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BlackRock’s $26 Billion Private Credit Fund Limits Withdrawls · Bloomberg Intelligence

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  Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. You're listening to the
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  Speaker 2: One of the undercurrents out there in the marketplace is
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  Speaker 2: credit quality, particularly in the private credit business. We've been
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  Speaker 2: reading stories over the last several weeks and months, including
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  Speaker 2: blue Out for example, and there's another about some credit
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  Speaker 2: titaness there and some concerns there.
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  Speaker 3: Then Blackrock.
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  Speaker 2: Today Blackrock curbed withdrawals from its HPS corporate Lending fund
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  Speaker 2: after client requests for redemption. Spike, I wasn't expecting Blackrock,
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  Speaker 2: that this is such a high quality name. I was
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  Speaker 2: not expecting to see the Blackrock come into this conversation.
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  Speaker 2: But let's get the latest reporting there. Brian schapotap It
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  Speaker 2: joins his managing enter of Leverage, Finance and the rest.
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  Speaker 3: Bet for Bloomberg News.
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  Speaker 2: Brian talked to us about what's happening in the private
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  Speaker 2: credit market here today. Are these cockroaches, as Jamie Diamonds suggests,
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  Speaker 2: or is this something now maybe a little bit more
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  Speaker 2: systematic or systemic.
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  Speaker 4: Well, you know, I think you talked about at the
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  Speaker 4: jump you weren't expecting necessarily Blackrock, And you know, one
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  Speaker 4: of the big things that Blackrock has been pushing into
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  Speaker 4: is private markets and is private credits. So this HPS
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  Speaker 4: fund is one of the major funds that it acquired
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  Speaker 4: as part of its acquisition last year of HPS Investment Partners.
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  Speaker 4: So what you were seeing here in this fund is
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  Speaker 4: nine point three percent withdraw all requests. And they have
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  Speaker 4: stated in their language, as many of these private credit
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  Speaker 4: funds do, if we reserve the right to halt redemptions
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  Speaker 4: at five percent if they become too overwhelming for us,
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  Speaker 4: because we can't really sell our assets. So they threw
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  Speaker 4: up the gates, as they like to say, and as
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  Speaker 4: a result, investors aren't getting the full money back that
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  Speaker 4: they expected. We'll see if that continues, and if it does,
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  Speaker 4: that will be something that will play out over the
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  Speaker 4: quarters to come.
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  Speaker 5: Well, Brian, you know Blackrock saying that this step is
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  Speaker 5: in line with its existing management of liquidity. As they
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  Speaker 5: put it, are investors buying that, is the street buying that.
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  Speaker 6: Yeah.
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  Speaker 4: Well, one of the things that we've kind of observed
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  Speaker 4: on the private credit team here at Bloomberg is that
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  Speaker 4: even just as recently as this week, Blackstone opted to
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  Speaker 4: meet all investor redemption requests even though it was seven
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  Speaker 4: point nine percent in excess of that five percent threshold,
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  Speaker 4: they were allowed to go all the way up to seven.
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  Speaker 4: And then they also actually put some of the firm's
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  Speaker 4: money and some of the employees' own money into kind
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  Speaker 4: of offsetting the withdrawals. So for a long time, we
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  Speaker 4: have not seen any asset manager actually say we are
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  Speaker 4: limiting withdrawals because it's not a good look necessarily if
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  Speaker 4: you can't get your full money back. But it is,
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  Speaker 4: as they said, kind of part of what why you
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  Speaker 4: got into private credit in the first place is illiquid
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  Speaker 4: and you get paid for that.
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  Speaker 3: So, Brian, what is the is there?
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  Speaker 2: Or put it this way, is there a consensus building
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  Speaker 2: as to whether there really is a systemic problem credit
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  Speaker 2: problem in private credit?
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  Speaker 4: Yeah, well, right now, it's kind of a liquidity problem.
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  Speaker 4: Right There's a mismatch I think between maybe some of
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  Speaker 4: the retail investors that got into these products that kind
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  Speaker 4: of expect that if they want their money back, they
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  Speaker 4: can get their money back, and do something else with it.
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  Speaker 4: So I think this has to all play out, and
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  Speaker 4: I think the question that everyone's asking is will there
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  Speaker 4: eventually be kind of a liquidity problem become you know,
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  Speaker 4: kind of there's a feedback loop, right like if there's
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  Speaker 4: for selling, then prices go down, that hurts returns, and
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  Speaker 4: then that necessitates kind of you know, people wanting to
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  Speaker 4: pull their money more, and it becomes this kind of
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  Speaker 4: very negative feedback loop. We kind of saw this with
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  Speaker 4: with commercial real estate a few years ago when when the.
