WEBVTT - Steve Mnuchin Talks Semiannual Reporting, AI and Fed Rates 0:00:02.520 --> 0:00:08.119 Bloomberg Audio Studios, podcasts, radio news. Do you want to 0:00:08.119 --> 0:00:11.240 welcome everybody who is watching too on Bloomberg Television Carol Master, 0:00:11.320 --> 0:00:14.200 Joe Matthew live here at the Milkin Institute Global Conference 0:00:14.240 --> 0:00:15.160 in Beverly Hill with. 0:00:15.200 --> 0:00:17.480 A very special guest that we want to welcome here 0:00:17.520 --> 0:00:19.640 to our set at Milk And it's the former Treasury 0:00:19.680 --> 0:00:21.880 Secretary Steven Mnuch And thanks for being with us, sir, 0:00:22.040 --> 0:00:23.600 Great to be here with you. We've got a lot 0:00:23.600 --> 0:00:25.360 we'd love to talk to you about. But we've got 0:00:25.360 --> 0:00:27.440 breaking news that just went right on the terminal right 0:00:27.480 --> 0:00:30.360 before we began the broadcast, and that is a proposal 0:00:30.360 --> 0:00:33.400 by the SEC to go to semi annual reporting, or 0:00:33.400 --> 0:00:35.639 at least allow it. And you can look at two 0:00:35.640 --> 0:00:37.400 different sides of this coin. Do you think this is 0:00:37.560 --> 0:00:39.560 good for the markets? Is it good for investors? 0:00:39.920 --> 0:00:41.600 Well? I support the proposal. 0:00:41.680 --> 0:00:44.279 I think there's too many companies that are too focused 0:00:44.280 --> 0:00:48.880 on quarterly earnings and whether they miss or beat expectations, 0:00:48.960 --> 0:00:52.520 analysts expectations. So I think the idea of giving companies 0:00:52.560 --> 0:00:55.480 the option of whether they want to do quarterly or 0:00:55.520 --> 0:00:57.639 semi annual is a good thing. I mean, I can 0:00:57.680 --> 0:01:01.520 imagine There are a number of company, particularly companies that 0:01:01.560 --> 0:01:04.400 are growing, that are still going to be interested in 0:01:04.440 --> 0:01:08.000 showing quarterly earnings and showing their progress through the air. 0:01:08.040 --> 0:01:10.240 But I think giving companies the option is a very 0:01:10.240 --> 0:01:10.759 good idea. 0:01:10.840 --> 0:01:13.119 Does it do anything to kind of the global perspective 0:01:13.160 --> 0:01:15.680 from investors about how US market is kind of the 0:01:15.680 --> 0:01:18.959 gold standards, so transparent because of those quarterly reports and 0:01:19.040 --> 0:01:20.880 so much more and some of the rules and regulations 0:01:20.880 --> 0:01:23.160 that really govern our companies here. 0:01:23.240 --> 0:01:25.560 Well, there's no question the US is the gold standard 0:01:25.560 --> 0:01:28.240 for companies to be listed. It's the most liquid market 0:01:28.280 --> 0:01:31.040 in the world, it's the largest in the largest economy. 0:01:31.480 --> 0:01:34.160 And I think giving companies the options, I think will 0:01:34.200 --> 0:01:35.760 continue to have transparency. 0:01:35.840 --> 0:01:37.160 Do you think most of them will still stick to 0:01:37.240 --> 0:01:38.399 quarterly reporting, Well. 0:01:38.240 --> 0:01:41.199 My guess is some will switch and some won't. 0:01:41.440 --> 0:01:44.119 I mean, as I said, if you're a growth company, 0:01:44.560 --> 0:01:46.800 you have every reason to want to show the growth 0:01:47.080 --> 0:01:50.320 every quarter. If you're a company that's in turnaround and 0:01:50.400 --> 0:01:52.400 things are improving, you're going to want to show it. 0:01:52.480 --> 0:01:56.400 On the other hand, there are plenty of companies where 0:01:56.440 --> 0:01:59.440 they're focused on a long, long term transition. 0:02:00.240 --> 0:02:02.040 I think giving them an option is a good thing. 0:02:02.000 --> 0:02:04.680 To pretty quickly see two classes of companies when it 0:02:04.720 --> 0:02:10.639 comes to reporting season. Yeahs are going to feel really different, Carol. 