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This is the Bloomberg Surveillance Podcast. I'm Tom Keene along with Paul Sweeney. Join us each day for insight from the best in economics, finance, investment, and international relations. You can also watch the show live on YouTube. Visit the Bloomberg Podcast channel on YouTube to see the show weekday mornings from seven to ten am Eastern from our global
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Monica Decenso joints.
She's now head of Global Investment Opportunities at JP Morgan. But Monica, you and I we across past years and years ago when you were bear Stearns, Raykats, Victor Miller, Alan Schwartz, all the great media folks at bear Stearns covering the radio TV broadcast is the Tower companies Tom at one point Tower those were great now.
That don't exist anymore.
So my job, my job was to read those prospectuses that I read them from the back to the exactly. My question to both of you then is radio just in Good morning on Bloomberg Radio?
Then was it's fourteen times but it's cheap?
Yep?
Are we in for that right now? Monica? Are we where's our where's the blow up? Right now? That's fourteen times even time?
Yeah, I don't know that I see anything that clearly that looks that misvalued.
What we do see those is you look at the broad s.
And p twenty times and again I think back to where we were back in those days, and it does.
Feel fairly to fully value.
And so the struggle now, as you see the market down of a couple percent, maybe do you jump in and buy?
I think you probably see more volatility.
Heading into the fall and into elections, and so I would use any pullback of three four percent or more to start logging in. As you mentioned earlier, I work with family all over the world, and most of them, unfortunately don't have enough risk on in their portfolios. They're still sitting in too much cash, and so I'd love to stay. I'm waiting for ten percent down, but I don't know that we're going to get that, so three or four might be enough to nibble.
So I mean, you work with ultra high net worth individuals, family offices, those types of folks. Yeah, are they participating in this magnificent seventh thing over the last twelve eighteen months or maybe or.
Not they're participating, but most don't have as much as they would like, because what happened in twenty twenty two is, you well know, when texuled off and everything got a little scary, many of them moved to cash. They have that luxury they're not you know, it's their personal money. They don't need to be in markets. And then they
were hoping for a pullback in twenty three. Most never actually got back in as much as they wanted, and so now still a bit Offside's too much cash, not enough risk for generational wealth that they have that they really should be focused on compounding so.
That generational wealth.
Again, these ultra high networth individuals that JP Morgan you know, deals with so well, are they.
Still in a sixty forty kind of environment? Are they sixty forty but I need to have some alternatives? Are they?
Or they maybe even more cash than a sixty to forty PORTFOLI would suggest.
Yeah, a couple of big trends right now. Again, still too much cash, but that's a function of that fear coming out of twenty two and that year when nothing works work, bonds down, equities down, that rattles people broadly. Larger families we work with tend to have much bigger allocations to alternatives to your point, because again, this is not money that they're going to need for the next
five or ten years. And so if you can take that illiquidity that generally is going to pay, and we hope that you're going to earn more than you'll get in public markets. So larger families we work with might have upwards of forty forty five percent alternatives. Doesn't make sense for you know, a normal retail investor, But when you get to that size hundreds of millions of dollars that you're investing, you can do that which pays off in the long term your company.
Screenberg would say, you know, don't over diversify. To me, one of the diseases right now is massive over diversification through passive in ETFs to fancy people with fancy accounts. Do they have the courage to be less diversified and better on a sector or a bet in a company?
They do?
Many you know, have made their wealth in one sector or one part of the market, right, it.
Could be autos, could be tech.
And so as a result, often they'll have a concentrated position in one sector that then argues that you need diversification else.
Away from it.
Yeah, and so we spend a lot of time helping them think about where is your risk again, You're you're a tech founder, You're locked up in a stock.
We've got to have you in bonds. We've got to have you outside of the US.
We have to have you thinking about again, alternatives, infrastructure. I don't know who's going to win the election, but I'm pretty sure WED to spend more on infrastructure, and so there are bets like that that make a lot of sense.
We get another question here because I want to go to an entertainment I just want to go to go back to rag cats go.
How about bonds? I mean fixed income?
I mean you know, you put a client in to your treasure and get four and a half percent here, what do you guys, How are you guys positioning fixed income to your clients?
Again, it's it's getting people comfortable with that playbook after being out of it for a decade. So a couple of things you're a US taxpayer, Munis don't have to overcomplicate things, right.
