BNY Mellon Pershing Insite Day One

You can also listen to our radio show at two pm Eastern Time on Bloomberg Radio, or watch us on YouTube search Bloomberg Clobal News. We are live from the Gaylord Texan Convention Center in Dallas, Texas, at the B and Y Melon Perging Inside Conference. Two thousand members of the financial advice community gathered here. There are a lot of them gathered around us. It's all about learning, inspiration, networking. I've got two perfect guests to talk about some of

the key topics. Jim Crowley is CEO of B and y Mail and Persing. Emily Schlausser is CEO of B and y Mail and Pershing and uh. Last time I think we talked in person, all of us was back in twenty nineteen. We've done some things. Virtually. Where are we in terms of the environment, Jim, let's start with you in terms of what's top of mind for everybody right now. First of all, thanks for being here. It's great to see you in person. Tin, Thanks for having us.

The top of mind is just being back. That's how I started off our remarks today. Just being back in your room. The energy felt incredible. It's just wonderful beat to see all of our clients back here in the room and just engage network with them. So that's top of mind for me. Yeah, have it for you, Emily. I'll build on that. Of course, being back, and then I think just you know, last time I think we talked for the virtual that was like, okay, what's it

like working from home? Right? That was top of mine. Right. The top of mind is not having to talk about that anymore. Although we are certainly focused on future of work and how we can have a bit of a hybrid, but I think also just the focus on digital and so we're really focused on our interfaces, our experiences, bringing consumer grade technology to our investors, our advisors. So that's a lot of what we're featuring here at the conferences.

It was well, I want to bring Tim in. Come on and Tim, guys, I'm looking forward to seeing you tomorrow after my flight arrives late tonight. Jim, I want to go back to you because you've said that you know you're focused on being back, and I know that being back comes with a host of challenges as well. As the world does open up and people start to travel more. We're in an inflationary environment right now, and I'm wondering from your perspective, how you're dealing with those

challenges when you look across the macroeconomic planscape. What's top of mind for you? Yeah, what's stop my mind? Tim, Thanks for the question. A couple of things. One, UM, I've been on the road, like I think many other executives for the less several months, visiting offices. UM to encourage people to come back into the office. First of all, we're in this new environment. Are they coming back? They

are coming back slowly. UM. And the way that I think about it, Tim mc carroll is, I think the value proposition for an employee to want to come back to the office has to be greater than the value that they feel and belief from working from home, and that is the magic that we have to create. We have to be able to demonstrate that there's real value to have a questional interaction and to feel the culture and to no one understand what it's like to to learn and understand what we all do as as a

company together. So I do think we're better together right than being a far apart. One thing I wanted to ask you, and I was from a far watching you interview the former CEO of PepsiCo, Indra Nui, who I've talked. She's pretty incredible and she's now helping other companies. Right when it comes to leadership, leadership has been tested in a big way in the last couple of years. It's going to continue to be tested as we moved to

a new normal. Um, tell us a bit about the conversation and which up to out in terms of her advice, maybe yeah, um, so many great nuggets. One of the things that she talks about is the future of work

and the importance of flexibilities. So while I agree with Jim, being back together feel so good and it's a really important part of developing the fabric of our organizations, there is also a critical notion of allowing for flexibility, allowing for the families of our employees to really be more front and center in terms of how we think about the future of work, so that people can kind of lean into their careers while not pushing having to push

their families aside, and not having to make so many of those hard choices. You know what I love about that? Yeah, And I want to I just want to jump in because Emily, I love I love that I've actually yeah, especially especially this week. And you know what's great is I'm you know, a lot of my friends have young kids,

and it's the end of the year. They're going and catching end of the year school plays and end of the year graduations right now, and there seems to be this new acceptance in the professional world that these types of things are are okay to do as long as you do get your work done. And Emily, I wasn't seeing this, you know, before the pandemic. Does this shift? Does this Is this shift permanent? I hope it is. I hope it is, and I think it will be.

