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

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

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

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

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

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Speaker 1: at Bloomberg dot com slash podcast. This really knocked me

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Speaker 1: off my game. Here my colleague, co host Katie Greifeld,

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Speaker 1: and my producer Eric Mullow, neither of them have seen

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Speaker 1: Top Gun. No, I can't even imagine what is about.

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Speaker 1: So the homework for the kids today is go home,

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Speaker 1: get a streaming service of your choice and stream Top Gun.

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Speaker 1: That's the homework because we are a Top Gun two

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Speaker 1: coming out, and you've gotta be prepared for that. Dan,

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Speaker 1: I know, I know Dan Genter has seen Top Gun.

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Speaker 1: Dan Genter, CEO Chairman RNC Genter Capital Management, Dan, are

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Speaker 1: you a Top Gun fan? I am absolutely a Top

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Speaker 1: gust fan. I've seen it several times. I'm actually a

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Speaker 1: pilot myself, So it's like that explains it my theme movie,

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Speaker 1: and I just I align with you. I can't believe

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Speaker 1: they haven't seen it. But but I have faith in

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Speaker 1: the future that they will go home and look at

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Speaker 1: this and round out their education. Yes, I can't agree more.

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Speaker 1: All right, then let's get back to these pesky markets here.

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Speaker 1: We have some green on the screen today, but the

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Speaker 1: bricks that are in this wall of worry, there's just

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Speaker 1: a lot of them. How are you looking at these

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Speaker 1: markets today? What are you telling your clients? Well, I

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Speaker 1: think that what you have to do, Paul, is which

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Speaker 1: you always have to do in these kind of situations

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Speaker 1: and crisis, is that the you have to really cut

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Speaker 1: through the fundamentals. It's not that you can't totally ignore

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Speaker 1: the emotion because obviously the market is going to trade

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Speaker 1: it on emotion. Otherwise we just traded a constant p

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Speaker 1: at all times. But you still have to come back

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Speaker 1: or what are the fundamentals of this market? You know,

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Speaker 1: talking about aviation you started at thirty foot Look and

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Speaker 1: you basically look at the overall economics and an essence

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Speaker 1: are we are we going into a recession and they

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Speaker 1: and the fact is, you know, we're not. You know,

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Speaker 1: we're slowing, Earnings are slowing. Certainly growth is going to slow,

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Speaker 1: but but look, we're still going to be probably above

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Speaker 1: FED expectations at at least two and a half three

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Speaker 1: GDP growth, you know, going in through the mainner of

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Speaker 1: this year. In three we think that earnings are certainly

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Speaker 1: gonna slow, but we're probably going to see sp earnings

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Speaker 1: up five or six percent, and so therefore you don't

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Speaker 1: have a recession. The market is probably going to be

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Speaker 1: flat slightly up. We see about a eight percent market

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Speaker 1: over the next twelve months, and uh, mainly probably some

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Speaker 1: pe contraction, but earnings are going to drive the rest

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Speaker 1: of it. And so it's still it's it's now very

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Speaker 1: much of a stock pickers market, and uh, you can

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Speaker 1: buy into some of this weakness and certainly the volatility

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Speaker 1: we're seeing, and that's what we're doing. Well, let's wrap

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Speaker 1: some of the movements that we've seen in commodity markets

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Speaker 1: into that, because obviously all eyes have been on crude

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Speaker 1: oil for you know, several months now, and uh, I

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Speaker 1: mean we're looking at crude oil at close to a

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Speaker 1: hundred dollars a barrel, but a hundred two dollars a barrel,

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Speaker 1: I mean, assuming we stay around this range, mean, what

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Speaker 1: does that mean for you know, the fundamentals of the

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Speaker 1: U S economy and for companies you know, dealing with

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Speaker 1: those input costs. Well, Katie, I mean you're absolutely right.

