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.
Carol, Israel's military said it struck Hamas targets and Gaza overnight, and Israel also responded to fire from Lebanon by hitting Hezbola assets.
So let's get to Mick mulroy. He is back with US, former Deputy Assistant Secretary of Defense, a retired CIA officer, understands as we've been leaning on him big time. He's also co founder of the Lobo Institute, so obviously looking at areas of the world where there is conflict. Mick, we want to get you to weigh in. We know you're monitoring a lot of stuff right now. Another crazy week, if you will. How are you thinking about it on this Friday?
So, first of all, great to be with you, and it's great that these two American hostages were released, a mother and daughter. They're saying because he manitarian reason, she was very sick. But it's always good to get Americans released. But there's several more, and there's around two hundred total hostages held by a MOSS right now, which of course is a war crime to hold civilians as prisoners of war.
So that is a very good thing, and hats off to everybody that had a role in that guitar for example, and likely the FBI and the CIA, so.
Good for them.
But there's a lot more to do when it comes to get hostages out, and it does look like we are on the edge of this ground invasion that could be coming with the next twenty four or forty eight hours.
We want to also bring in our Bobby go She's a Bloomberg opinion columnist but has covered the Middle East for a long long time. And you know, I know, Mick, you've got to run. But Bobby, I wonder if you have a question for Mick who's also been covering this. We'd love to do that Mick before maybe you have to run. Bobby, you have a question real quick one.
Well, yes, absolutely. What I would like to ask Mick is basically the events of the last twenty four hours, these missiles and rockets that have been directed at American targets as well as Israel from not just Hamas, but also and Hesbalala, but also from she militias in Iraq, and it looks like the Huthi militias in Yemen. What they all have in common is that they're all sponsored by,
paid for, trained by Iran. And how much of sort of Iran is looming over the back drop of all the decision making that's taking place in Washington over what to do next in the region.
That is a very good question and a very astute one. You are correct, Hamask it's about ninety percent of its military funding from Iran. Hes Belah very similar support multiple militias in Syria, and the Huthis are on Allah in Yemen, who has been waging a bloody civil wars. I'm sure you're aware of since around twenty fourteen. They all have
Iran in common. They are especially when it comes to their advanced weapons systems, they get almost all of them from Iran, and it's likely that Iran could use that connection should Israel, and it looks like they will launch a ground invasion into Gaza, particularly if a most looks like it's going to be destroyed. There'll be a lot of pressure on all of those entities you mentioned and
Iran could orchestrate the whole thing. And I think that's why the United States, and that's why they said they place so much military capacity right off the coast of Israel, with two carriers, strike groups, a marine expeditionary unit, and more elements moving to the area.
Hey, Mick, I know you got to go. We are hearing from Anthony Blincoln, Secretary of State right now after the release of two American hostages, and that's where I want to go with our last question to you. Just give us an idea of what happens behind the scenes to secure the release of hostages, even though there are so many more that need to be released.
So I think this is such a difficult military problem. Even the best units would have a hard time rescuing two two hundred hostages, likely in tunnels. Likely it's already wired to explode if they get too close, and may actually facilitate the recovery. So all these diplomatic efforts are truly their best option for getting out, and I hope they continue and we see more hostages coming out.
Hey Mick, thank you so much. You've been great throughout this crisis, and we know you've got to run. But that, of course is McK mulroy, as we said, former Deputy Assistant Secretary of Defense, retired CIA officer, retired US Marine reservist, and co founder of the Lobo Institute, which advises, consults
and teaches on conflicts. So so appreciate Heyway, And I've got to say we've also been leaning big time on our own Bobby Gosh Bloomberg opinion columnists covering culture, but he spent many, many, many years covering foreign affairs, particularly from those conflict zones in the Middle East. So Bobby, we do want to stay with you. I do think about what has to be front and center for the United States right now in terms of in a fluid
situation trying to calm things down. But it does feel like with these additional conflicts or outbreaks, if you will, that it does feel like it's there's slowly a little bit of a creep.
There's always a risk of that when the United States commits itself to a situation, even if the commitment is for peace, there's always a risk of getting caught up in a warlike situation. So yesterday, the reporting from our news colleagues of these missile attacks from Yemen which is a really long way from Israel. But these missiles, it would appear, were heading in the general direction of Israel.
