WEBVTT - Shift in Lending, Finding Your Second Act

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<v Speaker 1>This is Bloomberg Business Week with Carol Messer and Bloomberg

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<v Speaker 1>Quick Takes Tim Stenovic on Bloomberg Radio. So we had

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<v Speaker 1>some housing data today.

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<v Speaker 2>Sales had previously owned US homes falling in March by

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<v Speaker 2>more than forecasts, really underscoring a housing market that's still

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<v Speaker 2>on shaky footing despite some signs of stabilizing. And then

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<v Speaker 2>we had some data earlier this week that showed single

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<v Speaker 2>family home building climbing to a three month high in March.

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<v Speaker 2>We're just trying to make sense of it all, Maddie.

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<v Speaker 2>And then we had a thirty year fixed rate mortgage

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<v Speaker 2>averaging six point three nine percent out of April twentieth.

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<v Speaker 2>That was some data that came out yesterday from Freddie

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<v Speaker 2>Mac actually today forgive me. And then the thirty year

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<v Speaker 2>rows after dropping for five straight weeks. So I feel

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<v Speaker 2>like there's conflicting stories when it comes to housing and

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<v Speaker 2>what's going on. Our next guest, So has a great

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<v Speaker 2>window and vantage point into the mortgage park market. His

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<v Speaker 2>company worked with fifteen of the top twenty five banks

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<v Speaker 2>and lenders in the US.

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<v Speaker 1>So here to get an update.

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<v Speaker 2>On what they are seeing and what they are doing.

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<v Speaker 1>Is Joe Well you.

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<v Speaker 2>He's founder and CEO of the fintach's fintech software platform,

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<v Speaker 2>Total Expert. Here at our Bloomberg Interactive Broker's studio.

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<v Speaker 1>Welcome, Welcome, Welcome, How.

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<v Speaker 3>Are you great? Thanks for having me, appreciate the opportunity.

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<v Speaker 2>Well, it's great to have you here, and you do

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<v Speaker 2>come at this from a different point. Remind everybody who's

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<v Speaker 2>listening and watching on Bloomberg what you guys do specifically

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<v Speaker 2>and who you.

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<v Speaker 3>Are sure sure so. Total Expert is a technology company

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<v Speaker 3>that caters specifically to the financial services industry, and at

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<v Speaker 3>a high level, the core of our technology is designed

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<v Speaker 3>to help banks, lenders, modern financial services firms build really

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<v Speaker 3>high quality, long term relationships with customers.

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<v Speaker 1>What does that mean?

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<v Speaker 3>It really means understanding the consumer, using data to ultimately

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<v Speaker 3>understand not just at a transactional level, but really going

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<v Speaker 3>deep to understand holistically all of the financial needs and

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<v Speaker 3>wants of a consumer so they can give higher quality

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<v Speaker 3>advice throughout the entire financial journey, a consumer's entire financial journey.

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<v Speaker 1>Can I ask how you figure that out? Is it

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<v Speaker 1>AI or.

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<v Speaker 3>Well, you know, we do use AI certainly, and it's

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<v Speaker 3>an evolution and ultimately we partner with some amazing firms,

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<v Speaker 3>some of the largest banks, independent mortgage companies, and credit

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<v Speaker 3>unions in the country, and through that partnership, we evolve

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<v Speaker 3>our technology to solve some of the needs they have

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<v Speaker 3>in the business.

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<v Speaker 4>And which type of clients do you mainly work with and.

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<v Speaker 3>Some Yeah, we work with credit unions, banks, independent mortgage banks,

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<v Speaker 3>and insurance firms.

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<v Speaker 1>So like your big big guys that have been reporting

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<v Speaker 1>this week.

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<v Speaker 3>Yes, a few of those. I won't mention any names,

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<v Speaker 3>but we have multiple banks in the top five. And

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<v Speaker 3>then we have if you think of the top couple

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<v Speaker 3>one hundred lenders in the country, we work with a

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<v Speaker 3>large percentage of those.

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<v Speaker 4>So what are you hearing are the biggest concerns then

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<v Speaker 4>from the customers in terms of the data that you have.

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<v Speaker 3>Yeah, So I think as a general rule of financial

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<v Speaker 3>services industry, particularly lending, is going through this shift to

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<v Speaker 3>where they really understand it is about long term relationships

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<v Speaker 3>with consumers. And in order to earn the right to

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<v Speaker 3>have those long term relationships, you really have to be

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<v Speaker 3>able to deliver value to those customers in a way

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<v Speaker 3>that treats them as a unique individual human that has

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<v Speaker 3>certain financial goals and it should be about not just

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<v Speaker 3>doing a transaction, but ultimately about financial fitness and really

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<v Speaker 3>holistically helping them achieve their goals over time, such as

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<v Speaker 3>home ownership as an example.

