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Us, Savanda Schlitz and Paps Blue Ribbon. Jim Bianco, I believe is with us all right now? Rich, do we have mister Bianco? Okay, we do, Thank you Rich Truman for that. This morning, Jim Bianco is nailed the sticky inflation call. We get an update, Jim, like good news this morning. Futures up twenty five. We're getting knocked around here in immense emotional volatility. What does the Bianco view on inflation?
That it's still sticky and that you're staring the sea signs that even people are starting to become nervous about it. The surveys like Michigan and the Conference Board are showing that people are expecting even higher levels of inflation. The FED might call that being a bit unanchored. And I think that it's going to, you know, stay with us and be a problem now now that they've said that it's a three percent three and a half percent problem.
It is not an eight ten or Zimbabwe problem, but even still a three three and a half percent problem means that interest rates, even though the bond market is rallied down the four point three, you know, we don't have a whole lot more on the downside to go if we've got such that kind of sticky inflation.
How will the FED adapt to our new I love this phrase fiscal space. How does the FED adapt to you know, forget about the legislation overnight and the ramifications of X numbers of zillions of dollars a debt added on where we are now, how do they adapt to our fiscal policy?
Well, I'll answer the question by saying I hope they adapt, because their attitude right now has been what we have to wait and see, and we have to sit on our hands and see what happens with tariffs, and see what happens with the budget and then kind of assess it from there. And that's why the market doesn't expect the FED to move until June at the earliest. At this point, so I think the FED is going to have to learn to adjust that there is a plan
out there. By this administration, And it isn't just a bunch of disconnected things like you know, tariffs or a sovereign wealth fund or demanding that Europe pay for it more security so that we could relieve our own defense budget. It's what I've been talking about for the last couple of weeks. It's the mar Alago Plan. That is the plan,
and we're getting all the phases of that plan. And the idea is to lower the value of the dollar, is to bring the US into a more competitive position, is to relieve us of the debt burden and bring down interest rates. But right now the Fed seems to think like there's kind of three random things that are happening side by side and hasn't put that together. Once they do, hopefully they'll understand the plan.
So it's interesting. Jim Torston slockover to Apollo's out with a note this morning and just kind of talking about the reverse of globalization. He calls it segmentations and talking about how that puts structural upper pressure on inflation, goods, inflation in labor, keeping interest rate structurally higher for longer. How do you think about that? Is that something that can be a real headwind for global economy.
Oh, I think it is a headwind for the global economy, and it will be for both that and inflation. Torston's right about that. It will put upward pressure on inflation. And if you look at the global economy, especially if you look at the European economy, they're not doing very well right now. The Chinese economy is not doing well at all right now. Though the bright spot in the globe is United States, at least at the top line, the state's economy is stronger than most of the other
developed countries and it continues to do well. But that segmentation, or that deglobalization as it was called before, that that's been underway now pretty much since the financial crisis and got accelerated post COVID, and I suspect we're going to continue to see that happen. That's the impetus behind tariffs. And why President Trump keeps talking about we have unfair deals is that he's trying to correct that. But that means we're going to see more segmentation.
Jim Mianco, We've had a series of conversations. If you're just joining us, James Bianco with us from Chicago, threat he could be with Us with Jim Bianco Research. Jim, I I look at the last couple of days of conversations and a lot of people are yeah, yeah, but
we're cautious and it's the politics and all that. A headline out three minutes ago Elon Musk will attend Trump Cabinet meeting today that according to Fox News Jim Bianco, how do you participate in the market, in the stock market given the slow we're all having right now?
Well, that is the thing you want to definitely get yourself, you know, away from, is getting bogged down into all of these situations, whether you know there's this or that that's happening, or even the mar A Lago cord. I think you'd want to take a longer term perspective and to decide what you like what you don't like. Now, not that I've said that, I'll give a note of caution.
The other problem that the stock market has, while I think it's having indigestion more than anything else, is we started the year with very high valuations in the market, and the Max seven stocks had extremely high valuations. They
need everything to go right. When you have those kind of valuations, you know, to put it into you know, in baseball terms, you need to score eight runs, and if you score six runs, that's not enough, even though six runs sounds like a lot, because that's the problem when.
You have high valuation.
And that, I think is why we're starting to see people be more cautious more than anything else, is those type of issues, and it gets kind of wrapped up into you know, the news flow of the day.
