Allocating for the Boom

but not quite as optimistic as the Fed. We'll discuss why and what it means for how you should allocate your investments this year. But first, let's let Charlie Pellett tell us who this week's mystery co host is. This week's mystery co host is Scarlet Food. Scarlett is an anchor for Bloomberg Quicktake and a veteran of Bloomberg Television and Bloomberg News. She's an avid mountain bike rider who actually taught Mike Reagan everything he knows about the Bloomberg Rominal.

Of course, she's still way faster than Mike, both on a mountain bike and a terminal. You know, Scarlett, I'm gonna have to talk to Charlie about these introductions. He's getting some insults in on me there, but it is true. I assume you are still faster on than be on a terminal D bike. I'm faster when I'm typing and using shortcuts on Microsoft Word. I'm not sure about on a mountain bike, especially going downhill. I tend to be pretty cautious when going downhill and uphill. I'm I'm not

I'm not too fast either, but we're working on that. Also, being introduced by Charlie Pellett is amazing, isn't that. It's a great pair of of doing this podcast, having Charlie do the intros and and a little insult comedy once in a while as well. But Scarlett talk to us about Quick Take. I'm very excited about all the all the plans in the work for for Quick Take is Chris Paul, NBA star. Chris Paul is going to be

doing the show. I hope he doesn't mess up the groove in your seat though now I think, um, he's got his own seat, he's got his own table, he's got his room, he'll be doing his own thing. I'm not totally sure what it's going to be yet. And in fact, even if I did. I couldn't say anything because there's going to be a big release on April.

But in the meantime, um we're doing a lot of good work just on covering the business news stories more from a consumer perspective rather than for the Bloomberg Terminal client and customer. So it's a really interesting time, obviously, given what's happening in the markets and the economy, and with all the different social justice movements as well, and this focus on equality, which is something that I've been doing a lot of work on over the last couple

of years of Bloomberg Equality. It's excellent. I'm really looking forward to the launch of the new prime time lineup, and of course, as always, you can watch Scarlett anchor during the day. Scarlett really did teach me everything about the terminal. By the way, I don't want to data Scarlett, please go back in two and seven. What siety did? I think you're a little generous with the date there, But that's fine. I'll let you get away with that.

Fair enough, fair enough to thousand and it was. But anyway, let's let's bring in our guest here. We're very excited to have him. He is the chief portfolio strategist at State Street Global Advisors, so he can talk about all manner of macro markets and the economic outlook and everything in between. His name is Garv Malick Garve. Welcome to the show. Nice to be here, Michael mused to be a scarlet. Well, thanks for thanks for your time. We

really appreciate it. And let's start with that discussion about GDP this year. I know you guys are a little more conservative in your estimates, uh for GDP this year than say the fet Is. Walk us through about why that is. I mean, still I think regardless, we can expect a pretty much a blockbuster year for economic growth, especially compared to what we've seen, saying the post financial crisis era. But walk us through what you're thinking about growth this year and kind of how it will play

into the markets. Sure, so we aren't expecting a little bit though, as you said, than the than the FED, I mean, I don't want to read too much into it as well. I think that our expectation is that both the pasage where things start opening, the pace set which consumers starts spending, business spending starts picking up, all that from a timing standpoint could be a little different than what the FED is assuming right now, So our expectations things are going to take a little bit longer

to normalize. So from our perspective one, maybe a little bit behind the FED. But then if you start looking at two, perhaps even a little bit ahead of the FED at at at that point in time. So it's a bit about timing as to what's the path to normalization, and a bit about other factors. I mean, there are some odd things we're seeing in consumer behavior. The fact that you know, stimulus checks went out. People are of

course spending a bit of it. People are indeed using it to pay down debt, some of it is going to savings. So all those factors keep us a little bit behind the FED as we look at one, and a little bit ahead perhaps as we look at two. But all in I agree with you, this is going to be a blogbuster year, the best we've seen in decades. Okay, so maybe two or three years out it'll all even out with what the FET is projecting, With what you're projecting.

