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Speaker 1: Yeah, Welcome to the Bloomberg Surveillance Podcast. I'm Tom keene Jailey.

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Speaker 1: We bring you insight from the best in economics, finance, investment,

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Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,

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Speaker 1: Bloomberg dot Com, and of course on the Bloomberg. Joining

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Speaker 1: us now to break things down is Ron's Temple Lazard,

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Speaker 1: Asset Management, Managing Director and co head of Multi Assets Ron.

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Speaker 1: It's great to catch up with you. What's on the

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Speaker 1: agenda as you get back to work. It's Wednesday, January three.

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Speaker 1: FED minutes were about to drop your waiting for earnings

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Speaker 1: from some of the big corporate side of the next

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Speaker 1: couple of weeks as well. What is at the top

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Speaker 1: of the list I think today on the agenda. Obviously

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Speaker 1: we're watching for the FMC minutes, as you've already mentioned.

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Speaker 1: But the other thing I think a lot of us

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Speaker 1: are working on right now is trying to figure out

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Speaker 1: exactly how the tax reforms in the US will affect

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Speaker 1: earnings for US companies. I mean, there's a lot of

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Speaker 1: detail and the Tax Cutting Jobs Act the t c

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Speaker 1: j A, and so we've had companies gradually trickling out

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Speaker 1: a bit of information about how they might pay out

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Speaker 1: a small bonus to employees. You know, a number of

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Speaker 1: the banks have come out and said they'll give a

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Speaker 1: thousand dollar bonus to each of their employees who make

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Speaker 1: under a certain income level. But what we really need

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Speaker 1: to see is the very specifics of how that tax

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Speaker 1: plan will affect net income. And it's not that easy

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Speaker 1: to assess from outside of a company because a lot

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Speaker 1: of it depends on cross border flows in terms of

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Speaker 1: between multinational entities, and you know, understanding how I think

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Speaker 1: the provision was called BEAT, which is basically the the

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Speaker 1: Enhancement and Avoidance of tax element, so base enhanced, baseline enhancement.

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Speaker 1: So we're trying to watch a lot of this waiting

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Speaker 1: for companies to give us more granularity. I think we'll

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Speaker 1: start getting that late next week, whenever we start getting

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Speaker 1: the bank earnings. How mechanical would it be run? Because

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Speaker 1: from the outside looking in from thirty five, fast and fate,

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Speaker 1: you could just sit there and say, Wow, they tighten

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Speaker 1: the new open tax. Right, they pluck that in, and

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Speaker 1: then they give you some brand new guidance for the

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Speaker 1: year ahead. Oh it's I wish it were that simple.

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Speaker 1: And I think what you've seen from a number of

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Speaker 1: the cell side strategists, which is still helpful, is taking

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Speaker 1: a broad brush approach and saying, Okay, if your effective

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Speaker 1: tax rate was x and the new tax rate is why,

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Speaker 1: let's look at the difference. Now, machits go up. But

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Speaker 1: it really does come down to which legal entities within

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Speaker 1: a company have, which exposures across borders really drives for example,

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Speaker 1: some of the interest the corporate interest deductibility provisions, and

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Speaker 1: that is not disclosed in most ten ks or ten queues.

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Speaker 1: So even if you do the most in depth fundamental

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Speaker 1: research you can possibly do from outside a company, much

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Speaker 1: of this is almost impossible to decipher. Do you have

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Speaker 1: a big sector focus right now? Uh? With in terms

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Speaker 1: of holdings, No. I think one area where we have

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Speaker 1: seen opportunity over the last year, and say the latter

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Speaker 1: part of last year, was increasing disposure to the energy sector.

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Speaker 1: Um it is one of the few areas of the

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Speaker 1: market where actually you've seen the PE ratio go down

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Speaker 1: materially last year, we've seen energy prices basically move up,

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Speaker 1: which could bode well for some of these companies. And

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Speaker 1: also our long term analysis of the demand trajectory for

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Speaker 1: fossil fuels still actually looks reasonably positive for these companies.

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Speaker 1: You mentioned fossil Fuels catch us right to a headline

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Speaker 1: which is run from our ute when you and I

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Speaker 1: were younger doing level one, level two, level three, and

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Speaker 1: it would be the offshoot of the Virginia Railway and

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Speaker 1: Power Company, And of course that is Dominion D and

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Speaker 1: you know the ultimate yield stock of years ago, Dominion

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Speaker 1: to buy Scanner. I hate these modern names run s, C, A,

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Speaker 1: N A. I have no idea what Scanning is. I

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Speaker 1: think they serve hot dogs at the Atlanta Brave Stadium.

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Speaker 1: South Carolina Electric and Gas Company is the adult name

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Speaker 1: for SCANNA, but it does speak to one of the

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Speaker 1: trends here, which is mergers. Into this year Dominion to

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Speaker 1: buy Scanna stock deel fifty five dollars thirty cents, A

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Speaker 1: little buch more on that through the day, but there

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Speaker 1: it is no nominal GDP. Tough revenue growth, we gotta merge.

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Speaker 1: That's a theme, right. I think we'll continue to see that.

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Speaker 1: I mean, I do think we will see better top

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Speaker 1: line growth on the back of better wage growth in

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Speaker 1: the US. I think the synchronized global recovery will lead

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Speaker 1: to a better economic environment for companies to organically grow.

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Speaker 1: But I also think if you think about what drives murders,

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Speaker 1: mergers and acquisitions, it's CEO confidence, it's financing costs. You know,

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Speaker 1: it's a number of these kind of factors in terms

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Speaker 1: of the drive activity. And John and I have talked

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Speaker 1: about this before. John, this is the Lemmings thing. Everybody

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Speaker 1: for the door in the theater is rates rise, John Farroll,

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Speaker 1: you wonder what CFOs tell the CEO, like, let's go,

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Speaker 1: is maybe the big surprise for two thousand have they

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Speaker 1: been planning that already run on the refinancing side of things,

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Speaker 1: if they've been plugging in the low rights for longer,

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Speaker 1: longer maturities, lower rights, that they've been making those moves

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Speaker 1: before rates rise. I do think the corporates have largely

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Speaker 1: termed out their debt and taken advantage of these incredibly rates,

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Speaker 1: and they recognize that they're historically low. But by the way,

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Speaker 1: let's be fair, they've recognized they were historically low for

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Speaker 1: the last ten years, right, so every time you turn

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Speaker 1: them out, you found you could turn it out even

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Speaker 1: longer at a lower rate. But I do believe in

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Speaker 1: two thousand and eighteen, that we are going to see

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Speaker 1: higher interest rates the long end of the curve. I mean,

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Speaker 1: if I look at the Eurozone, we're fifty percent roughly

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Speaker 1: of Eurozone sovereign debt had a negative yield at the

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Speaker 1: end of the year in nominal terms, and yet you've

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Speaker 1: got an economic recovery that is four years into this process.

