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Speaker 1: With us, we've got a great force. James Demmert his
Speaker 1: chief investment officer in Main Street Research roughly to billion
Speaker 1: dollars in assets under management, and it joins us via
Speaker 1: zoom here in the United States. So James, good to
Speaker 1: have you here with all of us. Um, how do
Speaker 1: you think about We've just got a few more days
Speaker 1: left here in two that China news. Does that dramatically
Speaker 1: change your thoughts for happy holidays? Um? You know it doesn't.
Speaker 1: And I think that this is the you know, the
Speaker 1: hallmark of two is the markets continue to fool themselves.
Speaker 1: That the fete is done, China is going to reopen,
Speaker 1: uh Inflation is coming down faster than expected, and it's
Speaker 1: this classic bear market rallies, you know, with this head
Speaker 1: fake that we've been going through throughout the year. So
Speaker 1: I don't don't you know, in our research suggests that
Speaker 1: this bear market. Yet we've made a lot of progress,
Speaker 1: you know, I'd say we're two thirds of the way
Speaker 1: through it. But the evaluation of equities versus what's going
Speaker 1: on with FED policy and the economy, there in dis
Speaker 1: equilibrium and that needs to be brought together. And let
Speaker 1: me think it probably happens in the first quarter, right
Speaker 1: before we start a new business cycle on a new
Speaker 1: pool market. Well what's the catalyst for that, though, James?
Speaker 1: I mean when we talk about sort of what sort
Speaker 1: of gets us to that equilibrium? Is it a fat
Speaker 1: pause is at that pivot that everybody is waiting for,
Speaker 1: or is it something else? Thank you? I don't think
Speaker 1: it is as clear as as people like it to be.
Speaker 1: And I think you could go back to a metric
Speaker 1: that we use often when when the fete is in
Speaker 1: this goal, which is you really want the FED funds rate,
Speaker 1: which is now what for and change to be closer
Speaker 1: to the inflation rate, which is seven, so we're far away,
Speaker 1: So that would be one metric I would look at
Speaker 1: and say, you know, those two, those two have to
Speaker 1: come together. Now. That can happen with time, and I
Speaker 1: think maybe a few months might do it, or it
Speaker 1: can come with prices, right, Inflation could come down faster
Speaker 1: than expected. So any of those things could cause the
Speaker 1: FED to be less determined. But we know from their
Speaker 1: last meeting they made it very clear they are determined
Speaker 1: to try to get to two, which we frankly think
Speaker 1: is a recession without question. I mean, you were far
Speaker 1: from to at this point, so they would really have
Speaker 1: to bring the hammer down and they may. And I
Speaker 1: think that's why equity investors need to understand it isn't
Speaker 1: over yet with the bear market now the bullmark is
Speaker 1: not far but price wise, it could be painful before
Speaker 1: well how painful because I know that you and the
Speaker 1: team expect that the market will bottom, perhaps in the
Speaker 1: first quarter of How deep is that bottom, How painful
Speaker 1: is it going to be? And what kind of bull
Speaker 1: market are we expecting in an era of higher rates.
Speaker 1: I think those are great questions and and there's there's
Speaker 1: something that you want to make a New Year's resolution
Speaker 1: about to bring that up. You meditation, do it right
Speaker 1: if you've owned test of stock or the sp whatever,
Speaker 1: use risk management tools and stop losses and all that stuff.
Speaker 1: As we go towards the end of this bearer market,
Speaker 1: and you know, think about it this way. We think
Speaker 1: the odds of a mild recession are very high and
Speaker 1: something deeper possible. So if that's the case, look at
Speaker 1: market history. Indexes typically fall somewhere between thirty eight and
Speaker 1: depending upon which case you want to look at, at
Speaker 1: our worst case, what we were down twenty in the
Speaker 1: large indexes. So we really haven't even if we go
Speaker 1: back to the old low gotten valuations to where we
Speaker 1: normally see a real bottom. And I think on top
Speaker 1: of that, you just haven't seen investor's sentiment get to
Speaker 1: those levels. Also that you know, you sort of want
Speaker 1: to say, hey, valuations, sentiment is awful. This is probably
Speaker 1: marking that bottom that we're looking for. And again, yes,
Speaker 1: we're looking for in the first quarter of the year.
Speaker 1: The cool thing is, at least we do think it's
Speaker 1: cool as as finance geeks, is that the new bowl market.
