The Reopening U-Turn

of looks like somebody didn't get the memo. Long end treasury yields and the type of stocks that benefit from a return to normalcy have both made you turns after rising strongly earlier in the year. So what exactly is going on? We'll get into it with the director of investment research at one of the world's biggest hedge fund companies. But first, Charlie Pellett tell us who this week's mystery co host is. This week's mystery co host is John Author's.

John is a senior editor and columnist for Bloomberg Opinion. He is a big time Red Sox fan who has the strangest Boston accent that Reagan has ever heard. Sources say John broke into song in the middle of the newsroom when England scored first in the euro Cup finals, but he was singing the blues by the end of the shootout. Uh, John, that was a bit of a cheap shot by Charlie there. I think you mean at sory rather than blues. It was I was, I was

seeing all kinds of things when we beat Germany. In the news room, I was, I was, I was elsewhere for the for the Grand Final. We we Italy were the best team on the on the day in the tournament. It's much easier to much easier to take guts crushing losses like that if if you feel that you weren't quite the better team, right, all right, I gotta say my wife had this sudden interest in this tournament and

the English side specifically. I think it had something to do with the average level of handsomeness of that team though, so I was kind of inclined to take the Italian side. I'm a Jersey guy too, so I was kind of inclined to take the Italian side just just because of that. Okay, I can forgive you. It's like, but John, let's bring in our guest, who I think is an old friend of yours, and she's one of these people who has

just an amazing resume. I wish I could read you just the highlights, but I think that would be all the time we had on the show. But I encourage you to google her and check out her history. I think you know where. I think the two of you have switched jobs, possibly since you last spoke, so we'll have to we'll have to catch up on that, but I will I will pull one thing from her resume, John, and that is she has a few degrees, but their

first degree is as a journalism major. So I I was encouraging for for those of us with ink stains on our pants. Still, I'm happy to hear that. But anyway, her name is Rebecca Patterson and she's with Bridgewater Associates. Rebecca, thank you so much for joining the show. Oh it's great to be here. Oh great, And Rebecca, I wanted to sort of get a download of everything you're up

to it Bridgewater these days. I guess you've been there, what about eighteen months or so, twenty months something like that. But I really wanted to just first start with kind of what we've seen in the markets, uh this week and really over the last few months, and just kind of get your take on the state of play. Like I said that the yields have have come back down,

there was sort of real cyclical reopening. Uh, favorite stocks in the stock market have made a U turn as well, And I suppose part of it is just, you know, the reopening seems to be progressing in sort of a two step forward, one step back type of thing. You know, we're seeing Masqus again in Los Angeles, this delta variant is is really causing a lot of questions. Well, what's curiously your thirty thousand foot take, your macro take on

on what the market signals are right now? Given especially earlier this week, we saw that big a scoff move that I guess you could kind of attribute possibly to just this typical sloppy summer trading, But it's really been going on for months now, this kind of reversal of the reflation and reopening themes. What do you see going on? Sure, So, at the risk of being cute, I'm going to start with alliteration um and I would if I had to boil down what caused this sort of view turn, if

you will, that started around April. I would say it's policy pandemic positions and really on the policy and pandemic. It's going from what felt in the first quarter as a really confident, certain outlook among the market, right among market participants that okay, after the Georgia race, we had all all green lights for big fiscal stimulus. So we we got one point nine trillion passed, and then there were prospects for another package to be passed, and people

were fairly confident that was going forward. So that was the fiscal monetary The FED told you we got this new inflation target regime where we're gonna let we're gonna lag the economy, We're gonna let inflation go above two and so people thought easy policy great. And then and then positioning followed you. You thought, great, I want to be short bonds, I want to be long cyclical assets. Let's go. By the time we got to late March

early April, positions have gotten pretty extended. And we know that now based on all the data we've been able to see you. Starting around April, I think we got more question marks around the policy. So fiscal policy less certain about how big the packet next package could be. In the timing, it's not clear we're going to get a bipartisan infrastructure package through soon. It's not as clear if we'll get a big one done before the end

of the year, so more uncertainty there. Obviously, the June FED meeting a little less certainty around the FEDS path how quickly they might start tapering quantity of easy and how quickly they might start reacting to inflation. And then on the pandemic, of course, we're seeing the delta variant causing some new lockdowns in places like Australia, you know, horrible, horrible infection rates in places like Indonesia, and then just

question marks. I think it's not surprising that after last year it was so sudden unexpected, had such a huge economic and human impact that when you see anything that that feels the same, it's going to cause people to say, Okay, maybe I was pricing in too much Roaring twenties, Maybe