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Speaker 1: Is that this market is driven independent of the war obviously,

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Speaker 1: which is a major factor, but from an economic standpoint,

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Speaker 1: is being driven by oil and inflation. And and even

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Speaker 1: the oil is only three percent of the inflationary inputs

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Speaker 1: now versus where it was many years ago, it's still

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Speaker 1: a major factor when you start to look at how

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Speaker 1: it affects every individual and and how it affects their

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Speaker 1: disposable income. I mean, the current increases that we've had

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Speaker 1: an oil we estimate is going to cost the average

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Speaker 1: family over a thousand dollars a year more. And so

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Speaker 1: something's going to give with that. So a stabilization and

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Speaker 1: oil is very key to us. We think that equal

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Speaker 1: liberal was somewhere around eighty dollars. But it's going to

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Speaker 1: affect earnings and that's part of what we're factoring in

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Speaker 1: that it's going to slow the economy from overall consumption

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Speaker 1: because we're driven by consumption. And if you take money

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Speaker 1: away from people, and increase in oil prices is basically

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Speaker 1: like a tax. Uh you basically you take it away

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Speaker 1: from people. Uh, It doesn't add anything to productivity. They

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Speaker 1: just lose the ability to spend on something else and

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Speaker 1: therefore earnings go down. It affects consumer, uh, mainly consumer

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Speaker 1: non durables, but also durables. So that's to us as

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Speaker 1: part of that slowing effect. Anytime you have you know

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Speaker 1: that displacement, if you will inflation, it goes through the

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Speaker 1: whole system. But I don't think that that takes us negative.

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Speaker 1: It just takes us to where we're at slower growth.

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Speaker 1: So that's kind of where I wanted to go Dan,

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Speaker 1: because a lot of folks are saying, boy, this Federal Reserve,

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Speaker 1: it is clearly communicated that it wants to fight inflation

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Speaker 1: in part through rate increases. But the risk is maybe

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Speaker 1: they go too far, too fast and push this economy

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Speaker 1: into a recession, and nobody wants that. How do you

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Speaker 1: kind of weigh those risks? Well, look, I think it's

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Speaker 1: baked in that one thing. You know, with regard US

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Speaker 1: two chairman policies being has been extraordinarily transparent. I believe

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Speaker 1: he's also doing that now. I don't think we're going

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Speaker 1: to be surprised. And and the market is largely discounting

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Speaker 1: a lot of that already. I mean we've we've had

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Speaker 1: a hundred basis points increase, uh, not exactly a parallel shift,

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Speaker 1: but close to it. Certainly the ten years up a

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Speaker 1: hundred basis points, uh since November, and so a lot

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Speaker 1: of it's baked in the cake already, and they are

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Speaker 1: going to slow it now. We feel that we'll see

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Speaker 1: definitely another seventy and almost certainly another hundred basis points

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Speaker 1: from here. You know, we've modeled that out, uh to

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Speaker 1: see what does that really do to us. We think

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Speaker 1: it's largely baked. It's baked into our numbers with what

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Speaker 1: I've mentioned earlier for SB orange growth and also for

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Speaker 1: the overall economy. Uh. Certainly it's going to squeeze the

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Speaker 1: housing market. Uh. You know, it just makes everything once

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Speaker 1: again more expensive. It really adds to inflation, if you will,

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Speaker 1: because your cost of money is going to be higher.

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Speaker 1: You know. Well, now, whether they overshoot it, I mean

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Speaker 1: personally I think that they'll go slower. Uh, they'll continue

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Speaker 1: you as the as the data comes in, but it

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Speaker 1: wouldn't be unusual for them to do a fifty A

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Speaker 1: matter of fact, if you look historically, usually the first

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Speaker 1: time the Fed reverses course from uh, they go fifty,

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Speaker 1: they go fifty at the beginning, whether they're raising or lower,

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Speaker 1: and they go fifty and at the end they go fifty.

