Winning the Information War

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. I want to get to our next guest. He's written about um, the US reaction and watching what's going on in Russia and Ukraine. Specifically, he's written about why the US cannot allow Russia to

create a sphere of influence. He's also talking about really basically, you know, managing to some extent the information that's going out there, and how the US is learning to win the information war. How brands is Bloomberg opinion columnist Henry As entered Distinguished Professor at Johns Hopkins University School of Advanced International Studies. He's a sky all or two at the American Enterprise Institute, author of The Twilight Struggle What

the Cold War teaches us about great power rivalry? Today he is on the phone in Baltimore, Maryland. How it is great to have you here with Katie and myself, So initially as you continue to see this situation in full present buying just making some comments about um, some sanctions, Um,

what's your initial thoughts here? So? I think that the Biden administration has tried to strike a balance between being strong and its response to what we've seen from Russia so far, while also holding and reserve more severe sanctions that might be put in place if there's further Russian aggression in Ukraine. And so the first tranch has been fairly impressive. I think the central measure is basically putting the nord Stream two on hold, and we'll see what

happens if putin goes further. And how I want to wrap this into this column that you had out on Friday, that the US can't let Russia get a sphere of influence. I mean, just listening to President Biden speak, some of the headlines coming out saying that you know, Biden still believes Russia's poised to go much further, that this is the beginning of a Russia invasion. I mean, if you could, you know, look inside the President's mind right now, would you say that this is the fear, that that's what

Russia wants to create a sphere of influence. I think that's certainly what the Biden administration fears, in part because Putin has mobilized a force that is far bigger than he need simply send some so called peacekeepers into the done boss. If you'll take Putin's rhetoric seriously, He's talked about rebuilding the influence of the Soviet Union used to have. He's called the collapse of the Soviet Union the great

geopolitical tragedy of the twentieth century. And so I think at this point it's only prudent to expect that his objectives are not limited to Eastern Ukraine. Isn't it kind of ironic? Though? The U s is okay about it being involved in spheres of influence and being the great influencer, and yet it's very uncomfortable with others. There is a certain irony to the out of of course, there's critics

might call it hypocrisy. But of course the big difference is that most countries want to be part of America's sphere of influence with the dynamic that's obviously absent from the Russian case. And so there are a very few countries that are trying to leave America's system of alliances today. There are many many more that would prefer to be part of that system. It's the opposite when you look at the countries around Russia's periphery. So just to follow then,

So what's really at stake here? And if Russia is allowed to have too much of its way and sway, if you will, in the region, what are the implications the longer term implications, Well, there would be a sustained crisis of security along NATO's eastern frontier as Russia gather strength and postures its forces more menacingly in Ukraine and Belarus,

in addition to on its own territory. And I think one of the concerns and American policymakers have always had is that when aggressive authoritarian regimes are able to carve out a fear of influence, they don't necessarily stop there. They might simply use it as a platform to push further.

And so I think the fear in the in the United States and in many European capitals would be that Putin would use a strengthened position in Eastern Europe to apply greater pressure to the Baltic States or Poland, for instance. And how I want to turn to another piece you had out for Bloomberg opinion that the US is learning to win the information more and you highlight that the Biden administration they've been willing to publicly release sensitive intelligence

on Russia. I was telling Carroll earlier that I was listening to Biden speak on Friday, and I was kind of shocked to hear him say that he expects invasion within the next few days, within the next week, you know, to hear that from the President, it's not not something we've gotten used to. And I'm curious what you think

is behind that strategy shift. Well, part of it is about forcing Putin to pay as higher price as possible for what he's doing in Ukraine, and part by depriving him of the ambiguity and s rise in which he likes to cloak his actions. And so the United States is trying to get out ahead of Russian moves is a way of rallying the broadest possible coalition to to

punish those moves when they occur. I think the other thing that's happening those United States has learned that it simply has to be faster when it comes to responding to disinformation, whether in this or other context. That we've seen that the Russians are certainly going to try to create a variety of of lies and this truth around

their role in Ukraine, perhaps inventing Ukrainian provocations. And the only way the United States is going to be able to push back against that disinformation is by getting its own story out more quickly, right. And it also is kind of uh, I guess how you could say is hey, guys, we know what you're doing even before it is publicly known,

like we're on it. That's right. I mean, there's certainly some messaging going on here that the U. S Intelligence has very good information not simply on Russian troop movements and military preparations, but on the innermost decision making of the regime. And I would imagine that some of these releases are meant to create a certain sense of doubt or even dissension within the regime by advertising the fact

