FTX Lawyers Accuse SBF of Undermining Bankruptcy

You can also listen to our radio show at two pm Eastern Time on Bloomberg Radio, or watch us on YouTube and now also on Bloomberg Quick Take. Well, a most read story today on the Bloomberg in fact, several of the most read stores in the Bloomberg Today or again about the crumbling empire of Sam Bankman Freed. What in particular, though, Tim, is about the lawyers for the now bankrupt from f t X and concerns about its founder.

It's a legal angle to this story, you right, Remember yesterday afternoon we've got some headlines on the Bloomberg terminal. They said that f t X was coming out and saying that Bankman Freed, Sam BigMan Freed has no ongoing role at f t X and he does not speak on behalf of f t X, f t x U s or or Alameda. And I made the comment that if you're bankruptcy attorney handling this bankruptcy, you probably don't want to see him tweeting the way that he's been tweeting.

And it turns out, Um, that's actually the case. We got Steven Church with us. He's bankruptcy reporter for Bloomberg News. He joins us via zoom from our Wilmington, Delaware bureau. Stephen, we're getting some insight into what the lawyers for f t X um the case that they're making, and what they're coming out and saying in terms of the mess that they have to clean up. Right now, what do

we learned this morning? Oh, we learned the main thing was that the lawyers believe that there was a huge mess that was unprecedented in terms of its corporate controls. Hold on, hold on, When you say unprecedented, you mean unprecedented. I mean we're talking en Ron world, Colm, Like, what are we talking here? Like going all the way? That's like, let's look at it this way. Um, and Ron was probably one of the worst corporate scandals corporate fraud scandals

UM in US history, among the worst. The man who was charged with cleaning that up is now the CEO of f t X, and he says it's the worst thing he's ever seen. So, Steve Stephen, is it unprecedented in terms of lack of controls or non existent controls? Um? I think it'd be unprecedented in terms of the weak or and in some cases non existent controls, is what he's arguing. UM. The main thing that happened, uh, well to two big things happened this morning. They filed two

important pieces of the two important court documents. One laid out the case for why they're in court, what the problem is, and how they hope to solve it, although they didn't have much detail on how they hope. Uh. The other thing they did was unusual. They asked the judge in Delaware to prevent the regulators in UM in Bahamas from taking control of the case in any way. So does that mean that it ensures that it will

be handled in US bankruptcy court? Uh? No, it'll be split they the way these cases typically work because you have a giant, UH conglomerate that's you have a giant business that touches all corners of the planet. That's the way this one is. Usually the different courts work together, they get a protocol together, and they agree on how to handle creditors, how to handle lawsuits. We're at the

beginning stages of this. The Bahamas case UH is smaller than the US case in terms of the in terms of the entities that are covered by it, So we're just at the beginning of it. Most likely the US will the U S Court here in Delaware will take the lead on that the lawyers in charge of that case have been complaining about um Uh. The way the former CEO has handled himself the last few days. Are we going to see him on on the stand? Unlikely?

I doubt if he. If he will appear in the stand in the bankruptcy case, he would obviously be a hustile witness at that point because the lawyers are fighting with him about some of the things that he's been saying. UH. More likely you'll see the current CEO, the man who is in charge of of of and RON a few years go, take the witness stand if necessary. Over the last next few weeks. Steven, what happens to SPF. What

could happen to SPF? That's the question everybody wants answered. Well, we know that in Manhattan, the U. S. Attorney's Office there is investigating the company. I got to believe that they will look at him specifically, so he may face criminal criminal at least a criminal investigation. There's no telling whether or not he'll be charged. Obviously it's way too early. But there's also an investigation in the Bahamas that's going

forward as well. So one of the things that in the bankruptcy court is very likely to happen is the creditors will turn their sights on him and say, what money have you got given to us? You caused the problem. That's pretty routine in big cases where you have a

scandal involving the CEO. Yeah, it's so fascinating. Um, you know, I think about this, Stephen, because you know, initially, I feel like in the earlier days of crypto we talked about the ability to avoid regulators and the law enforcement. We know subsequent to that that there is ways to track it all down despite what we thought was a

lack of transparency. But will there be some difficulties and maybe understanding the relationships um among all the entities under f t x UH and in SPFS empire, or do you do I guess does law enforcement? The lawyers feel like they're going to be able to uncover a lot. I would not bet against all of the forces arrayed against SPF right now. These are very good lawyers and experienced investigators on both the Bahamian side and in the