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  Speaker 6: FED was hiking rates.
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  Speaker 4: So we have to see how this cycle plays out
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  Speaker 4: and whether it continues in the coming months and quarters.
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  Speaker 5: And every seeing any read across through the broader credit space.
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  Speaker 5: I know that, for instance, in publicly traded credit markets,
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  Speaker 5: spreads have been quite favorable at the beginning of this year.
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  Speaker 5: We've seen a lot of issuers benefit from that. But
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  Speaker 5: now seeing more jitters in private credit space, is it
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  Speaker 5: something that you expect to ripple across the res in
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  Speaker 5: the market as well.
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  Speaker 6: It's it's a really good point. I mean, some of
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  Speaker 6: these private credit vehicles.
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  Speaker 4: Have leverage loans which are which are kind of more
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  Speaker 4: publicly traded, broadly syndicated in their in their portfolios so
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  Speaker 4: that they have some sort of liquidity. So we are
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  Speaker 4: actually seeing some evidence of this trickling out into the
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  Speaker 4: other more like risky lending markets, where a lot of
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  Speaker 4: managers are selling what they're able to and selling what's easy,
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  Speaker 4: and that's actually hitting loan prices a little bit more
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  Speaker 4: than we might expect, even though those loans are relatively
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  Speaker 4: higher quality and are generally doing fine. Investors are kind
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  Speaker 4: of trying to get liquidity where they can, and so
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  Speaker 4: they're kind of selling the stuff that they're able.
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  Speaker 2: Our private our fund managers are they out there in
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  Speaker 2: the market trying to raise capital for private credit funds.
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  Speaker 3: I would think this would be a tough time. They
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  Speaker 3: are still.
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  Speaker 4: I think it was Dan Loebe who came out recently
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  Speaker 4: and said he was who's actually raising a BBC. There
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  Speaker 4: are pockets of fundraising that are still working. But I
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  Speaker 4: do think that's obviously a fair question. There's been this big,
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  Speaker 4: obviously push into retail for one k's private markets, and
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  Speaker 4: it comes at perhaps not the most optimal time, as
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  Speaker 4: there's kind of a reassessment of.
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  Speaker 6: Risk and kind of liquidity.
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  Speaker 4: Nobody really cares about liquidity until they do, and when
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  Speaker 4: they do, it can be kind of what we're seeing today.
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  Speaker 5: Yeah, Well, are we seeing also any signs of stress
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  Speaker 5: given what's happening in a broader space with a run
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  Speaker 5: conflict at this moment? How does that get going to
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  Speaker 5: play into private credit and credit markets broadly?
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  Speaker 4: Yeah, it's still I would say early days as far
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  Speaker 4: as the spillover effects. But obviously there are a lot
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  Speaker 4: of borrowers out there that are exposed to commodity prices,
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  Speaker 4: for example, and so I think those are some of
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  Speaker 4: the markets where you're seeing the most dramatic moves as
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  Speaker 4: a result of the conflict in Irans. So something that
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  Speaker 4: I think the credit markets have to be watching pretty closely.
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  Speaker 4: But for now, it was mostly just the market's kind
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  Speaker 4: of just really quieted down quite a bit as everybody
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  Speaker 4: kind of assessed what was happening on how long the
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  Speaker 4: conflict might be going on. So I think we'll seeing
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  Speaker 4: that maybe next week or the week after as some
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  Speaker 4: of these big deals come down the pike.
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  Speaker 3: Stay with us more from Bloomberg Intelligence coming up after this.
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  Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
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• 6:33
  Speaker 2: Just up a little technology stocks. Here's here's a note
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  Speaker 2: from a recent analyst who says investors are now navigating
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  Speaker 2: an uncertain Iran military conflict in the Middle East, adding
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  Speaker 2: to the nervousness already in the tech trade with the ghosts,
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  Speaker 2: with the AI ghost trade and anthropic worries abound. The
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  Speaker 2: author of that note is Dan Ives, Global head of
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  Speaker 2: Technology research at web Bush Securities. Here Dan, love to
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  Speaker 2: get your thoughts, Danzey.
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  Speaker 3: He's somewhere in the Swan Jersey. I don't know where
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  Speaker 3: he is right now.
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  Speaker 2: But what is the AI ghost trade, Dan, And how's
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  Speaker 2: it impacted tech stocks?