I want to dial back some of that risk. And so I think that's it's the positioning that left things vulnerable to less certainty around those other piece, if you will, the policy and pandemic repe Obviously, you know, uh, everyone expected some hot CPI readings, maybe not as hot as what we've actually gotten. Um does that transition into uh maybe transitory being a little longer than people were expected. But also I to throw even one more p in there, and the party politics, Uh, in the US, it's a

it's a very convenient talking point. And I know, you know among play company like this, we shouldn't talk to religion or politics. But but but just in general terms, it's a very convenient talking point with midterms coming up against what what you mentioned, the that fiscal stimulus that

played such a huge role last year. Is inflation a sellable uh notion for politicians to vote no on on basically everything that Biden wants to do with infrastructure and and anything else you know, looking forward, if this delta strain gets even worse and we're talking about maybe extending those unemployment benefits, maybe you know all the other things. Um, well, inflation work as a as a selling point among the electorate and among policy to to sort of prevent another

leg of fiscal stimulus. Well, you made to two points there that I think are probably useful for us to impact quickly. One is if delta gets worse, and one if inflation is bad and and I it is possible you have both right, if if the pandemic gets worse and exacerbates supply chain issues. You could have inflation actually getting worse, even if growth cools a little bit, which would be really, really not a good outcome. We hope

that one doesn't happen. Um. The thing about Delta just quickly, and this is a very US centric view because the country has a high, relatively high vaccination rate, and the politicians and the public have basically said we're not locking down again. Um. And that has its own cost. But it means that even if the DELTA infections get worse in the US, I think the bar is much higher before we lock down again, which means that the economic

consequences are very different. You know, the economic shock occurred last year because all business activity largely stopped because of the lockdowns. We're not seeing that happen again. And so when I look at the markets and how they've behaved recently, if you think a large part of the equity sell off,

and we definitely saw it in reopening sectors. You know, if you if you forget about the SMP and you drill down to the types of companies that sold off more, you know, you see things like hotels and leisure and airlines down thirty or fifty from from their high over the last few months. So that's a pretty big that's

a very big move. UM. But I think those growth worries purely based on delta, for the United States at least, are overdone because it is to me the bar is so incredibly high that the US has broad lockdowns again. I think what you're seeing now are countries taking different paths and how they deal with it. Australia locking down, the UK opening up Freedom Day this week right, And in the US it feels like it's going to be

very localized. The l A is having more mask mandates, other parts of the country are saying what you know, what vaccine and what pandemic? So UM. I do think it's important not to extrapolate what happened last year and think it just repeats this year. I think the word isn't delta. The worry would be if we have a mutation which is always possible, that evades the vaccine, right, that that we're not protected against. That's when you could

be looking at new lockdowns. Because we're basically back at square one. UM. And I'm not an expert. I don't know what the probability is that that happens. But to inflation, absolutely, that could be a political point. I as a journalist, um, I did spend a few years in d C. Covering Capitol Hill in the White House, which was great fun to see firsthand how the sausage has made. And you know, anything that affects your voters is going to be something

that becomes a campaign talking point. And if your rents are going up, if you can't afford to buy a car, if your food prices are going up, your gasoline prices are going up, well yeah, blame the other party. Um So, I I do think inflation could be something that becomes more of a political hot button, and that will put

the FED in a really interesting position. Obviously, the Fed is independent, They're not going to react to politics, but you could envision uh situation over the coming months if inflation does stay higher a little longer than maybe the consensus believes, And the consensus today believes that inflation is going to be back to pre pandemic levels within a year, which is interesting to me and I think probably overdone.

Um But if inflation is high and the unemployment rate isn't back to the Fed's target, and they're getting political pressure. I think you're going to see a tremendous amount of focus on the FED, and including on whether or not President Buying keeps your own Powell the seat going into next year. One point i'd like to to make um

on the pandemic. I certainly agree with you the chances of another lookdown the scale of what happened last spring requires effectively a new virus, which i'd like you don't know enough about to to know whether it will happen. The chances are above zero, and neither of us already

qualified to say anything much more than that. What I do think, however, both from being a British person who still can't go home unless I'm prepared to get very expensive PC artists and spend ten days in quarantine even though I'm fully vaccinated and and Britain is free, there are actually um subtler gradations than we than we expected.