I wonder, though, with the rest of the world opening up at a slower pace than the US, what does that mean in terms of consumption in the United States? Because a lot of the times people are spending their money and they're having these experiences traveling out of the country, spending their dollars outside the US. People aren't really leaving the country. Now, what does that mean for domestic demand and the kind of consumer spending we can expect over

the next couple of years. So you're touching on a very pressing point, right. So one of the reasons why in some ways we say that, you know, as we think about not only just US GDP, but global GDP, even in global GDP numbers where perhaps a little bit behind consensus podcasts because exactly what you said, the fact that consumers are going to be spending a bit more domestic, but not as much as they would have spent what

they're traveling to. Let's say you're up for or Asia, and we also think that the recovery is going to have a rolling Um, yeah, it's going to be in in wades or role. So right now US is taking the lead. I don't think that the current pace of vaccinations. Everybody knows it's been slow in Europe, but I don't think we should make consumption that will forever be slow in Europe or in Asia. I think they will pick up.

So there's gonna be a bit of a baton handing that's going to occur from US to Eurozone, Eurozone to e M. So some dealers occurring as you think about that roll over occurring, but actually correct, the fact that consumers are going to be spending a bit more and domestically does lift up the US, but the fact that they will not be spending as much internationally means perhaps airlines we're not gonna be running as many routes as they do internationally revenue impact, So some of those dealers

that might occur because of timing other reasons why you might see some differential behavior. Uh and uh, perhaps some better impact in the US immediately, but then um, you know, some store do as you think about the other parts of the of the globe. Yeah, I do think it's interesting to garb Uh you wrote a little bit about external leakage. Uh, and correct me if I'm misunderstanding that.

But I I sort of picture that is, you know, stimulus money being spent by the US government kind of then in turn being spent on on imports and stuff like that. Walk us through how you're thinking about that and also how you're thinking about sort of the path going forward for fiscal spending. Um, are we really going to see this infrastructure package that is being discussed or

is that is it gonna be you? My guess is we we might have kind of a rocky road to get to that, perhaps perhaps disappointing the markets a little bit. I don't know, but I'm curious how you're thinking about all those issues. Yeah, so I think that first on your on your interest question about leakage, Yes, absolutely, it's it's sort of you know, party to do with imports, party to do with savings, and I think one of the things that has definitely changed for for the U

s consumer from a behavior standpoint. I mean, you guys know this right, Like I don't want to two or two if you were dating your your years or your age perhaps in this process, but clearly you know that two thousand's beginning two thousands of the US consumer was consistently in deficit. We were spending more that we were earning.

And then post two thousand eight and g FC, we've seen a change in behavior where the US consumers actually beginning to stay more and that does indeed continue even as we look at the effects of the stimulus, most

recently more money being used to pay down debts. But I think part of the behavior actually correct, is that the savings is driving some of that behavior, and some of it is also timing in how consumers choose to spend that money, um, you know, dealaying certain decisions two perhaps later in the year, and all those things do factor in as we as we think about that, the leakage that getting through, and I remembering what was the second question you had, what you think about this next

phase of fiscal spending, the infrastructure package that we keep hearing about, is it you know? My guess is it's gonna be that's that's gonna be a tough negotiation, sort of a hard fought negotiation, and perhaps maybe the market might be disappointed. I'm curious what you think. Yeah, so I think there's two ways to think about it. As I agree with you that there is going to be some disappointment along the way, I think Biden is doing everything you can to make sure we get to some outcome.