Jim, we're about ninety percent of the way through the SP five hundred reporting season here obviously, and Video big, big, big name after the close. What have you learned from the earnings?
Yeah, and Video's the biggest name. But the earnings numbers have looked great so far. The year over year earnings numbers for the fourth quarter to fourth quarter for the S and P five hundred is running around twelve or thirteen percent. That's been a very good number. Even sales, which is kind of an analogous to nominal GDP because they're like trillions of dollars of sales is five and a half percent, and so these numbers have been looking
very good. Now that I've said that, remember that those are the numbers they report it. They don't have much forward guidance. But even the companies are offering guidance that is somewhat positive right now, So that is that is a good thing, but that is also running into that high valuation thing. So even though those numbers might be good, they might not be good enough.
Jim way too early from Simiaco. Thank you so much for joining us.
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Shassuma Couladi out of New Mexico with all sorts of other attributes at I Capital, the woman who absolutely nailed the bolt market. We protect the copyright of our guests. Get anastasia amorrosis note from my Capital. You're not going to get it from us. And once again you mince no words. You just say this is transitory. Why is the gloom crew wrong?
Well, I think the gloom crew has been looking for an excuse to do you risk and they've been hanging onto this narrative of a growth scare. But Tom, let's unpack the growth scare and the inflation scare that we had in the last couple of weeks, and growth scare has been due to soft data or surveys or consumer confidence slumping to you know, significantly lower levels. But guess what, Consumers have been gloomy for some time. In fact, for the last two or three years, we've been in this
broad range of depressed consumer confidence. But has that actually stopped the US economy has spent. Has that stopped that same consumer from spending? Not really. And then the other thing that the gloom crew has worried about is inflation and the inflation expectations popping from five point two percent to six percent in the latest consumer confidence survey. Well, maybe it's the price of eggs, maybe it's the fear
of tariffs, But we don't have six percent inflation. We're likely to have two point six percent year of year core PC inflation reported this Friday. So I think the softness of economic data is an excuse. What's really happening is the technicals, it's the sentiment, it's the retail trader is really stepping back. But that is a process time and that's why I say it's transtory. It doesn't last, it doesn't fundamentally change the outlook, it doesn't last forever.
And I actually think we didn't just have a three percent pullback in the SMP. We had a median thirteen percent pullback in a stock in the SMP. So I think we're getting closer to the finish line of this pullback earnings.
We're ninety percent away through the earning cycle here. What have you taken away? What have you learned from some of the guidance that we've heard from corporate America.
Yeah, I think generally speaking, corporate America is still optimistic, but there's certainly some uncertainty and there's some reservations about what's going to happen with tariffs. And you know, look, if you look at earnings revisions, they have actually been trending lower in the United States, which by the way, is in contrast to Europe, it's in contrast to Japan.
And the reason for that is, you know, we're expecting thirteen percent earnings growth this year, but now we have to shave off a little bit because we have a dollar strength. Then we have to maybe shave off a little bit more because we have tariffs and reciprocal tariffs. So you know, because of that, the sentiment perhaps was not as buoyant as it would have been otherwise, but it does not erase the thirteen percent earnings growth we expect.
Are there sectors that screen well for you right now?
Well, first of all, I actually think you have to stick with what's working right now, and the core core theme in the market is actually artificial intelligence. You know, I love the fact that in Vision videos today a little bit and a little bit along with the sixty
other analysts that are covering the name. But but look, you know, in Vidia gets the last word on what's happening with the momentum and artificial intelligence, and I think what we've heard from others is already pretty constructive, whether it's Meta, whether it's Amazon, whether it's others that are continuing to spend on AI, cap BAX and you know, to me, the key takeaway from deep Seek actually is not that we're not going to need as many chips, but it's the fact that more people can skip the
training phase and actually go to the inference phase. And so for that, guess what they're going to need a whole lot more semiconductor content. So I think you stick with that, and after the pullback that we've had, we've actually had, we're nearing some oversold conditions in some of the AI software stocks, specifically AI semiconductors. I'm looking at that thing still.