Speaker 1: Another new Year's resolution you don't need to be as
Speaker 1: heavily in technology, and I think that that's really going
Speaker 1: to be important. I've heard that before, only from people
Speaker 1: to come roaring back into technology. Having said that, James,
Speaker 1: you've seen a lot of market cycles, more than three
Speaker 1: decades worth. Uh Barns has singled you out as a
Speaker 1: top advisor ranking. Um, that's a good place to be
Speaker 1: and it means you know, you've made some really good
Speaker 1: market calls. So in terms of this market environment, does
Speaker 1: it remind you of another how do you see it?
Speaker 1: Is it very opportunistic for investors at this point? Or
Speaker 1: another difficult one and just got about a minute or
Speaker 1: some minute thirty. Yeah, I think it's always there's always
Speaker 1: an opportunity. I mean, you know, if you if you
Speaker 1: owned you know, the healthcare companies as we have the
Speaker 1: consumer stables this year, those were great opportunities and they
Speaker 1: continue to work and I think that's that's what's important.
Speaker 1: Is this a classic bear market? Absolutely, this is just
Speaker 1: a normal process. We're going towards a new business cycle.
Speaker 1: We're getting rid of the old one. It's based on inflation.
Speaker 1: The inflation will be put away. It's already working and
Speaker 1: once that's done, We're going to start a new business
Speaker 1: cycle new Boomark. It's very exciting. I think is gonna
Speaker 1: be a great year. Maybe not so good at the beginning,
Speaker 1: but gonna end lovely. All Right, we'll be interesting to
Speaker 1: check back in with you next year as we work
Speaker 1: our way through. I guess whatever we're working our wait through. James,
Speaker 1: have a wonderful New Year's. If we don't here, talk
Speaker 1: to you before then. James Demer there helping to kick
Speaker 1: off today's program, Chief investment officer over at Main Street Research.
Speaker 1: Please sees Bloomberg Business Week with Carol Massier and Tim
Speaker 1: Stinebec on Bloomberg Radio. And let's talk to Jeanette Guarantee.
Speaker 1: She's managing director and she's chief economist Robertson Stephen. She
Speaker 1: joins us today from Menlo Park, California. Janette, good to
Speaker 1: have you here on this Tuesday. The economic news that
Speaker 1: we got today, what in particular stands out for you, Well, actually,
Speaker 1: the trade deficit, the trade and numbers are really really interesting. Um,
Speaker 1: it was a big narrowing of the trade deficit. It
Speaker 1: was the largest a little bit more than decline in
Speaker 1: the trade deficit that we've seen in years Uh. And
Speaker 1: the lowest trade deficits since the end of and it
Speaker 1: it shows up, it comes to pass because of a
Speaker 1: decline or deceleration and exports excuse me, and the import
Speaker 1: import exports went down as well, but not as much.
Speaker 1: And and that fits this narrative that the US consumer
Speaker 1: is pulling back on goods and services. Manic, that is
Speaker 1: what you would expect to see. But it's a notable number.
Speaker 1: I realized we're focused a lot on China this morning
Speaker 1: for all the obvious reas but but there's also slow
Speaker 1: down going on out Oh yeah, John, I'm totally on
Speaker 1: board with you. When I saw that drop, I was
Speaker 1: something like seven eight percent here. Uh. And obviously this
Speaker 1: is just one data point. But I am curious that
Speaker 1: when you sort of look at your experience over the years,
Speaker 1: over the decades, when we start to see these types
Speaker 1: of numbers come down, important numbers come down here, is
Speaker 1: that typically indicative of economic pain or economic pressures or
Speaker 1: is there something else at work? Uh? Well, you know
Speaker 1: it can be moved around these days by things like
Speaker 1: oil prices and and and energy flows, commodity flows. But
Speaker 1: I think in this case, i'd say at the time
Speaker 1: when you see a movement like this, it almost always
Speaker 1: traces back to the U S. Consumer consumer spending rising
Speaker 1: a lot. You tend to get an expansion of the
Speaker 1: trade depth sit and and the opposite happens as well. Um,
Speaker 1: so I I you know, I it's it's an interesting,
Speaker 1: big story, but I think for many of us it's
Speaker 1: it's a confirming signal on the some of the slow
Speaker 1: downs that we've been saying in November entrest to October
Speaker 1: on the consumers spending side. Again, much of that concentrate
Speaker 1: on goods and services. The other the other issue in
Speaker 1: play has already been referenced by your previous speakers, which
Speaker 1: is the order book for businesses is moving all around.