And everybody acknowledges that this type of spending has to occur for a variety of reasons. Um As you know, I mean you you you said in my Tattle of Chief portal A Strategies. But one of the things I do is I work with various institutions, from sovereign well funds to um pentioned puss across the board. They're hankering for assets that have long duration and give big dreams

of income, you know, beyond thirty years. Even so there is a need for for the infrast spend that has demand on every side, it is going to be a little bit difficult. So you know, I agree with that aspect. I think the way we think about it in some ways from a market standpoint, our ship heres for a second here, So how do we play that to have the greatest chance of success in terms of getting the

returns we expect from that from the Biden stimulus. And we think the highest beta for that is actually material It's a sector which has you know, blight constraints around it. It's a sector in which we don't see we see we see a lot of discipline in terms of ongoing investments. So when we think about playing out the Biden scenario versus what actually gets realized, we think materials is a

good place to be. To some extent, industrials too, but Butterios is a nice place to be for for a reasonable length of time to to play the Biden in pron plan. I'm glad you bring up infrastructure, Mike, because my son is looking to be a structural engineer, because he is graduating from high school this year, and Mike and I talk a lot about this whole process of getting your kids to college, and hopefully there will be some bridges and tunnels for him to construct once he graduates.

Um garlf, I want to at your thoughts on the labor market, in particular the labor shortage that we seem to see across so many different parts of the economy. Whether it's in the um seasonal hospitality industry or the trucking industry. Everyone's saying that they're going to have to start paying workers more to get more people into these kinds of jobs. How are you thinking about wage inflation

and what that means for your investments? Yeah, so, I think that the way we think about BIGE infressution is what are the temporary pressures and then what are sustainable long term pressures. On a temporary basis, there is a lot of pressure on page right. So not only is it all the segments and sectors you spoke about where there is a shortage of labor. Also the ongoing pressures

to raise the minimum page. Now, the question worth while asking is that is this something that it starts in one What is this something that results in a sustainable move where we can expect to see uh, some reasonable levels of aage growth the the next three to five years. And I think that's the place where we struggle. So we do think that temporary shortages are going to be there.

But as things open, as we get closer to that full employment number, we're still faced with the sustain problem that we had in some ways in the Trump administration. Right that you had full employment, you had labor shortages. You did see some page growth, but nothing that leaked its way through for there to be inflation on our more sustained basis. So I would say temporary pressures. Definitely, it's going to play itself out, and do see a bit more of a ship that coming towards labor versus

capital call it. However, for it to be sustained, I think there's more investments we need to make in in fine productivity, in tech, those things duty to continue fast rates so that workers indeed can have more sustained sources of earning those pages and for us to see a sustained growth in those So mich and are selfishly wondering here, um whether that means his daughter and my son will actually be able to make a living weight and not live in our homes. I mean, I think that you know,

you've also think the trend right that college educated. I think that that's an area that continues to gunner and and continues to have some reasonable level of our gaining power. So I think may the future that is the writer Scarlett's talk about dating us there with with our college bound that's really true. But I'm just impressed your son has a major picked out. My daughter's fluctuates depending on

what show she has binge watching. So she's watching Gray's Anatomy for a while and wanted to be a pediatrician, and then uh moved on to something else, and I think it was FBI Agent for a while. So I gotta get her back. They need to add more seasons to Gray's Anatomy because I want to get her back

back that focus. But but you know, the whole market until let's say about three weeks ago, a month ago was just entirely fixated by what we were seeing in the treasury market, and this sort of sudden jolt higher in yields fields have since cooled cooled off a little bit. Um. It kind of looks at least like a short term high possibly maybe perhaps is in um, but I wonder if that is really true. I mean, how are you

thinking about yields? Um? Is this cooling off period that we're seeing here now doomed to fail or higher yields just inevitable given the the backdrop of GDP growth that we're seeing and at least a short term pickup of inflation. I mean, is this kind of a a bowl trap for for treasury fires right here? Well? I mean I think that some level of the yields going up I think has to happen with the amount of growth we're seeing.

I mean, you know, on a long term basis, and your yells should be mirroring whatever is the GDP growth. The cut and pick up obviously five six for for US or six is obviously not sustainable. You start looking at for three years, you're looking again at the two two and a half percent number. So some move up definitely going to happen. The question is how much. I mean, you know, we don't see it going much beyond the at the two and a quarter or two and a half.

