1 00:00:00,800 --> 00:00:04,040 Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside 2 00:00:04,040 --> 00:00:06,920 Speaker 1: my co host Matt Miller. Every business day we bring 3 00:00:06,960 --> 00:00:11,520 Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along 4 00:00:11,560 --> 00:00:15,600 Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast 5 00:00:15,600 --> 00:00:18,479 Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and 6 00:00:18,480 --> 00:00:22,759 Speaker 1: at Bloomberg dot com slash podcast. All right, so Friday, 7 00:00:22,800 --> 00:00:25,720 Speaker 1: which was supposed to be a nice, quiet day after 8 00:00:25,760 --> 00:00:29,720 Speaker 1: the holidays people digesting their Thanksgiving a dinner, turned out 9 00:00:29,720 --> 00:00:31,800 Speaker 1: to be anything but with the market selling off more 10 00:00:31,800 --> 00:00:35,519 Speaker 1: than two percent on news of a new potential variant. 11 00:00:35,600 --> 00:00:37,720 Speaker 1: Let's get some more color here. We're three days into it, 12 00:00:38,040 --> 00:00:40,000 Speaker 1: learning a little bit more about it, but let's try 13 00:00:40,040 --> 00:00:41,680 Speaker 1: to get a little bit smarter about this. We can 14 00:00:41,680 --> 00:00:44,000 Speaker 1: do that with Sam Fazli. He's head of European research 15 00:00:44,080 --> 00:00:47,000 Speaker 1: for Bloomberg Intelligence. But of course his day job is 16 00:00:47,320 --> 00:00:50,360 Speaker 1: he's absolutely one of the top farmer and healthcare analysts 17 00:00:50,400 --> 00:00:52,960 Speaker 1: in the city of London. Uh and he joins us 18 00:00:52,960 --> 00:00:55,600 Speaker 1: from London. Sam, what are your thoughts. I know we're 19 00:00:55,600 --> 00:00:58,360 Speaker 1: only three days into it. I know experts like yourselves 20 00:00:58,400 --> 00:01:00,360 Speaker 1: are gonna tell us we don't really know we need 21 00:01:00,400 --> 00:01:02,720 Speaker 1: to wait and study it. But what does your initial 22 00:01:02,800 --> 00:01:09,520 Speaker 1: take from this homicron I guess, variant or mutation? Yes, 23 00:01:09,600 --> 00:01:13,200 Speaker 1: high Pole, UM, so initial take remains the same. It's 24 00:01:13,240 --> 00:01:17,320 Speaker 1: got a lot of mutations, more than ever seen before. UM, 25 00:01:17,480 --> 00:01:20,600 Speaker 1: A lot of them overlapping areas or identical to ones 26 00:01:20,680 --> 00:01:26,120 Speaker 1: which either induced an increase in infectiousness or ability to 27 00:01:26,200 --> 00:01:32,560 Speaker 1: evade vaccine or prior infection induced immunity. So all of 28 00:01:32,600 --> 00:01:36,119 Speaker 1: that has to be proven. Although the direction of travel 29 00:01:36,240 --> 00:01:38,479 Speaker 1: is not going to be the direction of the way 30 00:01:38,520 --> 00:01:40,120 Speaker 1: the data will come is not going to be that 31 00:01:40,200 --> 00:01:43,360 Speaker 1: surprising to me, at least for the immunity game. But 32 00:01:43,480 --> 00:01:46,679 Speaker 1: I think everybody's gonna hold and let's keep our fingers crossed, 33 00:01:46,720 --> 00:01:52,040 Speaker 1: is that this anecdotal converse information from South Africa but 34 00:01:52,800 --> 00:01:55,680 Speaker 1: milder disease. Actually it turns out to be the case 35 00:01:55,720 --> 00:01:58,880 Speaker 1: when you expand the data. But I'm not holding my breath. 36 00:01:59,480 --> 00:02:01,360 Speaker 1: I was going to say exactly that. I know you're 37 00:02:01,360 --> 00:02:05,920 Speaker 1: a scientist, so for you, UM, You're you're reluctant to 38 00:02:05,920 --> 00:02:12,079 Speaker 1: talk about uh facts without having proof first. But it 39 00:02:12,160 --> 00:02:16,680 Speaker 1: looks like, UM, from all that we're reading that this 40 00:02:17,080 --> 00:02:23,120 Speaker 1: mutation spreads very quickly. But isn't UM as fatal as 41 00:02:23,280 --> 00:02:28,520 Speaker 1: other mutations? Can? We expect do viruses typically, you know, 42 00:02:28,680 --> 00:02:36,200 Speaker 1: historically evolved in that way, sam um. Eventually they do. 43 00:02:36,520 --> 00:02:39,120 Speaker 1: But it's not that the virus evolved that it's that 44 00:02:39,320 --> 00:02:43,919 Speaker 1: the immune system and the interaction with the host evolves. 45 00:02:44,600 --> 00:02:47,959 Speaker 1: The majority of people end up having an immune response 46 00:02:48,000 --> 00:02:50,560 Speaker 1: to it, and they get more and more infections, so 47 00:02:50,639 --> 00:02:53,840 Speaker 1: over time the reaction to it becomes milder and milder. 48 00:02:54,360 --> 00:02:57,800 Speaker 1: But I have to say that, and I want, I definitely, 49 00:02:57,919 --> 00:03:01,040 Speaker 1: definitely want this to be the case that we stumbled 50 00:03:01,520 --> 00:03:06,640 Speaker 1: somehow on a list difficult virus, but there's no data 51 00:03:06,760 --> 00:03:09,680 Speaker 1: to prove it. It's you know, you go to South Africa. 