0:02:11.320 --> 0:02:13.040 But so I'd love to hear from you on this 0:02:13.160 --> 0:02:16.320 market as a whole, in the psychology that's confounding a 0:02:16.360 --> 0:02:19.000 lot of us. As we mentioned already, it's rally time, 0:02:19.200 --> 0:02:22.560 mister Secretary. Oil prices are lower again today after the 0:02:23.000 --> 0:02:26.400 Defense Secretary suggested that this effort in the Strait would 0:02:26.400 --> 0:02:28.560 not go on forever. That's all you need and we're 0:02:28.600 --> 0:02:31.040 back to buying on Wall Street. Is this getting a 0:02:31.040 --> 0:02:33.600 little topy or can you rationalize what you're seeing? 0:02:34.080 --> 0:02:36.000 I think there's two things that are going on in 0:02:36.040 --> 0:02:40.520 the market. One is that you have very large capex 0:02:40.560 --> 0:02:46.800 spending and very large growth around AI, around data centers, 0:02:46.960 --> 0:02:49.639 around the cloud, and that to me, we are still 0:02:49.639 --> 0:02:52.960 in the early innings of this transition. There's no question 0:02:53.000 --> 0:02:56.120 that AI is going to impact almost every business that 0:02:56.200 --> 0:02:59.200 we touch, and that's something that's going to be a 0:02:59.320 --> 0:03:01.840 very positive, but there's also going to be job issues 0:03:01.840 --> 0:03:04.680 in job implications on that. The second thing we have 0:03:04.800 --> 0:03:07.680 going on is the US is the destination of where 0:03:07.720 --> 0:03:13.240 people want to invest. You know, Europe's economy is underperforming. 0:03:13.360 --> 0:03:15.520 People are concerned about what's going on in Europe. So 0:03:15.760 --> 0:03:19.080 the flow of funds into the US dollar, in particular 0:03:19.280 --> 0:03:22.320 into US equities is still very strong. As I like 0:03:22.360 --> 0:03:24.760 to say, if you can take a ten year horizon, 0:03:24.880 --> 0:03:27.760 there's no better place than buying s and P five hundreds. 0:03:28.080 --> 0:03:30.239 You know, if you're day trading. 0:03:30.040 --> 0:03:31.959 That's a little bit of a different issue trying to 0:03:32.000 --> 0:03:33.280 predict the short term market. 0:03:33.639 --> 0:03:35.160 How do we figure out whether or not the spend 0:03:35.400 --> 0:03:37.680 in terms of data centers is just too much that 0:03:37.720 --> 0:03:41.040 there isn't some overspend ultimately. You know, we were talking 0:03:41.040 --> 0:03:43.120 on a panel of real estate panel with folks who 0:03:43.160 --> 0:03:46.320 are all investing in data centers, talking maybe like do 0:03:46.360 --> 0:03:48.160 we need to have an exit strategy? You know, we 0:03:48.200 --> 0:03:51.160 talked about data centers in space, like this thing could evolve, 0:03:51.240 --> 0:03:55.000 chips get more efficient. So is it something that could 0:03:55.000 --> 0:03:57.320 be down the road but not to worry about now, 0:03:57.400 --> 0:03:59.160 or do we need to think about the overspend? 0:03:59.360 --> 0:04:04.080 Well, say, in the short term, the demand for compute 0:04:04.520 --> 0:04:07.840 is very strong, and you're seeing this across a number 0:04:07.880 --> 0:04:11.440 of companies. I'd say there's two different things. You have 0:04:11.880 --> 0:04:14.920 open AI and anthropic on the one hand, who are 0:04:14.960 --> 0:04:17.799 going to consume a lot of cash as they build 0:04:17.800 --> 0:04:21.520 out these businesses. And then you have Microsoft, Amazon, Google 0:04:21.640 --> 0:04:26.080 Meta that all are cash machines and are building out 0:04:26.120 --> 0:04:29.479 both AI and are building out the cloud. I think 0:04:29.520 --> 0:04:32.120 the good news is if there's overspending in the next 0:04:32.160 --> 0:04:36.240 few years, they'll cut back, So I don't think you're 0:04:36.240 --> 0:04:38.520 going to see the same trajectory. I think the other 0:04:38.600 --> 0:04:40.200 issue is going to be we're going to run out 0:04:40.200 --> 0:04:44.560 of power for data centers. So I think it's people 0:04:44.600 --> 0:04:47.960 want to spend the money now get the data centers operating, 0:04:48.279 --> 0:04:50.560 and if they have to scale back over time. I 0:04:50.560 --> 0:04:54.080 mean some of these data centers, particularly the training centers 0:04:54.440 --> 0:04:57.479 that have fifteen year leases, my guess is fifteen years 0:04:57.520 --> 0:05:00.920 from now they're dark. The cloud data centers will have 0:05:01.000 --> 0:05:03.800 tremendous growth and we'll be around for the next fifty years. 