Speaker 1: This is Bloomberg business Week Inside from the reporters and
Speaker 1: editors who bring you America's most trusted business magazine, plus
Speaker 1: global business, finance and tech news. The Bloomberg Business Week
Speaker 1: Podcast with Carol Messer and Tim Stenebeck from Bloomberg Radio.
Speaker 2: You're going to stay with cars a little bit with cars.
Speaker 3: It does already seem like a theme of twenty twenty
Speaker 3: four is the way that the American car buyer has
Speaker 3: cooled when it comes to electric vehicles. The latest is
Speaker 3: that Ford said it would reduce the number of workers
Speaker 3: making its F one to fifty lightning truck as demand
Speaker 3: for EV's continues to weaken. Fort cheers bouncing around early
Speaker 3: in the session on the news, off an earlier loss
Speaker 3: of one point five percent, now up nearly two percent,
Speaker 3: though the stock already down eight point four percent so
Speaker 3: far this year. Carol, It comes a bit over a
Speaker 3: month after Bloomberg reported that Ford would cut production goals
Speaker 3: for the F one fifty EV in half in twenty
Speaker 3: twenty four.
Speaker 2: Yeah, it's a big move, right, So what happened lessen
Speaker 2: two years ago? Ford CEO Jim Farley saw the electric
Speaker 2: F one fifty Lightning as a bet that the company
Speaker 2: was kind of all in in terms of its way forward.
Speaker 2: Ford's biggest move in fact, since Henry Ford ditch the
Speaker 2: AG model to you to make way for something new.
Speaker 2: I'll go to when it comes to things on forward
Speaker 2: And really what's going on in the EV space is
Speaker 2: our own Keith Notton.
Speaker 1: Yeah.
Speaker 3: He actually wrote a cover story for Bloomberg Business Week
Speaker 3: back in April of twenty twenty two that featured the
Speaker 3: Ford CEO and the company's massive make or break bet
Speaker 3: on EV's, and since then and before then, he's been
Speaker 3: chronicling the ups and recently the downs of Ford's transition
Speaker 3: to EV's. He joins us on Zoom from Detroit. So, Keith,
Speaker 3: I'm good to have you back with us. It's always
Speaker 3: good to chat EV's with you and what's going on
Speaker 3: in the environment. I went back and read that April
Speaker 3: twenty two cover story of Jim Farley and the debut
Speaker 3: of the f one to fifty Lightning give us sort
Speaker 3: of the post mortem here.
Speaker 1: Is it too.
Speaker 3: Early to say that this was a bet that's gone wrong?
Speaker 4: It's probably too.
Speaker 5: Early to go that far, Tim, but certainly it has
Speaker 5: not worked out the way for imagined it would. And
Speaker 5: you know, one of the comments from Jim Farley back
Speaker 5: around the time of the F one fifty lightning introduction
Speaker 5: kind of rings ominously now. He said this will be
Speaker 5: a test of acceptance of electric vehicles in America, because
Speaker 5: of course, the F series truck is America's number one
Speaker 5: selling vehicles. So if you can't sell an electric version
Speaker 5: of that, is America ready for evs Well, it turns
Speaker 5: out they're not as ready as Jim Farley and many
Speaker 5: others in the other industry thought they would be. A
Speaker 5: couple of years ago. You know, the EV sales growth
Speaker 5: rate has really slowed down. Now EV sales are still growing,
Speaker 5: we need to be clear about that. They're growing faster
Speaker 5: than the market. But last year they grew forty seven
Speaker 5: percent and this year UBS says they'll grow about eleven percent.
Speaker 2: So I know We've gone round and round with you
Speaker 2: on this, but I'm going to go back there. So Keith,
Speaker 2: it's just a matter of time or timing, and so
Speaker 2: maybe the timeline is a little bit longer on the
Speaker 2: ramp up to EV. Certainly here in the United States,
Speaker 2: globally we're seeing certainly a pickup. But help us out here.
Speaker 5: Yeah, it is a much stronger take rate in China
Speaker 5: and in Europe, but there are some you know, government
Speaker 5: incentive reasons for that, particularly in China. You know, if
Speaker 5: you want to get an EV in Shanghai, well your
Speaker 5: license plate is free. If you want to get an
Speaker 5: internal combustion engine vehicle, you have to pay twelve thousand
Speaker 5: dollars for that license plate. So China has used a
Speaker 5: real stick approach to become the world's largest EV market.
Speaker 5: Here in the United States, consumers are saying prices are
Speaker 5: still too high. The average price of an EV is
Speaker 5: still around sixty thousand dollars even after all the price cuts,
Speaker 5: and that the charging network is just not robust enough.
Speaker 5: People are worried about being left stranded by the side
Speaker 5: of the road with no charg or nearby.
Speaker 3: Yeah, and certainly the cold weather around the country hasn't
Speaker 3: helped the image or the thought of that. I think
Speaker 3: for a lot of people. Keith, what do you think
Speaker 3: needs to happen for the US to actually consistently sell
Speaker 3: more evs and make sure that it is a country
Speaker 3: that's moving in that direction, Because I think what's so
Speaker 3: striking about the news that we got earlier today that
Speaker 3: you reported is that Ford's actually redirecting some of the
Speaker 3: money that was going to EV's and actually to build
Speaker 3: more of the new Ford Bronco, which is an internal
Speaker 3: combustion car.
Speaker 5: Yeah, exactly, we are going back to gas fueled cars
Speaker 5: at Ford with this announcement today. They are cutting a
Speaker 5: shift at the electric vehicle plant and taking some of
Speaker 5: those workers and moving them over to the Bronco and
Speaker 5: Ranger pickup truck plant, which are both internal combustion engine
Speaker 5: vehicles that are selling well, and those are the vehicles
Speaker 5: that make money for Ford, so they need them to
Speaker 5: sell well so they can finance this EV future. It's
Speaker 5: this very delicate balance. I think Americans have to be
Speaker 5: convinced that they don't give up anything to get an
Speaker 5: EV but instead they gain some and right now they see,
Speaker 5: you know, convenience being sacrificed because it takes longer to
Speaker 5: charge than it does to gas up a car, and
Speaker 5: it's just simply more expensive.
Speaker 2: Hey, I'm just thinking about how hard this has got
Speaker 2: to be for Jim Farley on this whole idea of
Speaker 2: balancing production to meet customer demand and still being committed
Speaker 2: to a future with evs, but also as a publicly
Speaker 2: held company, knowing that every quarter they're going to have
Speaker 2: to answer to their investors. So it's not going to
Speaker 2: be easy, is it?