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Speaker 1: The signal that they've stopped. So it would not be

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Speaker 1: out of normal to see that. Hey, Dan, thanks so

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Speaker 1: much for joining us there. Always appreciate getting your prospective.

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Speaker 1: Dan Genter, CEO, ce IO and chairman. It's also a

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Speaker 1: pilot of r n C Genter Capital Management. Here. Now,

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Speaker 1: let's going to Lynn Franco and break down some of

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Speaker 1: those UM consumer confidence number. She's the director of Economic

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Speaker 1: Indicators and Surveys. At the conference board, Lynn talked to

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Speaker 1: us about the consumer today. What did your data show you, Well,

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Speaker 1: we're saying that the consumer confidence is holding steady, so

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Speaker 1: we went from one oh five seven last month to

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Speaker 1: one oh seven point two. But it really is being

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Speaker 1: suppoored by the present conditions where consumers are telling us

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Speaker 1: at least the economy remains on somewhat stable footing, and

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Speaker 1: that's really just because we have very strong employment conditions,

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Speaker 1: so that's really sort of boosting consumer confidence. Looking ahead,

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Speaker 1: we've seen expectations that continue to deteriorate. UM within consumer

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Speaker 1: sighting both inflation, especially rising prices at the gas pump,

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Speaker 1: and the war in Ukraine as um, sort of the

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Speaker 1: reasons why they are a little bit more apprehensive about

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Speaker 1: the outlook. And you mentioned that, you know, there is

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Speaker 1: a lot of confidence in the labor market, and looking

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Speaker 1: at this morning's data, is the sheriff consumers who said

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Speaker 1: the jobs were plentiful increased to a record high of

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Speaker 1: about fifty seven point two per cent. But I mean,

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Speaker 1: how how much work is that confidence in the labor

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Speaker 1: market doing right now? Because of course, you know, we're

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Speaker 1: dealing with record high inflation. It seems like that hasn't

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Speaker 1: undermined the labor market yet, correct, And in fact, our

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Speaker 1: inflation question hit and all time high, so it's really

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Speaker 1: being offset by strong employment conditions. Um. But you know,

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Speaker 1: we do expect inflation and you know, the war in

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Speaker 1: Ukraine to continue to provide hig winds both to growth,

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Speaker 1: spending and confidence. So it remains to be seen just

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Speaker 1: how you know, well confidence holds up, and in terms

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Speaker 1: of overall growth, we do have it somewhat weaker than

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Speaker 1: last month. Our outlook has maybe GDP growing at about

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Speaker 1: one point seven and Q one down to one point

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Speaker 1: three and Q two and also consumer spending softening as

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Speaker 1: a result of higher inflation. Lynn, I mean, the labor

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Speaker 1: markets just fascinates me. I'm still wondering where those three

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Speaker 1: four or five million people are that we're in the

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Speaker 1: workforce pre pandemic, Where are they now? Are they going

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Speaker 1: to come back? What's the data you've seen, the analysis

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Speaker 1: you've done about those people. Well, we've seen you know,

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Speaker 1: in particular, you know, women have been hard hit right

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Speaker 1: in childcare has been an issue. So this is sort

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Speaker 1: of one segment of the labor market that continues to

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Speaker 1: uh sort of hasn't quite bounced back from you know,

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Speaker 1: pre COVID pandemic levels. So I think that's going to

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Speaker 1: continue for the next couple of months. But what we're

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Speaker 1: seeing here and I think what we expect to see

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Speaker 1: at the end of the week are pretty good employment numbers,

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Speaker 1: so at least that will continue to support consumer confidence

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Speaker 1: and growth in the short term. And then focusing on

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Speaker 1: the consumer, you know, a question we ask a lot is, Okay,

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Speaker 1: when does inflation increase the point where you know, people

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Speaker 1: start putting off purchases or stop spending as much money

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Speaker 1: as they have been. Um, I'm curious you know what

