1 00:00:02,440 --> 00:00:08,239 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Welcome to Bloomberg Radio, 2 00:00:08,280 --> 00:00:11,480 Speaker 1: Bloomberg Television. I am Lisa Bramwitz here in the KKR 3 00:00:11,520 --> 00:00:14,600 Speaker 1: offices in Hudson Yards. I'm here with the co chief 4 00:00:14,600 --> 00:00:19,160 Speaker 1: executive officers, Joe Bay and Scott Nuddle after their investor meeting. 5 00:00:19,239 --> 00:00:21,440 Speaker 1: It was the first going back three years, the first 6 00:00:21,480 --> 00:00:25,280 Speaker 1: in person going back six years. You unveiled some incredibly 7 00:00:25,360 --> 00:00:28,120 Speaker 1: ambitious targets about growing the firm from less than six 8 00:00:28,200 --> 00:00:30,520 Speaker 1: hundred billion dollars in assets now to more than a 9 00:00:30,600 --> 00:00:34,600 Speaker 1: trillion dollars in five years without growing headcount significantly in 10 00:00:34,640 --> 00:00:37,680 Speaker 1: any kind of way. Why is it important to remain 11 00:00:37,800 --> 00:00:40,839 Speaker 1: small with respect to the number of staff while expanding 12 00:00:40,880 --> 00:00:43,440 Speaker 1: so dramatically when it comes to asset size. 13 00:00:43,680 --> 00:00:46,800 Speaker 2: Yeah, I think it's important to know what your north 14 00:00:46,840 --> 00:00:49,200 Speaker 2: star is and what your DNA is as a firm. 15 00:00:49,360 --> 00:00:51,720 Speaker 2: A lot of what's created our success is our culture. 16 00:00:52,600 --> 00:00:57,640 Speaker 2: Everybody's connected, people help each other all around the world, ideas, travel, relationships, 17 00:00:57,640 --> 00:01:00,400 Speaker 2: travel that's allowed us to get to where we are, 18 00:01:00,760 --> 00:01:02,560 Speaker 2: and so one of the things we're very focused on 19 00:01:02,600 --> 00:01:04,440 Speaker 2: as we go forward is to make sure that we 20 00:01:04,480 --> 00:01:07,240 Speaker 2: retain that. But also as we've been building the firm. 21 00:01:07,280 --> 00:01:09,760 Speaker 2: The way our business works, you add people before the 22 00:01:09,800 --> 00:01:12,600 Speaker 2: businesses grow, and it takes ten to fifteen years to 23 00:01:12,640 --> 00:01:14,520 Speaker 2: get to scale. And what we laid out yesterday is 24 00:01:14,560 --> 00:01:16,760 Speaker 2: we have the people inside the firm. We've been building 25 00:01:16,760 --> 00:01:20,080 Speaker 2: these platforms for the last ten to fifteen years and beyond. 26 00:01:20,400 --> 00:01:22,520 Speaker 2: So the people are here and we're starting to get 27 00:01:22,520 --> 00:01:25,560 Speaker 2: to this inflection point. So that's we told and. 28 00:01:25,520 --> 00:01:28,360 Speaker 1: It raises this question, Joe, about how you maintain a 29 00:01:28,400 --> 00:01:31,360 Speaker 1: sense of morale and people not feeling overburdened while also 30 00:01:31,400 --> 00:01:33,760 Speaker 1: expanding assets. And I know that the people are here, 31 00:01:33,800 --> 00:01:35,440 Speaker 1: but this is something that a lot of companies are 32 00:01:35,480 --> 00:01:38,240 Speaker 1: grappling with right now, which is you want to scale up. 33 00:01:38,280 --> 00:01:39,960 Speaker 1: You don't want to lose culture, you don't want to 34 00:01:39,959 --> 00:01:41,720 Speaker 1: get too big, you don't want to have too many 35 00:01:41,720 --> 00:01:45,000 Speaker 1: middle managers, and yet people are getting exhausted. So how 36 00:01:45,000 --> 00:01:47,560 Speaker 1: do you prevent that kind of development? 