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<v Speaker 2>So did the collapse of three regionals impact that? And

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<v Speaker 2>is that what you're kind of addressing or was that

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<v Speaker 2>going on prior to that?

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<v Speaker 3>So I think that some of that is there's some

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<v Speaker 3>macro things that were happening there certainly that cause those

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<v Speaker 3>and we of course are in the mix all the time,

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<v Speaker 3>and I think there's a lot of there's a lot

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<v Speaker 3>of caution with the regional banks right now and understanding that,

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<v Speaker 3>but ultimately we saw a brief amount of dislocation where

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<v Speaker 3>consumers were concerned, and then ultimately we don't see much

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<v Speaker 3>of that at this point. We ultimately see the banks, lenders,

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<v Speaker 3>credit unions, organizations, we work with, independent mortgage banks well

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<v Speaker 3>really leaning into help their customers kind of navigate. Probably

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<v Speaker 3>the most unstable financial time we've had in fifteen years,

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<v Speaker 3>is any.

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<v Speaker 4>Of the advice that you're giving hitting on increasing savings,

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<v Speaker 4>accounts yields. Because we were just talking about people flying

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<v Speaker 4>from the traditional banks, some of them I imagine.

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<v Speaker 3>You work with to those high Yeah, so there is

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<v Speaker 3>some of that strategy, and ultimately it really goes back

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<v Speaker 3>to understanding at a consumer level. I need to look

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<v Speaker 3>at not just what I want to sell this customer,

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<v Speaker 3>but I need to look at their entire financial picture

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<v Speaker 3>and what's important to them. Right, So, as an example,

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<v Speaker 3>how savings accounts are certainly something that's important to consumers,

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<v Speaker 3>and in the organizations that we partner with are ultimately

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<v Speaker 3>trying to say, you know, how do we become the

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<v Speaker 3>best financial partner to this consumer and serve them in

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<v Speaker 3>the products and services that those institutions Ultimately.

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<v Speaker 2>So, based on the data that you see and the

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<v Speaker 2>companies that you work with, what are you seeing about

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<v Speaker 2>lending activity? And we're coming off just a period where

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<v Speaker 2>we've heard from a lot of the banks, so we

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<v Speaker 2>know a lot, But what are you seeing in terms

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<v Speaker 2>of lending activity, whether it's individuals, whether it's to businesses,

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<v Speaker 2>and signs that maybe things are indeed slowing down.

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<v Speaker 3>So I think there's really two angles you have to

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<v Speaker 3>look at it with. So there, certainly we're in an

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<v Speaker 3>environment where rates have went up at a greater pace

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<v Speaker 3>than at almost any time in modern history. Okay, and

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<v Speaker 3>so that's one side of the equation. The other side

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<v Speaker 3>of the equation is the demand that we're seeing on

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<v Speaker 3>the lending side is actually incredibly high. What's happening, though,

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<v Speaker 3>is there's on the housing market specifically, we do a

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<v Speaker 3>lot of our organizations we work with do lending for

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<v Speaker 3>people purchasing homes, mortgages, and as well as home equity lending.

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<v Speaker 3>We see a lot of appetite for demand for those

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<v Speaker 3>types of loans. Where there's a gap is inventory, there's

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<v Speaker 3>not as many homes on the market. And also you're

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<v Speaker 3>also seeing an adjustment period to where consumers that we're

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<v Speaker 3>looking at, say a five hundred thousand dollars home maybe

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<v Speaker 3>a couple of years ago, and they had aspirations of

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<v Speaker 3>being in a five hundred thousand dollars home, Well now

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<v Speaker 3>they have to look at a home that's about three

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<v Speaker 3>hundred and twenty five thousand to have the same level

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<v Speaker 3>of affordability, right, So there's that adjustment period. So the

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<v Speaker 3>data that you're seeing reported only tells part of the story.

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<v Speaker 3>The other part of the story is actually home ownership's

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<v Speaker 3>alive and well, plenty of demand, but there's definitely an

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<v Speaker 3>adjustment period.

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<v Speaker 4>Can you explain that to me because I feel like

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<v Speaker 4>the home owning story is getting very confusing, Like every

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<v Speaker 4>day there's a new data point that tells.