They would have to fly over quite a lot of Saudi land mass as well, and they were taken down by an American warship that sort of now nobody, no human being was hurt in the process. But it is an American ship taking aim at a missile that is heading in the direction of Israel. So the United States to that extent is already engaged in the war.
What is that, Bobby? What does that mean though? When the US is engaged in that sense? And I that's the same question thrown Nick Wadams earlier, Because it does it risk, in your opinion, the US being drawn into this conflict more so than it already has been.
Yes, it does. The crucial thing is that it took place a long way from the main theater of the war, and that it did not involve American boots on the ground, certainly, and it did not sort of involve shooting down a plane, for instance, or a nest of fighters. No blood was spilt, So that gives the US a certain amount of distance. But it is a cautionary tail. It tells you that the longer this conflict rages, the more we might find
ourselves in situations like this. And the fact that the US President Biden has sent two aircraft carrier groups into the Eastern Mediterranean. They're not there just for show. They're there to worn off Israel's other enemies and our enemies from trying to get involved. And if they do get involved, then those then you know, a moment may come when the United States is forced to follow through on its threats.
We should all hope that that moment never comes. The big part of President Biden's visits to Israel was to try and make sure that there was a humanitarian corridor into Gaza, and I think he was encouraging the Israelis to hold back, not to to sort of rush in with a sense of vengeance, but to be more measured, to make more efforts to to sort of prevent hurting civilians, and to have a plan for what happens after the fighting is over.
Do you think it was smart of the president to tie aid to Israel and to Ukraine and do concerns about Taiwan and also you know the Mexican border, like to tie it all together about the protection of American democracy. And again I do this to you all the time. I've got about thirty seconds here.
Well, it's the nature of our politics now. Unfortunately, in an ideal world, he would be able to do all those things separately, and you would have a responsive Congress that would appreciate what's going on in the wider world. You and I know that that's not what the Congress is like right now. And to get people's attention, to get the attention of the folks on Capitol Hill, the president's having to sort of bundle all these things together. There is a common ad narrative, and he hit those
notes yesterday in his speech, right. But in an ideal world, he wouldn't have had.
To smarter because if you weigh in on all of this. Bobby go Schploomberg Opinion calmnist, as we said, has covered foreign affairs for a long time. He currently covers culture, but just knows so much about what's going on in that region.
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 wants us live on YouTube.
We're that strong US retail sales data this week.
Yeah, turns out American consumers are still spending.
Money a lot of different things.
The American Expresses third quarter revenue and profit also soaring to record levels. This is the company continue to attract new cardholders who are willing to pay an annual fee for its premium products. Still spending slowed a little bit. Yeah, a mixed report.
It is kind of a mixed report. So we're getting different facets of kind of what's going on with the American consumers and different types of consumers. To be fair, Tom McGee is back with US, president of ICSC at the organization formerly known as the International Council of Shopping Centers. It's the trade association of the shopping center industries. We'd like to remind our viewers and listeners. He is back with us on Zoom in New York City. Tom, how are you.
It's great to be with the Carol. I'm doing well. Hopefully you are too.
We are trying to keep up with kind of the newsflow and just deal with the world which is pretty heavy as you as you would imagine, you know, the shopping center industry. We did get a strong retail report this week. What are you guys hearing front and center from some of your members?
Well, consumer, the consumer continues to be resilient. You know, we're heading into the holiday season with an expectation for a positive holiday season three point eight percent growth, you know, seven point six percent growth in the food and beverage industry. So the consumer continues to be resilient. It's certainly concerned
about inflation, no doubt about that. You're seeing the consumer, particularly during the holiday with an expectation to spend more on discount and discount department stores specifically, but still strong and you know, until something dramatic happens in the employment market, I would.
Expect the consumer to continue to be resilient.
You know, that's the ultimate consumer facing industry, and consumer confidence drives behavior, and if you have job security, you tend to be more confident.
It's been where are you seeing spending patterns? And how are you seeing spending patterns or how are your partners seeing spending patterns?
Right now?
At these shopping centers which have really morphed from sort of having anchor tenants and big box stores to really experiential places in a lot of these newer areas.
Yeah.
So our industry covers everything from you know, large regional malls to you know, a classic grocery anchored shopping center and open air center and everything in between. You know, you're really seeing retail evolved quite a bit to your point around you know, regional mall is a lot more experiential in nature to really open air centers, which are which are kind of on fire right now in the post pandemic environment.
