Grandma Likes Amazon

hundreds now down from a high. And this, of course, as rates continue their trek higher, how long can it last? We'll discuss and uh, Sarah, I'm afraid. What we also have to discuss on this very special episode of What Goes Up is my embarrassing high school nickname. If you can't tell. Mike is really excited about this, But look, Mike, you did this to yourself. Mike a couple of episodes ago said look, if we get two hundred ratings on Apple podcasts, that he would go out and he would

dole out his embarrassing high school nickname. He should have set the bar higher. But all of our listeners are clearly very loyal and everyone more than anything wants to know your nickname. So you delivered, you delivered? Do I miss? I miss priced this trade terribly. I thought two hundred ratings will never get there. I'm safe, but uh, but thank you for everyone who listened and left the rating.

It's means a lot to us. You know, Sarah and I have a lot of various duties at Bloomberg, but I think, um, this this shows our baby, and uh we have we look forward to it every week, and it's it's good to see people uh, you know, listening and rating and reviewing, regardless of how much pain it may cause me. Actually, Sarah, I it's been kind of therapeutic for me because, um, I've I've hated this nickname for thirty five years, but I've kind of come to

terms with it, uh through this hole. And I'll explain why at the end of the show when we get to that nickname. Because although uh, there are some who are listening only to hear my embarrassing high school nickname, I think more people are listening because we know we have a tradition here of having excellent, uh smart expert guests to explain the week in the markets, and once again we are very excited to have a guest who's going to do exactly that. She is the head of

US equities at Aviva Investors in Chicago. Her name is Susan Schmitt. Susan, welcome back to the show. Thank you great to be here, and Susan, I think for this week the most important question, obviously is did you have any embarrassing nicknames in high school? Most important? Exactly exactly, But no, I have not made any miss priced ranger here. So no, I have not. I have nothing to disclose. The answer is yes, will she share it? No, Well, that's fine, I guess. I guess I. I made my

own bed here. I have to ligne it. But Uh says and I mean obviously. Once again, this week the big story for equities is UH the sideshow of the bond market UH rates spiking up on Thursday again above one point five in the ten year UM. I suppose Jerome Pal did not give the market what he was

hoping for. I don't know what exactly they were expecting out of him, maybe some sort of hint at a quote unquote operation twist or yield curve control but how do you sort of explain uh, what Pal did on Thursday and did he sort of missed the boat or I'm kind of about the opinion that taking a little froth out of the market is not necessarily uh something he's against. I mean, he can always go out and give give another speech next week if this one didn't work.

But what do you think? What's your your take on rates and at Wes and Jerome pal speech this week? Well, what is happening with rates and equities? So we're seeing a lot of ankst and it's the push me, pull you market because rates go up, should equities go down? Is this a good thing or a bad thing? If rates are going up because we expect more growth, that's

actually a really good thing. And so as we're seeing the tenure approach one point five percent and now safely they're all all of this week, I think the equity markets having a hard time figuring out whether that is going to suppress growth or if that just represents the optimism that the market has and the achievable optimism and goals that we have for the economy as it rolls

out with the vaccine over the next eighteen months. I think Powell statement was pretty interesting because he has been so consistent in his messaging that he is going to support the economy throughout, and the market is always waiting for him to say something slightly different, take a new variation, take a new tact on that, take a new track on that, and he hasn't. And I think today was more of the same. He's still saying he's very important

the economy. He's not doing any big changes. He's going to let this volatility continue at the high end of that long the high end at the long end of the curve isn't scaring him at all. He's not backing off, and the Fed's going to continue to stay the course. So I think the market has to absorb that there's so many moving parts in the equity markets right now that it's really hard to put all the pieces of

the puzzle together. So, like you said, and Jerom Pell has said himself that what we are seeing in the bond market is a quote unquote statement of confidence in