If you're joining us right now on your commune across the nation, good morning on Apple CarPlay androd out a good morning ninety to nine FM in Boston. Thank you for being with us on YouTube. Subscribe to Bloomberg Podcast. This digital experiment growing each and every day, Tracy Alloway and Joe wis it Thal helping out there without lats? Look for that as well a Bloomberg Podcast. Anastasia amorroso with us. You bring prodigious mathematics to your research. Note
you mentioned earlier. Let's discuss this. The SPX is down three percent, but when you take out the high flyers, the median the center tendency is down thirteen percent. So can we say we've had a median correction on our way to a median bear market.
Well, I don't think we're on our way to a median bear market, but we have had a meaningful median correction of a thirteen and a half percent. And Tom, there's another way I like to look at it, which is in terms of oversold conditions. And the thing that really jumps out of you is the S and P did not quite yet hit the oversold level, and neither
has the NASDAC. But if you look at the MAC seven stocks, they're very close to actually hitting that oversold level, the relative strength indicator of RSI.
I want to translate this for you. You're in New Mexico. You figure you're going to get a solid bead. Maybe you'll sneak out with the bat plus. And in the front row is Anastasia Amoso who was eighteen years old and did nail box plot analysis. You know, where did this girl come from?
I was always a front and center kind of student.
I will say, did you have you're too young for slide roll twelve or something?
Of course, of course they knew how to use it.
Right, I actually knew how to use the calendar. What it's like with Lisa here in Anastasia, it's like nerd patrol.
I know, it's great stag. How should we think about valuation because a lot of strategists will say, that's all my clients want to talk about is kind of the valuation of the market. How do you kind of frame that for your clients.
I guess I'm a little surprised that's all the clients want to talk about, because we have had the multiple NSMP twenty one, twenty two times, and you know, there's a reason for why that multiple continues to be persistent. First of all, we have that two and a half two point three percent earnings growth or excuse me, as a GDP growth that's not going away, So that's supporting the multiple. The other thing, you know, back to the
AI theme and back to the tech theme. If you look at the S and P five found a margin twelve and a half percent, it's not bad, but guess what it is double that in some of the tech shares. And so that's why the margin continues to be elevated. So I don't see that as a huge concern provided that that softness that we see in soft data doesn't actually turn it into a recesion and that's not my base case.
Underpin it with GDP we had earlier Jimbianco linking and nominal GDP into revenue growth of companies. Do you have the same relationship here where you know we supprise once again, there's gloom on this and we surprised with OKGD, which leads to solid revenue growth.
Yeah, I think revenue growth should remain solid. I mean, if you look across the pockets of the US economy, the unemployment rate is low, wage growth is actually outpacing inflation at this rate. So all of that does support consumption, which drives revenue growth. Now outside of the US, you know, for companies who rely on that revenue growth, outside of the US, things are looking up too. I mean Europe
for example. First of all, they've avoided the Max seven exposure and the meltdown, but there's something fundamentally different about the European economy, which is they're actually cutting interest rates and they've been doing that ahead of the FED. And I think that cumulative benefit of rate cuts will start to accumulate for Europe. It should turn out turn around the housing market, it should turn around the commercial property market.
So if you have European exposure and your revenues that's looking so.
Global, would that do you get finally a weaker dollar qualth?
No?
I don't think so, because the interesting differential is really the most important thing that I think will be driving the dollar, and tariffs is in the second place to that, look, the way I look at it international oftentimes it ends up being a trade and I think Europe is a good trade right now, given the deal that we're seeing with Ukraine and Russia hopefully, you know, given the CB moves.
But longer term to really invest in Europe or Japan or any other place is what I would focus on, tom, is what are the leading companies in Europe that are tied to artificial intelligence, that are tied to decarb. I can't to give us a thing, but I'll give you
one other idea. And of course you know, the markets have already reacted to that, but clearly Europe does have to beef up the defense spending as a result of the negotiations, and so European defense stocks have have woken up and are doing quite well as a result of that as well.
So what are the headwinds here? A lot of folks will say the noise coming out of Washington, DC is so broad and so consistent that it's hard to really look through it and maybe focus on fundamentals. What do you say to people like that that are saying, I'm just not sure how to play the discussion about tariffs and you know, all the other economic policies sit in coming out of Washington.
Look, first of all, this is exactly in line with the expectation that we had going into the year. You know, the name of the outlook, as we titled it, it was the year of solid independings, which are all the economic fundamentals that we talked about, but with plenty of wildcars. And I called it wildcars because they're exactly that they can turn out to be positive, they can turn out to be negative. We don't know. But we have to focus on is what is the trajectory of the economy.