U S side. So they will probably be able to unravel much of it now, whether or not there are certain black boxes they can never get their hands on, that's possible, but I would guess that they'll be able to. They'll be able to lay blame where they think it should be, and they'll bring actions in court. Remember, creditors lost a lot of money, and so it's in many of those creditors interest to find cash that is hidden

or UH lies in an asset somewhere. So there's a lot of money backing the lawyers who are trying to get back much of the money that was lost. When you say much just in the last thirty seconds that we have with you, what's it's hard to it's hard to estimate this and see the future. Of course, Steve and I would never ask you to do that, But what's a realistic expectation that customers could have. I it's way too early for me to to talk about that. Obviously,

billions are at stake in this case. We don't even know how much money the U is actually that regulators and the lawyers can get their hands on. We don't know how much money will roll into the bankruptcy court that the bankruptcy court can then distribute. The lawyers said in their court papers they're collecting hundreds of millions of dollars or they think they've identified hundreds of billions of dollars. Right,

all right, Well, we so appreciate your reporting. Stephen Church, bankruptcy reporter at Bloomberg News on zoom from our Wilmington, Delaware bureau. You're listening and watching Bloomberg. You're listening to Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes.

Tim Stinovic on Bloomberg Radio. The world continues to include COVID, which we know in some parts of the roles such as Johnic really continue to be a drag on economic growth and getting back to a more normal way of life. I will say, Tim, it does feel like in New York City as I was coming up, uh in the World Trade Center. I mean, there are a lot of people coming off the trains this morning. He does feel more back to normal, Yeah, especially on a Thursday Friday.

We'll see if that's another story. Does get quiet, does get a little quieter. Hey, let's get into it and talk all things pandemic and other respiratory viruses as well. We've got Dr kosert a Lot joining us, Associate Professor of International Health at Johns Hopkins Bloomberg School of Public Health. The Johns Hopkins Bloomberg School Public Health is supported by Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropy US. A doctor to Lot joins us on the phone from

Baltimore this afternoon. Dr Tolot, good to have you back with us. I want to start with this idea of um, what I talked about just in the tease that right there, this idea of a triple demic right now. I don't know about you, but I did not hear about rs V overwhelming hospitals, especially in pediatric areas, until this year. What's different about this year, Well, we haven't heard it quite so bad either. What's different about this year. There's a couple of things. UM. The first is this RSC

season it's much earlier than we usually see it. UM. Usually RSC is a wintertime virus. We see it filling up pediatric hospitals in January and February, not in October and November. UM, so it's it's much earlier. And in addition, there's many more cases. UM. RSC season has been altered because of COVID, So when we were all staying home and when we were all wearing masks and kids we're not going to school, RSC really disappeared for for the

better part of two winters. UM. Last year we had a big RSP surge in the summer and then it went away in the fall, which was really unusual. UM. And this year it started in the fall and it's much much higher. And part of the reason why it's so high is because so many people have not seen our as the in several years, our immunity has waned. We have cold like large numbers of babies who and young children who have never had it, so now everybody

is getting it all at this tame. Yeah, that's scary stuff. My cousin has you know three year old who was in the hospital for five days with RSP thankfully is okay right now, Um, Dr Tolts, So what are we What are we to do as parents? What are we to do as we had to the holiday season recommendations. Well, um, you know, if you're six, stay home, if your child is sick, keep them home from school. Um, if they're old enough to be wearing masks, this might be a

good time to be wearing a mask. Um. Unfortunately, we don't have vaccines for RSC yet, but hopefully we'll have at least adult ARC vaccines in the next few years. Um. We um, wash your hands, you know, all the good public health things that we've been told for for many years during cold and flu season. Dr tolt just got about a couple of minutes left here. So now we've got four vaccines COVID nineteen vaccines just switching gears here

that are available in the US. You've got the Fizer bion tech and then the Maderna which are emin R messenger RNA vaccines. You've got nervavacs COVID nineteen vaccine is a protein subunit vaccine. And then you've got j and Jay's Jansen vaccine a viral vector vaccine and can be given in some situations. UM of a really nice listener is messaging us and his name is Michael, and he's saying, I'm wondering if novavax is as effective as the other

vaccines for covid um. The Novavax vaccine was evaluated and seen to be very effective at preventing UM severe disease, how realizations and death, just like the other vaccines. Currently, the Novovaks booster is just a UM. It's the single strain UM, whereas the MR and A vaccines are now being given as two strains. The bi valent vaccine UM