Uh And if anything, if we saw yields broach past those levels, I actually we'll be thinking about saying, well, maybe we should extend duration and those situations. I mean, on a on a um broad basis, across the portfolios, we're under reponds, we're under a duration. But as it approaches us those levels, we think there may be room to think about buying treasuries. I mean, keep in mind that there are these long term pressures that the FED has to deal with, and some of these are political

in nature too. Things. You know, we spoke about page growth the spook, but college educated um inequality continues to rise and impact through the pandemic. Some of these structural forces like inequality have increased over this period. That is going to put a lid on how much high rates the FED will tolerate. The language out of the Fed on extended stimulus and what they need to start breaking out suggest to us that you can see yields move up. There is definitely room to move up in such a

robust growth environment. Not beyond certain high levels though, uh and for us that number is somewhere around you know, call it to one at quarter two and a half where we start seeing you know, the other way downward

pressure occurring. The other thing to keep in mind is that much as we can have a long term various view on bonds, the fact that institutional investors on long term basis do need long duration assets just to meet their their their obligations, and the fact that still when you think about hedging against any shocks and the equity markets,

the long duration treasuries are seriously your best bet. And and it's it's it's interesting that if you look at the fit of post GFC, even though we've seen all these forces play out in terms of globalization, taking a step back on a trade basis, financial globalization, the effect of the dollar has simply increased in markets. So even if you're sitting in in India today or China and you want to hedge some of these strop positions, well, US Freddy is still really good use to do that,

So demand plust. The fact that that it is really one of your best diversifiers puts a lid on half far the the Treasury dells can go up. How do you see foreign demand for treasuries playing into this? I mean, I know a lot of it ties back to how different economies in the emerging markets are faring. But do you see demand from the likes of China, from Japan, from other countries around the world changing at all in the next forceable future in the next year. I know,

I don't see that changing materially. I mean, I think that there is always competition as to which currency can be a strong substitute reserve to to the dollar, But really nothing has emerged in China's trying gets best to position the remember as a use of currency. We've seen the Euro do that and take away some market share, but I think still the main res of currency, the

main buyer of things in the world. The fact that we still run a pretty heavy kind of down deficit here tells us that demand for US as that US treasuries is going to continue today and go fast. I think the other thing to keep in mind also is that right now, as we look from a market perspective, as we think about earnings growth, we think about growth. Everything we've been discussing so far, you know, US exceptionalism continues across the board. That means that investor is outside

the US certainly demand more and more US assets. So I don't see the demand situation changing that dramatic and dramatically because of course the unique status they're enjoys it. You know, Garv, I'm famous for asking like twelve part questions, but I'm gonna take it easy on you and don't

only ask a two part question. And that is because I know you guys at State Street you know a thing or two about e t f s if I'm not mistaken, And we've just seen such a massive inflow into e t f s this year, mutual funds as well, but really I popping inflows in the in the e t f s. So so two parts to that, Um, I'm curious for the first part, where is that demand

coming from? You know, is it the pensions and the institutions you talked about earlier, or is it the sort of reddit in Wall Street bets crowd or isn't even

all of the above, I guess perhaps. And also you know, as as as at just such as yourself, Um, you know what you're you're thinking about how you should allocate your portfolios, and we can use, you know, hypothetically useing all et F portfolio how you would advise let's just say, hypothetically a middle aged guy who's got some kids head in the college and and it's, uh, it's kind of

a scarity cat a little right. So I think we've definitely seen abidening of the use of e d S. I mean, e d S has served really very strongly, certainly through crisis periods like last year, in terms of providing investors with liquidity transparent pricing, which has meant that its role has certainly expanded. So it's not it's it's

certainly used for increasingly for cash actualization. We saw it use a lot for rest transfer, you know, I want to shot something, I don't want to take an a beat in the marketplace, um or kind of classic swap type arrangements that have been restricted to derivatives increasingly being