Speaker 1: You know. That's that's notable to Jeannette, though, isn't isn't
Speaker 1: this what the FED wants to see? Isn't this what
Speaker 1: Jerome Powell wants to see? A pulling back so inflation
Speaker 1: will leave, so it'll come under control. Uh? Yeah, you
Speaker 1: know what does Chairman Powell want to see these days?
Speaker 1: He seems to want to see a pullback and employment.
Speaker 1: So yeah, you know he's not going to go out
Speaker 1: there and say I want to see the economy decline
Speaker 1: that's not really what he wants to say. So what
Speaker 1: he's saying is I want to see a pullback and employment,
Speaker 1: he's not really tracking it to. Okay, can you tie
Speaker 1: this data to employment at all? Then? Ah, well, you know,
Speaker 1: this is a remarkable economy on the employment side. Uh.
Speaker 1: The the employment numbers which will come out on January
Speaker 1: six for the month of December will be very very
Speaker 1: interesting to watch, but I don't think they're gonna show
Speaker 1: a lot of pullback yet. Maybe the most interesting month
Speaker 1: is going to be January because that's when the decisions
Speaker 1: of businesses to cut labor force really will come into play.
Speaker 1: So we'll see like there's still yeah, there's still a
Speaker 1: lot of help wanted signs out there. And what's interesting
Speaker 1: is I'm just looking at the nuances of the data.
Speaker 1: Imports of consumer merchandise have fallen from a record earlier
Speaker 1: this year, they still there remain well higher than the
Speaker 1: pre pandemic average, so they are high. So we need
Speaker 1: some perspective. I mean, how much of this data point
Speaker 1: potentially is inventory worked at, you know, working down some
Speaker 1: of these inventories. We're seeing that with the retail space,
Speaker 1: no doubt about that. And also just again for US consumers,
Speaker 1: they're shifting from good goods excuse me, to services specifically.
Speaker 1: So I do wonder about the nuances of this data.
Speaker 1: Absolutely great points and especially inventories. I I think when
Speaker 1: we look at some of the numbers that are being
Speaker 1: reported out from some of the real time GDP trackers
Speaker 1: that show very strong growth in in the third in
Speaker 1: the fourth quarter here, some of that is inventory bill
Speaker 1: that occurred in October that is still a reflection of
Speaker 1: the the weirdness of the supply chain. You know. Finally,
Speaker 1: as the supply chain improves, you start to get these
Speaker 1: orders coming in, they go into inventory. But I think
Speaker 1: we start to see in this month and already at
Speaker 1: the end of November some draw down in those inventories
Speaker 1: and and so that's definitely a factor. I want to
Speaker 1: get your thoughts here about what we've been seen in
Speaker 1: the housing market. I mean, obviously the effects of what
Speaker 1: the FED has already been seen there and we continue
Speaker 1: to see significant drops in home prices or home price growth,
Speaker 1: I should say, uh, including the most recent data that
Speaker 1: we got this morning. The sense here that maybe certain
Speaker 1: things have been right size Are you seen it that way? Um?
Speaker 1: Maybe starting to get right sized. I don't think we're
Speaker 1: there yet. That that case Chiller number that we've got
Speaker 1: this morning, the way it's calculated, it has a big
Speaker 1: lag in it. It's really looking backwards in a significant play.
Speaker 1: I think there's going to be quite a bit more
Speaker 1: in the way of price declines. Building permits have fallen
Speaker 1: on this thirty percent in the United States since June,
Speaker 1: and and so the home building is going to fall off.
Speaker 1: That's where the Fed interest rate impact is really hitting.
Speaker 1: Signod and and I and we cannot underestimate the degree
Speaker 1: to which home sales dry soon. We're spending and even
Speaker 1: sir visiness, landscaping, all this kind of stuff get gets
Speaker 1: tied to that. So it's a it has a big
Speaker 1: impact on the economy. Yeah, absolutely well said and really
Speaker 1: great to catch up with your great insights here out
Speaker 1: of Jeanette Garrity, Managing Director and chief Economists over Robertson
Speaker 1: Stephen Please sees Bloomberg Business Week with Carol Massier and
Speaker 1: Tim stinebec on Bloomberg Radio. No better person to have
Speaker 1: this conversation within. Dana Telsea joining us right now in studio.
