14 Burst results for "James Lockhart"
The Garden Question
"james lockhart" Discussed on The Garden Question
"We got together with our friend James Lockhart, who's an amazing photographer, worked also for the state office for many years, doing all those National Register nomination photographs. Just incredible photographer. The result of it was our book, Seeking Eden, a collection of Georgia's historic gardens, and it came out in spring of 2018, and it was published by UGA Press. This work really focuses on design landscapes in Georgia in the 19th and 20th centuries. Super excited about that book. I just learned that I just sold over 3 ,000 copies, which is awesome. So, if you're interested in the book, you can go and get it through amazon .com, Barnes & Noble, or if you're a dog fan or you went to UGA, you might want to purchase it through UGA Press. Do know that the proceeds of the book actually go to a statewide program headed by the Garden Club of Georgia that helps restore old gardens that are open to the public for touring. So, it can't be your private historic garden that you bought. It has to be open to the public. We're very honored that we are able to donate our proceeds for that important purpose. Oh yeah. How many of the gardens were in the original work you were working off of, and then how many did you find that still existed? Well, such a good question. So, in the original book, there are about 160 gardens total. The ones that are still existing today is about a third of those. Through all that work, we figured out that about a third of those 160 are completely lost, gone. Got like a Home Depot parking lot over them or something. Awful, you know, developments happen. The world's changed a lot. And then another third have what I call a piece or a part of an old garden. Like, say, an alley of live oak trees at an old plantation outside of Savannah, but the boxwood parterra garden's gone, but the alley's still there. So, some piece of the garden, but not the whole garden. What's really exciting is we did learn that the last third were really intact in what I call the old bones of the garden, where you can really tell what the garden was, and a lot of the plant material is still there today. And those are the ones we really highlighted in the book, because we wanted people to use Jim's great talent with his photography to photograph those gardens through all seasons. People could really fall in love with these old gardens like I have, and Mary Ann has too. Yeah, yeah. It's a little hard to tell people to fall in love with an old garden when you can't take a picture of it today. Are you following that work up with something else? We've entered phase two, and I hope a book will come out of it.
Bloomberg Radio New York
"james lockhart" Discussed on Bloomberg Radio New York
"Her department should ultimately run out of cash. So again, we are nearing the end of May. So there's not really a whole lot of time there left. But if there are those talks that are happening between the president and House speaker on a daily basis, it's possible that there could be something that moves by the end of this week, but ultimately, I mean, we certainly spoken with some analysts who say it might not be until next week in some of those 11th hour talks before things are short up for good. Joe, this is something comes around reasonably regularly now in American politics standoffs like this that I wonder how does it compare to other to previous occasions in which we've seen the two parties face off over expanding. Yes, well, I think we certainly as you mentioned Ben in this kind of situation before ultimately though what we're seeing right now is as we've got some concerns about the overall state of the economy, certainly there's risks of recession and such that have been discussed. I think that that kind of lens, this new emphasis on urgency and trying to get something done. I think we've reported just in recent weeks on all of these sort of twin stresses that the economy that the Federal Reserve are under in trying to make sure that the U.S. is doing well. I mean, you've got incredibly high price pressures that continue to be an issue. You've fought environmental climate issues as we head into the summer, concerns about global supply chain, certainly there. So what that does in this particular round of debt limit talks is just add that extra layer of urgency on trying to make something happen because again, even though we've been in this situation before, just all of those pressures that are coming from other forces add to that urgency and trying to get something done. Okay, well, thank you so much, Jill dices for talking us through the latest on the slow moving debt ceiling talks in the U.S. up next. The 1.7 trillion pound market, the UK politicians politicians want to talk about and jet set no. Now the paper review on Bluebird daybreak Europe. The news you need to know from today's papers. James Lockhart has been looking through the headlines in the UK papers this morning. Now James you are always in the hunt for an interesting financial story. Talk to us today about pensions and what the papers are saying. So Stephen just always been popping up for quite some time now and so I want to take a brief look at how we've got to this point where they are becoming such a political hot topic. I mean, they're being blamed from everything from the sale of arm to the lack of funding if you get businesses to sort of missing IPOs. And it all comes from the fact that if you look at sort of defined benefit contributions of turmoil come back to a bit later, the UK equities in the 1990s were about 50% invested into defined benefit contributions and now that is about 2%. And what has happened here is it all started in 1991 where Robert Maxwell passed away off the back of a yacht and it turned out he had been investing the mirror group's pension fund to prop up his own companies and more accounting more regulation, key in 2000s the FRS 17, Gordon Brown maneuver, it made their pension funds had to declare where their liabilities were. And that made a lot of companies suddenly realize they had quite a lot of deficits on that portfolio because they were investing in equities. They started moving away from my abilities, something called liability driven investments. Those of you who keenly watched the mini budget disaster would know where those come in and that meant going into bonds and so now we have a pension funds that's often driven by defined contributions because people moved out of defined benefits and offered a lot more heavily invested in the bond sector and that is becoming a big problem for a lot of UK politicians. And what is it? Yeah, what is the political piece here? Well, so the FT have Rachel Reeves this morning saying that she's prepared to force pension funds to invest in a proposed