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Speaker 1: you see, uh. In regards to that question, well, we

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Speaker 1: see a little bit of you know, inflation, and also

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Speaker 1: I think, you know, interest rate hikes and anticipation of

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Speaker 1: have being a little bit of a softening effect at

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Speaker 1: least that we're seeing over the last few months. And

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Speaker 1: you know, sort of automobile purchases, home purchases. You know,

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Speaker 1: we've seen mortgage rates of going up, so sort of

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Speaker 1: these big ticket items that are interest rate sensitive, we're

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Speaker 1: beginning to see a little bit of softening there as well. Lynn.

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Speaker 1: Some economists are introducing the word recession into their talking points.

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Speaker 1: Is that a meaningful risk for the US economy and

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Speaker 1: your from your perspective, From our perspective, we don't see

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Speaker 1: your recession. We do see softening and growth and consumer

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Speaker 1: spending over the next several months, but at this point

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Speaker 1: so we're not forecasting recession. All right, Lynn, thank you

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Speaker 1: so much for joining us. As always, Lynn Franco, the

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Speaker 1: director of Economic Indicators and Surveys at the conference board

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Speaker 1: at breaking down the consumer confidence number today, which came

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Speaker 1: out a little bit better and expected. It is finally

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Speaker 1: times talk about crypto. We're going to do that with

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Speaker 1: Greg King. He is the CEO of Osprey Funds. Uh.

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Speaker 1: They offer access to cryptos such as Salana, Bitcoin, UH,

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Speaker 1: Polka Dot, you name it via traditional vehicles. Greg, it's

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Speaker 1: great to have you with us. Let's start with a

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Speaker 1: big rebound that we've seen in the crypto space over

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Speaker 1: the past week or so. I'm looking at bitcoin at

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Speaker 1: just a hair below forty eight thousand dollars per coin.

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Speaker 1: How has that translated into flows in your funds? Are

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Speaker 1: you seeing cash come in? So the bitcoin fund that

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Speaker 1: we operate is traded on the secondary market under the

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Speaker 1: ticular oh b tc UM. It's similar to UM, the

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Speaker 1: Gray Skull Trust that's been up for a long time.

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Speaker 1: It's just at a different price point, more more, less

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Speaker 1: expensive for investors. But these products trade a little bit

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Speaker 1: differently than actual bitcoin because there's a fixed supply, So

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Speaker 1: they traded premiums and discounts, and in times like this

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Speaker 1: when the price is rallying, you can see that discount narrow.

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Speaker 1: For a long time, those products traded in their premium,

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Speaker 1: but over the last year or so, they've been trading

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Speaker 1: in a discount. So it is an interesting opportunity for

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Speaker 1: investors to get ahold of bitcoin at basically less based value.

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Speaker 1: All right, Greg, So we are going into a significantly

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Speaker 1: rising interest rate environment. Do we have any data to

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Speaker 1: show how crypto performs in that type of environment. It's

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Speaker 1: a great question. I think the part that we're focused

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Speaker 1: on is real rates, right, because unfortunately real rates are

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Speaker 1: pretty severely negative with the inflation numbers we've seen seven

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Speaker 1: and a half percent and the ten years you know,

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Speaker 1: two and a half and so in those environments, the

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Speaker 1: natural comparison, of course, the bitcoin UM for those of

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Speaker 1: us kind of living in that world, is the old

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Speaker 1: world version of bitcoin gold, right, And I know a

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Speaker 1: lot of people out there are cringing when I say that,

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Speaker 1: but the reality is that bitcoin has established itself as

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Speaker 1: a digital substitute for gold, and so we would expect

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Speaker 1: it to behave similarly and negative real interest rate environments

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Speaker 1: are fantastic for gold historically, so you are seeing some

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Speaker 1: of that develop in the price a bitcoin. You've also

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Speaker 1: seen a few announcements with UM. I think it started

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Speaker 1: a few weeks ago with the White House putting out

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Speaker 1: the directive to UM, you know, responsibly innovate with digital assets.