0:05:04.240 --> 0:05:06.280 Do you have exposure to the area. 0:05:06.320 --> 0:05:09.000 We spent a lot of time on the area where 0:05:08.680 --> 0:05:12.200 we're long term investors in what we believe are stabilize 0:05:12.279 --> 0:05:13.040 data centers. 0:05:13.960 --> 0:05:15.920 Do you worry that just to add on to that, 0:05:16.080 --> 0:05:17.720 and I think this might be where you're going a 0:05:17.720 --> 0:05:22.320 little bit caroll that efficiencies whatever is going to be 0:05:22.400 --> 0:05:25.200 developing in the next couple of years will render these 0:05:25.360 --> 0:05:28.640 massive data centers useless. They could be the size of 0:05:28.680 --> 0:05:30.719 a phone booth at some point, or just a completely 0:05:30.760 --> 0:05:33.840 different to Carrol's point in space, is this something that 0:05:34.320 --> 0:05:37.120 has a shorter timeline knowing that technology will evolve. 0:05:37.160 --> 0:05:39.479 You know, if you look back at data centers from 0:05:39.520 --> 0:05:42.200 twenty years ago in Virginia, we're still using them. 0:05:42.240 --> 0:05:42.760 Well, that's true. 0:05:42.800 --> 0:05:46.960 So again I separate training data centers. You're going to 0:05:47.000 --> 0:05:49.760 need to train these models, then you're going to it's 0:05:49.920 --> 0:05:52.640 very different kind of the cloud native issues. But just 0:05:52.680 --> 0:05:55.680 going back to the market, you know, the market is 0:05:55.800 --> 0:05:59.840 discounting kind of the geopolitical risk in my opinion, so 0:06:00.560 --> 0:06:03.479 you know, we don't really see the market is expecting 0:06:03.520 --> 0:06:06.039 we're going to have a good outcome. I completely support 0:06:06.120 --> 0:06:08.599 President Trump and what he's doing in Iran. I always 0:06:08.640 --> 0:06:12.280 said Iran getting a nuclear weapon is the biggest risk 0:06:12.400 --> 0:06:15.720 in our lifetime, and there's no question from my experience 0:06:15.760 --> 0:06:18.960 in the government, they intended to do that. You know, 0:06:19.240 --> 0:06:21.160 how we play out from here is a little bit 0:06:21.200 --> 0:06:23.680 more complicated, and as you said, we've seen a lot 0:06:23.680 --> 0:06:27.680 of volatility in the oil markets and the stock market 0:06:27.760 --> 0:06:31.599 is really not discounting this going on for a long. 0:06:31.520 --> 0:06:33.520 Sounds like we're missing something here. 0:06:33.880 --> 0:06:35.320 Yeah, I wouldn't say we're missing. 0:06:35.320 --> 0:06:38.280 What I'd say is hopefully we will have a good outcome. 0:06:38.800 --> 0:06:41.400 Iran will come to the negotiating table. I think the 0:06:41.480 --> 0:06:44.920 economic in the blockade, the sanctions work. 0:06:45.040 --> 0:06:47.320 Even if the straight reopen tomorrow, though we've heard that 0:06:47.360 --> 0:06:50.479 it could be months before energy flows are back to 0:06:50.520 --> 0:06:51.080 where they were. 0:06:51.160 --> 0:06:53.120 Does the market have a reality check coming on that? 0:06:54.360 --> 0:06:57.200 I think it will take a while. Having said that, 0:06:57.240 --> 0:07:02.520 there are such positive things going on in the economy 0:07:02.600 --> 0:07:04.760 that I think to the extent this trade can open 0:07:04.839 --> 0:07:09.040 up relatively soon, well, the economy will absorb those energy costs. 