What is it the trajectory of revenues and earths that you talked about, and position yourself around that. Now, from the asset allocation perspective, you know, I don't know if it's the time to go all in on small caps given the uncertainty, but I think it is the time to go all in on higher quality domestic companies that align with the America First agenda. I think it is
time to continue with the AI trend. And the other thing I would say, private credit, for example, stands out has a great opportunity in this environment.
When you came to America, did you speak English? I did you did.
It wasn't well, it was all right, It was all right, Okay, is really not.
Quite I want you to talk to Americans that have never left the country about American exceptionalism. You and I talked two days after Putin invaded Ukraine. Whatever, Let's forget about the politics right now. It's not fair to you, But I want you to talk about this phrase, American exceptionalism. Talk to Americans this morning across this nation. What does it mean to you?
It is an exceptional and outstanding place that nowhere else can you replicate that. And I do travel globally, you know, I immigrate to the US when I was sixteen. But nowhere else can you get the same stability of government, believe it or not, as you get in the United States. Nowhere else can you get this pro business mentality, even though we argue about the deregulation here and there, and nowhere else, frankly, can you get the same opportunity set as you do here. So it is truly truly an
exceptional place. And this is why when I think about investing, you know, yes, while it's tempting to go invest in emergent markets or maybe trade around in Europe, and Japan. You know, if you are a long term investor, you have to focus on the pillars that you know are going to be there, and I think the pillars of American exceptionalism will be here.
Sasha, thank you so much. Anasta Amorros, I can't with us this morning here. She continues, It's transitory, these challenges we have, and she says, get on board in your own way, look for her research and I at capital.
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I've been fine, Seth joins us right now, just absolutely fabulous in securities analysis. Let how do you with Graham Dot and Cadalive And with both both you and I have read cover to cover model out revenue growth of seventy percent. I mean with Nvidia, you're not using any conventional template, are you?
No?
You really got to look at their return on capital, which is incredibly strong because they are an intellectual capital rather than a financial capital intensive company, and the growth is phenomenal, the return on capital is phenomenal. They have brought back so much dock that they've pretty much given back all of their equity capital, and they still just continue to grow in value because they continue to innovate.
And they are on the cutting edge of AI, which is we are in a major multi decade investment cycle here that is going to change everything. And I continue to quote Tom Siebel, who I believe is the one who said that every company he's the founder of C three AHI, that every company will be an AI company, that every company will use a guy in various aspects to optimize their business, to improve productivity, to improve customer interaction. So and we are just in the beginning stages of this.
Okay, the WACC screen, folks, which is my favorite value add from mister Bloomberg and mister Secnda. The debt cost is zero point three percent, is the weight of debt ninety nine point seven percent equity. The ROIC is one hundred and fourteen percent per year. This is through a Stern Stuart and Net operating profit study as well. Ivan, what's your ex access on this. If we all learned in school that it's a seven year dividend discount model. What's your X axis on an Nvidia? How far out
can you look? Well, I mean you don't have to.
You can't just really extrapolate into perpetuity. But they continue, they drive. They've invented the GPU, the graphic processing unit, which is driving all of AI because what it does. Originally the GPU turned digital information into visual information that we saw on a screen. And then they reverse that and they take visual information and turn it into digital information,
which is how the large language learning models work. And this will continue to happen faster and faster, with higher resolution and more depth, and create these visual pictures that are driving the computer learning process and also continuing to digest process more and more information, more and more data.
Paul, I've never seen this. The cap ax is three billion YEP. Cash from operations is fifty nine billion, three divided by fifty nine I've never seen that.
Yeah, just extraordinary income statement. So Ivan, I'm sure your clients are asking you, Okay, how else do I play this? I can't have all my eggs in this Nvidia basket if I believe in this AI thing, how else do I play it?
Well, I'm glad you asked that, because two other stocks I happen to like that I think are under the radar AI plays data center plays are land Bridge and Texas Specific Land. They own property and infrastructure that can provide power and water, which is the three things that are needed for a data center. You need space, you need power, and you need water and connectivity. So I think both land Bridge and Texas Specific Land are really incredible long term data center and AI place.
I mean, you got to come on once every ten days, Paul. You hear the name the TPL Texas Specific Land Corporation, Does it sound like a time share? It's selling you selling your Corpus Christy or Galveston condos.
