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Wonderful segment of the program nationwide into the original San Francisco of Charles Schwab, Lizzy, Ane Saunders, and Kevin Gordon join.
Us this morning.
David Rosenberg published up in Toronto and emphasized the word hope. You lead in your note with the word hope. Lizzie Sanders gauge the hope em out there right now.
Well, yesterday there was a lot of it. I think it's impossible, given the instability of how we get information and narrative changes and headlines, to look at a day like yesterday thing akin to what we saw last April ninth. I think there's still a lot of unanswered questions, even just you know, you're reporting on Trump's comment about the ceasefire being contingent upon the straight orform moves opening. Yet yesterday it was you know, we might end this thing even if the strait doesn't open.
So here we go again.
Exactly, Kevin, given those crosswinds out there, when you're talking to your clients, what's the message is it to look past all this craziness and focus on the fundamentals. What's a conversation?
I mean, especially with any conflict like this, you never want to make a knee jerk reaction. I mean, we've adjusted how we think about markets and the economy responding to this as it's continued.
To drag on.
Clearly we've taken you know, we've dialed back expectations for what growth is supposed to look like. But I often think, you know, in terms of an investor's reaction, I can't help but think about the Jack Bocal quote, don't just do something? Stand there, and I think in this moment, you know, it kind of feels act because you don't want to make you can't have a high conviction view
on any particular asset class. I think right now you can have some maybe on something like commodities that's somewhat obvious, but I think for the equity market, you know, to Lazand's point about how we get information these days, I mean that gap between Washington and markets is narrowing every single day in terms of policy makings impact on day to day equity moves. So I think that needs to be taken into consideration.
I mean, let me do this.
Paul Kevin Gordon out with an incredible chart. You know, les Anne Saunders hasn't seen it, so let's cover it right now.
Well, you know, Lysanne Sanders didn't create it.
Hark.
You see the standard four or five hundreds forward twelve months, pe was a lofty twenty three point one and has come in. I'm gonna go stan Fisher on you here is coming. I'm popping fifteen or twenty percent from twenty three point one into nineteen point six as well. Does that scream opportunity with you? For you a sub twenty s and P multiple?
This has been pure multiple contraction in this corrective phase because earnings estimates have continued to go higher. I think the answer to that will be better defined once we actually start earning season. We know why energy sector estimates
have gone up. Tech sector estimates have gone up, but with a concentration and just a couple of names, the analysts really haven't done must adjusting to estimates for a calendar year, maybe because they're waiting you know, for as much time as possible to get up to the eve of reporting season and or wait till they get commentary from companies.
Kevin, we had a rotation I think, kind of late last year, coming into prior to the war, maybe coming out of some of the high growth, high multiple stuff that have been the drivers's market, and maybe in some more cyclical stuff small and midcaps. Was that just a short term trading thing or is that something longer to you guys.
Yeah, you know what's been interesting is that even on a day like yesterday, when you had tech having its best day, the tech sector having its best day since twenty twenty five, that was to me, in response to what had become the momentum trade in favor of energy, you know, not in favor of tech. What interesting, though, is even with that significant bounce, you didn't really see any material pickup in flows, particularly in the retail cohort
into that sector. I think that that response mechanism, or lack thereof, is pretty important because even in advance of the war, there was a lot of de risking in that particular sector for that cohort, where they were starting to put money to work in outside of that and having a little bit higher conviction in areas of you know, whether it was industrials, whether it was you know, parts of consumer of discretionary and staples, or whether it was
even financials. So I think that that dynamic, the fact that hasn't really shifted, it does tell me that there's still probably more to that broadening out trade, if you want to think about it that way. But I just think it's been a little bit more delayed, not necessarily derailed. But we're sort of in the camp that it can happen. It's just, of course now, at the mercy of these headlines every day, it's probably not going to happen as fast as we had thought.
Lizianne Saunders, Kevin Gordon with this with Charles Schwab together, we just loved doing this huge response last time. Thank you for listening across Liziane Saunder's nation. I want to talk process here. Did you guys, like, on something as basic as the adjustment of fear of missing ouse?
Is he allowed to disagree with you?
I mean he's allowed one?
Are you doing, Steve Roach? One on one where you fight like cats and dogs?
You know, seven years ago when I hired this guy, I think he not that I ever put fear in anybody, but I.
Think you were. It was your a natural thing for you. Yep.
I agree. Now he can say whatever he wants, but we're pretty consistently aligned.
Where are you on.
Fear missing out right now? Gauging it after the shock of this war.