Speaker 5: No? And they are losing billions on evs. In fact,
Speaker 5: last year they initially said they expected to lose three
Speaker 5: billion dollars on evs in twenty twenty three, and then
Speaker 5: they had to increase that to four and a half
Speaker 5: billion dollars for four point five billion dollars, and now
Speaker 5: they're maybe even worse. So it's it's it's a very
Speaker 5: difficult business case to make, particularly when the uptake is
Speaker 5: going slower than you expected because they counted on volume
Speaker 5: to really kind of turn it around.
Speaker 3: Keith, is this a Ford problem or is it uh
Speaker 3: systemic systematic wide problem?
Speaker 6: Like? Is it?
Speaker 1: Yeah? Is it? Like?
Speaker 3: Is it affecting the other companies the same way that
Speaker 3: it's affecting Ford?
Speaker 5: The EV slowdown is affecting everybody. GM has delayed the
Speaker 5: launches of a couple of evs. Everybody is sort of
Speaker 5: scaling back their EV spending. Even Elon Musk is cutting
Speaker 5: the prices of his best sellers to try and stimulate sales,
Speaker 5: but it's still seeing market share losses and margins getting compressed.
Speaker 5: So there is an overall slow down in the US
Speaker 5: EV market.
Speaker 1: But is it hitting.
Speaker 5: Yeah, And so to the forward point, So Ford got
Speaker 5: out there early with the lightning by essentially converting you know,
Speaker 5: the gas fueled F one fifty into an electric vehicle.
Speaker 5: They have a second generation of EV's coming that will
Speaker 5: be ground up. You know that we're designed from the
Speaker 5: start as electric vehicles, and they promised those will be
Speaker 5: just really advanced, lots of digital features that consumers will love.
Speaker 5: Those don't come till twenty twenty five or twenty twenty six,
Speaker 5: and they were just downgraded this week by UBS who
Speaker 5: said that the EV payoff is going to take longer
Speaker 5: than expected for Ford.
Speaker 2: You know what I don't understand. We're coming off of
Speaker 2: COP twenty eight, right that happened in Dubai and the agreement,
Speaker 2: the big agreement that everybody pointed to, this transition away
Speaker 2: from fossil fuels as part of a global stock take
Speaker 2: if you were will It was the first time that
Speaker 2: COP mentioned this. So it's out there, and I think
Speaker 2: about the regulatory push also, so it means we're going
Speaker 2: to get there again or I don't know. I try
Speaker 2: to kind of make sense of it, if you will, Keith,
Speaker 2: that we've got stuff like that, I think it means.
Speaker 5: Yeah, I think what you're seeing is that it'll just
Speaker 5: take longer to get there because you know, government regulation
Speaker 5: or guidance can only go so far. It becomes a
Speaker 5: pocketbook issue for consumers. We're just not going to shell
Speaker 5: out sixty thousand dollars for an electric vehicle when an
Speaker 5: average internal combustion engine vehicle costs thirteen thousand dollars less.
Speaker 2: Hey, before we go thirty seconds, who is buying or
Speaker 2: who are buying evs here in the United States? What's
Speaker 2: the demographic and just quickly if you can, sorry.
Speaker 5: Yeah it is. It is primarily men wealthy. They're buying
Speaker 5: it as an extra car for their household rather than
Speaker 5: as their primary daily driver.
Speaker 2: All right, good stuff, as always listen, Thank you so much.
Speaker 2: I always appreciate it. Have a great and safe weekend.
Speaker 2: Bloomberg News auto reporter Keith Nott and joining us there
Speaker 2: and again for shares if we take a look there.
Speaker 2: Higher on the day on this news up about one
Speaker 2: and a half percent off their earlier highs of two percent,
Speaker 2: but also off their lows of the day when they
Speaker 2: were down about one and a half percent.
Speaker 3: And if you want some good weekend reading, and maybe
Speaker 3: you missed the first time around, go check out Keith's
Speaker 3: cover story about Jim Farley and Ford's bed on evs
Speaker 3: back in April of twenty twenty two. It's on the
Speaker 3: Bloomberg terminal and it's at Bloomberg dot com slash business.
Speaker 2: With Yeah, that cover store is a great one.
Speaker 4: Yeah.
Speaker 2: Yeah, I think it's important and I love kind of
Speaker 2: also hearing from Keith that you know, longer term, the
Speaker 2: commitment is still there and that's the direction. It's just
Speaker 2: again maybe taking a little bit longer, especially here in
Speaker 2: the United States.
Speaker 1: You're listening to the Bloomberg Business Week podcast. Catch us
Speaker 1: Live weekday afternoons from two to five pm Eastern Listen
Speaker 1: on Apple car Play and then brought auto with a
Speaker 1: Bloomberg Business app, or watch us Live on YouTube. Thanks again,
Speaker 1: be love to make what lives.
Speaker 2: Yeah, all right, Well, life is about a lot of
Speaker 2: things when it comes to investing, and it often means transitioning.
Speaker 2: We talked about that kind of with the EV space.
Speaker 2: There's a lot going on. There's a term that I
Speaker 2: came across and kind of getting ready for this segment
Speaker 2: Transition finance, which is shaping up to be one of
Speaker 2: the new year's most important subjects for anyone professing to
Speaker 2: care about the climate crisis too.
Speaker 3: Yeah, So it's distinct from green finance, which generally targets
Speaker 3: so called climate solutions like wind farms or battery plants,
Speaker 3: and said, it's loosely defined as investments mainly in industries
Speaker 3: and infrastructure that helped drive efforts to achieve a net
Speaker 3: zero economy exactly.
Speaker 2: So we've discussed about a lot of these things, and
Speaker 2: we've also talked about kind of the rethink among investors
Speaker 2: when it comes to esg's investing, specifically, declining in the
Speaker 2: US has resulted in an overall slide in the global
Speaker 2: market for ESG investing. A recent assessment by the Global
Speaker 2: Sustainable Investment Alliance. They provide updates on the size of
Speaker 2: the market every two years. Well, the twenty twenty two
Speaker 2: review FOLKS published in late November, shows that investors had
Speaker 2: thirty point three thirty point three trillion and sustainable assets.
Speaker 2: That's down from thirty five point three trillion in twenty
Speaker 2: twenty and in US you really saw a big drop
Speaker 2: sustainable assets falling to eight point four trillion last year
Speaker 2: from just over seventeen trillion two years earlier. According to
Speaker 2: that report, a lot of it was attributed to a
Speaker 2: change of methodology used to calculate the numbers. But we
Speaker 2: are seeing investors kind of rethink and retrench a little bit.