that is targeting the the omicon strains UM. But nova vacs does work very well and if you prefer to get more traditional vaccine UM, the novavax vaccine could be a good fit for you. If you want the bi valent vaccine to get the best filmacon protection that UM, then the m R and A vaccines might be a good place. Well. In just thirty seconds, because I took UM, I've been fiser all the way and I took the fifth vaccine and felt like I had covid for twenty

four hours. He's also asking just to follow is there less of a chance for side effects or milder side effects? And just got about thirty seconds from the novavaxx. Yeah, the side effects maybe a little bit milder, yes, because um, but but the but the side effects generally are very short lived, no matter vaccine you get. Hand are um, you know, a small pipe to pay for being protected against COVID? Totally agree for me. It was like twenty

four hours and I kind of bounce back. Um, we thank you, Michael, our viewer listener thanks you as well. Dr kosar to a Lot, Associate Professor of International Health at Johns Hopkins Bloomberg School of Public Health. And as we remind you, it is supported by Michael R. Bloomberg, Founder, Bloomberg LP and Bloomberg Philanthropies. Uh. She was joining us on the phone from Baltimore. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick takes Tim Stinovic on

Bloomberg Radio. As travelers get ready like Tim to to to take to the air at the holiday season gets underway, are Allan Levin in the new issue of Bloomberg Business Week takes a look at the glamorous air charter market the dark corners of that market. That is a story, by the way, also the Bloomberg Big take. Are you applying that I'm going to fly on a private jet somewhere for between forty and seventy thousand dollars for a round trip between the East Coast and the West coast.

Ever works for you, I'm not going to be doing that, And especially after reading the story, I think it raises a lot of questions about what the charter industry looks like. We've got Joe Webber, the editor of Bloomberg Business Week with us in the Bloomberg Interactive Broker studio, and also Alan Levin Aviation Safety and f a reporter for Bloomberg News.

He joins us on the phone from our Washington, d C. Bureau, Joel, I want to kick it over to you and just make a distinction at the beginning of the conversation about how we define illicit charter flights, because the definition is it's it's kind of murky, right, And that's why, um, I think the story is scary a right, Like I think people are getting on planes that they assume are

fine and in the worst case scenarios. As Alan's reporting shows, UM learning in in disastrous ways that they're that they're not UM and it is murky UM. And that's I'll let Alan actually think the question in terms of like illuminating the very specific question that you have. But the bigger thing to me is just I think there are private private aviation has become almost sort of the shadow world that is very attractive. You can get places far easier, and all you need is a little bit more money

than flying via normal one and it has revealed. Alan's reporting here reveals that it comes with a host of problems and worries. Alan. Yeah, yeah, that's that's correct, Um. And you know, in our world today, we can you assume when you get in, if you call an uber or you're getting a taxi, that it's sort of been

vetted by the government. It's not perfect, but at least you know they're looking at it, and I think they're That assumption carries over into the charter world, not at least, you know, at least in part it's due to the fact that there are lots of apps you can get that will get you a charter flight, and some people just assume it's the same thing, but it's but unless you know what you're doing, it's really hard to tell the legitimate operators from the the ones who are not licensed,

and you know, in some cases are really cutting corners on safety. I'm sorry, I'm just having like FTX flashbacks regulators and your accountability. You assume that parent has a fancy app that you know, and that it has ads that it's going to be okay. So this is really interesting. There's this also this this part in the piece, Allan, and you have just some you know, really heart wrenching examples. Marcy Wilhelm is somebody who spoke to you for the piece,

tell us about her experience flying privately. Yeah, let me just start by saying, I've been covering air crashes for a couple of decades now, and this is really one of the most heart wrenching ones. Um, Marcy is was amazing, had an amazing success story. She had founded uh co, founded a healthcare company, and they'd sold it for almost

two hundred million dollars. Was back in she'd been hired to be the CEO of the successor company, and um, you know, she had was going away on a long weekend to Nantucket with some friends from her house in Florida. They stopped in uh, South Carolina to pick up some some folks, and the plane essentially did not have breaks.