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Speaker 1: But then more recently there were some announcements UM by

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Speaker 1: a group in Korea that you know, audience members are

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Speaker 1: not deep into the crypt of the world. They may

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Speaker 1: not have heard of it. It's a large stable coin

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Speaker 1: project UM called Terra that's buying quite a bit of

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Speaker 1: bitcoin for its reserves. And so you have these new,

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Speaker 1: uh you know, digital assets participants almost acting like miniature

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Speaker 1: central banks and using bitcoin as their own reserve asset.

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Speaker 1: And Greg, I want to circle back to a point

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Speaker 1: you made the fact that o b tc your inaugural product.

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Speaker 1: It's trading at a discount similar to the Gray Scale

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Speaker 1: product GBTC, and you know the way you framed it

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Speaker 1: as you know you can pick up bitcoin at a discount.

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Speaker 1: The pushback would be that long term holders of this trust,

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Speaker 1: you know, they they've really seen there in vestments road

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Speaker 1: and they're they're now they would have been better off

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Speaker 1: holding bitcoin itself. And I'm curious, how do you fix

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Speaker 1: the discount if there is a fixed supply of your trust.

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Speaker 1: I know that Gray Scale has been buying back shares

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Speaker 1: of the trust, or rather their parent company. Has have

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Speaker 1: you considered anything similar? We have? We have. I think

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Speaker 1: that what we're focused on. We keep pretty close tabs

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Speaker 1: on the um SEC in the regulatory environment. I think

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Speaker 1: that's that's one of the themes you're seeing this year.

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Speaker 1: That's that's constructive. UM, you did get the Bitcoin features

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Speaker 1: et F approved, You've got you know, the Biden White

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Speaker 1: House putting on the directive. UM, there seems to be

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Speaker 1: movement that's establishing some amount of clarity on the regulatory side,

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Speaker 1: which is all good for the prospects of something like

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Speaker 1: a bitcoin PF. And so our focus would be to

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Speaker 1: convert our fund to an EPF when that's possible, and

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Speaker 1: at that point we'd expected to trade in line with

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Speaker 1: fair value. By the way your comment earlier, I think,

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Speaker 1: I think is UM totally dependent on when investors came

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Speaker 1: into you know, either our product or other people's product.

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Speaker 1: You know, So it's it's really everybody's got their own

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Speaker 1: story in terms of when they came in UM and

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Speaker 1: when they when they came out. But you know, it's

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Speaker 1: an unfortunate situation in the sense that the regulatory environment

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Speaker 1: has just taken I mean, you had the wink of

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Speaker 1: us twins filing for the first bitcoin ETF in two

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Speaker 1: thousand thirteen, and I mean, given that we have been

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Speaker 1: waiting so long, we did get movement in October, we

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Speaker 1: got that derivatives back Bitcoin fund. That didn't seem to

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Speaker 1: be the holy grail that the crypto industry was waiting for. Though,

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Speaker 1: when do you think we could see movement and an

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Speaker 1: approval of a physically backed bitcoin ETF. Well, a couple

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Speaker 1: of your own analysts wrote an article the other day

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Speaker 1: about the SEC's proposal to expand the definition of the

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Speaker 1: word exchange and some of the regulation. Um, this could

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Speaker 1: open up the possibility for an ets sooner, um rather

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Speaker 1: than later. However, when I say sooner in SEC speak,

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Speaker 1: that's you know, a year ish or more. Um. I'm

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Speaker 1: not sure personally that Mr Gensler is very keen on

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Speaker 1: the idea of a spot bitcoin ETF. He seems to

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Speaker 1: have gotten comfortable with the idea of future is based

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Speaker 1: obviously um, But primarily that's because, um, you know, the

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Speaker 1: futures are are regulated instruments, whereas bitcoin itself is not. So,