52 00:03:09,760 --> 00:03:12,760 Speaker 1: What's the average age of the South African population twenty 53 00:03:12,880 --> 00:03:15,919 Speaker 1: seven point six years old. What's the average of the 54 00:03:16,040 --> 00:03:19,040 Speaker 1: US population. It's not twenty seven point six years old. 55 00:03:19,639 --> 00:03:23,320 Speaker 1: Let's just wait and see how this data pends out 56 00:03:23,600 --> 00:03:26,200 Speaker 1: as a fatality, we just have to wait. It takes 57 00:03:26,240 --> 00:03:31,400 Speaker 1: four weeks from infiction two mortality, so that that's you know, 58 00:03:31,440 --> 00:03:34,840 Speaker 1: there's no way that there's enough information Scuid and sam, 59 00:03:34,880 --> 00:03:38,080 Speaker 1: I guess you know, one of the ongoing concerns I 60 00:03:38,120 --> 00:03:40,600 Speaker 1: suppose is that when we think about it on a 61 00:03:40,600 --> 00:03:42,880 Speaker 1: global scale, there's still so much of the world that 62 00:03:43,040 --> 00:03:47,160 Speaker 1: is not vaccinated, and as long as that is the case, 63 00:03:47,880 --> 00:03:51,280 Speaker 1: that we're still going to have variant after variant after 64 00:03:51,480 --> 00:03:55,560 Speaker 1: variant going forward. Is that the way to think about it? 65 00:03:55,560 --> 00:03:57,040 Speaker 1: It is it is a way to think about it 66 00:03:57,080 --> 00:04:01,440 Speaker 1: because non vaccinated people carry more risk, are more likely 67 00:04:01,480 --> 00:04:05,040 Speaker 1: to infect each other and vaccinated people, so that means 68 00:04:05,240 --> 00:04:09,840 Speaker 1: more virus, more replications, and more opportunity for random mutations. 69 00:04:09,840 --> 00:04:11,720 Speaker 1: But on the other hand, Paul, I think what we 70 00:04:11,760 --> 00:04:15,840 Speaker 1: have to also think about is did these variants actually 71 00:04:15,920 --> 00:04:19,039 Speaker 1: come from unvaccinated people or do they have a source 72 00:04:19,760 --> 00:04:22,400 Speaker 1: that's nothing to do with vaccination, and it's more to 73 00:04:22,440 --> 00:04:25,080 Speaker 1: do with the immune status of the of the of 74 00:04:25,160 --> 00:04:28,200 Speaker 1: the of the patient zero or whatever whichever way you 75 00:04:28,200 --> 00:04:31,080 Speaker 1: want to call it, and that's the critical element. Yes, 76 00:04:31,279 --> 00:04:34,560 Speaker 1: it's possibly. Remember I think the delta variant, if I'm 77 00:04:34,600 --> 00:04:37,839 Speaker 1: not wrong, evolved in a patient in in the UK, 78 00:04:38,120 --> 00:04:40,479 Speaker 1: and sorry, the alpha variant in a patient in the 79 00:04:40,600 --> 00:04:46,840 Speaker 1: UK that had some um immunovation. So it's just you 80 00:04:46,960 --> 00:04:53,599 Speaker 1: just really coptel until the data clarifies. I'm reading conflicting opinions. Obviously, 81 00:04:53,600 --> 00:04:55,200 Speaker 1: it takes two to make a market. We're always going 82 00:04:55,240 --> 00:04:57,320 Speaker 1: to have people disagree with each other. But should we 83 00:04:57,360 --> 00:05:00,480 Speaker 1: be pushing for COVID zero? Should we should we living 84 00:05:01,279 --> 00:05:06,400 Speaker 1: um with governments that try to completely eradicate this virus 85 00:05:06,600 --> 00:05:09,440 Speaker 1: or should we accept that it's that's not possible and 86 00:05:09,480 --> 00:05:12,800 Speaker 1: we need to somehow live with it. Now, Matt, I 87 00:05:12,880 --> 00:05:15,560 Speaker 1: think that ship has sailed. I mean we have to 88 00:05:15,600 --> 00:05:18,159 Speaker 1: live with it. The virus isn't just for us. It's 89 00:05:19,040 --> 00:05:24,320 Speaker 1: um It can infect cats, dogs, civet cats, and white deer, 90 00:05:24,360 --> 00:05:26,560 Speaker 1: which is what we've heard. No, it's not exactly often 91 00:05:26,600 --> 00:05:28,960 Speaker 1: that we interact with white deer, but but if you 92 00:05:29,040 --> 00:05:31,760 Speaker 1: can get into the enemy more often when I moved 93 00:05:31,760 --> 00:05:33,640 Speaker 1: back to the US, that I interact with the white tail. 94 00:05:33,760 --> 00:05:35,359 Speaker 1: There you go. Now you're telling us a little bit 95 00:05:35,400 --> 00:05:37,520 Speaker 1: about what you're going to get up to there. But 96 00:05:37,600 --> 00:05:41,440 Speaker 1: in reality, and I think it's over that that ship 97 00:05:41,440 --> 00:05:44,280 Speaker 1: has sailed. It is good there is this coronavirus has 98 00:05:44,320 --> 00:05:48,039 Speaker 1: eventually become endemic. That doesn't mean that they become less 99 00:05:48,120 --> 00:05:51,640 Speaker 1: virulent or more virulent. Time will tell how well our 100 00:05:51,680 --> 00:05:55,360 Speaker 1: immunity interacts with it over time. All right, Sam, thank 101 00:05:55,360 --> 00:05:57,640 Speaker 1: you so much for joining us. As always, we really 102 00:05:57,640 --> 00:06:00,960 Speaker 1: appreciate getting the benefit of your wisdom and your knowledge. 103 00:06:01,000 --> 00:06:04,000 Speaker 1: San Fazeli he's haid of European Research for Bloomberg Intelligence. 104 00:06:04,000 --> 00:06:08,159 Speaker 1: He's also BIS pharmaceutical analyst and he's just been covering 105 00:06:08,200 --> 00:06:11,960 Speaker 1: this space for decades. He's got a PhD in this stuff, 106 00:06:12,000 --> 00:06:14,279 Speaker 1: so he's really a great source for us as we 107 00:06:14,320 --> 00:06:17,000 Speaker 1: try to pass through all the changes that this pandemic 108 00:06:17,080 --> 00:06:19,719 Speaker 1: has brought for us. So we appreciate getting some time 109 00:06:19,720 --> 00:06:26,680 Speaker 1: from Sam here. All Right, we got a rebound in 110 00:06:26,920 --> 00:06:29,760 Speaker 1: the market today after that big, big Friday sell off, 111 00:06:29,800 --> 00:06:33,159 Speaker 1: concerns about this new variant um and the question is 112 00:06:33,160 --> 00:06:35,520 Speaker 1: obviously would impact will that have on the economy. Well, 113 00:06:35,520 --> 00:06:38,000 Speaker 1: one place in the economy it looks pretty darn strong, 114 00:06:38,160 --> 00:06:41,560 Speaker 1: is the consumer. Let's