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Interest Rates, Data Protection, And NBC · Bloomberg Intelligence

• 0:00
  Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside
• 0:04
  Speaker 1: my co host Matt Miller. Every business day we bring
• 0:06
  Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along
• 0:11
  Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast
• 0:15
  Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and
• 0:18
  Speaker 1: at Bloomberg dot com slash podcast. Right now, I want
• 0:21
  Speaker 1: to get a sense. Let's talk about one of the
• 0:23
  Speaker 1: fastest growing areas UH in the financial markets MAT, which
• 0:26
  Speaker 1: is E t F's That's where the kids are playing today.
• 0:30
  Speaker 1: Sylvia Jablonski, chief investment officer co founder at Defiance E
• 0:33
  Speaker 1: t F s H. Sylvia, thanks so much for joining
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  Speaker 1: us here. I would love to just get your thoughts
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  Speaker 1: here um on these markets. In two you know, Matt Night,
• 0:43
  Speaker 1: we talked a lot about rising interest rates. We're not
• 0:45
  Speaker 1: sure how much and how fast. We've got a slowing economy.
• 0:49
  Speaker 1: We're not sure how much and how fast. But given
• 0:51
  Speaker 1: that backdrop, how are you thinking about these markets? Hi,
• 0:55
  Speaker 1: good morning and great to be here with you today. Well,
• 0:58
  Speaker 1: you know, I think that these markets were a little
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  Speaker 1: bit of a wake up call from the way that
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  Speaker 1: we had did one in terms of UM, you know,
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  Speaker 1: some of the fear and panic and volatility that we've seen,
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  Speaker 1: you know, following a dramatic fiscal and monetary policy UM.
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  Speaker 1: You know, year of year of support in twenty one.
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  Speaker 1: The markets now in two are are sort of in
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  Speaker 1: a transition as some of those policies and and economies
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  Speaker 1: moved towards a more normalized state. And you know what
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  Speaker 1: we're trying to figure out is, you know, how does
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  Speaker 1: that look? And I think that by itself would sort
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  Speaker 1: of be okay, and maybe we would see you know,
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  Speaker 1: sort of less a little bit less liquidly, a little
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  Speaker 1: bit less free money things like that, maybe a little
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  Speaker 1: pullback on high returns. But what I think to add
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  Speaker 1: some some volatility and uncertainty is essentially, you know, the
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  Speaker 1: supply chain disruptions UM, the upsurgeon demand for for goods
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  Speaker 1: that's keeping implacent high and some of these other risks
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  Speaker 1: to the market. It's and it's not just high, right,
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  Speaker 1: I mean, the seven and a half percent print is
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  Speaker 1: getting people to flip out UM. Jim Bullard said yesterday,
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  Speaker 1: in another time, they would have caused called an emergency
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  Speaker 1: meeting and really done something about it. And there are
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  Speaker 1: a lot of critics out there who say, why in
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  Speaker 1: the heck aren't they doing that? Um, it's the highest inflations,
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  Speaker 1: Ben since I was eight, So you know, I think
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  Speaker 1: I was seven. One is the last I graduated high school.
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  Speaker 1: That was a fantastic year. That's awesome for you. I
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  Speaker 1: was also awesome being eight, But it wasn't awesome living
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  Speaker 1: with this much inflation for my parents, and it certainly
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  Speaker 1: isn't for me now or a lot of especially lower
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  Speaker 1: income people in this country. Um, what kind of rate
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  Speaker 1: hike schedule do you see as a result? I mean,
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  Speaker 1: are we going to see fifty basis points in March
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  Speaker 1: or at least one of the next few meetings because
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  Speaker 1: Bullard wants to see four rate hikes in the next
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  Speaker 1: three meetings. You know, it's it's so hard to call,
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  Speaker 1: right because you see what Bullard am out with, and
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  Speaker 1: then you know sort of the response to that that
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  Speaker 1: that the feed is going to wait and see and
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  Speaker 1: and and you know, be reactive and reactive to what's
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  Speaker 1: going on in the actual economy, and month by month,
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  Speaker 1: you know, sort of take a look and and go
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  Speaker 1: step by steps. So it feels like you know that
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  Speaker 1: the feed wants to come in for a soft landing,
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  Speaker 1: and you can see the reaction of the markets UM
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  Speaker 1: to some of his comments about you know, perhaps doing
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  Speaker 1: more and more quickly at higher rates and things like that.