Yes, it's actually the use of the physical retail.
Yeah, I want to bring up an example of this, Carol.
I don't you know.
I don't know if you got to experience this last week, Carol, but the two of us were in La and I was there for a conference. Carol and I were there first conference. We stayed in Century City. Your room overlooked the Field mall.
Yeah, I was right there.
Yes, I actually went to dinner there right before I met you at the airport on the on our way back. I was there with a friend. It was an amazing indoor slash outdoor experience and it was like it was like a mall unlike one I've ever been to.
And they underone Italy.
Yeah, yeah, yeah, Sarah was went there as well. Yeah, one of our producers, and I got it. I mean it was like it was crowded. It didn't feel like a typical mall. This type of thing only works in California because the weather's perfect there all the time in southern California. But you know, they had like furniture, outdoor furniture that people were like lounging on and looking on their at their phone, right, they were just hanging out there. I was like, what is this nineteen ninety.
Yeah, it is interesting. You know, if you think about it, Tom, kind of the rethink on what kind of malls have you know, kind of morphed into.
Sure.
I think that's a great example. And and you know, different properties have different offerings, you know, whether it's you know, the American dream I hear in in the Tri State.
Right place to teach your kids to ski? Seriously, really you as.
To your point around, you know, different weather patterns and different you know, drives, different offerings. But you know, malls have evolved, and you know the story of the demise of the American mall has been written for the last thirty forty years.
Okay, but to be fair, the American dream mall is struggling pretty badly right now.
Again, well, I think I think every property has its own history. But my real point is that, you know, the mall industry, the demise of the industry has been written for decades, and yet we're still at basically the same number of malls in the country today that we had twenty years ago. And so they're very resilient and you know, good real estate will always find its purpose, and so, you know, the evolution is a big part of retail and a big part of real estate, and so the mall sector.
Is one part of the industry.
And then you have what I you know, your Target anchored, your Walmart anchored open air type of center, or even grocery anchor centers. And what's happening is in those physical retail locations, those stores are really starting to use that physical space not just for traditional shopping, but also is really many fulfillment centers. And so it was an opportunity to you know, fulfill online orders, to service that last mile, and that really became something that you know, accelerated quite
dramatically during the pandemic year. Obviously, you know, just the just by definition of what was happening, people couldn't congregate physical space as often, and so retailers were forced to adapt and that's become very effective.
And so the demand for physical.
Space, particularly in that open air sector is super strong right now. If you look at physical retail space in the United States and where it was at the financial crisis in two thousand and eight and where it is today. You know, while population growth is accelerated, what GDP growth, it is acceleraate, retail sales have almost doubled during that period of time, right, the amount of physical retail space is not, you know, increased almost at all.
And so you really have a mismatches supply and demand.
Now right Well, there's a lot more demand and not enough supply to Philip, do.
You want to point out that we reported Bloomberg News back in September that New Jersey's American dream Megamol losses quadrupling in twenty twenty two, widing to two hundred and forty five million. I mean, this is a special situation, it does feel like, but we continue to report on Hey, Tom, just got about thirty seconds left here. You guys have a survey out for the upcoming holiday season. Anything that
kind of indicates a possible recession or consumer slowdown. And again, just got about thirty seconds please, No.
Well, I mean we're forecasting positive retail sales three point eight percent growth, seven point six percent growth in FMB. You know, eight out of ten Americans expect to spend equal or more than they did last year.
So right now, the consumer continues to be resilient. All right?
Can I leave it on that note? Listen, have a great weekend. Always fun to check in with you. Tommygee, President and chief executive officer of ICSC. It's a group that's representing the shopping mall industry, So a good check on the consumer.
Maybe with three D.
Yeah, yeah, I don't know, Like I can't.
Tell that mall was cool.
Have you gone back a lot though?
No, I'm talking about the one and now the Yeah, the American dream will go back there. Yeah, yeah, I'll do some skiing. Yeah, it's a good way to teach your kids to skire.
You have to try that. It's kind of fun.
You're listening to the Bloomberg Business Week podcast. Catch us live weekday afternoons from three to six Easter on Bloomberg Radio, the Bloomberg Business App, and YouTube. You can also listen live on Amazon Alexa from our flagship New York station, Just say Alexa play Bloomberg eleven thirty.