Speaker 3: It's not the first time we're hearing this. So here
Speaker 3: to talk emerging trends in the ESG space. We got
Speaker 3: more In O'Brien, SVP of Corporate Governance at Siegal Macro Advisors,
Speaker 3: US based investment consultancies with combined advisory assets exceeding five
Speaker 3: hundred billion dollars. She joins us on a zoom Seagle
Speaker 3: Marco Advisors. I should tell you I read that incorrectly.
Speaker 3: I'm sorry, Maureen. So tell us a little bit about
Speaker 3: the study and the findings here.
Speaker 6: Yeah, thanks for having me on.
Speaker 7: So every year, Siegal Market Advisors surveys our top investment
Speaker 7: managers on emerging ESG trends. This is what they're doing
Speaker 7: in house, how they're tracking admissions, how they're looking at DEI,
Speaker 7: whether they're continuing to have a hybrid model. So we
Speaker 7: ask them a variety of questions and then put those
Speaker 7: results together in a summary report that we put up
Speaker 7: on our website.
Speaker 2: All right, so what were some of the summary and
Speaker 2: why do you think it's important to kind of remind
Speaker 2: people of what's going.
Speaker 4: On so on climent.
Speaker 7: As you guys were just talking about, we are seeing
Speaker 7: some movement there of investment managers who are tracking their
Speaker 7: emissions internally and then also tracking emissions for clients.
Speaker 8: So what that's.
Speaker 7: Telling us is that more retirement funds benefit funds are
Speaker 7: seeking to establish their carbon footprint and then see how
Speaker 7: they can reduce that footprint over time. So we're seeing
Speaker 7: more than a majority of investment managers start to track
Speaker 7: those emissions and look at zero targets, which is a
Speaker 7: change that we're seeing incremental progress on. Another big finding
Speaker 7: in the survey this year is on DEI during the
Speaker 7: Black Lives Matter movement and from the follow up to that,
Speaker 7: we saw a lot of investment managers making announcements about
Speaker 7: hiring and promoting women and people of color, and unfortunately,
Speaker 7: the survey results this year showed that those gains have
Speaker 7: essentially disappeared.
Speaker 8: It looks like women have.
Speaker 7: Gone down as an overall percentage of the workforce and
Speaker 7: a percentage of the c suite and particularly black employees
Speaker 7: have seen big reductions in the overall workforce and fifty
Speaker 7: decrease of black representation the c suite is what the
Speaker 7: survey found this year.
Speaker 3: Hey, Maureen. When Carol and I talk about this, we
Speaker 3: always go back to this one idea, and it's actually
Speaker 3: makes sense because it's earning season. When we hear from
Speaker 3: companies and we hear what moves a company's stock during earnings,
Speaker 3: it's top line, it's bottom line, and it's what the
Speaker 3: outlook is. They're not talking about ESG that doesn't move
Speaker 3: the stock. It never comes out, It never comes up
Speaker 3: in the context of it actually being something that they're
Speaker 3: talking about with relation to the company's stock pricer or
Speaker 3: the company's business. I don't want to say never, because
Speaker 3: it has before, but mainly that's what we're hearing. Does
Speaker 3: that change. Do we ever start to see some sort
Speaker 3: of some sort of metric that actually moves a stock
Speaker 3: relating to what you're talking about.
Speaker 7: Part of the difficulty when we talk about ESG is
Speaker 7: that it's not one thing. So there's a lot of
Speaker 7: discussion about ESG in the regulatory environment right now and
Speaker 7: among investors, but essentially it's being talked about. It's sort
Speaker 7: of one concept and it's really many things. So aspects
Speaker 7: like worker rights and climate change are gonna affect how
Speaker 7: successful companies are. I don't think it's a clear line
Speaker 7: between there is a good DEI program and then the
Speaker 7: next day the company is shooting the lights out compared
Speaker 7: to the competition. These are inputs and factors that do
Speaker 7: have an impact over time, but they're not overnight market movers.
Speaker 9: I guess too.
Speaker 2: It's just, you know, it all seemed to make so
Speaker 2: much sense early on, and I think, you know, the
Speaker 2: original idea of VESG was kind of the vulnerable vulnerability
Speaker 2: excuse me, of companies publicly held companies when it came
Speaker 2: to ESG metrics, right, what it meant for them, I
Speaker 2: don't know whether media, whether what narrative change, and it
Speaker 2: was like kind of this doing good thing. And I'm
Speaker 2: not saying that they can't be both. But having said that,
Speaker 2: all the money that has gone into ESG investing, maren,
Speaker 2: what what can we turn to to say, Okay, it's
Speaker 2: really improved things, Because you just talked about that things
Speaker 2: haven't in some ways gotten better.
Speaker 10: Yeah.
Speaker 7: I mean, the first of all, we used to not
Speaker 7: know right, We just didn't have a lot of data.
Speaker 7: I mean, the only required ESG information out there was
Speaker 7: how many employees you have, so not even a breakdown
Speaker 7: of demographics, for example, But we didn't have any data
Speaker 7: around carbon emissions.
Speaker 5: We still don't have.
Speaker 7: A lot of data around that workplace issues. You know,
Speaker 7: how companies are doing with their turnover rate. You know,
Speaker 7: companies will often say employees are their most valuable asset,
Speaker 7: but there was no required measurement of that asset apart
Speaker 7: from where the operations are and how many people work there.
Speaker 7: So a large part of ESG has just been trying
Speaker 7: to get that data available. You've seen a huge increase
Speaker 7: in the number of companies that have sustainability reports, that
Speaker 7: are joining up for organizations like CDP, the Climate Disclosure
Speaker 7: Project and other initiatives where they're voluntarily providing this data.
Speaker 7: But it's still not at the point where the data
Speaker 7: is as easily comparable as it is with financial data.
Speaker 4: So that's a big part of the problem. But that
Speaker 4: is changing.
Speaker 7: The SEC has a pending climate rule that is looking
Speaker 7: like it will require lots of information on climate and
Speaker 7: so once companies begin reporting on that, it's much easier
Speaker 7: to do that evaluation of who are the winners and
Speaker 7: losers in this climate transition.
Speaker 2: We want to share from our audience though some of
Speaker 2: the stats I think that you talked about earlier and
Speaker 2: reminding us how things haven't changed. If you look at
Speaker 2: the workforce, you know, it's still predominantly white. So it's
Speaker 2: sixty three percent of the individuals who are working are
Speaker 2: are white individuals. If you look at race, right, again,
Speaker 2: white predominantly about seventy nine percent.