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  Speaker 6: Yeah? Well, Paul, I mean the AI ghost trade.
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  Speaker 7: It goes back to like the anthropic worries that's crushed
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  Speaker 7: software this year. You know, in terms of cybersecurity software
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  Speaker 7: that these lms are going to replace.
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  Speaker 6: The software layer.
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  Speaker 7: And I'd take to somebody it's also been a huge
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  Speaker 7: overhang of names like Microsoft.
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  Speaker 6: But we continue to view it. It's a good trade.
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  Speaker 7: I think last week's anthropic event earlier in the week
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  Speaker 7: will be the star of a bottoming event. I think
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  Speaker 7: we've already seen it in software, and I think it's
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  Speaker 7: a fictional tale, okay, fairy tale. The anthropic is going
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  Speaker 7: to replace software.
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  Speaker 5: Yeah, well, I'm sure Dan that you've read a training
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  Speaker 5: report from a couple of weeks ago that really sparks
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  Speaker 5: some of these worries or continue to stoke these software worries.
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  Speaker 5: What'd you take on that scenario? Are you an account
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  Speaker 5: that it's too much doomsday, especially because they were calling
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  Speaker 5: for this to or rather it was a hypothetical scenario
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  Speaker 5: that they were potentially seeing play out as soon as
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  Speaker 5: twenty twenty eight, But what are your thoughts about that?
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  Speaker 6: I mean, that's like me saying in two years, I'm
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  Speaker 6: going to be in pole vault in the Olympics in
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  Speaker 6: La You could be. I mean, look, I get to
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  Speaker 6: teach your own.
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  Speaker 7: But I believe we're in the early d's of an
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  Speaker 7: AI revolution and what's going to be a secure, a
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  Speaker 7: tech ball market. Look, I get the jitters, the white
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  Speaker 7: knuckles that we're going through in terms of the ghost trade,
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  Speaker 7: worries about cap backs.
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  Speaker 6: Obviously Iran conflict war which was adding to that.
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  Speaker 7: But it just speaks to my view like this will
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  Speaker 7: also pass Like these are going to be opportunities to
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  Speaker 7: own the core tech winners in a revolution where the
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  Speaker 7: US for the first time in thirty years is the
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  Speaker 7: head of China when it comes attack DAN.
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  Speaker 2: As it relates to risk or potential risk to software,
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  Speaker 2: is there a way to differentiate ones that are maybe
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  Speaker 2: more at risk versus less at risk.
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  Speaker 7: Yeah, well, I think it's a great point. Look, I think,
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  Speaker 7: first off, the most disconnected of all software cybersecurity, like
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  Speaker 7: when I look like nothing is replacing the and AI
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  Speaker 7: just increases the surface area and the miles are going
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  Speaker 7: to have to be protected CrowdStrike pow out a checkpoint
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  Speaker 7: Z scale like, I think that's probably one of the
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  Speaker 7: areas that I think is a huge misnumber. And then
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  Speaker 7: you look at like the salesforces the service now is
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  Speaker 7: the Microsoft Like nothing is replaced in that layer and
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  Speaker 7: that data. I palent you would be a good example
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  Speaker 7: even when you look like everything that's happened with Anthropic
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  Speaker 7: and the Pentagon, it's just going to increase the ability
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  Speaker 7: for palenteer less reliant.
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  Speaker 6: It's a plug and play in terms of the models
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  Speaker 6: are there.
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  Speaker 7: Coming to the UI path Some others that have maybe
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  Speaker 7: more one trick pony business models. It could be disintermediate. Yeah,
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  Speaker 7: but you can't paint them all at the same rush.
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  Speaker 7: And that's why this is the most disconnected selloff that
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  Speaker 7: I've seen my history on washing go back to the
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  Speaker 7: late nineties.
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  Speaker 8: Yeah.
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  Speaker 5: Well, Dan, I know that you've also written recently about
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  Speaker 5: how the tech trade and the developments in that space
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  Speaker 5: connects to the broader macro environment that we're seeing. Obviously,
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  Speaker 5: the rund conflict driving a lot of price action this week.
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  Speaker 5: What are your thoughts around that?
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  Speaker 6: Then?
• 10:18
  Speaker 5: How does this new catalyst kind of further up in
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  Speaker 5: what we're seeing in the tech space at the moment.
