Speaker 1: Um, so we were. It was it was just the
Speaker 1: same job. We were still just in charge of the
Speaker 1: US stock market at the time. It was the team
Speaker 1: water for stockson. All right, everyone, we're here to uh
Speaker 1: record the look back at our favorite stories of episode
Speaker 1: of Odd Lots. I'm Joe Wisn'thal, managing editor at Bloomberg Markets,
Speaker 1: and I'm Chasey Alloway, Executive editor of Bloomberg Markets. And
Speaker 1: We've assembled a fantastic team of Bloomberg News people, reporters
Speaker 1: and editors to talk about what were the great market
Speaker 1: stories of Could you all just introduce yourselves real quickly, mom.
Speaker 1: Chris Nacci, the managing editor for Stocks at Bloomberg News.
Speaker 1: Matthew Bosle I covered the Federal Reserve. I am Max Gabilson,
Speaker 1: Bloombews reporter. I Met Hammond, I covered deals for Bloomberg.
Speaker 1: I'm Matt Lvian. I'm a columnist for Bloomberg View. Let's
Speaker 1: get going. We'll start with you, Chris and a g.
Speaker 1: You cover stocks. What do you have for us? Speaking
Speaker 1: as the managing editor for stocks at Bloomberg and as
Speaker 1: sort of a connoisseur of armageddon scenarios. Um, I I
Speaker 1: sort of have to say that the August, the August
Speaker 1: late August so off in the stock market's my favorite story.
Speaker 1: It had it had everything. It had everything from UM.
Speaker 1: This is the big one in the bond market too.
Speaker 1: This is the big one in the volatility market. It
Speaker 1: had sort of a flash crash. It had um humans
Speaker 1: or the problem humans on the floor of the nice
Speaker 1: year of the problem. It had China. Uh, it had
Speaker 1: the dollar. It had pretty much everything that could be
Speaker 1: pulled into a thesis that this is the end of
Speaker 1: the world or this is two thousand and eight. And
Speaker 1: as a connoisseur of these things, UM, one thing that
Speaker 1: you noticed over the last five years is generally they
Speaker 1: haven't come true. So I just thought, you know, everyone
Speaker 1: who was hoping for the end of the world let
Speaker 1: all of their guns fly on roughly August. There was
Speaker 1: quite a sell off. It was painful, it was not
Speaker 1: pleasant for anyone in the market. And then um, two
Speaker 1: or three months later, we're merrily on our way, and uh,
Speaker 1: it's just looking like, you know, just another one of
Speaker 1: these ripples. I mean not this is clearly the biggest
Speaker 1: of them all, but it's pretty much repaired at this point.
Speaker 1: I just think it's Uh, the story of the market
Speaker 1: since of how healthy corrections are always the corrections that
Speaker 1: have stopped, right, that there's that right, as long as
Speaker 1: they don't turn into two thousand and eight, everyone's happy
Speaker 1: to have them. I mean, I think there's there's something
Speaker 1: to be stipping that the difference what's normalcy in the market.
Speaker 1: I mean, you go to two and a half years
Speaker 1: with the vix at like fifteen, that very sound arguments
Speaker 1: could be made that that's the weird thing, and and
Speaker 1: things like the end of August that that's kind of
Speaker 1: what's supposed to happen. I think people are aware of
Speaker 1: this fact. I mean again, right, you're absolutely right as
Speaker 1: long as it starts around twelve twelve percent or so,
Speaker 1: they're they're willing to say that's what's supposed to happen.
