Less Volatility Ahead, Moore Says

Bloomberg dot Com, and of course on the Bloomberg. You might recall just over a month ago Ray Daio of Bridgewater was it a month ago around about that he came out and he talked to Bloomberg from Davos, Switzerland and mentioned that maybe investors might be feeling stupid about

owning cash. Well, I can tell you they feel less stupid now because investors are piling in to an all cash e t F. The Bloomberg Barclays one to three month T bill exchange traded fund taking in five hundred and eighty million dollars just last week among some of the top US fixed income products. So it's the dash for cash back on and it's the yield going to compete for capital elsewhere. I'm ready pleased we can have this conversation with Kate more blank Rocks, chief Equity Strategistics.

She joins us in our studio here in New York and morning Kate good morning, So help me out. Does it compete for capital out swear? I don't think so. Look, maybe some of those flows are relatively impressive, but I'm also thinking back to the e p f R data that I look at in terms of fund flows a year to date. In January, there was over a hundred billion dollars of net new money put into global equity funds.

That's come down a little bit as there were some redemptions, but it's about you know, almost close to eighty billion dollars of net new money into global equity funds this year. That's phenomenal when you consider in all of two thousand and sixteen, a record breaking year, there were three billion

dollars of money put in. You know, we went from a year last year where people were worried about the length of the bullmarket, about valuations, about you know, a myriad of different you know, political and geopolitical risks, to putting money back to work in equities this year, and then now I think we're in a bit of a pause as they assess the new volatility and rate environment. Are you surprised that there's still this narrative out there,

a narrative which basically says the following. When the yields go higher, equities will be challenged when some of the data doesn't really back up that narrative, but it's still out there, it still exists. You're surprised by that. Yeah, there are a lot of narratives out there that don't

are not frankly, really based in fundamentals. Um. What I would also say is, you know, everyone is looking for historical comparisons or periods as their guide to the future, and we think that needs to inform perhaps the way you look at things, but can't be your soul dictate. Um, we are still in a very low rate environment, even if rates are moving higher, and we think that companies are very well insulated against a significant uh, you know, higher rates because they've done such a good job as

we were just talking about about refinancing themselves. But we'll have to watch very closely as as companies talk about their spending in investment plans. How are they going to be financing that, Will they do it with equity? Will they do it with and does that end up having an impact? Um. On two thousand nineteen and onwards, Good morning everyone, Bloomberg Surveillance, Jenferrow and Tom Keene to John's good question, it is about investment. Do you see tangible

increases in corporate enthusiasm to invest in America? There seems to be a little bit of a disconnect, Tom, between what companies tell us they would like to do in terms of investments and what they're doing in terms of putting their money to work. And I think this is going to be a real tell me and show us kind of moment over the next two quarters. Do companies

use tax windfall to actually invest? And is that investment new investment or was it stuff that just got delayed from last year because they thought there was gonna be a tax cut coming they were just waiting for it, delayed maintenance and sustainable sustainability cap facts. This will be on a case by case basis. K I don't expect you to make really sweeping generalizations, but I might ask you to make just one exception right now. Do you want them to invest the money or would you like

to just see big capital return plans throughout? I want companies to make growth generative investments, not investments just to appease outsiders. And I think this is what we've we've come really used to a corporate management sort of. You know, our set of behaviors over the last ten years, where companies have been conservative, they were really cautious about spending, they were cautious about hiring. They did a lot of jobs, the great job of controlling their costs for a long time.

If they all of a sudden throw that out the window in two thousand eight, that would make me anxious as an equity investor. So yes, I want them to spend. I want them to do stuff that's going to lead to better growth longer term. But I don't want it to be spending for the sake of spending. Well, let's just think about it. They are continually rewarded to introduce a buy back plan or increase the dividend. And I'm not taking a position on this and saying it's right

or wrong. I'm just saying, look at Barclays as an example, this morning, the stock searching not because anything terrific is in the numbers this morning. It's because just Stady, the CEO, is increased the dividend one and two. He's talked about the prospect of buybacks at some point in the future. Maybe that's the stuff that the investment community wants to

hear is the CEO you know that? How difficult is it to put that to one side and say we're all about the future, We're all about multi decade strategies. I think we also have to remember companies haven't had that heart of a time access in capital the last couple of years. I mean rates have been low. You know, if you're a high quality company with a strong plan,