the growth outlook. And I find it interesting. On Thursday, when Powell was giving his speech, one of my colleagues, built on a Hirich, pointed out that on Twitter hashtag stock market crash was trending on Twitter, and it's almost a bit ironic because at that point in time, you looked at the S and p F punch over the past couple of days, what it was down three percent from a record. But of course there are areas of the market that are seeing significant pain. You look at

a company like Test. High growth companies then set down ten percent, so well more and it depends in which companies you are really investing in. It's been said over and over that higher yields, well, that's bad for valuations or high valuation companies, or that's bad for high growth companies. Can you walk us through the actual reasoning for that. Why is it that when rates rise you see companies

like this under pressure. I'm going to counter that with look at the Russell two thousand and look at where small caps are so well. Yes, these big tech names that did very well in twenty are down under pressure. At the same time, you're to date those Russell two thousand stocks that indexes up over ten percent. So it's

a big conflict. And I think what you're seeing in the small cap names is the reaction to confidence in the forward growth and so suddenly these small caps are where people feel comfortable investing, when they feel comfortable about the economy going forward. We're seeing that in extra really well. We're seeing assets come out of those big cap names, which were the safe pavements for E twenty where people thought, Okay, I know I'm going to get through this with these

tech heavy names. I'm going to stick here. Where's the biggest pressure When we see down days, it's in the nastac that tech out the index. So I think when people see rising rates, it's always interesting are they rising for the right reasons? What does that mean? And it has been a long time since we've seen rates rise in a gradual way where it hasn't led us into trouble. We had this happened when suddenly we had a pandemic.

In the midstep before that was the FED maybe race rates a little too much, and the market had a conniption fit over that. So remember that the FED overshot slightly had been easing. Then we get to the pandemic and race had to drop to zero again. So now the markets adjusting to that. I think you have to look at the components of the market to see what's really moving. The fact that those small caps are doing well, tells me that optimism over that overall growth in the

economy and rates at one point are actually positive. Rates are going up for the right reason, and that is the overall sentiment versus the other. You know. So one of the more interesting things I've read this week is UH City Group has some sort of model. Don't ask me what's in it. It's a model, alright, but no

one no one really knows. But they somehow look at relative value um of cyclical value and value stocks versus that the growth and the big tech stocks that have led the way, and somehow they divine out a notion that the the equity market is pricing in basically a two point two tenure treasury yield um. And they're not necessarily saying the bond market is wrong. They're saying, maybe the equity market has gotten ahead of itself um with

this rotation. And I think that's a that's something I think you always have to worry about in an environment like this. You know, you think, okay, last year, earnings collapsed, the economy collapsed, the stock market rose. What SMP rose, I mean is this payback? Now? You know, are we basically coming back to a rational analysis of the market now, especially given what valuations have done. Um and and it's the rotation, you know, those two ideas. I'm curious what

you think about. Have we pulled forward the returns from from the earnings and economic rebound that we can expect this year? Did we pull them forward to last year? Kind of like we pulled forward the tax cut gains to the previous year and it was a sort of a sell the news event when when we actually got them. Um, what you're thinking on that as far as the has the rotation got ahead of itself and did the market

get ahead of itself last year? And sort of how that relates to how we can think of the rest

of two thousand and twenty one. Well, I think it's the nature of the market to overshoot in both directions, and so certainly we saw a very strong year in also in so if you stack those numbers for the nastacks the nastacks, that's we're up almost When you look at that, you have to think that, all right, this is pretty frosty, especially when you're given a pandemic the back half of that time frame, and the market probably is due for a little bit of a settling period

and a pullback. Is the equity market too far ahead of itself. That's hard to say. When you look at zero percent interest on the short end longer term, that is really supportive for businesses that should be supportive for their growth longer term, and that's a positive. The debate between growth and value I think really as another complexity

to the equation. I think the old monikers of growth and value aren't necessarily accurate anymore, and so how the indices divide themselves up to be a benchmark for growth or a benchmark for value, I like to look through and look into the details of that. A lot of times if you're in the value besch, it's just because you're paying a dividend. You might not be making any money. So it's times as well. So it's a it's a complicated and messy situation. We're fundamental bottoms up investors. We

