Putin Says His War in Ukraine Will Continue

Bloomberg Business Weekend iTunes, SoundCloud, or Bloomberg dot Com. You can also listen to our radio show at two pm Eastern Time on Bloomberg Radio, or watch us on YouTube search Bloomberg Global News. Well, Ukrainian Russian officials meeting again for a third round of talks, but Russian leader Vladimir Putin saying Kiev must agree to his demand. Uh, and that's if fighting is to end. So there's that going on. You've got the House also exploring a bill that would

ban the import of Russian oil and energy products. Um, there's just a lot of zigzag right now. That's certainly seeing it play out in the market. As Charlie just explained. Bill Fairies is National Security Team leader for Bloomberg News. Bill joins us on the phone from Washington. Uh, Bill, I just want to start with with where things are when it comes to Russia's invasion of Ukraine. As we you know, get past day twelve at this point, Um, bring us up to speed on on on the important

things that we should be keeping an eye on. Well, the thanks for having me. The Russian offensive is, you know, just grinding on here, getting closer to uh, closer to Kieva, getting into some of the suburbs of the capital city, and also pushing in across on the east and south of the country. We've got about one point five million people who have been displaced either internally in Ukraine or who have fled, mostly mostly to Poland. And you have these talks that have been going on but really not

achieving very much between Ukrainian and Russian officials. There's been no agreement on creating humanitarian passages out of some of the more besieged areas of the country. And you have almost on a day by day basis, either a ratchet enough of sanctions from US and mostly European nations, or you also have a lot of what we're calling self sanctioning companies that are just pulling out regardless of whether

they are legally legally required to. You know, over the weekend we saw that coming from companies from KPMG to Netflix and TikTok Uh and American Express, among many others. So I don't know how even figure out what's next or how long this goes on. Bill, What are some of the smart conversations to have around that, and maybe they're realistic conversations. Well, the big debate right now is how far our nations willing to go on Russian energy supplies.

And there's a big push and I think and this is a case where the administration is probably the Biden administration is probably a little bit behind Congress on this. Um. There's a lot of bipartisan support for the US to ban Russian energy imports, but it's pretty clear that a lot of European nations are not ready to take that step. And what you hear in the US is, you know, we're we're pushing back, We're pushing back on Putin and

his war. But yet, you know, as long as the West is continuing to buy this energy, you're basically helping pay for his his his conflict in Ukraine. So um, But the US and Europe are just in different positions when it comes to that. In Germany in particular, you know, earlier in this I think it was last month you saw the sanctions come up on the nord Stream to gas pipeline that had never really sent energy into Germany.

It was basically ready except for some environmental permits. But there is a nord Stream one pipeline, the original nord Stream pipeline, and that is providing a lot of energy that Germany's economy feels like it can't do without right now. So, uh, you're starting to see a divide on how how much further some of these countries can go. We're still waiting to see if some of these oligarchs have their yachts and jet uh seized by authorities in Europe or or

authorities in the United States. It's but yeah, when you talk about the end game, I mean it's it's very hard to know what, you know, what would be the straw that finally convinces putin that economically this is not worth it. And I don't think anybody has that answer. And forgive me, I hate to the endgame because it's not a game. We know people are losing their lives here. I do also wonder the US doesn't feel the impact

economically as severely as their European allies do. And I do wonder if the US just has to take its cues from Europe on this because of that. Well, you know, there are things that the U S could do. It could still go ahead and ban the importation of Russian petroleum products. Um, it's not a huge amount of our imports at this point, and um there's probably some substitutes

that could be found. The end result is that, you know, I think that I think those goods will find their way to other markets, but some of the disruptions could have an impact here on things like gas prices at the pump, which we're already seen are you know, near a record at this point. So I think that's something the administration is concerned about that they say, well, we could do this, but it's not going to necessarily affect Russia,

but it's really going to affect us. UM. So it's almost like a political moral decision at this point for the U S. If no one else goes along. And we're certainly seeing, at least from a from a moral perspective, Like you said, Bill, some companies that are self sanctioning um Bill. I want to ask you a question that I think we spoke about last week, which is what happens with multinational companies on the other side of this conflict.