Speaker 1: I remember like that morning the Dell opened down like
Speaker 1: about a thousand points and then it was like a
Speaker 1: really like within twenty minutes. It was like sure at
Speaker 1: one point it was like down one percent, and then
Speaker 1: like it started selling. But that was just like an
Speaker 1: absolutely unbelievable morning. Yeah, there's no doubt that ranks in
Speaker 1: the top couple that like what's your favorite day? Of
Speaker 1: all time, not just this year. Did you have another
Speaker 1: day that you've loved That would be the flash crash,
Speaker 1: no question about it in Mark Mark May of two
Speaker 1: thousand town. I mean, that was the weirdest thing. And
Speaker 1: but you know, that was the first one of these things,
Speaker 1: that was the first really machine fermented just freak out
Speaker 1: in the stock market that nobody knew anything, had any
Speaker 1: idea of what was going on. Now now we've seen
Speaker 1: flash crashes, and I think that's part of the problem
Speaker 1: that we see any decline, any rapid decline, we say
Speaker 1: that's a flash crash, that's definitely something broken, very easily
Speaker 1: might not be something broken. Actually have to say in
Speaker 1: retrospect that again, it looks like sort of what's supposed
Speaker 1: to happen in the market every once in a while,
Speaker 1: maybe a little faster. But thanks Chris. All right, we're
Speaker 1: here at the great Max Abelson. Max, what is your
Speaker 1: favorite story? I showed my favorite story of the year
Speaker 1: was an actual written story, and I decided not to
Speaker 1: pick one from Bloomberg, just so no one could accuse
Speaker 1: me of sucking up to my wonderful colleagues. Um, you know,
Speaker 1: tens fifteen was a long year. And way back in
Speaker 1: in uh in May of two thousand, it seems like
Speaker 1: a long time ago. Ross Olbricht was sentenced to prison
Speaker 1: sentence to life and Wired story The Rise and Fall
Speaker 1: of the Silk Road. A lot of stories pretend to
Speaker 1: be rise and falls. This one was so vast that
Speaker 1: the rise was part one and the fallst part two.
Speaker 1: What made the story so great, Well, for one thing,
Speaker 1: it was exciting, remember, yeah, I do. It was Josh
Speaker 1: barman Um and Toomer Toner Hanukah. And incidentally, I think
Speaker 1: it also had additional reporting from a New York Times reporter.
Speaker 1: I don't know, I don't know how that worked. But
Speaker 1: have you guys ever read the Elvis Presley biography by
Speaker 1: Peter Grolnick Um? The first book is A rise in
Speaker 1: the second books of all I highly recommend that's one
Speaker 1: of my favorite books of all time. Beautiful book. But
Speaker 1: Elvis's rise was so dramatic and his fall was so sad,
Speaker 1: and the same thing goes for Salt Road. All right,
Speaker 1: We're going to move to another area of the market
Speaker 1: where there's been lots of activity this year, which is
Speaker 1: in mergers and acquisitions. Um. Yes, M and A has
Speaker 1: been has been crazy. This year actually the busiest year ever.
Speaker 1: I think if you if you run our numbers, it's
Speaker 1: like four point one or four point three trillion, depending
Speaker 1: on which deals you include exclude, which either way as
Speaker 1: a record high. So it's kept everyone very busy, us included.
Speaker 1: So I supposed to have to say my favorite story, Yeah,
Speaker 1: what there is kind of one deal, but I suppose
Speaker 1: I would say more it's like one company. So I know,
Speaker 1: we as M and A Reports are supposed to be
Speaker 1: kind of cheerleaders for all activity and or particularly good emine.
Speaker 1: But my favorite deal story of the year is Valiant.
Speaker 1: Kind of kind of feeling that you said what you
Speaker 1: said it was not a deal but a company. I
Speaker 1: was like, it's goind of, it's got to be Valiant, right, So,
Speaker 1: so everything they've touched this year has provided just glorious
Speaker 1: opportunity to kind of write fun stories. So, you know,
Speaker 1: from them buying a female viag drug for a billion dollars,
Speaker 1: which was like way more than anyone thought it was
Speaker 1: worth God's gift to headline writers, right exactly, and then
Speaker 1: they brought some gastro and testinal stuff, which they also
Speaker 1: seem to screw up because they overpaid because they cornered
Speaker 1: themselves on the debt. And then just the best bit
Speaker 1: of the whole thing was when the wheels came off
Speaker 1: a couple of months ago, when obviously the sitution research
Speaker 1: piece came out, the short sending research shares just got abolished.