check in with Matt Forrester, Chief 115 00:06:41,600 --> 00:06:45,120 Speaker 1: investment Officer, Lockwood Advisors at B and Y Melon Pershing. Matt, 116 00:06:45,120 --> 00:06:46,920 Speaker 1: thanks so much for joining us here. As you think 117 00:06:46,960 --> 00:06:49,040 Speaker 1: about you know, the remainder of this year and then 118 00:06:49,080 --> 00:06:52,960 Speaker 1: into two, how are you thinking about the consumer and 119 00:06:53,000 --> 00:06:58,280 Speaker 1: the health of the consumer right here? Well, never underestimate 120 00:06:58,320 --> 00:07:00,760 Speaker 1: the US consumer to spend our money than they have 121 00:07:00,839 --> 00:07:02,680 Speaker 1: and I think that's probably gonna end up being the 122 00:07:02,720 --> 00:07:05,919 Speaker 1: story here. So what we see is that you know, 123 00:07:06,040 --> 00:07:08,720 Speaker 1: US consumers have are going to have to dip in 124 00:07:08,839 --> 00:07:12,320 Speaker 1: their savings to buy their preferred basket of goods or 125 00:07:12,760 --> 00:07:16,640 Speaker 1: holiday spending. Um. We know the savings rates are already 126 00:07:16,680 --> 00:07:20,960 Speaker 1: below pre COVID levels, So I think analysts should be 127 00:07:21,280 --> 00:07:24,280 Speaker 1: a little concerned about. And that's where we're meeting, Matt. 128 00:07:24,320 --> 00:07:27,680 Speaker 1: You know, we we we have all been talking for 129 00:07:27,760 --> 00:07:31,080 Speaker 1: a year now about savings rates that shot higher. I 130 00:07:31,120 --> 00:07:33,400 Speaker 1: think at one point they were up twelve pc in 131 00:07:33,440 --> 00:07:36,680 Speaker 1: the US and lastic check there at nine percent pre COVID. 132 00:07:36,720 --> 00:07:39,560 Speaker 1: I think the average was seven and change. What are 133 00:07:39,560 --> 00:07:42,720 Speaker 1: you looking at right now? Right? So I think analyst 134 00:07:42,720 --> 00:07:44,560 Speaker 1: should be a little concerned about the idea of a 135 00:07:44,600 --> 00:07:46,680 Speaker 1: money illusion. And a lot of the data that we're 136 00:07:46,680 --> 00:07:50,400 Speaker 1: looking at, and there were nominal numbers are up um, 137 00:07:50,480 --> 00:07:53,440 Speaker 1: and yet the real data is decidedly weak. And we're 138 00:07:53,480 --> 00:07:56,920 Speaker 1: certainly seeing that in you know, consumer income in general 139 00:07:56,960 --> 00:08:00,720 Speaker 1: and just US household income me real main money minus 140 00:08:00,760 --> 00:08:04,040 Speaker 1: inflation or what exactly after inflation. So the question is, 141 00:08:04,160 --> 00:08:07,520 Speaker 1: you know, real wages here are are falling quite dramatically. 142 00:08:07,640 --> 00:08:10,280 Speaker 1: So the real purchasing power of the U. S consumer 143 00:08:10,360 --> 00:08:13,280 Speaker 1: is falling. Uh, and that's linkly to play, you know, 144 00:08:13,480 --> 00:08:16,480 Speaker 1: put a little bit of pressure on more on markets 145 00:08:16,480 --> 00:08:18,960 Speaker 1: and spending as we go into the you know, next 146 00:08:19,000 --> 00:08:21,880 Speaker 1: couple of weeks. Certainly it looks like there's more foot 147 00:08:21,920 --> 00:08:24,720 Speaker 1: traffic across the malls according to you know, some of 148 00:08:24,760 --> 00:08:27,640 Speaker 1: the studies just just being done you know, real time 149 00:08:27,680 --> 00:08:30,960 Speaker 1: practically from real last Friday. UM. But that doesn't mean 150 00:08:30,960 --> 00:08:32,960 Speaker 1: the actual spending is going to pick up. We're probably 151 00:08:32,960 --> 00:08:35,439 Speaker 1: above where we were last year. The question is whether 152 00:08:35,480 --> 00:08:37,160 Speaker 1: it's going to be you know, enough to meet the 153 00:08:37,200 --> 00:08:39,560 Speaker 1: expectations that are built into some of the stock crisis 154 00:08:39,679 --> 00:08:42,280 Speaker 1: and not much. If you if you actually look at 155 00:08:42,280 --> 00:08:46,079 Speaker 1: the Bureau of Economic Analysis puts out the US personal 156 00:08:46,120 --> 00:08:50,520 Speaker 1: savings rate. It's a percentage of your disposable income, and 157 00:08:51,080 --> 00:08:53,880 Speaker 1: right now we're only at seven point three percent. I 158 00:08:53,880 --> 00:08:56,800 Speaker 1: would have thought that it's higher. In fact, the five 159 00:08:56,880 --> 00:08:59,880 Speaker 1: year averages nine point six percent because of the spikes 160 00:08:59,880 --> 00:09:02,800 Speaker 1: that we saw over the last couple of years. So UM, 161 00:09:02,840 --> 00:09:04,320 Speaker 1: I think it's really interesting, Paul, if you want to 162 00:09:04,360 --> 00:09:07,960 Speaker 1: check it out on your Bloomberg terminal. The the index 163 00:09:08,080 --> 00:09:11,400 Speaker 1: is p I D s P E P, s p 164 00:09:11,679 --> 00:09:15,880 Speaker 1: I D S DPS index yep, got it boom, all right. 