And it's a fairly big corporate jet um with high speeds compared to some other planes, and it just went screaming off the end of the runway down an embankment and broke into pieces, killed both pilots and Marsien and her husband were both severely injured. And the what investigators came to learn very quickly was that the plane never

should have been in service on many different levels. For one thing, uh, Marcy booked the fight on a legitimate charter operator, but they're required to um uh have you know, put each and every aircraft on their certification. This aircraft was not um But beyond that, it had dozens of

maintenance items that weren't complete, most notably the brakes. And the most stunning thing of all is a mechanic had noticed that the brakes weren't working had put a bright orange placard kind of a sticky note if you will, on the brake panel right in front of the pilot's faces that said inoperable. Technically it said in op which is whatever you know, that's what everyone in aviation, no elemine, they should know what that means. And they still landed

without the brakes and had this accident. How is this happening still in the year of our Lord? Like how? How? And why? What? What? What are the blind spots here? So you know, in the legitimate air charter world, I don't want to leave listeners confused. In the legitimate world, there is a ton of f a oversight. It's not perfect. Occasionally we see flaws, but you know, they're they're required to do everything from pilot training to drug testing employees,

on and on and on. But there's a good, uh twenty thousand or so private jets that are privately owned in the US, and you know, let's say our business and you bought this jet and suddenly the costs of maintenance are adding up. You might say, well, geez, why don't we just rent it out, you know, to somebody. And if you do that, you're not following all those safety measures that the legitimate guys do. And from the outside of the plane it's almost impossible to tell the difference.

And I guess I'm just wondering, why does it all fall through, you know, the hands of regulators or the f a A ultimately, UM, but I can see where the cracks are. So what's your advice to folks out there who might be interested in chartering. Well, it turns out, UM, the f a A partly in a reaction to this a few years ago, be in publishing a list of all the aircraft that are legitimately licensed to carry people for hire. So you can look that up. You have to go to if you google f a A Air

charter Safety, you'll find a link to it. UH. There's a trade group that UM has been very involved in this as well. And there are also several private companies that do auditing of charter companies, UH sort of save the customer the hassle of doing that UM. And so so there are definitely ways to figure out who's legit and who's not. And we teased UM earlier that there's a connection between j B. Fox and uh BA Hollywood producer Peter Gruber, also the NBA and I think the NHL.

So UM highly recommend that you check out this story in the upcoming issue of Bloomberg Business Week. Also on the Bloomberg terminal and at Bloomberg dot com because it's a um a really important one and a lot of detail there. From Allan Levin, our Aviation Safety and f A reporter, Allen, thank you. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes. Tim Stinovic on Bloomberg Radio. Alex Barenka, technology reporter at Bloomberg News.

She's got a great story in the new double issue of Bloomberg Business Week dealing with metal platforms. Alex is with us via zoom in l A. So, Alex, good to have you here. Tell us about your story. Yeah. So, we've heard a lot of kind of anger at the general economic conditions from all of the Internet companies like Meta that depend on digital ads, blaming the economy for the really bad quarters they've had over the last six

months or so. This weekend in Business Week, I'm writing that there might be kind of a bigger reason that Meta in particulars ad business. Um, it has a big hole in it, and that pole is shaped like Apple. About a year ago, Apple changed its privacy policies for the iPhone that made ads on social media both harder to target specific people and harder to track the return on the spend on those ads, and a year in Meta has estimated that that's had a ten billion dollar

hit on its pad business. And you know, myself and a lot of the analysts and insiders I spoke for this story would also argue that that's what's dragging Meta down to potentially it's there. It's third quite straight quarter of revenue declines. It's more Apple than the economy. UM and I tried to break that down for folks this week. Well, there's a stark chart included in your piece that shows how other companies are faring or projected to fair between

two uh. TikTok, according to e Marketer, has a projected change of one fifty versus Meta down at the bottom of which protect a change of negative. Why is TikTok able to capitalize on something when you know they're using the same hardware and the same operating systems to deliver those ads. I think there's two key reasons so Meta, as you mentioned Facebook, Instagram, those are metas companies have historically been based on who you know your friend graph

is how they derive kind of insights on you. Um and plus the information that they were able to glean from Apple to make sure that advertisers are reaching the people they want to reach. Picktok, on the other hand, Um has built out an ai UM kind of focused recommendation engine that is derived on our users interests, so they know more about you than just who you know.