And as somebody who's generally been arguing that inflation is more of a risk than people think, this is I have to admit an argument that inflation may be less of a risk than people think, which is that we're not going to lock down. And some people might have ideological reasons for not for for thinking they really can behave as normal. But it's going to be around. It's to remind us of its presence. We're about to watch

the Olympics played in front of empty stadiums. I couldn't go to my Red Sox Yankees game last last week because the Yankees all had covid um. It will, it will drag on having some kind of an effect on our lives, and it won't mean a sudden stop. But it also won't mean all the roaring twenties ideas that we're all going to go out and spend all this money burning a hole in our pockets. That that argument, also, it seems to me, is looking weaker now as we

understand where the pandemic is going. So perhaps we shouldn't be thinking so binarily about this. Is that a concern of yours, whether whether we really are going to spend all the money happily in the way that people have have been predicting. The riscue articulated definitely resonates with me that and I think again it will depend quite a bit country by country. We should see a lot of differentiation. If if you're a country like Thailand, and you depend

so heavily on tourism. Um. You know, there are very few people who have the ability and willingness to spend who are going to Thailand right now, um, And so you are going to see some countries hurt and hurt even more with delta just creating fear and uncertainty. The United States I think is in unique is too strong a word, but in a differentiated position in that you do have the high vaccination rate, You do have a savings rate that is still today um, quite a bit

elevated versus where it was before the pandemic. You have net worth that's basically at record highs UM. You have balance sheets both of companies and households that are extremely healthy uh. And you have one of the tightest labor markets we've seen in decades, even with the unemployment rate

at five point nine percent. And so while I don't know if we're going to see a roaring twenties and now LGY, I do think the odds, even with the delta variant, are pretty good that you will continue to see very robust growth in the United States in line with and I think the biases above expectations at least for the coming quarters. Um. Now, of course that's barring, you know, as we said, a new virus variant. I hate even talking about it. It's depressing, but it's possible, um.

And I think you know, we believe our base case is that you are going to get another fiscal package in the US this year, maybe not till the fourth quarter, but we are going to. We we expect we will see something get through. And we believe that the FED is going to continue lagging the recovery, so to speak, they will let right now, it's too noisy. How can you read anything into a CPI report month to month?

So let the noise fade, see what the underlying inflation rate is to the degree you can, and then figure out where you go. And so even if the FED does announce at Jackson Hole or in September their plan for tapering, and maybe they start tapering somewhere around your end um, they're they're not going to be acting the way they were in two thousand seventeen or before. They're not going to be preemptively tightening. And I would add on the FED briefly that you know, we're talking so

much about inflation, and that is the big thing. But don't forget they also fine tuned their labor market target. Right. They're looking at inclusive employment. And if you think inclusively about employment, you're thinking about cohorts of people high school degree and under, etcetera. That unemployment rate tends to run two or three percentage points higher um than the headline

unemployment rate. And that's another reason if there are any uncertainties about growth and the Fed wants to go a little slow, that's a reason they could go a little slower justifiably. John, I wanted to ask you a question about you have written about inflation. You have what you call authors indicators. Um, you are sort of leaning, uh perhaps on the on the hawkish side on inflation to

some degree. And I think that's interesting because it is seeing it does seem like such a solid consensus, especially many of the guests we've had on the show that transitory uh you know, he's on the shorter end of transitory, temporary whatever, however many months that is no one seems to know. But it's not it's not a real permanent shift in pricing. UM. We'll walk us through your indicators, what you're seeing kind of briefly, and why you are

toting a little hawkishly. Okay. You know, first of all, um, as Rebecca was saying earlier, I have, thankfully not being over well over a hundred years old, I have never lived through anything like this either, and so um, you know,

one starts from a position of humility and ignorance. The general idea of the indicators is trying to work out what I think the most the most important numbers will be to keep an eye on across a range of factors, because you can argue about whether inflation is a monetary phenomenon or whether it's about the wage spiral or whatever. But you know, there are plainly many factors that go into causing it, and there are plainly genuine there are

real forces in either direction. I think some of this debate gets a little weak and it's like saying, you know, the picture, just through this at this through the ball over a hundred miles an hour. Of course he's not going to hit it. And the other guy says, well, look this guy, it's the most muscle bound sluggly you've ever seen. He swung really hard. It's bound to go out.