that it's intermost communications are presumably compromised. What's the risk of doing this though on the part of present vine, especially if you get something wrong, well, you you could look foolish. If you get something wrong, you could promote

crisis fatigue. If you're constantly warning about an imminent invasion, you can also blow sources and methods, and so of the United States too aggressively publicized information that it has obtained through sensitive sources, it could make it easier for the Kremlin to figure out what the conduit for that information is in the first place. And so there's certainly a balancing of risks that that that has to be

involved here. All right, we're gonna leave it on that note. Listen, we really appreciate your insight, uh and taking some time to chat with us. How brands Henry A. Kiss Into a distinguished professor at Johns Hopkins University School of Advanced International Studies. He is a Bloomberg opinion columnist, and as we mentioned, he's got a book that's very timely right now. It is entitled The Twilight Struggle. What the Cold War teaches us about great power rivalry today? Joining us on

the phone from Baltimore. The pandemic really taught us big time the importance of connectivity, and for many of us, I think Katie, it's saved to say, were kind of shocked at how well it worked thanks to advancements and technology, Like, it's amazing what everybody was able to get done. Yeah. Absolutely, I mean it felt like life as we know. It moved online for everyone, for workers, for students, for everyone. We did okay, we did okay, We're doing okay, not perfect,

not equal, but still impressive. Back with us and working on creating the connected campus is Transact Campus ces Nancy Linger. She joins us once again on the phone in Phoenix, Arizona. Nancy, nice to have you here with Katie and myself. How are you. I'm good, How are you kill doing okay? Doing okay? Managing through and just trying to, you know, take take in everything that keeps continually being continuously being thrown at us. So remind our audience about what you

are up to and specifically how you're doing it. Yeah. So, Transit Campus, we're we're really in two different business lines. One is payments, both tuition payments as well as non tuition payments on higher ED generally higher ED campuses. So we have the software that UH handles really parents are students going into to make all of their tuition, room and board type payments integrated deeply into the to the

university systems. And then we have on campus things like point of sales software, mobile ordering KIOSK especially important right with kind of where the world's gone with contact lists. And then we have UM what we call campus i D so those ideas that students used to navigate in buildings but also contains UH stored value where they can load funds to actually transact on campus and also to some extent off campus leveraging those funds. And most of

that we've really moved to a mobile credentials. So we've got about we've got about the universities twelve million plus students that we service in some capacity in those in those solutions. So twelve million students that you have some insight onto. I'm curious, you know this stop and start emerging from the pandemic. I mean, one of my in laws is still in college and it feels like, I don't know, trying to come back from winter break was definitely a difficult thing. To do as we as colleges

try to emerge from the pandemic. What have you noticed

in how that's affected students spending habits? Yeah, I mean I think in you tracked the spending habits, you know, tuition is always the largest obviously it's about forty thousand over four years, and then comes renting room and board, which is about seventeen thousand, and you get into the personal spending and I can't tell we have a a you know, deep deep knowledge, but I would say we've seen most of that trending pretty typical, you know, in

terms of dining, you know, food being next probably for an dollars a month or so that they spend either on a meal plan. But you do see definitely an up to take no surprise in you know the grub hub or eats, you know, kind of restaurant delivery, meal, field delivery, kind of expenses that have kind of uh, you know, eclipsed what generally students have been been spending on. So, Nancy, I always wonder about, like, in terms of college spending,

what kids are spending on. What does it tell you, if anything, about what's going on more broadly in terms of consumer spending or the you know kind of economic outlook or or sometimes I feel like colleges are just some extent insulated maybe from what's more broadly going on economy, but but maybe not so. So I'm curious how you

see it. Yeah, I mean I would say, like I said, I think you see the trend in really convenience space spending right where where you know, they're spending a little more to have kind of contact lists, uh, kind of um delivery, whether it's it's food or other items. UM. I think that you know that they clearly are spending less on you know, kind of academic curriculum stuff, mostly because that's fun digital light that used to be a

fairly high item for them, but that's lower. But they are spending more on you know, kind of personal expenses, and I think a lot of that goes to convenience based and some of that just kind of a trend with millennial but some of that I think is tied to kind of COVID and just what's gone on with you know, how we want to engage and make purchases and it's I want to talk a little bit about transact campus and uh, some of the deals that you've

