1 00:00:02,720 --> 00:00:08,560 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. We've got to look 2 00:00:08,560 --> 00:00:11,200 Speaker 1: at alternative asset managements, which is really what so many 3 00:00:11,200 --> 00:00:14,640 Speaker 1: different investment managers have been talking about. Is the alternative 4 00:00:14,680 --> 00:00:17,639 Speaker 1: to this whipsaw headspinning world that we've been talking about 5 00:00:17,680 --> 00:00:21,319 Speaker 1: all morning. Areas Management, a global alternative investment manager with 6 00:00:21,400 --> 00:00:24,239 Speaker 1: over five hundred and seventy billion dollars in assets on 7 00:00:24,280 --> 00:00:28,200 Speaker 1: our management reporting second quarter earnings today, highlighting solid financing 8 00:00:28,200 --> 00:00:31,800 Speaker 1: growth momentum and seeing the market come back to life. 9 00:00:32,120 --> 00:00:34,440 Speaker 1: Joining us now, I'm so pleased to say, is Ares 10 00:00:34,479 --> 00:00:37,320 Speaker 1: Management CEO Michael Aragetti, thank you so much to be 11 00:00:37,400 --> 00:00:39,159 Speaker 1: here with us. For being here with us, I want 12 00:00:39,200 --> 00:00:41,800 Speaker 1: to start with this idea that you did a really 13 00:00:41,800 --> 00:00:45,080 Speaker 1: solid performance despite the fact that LBO volumes were materially 14 00:00:45,080 --> 00:00:47,440 Speaker 1: lower than last year, and there's this expectation that deals 15 00:00:47,479 --> 00:00:49,920 Speaker 1: were going to pick up in the second half because. 16 00:00:49,600 --> 00:00:50,600 Speaker 2: Of trade certainty. 17 00:00:50,720 --> 00:00:54,080 Speaker 1: Well have we gotten that certainty to really kickstart that 18 00:00:54,200 --> 00:00:55,320 Speaker 1: type of corporate activity. 19 00:00:55,400 --> 00:00:59,520 Speaker 3: There's a misconception that alternative asset management is just driven 20 00:00:59,600 --> 00:01:02,560 Speaker 3: solely by M and A and private equity volumes. But 21 00:01:02,600 --> 00:01:05,480 Speaker 3: when you really zoom out, you say, what is going 22 00:01:05,520 --> 00:01:09,880 Speaker 3: on in the private markets. We are active in digital infrastructure, 23 00:01:10,080 --> 00:01:15,039 Speaker 3: real estate, private credit, asset based finance, and really a 24 00:01:15,080 --> 00:01:18,040 Speaker 3: broad cross section of the global economy. So if you 25 00:01:18,080 --> 00:01:21,120 Speaker 3: look at our quarter, we put twenty seven billion dollars 26 00:01:21,200 --> 00:01:21,679 Speaker 3: to work this. 27 00:01:21,760 --> 00:01:25,480 Speaker 2: Quarter in a very subdued deal environment. 28 00:01:25,840 --> 00:01:29,160 Speaker 3: What's happening now in the private markets is there's a 29 00:01:29,360 --> 00:01:33,760 Speaker 3: huge need for liquidity solutions and refinancing. If you look 30 00:01:33,760 --> 00:01:37,080 Speaker 3: at private equities one example, there's about three trillion dollars 31 00:01:37,600 --> 00:01:40,280 Speaker 3: of private equity that's been invested that needs to get 32 00:01:40,319 --> 00:01:43,880 Speaker 3: returned to invest to investors, and about a trillion dollars 33 00:01:44,040 --> 00:01:46,960 Speaker 3: of new capital that needs to get put to work. 34 00:01:46,959 --> 00:01:50,600 Speaker 2: So there's this huge imbalance. And so one of the things. 