not just for ultra 497 00:29:00,960 --> 00:29:04,840 Speaker 1: high net worth individual it's a consumer marketplace. Forbes is 498 00:29:05,040 --> 00:29:09,120 Speaker 1: UH an incredibly well respected business brand with a hundred 499 00:29:09,280 --> 00:29:13,520 Speaker 1: years history and a hundred forty million unique visitors every 500 00:29:13,600 --> 00:29:17,960 Speaker 1: month who you know will be chaperone to our website, 501 00:29:18,440 --> 00:29:20,840 Speaker 1: and you know there will be lots of people. All 502 00:29:20,920 --> 00:29:23,680 Speaker 1: of your audience comes from many industries. They all have 503 00:29:23,800 --> 00:29:26,640 Speaker 1: one thing in common, and that's that they all have homes. 504 00:29:27,080 --> 00:29:30,960 Speaker 1: So we think there's a very broad spectrum of of 505 00:29:31,000 --> 00:29:34,880 Speaker 1: of consumers who would love to come to our marketplace 506 00:29:35,360 --> 00:29:38,000 Speaker 1: and see the homes. Hey, Bonnie and Jeff, thank you 507 00:29:38,040 --> 00:29:40,280 Speaker 1: so much. We really appreciate a Bonnie Stone Sellers and 508 00:29:40,320 --> 00:29:44,160 Speaker 1: Jeff Highland, co founders of Forbes Global Properties, joining us 509 00:29:44,160 --> 00:29:46,880 Speaker 1: talks about the luxury market here. It's like everything else 510 00:29:47,320 --> 00:29:51,000 Speaker 1: in this pandemic has taken a pause, but there's certainly 511 00:29:51,040 --> 00:29:54,640 Speaker 1: a bullish call out there for UH luxury properties going 512 00:29:54,720 --> 00:29:56,800 Speaker 1: forward least, and I think UH, you know, there's will 513 00:29:56,840 --> 00:29:59,840 Speaker 1: be interesting to see how New York fares, for example. Yeah, 514 00:30:00,000 --> 00:30:02,280 Speaker 1: well it's not as desolate as you might think, Paul, 515 00:30:02,280 --> 00:30:04,280 Speaker 1: I will tell you that good. It's good to hear. 516 00:30:04,320 --> 00:30:06,040 Speaker 1: I'm you know, I missed coming in and look forward 517 00:30:06,040 --> 00:30:09,560 Speaker 1: to doing it very soon. And uh so, Lisa, have 518 00:30:09,840 --> 00:30:13,280 Speaker 1: a great couple of days weekends, Christmas and we get 519 00:30:13,360 --> 00:30:16,160 Speaker 1: into the new year. We'll have more for you on 520 00:30:16,360 --> 00:30:21,000 Speaker 1: a Bloomberg radio coming up. Here's a question heading into 521 00:30:21,160 --> 00:30:24,360 Speaker 1: year end of whether this deal that was passed with 522 00:30:24,480 --> 00:30:29,680 Speaker 1: bipartisan support by by Congress to give nillion dollars to 523 00:30:29,760 --> 00:30:33,600 Speaker 1: help support and plug the gap in people's finances as 524 00:30:33,600 --> 00:30:35,640 Speaker 1: a result of the pandemic of where there was President 525 00:30:35,720 --> 00:30:38,600 Speaker 1: Trump will now veto it and what the implications are 526 00:30:38,680 --> 00:30:41,560 Speaker 1: joining us now Jeanne's you know, Bloomberg opinion contributor and 527 00:30:41,640 --> 00:30:44,720 Speaker 1: professor at political of political science at i own a College. 528 00:30:45,480 --> 00:30:50,440 Speaker 1: G what's the thinking that President Trump has in videoing 529 00:30:50,520 --> 00:30:55,160 Speaker 1: this bill, vidoing the defense bill like he did last night? 530 00:30:55,440 --> 00:30:58,760 Speaker 1: What's he going for? You know it? Really? I mean, 531 00:30:58,840 --> 00:31:01,600 Speaker 1: it's been a whild cool days in Washington, and I 532 00:31:01,720 --> 00:31:04,280 Speaker 1: think you know the answer is, we don't quite know. 533 00:31:04,600 --> 00:31:08,640 Speaker 1: We know that he has expressed reservations about the stimulus package. 