Bloomberg Radio New York
"james lockhart" Discussed on Bloomberg Radio New York
"Now the paper review on Bloomberg daybreak Europe. The news you need to know from today's papers. Okay, Bloomberg exchange walcot joins us now with a briefing on the papers James let's start with the story about the Bank of England looking to cut financial wrongdoing penalties that set her in the FT. Yes, Anna, so already it's the case that if you've done wrong in the city and you go to the bank with the potential regulation authority and you say here's what I've done, here's the evidence and they're happy that that is correct. You can get a discount of 30%. They're proposing upping that to 50%. And the reason they're doing that is they want to clear a backlog. They want to encourage people to come forward, but also it ties into what we've been talking about all week with sort of the FCA planning on changing its rules, cool some more executive pay. There's the hope that this will make the City of London more efficient. It is just over ten years since the PRA was formally created and it has come into criticism for being excessively risk averse. Those aren't my words. There's a city minister Andrew Griffiths words, and so this is kind of idea of maybe freeing them up and reevaluating quite how they operate. Interesting stuff. Let's go to next the BBC New York Times the Financial Times among many artists today writing about a major scandal at TikTok what's happened. So christiania kittle is the FT's tech correspondent she's based in London and last December she got a call from TikTok who said you might want to go and read this story in The New York Times. She reads it. It's about her. And what has happened is TikTok surveilled her phone and found out when to try and find out when she was meeting with employees at the company. Now this is completely in violation of their own sort of rules on data protection. Christina has since written about the piece in which is throwing the FT today and some of her sources say they very likely TikTok very likely broke the EU strict GDPR rules. It also feeds into this wider debate of China and the U.S. and how their data and tech regulations sort of interplay with each other and with national security concerns on the air because quite simply ByteDance should not have been able to look up her personal account, find its location data and then see if it matched with people from the company. It's also her cat account. It was. They had to find out who it was and then do that. That's the thing. Her name wasn't attached to it. It was literally just videos of her cash. Yeah. It's astonishing. And then so the idea that it was two employees in China and two employees in the U.S. who did it as well. And so it was a bipartisan agreement to follow her account. They have also been let go by Dan says that it was complete misconduct and they hope it never ever happens again, but it is a very worrying sign and one that may well create more problems for the company in the U.S.. Yeah, well they have done enough to draw a line under that. Right, city a.m., writing about a number of Russians using London commercial courts. The number of them has reached a new record then James. Exactly. And you would think Anna that the record would be a low one given we are more than a year on from the start of the Ukraine world, but it is a high point. If you're not British, the next most likely nationality to be using the commercial courts in London is Russian in 2023. And this all started a decade ago when a Roman Abramovich and Boris berezovsky went to the London commercial court to settle a $6.5 billion lawsuit over the profits from Russian oil. And London has been seen as the venue for fair and impartial sort of legal jurisdiction for often Russian company seeking to settle claims. And that has continued even during the Ukraine war, although I will say a lot of the civil suits around sort of say divorces have died off due to sanctions. But it is worth noting that the Catherine banks say a former barrister in the report says the full impact of the war is yet to be felt because only now are we starting to see London law firms edging away from taking on new Russian corporate clients, but it's still a fascinating idea that even now London grad has not yet died. Yeah, interesting stuff. James Lockhart, thank you so much for that review. Of the newspapers this morning, coming up next on the program. We're going to be digging into the local election results, so cancels across England, people voting there yesterday. The first time we've had an election that imposes these new voter ID rules, we have to bring a photo a photo ID to vote, so we'll be talking about what effects that might have had on turnout and looking at the numbers as we are getting the results coming in. So big losses it looks like for the Conservative Party. They're down around 220 seats at the moment labor gaining around a 120 seats in councils as well a good night too. It seems for the Liv dams and for the greens as well. Our UK correspondent Lizzie Braden will be with us in
Bloomberg Radio New York
"james lockhart" Discussed on Bloomberg Radio New York