like companies that generate cash flow. A lot of the companies that are in those value indicties or once that we wouldn't even consider it on. So when you look at the market overall, you've got a couple of things going on. Back to did we pull too much forward in equities or are we too fast in this rotation. We had a lot of emphasis on those safety play

growth names last year. I think diversifying the portfolio is a natural progression of that, and so seeing money shift into more cyclical names is actually healthy for the market, and you're broadening out your base of what you're investing in. Right, more business models are acceptable to investors, So I don't think we're too far ahead in that diversification. Valuation is a completely different story, and I think that is driven

by what are my alternatives? And when you have interest rates still at very low levels, equities are a compelling place to be. The issue I think we have in today's market is you've had cross currents with the Tenure eight going up to one point five acid allocators who I don't really look in a stock by stock, but overall asset classes, so fixed income or equities are now looking at that one percent rates. Saying you're fixed income actually is okay for me to move part of my

investments back into fixingcome to get that secure rate. And they were almost all equity exposed as we went into your end twenty twenty. Where else are they going to go? So I think we're also seeing that shift in acid allocation happen along with the diversification of the portfolios beyond just the growth tech names. You get those two together, and I think that's what's crossing all of this noise

in the market. We talked about this divergence that we've seen amidst this rotation, and I'm just looking at some of the numbers from the past month or so, just looking at sectors in the SMP energy Meanwhile, consumer discretionaries down close to ten percent, financials up six percent. I mean, massive, massive gaps between different industries, and then you so have

pretty wide gaps within equities within the industries. And I know we hear this over and over again, and you guys are fundamental bottoms up stock pickers, but we've heard every year after year after year that this is going to be the year of the stock picker. And Bank of America put out a report the month of February was actually the best month for large cup active managers,

active stock pickers since two thousand and seven. So would you say that what the shows is possibly the time is actually here and you can show the skill that you have. I definitely think that's the case, but you're right, we're active stock pickers. What else are we going to say? Some honesty? Finally, we'll be honest. We do have we believe that it's why we do what we do. But I do think that you're gonna see some of that come through because there's so much uncertainty in the market.

And I do think if you go forward a couple of months, I can get a lot of economic noise. You know, you're over your comparisons aren't going to make any sense because a year ago things were nowhere, We close down the economy, we put everything on pause. And so I think that is somewhat what JAIRMYN. Powell was alluding to on Thursday. He's saying that, you know, he's not going to be distressed by some really wacky numbers because that may not necessarily be the true picture as

you roll forward into what's happening. And I think that's where investors need to remember, you're over your data and some of these top headline numbers. You really need to look into the componentry of it, because those top headline numbers may not be revealing the true picture of things left. And by honesty, I mean for that phrase of the year of the stock picker. I think it's been the year of the stock picker every year I've been doing to this, which is longer than I care to remember.

I will tell you I think the year after John Bogel came out with that first index fund, someone was like, that's good, but this is the year of the stock picker this year. But I want to go back to what you guys are looking at right now, because you mentioned earlier on in the show that when you look at some broad value indices they include some com means that you guys wouldn't even be interested in investing in. And right now it seems as though we are seeing

energy rise at least one percent every single day. Financials also getting a boost as we see yields rise as well. Would you say, though, that it's not as easy as just saying, all right, I want to buy energy companies at large, because of course, I mean, energy is a sector that that's had a lot of hardship of late. Energy is a boom or bust sector. You either love you hate it, and it really just depends on the day.

And so it's it's tough to be out of energy when it's working because it works well, aggressively well, and when it's terrible, it's really terrible. You don't want to be anywhere near it. So in the market today, what you're seeing is a lot of control going on in energy.

The OPAC announcement that came out on Thursday is interesting, right, because it's telling you that there is still going to be suppression of supply, there's going to be control in that supply demand balanced and so you're seeing a lot of prey support and I think that that is what has been encouraging the market. At the same time, even before this came into play with with Thursday's decision, you saw the market recognizing that there's going to be future growth.