You know, I think that the retail trader did slightly shift their tack throughout the course of this war. They became a little bit less enthusiastic at the individual stock lever level with the sort of the buy the dip and you know, chasing performance on the upside. So I think there's been a little bit of a little less complacency being expressed in some of the moves by the
retail trader. I really, though, think what's going on here is, given the inability to gauge what the next headline is going to be, what the next narrative shift is going to be, what we can glean and.
Understand is positioning.
Where I think there's so much short term money in the market, whether it is the retail trader.
Or systematic hedge funds or the CTA.
World, and there's a lot of focus on what are the crowded trades, what are the desolate trades, and either playing a momentum there or looking for the potential inflection point where you see a shift. So if you can understand the positioning, even though you can't anticipate the headlines, it helps you staying gear.
I mean, I guess what I've learned over the last I don't know, ten fifteen years a little bit more is that your retail investors are They're pretty good. I mean they buy the dips, they're pretty I mean I haven't seen any, I haven't felt any. I don't know panic selling.
Retail used to be called the dumb money exactly allocating IPOs like.
I always used to say investors.
Yes, it's kind of lesand and I are sort of on this campaign to get rid of that moniker, you know, the dumb money, because it really isn't and it hasn't been. And I think to your point Paul, about you know this cohort of investors, particularly post pandemic, and you talked about the past ten to fifteen years. Yes, the retail share has gone up. It's sort of the only class of investors that has gone up by as much as it has almost doubling in percentage, you know, terms of
in terms of the volume of the market. But if you look particularly the past six years, five to six years, yeah, there hasn't really been number one what I would think of as a real bear market, certainly not when associated with a recession. And I think that is sort of conditioned investors in particularly this new cohort who you know, especially for those who are younger in the you know,
whether it's Gen Z or young millennial. I think it has kind of conditioned them to think that this will sort of always work as a strategy, but also having a longer time prise and that's not always associated with having a high risk tolerance.
So do you guys have your events and you guys go all over the way country? What's the I mean, is there people like me walking in the door or they're younger people walking because it seems like Mike depends on on their phone gauged.
Yeah, depends on where we are, but I know are in Brooklyn.
You know what we find Incline events a lot the bigger ones are are multi generations. Yes, so it'll be you know, a retired couple that in some cases they're there with a child, and maybe even a grandchild.
So interesting.
It's the whole it's the whole age mix.
When you have twelve trillion dollars in assets, you have a little bit of everything age wise.
Losing signers, Kevin Gordon or this week continue your futures up twenty seven. The VIC slides from the angst thirty one level where Kevin said, go to cash for sure, they're twenty five nine. Here we are fifty minutes away from US scheduled President Trump at the Supreme Court. I just saw it on Fox triak out. He had a substantial number of people below the steps of the Supreme Court in Washington. We'll give you video of that on YouTube as we can here. Don't see that quite right now.
So I've got another quote here. This is some Kevin Gordon's research. I believe factor focus, high interests, coverage, strong balance sheet, positive earnings, revision trends, and stable improving profit margins Kevin ze mag seven.
Not all of them, but I think that over the long term that has proven to be number one. That's been where the stability has been in consistency of returns. Post pandemic, we really have been in a more sort of factor dominated world because it's just harder to make these monolithic sector calls. It's getting harder. It's not impossible, but it's getting harder because of the concentration in a
lot of these areas. I mean, communication services is such a standout for that because it's essentially two names that are sometimes close to eighty percent of that sector. But no, we still believe in that up in quality sort of story, and I would say actually that that's moved the I think what's been one of the more beneficial elements of this market year to date is that's moved down the cap spectrum a little bit, so the percentage of unprofitable companies.
Even in an index like the Russell two thousand that has rolled over a year to date, it's still relatively high. But I think that there's been a benefit now spread throughout the market, not necessarily just in your classic SMP five.
Hundred, Lizanne, you and I started in the business kind of around the same time. One of the things that's really changed, I think is the whole alternative investment opportunities for everybody, including retail investors. Yes, how do you guys at Schwab position alternative investments, whether it's ed's phones, private equity, private credit, real estate, all that kind of stuff, and you guys position that.
And you know we are.
We have been big democratizers over the past fifty plus years, and I think we're part of that process now in helping to bring alternative asset classes into the asset allocation discussion. The most important thing is that you around it and also fit making sure the clients who are bringing, whether it's private credit or private equity or hedge funds, that they understand how it fits and what is hopefully a
well planned strategic acid allocation portfolio. Where are the correlations, What is the willingness to give up some of that transparency, to give up some of that liquidity. Don't just think of it as the shiny new object. I need to get some of this. It's the education that sits behind it.
