This is Bloomberg Business Wait inside from the reporters and editors who bring you America's most trusted business magazine, plus global business finance and tech news. The Bloomberg Business Week Podcast with Carol Messer and Tim Stenebeck from Bloomberg Radio.
We did see Mattel. We talked about it actually after the post yesterday because they came out with their earnings and man, the stock really rallied big time today on heavy volume, and this is after the company reported it actually rallied earlier in the day. I think by the end of the day it was lower like the overall market.
Yeah, it ended up finishing the day up by about four tens of one percent, so like a lot of the stocks out there today, kind of all over the place.
Right up six percent earlier. So let's get to it. Because the company did report sales and profit that beat Alice expectations with us and delighted to have us back with us. Is Enon cries, chairman and CEO of Mattel, on the phone in Elsugundo, California. Forgive me, Ino, there's a lot going on. Try to keep track of it. I know you've had a busy plate as well, first of all, congratulations on Barbie, because we have been talking
about that with you for a while. I almost feel like since the beginning and your strategy of bringing Mattel Toys to life, what does the success of the movie mean to you and the company.
Yes, that's right, Carol, and thank you for having me on the show. As you remember from the very beginning,
this was never about just making a movie. This was about creating a cultural event, a societal moment, and we could not be happier where we are today with such strong performance right out of the gate the first week, with over five hundred million dollars in growth in box office receipts, and more importantly the audience reaction with people going too and even three times already in the first week to see the movie, a very broad audience including men,
and very strong performance internationally that is stronger than than the US. And it's not because the US is not doing well. It's just a very strong performance across the world. And all in all, it really is, uh, you know, an exciting moment and a showcase for the cultural resonance of our brands, our ability to attract and collaborate with top creative talent and our marketing and demand creation capabilities to create what is now you know, a cultural phenomenon.
You know what does it mean for merchandise? I mean, I've actually bought some Barbie products. To be quite honest, I grew up with Barbie's, introduced them to my daughter, My older sisters introduced me to them, and it's nostalgic for me. But I also have been in the stores where all ages are snapping out products. How how does that move the needle for you guys financially as well?
All those Yeah, we did see incredible take up of the movie related merchandise. We we have a having been sixty more than a hundred and sixty five different consumer product partners, different different industry, different products, all over the world, and we're seeing incredible excitement and as you say, you know, product is selling out quickly. Yeah, this is movie related merchandise.
Doesn't financially have a material financial material impact on you guys.
Well, we haven't broken it out, but this is already part of what we expect will be an uplift in Barbie sales in the second half. This is where really where it kicked in. And of course don't forget the Helo effect on the overall Barbie brand, with the significant improvement in consumer demands already in the third quarter, and expect Barbie to grow in the third quarter and for and the full year.
Nan you called it a cultural moment, and certainly that means that it can polarize some people, at least here in the United States. Got to ask about the high profile people on the right who've criticized the film. Ben Shapiro made this forty minute YouTube video. It's been viewed nearly two million times. He says he destroys the movie. He actually burns Barbie's in it. Elon Musk says, if you take a shot every time Barbie says the word patriarchy,
you'll pass out before the movie ends. How do you react to that criticism?
So, Barbie has been a flag carrier for diversity and inclusivity. Barbie inspired the limitless potential in Every Girl, and the genius of Greta is what she did. She took this message you know that focuses on female empowerment and made this movie appealing and relevant to everyone and people who go to the movie, you know, whether you're a Barbie fan or or you know or looking to be entertained and inspired by by a modern day interpretation of one
of the most iconic brands in modern culture. This movie Will Will Will Be, Will Be, Will be an experience for you. And what we believe is this movie will recontextualize the way people think of Barbie and what Barbie means for the world. And we could not be more proud of of the of the messages, uh and the unique voice that Greta has in this movie.
Well, and I'm curious to does it mean that we're going to see a Barbie sequel or is it a case of you guys move on to other toys.
You know, we have an announcer sequel, and you know we're still barely a week into the religion.
But how we journalists are, We're like, okay, now, now, what what's next?
You know, you're not alone, You're not alone and asking the question. But of course, you know, it's such a success, such a phenomenal success. You know, of course we'd be looking to extend, extend this. And we've always said that our goal is not this is broadly not just about Barbie. Is We're not looking to create single movies, but to build film franchises for the long term. And of course this is part of our strategy in terms of capturing the full value from our intellectual properties.