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  Speaker 1: So I just, you know, my my sense of this
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  Speaker 1: is that it's going to be a slow and steady
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  Speaker 1: right hike process. And I think part of that is because, yes,
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  Speaker 1: inflation is at all time highs, but we still don't
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  Speaker 1: know how much of this, you know, supply chain disruption
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  Speaker 1: clearing out, you know, wages sort of easing out, UM
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  Speaker 1: of a full sort of reopen getting back into the
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  Speaker 1: market is going to pull that down where you know,
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  Speaker 1: we might be at all time highs there and we
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  Speaker 1: sort of keep saying that I thought that last month,
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  Speaker 1: and you know here we are a little bit higher.
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  Speaker 1: But I do think that we're peeking out here. UM.
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  Speaker 1: So you know, I would expect it to be hopefully,
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  Speaker 1: but you know, so so my you know, my guests
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  Speaker 1: will be four to five on this UM and I
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  Speaker 1: don't you know, see two fifty to see UM moves
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  Speaker 1: in a row. But we'll well, we'll sort of see
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  Speaker 1: how that turns out. Thirty seconds, Sylvia, what are the
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  Speaker 1: sectors that you like the most right here, giving that backdrop, Yeah,
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  Speaker 1: I really like well two things. One would be the
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  Speaker 1: reopen trade right. Um, we're we're kind of exaccinated. The
• 4:26
  Speaker 1: numbers are getting better, so cruizes, hotels, airlines, and number two,
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  Speaker 1: disruptive technology. You've got to be invested in five G
• 4:32
  Speaker 1: you've got to be invested in web three point oh um.
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  Speaker 1: It's certainly the future, and I don't think that these
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  Speaker 1: items issues right now are a huge factor on the
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  Speaker 1: future growth stories there. All right, Sylvia, thank you so
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  Speaker 1: much for joining us. Sylvia Jablonski, chief investment Officer, co
• 4:46
  Speaker 1: founder Defiance et f H. I want to talk about NBC.
• 4:55
  Speaker 1: Boy are they busy. They got a super Bowl, Matt,
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  Speaker 1: they got the Olympics, they got Mike Treko back and
• 5:00
  Speaker 1: forth between the Olympics and the super Bowl. You know
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  Speaker 1: who follows all that media stuff? You or Bloomberg News?
• 5:07
  Speaker 1: Yeah I did, I did it back in the day.
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  Speaker 1: But Jerry Smith follows it for Bloomberg News. And we've
• 5:11
  Speaker 1: got Jerry Smith here right now. Jerry, is it a
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  Speaker 1: good time to be NBC right now? It's definitely a
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  Speaker 1: busy time to be working at NBC. Um. Yeah, they
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  Speaker 1: have the Super Bowl on Sunday night, and their Olympics coverage,
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  Speaker 1: uh started late last week. So they've got a lot
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  Speaker 1: of employees in Beijing, a lot of employees in Los Angeles,
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  Speaker 1: which is already complicated, and then you're talking about doing
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  Speaker 1: all this in the middle of a pandemic. So it's um,
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  Speaker 1: it's a busy time to be at NBC right now. Well.
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  Speaker 1: And are other people besides Paul watching the Olympics? I
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  Speaker 1: mean I barely know they're going on, although I have
• 5:51
  Speaker 1: to say that I also go to bed at six
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  Speaker 1: pm every night. Um is it as popular as? Um?
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  Speaker 1: NBC what have hoped when they were bidding for it.
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  Speaker 1: It's certainly not what they hoped. The ratings so far
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  Speaker 1: for the Olympics are down almost from the Winter Games
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  Speaker 1: four years ago. UM. Well, not a lot of reasons
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  Speaker 1: for that. I mean, just in the last four years,
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  Speaker 1: a lot of people have cut the cord and are
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  Speaker 1: watching a lot less TV than they used to. Um.