I think it has to be. Certainly, as we've seen the labor market titan, it is incumbent on employers to make sure that we are really providing the experiences for the people who work for us that want they make them want to stay in the workforce. Um, so I

think it has to be. You know, one of the things that Indra has observed in her time having been retired post pandemic is she's you know, driving around and seeing at three o'clock all these parents meeting their kids off the bus and they're just taking ten minutes out of their day working from home to go greet their kids as they come home from school. And what a special moment that previously no one in the professional world really had. It almost wasn't acceptable, and it wasn't It

wasn't acceptable, especially for women, especially for women. Sorry, go ahead, Now it's encouraged. Yeah, and that is encouraged, and now everyone is understanding of what that means, what this new hybrid work environment means. Well, this is important as I think about all of the folks here who are thinking about their staffing for the future, right and what they

need be thinking about. And I'm assuming that this is why they're trying to figure out do I need to continue to have to offer this flexibility going forward to attract that new breed younger generation of finance professionals. Absolutely, Yeah, you absolutely have to. In fact, I talked about it on the main stage earlier today, the idea of what we need to do to keep great talent, what we need to do to coach great talent, what we need

to do attract great talent. And at that point, exactly, we're not gonna be able to attract great talent to our organization or to any work team unless we have that flexibility built in. Yeah, Jim has really spent a lot of time no good, And I was just gonna say, we spent a lot of time listening to our employees and really listening to what's important to them. And these are the things that really make a huge moment. I mean it's ten minutes and it really changes the day.

You know, they always say about a conversations, those moments where you don't constantly think about what you're gonna ask next, but just let it breathe and listen, and listening is just so powerful. I do have to ask you, though, an extreme volatility that we've seen, are we being minded

in this environment? I'm I'm curious what you're hearing from everybody that you know rethinking that you know, volatility, a bit of it, a fair amount of it is normal, like in our environment, it is normal, but not what many of the people in our workforce today have ever experienced. All right, so this hasn't been the case for the last ten years, and now we haven't and it's I

think really important that we have again. It's one of the reasons why being in the office sometimes have the opportunity to bring young talent and experienced talent together to start of work through the challenges of volatility. Are you recommend go ahead? No, please? Now, I was gonna say

it's it's a good reminder. I mean, this is the third year in a row where we've had really outstanding moments where we've said, wow, you know that this volatility feels incredible, but then at that point it no longer is right exactly exactly. If I think we're going to look back at this era the last few years and just understand that we were pivoting onto so many different points and I think coming out strong. And now we've got some music. This is all the key notes over

they must say, um, thank you both, really appreciate. We're looking forward to tomorrow and all the conversations. We're gonna have good luck with everything, and thank you so much. Of course, we've been talking with Jim Crowley CEO B and Y mel And Persing and Emily Schlauser CEOO B and Y mel And Persing. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovic

on Bloomberg Radio. My from the Gaylord Texas Convention Center in Dallas, Texas at the b N Y mel And Perging. Inside conference, there are several thousand members of the financial advice community. They are here. They're coming out of sessions, they're coming out of key notes. Uh. And it's all about learning, inspiration, networking and really understanding kind of the next set of trends. And we're gonna have some conversations

from there as well. And I've also got a Dallas cowboy, or at least somebody in a costume of walking around to as not a costume, Carol, it's Texas. You know, it's probably a real cowboy. It's a real cowboy. It's a real cowboy. Uh. Interestingly enough, Uh, you know, I think it's interesting. I think there's so much going on certainly in the big macro picture, right and the FED and also global central banks. We didn't even get to talk about that emergency meeting by the e c B

this morning. So so much going on and just getting settled, and because he's had a busy day already and we're delighted to have with them. With us is Ben Harrison. He's cohead of Wealth Solutions at B and Y Melon Pershing. On site here at B and Y Melon Pershing's inside twenty two conference. We do have um oh, actually coming into the picture. Do you want to come on over the Dallas Cowboy? Oh? Look, that is a real cowboy, Susie. I wasn't kidding. I don't know if he's got any

financial advice. I don't know. Are you upbeat? Is the glass half full? The glass half empty? Uh? Not? All right, we gotta do a little bit of an interview. We're gonna talk about the financial community. But good, good to see you. All right, we'll see you. Gotta get a microphone, Carol on the cowboy. All right, let's get to Ben here. So Ben, how are you and what's top of mind right now? And I think about all of the investment advisors that you are talking to and try to address

at the event this year. Sure, well, thanks for being here. So and I actually just came off of a panel session and we talked about the future of financial advice and wealth management. Covered a lot of a lot of ground and thinking about that younger generation, thinking about the younger generation, and actually here at Insight, we have a couple of really cool experiences for the next generation. We've