Munis make a ton of sense.
Especially world where people are worried about what is the tax regime going forward and what are my tax rates going to be? Also, you know, adding a little bit of duration, taking a little bit of risk, bank preferreds I still think make a ton of sense. Yeah, like that city yesterday came out issued thousand dollars part seven percent coupon. If you're a US taxpayer, that's almost a nine percent taxic.
Im mortals buy those or they have started institutions.
They tend to be more held by institutions. But absolutely retail investors commune.
How do you affect immuni transaction for a family, office, portfolio, individual Some.
Want individuals most Actually again they like to see the line on them. I think psychologically for families that makes more sense versus a fund where you just don't know what's going on under the hood.
So we'll do a lot of.
Separately managed accounts SMAs, and then depending on what tenor duration they're comfortable with, we build it to cater to that use.
Is ladder communis That's what I do. Very good all my maturity. I'm a level for sure.
To both of you. I talked to Paul about this all the time. Monica, let me start with you and the turmoil of what you used to follow. Is Disney like the mother of all values? Or is it a busted blue chip.
I'm having a flashback to the last time I was on you tried to get me to talk about a single name and jaf Organis that love that? But I don't cover disease closely anymore, so it would be reckless for me to a pine.
Are you long or short? Hollywood?
At the end of the day, like, people still consume media and content, and so how they consume it has changed from when you know, Paul and I were doing.
This many years ago. But people still watch stuff.
You're on an airplane, everyone's on their ipet, everyone's on their phone. It's just pivoting to how they want to consume it and the bite size and the length and duration all that.
But great content is great content.
And so I, you know, personally, still own some of those names that I used to work with many years ago, and I think they make sense in a portfolio.
She's in trouble now. Yeah, general consuls over on Parking.
And yet I mean it's still being built. I did a tour last week.
It was amazing. What was to take away from the tour.
Take over the tours that buildings really tall, and if you're afraid of heights, I don't recommend going up there when there's no windows in there, because.
All I want to know is like at four to twenty five park, is there going to be a fancy bar at the bottom.
There's the fancy bar at the top. I'm told, yeah, okay, so all right, I mean not yet, but.
Top of the din exactly to Monica descends a wonderful don't be a stranger. This was great, particularly talking about the shop to K booth that Alan Schwartz built years ago.
So much of the heritage of Bloomberg surveillance in Bloomberg on the Economy is actually talking to people that has stopped and really thought about the moment we're in on the high ground of that concept has got to Macunda, who is at Two Rivers Group, which barely describes his contribution to thinking about leadership at MIT at Harvard a Yell lecture now, but particularly his political science at the Massachusetts Institute of Technology, a number of years ago. God,
and thank you so much for joining us. And I just want to go back to picking presidents. A book you put out two years ago. Nice timing, God, and you nailed that, and in it you go right to the heart of what I was talking about with David Gura Sunday, I guess Harry Truman and the system at its best. I was trying, in my inept way to explain why nineteen fifty two and off the death of FDR and forty five matters. What did they do with
Harry Truman that we're stumbling on right now? What do we learn from that era?
Well, thank thank you for that introduction. Though one of my friends texted me, went out to Biden, said he wasn't writing for relaction and said, usually when people say they wrote the book on missips of metaphor, and so for Truman in ninety forty eight. Let's think this through for a second, right, Franklin Roosevelt runs for president in nineteen forty four. It's his he's running for his fourth term in office. Democratic Party insiders know that he is terribly,
terribly sick. Everyone who spends time around him can see that this is a man who is not wrong for this world, but he is Franklin Roosevelt. If he runs, he's going to win reelection. Nobody has any real doubts about that. And that means that they are really really electing his vice president and Henry Wallace, who had considerable virtues.
I'm not you know, I'm not saying it's all for Henry Wallace was a man I'm not just to the left, but the far left and Democratic Party leaders looked at him and just said, this guy cannot be president of the United States. And in particular they said he cannot be president in the context where in the post World War or ghost War world we're going to be worried about the Soviet Union. And so Democratic Party leaders did
what functioning parties do. They lined up, they created a press your campaign to put walls off the off, walls off the ticket, and they picked what they decided was the best person in the Democratic Party to take his place, and in that they got Harry Truman. And Truman was they were enormously rewarded by his sort of really so quite surprising in some ways success in the presidency. When we think about this is what parties are supposed to do this, how they function.