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<v Speaker 3>Me a different story there is and that's so that's

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<v Speaker 3>part of what we feel the industry, the organization of

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<v Speaker 3>the financial services industry, really needs to lean in to

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<v Speaker 3>educating consumers on what's fact and what's ultimately just volatility

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<v Speaker 3>in the market. Right. And so if you think about

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<v Speaker 3>if you look at the last ten years as an example, okay,

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<v Speaker 3>homeowners achieved forty times higher increase in net worth than

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<v Speaker 3>renter's debt. Right, So you don't necessarily see that in

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<v Speaker 3>a lot of the headlines, but for the long term,

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<v Speaker 3>home ownership as a foundational component of financial health and

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<v Speaker 3>fitness is really critical. And so that is how we

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<v Speaker 3>you know, we see organizations addressing that and educating consumers accordingly.

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<v Speaker 1>So I don't understand.

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<v Speaker 2>So institutions are saying, if you want to increase your

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<v Speaker 2>net wealth, here's how you do it.

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<v Speaker 1>You buy a house.

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<v Speaker 3>I think, yeah, So the organization's institutions that we work with,

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<v Speaker 3>for example, they're really leaning into educating consumers, okay, really

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<v Speaker 3>leaning into educating them on debt also what their financial

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<v Speaker 3>goals are and how to build towards those financial goals.

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<v Speaker 3>So homeownership is a part of the story. It's an

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<v Speaker 3>important part of the story, but another part of the story.

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<v Speaker 3>We have a lot of our companies that we work

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<v Speaker 3>with and partner with do other types of consumer lending.

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<v Speaker 3>So as an example, you're also seeing credit card debt

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<v Speaker 3>increase dramatically in the last quarter of the year by

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<v Speaker 3>almost at a trillion dollars I think was the statistic

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<v Speaker 3>that I saw. So the organizations that work with these

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<v Speaker 3>consumers really have to take their really an intentional approach

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<v Speaker 3>to educating those consumers on how to manage their debt levels.

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<v Speaker 3>And then things like home equity, which is a fundamental

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<v Speaker 3>backstop for a lot of Americans. They have that equity

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<v Speaker 3>to fall back on and how they can utilize that

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<v Speaker 3>to maybe offset high, super high interest rate consumer debt.

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<v Speaker 2>Just got about thirty seconds. So net net take away

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<v Speaker 2>from what you were hearing because you're B to B right,

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<v Speaker 2>business to business, Yes, so what you are hearing from

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<v Speaker 2>your clients that you work with, you know, financial institutions,

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<v Speaker 2>big ones, I'm sure smaller ones too. What's the net

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<v Speaker 2>takeaway about the market environment? The economic outlog.

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<v Speaker 3>What would you say The net takeaway is that long term,

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<v Speaker 3>the housing market is going to be an incredibly robust market,

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<v Speaker 3>and home ownership is still an important part of the

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<v Speaker 3>American dream. Short term, have to get really educated and

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<v Speaker 3>smart about how that impacts each individual person's unique financial situation.

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<v Speaker 1>All right, we're gonna leave it on that note. Joll,

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<v Speaker 1>thank you so much.

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<v Speaker 2>Well, I've got to say that f Scott Fitzgerald once

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<v Speaker 2>observed that there are no second acts in American lives,

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<v Speaker 2>and our next guest, I'm certain we'll tell you otherwise.

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<v Speaker 2>We are so delighted to have with us Chery and

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<v Speaker 2>Tracy Scifax. They are entrepreneurs, their restaurant tours, their authors.

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<v Speaker 2>They also happen to be husband and wife. Shary's new

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<v Speaker 2>book is Second Act, Living Boldly and Abundantly at every age.

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<v Speaker 2>Tracy two has written a memoir from the Block to

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<v Speaker 2>the Boardroom. And they join us here in our Bloomberg

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<v Speaker 2>Interactive Broker studio, and we're already feeling their energy on

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<v Speaker 2>a Thursday that's been a little busy and I'm feeling

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<v Speaker 2>a little tired from being out late.

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<v Speaker 1>Let's die. Welcome, Welcome, Welcome.

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<v Speaker 2>We want to hear your stories, because I do think

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<v Speaker 2>you know, we are living in a world where people

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<v Speaker 2>do have second acts. Our third acts are fourth acts.

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<v Speaker 2>We're living longer, We're able to do if people move around. Sherry,

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<v Speaker 2>I want to start with you. You've got a new

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<v Speaker 2>book out. What was your second act or what is

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<v Speaker 2>your second act?