Therefore we're going to have increased demand for energy, and that baseline price of oil has been rising, so all of those you know, I think in this case, I mean the swing and energy which is working in the right direction, and as an investor, you want to have

some exposure to that. At the same time, always in the back of your mind, when energy is working, you have to be thinking about when does this stop, because it will quickly reverse and go the other way right, and perhaps if it goes too high, it becomes the headwinds your your consumer and retail UH stocks now. And I wonder how I mean because we talk about a dramatic move and will UH not as dramatic as last

year when I went negative. But you know, I don't know how you compute the year over year change from a negative number. I'll have to. I'll get one of my daughters who's starting calculus to figure that out for me. But but brings up the whole notion of commodity inflation. I mean oils front center. But we've seen lumber go nuts, you know, the the industrial metals, um that all sort of input pricing to a lot of stocks out there. Um, how do you separate the good inflation from the bed

UH in an environment like this? I mean could could? Yeah? The you know, the yields are up because of the the outlook for growth, Um, but could inflation bite some sucktors? Do you think this year? Well? Is it short term inflation or long term inflation? Because I think that this year that's what you have to worry about. We've certainly got some supply constraints, and I think those supply lines are what is going to feel some what will feel pressure.

We have issues where again you're comparable is a pandemic. People actually shut down. We asked everyone to go on pause. Inventory lines have been depleted, and so if people ramp back up, these businesses come back to life, they do need raw materials being pulled through the pipeline, and they're

not always readily available. We're also seeing a boom in certain industries at lumber, look at housing, so you know we've had this great boom and housing suddenly where everyone wants to find a house, we don't have enough houses, and so they're working on supply. That's an issue for lumber. Short term is that supply long going to continue to be constrained, probably for a couple of months. But I think longer term, I actually think you have to watch

how those supply channels come back online. If they're functioning normally longer term, you shouldn't see that kind of constraint, and therefore your short term inflation actually can ease out into consistent long term growth. You know, I was really curious about what the terminal would say about that percent

change in oil MIC. So if you pull up a chart on the terminal, there's a way that you could annotate the chart and you basically just draw a line from one point to an accident will tell you either their percent gain or the percent. It just says gain in parentheses numbers, So the Bloomberg terminal won't even calculate it for you. I guess, yeah, exactly exactly. But put this all together for us, then where do you guys actually see opportunity then? Right now, well back to the

great lineup. It's a stock pickers market. Go back to fundamentals. We are looking for a big reopening trade, and I'm looking for opportunity in names that are going to benefit from that. It's interesting because even anecdotally, you can look across and I'm sure everyone has friends who have been cooped up this entire time and are itching to go out. Right. I'm based in Chicago. Chicago restaurants have opened up there at twenty percent capacity. But you can go out and

go to a restaurant. You can even sit outside and go to a restaurant. In mind, you we're in Chicago and it's the winter, so people are still willing to do that. If you want to go out, you can't get a reservation. Things are booking up and maybe you can eat it five pm or you can eat at nine pm, but there's nothing in between. It's the same in New York. People want to get out and I think that shows you there's this pent up demand and back to the fteen hundred dollar check that's going in

consumers pockets. Consumers have a very strong balance sheet right now, and so when you look at it, they have stored that up, saving three through at all time highs. They've been very good about managing to get through this pandemic. And I think once things open up, I think you are going to see a big flurry of consumer activity and with that, I think you get opportunity and looking for the company's name services especially that are going to

benefit from that. Yeah, the personal savings rate was just through the roof there for for many months. I mean, it's, uh, it's a fascinating set up, but you know it's not obviously I think everyone is still bush. Maybe not everyone, but um, it makes a lot of sense to still be bullish on that reopening trade, I think. But then you look at that stay at home trade and there's some of the just I think over the long term,