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Speaker 1: you know, the definition of the word exchange being expanded

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Speaker 1: could uh, you know, capture like a coin base, and

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Speaker 1: therefore the trading of bitcoin on that exchange would by

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Speaker 1: definition become regulated trading um, and so on and so forth,

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Speaker 1: So it would be a step in that direction, but

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Speaker 1: I still think there are other factors. Consider the main

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Speaker 1: one is bitcoin trade so much offshore and that's just

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Speaker 1: really not um something that they can observe directly. All Right,

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Speaker 1: Great King, thank you so much for joining us, always

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Speaker 1: like chatting getting the updated all things crypto. Great King,

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Speaker 1: CEO and founder of Osbrey Funds. Again, they've got the

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Speaker 1: uh secure, cost effective access to a select group of

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Speaker 1: crypto via traditional vehicles. That's what the folks at Osprey do.

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Speaker 1: All right, let's talk to our next guy because I

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Speaker 1: really want to get her thoughts here because I she

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Speaker 1: has a really interesting view of this market that perhaps

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Speaker 1: investors should be on the lookout for bear market rallies,

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Speaker 1: which I find very interesting. Katerina semin Eddie, Senior vice president,

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Speaker 1: Private Wealth advisor from Morgan Stanley. So, Katerina, are you

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Speaker 1: buying this move higher in the markets or is this

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Speaker 1: a bear market rally? Well, thank you for having me

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Speaker 1: on um. This is a good question. Right, we had

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Speaker 1: a pretty big pullback followed by seemingly a big rally.

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Speaker 1: But the question is are we in the bear markets?

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Speaker 1: And we believe so, we believe that yes, this is

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Speaker 1: a bear market. We have been in a bear market

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Speaker 1: for quite some time. We came into this year concerned

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Speaker 1: about evaluations, fed tightening and plation growth slow down, you know,

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Speaker 1: all of the above, and of course the war in

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Speaker 1: Ukraine introduced this new component of now unpredictability and making

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Speaker 1: all these concerns that we have, you know significantly, you know, wars. Now.

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Speaker 1: This is not to say that there are no pockets

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Speaker 1: of opportunity in this market. There absolutely are. The investors

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Speaker 1: should be in position to take advantage of them. But

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Speaker 1: they are bear market rallies and they have to be

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Speaker 1: seen as such, and it is very important for the

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Speaker 1: outlook for the remainder of this year and in fact

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Speaker 1: for the next year as well. And Katerina wrap in

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Speaker 1: what we're seeing in some of these mega cap tech

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Speaker 1: names in because we're looking at Apples. At Apples eleven

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Speaker 1: straight days day of gains, that is the longest streak

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Speaker 1: since two thousand three. I don't think smartphones even existed

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Speaker 1: back then. But the fact that you are seeing such

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Speaker 1: importantly big parts of the market also contribute in this.

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Speaker 1: You know, maybe it's a dead cat bounce, I mean,

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Speaker 1: how does that change the profile of this bear market?

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Speaker 1: Does that shorten the time that we might be in it. Well, Katie,

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Speaker 1: you you raise a really good point um in the

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Speaker 1: market that is volatile. That also introduced the two pockets

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Speaker 1: of speculation. UH. Investors tend to go with some of

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Speaker 1: the names and sectors that they are comfortable with. And

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Speaker 1: if you look over the last couple of years, TEX

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Speaker 1: has done extremely well, So this is a known that

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Speaker 1: for an active investor, you know, is what they go with.