37 00:01:48,240 --> 00:01:50,640 Speaker 3: Well, I think the reason people join KKR in a 38 00:01:50,680 --> 00:01:53,800 Speaker 3: large part is because it is such an entrepreneurial culture too. 39 00:01:53,960 --> 00:01:56,560 Speaker 3: We empower our people, We encourage them to work and 40 00:01:56,560 --> 00:01:59,760 Speaker 3: collaborate together, so we don't believe in silos. We hate 41 00:01:59,760 --> 00:02:03,520 Speaker 3: side at this firm. We still operate KKR today, forty 42 00:02:03,560 --> 00:02:06,080 Speaker 3: eight years later as one firm, one global p and 43 00:02:06,200 --> 00:02:09,160 Speaker 3: L that everyone's paid off of. So that collaboration that 44 00:02:09,200 --> 00:02:11,400 Speaker 3: one firm is really what the secret sauce is at 45 00:02:11,480 --> 00:02:12,200 Speaker 3: KKR today. 46 00:02:12,280 --> 00:02:15,600 Speaker 1: You talked about really ambitious goals across three platforms. We 47 00:02:15,639 --> 00:02:18,280 Speaker 1: can go over them this idea of asset management, the 48 00:02:18,320 --> 00:02:22,600 Speaker 1: insurance unit, the general Atlantic and then strategic holdings, which 49 00:02:22,680 --> 00:02:25,320 Speaker 1: you kind of described. I would just say some people 50 00:02:25,360 --> 00:02:27,280 Speaker 1: might say a mini Berkshire Hathaway. You might say that 51 00:02:27,320 --> 00:02:28,920 Speaker 1: they want to be a minik Care, But why is 52 00:02:28,919 --> 00:02:32,720 Speaker 1: Berkshire Hathaway kind of what you're going for in terms 53 00:02:32,720 --> 00:02:32,960 Speaker 1: of what. 54 00:02:32,960 --> 00:02:36,960 Speaker 3: This is Listen, I think strategic Holdings is a segment 55 00:02:36,960 --> 00:02:39,440 Speaker 3: that we've been incubating for the past seven or eight years, 56 00:02:40,320 --> 00:02:42,960 Speaker 3: and Berkshire Hathaway is an apt analogy in the sense 57 00:02:43,000 --> 00:02:45,639 Speaker 3: that we look at a lot of business models why 58 00:02:45,680 --> 00:02:48,840 Speaker 3: certain firms have been super successful over time, and there 59 00:02:48,840 --> 00:02:51,320 Speaker 3: are a lot of powerful messages in what Berkshire has built. 60 00:02:51,520 --> 00:02:54,760 Speaker 3: It's the power of long term ownership of assets, great businesses, 61 00:02:55,320 --> 00:02:59,280 Speaker 3: the power of compounding, and the real power of smart 62 00:02:59,520 --> 00:03:02,720 Speaker 3: capitalobe location within your business. That's what Berkshire really excels 63 00:03:02,760 --> 00:03:06,160 Speaker 3: at doing, and our version of that in Strategic Holdings 64 00:03:06,240 --> 00:03:09,080 Speaker 3: is we built a portfolio today within our core private 65 00:03:09,080 --> 00:03:13,079 Speaker 3: equity business of nineteen really great businesses that we expect 66 00:03:13,120 --> 00:03:15,800 Speaker 3: to own for a really, really long time, and those 67 00:03:15,800 --> 00:03:18,520 Speaker 3: businesses will start generating meaningful cash flow for us in 68 00:03:18,520 --> 00:03:22,600 Speaker 3: the form of dividends. We started this business eight years ago, 69 00:03:23,240 --> 00:03:26,240 Speaker 3: and as those companies grow and deleverage, they are now 70 00:03:26,280 --> 00:03:29,240 Speaker 3: in a position to start paying meaningful after tax dividends. 71 00:03:29,680 --> 00:03:32,040 Speaker 3: What we announced yesterday is that dividend stream we think 72 00:03:32,080 --> 00:03:35,440 Speaker 3: will be three hundred million dollars plus by twenty twenty six, 73 00:03:35,640 --> 00:03:38,080 Speaker 3: doubling by twenty eight to six hundred plus million, and 74 00:03:38,240 --> 00:03:41,080 Speaker 3: ultimately getting to a billion plus of annual operating earnings 75 00:03:41,080 --> 00:03:42,040 Speaker 3: for us in that segment. 