0:07:09.080 --> 0:07:10.600 I want to ask you, you obviously were in the 0:07:10.600 --> 0:07:14.200 first administration. You have a better really probably great understanding 0:07:14.480 --> 0:07:17.280 of President Trump. And as we say, the markets can 0:07:17.320 --> 0:07:18.840 go from day to day based on the headlines, it 0:07:18.880 --> 0:07:19.920 looks like it's. 0:07:19.720 --> 0:07:22.760 A one to eighty. How should we be reading what 0:07:22.880 --> 0:07:25.720 the president is doing? What do we need to understand? 0:07:25.840 --> 0:07:28.280 Because do you feel like this is a different Donald 0:07:28.320 --> 0:07:30.440 Trump's the second term versus the first term. 0:07:30.600 --> 0:07:31.120 No, I don't. 0:07:31.160 --> 0:07:34.400 I think there's a lot of similarities in it. I 0:07:34.440 --> 0:07:36.600 think on this issue, and this is an issue he's 0:07:36.600 --> 0:07:40.320 been focused on since the first term. He's determined and 0:07:40.400 --> 0:07:43.960 his legacy will be that he's going to prevent hern 0:07:44.040 --> 0:07:47.160 from getting a nuclear weapon. And there's been other administrations 0:07:47.720 --> 0:07:51.240 that were, you know, understood the risk, but we're concerned. 0:07:51.480 --> 0:07:54.640 I also give Israel a lot of credit because one 0:07:54.680 --> 0:07:57.640 of the concerns was all the ballistic missiles and obviously 0:07:57.760 --> 0:08:01.480 the defense, the air defense system in the region have 0:08:01.600 --> 0:08:04.480 been very powerful. But no, I think this is a 0:08:04.520 --> 0:08:07.720 president that would prefer not to go to war with 0:08:07.800 --> 0:08:09.680 them again, but will if he needs to. 0:08:10.160 --> 0:08:13.480 But this could go. Could it be still talking about 0:08:13.480 --> 0:08:14.400 war at the end of the year. 0:08:15.400 --> 0:08:16.160 I think we could. 0:08:16.240 --> 0:08:20.040 I mean, I think he's determined that he prevents this 0:08:20.120 --> 0:08:25.280 from happening, the nuclear situation, and I think that party 0:08:25.320 --> 0:08:28.360 the issue is and he said this, you know, he 0:08:28.520 --> 0:08:30.680 took out a lot of the leadership. So part of 0:08:30.720 --> 0:08:33.960 this is making sure that leadership develops in Iran that 0:08:34.000 --> 0:08:35.839 can negotiate a deal that they'll stick with. 0:08:36.080 --> 0:08:39.360 What's the other geopolitical? Because you say geopolitical, is it 0:08:39.559 --> 0:08:42.160 just the Middle East? Are you thinking about China? Are 0:08:42.160 --> 0:08:43.720 you thinking about other parts of the world? 0:08:44.040 --> 0:08:46.959 No, I think it's I mean, there is this war 0:08:47.000 --> 0:08:49.400 in Ukraine. I don't want to forget what's going on 0:08:49.480 --> 0:08:52.520 in Ukraine. That's still an important issue. I feel like 0:08:52.559 --> 0:08:54.840 we don't see it on the press every day. But 0:08:55.080 --> 0:08:57.960 obviously the big issue right now in terms of risks 0:08:58.000 --> 0:08:59.880 for the economy and risk for the world is the 0:09:00.040 --> 0:09:00.839 at the least, you. 0:09:00.760 --> 0:09:04.360 Know, there's another cloud you could argue is hanging over 0:09:04.400 --> 0:09:06.280 this market that has nothing to do with the war 0:09:06.320 --> 0:09:08.400 in ironalthough maybe there's a connection at some point when 0:09:08.440 --> 0:09:11.120 we start talking about the cost of this operation, but 0:09:11.200 --> 0:09:15.080 that's the debt now topping one hundred percent of GDP. 0:09:15.360 --> 0:09:19.240 Mister Secretary, how long can we sustain this? Hank Paulson 0:09:19.960 --> 0:09:23.200 mentioned to David weston the need for a break glass solution. 0:09:23.320 --> 0:09:25.960 What should the Treasury be preparing at this time for this? 0:09:26.679 --> 0:09:31.280 Well, I unfortunately think there's not a break the glass solution, 0:09:32.520 --> 0:09:35.160 you know. I think there's no question that during COVID 0:09:35.280 --> 0:09:38.240 we had to spend massive amounts of money. We shut 0:09:38.360 --> 0:09:41.320 down the economy. I mean, anybody who ran a business 0:09:41.360 --> 0:09:44.760 never ran it thinking you'd have zero revenues. You know, 0:09:44.840 --> 0:09:48.160 I'm particularly proud of we saved the airline industry so 0:09:48.200 --> 0:09:50.520 we have a very robust airline industry. 