Speaker 3: If you look at it, it's in the C suite.
Speaker 2: So that's a sweet yeah.
Speaker 3: Get so that's I mean the people making the decisions,
Speaker 3: it's three percent black, seventy nine percent white.
Speaker 2: Right, exactly overwhelmingly. And then again gender, which you talked
Speaker 2: about earlier, again c suite gender composition, you're talking about
Speaker 2: only twenty six percent or women. I mean it just
Speaker 2: I've been doing this a long time and nothing's changed.
Speaker 2: Just got ten seconds here. What do you hope people
Speaker 2: take away from this conversation? Please, if you could be quick.
Speaker 7: Yes, it's important to set goals, track progress, and be
Speaker 7: public about the journey without intentionality. The historical trends do
Speaker 7: not reverse.
Speaker 2: Themselves, all right, And it's there is something to having,
Speaker 2: like the importance of data so that you can actually
Speaker 2: understand what's going on.
Speaker 3: We're talking about it now.
Speaker 2: Yeah, well we've talked for a long time. But see
Speaker 2: the numbers of the concrete numbers.
Speaker 9: Marine.
Speaker 2: Thank you so much. Marin O'Brien, Senior vice president of
Speaker 2: Corporate Governance at Siegel Marco Advisors from Chicago.
Speaker 8: This is Bloomberg.
Speaker 1: You're listening to the Bloomberg Business Week podcast. Listen live
Speaker 1: each weekday starting at two pm Eastern on Apple car
Speaker 1: Play and Android Auto with the Bloomberg Business ad You
Speaker 1: can also listen live on Amazon Alexa from our flagship
Speaker 1: New York station. Just say Alexa Play Bloomberg eleven thirty.
Speaker 6: Well.
Speaker 2: A billionaire couple is giving one hundred million dollars to
Speaker 2: Atlanta's Spelman College, which the woman's school says is the
Speaker 2: largest ever single donation to historically black college or university.
Speaker 2: The donation announced yesterday by Rhonda Striker and her husband
Speaker 2: William Johnston. She is the billionaire granddaughter of the founder
Speaker 2: of medical device maker Striker Corporation. He is the chairman
Speaker 2: of money management firm green Leaf Trust. They live in.
Speaker 3: Michigan, Spellman said it would use seventy five million dollars
Speaker 3: to indow scholarships. The rest of the money will be
Speaker 3: used for other purposes, including developing an academic focus on
Speaker 3: public policy and democracy and improving student housing, a sore
Speaker 3: point in recent years among Spelman's students.
Speaker 2: We are so delighted to have with us to talk
Speaker 2: about this historic gift in what it is a historic
Speaker 2: here for Spelman Doctor Helene Gale, she's president of Spelman College.
Speaker 2: She is on Zoom from Atlanta and also with us.
Speaker 2: Delighted to have here, Bloomberg News Higher Education Finance reporter
Speaker 2: Janet Lauren in our Bloomberg Interactive Brokers studio. Doctor Gail, congratulations,
Speaker 2: Thank you for giving us some time here. Can you
Speaker 2: talk to us a little bit about how this gift
Speaker 2: came up, how did Ronda Striker come to be a
Speaker 2: trustee at Spelman, and what's it like to receive the
Speaker 2: news of a gift of this magnitude.
Speaker 6: Well, thank you and thanks for having me on.
Speaker 11: Well.
Speaker 10: Rando Striker is one of our longest serving trustees. She
Speaker 10: was brought on by one of my predecessors over twenty
Speaker 10: years ago, and over the years she and her husband
Speaker 10: have continued to contribute to Spelman and you know, have
Speaker 10: been incredibly generous donors, but this is clearly the largest single.
Speaker 8: Gift that they have ever given.
Speaker 10: And as you said in the run up to this,
Speaker 10: it's the largest single gift that Spelman has ever received,
Speaker 10: and the largest gift to any HBCU. So it's pretty
Speaker 10: exciting and you know, truly a transformational gift that I
Speaker 10: think can make such a huge difference for Spelman, not
Speaker 10: only now but bar into the future.
Speaker 9: So thank you again for coming. So tell us how
Speaker 9: does this donation impact your endowments long longjectivity, especially when
Speaker 9: it comes to scholarships.
Speaker 10: Yeah, so you know, we plan to use seventy five
Speaker 10: percent of it or endowing scholarships. We will obviously put
Speaker 10: that money to work immediately, and you know, in a
Speaker 10: year or so there will be returns that we can
Speaker 10: use to start increasing our scholarships already. But you know,
Speaker 10: as you know, endowments really really what you can do
Speaker 10: with an endowment is to think about future generations. And
Speaker 10: so you know, we look at this as the way
Speaker 10: that we can secure the future for right talented young
Speaker 10: women who want to get us an education. But oftentimes
Speaker 10: are not able to because of financial barriers. So you know,
Speaker 10: we think this is going to make a difference for
Speaker 10: our students today but also for the students of tomorrow.
Speaker 9: Well, and I was looking at your most recent value
Speaker 9: of June twenty twenty two, it was less than five
Speaker 9: hundred million dollars. And then this gives you a huge
Speaker 9: amount of money more to invest. Can you talk about
Speaker 9: what that means for having you know, having that in
Speaker 9: the fund and to be able to build on it
Speaker 9: and to be able to do things like help students
Speaker 9: graduate and boost those rates and help them return the
Speaker 9: next semester if there's trouble.
Speaker 10: Yeah, no, totally, that's exactly what you know, we hope
Speaker 10: to be able to do. As you stated, you know,
Speaker 10: we have an endowment that's just under five hundred million dollars.
Speaker 10: You know, that's that is large for an age for
Speaker 10: many of our h PCU colleagues. But you know, when
Speaker 10: we compare ourselves to similar schools, similar size, type, and
Speaker 10: similar types of populations, you know, our endowment is trails
Speaker 10: many of our peer institutions, and so you know, we
Speaker 10: think that this which is a huge increase in our endowment,
Speaker 10: will be able to provide scholarships for students.
Speaker 8: As you know, we have a high need population.
