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 --> 00:00:22,239
Speaker 1: at Bloomberg dot com slash podcast. You know, we had

7
00:00:22,280 --> 00:00:25,000
Speaker 1: a rocket go into space last night, and I always

8
00:00:25,040 --> 00:00:26,520
Speaker 1: love that kind of stuff. I'm gonna sucker for that.

9
00:00:26,560 --> 00:00:28,160
Speaker 1: I grew up with the Apollo program and all that

10
00:00:28,200 --> 00:00:31,880
Speaker 1: kind of stuff. My mom, who is she's older than you, though, Paul,

11
00:00:31,920 --> 00:00:34,320
Speaker 1: but she gets terry when she watches it. There's this

12
00:00:34,360 --> 00:00:37,600
Speaker 1: big nostall jobund it and I think, I know, I

13
00:00:37,600 --> 00:00:39,560
Speaker 1: think there's value, but anyway, it's it's it's very cool.

14
00:00:39,560 --> 00:00:44,280
Speaker 1: But this is completely commercial flight, so very cool. Ed Ludlow,

15
00:00:44,320 --> 00:00:47,800
Speaker 1: he's our West Coast correspondent. He covers rockets and all

16
00:00:47,800 --> 00:00:49,360
Speaker 1: that kind of stuff. I don't know what he does

17
00:00:49,400 --> 00:00:53,040
Speaker 1: for a living, but apparently he's in Cape Canaveral, Florida. Ed.

18
00:00:53,080 --> 00:00:55,320
Speaker 1: What can you tell us about this flight? I'm talking

19
00:00:55,640 --> 00:01:00,400
Speaker 1: this is really a commercial flight. There's no astronauts or anything. Yeah,

20
00:01:00,440 --> 00:01:04,640
Speaker 1: this is an all civilian crew. Um. The mission commander

21
00:01:04,720 --> 00:01:07,440
Speaker 1: is a chap called Jarediazingman, who's the CEO of a

22
00:01:07,520 --> 00:01:10,280
Speaker 1: thin tech company shift for payments, and he's a billionaire,

23
00:01:10,400 --> 00:01:12,920
Speaker 1: so you know, we're kind of continuing this theme. He's

24
00:01:12,920 --> 00:01:15,759
Speaker 1: funding the mission. But the other three crew members are

25
00:01:15,800 --> 00:01:21,120
Speaker 1: genuine civilians, you know, they're not professional astronauts, and they're

26
00:01:21,120 --> 00:01:25,280
Speaker 1: currently orbiting Earth at altitude of three hundred and sixty miles.

27
00:01:25,319 --> 00:01:27,959
Speaker 1: You know, that's further than the International Space Station, is

28
00:01:28,040 --> 00:01:31,240
Speaker 1: further than the Hubble telescope even and it's actually the

29
00:01:31,280 --> 00:01:35,320
Speaker 1: furthest that SpaceX has ever sent. It's Dragon spacecraft. So

30
00:01:35,360 --> 00:01:39,600
Speaker 1: this is kind of a real landmark mission for not

31
00:01:39,680 --> 00:01:42,399
Speaker 1: just commercial space flight, but human spaceflight. You know, you

32
00:01:42,480 --> 00:01:45,880
Speaker 1: don't have to be a decorated astronaut with a with

33
00:01:45,959 --> 00:01:48,680
Speaker 1: an Air Force back history to make it. You can

34
00:01:48,760 --> 00:01:53,480
Speaker 1: go to space now being an everyday joe. So let's

35
00:01:53,520 --> 00:01:58,640
Speaker 1: talk about the everyday joe. And when will this officially

36
00:01:58,760 --> 00:02:02,960
Speaker 1: really start to ramp up and is it monthly, quarterly, weekly?

37
00:02:03,120 --> 00:02:06,240
Speaker 1: What can we expect that's the top question. You know,

38
00:02:06,360 --> 00:02:10,320
Speaker 1: SpaceX are really supplied and strained Benji Reid, who's one

39
00:02:10,320 --> 00:02:12,120
Speaker 1: of the directors of the company, spoke to me about

40
00:02:12,160 --> 00:02:14,880
Speaker 1: this the day before the launch, but that you know,

41
00:02:14,919 --> 00:02:22,440
Speaker 1: they have around four to six flights potentially in um.

42
00:02:22,480 --> 00:02:24,520
Speaker 1: But the demand is there, they say, you know, there

43
00:02:24,600 --> 00:02:26,799
Speaker 1: is a list of willing, paying customers. I think there's

44
00:02:26,840 --> 00:02:30,240
Speaker 1: still massive question marks about the economics of this. You know,

45
00:02:30,240 --> 00:02:33,079
Speaker 1: on this occasion, you have one billionaire. Okay, guys, he's

46
00:02:33,080 --> 00:02:36,839
Speaker 1: a modest billionaire, just a couple of billions, but he's

47
00:02:36,880 --> 00:02:39,399
Speaker 1: paying for it with his checkbook. And and that's really

48
00:02:39,440 --> 00:02:41,440
Speaker 1: the question that SpaceX has not been able to answer.

49
00:02:41,520 --> 00:02:44,840
Speaker 1: In fact, they haven't answered me. I've asked going forward,

50
00:02:45,320 --> 00:02:47,800
Speaker 1: who pays for this? You know, does it rely on philanthropy?

51
00:02:48,160 --> 00:02:53,680
Speaker 1: Does it rely on SpaceX kind of discounting trip? Is

52
00:02:53,680 --> 00:02:56,560
Speaker 1: this done through lotteries? You know, things like that, And

53
00:02:56,840 --> 00:02:58,880
Speaker 1: we really don't know for now. It does really seem

54
00:02:58,919 --> 00:03:04,480
Speaker 1: like a rich man's sport. What are these four passengers,

55
00:03:04,480 --> 00:03:06,120
Speaker 1: I guess, I guess I don't call them astronauts. What

56
00:03:06,160 --> 00:03:10,160
Speaker 1: are these passengers doing up there for three days? Yeah? Well,

57
00:03:10,160 --> 00:03:12,720
Speaker 1: what I always say is this that they Dragon Capsule

58
00:03:12,840 --> 00:03:16,080
Speaker 1: is Philly autonomous. You know, it's in orbit, but you know,

59
00:03:16,240 --> 00:03:19,799
Speaker 1: largely it powers itself and can be controlled from ground