0:09:51.600 --> 0:09:55.160 Having said that, well, but we saved. 0:09:54.840 --> 0:09:56.920 The industry overall, and I think it was I think 0:09:56.960 --> 0:09:59.480 it was the right thing to let spirit go through 0:09:59.520 --> 0:10:03.600 what they are. Having said that, it kind of normalized 0:10:03.880 --> 0:10:06.920 trillion dollar spending. And I think this is an issue 0:10:06.920 --> 0:10:10.679 that needs bipartisan support. You know, part of it is 0:10:10.800 --> 0:10:15.520 the mandatory spending. We have to deal with that part 0:10:15.520 --> 0:10:18.520 of the budget, and you know you also do though 0:10:18.559 --> 0:10:19.199 if you look. 0:10:19.000 --> 0:10:22.240 At what's being allocated for defense in budget, it's a lot. 0:10:22.640 --> 0:10:25.520 Look, there's no question, particularly in this day and age, 0:10:25.559 --> 0:10:28.160 we need to spend more money in defense. I think 0:10:28.280 --> 0:10:30.520 right now it's going to be hard to spend another 0:10:31.040 --> 0:10:35.520 five hundred billion dollars in defense without significantly cutting other 0:10:35.679 --> 0:10:40.040 things out of the budget. So I am concerned about deficits. 0:10:40.080 --> 0:10:42.120 I think this has to be dealt with. And I 0:10:42.120 --> 0:10:45.120 think the good thing is President Trump understands these issues 0:10:45.480 --> 0:10:49.160 and if there's someone who can tackle the spending issues, 0:10:49.160 --> 0:10:50.400 I think he's the one to do it. 0:10:50.480 --> 0:10:53.760 Does this mean, I mean, what's the make or break moment? 0:10:53.800 --> 0:10:56.600 Because I'll go back ten fifteen years we were talking 0:10:56.640 --> 0:10:58.640 about concerns about the deficit or more, and then it 0:10:58.679 --> 0:10:59.640 kind of faded away. 0:11:00.080 --> 0:11:01.600 So what is the make or break moment? 0:11:01.720 --> 0:11:03.920 And I think about this in the context of Kevin 0:11:03.920 --> 0:11:06.280 warsh coming in as the next FED share you know, 0:11:07.080 --> 0:11:08.719 in terms of servicing the dent and so on and 0:11:08.800 --> 0:11:11.839 so forth, pressure that might be on him kind of 0:11:11.920 --> 0:11:14.720 roll it all together. Do you think that he should 0:11:14.720 --> 0:11:16.200 be cutting rates in this environment? 0:11:17.559 --> 0:11:21.839 Well, I think we're close to the equilibrium rate. So 0:11:22.520 --> 0:11:25.480 before the situation in the Mid East, we did have 0:11:25.559 --> 0:11:29.319 inflation coming down close to the FEDS two percent target, 0:11:29.800 --> 0:11:32.480 and I think you could say the equilibrium rate is 0:11:32.520 --> 0:11:35.400 probably between two and a half and three percent. 0:11:35.320 --> 0:11:37.360 So we're close to that level. 0:11:37.840 --> 0:11:40.959 Also, there's no question that the deficits push up our 0:11:41.080 --> 0:11:44.360 cost of funding, so that there's a risk premium built in. 0:11:44.880 --> 0:11:46.920 And one of the things that Kevin is talking about, 0:11:46.960 --> 0:11:50.400 which I also support, is shrinking the fed's portfolio. Well, 0:11:50.760 --> 0:11:54.400 if you shrink the fed's portfolio, that's also another tool 0:11:54.960 --> 0:11:56.000 that you don't. 0:11:55.800 --> 0:11:58.160 Have to lower rates. 0:11:58.640 --> 0:12:02.120 Ultimately, the FED does shrek term set short term rights. 