Look at this, I've never heard of this company before, but the name actually tells you what they do. Texas Pecific Land Corporation owns tracks of land in Texas. Get this previously the property of the Texas and Pacific Rail Rate Company. So you're literally Ivan telling me I got to own the land on which this stuff's going to be built.
Right.
Yes, And first of all, every other day you hear about new investments in data centers. First of all, Microsoft's kicked it off. This year with increasing their data center and AI CAPBAX from fifty billion to eighty building billion. Then Meta came out with projecting sixty to sixty five billion in capital investments in AI in daydata centers this year,
Google seventy five billion, Amazon one hundred billion. And then you know, you saw the launch of Project Stargate, which is starting off with one hundred billion and ranning on five hundred billion over the next four years. And then Apple said yesterday that Monday that they are investing five hundred billion in the next fight in the US between manufacturing,
processor development, and AI and data centers. So the you know, you're looking at trillions of dollars in capital investments over the next ten years.
This is Tyler Glover. They got one hundred and eleven employees one one one. I even fines it brilliant on TP already thirty seven percent per year over the last ten years. And it's not just about the AI moon shot that we've seen the last.
Two years exactly. I've watched some many other themes that you talk to your clients about here, because again, if you think about the equity market performance twenty twenty three, twenty twenty four, more than twenty percent gains in SMP five hundred, and a lot of books are saying, man, is this market out over at skis? How do you kind of frame opportunities in twenty five?
Well, we are still in the you know, we're in the golden age of equities. The equity market is the place to be. More and more people are investing in stocks and that will continue. And that's the look. You look, over time, the best way to create wealth has been in the stock market. Whether you go past ten years, twenty years, one hundred years, in two hundred years, stocks have been the best place outperformed pretty much over the long term every other asset class.
So are there sectors? Is is it a technology weighted outlook?
There?
Ivan, because that has been one of the areas that have worked so well for investors for well, yeah, a couple of decades now, one could I right.
Since the beginning of time, technology has moved society forward and will continue to do so. In the internet, the cell phone, the tablet, the personal computer, high speed networks, and now AI. You know that these trends continue to emerge and then they continue to grow and they drive everything in society forward.
For global Wall Street this morning. Want to treat Ivan find Seth through this senior partner, Chief Investment Officer Tegriss Financial Partners, always with a different view out of Boston University, which is a good and beautiful thing. Probably studied was v Body a few years ago. We welcome you on your morning commute across the nation on YouTube, our new digital product YouTube, you know, the YouTube podcast growing each and every day. Really humbled by the international growth there,
but also domestically in your office at home. Please more of Ivan finds us right now, Ivan, you were at BU I assume as v Body and corporate finance to the finance textbooks work right now given the skew to Meg seven.
Well, you know what they say every you know, it's a new economy, but the same old economics still apply, So the same math, the same calculations, while we can do it better and faster using computers and using AI, write reports quicker and get more information faster and disseminated faster. So the speed, so the way things happen still goes back to the beginning and hasn't changed. The speed which things happen will continue to accelerate and accelerate and accelerate.
I mean, I got green and the screen Ivan, But the fact is I got belief and strung by MasterCard, Facebook, I call it Facebook Meta Ivan. For me, I call it, I call it Facebook. Strung by Apple. Discuss Apple right now. How do you have a strung by? Given the China gloom, how do you do that? Ivan?
Well, of all, they had a pullback app in iPhone sales in China, but they are working on now. They are seeing them now a pickup in iPhone sales. iPhone sales and the halo effect that it has to the Apple ecosystem, which drives services sales will continue to grow and Apple Intelligence will be also a powerful growth driver for Apple and for Apple services. You know, the Apple Apple has an over two billion in an installed user base that you know goes through the upgrade cycle, goes
to the additional services cycle. And what's fascinating is that him Cook said years ago that Apple as great as the iPhone is and all and the iPad and all of the Apple products are. Him Cook said several years ago that Apple's biggest contribution to society will be in healthcare. And you know they have the fitness app, a lot of healthcare data in the in their their apps and their products. They are just launched a new UH earphones
with a heart rate monitor. So there's a lot to do in healthcare and health monitoring and health optimization that I will believe you will see from Apple, which is a whole new category you know, of growth and the ability to and and then it goes back to AI with the ability to detect and cure the disease AI
and to speed up drug discovery. You know, companies like Aluminum which use AI, use in Vidia's GPUs to map genomes and UH the ability for DNA analysis and to do things to do tests that used to take weeks now can take a day. So AI and technology drives every aspect forward.