165 00:09:15,960 --> 00:09:19,120 Speaker 1: So it's interesting matd here. I mean you talk about 166 00:09:19,400 --> 00:09:22,040 Speaker 1: the I guess it brings us back to the question 167 00:09:22,120 --> 00:09:24,680 Speaker 1: of inflation. That's been a driving, you know issue for 168 00:09:24,679 --> 00:09:27,160 Speaker 1: this market over the last several weeks and months. What 169 00:09:27,360 --> 00:09:29,559 Speaker 1: is your inflation calling you in the transitory camp or 170 00:09:29,559 --> 00:09:32,280 Speaker 1: are you saying this might be something more and we 171 00:09:32,400 --> 00:09:35,800 Speaker 1: really need to pay attention. Well, I think the news 172 00:09:35,800 --> 00:09:37,720 Speaker 1: of the last couple of days about you know, another 173 00:09:38,280 --> 00:09:40,240 Speaker 1: variant of the virus and making its way through is 174 00:09:40,280 --> 00:09:43,959 Speaker 1: definitely gonna hurt the supply issues that have been uh 175 00:09:44,080 --> 00:09:45,960 Speaker 1: you know, running rap that throughout the economy. I think 176 00:09:46,000 --> 00:09:48,400 Speaker 1: that's still, you know, a problem. And there's at least 177 00:09:48,400 --> 00:09:50,960 Speaker 1: two reasons to continue to be a little bit pessimistic 178 00:09:51,000 --> 00:09:54,160 Speaker 1: about inflation coming down, and that is the owner's of 179 00:09:54,160 --> 00:09:57,680 Speaker 1: equivalent rent portion of the c P I UH as 180 00:09:57,720 --> 00:09:59,920 Speaker 1: well as energy prices, which of course got a big 181 00:10:00,040 --> 00:10:03,240 Speaker 1: it on Friday, and we're back off from five to 182 00:10:03,360 --> 00:10:07,160 Speaker 1: seventy three on West Texas intermediate crude UM, but that's 183 00:10:07,200 --> 00:10:09,640 Speaker 1: still a lot higher than where we were, you know, 184 00:10:09,720 --> 00:10:14,199 Speaker 1: throughout most of the year, so it's still impacting consumer wallets. 185 00:10:14,920 --> 00:10:18,360 Speaker 1: Uh so. Um so, I think the inflation story is 186 00:10:18,400 --> 00:10:22,200 Speaker 1: that it's not as transitory as expected. I would mention though, 187 00:10:22,200 --> 00:10:26,600 Speaker 1: that markets have firmly bought into the transitory story and 188 00:10:26,920 --> 00:10:29,439 Speaker 1: they continue to price in the idea that inflation is 189 00:10:29,440 --> 00:10:31,760 Speaker 1: going to fall. If it does, that's gonna be really 190 00:10:31,800 --> 00:10:34,800 Speaker 1: good news for markets. Um. You know, it will make 191 00:10:34,840 --> 00:10:37,880 Speaker 1: real interest rates go higher, but it will do so 192 00:10:37,960 --> 00:10:40,480 Speaker 1: in kind of a benevolent way because inflation is coming down. 193 00:10:41,400 --> 00:10:44,040 Speaker 1: I'm interesting, gotta ways to go. I'm interested in what 194 00:10:44,120 --> 00:10:47,760 Speaker 1: you do in your job at Lockwood. You design and 195 00:10:48,320 --> 00:10:52,160 Speaker 1: manage Lockwoods proprietary investment models. What gets you pumped? What 196 00:10:52,280 --> 00:10:53,760 Speaker 1: when you wake up in the morning and you're headed 197 00:10:53,800 --> 00:10:58,480 Speaker 1: to work. What are you like? Yes about? Well, uh, 198 00:10:58,520 --> 00:11:01,880 Speaker 1: you know, we have a couple of Last year we 199 00:11:02,120 --> 00:11:04,040 Speaker 1: moved our portfolio into a little place where it would 200 00:11:04,040 --> 00:11:07,400 Speaker 1: be less inflation sensitive, so that could be a whole 201 00:11:07,480 --> 00:11:10,360 Speaker 1: host of things. Um. You know, we've increased our exposure 202 00:11:10,440 --> 00:11:14,400 Speaker 1: to say KRUC commodities or even precious medles like gold. 203 00:11:14,679 --> 00:11:18,960 Speaker 1: Uh you know, some additional tips exposure just to you know, 204 00:11:19,000 --> 00:11:21,160 Speaker 1: try to take the edge off of you know, the 205 00:11:21,200 --> 00:11:25,640 Speaker 1: inflationary story because I think you know, port folio you know, generally, 206 00:11:25,720 --> 00:11:28,920 Speaker 1: inflation is not a particularly bad thing for you know, 207 00:11:29,440 --> 00:11:32,760 Speaker 1: nominal portfolios where you know your your sixty forty portfolio, 208 00:11:33,440 --> 00:11:37,520 Speaker 1: inflation doesn't hurt that much. You know, most portfolios modeifolios 209 00:11:37,600 --> 00:11:41,520 Speaker 1: that we manage, uh and those of other firms that 210 00:11:41,559 --> 00:11:45,800 Speaker 1: we have on our platform, they are positively correlated with 211 00:11:45,880 --> 00:11:50,000 Speaker 1: inflation going higher. So stocks are not a terrible hedge 212 00:11:50,000 --> 00:11:53,440 Speaker 1: against inflation. But uh, you know, inflation could run, you know, 213 00:11:53,559 --> 00:11:55,560 Speaker 1: a lot stronger than I think that anybody in the 214 00:11:55,600 --> 00:11:57,760 Speaker 1: market was expecting. And I think we've got at least 215 00:11:57,760 --> 00:12:01,240 Speaker 1: another couple of months ago on that story. All Right, 216 00:12:01,280 --> 00:12:03,520 Speaker 1: Matt Foster, thank you Forrester. Thank you so much. We 217 00:12:03,559 --> 00:12:07,080 Speaker 1: really appreciate getting your thoughts here. Matt Forrester, chief investment 218 00:12:07,160 --> 00:12:11,520 Speaker 1: Officer at Lockwood Advisors at b N Y Melon pershing here. 219 00:12:11,600 --> 00:12:13,760 Speaker 1: So just kind of getting a sense, you know, after 220 00:12:13,800 --> 00:12:15,880 Speaker 1: that big, big sell off on Friday that caught a 221 00:12:15,920 --> 00:12:19,040 Speaker 1: lot of folks um, you know, Matt by surprise here, 222 00:12:19,080 --> 00:12:20,600 Speaker 1: I think when you looked at some of the pretty 223 00:12:20,679 --> 00:12:23,320 Speaker 1: good volume on the cell side on the way down, 224 00:12:23,600 --> 00:12:25,760 Speaker 1: getting a little bit of a bounce back here. But 225 00:12:25,800 --> 00:12:28,439 Speaker 1: as San fa Celli was suggesting, UH, and some other 226 00:12:28,520 --> 00:12:31,440 Speaker 1: experts that we've spoken to are suggesting, we're really gonna 227 00:12:31,480 --> 00:12:33,199 Speaker 1: have to wait and see over the next couple of 228 00:12:33,320 --> 00:12:36,200 Speaker 1: three four weeks, UH, to see kind of perhaps what 229 00:12:36,320 --> 00:12:40,960 Speaker 1: this new variant means visa the um the vaccines that 230 00:12:40,960 --> 00:12:46,600 Speaker 1: are already out there. Looking at Twitter, Matt, it's resumed trading. 