They know who you're actually interested in. That is some of the information UM it's not quite apples to apples that Meta has lost, So TikTok has been able to kind of really lean into this interest based recommendations. Uh. That idea interros based recommendations is also where Meta is spending a lot of money to kind of chasten too that. Now, the one caveat I would give is Meta is still an advertising giant. They're still expected to bran about a

hundred and sixteen billion dollars in report this year. TikTok is only about a tenth of that. So there is some kind of um youth in growth there um for TikTok. But that is kind of the big reason UM that folks might be looking too platforms where they can target people a little bit more effectively than maybe what's been lost on Facebook and Instagram. I gotta say, Alex one of the lines I love in your story, you say the company has no experience managing decline. There's something to

be said. I mean, this is a company that has been on fire, maybe a little bit of a you know, trouble about that. I p o initially but figured it out right in the ship. But when things start to go wrong, like you might not have a playbook or the people in place to be like, well wait, how do we fix this right? And you remember just last week they laid off Force and their biggest layoff ever. So this is a company now that's going to be

expected to do more with less. So this Apple thing is a big problem, But there are a lot of other problems that Meta. You have the economic conditions, you have the scrutiny on the political power that Facebook and Instagram have on the world. You have this big bet that Mark Zuckerberg is making trying to build a virtual reality world called the Metaverse and funneling ten billion dollars a year into that direction. So there's a lot going

on there. And now it's going on with eleven thousand people, fewer than just two weeks ago. So it seems like they're really going to have to kind of buckle down. We've heard internally that you know, there's still some restructuring going on. Um that you know, this is the first time that a lot of employees are being pushed to a level of efficiency and lead this UM than they

ever have before. So this will definitely be one to watch as they kind of juggle both coming back from these changes that Apple forced upon their business, battling economic conditions, and trying to paint the future of computing in the metaverse. Hey, Alex, kind of want to throw a little bit of a curveball at you because it's, you know, not necessarily what your most recent pieces about, but I know you've done

so much reporting about this. I'm wondering what small businesses think of this change, because they're the ones who have done a lot of advertising historically on meta platforms including Facebook and Instagram, and now ostensibly it's more difficult for them to target their potential customers. Yep, throw those curveballs away. Um. I will say basicstes have been okay. Um, they've spent more on like newspapers or buying ads on TV channels. So the big companies can do that because they have

the budgets. Small businesses have kind of historically been stuck with two options with basically meta or Google alphabets um search ads when it comes to reaching customers on the Internet. So they've been the folks who basically have had to kind of go roll with the punches here, and that's also why we think there's been such a big decline

in overall ad spending. Those are the folks that kind of have to pull back because they can't write, say a half a million dollar check to advertise on something like Hulu. They're kind of start reaching customers on the Internet and it's gotten a lot more expensive because the targeting is less effective. So those folks are the ones um that are probably impacting it the biggest from a

pure quantity perspective. That's the majority of metas advertisers. So small businesses also, you know, are probably looking to places like TikTok and other properties where they can spend the small budgets they have to find the customers that they want. Alex Farenka really appreciate it. I'm probably a journal yeah, but you let me drive No, no, all right, please, gravels. I want to try. It's good questions. This is the

drive to the clothes on Bluebird Radio. All right, we have just about ten minutes left in today's trading session. Bouncing around here on the equity trade. Same story when it comes to the yield trade. I think as investors go from FED conversation to FED conversation right now in terms of stock specifically, as Charlie mentioned, definitely off our loads of the session, and we're seeing a leg up tim here in our final minutes of trading. We are, but volume is really low right now, the SMP down,

volume down. People are already start anything about that Thanksgiving holiday, But you don't want to ask Charlie Massimo all about his senior vice president and financial advisor at the Wealth Enhancement Group on the phone from Blue Point in New York. Charlie, good to have you back with us. How are you. I'm great, Thanks, thanks for having me. It's always yeah. Hey, So what are investors waiting for? Why are they on

the sidelines? Yeah? I think the Fed's confusing the heck out of everybody with comments and just there's just fiction. Yeah yeah. I think there's just a lack of conviction on which way we want to go, and I think people are just waiting for the next next data point to make a decision on where they want to put their money. Well, where would you want to put your money right now if you had to put some new

money to work? As I think there's so many positive things happening in the market right now despite what we read in the headlines, and you know, you have you have an inflation which is which is coming down without seeing any deterioration in the labor market, which is a really positive indication and something that FED is certainly going

to pay attention to. I think you have uh SMP five companies with they're so flush with cash um which means that we probably will see increase in dividends coming along. So I'm I'm huge um proponent of value stocks that are going to show increased dividends and really going to pay people to wait while we see a real turnaround in the market. Can you name any specific value sucks