35 00:01:50,320 --> 00:01:53,040 Speaker 3: That private market providers like us are doing now is 36 00:01:53,080 --> 00:01:57,200 Speaker 3: really coming in with creativity and innovative solutions to try 37 00:01:57,240 --> 00:02:00,720 Speaker 3: to buy down that install base of private equity. So 38 00:02:00,720 --> 00:02:03,600 Speaker 3: we're not really reliant on deal volume. Obviously, we love 39 00:02:03,600 --> 00:02:06,600 Speaker 3: it when the markets are ripping, but whether or not 40 00:02:06,880 --> 00:02:07,720 Speaker 3: it's still pretty good. 41 00:02:08,120 --> 00:02:10,120 Speaker 4: Does that mean that the lesson you learn from this 42 00:02:10,200 --> 00:02:12,800 Speaker 4: period of when things are backlogged and again just given 43 00:02:12,880 --> 00:02:15,920 Speaker 4: the breath of the success in your earnings, that you 44 00:02:16,000 --> 00:02:18,400 Speaker 4: need to de emphasize some parts of the business that 45 00:02:18,520 --> 00:02:21,120 Speaker 4: are more sensitive to M and A, that have more 46 00:02:21,120 --> 00:02:22,880 Speaker 4: of a cyclical type of attribute to them. 47 00:02:23,240 --> 00:02:25,359 Speaker 2: I think I don't know if we want to de emphasize. 48 00:02:25,360 --> 00:02:27,520 Speaker 3: I think part of what we have tried to build 49 00:02:27,880 --> 00:02:31,480 Speaker 3: is a business that provides solutions through cycles to our 50 00:02:32,000 --> 00:02:36,720 Speaker 3: investee clients, whether they're private equity sponsors or large corporates, 51 00:02:36,960 --> 00:02:38,720 Speaker 3: and our investor clients. And the only way that we 52 00:02:38,720 --> 00:02:42,840 Speaker 3: could do that is to diversify the products set geographically, 53 00:02:42,919 --> 00:02:46,000 Speaker 3: where we invest in, the capital structure, what returns, what 54 00:02:46,040 --> 00:02:48,760 Speaker 3: the structures are. So ideally what you want to have 55 00:02:48,919 --> 00:02:51,640 Speaker 3: is a business which we're demonstrating that can perform regardless 56 00:02:51,639 --> 00:02:52,520 Speaker 3: of the market environment. 57 00:02:52,720 --> 00:02:55,320 Speaker 4: Well, part of the diversification was also things are uncertain 58 00:02:55,400 --> 00:02:58,480 Speaker 4: in the US. To Lisa's point, is that period over 59 00:02:58,800 --> 00:03:00,960 Speaker 4: is certainty restored? Is it time to hit the go 60 00:03:01,040 --> 00:03:02,080 Speaker 4: button again on deals? 61 00:03:02,160 --> 00:03:02,360 Speaker 2: You know? 62 00:03:02,520 --> 00:03:04,799 Speaker 3: It felt it's always great when I come on the 63 00:03:04,800 --> 00:03:06,520 Speaker 3: show because you go to bed and you're like, oh, 64 00:03:06,560 --> 00:03:08,679 Speaker 3: we're going to have this really nice, calm conversation about 65 00:03:08,760 --> 00:03:11,120 Speaker 3: how certain things are and how deal lines are going 66 00:03:11,200 --> 00:03:12,800 Speaker 3: to pick up, and then we get a new headline 67 00:03:12,840 --> 00:03:14,920 Speaker 3: and as you said Lisa. I think you have to 68 00:03:14,919 --> 00:03:17,720 Speaker 3: try to find this signal through the noise, and when 69 00:03:17,720 --> 00:03:20,480 Speaker 3: we look at our portfolios around the globe, fundamental performance 70 00:03:20,520 --> 00:03:24,200 Speaker 3: is still really strong. There's a lot of liquidity in 71 00:03:24,240 --> 00:03:26,960 Speaker 3: the markets. There is a lot of pent up demand 72 00:03:27,400 --> 00:03:30,800 Speaker 3: to transact. We saw that in June. I think once 73 00:03:30,840 --> 00:03:33,160 Speaker 3: we got the tax bill done and we saw some 74 00:03:33,960 --> 00:03:37,680 Speaker 3: certainty on tariffs, the market really picked up. So I 75 00:03:37,680 --> 00:03:40,280 Speaker 3: don't want to say that one headline on one day 76 00:03:40,520 --> 00:03:43,840 Speaker 3: is going to knock us off course, but yeah, I 77 00:03:43,840 --> 00:03:46,240 Speaker 3: think there's a real pent up demand for M and 78 00:03:46,280 --> 00:03:49,080 Speaker 3: a corporate m and as picking up. Private equity pipelines 79 00:03:49,080 --> 00:03:49,720 Speaker 3: are picking up. 80 00:03:49,760 --> 00:03:51,160 Speaker 2: So I'm still optimistic. 