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Speaker 1: I think you're going to see higher rates in the Eurozone.

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Speaker 1: I mean easily. I think you could see ten year

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Speaker 1: blewn yield's top one percent this year, and I think

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Speaker 1: that will have a relative value effect on US treasuries.

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Speaker 1: So so if I look at fixed income and interest rates,

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Speaker 1: I do believe rates higher in twenty eighteen is a

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Speaker 1: high probability call. And if I'm a company, I'm going

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Speaker 1: to think about that in terms of my opportunity to

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Speaker 1: lock and load in terms of these So that's the

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Speaker 1: culporate response. I want to gudge what the investor response is,

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Speaker 1: because investors will look at that situation. At some point,

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Speaker 1: you stop using the SMP five hundred a t F

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Speaker 1: as a money market fund and catching in whenever you

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Speaker 1: like for a profit, and start looking at what's happening

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Speaker 1: in treasuries and saying, you know what, there's some income

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Speaker 1: in fixed income and I'd like to go to that.

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Speaker 1: This is a multi factor question, right. I think part

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Speaker 1: of it is the level of dividing yields. Part of

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Speaker 1: it is the level of interest rates. The other factor

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Speaker 1: to keep in mind is what's happening with corporate pension plans.

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Speaker 1: With record levels on equity markets, many of the private

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Speaker 1: pensions are now fully funded, and if they get the

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Speaker 1: opportunity where you get a fifty basis point, you'll back up.

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Speaker 1: The appeal of immunizing their pension risk and shifting out

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Speaker 1: of equities into fixed income to match their assets and

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Speaker 1: liabilities will be pretty compelling. So I do think that

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Speaker 1: will be an interesting interplay. Run Thank you, Thank you,

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Speaker 1: Thank a run Temple with us Lazar just a great

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Speaker 1: way to kick off the year. He is with Lazard

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Speaker 1: Asset Management out of Minneapolis. Narrianna Cucha Dakota one of

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Speaker 1: our most esteemed economists. Thinking in a way of mathematics.

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Speaker 1: He decided getting out the map in Minnesota to move

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Speaker 1: to warmer climbs and joins us this morning for Rochester,

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Speaker 1: New York. Let's cut to the chase. UH Professor Caucho

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Speaker 1: Dakota at the University of Rochester. You can look out

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Speaker 1: your window his the Genesee River frozen over. Uh you know,

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Speaker 1: I I don't look on the river, but I'm sure

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Speaker 1: it's frozen. It is. Well, it's quite quite cold. It's

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Speaker 1: been called here for quite some time. You know. Hate

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Speaker 1: the Jenny Creemel was worm as well. You have a

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Speaker 1: terrific chart out for Bloomberg View today of the core

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Speaker 1: conundrum the chairman Powell of faces Can people like you

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Speaker 1: actually move inflation? We have disinflation, we're told we have

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Speaker 1: a core pc South. Can people in suits and ties

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Speaker 1: and expensive dresses like cher yelling war? Can you actually

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Speaker 1: move the needle on inflation? You know, I think the

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Speaker 1: key is really to think about it is that the

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Speaker 1: FED can stop inflation from coming, and it can stop

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Speaker 1: inflation from coming by by raising it's it's regulator tightening

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Speaker 1: its regulat around the economy that is raising rates. Um.

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Speaker 1: And what I worry about is that over the past

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Speaker 1: few years, you know, since the initiation lift off in December. Uh,

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Speaker 1: you the Fed's complaining, boy, inflation is too low. Well,

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Speaker 1: if inflation is too low, why are you trying to

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Speaker 1: choke off acond of activity by raising rates. Um. If

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Speaker 1: the FED were to to take a much more gradual

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Speaker 1: approach to raising rates, uh, standing back letting, letting the

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Speaker 1: economy grow more rapidly, that's gonna it's going to have

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Speaker 1: to lead to more demand for for workers. That's gonna

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Speaker 1: push up on wages and costs for firms, and you're

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Speaker 1: gonna get inflation within the model building that we do,

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Speaker 1: within the Newtonian mechanics that you are expert at. And frankly,

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Speaker 1: we go beyond the work of say Alfred Marshall and

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Speaker 1: even Maynard Keynes and and John Hicks as we go

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Speaker 1: to modern mathematics. Do we have the tools available given

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Speaker 1: the behavioral and demographic realities of our economy? Can you

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Speaker 1: dovetail your mathematical world with the d peopling of America,

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Speaker 1: with a lack of population growth, with with all sorts

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Speaker 1: of inequalities that are out there. Yeah, these are great questions,

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Speaker 1: and there's a ton of work going on and all

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Speaker 1: these issues, um, you know they uh. The major meetings

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Speaker 1: for for economics are gonna be taking place over the

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Speaker 1: weekend and there'll be a lot of conversation about exactly

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Speaker 1: these kinds of questions. But with all that said, monetary

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Speaker 1: policy doesn't really isn't really at the cutting edge of

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Speaker 1: all these kinds of issues. It if you see inflation

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Speaker 1: too low, it's pretty simple what you have to do,

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Speaker 1: keep policy and and and right now what we're seeing

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Speaker 1: is the opposite you are, I'll suggest, I mean, and

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Speaker 1: this goes to the legacy of Gary Stern in the

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Speaker 1: Minneapolis You were wonderfully agnostic in the political debate. There

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Speaker 1: is a common ground. I'm just gonna pick on two

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Speaker 1: folks between Rick Michigan of Colombia and Charles Plasser out

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Speaker 1: of the Carnegie Rochester Freshwater School. They have a lot

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Speaker 1: of common ground, and yet they aggressively disagree on whether

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Speaker 1: a central bank can get out in front of the

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Speaker 1: trend or if by definition they act after the fact.