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  Speaker 1: There's also just a lot of challenges NBC face with
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  Speaker 1: these games. The the controversy over China and their human
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  Speaker 1: rights record, A thirteen hour time difference between the East
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  Speaker 1: Coast and Beijing, so a lot of these events are
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  Speaker 1: happening while people are asleep. Um, you know, there's a
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  Speaker 1: potential fatigue factor. We just had a Summer Games. They're
• 6:42
  Speaker 1: normally spaced out two years between summer winter. This time,
• 6:45
  Speaker 1: there's just six months between the Summer Olympics and the
• 6:47
  Speaker 1: Winter Olympics. So you know, there's a lot of different
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  Speaker 1: reasons why the ratings might be down. Jerry Is the
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  Speaker 1: NBC even making the argument that, oh, they're not capturing
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  Speaker 1: all our digital viewership. Is that are you trying to
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  Speaker 1: be made? Yeah? I mean NBC is is actually trying
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  Speaker 1: to Uh. They've been on this campaign for a while
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  Speaker 1: now where they're trying to replace uh Nielsen, which is
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  Speaker 1: the industry standard for ad deals. They feel like Nielsen
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  Speaker 1: isn't capturing all the viewers on outside of the TV landscape.
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  Speaker 1: They've been promoting data from a company called i Spot TV,
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  Speaker 1: which does its own sort of measurement. Um. I mean
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  Speaker 1: that's been the challenge for NBC is just trying to
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  Speaker 1: get the Olympics in front of people who are not
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  Speaker 1: watching TV anymore. So they've struck deals with TikTok um,
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  Speaker 1: you know, Snapchat, Twitter, They have pe streaming service where
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  Speaker 1: for four nine a month, you can watch every Olympics
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  Speaker 1: event for the first time. So, Jerry, there's concept in
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  Speaker 1: the TV world of make goods, which is, boy, if
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  Speaker 1: your audience comes in way below what you told me
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  Speaker 1: it was going to be, you gotta give me some
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  Speaker 1: more ads. Is that something that NBC is talking about
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  Speaker 1: here for the Olympics, right? I mean the I've been
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  Speaker 1: talking to NBC executives, an average rising executives, and no
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  Speaker 1: one is surprised that the ratings are down. In fact,
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  Speaker 1: NBC lowered um it's expectations with advertisers, um you know,
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  Speaker 1: by about before the games began. So ultimately, you know,
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  Speaker 1: and when you lower your your expectations for your audience,
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  Speaker 1: you also lowered pride. So NBC was charging a lot
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  Speaker 1: less for these ads, and they did four years ago.
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  Speaker 1: And the hope is is that they can make up
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  Speaker 1: for those lower prices with a lot more ad inventory.
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  Speaker 1: I mean, if you think about all the different platforms
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  Speaker 1: that the Olympics are on, now, that's a lot more
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  Speaker 1: ad inventory that NBC can sell. All right, interesting, We'll
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  Speaker 1: continue to pay attention to that. Plus we got a
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  Speaker 1: Super Bowl, maybe they can make it up there. This Sunday,
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  Speaker 1: because this is likely to be maybe the highest rated
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  Speaker 1: super Bowl in a long everyone's gonna bet, I know,
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  Speaker 1: everybody's bet. Everybody's got some schedrol on this thing. So
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  Speaker 1: we'll see. All right, Let's check in with our next guest,
• 8:56
  Speaker 1: Dave Ellison, portfolio manager at the Hennessy Large in small
• 9:00
  Speaker 1: cat financial funds. Dave, how are financials going to perform?
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  Speaker 1: And what is a rising interest rate environment? How do
• 9:06
  Speaker 1: you think about that? You know, I, you know, I
• 9:10
  Speaker 1: think generally the market has been you know, in lockstep,
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  Speaker 1: meaning that rates go up, financials go up, and vice versa.
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  Speaker 1: And that's been kind of a a theme that's been
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  Speaker 1: playing out for you know, a year or so now,
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  Speaker 1: and I'm not sure if that continues, depending what happens
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  Speaker 1: to the yield curve. But I think generally the banks
• 9:31
  Speaker 1: in particular are you know, they've got good earnings visibility,
• 9:35
  Speaker 1: the valuations aren't crazy relative to history, and I think
• 9:40
  Speaker 1: they're becoming kind of a safe haven in a market
• 9:43
  Speaker 1: where you know, it seems like daily there's blow ups,
• 9:46
  Speaker 1: you know, not necessarily all in financial stocks, but across
• 9:49
  Speaker 1: the board. So I generally think we are in a
• 9:52
  Speaker 1: significant correction in the market, a significant downturn in the market.