And I know we can't really speculate, but but I'm just wondering if, if if Russia ends up turning into some sort of international pariah akin to North Korea, for example, where the entire Russian population is essentially cut off from quote unquote Western goods and services. Well, you're you're definitely seeing that to some degree, you know, even if you've

just looked at things like social media. And I don't want to overstate that, but you know, people are being cut off from some of the non Russian information sources that they had even a couple of weeks ago. The Russian media was always going to present the government's point of view on things, but at least if you had access to TikTok or Facebook or something like that, you might have a chance of seeing what what many and the rest of the world see in terms of what's

happening in Ukraine. But I think you're right there, there's gonna be a lot more isolation. You're seeing Russian companies pulling out of Western Europe finding they can't do business there. Um. But it's a huge country. It's surrounded by you know everything. You know, it's got Europe on one side and China on the other, Japan just off the coast. It's hard, it's hard for it to be completely uh in the same categories North Korea. All Right, Bill Fairies, National Security

team leader at Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. So, as we've said, the Russian invasion and subsequent war in Ukraine has many consequences in front. We've talked about the military and cyber wars. It is also though a humanitarian crisis, and that was something we wanted to get into. More than one point five million refugees

have fled the war in Ukraine thus far. Dr Ian lush Bader is clinical professor of medicine at and y U Langnes Medical Center. He joined us on the phone from New York City. Uh. Dr LUs Bader, I wanted to talk about you know, we've been covering the war in Ukraine, Russia's invasion of Ukraine from a lot of different perspectives. From the medical perspective as a doctor, when you see the images, when you see the reporting, when you read the reporting, what's your instinct that kicks in?

What do you think about? Hi, Carol and Tim. It's really terrible. It is a medical and humanitarian crisis. You know, when you target UH and bomb civilians in hospitals, UM, you're really and nuclear plants. You're putting so many innocent people at risk. And many of these acts really meet criteria for war crimes according to the Haguen Geneva Conventions. UM attacking civilians hospitals in Kharkivan, Kursan, or running out of supplies, they're more in the eastern part, running low

on oxygen. And part of the problem is how do you actually deliver any of these supplies. You know, we're seeing a number of countries, eighty six countries, thirteen international organizations, foreign healthcare workers are all making efforts, but basically all these supplies have to go to Poland and then go over land. And part of the problem it's a very big country, is there are no safe carridors to get

to hospitals that are far from the Polish border. Um and I think that from a global perspective, you know, we've barely cope with a two to three year pandemic, millions of lives lost, patients, and people are concerned about nuclear escalation with threats, So there's you know, we're all seeing this and I think people are in an emotional state, barely recovering. So you know, the real questions what do we do We Obviously there are the w H show.

It's very active. They're sending thirty six tons of supplies and medical supplies, individual companies like Henry Shine and others. There's a lot of volunteer. The real question is how do you get them to these isolated, surrounded UH spots in the war zone. And to me, it comes to mind in after World War Two the Berlin Airlift, Right, the Soviets cut off Berlin, surrounded it and you needed an airlift to actually drop supplies. They successfully supplied Berlin

for over a year. You know, how to do that in a combat zone would be a challenge, and we need to think about maybe a United Nations not NATO no fly zone, but a U n UH no fly zone that would really be seen as more neutral and humanitarian, but There are a lot of details with that that would have to be worked out, but it's very stressful for for people. Their babies are being delivered in subways, maternity hospitals. Literally you're under threat, they're being bombed and mothers.

I mean it's forty million people babies get delivered every day and some are being delivered in the dark in subways. It's it's unimaginable. Well, I'm merely the solution is to end the war, right, That's how you relate, because there's just so much you can do in a war in a war zone. Yeah, I mean, the challenges is how to do that and of course, um, there is some tent tentative feeling about escalation when potentially uh nuclear weapons are involved, but there will be no stop. You know,

there's what the Baltic States and further expansion. If you're always going to threaten nukes sooner or later, there has to be a direct confrontation otherwise you a bully will always win. You. You have to stand up and say you know this far and no further. Um, But it has to be done carefully. A UN no fly zone would be helpful where you can justify protecting humanitarian aid.

There are some legal issues, right, Russia's on the Security Council and so forth, But there are exclusions to combatants. So if Russia and China are considered combatants, they have to be excluded from a Security Council resolution. I don't know fly zone. So there are legal ways to do this if you want to do it. I we only have about thirty seconds left. Um. You mentioned the idea of a Berlin airlift type of scenario, but how our countries?