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Speaker 1: What's your experience here is a central bank by definition

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Speaker 1: ex post? I think that the it's it's very difficult

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Speaker 1: to predict where bad times are going to come from. Always,

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Speaker 1: I think the the the job of central banks is

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Speaker 1: to be as aggressive as possible in terms of the

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Speaker 1: clean up after after bad shocks have taken place. Well,

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Speaker 1: I agree that I guess we saw that but it's

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Speaker 1: not two thousand and eight, two thousand ten, the intellectual

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Speaker 1: courage of Ben Bernanki and other as we came out

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Speaker 1: of this crisis, we're now a decade on. So now

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Speaker 1: what should be the policy? Uh? Look, I think that um,

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Speaker 1: the post you are kind enough are referred to, made

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Speaker 1: the point that actually we still see the economy very

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Speaker 1: subdued relative where we were ten years ago, and even

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Speaker 1: even relatively we were eighteen years ago at the beginning

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Speaker 1: of the two thousands, um, And so I think that

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Speaker 1: behooves the FED to remain very accommodated with monetary policy. Look,

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Speaker 1: it's not a question of trying to make things happen,

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Speaker 1: it's a question of not getting in the way of

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Speaker 1: things that are happening. So you see this great tax

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Speaker 1: bill that Congress passed, and I say great in terms

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Speaker 1: of actually trying to improve the growth outcomes for for

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Speaker 1: the US, both on the demand side and on the

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Speaker 1: supply side. If um, uh that those growth outcomes can

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Speaker 1: only materialize if the FED doesn't get in the way

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Speaker 1: of them happening by raising rates to rapidly. How do

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Speaker 1: you respond to the cocktail of potent chual GDP, that

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Speaker 1: is subpar based on new productivity and population realities. If

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Speaker 1: Michael Faroli at JP Morgan out of Boost Chicago, if

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Speaker 1: Michael Faroli can say it's sub two percent, do you

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Speaker 1: adjust your calculus now at the FED or do you

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Speaker 1: have to wait until you see the whites of subpar?

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Speaker 1: G d p iyes. I think that you know, the

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Speaker 1: FED has been adjusting it's it's vision and potentially agree

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Speaker 1: with the last over the last eight or nine years.

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Speaker 1: And and um, you you'll see in the forecast from

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Speaker 1: CEE participants that they they've adjusted their their vision downward.

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Speaker 1: But the question is how much downward should you go?

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Speaker 1: And how much gap has left? And I I I

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Speaker 1: think there's still more room for improvement that can be

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Speaker 1: facilitated by monetary policy. Um. The one piece I'll mate

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Speaker 1: point on makeoff potential is that that some of the

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Speaker 1: things that are in the tax bill and also the

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Speaker 1: deregulatory UH initiatives coming out of White House are actually

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Speaker 1: aimed at boosting potential output. Okay, but that's something that

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Speaker 1: that the fantastic no account This is critical and I

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Speaker 1: don't want you know it's a media question. I apologize, professor,

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Speaker 1: but I'm gonna go there right now? How do you

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Speaker 1: respond when the President United States suggests three percent real

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Speaker 1: GDP and some of his supporters get out to four

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Speaker 1: percent real GDP? Can we get there given the potential

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Speaker 1: calculus we've got right now? So I think it's a

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Speaker 1: question of what people mean when they throw those numbers around.

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Speaker 1: If they need uh they think that uh potential? Can

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Speaker 1: growth can be permanently or even over a decade at

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Speaker 1: four percent per year? I'm extremely skeptical, Um, can we

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Speaker 1: get there without? Can we get four percent growth for

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Speaker 1: a year or even two years without causing undue inflation? Possibly?

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Speaker 1: I mean that's a possible issue. And then that becomes

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Speaker 1: you know, if you're in the White House, I can

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Speaker 1: see why you might want to push on that as

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Speaker 1: much as you can. Professor Cutchy Cola, let me ask

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Speaker 1: you one final question by requirement, do we need a

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Speaker 1: culture lacoda like vice chairman of the Fed? Everybody says

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Speaker 1: Chairman Powell has certain constructive attributes, but does he need

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Speaker 1: someone that understands Clarida and Gurtler's d s g E.

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Speaker 1: Does he need somebody sitting in that vice chairman chair

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Speaker 1: that can get through your pH D thesis. Uh. You know,

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Speaker 1: I I think that I worked closely with Jay when

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Speaker 1: I j Paul when I was on the scene. I

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Speaker 1: think that he's a very smart guy. He's able to

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Speaker 1: analyze a bunch of the frame I think he understands

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Speaker 1: the frameworks well. I think he understands how they come

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Speaker 1: to the data. Is is he going to do cutting

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Speaker 1: edge research and economics? Now? Do you need a vice

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Speaker 1: chair like that? Please? I don't. I don't really think so.

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Speaker 1: I think that it's you want someone who the chair.

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Speaker 1: The main thing you're gonna want in that position is

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Speaker 1: um someone who's gonna be very supportive to the chairs.

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Speaker 1: The chair feels comfortable with the chair, feel ols is

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Speaker 1: going to be helpful to to him in uh, in

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Speaker 1: making their decisions. That might well be somebody who has

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Speaker 1: a lot of mathematical firepower, but it might well not be.

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Speaker 1: I think it really depends on what on the chair,

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Speaker 1: what what what? What? In this case he wants professor,

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Speaker 1: thank you so much for joining us today from the

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Speaker 1: University of Rochester and Arianna Cultural Dakota. Of course, with

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Speaker 1: the mini applos fed a good tour of duty there

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Speaker 1: between Gary Stern and Neil Cush Curry a bit ago.

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Speaker 1: Why don't you bring in Christian Mamandy, Alright, you don't.

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Speaker 1: I don't even know why he showed up for work

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Speaker 1: in two thousand and eighteen after Hour International performed last year.

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Speaker 1: All right, well, Christian MoManI, thanks very much for being

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Speaker 1: with us. Of course, from Oppenheimer Funds, the chief investment officer,

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Speaker 1: Happy new year to you. You've written in the past

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Speaker 1: or set in the past that the tax overhaul bill

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Speaker 1: is going to give us a one time pop. What

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Speaker 1: happens after that? So for the markets to get to

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Speaker 1: a different level altogether, economic growth has to pick up

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Speaker 1: in a meaningful way through increased investments. If this tax

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Speaker 1: bill is going to deliver superior growth, in our view,

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Speaker 1: that is less likely. What is going to happen is

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Speaker 1: you basically have a trillion dollar deficit. That's basically provide

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Speaker 1: a fiscal stimulus, and as a result, in the short

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Speaker 1: term you'll get a pop in terms of growth. In addition,

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Speaker 1: companies would be making more money because they're paying less taxes,

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Speaker 1: and as a result, earnings are going to go up.

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Speaker 1: Once all of that kind of flushes through the system,

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Speaker 1: we're back to the same trend upward trajectory as we

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Speaker 1: had before. When you say upward trajectory, upward trajectory of

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Speaker 1: what asset prices like stocks? Oh, yes, upward trajectory. Both.