Speaker 1: Can you, for the people that don't pay as much
Speaker 1: attention to this as we do, can you give like
Speaker 1: a thirty second description of what Valuant isn't why strategy
Speaker 1: is so controversial? Yeah? So, Valiant essentially is is a
Speaker 1: sort of classic roll up play. It It does deal
Speaker 1: after deal after deal to kind of grow its to
Speaker 1: grow it to earnings, and has made a huge amount
Speaker 1: of money for its shareholders. The problem is, and the
Speaker 1: reason it's so detested in the pharmaceutical world, is it
Speaker 1: relies on buying companies that have quite a lot of
Speaker 1: research and development and just removing that completely, so we'll
Speaker 1: get rid of all of the R and D kind
Speaker 1: of day one and then just run off the existing
Speaker 1: portfolio of drugs that that company had and sort of
Speaker 1: almost create like an annuity type business. Now in Farmer,
Speaker 1: this is seen as an appalling thing to do because
Speaker 1: obviously people need to be investing all the time in
Speaker 1: R and D to actually keep new drugs coming through
Speaker 1: the system and to treat the diseases and to improve
Speaker 1: treatments for existing diseases. So Valiant is sort of the
Speaker 1: bad boy of Farmers replaced. I know, I was just
Speaker 1: thinking they've been replaced slightly by Cheering recently. But they
Speaker 1: were bigger and and in some ways badder bad boy,
Speaker 1: and it was just great. The wheels came off, the
Speaker 1: shares were destroyed. You had Mike Pierson, who's the chief
Speaker 1: execut Valiant and very sort of you know, had been
Speaker 1: very upbeat the whole time he sort of was being
Speaker 1: wheeled out. He looked kind of like a penguin that
Speaker 1: had been put down in the desert, sort of sweating
Speaker 1: profusely and bulging in his suits. And then he had
Speaker 1: Bill Ackman. Believe it or not, as did you ever
Speaker 1: get that into a story or a headline? I think
Speaker 1: that would have been and I think the conversations with
Speaker 1: the PRS would have been too brutal afterwards, coming from
Speaker 1: like a stark perspective. Valiant was also a huge story,
Speaker 1: and there was this whole issue of like these independent
Speaker 1: twitters and researchers and bloggers sort of driving the story
Speaker 1: right right. I think it's it's the best example that
Speaker 1: yet of that that kind of uh. I don't want
Speaker 1: to say raid, but it's certainly that all of the
Speaker 1: tools that are available to people who wanted stocks to
Speaker 1: go down, we're we're in full display during that whole thing,
Speaker 1: adding to the I mean, clearly adding to the volatility.
Speaker 1: It's also interesting the amount of purchase those things got
Speaker 1: this time. I mean that's going on all the time
Speaker 1: in the stock market. Crazed and less crazed people are
Speaker 1: saying bad things about stocks at the time. With Valiant,
Speaker 1: they just found their timing. I mean, they just nailed it.
Speaker 1: So I know, I said I wasn't gonna choose a
Speaker 1: favorite story, but since we're on the topic of Valiant,
Speaker 1: one of the stories I really liked this year was
Speaker 1: by Bloomberg News, and it was about how all the
Speaker 1: analysts had by ratings on Valiant for years and years
Speaker 1: and years, and we're completely caught offside. I want to
Speaker 1: bring in a mad Bosler into it. One of the
Speaker 1: aspects of the Valiant story, arguably that enabled them to
Speaker 1: do this huge roll up strategy, has been cheap money,
Speaker 1: and Matt, you cover the FED or low interest rates,
Speaker 1: lots of interest in buying debt, you cover the FED.
Speaker 1: Until obviously that was a huge story. But what was
Speaker 1: your favorite story this year? Yeah, well, actually along those lines,
Speaker 1: it's sort of the how money has been becoming tighter
Speaker 1: this year that I found the most interesting, so to
Speaker 1: like sort of bring it back to the August stock
Speaker 1: market sell off um and kind of put the FED
Speaker 1: angle on it. It's it's interesting. That was actually my
Speaker 1: favorite story too, because that was a assessment date for
Speaker 1: one of these big new post crisis banking regulations that
Speaker 1: is just being phased in now, even though these things
Speaker 1: have been in the works in Bossel, Switzerland for years.
Speaker 1: And so August July septe um quarter in which we
Speaker 1: also saw like some stock market turmoil, and then of
Speaker 1: course this month we're seeing um all of these regulations
Speaker 1: coming in forcing banks to sort of shrink their balance
Speaker 1: sheets and you know, just liquidity sort of being sucked
Speaker 1: out of the system this year, and we've been sort
Speaker 1: of waiting for this, but these regulations haven't really come
Speaker 1: into effect until the second half of this year. So
Speaker 1: I found it very interesting that these these certain dates
Speaker 1: like August, you know, seems to be a coincidence that
Speaker 1: there was this g SIB capital surcharge, we had the
Speaker 1: biggest stock market sell off. You know. It is the
Speaker 1: low and the dollar you want exchange rate and all
Speaker 1: of this stuff just sort of points to like less
Speaker 1: liquidity and in not only you know, money markets, which
Speaker 1: we've all been paying attention to very closely, right from
Speaker 1: a FED FED bet but also in in risk assets
Speaker 1: and even the stock market. So do you think that
Speaker 1: sort of volatility and low levels of liquidity is the
Speaker 1: new normal in markets? It does kind of seem that way. Yeah.