81 00:03:51,320 --> 00:03:53,800 Speaker 4: What does that optimism look like throughout the year. What 82 00:03:53,920 --> 00:03:57,080 Speaker 4: is your expectation when we get something that does look 83 00:03:57,240 --> 00:03:59,680 Speaker 4: back to normal, that does see this pipeline that's being 84 00:03:59,720 --> 00:04:01,440 Speaker 4: built up really be put into force. 85 00:04:02,520 --> 00:04:05,360 Speaker 3: I think in the on the private market side, you 86 00:04:05,400 --> 00:04:07,680 Speaker 3: have to appreciate that the structure of the capital actually 87 00:04:07,680 --> 00:04:10,760 Speaker 3: has a timeline on it, and so one of the 88 00:04:10,800 --> 00:04:13,240 Speaker 3: things that people need to understand is just the weight 89 00:04:13,400 --> 00:04:17,839 Speaker 3: of money in the private markets requires transaction activity, and 90 00:04:17,880 --> 00:04:20,279 Speaker 3: so that three point two trillion dollars that I mentioned. 91 00:04:20,279 --> 00:04:22,520 Speaker 3: You know, half of it is over five years old, 92 00:04:23,120 --> 00:04:26,200 Speaker 3: and there's a desire to get that money back to investors, 93 00:04:26,200 --> 00:04:29,360 Speaker 3: to get the gears moving again. And so even if 94 00:04:29,360 --> 00:04:30,839 Speaker 3: you don't have M and A, people are going to 95 00:04:30,839 --> 00:04:33,160 Speaker 3: be looking for ways in the secondary market, for example, 96 00:04:33,520 --> 00:04:35,719 Speaker 3: to do transactions. So I think you're going to continue 97 00:04:35,720 --> 00:04:37,719 Speaker 3: to see, you know, the weight of the money and 98 00:04:37,720 --> 00:04:41,599 Speaker 3: the time constraint push companies into the market, and I 99 00:04:41,600 --> 00:04:45,200 Speaker 3: think on the corporate side, you know, there's there's a 100 00:04:45,279 --> 00:04:46,320 Speaker 3: desire to grow too. 101 00:04:47,120 --> 00:04:47,880 Speaker 2: We did see. 102 00:04:47,680 --> 00:04:49,640 Speaker 3: Corporate M and A pick up dramatically even in the 103 00:04:49,680 --> 00:04:52,280 Speaker 3: last week. I'm sure if you talk to the cell 104 00:04:52,360 --> 00:04:56,000 Speaker 3: side bankers, they'll tell you the level of pipeline pipeline 105 00:04:56,040 --> 00:05:00,000 Speaker 3: activities picking up dramatically. So you know, I can't quantify 106 00:04:59,880 --> 00:05:02,000 Speaker 3: what that looks like, but if June was an indicator 107 00:05:02,440 --> 00:05:04,560 Speaker 3: and we get some stability here, I think third and 108 00:05:04,600 --> 00:05:06,000 Speaker 3: fourth quarter could be pretty robust. 109 00:05:06,120 --> 00:05:09,640 Speaker 1: You mentioned the tax bills behind us, tariff uncertainty potentially 110 00:05:09,680 --> 00:05:11,320 Speaker 1: some of it behind us, and you see a lot 111 00:05:11,360 --> 00:05:13,760 Speaker 1: of signal less noise coming from that, and then there's 112 00:05:13,800 --> 00:05:15,000 Speaker 1: this idea of deregulation. 113 00:05:15,160 --> 00:05:17,719 Speaker 2: Is that's what pushing potentially some of this M and A. 114 00:05:17,920 --> 00:05:20,600 Speaker 3: I think there's absolutely a tone that's funny. You saw 115 00:05:21,040 --> 00:05:25,599 Speaker 3: pre Liberation Day January February, just the exuberance with the 116 00:05:25,640 --> 00:05:29,760 Speaker 3: new administration pro business deregulation, and you saw people come 117 00:05:29,760 --> 00:05:32,520 Speaker 3: off the sidelines dramatically, and then we took a pause. 118 00:05:33,000 --> 00:05:35,400 Speaker 3: Now that we've digested, you're beginning to feel that again. 