60
00:03:19,800 --> 00:03:23,960
Speaker 1: control by SpaceX. But if something goes wrong, they have

61
00:03:24,120 --> 00:03:27,000
Speaker 1: had five to six months of intense training, two different

62
00:03:27,000 --> 00:03:30,480
Speaker 1: scenarios to react and deal with that. But you know,

63
00:03:30,680 --> 00:03:32,519
Speaker 1: largely they're up there to the experience. I don't know

64
00:03:32,520 --> 00:03:34,360
Speaker 1: if you guys remember the image, but when they send

65
00:03:34,520 --> 00:03:37,720
Speaker 1: Dragon up to the International Space Station, the nose cone

66
00:03:37,840 --> 00:03:41,040
Speaker 1: opens up, and that is this the zone that docks

67
00:03:41,080 --> 00:03:43,080
Speaker 1: with I S. S. But they don't need to dot

68
00:03:43,080 --> 00:03:45,680
Speaker 1: with BASS. So when the nose cone opened this time around,

69
00:03:45,680 --> 00:03:50,040
Speaker 1: it revealed this beautifully curved, thick glass window, so they'll

70
00:03:50,080 --> 00:03:52,000
Speaker 1: be taking time to look out of it, look back

71
00:03:52,040 --> 00:03:56,560
Speaker 1: down at Earth, look out into space. One of the passengers,

72
00:03:56,640 --> 00:04:00,320
Speaker 1: or one of the civilian astronauts, is somebody called Haley

73
00:04:00,360 --> 00:04:03,760
Speaker 1: after No. She is a cancer survivor who went on

74
00:04:03,880 --> 00:04:08,160
Speaker 1: to be a physicians assistant at St. Jude, who are

75
00:04:08,200 --> 00:04:12,000
Speaker 1: actually this mission is raising money for St. Jude. The

76
00:04:12,040 --> 00:04:14,920
Speaker 1: aim is two million, but she is technically the medical

77
00:04:14,920 --> 00:04:18,240
Speaker 1: officer on this trip, and she'll be doing biological physiological

78
00:04:18,600 --> 00:04:22,480
Speaker 1: experiments on her crewmates while they're in orbit for three days.

79
00:04:22,720 --> 00:04:25,440
Speaker 1: You know, they'll be moving around the cabin. And and

80
00:04:25,480 --> 00:04:28,760
Speaker 1: as you know, I've been telling people, Chris Ambroski, who

81
00:04:28,800 --> 00:04:31,960
Speaker 1: is the mission specialist, he won his seat because his

82
00:04:32,040 --> 00:04:35,360
Speaker 1: buddy won the seat in a lottery or a wrap

83
00:04:35,520 --> 00:04:37,680
Speaker 1: or lottery. He didn't want to go, so he gave

84
00:04:37,760 --> 00:04:40,200
Speaker 1: his his seat to Chris. And Chris has taken a

85
00:04:40,279 --> 00:04:43,080
Speaker 1: ukulele with him, so he'll be discovering what it's like

86
00:04:43,160 --> 00:04:48,320
Speaker 1: to play a string instrument in space and rootcap for

87
00:04:48,440 --> 00:04:52,640
Speaker 1: us here there. And you know the inner workings of

88
00:04:52,800 --> 00:04:55,720
Speaker 1: the top three you mentioned Virgin Clactic and SpaceX and

89
00:04:55,760 --> 00:05:02,280
Speaker 1: Blue Origin and the inherent maybe friendly competition though if

90
00:05:02,320 --> 00:05:06,840
Speaker 1: one succeeds, then we all can succeed. Where are we

91
00:05:06,960 --> 00:05:09,480
Speaker 1: in wanting to be the first, wanting to be the best,

92
00:05:09,520 --> 00:05:13,200
Speaker 1: but also knowing that multiple players in this market in

93
00:05:13,279 --> 00:05:16,560
Speaker 1: the end actually could be better. Yeah, I think you

94
00:05:16,560 --> 00:05:19,160
Speaker 1: know the main voice in all of this is NASA. Right.

95
00:05:19,520 --> 00:05:22,440
Speaker 1: SpaceX is success today was born out of the commercial

96
00:05:22,480 --> 00:05:25,599
Speaker 1: crew program, which NASHA put in place a decade ago

97
00:05:26,000 --> 00:05:29,880
Speaker 1: because simply the public sector funded space programs weren't working.

98
00:05:30,320 --> 00:05:33,159
Speaker 1: You know, the Shuttle program ultimately was shut down. And

99
00:05:33,279 --> 00:05:36,400
Speaker 1: NASA's view on this is that competition is good, and

100
00:05:36,440 --> 00:05:39,320
Speaker 1: the private sector is good. They had no involvement in

101
00:05:39,360 --> 00:05:41,719
Speaker 1: this mission, They did not fund it, they did not

102
00:05:41,800 --> 00:05:44,240
Speaker 1: take part in the training or the risk assessment. But

103
00:05:44,279 --> 00:05:46,599
Speaker 1: they think that it's a really substantive step forward. So

104
00:05:46,680 --> 00:05:49,640
Speaker 1: that's one part of it. But to be completely frank,

105
00:05:49,760 --> 00:05:52,159
Speaker 1: SpaceX is so ahead of the game compared with the

106
00:05:52,200 --> 00:05:56,560
Speaker 1: rest of the players. Um, you know, basically SpaceX sends

107
00:05:56,600 --> 00:06:00,120
Speaker 1: two thirds of all payloads sent from all of it

108
00:06:00,279 --> 00:06:03,520
Speaker 1: that includes everyone, private sector, government payloads. You know, they

109
00:06:03,560 --> 00:06:06,600
Speaker 1: dominate that industry, not because they have some kind of monopoly,

110
00:06:06,760 --> 00:06:09,480
Speaker 1: but because they simply are just the best at it.

111
00:06:09,560 --> 00:06:12,320
Speaker 1: You know, they have they can fly with such regularity

112
00:06:12,360 --> 00:06:15,160
Speaker 1: because their technology is the best. And the final thing

113
00:06:15,160 --> 00:06:19,320
Speaker 1: I would say is that it's unequivocal across the investment community,

114
00:06:19,680 --> 00:06:24,640
Speaker 1: NASA aerospace engineers. This mission is such a much bigger

115
00:06:24,680 --> 00:06:27,400
Speaker 1: deal than what we saw from Bezos and Branson. It

116
00:06:27,520 --> 00:06:30,279
Speaker 1: is an order of magnitude more difficult and risky. What

117
00:06:30,400 --> 00:06:34,239
Speaker 1: they have done real quickly, how did they get back?