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  Speaker 7: Look, I think right now investors are trying to put
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  Speaker 7: pieces of the puzzle together, and the puzzle keeps getting
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  Speaker 7: thrown apart. Right in terms of like other risks and
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  Speaker 7: other fears, I think at the end of the day,
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  Speaker 7: you take a step back the anthropic fears, the goos
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  Speaker 7: trade that is way disconnected in terms of what I
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  Speaker 7: see is happening software and sproader tech. The cat backst
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  Speaker 7: hours are going to continue to increase, and even though
• 10:52
  Speaker 7: you're going through these jitters, that's not going to stop that.
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  Speaker 7: That's going to continue to accelerate. I think when you
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  Speaker 7: look what's happening, you know, with with Iran conflict and
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  Speaker 7: war and what this is doing to some extent, military
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  Speaker 7: is going to just have to.
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  Speaker 6: Rely more and more on technology players.
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  Speaker 7: And I think that's playing in We've talked about like
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  Speaker 7: our top ten names, Like there's names like Planet Labs.
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  Speaker 6: There's names like Voyager, you know.
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  Speaker 7: Of course, like you know, safety Technius, cybersecurity, names like Polunteer.
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  Speaker 7: I think tech messures need to navigate this uncertainty but
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  Speaker 7: own the winners and you cannot get caught on with
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  Speaker 7: still the long term thesis that were less than a
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  Speaker 7: third of the way through.
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  Speaker 2: Dan last question thirty seconds left the both how do
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  Speaker 2: you put into context the anthropics and the open ayes
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  Speaker 2: and some of the discussions they've been having with the government,
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  Speaker 2: particularly the Pentagon about how technology is used.
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  Speaker 7: Look anthropic, like they touched the third rile essentially right
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  Speaker 7: now they're trying I didn't starting to backtrack and some
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  Speaker 7: of the apologies, but you cannot tell the government and
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  Speaker 7: I think they're needs to be guardrails and I think
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  Speaker 7: open A and Almonds talked about the others that work
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  Speaker 7: with the government but I think.
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  Speaker 6: For them, like it got them into very precarious.
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  Speaker 7: Situations supply chain risk and others, And it's a cautionary
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  Speaker 7: tale right in terms of what's happening. Others will gain
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  Speaker 7: from that opportunity. But look, this is we're going into
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  Speaker 7: unprecedented territory. But I think anthropic, Like last Friday Night,
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  Speaker 7: that was a I think that was.
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  Speaker 6: A black Eyes situation that they're trying to navigate.
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  Speaker 2: Are we gonna get anthropic and open eye IPO in
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  Speaker 2: twenty twenty six?
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  Speaker 7: Look, I think it's one where I'd be surprised if
• 12:37
  Speaker 7: that happened twenty six.
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  Speaker 6: I mean, you're about SpaceX and others. Yeah, but when.
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  Speaker 7: You get supply chain designation doubt from the Pentagon, which
• 12:45
  Speaker 7: essentially is the same as Huawei, Yeah, that's uh, you're
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  Speaker 7: not digesting that over in a cabernet over the weekend.
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  Speaker 3: Stay with us. More from Bloomberg Intelligence coming up after this.
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  Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
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  Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android
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  Speaker 1: you get your podcasts, or watch us live on YouTube.
• 13:14
  Speaker 2: Skip talk to the real estate business, and we always
• 13:17
  Speaker 2: like to talk about the commercial real estate business because
• 13:19
  Speaker 2: we're in New York City, just with amazing real estate
• 13:23
  Speaker 2: here in town, and we have Morgan Stanley.
• 13:27
  Speaker 3: We've talked about this before.
• 13:28
  Speaker 2: Lauren Hawkfelder, head of Global real Estate Assets at Morgan Stanley.
• 13:32
  Speaker 2: And as long as I've been in this business, since
• 13:33
  Speaker 2: the mid eighties, it's been Morgan Stanley really the leaders
• 13:36
  Speaker 2: in the investment banking side of real estate and the
• 13:39
  Speaker 2: ownership of real estate.
• 13:41
  Speaker 3: Lauren, thanks so much for joining us here. Is the
• 13:44
  Speaker 3: worst behind us?
• 13:45
  Speaker 4: Here?
• 13:45
  Speaker 2: Do you think?
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  Speaker 8: Thank you for having me first of all? And yes,
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  Speaker 8: I absolutely think the worst is behind us. I think
• 13:51
  Speaker 8: we talked the last time we were together that it
• 13:53
  Speaker 8: felt like a bottom was forming, and I think today
• 13:56
  Speaker 8: there's pretty clear evidence it has formed. Clear evidence on
• 14:01
  Speaker 8: the ground when we look at public markets, when we
• 14:03
  Speaker 8: look at private capital formation, we're feeling pretty good.