it should have no trouble access in the market. So if there's this meaningful shift this year, that would make me a little bit of gy What a big picture to you know, not only your institutional clients, but mostly to our listeners who are just worried about keeping the four oh one kid going. The great mistake of this bull market has been the rationalization of an actual aerial assumption is seven percent. You get into that mindset, you

do certain things. The people that have one day, what happened yesterday with David Einhorn, John Ferrell, do we have those numbers? And just maybe I don't think green Light had yet. Yeah, they don't have a great year. And and my answer is is the actual aerial assumption has not proven correct? Do you invest now believing with more optimism, inequities, or do you hunker down in the land of Kate Moore towards an actual real assumption. You know, I think

this is a great question. We spend a lot of times thinking thinking about our near term expectations as well as our medium term and longer term capital markets assumptions and looking at the gaps between them. It's really hard, as you know, tom to time the market. It's really really difficult to say, I know the perfect entry or exit point. But we feel in general that investors have been sitting on too much cash given the strength of

this cycle. And this is a message we've given to you, our institutional and individual clients, and said, look, you can't time the market. All you can do is focus on the longer term trend. And we think we're gonna have less volatility, both in terms of the macro and continued corporate health. So as in not a lot of math mix of fifty, you're willing to say we're still going to have less volatility, we don't expect we're going to

be at a sustained fixed big fifty. I mean, as we were talking about two thousand seventeen was a really weird year in terms of low ball, which should be a little bit higher than that. It would be an even Can you image the ratings with the sustained average fifty vis Yeah, I can. I think things have got

a little bit berserk. Your point about David Ironhorne of green Light the under performance the worst since the year two thousand and One of the things that comes up is this expectation that at some point value stocks are going to start out performing growth stocks. Yeah, we're going to see that this year, Kate. We need to think about what is value. So we think we talked about value to different ways, value the investment style, and then

value the factor. And you remember, value the factors often sector neutralized, so you're just looking at the cheapest companies within each sector as opposed to taking big sector concentrations, oftentimes with a value value the style. And so there are certainly companies that are cheaper than they have been historically.

Some of them are more structurally impaired, and some of the stuff, like let's say we're looking in Europe that is cheaper, is more domestically oriented, doesn't have the strong global growth um you know, tilt, and perhaps deserves a lower valuation than some of the multinationals that have multiple earning streams. Were you guys long ice cream? Yesterday? The weather in Manhattan was so good that anybody within forty

two ft of me demanded ice cream. You need a time arizon of about five minutes if you were, because it's freezing again. Went back down into the fourties. There's the most position and open up the trading book on ice cream. Do you want to understand the cost of ice cream? That's not Howard Johnson's Columbus Circle. There's an ice cream place it dance the wallet. I don't have kids like you, and I'm actually it's really expensive. Tompkin. It was gorgeous yesterday. What do we get up to?

Seventies and seventy seventies? Ate? Thank you with black Rocket. This is Bloomberg. We're talking with Hans Hume before about his interest in Venezuela. We think all in Venezuela for watching, as we've heard from a number of voices today. Speak to the Venezuela people and Hans Hume, as you mentioned earlier, the Venezuela elite about almost as nostalgia to get back to a Venezuela of another time. Is that possible. You know, I don't think anybody wants to go back to the

Venezuela another time. I mean, certainly in the nineteen seventies, I mean that was probably the dream scenario. Oil prices high, um education funded for any anybody in Venezuela, that a lot of people stuttering studying internationally, and I mean Venezuela was the strongest economy in Latin America. All prices go down, you start getting social divisions. The elite was very entrenched, and Chaves took a message that really resonated with the

majority of the popula Asian. The problem is that Javis was hardly an economist. I mean, if you take a look of Venezuela and compared to Equador, for example, Raphael Correa came in with the same kind of message, but he actually implemented some economic policies that were was able to broaden the economy and opportunities for the majority of the population. Um. So there's been a real change in

the infrastructure Equador, Venezuela. It's all been ripped apart, and I think that the recovery is going to have to be something along those lines. Eventually, were more people of access to you know, the economic power than you saw prior to the Javis Revolution. This is a total economic tragedy. There is a seriously powerful story on the Bloomberg Today written by our colleague Fabiol Zerpa who's basically rights that PETERSA Cruz the National Old Company a skipping work to