media being used for for that tactical positioning. I think that's probably been an area that's the immense growth as liquidity has increased within the e d F landscape that there is a lot more of that tactical views on either a specific sector, tob sector or or of course

more broadly in in markets. So that's on the on the used side of the d F in terms of how you should think about your allocation again keeping your hypothetical person in mind, so um, so you know, it's it's clearly a trade off between how much you want to be in growth versus safety assets and what do you do about income. We are biased more towards risk assets. That means equities to some extent commodities, Um, we do

like those. I think we keep a structural position in in both the long duation as I as I spoke to you about, and and we do like gold for its diversifying capabilities. All the incentives are going have come down with a with a pickup in in yields. I think want to also think about also in the ways of making your your income, So you know, should that mean playing more with dividends, looking at alternatives like convertible or senior loans, infrastructure, so things like that that gets

you the income statement. Given that most investors and we do advocate in this environment in general to be underweight bonds, I think you're losing out that that income stream. To try and put some kind of a structuring place that gets you to the heart of that that income stream. I think alternative assets, as you think about dividends, as I said, as you think about senior loans, converts, those are all becoming more attractive to get to that that

that income streams. How much are our hypothetical investor who's got a couple of kids heading to college put into the likes of bitcoin? I mean you mentioned e t F UM. I think there are at least eight e t F bitcoin e t F that have been filed and we have no idea when the SEC is actually going to green light any of these. Speaking scaredy cats, I mean there's one the SEC when it comes to bitcoin ETFs. Is bitcoin something that should be part of

your portfolio? Are you looking to perhaps allocate some space to that? Well, I mean the bitcoin is a toughy right, I mean if you look at the long term behavior, I mean, you know, bit points move up has got to do with scarcity and it's got to do much like gold, and it's got to do it. Yeah, the fact that it's you know, it's it perceived to be a sort of sort of value. If you looked at the long term relationship between using bitcoint as a head in any way, UM on a longer basis doesn't do

much better than than gold. In fact, it would say goal is way better than than bitcoin in that in that regard more recently, with all the moves that you've seen, it indeed does do a better job of providing some um some diversification benefit more than mind with with gold. But you do have to live with the fact that the volutarity is much higher. We do struggle to say what that is it a and assets, the part of

a coal holding or not. I think it's a tough one to make a call around, but I think that investage need to pay attention to it because of just the fact that it is rising. There's a whole bunch of cryptocurrencies that are coming about, There's a desire for countries to be thinking about digitizing their currency. So given that whole complex nos evolving, h it does involve consideration actually adding it to a portfolio. If everybody did that, then of course demand for these things would spite up

like no one's business. So that part needs to be needs to be kept in the background. Something worth looking

at UM. I'm not sure it really to step out and say that it's something that's an essential part of investors portfolios, and if we were choosing, I would say still for that diversification benefit and the fact that you have so much monetary fiscal stimulus occurting on a double basis, gold does it have a role to play in your your holdings and in your in your broad acid Garth, I'm glad that you said gold is better than bitcoin on this podcast. This this is a safe space for

ideas like that. If you if you had taken that take to Twitter, I would have feared for your your future mental health. Let's let's just say but one last thing before we get to the craziest things we saw in markets this week. UM. I know you've done a lot of work looking at liquidity, and obviously we saw

major liquidity issues in the treasury market last year. Um, after that seven year note auction a few weeks ago, it almost looked like deja vu to that really sort of liquidity crisis we saw backter in the height of the pandemic. If you were if you were going to stay up at night worrying about liquidity in a certain market, is would it be the treasury market or is it the type of thing where a liquidity crisis. You don't really know where it's going to be until it happens.