Speaker 10: We've got brilliant students grade point averages to range three
Speaker 10: point nine and above, but we have we also have
Speaker 10: a high need population. Forty percent of our students are
Speaker 10: pale eligible. About eighty percent of our students get some
Speaker 10: sort of need based financial aid. So, you know, we
Speaker 10: want to be able to bridge that gap between the
Speaker 10: talent that we see walking through the door and the
Speaker 10: you know, real gap in financial resources. You know, when
Speaker 10: you can take this incredible talent pool and match it
Speaker 10: with the resources that allow them to have this kind
Speaker 10: of life changing education, you know, I think we can
Speaker 10: make a huge contribution through this gift, and you know,
Speaker 10: hopefully many more. We hope that this is the kind
Speaker 10: of gift that will inspire others to invest not only
Speaker 10: in Spelman, but other HBCUs.
Speaker 3: So, you know, I want to talk a little bit
Speaker 3: about more about the cost of higher education because we
Speaker 3: got some news earlier today that the President Biden is
Speaker 3: continuing with his efforts to try to reduce the debt
Speaker 3: looad that Americans have. Whether or not that is successful
Speaker 3: remains to be seen. But the cost of higher education
Speaker 3: at your school is forty six thousand dollars a year
Speaker 3: for a student living on campus. I got to tell
Speaker 3: you that's a relative bargain in this day and age.
Speaker 3: We were talking with a colleague recently who about another school,
Speaker 3: not an Ivy League school, a small liberal arts college,
Speaker 3: over ninety thousand dollars a year. Why does the cost
Speaker 3: of higher education continue to be so high?
Speaker 8: Doctor Keal, Well, you know, every school is different. We've
Speaker 8: tried very hard to keep our costs as low as possible.
Speaker 10: In fact, we reset our tuition and fees a couple
Speaker 10: of years ago to be able to try to make
Speaker 10: our education as affordable as possible.
Speaker 8: But you know, costs continue to rise. Employment costs continues
Speaker 8: to rise.
Speaker 11: You know, we have to be able to attract the
Speaker 11: kind of high caliber faculty that attracts our you know,
Speaker 11: the student population that comes to Spelman.
Speaker 10: We've got to make sure that we pay our staff
Speaker 10: and administer rate to support the kinds of resources and so,
Speaker 10: you know, a lot of the cost of a college
Speaker 10: or university are the personnel costs that continue to go up.
Speaker 10: But we also know the construction costs, other supply costs
Speaker 10: have all continued to go up. So you know, we
Speaker 10: try as hard as we can to manage those costs
Speaker 10: to not have to increase tuition and fees.
Speaker 8: But we also have to be competitive in today's market.
Speaker 2: But does it feel a little crazy when it's almost
Speaker 2: one hundred thousand dollars? I'm just you understand this world?
Speaker 8: Well, you know, I think we've got to work on
Speaker 8: both sides.
Speaker 10: We have to work on making education more and more affordable,
Speaker 10: but we also have to look at how are we
Speaker 10: making sure that students do have the kind of resources,
Speaker 10: access to scholarships, access to low cost loans to be
Speaker 10: able to afford education. So we've got to you know,
Speaker 10: we've got to work on both ends, and you know,
Speaker 10: we've got work to do.
Speaker 9: So I write a lot about fundraising, and I would
Speaker 9: love to hear how does a gift like this come about?
Speaker 9: It must have you must have been working on it
Speaker 9: for years and years. If you could take us through that,
Speaker 9: And also, what's it like to get the nod? Yes,
Speaker 9: we're giving you one hundred million dollars.
Speaker 6: Well, you know, as I mentioned, Ronda Striker has been
Speaker 6: a long serving board member and she has seen the
Speaker 6: transformative nature of a Spelman education you know, we we
Speaker 6: have young women who walk through the door, you know
Speaker 6: without you know, as young women and whose lives are
Speaker 6: transformed by the education that they get here. She has
Speaker 6: seen the economic value that occurs when a young girl
Speaker 6: comes in the door leaves ready to get go.
Speaker 8: Out into the workforce. You know, if you look at.
Speaker 10: The statistics, HBCUs like Spellman have punched above their weight
Speaker 10: for so many years. And I think she has seen
Speaker 10: that the value of investing can make such a huge difference.
Speaker 10: And so, you know, gifts come because people believe in
Speaker 10: your mission. People who have resources who believe in your
Speaker 10: mission have the opportunity to experience why it's so important
Speaker 10: to invest. So Ronda Striker has had the opportunity to
Speaker 10: see what it means when you can match the talent
Speaker 10: pool that we have with the kind of resources that
Speaker 10: can be transformational and change lives. You know, Spelman College
Speaker 10: has the The product is Spelman College is obvious. You know,
Speaker 10: we can rattle off the names of important leaders in business,
Speaker 10: in policy and politics and arts, entertainment, entrepreneurship, and so
Speaker 10: we know that there's a product comes from Spelman that
Speaker 10: changes lives.
Speaker 2: Well, thank you so much for finding time for us. Congratulations.
Speaker 2: We know it's also an important annivers You're for you
Speaker 2: guys in the official naming of the school, So congratulations
Speaker 2: on that, doctor Helene Gail, President of Spelman College, and
Speaker 2: of course, Bloomberg's own Janet Lauren.
Speaker 1: You're listening to the Bloomberg Business Week podcast. Catch us
Speaker 1: live weekday afternoons from two to five pm Eastern Listen
Speaker 1: on Apple card Play and then Broun Auto with a
Speaker 1: Bloomberg Business app, or watch us live on YouTube.
Speaker 3: Well, Bitcoin this week down nearly two percent. Interesting to
Speaker 3: see the given the risk on mood that we saw
Speaker 3: in equities, driving the S and P five hundred and
Speaker 3: Nasdaq one hundred and the Dow carroll to finish at
Speaker 3: fresh records. Since that spot bitcoin etf or I should say,
Speaker 3: since the spot bitcoin ETFs began trading last week there
Speaker 3: are eleven of them and spike to more than forty
Speaker 3: eight thousand dollars per bitcoin. We're now seeing bitcoin trade
Speaker 3: down about quite a bit at about forty one thousand,
Speaker 3: six hundred and forty six dollars per coin. Okay, so
Speaker 3: let's get into it with Stephen mcclug, chief investment officer
Speaker 3: at Valkyrie Investments. We should note Valkyrie is one of
Speaker 3: the eleven companies with US Bitcoin ETF. That ticker is
Speaker 3: br r R Burr. Stephen, good to have you back
Speaker 3: with us. First full week of trading for Spot bitcoin ETFs.
Speaker 3: We saw bitcoin move lower for the week. Just give
Speaker 3: us your take now that we've had a full week
Speaker 3: of this.