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Speaker 1: But in fact, even though I agree that this is

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Speaker 1: definitely a stock picker's market, this is not a good

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Speaker 1: time to buy the index. We would guide the investors

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Speaker 1: towards more defensive sectors financial, healthcare, real estate utilities. We

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Speaker 1: would like for them to actually use the dips in

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Speaker 1: the market between the bear market rallies to increase the

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Speaker 1: quality of the investment portfolio and dig in, dig in

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Speaker 1: for the volatility, dig in for the unknown because this word,

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Speaker 1: you know, we don't know how long it's going to last,

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Speaker 1: and the fact that it is having on global economy

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Speaker 1: in terms of oil and gas prices, in terms of

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Speaker 1: supply chain interruptions, in terms of quest of transportation, and

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Speaker 1: how all of this is going to translate into our

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Speaker 1: economy and in QUOTEA beyond the global level, you know,

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Speaker 1: it is still unknown, so we have to take advantage

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Speaker 1: of the buying opportunities. But instead of just focusing on

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Speaker 1: the sectors that have done well in the past, like technology,

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Speaker 1: we think that it's a much smarter move to go

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Speaker 1: into the sectors that will be positioned well going forward

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Speaker 1: and strategically prepare the portfolios for heightened level of volatility. Katarina,

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Speaker 1: how concerned are you that perhaps this Federal Reserve does

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Speaker 1: not get it right, does not engineer soft landing, and

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Speaker 1: in fact, through their rate policy, pushes this economy into

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Speaker 1: a recession. Is that in your forecast? Oh? Um, I

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Speaker 1: think that said is taking the overall global situation and

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Speaker 1: specifically the level of inflation that is historically unprecedented very seriously.

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Speaker 1: They are, um, there's no certain terms that they said

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Speaker 1: is going to be aggressive in their rate increases, But

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Speaker 1: in my opinion, economy is strong enough to accommodate these

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Speaker 1: rate increases. So when we're looking overall of the economy,

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Speaker 1: we certain they have our share of concerns, but we're

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Speaker 1: not seeing the recession in the books for US at

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Speaker 1: least for this year. Next year remains to be seen,

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Speaker 1: you know, but we are paying close attention to earnings

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Speaker 1: of course, you know the valuations and so far valuations

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Speaker 1: have been looking you know, better than expected. But we

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Speaker 1: think that the negative revisions are going to continue, UM

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Speaker 1: and even though we're not pulling for the recession at

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Speaker 1: the moment, you know, we expect higher volatility and that

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Speaker 1: is the message that you know, we're really conveying to

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Speaker 1: our is our clients in you know a number of

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Speaker 1: different ways. That's why quality of the investment portfolios is

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Speaker 1: more important than ever positive real yield sensitivity all of

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Speaker 1: the holdings, you know, is before we were kind of

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Speaker 1: looking at the dividend income or just generally income generating

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Speaker 1: ability of portfolios from perspective of fixed income is just

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Speaker 1: to kind of value at it. Now it's more important

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Speaker 1: than ever that at this historically you know, high levels

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Speaker 1: of inflation, that that portfolios will be able to weather

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Speaker 1: this storm. But in my opinion said is UM has

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Speaker 1: has very strong resolved in order to get it right

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Speaker 1: this time. All right, Katerina, thanks so much for joining us. Uh.

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Speaker 1: Yet again, we appreciate getting your views of these market

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Speaker 1: and be aware of bear market rallies is kind of

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Speaker 1: My takeaway here Katerina Seminetti, Senior vice president Private Wealth

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Speaker 1: Management at Morgan Stanley. UH, and they've got a huge

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Speaker 1: private wealth business over there, Morgan Stanley. UH. They've really

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Speaker 1: doubled down on that business order last decade. I would

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Speaker 1: say thanks for listening to the Bloomberg Markets podcast. You

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Speaker 1: can subscribe and listen to interviews of Apple Podcasts or

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Speaker 1: whatever podcast platform you prefer. I'm Matt Miller. I'm on

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Speaker 1: Twitter at Matt Miller nineteen seventy three. Put on false Sweeney.

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Speaker 1: I'm on Twitter at p T Sweeney before the podcast.

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Speaker 1: You can always catch us worldwide at Bloomberg Radio