And can I say, Paul Sweeney, it's just could jump in here, Paul, But it's just simple jd Vance. You know, Harry Truman, what's going on?
Hey got them?
Give us your views on what the Democratic Party just went through over the last several days with President Biding stepping down from the campaign and I guess Vice President Harris kind of taking the mantle here.
What's your take?
Yeah, So the first and what I said is that this is a party functioning the way that they're supposed to, which, you know, give them credit. A week ago, I don't think any of us would have thought of the Democratic Party was dysfunctional. Right that its ability to sort of line up and then move this and make this happen so seamlessly is not something that I think many of us expected, and it's certainly not something that I expected.
I thought that the transition would happen, but I thought it would be longer, more awkward, and much bloodier than this second. When you're looking at Vice President Harris itself, I just want to think this through, right. She could not have found out that she was getting Joe Biden's endorsement, that he was stepping down. The earliest she could have find out found out was noon on Sunday, right noon on Sunday, because the decision wasn't made finally until that morning.
By noon on Monday, less than twenty four hours later, she had secured the endorsement of every single plausible contender for the nomination. Widmer and Pritzker were the last two to fall, and they both endorsed her Monday morning. To do that from a standing start is actually quite remarkable, right. It is not something I think many people would have expected. It's certainly not something I would have expected.
How about former President Obama? Are you surprised that we have not necessarily heard from him yet? And when do you expect no.
One out of a statement saying, look, I have always made a policy of not making these endorsements. He didn't do it in twenty with Biden. You Know what I would say is it's clear that party insiders know exactly what he favors. Right, he has doesn't have to make a public statement for everyone in the party leadership to
know who he thinks should be the next Tommy. Right, So the lack of a public statement him and I think to some extent him also kind of maybe it's a way of sort of showing respect to Joe Biden, right when he didn't endorse last time around. Okay, go he did. How can he do with this in the.
Time we've got left? I got your next book for you. I know you're doing nothing this summer, but you know you can go up to Maine and write it off the shores looking out at the Atlantic Ocean. Your next book is called Picking Vice Presidents. You've got to be kidding me. How does Vice President Harris go about let's just say, for the conversation, the derby of an astronaut from Arizona, a guy from North Carolina that's on the block, plus they need him for a Senate run in North Carolina,
and a Jewish governor in Pennsylvania. How does well, how did how do you prosecute that? Giving your expertise?
Well, you got to toss in the maybe the leading candidate is Ady Basher, the governor of Kentucky. Right, so my personal bias is Mark Kelly, because then then Katie Hobbs kind of points Scott Kelly, Mark's twin brother to the Senate, and I think that would just be the funniest the funniest thing that happened in the history of American politics, and honestly, we could all use a good laugh.
But more seriously, the party of the Democratic Party has the problem of its principal virtue, which is has got a really deep bench. Right Nowher's appeal has strong appeal to sort of the working class whites. Kelly brings Arizona back into play. Shapiro probably takes Pennsylvania out of play and just makes it a solid blue seat. These are
all all arounds. I suspect it won't be Cooper. Oh, obviously, it's been fantastic North Carolina, just because the Democrats are going to double down on we are the young face of change that Kamala Harris gives them and Cooper, and Cooper is his late sixties.
I got one, I got one minute left, Professor, How does President Trump respond to what we've seen the last three days and what we will hear from President Biden this evening?
So I got a text from a very very senior Republican this morning saying this is a quote I stand corrected. I thought she would be a disaster, and this has been the best three day rollout she could possibly have had. I think he will find a way to respond. I would never underestimate Donald Trump's cunning, but his standard attacks are really going to run into problems here because by running against a black woman, the sort of dog whistle politics that he's that he's used to, He's going to
be really tempted to go over the line. And we've already seen a bunch of House Republicans start calling her, you know, a DEI candidate.
Things like that.
Just to put this in perspective. Six years of Attorney general, four years of senator, four years is vice resident. She is way more qualified than you know JD. Vans or hey, George W. Bush, not that long ago.
Okay, Professor mcconna, just quickly here, what should the Red Sox do with the trade deadline? Should they trade her? Oh?
You always need starting pitching?