Both of those are very stupid things to say. There are very strong forces in either direction, and yet any number of outcomes is possible depending on the exact angle, that margin, everything about the contact that is that is made. So there are forces in both directions. What we need to see is how they how they counteract. So we all the standard measures of inflation, including trimmed mean, including core, everything suggests that inflation is higher than it has been

on the average for the last ten years. You can I've seen some remarkable prestig agitation with with the numbers. Ultimately, yes, inflation is definitely a bit higher. Whichever way you look at it. It may not be terrifying, but it's higher. Um the bond market at this point, there is no possible doubt that the bond market just doesn't think this is a problem in terms of its consensus, in terms of the view that finally emerges from the price uh. If you look at we've got indicators for the for

various components. The one that's fascinating, which I think is probably going to be critical over the next few months shelter um, which which recommentioned earlier in the in the in her first comments as well that generally speaking, there are all kinds of technical complaints about exactly how how shelter is accounted for in the in the CPI calculations. But if house prices rise as much as they've done

of late, it would be very surprising. Indeed, if rents didn't start to rise once annual leases show up and landlds have the chance to negotiate a higher, higher rent, that the odds are very high that you will see that number not get into Zimbabwe territory, but you might get it getting into three or a bit more, and that would be very very intriguing, very interesting if it happened.

Then we have wage inflation numbers which are broadly banging the line of where they've been for much of the last decade, with the intriguing exception that the lower skilled, lesser educated people are getting a nicer deal than they for a while, obviously because of the way the because of all the effects on employment we know about from

the pandemic, there's a lot of noise there. I think you need until the end of this year at the very earliest to have any clarity as to whether there has been what you would logically expect, which is some kind of an increase in the strength of the hand of labor. Broadly speaking, I think what we need to see is whether um, the wage inflation starts to take hold in the way that some people fear. And also I forgot to measure commodities, whether commodity inflation takes hold

in the way that some fear. And that's my that's my best attempts to try to be calm and logical and provide some kind of a manageable way for for our clients are viewers, to understand this in a in a way that doesn't oversimplify. I'm glad you brought up psychology, John, that that gives me the perfect segue to the craziest

things we've seen in markets this week, Rebecca. But before we get to that, Rebecca, there are two There are two things on a certain cohort of listeners of the show wait very patiently for so we'll get to the crazy things. That's obviously one of them. But I think a lot of people just want to hear an answer to the general question just tell me what to do with my money right now. So I'm curious, you know,

given this sort of paralyzing feeling of uncertainty and noise. Yeah, and especially given Bridgewater, you know, the famous um all weather strategy. I mean, we've had a lot of debate. Another question I'm sick of answering and asking, is is sixty forty dead? You know, obviously all weathers a more sophisticated but sort of similarly motivated strategy. Just walk us through, like what is you know, how should we be positioned

in this environment? And what is kind of your outlook for for the all weather strategy given you know, high valuations in both both bond and stock markets. So all whether um, I think, I think when you go back to why it started and what the goal was, it makes it so much more clear. Ray Dahlia, our founder, when he got going, he realized his kids might not have the same aptitude or interest he did. He wanted to have a strategic allocation for his family as kids

that could compound well over time. Right, So you don't want to participate in all the volatility. You just want to to do well and it with its less volatility or possible, And you don't want to have to be able to predict what the heck is going to happen. Right, Well, no one knows what the next twenty years is going to look like. So can you put together a balanced portfolio that can do well regardless of what the economic environment is and the two economic variables that are most important.

I think we'd all agree if you are trying to balance, is going to be owth and inflation, and you know common sense, like I don't need to give you a bunch of fancy correlations or aggressions. Certain assets are going to do better in a rising growth, rising inflation environment a reflation Some are going to do better in stagflation.