How can countries continue to provide aid to these areas well? I think for the time being, UM, we have to work through organizations like the wh Show and individual companies of Henry seein medical supply companies, and there are a number of volunteer organizations. Even Bethanie Frankel has raised ten to twenty million dollars. People need to go on the internet and see how they can help UH and even if they get into Poland, at least there can be

some overland routes. All right, good to check in with you, Ian. Thank you so much. Dr Alas paid or his clinical professor of medicine at n y U Landgoing Medical Center joining us on the phone in New York City. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio and the current issue of Bloomberg Business Week magazine. It's about the hundred billion

dollar bet on five G wireless technology. Remember five G was going to just solve all that ails us to him, Oh, it totally has. I mean, doctors around the world are doing robotic surgery. They don't even have to be there in person. At least that's what the executives from these telecom companies told me a few years ago. Truly they did did. I would interview them all the time, and they were talking about the life changing things of five G.

Joel Webber is editor at Bloomberg Business Week. He's with us in the Bloomberg Interactive Broker Studio. Jim Alice's assistant managing editor at Bloomberg Business Week. He also joins us in the Bloomberg Interactive Broker Studio. Joel, So, why uh five G was was launched? I I have five G. Uh, I don't feel like my life is any different. Remember

the Great Simpsons Monoreel episode Monreil Monorail. It feels to me a little bit as I was reading uh this five G story UM by Scott Morris, and in the latest issue it felt a little bit like that minus the catchy song where you're right like, we heard about five G and we haven't heard about it forever, and it's like how it's going to be this game changer and up end everything we know about the world, and and here we are living in a five G world

and it feels exactly like it daid before. Um, So, Jim, hundred billion dollars have gone into this investment. It is sort of amazing for that much money to be spent and not really have something. I have a lot. Five wasn't quite working right there. Well, what happened was that, um, you know, everybody sort of believed I don't wanna say the hype, but maybe they got the timing wrong. Definitely, UM.

And so the notion that they would spend essentially double what was spent on four G. I mean four G we spent about uh sixty billion bucks and on on licenses, and so the notion that you would jump in throw a hundred and I guess it was about a hundred eighteen billion dollars in licenses out there and say okay, now we're gonna go out and sell five G. The problem was there's no five G applications for most things, and so all the hype doctors before the telecom horse

or what is this, well, yeah, it actually is that. I mean the notion that long term you probably will have doctors who can do aboutic surgery using sort of you know, five G connections that are super fast. But I probably won't be alive when that happens, you know.

So the thing is that we're going to be alive forever time, I hope, so, you know, but thanks, that's not going to And so what happened then is that, um, you know, they've introduced a lot of five G handsets without a lot of applications for it, and so people are not willing to pay extra for it. So a lot of the cell phone operators are having to basically give away FIGG handsets and hopes of jump starting the

five G demands. I actually my carrier. I'm not gonna say who it is, but I keep getting these texts like you didn't get a new phone with five gene. I'm like, I've got the new phone and I've already got the five G. But but they're being really aggressive of wanting you to kind of ramp up. There could

be three sorry, there are only three carriers exactly. Well, they've got to try to get out there and build up that market and essentially, um you know, the big advantage of FIG right now is that it has something called low latency, in other words, very fast pick up, so you don't have to await time despite large distances. The problem is that we don't really have a lot of applications for that. So what we're really seeing now is they're doing it on um you know, being able

to put to find something that places WiFi. Okay, that's a big deal though, because that's a that's a significant cost for for people who you know, just have a high speed broadband connection at home and they don't have a lot of choice because we're talking you know, these telecom companies coming in and they don't have a lot

of choice. But don't get too excited, because a lot of these developmentists actually help most in areas that don't have a lot of access to broadband, and so it might not be as super fast as the broadband that you would get from from a local cable company. Now a lot of people will argue that point, but just remember that uh um, a lot of things that are promised,

maybe like that robotic surgery. The other dimension of this story that I think is really interesting is like you've got the carriers and they're the ones that have really been paying up. But in in in the back, here are the Facebook's apples, Microsoft's that play right, So how do those two factions end up potentially warring yet again in this in the in well two things. First of all, there it's been the sort of weird marriage of these competitors.