Okay, Well that's what Paul Sweeney says as well. This has been wonderful. Don't be a stranger. Got m Kunda definitive folks here. I really can't say enough about his book picking Presidents shockingly pression. Can I just say that, Dan Eyes, for those of you on Bloomberg Radio, you're lucky you can't see this he's the kind of guy who takes a Williams Sonoma tablecloth and makes it into.
A shirt, makes it looks like Lemons, Lemons.
He's looking sharp as always, Lemons on his shirt, pink pants, all that kind of stuff.
Crazy sneaks.
I'm not sure what's going on there, Dan Ives, Managing Director Senior Equianos at Wedbush Securities stand thanks so much for being in studio with us.
Talk to us about Tesla last night.
The numbers came in on the boring old automobile business weaker than expected, But again he's trying to get folks to focus on other issues, whether it's AI, robotaxi whatever.
What was your takeaway from the court, I.
Think it's a tail of two cities. If you want to focus on margins in terms of the price cuts lower asps margins were disappointing, two hundred BIPs lower. That's why the stocks down. But I believe that's nazeeing fares through the trees. I mean, this is an AI robotics and Robotaxi day and now October tenth, that's going to be the story going forward. And I think this is a theme where as is all plays out in the street will start to better understand what's happening at Tessa.
I we're buyers in the weakness here.
Do they have a CEO? It's this guy around her as a helping Donald Trump and mister Vance.
Look, I think actually stayed away.
You're in a conference call. I mean, is he running the company?
I think he is more more from a you know, would I'd say pilot on the plane at Tesla today, adult in the room then he's probably been in the last few years because I think Tom, I think the biggest thing is he recognized, must recognize is this is a pivotal historical time for the Tesla story in terms of robotaxis AI as well as now demands stabilizing in China. But also we go back three months ago. The haters hate this name. They thought it was one forty going
to one hundred. Look where the stocks at today. That's why I think you always have to just be cognizant of that. As many of you know, they hated fifty billion, the spies at the trillion.
Yep, exactly, So Dan, I mean, just looking at the stock just year to date, it's really amazing. Story started the first four four and a half months, stock down fifty percent Since late April, it's rallied seventy five percent, so now todate we're pretty much kind of even here for the year.
What does that kind of move tell you?
I think it shows that Wall Street slowly is now starting to understand this is an AI robotics play and not a traditional car company, because you'll have six seven million vehicles in the road. And I think that leays out what will be the next chapter.
On AI capac spend. What can you take from Google last night and bring it forward to next Wednesday and Thursday, Microsoft and awfter.
I think it shows AI revolution. We've talked about nine pm in a part that goes to four am. I mean, if you look at those CAPBAX numbers, look at that Google Cloud. I'm more bullish on alphabet today than it was twenty four hours ago. Why because you look at Google right now. Google Cloud is on a run rate forty to fifty billion cap backs, ramping search and advertising, continuing to increase in terms of that rebound that we see. And this is a company that has the mojo back.
They are on the offense and not defensive, and I think some of the parts AI adds thirty to four hours per share to that to the Google story, it's bullish as a read through from Microsoft.
As a criticles. This came up at dinner last night. Do you partition AI into this group of companies that group of companies alread you have blend them all into a dan Ives continuum.
No, I think you parse them out in terms of the basket. The semi auto you know, in terms of the AI play is the software AI play is where I view those as the second derivative the cloud star wards Google, Amazon, Microsoft, and then as we talked about a lot Apple the AI store, I continue to believe the AI piece of that Apple is still not being.
Which has the most predictable cash flow forward, which is the conservative bet for conservative listeners and viewers within those buckets of AI.
It's that company in Redmond in the Nadella and Microsoft that is right now the best bet in terms of AI. In terms of where we see on spending as your copilot, it's kind of their world. Everyone else paying rent from an AI perspective, Google narrowing the gap, but it just goes back to we have a trillion dollars of spend. So if you want to sell it on these kind of knee jerk reactions. Go ahead, bulls who buy them.
I mean, you look at Microsoft, It's up only eighteen percent year to date. What do you think is not I mean, that's excellent performance, kind of in line with the market. But is this something that is not being fully recognized.
By the market.
Well, because I think the investors that have missed it, they keep waiting for the shooter drop AI. It's hype, the valuation doesn't make sense. They're waiting for some negative aha moment. But the reality is that you, as Tom talks about cap ax fole the money. You have hundreds of billions. Where's that going towards Microsoft? Google? Amazon of course godfather of AI and.