really some of the most intriguing stocks. Uh, you know around Facebook's not going anywhere, Google is not going anywhere, Netflix Zoom, Uh, you know, it's not going anywhere. When do you sort of know when to go, when to revert back to the darlings of of the you know, former era of the of the bullmarket. You know what, what would you sort of look forward to to ring that bell and say, okay, everyone switched partners again and

go back to the to the big tech companies. Well, the market is always looking forward, and so I think once you get into the true full on belief that the reopening is coming and it's here, as we're starting to see that, then I think once again investors are looking for the next opportunity and where we'll growth be

priced in and they're trying to even themselves out. And at that point, and we always this flow of money chasing areas that they think are going to are going to work in the future, but might right now be under invested in. And so you're gonna see that swing back because as we go towards the reopening, everyone's looking at the cyclicals. As we get to the reopening, people are going to go back to growth at a reasonable price.

What's going to do well. I think the pandemic was most interesting because it took a lot of those market darlines and stocks that weren't necessarily market darlines but might have been in the tech space in some way and push them to the forefront because the pandemic forced this adoption of technology and means of operating that to to a new level where the uptake was much higher than it would have been otherwise. So a lot of these technologies got pulled into every household that might not have

happened without the pandemic circumstance. For another decade, my grandparents are using Amazon to shop. They had no idea what that was year ago, and now they think they're the coolest thing ever. It's interesting to see that because it did allow a lot of those companies to leak frog forward and get traction in society and actually become part

of people's normal behaviors, so that they're now entrenched. And I think we'll see, of course, that's being rewarded as the world shifts back to normalcy, and you're gonna have some new players that have moved into the normal day to day Mike, I am. I'm happy to say I know you are not happy to hear me say that. I think it's that time of the show stand clearer of the craziest things we saw in markets this week?

All right, all right, well it is that time. Let's do the crazy things before we get to my crazy nickname, I'm I'm procrastinating up. You won't get away without sharing it today. Well, I'll kick it off on the crazy things here. Um, this crazy thing combines two of my favorite things. For one thing. Sure, I'm starting to think that people are just out there doing things in hopes of getting featured in the crazy Things segment. I might be a little narcissistic on my part, but I'm sure

there's some truth to that. If you can come up with a better explanation for non non fungible tokens that I'll hear it. But until I hear otherwise, I think they are just trying to get featured in this segment. So this one, this is a story courtesy is CBS news dot com, and it combines two of my favorite crazy things uh n f T non fungible tokens and ridiculously overpriced modern art. Um And one of my favorite modern artist is this guy Banksy I don't know if

you're familiar with him. He's most famous him on the show before Yeah, I've got it. We we get We get to him a lot. He's was famous for selling the painting that self shredded the minute the auctioneer hit hit the gavel down, which is one of my all times, was of all time, would have actually ben if they had a camera facing how he could have done that better? Right, if he had a camera in the frame facing the audience to watch everyone. My favorite part was I forgot

what auction house. It was Christie's or some other bees are one of them. And they said to the person, look, will refund you your money, and the person was like, no way, this thing's worth even more now that it's shredded. So that that's amazing that he was getting into. So enter into this story. A blockchain company known as Injective Protocol. They bought not a back to the original a print assigned print for dollars and they immediately burned it on Twitter.

And the reason they did that is because they had made a digital replication of it, which they had turned into a non fungible token on the blockchain, presumably making it worth much more than the nine thousand they paid for. What what multiple do you get if you turn a bank see photograph for art piece into an n f T. We need no offense to use, Susan, but we need an n f T picker to to to come on the trap. Yea to that one. That makes no sense to me at all. That's pretty good. But I will

say this, I would not mess with Banksy. You know, when he hears about this, his next you know, thing might be to burn down the blockchain as as his next as his next feat. So I h that's that's my craziest thing, Susan, you got anything for us? Well, my after that? What can compete with that? But that really, I think that really takes the cake. I did hear I got a couple of things, so you know, there was some price action and racket mortgage that I thought