hunt for food. Just think about that, skipping work to hunt for food. And the individual in the story says, I haven't eaten meat for two months. The last time I did, I spent my whole week's salary on chicken meal. That's how tragic things are right now, Hans. And as you look at other situations you've been involved in the past, and we can talk about your experience with Grace Venezuela, is that a really really unique situation right now versus

everything else you've ever experienced. You know, it's kind of interesting because I remember in another interview Um making the point that if you're looking long term returns, you know, investing in men as well, you're not expecting it to become Switzerland. You just don't want it to become Zimbabwe. Absolutely. The next day you had the coup and Zimbabwe and Gabe got kicked out. And now Zimbabwe is like sort

of the darling at Davos um Venezuel. It is a tragedy, uh the um you know, if you look at the amount of hunger, not just among the you know, the oil industry workers, but across you know, you look at deaths of you know, babies in hospitals. I mean, the entire support network for the society has been ripped apart um. And I think the real tragedy is I mean, there was the initial elite that consolidated a lot of the wealth and we're taking quite a bit of off shore.

But in the last ten fifteen years, the people in the current administration that had people in the oil companies in you know, the senior people in the government have probably swept you know, between billion and trillion dollars offshore. So you know what the tragedy really isn't I mean, people has been discussion about hunger bonds, but it's really that there's it's a kleptocracy at this point and so much money has been swept off shore that there's nothing there,

you know, two left in the country. So I worked this question carefully because I think it's the best way of wording this as an investor. You want to finance the economic recovery of what is right now an absolute tragedy. But as you look at the situation, what are the opportunities to do that? I mean, clearly, anything you know that you look at to invest on the ground is that the people are giving it away. Um. On the fixed income side, both Petavesa and Venezuelan sovereign bonds are

trading very cheap. But I think the first step, uh is to get you know, assuming there'll be a transition of the government at some point, um. I mean, I think that the idea that Caracas will become Havana and will stay off in outside the international community for more than five years is is far fetched, but it is.

You know, when the recovery happens, you're going to have to cooperate with the international community to bring the stolen money back into the domestic economy, and then you'll have to start rebuilding the rule of law, um, you know, and try to bring the country back to where it was. Thank you for the briefing. Hans Hume, who looks at distressed things like Greece at a certain point, like maybe Portugal at a certain point. In this case, Venezuela. He

is with Gray Lucky. Should we now speak with Dennis Gartman, which is always a good and beautiful thing. We talked to him about rising rates, about equities, about the joy that in his newsletter he writes in the back end of it, the winning and often the losing in trades. Capital risk management always from the center from Mr Gartman. But first a modest uproar. Let me brief you on this, folks. Uh. Mr Gartman went all bitcoin, he went down in flames,

and there was a course within the volatility. The last couple of weeks, different reports, and we at Bloomberg wrote up the story. And you know, I must admit, Dennis, the headline was a little of cerbics, saying, you blew up your retirement account? Did you jump into the James River? What? What? What happened with your retirement? I lost a little over um, which to me is really quite disturbing. Yeah, um, I suspected a loss of one percent or one and a

half percent or so. It's probably not going to cause me to lose a great good deal of sleep, nor has it blown up my retirement funds, nor shall I have to go into work longer day longer weeks and years to recover. I had a excuse me. I had a bad trade. Yeah, I got out, but the headlines that Bloomberg had written made it look like I had and had been debilitated, and that's simply not to come. I talked to our David Litkar, editor on this, and

he made clear we made some tweaks to that. But the idea of Dennis, whether you were done one percent or five percent, or you've got closet in a bitcoin trade in the heat of down a thousand points in the heat yesterday of a swing of five hundred points, in two cups of gartment cup of coffee, what should people do? You're in a dog trade, you said in your newsletter, you were in some bitcoin riot coin thing,

whatever it was, you were in this a thing. What should people do when they're going down in flames on an individual trade. Get to the sidelines as fast as you possibly can, take your loss and miss admit that you had made a mistake for whatever reason, and and do the best that you can. But going to the sidelines is always the best course of action. And as I've always said, there's never just one cockroach. Usually when a problem occurs, is followed by others, and the stock