Video and video. I mean again, this stocks up one hundred and fifty percent year to date. It seems like that's where investors are kind of piling in.
On the AI trade. They're not thinking about maybe that secondary.
It goes back to we are fully there in terms of Godfather A Gensen Nvidio, and that train is going to continue to move full steamat but not focus on second, third, fourth derivatives of this AI revolution, And we talk about Apple is a huge, gonna be a huge front and center is the second third derivative because the consumer AI revolution will now go through Cooper Tino, and I think
more and more investors have started understand that. That's why the stock from WWDC the one ninety to two twenty five.
What do you see in China? I think Archer, he's getting killed in China, according to Lewis Vieuten.
I think, look, I think China continues to be very choppy from a spending environment. But the one thing I've seen in terms of mid market tesla, if I look at iPhones in China, that's actually been a turnaround.
So I'm not saying just about that because that was a real significant fundamental headwind for I think a lot of investors.
Well, I think part of it is that there is specific tailwinds that Apple has because you have about one hundred million iPhones that are in the window of an upgrade opportunity. Definitely cold tech war US China's or to beat a bit. But it comes down to like that the mid market consumer in China is spending, but where they spend you could be like negative for Nike, but but Apple, Tessa others to bet on the China Doomsday and that's the wrong move.
Did you get a call from the chief of marketing at webbush You now have people out dressing like dan Ives. Angeline needs to get a life. I mean, it's a great photo over here, and she's she's got the green coat thing going with the flower top. Okay, like Ives, I mean, this is there's a trend here.
But just like there's a trend for Keene, you have many kids they try to dress like you. But so the point it's just I think it's gone from the Keen. They're trying to follow the pet No one could ever match you. And I think it's just one of those things where it's a combo. It's kind of a combo. So I think what people are.
No family talking to you? I mean, can you see like a a lab you know.
And look, I haven't worn to tie since I think probably last time.
You know, Mets when uh, you know they want to against the Yankees do the math.
I'm bullish on Mets, are you?
I think there's trade Alonzo.
No, Alonzo's core part of them. Look, I believe we will be in the playoffs soon.
Some of the parts apple right now.
I mean I think some of the parts you ultimately get to a stock that's seventy five two hundred hours higher. When I look at Apple three hundred to three point fifty is where I kind of view that some of the parts as it plays out.
I wasn't awake until lives walked in it. I mean the shirt alone is.
Waking me up.
Yep.
We didn't even get the pen states.
Do jav look at the front pages a Lisa Manteo hour because she's on fire today. Lisa, what do you have?
All right? A question for you. First, have you ever sent your kids off in a flight by themselves?
You just did it?
You just did it?
Okay? How well, what were you nervous?
How old time? Whole time? Yeah, flight tracker, monitor the whole way. God yeah, total total agony. And she was not young. I can't imagine people flying ten year olds around.
Yeah, have you yet young?
Probably likely I did.
I sent my son when he was about nine or ten to see my mom in Florida, so you know, you walk the kid up. You know they let you do that. The other parent parent is on the other side. But can you imagine these kids, unaccompanied miners stuck with the Delta, Oh, mass that's right. So this is the big story right now. A lot of parents sounding off on social media about it. This from the Washington Post. One Georgia man said his kids were stuck at three
different airports. Parents spent hours on hold with Delta. They said the airline didn't ask about their kids individual situations. They didn't offer the book flights on other airlines, so the parents had to do it. They were searching some airlines. Switch to other ones cost about four thousand dollars. They took long road trips to go get them. There was one parent who said, on Friday, you know where kid was in North Carolina, didn't come, not coming back till today,
So it's it's a little bit crazy. Delta didn't say how many unaccompanied children were affected by it, but they did say that they apologized for any confusion frustration about I can imagine a lot of I still.
Fully understanding this.
Problems are specific Georgia because they had the most problems with the outed I out of hours.
It was pilot get all the serious rules, the switch.
To the other one, exhaustion.
There were thousand dollars and they took us road trips to go so a lot of time. You probably know more about this than me. But more families turning Carolina for their kids in college decisions. Crazy, it's a little bit cost.