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<v Speaker 5>It is all encompassing career, love, new place. I moved

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<v Speaker 5>by moved from Oakland to Philadelphia, knowing no one at

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<v Speaker 5>the age of forty five.

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<v Speaker 1>That's a big move.

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<v Speaker 5>People would say, why are you doing that in this

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<v Speaker 5>stage of your life. Left one career in Silicon Valley area,

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<v Speaker 5>coming into medical devices in Philadelphia, then met my husband,

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<v Speaker 5>and now we're restaurant tours. Like you said, we just

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<v Speaker 5>bought a restaurant in Philadelphia. So really, just in every

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<v Speaker 5>aspect of my life, I am living a second act

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<v Speaker 5>because I would have never thought that when I was

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<v Speaker 5>in Oakland. Yeah, I'd be here with you on Bloomberg Radio.

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<v Speaker 1>And here you and here you.

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<v Speaker 2>Here I am with Tracy and my husband and with

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<v Speaker 2>your husband.

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<v Speaker 1>So tell us about you've been. I'm just gonna go

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<v Speaker 1>for it.

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<v Speaker 2>You've been incarcerated, you've been a CEO, you've been selected

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<v Speaker 2>as a championship changed by the Obama White House.

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<v Speaker 1>Quite a second act or third act or fourth act.

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<v Speaker 1>Tell us your story.

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<v Speaker 6>Well, as you said, I am forming incarcerated, actually thirty

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<v Speaker 6>years to the day. I was just posted on social

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<v Speaker 6>media that I spent thirty years ago a solitary confirement

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<v Speaker 6>in nineteen ninety two, just to be here now in

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<v Speaker 6>Bloomberg Studio telling my story. It's an awesome story. I

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<v Speaker 6>started out a drug addicted drug dealer, selling drugs to

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<v Speaker 6>support my habit like so many other folks, and got

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<v Speaker 6>caught up in the justices and spent about seven years

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<v Speaker 6>in prison. But one of the things I always felt

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<v Speaker 6>I was I always felt I was an entrepreneur, and

0:11:47.600 --> 0:11:49.720
<v Speaker 6>I always felt that if I just changed the product,

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<v Speaker 6>I could really do something good. So I did that.

0:11:52.480 --> 0:11:55.160
<v Speaker 6>In nineteen ninety five, I started my first business and

0:11:55.800 --> 0:11:58.280
<v Speaker 6>grew into a multimillion dollar business in seven years, and

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<v Speaker 6>just ever since then been off and just being a

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<v Speaker 6>serial entrepreneur, like just like I always thought I could be.

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<v Speaker 4>Well, Shuri, I wonder if you can come back in

0:12:06.840 --> 0:12:09.040
<v Speaker 4>here and we can talk about the entrepreneurship journey.

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<v Speaker 1>You've got to know where you go. I want to

0:12:11.120 --> 0:12:13.240
<v Speaker 1>go to the food, and that I'm going to go

0:12:13.320 --> 0:12:15.520
<v Speaker 1>to the dating. I know, I feel like you were

0:12:15.559 --> 0:12:16.440
<v Speaker 1>going to do dating.

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<v Speaker 4>I mean, I really do want to know about Okay, yeah, fine,

0:12:19.160 --> 0:12:21.719
<v Speaker 4>I'll go to the dating. The match dot Com profile. Yes,

0:12:22.400 --> 0:12:24.680
<v Speaker 4>the way you describe it in your notes is amazing.

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<v Speaker 5>You know. I wanted to make sure that I sat

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<v Speaker 5>tell people who I was so that they could want

0:12:32.160 --> 0:12:34.160
<v Speaker 5>to live in the fabulous life that I was living.

0:12:34.520 --> 0:12:37.640
<v Speaker 5>I had been very satisfied in my single season, but

0:12:37.679 --> 0:12:39.640
<v Speaker 5>I was like, hey, I want a husband, I want

0:12:39.880 --> 0:12:43.040
<v Speaker 5>a life partner, and so I lived this really great life.

0:12:43.080 --> 0:12:45.199
<v Speaker 5>I want to invite someone in. So that's how I

0:12:45.240 --> 0:12:48.000
<v Speaker 5>created my profile. I didn't say anything about I'm looking

0:12:48.000 --> 0:12:50.040
<v Speaker 5>for this, I'm looking for that. I said this is

0:12:50.080 --> 0:12:53.600
<v Speaker 5>who I am. So that invited someone in. And so

0:12:53.720 --> 0:12:56.839
<v Speaker 5>that was what I helped people understand about what they

0:12:56.840 --> 0:12:58.959
<v Speaker 5>want to do with their profiles is invite them in,

0:12:59.120 --> 0:12:59.920
<v Speaker 5>don't exclude them.