534 00:31:08,720 --> 00:31:11,880 Speaker 1: We know he's a reservations obviously that led to a 535 00:31:12,000 --> 00:31:14,640 Speaker 1: vito of the Defense bill. UM. There's a lot of 536 00:31:14,680 --> 00:31:17,880 Speaker 1: speculation as to what his motives are UM and I 537 00:31:17,960 --> 00:31:20,560 Speaker 1: would not question those. But what we do know is 538 00:31:20,680 --> 00:31:24,720 Speaker 1: that we have a Congress that could a federal government 539 00:31:24,800 --> 00:31:27,840 Speaker 1: that could shut down. UM. We have a Congress with 540 00:31:28,000 --> 00:31:30,840 Speaker 1: a bill that hasn't quite reached the president's desk yet, 541 00:31:30,960 --> 00:31:33,760 Speaker 1: but he could either sign that or veto it, or 542 00:31:33,960 --> 00:31:38,000 Speaker 1: do nothing. And if he either vetos that or does nothing, 543 00:31:38,520 --> 00:31:42,560 Speaker 1: it really not only puts Congress UM in a strange position, 544 00:31:42,840 --> 00:31:45,200 Speaker 1: but it puts the American public in a strange position, 545 00:31:45,560 --> 00:31:48,800 Speaker 1: as we will have UM. Ten days before a pocket 546 00:31:48,880 --> 00:31:51,040 Speaker 1: Vito would go through, which would be in the Congress' 547 00:31:51,160 --> 00:31:53,800 Speaker 1: session would end, a new Congress would come in, and 548 00:31:53,920 --> 00:31:57,080 Speaker 1: this entire bill would be blown up, so we wouldn't 549 00:31:57,080 --> 00:32:00,320 Speaker 1: get the COVID relief that people are seeking. So it's 550 00:32:00,360 --> 00:32:03,400 Speaker 1: a really sort of tumultuous point that we're at at 551 00:32:03,440 --> 00:32:05,360 Speaker 1: this point, and we really don't know where he's going 552 00:32:05,400 --> 00:32:07,440 Speaker 1: to go. He's now down in Florida and we don't 553 00:32:07,440 --> 00:32:12,160 Speaker 1: know again whether he'll veto sign or simply do nothing. So, Genie, 554 00:32:12,400 --> 00:32:14,600 Speaker 1: what's striking or there's many things that are striking about 555 00:32:14,600 --> 00:32:17,360 Speaker 1: the less several days as it relates to the stimulus discussions, 556 00:32:17,440 --> 00:32:21,480 Speaker 1: but the lack of coordination or even communication, it seems 557 00:32:21,640 --> 00:32:24,680 Speaker 1: between the White House and the Republicans in Congress. What 558 00:32:24,720 --> 00:32:27,320 Speaker 1: do you make of that? Yeah, I think that's the 559 00:32:27,440 --> 00:32:30,200 Speaker 1: strangest part of this. I think for so many Republicans 560 00:32:30,280 --> 00:32:33,280 Speaker 1: who said they not only had the cooperation, they had 561 00:32:33,360 --> 00:32:37,600 Speaker 1: the administration in there as part of the negotiations. Seed Minuchin, 562 00:32:37,920 --> 00:32:41,280 Speaker 1: who Mitch McConnell and others praised on the Senate floor 563 00:32:41,640 --> 00:32:44,640 Speaker 1: for getting this bill done. You had poor David Purdue, 564 00:32:44,680 --> 00:32:48,160 Speaker 1: who is facing a runoff in January fifth in Georgia, 565 00:32:48,720 --> 00:32:51,120 Speaker 1: saying tweeting out that they had done the work that 566 00:32:51,320 --> 00:32:53,440 Speaker 1: was needed for Georgians and he was going home to 567 00:32:53,560 --> 00:32:56,800 Speaker 1: fight for his elections. All of them assuming and thinking 568 00:32:56,840 --> 00:32:59,200 Speaker 1: they had the support of the White