made recently because you've announced some new partnerships with Apple, Google, grub Hub. Really the list goes on. Yeah. So so when you think about our mobile credential, which today again it it holds the stored value that a student would use to make purchases, but it's also what they used to kind of navigate securely through campus, and it was critical that we embedded that and integrated that first into

both the Apple and Google wallet. So that's that's, that's you know, just um kind of table stakes in terms of having those kind of partners with you know, with

the population that that we serve. And then you look at you know, we have point of sales software on campus and we have mobile ordering, you know, which which is in kind of a closed campus environment, but wanting to extend that out to where they can leverage that outside of campus um at at merchants, but also through a grub hub or we're speaking with Uber eat store Dash, all of those, Uh, just makes sense in terms of how students really want to make perstances and transact right

a broad array of offerings and the more you can kind of load it becomes kind of a full service. Hey, Nancy, thanks for the update. Nancy Langer, she's CEO a TRANSAC campus on the phone from Phoenix, Arizona. So one of the stories that definitely is a must read today. It's also among our most righte on the Bloomberg Today. It has a line. It's starts with US business is getting ready for long inflation. So let's get to it. Sean donnin Is Bloomberg New Senior writer for Economics on the

phone in Maryland. Inflation. Inflation, inflation, Sean, your story is so relevant, especially when it comes to our discussions about what's going on in the economy and what we might get from the Fed. Next. What are you guys hearing?

What were you reporting on? Yeah? Look, I mean we've all been hearing about higher inflation for some time now, and I guess when you start calling around to US businesses and asking what they're expecting, their answer is you should expect to hear about it for a little bit longer. Uh maybe longer than a lot of people expect right now. And that's you know, this is a big question confronting the Federal Reserve at its meeting in March. It's going to get to work, and we're expecting it to raise

interest rates. They really telegraphed that that's the beginning of a fight against the inflation. But that's going to take some time, economists say, And businesses are still looking at this year and think they're gonna have to deal with elevated inflation for some time. And sean, where do wage increases, you know, the cost of labor factor into this, because

that's where inflation ticket really sticky, right exactly. And look, so already we've seen, uh, you know, a lot of people calling last year the you know, the return of the power of labor. We saw those strikes of places like John Deere that yielded some big wage increases for for workers there. But that's not over, if anything, that's

building speed. And that's a big worry for the FED who worry about the kind of wage price spiral in other words, that as higher prices cause workers to add ask for higher wages, that leads to higher prices as companies try to pass on the cost of those higher wages and and so on. M you talked to, you know, I was talking to a guy called Brian Nelson who is works for an agricultural equipment parts maker called hcc UH. They're based in Illinois. Uh. They are a big supplier

to John Deere. Uh, and you know what it's going to hurt him this year, he says, is he's going into wage negotiations with the U a W who just negotiated a new contract with John Deere, and he's expecting a lot of the same there. You talked to other folks, a lot of small manufacturers, and they're expecting UH to have to raise wages again pretty aggressively, just to keep up with the competition and to get out ahead of inflation.

You know, Sean, I can't help but feel, especially coming off the financial crisis, we were in such a period of low inflation for so long that we were all kind of shocked by it, right, And then I wonder would we still be in that period of low inflation had we not gone through the pandemic, or were we starting to see signs that something was changing in our

inflationary environment that was just different fundamentally. Well, look, I mean the big irony is that before the pandemic, the FED was really hoping to get a little bit more inflation in the economy, right. Uh. We we there was a hope that you get running the economy that they wanted to run the economy a little bit hotter. And President Trump certainly made that point over and over again. He wasn't necessarily after higher prices, but he wanted faster growth.

And we've seen that this time around with the response to the to the pandemic, the economic crisis side of the pandemic, that everyone has has done their work to get the faster growth and it's gotten this higher inflation that's there, and the big question now is how long that sticks around. One of the really interesting things right now is a really interesting note doubt from JP Morgan's chief economist UH last week making a point that we all of the models that we have now for inflation

don't really explain what's going on now with inflation. And that raises a big question, and that is are we entering a new era of higher inflation or are we going to go back to what we saw pre pandemic? And a lot of economists are are betting that we're going to have higher inflation for longer and that's gonna have consequences for businesses and consumers and the economy as

a whole for some time. And if we are heading into that environment, I mean you highlight in the piece that for some companies actually persistently high inflation, it's not so bad, right. I mean, if you're a Walmart and competitors are charging higher prices, there's an argument that and an argument that executives there make that that's actually good for business. It draws more customers uh their way. We also talked to the CEO of the price comparison site Trivago.