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Speaker 1: Growth is going to be at a constant in our

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Speaker 1: view around let's say two and change. In that context,

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Speaker 1: as the economy grows, profitability grows, asset prices will probably

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Speaker 1: continue to trend up. In our view, this is still

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Speaker 1: going to be the longest business cycle that any of

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Speaker 1: us has ever experienced. We don't expect a recession in

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Speaker 1: two thousand and eighteen or two thousand nineteen for that matter.

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Speaker 1: Is this really a business cycle or is it a

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Speaker 1: credit cycle? Really good? I think that's a that's a

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Speaker 1: that's a really good question. I think the business cycle

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Speaker 1: and credit cycle at this point are correlated. And because

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Speaker 1: this cycle really has been so muted. If the if

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Speaker 1: the credit cycle UH has difficulty in some way, that

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Speaker 1: is we in a situation where we have problems in

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Speaker 1: in credit creation, I think the growth is going to

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Speaker 1: slow down. Okay more so than before PIM was old enough.

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Speaker 1: We were too young Christian to do this. But if

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Speaker 1: we were at Oxford with Johnny Hicks a few years ago,

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Speaker 1: and you look at the classic I S l M model.

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Speaker 1: What Pim's great question is, are we on the I

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Speaker 1: S curve and is that the dynamics we should watch

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Speaker 1: the real economy? Or are we on the l M

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Speaker 1: curve that strange financial system and money base that we

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Speaker 1: work within. What has your attention here that real economy

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Speaker 1: or is it the financial dynamics that that reigns supreme

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Speaker 1: in two thousand eighteen. So, I think this has been

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Speaker 1: a topic of discussion for quite some time, people asserting

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Speaker 1: that it's really all funny money, that is, it's because

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Speaker 1: of monetary jerrymandering that we are getting the markets to

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Speaker 1: a different level. We don't think that is the case.

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Speaker 1: That is, if you look at the growth and earnings,

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Speaker 1: if you look at the fundamentals of the economy, things

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Speaker 1: have improved meaningfully and they continue to improve. In two

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Speaker 1: was an eighteen. We think growth is going to be

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Speaker 1: better in the US and on a global basis, Earnings

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Speaker 1: are going to be better in the US and on

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Speaker 1: a global basis, and therefore markets are going to be had.

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Speaker 1: A lot of that is already anticipated and therefore price thing.

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Speaker 1: So we don't have superlative expectations with respect to the market.

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Speaker 1: But I think this is more fundamental driven rather than

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Speaker 1: just the LM part that you were talking about. So

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Speaker 1: where do you focus your attention in growth stocks? Well, yes,

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Speaker 1: we continue to favor growth stocks. We some expectations in

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Speaker 1: the market is that we'll get back to the value

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Speaker 1: band wagon soon. I I don't think that is the case.

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Speaker 1: For that to happen, rates have to move up meaningfully higher,

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Speaker 1: inflation expectations have to go up meaningfully higher. We don't

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Speaker 1: think that happens. Uh. You know, the things to watch

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Speaker 1: in that regard would be if the investment cycle picked

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Speaker 1: up in a meaningful way. Again, we don't think that

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Speaker 1: is going to be the case. So we are still

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Speaker 1: focused on growth stocks, and we are from a geographic standpoint,

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Speaker 1: we have far more folks in international and emerging markets

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Speaker 1: than in the US. Christian. If I go to Davos,

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Speaker 1: which I am here in a number of weeks, there

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Speaker 1: are gonna be buses plastered with there's gonna be an

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Speaker 1: infrastructure boom and pick kazakhstand This morning, Jonathan Mahler in

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Speaker 1: New York Magazine writes a definitive article Excuse me, New

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Speaker 1: York Times Magazine, The definitive article on the case for

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Speaker 1: the subway. I'm building the subway, and you know all

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Speaker 1: that I mean is infrastructure part of the investment cycle

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Speaker 1: that I could be in domestically and international. So internationally,

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Speaker 1: investments are actually slowing rather than accelerating, primarily because of

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Speaker 1: slowdown in investments in the places like China, which have

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Speaker 1: been booming for quite some time. They are moving to

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Speaker 1: a consumer driven economy. What you're talking about is really

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Speaker 1: an infrastructure boom. Uh. In the US, I wish that

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Speaker 1: was the case. I wish the billion or the trillion

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Speaker 1: dollars that we spent on tax cuts was spent actually

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Speaker 1: in infrastructure, because that would have revived the U s

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Speaker 1: economy and potentially gotten us to a different level from

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Speaker 1: a growth perspective. We're thrilled to have with his Christian

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Speaker 1: Mormoney it Oppenheimer Funds. Full disclosure, folks, Oppenheimer Funds has

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Speaker 1: been more than supportive of all we do, your Bloomberg

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Speaker 1: Radio and Bloomberg surveillance. Uh, Christian, we've had a bang

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Speaker 1: up year. As we mentioned earlier. How do you find companies?

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Speaker 1: I mean, do you make sector bets on Indonesia? Do

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Speaker 1: you go long Indonesia like the game of risk from

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Speaker 1: our childhood or does somebody out there, some thirty two

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Speaker 1: year old young Turk at Oppenheimer Funds, do they find

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Speaker 1: a mom and pop business forwarded miles from Jakarta and

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Speaker 1: say this looks good, how do you actually do it?

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Speaker 1: So for investing in emerging markets, for that matter, investing anywhere,

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Speaker 1: we are more companies specific rather than geography. So the

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Speaker 1: best example of that is probably China. If you want

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Speaker 1: to invest in China, you don't want to invest in

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Speaker 1: a Chinese steel company, despite the fact that Chinese steel

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Speaker 1: companies probably the largest part of the Chinese economy. You

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Speaker 1: really want to invest in Chinese consumers, the internet companies

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Speaker 1: who are doing fantastic things in terms of creating new

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Speaker 1: businesses and opportunities. So for us, it's all about companies,

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Speaker 1: and then we aggregated up to a level that that

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Speaker 1: we look at, but it's really about companies rather than geography. Okay,

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Speaker 1: So in the time of Method two, in this historic

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Speaker 1: day for Global Wall Street, it's based on by side

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Speaker 1: like Oppenheimer Funds or sell side traditional sell side research.

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Speaker 1: Do you need sell side research in the future or

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Speaker 1: is that can become less dominant for her Christian Mamani

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Speaker 1: by side animals. Well, so you know, at the end

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Speaker 1: of the day, if we simply rely on sales side research,

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Speaker 1: then we basically would be part of the consensus because

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Speaker 1: there are lots of consumers of that reason, So we

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Speaker 1: we we really focused on doing all of our things.

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Speaker 1: Our investment philosophy is really focusing on long term trends.