House. And then 569 00:32:59,280 --> 00:33:01,720 Speaker 1: at the eleventh hour, the President came in with this 570 00:33:01,960 --> 00:33:04,640 Speaker 1: video and you know, just back to what Lisa was asking, 571 00:33:04,720 --> 00:33:07,680 Speaker 1: you know, because some of the speculation is the President 572 00:33:07,840 --> 00:33:11,400 Speaker 1: is frustrated because Mitch McConnell, Johnson and other leaders in 573 00:33:11,480 --> 00:33:14,280 Speaker 1: the Senate have said, is Enohings enough about fighting for 574 00:33:14,480 --> 00:33:17,640 Speaker 1: this election to be overturned? And it's his frustration that 575 00:33:17,760 --> 00:33:20,400 Speaker 1: they no longer want to fight the electoral college that 576 00:33:20,560 --> 00:33:22,480 Speaker 1: led him to this path to blow that up. And 577 00:33:22,600 --> 00:33:25,960 Speaker 1: that's purely speculation, but at your point, he certainly put 578 00:33:26,160 --> 00:33:29,080 Speaker 1: his own Republican Party in a very difficult position, as 579 00:33:29,160 --> 00:33:31,600 Speaker 1: they were led to believe he was supportive, and then 580 00:33:31,680 --> 00:33:33,520 Speaker 1: at the end hour he has come in with this 581 00:33:33,720 --> 00:33:36,440 Speaker 1: massive that his criticism what is this do for the 582 00:33:36,440 --> 00:33:41,360 Speaker 1: Georgia election? Makes it very difficult for Republicans. I mean, 583 00:33:41,480 --> 00:33:44,239 Speaker 1: if anything, this is a gift to Democrats who, as 584 00:33:44,280 --> 00:33:47,280 Speaker 1: we've seen Nancy Pelosi tweeting, great, you know we're going 585 00:33:47,320 --> 00:33:49,080 Speaker 1: to move forward. We can try to get the two 586 00:33:49,160 --> 00:33:53,440 Speaker 1: thousand dollars you want. It puts you know, the Lessler 587 00:33:53,600 --> 00:33:55,760 Speaker 1: and Perdue who are in these runoffs in Georgian a 588 00:33:55,960 --> 00:33:59,160 Speaker 1: very strange position. Remember, one of the reasons Mitch McConnell 589 00:33:59,200 --> 00:34:01,920 Speaker 1: pushed Republican to make this deal in in the end 590 00:34:02,400 --> 00:34:05,560 Speaker 1: was because of Georgia, saying we can't keep the Senate 591 00:34:05,640 --> 00:34:08,000 Speaker 1: if we don't have a deal that these senators can 592 00:34:08,040 --> 00:34:10,680 Speaker 1: bring home to their constituents. They thought they had that 593 00:34:10,880 --> 00:34:13,719 Speaker 1: and now that's been blown up. It really were in 594 00:34:14,000 --> 00:34:18,000 Speaker 1: sort of unturned territory. Are Republicans really gonna come out 595 00:34:18,120 --> 00:34:22,160 Speaker 1: now and support Leffler and Purdue given that they may 596 00:34:22,239 --> 00:34:25,160 Speaker 1: not get the release they were seeking. On top of which, 597 00:34:25,239 --> 00:34:27,200 Speaker 1: they have a president who has gone back and forth 598 00:34:27,280 --> 00:34:29,520 Speaker 1: on whether they can even trust the electoral system in 599 00:34:29,560 --> 00:34:32,319 Speaker 1: which they're supposed to be voting. So it really puts 600 00:34:32,360 --> 00:34:35,239 Speaker 1: Republicans in a very difficult position for this runoff. And 601 00:34:35,360 --> 00:34:38,319 Speaker 1: of course, if they lose both of these seats, then 602 00:34:38,360 --> 00:34:40,320 Speaker 1: Mitch McConnell is no longer going to be a majority 603 00:34:40,440 --> 00:34:43,200 Speaker 1: leader and they will lose Washington because they will lose 604 00:34:43,239 --> 00:34:48,000 Speaker 1: the Senate. What are the polls saying about