has continued to fall since then. With with within this, Dennis is risk management? Do stop losses work when you're going down in riot coin or whatever? It was that quick? I mean, I'm sorry, John Ferrell. Technical analysis doesn't work when the line is we keep referring to this is riot chain? What is this riot blockchain? It was a block check company that went all crypto. And I want to try and understand why someone like you, Dennis exactly

was anywhere near this company. Why did you hold this stock? I was looking at the chart. I saw something that that was pleasing. It had an out of what I call an outside reversal two weeks per or. Prior to that, uh and UH, I understand that a couple of friends of mine from years past were becoming involved. That changed my opinion. I thought I could see a decent reward and a reasonable risk, and for a while the trade was doing really quite well. I think I bought it

at fifteen and a half. Sixteen sixteen and a half added to a winning trade. I think it was up to seventeen twenty the night before, and then out came that expose a tennis. We talked about technicles here, would you seriously exclusively a d put a position on by a equity by a stock on technacles alone, without doing any fundamental analysis of what this company's up to. It's not the first time I've done that. It won't be

the last time I've done that. There there are a number of reasons why I did it, and it was a very small amount of money compared to the size of my my retirement funds, So yeah, clearly I there There have been times in the past when a when a simple technical circumstance has has a list has has caught my attention, and I have acted. I'm not the only things that's ever done that. I won't be the last. This is very honest discussion, folks, Dennis Garment, what's so

poor important? Here is a struggle of partitioning investment from speculation? How do you partition gold hedged in euro or a long term long bet on the United States of America from what's it called? John on his speculation on Riot? What riot block chain? How do you can we change is the Bloomberg block chain? That would be good for the show? Dennis? How do you partition? We would wait, we only got forty two listeners. Now, Dennis, how do

you partition investment from speculation? That's the heart of this discussion. I don't think there is a different differentiation between investment and speculation. I I learned long ago when I worked at the bank as a as a fort ex change trader and watched one of the major one of the major traders in the bank put positions on for the bank's portfolio. When they win against him, they became part of the portfolio and became an investment. When he made

a quick profit, they became a speculation. All trading, all investment, begins as a speculation. And usually what I have seen over the course of years is that people who allow a trade to go against them say that the fundamentals have not changed. Something else has changed. You're losing money. And that's what separates I think pros from amateurs in the business. His pros will lose money more often than amateurs will. But pros will lose will make so much more on the one or two or three or four

trades out of the fifteen that they have. And that's what's important, and that's what differentiates Dennis Gallman to really link in UH science and technology in a way that the great response we got yesterday from those older that remember where you stopped for space launches, and a lot of younger people are saying, well, that's odd, and I'm like, no, it's not odd. It's what we used to do and through the sixties and even well into the seventies and of course up to a grim day with a Challenger

accident of years ago. But um, we're gonna do that. SpaceX scrubbed yesterday the reports our official surveillance aerospace engineer, our worst span, David worst Span doesn't when you get that much engineering, you don't use your first name. It's just surveillance aerospace expert. Our worst span tells us that down wind, it looks good today for SpaceX. How does it look for Rubber Made. I have discovered that offspring like rubber made airtight cartons to keep their slim in.

So is this the slime report with Newell rubber Made. Well, that's just the focus on Newell Brands, which owns rubber Made all along with a lot of other UH consumer products. It's up two and a half percent in early trading. The household product maker appointed too independent directors to its board instead of would nominate a third for election this year. All this change coming as activist investors Starboard Value wages a proxy fight to take over a newle's board. So

change is coming. It's just a question of how it gets there and what it looks like when it's all over. You've got a couple of earnings reports out of the energy business which are being well received, one of them from Apache. It's up one and a half percent. The oil and gas producer's fourth quarter earnings and sales beat analysts average estimates in Bloomberg Survey and Technic f m C. The All Services company up six percent. Earnings before interest, taxes,

depreciation and amortization for the fourth quarter beat estimates. Ut of the technique. FMC also raised this year's forecast for EBA don margin a profitability gauge. Hormel Foods, though down three percent, anty maker of spam, canned meat and other food items, posted earnings and sales for the fiscal first quarter that were lower than projections. Hormouse side at higher

freight costs along with weakness and its Genio turkey business. Uh, you've got wayfair lower by fourteen percent, but I don't online seller of home furnishings like I kind of absolutely. They had a fourth quarter of loss that was wider than estimates. Even those sales beat projections. Bigger disappointment at Roku, that stock down eighteen percent. The maker of video streaming devices gave a first quarter revenue forecast of trailed estimates.