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Speaker 1: You know, we have stocks that we have owned for

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Speaker 1: twenty thirty years because if it's a particular approach and philosophy,

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Speaker 1: so we focus on finding those opportunities and companies that

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Speaker 1: can take advantage of those. You'll remember this the way

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Speaker 1: you played Mexico hosted by t Max. Yeah, I mean

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Speaker 1: that's what you used to do, Christian. You'd buy the

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Speaker 1: big telephone company or the big concrete company. Writing those

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Speaker 1: days are over, Christian, I just want to push a

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Speaker 1: little bit here. Okay, I got the idea of China

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Speaker 1: and the consumers, So in my mind I immediately think

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Speaker 1: Ali bobba symbol B A B A. That's not hard

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Speaker 1: if you decide that Ali Bob is going to be

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Speaker 1: sticking around and going to benefit from ink respending from

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Speaker 1: the Chinese consumer, Why do I need Oppenheimer to tell

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Speaker 1: me that the stock is up a d from last

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Speaker 1: December from December. Why wouldn't I just stick with Ali

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Speaker 1: Baba and call it a day. If you have the

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Speaker 1: capability of going out and finding those opportunities, but not

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Speaker 1: finding those opportunities, I mean finding this opportunity, right, I mean,

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Speaker 1: Ali Baba's plastered over every story that you write or

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Speaker 1: here when it comes to China, I mean, we we

430
00:24:32,600 --> 00:24:36,959
Speaker 1: got it, Ali Baba, jack mass success story, fabulous stocks

431
00:24:37,000 --> 00:24:41,640
Speaker 1: up seven and a p this year so far, and

432
00:24:41,720 --> 00:24:45,840
Speaker 1: I mean so I'm wondering, why make it more complicated? Well,

433
00:24:45,880 --> 00:24:48,520
Speaker 1: we we like Ali Baba too, but our point would

434
00:24:48,520 --> 00:24:51,960
Speaker 1: be that there are better opportunities than just Ali Baba.

435
00:24:52,119 --> 00:24:54,280
Speaker 1: What do you want to do is find Ali Baba

436
00:24:54,400 --> 00:24:59,120
Speaker 1: five years ago so or finding ten then ten years ago.

437
00:24:59,520 --> 00:25:02,560
Speaker 1: So it's really not focusing on names that we all

438
00:25:02,680 --> 00:25:06,080
Speaker 1: know about. It's really focusing on names that have the

439
00:25:06,080 --> 00:25:09,600
Speaker 1: potential of becoming names that we will eventually know about.

440
00:25:09,680 --> 00:25:11,639
Speaker 1: So that means that you were you were invested in

441
00:25:11,680 --> 00:25:16,520
Speaker 1: Ali Baba way back for example. Absolutely, we have been

442
00:25:16,600 --> 00:25:19,920
Speaker 1: invested in Ali Baba from the I P O and

443
00:25:20,400 --> 00:25:23,439
Speaker 1: we invest in some private companies long before the I

444
00:25:23,520 --> 00:25:26,399
Speaker 1: p R. So, yes, we go out and talk to

445
00:25:26,560 --> 00:25:30,040
Speaker 1: I was actually in China three weeks ago meeting all

446
00:25:30,119 --> 00:25:34,400
Speaker 1: of these little companies that that kind of are creating

447
00:25:34,480 --> 00:25:37,080
Speaker 1: new businesses. So tell us about the best new business,

448
00:25:37,119 --> 00:25:40,600
Speaker 1: the best small business that you met with three weeks ago. Well,

449
00:25:40,680 --> 00:25:43,840
Speaker 1: so you know, we we met with a car hailing company,

450
00:25:43,920 --> 00:25:48,000
Speaker 1: the competitor for uber in in in in China, and

451
00:25:48,119 --> 00:25:53,320
Speaker 1: they are delivering almost let's say, twenty million rides right here.

452
00:25:53,320 --> 00:25:56,040
Speaker 1: It's a private company, and we are invested in it

453
00:25:56,080 --> 00:25:59,000
Speaker 1: as a private company, along with all sorts of really

454
00:25:59,040 --> 00:26:02,200
Speaker 1: good investors like soft Bark and Alive Baba and and

455
00:26:02,240 --> 00:26:07,600
Speaker 1: having getting access to these types of opportunity would be yes,

456
00:26:07,840 --> 00:26:10,919
Speaker 1: that would be exactly d D. All Right, so you

457
00:26:10,920 --> 00:26:13,520
Speaker 1: you met with you met with d D and you said,

458
00:26:13,560 --> 00:26:18,240
Speaker 1: this is a company that we love. Is there any pushback?

459
00:26:18,280 --> 00:26:20,680
Speaker 1: I mean, what do you mean? I guess right, hearing,

460
00:26:20,720 --> 00:26:23,000
Speaker 1: but I mean, you know, Hubert doesn't make any money,

461
00:26:23,119 --> 00:26:25,760
Speaker 1: and d D is investing money in places like Brazil

462
00:26:25,840 --> 00:26:30,480
Speaker 1: and buying bike sharing programs. Well, so you know clearly

463
00:26:30,560 --> 00:26:33,360
Speaker 1: they are investing in lots of new opportunities. But there

464
00:26:33,680 --> 00:26:37,280
Speaker 1: their current business in China, and even their business in

465
00:26:37,800 --> 00:26:41,080
Speaker 1: Brazil is actually getting to a much better level than

466
00:26:41,119 --> 00:26:45,440
Speaker 1: their their comparis. The point isn't that that we we

467
00:26:45,640 --> 00:26:48,960
Speaker 1: uh we invested in d D because the point returning up,

468
00:26:49,119 --> 00:26:52,520
Speaker 1: you know, positive. The point is you basically have to

469
00:26:52,600 --> 00:26:56,520
Speaker 1: tap into the ecosystem. We met a company there, for example,

470
00:26:56,680 --> 00:26:59,879
Speaker 1: that is actually trying to do the same thing that

471
00:27:00,160 --> 00:27:04,520
Speaker 1: the car healing companies did for ride sharing into the

472
00:27:05,000 --> 00:27:09,880
Speaker 1: half truckload transportation in China, which is a fantastic opportunity

473
00:27:10,200 --> 00:27:12,480
Speaker 1: where you can distant media a whole lot of local

474
00:27:12,560 --> 00:27:15,280
Speaker 1: brokers and create a create a good business. Then if

475
00:27:15,320 --> 00:27:17,800
Speaker 1: you can get to that in an early stage enough,

476
00:27:17,920 --> 00:27:20,880
Speaker 1: you can you can do very well. Thanks so much,