And most of the investors that we talk to who want to add that into the mix are those that take what we call an advised approach where they're working with one of our advisors, one of our financial consultants in developing a long term actual plan.
I have to ask this to close out, Lazaann, you did a real public service for the nation. I brought this up before on our fiscal policy. You must be getting questions on our debt and.
Deficit every single solsarial day.
Is it any different from the time of Pete Peterson, Paul Sungas and the Senator from Georgia? Is the same old, same old.
The questions are a little bit more. They have a little bit more of a calamitous tone to them. Oftentimes, when we get questions, it's not just what do you think of the you know, high rising burden of debt or you know, how long are we going to run deficits this big? It's what is the tipping point? And then it's often got to follow on like is the dollar going to lose its reserve currency status? Is the
US going to default? Is China going to literally figuratively wake up one day and just decide to dump all of its treasury? So there's a little bit more of that. Boy, I feel like we're at a tipping point tone to the questions.
Can we move on from the NCAA tournament? Please please Kevin explain Pepperdine playing u c l A back to back in Stanford and volleyball, it's like.
Players, Yeah, my favorite school to follow.
Is anyone under six five?
No, there were only me, but I wasn't on the team.
Is it like a.
Conduit from poona Ho in Hawaii? You just go to and say we want six Thomas kids, let's.
Not Thomas tallest. But no, it's an amazing They're they're they're killing it. I I love following that sport. It was beach volleyball was my favorite to follow.
The beaches.
The beach.
We had an area called the beach.
It was like a quad and it didn't even have grass though, so yeah, I kind of looked like.
It was a little different.
Though.
Yeah, I think the water in Malibu is a little.
Bit better, you know this, better than we've done way too much West Coast today we had Harvey.
I know, Clara, there's never too much West Coast and Clara Broncos Baby, there we go. Pepperdine has just consistently across over the years, that's been one of, if not our best sports, I mean in our tournament rankings and that it's amazing.
So that was really Malibu.
Yes, California.
You've got to look up a picture.
I know.
Let me let me translate this for you. And this involves Jenny Kremail April second. Pepperdine's playing U C l A and volleyball April second.
In Western New York. You get up and you've got a.
Biochemistry class at eight am, and you have to walk what's called the quarter mile west into the wind coming in from Buffalo.
Not to mention in Malibu, though, you've got to wake up and climb one hundred stairs because we call it Stepperdine's.
Violins playing just for you over here.
I'll bring out my mind your volleyball updates. We do it all here, We do it all. Kevin Gordon, thank you so much for bringing listen. Thank you sounders with you. You're both wearing black. Kathy Jones retiring, extraordinary.
Career, amazing. We will We will miss her a lot.
As she did a taco tweet on President Trump. It was totally outside compliance.
It was MI so it begins.
I'll put the compliance. Plus she did mention yesterday on Twitter that this is now her personal account.
So very personal. We wait there from Kevin Gordon as well, Liza and Sanders. Kevin Gordon forever at Charles Schwatt, stay with us. More from Bloomberg Surveillance coming up after.
This, you're listening to the Bloomberg Surveillance podcast. Catch us Live weekday afternoons from seven to ten am Eastern Listen on Applecarplay and Android Auto with the Bloomberg Business app, or watch us Live on YouTube.
I do this.
Because you should see my new Philson Fishing Guide vest Twitter eighty nine dollars.
Wow, it's very good.
It's designed for anglers to organize gear for a full day out on the tundra as well. On April first, we always speak with Ellen because they said to Lisa Shallaton, I'm sorry, I gotta do fly fishing here. There's the pre runoff window. Yeah, like like the winter waters. Yeah, the streams are like what clearer?
The fish have been starving all winter and you get them before the runoff, and so they're pretty excited about that. And you don't get a lot of pressure. You don't see a lot of other anglers out there. And actually some of the best fly fishing is going out for Mother's Day, which is actually just before the runoff, but won't make you very popular with mom.
Okay, is this the Arkansas and South Platt Is it the yellowst the jelly Stone in Missouri?
Rivers. Where does Ellen Zetner.
Go, Well, Tom, you really you're really struggling with this this this morning.
Yeah, well you know it's I think this is important, like where where is your chosen April.
River in America?
Well, look, we don't have or give away the rivers that we liked. Fish, you don't.
Do that and platter.