118
00:06:34,360 --> 00:06:38,080
Speaker 1: Did they splash down in the ocean? Allah the Apollo astronauts,

119
00:06:38,120 --> 00:06:40,919
Speaker 1: how did they get back? Yeah, exactly. So there are

120
00:06:41,000 --> 00:06:44,520
Speaker 1: several target zones off the coast of Florida. It's completely

121
00:06:44,520 --> 00:06:48,080
Speaker 1: weather dependent the timing and exact location, but the dragon

122
00:06:48,160 --> 00:06:51,359
Speaker 1: capsule can orient itself so that the Earth's gravitational pool

123
00:06:51,560 --> 00:06:54,560
Speaker 1: brings it back down through as atmosphere. The flat bottom

124
00:06:54,560 --> 00:06:56,679
Speaker 1: slows it down with air resistance, and then it uses

125
00:06:56,720 --> 00:06:59,040
Speaker 1: a series of parachutes and by the time it does

126
00:06:59,080 --> 00:07:01,600
Speaker 1: splash down is just a few miles an hour. Nice

127
00:07:01,640 --> 00:07:05,760
Speaker 1: and gentle Edla Low, thank you so much for joining us.

128
00:07:06,000 --> 00:07:09,560
Speaker 1: Nice and gentle Ed La West Coast corresponding for Bloomberg News.

129
00:07:09,560 --> 00:07:12,600
Speaker 1: He is down in Cape Canaveral bringing us live reporting

130
00:07:12,720 --> 00:07:16,400
Speaker 1: on this really really cool space mission SpaceX. And I

131
00:07:16,480 --> 00:07:19,000
Speaker 1: like how Ed framed aft force order of magnitude more

132
00:07:19,000 --> 00:07:21,119
Speaker 1: difficult than and then what we saw from just recently

133
00:07:21,160 --> 00:07:25,120
Speaker 1: from Richard Branson and uh and uh Jeff Bezos. Yeah, no,

134
00:07:25,320 --> 00:07:27,680
Speaker 1: Ed is great. He he knows the stuff inside it

135
00:07:27,680 --> 00:07:35,280
Speaker 1: out and always brings us some perspective along with some humor. Well,

136
00:07:35,360 --> 00:07:36,920
Speaker 1: we have read on the screen, but it's been an

137
00:07:36,920 --> 00:07:39,080
Speaker 1: odd week, you know, one day up, the next day down,

138
00:07:39,080 --> 00:07:41,920
Speaker 1: the next day up. So no real direction here at

139
00:07:42,000 --> 00:07:44,800
Speaker 1: least uh for this week. As people come back and

140
00:07:45,000 --> 00:07:47,320
Speaker 1: kind of get focused on this market in September. Let's

141
00:07:47,320 --> 00:07:50,360
Speaker 1: bring in David coudla Uh. He is founder, CEO, and

142
00:07:50,440 --> 00:07:52,840
Speaker 1: chief investment strategists at main Staate Capital. We have about

143
00:07:52,880 --> 00:07:56,880
Speaker 1: three point eight billion dollars under management. David, thanks so

144
00:07:56,960 --> 00:07:59,480
Speaker 1: much for joining us here. You know, market feels a

145
00:07:59,480 --> 00:08:02,600
Speaker 1: little directction lists here. Where do you think the next

146
00:08:03,360 --> 00:08:06,280
Speaker 1: five to move is a lot of folks feel like

147
00:08:06,320 --> 00:08:11,880
Speaker 1: it's to the downside. Good morning, Paul. Yeah, it definitely

148
00:08:11,920 --> 00:08:17,440
Speaker 1: seems like the market is uh just uh mandering, meandering sideways.

149
00:08:18,240 --> 00:08:20,800
Speaker 1: We've had seven of the last nine days have been

150
00:08:20,840 --> 00:08:24,520
Speaker 1: negative days for the index, but Pete de trough intra

151
00:08:24,640 --> 00:08:27,800
Speaker 1: day that's only a little over two percent declined. So

152
00:08:28,320 --> 00:08:31,000
Speaker 1: it's not the extreme volatility that some mighty expect in

153
00:08:31,040 --> 00:08:33,839
Speaker 1: September October or we've been waiting for for so long.

154
00:08:34,520 --> 00:08:37,280
Speaker 1: H this has been a very non volatile year for

155
00:08:37,320 --> 00:08:40,720
Speaker 1: the market, indexes, for stocks in general. I think that

156
00:08:41,360 --> 00:08:43,360
Speaker 1: though that as we worked through this, I think the

157
00:08:43,400 --> 00:08:47,199
Speaker 1: direction for the market through year end is higher um

158
00:08:47,240 --> 00:08:50,200
Speaker 1: and higher by as much as another four or five six.

159
00:08:52,000 --> 00:08:59,040
Speaker 1: And is that based on fundamentals or fomo? Well, certainly

160
00:08:59,120 --> 00:09:03,120
Speaker 1: fomo has been uh an important factor and in this

161
00:09:03,200 --> 00:09:06,360
Speaker 1: boolmarket all the way through certainly, um, you know by

162
00:09:06,360 --> 00:09:08,959
Speaker 1: this time last year as we came off the bear

163
00:09:09,080 --> 00:09:12,720
Speaker 1: market lows in March. But you know, when we when

164
00:09:12,760 --> 00:09:15,480
Speaker 1: we look at where we're at in the cycle, uh,

165
00:09:15,480 --> 00:09:19,320
Speaker 1: and there is questions about the economy, there's questions about what.

166
00:09:19,520 --> 00:09:22,439
Speaker 1: You know, we've had downward revisions by the Fed, Atlanta

167
00:09:22,480 --> 00:09:25,360
Speaker 1: Fed and their GDP forecast, by a lot of the

168
00:09:25,400 --> 00:09:30,000
Speaker 1: big banks in their GDP forecasts. But we've still got

169
00:09:30,000 --> 00:09:33,760
Speaker 1: an economy that's growing. We've got the risk of inflation.