477
00:27:20,920 --> 00:27:24,040
Speaker 1: Christian Mamati greatly greatly appreciate it. With Oppenheimer Funds a

478
00:27:24,080 --> 00:27:26,919
Speaker 1: good briefing there on some of the block and tackle

479
00:27:27,000 --> 00:27:43,720
Speaker 1: because all of this on the backdrop of MIVID too. Okay,

480
00:27:43,840 --> 00:27:49,320
Speaker 1: the stereotype, the myth Texas is Republican. That's begin with

481
00:27:49,320 --> 00:27:54,000
Speaker 1: a little history. Lyndon Baines Johnson twenty three seats in

482
00:27:54,040 --> 00:27:57,720
Speaker 1: the Texas Delegation, the explosion of the Texas economy. It

483
00:27:57,840 --> 00:28:01,000
Speaker 1: brings us out to thirty six seats today and the

484
00:28:01,040 --> 00:28:04,560
Speaker 1: stereotype and myth is they're all Republican. You know the story.

485
00:28:05,119 --> 00:28:08,360
Speaker 1: Will Heard knows that is not true. He's a congressman

486
00:28:08,640 --> 00:28:11,880
Speaker 1: from a twenty three district, thinks San Antonio, his district

487
00:28:11,960 --> 00:28:17,280
Speaker 1: is Hispanic and he won barely within that closely contested

488
00:28:17,320 --> 00:28:20,240
Speaker 1: twenty three district and he joins US right now. Thomas

489
00:28:20,320 --> 00:28:22,720
Speaker 1: Cogsman heard wonderful to uh speak to you. I know,

490
00:28:22,840 --> 00:28:25,359
Speaker 1: my colleague Pim Fox wants to talk to you about

491
00:28:25,359 --> 00:28:28,359
Speaker 1: the fractious nature of your district. I want to talk

492
00:28:28,400 --> 00:28:31,360
Speaker 1: about your skill set. Out of Texas A and M.

493
00:28:31,400 --> 00:28:35,960
Speaker 1: You became a c I, a employee and operations officer.

494
00:28:36,400 --> 00:28:39,160
Speaker 1: Does the President of the United States from your party,

495
00:28:39,480 --> 00:28:44,120
Speaker 1: does he understand what our intelligence community does? Um? He

496
00:28:44,400 --> 00:28:47,560
Speaker 1: does understand what the intelligence community does. A selection of

497
00:28:47,600 --> 00:28:50,720
Speaker 1: a guy like Mike Pompeo to run the CIA, he's

498
00:28:50,760 --> 00:28:53,640
Speaker 1: a real professional and it knows what he's doing. Sellecting

499
00:28:53,640 --> 00:28:56,240
Speaker 1: a guy like General Maddis to head d O D,

500
00:28:56,560 --> 00:29:02,240
Speaker 1: which has you know, significant intelligence operation and UM is important.

501
00:29:02,680 --> 00:29:06,440
Speaker 1: And while you know I probably wouldn't be tweeting about

502
00:29:06,520 --> 00:29:08,520
Speaker 1: some of the things that our federal law enforcement or

503
00:29:08,520 --> 00:29:12,680
Speaker 1: intelligence communities aren't involved in the rank and file. The

504
00:29:12,680 --> 00:29:15,200
Speaker 1: folks that do the job that I used to do. Um,

505
00:29:15,240 --> 00:29:18,040
Speaker 1: they don't listen to the nonsense in the belt Way. Um.

506
00:29:18,200 --> 00:29:21,560
Speaker 1: They're they're quiet professionals that go on and do their job.

507
00:29:21,920 --> 00:29:25,240
Speaker 1: You people. And we feature the people that have died

508
00:29:25,320 --> 00:29:28,160
Speaker 1: for the Federal Bureau of Investigation and Frank and folks.

509
00:29:28,320 --> 00:29:30,920
Speaker 1: There's a lot of people that are Central Intelligence Agency.

510
00:29:31,360 --> 00:29:34,040
Speaker 1: If you know, if they died, we never hear about it.

511
00:29:34,360 --> 00:29:39,760
Speaker 1: Within this is centered the Justice Department is the president's

512
00:29:39,800 --> 00:29:45,120
Speaker 1: interpretation of how justice works. Is it appropriate or does

513
00:29:45,120 --> 00:29:49,240
Speaker 1: he need to find a new techt for two thousand eighteen? Um?

514
00:29:49,400 --> 00:29:53,480
Speaker 1: I think the Department of Justice should be you know, independent, Um.

515
00:29:53,680 --> 00:29:55,920
Speaker 1: One of the folks that should be looking out and

516
00:29:55,960 --> 00:29:59,800
Speaker 1: making sure the Justice Department is doing everything properly. Is

517
00:30:00,040 --> 00:30:03,080
Speaker 1: is the is Congress. Um. That's why we have an

518
00:30:03,120 --> 00:30:06,240
Speaker 1: oversight role. Um. But we also can't just think that

519
00:30:06,600 --> 00:30:09,040
Speaker 1: d o J and the political leadership of d o

520
00:30:09,200 --> 00:30:13,440
Speaker 1: J are always going to do the right thing. Um,

521
00:30:13,920 --> 00:30:19,120
Speaker 1: and so so having overside over them is important. UM.

522
00:30:19,160 --> 00:30:22,680
Speaker 1: And that's why Congress has that responsibility. UM. You know

523
00:30:22,800 --> 00:30:27,720
Speaker 1: d o j's ability to investigate Americans to UM get

524
00:30:27,840 --> 00:30:31,160
Speaker 1: you know, fis a collection that's foreign intelligence, UM collection

525
00:30:31,280 --> 00:30:34,080
Speaker 1: on Americans. It's you know, we got to make sure

526
00:30:34,120 --> 00:30:38,000
Speaker 1: that they're following and protecting Americans Fourth Amendment rights and

527
00:30:38,040 --> 00:30:40,320
Speaker 1: that they're crossing all their teas and and dotting all

528
00:30:40,360 --> 00:30:43,760
Speaker 1: the eyes. So UM, there should always be a healthy

529
00:30:44,160 --> 00:30:46,600
Speaker 1: a healthy at tension, UM, and we should always be

530
00:30:46,640 --> 00:30:50,760
Speaker 1: making sure um that because you know there are you know,

531
00:30:51,120 --> 00:30:53,160
Speaker 1: I always say I've gotten the honor of serving side

532
00:30:53,160 --> 00:30:55,840
Speaker 1: by side with many men and women in in the FBI.