You know, does that intellectual property be it in movies or streaming series or what have you. How you guys, you know, whichever ways you go, does that ultimately become a big generator of revenues.
Yeah, we absolutely said that our strategy in capturing the full value of our ip outside the toy isle can be meaningful in success, you know, and we're looking to scale this. This is not just about a movie or a TV series. This is about participating in the highly accreative business verticals outside the toy isle that are all driven by big franchises, big brands, and in some cases
these verticals are larger than the toy industry. So we believe that we have you know, the assets, the capabilities, the relationship and with the Barbie movie, this really positions us in a very strong way as a key player that can participate in this in these verticals and create meaningful shareholder value and build a meaningful business out of this.
You know. It's like Carol said, this has been a busy week for you. Got to ask about the big news yesterday the co president and CEO Richard Dixon moving on to be CEO of the Gap. Let's get your comments on that. How big of a loss is this for the company?
Richard is a friend and has been a great colleague and partner for me since I joined the company. But one of Richard's biggest accomplishments is that we built a very very strong team of leaders, of designers, of innovators, of creative talent within the company and the executives who take over from Richard. Between Lisa McKnight, who has been the head of Barbie since twenty and sixteen and very much manage the transformation together with Richard and the head
of Dogs in twenty nineteen. And Josh Silverman, who has been at Disney for twenty years that is now where he oversaw all of Disney's third party relationships with licenses now running our non toy commercial activities.
So you're not worried.
Two world class leaders really taking charge, and we could not be more confident of our team that he's running this business.
You know, in ten seconds, gott to be correct, did you give tips to Will Farrell? I'm playing a CEO of Mattel.
I can learn a lot from him on the comedy side, but I'm a big fan and it's great to see him playing the role.
We congratulations and we're looking forward to following more of this story and what comes next. Inon Cris, chairman and chief executive officer at Mattel, on the phone from elsin Gundo, California. This is Bloomberg.
If you're listening to the Bloomberg Business Week podcast, catch us live weekday afternoons from three to six Eastern Listen on Bloomberg dot com, the iHeartRadio app, and the Bloomberg Business App, or watch us live on YouTube.
We do want to get to another company in stock that was certainly in the news today, and we're talking about Chippotle Mexican Grill. The stock under pressure today, down the most since March of twenty twenty after second quarter sales fell short of expectations and third quarter outlooks suggested maybe momentum is slowing. So keep in mind that the Little perspective stock has been on a run in twenty twenty three. It's still up what about thirty five percent.
Yeah, expectations, it's fair to say we're very high going into this print. We got with us right now and we're very happy to have him. Here is Chipotle COO, Scott Boat. He's the chief operating officer there. He's with us on zoom from Newport Beach, California. Scott, how are you this afternoon.
I'm well, thank you for having us on this afternoon.
So let's go through yesterday's numbers and you know what did disappoint analysts? Give us your take on the quarter.
You know, we still feel like we had a really strong quarter, up seven point four percent in comparable sales, the highest margins margin numbers we have produced as an organization at quite some time, coming in at twenty seven point five diluted innings per share at twelve thirty two,
all really in line with consensus. We felt great about the quarter, specifically that the comp number was driven primarily by transaction growth, and so we're still excited about Q three as we look at what Q three will be for end up for our organization, where we're trending and what we anticipate. It's still driven by healthy transaction growth, and so our full year guidance still remains unchanged. I think analysts were.
A concerned about the estimate comp sales estimate for Q three.
But keep in mind, there's there are other things that we have in the pipeline. You know we have We still have pricing leverage, which we believe as our economic model still holds up.
We feel like the Chipotle.
Meanings you can use. You're confident you could still raise prices.
I think there's I say that to say, I think there's still a room yet.
And then we have a fourth quarter lt O promotion that we will launch sometime probably around the September time frame, and so I say that to say, we still feel great about the year. We feel great about the healthy transaction growth that's happening, that's driving our comparable sales growth.
Uh, and the story still holds for the year. So we feel still feel confident.
How much. Listen, you're the chief operating officer, so how things work and operate is really important, and how you can make the systems more productive and more efficient. Talk to us a little bit about some of the automation technology that you guys are doing and playing with. About years ago, I caught up with your CFO, Jack Hartung and talked about the amount of hours and how labor intensive it was dealing with avocados, because you guys are
all about fresh guacamole and fresh avocados. So talk to a little bit about automation and how that helps the growth story going forward.