231 00:12:46,640 --> 00:12:49,760 Speaker 1: It is now about four point seven percent, trading about 232 00:12:49,800 --> 00:12:52,680 Speaker 1: forty nine dollars third thirty cents, So that stock is 233 00:12:52,760 --> 00:12:55,720 Speaker 1: trading again. Let's check in on the markets because they're 234 00:12:55,720 --> 00:12:57,960 Speaker 1: trying to claw back some of the big, big losses 235 00:12:58,280 --> 00:13:01,480 Speaker 1: that the market experienced on Friday. Let's check in with 236 00:13:01,559 --> 00:13:06,240 Speaker 1: Jeff Kleintop, he's achieved global investment strategist for Charles Schwab. Jeff, 237 00:13:06,240 --> 00:13:08,679 Speaker 1: what did you make of the trading? Hopefully you were 238 00:13:08,720 --> 00:13:11,480 Speaker 1: home digesting your Thanksgiving dinner, But what did you make 239 00:13:11,520 --> 00:13:16,839 Speaker 1: of the trading we saw on Friday? Well, obviously it's 240 00:13:16,880 --> 00:13:19,560 Speaker 1: a big cellphone on the news of on the crom 241 00:13:19,880 --> 00:13:22,680 Speaker 1: It was a day of light volume, and that's when 242 00:13:22,720 --> 00:13:25,880 Speaker 1: these knee jerk reactions can happen. Excuse it can happen. 243 00:13:26,440 --> 00:13:31,600 Speaker 1: Investors recognize the potential for economically damaging lockdowns. And we 244 00:13:31,640 --> 00:13:35,400 Speaker 1: know some people have been hesitant to rejoin the workforce 245 00:13:35,480 --> 00:13:38,720 Speaker 1: due to virus concerns, and that could prolong and worsen 246 00:13:38,760 --> 00:13:42,240 Speaker 1: the inflation situation. So all that came into play on Friday. 247 00:13:42,240 --> 00:13:44,720 Speaker 1: But today, of course, investors are buying the dip. We 248 00:13:44,920 --> 00:13:51,320 Speaker 1: know investors no prior scares and new waves were buying opportunities. 249 00:13:51,360 --> 00:13:54,080 Speaker 1: But obviously it's too early to take this rebound as 250 00:13:54,120 --> 00:13:56,560 Speaker 1: an all clear. Markets could remain volatile over the next 251 00:13:56,559 --> 00:13:59,120 Speaker 1: couple of weeks is more information comes available. Well, I 252 00:13:59,160 --> 00:14:03,640 Speaker 1: guess this gives you the opportunity to UM to pick 253 00:14:03,679 --> 00:14:07,560 Speaker 1: a side. Right, if you think that the omicron virus 254 00:14:07,679 --> 00:14:11,760 Speaker 1: is going to be mild and that UM governmental chill 255 00:14:11,760 --> 00:14:14,000 Speaker 1: out when it comes to travel curbs, you can go 256 00:14:14,000 --> 00:14:17,040 Speaker 1: ahead and buy this dip because we're still only up 257 00:14:18,040 --> 00:14:21,600 Speaker 1: a couple hundred points on the Dow Jones Industrial average, 258 00:14:21,800 --> 00:14:24,920 Speaker 1: and we were off nine hundred on Friday. In fact, 259 00:14:24,920 --> 00:14:27,320 Speaker 1: we're up eighty five points on the Dow Jones industrial 260 00:14:27,360 --> 00:14:30,920 Speaker 1: average and we were off nine hundred on Friday. So um, 261 00:14:30,960 --> 00:14:34,960 Speaker 1: you can you can place a bet here. You know 262 00:14:35,040 --> 00:14:37,880 Speaker 1: many investors are sitting on cash, trying to decide if 263 00:14:37,920 --> 00:14:40,040 Speaker 1: they should put it to work. They wanted to pull back, 264 00:14:40,320 --> 00:14:43,000 Speaker 1: but now they're not too sure, and I think they 265 00:14:43,000 --> 00:14:47,640 Speaker 1: should consider international developed stocks for the coming year. There 266 00:14:47,680 --> 00:14:50,160 Speaker 1: are several reasons global growth is still likely to be 267 00:14:50,200 --> 00:14:53,840 Speaker 1: above average next year, supported by fiscal policy and pent 268 00:14:53,960 --> 00:14:58,240 Speaker 1: up savings by households and business capex. Valuations outside the 269 00:14:58,320 --> 00:15:01,480 Speaker 1: US are attractive. In fact, there are some bargains in Japan. 270 00:15:01,880 --> 00:15:05,440 Speaker 1: The PE ratio is below the twenty year average, just 271 00:15:05,520 --> 00:15:08,160 Speaker 1: as markets are fretting over sky high valuations here in 272 00:15:08,200 --> 00:15:11,040 Speaker 1: the US. And frankly, cash is trash right now, with 273 00:15:11,160 --> 00:15:13,880 Speaker 1: inflation outpacing cash fields. So I think even in light 274 00:15:13,920 --> 00:15:16,720 Speaker 1: of omicron, there are opportunities to put cash to work. 275 00:15:16,800 --> 00:15:19,520 Speaker 1: And there are some things we do know. Sure, there's 276 00:15:19,520 --> 00:15:22,000 Speaker 1: a lot we don't know, but there's plenty that we 277 00:15:22,040 --> 00:15:23,920 Speaker 1: do know. We knew that there was likely to be 278 00:15:23,960 --> 00:15:26,480 Speaker 1: a winter wave of COVID. In fact, we've already seen 279 00:15:26,520 --> 00:15:29,000 Speaker 1: that in some countries, and there will be new variants. 280 00:15:29,360 --> 00:15:32,440 Speaker 1: Um you know, COVID is becoming endemic rather than pandemic, 281 00:15:32,480 --> 00:15:35,640 Speaker 1: so this is a total surprise. We also know that 282 00:15:35,880 --> 00:15:38,400 Speaker 1: the vaccines and boosters are likely to provide at least 283 00:15:38,440 --> 00:15:41,760 Speaker 1: some protection against the omicron variant because they stimulate not 284 00:15:41,800 --> 00:15:45,360 Speaker 1: only antibodies, but in une cells that attack infected cells. 