Yeah, but Montana is still a big favorite, a big favorite of ours.
Driving so much at Morgan Stanley, Ellen Xander with us today? How was the American consumer? This is how you and I first met, I know, do.
You know talking about Apple's fiftieth the anniversary. There's a big anniversary for us, Tom. It is twenty three years ago that I was first on radio with you. Very twenty three years ago.
You were three years old?
Exactly, Yes, no, exactly.
Well seriously, this is she was sixteen years old out of some high school in Texas.
That's what I read.
It was you and Ken Pruitt and I in the studio.
Was the only reason you got on?
Was you and Ken talk and fly fishing Paul Sweety with elsator Ellen, what do you.
What are the conversations you're having with your clients as you do travel around the US.
Talking to your US.
Clients here, do they want you to really help them think about on the other side of this war?
What do we do here?
Is that? What are the conversations you're having these days?
I tell you what. There's so much volatility and so much uncertainty out there that it has made the conversations all that much more interesting because they're much more longer term focused. So not necessarily when are we going to get beyond this? But it's more of what does this mean in the bigger picture of long term national security and resource nationalism and resource scarcity and defense spending and
all of those things. And so it makes those topics really top of mind for clients because you can't it really gets exhausting trying to figure out when is this thing going to end? Am I supposed to time it? What should I do here? And so it just opens the door to some really interesting conversations. I don't think anyone knows when we're going to be out of this and what does out of this even mean?
And I think we're seeing that maybe in the oil marketings we're seeing stocks reb Okay, that's fine, maybe it goes to the growth issue, but you know, oil still holding very high levels. That suggests maybe the market saying I'm not sure it is straight up where moose things ever going to clear up in the near term.
Yeah, well, even if I mean, what does it mean to open the straight tomorrow, I mean, let's just assume that's a thing, and that that could happen. You still got all of these price effects and shortages in the pipeline, and businesses have to absorb that, households have to absorb that, and some countries are going to be able to absorb it better than others. There are countries that will step in with food subsidies and other assistants like that, but
there will be pain. Now does that mean recession? Not necessarily, but I think the probability of recession here is higher than people think, and I would put it around forty percent, which is meaningful. It's uncomfortable, right helping.
You're again with the consumer and that you know, the modern statement is the case shape. You literally invented this as a cottage industry at unit credit.
I think it was years ago.
I mean, help us here with a fifteen hundred dollars disposable income lift and cost due to a gallon of gas. It crushes how much of America?
Yeah, so it always falls more heavily. It's very regressive, so it falls more heavily on lower income households. They also have to commute and drive to work, especially in the big driving states. You'll see the bigger impacts and you'll see them change their behavior, but it takes time.
Wait, wait a minute, Morgan Stanley, where everybody grew up in three zip codes and your country girl fishing and all that, we don't understand those driving times.
Those are big driving states.
Yeah, you know, children from the East just don't get it.
Now.
I spent half my life on New year'sy transit, so that's not kind of.
So you don't understand. But many of your listeners will know the obsession that you have Florida, Texas, California, these big driving states. It is a family obsession talking about gas prices around dinner table. You pass by a gas station, you look at every single sign to see what the gas price is. You comment on how it's gone up, when was the last time you saw that price, Like
it's a pastime. Just like for New Yorkers talking about the weather, it's talking about gas prices for much of the rest of the country, and so this is meaningful. You can first, if you weren't buying the cheapest unleaded gasoline, you'll switch to the cheapest. Then after time maybe you start to commute. We did this in two thousand and eight. We started, we started car pooling together. We started changing our altering our behavior on the types of vehicles we
were buying. You've seen all the reports of people now inquiring about evs, for instance, but it takes time to change those behaviors, and so you have to suck it up and pay it at the pump and till you can cut costs elsewhere.
That being said, what's your view on a consumer, because it seems like the consumers more than hanging in there.
I guess well, I mean this has been like how many years in a row we've been talking about this. The low income consumer has been in and out of recession. The first recession they went to was when they worked through the excess savings that had been built up during COVID from the stimulus and not just not being able to spend income. So they've been in and out of recession. Luckily, wage growth has at least for a time been outpacing inflation.
But the wealthy consumer. We don't need the wealthy consumer to just stop spending. It's slowing spending. And of course, if you've already met a lot of pent up demand, you've been out there spending for years now. With this amazing run up in financial assets, you're sitting on a lot of equity in your home, but you're not seeing further gains. It can cause you to pull back on spending. And that's all it takes.