• 9:56
  Speaker 1: It's not showing up in the indexes, but boy, there
• 10:00
  Speaker 1: are stocks that have just gotten absolutely hammered. I look
• 10:05
  Speaker 1: at Bank America's up ten percent this year, and I
• 10:08
  Speaker 1: look at, for example, of Firm Holdings, which is a
• 10:12
  Speaker 1: by Now paid later, a finance company that's down about
• 10:16
  Speaker 1: almost fifty this year. So there are significant things happening
• 10:22
  Speaker 1: in the market, and I think the problem is valuation,
• 10:25
  Speaker 1: and the problem is delivering on their you know, on
• 10:28
  Speaker 1: what they told people they were going to do, meaning
• 10:31
  Speaker 1: the business models aren't working and the stocks are just
• 10:34
  Speaker 1: getting absolutely hammered. But you're not saying, oh, now a
• 10:39
  Speaker 1: firm has a better evaluation, I want to go in
• 10:40
  Speaker 1: and buy that by now pay lead business. Well in
• 10:43
  Speaker 1: that in that specific case, I'm just picking out the
• 10:46
  Speaker 1: fact that there's significant negative performance happening in the market
• 10:50
  Speaker 1: despite the index. Is what is the sm T flat
• 10:53
  Speaker 1: this year? This week? I I think so, I think
• 10:57
  Speaker 1: my math is kind of correct, maybe not, And yet
• 11:01
  Speaker 1: you've had these massive draw downs in these companies. You know,
• 11:05
  Speaker 1: you just mentioned Goodyear Tire leading up into this into
• 11:08
  Speaker 1: my segment here that's down. I mean, in my days
• 11:12
  Speaker 1: of fidelity, you had a stock down, it wrecked your
• 11:15
  Speaker 1: performance if it was a big position in the fun
• 11:18
  Speaker 1: and it would destroy your performance for the year. So
• 11:21
  Speaker 1: so you were having in massive, you know, performance destructive
• 11:27
  Speaker 1: stocks in these portfolios that are not showing up in
• 11:30
  Speaker 1: the indexes. So that this is a we are in
• 11:33
  Speaker 1: a significant correction in the market. Well, you mentioned that,
• 11:37
  Speaker 1: you mentioned the yield curve. I mean yesterday we saw
• 11:39
  Speaker 1: the two year yield rise twenty five basis points in
• 11:42
  Speaker 1: one session. I mean that right. Well, I think that
• 11:47
  Speaker 1: the problem is, you know, the Fed governors talk too much,
• 11:51
  Speaker 1: and they need to shut up and not talk as much.
• 11:53
  Speaker 1: It creates these problems in the market. The market is
• 11:55
  Speaker 1: going to go there anyway. It was going to go
• 11:57
  Speaker 1: there anyway, meaning that I don't know it was going
• 11:59
  Speaker 1: to go or that day. But if we do have
• 12:01
  Speaker 1: a persistent inflation problem, we need to get rates more normalized.
• 12:05
  Speaker 1: I don't think raising rates is gonna impact inflation that much,
• 12:10
  Speaker 1: at least in the near term, because there are other
• 12:12
  Speaker 1: issues impacting it. And the question, whether you know, discussion
• 12:17
  Speaker 1: on inflation is a big one. The question is my
• 12:20
  Speaker 1: view is that companies seem to be raising prices because
• 12:24
  Speaker 1: they can politically get away with it and socially get
• 12:27
  Speaker 1: away with it. And they're going to do that as
• 12:30
  Speaker 1: long as they can. And you have examples like Tyson
• 12:34
  Speaker 1: Foods this week where you know, they raise prices across
• 12:37
  Speaker 1: the board and the stock is up. So every CEO
• 12:41
  Speaker 1: sees that and says, okay, I can raise prices, it
• 12:44
  Speaker 1: will help my stock price. I mean twenty years ago
• 12:47
  Speaker 1: it was basically move all your production to China and
• 12:50
  Speaker 1: the stock went up. So everybody went to China, got
• 12:54
  Speaker 1: the cheap labor, expanded their margins, and their stock went
• 12:57
  Speaker 1: went up. And now if we're in a trap now,
• 12:59
  Speaker 1: where are going to raise prices to hang onto margins,
• 13:02
  Speaker 1: You're gonna have persistent inflation despite what the FED does
• 13:06
  Speaker 1: on rates. Hey, Dave, thanks so much for joining us.