Speaker 1: She's the founder and CEO of the Telsea Advisory Group
Speaker 1: of brokerage firms serving customers worldwide. I have a lot
Speaker 1: of questions here, Dana, so let's start overall. I'll give you.
Speaker 1: I'll give you the easy one. I mean, I think
Speaker 1: the National Retail Federation said something like six growth in
Speaker 1: holiday shopping. That was their projection. Are we going to
Speaker 1: hit that? Are we going to exceed that one? Well, look,
Speaker 1: we already heard MasterCards number this morning from November one December.
Speaker 1: The seven point one percent a little bit lower than
Speaker 1: there's seven point six percent forecast, but compared to the
Speaker 1: eight and a half percent last year, which was a
Speaker 1: great year last year, it's still up. Was it really
Speaker 1: flattish if you include inflation? Probably, but the consumer is
Speaker 1: much more stress this year than they were last year,
Speaker 1: not having the same amount of dollars from stimulus. And
Speaker 1: you have the high end on the luxury side impacted
Speaker 1: by housing in a volatile stock market, and even we're
Speaker 1: seeing the luxury growth rate moderate from what it was.
Speaker 1: It's a decent season. Retailers have product to move and
Speaker 1: consumers are going to get a bargain this week. Well,
Speaker 1: we were already seeing it from Target there marking down
Speaker 1: and things I think so. I mean, so how do
Speaker 1: you net net it like at this point, because it
Speaker 1: sounds like there's a lot of caveats in which there are.
Speaker 1: And the reason why we may have a good increase
Speaker 1: what it means to the margins the bottom line is
Speaker 1: different than a percentage increase. And I think we're going
Speaker 1: to see retailers have leaner inventories. But could the margins
Speaker 1: be negatively impacted? Yes, And I think next year and
Speaker 1: we as we go three just a couple of days away.
Speaker 1: I think the focus is on expecting the unexpected and
Speaker 1: it requires agility. So I think we're gonna have a
Speaker 1: tough first half of the year. I think we'll have
Speaker 1: a better second half of the year. And these retailers,
Speaker 1: who can be the cleanest on inventory is going to
Speaker 1: be who wins the day. So what's the unexpected to
Speaker 1: expect in the first part of the year. I think
Speaker 1: the positive surprise would be a consumer that's stronger than expected,
Speaker 1: where you have look at the jobless rate and you
Speaker 1: have people going to work again, the labor costs are
Speaker 1: running higher, so are they're going to invest in discretionary
Speaker 1: goods not just experiences? The negative part of it is
Speaker 1: you look at the retailers who are still going to
Speaker 1: have over inventory and we're going to have margin pressure
Speaker 1: in the first half of the year. It's it's it's
Speaker 1: up in the air right now. I am curious about
Speaker 1: the agility where that comes from, specifically on the inventory level,
Speaker 1: because one of the reasons why they're in this situation
Speaker 1: is is that the inventory supply chain. I don't care
Speaker 1: how well you're running your company right now, it is
Speaker 1: still broken. And so I'm just wondering, how did they
Speaker 1: do that, How do at least the good companies, how
Speaker 1: do they find that agility. Well, one of the things
Speaker 1: that we're seeing is when you think about the ordering
Speaker 1: patterns for the first half of twenty three, on average,
Speaker 1: many the wholesale accounts are ordering down ten to the
Speaker 1: reason why to get some pricing power back. And when
Speaker 1: you think about this consumer overall, if we have a
Speaker 1: stock market that's even a little bit steady, that'll help us.
Speaker 1: Balance sheets are pretty strong. One of the interesting things
Speaker 1: I was at one of the real estate conferences earlier
Speaker 1: in the month. Retailers overall, our net store openers, not closers.
Speaker 1: The headwind is the fact that they might not have
Speaker 1: the h VAC equipment or the fixtures ordering in time
Speaker 1: to get the goods there. But we have healthier consumers. Yes,
Speaker 1: the savings rates down, but retailers also have healthier balance sheets.
Speaker 1: Two questions discounting. Did you see it earlier or hit
Speaker 1: the same as typically? I know we talk you're talking
Speaker 1: about remain meet our guest Na tells, But I mean
Speaker 1: in terms of discounting, like did it start allot earlier?