Speaker 1: I mean it's only been getting worse and worse this year,
Speaker 1: and there's no real sign from you know, the FED
Speaker 1: or the regulators that they would like to step in
Speaker 1: and help out. Because this was kind of the whole
Speaker 1: point all along, right, was to make the markets less risky,
Speaker 1: and now we're sort of seeing the side effects of
Speaker 1: because the market less risky, definitely, like the banks you know,
Speaker 1: are not doing as much intermediation and so I guess
Speaker 1: they you know, they can't get hurt. But you know,
Speaker 1: with less intermediation comes less equity and markets and it's
Speaker 1: kind of becoming almost these mini shocks that are emanating
Speaker 1: to the real economy once a quarter, and that's something
Speaker 1: the FED has had to deal with. You know, we
Speaker 1: saw them take a pass on tightening in September, and
Speaker 1: it was kind of largely because of that market volatility
Speaker 1: would seem just before in August. So I have also
Speaker 1: remembered another one of my favorite stories, which was the
Speaker 1: third avenue of fund closure, which seems to be the tradeoff,
Speaker 1: right of having a bunch of risk moved out of
Speaker 1: banks and onto the by side, which means when things
Speaker 1: go pear shaped, investors get the short end of the stick, right, Yeah, exactly.
Speaker 1: And you know we're not to the look ahead to yet,
Speaker 1: but you know, that's that's one of these things that's
Speaker 1: been interesting on the FED beat. Now we're all talking about, Okay,
Speaker 1: the next FED move is going to be contingent upon
Speaker 1: actual progress and on inflation and not just confidence in
Speaker 1: their inflation forecast. But if the high yield credit markets
Speaker 1: keep blowing up, then none of that's really gonna matter anyway. Probably,
Speaker 1: So att Levin, you write a lot about finance and
Speaker 1: markets and all sorts of things. What was your favorite
Speaker 1: story of two thousand and fifteen, Tracy, I think you
Speaker 1: know what my favorite story in fifteen was. Um. I
Speaker 1: read a lot about finance, but I read a lot
Speaker 1: about bond market liquidity, and I think my favorite story
Speaker 1: might be the story of bond market liquidity. You coined
Speaker 1: an acronym, right, Uh, Well, it's a it's not really pronounceable.
Speaker 1: I sometimes think Poppa mole. But yes, people are worried
Speaker 1: about bond market liquidity has appeared in my uh in
Speaker 1: my morning newsletter for you know, hundred and fifty times
Speaker 1: in a row, give or take. So what is bond
Speaker 1: market liquidity and why did you like this story so much? So?
Speaker 1: Bond market liquidity is just like the ability to buy
Speaker 1: yoursel bonds. So the story goes that it used to
Speaker 1: be that bonds traded by calling up dealers. You call
Speaker 1: up a bank and you if you want to buy
Speaker 1: a bond, you buy the bond from a bank. When
Speaker 1: I sell a bond, you sell it to the bank.
Speaker 1: The bank kind of stood in the way in between everything,
Speaker 1: and they kept big inventories of bonds and the worrying.