I mean basically the guys who run the pipe, the network operators, you know, the wireless carriers, and the guys who are basically the ones who profit from all this connectivity, the Googles and the facebooks, and they're right now working together because they've got to figure out ways to push these new services to businesses since consumer services aren't out

there paying the bills right now. So you're pushing the businesses to put a pin in sort of private networks in house to do other things that require ultra high speeds. But we've seen this happen before with four G that when you say, um, oh, we're gonna make all this money for everybody. It turns out that this increased connectivity really gets most money for those so called web scalers, the big web companies that use data, and not for

the guys who run the pipe. And so that's the danger that they spend all the money, but they're probably not going to be the ones who actually make the most out of this. Alright, So think about our audience, right, For years we've heard from the telecoms CEO, but this was going to be so incredible, right, and you think about their bottom line. So I don't know. Is it

just a case of timing, as you said? And so we do start to see the payoffs, well, you will see a payoff in five g. The question is whether that payoff is going to go to network operators. And that's the big undecided question. We've already paid a lot of move already paid a lot of money for it. I'm telling you right now. For a lot of investors, they'll say, Facebook, Microsoft, Google, do I want to put my money there? Are with the guys who were on

the pipe. Okay, last question, Jim, driverless cars, that was another problem, going to make them sing the mono? No, this was like the promise from executives years ago. You know this is perfect for IoT, smart cities, driverless cars. Uh anything there? Well, I did you take a car? I would not hold my breath waiting on the application that comes to four. Okay, there we go. Well it's really you know, I just googled it. I'm like, wait, wait, we're gonna play this. Um, good story. Thank you so much.

Joe Weber, editor of Bloomberg Business Week, here in our Interactive Broker studio along with Jim Ellis, Assistant Managing editor at Bloomberg Business Week. Also in studio, you're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes. Tim Stinovic on Bloomberg Radio. The escalation of warrant sanctions that are increasingly pushing Russian President Vladimir Puttin into a corner with possible dire consequences. You know that we talked

about it. Uh, certainly concerned about a nuclear war. Um, but it does have some asking is there some kind of off ramp for Russia? Tim Andy Brown is editorial director at Bloomberg New Economy. He joins us on the phone from New York City. Uh, Andy. You you're in this week's New Economy Saturday. You write not just about Russia but about China as well. Um. We talked last week about the relationship between the president she and Vladimir Putin and what they what they were both told ahead

of this, or what she was told ahead of this? Um, where do we see ourselves now? And how? How and how you're thinking of of China's faithful choice in tying up with Russia. Well, this, this really is a critical question of what did she, jimping know what did Putin tell him when the two of them met just ahead of the Olympic names in Beijing. And the position of the US government is that um Putin did share his

war plans with with She. Um. And even if you believe that, though, I mean, the question is, you know how much detailed did Putin share with him? Did he convince Uh She as he appears to have convinced himself that this was a war that was going to be all over in a couple of days. The Russians would move in, and the Ukrainian defenders would lay down their arms, and the people of Ukraine would welcome the Russian arrivals as liberators. From the Nazi cabal that was supposedly running

Ukraine that obviously hasn't happened. Then Russia is now bulked down in a two week war which increasingly looks like it's going to become an extended war of attrition UH in Ukraine and Russia is in China is now in a really untenable position. Well, and that's you know, in the lead and I talked about, you know, we're wondering is there an off ramp for Russia where President Putin feels really back into a corner? But you right in your weekend column that a similar question might be asked

about China because of its affiliation relationship with Russia. Is there an off ramp for China? You know, it's really looking increasingly as though China is doubling down on Putin in spite of all the atrocities in the prospect of an intensification UH and an increase in the in the violence of of Putin's invasion of Ukraine. I think that they share a very similar outlook they world view. They're

both determined. The United States has held bent on holding them down, on containing them, on using military alliance is to prevent their rise to where they considerably their proper place in the world, which Russia means reassembling somehow the Russian Old Russian Empire, which for China means becoming a dominant actor in ages. So you know, I think they've