Speaker 12: Yeah, absolutely, and thanks for having me back. Well, first
Speaker 12: of all, what's happening in bitcoin is what we expected.
Speaker 12: We do expect bitcoin to be pretty range bound between
Speaker 12: about forty two and forty eight through probably closer to
Speaker 12: March or April. A lot of the risk on that
Speaker 12: we're seeing in the markets is due to an expectation
Speaker 12: that fed's the FED will probably start louring rates in
Speaker 12: May or June. But with the Bitcoin Spot ETF coming out,
Speaker 12: there's been a lot of outflows actually out of the
Speaker 12: grayscale ET.
Speaker 4: I saw that.
Speaker 3: Yeah, why is that sort of a buy the news
Speaker 3: by the rumor sell the news. I don't even know.
Speaker 12: The saying yeah, yeah, so I I previously was an
Speaker 12: investor in that particular trust as well. And really what's
Speaker 12: happening is people were locked in and couldn't get redemptions
Speaker 12: out when the fund was trading at a at a
Speaker 12: pretty big discount, and now that that discount is narrowed
Speaker 12: back to zero, people are able to begin to withdraw again,
Speaker 12: sell out, sell out of it at market. So we've
Speaker 12: seen about five billion dollars in outflows so far just
Speaker 12: in that ETF, which which we did expect to happen,
Speaker 12: but we are seeing positive inflows into Hours and all
Speaker 12: the other ones.
Speaker 5: Well.
Speaker 2: Talk to us about that, because I'm curious if those
Speaker 2: outflows out of Grayscale are finding their way to you.
Speaker 2: Give us an idea size and scope in terms of
Speaker 2: the flows that you, guys Steven, are seeing into your
Speaker 2: spot baycoin ETF specifically.
Speaker 12: Yeah, we're seeing a very steady stream of flows in.
Speaker 12: Ever since the first day of trading, we've probably witnessed
Speaker 12: anywhere between twenty and thirty million dollars a day for
Speaker 12: the most part, a few exceptions, but it's a very
Speaker 12: very constant stream coming in. I think some of those
Speaker 12: flows out of Grayscale is coming to us, but I
Speaker 12: think a lot of it's new money people that want
Speaker 12: access to an ETF and now have one and have
Speaker 12: an in their in their broker's account. It's easy to
Speaker 12: easy to maintain. So so that's where we're probably seeing
Speaker 12: more of our flows is new money as opposed to
Speaker 12: flows out of greyscale.
Speaker 2: Any money coming out of your fund though in that.
Speaker 12: Comunity, Yeah, yeah, we haven't really seen anything coming out
Speaker 12: of our funds.
Speaker 8: Uh.
Speaker 1: You know.
Speaker 12: We we also have a mining fund as well as
Speaker 12: a mixed bitcoin and the futures fund, and we've actually
Speaker 12: seen positive inflows into those as well. Particularly the mining fund.
Speaker 12: A lot of people are looking at that as a
Speaker 12: way to gain extra beta or you know, more more
Speaker 12: than a one x beta to bitcoin.
Speaker 3: Do you know if any of that money going into
Speaker 3: b R r R is coming from advisors?
Speaker 12: It is, and a lot of the financial that we
Speaker 12: speak to they have been waiting for a Bitcoin spot
Speaker 12: etf Most of them are independent. A lot of the
Speaker 12: advisors that work in the big wires, it's going to
Speaker 12: be a little bit of time before they start coming in.
Speaker 12: You know, the firms like UBS and Morgan Stanley, their
Speaker 12: committees have to go through due diligence on the managers
Speaker 12: on the product. Usually takes somewhat of a track record
Speaker 12: anywhere between one and three years. So that's when we
Speaker 12: see a lot of the big flows, but the independent
Speaker 12: arias are definitely coming in, and some of them that
Speaker 12: don't feel like they quite understand bitcoin yet are making
Speaker 12: their moves into some of the bitcoin ecosystem funds as
Speaker 12: well as the Bitcoin mining fund which again we've seen
Speaker 12: a lot of positive inflows into that, just as much
Speaker 12: as we've seen into bitcoin spot.
Speaker 2: So help me understand or how you see it right?
Speaker 2: One would assume bitcoin and know that. Some have said
Speaker 2: it's a safe haven like gold. Some would say no,
Speaker 2: it's when the risk trade is on. We've seen it
Speaker 2: kind of go each way. But I'm looking at Bitcoin
Speaker 2: down about nine and a half percent since these Spot
Speaker 2: bitcoin etf started trading last week. I'm looking at a
Speaker 2: NASDAC that's up three percent. I'm looking at an S
Speaker 2: and P five hundred that is up about one point
Speaker 2: two percent in that same time frame, timeframe we've seen
Speaker 2: Stephen the risk trade come back. Is it surprising not
Speaker 2: to see Bitcoin moving up and the whole group overall, Yeah.
Speaker 12: I'm not too terribly surprised, only because of the expected
Speaker 12: outflows that we were to see in grayscale. I think
Speaker 12: once that has watched out a bit, we should start
Speaker 12: seeing the market move up again. And you also have
Speaker 12: to keep in mind that you know, in the short
Speaker 12: run things aren't always correlated, but in the long run
Speaker 12: they are. And in the last three months leading up
Speaker 12: to the Bitcoin Spot ETF launches, we did see bitcoin
Speaker 12: rising price quite a bit. So I think the market
Speaker 12: get a little bit too excited. Now it's waning down
Speaker 12: or getting back to a level that we think is sustainable,
Speaker 12: and once these outflows begin going out, I do believe
Speaker 12: we'll see it again. And and on that note, I'll
Speaker 12: also mention that you know, bitcoin acts in response to
Speaker 12: the way that people treat it. So some people use
Speaker 12: it as an inflation hedge or as a safe haven,
Speaker 12: some some use it as a as a risk on asset,
Speaker 12: and depending on the cycle or the mini cycle, we
Speaker 12: will see bitcoin react in those various ways. I think
Speaker 12: this short term move really is more of a reflection
Speaker 12: of selling out of one fund, and we should probably
Speaker 12: see it move more like a risk app set through
Speaker 12: the rest of the year.
Speaker 3: Heay back to the ETF. So I'm just wondering if
Speaker 3: you're planning to do a proof of reserves or maybe
Speaker 3: share your addresses at some point in the in the future.