He said, look, if people are are spooped by higher prices out there, they're going to spend more time on price comparison shot fights looking for for bargains. So there's always a little bit of an outside, but you know, it becomes a grind for for for a lot of families, and and that's something that we're going to have to get used to thinking to a little bit more about the purchases. I think we felt a lot of people felt flush through the pandemic. They weren't spending as much

on commuting. They weren't they were getting the government stimulus checks and so on, and they were spending that on goods or home renovations, right, and so on. We may be entering a period where we have to think a little bit more about what we buy. Yeah, gosh, that's no no joke. Hey. I do also love in your story where you talk about this h c C president Brian Nelson and how because of higher inflation he had to put off his retirement because the board wanted this

seven years seventy year old to stay on. Somebody who understood an inflationary environment just got twenty seconds. I mean, we're seeing this right. We want executives will understand this cycle just quickly. Absolutely, And Brian makes the point, Look, I went through this in the nineties, and I'm not freaking out this time because that's been through it before. He also does business in Brazil, and you know what

he's doing. He's getting his people in Brazil to treating these people in the US and how to deal with inflation, how to ask customers for higher prices. Alright, good stuff. Shawn Donna and senior economics writer up bloom News on the phone in Maryland. You're listening to Bloomberg Business Weeek Carl Master, Katie Greifeld, and this is Bloomberg Radio. Well, the future is schmir so, says our next guest website,

who founded Better Brand. It's a company that's attracted investments from Reddit co founder Alexis o'hanian, also the grandson of Wendy's founder excuse me, Dave Thomas, also actress Emmy Rossum and more. Here with what she is doing to create the Better Bagel is Amy Yang. She's founder of the Better Brand and she's on the phone in l A. Amy. Nice to have you here with Katie and myself here on Bloomberg Radio. So tell us about your company and what you're up to. Hey guys, thanks so much for

having me and thrilled to be here. Um so yeah, to share a little bit more about Better Brand. We are, you know, a food tech company and leading innovation in the refined carb space. Right. So our mission is really creates a world where you know, we can eat freely without worrying about and weight gain or negative health consequences and and without having to compromise is on you know what in paste, text, or flavor or basically in any way.

And you know what better way to showcase that innovation and start them by turning the most car heavy food, um, you know, a bagel into the carb equivalent of let's say, two slices of banana. Sounds sounds really good. Sounds really good. Yeah, how exactly do you do that? Walk us through that process, because, like you said, to the same net carbs as two banana slices seem amount of protein as four eggs. That's

what really caught my eye. Yeah. Yeah, you know, it was a long innovation journey and um, you know a lot of people referred to better brand as you know, the beyond need of cards, right, And I think that's a really great way of thinking about it and understanding you know exactly, you know, what we had to do to get where we are in terms of you know, on the focus on R and D there and so, but you know, to dive a little bit deeper, it

really comes down to you know, um, preparatory ingredient formulation and in process. Okay, so I'm going to jump in when you say a proprietary ingredient formulation. It's a little bit of a red flag for me because I like to know what I'm eating and increasingly we're in a consumer space. We want to know how are the things we wear, who produces it, where it's made, who's manufactured, is it fair labor, is it sustainable? When it comes

to food, we're equally increasingly looking at that. So tell me what you can tell us about Yeah, I agree, and I would actually think that with food it's even more important to be transparent, right because it's something that that we consume and expects you know us you know, physically, physiologically and everything between. So so when we were focused on development of better brand, um, you know, we were focused on completely clean label, non GMO ingredients. And what

I mean by preparatory blend is um. You know, all the ingredients are you know, wide listed on the label, but just in terms of the specialty ingredients we've really been able to develop and use. UM. But you know, again completely clean label and non GMO and and transparent in every way. UM. So to just kind of dive into that a little bit more in terms of specialty ingredients, so you know, UM, the first ingredient on on our ingredient list is is a modified wheat starch, right, So

so what is that wheat start? Okay, and so so you know what does that really mean? Right? So, so it's a Nephew actually approved source of fiber um and you know it's classified as an RS for Type of Existance search, which means that's actually indigestible in the upper gastro intestinal tract um. So so if you think about that, you know, in the terms of consumption, right, and so, typically you have wheat search that's starggested by you know,