I think they've they're they're they're tight. And just we saw in the National People's Congress over the weekend China's Foreign Minister Wangi saying that China's relations with Russia are quote unquote rock solid. It's it's pretty remarkable, Andy. But I do also wonder, you know, if we think about it from the perspective of China being the second largest economy in the world, and one that, compared to Russia,

is much more intertwined with the the world. I can't imagine American and multinational companies jumping out of China the way they've jumped out of Russia over the last twelve days. Yeah, well, it's certainly true that China has an awful lot more to lose than Russia from decoupling. I mean, just to put the relationship, you cannot relationship between Russia and China into perspective. Trade between the two countries is smaller than

China's trade with Vietnam. China is, in fact the global technology is superpower, and it's very reliant on global networks of innovation and access to US technology, So it doesn't it doesn't want to decouple at all. However, I think the lesson that they're likely to learn to take away from this is that China needs to harden its economy against potential sanctions, increase the use of the Ruman b in in international transactions, and make itself less vulnerable to

to US sanction and right them out if it has to. Andy, you understand China, you live there. How much of a risk do you think President g very smart and long term planning, How much of a risk do you think this strategy is in terms of aligning itself with Russia. How much risk does that present do you think for China going forward? Or or is it doesn't make sense

to you? You know, China has gone way way out on a limb now for for Russia to the extent that it's been prepared to blow up decades of foreign policy doctrine which holds his sacra san national sovereignty UM borders um. They talk about win win cooperation. Much of that now seems to be out of the window as he doubles down on his relationship with Putin. Look, I think it's I think China is making its face. It has a has a very very geopolitical decision to make.

The world is now split. We're in the middle. We're at the start of a new Cold War. On the one hand, you've got Europe and the United States, and on the other side you've got Russia. China has to decide which side is going to be on. But the world is so much different, and and when we have about forty seconds left, how does this new Cold War play out? Well? As they say, the the it's it's it's playing out now in Violin ways in Ukraine, and that is likely to continue regardless all the way that

the war in Ukraine progressive. The question now is what will we what will be the impact on China in East Asia? And it's pretty clear that the United States and Europe are now increasingly seeing China and Russia in the same camp. And there is from China's perspective, a real risk now all economic detopolic. Right, we knew that there was you know that the world was being divided up, But I don't know that we all thought it was going to play out this way and with these certain alliances. Andy,

thank you so much. Andy Brown, editorial director at Bloomberg New Economy. Check out his column and catch it every weekend. Yet drive Oh no, no, no, no, please, I'll do the driving. I want to drive. It's good question. Drive the drive to the globe on Bluebird Radio. All right, yep, we are just about eleven minutes away from the closing bell on this one day. I'm already yeah, it's that time already, and I'm not saying really any kind of buying into the clothes here. We are staying near are

loads of the session. So as you heard from Charlie, down three point on the NASAC down down two and a quarter percent, s and P down about two point eight percent. Tech certainly taking it on the chin. Let's get into it with J Hatfield, chief executive officer at Infrastructure Capital Advisors, on the phone from New York City. J want to talk the markets. We want to talk to Spike and crude oil. But first, how you doing. I'm doing well. Thanks for having me on. Yeah, thanks

for joining us. Um a good day to have you on. I do it certainly seems like the risk off mood today has a lot to do with the spike in in oil, not just in the United States, of course, but around the world as well. How high do you think oil is gonna get? We think it could get as high as iron and fifty a barrel for w

TR if this global cancelation of Russia continues. Because really right now, so you were talking about the potential for the US and not by oil, but it's really not as critical as you would think because the financial sanctions have forced global trading and transportation companies to stop buying by all because they can't get financing. So we really had a current disruption in the flow, even though we don't have any constraint on companies and U countries buying it.

Your infra crap infra cap excuse me, active MLPTF it invests in master limited partnerships. You guys are doing pretty well up nearly year to date, at in the past twelve months, according to our data here at Bloomberg UM. In terms of this current market environment, I mean you see MLPs certainly in the energy space, how has that benefited you? Well, I'm lts and which are really just

pipeline companies structured a partnerships. The nice thing about them is they're relatively defensive, at least not relatives and market, but relative to straight out energy stocks. So they haven't fully participated like some of the energy stocks, but they have done well and they're really recovering from a five year shock that occurred when oil went from hundreds of twenty.