Oh yeah, I think that you do need to think about the treasy market, right because you think about the expectations, right. I mean, we do expect it to be an agent on extremes here, but we do expect that to be the liquidly as you move away from the dollar to

following the other end to e M currencies, right. I mean we know liquiiti is a lot less in those markets versus here or treasuries as you devenment securities as you start going out from d M to EM and then e M two um smaller countries within that within that complex. So yes, it does one of some conservation because it challenges notions about as a market running smoothly or not running smoothly. And that's why doesn't need to pay attention to what is occurtting around that. Again, I

don't want to sound alarm bells here. I think that what all we do think that would all the efforts the FED is taken. Broadly speaking, markets are reasonably well functioning and liquid in general. The quick conditions have been pretty reasonable. But again, something we think about we worry about it because any frees up on liquidity in federies has a ripple effect that goes through a range of markets. Absolutely,

the contagion happens in stantaneously, I guess instantaneously. Yeah, exactly exactly. And and you know, just to re attrade the effect of US dollar, U S fasuries and US extertionalism across global markets on a financial basis, I want to be clear, I said that financial basis, not not paid basis. We've seen every country getting a bit more domestic um on a on a globle basis, has just increased cross post GFC. Is there any risk to get back to that dollar

as the reserve currency? Any risk to that status in your mind? I think that's what the the bitcoin people would would tell you on Twitter. But I'm curious what you think. I mean. You know, we as we started putting out our outlook last year, so sort of October, and when we sit down and think about what what is it we expect to look at a market, we definitely advocated the investors need to pay attention to China

for a variety of reasons. Right, you know, I'm I'm not going to take a political stance here what my views maybe on one versus the other it but I do think that as you look at the efforts the country is putting in place in Chinese economy, is putting in place videos he's putting in place too. UM call it make it a more global currency with an eye on it having reserved status. I think it's It's definitely

something that investors should pay attention to. Investors should pay attention to the fact that it's now the second largest economy, and then you can look at your forecasts. People are more optimistic pessimistic, but somewhere you're looking in the next pack to ten years, it's likely to be bigger than the US. In that environment, it can be a competitor. So it's something that investors should keep and keep an eye out for. Scarlett I will often compare the podcast

to like a good four course meal. We just had a very nutritious discussion there about markets. Now it's time for the dessert. It's that time tiden up your straight jackets. It's time for the craziest things we saw in markets this week, Scarlett, I have a lot of faith in you to provide us with something good in the crazyest things category. For this week, What do you have for us? Okay, so we remember you and I definitely because we've got kids heading to college. Can you tell that this is

an obsession of mine? UM. The whole operation Varsity blues from a couple of years ago where parents who are paying schools. Uh No, not schools directly, but they're paying Rick Singer for a side door entrance into elite universities. UM. There's a good story on the Bloomberg News terminal today that uh I was talking about Chinese students paying agents, these consulting firms up to twelve THO dollars first shot

at an entry level job at investment banks. Michael Sacks, like JP Morgan, I don't know that these are side doors. It's not quite a side door, and it's not clear that this is there's anything wrong with this, but these programs offer an inside track to students. They pair them with bankers to help with strategy, networking, drafting letters, internal referrals, touting success in landing these jobs anywhere from Shanghai to New York. They target all the big major firms, they

target Citadel, hedge funds, consultants. It's just an interesting UM story to keep in mind, Mike, as you and I prepared to, yeah, spend lots of money on schools, and then in the years to come, lots of money to help them potentially get jobs in Wall Street. So you're saying I should reserve a spare twelve thousand per per kid. I guess all all for the right. I should point out to go work what twenty three and a half hours stay, that's right, not get enough sleep and work

all through Saturday. Even though Goldman Sacks and the other firms say that they should get their free saturdays they I guess it all. It would all pay off in the long run. I wonder if they get or they guaranteed a job, is it a money back guarantee if they can't place your kid in a bank? I wonder. I did not see any of that. There's no money back guarantee noted here. But there are a bunch of different websites, a bunch of different firms, so they all

have to offer some competitive advantage. That's that's pretty interesting. Hey, Garth, what's your what's your offer for getting my kid a an internship with you? And what we're talking after the podcast? So I have, like you know, I mean, I'll give you, I'll give you two things to think about it. I think that one thing market space for a second, right, I mean weeks is bill, it's long term averages. I mean you know, that thing just blows my mind out.