• 14:06
  Speaker 5: Yeah, well, Laurien, I think one of the things that
• 14:08
  Speaker 5: you cited as part of this improving process is the
• 14:10
  Speaker 5: fact that the cost of capital is falling right and
• 14:13
  Speaker 5: debt market's also more favorable to real estate borrowers. How
• 14:17
  Speaker 5: durable do you think that development will be.
• 14:20
  Speaker 8: Yeah, so debt markets are wide open. Real estate lending
• 14:24
  Speaker 8: last year was up thirty percent and across categories, So
• 14:28
  Speaker 8: even the banks are back, and I think perhaps most interestingly,
• 14:32
  Speaker 8: you know, in the beginning it was sort of a
• 14:34
  Speaker 8: pretty narrow subset of what lenders would lend to. Today
• 14:37
  Speaker 8: they're even lending to office and so you know what
• 14:39
  Speaker 8: they say, when the corpse has a pulse, you can
• 14:41
  Speaker 8: that you can infer what's going on in the market.
• 14:44
  Speaker 2: All right, So, as I understand it, we have a
• 14:46
  Speaker 2: housing shortage in this country. Let's say I'm entrepreneurial, I
• 14:49
  Speaker 2: want to build a multi family community out.
• 14:52
  Speaker 3: There or some type of property. Where am I going
• 14:54
  Speaker 3: to get the capital to do that?
• 14:56
  Speaker 8: Yeah, So look, real estate lending is absolutely back, or
• 15:00
  Speaker 8: multifamily in particular, certainly a bit less on the construction
• 15:04
  Speaker 8: lending side, and I think for good reason. So in
• 15:08
  Speaker 8: the US in particular, what ends every cycle. It's new supply, right,
• 15:13
  Speaker 8: Rents run, values run, and builders build. It is a
• 15:16
  Speaker 8: very efficient supply side response, and we saw a lot
• 15:19
  Speaker 8: of excess supply this time around. So fortunately we've seen
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  Speaker 8: a real pullback in that.
• 15:25
  Speaker 5: What could happend this development here? The fact that it
• 15:29
  Speaker 5: is on the rise. I mean, we have seen a
• 15:31
  Speaker 5: few macro stories unfolding this week that are quite major,
• 15:37
  Speaker 5: and so is any of that kind of potential halt
• 15:42
  Speaker 5: or that could potentially stop the recovery that we've seen
• 15:45
  Speaker 5: so far invested.
• 15:46
  Speaker 8: Look, the perspective matters, and I look across Morgan Stanley's
• 15:50
  Speaker 8: real assets business. We own real estate assets, infrastructure assets, equity, credit, etc.
• 15:57
  Speaker 8: And so we have a really global perspective, and I
• 15:59
  Speaker 8: would say, of course all of this geopolitical risk has
• 16:04
  Speaker 8: massive implications. The difference perhaps is that whereas the broader
• 16:08
  Speaker 8: investible universe is at all time highs and facing a
• 16:11
  Speaker 8: lot of volatility in the public markets, real estate values
• 16:15
  Speaker 8: are still down roughly twenty percent as you look across
• 16:18
  Speaker 8: the world, and so you have a really attractive entry point.
• 16:21
  Speaker 8: You have as your reference cost to capital going down,
• 16:24
  Speaker 8: and you have new construction down. So when you put
• 16:27
  Speaker 8: aside all of the noise, I think the relative value
• 16:30
  Speaker 8: proposition for real estate is really strong. And when you
• 16:33
  Speaker 8: think about the flow through risks created by some of
• 16:35
  Speaker 8: this geopolitical these dynamics, it's inflation, it's a risk off appetite,
• 16:43
  Speaker 8: and what do we know about real estate. Real estate
• 16:46
  Speaker 8: is a pretty effective inflation head and it tends to
• 16:49
  Speaker 8: be a lower risk asset class with durable cash flow,
• 16:52
  Speaker 8: among other things.
• 16:54
  Speaker 2: Well, and you say one of your higher conviction real
• 16:56
  Speaker 2: estate strategies is industrial. Does that include this the data
• 17:00
  Speaker 2: center thing or is that something different?
• 17:02
  Speaker 8: So data centers tend to be adjacent to industrial. We
• 17:06
  Speaker 8: do invest in data centers as well, in particular in
• 17:09
  Speaker 8: our infrastructure business. But i'd say when you look, actually,
• 17:13
  Speaker 8: AI is really impacting both data centers and industrial.