So for investors who like to have the safety of substantial dividends and they are substantial at eight to nine and want to have some upside related to the rise of oil but not take the full risk their they're a decent way to play this the current situation. What

are some other ways to to to play this situation? Again, I gotta just say, I mean it's it's it seems crass that we're talking about this in terms of of of, you know, how we can make money, but because we do have to remember this is a humanitarian crisis that's playing out not just in in Ukraine and but also throughout Europe as more than one point five million refu gees are fleeing the country. But it has global economic implications.

J So help us understand what it would just highlight because it doesn't get discussed in most media outlets and you can access this data on the terminal acts of it up right now, g l c O is that the price of UM of European natural gas has hit. It was higher earlier this morning, but it's up to seventy in mcf, which is twelve times what it is in the US, and the equivalent of UM, you know, it's the multiple six, so it's fort the equivalent of

four barrel. So I'm shocked that people haven't focused on this because it essentially makes and the last point is that natural gas drives the price of electricity, which most people don't know, even some energy professionals don't understand it. So it really means that very little European manufacturing is competitive right now with the United States, because it's not just like it's up twelve percent, it's twelve times as expensive.

So you're gonna see a boom in US manufacturing fertilizer, materials, chemicals, natural gas obviously, but it could cause a recession in Europe. That's really the key dynamic. But because people can't see it on normal screens, see it on terminal but normal screens UM, then people don't focus on it. But that's the key kind of global problem in energy markets right now. Well, I mean you have to think about, right, all the input costs that go into something, right and certainly who's

who's got the greater exposure and ultimately what happens. Um. Having said that, though, I mean, you have benefited right by this this rise, and I do wonder if we move into a recession global or otherwise. Um, the question or the discussion we're having at this point day is, you know, it's not a case of if it's just when and for how long and how it is how

how do you think about that? Then? In terms of your investment portfolio, Well, we're actually relatively optimistic about the United States if you look at all the recession, no recession or if there is a recession, that's correct. We don't believe there would be a recession for really two reasons. The first is that all the other recessions associated with

an energy price spike were validated by the FED. In other words, the FED rose increased interest rates, inverted theyl curve and cause of recession, so it wasn't just the oil that created it. And under appreciated fact is that if they get approved by the Senate, five out of the seven f o MC permanent voting members will be Democrat appointed and are more dubbish. So we think the Fed is going to take rates up to a neutral rate, but not cause a recession. They don't want to cause

a recession. And keep in mind what I just said that the US is getting a tremendous competitive benefit, unfortunately as you pointed out to him, but unfortunately relative to Europe. So I think the US economy is going to continue to outshine the rest of the world and be a safe haven, not just because it's you know, we're we're further away from the from the war, but because of the free market economy and the abundance of particularly natural

gas that's in the United States. What confidence do you have in the said getting that neutral rate right, Well, you know, usually they overestimate it, like they're talking about two and a half percent. We believe we have a differentiative view that the ten years capped at two ish. Of course right now we can't really tell because the treasuries have rallied with the with the war, but we do think there's fifty two trillion a global pension assets, a lot of deep bit out there for treasuries. So

if it's two, then is the ten years. So obviously two and a half not the neutral rate. So to your point, it's going to be a lot of uncertainty until we create that, but until we figure out what that mut rate is. But we think next week will be a positive inflection, maybe off of lower levels, by the way, but a positive inflection because we'll get the dot plot, will get certain some certainty on the SAID, and that's kind of like overhang on the market right now.

Is the said, the rest of courses, the war? What happens next week with the said, We think that that it will be um more devish than people expect. We do think that the Fed chair will pull the three members appointed by Biden that are not yet approved and get some of their views. Their their numbers won't be in the dot plot, though, So we think the dot plot will read out five or six increases this year, and that because it creates certainty, not because that's really

out of consensus. We think that that the market will have a relief rally. I guess it could be off lower levels because right now oil prices are destabilizing the US stock market. Well, you do wonder if there's any kind of optimism out there. I mean, right now the market is so priced negatively in risk off trade to extreme ways. I mean we talked about these superlatives that you do feel like if there's any kind of optimism

um that there, certainly you could see potentially investors coming back. Hey, j we gotta run. Jay hat Failed he's chief executive officer of Infrastructure Capital Advisor's i CAP. He is joining us on the phone from New York City. Thanks for listening to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud, or Bloomberg dot com, and you can also listen to our radio show at two pm Eastern on Bloomberg Radio, or watch us on YouTube search Bloomberg Global News