• 13:09
  Speaker 1: Appreciate getting your thoughts as always. Dave Ellison, portfolio manager,
• 13:14
  Speaker 1: Hennessey Large and small cap financial funds. They're joining us
• 13:22
  Speaker 1: all right. During this pandemic, more and more people working
• 13:25
  Speaker 1: from home, more and more people learning from home. That
• 13:29
  Speaker 1: means more and more data goes up into the cloud.
• 13:32
  Speaker 1: That parent raises data security issues. Um, let's get to
• 13:36
  Speaker 1: the bottom of that. Get some more details. Sanse Merchant Donnie.
• 13:38
  Speaker 1: He's the CEO of Common Vault. Common Vault is a
• 13:41
  Speaker 1: public and traded stock UM under on the NASTACS. Cv
• 13:46
  Speaker 1: lt is the symbol for you, Sance, I think so
• 13:49
  Speaker 1: much for joining us here. Are we seeing more security issues?
• 13:54
  Speaker 1: Data issues again as more and more people do they're
• 13:58
  Speaker 1: computing from remote areas now during this pandemic. Sure, hey
• 14:04
  Speaker 1: you good to be there. The company's compolled cb lt UM.
• 14:09
  Speaker 1: You know, is your question is is data more at risk? Well,
• 14:14
  Speaker 1: data has never been more valuable, and I would say
• 14:17
  Speaker 1: when more vulnerable because to your point, it's being created,
• 14:21
  Speaker 1: you know, from remote work. Data is being used in
• 14:24
  Speaker 1: new use cases for you know, data lakes, data warehouses, analytics,
• 14:28
  Speaker 1: customer service and so data is in flight. There's a
• 14:32
  Speaker 1: lot more data being created, and yes there's a lot
• 14:35
  Speaker 1: more happening around that data. You know, if you've seen
• 14:38
  Speaker 1: an incredible increase in cyber threat cyber attax on that
• 14:42
  Speaker 1: data UM over the past few years, but really around
• 14:46
  Speaker 1: the pandemic where companies had to pivot, you know, into
• 14:50
  Speaker 1: a whole new way of working and UM and we're
• 14:52
  Speaker 1: exposed to we help customers every day literally every day
• 14:56
  Speaker 1: and the customers and I wonder if it just gets
• 14:59
  Speaker 1: harder and harder. It's an uphill battle, by the way,
• 15:02
  Speaker 1: to repeat for viewers, it's Convolt not Common Vault Systems,
• 15:07
  Speaker 1: Paul has Paul has an issue speech issue. Yes, com
• 15:12
  Speaker 1: Vault systems um of course. And you know, as we
• 15:16
  Speaker 1: create and produce more and more data, I mean, we're
• 15:22
  Speaker 1: expecting exponential climbs, right, So how much more difficult does
• 15:26
  Speaker 1: this fight get? It gets? You know, it is it
• 15:30
  Speaker 1: is why convolts And you know during the data we
• 15:33
  Speaker 1: think we're in the data protection, data management, uh sort
• 15:38
  Speaker 1: of space. We've seen a real tail willing enough business
• 15:41
  Speaker 1: over the past couple of years because all of a sudden,
• 15:44
  Speaker 1: um companies boards. It's at you know, see you on
• 15:48
  Speaker 1: board levels. They're making decisions around having a uniform platform
• 15:53
  Speaker 1: to manage all the data assets. And data assets for
• 15:55
  Speaker 1: most companies have come over, you know, over generations literally,
• 15:59
  Speaker 1: so you're running you have you have business applications of
• 16:02
  Speaker 1: well built decades ago. They're still running businesses and you
• 16:04
  Speaker 1: have to protect those as well as as well as
• 16:07
  Speaker 1: the new workloads in the cloud, the cloud native workloads,
• 16:10
  Speaker 1: and and that's where we commit. Just as an example,
• 16:12
  Speaker 1: in in just in the past three years, we have
• 16:15
  Speaker 1: moved forward two and a half exabytes of data for
• 16:19
  Speaker 1: customers into the public cloud. And that is that has
• 16:22
  Speaker 1: literally grown five times in the past three years. So
• 16:24
  Speaker 1: you can see the pace at which customers are embracing
• 16:27
  Speaker 1: public cloud services, public cloud capabilities, and that brings about
• 16:31
  Speaker 1: a whole new way of thinking about protecting the data. Santa,
• 16:34
  Speaker 1: what you know, I think about you know, data security, cybersecurity,