119 00:05:35,440 --> 00:05:37,320 Speaker 3: So I don't want to say that the animal spirits 120 00:05:37,320 --> 00:05:41,440 Speaker 3: have been unleashed, but the confidence that the administration wants 121 00:05:41,800 --> 00:05:45,200 Speaker 3: to push transaction volume is pro business and focused on drag, 122 00:05:45,240 --> 00:05:47,400 Speaker 3: I think is going to be a catalyst for sure. 123 00:05:47,600 --> 00:05:50,680 Speaker 1: When you talk, I hear an economy flush with capital. 124 00:05:50,880 --> 00:05:53,880 Speaker 1: I hear an economy that has plenty of access to financing. 125 00:05:54,320 --> 00:05:57,680 Speaker 1: I hear that financing is not tight in any capacity. 126 00:05:57,920 --> 00:06:01,080 Speaker 1: We're talking about titus spreads in the global credit market 127 00:06:01,120 --> 00:06:03,479 Speaker 1: in public markets going back to two thousand and seven. 128 00:06:04,160 --> 00:06:06,520 Speaker 1: Do you think it is appropriate to start talking about 129 00:06:06,560 --> 00:06:09,200 Speaker 1: more accommodation from the FED or do you think that 130 00:06:09,200 --> 00:06:12,760 Speaker 1: that's problematic given what you're actually seeing on the ground 131 00:06:12,839 --> 00:06:14,560 Speaker 1: with some of the companies that you're investing in. 132 00:06:15,920 --> 00:06:18,000 Speaker 3: Everything that we're seeing says that the economy is on 133 00:06:18,279 --> 00:06:19,040 Speaker 3: stable footing. 134 00:06:19,120 --> 00:06:20,480 Speaker 2: We're seeing continued growth. 135 00:06:20,520 --> 00:06:23,680 Speaker 3: As an example, we reported earnings in our publicly traded 136 00:06:23,720 --> 00:06:29,000 Speaker 3: BBC thirteen percent year over year ebitdog growth and those companies, 137 00:06:29,040 --> 00:06:32,599 Speaker 3: while LeVert, have actually digested the higher cost of capital 138 00:06:32,680 --> 00:06:35,040 Speaker 3: pretty well. So to your point, we're living in a 139 00:06:35,080 --> 00:06:39,560 Speaker 3: higher rate environment. The plumbing is working, nothing's broken. Almost 140 00:06:39,600 --> 00:06:44,320 Speaker 3: every liquid market is near all time tights, so it 141 00:06:44,360 --> 00:06:48,159 Speaker 3: doesn't feel necessary to take a more accommodative stance. I 142 00:06:48,200 --> 00:06:51,680 Speaker 3: think tariffs will be inflationary. I know that there's an 143 00:06:51,760 --> 00:06:54,080 Speaker 3: argument that some people put forward that it won't be, 144 00:06:54,160 --> 00:06:56,240 Speaker 3: but to the extent that they will be, and the 145 00:06:56,279 --> 00:06:58,960 Speaker 3: economy continues to grow, that would argue for rates to 146 00:06:59,000 --> 00:07:01,800 Speaker 3: stay higher for longer, or at least to see a 147 00:07:02,320 --> 00:07:03,280 Speaker 3: slower trend down. 148 00:07:03,600 --> 00:07:06,240 Speaker 4: So, Mike, in this quarter you had really robust fundraising 149 00:07:06,360 --> 00:07:08,159 Speaker 4: coming from a variety of sources, but part of that 150 00:07:08,320 --> 00:07:10,920 Speaker 4: was wealth too. We're in this environment right now where 151 00:07:10,960 --> 00:07:13,640 Speaker 4: there's an expectation that the Trump administration is going to 152 00:07:13,640 --> 00:07:16,480 Speaker 4: open up four A one ks to some private assets. 153 00:07:16,520 --> 00:07:19,560 Speaker 4: You've seen some of your peers, KKR, Blackstone, Blue Owl 154 00:07:19,760 --> 00:07:22,480 Speaker 4: already set up partnerships with four oh one K providers 155 00:07:22,880 --> 00:07:24,400 Speaker 4: is that something you're looking at as well. 156 00:07:24,520 --> 00:07:27,120 Speaker 3: Yeah, we're probably the number two or number three player 157 00:07:27,200 --> 00:07:29,840 Speaker 3: in the wealth channel right now. We raised about six 158 00:07:29,840 --> 00:07:33,760 Speaker 3: point three billion dollars in wealth product alone this quarter. 