0:12:02.440 --> 0:12:05.160 If they're not doing quantitative easing, which they're not going 0:12:05.240 --> 0:12:08.640 to do now, they're not setting long term rights. I mean, 0:12:08.760 --> 0:12:10.480 and I don't think we're going to have a make 0:12:10.559 --> 0:12:12.640 or break moment where one day we wake up and 0:12:12.720 --> 0:12:15.920 we can't finance the debt. I do think you'll see 0:12:16.000 --> 0:12:19.439 an increase in risk premiums. I mean, you see the 0:12:19.880 --> 0:12:23.120 thirty year bond kind of approaching, you know, kind of 0:12:23.320 --> 0:12:28.280 five percent. Part of that is the volatility around inflation 0:12:28.400 --> 0:12:30.160 and what's going to happen with the word. But part 0:12:30.200 --> 0:12:32.280 of that is also just pushing up the cost of 0:12:32.360 --> 0:12:34.480 long term financing for us. 0:12:34.800 --> 0:12:36.760 What's Kevin worshin for when he wakes up in the 0:12:36.800 --> 0:12:39.959 morning and looks at truth social is this contentious relationship 0:12:39.960 --> 0:12:42.160 with the chair if he's not cutting going to continue. 0:12:43.440 --> 0:12:47.040 I think Kevin will be terrific in his new job. Ok. 0:12:49.760 --> 0:12:53.880 I think he will be an independent fat That doesn't 0:12:53.880 --> 0:12:57.400 mean that he will or won't agree with the president. Now, look, 0:12:57.559 --> 0:12:59.959 part of it is where interest rates are depending on 0:13:00.120 --> 0:13:03.480 the economy. If we continue to have a very strong economy, 0:13:03.800 --> 0:13:05.680 we're not going to need to cut rights. If for 0:13:05.679 --> 0:13:08.440 whatever reason, we go into a recession, we will have 0:13:08.520 --> 0:13:11.640 one percent rates. So I mean, we had zero rates 0:13:11.679 --> 0:13:13.959 in COVID. You know there was a reason why they 0:13:13.960 --> 0:13:14.840 went down to zero. 0:13:15.400 --> 0:13:18.200 Hey, we can't leave without talking about lions Gate. Thank you. 0:13:18.240 --> 0:13:21.360 Guys have about a thirteen percent position. Do what's your 0:13:21.400 --> 0:13:22.960 plan with lions Gate? What do you want to do? 0:13:23.360 --> 0:13:26.240 It's a great business. I've recently gone on the board. 0:13:27.320 --> 0:13:30.320 Lionsgate is one of the few independent studios left. It 0:13:30.360 --> 0:13:34.760 has an incredible film library, and Michael's been a great success. 0:13:34.920 --> 0:13:37.199 So you want to learn all the story Michael Jackson. 0:13:38.480 --> 0:13:39.719 I can't comment on that. 0:13:40.120 --> 0:13:43.480 Well, so let's wrap with one fun question about the movies. 0:13:43.520 --> 0:13:48.160 Michael is an incredible debut. It looks like it's across 0:13:48.200 --> 0:13:50.000 the board when it comes to demographics, and we're in 0:13:50.000 --> 0:13:52.720 a world where consumer sentiment is pointing lower. They're worries 0:13:52.720 --> 0:13:55.880 about consumer spending, the price of gas, but they're lining 0:13:55.960 --> 0:13:56.720 up for that movie. 0:13:56.720 --> 0:13:58.200 What does that tell us about that? 0:13:59.000 --> 0:14:01.440 It shows you that when you have the right content, 0:14:02.000 --> 0:14:04.000 people still want to go to the movies. It's not 0:14:04.160 --> 0:14:06.480 just about sitting at home and watching it on TV. 0:14:07.000 --> 0:14:09.640 And you know, Michael Jackson was just an incredible performer 0:14:09.720 --> 0:14:13.239 and his music was obviously pretty extraordinary on my playlist, 0:14:13.400 --> 0:14:16.160 got to be and we all remember growing up with 0:14:16.320 --> 0:14:17.320 MTVA and trailer. 0:14:17.559 --> 0:14:20.960 It's not just old folks going on exactly not. 0:14:21.360 --> 0:14:23.359 You do you miss the administration? 0:14:23.520 --> 0:14:26.640 Being inside, it was an experience of a lifetime. I 0:14:26.760 --> 0:14:28.760 couldn't be happier that I did it. I'm proud of 0:14:28.800 --> 0:14:31.320 what we did. I'm enjoying being on the outside and 0:14:31.520 --> 0:14:32.360 rooting for them. 0:14:32.480 --> 0:14:34.480 Well, we certainly enjoyed having here. Thank you so much. 0:14:34.480 --> 0:14:38.080 Really appreciate Steven Menisin of course former Treasury Secretary, and 0:14:38.120 --> 0:14:41.120 of course he is Liberty Strategic Capital founder and managing partner.