And so if you can have balanced sets of those things for each of those environments, you're not going to have the portfolio that performs best all the time, obviously mathematically it can't, but it can perform relatively well all the time regardless of the environment. So so that's what he built, and that was the goal. Like you don't have to pay attention to it, you don't have to market time, and it's not going to ride through the volatility,

which obviously costs you over time in the compounding. So when bond yields, we get the question all the time with bond yields this slow, would we want to be long bonds? We're going to own bonds as part of this portfolio where we think the bond yields have room to fall um and so you know, j g B is probably out so much, you know, But but there are bonds that have enough field that there is room for them to act as a defensive asset. But the

portfolio has never just been about bonds. It's about having a balance set of assets. So to to answer your question, what should people do now, I think the most important thing people can do is look at their portfolio and say, Okay, this is an incredibly unusual time. The pandemic, the fiscal policy, central banks doing different things. So and there is that consensus view we discussed earlier. What are the risks around that? If you know, maybe we are going back to nine

seventies inflation. But if inflation runs a little hotter than expected over the next few years, am I vulnerable to that? And if I am, what do I want to do? Maybe I want to add some inflation link bonds. Maybe I want to have some gold in my portfolio. Maybe I want to think about uh certain types of equities that will perform better, that have more pricing power. If if the pandemic gets worse, we have a new mutation and growth stalls. God help us, Um, it is going

to protect me. Then, so just I think the most important thing you should be doing is staring at way you own and then say what are the tail risks? Reasonable tail risks? We can come up with a million unreasonable, and then am I overexposed to either of those? And then what pieces do I need to add or adjust in my portfolio to try to give me balance because it is an unusual time. The other thing I'd say, and and this is you started out by reminding folks

that I was a reporter once upon a time. One thing I think that being a reporter helped me in this job is you learn to tune out noise. You know, I keep my Bloomberg on all day long, every day, um, and I will open an article every couple of minutes. But I do not read every headline. And I don't mean that as an insult. But if I read every story on every news feed I get, I don't know what else I would do with my life that would

keep me up all the day. So I think you have to understand what's meaningful, what's material, and what's just noise that I can ignore. You know, when we talk about inflation, inflation expectations. The Fed cares a lot about that. Do they get de anchored. They care about the five year five year break, even they care about wages in the labor market. You can watch those three things and a lot of the other stuff is probably noise. Um.

And so those those would be my two pieces of advice. Well, I we thank you for your frequent clicking of the article's Rebecca stand clear of the craziest things we saw in markets this week. I think it's that time for the craziest things we saw in markets. Uh, Mr authors, I think I want to start with you, what's the maddest thing you've seen this week? Maddest since apparently is

an anglicism, Um, I've just checked. Um. You might remember back in two thousand and nine there was this epochal moment when the yields on the SMP went above the yield on the tenure um. And this was extraordinary. It was the end of the cultural the equity blah blah blah blah blah. And last year we saw as big as spread in the yield between in favor of equities over over bonds as we've seen back in oh nine. Both times basically your money doubled over the next twelve

months if you went into doctorative bonds. Amazingly, we're back there again. Um. So the last two times this happened, stocks were plainly cheap after a massive sell off. Um this is the first time, right that we are actually as an all time high in the stock market. And yet you get a higher yield dividend yield from stocks than you do from ten year bonds, which is crazy.

That is certainly crazy, not not sexy and funny, but crazy. Absolutely, Absolutely, that's pretty good, all right, I'm going to be funny. Can I be funny? All right? Because if if I wanted to be serious, I would talk about the bond deal, the U S. Treasury yield being where it is given the economic backdrop. And but I feel like your listeners are all so well educated and a stoot that they know that already. So I'm gonna I'm gonna go in

a different direction. I Um, I started in finance doing foreign exchange and precious metals research for JP Morgan, and so perhaps it's not surprising that I was instantly attracted to crypto, just academically, just fascinated by it. So I've been following it closely since it was born. And this isn't quite this week, but it's recent enough that I

think it still fits your game. Um you know, I am fascinated by this virtual world we're now in, and I think part of it is a reflection of immense amounts of liquidity in the system, people looking for places to make money. I think part of it is, you know, the beauty that is technology and the advances people make. Maybe there's some populism in there too, but when you put all things together. We had a record real estate deal recently. We talked about rents and home prices. Okay,

virtual land. It's happening to nine hundred thousand dollars paid for sixteen virtual acres virtual acres, So this was blockchain real estate. Um de central Land. You pay with Mona and you know, normally if you use an n f T, you're buying a song, you're buying a piece of art. At least you can print it out right, you can touch something. You have virtual land, you can you can have events on your virtual land. Atari apparently has bought virtual Land recently and they're going to have old time