• 16:38
  Speaker 1: and you know, oftentimes we hear from you know, big large,
• 16:40
  Speaker 1: publicly traded corporations SMP companies. How about some of the
• 16:44
  Speaker 1: small to mid size companies, how are they equipped to
• 16:49
  Speaker 1: kind of secure their data, to secure their networks. It's
• 16:54
  Speaker 1: it's a it's a it's a very important question. It's
• 16:56
  Speaker 1: a reality because today no one's in you. No company,
• 17:00
  Speaker 1: regardless of side, is immune to decide with threats. It
• 17:03
  Speaker 1: doesn't matter what side you are, um what they wanted
• 17:06
  Speaker 1: to data, what they want us to be able to
• 17:08
  Speaker 1: hold you for ransom? And and what's happening is we,
• 17:11
  Speaker 1: you know, the expectations become that you know, a small
• 17:14
  Speaker 1: accounting firm with let's say fifty people have to have
• 17:17
  Speaker 1: the same defenses as a pentagon to protect their customer information,
• 17:21
  Speaker 1: the client information. It's hard, it's super hard. And so
• 17:24
  Speaker 1: what we're doing is and and then there's another you know,
• 17:26
  Speaker 1: with with ransomware, which is which is the latest sort
• 17:29
  Speaker 1: of threat vector. What's happening is that traditional NT organizations
• 17:33
  Speaker 1: um find themselves you know, the crosscreas of of of
• 17:37
  Speaker 1: sort of what I call, you know, I ke collision,
• 17:39
  Speaker 1: which is is it a security problem or is it
• 17:42
  Speaker 1: an infrastructure problem? Who you know, who owns the backup?
• 17:44
  Speaker 1: Is that the best way to go about it? And
• 17:46
  Speaker 1: and so this, this whole thing is causing companies small
• 17:49
  Speaker 1: and big to rethink data protection, which is why we've
• 17:53
  Speaker 1: you know, we've been hard at work creating super super
• 17:56
  Speaker 1: easy to use um stas based solutions. As an example,
• 17:59
  Speaker 1: we've all the metallic because of the customers getting access
• 18:02
  Speaker 1: to the world class capabilities to protect themselves. That's that's
• 18:04
  Speaker 1: that's been our you know, our direction. So what kind
• 18:08
  Speaker 1: of growth do you expect? You know, we we we
• 18:12
  Speaker 1: just announced to three results. Uh and you know we
• 18:16
  Speaker 1: we it was a record sitting quarter for us. We
• 18:19
  Speaker 1: you know, we exceeded over twelve two hundred million dollars
• 18:21
  Speaker 1: in quality total revenue for the first time of the company,
• 18:23
  Speaker 1: so it was quite a quite a threshold. UM. You know,
• 18:27
  Speaker 1: we we we we we continue to see growth. We've
• 18:30
  Speaker 1: had UM, you know, really good results over the past
• 18:33
  Speaker 1: couple of years, are new products which we sort of
• 18:36
  Speaker 1: capture under the subscription and SASS A r r OUR
• 18:39
  Speaker 1: SASS products and our subscription oriented products sort of group
• 18:42
  Speaker 1: forty year on year and more than half of our
• 18:45
  Speaker 1: UM total A R R M and recurring revenue. So
• 18:49
  Speaker 1: you know, we're we're seeing great motion and there's no
• 18:51
  Speaker 1: reason to believe that it would still down. Sanj. Thanks
• 18:54
  Speaker 1: so much for joining us. Really appreciate your time, san J.
• 18:56
  Speaker 1: Virgin Donnie there is the CEO of Convolt again. The
• 19:00
  Speaker 1: ticker on the NASDAC is see v lt UM. Go
• 19:05
  Speaker 1: ahead and check that out if you want to see
• 19:07
  Speaker 1: more about Convolt Systems UM. The stock over the past
• 19:13
  Speaker 1: year has UM come down a little right now six
• 19:18
  Speaker 1: eight UM, but it had a big jump throughout one
• 19:21
  Speaker 1: and like the rest of the market's been very vulnerable.
• 19:25
  Speaker 1: Thanks for listening to the Bloomberg Markets podcast. You can
• 19:29
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• 19:32
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• 19:36
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• 19:40
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• 19:43
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