170
00:09:34,000 --> 00:09:36,599
Speaker 1: But our latest number, uh, the inflation was down a

171
00:09:36,640 --> 00:09:41,160
Speaker 1: little bit. Import prices came in down three tenths of

172
00:09:41,200 --> 00:09:45,360
Speaker 1: a percent. That's the lowest in a year, or the

173
00:09:45,440 --> 00:09:50,559
Speaker 1: first decline in a year. So we're importing less inflation.

174
00:09:50,679 --> 00:09:53,320
Speaker 1: So uh, you know that when we when we net

175
00:09:53,360 --> 00:09:56,520
Speaker 1: that all out, though, I believe that we we still

176
00:09:56,559 --> 00:09:59,400
Speaker 1: have hired for the market to go based on fundamentals,

177
00:09:59,400 --> 00:10:03,400
Speaker 1: based on also our belief, not the consensus belief, but

178
00:10:03,520 --> 00:10:08,560
Speaker 1: our belief that FED tightening or FED tapering is not

179
00:10:08,720 --> 00:10:12,080
Speaker 1: coming as soon as as many might expect. Because it

180
00:10:12,080 --> 00:10:15,280
Speaker 1: seems like, you know, again we did get some hawkish

181
00:10:15,960 --> 00:10:19,280
Speaker 1: views on tapering from the FED recently. Yet the as

182
00:10:19,440 --> 00:10:21,520
Speaker 1: you know, as you just mentioned, the markets only off

183
00:10:21,559 --> 00:10:23,839
Speaker 1: a couple of percent from it's high. So if you're

184
00:10:23,840 --> 00:10:26,520
Speaker 1: a bull, you could take that as a pretty decent sign.

185
00:10:26,600 --> 00:10:30,679
Speaker 1: Is that how you think about it? Yeah, And the

186
00:10:30,720 --> 00:10:34,680
Speaker 1: other thing that we're maybe at a non consensus view

187
00:10:34,720 --> 00:10:39,200
Speaker 1: on also is the UH where we are with COVID

188
00:10:39,800 --> 00:10:42,160
Speaker 1: UH and where we're going. You know, we I've probably

189
00:10:42,160 --> 00:10:45,600
Speaker 1: heard five times over the last five weeks that that

190
00:10:45,920 --> 00:10:48,440
Speaker 1: the delta variant has peaked, but yet we've got the

191
00:10:48,480 --> 00:10:52,679
Speaker 1: news UH here this week that the state of Iowa

192
00:10:52,840 --> 00:10:57,400
Speaker 1: is rationing hospital beds. Who would have thought at this

193
00:10:57,480 --> 00:11:01,000
Speaker 1: point in the pandemic any where in the US we'd

194
00:11:01,000 --> 00:11:04,920
Speaker 1: be rationing hospital beds deciding who's going to get treatment

195
00:11:05,000 --> 00:11:07,480
Speaker 1: or not. So, you know, the way we look at

196
00:11:07,480 --> 00:11:10,720
Speaker 1: it is we're only another variant away from that having

197
00:11:10,920 --> 00:11:15,679
Speaker 1: even further economic impacts, impacts on the supply chain, and

198
00:11:15,840 --> 00:11:18,000
Speaker 1: you know, those are things that the FED will consider

199
00:11:18,480 --> 00:11:20,360
Speaker 1: and when they do or don't taper, and there's just

200
00:11:20,960 --> 00:11:23,640
Speaker 1: so much so with the amount of liquidity that's out

201
00:11:23,640 --> 00:11:27,640
Speaker 1: there billion a month, there's so much liquidity. I think

202
00:11:27,679 --> 00:11:33,480
Speaker 1: that's why we haven't seen any significant downstrokes, downside volatility

203
00:11:33,480 --> 00:11:36,400
Speaker 1: of the market, and the trend continues to be higher.

204
00:11:37,280 --> 00:11:40,319
Speaker 1: I am curious what queues you're taking from the bond

205
00:11:40,360 --> 00:11:46,600
Speaker 1: market with spread still so tight relative to historical standards? Again,

206
00:11:46,640 --> 00:11:53,160
Speaker 1: does that sound like fundamentals or is this excess yield taking? Well,

207
00:11:53,800 --> 00:11:56,000
Speaker 1: you know, the question is what kind of signals can

208
00:11:56,040 --> 00:11:59,560
Speaker 1: we take from the bond market at all these days? Uh?

209
00:11:59,640 --> 00:12:03,600
Speaker 1: You know, how can we have a tenure yield tenure

210
00:12:03,679 --> 00:12:08,520
Speaker 1: treasury yield trading around one point when inflation is at

211
00:12:08,520 --> 00:12:11,880
Speaker 1: five point three or five point four percent? Use the

212
00:12:11,920 --> 00:12:15,880
Speaker 1: tailor role, use any role. Um We've talked about a lot.

213
00:12:16,280 --> 00:12:19,440
Speaker 1: Uh you know that doesn't that doesn't make sense. Uh.

214
00:12:19,520 --> 00:12:23,320
Speaker 1: So you know, bond yields are so much influenced by

215
00:12:23,960 --> 00:12:28,040
Speaker 1: uh the artificial factor, the intervention of the ft. We

216
00:12:28,080 --> 00:12:30,280
Speaker 1: think it's more telling of what the fet is doing

217
00:12:31,280 --> 00:12:33,840
Speaker 1: than what it can give us in terms of good

218
00:12:33,880 --> 00:12:38,760
Speaker 1: signals about the economy. Valuation, where are we are you concerned?

219
00:12:40,920 --> 00:12:44,600
Speaker 1: Valuations are stretched, but they're stretched in a low interest

220
00:12:44,679 --> 00:12:47,520
Speaker 1: rate environment. As I said, the tenure trading down around

221
00:12:48,280 --> 00:12:52,319
Speaker 1: one point three percent, So we think we can still

222
00:12:52,360 --> 00:12:55,679
Speaker 1: have multiple expansion in the US. But you know, one

223
00:12:55,720 --> 00:12:58,400
Speaker 1: thing that we're looking at is is uh is. We're

224
00:12:58,400 --> 00:13:01,400
Speaker 1: looking abroad because what we've seen now is if we

225
00:13:01,440 --> 00:13:05,000
Speaker 1: look at the M s c I All Country Index,

226
00:13:06,080 --> 00:13:13,000
Speaker 1: x US basically has developed countries. We're um that index

227
00:13:13,080 --> 00:13:16,719
Speaker 1: is trading at a thirty point five pc discount to

228
00:13:16,760 --> 00:13:19,160
Speaker 1: the S and P five hundred. That's the highest ever.