285 00:15:45,440 --> 00:15:47,960 Speaker 1: And we also know that we have a tool kit 286 00:15:48,240 --> 00:15:51,520 Speaker 1: to combat new variants if needed. The messenger RNA vaccines 287 00:15:51,520 --> 00:15:54,960 Speaker 1: can be modified finding as little as thirty days, and 288 00:15:55,760 --> 00:15:59,280 Speaker 1: anti viral pills to treat infections link caught early from 289 00:15:59,320 --> 00:16:01,000 Speaker 1: Mercan fives or could be coming in the next month 290 00:16:01,080 --> 00:16:03,600 Speaker 1: or two. In fact, tomorrow the FDA has an advisory 291 00:16:03,600 --> 00:16:07,240 Speaker 1: committee meeting on Mark's pill. So we know enough that 292 00:16:07,320 --> 00:16:09,880 Speaker 1: it makes more sense to stick with your investment plan 293 00:16:10,000 --> 00:16:12,280 Speaker 1: here and put that cash to work rather than abandoned 294 00:16:12,400 --> 00:16:14,960 Speaker 1: as them occurred to be doing on Friday. All right, Jeff, 295 00:16:15,000 --> 00:16:18,000 Speaker 1: given that backdrop, and given the I guess a new 296 00:16:18,080 --> 00:16:21,320 Speaker 1: level of uncertainty introduced into the market on Friday, what 297 00:16:21,520 --> 00:16:26,800 Speaker 1: is your outlook? Where should we be focusing. Yeah, it's 298 00:16:26,800 --> 00:16:29,600 Speaker 1: a pretty positive outlook. And although there are plenty of risk, 299 00:16:29,680 --> 00:16:32,120 Speaker 1: and not just from oncom, but there's you know, potential 300 00:16:32,200 --> 00:16:35,440 Speaker 1: rate hikes, and there's inflation issues and shortages. But I 301 00:16:35,440 --> 00:16:37,240 Speaker 1: think if you take a look at the growth picture, 302 00:16:37,760 --> 00:16:42,360 Speaker 1: we are looking at two the strongest back to back 303 00:16:42,440 --> 00:16:45,480 Speaker 1: years of global economic growth in nearly fifty years. You 304 00:16:45,520 --> 00:16:48,480 Speaker 1: gotta go back in three to see a stronger back 305 00:16:48,480 --> 00:16:53,400 Speaker 1: to vaccenaria for global growth, but really strong booming economic environment. 306 00:16:53,400 --> 00:16:55,040 Speaker 1: I don't want to lose sight of that, and that 307 00:16:55,080 --> 00:16:58,720 Speaker 1: means focus on economically sensitive equities, the one that's sold 308 00:16:58,720 --> 00:17:01,160 Speaker 1: off the most on Friday, or think of the place 309 00:17:01,200 --> 00:17:03,640 Speaker 1: you want of these cyclicals. Of course, many of those 310 00:17:03,640 --> 00:17:06,800 Speaker 1: are concentrated outside the US, where the indicries aren't so 311 00:17:06,880 --> 00:17:09,240 Speaker 1: much in tech and healthcare, but more in industrials and 312 00:17:09,320 --> 00:17:12,119 Speaker 1: financials and energy. And I think that those are areas 313 00:17:12,160 --> 00:17:15,520 Speaker 1: we're going to see real opportunities here for for leadership. 314 00:17:15,600 --> 00:17:19,560 Speaker 1: In two all right, where you well, I was gonna 315 00:17:19,640 --> 00:17:21,399 Speaker 1: quickly ask, we only have twenty seconds where you think 316 00:17:21,400 --> 00:17:25,199 Speaker 1: we're gonna see rates. What's the thing I do you know? 317 00:17:25,320 --> 00:17:26,920 Speaker 1: I I think the FET is going to stick with 318 00:17:27,000 --> 00:17:29,720 Speaker 1: its path of of tapering. I think where we could 319 00:17:29,760 --> 00:17:32,200 Speaker 1: see a change is a disabl rate hyped by the 320 00:17:32,240 --> 00:17:34,840 Speaker 1: Bank of England may get pushed out yet again after 321 00:17:34,880 --> 00:17:37,600 Speaker 1: they've surprised in November by keeping rates unchanged. So that's 322 00:17:37,600 --> 00:17:40,040 Speaker 1: why we might see the omni crown effect on on 323 00:17:40,080 --> 00:17:42,840 Speaker 1: central bank policy. All right, Jeff, thanks so much for 324 00:17:43,000 --> 00:17:46,600 Speaker 1: joining us. Appreciate getting your thoughts of perspective. Jeffrey Klinop, 325 00:17:46,680 --> 00:17:50,480 Speaker 1: chief Global investment strategist at Charles Schwabman Company. UM, so 326 00:17:50,520 --> 00:17:53,040 Speaker 1: we always appreciate that and again still has a constructive 327 00:17:53,040 --> 00:17:55,320 Speaker 1: outook for two is I think you know, we've heard 328 00:17:55,359 --> 00:17:58,680 Speaker 1: from many guests over the last couple of days, given 329 00:17:58,680 --> 00:18:01,399 Speaker 1: the volatility that's come back into this market with the 330 00:18:01,440 --> 00:18:09,840 Speaker 1: new variant, Uh, most investors keeping in that longer term view, Matt. 331 00:18:09,880 --> 00:18:12,320 Speaker 1: You know, walking around New York City, you know, the 332 00:18:12,359 --> 00:18:15,760 Speaker 1: holiday season kicking off here. I think the crowds are 333 00:18:15,760 --> 00:18:17,480 Speaker 1: certainly starting to pick up a little bit as I 334 00:18:17,520 --> 00:18:20,560 Speaker 1: kind of, you know, wander down Fifth Avenue and Madison 335 00:18:20,600 --> 00:18:22,480 Speaker 1: Evan in the shops and everything like that. So it's 336 00:18:22,480 --> 00:18:26,000 Speaker 1: certainly not normal by any chance. But had the Thanksgiving 337 00:18:26,080 --> 00:18:28,760 Speaker 1: Day day parade. They're gonna light the Christmas