Latest / Bloomberg Intelligence / BlackRock Shows Disproportionately Big Passive Gun Ownership: Balchunas

Transcript

BlackRock Shows Disproportionately Big Passive Gun Ownership: Balchunas · Bloomberg Intelligence

• 0:05
  Speaker 1: Welcome to the Bloomberg p m L Podcast. I'm pim Fox.
• 0:08
  Speaker 1: Along with my co host Lisa Bramowitz. Each day we
• 0:11
  Speaker 1: bring you the most important, noteworthy, and useful interviews for
• 0:15
  Speaker 1: you and your money, whether you're at the grocery store
• 0:17
  Speaker 1: or the trading floor. Find the Bloomberg p m L
• 0:20
  Speaker 1: Podcast on Apple Podcasts, SoundCloud, and Bloomberg dot com. Following
• 0:33
  Speaker 1: the latest school shooting in Florida, there has been a
• 0:36
  Speaker 1: spotlight on who owns the shares of the world's biggest gunmakers,
• 0:41
  Speaker 1: and it turns out, perhaps not surprisingly, it is the
• 0:45
  Speaker 1: largest asset managers that have a lot of passive funds,
• 0:49
  Speaker 1: or funds that seek only to track indexes that have
• 0:52
  Speaker 1: gained a ton of assets in the past few years.
• 0:55
  Speaker 1: Here to talk about the implications of this, Eric Beltunus,
• 0:57
  Speaker 1: who is an expert in everything and anything related to funds,
• 1:01
  Speaker 1: but he specializes in E t F Senior et F
• 1:03
  Speaker 1: analyst for Bloomberg Intelligence, and he happens to be here
• 1:06
  Speaker 1: in New York today in our leven three studios. Eric,
• 1:09
  Speaker 1: let's start with how significant is passive ownership of gun
• 1:15
  Speaker 1: related shares? Okay, so I crunched the numbers before coming
• 1:19
  Speaker 1: on air today and I will have a note coming
• 1:21
  Speaker 1: out thank you for the inspiration. Um. Yeah, we're looking
• 1:24
  Speaker 1: at passive ownership. Let's say if the SMP in general
• 1:28
  Speaker 1: is about right, that's the average passive ownership. It's about
• 1:32
  Speaker 1: double for some gunstocks. So r g R right, that's
• 1:36
  Speaker 1: owned by passive funds. AO b C, which is the
• 1:39
  Speaker 1: one everybody's really honing in on, is owned by passive funds.
• 1:44
  Speaker 1: VISTA vs. T O is the ticker that one is
• 1:47
  Speaker 1: owned by passive, and then half of that is ETF.
• 1:50
  Speaker 1: Remember passive is index funds and ETFs combined. So that's
• 1:54
  Speaker 1: where you get. So we're looking at a quarter to
• 1:56
  Speaker 1: a third of these big gun stocks are owned by
• 1:59
  Speaker 1: path of funds. Why why do they own Why do
• 2:02
  Speaker 1: passive funds own so much more of these gunstocks than
• 2:05
  Speaker 1: they do other stocks. Here's why these gunstocks aren't that big. Right,
• 2:08
  Speaker 1: when you're a mid cap, small cap sized stock, you
• 2:12
  Speaker 1: end up getting into a lot of e t s.
• 2:14
  Speaker 1: Those are the ones that usually have bigger passive ownership
• 2:16
  Speaker 1: than say like Apple. Here's why. So like black Rock,
• 2:19
  Speaker 1: for example, you look at American outdoor brands, that's the
• 2:23
  Speaker 1: one everybody seems to be focusing on. Black Rock owns
• 2:25
  Speaker 1: eleven percent of that company, It's by far the biggest owner.
• 2:28
  Speaker 1: Why half of that ownership comes from one tick or
• 2:31
  Speaker 1: I t A, which is the Aerospace and Defense ETF,
• 2:34
  Speaker 1: which is now a six billion dollar et F. Why Well,
• 2:37
  Speaker 1: because it's crushing the SNP. It's up like thirty five
• 2:40
  Speaker 1: in the past year, it's doubled in size, and term's
• 2:42
  Speaker 1: gotten flows and the asset prices have gone up, which
• 2:45
  Speaker 1: begs are really a question for black Rock. You have
• 2:47
  Speaker 1: an aerospace and defense ETF, people would buy that. I'm
• 2:50
  Speaker 1: assuming hoping you include those companies. Are you going to
• 2:53
  Speaker 1: kick out or try to get the index to kick
• 2:55
  Speaker 1: out a gunmaker from an aerospace and defense ETF. This
• 2:59
  Speaker 1: is a conundral them that Larry Fink will have to
• 3:01
  Speaker 1: figure out. I think that you connected that just perfectly
• 3:05
  Speaker 1: to where I'm going next to me, Because black Rock
• 3:07
  Speaker 1: is saying they're going to engage with gunmakers. What can
• 3:11
  Speaker 1: black Rock and other passive managers like Vanguard or you know, Fidelity,
• 3:16
  Speaker 1: what can they do if they really aren't going to
• 3:19
  Speaker 1: kick a name out of an e t F. They can't.
• 3:23
  Speaker 1: What can they do? Yeah, they are married they cannot
• 3:26
  Speaker 1: get divorced. It's like the old days. We're not getting divorced.
• 3:29
  Speaker 1: We're gonna stay married. Um, so look, you're gonna have
• 3:32
  Speaker 1: a black Rock. I'm a big fan of setting the tone.
• 3:34
  Speaker 1: Larry Fink's got a big megaphone, right, so just saying
• 3:38
  Speaker 1: things out loud, getting people like us to talk about it.
• 3:41
  Speaker 1: This helps move the needle in a public relations aspect.
• 3:44
  Speaker 1: Does it do anything to the ownership of the stocks
• 3:47
  Speaker 1: and the e T F s? No? Will it? Maybe
• 3:50
  Speaker 1: will these companies maybe look to imple implement some programs.
• 3:53
  Speaker 1: Maybe the bigger thing they can do and what they
• 3:56
  Speaker 1: have done in the past. There was a big issue
• 3:58
  Speaker 1: with dual class shares that where company basically once your
• 4:02
  Speaker 1: money but not your vote. Where they you know, the
• 4:03
  Speaker 1: tech companies do it. Black Rock and Vanguard got the
• 4:07
  Speaker 1: SMP SMP people to basically ban dual share classes going forward,
• 4:11
  Speaker 1: so Snap will never be in the SMP five hundred
• 4:13
  Speaker 1: because of that. That was a big win and that
• 4:16
  Speaker 1: directly affects a company like Snap and other companies moving forward.
• 4:20
  Speaker 1: If they were to want to exclude gunmakers from the
• 4:23
  Speaker 1: big indexes, they that would be the way to really
• 4:26
  Speaker 1: do it. However, then you've got Larry Fink making political
• 4:30
  Speaker 1: decisions for you, and that then is that right? Then
• 4:33
  Speaker 1: then you're gonna have that's you know, people worry about
• 4:35
  Speaker 1: passive so making the capital markets turn into like socialism.
• 4:39
  Speaker 1: This seems to be a slippery slope going that direction. Right. Well,
• 4:42
  Speaker 1: that's that's what I was going to ask. You know,
• 4:44
  Speaker 1: how political can they go? And and you know, do
• 4:47
  Speaker 1: we have any inclination of what investors really want? I mean,
• 4:51
  Speaker 1: do most investors care? Right? So? I think they care.
• 4:54
  Speaker 1: There are options for them, Like there's a host of
• 4:56
  Speaker 1: e s g ts that purposely have come along and
• 4:58
  Speaker 1: say we can either give stocks that are good for
• 5:01
  Speaker 1: E s G or will eliminate government. They need a
• 5:05
  Speaker 1: new acronym that that's part of the problem that they
• 5:07
  Speaker 1: haven't been a hit. I think the acronym is needs work. Well.
• 5:11
  Speaker 1: Impact investing is a big one. I just think they
• 5:13
  Speaker 1: should call liberal values because that's who they're appealing to anyway. Um,
• 5:17
  Speaker 1: you know there's an e t F that's um the
• 5:19
  Speaker 1: GOP stock track or et F that will that will
• 5:22
  Speaker 1: hold a bunch of gunstocks. You also have other types
• 5:25
  Speaker 1: of e t fs that purposely hold those like industrial
• 5:27
  Speaker 1: ct f s. That's fine, you go there for those.
• 5:30
  Speaker 1: You can go to E s G if you don't
• 5:31
  Speaker 1: want them. The question is this middle ground of like
• 5:33
  Speaker 1: the SMP five hundred, and that's where do you want
• 5:37
  Speaker 1: Vanguard and and black Rock to basically take up their issues.
• 5:41
  Speaker 1: My view on this personally is that when you hire
• 5:44
  Speaker 1: a passive manager, I think what you really want them
• 5:46
  Speaker 1: to do is just make sure that the uh sort
• 5:49
  Speaker 1: of the boundaries and the rules are really set. You
• 5:52
  Speaker 1: have an independent board, you're pushing for good E s
• 5:55
  Speaker 1: G policies, But do you do you take up an
• 5:58
  Speaker 1: issue that's important just to that person and force a
• 6:01
  Speaker 1: company out of an index. I probably, I don't know
• 6:04
  Speaker 1: if that will happen, but having his voice in there
• 6:06
  Speaker 1: definitely affects the public relation aspect of this entire issue.
• 6:10
  Speaker 1: Although he has to be careful because, as you said,
• 6:12
  Speaker 1: a lot of people are worried the E t F
• 6:13
  Speaker 1: so sort of a slippery slope to socialism. So if
• 6:16
  Speaker 1: he starts weighing in on big political and politically polarizing issues, uh,
• 6:21
  Speaker 1: then he risks some political interference. Thank you so much.
• 6:25
  Speaker 1: Eric Belchin is always enlightening. Eric Balcin a senior E
• 6:27
  Speaker 1: T F analyst for Bloomberg Intelligence, and black Rock is
• 6:31
  Speaker 1: saying that they will engage with gunmakers that they own
• 6:35
  Speaker 1: the shares for after the Florida shooting. So it is
• 6:51
  Speaker 1: that time we take a look at the municipal bond
• 6:53
  Speaker 1: market and it's a particularly interesting time to do so.
• 6:56
  Speaker 1: Borrowing costs are going up. What does this mean for
• 7:00
  Speaker 1: states and local governments that are looking to borrow money?
• 7:03
  Speaker 1: And Eric Kazatski is joining us right now, easy municipal
• 7:06
  Speaker 1: bond strategist for Bloomberg Intelligence. Thank you so much for
• 7:09
  Speaker 1: joining us. Eric, Can you just give us the big
• 7:12
  Speaker 1: picture so far this year? What have we seen a
• 7:15
  Speaker 1: municipal bond markets and what does it mean uh for
• 7:18
  Speaker 1: states and local governments? Sure, good morning, Thanks for having me.
• 7:22
  Speaker 1: So we put out a note a couple of weeks
• 7:24
  Speaker 1: ago and we equated the mini market this year to
• 7:27
  Speaker 1: the upside down from stranger things. You know, it's it's
• 7:30
  Speaker 1: almost been a confluence of events where nothing is behaving
• 7:32
  Speaker 1: as it really should from an intuitive standpoint. Um, we've
• 7:36
  Speaker 1: had consistent flows into the sector this year. We're almost
• 7:39
  Speaker 1: up nine nine and a half billion dollars um and
• 7:42
  Speaker 1: yet we're looking at losses UM across the board in
• 7:45
  Speaker 1: the indicase, and that's more a function of us just
• 7:48
  Speaker 1: following where treasuries have been on a rate basis. But
• 7:51
  Speaker 1: you know, your original question was what does it mean
• 7:52
  Speaker 1: for state and local governments? It means the cost of
• 7:55
  Speaker 1: borrowing is going up as rates are taking higher. So
• 7:59
  Speaker 1: it's I think that in your note you said about
• 8:01
  Speaker 1: half percent higher the yields are on a musable bonds
• 8:05
  Speaker 1: right now. And this is interesting because there has been
• 8:08
  Speaker 1: such a flood of cash into municipal bond funds. Um.
• 8:11
  Speaker 1: Is this enough to derail any financing plans by any
• 8:16
  Speaker 1: local governments? Not that we're hearing. I mean, pipelines as
• 8:20
  Speaker 1: far as public finance are are still pretty thin right now. UM.
• 8:24
  Speaker 1: But I think that borrowers they need to borrow, I
• 8:26
  Speaker 1: mean on a on a net basis. The barn and
• 8:29
  Speaker 1: cross are still low. When you look across historical rates
• 8:31
  Speaker 1: over the last twenty thirty years, UM, they just look
• 8:35
  Speaker 1: higher compared to the last let's say twenty four months. UM.
• 8:39
  Speaker 1: But you know that goes both ways. You know, for
• 8:41
  Speaker 1: people who have cash on the sidelines are looking to
• 8:43
  Speaker 1: enter the market. Um. You know there are some decent
• 8:46
  Speaker 1: entry points right now because they can take advantage of
• 8:48
  Speaker 1: higher rates. All right, So what are you focusing on
• 8:50
  Speaker 1: is a possible good entry point. I mean, we're looking
• 8:54
  Speaker 1: right now at ratios and double A and single A
• 8:56
  Speaker 1: rating classes compared to like graded corporates, and so you
• 9:00
  Speaker 1: get further out the YO curve in like ten thirty years, Um,
• 9:03
  Speaker 1: you can actually pick up some decent spread over those. Um.
• 9:07
  Speaker 1: We're seeing that in both revenue and geo bonds, um.
• 9:10
  Speaker 1: You know. And what we do is we compare the
• 9:11
  Speaker 1: ratios of the tax exemple rates to the actual corporate,
• 9:16
  Speaker 1: just like buyer would deal if they're evaluating tax exemptly
• 9:19
  Speaker 1: inssible to treasury um, you know, just to sort of
• 9:22
  Speaker 1: lease as a litmus test of you know, are they cheap?
• 9:24
  Speaker 1: Are they rich? And most of the ratios that we're
• 9:26
  Speaker 1: looking at her above their fifty two week averages. UM.
• 9:30
  Speaker 1: You know. One thing that I'm struck by as you
• 9:32
  Speaker 1: talk is that you're saying there is a flood of
• 9:34
  Speaker 1: money coming in from investors. There isn't that much issuance
• 9:39
  Speaker 1: from local governments, and yet still yields are rising. That
• 9:44
  Speaker 1: seems odd and it seems like a red flag. Can
• 9:47
  Speaker 1: you speak to that. Yeah, I mean yields are rising
• 9:50
  Speaker 1: to a much lesser degree than where treasury rates are going. UM.
• 9:54
  Speaker 1: And we've seen this particularly in the short end of
• 9:56
  Speaker 1: the curve. And you know, in my opinion, that's where
• 9:58
  Speaker 1: the investors are sort of be the rotating out of
• 10:00
  Speaker 1: long duration bonds or they're sort of finding out in
• 10:03
  Speaker 1: that short area of the curve. You know, just with
• 10:05
  Speaker 1: all this interest rate uncertainty. So you've seen rates you
• 10:09
  Speaker 1: really sort of take off in the two year treasury
• 10:11
  Speaker 1: and demand has been so high in the muni sector
• 10:14
  Speaker 1: that if you sort of look at where rates have
• 10:15
  Speaker 1: been in a two year space, they've been fairly flat.
• 10:18
  Speaker 1: Over the last let's say two three weeks, so UM,
• 10:21
  Speaker 1: the ratios have ticked down UM. And so you've seen
• 10:25
  Speaker 1: that reflective and spun flows as well as some of
• 10:27
  Speaker 1: the money market funds have seen a nice uptick in
• 10:30
  Speaker 1: cash coming in. You know, I'm struck by the end
• 10:33
  Speaker 1: of last year when people were talking about how are
• 10:37
  Speaker 1: actually the year before, the end of the year before,
• 10:39
  Speaker 1: and people are saying, well, you know, tax reform is
• 10:41
  Speaker 1: going to come and it's going to cut taxes on people,
• 10:44
  Speaker 1: and then they're not going to want to buy municipal
• 10:45
  Speaker 1: bonds because that a lot of people go into this
• 10:49
  Speaker 1: debt for the tax benefit. And I'm wondering what happened
• 10:54
  Speaker 1: to that narrative, because we did get a taxed, we
• 10:55
  Speaker 1: did get a tax overall. Yeah, I mean, I think
• 10:57
  Speaker 1: on the margin for individual and ushers, the tickdown in
• 11:01
  Speaker 1: top tax straight from thirty nine point six to thirty
• 11:03
  Speaker 1: seven percent UM. I don't want to say it was
• 11:05
  Speaker 1: in nothing burger, but you know, based on the cash
• 11:08
  Speaker 1: is coming in, it didn't really seem to deter the
• 11:10
  Speaker 1: investor appetite UM. And and there's still benefit there when
• 11:13
  Speaker 1: you look across some other asset classes and that you know,
• 11:16
  Speaker 1: coming in and buying meanings UM on a comparative basis.
• 11:19
  Speaker 1: So I think that the biggest change we've seen from
• 11:22
  Speaker 1: a tax reform basis is just the dearth of supply
• 11:25
  Speaker 1: that we have right now. We pulled so much supply
• 11:27
  Speaker 1: into seen based on the fear factor that we didn't
• 11:31
  Speaker 1: know what was going to happen with the final version
• 11:33
  Speaker 1: of tax reform, and now the market, which is a
• 11:36
  Speaker 1: supply drive, the market is sitting around looking for where
• 11:39
  Speaker 1: that supply is going to come from. Now, so, uh,
• 11:42
  Speaker 1: just a real quick do anyone care anymore about the
• 11:45
  Speaker 1: pension deficits? I do? Good, I just want to, I mean, honestly,
• 11:51
  Speaker 1: there is a tweet by a former Cowper's board member
• 11:54
  Speaker 1: basically saying that Cowper's is heading towards insolvency. CalPERS the
• 11:57
  Speaker 1: biggest public pension plan. You care about this? Of course
• 12:02
  Speaker 1: we do, UM and one of the things we look at, obviously,
• 12:05
  Speaker 1: when we looked at UM, the individual credit ratios of
• 12:08
  Speaker 1: a bar where is one of the things we look
• 12:09
  Speaker 1: at is obviously they're their leverage ratios and pensions are
• 12:12
  Speaker 1: one of the things that factors into that. UM. I
• 12:15
  Speaker 1: think California has some issues coming up as far as
• 12:17
  Speaker 1: some some court cases which UM, depending on the outcome,
• 12:20
  Speaker 1: and I'm certainly not a legal expert. UM, you know,
• 12:22
  Speaker 1: might have ratifications across pension plans, you know, across the US.
• 12:42
  Speaker 1: We are listening to President Trump. He is speaking at
• 12:45
  Speaker 1: the Conservative Political Action Conference in Maryland. His speech sounds
• 12:51
  Speaker 1: like it is sounding a lot of the notes that
• 12:54
  Speaker 1: he sounded during his campaign. Talked about coming through with
• 12:58
  Speaker 1: a lot of his campaign prom us. Is one of
• 13:01
  Speaker 1: his comments that drew the most applause was when he
• 13:04
  Speaker 1: asked the crowd, which would you rather, tax cuts or
• 13:06
  Speaker 1: the Second Amendment? Uh, And they seem to cheer for
• 13:10
  Speaker 1: the Second Amendment and say they take away the Second Amendment,
• 13:13
  Speaker 1: which we will not allow to happen again. A standing
• 13:16
  Speaker 1: ovation right now. I want to bring in to Lou Oloronipa,
• 13:19
  Speaker 1: our White House correspondent for Bloomberg, to Lou what stood
• 13:23
  Speaker 1: out to you the most so far with the speech? Well,
• 13:26
  Speaker 1: it's how much the president is comfortable and willing to
• 13:29
  Speaker 1: go off script when he's in a friendly environment. That
• 13:31
  Speaker 1: the president has very low poll numbers, but when he
• 13:34
  Speaker 1: gets in front of his most ardent supporters and the
• 13:37
  Speaker 1: conservative movement, he really lets loose and he talked about
• 13:40
  Speaker 1: a number of things that were red meat for the base.
• 13:43
  Speaker 1: Talked about the national anthem, talked about the Second Amendment
• 13:46
  Speaker 1: and how you know, beating Hillary Clinton and helped to
• 13:49
  Speaker 1: save the Second Amendment from being eliminated. The president is
• 13:53
  Speaker 1: really reverting to a lot of his old ways. You're
• 13:55
  Speaker 1: hearing a lot of the stories that he told on
• 13:56
  Speaker 1: the campaign trail and shortly after winning the presidency, even
• 13:59
  Speaker 1: talking about, uh, the Yellow Electoral College versus a popular vote.
• 14:03
  Speaker 1: So we're not really seeing a president that has changed
• 14:07
  Speaker 1: very much and really grown into the presidency. We're seeing, uh,
• 14:10
  Speaker 1: the vintage Donald Trump that we've long talked about and
• 14:14
  Speaker 1: and and seen on the on the on the you know,
• 14:16
  Speaker 1: on the world stage. He hasn't really changed very much.
• 14:18
  Speaker 1: It seems like he's very much doubling down on a
• 14:20
  Speaker 1: lot of the policies and strategies that he's used in
• 14:23
  Speaker 1: the past. Uh. And this gun debates, he's recently talking about,
• 14:28
  Speaker 1: you know, wanting to arm more teachers and get rid
• 14:30
  Speaker 1: of gun free zones. He's really talking about it in
• 14:32
  Speaker 1: a way that it's more plaudible to his base. He's
• 14:35
  Speaker 1: not talking about the gun control measures that he wants
• 14:37
  Speaker 1: to implement, including, you know, raising the age first, you know,
• 14:41
  Speaker 1: the purchase of some firearms from eighteen to twenty one,
• 14:44
  Speaker 1: expanding background checks and even taking on mental illnesses and
• 14:47
  Speaker 1: maybe making it harder for some people, uh to get
• 14:51
  Speaker 1: to get guns. Can you give us a sense of
• 14:53
  Speaker 1: who is at SPACK? I mean, who is the audience there?
• 14:58
  Speaker 1: These are very servatives, activists, members, a lot of young people, uh,
• 15:04
  Speaker 1: people who are from the right wing of the party.
• 15:06
  Speaker 1: So members of the House Freedom Caucus that would be
• 15:08
  Speaker 1: very at home among this crowd. These are people who
• 15:12
  Speaker 1: like the red meat that the president throws out. They're
• 15:14
  Speaker 1: very active on social media and and they want to
• 15:18
  Speaker 1: you know, sort of the Donald Trump from the campaign
• 15:20
  Speaker 1: trail who talked about building the wall and you heard
• 15:22
  Speaker 1: the pants of block her up during the speech. So
• 15:24
  Speaker 1: these are the President's that this is really the president's space,
• 15:28
  Speaker 1: the people that he's really been catering to for the
• 15:30
  Speaker 1: majority of his presidency. And you said that it is
• 15:34
  Speaker 1: interesting that he feels really comfortable able to go off script.
• 15:37
  Speaker 1: Even made a note that his scripted speech was too boring. Um,
• 15:40
  Speaker 1: I'm wondering from your perspective, did he say anything that
• 15:43
  Speaker 1: you think will be controversial among congressmen who are part
• 15:47
  Speaker 1: of the Republican Party. Yeah. One thing that we we
• 15:51
  Speaker 1: saw and this isn't too shocking for the President Trump,
• 15:55
  Speaker 1: but uh, he took a swipe at the Senator John McCain,
• 15:58
  Speaker 1: who is back in theres a fighting against brain cancer,
• 16:01
  Speaker 1: has been fighting for his life for the better part
• 16:03
  Speaker 1: of uh four or five months now, and President Trump
• 16:06
  Speaker 1: attacked him over his vote on Obamacare last year. Uh,
• 16:10
  Speaker 1: this is something that it really has rubbed a lot
• 16:13
  Speaker 1: of senators the wrong way, and we've become a little
• 16:15
  Speaker 1: bit desensitized to it. But the President really went after
• 16:18
  Speaker 1: Senator McCain, who is trusted and very revered member of
• 16:23
  Speaker 1: the Republican Party. Uh. He attacked him by not by name,
• 16:27
  Speaker 1: but everyone knew what he was talking about. And I
• 16:29
  Speaker 1: think that's something that Republicans UH are are are going
• 16:33
  Speaker 1: to really not be too happy about, because this is
• 16:35
  Speaker 1: someone who's really struggling and really going through a tough
• 16:38
  Speaker 1: time and there thinking about him and positive ways. And
• 16:41
  Speaker 1: here you have a president sort of getting up the
• 16:43
  Speaker 1: crowd to boo uh Senator McCain, who has long been
• 16:47
  Speaker 1: known as an American hero for his time in Vietnam
• 16:49
  Speaker 1: and for all of his time serving the public in
• 16:51
  Speaker 1: the Senate. So I think you'll hear more coverage of
• 16:54
  Speaker 1: that and the days to come, maybe even here some
• 16:57
  Speaker 1: senators UH talk nealy about the President's decision to go
• 17:01
  Speaker 1: against one of their own, and it'll be interesting to
• 17:05
  Speaker 1: see what the reaction is to that. Tolu laurinovall let
• 17:07
  Speaker 1: you go and listen to the render of the speech
• 17:09
  Speaker 1: to Lu Laarnova, White House correspondent for Bloomberg coming to
• 17:13
  Speaker 1: us from Washington, d C. Speaking about President Trump's comments
• 17:17
  Speaker 1: at the Conservative Political Action Conference. We will bring you
• 17:20
  Speaker 1: headlines if he says anything that you need to be
• 17:23
  Speaker 1: aware of. Thanks for listening to the Bloomberg P and
• 17:30
  Speaker 1: L podcast. You can subscribe and listen to interviews at
• 17:33
  Speaker 1: Apple Podcasts, SoundCloud, or whatever podcast platform you prefer. I'm
• 17:37
  Speaker 1: Pim Fox. I'm on Twitter at pim Fox. I'm on
• 17:41
  Speaker 1: Twitter at Lisa Abramo. It's one before the podcast. You
• 17:44
  Speaker 1: can always catch us worldwide on Bloomberg Radio