Well, if you even have a cursory knowledge of the retail world, you probably know Chip Wilson. He's the founder of Lululemon Athletica, which he ran until twenty thirteen. That's when he stepped away following some particularly insensitive comments about how the pants looked on some women's bodies. It's also probably why you know a lot about him, because he
kind of was notorious around that time, Oh Carol. He's also got a net worth about seven point three billion dollars, that's according to the Bloomberg Billionaires Index.
But there's one thing you probably didn't know about him, and that's what we want to get to because it's a mission. It's a situation, if you will, that he's spending a lot of money to correct.
So let's get to it.
Because this story isn't the current issue of Bloomberg Business Week on newstands, online, and of course, on the Bloomberg Aria. Alstedter is with us. He typically writes about Canada real estate, but he is writing about Chip Wilson and his current battle. He is with us from our Toronto bureau, and with us is the edit of Bloomberg BusinessWeek, Jill Webber in our Bloomberg Interactive Broker studio, and Jill, you know, we talk about Lululemon a lot. It's a company well known
to certainly the Bloomberg BusinessWeek audience. Chip Wilson too, But I'm not sure that many knew about his own battle that he was facing.
Yeah, and obviously Chip Wilson, founder of Lulu Lehman has you know, built this thing into a juggernaut and created a whole category. What most people didn't know is this whole other personal side to the story, which when we found out about that, we were like, we we really want to go big here, and gave Ari the platform
to be able to do so. What's really amazing about it is He's got a fortune and he is willing to basically throw that fortune to help solve something that may only ultimately benefit him, but or hopefully a slightly wider group of people who otherwise if it was left.
To the normal kind of way of that.
Science and drugs and cures like this kind of happened may actually not ever be addressed. Right, So, so Ari talk to us about Chip Wilson and what he's been going through.
Right.
Well, Chip Wilson, as you say, in his public persona, he didn't really let on that he's actually been battling this very rare form of muscular dystrophe since he was diagnosed with it in his thirties, his early thirties.
So for the past over thirty years, he's.
Been watching his muscles slowly waste away. He could more or less carry on with normal life despite this disease. He had to give up squash when he couldn't raise the racket above his head, he had to give up yoga, and bounce became too difficult.
But he sort of tried to ignore it.
That all changed around late twenty eighteen early twenty nineteen when he was taking a trip to China walking out of customs and he fell, got up to't know what happened, walked forward, fell again.
He started to lose the use of his legs.
Now he thinks he's got about five years until he's in a wheelchair, and he he has an urgent need to do something about this now, and so he set aside one hundred million dollars and he says, I'm going to use it to cure this form of muscular dystrophy that I have in the next five years before I need that wheelchair.
I want to ask you, I am shocked that this story kind of hasn't come out. So how is it that it was kept so quiet?
Well, Chip Wilson is a very outspoken person. I think anyone who knows anything about him knows that. But he's kept this private. It wasn't I mean, in my discussions with him, he sort of said it wasn't a secret so much as it just wasn't something he talked about publicly. But that changed when he got this urgency to try to find a cure and caused him to launch this
initiative and spend all this money. And now he's started talking about it very publicly in the hopes that it'll be it'll make his venture more effective and it'll get more researchers, more investors, companies on side to try to get a drug, therapy, something to help within his timeline.
Well, let's talk a little bit aout the initiative and where the one hundred million dollars is going. There's a great scene in here where you spent some time with him not just at his home, but at his family office as well, And he's essentially creating a business around trying to find a cure for this, including bringing in somebody who has a lot of experience when it comes to pharmaceuticals.
Yeah, it's a really interesting sort of emerging model of a drug research driven by very wealthy people to tailored to their specific and very urgent needs. So he hired a veteran pharmaceutical executive called Eva Chin, who also is a physiologist physiology, PhD and has a lot of expertise on the academic side as well as the private side.
To essentially run this.
It's sort of a cross between a government research agency or a granting agency and venture capital try to seed money into all sorts of companies, as many different companies as possible which are working on promising potential therapies that could be applied to this condition, and to try to get them through what's known in the research community as
the value of death. Now, the value of death is between basic research, which is the kind of stuff academics do to come up with ideas for potential therapies and then on the other side, human clinical trials, which there's a lot of private money available investors who are willing to take a punt and see once it's ready for clinical trials, let's see if we get at the rest of the way. But it's getting between those two stages basic research and human trials that a lot of drugs
just get lost, a lot of ideas just fail. Up to ninety percent is the estimate, And so he's trying to get as many potential ideas is through that value death as possible and into clinical trials and hopes that one of them will work out.