Speaker 1: The last like a couple of years, I would say,
Speaker 1: is that with the Volk a rule with capital regulation,
Speaker 1: banks are no longer as much in that business as
Speaker 1: they used to be. And uh, and so it's become
Speaker 1: harder to buy and sell bonds. That's a thing, you know,
Speaker 1: I think that people worry about. But when it becomes
Speaker 1: more interesting and more worrying is that you combine that
Speaker 1: with a lot more bonds are held by mutual funds
Speaker 1: than used to be. And there's this worry that mutual funds,
Speaker 1: because they let investors take their money out anytime they want,
Speaker 1: investors might take a lot of money out the mutual
Speaker 1: funds that olden bonds have to sell all these bonds
Speaker 1: to meet those redemptions. They can't do it. It's become
Speaker 1: harder to sell bonds and it's going to lead to
Speaker 1: a big downward spiral and a disaster. So this has
Speaker 1: been predicted for a year or two. So if I may,
Speaker 1: the weirdest thing about this story, which is also one
Speaker 1: of my favorite stories, obviously, but the weirdest thing is
Speaker 1: that people have been talking about it for years and
Speaker 1: it's like this major worry that's hung over the market,
Speaker 1: and it seems to be the things that people don't
Speaker 1: think about that usually turn out to be problematic, right, Yeah,
Speaker 1: I mean that's one of the reasons my favorite story
Speaker 1: is it's a media predicted, right, uh, widely predicted, media
Speaker 1: endorsed potential future crisis, right, And you don't see a
Speaker 1: lot of that. And you know, my bias is sort
Speaker 1: of similar to yours. That, like, the the the odds
Speaker 1: of the thing that everyone predicts being a crisis actually
Speaker 1: being a crisis are very low, and so you have, like,
Speaker 1: you know, the bond market liquidity story has gone through
Speaker 1: a couple of tests, right, Like, there's just like two
Speaker 1: weeks ago, the Third Avenue focused credit fund did the
Speaker 1: thing everyone predicted, right, Like, had a lot of redemptions,
Speaker 1: it couldn't sell bonds fast enough, it had to close down.
Speaker 1: It was a big disaster for them, and it didn't
Speaker 1: you know, like people worried about it, but it doesn't
Speaker 1: seem to have had a huge kind of you know,
Speaker 1: contagion on the rest of the market, although it's you know,
Speaker 1: it's probably a little story, yeah right, it's a little
Speaker 1: really tell I just want to jump in here. I
Speaker 1: didn't really have anything prepared for my favorite story of
Speaker 1: the year, but I you know, I do feel a
Speaker 1: little twinge of sadness us that I think we may have,
Speaker 1: at least for this foreseeable period, buried the whole gregsit
Speaker 1: story and put that behind us for a while, because
Speaker 1: I've been covering the drama of whether Greece was going
Speaker 1: to leave the Eurozone. Bass I do like trips to Athens,
Speaker 1: but I remember very vividly November two thousand nine, no sorry,
Speaker 1: Thanksgiving two thousand nine was the day that the Dubai
Speaker 1: World bankruptcy announced, and everyone was like, who's next on
Speaker 1: the sovereign debt space? And I read an article and
Speaker 1: it was talking about Greece, and that was like the
Speaker 1: first day that I really like paid attention to the
Speaker 1: Greece story, and I really think like it may come
Speaker 1: back at some point, but it felt like this was
Speaker 1: the year that that was kind of put behind us.
Speaker 1: And so I'm a little a little mixed emotions. Where
Speaker 1: are the Greg's odds right now? Especially cities cities right
Speaker 1: because City City, for those who don't know, has basically
Speaker 1: frankly been on the wrong side of this cause several
Speaker 1: times throughout because villain Powder City's chief economists thought Gregg's
Speaker 1: it was very likely early on. Then I got it wrong.
Speaker 1: Then that obviously didn't happen. Then they called it again
Speaker 1: basically this sum this year when they had the referendum,
Speaker 1: just like a few days before. And so yeah, I
Speaker 1: don't know, I don't know where they have at these
Speaker 1: I wouldn't be surprised, you know, if ever, you know
Speaker 1: they still have like it could be um, but obviously
Speaker 1: we recently had the Spanish election, so there's no end
Speaker 1: of political turmoil in Europe. But in terms of like
Speaker 1: an acute risk of a country leaving, it seems to
Speaker 1: have a fifteen was the year that seems to have passed.
Speaker 1: So your favorite story is essentially the end of a story? Yeah,
Speaker 1: I think so it's the end of the story. And
Speaker 1: I think like between that and with the FED finally
Speaker 1: raising rates, with the these new regulations coming into place,
Speaker 1: it does feel like this year it was kind of
Speaker 1: a at least the end of one big chapter for
Speaker 1: or you know, if it was a multi volume novel,
Speaker 1: than at least one booklist closed this year, I would say, oh,
Speaker 1: look he's here. It's Dan Moss, Dan High Dan, who
Speaker 1: are you? Um? I am the executive editor for Global Economics.
Speaker 1: So what was your favorite story this year? My favorite
Speaker 1: story was about China and a movie, and it's not
Speaker 1: Star Wars, which actually is not showing in China yet.
Speaker 1: It's to do with quotas imposed on distribution of foreign movies.