But it's more that they did the Times of London in this article yesterday article. But frontly, you didn't do the Royal family. They did European colleges. In the UK colleges broke because because the UK kids, so they know American kidsperate like and payuition even all the serious rules up and it's a real trend in Inaust the schools I'm dealing with. What else say, it's definitely a lot of time.
You don't know more about this than and they had business with this family said basically them a son.
It's a little bit called they said.
The reason was is that their Times of London. He applied to thirty colleges.
Front the Royal family. From all they did Europe.
You just wanted to going to a junior college. But they told them.
About this program given tuition and the u K kids to.
Find a business school in France a three year program thirteen.
Thousand tuition, even if it's less, it's way lower. What's heated thing and it's the schools. I will say in rising part of it against seven yeah.
Most definitely, and they had business insights. They spoke with this family who said basically they have a son going in others colleges process a daughter going to college in Spaine, and they said the reason was is that their son did well in high school, did well in his SAT. He applied to thirty colleges, got weight listed and rejected. We've been talking about the Almos just going to ast today they have s on the state. But there is another athletic event in Gay not heard of France. Runner
setting off three year program Valley. It is the world.
That's way lower than.
When seven runners they went in the middle of ringstorm late Monday night. It's called the bad Water.
I will say.
It's many limits, different countries, ages from nineteen to sixty nine doing this, you know, forty eight or it's ridiculous, you.
Know those pluses and degree right now it's ninety six. Come up Tomorroway, just the high Next.
We've been talking about the Olympics, right Paris takes off today. They have soccer no, but there is another athletic event underway that you might not have heard of. Runner setting off in Death Valley.
It is the world's.
Toughest foot race. Okay, ninety seven runners. They went in the middle of a rain storm late Monday night. It's called the bad Water one thirty five ultra marathon men and women, a lot of different countries, ages from nineteen to sixty nine doing this, you know, forty eight or it's ridiculous day time temperatures one and twenty degrees right now.
In death Faily ninety six, gosh, come up tomorrow. Thursday is the high tweet weekly. It's awesome kids, the.
Sere proteins sugar.
But again, you do all your activities very early in the morning, okay, and then you know kind of you know, if you're not sitting in a water episode.
But it's it's not opening the summer. They close down the summer. So probably like spring.
Bright, like Marjorie, so a hitter like you, okay, play right out.
They're silly.
I can see next.
And I'm sure a lot of those runners had to increase their protein intake. But it's not just athletes. A lot of people so weekly exactly this study say this was in the Fallstreet Journal. People want more protein, less sugar in their desserts.
So no one person who wants less sugar in the resserts. Okay, Well, I'm calling.
Out the Wall Street Journal closure such as I am guilty of this. It's all over social media, people using cottage cheese in their cookies to make ice cream. I've done it, believe me. I'll bring it in for you guys one day. Okay, you can have to test it out. Greek yogurt in a cheesecake. You know, that's one of the things. But here's the business side to it. So the Wall Street Journal says food brands are starting to pick in, kick in, you know, fair life. It's this
product sold by Coca Cola. Right, it has more protein, less sugar than regular milk. Thirty percent jump in sales this year from a year ago because more people are using it to mis dessert.
Seriously, old milk.
Seriously, it's all in my refrigerator and I just look at the stuff when I go are you it is?
Okay?
Is almond milk and sowing milk? Is that legitimate? Or is that just a spoonful of sugar. It's like Mary Poppins.
I'm not on the almond milk, soy, I can't do. My daughter's allergic. But they're saying the ones almond milk does have more protein, or almond milk has some protein in it too, which is good.
It's a says the New York Yankees. Use the sugar free Thanks Soliday.
But if you're lactose intolerant, that's the way to go.
See.
But it's the whole idea of protein making you feel fuller for longer, increasing your muscle. So that's the whole thing. But a lot of companies are starting to do this. Dieticians are saying, well, you know the gig yousel up. Maybe you know you get a lot of it in your meals.
So mister mateos, you subject to all your crazy thought to.
My protein cottage cheese, ice cream, Yes, potch.
Absolutely torture. Lisa Mateo, thank you so much for the newspapers. This is the Bloomberg Surveillance Podcast, bringing you the best in economics, finance, investment, and international relations. You can also watch the show live on YouTube. Visit the Bloomberg Podcast channel on YouTube to see the show weekday mornings from seven to ten am Eastern from our global headquarters in
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