got a student center where we have around here. Yeah, we have over uh twelve universities participating, over sixty five students that are enrolled in CFP programs focused on financial planning. They're going to come into this profession and be that next generation of leadership. We also have a next Leadership Forum that we're hosting for advisory firms to send their next gen leaders. We've got a cohort of those individuals that we meet with on a regular time, sometimes in person,

sometimes remotely. But it's great to be back in person here. It's great to have be back in person. Tim. Come on into the conversation. Tim, my co host, is going to be joining us tomorrow. He's actually at Zoo, but you'll hear him in your ear. Okay, Ben, good to have you with us, Thanks for joining us. I'm wondering what the younger generation is looking for. What are the differences in attracting the next group of talent, Like, what do you have to do differently to make sure that

they thrive in the industry? You really have to give him a purpose, right, it's um it's a different industry and it's a different um uh you know, challenge for all of us to think about how we can recruit new talent into this market. Uh. And it's such a rewarding profession. Actually, you get to spend time with people, You get to impact their lives, You get to uh really get very deep in terms of uh into the

minds of what makes people tick and moves them. And if you think about financial planning and financial advice, it's really less about the money and more about how people feel about the impact of their lives. So so I think that you need to draw young people in by sharing that it's not all about uh money in sales and what we'll like in the in the past. Right,

what's what's top of mind? I was video press release att yesterday about Insight, and it quoted you saying the next generation of talent has the power to reshape our industry. What did we all get ready for in terms of that reshaping? Yeah, actually, it's uh, it's interesting that the financial services marketplace actually has a better perception now than we've had in the past. But we still have a lot of work to do in order to change the demographics.

If still I mean we're investing in the next gen and also in diversity, equity and inclusion, and if you look around at the participants at the conference, it's still doesn't look the way that we want it to. Um. So uh, the next gen leaders can really focus on being very intentional about what the workplace of the future looks like, how to serve clients in a new and

innovative way. Uh, what their fellow coworkers are gonna look like, and and diversity of perspective and diversity of of background, and how they can really uh change and reshape the way reimagine, as we're saying here at Insight, what what the industry looks like. Well, I feel like this all fits into a panameny to more about the future of money. So looking forward to it, um technology tell me about the role of technology, whether it's defy, whether it's blockchain.

How do you think about it? Well, technology should at Technology is so critical to the way in which advice is delivered. And we've seen a an evolution of technology really over the last several years. And in the last decade, we've seen so many finn tech companies, wealth tech companies come into the space, uh in really giving tools for advisors to be able to scale their business, to be

able to serve their clients much more effectively. And if you think about what we've just gone through, uh in the last um two years during the pandemic, it's really accelerated the digitization and the way in which investors are comfortable engaging with their financial professionals in terms of e signature and you know, a paperless environment. We we declared here at Insight we're going paper free in twenty three.

Don't look at my papers, papers all over the desk care beause we got to clean that up a little bit. But are you serious? Is that? Where is that where we're going? Oh? Absolutely, uh? In terms of the way in which uh, the entire UH financial advice spectrum is going to be uh you know, invested in and evolve over time. Is really we're gonna go to a paper

free environment. Now, Uh, there's gonna be a need for tools and solutions to be able to have that all digital right, to be able to have a collaborative experience with an advisor and investor. But we're going to get there, all right. Just got about twenty seconds here at Metaverse. Do you think about that? Is that something realistically that everybody has to be talking about, Maybe not for tomorrow or five years from now, but maybe a little bit longer. Well, look,

we're doing this interview with one person remote, one person here. Uh, that's a very uh, and we've gone there during the pandemic where clients are on zooms, we are able to instead of flying all over the country, we're able to meet with our clients on a very regular basis. But nothing replaces an in person meeting either. But you're right, but it does give us another tool to play with Ben Harrison over at B and Y mel and Persian. Thank you. This is Bloomberg Business Week with Carol Masser

and Bloomberg Quick Takes. Tim Stinovic on Bloomberg Radio. It is all about the FED. You know that the latest decision now nearly two and a half years old, and you can find this next story online of Bloomberg dot COM's Business Week, also on the Bloomberg terminal. Tim It's how the FED has tried to protect main Street main Street specifically, and now how everyone as a result may suffer. Ed Harrison, his senior markets editor at Bloomberg News. He

joins us on the phone from Washington. Check out his story. It's available on the Bloomberg Terminal and at bloomberg dot com slash Business this week, it's called the FED tried to protect main Street. Now everyone may suffer? And I want to I want to start with the the headline there. What do you how historically has the FED tried to protect main Street and why is that not necessarily working right now? Well, actually, the Fed hasn't and and by

the way, thank you Caroline, Tim, good to talk to you. Um, they haven't really tried historically to protect the main Street, at least for the last forty years. What happened is that in the seventies, when we had our last inflation shot, there was a dreaded wage price spiral that people believe