76 00:03:42,160 --> 00:03:44,560 Speaker 2: Yeah, And I'd say the background to all this is 77 00:03:44,600 --> 00:03:48,080 Speaker 2: we're students of long term value creation and so when 78 00:03:48,120 --> 00:03:50,360 Speaker 2: we became a public company in twenty ten, our market 79 00:03:50,360 --> 00:03:53,480 Speaker 2: cap was seven billion. It's now roughly ninety billion dollars. 80 00:03:54,320 --> 00:03:56,400 Speaker 2: And what we're focused on is how do we double 81 00:03:56,480 --> 00:03:59,120 Speaker 2: that again and then do it again. As you know, 82 00:03:59,160 --> 00:04:01,640 Speaker 2: we look to the few and if you look at 83 00:04:01,800 --> 00:04:04,920 Speaker 2: organizations that get above a certain size market cap, their 84 00:04:04,920 --> 00:04:08,760 Speaker 2: per share growth slows, the denominator becomes heavy. And so 85 00:04:09,000 --> 00:04:11,040 Speaker 2: just like a lot of ca care is growing today, 86 00:04:11,320 --> 00:04:14,040 Speaker 2: where seeds we planted ten to fifteen years ago with 87 00:04:14,160 --> 00:04:16,360 Speaker 2: insurance that we think we can double again from here 88 00:04:16,360 --> 00:04:18,440 Speaker 2: and strategic holdings that, to Joe's point, is going to 89 00:04:18,480 --> 00:04:21,520 Speaker 2: have a very significant growth trajectory. We think we've created 90 00:04:21,560 --> 00:04:23,800 Speaker 2: a model that as we look out for the next 91 00:04:23,839 --> 00:04:26,120 Speaker 2: ten to fifteen years, we have a way to keep 92 00:04:26,200 --> 00:04:28,720 Speaker 2: compounding what is now a large market cap at a 93 00:04:28,880 --> 00:04:32,320 Speaker 2: very attractive rate and not slow down that growth rate. 94 00:04:32,800 --> 00:04:35,240 Speaker 2: And critically, as part of all this, we've built it all. 95 00:04:35,360 --> 00:04:37,839 Speaker 2: It's purpose built to be able to retain the culture. 96 00:04:38,279 --> 00:04:40,040 Speaker 2: So we can have very few people in the firm 97 00:04:40,040 --> 00:04:43,119 Speaker 2: because we started this part of KKRE with no new headcount. 98 00:04:43,320 --> 00:04:46,400 Speaker 2: It was monetizing idea flow that was already in the firm. 99 00:04:46,600 --> 00:04:47,880 Speaker 1: So what are you going to do with that money? 100 00:04:48,000 --> 00:04:49,640 Speaker 1: If it's kicking back all this cash? Do you go 101 00:04:49,640 --> 00:04:51,080 Speaker 1: out and buy some more companies so you can have 102 00:04:51,080 --> 00:04:52,320 Speaker 1: twenty three in the portfolio? 103 00:04:53,160 --> 00:04:55,039 Speaker 3: Well, listen, a big part of our jobs in the 104 00:04:55,080 --> 00:04:57,520 Speaker 3: next five, ten, twenty years is how do we think 105 00:04:57,560 --> 00:05:00,400 Speaker 3: about redeploying the cash we generate in our busines. The 106 00:05:00,400 --> 00:05:01,719 Speaker 3: capital allocation. 107 00:05:01,279 --> 00:05:01,960 Speaker 1: Part of our job. 108 00:05:02,600 --> 00:05:04,640 Speaker 3: What we talked about yesterday at investor Day is in 109 00:05:04,680 --> 00:05:06,839 Speaker 3: the next five years, we think we're going to generate 110 00:05:06,880 --> 00:05:10,560 Speaker 3: twenty five plus billion dollars of cash at KKR, So 111 00:05:10,600 --> 00:05:12,720 Speaker 3: how do we redeploy that. Some of that's going to 112 00:05:12,760 --> 00:05:15,800 Speaker 3: be to grow our insurance platform. Some of that clearly 113 00:05:15,880 --> 00:05:18,719 Speaker 3: is going to be the right strategic MNA for us 114 00:05:18,720 --> 00:05:21,000 Speaker 3: as we've done in the past. A lot of that's 115 00:05:21,040 --> 00:05:23,320 Speaker 3: going to be to grow strategic holdings this new segment, 116 00:05:23,880 --> 00:05:25,200 Speaker 3: and a lot of that's going to be for share 117 00:05:25,240 --> 00:05:26,159 Speaker 3: buybacks over time. 118 00:05:26,800 --> 