Yeah, it's a great question, Carol. I think there are a couple of things that really fuel our economic model. One of those, I'll speak to you very quickly is around throughput.
And we still have throughput advantages that have yet to be pulled through, and so we're working aggressively as an organization to get back to the throughput levels and efficiency levels we experienced in the brand back in twenty seventeen through twenty nineteen, really pre pandemic, before there was this massive shift to digital, and the new people in our organization today aren't accustomed to the speed at which we could deliver the Chipotle experience, and so we're really leveraging
that and flexing that muscle here in the upcoming quorder to really get back to our throughput prowles.
Again.
It's also leveraging cobotics, where it makes sense to really remove some of the routine, mundane tasks like coring and fitting avocados each day in our restaurant to really move that labor to more consumer facing engagement and creates a better experience for the team member and a better experience for the consumer as well.
Can Scott, can your partner, Can you just give us some numbers behind the automation the automation process when it comes to peeling or incoring avocados for that guacamole, Like, how how long does it take a person to do it? And how long does it take a machine to do it?
Yeah, it takes one individual about fifty minutes to complete one batch of guacamole. That's starting with a fresh k K case of ripe avocados all the way through.
The hand mashing process.
So we think autocado can remove about fifty percent.
Of that time. Wow, and really make it.
Increasingly more efficient to get through that process and get towards more guest facing activity.
But you're watching on streaming and YouTube that can see some of okado. First of all, I just love the name of it, but they're actually seeing the process of how do you.
Lose do you lose some of that vegetable? Do you lose a little bit of it with the automated process.
You know, that's one of the things that we are testing for jam is we think about autocado's effectiveness in restaurant, It's got to be able to deliver on a few things. Hey, it has to be able to protect this incredible ingredient as we bring it into our restaurant.
It has to continue to be as food safe as.
It can and should be in our restaurants, and it has to deliver on our specification. And so if it doesn't beat that criteria, then it doesn't move forward.
And it's testing protocols.
But early days, we're very excited about the opportunity and feel good about what the product is today.
All Right, what about workers? That's the other thing, right, You don't want turnover. You want to train people and have them stay. So one of the things many years ago, I was very impressed with what was done by the company to hold on to workers, to promote workers, to keep them in the system them. So talk to us a little bit about manager turnover and what you guys are seeing in the hourly turnover.
Yeah, great question.
I think those early investments that you're referencing, Carol, have paid huge dividends for our organization as it relates to retention and turnover specifically, and then overall development.
For the organization. As you think about the growth that is ahead of us. We are currently.
Experiencing all time low turnover numbers for the brand and so, and that's throughout our salary rates and our hourly team members. And so we feel like more and more team members
are coming into the organization. They see the opportunity for growth, advancement and to hit their career goals, and they're met with an organization that has very competitive wage rates across the industry, across the United States, and is very competitive in the industry and what I believe to be industry leading benefits in total that really capture things around financial health, mental health, and personal health.
Is there still pressure though to raise wages? Give us an idea? I mean that such a big part of you know, we're coming off of FED meeting yesterday and we talked a lot about wage inflation and that is still sticky. Is that still you can't back off? It's are you paying up more or is it leveling off?
Carol?
There's always inflation in the wage markets, as you're well aware, and we do we go through an air twice annual merit process for our team members and that's a practice we've had for many, many years in the organization. We're experiencing about five percent wage inflation, which has anticipated and built into our annual plan, but nothing extraordinary.
Do those benefits that you talked about that are not directly impacting a higher hourly wage? Do those?
Do those work?
Do those create a stickier workplace? It's a great question is people at the end of the day, people are gonna people are gonna want more money.
It's a philosophical question.
It's one that I talk about often, So thanks for asking you question the question. If your wage rates aren't working hard enough for you, then the benefits conversation never
comes into play. And it's Maslow's hierarchy. If you're not meeting the basic needs of your team members and your workforce, you can have all the benefits in the world, but if they're not able to meet the needs of making rent, having food on the table for their families, then those benefits can't work for you and your behalf.
And so what we try to do.
Is maintain a competitive wage no matter what market we operated in the country, and that allows us to have a robust benefits conversation that really creates the employee. Value proposition keeps people engaged, keeps them bought into our vision, our purpose of cultivating a better world and looking for more opportunity within the Chipotle brand.