So how close does he think he is to something that either resembles a cure or at least really helps him.
Well, I mean it is just sort of starting out. The initiative launched only last year. There is precedent for something like this being very successful. As I said, it
is an emerging model. Wilson has explicitly modeled his initiative on another one called the SMA Foundation, and that was started by a hedge fund tycoon and his wife to tackle another very rare disease called SMA because their daughter was diagnosed with it and they spent one hundred million dollars of their own money, and eventually, not one, but three therapies came to market to tackle this disease, and many physicians consider it effectively cured because now when an
infant is diagnosed with it, their symptoms can largely be managed. So he looked at that model and said, well, if they could do it for their daughter, I want to do it for myself, but in a much faster timeframe. And so, like I said, he set aside hundred million for this. He's already distributed about thirty million, and they're looking for more opportunities. He uses a sort of sports metaphor.
You know, he's a Canadian hockey shots on goal. They want as many shots on goal as possible, right, in hopes that one of them goes in.
All right, great story, all right, I'll statter of course, writing in Bloomberg BusinessWeek, the new issue, joining us from Toronto, and of course Joe Weber here in our interactive broker studio. As we said, new issue on newstands online of course, on the Bloomberg terminal.
Journal. Now about you let me drive?
Oh no, no, no, no, no, want to jog, honey, please gravels.
Let's wait, I want to drive try.
It's good question time.
This is the drive to the globe.
Down to me. I think we'll buy around you and on on Bloomberg Radio.
All right, everybody just got about eighteen minutes, just under eighteen minutes to be exact, left in today's trading session. Quite a week. We're pretty much though Nero Loo is certainly on the dow, but pretty much so on the S and P five hundred, of course didn't. He's just breaking down the numbers, so down down on the week
overall as well. And uh, you know, it's been a week where once again you see yields moving up substantially right now that tenure though it is below five percent four point nine two two two two to be exact.
I'm actually taking a look at the S and P five hundred right now, Carol. We've moved a leg lower, as you mentioned, we've at the lowest right now since June of twenty twenty three.
June of twenty twenty three.
Yeah, I'm back to uh yeah, right, it's the summer.
The lower trend, right all right, So let's see what our drive to the close guest has to say on this Friday. Ross may Field is back with US investment strategy analyst at BAIRED Private Wealth Management on Zoom from Louisville, Kentucky. Hey, Ross, nice to have you here with Tim and myself. I am curious always when we get somebody who's outside New York City, do you guys spend as much time talking about Fed and Jay Powell and monetary policy and five percent yields?
They got bourbon there?
Yeah, or maybe bourbon.
Yeah, the bourbon helps with the five percent yields and all the FED watching, that's for sure.
But we do.
It's it's what our it's what our clients are worried about. It's what you know, our clients are invested in the market and then the fixed income market, and so this moving yields and what the FED is doing, and particularly with how high profile the FED has become speakers every other day. J Powell kind of a minor celebrity. So so yeah, it's what we're thinking about and what we're talking about a lot of the time. And yeah, the bourbon helps, especially on a Friday afternoon.
Yeah. So I've had some great trips Louisville, by the way, have you Oh yeah, did the Derby. A couple of times. The Cyclo Cross World Championships were there one year. I had a really good friend who lived there for a few years and they used to go hang out with it. It's a cool place. We should do a remote there.
Ross.
I'm sorry, I'm getting a topic. You know, memory welcome any time in here.
Thank you.
H It is a great a great city. Though, talk to me a little bit about where you think this new era of higher rates will take us, especially with regard to equities, because the truth is is we're't a place where we haven't seen rates this high since in many people's careers, to be honest.
Yeah, so I think I think there's two things to break down. So the first thing is the move, the rapid move and kind of aggressive you know, over the last couple of months. That's obviously tough for the market to digest, you know, moving at the long end, especially up that much in such a short amount of time, is tough to digest, especially as you mentioned, when a lot of the you know, the index constituents have not
existed in a world of higher rates. But I do want to be careful of, you know, overreacting and acting like a world of five percent interest rates is just a world where equities can't work. You know, we don't have to look that far back the eighties and nineties. We're one of the great bull runs of all time, and you know, tenure yields were higher than this. The
FED was aggressive through a lot of that period. So it's not that the world of stocks can't work, but you do want to be a little bit more selective. I think, you know, moving up in quality in a world like this makes all the sense in the world, and then it just takes time to kind of digest the move so higher for longer, you know, is not a headwind in and of itself, but a move like the one we've seen takes some time to digest. I think is what we're going through right now.