an enzyme in the body called um alpha amblaise. And what that does is then you know, the refined carbs and sugars released throughout your body and drives up insulin levels, which you know causes the body tostore access calories and and so what we've been able to do is actually modify that wheat to where that and it's not penetrable from the emilyse so and and it's not um, so it's not able to be absorbed by the body, is indigestible in your gas row intestinal tract and therefore functions

as a dietary fiber um while retaining all the distal laptic properties of the wheat. So you know, it still allows us to make all the foods that we crave um and the way that we crave them, but you know, without any of the negative health side effects or um or guilt and so, I mean, you've been compared to the beyond meat of grains, but some of the pushback that I hear about the Beyond Meat products is that the texture is totally off that you know, it's not

quite like eating real meat. And you know, when you're designing the Better Bagel, I mean, are you going for you know, something that's if you bite into it, it's indistinguishable from a bagel, or are you trying for you know, maybe just a different unique taste. We're going for. Um. You know, when a consumer bites into that bagel, they feel the entire joyous experience of what it's like to

eat a traditional bagel. You know, there's never that feel of oh, I have to compromise, um, but whereas you know, rather it's it's kind of that feel of oh wow, you know, how is it possible that this entire bagel is the carb equivalent of two slices of banana? Um? And I can you know, have three bagels and in the morning if if I want without ever having to worry or feel guilty or feel like I'm doing something

you know that's that's not great for my body. UM. And so that's how that was kind of our goal. And we're really really excited about, you know, kind of sharing the better bagel with you know the world, um, and and kind of stemming forward from from there. You mean, you know, if you do a Google start. Guys have been raising a bunch of money from certainly some high profile individuals. Um, where are you guys in terms of product to market? I'm just curious about what's the consumer

side of this and the consumer ramp up side of this. Yeah. So you know, I fundamentally believe as a founder that you know, if you believe in your product, in your mission, then you should get the product out in the markets as soon as you can, right because one that's the only way you're able to learn and collect data and really run an efficient company. To UM, you know, it's important to to take the consumer on on the journey with you right as you put your story forgiving because

we're running out of time. But in thirty seconds, like are you placing our who's placing orders with you? What's what are we seeing in terms of kind of the balance sheet, in terms of top and bottom line? Just very quickly. Yeah, so we actually hit a million dollar run rate within three months of launch. And I've really d to see at eat better dot com um, you know, and it's really about this, this transformative vision of creating that world where you know, we can eat freely without

compromise in any way. We'll stay in touch and let us know how things are ramping up. Amy Yang, she's found her better brand. On the phone from l A. Yeah, but you let me drive. No, no, no, I'll do gravels. I want to drive. It's a good question, but drive. This is the drive to the clothes on Bloomberg Radio. All right, just coming up on ten minutes away from that closing bell on this Tuesday, as to shortened holiday

trading week. But nonetheless, it's been kind of a wacky Tuesday to say the least, and of course driven by geopolitical up concerns. Our next guest notes that the SMP is down ten percent. Maybe I think we thought earlier wasn't about little We're definitely through. It seems like we've bounced back a little bit. Yeah, definitely. And but the

average stock, he noted, is down or more. So. Let's get to it with Walter A. Todd, President and Chief investment Officer Greenwood Capital Associates, on the phone from Greenwood, South Carolina. Walter, so nice to have you here with Kitty Greifeld and myself. So all right, let's just talk about the day. First of all, A lot of volatility, it seems we know where it's coming from. Uh, I don't know, how do you factor in a day like

today into your longer term thinking about the financial markets? Yeah, well, good afternoon, Thanks for having me on. Yeah, you know it's going to be an interesting day. When you pull up the old G I P on the Bloomberg terminology, hundred s and P points on the right hand scale. Um so, yeah, it has been very volatile, is very

fluid situation. UM. I think it's important in times like these for us is just to kind of, you know, try to step back and look at you know, try to maybe dig in on some individual names and you know, earning stories that we're still getting despite all these headlines

kind of whipping things around. And I think, you know, it can present opportunities for companies maybe that have just reported that maybe don't have that much exposure to this situation directly that you are getting caught up in this this macro trade. Yeah, and I mean it's interesting to hear you say, you know you want to dig in on specific companies. I mean Home depot comes to mind, because man, their gross margins really didn't look too great

compared to a year ago. I mean zooming out and looking at that at a macro level, I mean, what does that tell you in terms of how companies are dealing with inflation? What the read through into markets is. Yeah, I think that's you know, the quarters being reported. Of course we're looking back are great, right, And to your point, they're looking forward. It's the guidance and the issues around the supply chain and what that means for margins in terms of the input costs, et cetera. I don't know.