I think when we look at it, we do recognize that is a lot of good things to look at on the economic environment. But we're sitting on spid is above it two one a day, moving average above it's ninety average, bixet extreme THO levels of complacency. That's something that that we spent a lot of time thinking about and care about. Uh. And then the other thing that keeps my attention is what's it getting with the oscar so um as you know there is there is a

lot of heat in that category. This year with Chadwick Boseman, I was looking to see the odds would have shifted between Anthony Hopkins and muh As was the first Muslim of cost to be nominated for the oscars, and have seen some shifts occurred in that regard. My money is still on Chadwick Boseman, but I'm looking to see if Riz gives him, gives him a bit of proun for his money. Garbs. Scarlett is perking up here, and she's

like our resident gossip columnist at Bloomberg. If you if you ever want to catch the latest gossip, check out and you're on the terminal, check out Scarlet's message nine. She'll give you the latest. I'll make sure what's the latest? Scarlett? Oh my gosh, I have not updated that in a while because I cannot get into the whole influencer economy and the whole um reality show economy. Like I still like celebrities, you know, minted the old fashioned way making movies.

So I'm a little out of step here. I'm this podcast is all about showing our age. Mike, what happened? How did you run into this? We can't we can't hide anymore, we can't hide. Well, I'll show you how out of touch I am with the influencers of the world with my craziest thing. I'm going all the way back to one of my favorite influencers of all time, and that's Guy Fiery. You remember him, the restaurant owner. Yeah, the the diners, drive ins and dives he cut. Yeah,

it's great. I could watch that. It's almost like I ate a meal after watching it. So satisfying the stuff, stuff I would never really eat in real life, but I, you know, vicariously live live through Guy Fierry. This relates back to the crypto conversation. Because Bitcoin is just not

crazy enough to make it into the craziest things. We've got to go and move on to the new crypto sensation doge coin, as Katie Gray felt like to call it doggy coin, and it jumped from eight cents to fourteen cents on I think there's between Tuesday and Wednesday and he can laugh, ha ha. Eight cents to fourteen cents whatever. That's a seventy game for anyone who's who's holding this thing. And it was all because none other than Guy Fiery tweeted out a picture of him in

a space suit with the doge coin uh mascots. His picture was in the space suit helmet and it said doge coin to the moon or something to that extent. So Guy Fierry of Diners, Drive Ins and Dives fare is now pumping doge coin on Twitter and it seems to be working a good four cent pop for six cents pop in doge coin, all thanks to the Diners,

Drive Ins, and and Dives host Guy Ferry. So I don't know how this happens where all of a sudden, guy like that is uh, it's pumping doge point if someone got to home and and offered some monetary compensation for that tweet, I don't know. I hate to impugne Guy Fierry's character in the in the crypto markets, but all at all, pretty good offering of crazy things this week from from you two, and I really appreciate your time. Scarlet Foo and Garth Malick, thank you so much for

your time this week. Enjoyed every minute of it. Same yeah, thank you so much for the game of time O great. Well, hopefully we can have you both back again someday and find even crazier things that talk about what goes up. We'll be back next week. Until then, you can find us on the Bloomberg Terminal website and app or wherever you get your podcasts. We'd love it if you took the time to rate and review the show on Apple Podcasts so more listeners can find us. And you can

find us on Twitter follow me at reag Anonymous. Our guest host, Scarlett is at Scarlet Foo. You can also follow Bloomberg Podcast at at Podcasts, and thank you to Charlie Pellett of Bloomberg Radio and the voice of the New York City subway system. What Goes Up is produced by Laura Carlson. The head of Bloomberg Podcasts is Francesco Levy. Thanks for listening. To see you next time.