Paul Vocal was able to stamp out. And since then they've sort of, you know, preemptively hyped rates at the end of every cycle, and so people who are just getting onto the employment ladder at the end of cycles were stopped out, you know, they were left behind. And then we had the Great Financial Crisis, which was a trauma for everyone, and we had to bailout for Wall Streels. So there was a sense in which the FED actually wasn't working for the Main Street And they've changed that

approach to become more inclusive. Their staff and has become more inclusive. They've tried to lengthen business cycles on purpose in order to make it more inclusive, but unfortunately they ran into the buzz Stoll called inflation. Right, So, I mean, I love how your story reads, to be quite honest with you. You know that in terms of what happened during the financial crisis, right, I mean Wall Street was protected for the most part, minus leaning in a few

other firms. Um, but Main Street felt it felt it so severely. Uh, it does feel, you know a bit different this time around. How do we need to kind of think about maybe the fet approach right now? And we just got a lot from J. Powell and Company,

you know, just a few hours ago. Yeah, I think his overriding message is this is that if we don't get inflation under control, it doesn't benefit anyone, especially those who are most been because not only is it hurting people in terms of not being able to afford things, but it also means that the cycle can't be longer. You can't have a long business cycle that is more inclusive,

that gets the participation rate up. So if he's to achieve what he needs to do, he needs to act now, uh so that in the future this won't be a problem. So to what extent does the FET actually have the tools to do that? These are famously blunt instruments, And as we heard from Doug Cioca over at Cavar Capital Partners, given the supply constraints that are leading to high inflation, we're helping contribute to high inflation when it comes to the supply chain, when it comes to high energy prices.

What power does the FED have to do this? Well, it was interesting to listen to j Pal talk about it. He was quite honest and say that they don't have h all of the tools. You know, obviously they can't work against the flash shop. They can't make more computer chips around clogged four, they can't pump more oil. Uh. The only thing they can do in this particular instance is get uh supply and and demand and balanced by

crimping demand. That's essentially what they're doing. And he's soft pedaling that policy by saying, look, we have the Jolkes data which says that there are so many um jobs out there that we can just reduce the number of jobs that the supply of jobs then as opposed to the supply of labor, then we can get a nice balance there. I thought that was a very good earner

praise on his part. Is that something we can do though, because I mean from the perspective of of you know, interest rates and how I'm going to fill up my my tank right to what extent do higher interest rates lead me to not drive somewhere or lead me to not use energy in my home? Well, I think it's gonna be very difficult, because, you know, it sounds good at the aggregate level, but when you break it down to where people actually need jobs and where companies need employees, uh,

you get you get a breakdown there. And I think that we're already seeing on two fronts a breakdown in terms of employment and in terms of business investments. If you looked at the business investment numbers that came out. Uh, the d DP now figure went down to zero point zero percent, showing that they're looking for a contraction in business investment in Q two and then jobless claims are are up forty five thousands on average over the last

two months. Yeah, I think it's really significant. You know, I was thinking about that in terms of here's our supply chains, our problems right ed and you know, many ways the energy situation right refining, like we need to increase capacity, we need to make these investments, and yet companies aren't doing it. And this is where the FED can't necessarily help ease the supply chain constraints. Uh, if companies aren't willing to kind of either amp up production.

And so to me once again into reminder, inflation is going to stick around for a lot longer. And that's a lot of pain on Main Street. Just got about twenty five seconds. Yeah, and I think that that is a big problem. And you know, there's when you think about the oil patch, their scarred by the shail bust, and I think that the investors want the money. So really, the FED between a rough and hardcore. Yeah, if anybody knows about booms and bust, right, Tim, It's like the

energy um as well. Hey, Ed, thank you so much. A really important and relevant story. He is Bloomberg New Senior Markets Editor Edward Harrison on the phone from Washington, d C. Find this story online of Bloomberg dot com slash Business Weekend on the Bloomberg Right. But it's just it's tricky, even fed chief Ja Pali say, and this inflation stuff, it's tricky. This is Bloomberg Road Journal now. But you let me drive, no, no, no, please, I'll