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<v Speaker 4>Well, it's a business issue. I know that's so bloombergie

0:13:03.840 --> 0:13:04.800
<v Speaker 4>of me to say.

0:13:04.559 --> 0:13:05.480
<v Speaker 2>But it is.

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<v Speaker 4>It's really important, and we don't talk enough about women

0:13:08.920 --> 0:13:11.520
<v Speaker 4>who are in their second act of life finding love

0:13:11.600 --> 0:13:14.200
<v Speaker 4>and partnership and the financial implications of that, and I

0:13:14.240 --> 0:13:16.040
<v Speaker 4>know that's something you're passionate about as well.

0:13:16.160 --> 0:13:19.520
<v Speaker 5>Absolutely, and at certain ages, right, I mean if people

0:13:19.600 --> 0:13:22.840
<v Speaker 5>tell women at forty or forty five, if you're not married,

0:13:23.000 --> 0:13:24.199
<v Speaker 5>you might as well forget it.

0:13:24.520 --> 0:13:27.400
<v Speaker 1>And there was an anger at CNN. Can I even go, Okay,

0:13:27.440 --> 0:13:28.720
<v Speaker 1>we're not going to go there, but go ahead.

0:13:28.800 --> 0:13:29.040
<v Speaker 2>Yeah.

0:13:29.320 --> 0:13:32.560
<v Speaker 5>I so people feel isolated. I know, Justin Bateman was

0:13:32.559 --> 0:13:35.839
<v Speaker 5>just talking about women in aging. Sarah Jessica Parker's head

0:13:35.880 --> 0:13:39.520
<v Speaker 5>issues with people commenting on her looks, and so women

0:13:39.640 --> 0:13:44.160
<v Speaker 5>are just really really villainized almost for aging. But there's

0:13:44.200 --> 0:13:47.440
<v Speaker 5>so much more that we know. Financially, we're more stable,

0:13:47.640 --> 0:13:51.040
<v Speaker 5>we know what we want. Intimately, we're more confident and clear.

0:13:51.520 --> 0:13:54.880
<v Speaker 5>So I'm giving women permission to own that, embrace who

0:13:54.960 --> 0:13:57.240
<v Speaker 5>you are, and so that you too can live your

0:13:57.280 --> 0:14:01.040
<v Speaker 5>second life fully abundantly and attract everything that you want

0:14:01.400 --> 0:14:02.880
<v Speaker 5>because now you're real clear on what it is.

0:14:02.960 --> 0:14:05.840
<v Speaker 1>I totally agree. I wish we had more time, Tracy.

0:14:05.840 --> 0:14:06.640
<v Speaker 1>We have a couple of minutes.

0:14:06.679 --> 0:14:09.000
<v Speaker 2>But so why do you think it's so important to

0:14:09.120 --> 0:14:12.520
<v Speaker 2>share kind of what you went through and show people that, yeah,

0:14:12.559 --> 0:14:14.000
<v Speaker 2>you can come back and you kind of have a

0:14:14.040 --> 0:14:15.240
<v Speaker 2>second or third or fourth that act.

0:14:15.280 --> 0:14:17.560
<v Speaker 6>Oh absolutely, And it's just around like that. It's Second

0:14:17.640 --> 0:14:21.000
<v Speaker 6>Chance Month. So we have in this conversation, I say

0:14:21.040 --> 0:14:23.320
<v Speaker 6>all the time. You know, it's seventy million people in

0:14:23.400 --> 0:14:25.640
<v Speaker 6>America touched by the criminal justice system.

0:14:25.880 --> 0:14:27.240
<v Speaker 1>And those are just the.

0:14:27.200 --> 0:14:30.400
<v Speaker 6>Ones that have gotten caught. So we've the Bible teachers

0:14:30.400 --> 0:14:34.480
<v Speaker 6>that we some unfairly incorrectly. Oh absolutely, absolutely, absolutely so,

0:14:34.560 --> 0:14:36.720
<v Speaker 6>I think second chance. And as we look at you know,

0:14:36.800 --> 0:14:38.960
<v Speaker 6>my wife and her second act book, you know, we

0:14:39.000 --> 0:14:41.840
<v Speaker 6>talk about how we are allowed those second and third

0:14:41.960 --> 0:14:44.040
<v Speaker 6>chances in life and what do we do with them?