229
00:13:19,640 --> 00:13:24,240
Speaker 1: So we're also looking abroad to foreign opportunities in Europe,

230
00:13:24,280 --> 00:13:29,680
Speaker 1: in Japan to both diversify our portfolio for overall risk

231
00:13:29,760 --> 00:13:34,600
Speaker 1: mitigation and as a tactical opportunity for our performance going forward. Interesting.

232
00:13:34,600 --> 00:13:36,800
Speaker 1: All right, David, thank you so much for joining us again.

233
00:13:36,840 --> 00:13:40,240
Speaker 1: We always appreciate getting your thoughts. David Coudla, founder, CEO,

234
00:13:40,400 --> 00:13:44,960
Speaker 1: and chief investment strategist of Mainstay Compital Management. Interesting takeaway,

235
00:13:45,000 --> 00:13:47,760
Speaker 1: they're kind of looking at the outside the US for

236
00:13:47,840 --> 00:13:53,760
Speaker 1: opportunities and seeing evaluation play there. Let's talk crypto here.

237
00:13:53,840 --> 00:13:56,160
Speaker 1: I guess one of the issues for a lot of

238
00:13:56,160 --> 00:13:58,120
Speaker 1: folks that I talked to, you know, just kind of

239
00:13:58,200 --> 00:14:02,240
Speaker 1: cocktail conversation, is I hear all about this crypto stuff bitcoin,

240
00:14:02,880 --> 00:14:04,520
Speaker 1: How do I get exposure to it? How do I

241
00:14:04,720 --> 00:14:07,400
Speaker 1: invest in it? Let's check in with Ian Billina founder

242
00:14:07,440 --> 00:14:11,200
Speaker 1: and CEO of Token Metrics uh In. You're also the

243
00:14:11,240 --> 00:14:13,720
Speaker 1: author of the book Crypto Investing Guide, How to invest

244
00:14:13,760 --> 00:14:17,720
Speaker 1: in Bitcoin, Defy n f T S and more so Ian.

245
00:14:18,240 --> 00:14:19,960
Speaker 1: When people come up to you at a cocktail party

246
00:14:19,960 --> 00:14:22,960
Speaker 1: and say, how do I invest in crypto? I feel

247
00:14:23,000 --> 00:14:26,840
Speaker 1: like I should have some percentage of my portfolio in crypto.

248
00:14:27,160 --> 00:14:31,200
Speaker 1: What's your go to response? I'll throw all thanks for

249
00:14:31,280 --> 00:14:37,240
Speaker 1: having me good to responses. Because it is a new

250
00:14:37,280 --> 00:14:41,120
Speaker 1: asset class, it is riskier than other asset classes. However

251
00:14:41,160 --> 00:14:44,080
Speaker 1: that there is an opportunity for more upsite. What I

252
00:14:44,120 --> 00:14:47,520
Speaker 1: typically till that is, start by investor with what you're

253
00:14:47,560 --> 00:14:50,480
Speaker 1: willing to lose, whether that's one percent of your net worth,

254
00:14:50,920 --> 00:14:52,840
Speaker 1: whether that's five percent of your net worth, but whatever

255
00:14:52,880 --> 00:14:55,320
Speaker 1: you invested to crypto, make sure you're willing to lose

256
00:14:55,400 --> 00:14:59,080
Speaker 1: this because um outside but there's also lots of downside

257
00:14:59,080 --> 00:15:04,080
Speaker 1: with crypto investing, and just then that's why we haven't

258
00:15:04,080 --> 00:15:08,640
Speaker 1: book published recently. As you mentioned, see if we can,

259
00:15:08,840 --> 00:15:10,040
Speaker 1: and I think we're we've got a kind of a

260
00:15:10,120 --> 00:15:11,840
Speaker 1: choppy line there, so we're gonna see if we can

261
00:15:11,880 --> 00:15:14,280
Speaker 1: improve that. Uh And if we can, we'll come back

262
00:15:14,280 --> 00:15:17,920
Speaker 1: to you I'm just looking at bitcoin here. Today XPT

263
00:15:18,840 --> 00:15:22,200
Speaker 1: is the symbol forty seven thousand, three and sixty eight

264
00:15:22,320 --> 00:15:25,680
Speaker 1: dollars or three seventy dollars per token off about one

265
00:15:25,760 --> 00:15:29,080
Speaker 1: point one percent today dig up to fifty two tho uh.

266
00:15:29,120 --> 00:15:31,200
Speaker 1: And it's got a support tailor, I mean for the

267
00:15:31,240 --> 00:15:34,720
Speaker 1: technical folks out there for bitcoin of about thirty thousand

268
00:15:34,760 --> 00:15:37,080
Speaker 1: dollars per token that's been tested several times, but it

269
00:15:37,120 --> 00:15:40,240
Speaker 1: bounced really nicely off of that thirty thousand the last

270
00:15:40,240 --> 00:15:43,080
Speaker 1: time I got up to dollars per token. Yeah, and

271
00:15:43,120 --> 00:15:45,800
Speaker 1: there's been a lot of interesting conversations. We spoke with

272
00:15:45,920 --> 00:15:51,360
Speaker 1: Eric Balcunas are pretty expert yesterday Bloomberg Intelligence, and he

273
00:15:51,800 --> 00:15:55,240
Speaker 1: twice now was pretty strongly put his money on a

274
00:15:55,280 --> 00:15:58,840
Speaker 1: bitcoin or a crypto et F by around mid October

275
00:15:59,080 --> 00:16:02,720
Speaker 1: or so, that sec Gary Gensler, and I'm not going

276
00:16:02,720 --> 00:16:05,680
Speaker 1: to get into all the craziness that Eric valtun Is

277
00:16:05,760 --> 00:16:08,680
Speaker 1: can do so well, but the Securities Act of thirty

278
00:16:08,720 --> 00:16:12,040
Speaker 1: four versus forty, and Eric was saying, Gary Gensler prefers one,

279
00:16:12,040 --> 00:16:14,000
Speaker 1: and so this way they can get through the e

280
00:16:14,160 --> 00:16:16,760
Speaker 1: t F this way, and you know, that could be

281
00:16:16,800 --> 00:16:21,120
Speaker 1: a huge catalyst for this market as well. Eric was saying, Yeah,