Pong championships and so forth. That you can attend. But the problem with virtual land as opposed to physical land. Physical land has limited supply. That is part of what underlies its value. Virtual land that there is absolutely nothing to limit its supply. So aside from someone else just thinking it's cooler and having more cryptocurrency to spend, what

makes you think this is a good investment. But I'm just I'm fascinated by how the crypto world is evolving, how people are looking for ways to use all this liquidity that they have received over the last year, And this one just jumped out to me as being particularly out there and worthy of sharing on your show. That's that's pretty good. I feel like I should say something about yield farming on that land, but uh, I don't

know if that's that's the purpose of this. But Rebecca, what to have you on sometime just to talk crypto and defied because I'm fine, I'm about ten years late to it, but I'm I'm I'm fascinated with it all. But that's a good one, John, that's stiff competition there. Um, I will give you mine. Mine's a very old school asset. In fact, it is something that I think is three D and fifty years old from the Alternative Assets Space Whiskey. The the world's oldest bottle of whiskey was distilled two

hundred and fifty years ago. I actually believe that the liquid inside of it's even a hundred years older than that. So around the Revolution. Uh, it's that old. This whiskey, Uh from Old Ingle Do Whiskey. That was the name of the brewer, Rebecca, you'll be interested in this. It will once belonged to none other than JP Morgan himself,

and in fact it was. It was auctioned off by the Skinner auction House, and it was bought by the Morgan Library, the JP Morgan Library in Midtown, which leads me to believe it it probably will never be drank. Perhaps when Jamie Diamond finally retires, they'll they'll they'll dust it off. But this leads me to another popular segment,

the price is right. I want to know what each of you think the winning bid was for the world's oldest whiskey seven fifty milliliter bottle, if that helps, I don't know, if you know you're looking for a bargain by volume. Uh, keeping in mind that it was JP Morgan himself and it was bought by the Morgan Library and the two part questions. Second part would be would you take a take a taste of it? John? How about you? What's what's your bid for the world's oldest

bottle of whiskey? Dr Oh, I'm way over. I would I would at least double I would double that bid. Okay, the prices right rules are in effect, so you could go a hundred and fifty one. All right, I will be chicken. Then let's go. Let's go with a hundred and fifty one. That's easy, Rebecca. I'm with you. I would have guessed in the millions. I feel like you know the type of people that collect whiskey. This is you know, your babe, Ruth Card hundred and seven. Wow,

congrats John, fascinating. Maybe Bridge, I don't know if Bridgewater wants to add something to its portfolio. This is truly all weather. Uh. It could be an uncorrelated alpha stream right there. Sorry, you guys talking over, talking over. I don't know. I don't know if that you know. I don't know what the investors would say about that, But to me, it seems like a bargain. I don't know, it seems like it might be somewhat ill liquid liquid investor, and I do think I would not taste it. I

think that's meant to be kept on a shop. I'm not sure. I think a lot of the joy of whiskey, and a lot of the joy of tasting general is from the sense of smell. And it's part of the joy of drinking whiskey is to is to rotate it under your nose a few times before you take the first sip. I might be a little nervous, but actually posing in needs my mouth, I think I probably would be quite game for holding that gorgeous, gorgeous pete aroma

beneath my beneath my nose for a bit. All right, Chad, Well, I'll tell you what if I'm not sure if the Morgan Library is even open in these times, but when it does, maybe we'll walk down and and see. We'll see if they a lot of sniff it. They got a lot of sniff it. Right, Let's let's make it a field trip. I would be I would be down for that, all right, it's a date. With that said, I think that is all the time. We had really enjoyed the conversation. Rebecca, Thank you so much for your time.

John is always a pleasure to catch up with you, and hopefully we can all do it again. Sounds good, we can talk about doge coin. I won't be joining you. That's a teaser for the next episode. If I've ever heard one gonna I'm gonna keep you to that, Rebecca Lord, okay, by what Goes Up. We'll be back next week. Until then, you can find us on the Bloomberg Terminal website and

DApp 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 Reganonymous. John authors is at John Author's You can also follow Bloomberg Podcasts at podcasts at that Get to Charlie Pellet of Bloomberg Radio in the voice of the New York City Subway System. What Goes Up is produced by tofor Forez.

The head of Bloomberg Podcasts is Francesco Levie. Thanks for listening. To see you next time. Thank you