Let I get to send quickly, what's investment look like? We never talk about the eye of C plus I pluts and ACTSECTC. What's investment looked like?
Forward?
So business investment had been very tech tech and infrastructure related to AI related last year. The big optimism around this year has been with the One Big Beautiful Bill Act. As we turned the corner into this year, there were nascent signs of business investments starting to broaden out. Because it's really hard to not want to take advantage of that. We've done one hundred percent bonus appreciation, but sorry, fifty percent before we've not done one hundred percent, and it's
on infrastructure as well. It's really hard to not take advantage of that. But is this a false start because now you have the conflict in Iran, You've got energy prices, food input prices for businesses, and they're going to have to eat a good chunk of that. Does that negate some of your decisions that you were going to make to invest I think they will still take advantage of
the One Big Beautiful Bill Act. But this is what as soon as we're able to look beyond the conflict and the Strait of Hormuz, here's what the next concern is the cliff that we will fall off from having pulled forward all of the demand and tax breaks and everything else from the One Big Beautiful Bill Act.
We have to run. Ellen Zettner, thank you so much. I learned so much today about trout fishing.
Stay with us.
More from Bloomberg Surveillance coming up after this.
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Studio Martin Norton.
That's what you could join as chief investment strategists at Empower I should mention that Empower Services Tom Kenes non retirement. Yeah, here the caskets out, caskets all back, A sigh in the studio thank you quote. Throw the twenty twenty six playbook out the wind. The first one I've seen is actually said this, what's the new Martin Norton playbook look like?
Well?
Remember, pre war, the whole focus was on broadening out, really predicated on this idea that earnings could drive momentum away from taking to these other areas of the market. And now the question mark that we're looking at is what do earnings look like post spike in oil prices and everything else. We'll get some read on that pretty soon.
We'll get some guidance on that pretty soon. But I think the other question we have to ask ourselves is valuations were not that accommodative pre oil spike, and now I think valuations play a pretty big role because there's still those negative surprises out there. So if you don't have much margin of safety, that's something that matters to
how these markets perform. I will say though, that some of the themes that were in place before, like the AI theme, the transformation, the creative destruction, that's still in the background.
How about the rotation we saw in the market kind of starting late last year into this year before the war, out of some of the high tech high valuation maybe into some more value sensitive, very small and mid captins.
Yeah, is that still a thing?
Well, that's that's what I'm struggling with a bit. And what I've liked about that rotation when we've left tech behind is I think getting a piece of that AI trade is a really valuable thing. But did you really want to be doing it in September when we had valuations where they are? And now what we do when we look at valuations is we look at them in deciles,
because when they matter is at extremes. And when we're looking at the mag seven and it's decile going back to twenty fifteen, it's in its lowest decile, which is a ken to where it was post liberation day. So to me, that's a better opportunity than it was six months ago. With the fundamental still intact software also very cheap, maybe rightly so, but maybe some opportunities emerging there too.
Given an empowered timeframe, three years is tomorrow, five years, ten years, are we overdiversified or underdiversified in for own.
Case, it depends on the person in question. Now, a lot of folks, what you see with the four to one case space in particular is a default into target date funds. So your your multi asset have they been successful?
Have they been actually a sessional like sharp ratio successful?
I think what you've seen is really good behavior out of the investors who've been in the target date funds. You know, one thing people always say about individual investors is you know, how emotional they are, how silly they are, And that's target date takes the emotion out of it. And I think that's been a big win. You can you can argue, you know, different asset classes that are included, but I think the big win has been the emotional win on the target date side.
How's the conversation with your clients, you know, changed since we went into this war and Iran. Has it been de risking, has it been trying to buy the dips? What are the conversations?
You know, it's been really interesting because when we went through Liberation Day and tear Us, emotions were very, very high on the individual investors side. When we're looking today, there are still high emotions, but there's almost like a certain measure of resignation. But the environment and the surprises, so yeah, we're still getting questions and we still you know, people are having very big picture questions these days, but there's not a sense of panic.
I would sugg knee deep in the Ragget one quick question.
Are Wroth's over sold this whole Wroth conversion thing.
Does Empower say it's overdone?
No Empower or view on that particular question. I mean, I think what Empower's biggest perspective is is get engaged, get participating, regardless of account type, get saving, and it makes an enormous difference.
Brilliant Martinton, Thank you so much in studio with us today with Empowered Don't be Bronco.
Tickets to come on Good Bene Good, Better, Best is where I am Sarta d Hurt.