Speaker 1: What of course it started earlier. You look at the
Speaker 1: month of October with Amazon having its second Prime day.
Speaker 1: You mentioned Target, Walmart, Old Navy all having goods to move,
Speaker 1: and there's more goods to keep coming and moving. I
Speaker 1: think that the discounting is there. I think it impacts
Speaker 1: the margins, but I think it moves the inventory. You know,
Speaker 1: one of the things I saw in sacks, like on
Speaker 1: Black Friday, was like you spend a certain amount of
Speaker 1: money and you get like seventy five dollar gifts. It
Speaker 1: was crazy. I didn't buy anything. So I mean I
Speaker 1: saw a lot of those discounts prior to Christmas, and
Speaker 1: now just what two days removed from Christmas, I'm not
Speaker 1: getting a ton of stuff in my email box now
Speaker 1: and it's from certain retailers that aren't traditionally known for
Speaker 1: providing big discounts. I won't name them, but I was
Speaker 1: kind of surprised by that, because I felt like there
Speaker 1: was a certain discipline that these retailers has sort of
Speaker 1: gotten over the last couple of years where they felt
Speaker 1: like they didn't need to discount, or at least not
Speaker 1: as heavily in order to get you in the door.
Speaker 1: I think part of it is everyone wants to be
Speaker 1: clean on the inventory to make way for new goods.
Speaker 1: Products don't increase in price the longer they sit on
Speaker 1: the shelf or the longer they sit on the website,
Speaker 1: so moving them out, moving out out early, your first
Speaker 1: markdown is your most productive markdown. So I'm seeing what
Speaker 1: you're saying, fifty six seventy off. Some of it from
Speaker 1: who you'd expect, some of it from who you wouldn't.
Speaker 1: But when they report their earnings, if they want to
Speaker 1: have a stock price that even holds steady, you're better
Speaker 1: be lower on the inventory than last year. Dana, back
Speaker 1: to the strength of the consumer, especially at this time
Speaker 1: as we head into any indication that the strength that
Speaker 1: we saw over the holiday season is perhaps this last
Speaker 1: hurrah from the shopper. One of the things we saw
Speaker 1: is a focus on events. Look at restaurants, which are
Speaker 1: continuing to have double digit increases since many consumers haven't
Speaker 1: celebrated the holidays with their friends and family in the
Speaker 1: past two years. Yes, they've all bought some new clothes,
Speaker 1: they bought some new makeup, but they weren't out celebrating together.
Speaker 1: And don't forget, experiences are what creates memories, So I
Speaker 1: think people want some of these memory is I don't
Speaker 1: think this is the last hurrah for the consumer. I
Speaker 1: think it's the management for the retailer in order to say,
Speaker 1: what looks like three can we deliver an upticking earnings
Speaker 1: on that point with the services versus good What do
Speaker 1: you make of some of these retailers that have tried
Speaker 1: to straddle both words. I think it's sort of like
Speaker 1: r H, which is still selling furniture, but of course
Speaker 1: they have the restaurants and hotels and the cruises and
Speaker 1: something god knows what else. But I mean, is that
Speaker 1: sort of the model that retailers have to follow. I
Speaker 1: think it works. You can't just be a one category company.
Speaker 1: Look what's going to open here in New York City,
Speaker 1: not far from where we are now with Tiffany's opening
Speaker 1: sometime later this year, and there's gonna be they added
Speaker 1: a new floor for the restaurant. You look at Oxford
Speaker 1: Industries with Tommy Bahama and their Marlon Bar. What is
Speaker 1: it doing. They're selling products to women while the men
Speaker 1: are sitting there having a drink or if they're buying
Speaker 1: something else, they're buying both. It's my it's my husband's
Speaker 1: biggest nightmare that there's gonna be like Champagne and Tiffany's,
Speaker 1: and you just go to the floor in mind by
Speaker 1: what's happening? Is a company that I think of with
Speaker 1: this because it's a company that you know, even years
Speaker 1: ago offered yoga classes in the store and the idea,
Speaker 1: of course was that you'd associate the product with these
Speaker 1: services and then you know, create some sort of brand
Speaker 1: loyalty there. What's the actual hard data though, the connection
Speaker 1: that shows this type of thing actually works and leads
Speaker 1: to increased sales. When you look at the Marlin Bar
Speaker 1: and Oxford Industries with Tommy Bahama, there's there can be
Speaker 1: at increase in your sales when you have a Marlin Bar,
Speaker 1: and not just in your sales and men's just the alcohol,
Speaker 1: but it's driving women test driving women's where it's not
Speaker 1: just that. I mean, I think Ralph Lauren also has
Speaker 1: the cafe and alcoholic. They have coffee and other things.