533
00:30:56,440 --> 00:30:59,800
Speaker 1: And the reason that we haven't had another attack on

534
00:30:59,840 --> 00:31:02,080
Speaker 1: a homeland like that we saw in at the Pentagon

535
00:31:02,200 --> 00:31:04,280
Speaker 1: and the Twin Towers in New York back in two

536
00:31:04,320 --> 00:31:07,280
Speaker 1: thousand and one is because these current professionals are out

537
00:31:07,320 --> 00:31:11,720
Speaker 1: doing their job every single day. UM. But again, we

538
00:31:11,800 --> 00:31:14,480
Speaker 1: got to make sure that we're all crossing the teas

539
00:31:14,480 --> 00:31:19,040
Speaker 1: and dotting dotting the ice. Congressman, you and your colleagues

540
00:31:19,080 --> 00:31:22,280
Speaker 1: are going to have to vote on a resolution on

541
00:31:22,320 --> 00:31:25,560
Speaker 1: a bill to keep the government open. I believe the

542
00:31:25,600 --> 00:31:31,440
Speaker 1: deadline is January the UH. If the President insists on

543
00:31:31,600 --> 00:31:35,320
Speaker 1: funding for the border wall, can you give us some

544
00:31:35,400 --> 00:31:38,400
Speaker 1: thoughts about your position because I believe that you have

545
00:31:38,480 --> 00:31:42,280
Speaker 1: already gone on the record to say that a wall

546
00:31:42,360 --> 00:31:45,680
Speaker 1: between the United States and Mexico on our southern border

547
00:31:45,800 --> 00:31:50,680
Speaker 1: is a third century solution to a century problem. Um.

548
00:31:50,680 --> 00:31:53,440
Speaker 1: That that's pretty accurate. I think building a thirty foot

549
00:31:53,520 --> 00:31:56,520
Speaker 1: high concrete structure that takes four hours to penetrate from

550
00:31:56,640 --> 00:31:59,800
Speaker 1: sea to shining sea is the most expensive and least

551
00:31:59,800 --> 00:32:03,520
Speaker 1: of active way to do border security. Um. It's we

552
00:32:03,600 --> 00:32:08,000
Speaker 1: do not do not have operational control of our border.

553
00:32:08,520 --> 00:32:11,120
Speaker 1: And the reason we don't is because we don't look

554
00:32:11,120 --> 00:32:13,920
Speaker 1: at all two thousand miles of our southern border at

555
00:32:13,920 --> 00:32:16,280
Speaker 1: the same time. And the only way to do that

556
00:32:16,480 --> 00:32:19,840
Speaker 1: is with technology. And so I I favor a smart

557
00:32:19,880 --> 00:32:22,920
Speaker 1: wall or a smart solution to border security that relies

558
00:32:23,000 --> 00:32:26,320
Speaker 1: on technology. Now, there are some places that a physical

559
00:32:26,360 --> 00:32:30,680
Speaker 1: barrier makes sense, um, where there's urban urban contact. You know,

560
00:32:30,800 --> 00:32:33,080
Speaker 1: something along the lines of some of the physical barriers

561
00:32:33,080 --> 00:32:36,320
Speaker 1: that are already um in existence makes a little bit

562
00:32:36,320 --> 00:32:39,760
Speaker 1: more sense. Um. But this is you know, border security

563
00:32:39,840 --> 00:32:41,800
Speaker 1: is is going to be part of the debate as

564
00:32:41,800 --> 00:32:44,400
Speaker 1: we look forward to funding the government and in the

565
00:32:44,440 --> 00:32:47,520
Speaker 1: next couple of weeks. And I think, um, I hope

566
00:32:47,560 --> 00:32:49,120
Speaker 1: the only way we're going to solve some of these

567
00:32:49,120 --> 00:32:53,760
Speaker 1: problems is by working together across party lines, and um,

568
00:32:53,800 --> 00:32:56,880
Speaker 1: I think we can we can get there. Sometimes a

569
00:32:56,960 --> 00:32:59,080
Speaker 1: rhetoric what you see on social media on TV is

570
00:32:59,120 --> 00:33:02,040
Speaker 1: not always there. But behind closed doors, UM, there's a

571
00:33:02,080 --> 00:33:05,080
Speaker 1: lot of good conversations going on. Well, could you give

572
00:33:05,120 --> 00:33:07,400
Speaker 1: us some idea of what some of those good conversations

573
00:33:07,440 --> 00:33:09,960
Speaker 1: are because if you look at the votes that have

574
00:33:10,080 --> 00:33:18,440
Speaker 1: taken place in Congress in there's no bipartisan anything. Uh, well,

575
00:33:18,560 --> 00:33:22,200
Speaker 1: I would I would disagree with that. I think probably

576
00:33:22,200 --> 00:33:24,480
Speaker 1: one of the biggest things that we did was something

577
00:33:24,480 --> 00:33:26,440
Speaker 1: that we have to do every year, the National Defense

578
00:33:26,480 --> 00:33:31,560
Speaker 1: Authorization Act UM, which authorizes, uh, you know, the activity

579
00:33:31,600 --> 00:33:34,360
Speaker 1: of our military. It gave the largest raise to our

580
00:33:34,400 --> 00:33:37,400
Speaker 1: military in in eight years. UM. You know piece of

581
00:33:37,440 --> 00:33:40,320
Speaker 1: legislation that I work on dealing with I T procurement

582
00:33:40,760 --> 00:33:44,320
Speaker 1: um is something that is that was included in that.

583
00:33:44,440 --> 00:33:47,120
Speaker 1: So so there there, there are. There are some of

584
00:33:47,120 --> 00:33:51,640
Speaker 1: those examples, um in um that we've seen in but

585
00:33:51,640 --> 00:33:54,959
Speaker 1: but we need more and and I actually believe, you know,

586
00:33:55,080 --> 00:33:57,800
Speaker 1: in a district like mine, UM, folks want to see

587
00:33:57,880 --> 00:34:00,440
Speaker 1: us come up here and actually get things done. Um.