Speaker 1: My favorite story was a story about Furious seven and
Speaker 1: it's box office smash in China April fourteen by our
Speaker 1: colleague Malcolm Scott, who is responsible for economics coverage of
Speaker 1: Greater China, and the headline is Furious seven China box
Speaker 1: office record shows consumers rising role and I thought this
Speaker 1: just encapsulated the big shift we've seen in the past
Speaker 1: eighteen months. But it's really crystallized. This year. Consumption now
Speaker 1: accounted for more than of China's gross domestic product. This
Speaker 1: is a huge debate in the global economy right whether
Speaker 1: or not China can meet the transition from a sort
Speaker 1: of manufacturing based economy to a services one. Right, it's
Speaker 1: a huge shift that's prompting a huge debate now. The
Speaker 1: great Iron is for years and years and years, No
Speaker 1: G seven, no I m F No G twenty communicate
Speaker 1: was complete without a reference to China needing to shift
Speaker 1: away from exports towards consumption and services. Well, it's happening.
Speaker 1: The problem is. It's happening not the way people envisaged.
Speaker 1: So while a lot of the headlines are focused on
Speaker 1: commodities dive as China exports do x or China manufacturing
Speaker 1: does why, people also ask themselves, well, how come movies
Speaker 1: can do really well? And how come a company like
Speaker 1: Ali Barber can do very well despite the iron A slowdown.
Speaker 1: All the answer is China's economy. It's not the same
Speaker 1: thing that dung Shaoping opened up in the late seventies.
Speaker 1: It is now about consumption and services. Consumption and services.
Speaker 1: This is a sort of unrelated. But if they're not
Speaker 1: showing Star Wars yet, are they using the Great Firewall
Speaker 1: to keep out spoilers from the entire country? Like you
Speaker 1: think they would make an exception for this one moment.
Speaker 1: Are you going to move to China just so you
Speaker 1: can avoid spoiler? No? I don't really care one way
Speaker 1: or another. I just think like there's so much obsession
Speaker 1: with the avoiding spoilers it seems like a problem, like
Speaker 1: how long are they delaying it for. I don't know.
Speaker 1: I think it's not far away. And I'm certainly not
Speaker 1: an expert on the structure of media, but this story
Speaker 1: about Furious seven really did strike me as encapsulating this
Speaker 1: shift that was seeing in China, which is a little understood.
Speaker 1: The box office numbers in China much bigger than they
Speaker 1: were in the US and everywhere else in the world.
Speaker 1: That's a great question, but it was the biggest one
Speaker 1: day box so office whole talking sixty three point two millions,
Speaker 1: surpassing the previous record hold Transform is full. Thank you, Dan,
Speaker 1: and I should take this opportunity to mention that Dan
Speaker 1: is also a co host on the Benchmark podcast, which
Speaker 1: is another one of Bloomberg's suite of multiplying podcasts. Loll's Tracy,
Speaker 1: that was a fun conversation, really and a really fun year.
Speaker 1: I would say, definitely an interesting year in markets. I
Speaker 1: feel like next year might be even more interesting and
Speaker 1: a good thing. That will be recording another show on
Speaker 1: that topic very soon. I agree. I I do think
Speaker 1: next year will be really interesting. I was just writing
Speaker 1: about this fact, which is that it feels to me
Speaker 1: like there's markets are always pretty uncertain, but it feels
Speaker 1: to me like there's an unusual amount of uncertain gig
Speaker 1: going on this year. No one really knows what fed
Speaker 1: Liftoff is going to be like, there's a lot of
Speaker 1: debate about this date of the economy. People don't know
Speaker 1: if the emerging market growth model is broke again. So
Speaker 1: I think it will be a very interesting year and
Speaker 1: I'm looking forward to our predictions episode Excellence. I'm Joe
Speaker 1: Wisn't There. You can follow me on Twitter at at
Speaker 1: the Stalk And I'm Tracy Alloway. You can follow me
Speaker 1: on Twitter at Tracy Alloway. We'll see you next week.
Speaker 1: Joe and I are very proud of our new podcast,
Speaker 1: Odd Lots, but we are also very proud of Bloomberg's
Speaker 1: other growing suite of original podcast all designed to help
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Speaker 1: global economy. So in addition to our own podcast, please
Speaker 1: don't miss Benchmark with Dan Moss, Tory Stillwell and Aki Edo,
Speaker 1: an informative, jargon free look at the inner workings of
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Speaker 1: a breakdown of the biggest M and A deals and
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