00:05:28,520 Speaker 1: What's fascinating to me is a lot of people in 119 00:05:28,560 --> 00:05:30,600 Speaker 1: the industry are saying that private equity is not going 120 00:05:30,600 --> 00:05:32,680 Speaker 1: to have the same kind of returns going forward. The 121 00:05:32,960 --> 00:05:37,159 Speaker 1: equity part of the of the composition isn't as lucrative 122 00:05:37,279 --> 00:05:39,920 Speaker 1: just because of how high valuations are. There's so much 123 00:05:39,960 --> 00:05:43,680 Speaker 1: money chasing so many, so few companies. The exits are 124 00:05:43,680 --> 00:05:47,000 Speaker 1: concerning are you moving in the opposite direction? Are you 125 00:05:47,000 --> 00:05:48,560 Speaker 1: saying that people are kind of missing the boat a 126 00:05:48,560 --> 00:05:50,359 Speaker 1: little bit here, Scott. 127 00:05:49,960 --> 00:05:52,480 Speaker 2: I think what we hear a lot of that and 128 00:05:52,520 --> 00:05:54,960 Speaker 2: it makes us smile. I mean, the business has continued 129 00:05:54,960 --> 00:05:56,800 Speaker 2: to evolve. When Joe and I joined, we had something 130 00:05:56,839 --> 00:06:00,560 Speaker 2: like fifteen investment people. We now have hundreds around the world, 131 00:06:00,640 --> 00:06:03,479 Speaker 2: and we have several different capabilities that we've built to 132 00:06:03,560 --> 00:06:05,880 Speaker 2: supplement that. If you show up as just a financial 133 00:06:05,880 --> 00:06:08,279 Speaker 2: buyer today, you're not going to be able to do 134 00:06:08,320 --> 00:06:10,560 Speaker 2: what we do. We show up, we've got teams that 135 00:06:10,640 --> 00:06:14,839 Speaker 2: are sometimes thirty forty people, operations professionals, public affairs people 136 00:06:14,839 --> 00:06:18,560 Speaker 2: that are focused on sustainability, a geopolitical institute run by 137 00:06:18,600 --> 00:06:20,680 Speaker 2: our partner David Petraeus. I mean, you have to be 138 00:06:20,760 --> 00:06:23,719 Speaker 2: able to think broadly. Henry McVay runs our macro and 139 00:06:23,760 --> 00:06:27,120 Speaker 2: asset allocation effort. We built all these tools so we 140 00:06:27,160 --> 00:06:29,560 Speaker 2: can show up and act more like a strategic buyer. 141 00:06:30,000 --> 00:06:32,719 Speaker 2: So how do we invest in good companies and help 142 00:06:32,760 --> 00:06:35,520 Speaker 2: make them great? That's the business now, and so it's 143 00:06:35,520 --> 00:06:37,240 Speaker 2: a bit of a misnomber. We don't think of ourselves 144 00:06:37,240 --> 00:06:39,680 Speaker 2: as a financial buyer anymore. We have to improve these 145 00:06:39,720 --> 00:06:42,960 Speaker 2: assets materially and critically. Because we're so global and connected, 146 00:06:43,000 --> 00:06:44,520 Speaker 2: we can help them go global. Yeh. 147 00:06:44,760 --> 00:06:47,080 Speaker 3: And our private equity business. While we've been in this 148 00:06:47,120 --> 00:06:50,320 Speaker 3: business for nearly five decades. It is not a mature business. 149 00:06:50,560 --> 00:06:53,159 Speaker 3: We have doubled the size of our global Pe business 150 00:06:53,160 --> 00:06:56,000 Speaker 3: in the last five years ago organically, so we have 151 00:06:56,040 --> 00:06:58,520 Speaker 3: flagship products and private equity in the US Europe. In 152 00:06:58,560 --> 00:07:01,600 Speaker 3: Asia we have a serial of really successful growth funds 153 00:07:01,640 --> 00:07:05,480 Speaker 3: and technology, healthcare, growth and sustainability, and the world's largest 154 00:07:05,480 --> 00:07:08,400 Speaker 3: core private equity building business, which is anchoring our strategic 155 00:07:08,440 --> 00:07:09,240 Speaker 3: holdings segment. 