159 00:07:35,640 --> 00:07:39,840 Speaker 3: Close to half of our AM is in permanent capital 160 00:07:39,920 --> 00:07:43,840 Speaker 3: vehicles right now. The four to one K conversation is 161 00:07:43,840 --> 00:07:48,840 Speaker 3: an interesting one. I am a huge believer in increasing 162 00:07:48,920 --> 00:07:53,320 Speaker 3: access to alternatives to the individual investor, whether that's directly 163 00:07:53,640 --> 00:07:57,000 Speaker 3: or in the retirement market. There's no reason that an 164 00:07:57,040 --> 00:08:01,040 Speaker 3: individual shouldn't have the same access to alternative assets that 165 00:08:01,520 --> 00:08:05,280 Speaker 3: institutional investors do. The four toh one K question, I 166 00:08:05,320 --> 00:08:08,760 Speaker 3: think is reason for enthusiasm if you look at the 167 00:08:08,800 --> 00:08:11,320 Speaker 3: size of that market and the solutions that are already there. 168 00:08:11,720 --> 00:08:15,040 Speaker 3: That market for forever has really been fee first, and 169 00:08:15,080 --> 00:08:18,320 Speaker 3: when we talk about fiduciary duty to the retail investor 170 00:08:18,480 --> 00:08:21,640 Speaker 3: in defined contribution, it's what's the cheapest solution that I 171 00:08:21,640 --> 00:08:24,200 Speaker 3: can get, And I don't think that that's the way 172 00:08:24,200 --> 00:08:25,120 Speaker 3: that you want to be. 173 00:08:25,520 --> 00:08:27,760 Speaker 2: Shopping for investment solutions. 174 00:08:28,560 --> 00:08:33,040 Speaker 3: It is a complicated set of circumstances in the sense 175 00:08:33,080 --> 00:08:36,000 Speaker 3: that you still have to get through the executive order, 176 00:08:36,040 --> 00:08:38,400 Speaker 3: which we haven't seen, although we expect to come then 177 00:08:38,440 --> 00:08:40,600 Speaker 3: we need to see rulemaking. There's going to be a 178 00:08:40,640 --> 00:08:45,400 Speaker 3: whole flurry of class action lawsuits. I'm sure we're going 179 00:08:45,440 --> 00:08:48,240 Speaker 3: to have to get plan sponsors comfortable with the idea, 180 00:08:48,280 --> 00:08:50,160 Speaker 3: and then we're going to have to demonstrate that we 181 00:08:50,200 --> 00:08:55,280 Speaker 3: can deliver excess return net of new fee agreements to 182 00:08:55,400 --> 00:08:57,600 Speaker 3: the investor that get them excited. 183 00:08:57,960 --> 00:08:59,439 Speaker 2: So we're enthusiastic. 184 00:08:59,520 --> 00:09:01,920 Speaker 3: We have product that's already geared and ready to go 185 00:09:02,000 --> 00:09:05,800 Speaker 3: into that market. We have had significant dialogue with potential 186 00:09:05,840 --> 00:09:08,920 Speaker 3: partners in that market. So if and when that time comes, 187 00:09:08,960 --> 00:09:11,440 Speaker 3: I think you'll probably see us jump in, just given 188 00:09:11,480 --> 00:09:13,559 Speaker 3: our leadership position there. But we're being a little bit 189 00:09:13,600 --> 00:09:16,160 Speaker 3: more tempered in our enthusiasm. 190 00:09:16,200 --> 00:09:16,400 Speaker 2: Yah. 191 00:09:16,400 --> 00:09:18,320 Speaker 4: It's interesting to hear some of that caution because other 192 00:09:18,360 --> 00:09:20,440 Speaker 4: people have decided that this is off to the races 193 00:09:20,480 --> 00:09:22,360 Speaker 4: for getting that involved in the four oh one K 194 00:09:22,760 --> 00:09:25,280 Speaker 4: And part of the criticism that comes up sometimes is 195 00:09:25,280 --> 00:09:27,360 Speaker 4: they're going to get players that dump their worst assets 196 00:09:27,360 --> 00:09:30,240 Speaker 4: in there, and then that brings with it more regulation 197 00:09:30,360 --> 00:09:31,760 Speaker 4: and hurts the industry as a whole. 