tree at 338 00:18:28,800 --> 00:18:31,399 Speaker 1: the Rockefeller Center, and we'll seek to what extent. Do 339 00:18:31,520 --> 00:18:35,040 Speaker 1: you know what's interesting? I got back to Berlin yesterday 340 00:18:35,440 --> 00:18:39,880 Speaker 1: and uh, it was Sunday, so of course the supermarkets 341 00:18:39,880 --> 00:18:43,280 Speaker 1: are closed. Germans don't like to work on Sunday, which 342 00:18:43,760 --> 00:18:47,240 Speaker 1: makes life unconvenient for Americans like me. But what it 343 00:18:47,280 --> 00:18:49,560 Speaker 1: meant was I had to drive to the main train station, 344 00:18:49,640 --> 00:18:51,400 Speaker 1: the only place you can buy like milk and eggs 345 00:18:51,400 --> 00:18:53,639 Speaker 1: on a Sunday, and I noticed that they were taking 346 00:18:53,760 --> 00:18:59,200 Speaker 1: down the Christmas market. So everything that had been set 347 00:18:59,280 --> 00:19:02,000 Speaker 1: up in preparation for the holiday season is now being 348 00:19:02,040 --> 00:19:05,480 Speaker 1: dismantled here as we prepare for lockdown. Jeez. All right, well, 349 00:19:05,520 --> 00:19:09,080 Speaker 1: let's see how things are proceeding here real estate wise 350 00:19:09,119 --> 00:19:12,520 Speaker 1: here in US. Angi Solanki joins this National Director of 351 00:19:12,520 --> 00:19:16,359 Speaker 1: Retail Services for the United States for Colliers. So AI 352 00:19:16,480 --> 00:19:18,600 Speaker 1: give us a sense of kind of kind of we're 353 00:19:18,640 --> 00:19:22,359 Speaker 1: twenty months into it here, just the overall real estate 354 00:19:22,400 --> 00:19:25,600 Speaker 1: market in the US, you know, I'm looking around it. 355 00:19:25,720 --> 00:19:28,919 Speaker 1: Office is it seems to be a hybrid work model, 356 00:19:29,000 --> 00:19:32,880 Speaker 1: seems to be the model that's developing. So it must 357 00:19:32,880 --> 00:19:36,879 Speaker 1: still be tough commercial real estate. Yeah, definitely, thanks for 358 00:19:36,920 --> 00:19:40,879 Speaker 1: having me, both Matt and Paul, and I would definitely 359 00:19:40,920 --> 00:19:43,600 Speaker 1: say we're seeing a comeback. It is hybrid at the moment, 360 00:19:43,600 --> 00:19:47,040 Speaker 1: but I think we're really forecasting for Q one of 361 00:19:47,160 --> 00:19:51,000 Speaker 1: next year a strong comeback in the office sector and 362 00:19:51,040 --> 00:19:52,760 Speaker 1: that's going to help and support what we're going to 363 00:19:52,880 --> 00:19:55,920 Speaker 1: see in retail. You know right now, we've actually seen 364 00:19:56,160 --> 00:20:00,600 Speaker 1: just for um, the month of November and increase in 365 00:20:00,720 --> 00:20:04,800 Speaker 1: spend with shoppers coming back to stores, um and really 366 00:20:04,840 --> 00:20:08,880 Speaker 1: filling up you know, their their basket list of holiday gifts. 367 00:20:08,960 --> 00:20:11,879 Speaker 1: So we're going to see a nice, healthy, um, you know, 368 00:20:12,359 --> 00:20:15,280 Speaker 1: they're nice a fourth quarter this year, but also a 369 00:20:15,400 --> 00:20:18,879 Speaker 1: holiday spend. We did see, or I did see. I 370 00:20:18,920 --> 00:20:20,920 Speaker 1: was back in New York for pretty much the entire 371 00:20:20,960 --> 00:20:25,520 Speaker 1: month of November. A lot of big empty storefronts. And 372 00:20:25,560 --> 00:20:28,399 Speaker 1: I'm not talking about mom and pop store shut or 373 00:20:28,480 --> 00:20:31,960 Speaker 1: delis that are empty. I'm talking about big box stores 374 00:20:32,000 --> 00:20:34,320 Speaker 1: like H and M and Container store that had just 375 00:20:34,480 --> 00:20:38,639 Speaker 1: abandoned their posts. And I'm wondering how much of that 376 00:20:38,720 --> 00:20:43,000 Speaker 1: empty space, UM, you expect to fill up? Well, I 377 00:20:43,000 --> 00:20:44,760 Speaker 1: definitely think it will happen. It's going to be a 378 00:20:44,800 --> 00:20:50,000 Speaker 1: slightly slower recovery for our denser urban markets, but they 379 00:20:50,080 --> 00:20:54,200 Speaker 1: will be back. Um, They're definitely Larry tailers have figured 380 00:20:54,240 --> 00:20:59,280 Speaker 1: out how to adjust their locations, their portfolio, the whole 381 00:20:59,320 --> 00:21:03,040 Speaker 1: Omnichian all. I mean what we saw in you know 382 00:21:03,160 --> 00:21:06,640 Speaker 1: foot traffic UM stores you know, stores have seen foot 383 00:21:06,640 --> 00:21:11,280 Speaker 1: traffic up by this year. I mean we've actually seen 384 00:21:11,520 --> 00:21:14,879 Speaker 1: foot traffic in the South, followed by the Midwest, West, 385 00:21:14,920 --> 00:21:18,560 Speaker 1: and Northeast, where actual foot traffic came back to stores 386 00:21:18,640 --> 00:21:23,040 Speaker 1: at the same level of on Black Friday. Why is it? 387 00:21:24,240 --> 00:21:28,360 Speaker 1: Why is it that the dense urban centers that UM, 388 00:21:28,680 --> 00:21:34,639 Speaker 1: New York City, Chicago, UM, Los Angeles are seeing those 389 00:21:35,280 --> 00:21:38,240 Speaker 1: big retailers abandoned them. Are they moving out to the suburbs, 390 00:21:38,440 --> 00:21:40,520 Speaker 1: are they going where the business is or people not 391 00:21:40,640 --> 00:21:45,280 Speaker 1: coming back yet to offices as much as they maybe could. Yeah, 392 00:21:45,280 --> 00:21:48,240 Speaker 1: it's a combination of a variety of different variables. One 393 00:21:48,280 --> 00:21:50,200 Speaker 1: that you just described, which is, you know, the office 394 