do the riding revels. I want to drive. It's good question. This is the drive to the clothes communing well, Brian Dawn on Bloomberg Radio. Yes, indeed, everybody, we are driving to the close. Just about thirteen minutes on a big bed day. We are. I am live from the Gaillard Texas Texas Convention Center in Dallas, Texas. We are at

the b and Y Melon Purge inside conference. Two thousand members and financial advice community all gathering here for the first time in person after two years of course shut down doing it virtually because of the pandemic. It's all about learning, inspiration and network and We've got some great conversations Tim set up over the next couple of days. Yeah, we certainly do. Carol. I'm gonna be joining you there tonight after the program. Here. My question for you is

how hot is it. It's pretty hot, it's pretty steamy, it's pretty humid. I have family and Texas into Houston a few times. You've got to get used to the humidity. It's humid. It's gonna be great for your hair, buddy. I'm just warning you. All right, let's let's let's get to because it's been a big day, a monumental day, and it's interesting. It does seem, as we heard from Charlie, the markets taking it in strides. So let's get Tim to the drive to the close. Duck Sioka is chief

executive officer and partner at Covar Capital Partners. They've got we're a billion dollars in assets under management. Doug joining us on the phone from Leewood, Kansas. Doug. The headline basis point increase from J. Powell on the Federal Reserve, the biggest hikes in the range is now one point five percent to one point seven five percent. When it comes to the Fed funds, right. I think the big headline though, is that he does not expect moves of

this size to be common. What are your takeaways? Yeah, thank you, Samon Hi Carroll. I thought Paul did a great job for today, right. I think he came across as right, justifiably more confident in his outlook and his path of policy pursued, which makes sense to me. They're further down the line of policy transition. They have certainly more substantive data on which to base their decisions. And right that quote that you just mentioned him do not

expect moves of this size to be common? Um, I think that, Plus he mentioned soft landing is now based upon factors largely out of their control. A really important points to others that I wrote down. One, our guidance is still credible, but it is always conditional. And lastly, and this is probably doesn't need to be said, but often is forgotten, We're going to react to incoming data, right, and in at some point right the market or or investors will view the FEDS or what they are right.

They are a reactionary, data driven policy setting committee, and we need to stop trying to game actions based upon intermeding communications that the Board of Governors is happy to dispose,

dispose the spouse when they're on there speaking tours. Doug Cioca, Doug Cioca, Like, we know this, right, I mean, how many times does the FED need to tell us, especially in this environment, Hey folks, it's meeting to meeting, And how stupid are we that we don't realize it because we're all looking for new trend lines and it's it's not this straight move to the new next trend line, if you will. So like, I don't know, I guess

it's interesting. I just think I think the FED has to go in every meeting and really look at currently their their their hand of cards, if you will. And that's kind of what I think it was, was a Gina smile Eker. I was writing some notes and I was watching. I can't remember who asked the question, but it was like why the change in terms of like what role did he have specifically Monday in moving the markets in a different direction? He talked about that CPI

print On Friday, he talked about inflation expectations. They're gonna look up at all the data right right up to that last minute. Absolutely, and again that's why it's almost um a waste of energy to try to allocate capital

around these intermeding moves. Particularly and this was this was different today, but particularly when the Board of Governors is part of a consensus, right, and and you're part of a consensus, and then you speak in terms that are taking different, uh, sort of opposing views to what the kitty decided upon and wanted upon, which within which you're

a voting member. So the only voting member I would hear from between now and July twenty seventh is Ester Joint And I guess we're because she dissented, right, And I guess I'm sitting smack dab in the middle of the sid the most doublish district here in Kansas City, and it would be really fascinating to get her counterpoint

to can senses that could be very effective. Do you think she do you think she dissented because she was worried about the Fed's credibility and she was worried about the FED committing two basis points being off the table at the last meeting, and that was the concern. Because I was really surprised to see her dissent as well. Yeah, yeah, I think that's a great question, Tim and that that would we actually would love to hear from her, like

what was the catalyst behind the dissenting vote? You know, I think the FED has credibility, right, I know that that has been a turn that's been bantered about of late in one of the credibility of better the effectuality if you look at what has happened to the mortgage market, if you look at what has happened to financial conditions, if you look at the w I R P on Bloomberg to understand that the the mod that the the ever changing terminal rate expectations, the set is having an influence.