282
00:16:21,160 --> 00:16:23,640
Speaker 1: that's gonna be really interesting. We have in Billina back,

283
00:16:23,640 --> 00:16:26,440
Speaker 1: founder and CEO of Token Metrics, So and again you

284
00:16:26,520 --> 00:16:27,920
Speaker 1: kind of start off by saying, how do you invest

285
00:16:27,920 --> 00:16:31,040
Speaker 1: in this and you do it carefully. How important do

286
00:16:31,040 --> 00:16:34,800
Speaker 1: you think getting an e t F, a bitcoin et

287
00:16:34,920 --> 00:16:36,640
Speaker 1: F or crypto e t F will be to the

288
00:16:36,640 --> 00:16:39,760
Speaker 1: growth of this market. I think it will be huge

289
00:16:40,040 --> 00:16:42,840
Speaker 1: because it will be an avenue for people to slowly

290
00:16:42,840 --> 00:16:45,400
Speaker 1: passively invest in to crypto assets. And I think it

291
00:16:45,400 --> 00:16:49,560
Speaker 1: would be really the welcoming of institutional investors and people

292
00:16:49,600 --> 00:16:52,280
Speaker 1: with the full one case the pension funds being able

293
00:16:52,280 --> 00:16:55,640
Speaker 1: to investen to crypto without having to become experts in crypto.

294
00:16:56,440 --> 00:16:59,920
Speaker 1: Can you talk to us about institutional investors when they

295
00:17:00,080 --> 00:17:03,760
Speaker 1: come in. Does it help legitimize the market? You've had

296
00:17:04,160 --> 00:17:06,840
Speaker 1: Steve Cohen, I think, say that he's getting in because

297
00:17:06,880 --> 00:17:10,200
Speaker 1: his son told him all about it. Ray Dalio said

298
00:17:10,200 --> 00:17:12,800
Speaker 1: that cash is trash and he's sort of dipping around

299
00:17:12,920 --> 00:17:16,960
Speaker 1: lightly in crypto. Do all of those headlines help legitimize

300
00:17:17,000 --> 00:17:20,840
Speaker 1: the market. Yes, absolutely, because see if I look at

301
00:17:20,880 --> 00:17:23,280
Speaker 1: institutional investors for guidance in terms of where it go

302
00:17:23,760 --> 00:17:26,520
Speaker 1: for new asset classes. So when they see smart money

303
00:17:26,920 --> 00:17:31,080
Speaker 1: entering the space because a validation, because people comfort that

304
00:17:31,119 --> 00:17:33,040
Speaker 1: crypto assets are here to start a long term of

305
00:17:33,080 --> 00:17:37,160
Speaker 1: smart money is entering the space. Alright, So again Ian,

306
00:17:37,440 --> 00:17:39,240
Speaker 1: you know, we have actually on the Bloomberg terminal c

307
00:17:39,520 --> 00:17:42,480
Speaker 1: r yp is a functions kind of the monitor for

308
00:17:43,040 --> 00:17:46,440
Speaker 1: all things crypto and what trades out there right now,

309
00:17:46,480 --> 00:17:48,879
Speaker 1: it seems to be you know, one of the it's bitcoin,

310
00:17:48,960 --> 00:17:52,119
Speaker 1: it's ethereum. Is that kind of where people should be

311
00:17:52,119 --> 00:17:54,800
Speaker 1: focused on at this point as they wait for potentially

312
00:17:54,800 --> 00:17:59,480
Speaker 1: in et f Yes, but what's really been taking off

313
00:17:59,560 --> 00:18:03,000
Speaker 1: recently you have been layer one protocols essentially new block

314
00:18:03,080 --> 00:18:07,080
Speaker 1: change similar to etherium and bitcoin, but with different use cases.

315
00:18:07,160 --> 00:18:12,400
Speaker 1: So as of recently, projects like Avalanche, Salona, algorand all

316
00:18:12,440 --> 00:18:14,719
Speaker 1: these different projects, I've been getting lots of interest from

317
00:18:14,760 --> 00:18:18,280
Speaker 1: smart money from instance, from our institutions, and these could

318
00:18:18,320 --> 00:18:21,760
Speaker 1: be a possible ahead versus bitcoin and ethereum, although there's

319
00:18:21,800 --> 00:18:26,400
Speaker 1: still pretty nascent as as technologies. What did El Salvador

320
00:18:26,560 --> 00:18:29,280
Speaker 1: a few weeks ago the first country to adopt this

321
00:18:29,320 --> 00:18:32,040
Speaker 1: as sort of a legitimate currency, if you will, What

322
00:18:32,160 --> 00:18:36,679
Speaker 1: did that teach us? If anything? It taught us that

323
00:18:36,720 --> 00:18:39,960
Speaker 1: it's possible, it's possible for a country, a government, a

324
00:18:40,080 --> 00:18:44,119
Speaker 1: central bank too to bring in bitcoin, a new, a

325
00:18:44,160 --> 00:18:47,600
Speaker 1: new particular currency into its economy. And it's really now

326
00:18:47,640 --> 00:18:50,199
Speaker 1: building out the model for other countries to follow. So,

327
00:18:50,280 --> 00:18:52,439
Speaker 1: for example, parag lines in other countries are looking to

328
00:18:52,480 --> 00:18:55,800
Speaker 1: possibly replicate what what what has been done by El Salvador.

329
00:18:56,080 --> 00:18:58,560
Speaker 1: But even with the volatility, mean, did they show us

330
00:18:58,560 --> 00:19:01,240
Speaker 1: it really like a currency is the right way instead

331
00:19:01,280 --> 00:19:04,800
Speaker 1: of a store of value, even with all the volatility.