00:21:50,200 --> 00:21:53,119 Speaker 1: workers aren't really here, um, most people are working from 395 00:21:53,200 --> 00:21:55,600 Speaker 1: home still. So of course the suburban markets have seen 396 00:21:55,800 --> 00:21:59,200 Speaker 1: a flurry of activity. However, it's not going to take 397 00:21:59,240 --> 00:22:03,040 Speaker 1: away from you know, the core urban markets because that's 398 00:22:03,040 --> 00:22:05,600 Speaker 1: where people still love and enjoy to come to and 399 00:22:05,680 --> 00:22:08,680 Speaker 1: shop and enjoy with all the different experiences, whether it's 400 00:22:08,720 --> 00:22:11,320 Speaker 1: restaurants or you know, as you mentioned the lighting of 401 00:22:11,400 --> 00:22:15,000 Speaker 1: the Christmas Tree and Rockefeller Center, et cetera. So what's 402 00:22:15,040 --> 00:22:18,239 Speaker 1: happening really is you also have other elements, right, so 403 00:22:18,280 --> 00:22:21,880 Speaker 1: you have you know just um, the change we've seen 404 00:22:21,920 --> 00:22:25,960 Speaker 1: in just labor um and bringing people back into some 405 00:22:26,040 --> 00:22:29,040 Speaker 1: of these markets, but they will be coming back. Retailers 406 00:22:29,040 --> 00:22:31,159 Speaker 1: are gonna come back just as the market and and 407 00:22:31,240 --> 00:22:33,760 Speaker 1: tourism comes back as well. I mean, tourism plays a 408 00:22:33,840 --> 00:22:37,200 Speaker 1: huge part in this, uh, and we're I mean we 409 00:22:37,200 --> 00:22:40,639 Speaker 1: were seeing a nice you know shift with tourism coming back, 410 00:22:41,119 --> 00:22:44,400 Speaker 1: uh in New York, um, and here also in San Francisco, 411 00:22:44,480 --> 00:22:47,159 Speaker 1: my home base. And it's also it's also kind of 412 00:22:47,200 --> 00:22:49,280 Speaker 1: now flowing down a little bit with this new variant 413 00:22:49,720 --> 00:22:52,800 Speaker 1: UM and hopefully that will soften up or the lockdowns 414 00:22:52,840 --> 00:22:55,760 Speaker 1: will either slow down and we'll start to see tourism 415 00:22:55,840 --> 00:22:58,399 Speaker 1: come back even much more stronger in Q one Q 416 00:22:58,560 --> 00:23:01,600 Speaker 1: two of next year. So in just in terms of retail, 417 00:23:01,640 --> 00:23:04,240 Speaker 1: we're in the holiday shopping season here, is there is 418 00:23:04,240 --> 00:23:07,240 Speaker 1: it still that the US retail market in terms of 419 00:23:07,240 --> 00:23:09,800 Speaker 1: these departments are are still overstored, still need to see 420 00:23:09,800 --> 00:23:13,159 Speaker 1: a lot of closures. Is that kind of still the case? No, 421 00:23:13,320 --> 00:23:15,960 Speaker 1: we're actually seeing, um this is the first year we've 422 00:23:15,960 --> 00:23:20,280 Speaker 1: actually seen more store openings than store closures. So uh, 423 00:23:20,440 --> 00:23:24,399 Speaker 1: they have taken the time over this pre pandemic where 424 00:23:24,480 --> 00:23:28,280 Speaker 1: retailers have looked at their entire portfolio and readjusted to 425 00:23:28,359 --> 00:23:30,359 Speaker 1: look at how do we sell online, how do we 426 00:23:30,440 --> 00:23:34,680 Speaker 1: sell in store or on demand delivery. So it's not 427 00:23:34,840 --> 00:23:37,680 Speaker 1: anything new, it's just been in the works, I would say, 428 00:23:37,760 --> 00:23:40,720 Speaker 1: And so we're at a point where it's still being 429 00:23:40,920 --> 00:23:43,400 Speaker 1: you know, there's definitely going to be certain areas where 430 00:23:43,480 --> 00:23:48,040 Speaker 1: we'll see closures, but the portfolios that have been we 431 00:23:48,119 --> 00:23:52,720 Speaker 1: kind of reassessed. That's starting to um be done and complete, 432 00:23:52,720 --> 00:23:55,879 Speaker 1: and we're starting to see retailers expand again. There's a 433 00:23:55,960 --> 00:23:59,520 Speaker 1: handful of retailers looking to expand not only just this year, 434 00:23:59,560 --> 00:24:04,160 Speaker 1: but next year and into Q one three. All right, Angie, 435 00:24:04,160 --> 00:24:06,000 Speaker 1: thank you so much for that. We really appreciate getting 436 00:24:06,040 --> 00:24:09,560 Speaker 1: the update there on real estate. Uh. To think on 437 00:24:09,600 --> 00:24:13,840 Speaker 1: the retail side, Angie Solanki, National director of Retail Services 438 00:24:13,880 --> 00:24:17,280 Speaker 1: for the US for Colliers, getting an update there. So again, 439 00:24:17,280 --> 00:24:19,680 Speaker 1: a pretty decent start to retail sales from what we're 440 00:24:19,720 --> 00:24:23,639 Speaker 1: hearing across the board. Foot traffic coming back, uh, and 441 00:24:23,720 --> 00:24:25,320 Speaker 1: that's a good thing. And of course, the the e 442 00:24:25,440 --> 00:24:29,240 Speaker 1: commerce continues to be a key key driver of retail sales. 443 00:24:29,680 --> 00:24:34,119 Speaker 1: We saw that clearly accelerate during the pandemic. Thanks for 444 00:24:34,119 --> 00:24:37,639 Speaker 1: listening to the Bloomberg Markets podcast. You can subscribe and 445 00:24:37,680 --> 00:24:41,760 Speaker 1: listen to interviews with Apple Podcasts or whatever podcast platform 446 00:24:41,800 --> 00:24:45,400 Speaker 1: you prefer. I'm Matt Miller. I'm on Twitter at Matt Miller. 447 00:24:47,000 --> 00:24:49,480 Speaker 1: Put on Fall Sweeney I'm on Twitter at pt Sweeney. 448 00:24:49,560 --> 00:24:52,199 Speaker 1: Before the podcast, you can always catch us worldwide at 449 00:24:52,240 --> 00:24:53,280 Speaker 1: Bloomberg Radio.