Bearing my Rokus share price had more than triple since the company went public in September. And then you have McQuary Infrastructure down almost twenty eight percent. Company owns power, energy, and airport services businesses. They're cutting this year's dividend by thirty two of fund investments. McQuary had increased its pay out every quarter for the past four years, relatively unusual. Companies intend only do it once a year. One more. Here,

we've gotta get to a record. I'll give you a pair. Avis Budget Group up ten a half percent the car rental Company's fourth quarter earnings, the revenue seed pick up in business worldwide and higher rates in the America's and rival Hurts Global Holdings is up in the David Wilson, thank you so much on the car rental front. Uh today this is a joy. Here's we're gonna do, folks

for the next hour. We've spent a lot of time on technology manufacturing, on the oddities, the true oddities of well hearkens back to the sixties, even the fifties, but the sixties and into the seventies, which is throwing things into space. We begin our coverage now of a scrub mission yesterday. George Ferguson will join us from Bloomberg with really smart discussion of the defense contractors and um, the flight industry, if you will. But we are thrilled down

to bring in Gene mon Stir. He's a loup ventures of course, you know him for years of Piper Jeffrey Gina got two Apple questions quickly here before we move over to Tesla and SpaceX and all that. Um. The update on Apple seems to be, first of all, the mystery of their use of cash. If you noted a change in the executive leadership of Apple in what they

feel about cash. Unfortunately, I wish I could report a change, but it's the majority called seventy of the cash is going to go back to shareholders in the form of a likely a much bigger share buy back. There's probably a one time dividend that's coming, but the majority is going to come back. As a somebody who's been following tech, we would love to see Apple go and make some big M and A deals and buy something like Tesla.

That would make the most amount of sense. But even though things have changed a lot under Tim Cook, the company is much more transparent. This need for cash, this uh near death experience that the company had almost twenty years ago, hasn't changed the fundamentals of what they're gonna Well, you know, I know people would say, well they should go by this, or that I'm not informed. I guess

some would say Twitter as well. I should point out right now, folks were just getting images here from the Vandenburg Air Force Base in California, and of course at nine oh six am let mean work back eight seven six or six am in California and the black sky the early morning, and really an image out of the sixties with the liquid oxygen, the gaseous oxygen streaming off with a very slight wind to the left of the Falcon rocket in the unmanned module at the top with

three satellites in it. And that's really the first image we have again from another time and place in American science history. Gene, let's rip up the script. Then why would Apple by Tesla. They're very good, it's selling six hundred dollars seven hundred dollar units called iPhones and other things. Why would they want the headaches of moving an automobile.

The simple answer is that it's a massive market and big companies, and Apple is gonna do about two hundred and seventy billion revenue this year, one of the biggest companies in the world. They need to find massive markets to grow into. I want to emphasize I think that an Apple Tesla combination makes a ton of sense, but it's a fairy tale that that's ever going to happen. And the reason why you're looking at it with just these images of the Falcon launch getting ready, is that

Elon Musk would never sell. He's very passionate about say, he has kind of four endeavors going on in all of them, but he's most passionate auto, so he simply won't sell. So the answer to your question, Tom is otto is gonna be just this massive upheaval. We all

know it's coming. When you see a car on the road today, think of a horse and buggy because that's going to be the difference between the cars we're driving today and the ones we're gonna drive in ten years and Apple season opportunity, so they will play in this

autonomous transportation space. Who is probably some sort of autonomous shuttle, but not a position within your wonderful note on the future of my horse and buggy and no gene, I do not remember the horse and buggy is the manufacturing process. Apple invented a manufacturing process for constructing their Miracle phones. Elon Musk is reinventing a manufacturing process at Tesla slash SpaceX.