• 17:18
  Speaker 2: Yeah.
• 17:18
  Speaker 5: Well, one of the things that you're looking at as
• 17:21
  Speaker 5: well in terms of high conviction areas of senior housing.
• 17:24
  Speaker 5: What's been the trend there?
• 17:26
  Speaker 3: Yeah.
• 17:26
  Speaker 8: Well, look, in investing, you have knowns and unknowns, And
• 17:29
  Speaker 8: one thing we know for sure is that our population
• 17:32
  Speaker 8: is getting older and with that, our housing needs change.
• 17:35
  Speaker 3: So the eighty.
• 17:37
  Speaker 8: Plus population in this country is growing at nearly five
• 17:40
  Speaker 8: percent against a backdrop of the overall population dead flat,
• 17:44
  Speaker 8: and so we have a lot of growth in that segment.
• 17:46
  Speaker 6: And by the.
• 17:47
  Speaker 8: Way, they control a lot of the wealth in this country.
• 17:50
  Speaker 8: They control more than fifty percent of the wealth, so
• 17:52
  Speaker 8: you have a lot of them with a lot of money.
• 17:54
  Speaker 8: That is a lot of demand for senior housing, and
• 17:56
  Speaker 8: we're seeing across our portfolio a lot of growth.
• 17:59
  Speaker 3: All right, before we let you go just office.
• 18:03
  Speaker 2: If I want to go buy an office building on
• 18:05
  Speaker 2: Third Avenue on forty eighth Street, what should my bid
• 18:08
  Speaker 2: b relative to like the last transactions? Right?
• 18:11
  Speaker 3: Am I coming in at a fifty percent discount? Thirty percent?
• 18:14
  Speaker 3: Or is that thing already cleared?
• 18:15
  Speaker 8: Maybe? Well, here's what's so interesting is we debated for years,
• 18:18
  Speaker 8: including here with you, the sort of return to office trend, right,
• 18:22
  Speaker 8: would work from home just decimate office? Unfortunately, I think
• 18:26
  Speaker 8: that debate is over. People are back in the office.
• 18:30
  Speaker 8: But now what you're seeing is this new debate of
• 18:32
  Speaker 8: the AI office scare right, and we are all the
• 18:36
  Speaker 8: jobs going from Third Avenue and forty seventh Street to
• 18:39
  Speaker 8: data centers in god knows where. We still think that
• 18:42
  Speaker 8: the highest quality office will really prevail.
• 18:46
  Speaker 2: So that AA plus story that's still to play. What
• 18:49
  Speaker 2: are we doing now for the B and C? Does
• 18:51
  Speaker 2: that stuff just clear at a price? Does it get
• 18:54
  Speaker 2: torn down?
• 18:55
  Speaker 6: Like?
• 18:56
  Speaker 5: Yeah, I don't know.
• 18:57
  Speaker 8: I think that there is going to be a reasonable
• 18:59
  Speaker 8: amount of casion. Okay, so there's demand destruction and their
• 19:03
  Speaker 8: higher and better uses of these pieces of clay. That's
• 19:06
  Speaker 8: just the reality. Now we need the private and public
• 19:09
  Speaker 8: sector to come together to make those economically viable.
• 19:12
  Speaker 2: So why is Morgan Stanley so good have been forever
• 19:15
  Speaker 2: in real estate? Is it just you've had a commitment
• 19:17
  Speaker 2: through cycles that maybe others didn't.
• 19:20
  Speaker 8: We have an extraordinary team, and we have the combination
• 19:23
  Speaker 8: of a global perspective, right and being part of Morgan Stanley,
• 19:27
  Speaker 8: the best economists in the world, the best global perspective,
• 19:30
  Speaker 8: but amazing local teams and real estate is fundamentally local law.
• 19:35
  Speaker 6: Business.
• 19:35
  Speaker 1: Yep, this is the Bloomberg Intelligence podcast, available on Apple, Spotify,
• 19:41
  Speaker 1: and anywhere else you get your podcasts. Listen live each
• 19:45
  Speaker 1: weekday ten am to noon Eastern on Bloomberg dot com,
• 19:49
  Speaker 1: the iHeartRadio app, tune In, and the Bloomberg Business app.
• 19:53
  Speaker 1: You can also watch us live every weekday on YouTube
• 19:56
  Speaker 1: and always on the Bloomberg terminal.
• 20:02
  Speaker 2: Yeah