Well, I think it's very telling when you go to your guys website and the first page one of the things that comes up is a segment I'm protecting, protecting and growing your cash. Says a lot about kind of the environment we're in. How much of your you, guys, are wealth management. I'm assuming your individuals or the folks that you are working with general of a certain income strata. Having said that you know, what is top of mind for them. I'm assuming it's wealth preservation, and does that
mean increasingly putting in cash. Are they saying I'm long term, I'm going to ride this out.
It's a little bit of both.
I mean, we're definitely talking to folks about the long term plan, you know, things like the war in the Middle East, investing through geopolitical events, having that long term lens. But I would definitely be lying if I said that one of the primary questions and one of the primary talking points isn't while we can finally get something on our cash. Savers are finally being rewarded after fifteen years of zero percent interst rate policy and negative rates abroad.
So people do really really like their cash, their short term treasuries. Right now, we're even talking to folks about just moving out the yield curve a little bit. I mean, now that the yields on the long end are competitive with the short end, and you could possibly get the capital appreciation bump, you know, if yields were to fall in kind of a downturn or a mild recession next year. So we're talking through all of that, But you're absolutely right.
The wealth preservation and just the general excitement about being able to earn something on your money is something that you know, I haven't really seen in my career and something that I know a lot of our clients you know, haven't gotten used to in a long time. So it's good to kind of barbel the wealth preservation and the yield you can get on cash with the long term stock investment.
Well, does it change the way you're thinking about portfolio construction significantly?
You know, it doesn't. It doesn't.
I mean, we're advocates for diversification, and we were before and after this big move in rates, I think now you know, we're in a bond bear market, but you can now go to a client, go to a presentation and say, you know, look at this, you know, five
six percent yield on a high quality fixed income. So it does change the conversation a bit, and it allows people who are in the draw down stage of their of their retirement or in a more of a wealth preservation stage to not feel like they have to be over exposed to equities in that volatility because it's the only asset class in talent, you know, Tina, there is no alternative, was the story for a decade, and for people who were in that you know kind of preservation
and draw do on stage, it was really hard to find yield. There were a lot of times we would look at portfolios and see you know, high yielding things like MLPs or products that weren't necessarily protective of cash, but there was that urge to have some yield because they were living off that yield or there was an
income component that they needed. Now we can have conversations that are much easier because there's treasuries, high quality bonds in the corporate market that are yielding five six seven percent, and you know, inflation has come down, so that's a real yield that we haven't seen in a long time.
So it hasn't necessarily changed how we're building portfolios, but it's made the conversation a lot easier, a lot different, and also, you know, not forcing folks who are in wealth preservation far out on the risk spectrum where they don't really want to be.
You sound pretty calm, So nothing in this market is freaking you out, Burben, No, seriously, no, but seriously, you sound pretty calm and complacent. I mean, nothing's freaking you out in this market.
You know again, it's just what we talk to our clients about. It's just taking the long term view. I mean, in the wealth management space, most of the people that we work with, even who are you know, you know, near the end of their working career in retirement, still
have a long term time horizon. So when we talk about things like geopolitical events, you know, most of these people have invested through wars in the Middle East, through things like nine to eleven, even a lot of our clients back to the nineteen seventies, and they know, and we talk about while it was painful and while there are years of big draw downs like we saw last year, ultimately, you know, the stock market made into all the time high last year of all time, So we can focus
on the long term with our clients.
All right, twenty seconds. What is your favorite bourbon drink? Let's just go there.
It's bourbon on the rocks.
It's amaze.
Do you have a favorite one?
I don't. I mean, you know, I doesn't really agree with me. You know, I get bad headaches when I drink this stuff. But you know I make an exception for going to Lovo.
Okay, come on down anytime.
We'll put that on the list. Hey Ross Wild good Carola that works. Bross Mayfield his investment strategy, Ali said baired Private Wealth Management on Zoom from Louisville, speaking of alcoholic Louisville, Louisville, Louisville, Louisville.
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