Speaker 12: Yeah, absolutely, so we actually do post, we do post
Speaker 12: our reserves and and really simply put, we hold everything
Speaker 12: at coinbase. So there is uh, there is a one
Speaker 12: to one uh uh bitcoin to to what we say
Speaker 12: is in our fun sitting at coinbase. Now we probably
Speaker 12: won't show the address just because that's a security reason
Speaker 12: or that's a security issue, but we can point back to.
Speaker 2: Coinbase on Hey, can you give us twenty five seconds
Speaker 2: on the next steps and plans you've been acquired by
Speaker 2: coin shares. We're already seeing consolidation the crypto asset management space,
Speaker 2: So what can you share about next steps? And again,
Speaker 2: just got about twenty five seconds.
Speaker 12: Oh, absolutely, And this is exactly what we expected in
Speaker 12: the market when we launched our firm three years ago.
Speaker 12: Once a bitcoin spot etf comes to fruition, we will
Speaker 12: see consolidation. We'll see larger asset managers that want access
Speaker 12: to this asset class and want expertise, and we're seeing,
Speaker 12: just like with us, we're seeing consolidation within the space.
Speaker 8: All right.
Speaker 2: It's always fun to watch, that's for sure, Steven, Thanks
Speaker 2: for taking some time out for our Stephen mclard, chief
Speaker 2: investment Officer over at Valkyrie Investments on Zoom from Nashville, Tennessee.
Speaker 2: This is Bloomberg Radio, and this is Bloomberg Business Week,
Speaker 2: Carol Master, Tims Danovic, This is Bloomberg.
Speaker 12: Come Bromack.
Speaker 1: The journal.
Speaker 11: Now about you.
Speaker 13: Let me drive?
Speaker 3: Oh no, no, no, no, alright please, I'll.
Speaker 10: Excuse me.
Speaker 2: I want to drive.
Speaker 8: It's a good question.
Speaker 1: Good, this is good. Drive to the clothes. Do a thing, well,
Speaker 1: Don on Bloomberg Radio.
Speaker 3: All right, well it's that time to drive to the clothes.
Speaker 3: And before we do that, I want to get to
Speaker 3: a headline. A redhead crossing the Bloomberg terminal. Apollo Global
Speaker 3: Management considering making an offer for National Amusements Inc. That's,
Speaker 3: of course, the Redstone family company that controls film and
Speaker 3: TV giant Paramount Global. This by your own team, including Lucashaw,
Speaker 3: Ryan Gould, and Michelle Davis.
Speaker 5: Yeah.
Speaker 2: Interesting too, because you're seeing Apollo Global hitting a record
Speaker 2: in today's trade. So it's been actually moving up in
Speaker 2: the session. Nothing that that's necessarily related to this news,
Speaker 2: but it's up about almost two percent today.
Speaker 3: We should note that Apollo is one of a number
Speaker 3: of investors, both wealthy individual and professional money managers that
Speaker 3: have reached out in recent weeks to BDT and MSD Partners,
Speaker 3: the investment bank advising the Red Stones. That's according to
Speaker 3: people familiar with the discussions.
Speaker 2: All right, so something to track on this Friday. We're
Speaker 2: tracking a lot on this Friday, including an equity market
Speaker 2: that is pretty much at its best levels of the session.
Speaker 2: So we've seen really investors, certainly on the equity side
Speaker 2: of things come back. Nasdaq, as we heard from Denise,
Speaker 2: really the outperformer up one point six percent. We saw
Speaker 2: this trade yesterday. So let's get to it. Let's get
Speaker 2: to our drive to the closed guests. Back with us
Speaker 2: is Doug Sioca, CEO and partner at Cavar Capital Partners.
Speaker 2: They've got over a billion in assets under management. He
Speaker 2: is on Zoom from Leewood, Kansas. Hey, Doug's so nice
Speaker 2: to see you. I can't remember if we've had a
Speaker 2: chance to say Happy New Year. It's already been kind
Speaker 2: of a busy twenty twenty four.
Speaker 9: How are you.
Speaker 4: Yes, I'm great, happening here to you guys as well.
Speaker 4: Thank you for having me on.
Speaker 2: Is it cold in Kansas?
Speaker 13: No, it's frigid and ridiculously freezing in Kansas. It's forty
Speaker 13: three right now in dropping.
Speaker 3: Where is it colder? Buffalo, Kansas, Kansas.
Speaker 4: Yeah, let's for the game on Sunday, so the Chiefs
Speaker 4: will We have been up in Buffalo.
Speaker 13: Looks like twenty two and in no precipitation, so it's
Speaker 13: gonna feel balmy after the game last weekend when it
Speaker 13: was minus twenty seven.
Speaker 2: It's a big game this weekend. And I got to say, Doug,
Speaker 2: it's so great that Taylor Swift came along to help
Speaker 2: out the Chiefs and really get Travis Kelcey on track.
Speaker 2: I bet you're really happy that she came into his life.
Speaker 4: I am.
Speaker 13: I am happy for her, I'm having for the city.
Speaker 13: It's been great to have her around town. And he's
Speaker 13: very visible. She's got a bit of a cloak of
Speaker 13: protection around her, which is necessary, but she's been seen
Speaker 13: around town and it's been a lot of positive buzz
Speaker 13: in the city and we love it.
Speaker 4: Well.
Speaker 2: Talk about the game, Patrick Mahomes, it's hard not to
Speaker 2: like this guy, even if he's not your team. Every
Speaker 2: time he's in a Super Bowl I love watching is
Speaker 2: just this great little player and just seems to pull
Speaker 2: it out all the time. But speaking of the Chiefs
Speaker 2: and the team and their strategy. My understanding is you
Speaker 2: think investors should take note of what they've been up
Speaker 2: to as well.
Speaker 10: Yeah.
Speaker 13: I mean it's kind of a little corny on what's
Speaker 13: happening at Arrowhead Stadium, but our town tends to sort
Speaker 13: of evoke the character of their sports teams, and I've
Speaker 13: kind of made a little bit of a it's probably
Speaker 13: a bit of an extension, but the Chiefs have some
Speaker 13: characteristics that they also share with kind of fundamental portfolio
Speaker 13: management at the prevailing markets. And right, we've been saying, look,
Speaker 13: you've got to have good defense, and that's been kind
Speaker 13: of heart and soul of the Chiefs team this year
Speaker 13: in the bond market. Right, in this silly analogy, right,
Speaker 13: it's offering very stout defense.
Speaker 4: Right, you've got sound portfolio protection, robust income.