How do the two dovetail well? When you think about the future of manufacturing and cars, um, I think a lot of people just think about putting wheels on an axle and a chassis. But the real guts of this is a computer. When you talk to people at Tesla, they say they're not a car manufacturer, they're a computer on wheels manufacturers. And so a computer has CPUs has computer vision uh Tesla and not Tesla's case lider, but

also this critical piece of the battery. And when you think about how this whole transition plays out around electric vehicles and autonomous vehicles, you speaking of tear up the script, you really need to do that in terms of how these cars are produced, and so uh Elon Musk describes it as a manufacturing hell that they're going through with

ramping the Model three production. Unfortunately, the other automakers, despite their hundred years of knowledge of building cars, are going to have to go through a similar path to get to the other side because the importance of battery computers and that interesting g Munster with us. Right now we're looking at the image of the space X. Of course,

it is a brilliant white rocket. It is not the Falcon Heavy some of you may have known the launch of a few uh weeks ago with three E tubes is the main stage and the two side stages of the Falcon Heavy. This is not the Falcon Heavy. This is really harketing back almost Atlas in the programs well before Mercury, almost Explorer of of of of a very thin i should say, Jupiter, excuse me, of a very thin rocket, and on top top of it a huge payload.

The payload on top um is forty three ft by seventeen feet, which is not Apollo like, but it is certainly genormous. Uh and and can put a lot of weight into space, which if you're in commercial is what

you want to do. So we're waiting there with the oxygen, the feathery oxygen steaming off the gas to the left of our image of SpaceX at Vandenburgh, I mean Alitsa O. Bramo would Center Studios not to talk on bonds or the dynamics of the market, but we get ready for a SpaceX launch with this gene monster of Loop Ventures, of course, with his acute focus on Tesla and their manufacturing process, and now joining us George Ferguson from Bloomberg Intelligence,

head of all of our aerospace and defense coverage. George Ferguson, When I look at space EX and I look at tech Tesla, is this an all Elon Musk venture or are there subcontractors the world of lockeed Martin. Are they involved in this at all? Uh in in Elon Musk SpaceX. No, right, they have a competitor, United Launch Alliance a turn with Boeing, so they are competitive, but they're not involved in station.

Is this anything to do with the defense industry or is Elon Musk inventing this out of thin Elon Muski and Air. You know, when you look at the manifest for satellites that are going to go up and have gone up, he's taken a fair amount of market share because he's providing lift into orbit much cheaper. He's definitely doing it for defense, uh you know, at the defense contractor for for the Defense Department. So he's in there

as well as in the commercial business as well. When you look at the shot folks in thanks to Gizmoto for a great photograph of the launch site, George, it's not Cape Canaveral like. It's asconced beautifully on the shores of the Pacific Ocean, and it's small, and there's a couple of trailers and a couple of buildings and some lights, and you know, it's just sort of like a commercial venture. When will this be commercially successful or is it? Is

it now? Well? I mean, I guess I would say that the United Launch Alliance, which is the Boeing and Lockey adventure, is commercially viable. It's it creates a profit. We we can't see profits inside SpaceX, and he's providing much cheaper lift. My sense is that he's got much less, much less profitability in here, but he clearly wants to take it much further. I think the United Launch Alliance would want to take it, the Sense contractors want to

take it. And he's building actually a spaceport down in Texas that would be entirely commercial. So well, I'm just wondering, how does Elon usk managed to have a launch so

much cheaper than the Defense Department? Well, you know, and I think a good portion of that is going to be about the reusable market very rocket, uh, and that's why you know, it's key when he's sort of launching these things and bringing back the components, bringing back the boosters that he can reuse though that that's a big portion, you know, Plussy, he really doesn't suffer from the large bureaucracy that you'd have inside of bowing a a a

locky part, right, So, George Ferguson with us and uh, Gene Munster as well. You've seen the gantry pull back from the Falcon rocket with a payload up top. Again, this is a Spanish satellite and the huge buzz of two smaller satellites which are very much having to do with the future of Internet. It is least a gorgeous site is an all white rocket with the I'm going to suggest gaseous oxygen UH drifting off into space and with the UH gantry pulled away, we're gonna bring up

the audio. Ken ing up the audio if you can on this SpaceX launch. We're about twenty seconds I'm told away here from the count town again the larger fairings up top. Here he is the launch of SpaceX twenty fift Falcon eyes can figure for play ten nine eight seven six five four three two one Eagle of Penchy Downer age to stay over posted nominal. Yeah. Thanks for

listening to the Bloomberg Surveillance podcast. Subscribe and listen to interviews on Apple Podcasts, SoundCloud, or whichever podcast platform you prefer. I'm on Twitter at Tom Keene before the podcast. You can always catch us worldwide. I'm Bloomberg Radio