156 00:07:09,360 --> 00:07:11,480 Speaker 1: You mentioned Japan. You talked about a Japan a lot 157 00:07:11,640 --> 00:07:13,760 Speaker 1: you talk about Asia, but then you talk about Japan. 158 00:07:13,920 --> 00:07:16,000 Speaker 1: Why is Japan so key to the expansion? 159 00:07:16,840 --> 00:07:19,200 Speaker 3: Well, Asia for US is really an area we've been 160 00:07:19,240 --> 00:07:21,840 Speaker 3: building and growing for two decades now, since two thousand 161 00:07:21,840 --> 00:07:24,520 Speaker 3: and five, and an area where we have as a firm, 162 00:07:24,960 --> 00:07:28,280 Speaker 3: have a really really dominant position the largest ALTS manager 163 00:07:28,320 --> 00:07:31,400 Speaker 3: in Asia today. So we've grown from eighteen billion of 164 00:07:31,400 --> 00:07:34,160 Speaker 3: AUM to sixty five billion of AUM in the last 165 00:07:34,160 --> 00:07:37,080 Speaker 3: five years in Asia organically. To give you a sense 166 00:07:37,120 --> 00:07:40,400 Speaker 3: of the type of growth, it's the fastest growing part 167 00:07:40,520 --> 00:07:43,360 Speaker 3: of the world today. Sixty percent of global GDP growth 168 00:07:43,360 --> 00:07:45,960 Speaker 3: that is coming out of Asia. The most exciting consumer 169 00:07:46,000 --> 00:07:48,520 Speaker 3: trends are coming out of Asia, So it's a natural 170 00:07:48,520 --> 00:07:50,880 Speaker 3: place for US to be focused as private equity, as 171 00:07:50,920 --> 00:07:54,760 Speaker 3: infrastructure investors, as real estate investors. In Japan in particular 172 00:07:54,880 --> 00:07:56,920 Speaker 3: is exciting. It's around forty percent of our business in 173 00:07:56,920 --> 00:07:59,920 Speaker 3: Asia as Japan just given its two decades a deflation, 174 00:08:00,200 --> 00:08:03,880 Speaker 3: it's coming out of this long economic morass, and the 175 00:08:04,600 --> 00:08:07,440 Speaker 3: implications for Japan are profound in terms of where savings 176 00:08:07,480 --> 00:08:11,000 Speaker 3: are going, in terms of corporate governance reform, the opportunity 177 00:08:11,000 --> 00:08:13,240 Speaker 3: for US to really buy great non core businesses from 178 00:08:13,280 --> 00:08:16,520 Speaker 3: big conglomerates. So it's a very target rich opportunity for US. 179 00:08:16,680 --> 00:08:18,920 Speaker 2: Yeah, and it's not just inn our hasset management business. 180 00:08:18,920 --> 00:08:21,080 Speaker 2: If you look at the life insurance and annuity market 181 00:08:21,360 --> 00:08:23,600 Speaker 2: in the US, it's a four trillion dollar market. In 182 00:08:23,680 --> 00:08:27,200 Speaker 2: Japan it's three trillion. So it's a massive market across 183 00:08:27,240 --> 00:08:29,040 Speaker 2: a lot of what we do, and so we see 184 00:08:29,080 --> 00:08:31,640 Speaker 2: opportunities to expand in multiple parts of KKRE in Japan. 185 00:08:31,840 --> 00:08:34,240 Speaker 1: A lot of people are focused on Japan right now, 186 00:08:34,679 --> 00:08:36,920 Speaker 1: KKR has a more dominant position. There's also a lot 187 00:08:36,920 --> 00:08:38,600 Speaker 1: of focus on China and what to do with that, 188 00:08:38,880 --> 00:08:40,480 Speaker 1: and a lot of people are saying we're getting out. 189 00:08:41,280 --> 00:08:44,720 Speaker 1: You do have a significant presence in China. How do 190 00:08:44,760 --> 00:08:48,839 Speaker 1: you think about how that lives given the geopolitics of 191 00:08:48,880 --> 00:08:50,400 Speaker 1: the moment, which are highly uncertain. 