Speaker 13: You've got to have secondarily, kind of like to your point,
Speaker 13: this mahomes magic leadership, we need to have some tried
Speaker 13: and true, probably tech centric gross stocks embracing AI distancing
Speaker 13: themselves from the competition and exhibiting incredible agility in a
Speaker 13: fast paced ententry sector. And you've got to Thirdly, you've
Speaker 13: got to have sound diversification right in your portfolio, and
Speaker 13: it's certainly on the football field, and you've got to
Speaker 13: be able to score in multiple ways.
Speaker 4: Expectations are high.
Speaker 13: Playbooks well warned this part of the season, so you
Speaker 13: got to pull all the stops and have it sold.
Speaker 4: Like Andy Reid as our head coach.
Speaker 13: There's never any there's ever any lack of creativity and offense,
Speaker 13: that's for sure.
Speaker 3: Doug, do you like football?
Speaker 4: I love football?
Speaker 3: Yeah, I thought so.
Speaker 1: I thought so.
Speaker 3: I just wanted to make sure, just wanted to make sure. Yeah, hey,
Speaker 3: can can you connect to the chief season and all
Speaker 3: of the key themes to watch for twenty twenty four
Speaker 3: because I know you're watching certain elements here, including geopolitics,
Speaker 3: are going on with rates.
Speaker 13: Absolutely timid and like everybody right, like interest rates are
Speaker 13: the are the overriding sort of priority one theme of
Speaker 13: twenty twenty four, as they were in twenty twenty three,
Speaker 13: as they certainly were in twenty twenty two. So interest rates, earnings, geopolitics,
Speaker 13: and domestic politics sort of cross pollination there, and then
Speaker 13: we really feel like in twenty twenty four we're going
Speaker 13: to see an appreciable increase in M and A activity
Speaker 13: so I'm happy to talk about any or all of those.
Speaker 4: The four prong theme thematic outlook for sure.
Speaker 2: Can we go to interest rates? We just talked with
Speaker 2: our Bloomberg News rates reporter Michael McKenzie, and this whole
Speaker 2: idea of you know, bond traders really very closely watching
Speaker 2: maybe the treasury curve here in the US getting back
Speaker 2: to normalization, This whole idea of you know, no longer
Speaker 2: an inverted yield curve and those longer durations moving up.
Speaker 2: But having said that, the path to getting back to
Speaker 2: normal is it?
Speaker 10: The question is.
Speaker 2: Does the longer end of the yield curve go higher
Speaker 2: or does the shorter end go lower? And I am
Speaker 2: curious what your take is on it, because there it
Speaker 2: means different things.
Speaker 8: Yeah.
Speaker 13: So throughout last year, Carol, we saw what's called it,
Speaker 13: it's called a bear steepening, right, and we saw as
Speaker 13: the short end came up in the long end, I
Speaker 13: should say that the long end barely budged and that
Speaker 13: sort of unwound kind of going into that to midsummer,
Speaker 13: we saw the pullback in equity markets when the expectation was, hey,
Speaker 13: the FED may not be done right. There was a
Speaker 13: lot of mixed messaging coming from some of the FED
Speaker 13: governors on their speaking tours. We've actually now seen some
Speaker 13: more of a bull steeping that's taken place. Well, the
Speaker 13: expectation in the market, and it's begun to dissipate right
Speaker 13: from definitely putting in six cuts next year to maybe
Speaker 13: more like four and a half or five, if that's possible.
Speaker 13: So you've seen the expectation that the FED might not
Speaker 13: be cutting as much as had been anticipated. So the
Speaker 13: two years really been pegged and all the action has
Speaker 13: been on the longer end. Now, we did see some
Speaker 13: normalization even on twoes and thirties earlier this week, right
Speaker 13: where we finally saw that was kind of a refreshing deal.
Speaker 13: We've gone from ninety eight basis points to steepness to tens.
Speaker 13: Now we're just at like twenty three. So we're seeing
Speaker 13: the right kind of steeping that's taken place. And why
Speaker 13: is that right? Because everyone knows the FED is done right,
Speaker 13: how quickly the FED cuts is really open for debate.
Speaker 4: I saw an interesting interview this morning with Austin Goolsby.
Speaker 13: He was saying, which I thought was really interesting, is
Speaker 13: the investors are hinging on the words of the FED
Speaker 13: and they need to be hinging on the data. But
Speaker 13: at the same time, we will still raise rates we
Speaker 13: feel like the data is inconsistent with the general trajectory inflation.
Speaker 13: So that was a little bit of this messaging as well.
Speaker 13: But what the market is trying to do is ascertain
Speaker 13: two and a half to four percent GDP growth.
Speaker 4: Boy, that's pretty good. Yeah, And labor market that's finally
Speaker 4: coming into balance. Boy, that's pretty good.
Speaker 13: Certain industries in the in the stock market, they're just
Speaker 13: starting to hit kind of a sweet spot of the upswing,
Speaker 13: of their sweet spot of the up spring of their
Speaker 13: profit cycle. So you can see the soft landing scenario
Speaker 13: with rate normalization without seeing like a widening of the normalization,
Speaker 13: but just getting to where we have opportunities to pick
Speaker 13: up turn premium. That's going to be really reassuring the
Speaker 13: face of declining inflation.
Speaker 2: Well, certainly something to think about as we head into
Speaker 2: the weekend and get ready to watch a lot of football.
Speaker 2: That's what I'm going to say, Hey, listen, be well,
Speaker 2: great to check in with you. Dex Sioka, CEO and
Speaker 2: partner at Kvar Capital Partners. As we mentioned earlier, they've
Speaker 2: got over a billion dollars in assets under management. He's
Speaker 2: joining us on zoom from Leewood, Kansas, where it's chilling.
Speaker 3: Is he gonna, Doug? Are you gonna go to the game. No,
Speaker 3: the game's in Buffalo, I know, but you could still go.
Speaker 4: Yeah, still go. No, I will be here.
Speaker 2: Yeah, the kvar jet might take you.
Speaker 4: Oh now you're talking.
Speaker 3: Thanks, good luck this weekend. I appreciate you as always
Speaker 3: enjoining us.
Speaker 13: Luck.
Speaker 9: Thank you too.
Speaker 1: This is the Bloomberg Business Week podcast of a Little Apple, Spotify,
Speaker 1: and anywhere else you get your podcast. Listen live weekday
Speaker 1: afternoons from two to five pm Eastern on Bloomberg dot Com,
Speaker 1: the iHeartRadio app, tune In, and the Bloomberg Business App.
Speaker 1: You can also watch us live every weekday on YouTube
Speaker 1: and always on the Bloomberg Jourmyalone