Thank you so much, greatly, greatly appreciate it. Stay with us.
More from Bloomberg Surveillance coming up after this.
You're listening to the Bloomberg Surveillance podcast. Catch us live weekday afternoons from seven to ten am Eastern Listen on Applecarplay and Android Auto with the Bloomberg Business app. Or watch us live on YouTube.
We welcome all of you across the nation, across America and original site Tyler Kendall in front of the nineteen thirty five Supreme Court building where history will be made. Tyler, thank you so much for joining us for an extended conversation as simple as I can. There's no cameras in the court room. How do you suggest Chief Justice Roberts will attend this history moment?
Well, Tom, you're exactly right. This is really unprecedented for a modern sitting US president president to be inside the Supreme Court for oral arguments while they are discussing one of his signature policies that he's trying to push through. Of course, this case stemming from President Trump's executive order that he signed on the very first day in office barring US born children of undocumented immigrants from obtaining US citizenship.
This is going to be a very interesting room to be a fly on the wall, because, as you're right, we're not going to get those photos of it, but we will get, of course, the reporter's descriptions inside the rooms, and also those sketches, because you well know, President Trump has really taken aim at this Supreme Court recently considering that ruling that we got up ending the president's broad based care policies.
Will there be bodied language?
I mean, I mean, if he's playing to three justices is experts advises Tyler, do we assss he's going to sit in the front row and squirm around like Paul or I would squirm around in a tennis lesson with you.
Well, as you all know, Preston Trump often makes his views very well known, so perhaps that will come in body language. But I wanted to point out to you Tom and Paul that we've actually already gotten some signals from some of these conservative justices, including Brett Kavanaugh, for example, that they may already be skeptical about the administration's argument when it comes to essentially changing the view of how
the citizenship clause in the Fourteenth Amendment is viewed. We heard what court watchers called signals that they may not totally agree with what the US Solicitor General John Sower has already outlined in what his arguments are going to be today. So expected to be to be a tense room, considering we already know that at least three lower courts had already blocked the President's executive orders leading to what ultimately was the Supreme Court appeal.
Tyler, help us just kind of paint a picture in our minds of kind of what this room may look like. Do we know how many people will be in this courtroom?
How big is it?
How close potential would the president be to the justices? What do we know about this actually how this unfold today?
It's an incredibly close courtroom of the stand at Supreme Court behind me. We're expecting oral arguments to go a little over an hour, maybe an hour and a half is how it typically works straight at ten am Eastern, So we're really just moments away. I can't pay you a better picture what it's like outside here. Our listeners can probably hear there are dueling protests happening here. You also may hear helicopters warring around. We're right across from
the US Capitol building. Just to add to the backdrop there, we know, of course, this is marking the President doubling down on his hardline immigration stands. We should probably keep in mind, I can see the Capitol rotunda where I'm standing. The Department of Homeland Security right now is shut down over his hardline immigration policies with CHET. This moment shows that there's no sign that it's going to abate and resolve.
Tyler, You're like us, let's be humble. We're not experts at this. You have the advantage of Greg's store, June Grosso Paul coming up at the ten o'clock our.
Tyler Kendall.
When you listen to the experts, what do they say about this historic moment?
Well, Tom, they say that this case is going to come down to literally five words in the Citizenship Clause.
Of the fourteenth Amendment.
You also may hear there is a marching band that is about to enter onto First to Avenue. But I was actually having this conversation with Greg Store earlier this morning, so.
I'm glad that you brought up his name.
He is a resident expert. And that is the line in the Citizenship Clause of the fourteenth Amendment that the right is quote subject to the jurisdiction thereof. We're willing to hear those high words over and over again, and whether or not the jurisdiction extends.
Is that the marching band for the University of Connecticut, because you have three of the four final four in your bracket pick is that the Yukon Marching band. I hear.
It is not the Yukon Marching band. I can't actually quite make it out, but they have huge drum like.
You's helping you.
That's great, Tyler Kendall. You were a truer.
Thanks so much. She is outside the Supreme Court building. I wasn't going to bring it up, but she's killing the bracket this year. She's like number twelve or saws on for her thousands and thousands. We should have claimed. She has a huge Connecticut affiliation. Sterling at tennis for the State of Connecticut in high school. Tyler Kendall outside the Supreme Court truly an historic moment.
This is the Bloomberg Surveillance podcast, available on Apple, Spotify, and anywhere else you get your podcasts. Listen live each weekday seven to ten am. He's on Bloomberg dot Com, the iHeartRadio app, tune In, and the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal