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BNY's Levine: Inflation Will Be Higher Than Expected · Bloomberg Intelligence

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  Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside
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  Speaker 1: my co host Matt Miller. Every business day, we bring
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  Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along
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  Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast
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  Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and
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  Speaker 1: at Bloomberg dot com slash podcast. Let's get right to
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  Speaker 1: our next guest, Alicia Levin. She's a chief strategist and
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  Speaker 1: managing director for b n y Melon Investment Management about
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  Speaker 1: two point two trillion dollars of assets under management. Alicia
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  Speaker 1: is speaking today on the Financial markets panel at the
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  Speaker 1: Engage Undergraduate Investment Conference, so we're fortunate to get her time.
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  Speaker 1: Alicia a lotted the discussion from market participants really over
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  Speaker 1: the last several weeks, in particular has been inflation and
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  Speaker 1: the impact on financial assets and where you want to
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  Speaker 1: be with your portfolio and your investments. Love to get
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  Speaker 1: your thoughts right here, right now on inflation and kind
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  Speaker 1: of how that's factoring it to your calculus. So that's great.
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  Speaker 1: Thanks for having me almost at the noon hour exciting
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  Speaker 1: panel today. Um, look, I think that is that's the
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  Speaker 1: question of the moment, And I think what better example
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  Speaker 1: of the problem with inflation and inflation risk than the
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  Speaker 1: Suez Canal where we saw that giant tank or sitting
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  Speaker 1: there for about eight days choking up supply chain. And
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  Speaker 1: today we've got a p p I number, you know,
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  Speaker 1: four four point two percent year year growth on PPI prices,
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  Speaker 1: much higher inflation and prices than expected for goods inputs,
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  Speaker 1: and I think we are on a path for the
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  Speaker 1: next few months of much higher inflation reads than UH
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  Speaker 1: than we would have sought. Even though the FETE is
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  Speaker 1: telling us not to worry. I think the prints are
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  Speaker 1: going to be higher. So there are two issues. One
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  Speaker 1: is inflation coming and to what do central banks do
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  Speaker 1: about it? And the two are separate. But I think
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  Speaker 1: the issue of inflation is real, and I think it's
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  Speaker 1: going to last longer than a couple of months now.
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  Speaker 1: We spent so much money on it already the pandemic
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  Speaker 1: in terms of stimulus. But as I look at food
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  Speaker 1: inflation and gasoline prices, you know, it doesn't matter if
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  Speaker 1: they're coming from a lower UH comparison. These are still
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  Speaker 1: making up a much higher percentage of the incomes of
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  Speaker 1: the people who are hit hardest during the pandemic. Are
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  Speaker 1: we going to see do we need to see more
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  Speaker 1: federal government spending in terms of stimulus. So I don't
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  Speaker 1: think they're going to be able to get more stimulus
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  Speaker 1: for the kind of pandemic related issues. We had one
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  Speaker 1: point nine trillion dollars, as you know, passed very quickly,
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  Speaker 1: and if you think about how much money is coming
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  Speaker 1: to the US economy, think about the timing of this.
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  Speaker 1: On the one point nine one point two is going
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  Speaker 1: to be plowed into the economy one point two trillions
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  Speaker 1: by early September. So that's one point to trillion dollars
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  Speaker 1: in six months. That's absolutely extraordinary and that can be inflationary. Um.
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  Speaker 1: The question is do labor markets really adjust quickly to
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  Speaker 1: get people back into you know, as we reopen, demand increases,
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  Speaker 1: demand for services increases, candle labor markets keep up. And
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  Speaker 1: that's really the big question, right, do people decide to
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  Speaker 1: stay home and collect their unemployment benefits because it's about
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  Speaker 1: twenty three an hour through September six or do people
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  Speaker 1: go back to to you know, to working, and that's
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  Speaker 1: those are those are tough questions, but it really is
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  Speaker 1: staff forwards, higher risk of inflation in the very short term,
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  Speaker 1: all right, So is it the higher risk of inflation
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  Speaker 1: in the short term? Alicia? Is that how does that
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  Speaker 1: kind of coloring where you guys at B and hy
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  Speaker 1: melon are looking for opportunities. So this is really a
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  Speaker 1: great question because again the two parts are is their
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  Speaker 1: higher inflation we would say, yes, it's coming, and to
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  Speaker 1: what is the said do about it? Right? Two different things,
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  Speaker 1: because that's how it affects the economy. So the FED
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  Speaker 1: has tried with every ounce of every know f o
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  Speaker 1: MC member to say that they are strategiously patient and
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  Speaker 1: will wait to see um until we get into whether
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  Speaker 1: in three whether we've recovered in the labor market, and
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  Speaker 1: they expect inflation to normalize as we exit. Data will
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  Speaker 1: be noisy, and we expect and actually not to sit
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  Speaker 1: on their hands. We think that the market believes that
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  Speaker 1: this is going to happen. In addition, the inflation curved
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  Speaker 1: invaser investors actually are buying the FED story, which is
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  Speaker 1: you're going to get higher inflation in the short term
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  Speaker 1: and then lower inflation in the out years, and that's
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  Speaker 1: an inverted inflation curve. That's very unusual. We have an
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  Speaker 1: inverted curve because people see its short terms. The big
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  Speaker 1: wisp here is whether inflation expectations become unmoored right, whether
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  Speaker 1: they become un anchored, whether it last bombers than a
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  Speaker 1: couple of months of April, May June, and whether they're
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  Speaker 1: for future expectations so higher. And that's the big risk
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  Speaker 1: that would change FED policy. That's where you are. You know,
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  Speaker 1: we're buying the stories for now, but the real numbers
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  Speaker 1: are going to be coming through entire than expected. There's
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  Speaker 1: so much money UM in US retirement accounts tied up
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  Speaker 1: in stocks though, and any action from the FED would
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  Speaker 1: not only work to um you know, tame inflation, but
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  Speaker 1: also probably push the equity market down in a pretty
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  Speaker 1: rough way. Is the Greenspan put alive? And well, look,
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  Speaker 1: I think I think what the the overall tone of
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  Speaker 1: the market except for the last couple of weeks, that
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  Speaker 1: cyclicals are are the ways to play this right. So ultimately,
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  Speaker 1: when you have higher inflations, financials outperform, energy outperforms, industrials
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  Speaker 1: and materials outperform. And we think while you will have
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  Speaker 1: periods of consolidation and yields, we think the removal yield
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  Speaker 1: is simately going to be higher. Although not spiky, right,
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  Speaker 1: We had really spike. We had eight five basis points
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  Speaker 1: in the first quarter. We think the bulk of the
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  Speaker 1: big move is behind us, but there will be moments
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  Speaker 1: of doubts, and there will be moments of doubt when
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  Speaker 1: we get some of those nasty inflation prints. Can we
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  Speaker 1: still think the cick local sectors are a way to
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  Speaker 1: insulate portfolios from some of the damage that higher rates
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  Speaker 1: can do from inflation. I think you need to think
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  Speaker 1: about your long duration assets, which are the speculative tech assets.
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  Speaker 1: Um those may have a tougher time, and we know
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  Speaker 1: they have had tougher times as we so yield spikes
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  Speaker 1: sometimes eight to tend basis points in a day. I
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  Speaker 1: think investors should be conscious that those risks remain, and
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  Speaker 1: I think the market is somewhat sniffing out could there
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  Speaker 1: be a policy mistake here? Right? Well, the FED sit
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  Speaker 1: on its hand so long that it may get runaway inflation.
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  Speaker 1: We're not seeing it in the numbers yet, but you're
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  Speaker 1: starting to have that conversation with investors. So I still
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  Speaker 1: be insticklable. I still like the small caps. You are
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  Speaker 1: going to have moments where you know your growth stocks
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  Speaker 1: will outperform, and we think you should be invested in
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  Speaker 1: those profitable growth stocks that have increasing earnings and and
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  Speaker 1: and not just trading on forty times revenue. And we
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  Speaker 1: would use bond market volatility to start and grow positions
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  Speaker 1: in those stocks. What do you think about the US
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  Speaker 1: versus Europe? You mentioned that one point two trillion dollars
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  Speaker 1: of US stimulus is going to be into the economy
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  Speaker 1: by September. As far as I know, the in comparison
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  Speaker 1: poultry seven and fifty billion dollar European rescue package or
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  Speaker 1: billion euro European rescue package. Only of that is going
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  Speaker 1: to go out to the countries that need it by
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  Speaker 1: this summer. Are they going to have to do more?
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  Speaker 1: Are we gonna see the European assets continue to underperform?
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  Speaker 1: So it's an interesting question, Shi. I think there may
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  Speaker 1: be pressure for the Europeans to do more on the
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  Speaker 1: fiscal side. Um. You know, the the ECB is absolutely
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  Speaker 1: adamant that it will not allow the euro to appreciate
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  Speaker 1: against the seller anymore. Oh, it looks like we lost
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  Speaker 1: Alicia there, unfortunately, but it was great to have her
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  Speaker 1: for the time being. Alicia Levine, chief strategist at b
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  Speaker 1: N y Melon Investment Management. We heard earlier from Rob Kaplan,
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  Speaker 1: Texas FED president, out of the Engage Undergraduate Investment Conference. UM.
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  Speaker 1: That's David Coudla's conference there in Michigan. Jeffrey Rosenberg is
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  Speaker 1: also there on the financial markets panel. He's a portfolio
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  Speaker 1: manager at the black Rock Systemic Multi Strategy Fund. Jeff,
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  Speaker 1: great to get you on the program. UM. I wonder,
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  Speaker 1: considering what we heard from uh from Kaplan, how how
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  Speaker 1: supportive of this rally do you expect the FED to remain.
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  Speaker 1: They want to obviously get us back to full employment.
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  Speaker 1: They want to well, their stated goal is to to
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  Speaker 1: to fight I guess inflation in some ways, but or
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  Speaker 1: keep price stability, maintain price stability. But now they're trying
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  Speaker 1: to boost inflation and it's having a great effect on
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  Speaker 1: financial assets as well. Yeah, you know you you talking
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  Speaker 1: about the FED um fighting inflation. This is a FED
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  Speaker 1: that's fighting inflation from below too little inflation. And the
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  Speaker 1: implication for supporting the rally is that is providing historic
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  Speaker 1: amount of accommodation, you know, first for the fighting for
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  Speaker 1: fighting COVID, but then the second order impact of COVID
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  Speaker 1: on inflation is that it is making it that much
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  Speaker 1: harder for the FED to achieve its its new policy objective.
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  Speaker 1: And so the FED is absolutely here in a new
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  Speaker 1: operating mode, and that operating mode has removed preemptive FED
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  Speaker 1: tightening for tightening conditions in the labor mark. They basically said,
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  Speaker 1: we're only going to look at one side of the
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  Speaker 1: mandate when it comes to tightening. We're not going to
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  Speaker 1: look at labor markets as an indication that we should
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  Speaker 1: be pulling back from our accommodation. And that's absolutely very
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  Speaker 1: supportive in terms of highly accommodative financial conditions, which supports
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  Speaker 1: Jeff the rally. To your question, the reason I ask
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  Speaker 1: is that this morning on our m Live blog, um
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  Speaker 1: Wes Goodman wrote a story saying the bull run has
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  Speaker 1: years to go thanks to our beloved baby boomers. You
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  Speaker 1: would have thought that they shifted into bonds at the
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  Speaker 1: end of their you know, working life, but estimate show
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  Speaker 1: retirement accounts of US households on thirty percent of the
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  Speaker 1: nation's corporate equity and so, um, you know, with this
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  Speaker 1: entire generation invested in stocks, the FED has no other
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  Speaker 1: choice but to remain supportive. At least that's how his
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  Speaker 1: theory goes. Yeah, look, the FED is going to measure
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  Speaker 1: its togree of supportiveness based on its economic outcomes and
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  Speaker 1: its economic objectives. Financial conditions are part of that now
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  Speaker 1: in in the in the post first GFC crisis environment,
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  Speaker 1: and certainly in the post COVID crisis environment. So it's
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  Speaker 1: not a stated aim, but it's it's it means to
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  Speaker 1: achieving that aim, and so that keeps the FED very
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  Speaker 1: much supportive. We haven't had a situation, however, where the
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  Speaker 1: FED has been challenged by potential conflict within its objectives.
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  Speaker 1: All of the objectives have lined up on the same side.
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  Speaker 1: Too little inflation, you need more accommodation. Too little growth,
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  Speaker 1: you need more accommodation. Tightening of financial conditions, you need
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  Speaker 1: more accommodation. The future will be one where the FED
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  Speaker 1: may see a period where some of those objectives are
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  Speaker 1: no longer all lining up in the same way, and
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  Speaker 1: the uncertainty for the market will be well, how going
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  Speaker 1: to balance and manage the conflict between those objectives. So
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  Speaker 1: far that that has been pretty clear to say we're
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  Speaker 1: going to preference financial conditions and achieving inflation over any
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  Speaker 1: of the other concerns. Concerns such as financial stability, on
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  Speaker 1: a long run basis in terms of too much accommodation,
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  Speaker 1: or asset price bubbles, financial stability concerns, all of those
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  Speaker 1: have been secondary. So that's where you get to these
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  Speaker 1: kind of statements that the FED will always be there.
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  Speaker 1: I think we're going to be perhaps in an environment
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  Speaker 1: where in a rising inflationary environment that isn't transitory, that
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  Speaker 1: FED faces a different challenge. The market will face that challenge,
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  Speaker 1: But right now that remains a pretty uncertain call as
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  Speaker 1: whether or not we're going to get to that point.
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  Speaker 1: For now, the FED has been able to remain entirely
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  Speaker 1: accommodative because they face no conflict in their multiple objectives.
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  Speaker 1: All right, Jeff, Given where we think the FED is,
• 13:02
  Speaker 1: where are you guys at black Rock finding value here? Well?
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  Speaker 1: Value in value? Uh? You know, I'm on the fixed
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  Speaker 1: income side, But we certainly take a broad market perspective
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  Speaker 1: in terms of investing, and in many of the investment
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  Speaker 1: strategies we run, we run cross market. Uh. You know.
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  Speaker 1: A long period of falling real interest rates reflective of
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  Speaker 1: secular stagnation, falling term premium have certainly benefited the secular
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  Speaker 1: growth story um to the point where valuations have become
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  Speaker 1: secondary uh, and now there's a real challenge in the
• 13:45
  Speaker 1: market around that viewpoint. It starts with the fundamental top
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  Speaker 1: down macro debate that we were just having in terms
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  Speaker 1: of does the FED face the future environment where they
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  Speaker 1: are achieving their objectives? But along the way and where
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  Speaker 1: we are right now, is that is significantly change the
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  Speaker 1: relative value in some of the growth stock story versus
• 14:06
  Speaker 1: the value stock story, where that rising potential of breaking
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  Speaker 1: out of thirty years of falling interest rates secular stagnation
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  Speaker 1: starts to benefit that that value perspective. On the fixed
• 14:19
  Speaker 1: income side of the value perspective, UM, there's uh not
• 14:24
  Speaker 1: much value left, uh. Spreads across our credit markets, headlines
• 14:30
  Speaker 1: in Bloomberg highlighting you know, tight levels of high yield
• 14:34
  Speaker 1: spread predating the global financial crisis going back to two
• 14:37
  Speaker 1: thousand and seven. So it's hard to find value, uh
• 14:41
  Speaker 1: in the fixed income market, the way that you can
• 14:44
  Speaker 1: still find some value in the equity market. All right, Jeff,
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  Speaker 1: thank you so much for joining us. We always appreciate
• 14:49
  Speaker 1: getting your perspective here. Jeffrey Rosenberg, portfolio manager of the
• 14:52
  Speaker 1: black Rock Systematic Multi Strategy Fund at Blackbird Molly should
• 15:00
  Speaker 1: joins us Bloomberg Technology reporter Molly, Um, did it ever
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  Speaker 1: look like the unions we're going to take this? Hi? Um.
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  Speaker 1: I think in the very beginning it was a little
• 15:11
  Speaker 1: bit close. It was hard to see maybe which way
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  Speaker 1: it would go. But as soon as they started counting
• 15:15
  Speaker 1: the vote, Amazon quickly pulled ahead. They spent about three
• 15:19
  Speaker 1: hours counting the votes yesterday and Amazon was ahead UM
• 15:22
  Speaker 1: at the close yesterday evening, and this morning, just in
• 15:26
  Speaker 1: the past hour and a half or so, Um, Amazon
• 15:29
  Speaker 1: pulled even further ahead. And so now, like you said,
• 15:32
  Speaker 1: they have a large majority of the of the votes
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  Speaker 1: here and it doesn't look like there's any way that
• 15:37
  Speaker 1: the the union side could could catch up at this point. Molly,
• 15:41
  Speaker 1: what do you think both sides again here Amazon in
• 15:45
  Speaker 1: the unions will learn from what happened in Alabama? Is
• 15:49
  Speaker 1: this just the beginning what will likely be more efforts
• 15:53
  Speaker 1: to unionized parts of Amazon dot Com. It will definitely
• 15:57
  Speaker 1: be interesting to see. It's, you know, give in the
• 16:00
  Speaker 1: fact that you know, Amazon did win here. This is
• 16:03
  Speaker 1: kind of the status quo going forward with them. They've
• 16:07
  Speaker 1: always been anti union. This was a hard effort from
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  Speaker 1: the beginning for the UM the retail union here in Alabama.
• 16:14
  Speaker 1: But given the Biden administration support for unionization and the
• 16:17
  Speaker 1: support for workers rights to unionize, they could get a
• 16:21
  Speaker 1: little extra federal support in the movement across the country
• 16:24
  Speaker 1: and try this again in other um, in other factories
• 16:28
  Speaker 1: at Amazon and other warehouses and factories that Amazon has
• 16:31
  Speaker 1: across the country. Molly, to some extent, you are You're
• 16:35
  Speaker 1: a tech reporter, but you're also kind of a gig
• 16:36
  Speaker 1: worker reporter, right, because a lot of these tech companies
• 16:40
  Speaker 1: rely on gig workers, and there's been some push for change,
• 16:44
  Speaker 1: but in the big headline cases, the gig worker seems
• 16:48
  Speaker 1: to have lost out. I'm thinking about Uber and California,
• 16:50
  Speaker 1: which is I think doubly interesting because it's a really
• 16:53
  Speaker 1: an historically left leaning state, right, and they still voted
• 16:57
  Speaker 1: against giving those workers the same kind of it's that
• 17:00
  Speaker 1: salaried workers have. Why is this, I mean, well, the
• 17:05
  Speaker 1: the Yeah, the gig worker situation is challenging and interesting
• 17:11
  Speaker 1: for for many reasons. I mean, in this case, these
• 17:14
  Speaker 1: are I wouldn't say that you can categorize them necessarily
• 17:18
  Speaker 1: as gig workers at the factory they have you know,
• 17:20
  Speaker 1: they do have some uh they have regular hours and
• 17:24
  Speaker 1: you know, they're basically part time or even full time workers,
• 17:27
  Speaker 1: so it's a little bit of a of a different
• 17:29
  Speaker 1: situation here. So Molly, it's um, you know, one point
• 17:34
  Speaker 1: three million employees at Amazon. This is it's just an
• 17:39
  Speaker 1: area that I would think you needs can't ignore. So
• 17:42
  Speaker 1: what's the next steps do we think? Well, they're already
• 17:46
  Speaker 1: making UM noise about challenging this, uh this this vote here,
• 17:52
  Speaker 1: saying that Amazon you know, put pressure on on workers
• 17:56
  Speaker 1: in mandatory information sessions, trying to you know, it's maybe
• 18:02
  Speaker 1: not explicitly threatened them, but definitely lean hard on reasons
• 18:06
  Speaker 1: why they should not join the union. And they sided
• 18:09
  Speaker 1: Amazon putting up a mailbox on the site of the
• 18:12
  Speaker 1: warehouse UM as kind of a threatening gesture to workers.
• 18:16
  Speaker 1: So they're definitely already saying that they're going to um
• 18:20
  Speaker 1: go after, you know, to to challenge this vote. So
• 18:22
  Speaker 1: I have no doubt that there will be a whole
• 18:23
  Speaker 1: series of legal challenges and issues going forward from this.
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  Speaker 1: So this probably isn't just an open end shut vote today,
• 18:31
  Speaker 1: so we'll see some more challenges to that going forward
• 18:33
  Speaker 1: for sure. All Right, Molly, thank you so much for
• 18:35
  Speaker 1: joining us. It's really a fascinating story. Developing here at
• 18:39
  Speaker 1: Amazon dot com. Molly Shoots, us technology editor. Uh about
• 18:43
  Speaker 1: Bloomberg again, I'm sorry talking about Amazon, and uh, it's
• 18:46
  Speaker 1: interesting here the in Alabama, Amazon wins this round against
• 18:51
  Speaker 1: the union. Brad Bretti joins us. He senior wealth advisor
• 18:57
  Speaker 1: from Mainstay Capital Management. They have three and a half
• 19:00
  Speaker 1: billion dollars worth of assets under management out of Michigan.
• 19:03
  Speaker 1: But more importantly, he's been working on the annual Engage
• 19:09
  Speaker 1: Undergraduate Investment Investment Conference. As Paul was saying, it is
• 19:13
  Speaker 1: the largest collegiate investment conference in North America and it
• 19:17
  Speaker 1: is also sponsored by the Gate David Kudla Foundation. So um,
• 19:22
  Speaker 1: Brad tell us about the point of the conference, where
• 19:26
  Speaker 1: the goals of the event. Yeah, good morning, Paul, Matt.
• 19:29
  Speaker 1: This is bread and I'm very thankful to be a
• 19:32
  Speaker 1: part of the process. You know, David Coudla is our
• 19:34
  Speaker 1: CEO of main State Capital Management, really has made this
• 19:37
  Speaker 1: conference the pillar of his ongoing philanthropic endeavors. And what
• 19:42
  Speaker 1: we're able to do is attract the bust in the
• 19:44
  Speaker 1: brightest minds all across North North America and even globally.
• 19:48
  Speaker 1: Students from Harvard, Yale, Stanford, Princeton, Uh, Duke Paul, I
• 19:54
  Speaker 1: know which is uh uh you're all mo monitor to
• 19:57
  Speaker 1: to um free nba um. But bring them in right
• 20:01
  Speaker 1: and have them compete in a real, live stock pitch competition.
• 20:05
  Speaker 1: This isn't um you know, a false or or a
• 20:08
  Speaker 1: made up company. But they're able to pick uh any
• 20:11
  Speaker 1: any company that's public. They can pitch a long or
• 20:14
  Speaker 1: a short and dig into all the details some of
• 20:18
  Speaker 1: the I'll be honest, some of these presentations that are given,
• 20:21
  Speaker 1: they're fantastic and um. They get to pitch these live
• 20:26
  Speaker 1: and they get feedback from not just a professor, but
• 20:30
  Speaker 1: industry executive level professionals so CEOs of investment firms, private
• 20:35
  Speaker 1: equity chief strategists, and receive real life feedback um and
• 20:40
  Speaker 1: so quite frankly, it really serves as a launchpad um
• 20:43
  Speaker 1: for the next generation of financial leaders, right, people that
• 20:46
  Speaker 1: are interested in our industry and finance investment world. And
• 20:50
  Speaker 1: they come and compete with the very best across the
• 20:53
  Speaker 1: globe and see how they stuck up and then receive
• 20:56
  Speaker 1: feedback in real time, like I said, and it's and
• 21:00
  Speaker 1: it's been excellent. I've spoke to not only just partisans,
• 21:02
  Speaker 1: we're gonna hear about when are we gonna because I
• 21:05
  Speaker 1: want to know who's the winner and what's the stock idea.
• 21:08
  Speaker 1: I'd love to have that kid on my show. Yeah, yeah, no, absolutely.
• 21:12
  Speaker 1: So the actual Investment Undergraduate Conference spotun by David Koup
• 21:16
  Speaker 1: Foundation is underway as we speak. So the final rounds
• 21:19
  Speaker 1: are going to be held throughout today. At the very
• 21:21
  Speaker 1: end of the day, they're going to pick a first, second,
• 21:23
  Speaker 1: and third, and they're they're all over the board, UM
• 21:26
  Speaker 1: as far as the different companies that are chosen. But
• 21:28
  Speaker 1: it's not just the competition is that great. It is,
• 21:31
  Speaker 1: but during the entire event, David's able to bring together
• 21:35
  Speaker 1: UM Federal Reserve officials. As you guys mentioned previously, you're
• 21:38
  Speaker 1: Bloomberg's very own Kathleen Hayes is gonna be going live
• 21:41
  Speaker 1: very shortly with Federal Reserve Bank of Dallas President Robert Kaplan. Um.
• 21:45
  Speaker 1: Later on in the day, we have an executive member
• 21:47
  Speaker 1: of Mainstay Capitals team, Michael Braza, will be interviewing to
• 21:50
  Speaker 1: have a fireside chat with Melody Hobson, President co CEO
• 21:53
  Speaker 1: Arial Investments, Board chair of Starbucks, on the JP Morgan Board,
• 21:57
  Speaker 1: many many other roles. UM but it's able to and
• 22:00
  Speaker 1: there's questions and answer sessions. These aren't just watching people
• 22:03
  Speaker 1: you know on TV on YouTube, interacting directly with these
• 22:06
  Speaker 1: officials that quite frankly, it energizes a eighteen, nineteen twenty
• 22:11
  Speaker 1: year old and my my myself, uh, at my age
• 22:15
  Speaker 1: in my role, I'm very excited to be a part
• 22:17
  Speaker 1: of it. Um. I can only imagine as a young
• 22:19
  Speaker 1: uh just you know, double it, but uh, as a
• 22:25
  Speaker 1: eighteen nineteen twenty year old right to be able to
• 22:28
  Speaker 1: hear from somebody in those different roles. Uh, it really
• 22:31
  Speaker 1: just serves as a launchpad um to project and because
• 22:34
  Speaker 1: let's face it, these kids, right are the next people
• 22:37
  Speaker 1: in our industry, in the media industry, running hedge funds,
• 22:41
  Speaker 1: investment companies and the like. So very excited, all right, Brad.
• 22:45
  Speaker 1: So obviously this year is different for all of us here. Uh,
• 22:49
  Speaker 1: your conference this year is virtual. Tell us about some
• 22:52
  Speaker 1: of the you know how that's going. Yeah, it is,
• 22:56
  Speaker 1: so obviously we this is an annual event and David's
• 22:59
  Speaker 1: actually been putting on and involved heavily with investment conferences
• 23:02
  Speaker 1: for the better part of a decade. It's usually always
• 23:04
  Speaker 1: in person. Obviously, with everything going on throughout the country,
• 23:08
  Speaker 1: especially here in Michigan. Um, it is a virtual event,
• 23:11
  Speaker 1: but quite frankly, it's been able to attract even more participation.
• 23:15
  Speaker 1: We have a group joining us from the Republic of Kazakhstan.
• 23:18
  Speaker 1: We have multiple Canadian groups and competitors that are joining it.
• 23:22
  Speaker 1: So it's nice. Um, you know, I think we're all
• 23:25
  Speaker 1: getting more acclimated to zoom or to a virtual interaction
• 23:29
  Speaker 1: than we were maybe a year or so ago. UM,
• 23:32
  Speaker 1: So we're not gonna let anything slow us down. Engage
• 23:34
  Speaker 1: is going to march forward. Have you seen any of
• 23:36
  Speaker 1: the pitches so far? Has anything moved you? Uh? You
• 23:41
  Speaker 1: know what? Here's honestly what's moved. The teams are made
• 23:43
  Speaker 1: up of four or five individuals, but these are the
• 23:46
  Speaker 1: spokespersons for their respective college. There are stock pitch clubs
• 23:51
  Speaker 1: and finance clubs, groups of on college campuses spread across America.
• 23:56
  Speaker 1: Some of the best and brightest minds. There's a twenty
• 23:59
  Speaker 1: the thirty slide presentation. Quite frankly, even at my age
• 24:02
  Speaker 1: and and uh at my experience level, some of these
• 24:05
  Speaker 1: things are way over my head. Many of the speakers
• 24:08
  Speaker 1: sometimes and even President Kapitlan will remark Hey, those were
• 24:11
  Speaker 1: fantastic questions. I wish I was shocked in surprise, right
• 24:14
  Speaker 1: or um. It serves as a networking event, to be honest,
• 24:17
  Speaker 1: many of these students can obtain maybe an in or
• 24:21
  Speaker 1: an internship or something moving forward because they're talking with
• 24:24
  Speaker 1: the bust and the brightest in our industry. Hey, Brad,
• 24:27
  Speaker 1: thank you so much for joining us. We really appreciate
• 24:29
  Speaker 1: that and the best of luck for a good conference today.
• 24:32
  Speaker 1: Brad Repki, Senior wealth advisor at Mainstay Capital. Thanks for
• 24:38
  Speaker 1: listening to the Bloomberg Markets podcast. You can subscribe and
• 24:42
  Speaker 1: listen to interviews with Apple Podcasts or whatever podcast platform
• 24:46
  Speaker 1: you prefer. I'm Matt Miller. I'm on Twitter at Matt
• 24:49
  Speaker 1: Miller three on False Sweeney I'm on Twitter at pt
• 24:53
  Speaker 1: Sweeney Before the podcast, you can always catch us worldwide
• 24:56
  Speaker 1: at Bloomberg Radio.