that you have your eye on right now? Yeah? Again, I think when you see any any any um um stots like Target that are beat up, these are great companies right and when you can buy a company twenty cheaper than where they were just a year ago, you have to take advantage of it, because again I think in the year two years from today, these companies are going to be significantly higher. And again I've always said this, this is not when you become shy of investing in

the market. This is when you become very aggressive and buy some of these great American companies. So it raises the question about whether or not you think we have further, you know, further losses ahead of us, Like, is there going to be a better time to get into the market, maybe in the first half of three Well, listen there there there You can always you can always debate when is the right time, and I think as an individual investor you have to see where you are in your

own time frame. But again, you know when these companies we spoke probably about two months ago when the market was about ten percent lower than where it is today. So again, was that a good time to invest it we hit bottom? You know, I think when you look at the market, it's much more positive and much more constructive now, meaning the lows are are much better than what we've seen a year ago, in a week ago or two weeks ago, and the highs are pretty significant

on updates. So I think we're starting to see a market that is trying to find direction, but the direction is much more positive than negative right now. Yeah, it is kind of It's so funnairs. Just look at the home builders, the home building index, which is certainly a

laggard in today's market. It's down about two percent if you look at the S and P Supercomposite Homebuilding Index, but you know, it's been bouncing around a lot, and I understand the housing data feels like it's a little bit more to the downside, but the group is still up fift since October twenty. I always feel like there's

mixed signals in this market. So Charlie, what do you most monitor for getting an idea of maybe where valuations should be and where the market will ultimately go, Because it does sound like you have some optimism for the trade in Yeah, not only three and certainly beyond. I mean, when you think about some of the staggering numbers, you know, I was just reading today that the Brookings Institution projects up between about one point six billion people will enter

the middle class. I mean, that's that's significant. So you think as they enter the middle class, and these great companies that will continue to prosper from this growth in our in our economy, and in our world. So it's really not one specific place that I'm looking. I'm just looking as a general, as a market as a whole that as as we continue to see these numbers improved, it's just an amazing opportunity for the companies across the

board really to see increased values at a significant clip. Okay, So Charlie, I want to go back to FED speakers because we talked about him a lot here, of course, and we try to dissect all of their comments. And I'm wondering, if you take everyone who you've heard from over the last a few days or so, um, the message that you're seeing is the one that's broadly showing that we're going to see an easing of rad hikes come December and the early part of or is it

one that says there's still more work to do? Well? I think over the short term there's probably still more work to do, and and and that's not because of inflation. Um, not slowing or slowing down, because we are. But I think it's really the FED that's trying to be overly aggressive in this market. You know what he's done already, and I agree with what he's been doing, because again, a short term bear market is much worse than long

term inflation for this economy. So I agree with what he's doing, but I think now it's time to let all these raises seep into the market and slow down to What I'd love to see him say is that we may have more work to go, but we're going to slow down the pace and we're gonna wait to see that make that that our increases in yields are really helping the inflation slow down. That's what I'm hoping he says. I don't know if he'll say that, but I think that would be a huge positive indication for

the market. You know, Charlie, we've talked about this before with you because you and what you do at your firm, you specialize in planning for families impacted by autism, and you know, these are families that really have to make sure that they've got investments in place. So I do think in an environment where we feel like things keep coming at us left and right, longer term, you know,

what do you see as the best bets? Yeah, again, it's a it's a really great point, and I think that you have to take a deep breath as an investor and really measure where you are from a risk tolerant standpoint. You know, in the past few years it was great to own technology, but now you have some of those companies down thirty so you've lost three to five years of growth in one year or in less than one Does that ever come back? It will, but

it's going to lag the rest of the markets. Like is it going to look like the dot com bust of the late nineties early two thousands and take a decade? I mean not that I don't think it's back to Some of these companies have real earnings versus dot Com where they had no earnings at all. So I think we have companies like Amazon that are having a difficult time that will still show some significant earnings moving forward. But I do think again you get getting back to

the point of Carl. You have to be you have to look at the market and say, hey, where am I going to get the steadiest growth, not get the big ups and downs. And I think the steady growth is being broad based, not overweighting in any industry and collector. And again I know value was out of favor, but again, over time value would be more than the more consistent All right, well, Charlie, thank you so much. Have a

good Thanksgiving. Charlie Massimo, Senior VP, Financial Advisor and Wealth Enhancement Group, on the phone from Blue Point, New York. Thanks for listening to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud, or Bloomberg dot com. You can also listen to our radio show at two pm Eastern on Bloomberg Radio or watch us live on YouTube now, also on Bloomberg Quick Take