was really interesting. When you see the reddit crowd getting up on when you see the reddit crowd getting up on the small cap names like game Stop, where you can get those meadows all grouping together to make a way, then makes sense to me. But when you get into something like rocket mortgage, where the market cap is much much higher and yet you see some wave happened that shoots the price up and had causes this dislocation and

the shares. That was really surprising to me, and so I think it's a warning that the mechanism is out there. You can see volatility, short term volatility in a lot of places that you didn't expect. So keep that in the back of your mind when you start to see some really irrational price movement. And then given how much those guys like the rocket emoji, I think that that was inevitable. I mean that checking myself for not seeing

that one coming. Yeah, I I just looked a call volume and rocket, So more than a million, more than one point one million call options traded that day that we thought the spike before that, the previous high was not even three hundred seventy five thousand. So really really one other thing to throw in front of you, which is uh an e t F that was launched that I heard about called the Buzz e t F, which I think is is great, but it it really shows

you how important social media has become. And so here's this e t F that is going to track the performance of stocks as the stacks that are most mentioned in social media right on the web. And and so I think that basically says it all about where Americans are spending their time and a different way to really, you know, take a creative way to take a look

and think about tracking consumer preferences. That's pretty good. Yeah, the famous Davy Day trader, Dave Portnoy, who would have thought he'd be the most influential exactly who would have thought? And pushing e ts named buzz right and and and they've probably gone with pizza or that's pretty good. I like both of those. Those are good. Those are good. How about you? Sorry, what do you You got some

stiff competition this week? I do, I do. I'm gonna bring it back to stack world because really, at the midst of the cell up we've been seeing SPACs have really been tied up in it. If you look at a spack index, it's down about now from the high. But what's crazy to me were some numbers that were put out by Golden Sacks and I'll just read them to you. So in the first two months of this year, a hundred seventy five SPACs sold I p o s are roughly five deals per trading day. Well now in February.

So just last month alone, nineties SPACs race thirty two billion dollars, which was a monthly record, and should the pace of issue ones persist, this year's offerings will surpass the full year of before the end of this month and was a obvious a record here for SPACs. So the fact that we are going to pass that within

the first three months is pretty crazy. What's your take on specs Susan Well recently in recent days, I think it gives you a good indicator of how much froth was in that market, and it does seem to be the new craze. From a company's perspective, it actually is a nice convenient way to backdoor into being publicly traded. But from an investor's perspective, you're taking a huge bet if you're moving into us back where you did. It's basically just air. I'm giving you a blake check. Go

for whatever you want. You don't know what they're gonna buy, you don't know which direction it's going in, and you hope that they end up buying something that is equivalent with the strength of the management team or the leadership that they have around this back they don't have to and I think we've seen examp fools aware they could go into something completely different than you expect because it's

not going to behoove them to give you your money back. Yeah, if that portnoy guy doesn't start a spack is a big missed opportunity here. It's like pizza, pizza and meme acquisition. Uh, the stool stack. I don't know if that sounds so great? But what's Sarah with that said? I think that's it for today. I think that's everything we have to talk. No, no, no, I don't hasn't Susan's holding you to it. It's not me alright, alright, well drumroll please, I guess if we'll

have the producer out of drum all? All right? So, as I hated this, this nickname was like my more flattering nickname was granted to me on the basketball court, and so I went, I went, I have to give you a long backstory for this, I'm afraid, but I think the six sixty people that raided the show to deserve the full street. So I went to a public grade school, but then I went to a Catholic high school which had a good basketball reputation. It's not like

one of these basketball factories today. But they had won a state championship, so I was excited to play. I made the team, but I was here. I was this public school guy coming on the team, and basically of the Catholic grade schools that fed into the team, the starting five from that best team was like, we're the team for high school. We don't need this new guy from from public school. So there's a bit of hazing