Ivan, how do you get comfortable with if you the China risk for Apple, I just for a lot of folks, it's just hard to get the arms around in this global geopolitics.
Well, it's always going to be a risk somewhere, and but geopolitical risks exists, and they do get a lot of headlines. But if you look, they haven't really affected the market since the start of the Ukrainian Russian War that you know, the market really wasn't affected even the tragic situation in Israel, it didn't affect the market. So they exist, and they have to be folks, you know, geopolitical issues and risks exist, and they have to be,
you know, taken into consideration. But like I say, no matter what happens in the world, when Tim Cook gets up every morning, the first thing he thinks about is how to sell more iPhones. Say you know Mary Barratt m when she gets up every morning, the first thing
she thinks about is how to sell more cars. And you saw today GM just announced a twenty five percent dividend increase and an additional six billion dollar share we purchase authormization that comes from confidence in your business, confidence in your business outlook, confidence in your cash flow, that they will be able to manage terriff issues which do affect the auto industry a lot.
Right, I've got to leave it there. Thank you so much for coming on, particularly wisdom on Nvidia and is strung by I should point out on generous motives as well. I'm in fine seth with tigers this morning.
This is the Bloomberg Surveillance podcast. Listen live each weekday starting at seven am Eastern on Applecarplay and Android Auto. With the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal.
The daily look at the front pages the Lisa Mateara Report without any discussion of Nvidia. What do you got, Lisa?
Okay, So this is a new report about the highest rated celebrity owned restaurants. Paul, You're gonna appreciate this.
Look.
Trip Advisor Google looked at those five star reviews John bon Jovi's JBJ Soul Kitchen.
Wow.
Yeah, Red Bank, New Jersey. It also has it's four locations, so red Bank, Tom's River, two on college campuses, Ruckers and New Jersey City University. But the reason they like it it's a nonprofit opened in twenty eleven with his wife. No prices on the menu, they just suggest like a donation. So it's created to help those with food and security. So they're saying, great food, great service, commitment to the community.
It's a win win. So it's a community restaurant. It's a community cool. Red Bank is a nice foody town.
By the figure out a road trip there, I'm sure it's like a no brain who.
Go there all the time love Red Bank. We have to, but you kind of check it out.
I still have. I've heard about it and I have to check it out.
They said, one hundred ninety eight two hundred and twelve meals have been served, forty three percent paid with donations.
It's incredible. Even people who can't afford they can eat there. And then if hey, if they want to work and like do something, they kind of, you know, do things like that. So it's a really really really good concept.
I love it.
Okay, So this one Jersey Strong exactly, This one from the Washington Post caught my eye. More Canadian coffee shops. They're changing the name of a popular drink on their menu, so the Americano is now the Canadiano. Okay, protesting Trump's tariffs, you know, they expected to take back next month.
Also, shop owners.
Saying they don't want to become like this political place, but they want to stand up for their country. So that's why they're doing this. I didn't realize because some people are protesting. They're saying, well, you're changing the origin because it actually originated US soldiers in Italy doing World War Two. They complained that the espresso was too strong, so they put water water, they cut it with water, and so it became Cafe Americano, which is my favorite drink in the country.
Coffee.
Yes, but it was just stand up because you've heard like the hockey fans right booing at the national anthemic game. So this is just kind of another thing in the.
President's comments in the last twelve hours in trade. Yeah, I don't when does it go away? I don't see it drifting away.
We shall see.
It's supposed to remember the whole French fry thing became what was a patriot.
It's it's along the same thing, the same thing. We've been talking a lot about weight loss, drugs, right, curb and your appetite. Yes, we have and you know that, but it's also prosing a risk to curbing sales at top companies. You heard Cheesecake Factory carried doctor Pepper. They all said that it's going to change the consumer behavior. And this is something we've been talking about. Even Molson Core said it because it says it's changing people's drinking behavior.
What's different is that these companies didn't actually mention that on last year's report, so they're mentioning it on this year's report to show. Hey, the significance is still a deal. It's still a deal. I mean, Walmart said about two years ago that it's going to affect how people buy food. But yeah, this is this is the thing.
They were companies.
You're starting to do the newspapers this morning. Thank you so much.
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