I'm not surprised that time depots down on the guidance. I'm a little bit surprised at the magnitude of the move. Um. I don't know why. I was a surprise that growth is gonna slow after EPs years. But no, I understand you know the dynamic there, and I do think it speaks to a bigger issue. It's it's a combination of the input costs, but also you know, the demand side

is good, but it's it's moderating. I mean, let's face the consumers are having to deal with a lot of other you know, input costs, themselves a little the gasoline, food, et cetera. That are going to kind of cramp their ability to spend on what they've been spending on for the past you know, two years or so. So how do it make sense though, of the economic data? Is that fundamentally something that you think is important? Um? US

consumer confidence dropping to a five month low on inflation concerns. Um. So we see that playing out. Meantime, some decent strong pm I data on the manufacturing and servants sector. So, you know, when we kind of get rid of all of the chaos and the static out there, I mean, fundamentally, what kind of backdrop is there for the US economy. Yeah,

it's very I would say confusing at this point. I mean, aside from the geopolitical headlines, like you said, when you look at these various inputs, you know, like you said, the p m I is the market numbers this morning, we're pretty good, actually pretty strong. But then you look at consumer competence conference boards. Okay, but the Michigan number you know last week, as you know in recession territory, and you know, some of these Federal Reserve surveys or

week as well. So it's a very mixed, and again I think it's important to go back to see what companies are telling you, and I would say that the message from management teams is not as dire as some of the macro headlines or data points that we're getting. It still seems pretty healthy. I would point to Walmart's quarter um last week, which was pretty upbeat on their on their outlook, which is a little bit surprising, quite honestly, so I think, man, it speaks to the broader right,

a wider swath of the US economy. Is that fair to say? I would say so definitely, you know, lower income kind of dynamic there. But still again the pretty upbeat message from the CEO about what they're seeing from the consumer. But again it's just a lot of different cross currents here flying um from from a macro standpoint, that are that are moving individual stocks in the markets around pretty ugg resting, and those cross currents from a

macro perspective, let's just walk through of them. I mean, we have the earning season. I mean, again, it was pretty strong, but you did start to see, uh, maybe some not so great news coming out from companies such as Home Depot. You have geopolitical tensions, you also have the FED to worry about, and I would love to hear your perspective on how you think FED officials are

looking across the balance of risks right now. And I do want to point out the yield curve looks very very flat right now through forty basis points on that very key two's tense curve. Yeah. Absolutely, Okay, it's a great point. And you know, it's funny, we're basically the same face on the SMP that we were in the first week of October last year from a level standpoint, but you look at kind of the changes on the FED outlook back then there was one hike estimated today

six um. You know, the two years at twenty eight basis points today as at three UM. So very different backdrop from the FEDS. And I don't en be their position right now because their growth is clearly slowing. It's the question of how much is more permanent versus I'm a crime related etcetera. But then at the same time, you've got this inflationary event going on geo politically politically,

spiking energy prices, et cetera. So I don't I don't envy their position, but I think they're going to probably go slow at first and then speed up if they have to, based on the balance of what we've heard from from all the individuals, which are which is quite a bit of commentary unfortunately from the FED presidents themselves and create even more confusion. Walter just quickly just got about thirty seconds you you know, shared with us some notes about the S and P down from its highs

average stockdown or more. Does that mean there's some buying opportunities in your view? And just quickly yeah, I do. I mean, I think it's across sectors. There's a lot of focus on on technology have been hit the hardest, but I think you can dive into individual sectors across the board and look at the opportunities in healthcare and industrials, uh, in financials and even you know energy pulling back here

off of the oil movie. So I think I think there are some significant opportunities, particularly on the cap scale, smaller cap stocks. If you have some bit harder than somebody gives you some new money just twenty seconds, where would you put it to work? Right now? Yeah, So just some individual names that we hold that we've found very trying to have already reported drop Box Cisco qualcom in fell J M J. Biogen. All right, that's pretty

interesting for our client. Okay, good to know. Love specificity. 'm Walter Todd, Thank you, Thank you. He is President and chief investment Officer at Greenwood Capital Associates. On the phone from Greenwood, South Carolina. 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