588
00:34:00,880 --> 00:34:04,720
Speaker 1: And and not just have these food fights we just had. Congressman,

589
00:34:04,760 --> 00:34:06,440
Speaker 1: if you're just joining us here, we're thrilled to speak

590
00:34:06,480 --> 00:34:08,960
Speaker 1: to the Congress. Fro from the twenty three district of

591
00:34:09,080 --> 00:34:12,080
Speaker 1: Texas is along the southern border up to San Antonio

592
00:34:12,440 --> 00:34:15,400
Speaker 1: as well. His name is William will heard out of

593
00:34:15,400 --> 00:34:18,880
Speaker 1: Texas saying him a few years ago and a former

594
00:34:19,600 --> 00:34:23,400
Speaker 1: operations officer with the CIA as well. Congressman heard, I

595
00:34:23,520 --> 00:34:27,440
Speaker 1: believe we just passed tax legislation. I believe somebody in

596
00:34:27,520 --> 00:34:32,200
Speaker 1: New Jersey or Connecticut is hammered by the inability to

597
00:34:32,320 --> 00:34:36,239
Speaker 1: deduct a good portion of state and local taxes. I

598
00:34:36,360 --> 00:34:38,560
Speaker 1: think the same thing maybe is gonna happen in Del Rio,

599
00:34:38,719 --> 00:34:42,719
Speaker 1: Texas to people that are very financially successful. How is

600
00:34:42,760 --> 00:34:46,040
Speaker 1: the tax bill played on the border with Del Rio

601
00:34:46,600 --> 00:34:49,000
Speaker 1: or the fat cats of San Antonio. Are they as

602
00:34:49,080 --> 00:34:52,200
Speaker 1: livid as the people in New Jersey? No, they're not

603
00:34:52,800 --> 00:34:55,000
Speaker 1: um and And the bottom line is was when you

604
00:34:55,080 --> 00:34:57,920
Speaker 1: really start getting into the details, this is something that's

605
00:34:57,920 --> 00:35:01,920
Speaker 1: could have benefit all Americans in my district. Of the

606
00:35:01,960 --> 00:35:05,000
Speaker 1: folks in the district, UM do not itemize, so they

607
00:35:05,080 --> 00:35:07,600
Speaker 1: fill out to say pretty easy. So if you're filling

608
00:35:07,600 --> 00:35:11,640
Speaker 1: out the ten forty easy and the you UM have

609
00:35:12,920 --> 00:35:15,719
Speaker 1: UM the standard deduction doubling, and that's a pretty big deal.

610
00:35:15,840 --> 00:35:17,719
Speaker 1: I think a lot of people don't understand what the

611
00:35:17,760 --> 00:35:20,120
Speaker 1: standard deduction is, and when he started explaining it to them,

612
00:35:20,200 --> 00:35:22,759
Speaker 1: they get it. You know, Folks like my brother. He's

613
00:35:22,760 --> 00:35:24,560
Speaker 1: gonna be able to buy a whole lot more diapers

614
00:35:24,640 --> 00:35:27,240
Speaker 1: for his his twin girls that are you know, about

615
00:35:27,239 --> 00:35:29,399
Speaker 1: to be about to be too. And when you look

616
00:35:29,440 --> 00:35:31,759
Speaker 1: at the impact that this has on business, you know,

617
00:35:31,840 --> 00:35:35,640
Speaker 1: we've seen the number of of business, you know, corporations

618
00:35:35,680 --> 00:35:38,560
Speaker 1: that have increased hiring, that are talking about the investment

619
00:35:38,600 --> 00:35:41,759
Speaker 1: they're gonna be doing in in UM in their businesses.

620
00:35:42,080 --> 00:35:45,759
Speaker 1: We're seeing small businesses being able to take advantages from

621
00:35:45,800 --> 00:35:48,640
Speaker 1: the pastors. What about you, how do you find a

622
00:35:48,800 --> 00:35:52,880
Speaker 1: common ground with Mr Smith the fourth District of New Jersey.

623
00:35:52,920 --> 00:35:56,040
Speaker 1: You're both Republicans? Do you just throw Chris Smith under

624
00:35:56,080 --> 00:35:59,560
Speaker 1: the bus? Now? I look, I think it goes down

625
00:35:59,600 --> 00:36:02,759
Speaker 1: to every individual person, right, And I think when you

626
00:36:02,880 --> 00:36:05,160
Speaker 1: look at some of these high net worth individuals that

627
00:36:05,239 --> 00:36:08,600
Speaker 1: are in UM New Jersey or New York City, when

628
00:36:08,640 --> 00:36:11,279
Speaker 1: you look at you know, much of their income is

629
00:36:11,320 --> 00:36:16,480
Speaker 1: probably coming through UM. You know escorts or they're they're

630
00:36:16,520 --> 00:36:18,960
Speaker 1: gonna see benefits in other ways. And so I think

631
00:36:19,080 --> 00:36:22,440
Speaker 1: really drilling down into the details on an individual is

632
00:36:22,760 --> 00:36:25,200
Speaker 1: is the most important thing and the way people are

633
00:36:25,239 --> 00:36:27,600
Speaker 1: going to see this realized. One of the things I'm

634
00:36:27,719 --> 00:36:31,040
Speaker 1: nervous about, you know, in in looking at the impact

635
00:36:31,160 --> 00:36:34,000
Speaker 1: two jobs in our economy and the markets, is what

636
00:36:34,080 --> 00:36:36,880
Speaker 1: we're gonna do with NAFTA. Um. That's something that hasn't

637
00:36:36,880 --> 00:36:40,359
Speaker 1: been talked about enough. Um. The one way to screw

638
00:36:40,480 --> 00:36:42,320
Speaker 1: up the markets, the run the markets are on is

639
00:36:42,320 --> 00:36:44,520
Speaker 1: screwing up. Here's here's what we're gonna do. We're gonna

640
00:36:44,520 --> 00:36:47,799
Speaker 1: get you back on again soon. Congress heard to talk

641
00:36:47,800 --> 00:36:50,000
Speaker 1: about NAFTA. We've been unfair enough to bring that up

642
00:36:50,040 --> 00:36:53,200
Speaker 1: with you with your district on the border. Will heard

643
00:36:53,320 --> 00:36:56,600
Speaker 1: the twenty three district of Texas a Republicans Pim Fox

644
00:36:56,680 --> 00:36:59,200
Speaker 1: of surveillance. Bad phone just lit up like a candle.

645
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Speaker 1: You think it's just the lights. We gotta yeah, we

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Speaker 1: gotta get impact on a lot of interesting stuff to

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Speaker 1: talk about. But when he said there about Christmas in

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Speaker 1: the fourth District of New Jersey, is the whole debate. Yeah,

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Speaker 1: people need to have money in order to spend money.

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Speaker 1: I think that was great. Will heard from Texas. Thank

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Speaker 1: you so much for being with us. Thanks for listening

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Speaker 1: to the Bloomberg Surveillance podcast. Subscribe and listen to interviews

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Speaker 1: on Apple Podcasts, SoundCloud, or whichever podcast platform you prefer.

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Speaker 1: I'm on Twitter at Tom Keane before the podcast. You

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Speaker 1: can always catch us worldwide. I'm Bloomberg Radio