192 00:08:51,040 --> 00:08:53,000 Speaker 3: Well, listen. Our approach to China, I think has been 193 00:08:53,040 --> 00:08:55,120 Speaker 3: consistent since we started our business there. We have three 194 00:08:55,160 --> 00:08:58,079 Speaker 3: offices Beijing, Shanghai, in Hong Kong, so we are committed 195 00:08:58,080 --> 00:09:00,679 Speaker 3: to that market. But the complex to be investing in 196 00:09:00,760 --> 00:09:04,000 Speaker 3: China is obviously much higher today. Our focus over the 197 00:09:04,080 --> 00:09:07,000 Speaker 3: last two decades has really been focused on the consumer 198 00:09:07,080 --> 00:09:11,000 Speaker 3: segment of China, the growing middle class, the urbanization trends 199 00:09:11,040 --> 00:09:13,480 Speaker 3: in that marketplace, and that's the sweet spot of the 200 00:09:13,520 --> 00:09:18,559 Speaker 3: opportunity for us. So we've invested in retail companies, branded 201 00:09:18,559 --> 00:09:22,800 Speaker 3: consumer goods, healthcare. We are not leaning into these high 202 00:09:22,800 --> 00:09:26,960 Speaker 3: growth areas that are geopolitically sensitive, like semiconductors, like AI, 203 00:09:27,520 --> 00:09:30,120 Speaker 3: So we've avoided a lot of the areas that are 204 00:09:30,160 --> 00:09:32,800 Speaker 3: currently creating a lot of turmoil in the market, and 205 00:09:32,840 --> 00:09:36,680 Speaker 3: we're sticking to our knitting consumer services at a time. 206 00:09:36,559 --> 00:09:38,960 Speaker 1: When there's a whole lot of expansion. Before I let 207 00:09:39,040 --> 00:09:41,680 Speaker 1: you go, I'm just curious about the fact that you 208 00:09:41,679 --> 00:09:44,360 Speaker 1: guys have worked together for twenty eight years. I believe 209 00:09:45,240 --> 00:09:47,839 Speaker 1: I am just wondering what you guys do every day 210 00:09:47,880 --> 00:09:50,640 Speaker 1: when you come in. Do you sort of have a routine? 211 00:09:50,840 --> 00:09:52,920 Speaker 1: Do you check in with each other? Do we ask 212 00:09:52,960 --> 00:09:55,000 Speaker 1: about each other's families? If it has that work. Given 213 00:09:55,040 --> 00:09:56,839 Speaker 1: the fact that you guys work so closely and have 214 00:09:56,960 --> 00:09:59,800 Speaker 1: for so long, I don't think we have a routine 215 00:10:00,080 --> 00:10:01,880 Speaker 1: to say. I think we've just been such big parts 216 00:10:01,880 --> 00:10:03,760 Speaker 1: of each other's lives. Think of it as like a 217 00:10:03,760 --> 00:10:06,280 Speaker 1: family member, how you interact with them. It's kind of 218 00:10:06,280 --> 00:10:08,839 Speaker 1: a constant flow back and forth. But there's not a 219 00:10:08,920 --> 00:10:09,720 Speaker 1: routine per se. 220 00:10:10,240 --> 00:10:13,520 Speaker 2: But it's just we've been together more than half of 221 00:10:13,520 --> 00:10:17,360 Speaker 2: our lives working together like this, so it's incredibly natural. 222 00:10:17,600 --> 00:10:20,920 Speaker 2: We spend more time together than most families do, you know, 223 00:10:21,040 --> 00:10:23,840 Speaker 2: so it's super easy. So we don't give a lot 224 00:10:23,880 --> 00:10:25,160 Speaker 2: of thought to it. It's just how we operate. 225 00:10:25,280 --> 00:10:26,839 Speaker 1: Yeah, I've been trying to get you guys talk about it, 226 00:10:26,880 --> 00:10:28,400 Speaker 1: and you guys just like it's just sort of the way. 227 00:10:28,400 --> 00:10:29,200 Speaker 1: It is just what we do. 228 00:10:29,480 --> 00:10:31,640 Speaker 3: Well. Our offices are right next door to rather, so 229 00:10:31,679 --> 00:10:33,839 Speaker 3: we just pop in and see each other maybe ten 230 00:10:33,880 --> 00:10:34,800 Speaker 3: times twenty times a day. 231 00:10:34,920 --> 00:10:37,920 Speaker 1: Yes, imagine your wives there is again exactly right. Joe Bay, 232 00:10:37,960 --> 00:10:39,800 Speaker 1: Scott Donald thank you so much for being with us. 233 00:10:39,840 --> 00:10:42,319 Speaker 1: Thank you here in the KKUR headquarters.