Georgia right now? 605 00:34:48,160 --> 00:34:52,200 Speaker 1: And can we believe those polls? Yeah, we've seen. One 606 00:34:52,239 --> 00:34:55,120 Speaker 1: of the fascinating um sort of undertold stories about this 607 00:34:55,320 --> 00:34:58,200 Speaker 1: race is that many of the public posters have pulled 608 00:34:58,239 --> 00:35:01,680 Speaker 1: out of Georgia after the general election, in part because 609 00:35:01,719 --> 00:35:04,440 Speaker 1: they were criticized for polling in a way that didn't 610 00:35:04,480 --> 00:35:07,080 Speaker 1: turn out the way the results did. In part because 611 00:35:07,160 --> 00:35:09,040 Speaker 1: of the timing, and a lot of posters don't want 612 00:35:09,040 --> 00:35:12,000 Speaker 1: to pull over the holidays, So we have very limited 613 00:35:12,080 --> 00:35:14,759 Speaker 1: polling coming out of Georgia, and the polling we have 614 00:35:15,000 --> 00:35:18,040 Speaker 1: shows it is too tight to call. Most of these 615 00:35:18,080 --> 00:35:20,320 Speaker 1: polls that I've seen that are again the public polls 616 00:35:20,400 --> 00:35:23,080 Speaker 1: are within the margin of error, meaning this thing could 617 00:35:23,120 --> 00:35:25,480 Speaker 1: go either way. And I know people hate to hear this, 618 00:35:25,600 --> 00:35:29,160 Speaker 1: but this really is a case of turnout and Democrats 619 00:35:29,280 --> 00:35:32,400 Speaker 1: seemed had be turning out people in record numbers, but 620 00:35:32,520 --> 00:35:35,800 Speaker 1: Republicans usually have an advantage historically and runoff in a 621 00:35:35,880 --> 00:35:39,120 Speaker 1: state like Georgia. So again, this thing could go either way. 622 00:35:40,320 --> 00:35:42,400 Speaker 1: A lot of investment managers have been watching the Georgia 623 00:35:42,520 --> 00:35:44,640 Speaker 1: race and actually saying it could be a game changer 624 00:35:44,719 --> 00:35:47,600 Speaker 1: for them because if Democrats do take the majority in Senate, 625 00:35:47,880 --> 00:35:51,280 Speaker 1: we could see a bigger fiscal support package or fiscal stimulus, 626 00:35:51,360 --> 00:35:54,040 Speaker 1: even actual true stimulus that we could call it that. 627 00:35:54,719 --> 00:35:56,239 Speaker 1: Do you think that people are a little ahead of 628 00:35:56,280 --> 00:35:59,440 Speaker 1: themselves and that given the moderate tilt of a lot 629 00:35:59,480 --> 00:36:03,239 Speaker 1: of the Democo hats that have gotten in, Yeah, I 630 00:36:03,440 --> 00:36:05,400 Speaker 1: do think. I think it's the right way to be 631 00:36:05,560 --> 00:36:07,600 Speaker 1: thinking about it. But I do think they're a little 632 00:36:07,640 --> 00:36:10,880 Speaker 1: bit ahead of themselves. As you mentioned, not only the 633 00:36:10,960 --> 00:36:13,600 Speaker 1: moderate tilt of the Democrats who have gotten in, but 634 00:36:13,760 --> 00:36:16,640 Speaker 1: also the fact that the House, the new Congress, will 635 00:36:16,680 --> 00:36:19,800 Speaker 1: be more Republican than it was or is now, and 636 00:36:19,960 --> 00:36:22,960 Speaker 1: also the fact that even if Democrats take the Senate, 637 00:36:23,040 --> 00:36:26,200 Speaker 1: it is by the narrowest of margins. So I think 638 00:36:26,320 --> 00:36:29,440 Speaker 1: any idea that we are going to see if we 639 00:36:29,600 --> 00:36:32,760 Speaker 1: had a Democratic Senate, that we would see a massive 640 00:36:32,840 --> 00:36:35,480 Speaker 1: stimulus package, I think is not going to happen. And 641 00:36:35,600 --> 00:36:37,800 Speaker 1: if you look back at the two two thousand and 642 00:36:37,920 --> 00:36:41,720 Speaker 1: nine what Barack Obama faced, he faced something very similar. 