So I think they've always had credibility. What they are not as prescient, nor are they designed to be so, But for some reason, the market has imposed this power that they don't possess upon them. Then when we react, when we're gonna and we're disappointed it. So, how does the FED to thread the needle in terms of bringing down inflation still holding on those two percent expectations without really giving a timeline. But how does the FED to

thread the needle bringing down inflation without bringing on a recession? Yeah, it's challenging, right, and I think they would be the first to admit that they can only do what they can do, right, and what they can do is manufacturers slowdown to where consumption has impediments and thereby impacts purchasing patterns.

What they cannot do is control the impact of the externalities that are courtesy of the war in Eastern Europe and COVID lockins in in China right now, and the influence of these externalities on the market is we see

it right now, it's pretty asymmetric. Right. If there is any flaw I'm sorry, any thaw in Eastern Europe with Russian Ukraine or any loosening of the lockdown, we think it stands to have a more positive influence on the capital markets and actually gives the said cover to get away with some of what now look to be more restrictive type of activity because of the demand destruction element

of it. And it's gonna be far better if we see some thought versus if there isn't one, because I think that's what the market is already trying to factor in. As it said, could be actually hiking rates into a

cooling economy. So how much is within the FEDS control given there are all these externalities, Yeah, I mean I mean, if you said percentage wise, tim at this point, I think that it's maybe fifty left of what can be done right, and I think that's what needs to be factored in a little bit more carefully by the market. And as much as we've talked about the stock market and its rip higher based upon the interpretation of the fed's posture, the real move right today has been in

the credit markets posts press conference. Right, we actually saw an inversion of tens and thirties earlier today that is realigned. We've seen a widening out of about twelve basis points in twos and tens, so for the first time while

we've seen a bull steepening that's transpired. That in my opinion is FED that the the respect that they're longing for what had been pulled forward last week and money in two day this week is now unwinding a little bit with the expectation that they're doing all they can. So when they say we look carefully at why inflation proved persistent and then talk about this uncertain environment, but I mean, I think we're all scratching our heads dug

about why we are in this predicament. Like we understand some of it in the supply chain and the pandemic, but for it to continue to go on, Um, your thoughts about that and how investors have to look at it now? Yeah, I think the FED is flying a little bit Soil Carroll domestically because they don't have a lot of fiscal policy cover. And I know it's it's silly to go back with revisionist history even try to be um, you know, money morning quarterback with the benefit

of hindsight. But I do think that right there were just far too big of a percentage of the deficit, that of the definiti of the percentage of GDP, and we have historical precedent for that, and we went way passed.

And I get it was well meeting with p PP in the first couple rounds of intervention post COVID, but it kept going right and maybe we just underestimated just how effective the influence and positivity the science was going to be on getting people to re engage in the economy and starting to see us coming out of a very dormant state. But I do I just do feel like there was far too much on the fiscal policy side on a percentage of GDP that was that represented

that definite spending. I mean, did the FED really need to be supporting the mortgage market six months ago? No, my goodness now And again easy to say in hindsight, but I think that's the part where now they are flying blind because policy is very unpopular to say we're not continue to spend. We need to ask them about investors to him, what do they do now? Yeah, I mean that's the question. We only have thirty seconds left, Doug,

what's an investor to do? Okay, well, real quick, because you, the three of us have shared kind of the wit and wisdom of Ted lasted together before. Right, So here's another pertinent quote from from Ted. Right, there are two buttons we like to say of our capital that we never hit and this was Ted last. So you don't hit panic and you don't hit snows. So you cannot snooze on this market. Volatility offers way too many opportunities for tactical reallocation, where that's growth to value lesson to

higher quality spread product communities. You have to be uber attentive. And then the last thing we cannot do, and certainly what our clients not want us to do is panic. Stay committed to your long term plan based objectives and be opportunistic right when prices availed opportunities that we think

offer very good long term expected returns. Yeah. I don't want to be a cheerleader for the market, but markets go up, markets go down, and we just have to remember and understand some of the fundamentals, uh, and structural things that are going on right now. Doug, thank you so much. Dog Cioca of Cavaur Capital Partners US so great to have you here with us. Thanks for listening

to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud, or Bloomberg dot com, and you can also listen to our radio show at two pm Eastern on Bloomberg Radio or watch us on YouTube. Starch to Bloomberg Global News.