332
00:19:05,480 --> 00:19:08,480
Speaker 1: I think why now is still an experiment. Uh, A

333
00:19:08,560 --> 00:19:10,040
Speaker 1: lot of means to be seen in terms of what

334
00:19:10,080 --> 00:19:13,080
Speaker 1: happens next. UM. For example, I was speaking to to

335
00:19:13,119 --> 00:19:16,320
Speaker 1: the minister of finance of a country in Africa and

336
00:19:16,320 --> 00:19:18,919
Speaker 1: they're saying they're funny challenging to bring in the currency

337
00:19:18,960 --> 00:19:22,919
Speaker 1: to Represa Entrency. However, there would be open to bringing

338
00:19:22,920 --> 00:19:26,760
Speaker 1: in digital assets and seeing how they um are taken

339
00:19:26,760 --> 00:19:29,439
Speaker 1: on by the country while still having control. So I

340
00:19:29,440 --> 00:19:31,280
Speaker 1: think right now other countries are seeing what's going on

341
00:19:31,320 --> 00:19:33,199
Speaker 1: over there and trying to learn and see if that

342
00:19:33,240 --> 00:19:36,119
Speaker 1: can be replicated in their own economies. All right, and

343
00:19:36,200 --> 00:19:38,720
Speaker 1: thank you so much for joining us there. Ian Billina,

344
00:19:38,800 --> 00:19:41,200
Speaker 1: founder and CEO of Token Metrics, kind of getting a

345
00:19:41,240 --> 00:19:43,320
Speaker 1: update on kind of this crypto market. Again, a lot

346
00:19:43,320 --> 00:19:46,719
Speaker 1: of folks are thinking about how they should get some exposure,

347
00:19:46,840 --> 00:19:49,399
Speaker 1: and Ian suggesting, you know, very small percentage, one or

348
00:19:49,440 --> 00:19:52,560
Speaker 1: two percent. Perhaps your portfolio be prepared to lose that

349
00:19:52,640 --> 00:19:55,640
Speaker 1: all given the volatility that we're seeing in these early

350
00:19:55,680 --> 00:19:58,199
Speaker 1: stages of crypto. But again, a lot of interest out

351
00:19:58,200 --> 00:20:00,399
Speaker 1: there and a lot of folks are really waiting for

352
00:20:00,560 --> 00:20:03,119
Speaker 1: that e t F to come, So we will certainly

353
00:20:03,119 --> 00:20:05,520
Speaker 1: stay on top of this story. More to come. This

354
00:20:05,640 --> 00:20:12,320
Speaker 1: is Bloomberg. Some pretty good retail sales numbers we got

355
00:20:12,359 --> 00:20:15,280
Speaker 1: this morning. Let's break them down with Angie Slonki uh,

356
00:20:15,400 --> 00:20:18,320
Speaker 1: National director US Retail for Collier's joining us on the

357
00:20:18,359 --> 00:20:20,960
Speaker 1: phone from San Francisco. Angie, thanks so much for joining, sir,

358
00:20:21,040 --> 00:20:23,399
Speaker 1: love to just get your thoughts here. Uh, you know

359
00:20:23,480 --> 00:20:25,919
Speaker 1: your knee deep in all things retail. What did you

360
00:20:25,960 --> 00:20:29,679
Speaker 1: take away from this morning's numbers? Oh it was I

361
00:20:29,720 --> 00:20:31,879
Speaker 1: was more than thrilled. I have to say. The retail

362
00:20:31,920 --> 00:20:35,359
Speaker 1: positivity and the momentum that we've seen from the beginning

363
00:20:35,359 --> 00:20:37,680
Speaker 1: of the year has been great, but we are starting

364
00:20:37,720 --> 00:20:41,160
Speaker 1: to normalize. One thing to know every person is spending

365
00:20:41,200 --> 00:20:45,200
Speaker 1: an additional two sixty dollars as of last month, so

366
00:20:45,560 --> 00:20:48,400
Speaker 1: quite a bit of spend. So I'm excited to see

367
00:20:48,440 --> 00:20:53,119
Speaker 1: these trends. Is the spend sustainable? We all know that

368
00:20:53,160 --> 00:20:58,120
Speaker 1: the data show us the consumer most consumers got more

369
00:20:58,320 --> 00:21:01,880
Speaker 1: wealthy in the pandemic. You think about the savings, So

370
00:21:02,040 --> 00:21:06,440
Speaker 1: is that sustainable going forward? I don't think it will.

371
00:21:06,520 --> 00:21:09,040
Speaker 1: We'll start to see some sort of normalization towards the

372
00:21:09,119 --> 00:21:12,399
Speaker 1: end of the year, although positive. Um, as we we

373
00:21:12,600 --> 00:21:16,959
Speaker 1: hit the end of exit, we'll start to see a normalization.

374
00:21:17,000 --> 00:21:19,800
Speaker 1: I think what will happen is things will start to

375
00:21:19,840 --> 00:21:23,720
Speaker 1: reset and it will start to flatten out. I think

376
00:21:23,760 --> 00:21:27,600
Speaker 1: our biggest concern right now in terms of retail is

377
00:21:27,760 --> 00:21:31,440
Speaker 1: the slow down in terms of global manufacturing, and that

378
00:21:31,480 --> 00:21:35,920
Speaker 1: will hurt us. So we're already seeing challenges in retail

379
00:21:36,080 --> 00:21:39,639
Speaker 1: where retailers are starting to face a lack of merchandise

380
00:21:39,720 --> 00:21:44,480
Speaker 1: in stores. So of course that will automatically also take

381
00:21:44,560 --> 00:21:48,280
Speaker 1: place online as well. So and you here in New

382
00:21:48,359 --> 00:21:53,920
Speaker 1: York City, Bloomberg HQ here on Elecington Avenue, uh all

383
00:21:53,960 --> 00:21:57,280
Speaker 1: the retail shops between fifty eight and fifty ninth Street

384
00:21:57,280 --> 00:22:00,320
Speaker 1: on Lexington with the exception of one small little Swiss

385
00:22:00,400 --> 00:22:03,959
Speaker 1: chocolate store, they're all empty. And we were talking some

386
00:22:04,000 --> 00:22:06,639
Speaker 1: big box retailers. Give us a sense of how you

387
00:22:06,680 --> 00:22:10,640
Speaker 1: think physical retailing will come back here as we get

388
00:22:10,680 --> 00:22:14,320
Speaker 1: to the other side of this pandemic. Definitely. You know,

389
00:22:14,400 --> 00:22:16,959
Speaker 1: we've actually it was interesting to um, we've done some

390
00:22:17,000 --> 00:22:20,120
Speaker 1: research in house. What we've actually seen from a big

391
00:22:20,160 --> 00:22:24,680
Speaker 1: box perspective is actual growth, but growth in secondary markets.