All right, so just got about thirty seconds left here, Scott, when you look at the horizon six to twelve months feels a beat, a little cautious. How would you describe it?
I'll tell you, Carol, I'm really bullish.
I know this summer there a lot of US travelers that are out of the country, so we're seeing a little bit of softening and demand across retail and in the hospitality space. I think it rebounds very quickly in the fall. Consumer spending is still obviously a big part of our economy, is still driving our economy.
I feel good.
About where we're situated from our value proposition perspective. We're still a low cost provider that provides abundance, variety and a very high quality, great tasting meal and affordable price.
All right.
Well, so glad we got some time with you, and our best to Brian as well as Jack Scott boat right, Thank you so much. Chief Operating officeerch Potle Mexican Grill joining us on zoom from Newport Beach and why.
Do these interviews always make me hungry?
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Kind of reading for this segment, I came across Tim something from Voice of America and it talked about how climate change gives rise to increase precipitation, higher tempts, higher humidity, conditions under which mosquitoes thrive and multiply. And so it got into some new research from the World Health Organization that even dry weather enables mosquitoes to breed, and so getting into just a lot more mosquitos out there and the implications of it with these weather patterns.
Here's something I didn't know until you told me. Scientists say that dry weather makes mosquitos thirsty, and when they become dehydrated, they want to feed on blood more often.
Love That creeps me out a little bit, all right, So let's get more on the implications of mosquitos and their attraction to us All Connor McMahon. He is Professor of molecular microbiology and Immunology at the Johns Hopkins Bloomberg School of Public Health, which of course is supported by Michael R. Bloomberg, founder of Bloomberg ELP and Bloomberg Philanthropies. Connor is with us on Zoom from Baltimore. Connor, we all know mosquitoes. We all hate them. They drive us crazy.
Tell us a little bit about the report that you guys just did there over at Hopkins.
Yes, so we recently in Zambia actually created the world's largest multi choice small test for mosquitoes. We all know from our backyard barbecues and picnics that mosquitoes tend to target some humans more than others, and some of us more alluring to mosquitoes than say, our partners or our family members, and so we were really interested to create
a way to firstly test this. And what we found was the scent of certain humans, the chemistry of the scent of certain humans actually dictates how attractive we are to the mosquito. And in this particular interest, in the instance, it was the mosquito that transmits malaria in Africa.
So it's not as my mom always said when I was growing up, if you eat sweet things, you know have sugary blood, and you know the mosquitoes, well we'll get you. I'm sure you've heard that before, Professor. In all seriousness, though, this is a huge issue around the world because of malaria, because of mosquito born illnesses that affects so many people each and every year. So I'm wondering what the implications of this study are for the
way that people can protect themselves. If we know what attracts and what doesn't attract mosquitoes, how do we extrapolate that data and put it to use in the real world.
Yeah. Absolutely, I think a really molecular understanding of the chemistry of mosquito attraction to human scent could be really used to effectively inform the risk of being bidden by mosquitoes. And as you pointed out, malaria still kills around six hundred thousand people per year, mostly in Sub Saharan Africa, children aged under the five years and also pregnant women.
So in addition to perhaps in forming a way to prevent nuisance biting, we could also potentially use an understanding of the chemistry of attraction in mosquitoes towards humans to develop new solutions to combat mosquito born diseases and also make new methods to stop them biting us here within the United States.
So do we know exactly?
All right?
First of all, you're saying, if the mosquitoes don't come after us, lucky for us. And it's not like that there's something wrong with us in terms of how we smell. But I'm just curious, is there something specific in particular of what really does attract attract a mosquito to one individual versus another.
Yes, So, our research suggests that individuals who have body odor signatures that are enriched for our class of molecules called carboxilic acids, which are typically chemicals produced by the natural microbiota or bacteria that live in our skin. Individuals with high levels of these airborne carboxilic acids, particularly light forms of these corboxilic acids, are actually more alluring to mosquitoes.
On the flip side, we also find individuals that are not so alluring to mosquitoes, Individuals who seem to be depleted of a lot of these corboxilic acids and also enriched for some other chemicals that are also putatively acquired through the diet. I think this is a really exciting area for future research.
What should so is there a simple message to what people should and should need to make themselves less or more attractive to mosquitoes?
Yeah?