198 00:09:32,120 --> 00:09:34,600 Speaker 2: Is that a real concern. I've heard people say that 199 00:09:34,400 --> 00:09:35,920 Speaker 2: that is not the concern. 200 00:09:36,720 --> 00:09:40,360 Speaker 3: I think one of the significant transformations we've seen in 201 00:09:40,800 --> 00:09:44,679 Speaker 3: wealth from prior versions is you are getting the largest 202 00:09:45,120 --> 00:09:47,800 Speaker 3: brand name managers around the world that are coming into 203 00:09:47,840 --> 00:09:51,760 Speaker 3: this market with institutional quality product. 204 00:09:52,800 --> 00:09:55,360 Speaker 2: We're not going into these markets because we have to. 205 00:09:55,880 --> 00:09:58,800 Speaker 3: We're going into these markets because we want we want to, 206 00:09:58,840 --> 00:10:02,640 Speaker 3: and so there's really no motivation or incentive to do that. 207 00:10:02,760 --> 00:10:06,040 Speaker 3: So I don't really understand that. But one of the 208 00:10:06,080 --> 00:10:08,600 Speaker 3: things I always try to say to our people and 209 00:10:08,640 --> 00:10:11,520 Speaker 3: even to our investors in the research community, when the 210 00:10:11,559 --> 00:10:14,240 Speaker 3: four oh one K market opens, similar to just the 211 00:10:14,240 --> 00:10:17,840 Speaker 3: wealth market opening, it doesn't have a transformational. 212 00:10:17,000 --> 00:10:19,160 Speaker 2: Impact on what we can do as a manager. 213 00:10:20,080 --> 00:10:22,840 Speaker 3: I'm just now taking assets that otherwise would find their 214 00:10:22,880 --> 00:10:26,680 Speaker 3: way into an institutional fund and putting them into somebody's 215 00:10:26,720 --> 00:10:30,920 Speaker 3: four oh one K. That's exciting because it now increases accessibility, 216 00:10:30,960 --> 00:10:34,600 Speaker 3: it opens up new fundraising markets, it diversifies our business, 217 00:10:34,640 --> 00:10:36,960 Speaker 3: but it doesn't give me a new product to then 218 00:10:37,080 --> 00:10:41,720 Speaker 3: go into the market and deliver value to my customer. 219 00:10:42,200 --> 00:10:45,319 Speaker 3: So we're excited about it, but you know, until we 220 00:10:45,360 --> 00:10:47,520 Speaker 3: get to a world where we're feeling like we're constrained 221 00:10:47,520 --> 00:10:51,120 Speaker 3: in our ability to raise capital and other channels, I 222 00:10:51,240 --> 00:10:54,560 Speaker 3: just you know, again, I have temperate enthusiasm. If you 223 00:10:54,559 --> 00:10:57,520 Speaker 3: look at our fundraising this quarter, we had our second 224 00:10:57,600 --> 00:11:01,000 Speaker 3: largest fundraising quarter on record. We raised about twenty six 225 00:11:01,000 --> 00:11:05,120 Speaker 3: billion dollars of capital this quarter. The fundraising has not 226 00:11:05,280 --> 00:11:07,680 Speaker 3: been the challenge I think for most all managers. Really, 227 00:11:07,720 --> 00:11:10,720 Speaker 3: can I find great quality things to invest in? And 228 00:11:10,800 --> 00:11:12,680 Speaker 3: so the idea that we're going to continue to bring 229 00:11:12,679 --> 00:11:16,000 Speaker 3: more capital, and you know, it has as much possible 230 00:11:16,080 --> 00:11:17,240 Speaker 3: risk as it does opportunity. 231 00:11:17,440 --> 00:11:20,880 Speaker 1: Michael Aauergetti Areas Management, Chief executive Officer. You've reported earnings, 232 00:11:20,920 --> 00:11:25,760 Speaker 1: you go on vacation now Monday. Okay, well a lot 233 00:11:25,800 --> 00:11:27,360 Speaker 1: of people are hoping to do the same. Thank you 234 00:11:27,360 --> 00:11:28,959 Speaker 1: so much for being with us this morning.