643 00:36:41,840 --> 00:36:44,160 Speaker 1: He was never able to get the deal that most 644 00:36:44,200 --> 00:36:48,160 Speaker 1: economists said he should because he couldn't get the moderate 645 00:36:48,280 --> 00:36:51,120 Speaker 1: Democrats and enough of the Republicans go along with him. 646 00:36:51,360 --> 00:36:53,640 Speaker 1: And this is going to be even a narrower Senate. 647 00:36:53,960 --> 00:36:56,560 Speaker 1: So I think the idea of a massive bill is 648 00:36:56,680 --> 00:36:59,000 Speaker 1: something that we won't see, but I do think it's 649 00:36:59,040 --> 00:37:01,440 Speaker 1: the right way to be thinking about it within the margins. 650 00:37:01,800 --> 00:37:04,800 Speaker 1: If Democrats take the Senate, they obviously do have the 651 00:37:04,880 --> 00:37:07,800 Speaker 1: upper hand on these things. The other prospect is this 652 00:37:07,920 --> 00:37:09,920 Speaker 1: for Joe Biden, is that he isn't going to be 653 00:37:10,120 --> 00:37:13,360 Speaker 1: even more pressured by the liberal the liver more and 654 00:37:13,480 --> 00:37:16,000 Speaker 1: it's going to be hard given the numbers are so slim, 655 00:37:16,200 --> 00:37:18,520 Speaker 1: So there's also the flip side of it, if you will, 656 00:37:18,600 --> 00:37:21,680 Speaker 1: for Joe Biden, if they take the sentence, Genie twenty seconds. 657 00:37:21,719 --> 00:37:24,040 Speaker 1: I'd love to get your thoughts on just the of 658 00:37:24,120 --> 00:37:28,919 Speaker 1: all the pardons we're seeing from President Trump. Yeah, not surprising, 659 00:37:29,120 --> 00:37:32,120 Speaker 1: but I think really devastating to the part in um, 660 00:37:32,840 --> 00:37:34,960 Speaker 1: the parted power that the president has, and I think 661 00:37:35,000 --> 00:37:37,040 Speaker 1: the black Water ones, the ones that have to do 662 00:37:37,160 --> 00:37:39,880 Speaker 1: with what happened in the Rock, particularly devastating for the 663 00:37:40,000 --> 00:37:43,279 Speaker 1: U S Military and US justice overseas. Genie, thank you 664 00:37:43,360 --> 00:37:46,400 Speaker 1: so much for joining us. As always, we appreciate your perspective. 665 00:37:46,440 --> 00:37:50,120 Speaker 1: Gene Xano, political contributor to Bloomberg News. She's also a 666 00:37:50,200 --> 00:37:53,760 Speaker 1: professor of political science at i own, a college based 667 00:37:53,840 --> 00:37:57,880 Speaker 1: in New Rochelle, New York. Just getting us her thoughts 668 00:37:58,040 --> 00:38:00,560 Speaker 1: here on the stimulus. Seems to be bogged down a 669 00:38:00,640 --> 00:38:03,399 Speaker 1: little bit here obviously the last days, and it really 670 00:38:03,760 --> 00:38:07,280 Speaker 1: is a time crunch, a cliff, if you will. Hopefully 671 00:38:07,800 --> 00:38:11,759 Speaker 1: progress can be made over the next several days. Thanks 672 00:38:11,800 --> 00:38:15,040 Speaker 1: for listening to Bloomberg Markets podcast. You can subscribe and 673 00:38:15,160 --> 00:38:18,920 Speaker 1: listen to interviews at Apple Podcasts. Or whatever podcast platform 674 00:38:19,000 --> 00:38:22,399 Speaker 1: you prefer. I'm Bonnie Quinn, I'm on Twitter at bonnie Quinn. 675 00:38:22,600 --> 00:38:24,920 Speaker 1: And I'm Paul Sweeney. I'm on Twitter at pt Sweeney. 676 00:38:25,040 --> 00:38:27,680 Speaker 1: Before the podcast, you can always catch us worldwide at 677 00:38:27,680 --> 00:38:28,439 Speaker 1: Bloomberg Radio