392
00:22:25,200 --> 00:22:28,359
Speaker 1: UM in the suburbs. As we've all been hearing in

393
00:22:28,400 --> 00:22:33,199
Speaker 1: the reports lately, they work from home mindset continues to

394
00:22:33,560 --> 00:22:36,840
Speaker 1: you know, pretty pretty much be stable, and therefore a

395
00:22:36,840 --> 00:22:40,600
Speaker 1: lot of these big box operators are looking at, you know,

396
00:22:41,119 --> 00:22:45,000
Speaker 1: identifying locations pretty much outside of some of the denser

397
00:22:45,119 --> 00:22:49,280
Speaker 1: city So the recovery will come back to Lexington, to

398
00:22:49,760 --> 00:22:52,480
Speaker 1: you know, Union Square, San Francisco. It's just going to

399
00:22:52,520 --> 00:22:56,639
Speaker 1: be a slower recovery. Yeah. Interesting. We certainly are hoping,

400
00:22:56,680 --> 00:23:01,240
Speaker 1: at least for our neighborhood here that that is the case.

401
00:23:01,640 --> 00:23:04,240
Speaker 1: Talk to us about some of the seasonality that we

402
00:23:04,320 --> 00:23:06,719
Speaker 1: might see in these numbers. A lot of this was

403
00:23:07,119 --> 00:23:10,679
Speaker 1: anticipation of back to school. I was speaking with the

404
00:23:10,680 --> 00:23:13,600
Speaker 1: executive director of the Port of Long beach yesterday saying

405
00:23:13,640 --> 00:23:16,560
Speaker 1: that you have to start shopping now for Christmas because

406
00:23:16,600 --> 00:23:20,000
Speaker 1: your fifty ships off the coast and we can't stalk

407
00:23:20,119 --> 00:23:24,520
Speaker 1: shelves fast enough. How were the shelves on back to school?

408
00:23:24,680 --> 00:23:27,120
Speaker 1: How do you see that plane out during the holiday

409
00:23:27,119 --> 00:23:31,520
Speaker 1: season coming up? Yeah, that's the real challenge, UM. And

410
00:23:31,560 --> 00:23:34,320
Speaker 1: we're already hearing from many of our retailers that we

411
00:23:34,400 --> 00:23:38,760
Speaker 1: work with that these the supply chain, the merchandise that's

412
00:23:38,760 --> 00:23:43,720
Speaker 1: still sitting out UM is delaying product delivery and it

413
00:23:43,960 --> 00:23:47,720
Speaker 1: is being delayed anywhere from three to four to five months,

414
00:23:48,000 --> 00:23:51,240
Speaker 1: which is causing you know, this kind of pent up demand.

415
00:23:51,280 --> 00:23:54,600
Speaker 1: But yet this frustration from the customer's point of view.

416
00:23:55,000 --> 00:23:58,680
Speaker 1: So their challenge with oh my goodness, how how early

417
00:23:58,720 --> 00:24:01,880
Speaker 1: do I need to buy from my holiday shopping? UM?

418
00:24:02,160 --> 00:24:04,679
Speaker 1: I just read this, which is really fascinating to me.

419
00:24:04,760 --> 00:24:08,760
Speaker 1: Apparently the disruption and supply chain UM as it relates

420
00:24:08,800 --> 00:24:13,399
Speaker 1: to artificial Christmas trees is causing pricing to skyrocket up

421
00:24:13,400 --> 00:24:19,480
Speaker 1: by So we're seeing this across every level of merchandise,

422
00:24:19,520 --> 00:24:25,120
Speaker 1: whether it's shoes, apparel, you name it, furniture. The delays

423
00:24:25,160 --> 00:24:27,680
Speaker 1: are just exponential and are people going to sit back

424
00:24:27,680 --> 00:24:30,600
Speaker 1: and wait. This is they're they're forced to at this

425
00:24:30,720 --> 00:24:35,639
Speaker 1: point about the labor Aie, it seems like every restaurant

426
00:24:35,800 --> 00:24:39,400
Speaker 1: you walk by or go into says we need workers. Um,

427
00:24:39,440 --> 00:24:42,920
Speaker 1: how are the restaurants dealing with the labor shortage. It's

428
00:24:42,960 --> 00:24:47,080
Speaker 1: really challenging. Their limiting their menus, they're shortening their hours

429
00:24:47,200 --> 00:24:51,280
Speaker 1: and due to the purely because of labor issues. They're

430
00:24:51,320 --> 00:24:54,560
Speaker 1: also you know, at this point, some of the smaller

431
00:24:54,640 --> 00:24:57,720
Speaker 1: restaurant groups that are more I would not you know,

432
00:24:57,760 --> 00:25:00,560
Speaker 1: not your nationals or regionals or st writing to not

433
00:25:00,680 --> 00:25:07,000
Speaker 1: only increase their hourly wages beyond the minimum wage, but

434
00:25:07,119 --> 00:25:11,200
Speaker 1: also giving bonuses in order to attract um. We're also

435
00:25:11,240 --> 00:25:15,520
Speaker 1: starting to see people tap into high schools and asking,

436
00:25:15,680 --> 00:25:18,640
Speaker 1: you know, the sixteen year olds to see how they

437
00:25:18,640 --> 00:25:23,560
Speaker 1: can intern slash learn a new skill set in order

438
00:25:23,600 --> 00:25:26,960
Speaker 1: to help the labor issues out we're faced in pretty

439
00:25:27,000 --> 00:25:30,080
Speaker 1: much most markets. Yeah, we're seeing that across the Boarder

440
00:25:30,119 --> 00:25:32,479
Speaker 1: hearing that across the board as well from a lot

441
00:25:32,520 --> 00:25:37,399
Speaker 1: of industries. Angie Solanki, National director US Retail for Colleige Or,

442
00:25:37,440 --> 00:25:39,680
Speaker 1: thank you so much for joining us, Thanks for listening

443
00:25:39,720 --> 00:25:43,200
Speaker 1: to the Bloomberg Markets podcast. You can subscribe and listen

444
00:25:43,240 --> 00:25:47,520
Speaker 1: to interviews of Apple Podcasts or whatever podcast platform you prefer.

445
00:25:47,880 --> 00:25:51,880
Speaker 1: I'm Matt Miller. I'm on Twitter at Matt Miller three.

446
00:25:52,280 --> 00:25:54,760
Speaker 1: Put on false Sweeney I'm on Twitter at pt Sweeney.

447
00:25:54,800 --> 00:25:57,479
Speaker 1: Before the podcast, you can always catch us worldwide at

448
00:25:57,480 --> 00:25:58,240
Speaker 1: Bloomberg Radio