that went on. Um and again, I'm like fifteen years old, this is nineteen eighty something, and uh, I did something dorky. I don't know what it is. And one guy on the team who was wearing a retainer, I will I will point out, and you know how hard it is

to get bullied by a kid with a retainerult for you. Yeah, And he said, oh, he's a dork something like that, except he was wearing trainer and it sounded like he said he's a stork and Sarah the so that some guy other guy on the team said, did you call

him stork? And sorry? This is where your your lack of old man movie knowledge comes into play, because there's a character in the in a Great Old Man movie called Animal House, which you probably haven't seen you've seen Animal House, all right, So Animal House, you know it was meant to be a comedy, But for guys of my generation, it was like a how to video, like this is how we thought life in college was supposed

to be lived. So if you're ever wondering why like me and Chris Nage and your boss Jeremy aren't quite as sharp as your generation, that that explains it all. I'm sure that's the reason. But Stork was like the nerdiest character, like predated Revenge of the Nerds, another old man movie. He had the tape on his glasses, y had like two lines, and he was clearly the dirkiest character in film history up to that point. Um, and so that nickname. Only the guys on the basketball team

would call me that. And like if some girl in the lue room overheard this, she'd be like, why do they call you Stuirk? And I'd say, well, it's kind of embarrassing, but but I've been known to steal the ball and go coast to coast, and I fly to the basket like a beautiful Birdy I laid the ball in the net the same way as Stuerk. Gently lays a baby in the cradle and then yeah, this is really didn't work because then some other guy from the

team would show up and say that's not true. That's not But here's what's so I finally googled this character. I was like, who played this character anything? What's what's the deal with this guy? Fascinating story about the guy who played it? Um, which really is redeemed. It this nickname for me, and I'm fine with it now because he's actually the guy who wrote the movie. His name's Douglas Kenny. Yeah. He founded the mag see National Lampoon, which was like a huge steal old guys like me

back in the day, a really funny magazine. He also wrote Caddy Shock, helps writed him and Harold Ramos, another actor, helps to write Caddy Shock and Animal House. Uh. Sadly, he died a tragic death where he fell off of a mountain in Hawaii. But before that he was he was he was pretty good, So I'm all right with that. You know. It's one of the most influential characters in writers in the old man movie genre, which back then we just called the movies, but they are. Yeah, I

don't think the other players on the basketball team. We're really thinking that through when they called these stars, great turnaround on your part. Life life is like that, and that is if only you've known that when you were talking to the girls in the lush room, gave me after this guy, and look at how much he did. I know I wouldn't have to take my sister to the prom after all. Now, honestly, my stork is an honorable nickname. Everyone who rated to hear this nickname, I'm

sure they'll be really happy to hear it. Thank you for sharings are that are out there. They now have earned every word written because look at the information that that brought forth. But Sarah, let's practice here though. If someone hears about this nick nickname but hadn't listened to this episode, how are you how are you going to explain how I got that nickname that Mike used to

fly to the hoop when he played basketball. That's it, That's why you're that's why you're my favorite, of course, colleague, Sarah. Thank you, of course. Oh wow, I'm gonna have to tell everyone you just said that. Okay, I won't tell, but now we're gonna have to come up with something else. To get ratings on the show. Season's nickname under Wrap, So I'll also put out there if if anyone listening to the podcast says anything that they want to know about the podcast, the show about Mica l I let

us know. Maybe we'll make that the next gimmick, as Mike would call it, But Susan Schmidt, We're gonna have to leave it there. Thank you so much for coming on the show today. Thank you for having me. I always great to talk to you guys 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

podcast so more listeners can find us. And you can find us on Twitter, follow me at at Sarah Ponzack, Mike is that Rea Anonymous, and you can also follow Bloomberg Podcasts at podcasts. Also thank you to Charlie Pellett of Bloomberg Radio and the voice of the New York City Subway System. What Goes Up is produced by Tofur Forehead. The head of Bloomberg Podcast is Francesco Levie. Thanks for listening, See you next time. The Four