0:14:44.080 --> 0:14:46.280
<v Speaker 6>And I think that is so important. What do we

0:14:46.320 --> 0:14:49.640
<v Speaker 6>do with our second, third chances? And I've been blessed

0:14:49.640 --> 0:14:51.960
<v Speaker 6>to have been given that, and I just you know,

0:14:52.040 --> 0:14:53.840
<v Speaker 6>we take advantage of it and everything that we do

0:14:53.880 --> 0:14:55.000
<v Speaker 6>in business and community.

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<v Speaker 4>What is your advice for people who are still writing

0:14:59.080 --> 0:15:01.400
<v Speaker 4>their first and second acts that might be listening.

0:15:01.400 --> 0:15:03.000
<v Speaker 5>I'd love to hear from or in their first act

0:15:03.000 --> 0:15:06.520
<v Speaker 5>and don't like it, I say, learn from your mistakes,

0:15:06.680 --> 0:15:08.920
<v Speaker 5>understand where you want to go, be honest with yourself

0:15:08.960 --> 0:15:11.480
<v Speaker 5>about why you're not getting there. A lot of self

0:15:11.480 --> 0:15:14.360
<v Speaker 5>realization about, Hey, what are some things that I can

0:15:14.440 --> 0:15:17.560
<v Speaker 5>tweak or do differently, But then also recognizing that any

0:15:17.640 --> 0:15:20.000
<v Speaker 5>mistakes that you make don't have to define you and

0:15:20.000 --> 0:15:22.720
<v Speaker 5>they don't have to keep you there. You can still learn,

0:15:23.000 --> 0:15:24.880
<v Speaker 5>apply different and catapult from them.

0:15:25.080 --> 0:15:29.720
<v Speaker 1>Yeah, I think we don't value mistakes enough. Tracy last forty.

0:15:29.880 --> 0:15:32.400
<v Speaker 6>I like to say, key turning the pages, Key turning

0:15:32.440 --> 0:15:34.280
<v Speaker 6>the pages, and you'll get to the end, and the

0:15:34.360 --> 0:15:35.280
<v Speaker 6>end there's a beautiful thing.

0:15:36.720 --> 0:15:40.120
<v Speaker 4>We'll come back beginnings your second act.

0:15:40.160 --> 0:15:42.880
<v Speaker 5>Absolutely. I just got a restaurant. Come on down the

0:15:42.920 --> 0:15:44.000
<v Speaker 5>Bookers in West Philly.

0:15:45.800 --> 0:15:48.240
<v Speaker 1>We didn't get to at the stage of our lives.

0:15:48.560 --> 0:15:50.280
<v Speaker 1>Let us things are going. We'd love to have you

0:15:50.280 --> 0:15:50.640
<v Speaker 1>come back.

0:15:50.640 --> 0:15:53.920
<v Speaker 2>Great energy, certainly in an environment where it's kind of

0:15:53.920 --> 0:15:55.920
<v Speaker 2>tough and there's not such great energy around.

0:15:55.920 --> 0:15:57.560
<v Speaker 1>So it's really fun to have some time with both

0:15:57.560 --> 0:15:57.640
<v Speaker 1>of you.

0:15:57.680 --> 0:15:58.160
<v Speaker 6>Appreciated.

0:15:58.760 --> 0:16:01.720
<v Speaker 2>Yeah, the sci Fax we're talking about Chery and Tracy,

0:16:01.840 --> 0:16:05.560
<v Speaker 2>as we said, entrepreneurs, restaurant tours, authors, Schari's new book

0:16:05.640 --> 0:16:08.400
<v Speaker 2>Second Act, Living Boldly and Abundantly at Every Age, and

0:16:08.480 --> 0:16:10.080
<v Speaker 2>Tracy's book From the Block to the Boardroom.

0:16:10.080 --> 0:16:10.760
<v Speaker 1>When did you write that?

0:16:10.880 --> 0:16:13.720
<v Speaker 2>Oh, twenty twelve, twenty twelve, so a few years out,

0:16:13.720 --> 0:16:16.680
<v Speaker 2>but pick them both up because has a great summer

0:16:16.760 --> 0:16:19.600
<v Speaker 2>reading and weekend reading. Joining us here in our interactive

0:16:19.600 --> 0:16:20.400
<v Speaker 2>Brokers Studio