So, I think this is still in a merging area for research. The molecule that we found enriched in the sense signature of an individual that wasn't very attractive to the malaria mosquito was actually a chemical called eucalypto, which is found in a wide variety of herbs and also spices. This is an emerging area of research. I think that we definitely need to perform future research and perhaps clinical trials to actually evaluate the impact of eating certain foods
on how attractive we are to mosquitoes. And a lot of this is, you know, the source of a lot of anecdotes that also get flown around as we were talking about earlier. So there is no simple solution at the moment, but there are protective measures we can implement in the interim to protect our cells against mosquitoes.
Is climate change making your job even busier?
Yes, I would say so. Actually here within the United States, I think the the eight recent acquired cases of malaria that we've seen in the southern part of the United States tends to suggest that we name we need to remain continually vigilant against mosquitoes. They do like warm tropical weather many of the species that transmit diseases around the world, So I think we need to maintain sort of continual vigilance against mosquitoes.
Is the is the solution today, The best solution today still sort of the most mundane, just mosquito nets.
Yeah, so mosquito nets are one potential way to stop mosquitoes biting us, you know, screening your home, also cleaning up debris and potential breeding sites in your backyard where they might like to sort of hang out and sort of relax. Perhaps the most practical way we can use to prevent mosquitos from boding us is applying an EPA registered insect repellent y e p A registered because they're
being tested for efficacy and also safety. There's a range of different synthetic compounds like guns that are really effective. The cardon IR thirty five to thirty five is an active ingredients hunter.
We get to run unfortunately, but a lot of good advice there Connor mc mannon over at Johns Hopkins Bloomberg School of Public Health. This is Bloomberg Radio.
Room, a journal.
How about you let me drive?
Oh no, no, no, no, please, I'll do gravel. Excuse me, I want to drive.
It's a good question, which is the drive to the globe effect each other?
On on Bloomberg Radio.
All right, everybody, just about eighteen minutes left in today's trading session, getting ready to wrap up the Thursday trade. And what a different picture, certainly on the equity side of things from where we were a few hours ago. Had to rally and then it just kind of came undone, and so we're looking at stocks pretty much at their lows, and you know, there's a couple of things going on.
Katie talked about Japan earlier, the Bank of Japan, but also you know, we had some upbeat economic news here in the United States and have a ten year at four percent, so that's a big move up.
Let's get into all of this with Sarah Ponsik, financial advisor at UBS Private Wealth Management. She joins us on Zoom in Fort Lauderdale, Florida. And No, I don't know if everybody listening and watching knows this. But Sarah used to be our colleague here at bloom Curser.
I did. And I've got to say really quickly, I'm so lucky that I'm here with both of you, because Carol, I hear your checked out going on vacation, and Tim, I know you just got back.
I yeah, like passing a baton for a little while.
Yeah, great to see you, Bote.
Okay, so let's talk markets here because for as Carol said, there was a big reversal today. Let's get into today's trade because of the economic data that we saw. There was a lot to love in there earlier today with inflation coming down another signal there some good numbers when it comes to the jobs front, some good numbers when it comes to GDP. What do you make of today's reversal?
So when you look at the market reaction today, some might question, Okay, are we back to a world in which good news is bad news? And that sounds very strange, but we all know what that means is just that when we get good economic data, does that mean that it gives the Fed more clout to keep interest rate higher for longer, which the market might not like. So that might have a little bit at play with what
we're seeing with the market reversal. But I would point out that you really don't want to extrapolate too much from one day's trade, because if we look at how markets have been trading over the last month or so, as you know, recession risk has been receding. I know, we hear many more people nowadays talk about a potential soft landing, can the FED pull it off? But the market has been trading as though that might be the case.
So you know, all year long we've been talking about this really top heavy market growth leading the way, tech leading the way, small caps for example, underperforming. But if you look at the last month, it's actually pretty interesting. The Russell two thousand small caps have outperformed the Russell two thousand, up about nine percent. Meanwhile, the SMP, the market cap weighted version of the S and P, which really takes technology stocks, those megacat techniques and to effect
up about five and a half percent. And this hasn't been the case all year long. If you look at that equal weighted version of the SMP that takes financials, energy industrials into account just as much as those tech names it's actually outperforming the SMP. And we see those more cyclical sectors of the economy like energy, financials, industrials actually performing as the best performing sectors in the S
and P five hundred. So today, you know, it's a little bit wonky seeing the overall reversal in the market.