Speaker 1: The room Bloomingdale's right here with the fifty carrots or whatever.
Speaker 1: Forty carrots vanilla is the best life by time that
Speaker 1: the carrots. All right, So we talk retail. We lump
Speaker 1: so much in there is there's what are the retailers
Speaker 1: that are really just knocking get out of the park.
Speaker 1: Which are the ones that you're like, oh, there could
Speaker 1: be still some problems. So I think overall who's doing well?
Speaker 1: I think cosmetics is doing well, ALTA and so we
Speaker 1: talk about for all the time. There's lines there. Sephora
Speaker 1: is owned by LVMH. They don't just have the benefit
Speaker 1: of Sephora, but they have Christian Door and Louis Louis
Speaker 1: Vuitton also. But that's also an experiential shopping moment, right.
Speaker 1: You go in and you try, you know, you try
Speaker 1: on the cosmetics, and you have people there who are
Speaker 1: trained to help you. And that's not something that can
Speaker 1: be replicated online. Nope, you need you need that experience also,
Speaker 1: and I feel like we're talking about something in I
Speaker 1: can't tell you how many times buying different things. We've
Speaker 1: got to look good. Okay, it's important. Look everyone sees
Speaker 1: you gotta look good. What isn't doing well? I think
Speaker 1: overall you're taking a look at something. There's not a
Speaker 1: lot on the watch list that isn't doing well lately.
Speaker 1: We definitely have a slowdown and home given that everyone
Speaker 1: added to their home back in with the pandemic, so
Speaker 1: we're seeing that weakness right now. You have some of
Speaker 1: the regional department stores, like privately held Belks that's having
Speaker 1: its issue. Take a look at bed Bath and Beyond.
Speaker 1: Lots of question marks there. Yeah, I am curious about
Speaker 1: sort of some of the direct consumer brands that we
Speaker 1: saw that we're kind of proliferated, and some of them
Speaker 1: may be to pull back from that model. Some of
Speaker 1: them have moved. I mean, there's a Warby Park on
Speaker 1: every corner now in New York City for some reason.
Speaker 1: But I'm curious whether that model is still holds the
Speaker 1: same sort of cache for these companies. From evaluation perspective,
Speaker 1: you need to have the product be right in order
Speaker 1: to have that cache. And the one thing that came
Speaker 1: out of this, they all need physical stores. Physical stores.
Speaker 1: You're advertising window and they're also the omni channel window.
Speaker 1: Buy online, pickup and store and ship from store. It's
Speaker 1: the most profitable purchase. You can talk to some of
Speaker 1: these companies about how to streamline that because they get
Speaker 1: the buy online part pretty well. But then when I
Speaker 1: go to pick it up, it's always like, you know,
Speaker 1: I gotta stand it for who are you? And it's like, well,
Speaker 1: I could just come into the store. Well you look
Speaker 1: at the mobile pick up. What's what Starbucks is doing?
Speaker 1: And it certainly can be fast and I think others
Speaker 1: are beginning to work that way. Fifteen seconds. One retailer
Speaker 1: to watch this year, I want to watch Ralph floren
Speaker 1: I think Ralph Florid. And you know why, of course,
Speaker 1: with the expanded customer base, it's not just your dad,
Speaker 1: it's the son's son also, and it's the mom too.
Speaker 1: I think they're going to become more the lifestyle brand
Speaker 1: and drive attention. It's going to be one of the
Speaker 1: more enduring like compail brands, because actually these apparel companies
Speaker 1: always sort of bad at some point. But yeah, thank you, Dana.
Speaker 1: What a treat. Thank you so much. Happy, Thank you
Speaker 1: for having me. Happy to your everyone. Same to you.
Speaker 1: Dana telsa founder and CEO of the tels Advisor Gap.
Speaker 1: Thanks for listening to Bloomberg Business Week. Download the podcast
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