Tim's but it's interesting, Tim is Mathew me so broadening out, which is something we've been talking about, like over the last week or so, broaden out. But having said that, you know, when you've got a ten year at four percent, we'll see whether or not it stays there. I mean, you know, moving into the fixeding, comes out of the market, moving into cash, you can actually make some money here when we're still not quite sure what the way forward maybe might be.
One hundred percent. Look, we're big proponents of the fixed income market right now and of bonds. We feel as though there's still a good amount of risk in the stock market, in the equity market. Yeah, a lot of people are getting a little bit more comfortable with it, but bonds right now are a great place to park your cash. And you mentioned bonds and cash, Carol, I would really caution investors if you have a lot of
cash on the sidelines. Great, you're getting five plus percent right now probably on your cash, but remember that rate is not going to be there forever. Reinvestment risk is very, very real. So right now, if you look at the bond market, you know, all in yields look really attractive
across municipals, corporate bonds, and government bonds. So it makes sense to spread yourself out, extend your duration a little bit more, lock in those all in yields, and then not only are you locking in those rates for years to come, but remember, if we do see a reversal in yields, yields coming down, you'll also get that price appreciation, that negative correlation to the stock market potentially should we see a recession or some type of softness there.
I'm wondering if there's sort of a flip side to Carol's question, which is this money on the sidelines now having FOMO and saying, wait a second, I missed out on this twenty percent rally. I've been in fixed income, I've been in cash. Now that money being put to work and extending this rally in the stock market.
I think many people would argue that the twenty percent almost rally we've seen in the s and P five hundred is due to just that, tim. You're very very right. I think we've already seen FOMO take place in the market, and that's why we have seen performance chasing in some of the best performing stocks and best performing industries and sectors in the market. They just continue to lead and lead and lead, and that's why we were talking about
this broadening. Now you question, okay, allre we going to see more flows into the laggards because people feel as though maybe you can't keep cha chasing those names quite as much. And yes, if you look at the flow data. I've looked at the flow data before, you know, across ets, mutual funds, there's definitely been evidence of that tim of
money flowing from cash into stocks. Because yes, you know, while it's great that you can get a five percent returning cash, if you're someone who last year got nervous at the lows you sold when say your stock portfolio was down fifteen to twenty five percent, you went to cash. Well, congratulation, you've made five percent on your cash, but you've also missed out on this twenty percent rally and comeback and you actually end up in a worse position by just sitting in cash for so long.
You sound like somebody who's managing money. I'm just gonna say, he's why. What's the big risk right now?
Though?
The biggest risk I think, you know, I would say the biggest risk is probably that inflation does not continue to come down. And inflation is a lot stickier than most people expect it to be, meaning that the Fed is going to have to continue to hike interest rates. That's what the market is most scared at this point in time, and if that's the case, it also presents a risk for bond markets as well.
I think that's a really good point, especially when you have you know, Jay Powell yesterday saying, hey, folks, you know two percent inflation, Maybe we don't get to that about two percent until twenty twenty five. So I'm looking at a calendar. It's twenty twenty three and we're just halfway through. So that's a long ways away.
It is a very long ways away, and even just to the next meeting, we have this very rare eight week stretch. We've all learned over the past two years that a lot can change really quickly, you know, when it comes to data and for the FED because, as we all know, fet your Powell loves to say that they're data dependent. He said it again yesterday. He'll say it over and over and over again until it's drilled into everyone's minds that they're going to watch GPI data,
They're going to watch the employment data. And although what they said yesterday might stick today if the data changes, so too, well their message two months from now, I.
Think I can't remember. I think it was on surveillance this morn whether it was Lisa Bramowitz or one of their guests, said that it's almost like j Powell when he was at the podium, had a little yelly yellow sticky that said data dependent, data dependent, Like.
I would say at every at every meeting, every press conference, he gives it's it's it's ingrained into his mind. I think it's ingrained in my mind. It's probably ingrained into your minds now too. We hear it over and over and overcap that and long and very old.
I was just going to say that, Sarah, long invariable leg that's.
You read my mind.
He's called like garage bands, right, long and variable legs, And.
Could we could make a song exactly.
Exactly, Sarah Ponza, I have a great weekend. She's financial advisor UBS Private Wealth Management Order Board.
Of course, Bloomberg aid great to check in.
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