"Now, the paper review on Bloomberg daybreak Europe. The news you need to know from today's papers. Joins us now to take us through the papers. I'm fascinated by these headlines, James, to the I always try on it. Want to hear the detail, write a number of papers covering the UK government's new national fraud strategy, what's this? So this fraud now is the most common crime in the UK accounts for 40% of all offenses and today we should soon act a promised a review last autumn and he's unveiling this new national fraud strategy. He's writing in the mail and talk, he's framing this all as about tackling crime. Now the times talk about how cold calling will we banned for all financial products. They're talking about this of the insurance and cryptocurrency schemes that scammers are trying to sort of fight on elderly people. But the FT have a different angle. They take a look at so how there are 400 new police officers being hired as part of this fraud invested body. That still only 1% of the police force, so instead the FT are pointing out that in reality the big announcement here is that there will be a voluntary agreement with the tech industry where big platforms are supposed to be taking a more proactive role in policing fraud and the effort you have some reporting saying, this is a step down from what the government would pitching a month ago, which would be tech companies would be fined if they hadn't prevented fraud. So all that's up to kind of a big new sort of push to try and tackle crime that is worth 7 billion in lost growth for the UK economy every year. That is interesting. Let's go to the times next, James. They have news from Dyson about a 2.75 billion pound AI investment plan while a question for yeasty that what do you imagine the vacuum of the future will look like? Empty. Well, that might be it. Depending on how often you use it, so Dyson are planning on spending 2.75 billion on investing in AI, and they would like to find out using the kind of AI and modern chatbots, a vacuum that could tell you how dirty your floor is, or monitor your air quality, and then remind you to maybe vacuum depending on where the quality of your floor is. And to give you an idea of the scale of this, they have 50 software developers ten years ago, that's up to 600 now. They have 4 million air purifiers around the world giving them constant big data. And yeah, and so but the other big story is if this sort of vacuum of the future, a 100 million pounds is being invested to build a building in Bristol, but the vast majority of this investment is coming to Singapore. So Britain will play a part in the vacuum of the future, but it is far from being the soul. The last thing I think I need in my life is to be nagged by an actor. Exactly. Or another piece of technology to do the hoovering or to do any kind of domestic task already in our House, we have an app that tells us when to water the plants. And I find that that is nagging enough. But anyway, let's move on. The Wall Street Journal covering a very different story. The fallout from the AB InBev ad campaign that somewhat backfired. So Bud Light is distributors in America for who worked for avian bev they sell off the whole third product. They were optimistic about this year. They saw ad spending was going to increase by 5 fold after it had been cut during the pandemic. Now, what then happened all started with Dylan Mulvaney. She's a trans woman and social media influencer with 10 million followers and 1 billion views on TikTok online. She was gifted some Budweiser beers with her face on as part of a social media marketing campaign. Now, Fox News and a number of other right wing media outlets picked up the story and encouraged boycotts. Thumb Budweiser factories even received bomb threats in response and The Wall Street Journal now have this report saying that retail store sales for Bud Light fell 21% and didn't just fall rivals such as cores grew 21% in the same period so it has had a material loss and now they are AB and bev trying to compensate some of their distributors with like a free case of Bud Light for every employee because the harassment has been so bad. I just want to give one quote from a distributor that really sums it up. They didn't need to take this risk they said, I lost my cowboy bars with the implication of being sort of this right wing backlash and now I could lose my gay bars too to the response from the left wing. So at all points to the very difficult balance you have to pay has been trying to reach out a young and diverse audience because in at least an America, these debates are so tense. They can have real impacts on the bottom line. Yeah, so showing, as you say, the dilemma of how you market products around these issues and how you can get caught up in the sort of storms as well of commentary too. James Lockhart, thank you so much for that review of the newspapers coming up next on the program. We will be digging into this proposal from the financial contract authority to change the listing rules. Here in London and we'll have a round up of today's corporate news from London with Charles cape in the London rush as well. We've had results
Bloomberg Radio New York
"james lockhart" Discussed on Bloomberg Radio New York
"The paper review on Bloomberg daybreak Europe. The news you need to know from today's papers. James Lockhart is here at the details of the newspapers for us a couple of papers leading on the migration Bill and Richie Sinai press conference, promising to tackle the issue, but James you've been looking at some of the business stories in the news today, starting with the times and a warning from the institute of directors. Yes, they did their own service even not on the amount of money people should have, but on business peoples and they found that 8 in ten of leading business people in the UK think that people should be subsidising, specifically the UK government, climate change, and green transition. And that's to compete with the EU in the U.S.. Now, we talked about this with the shell CEO's comments on Monday, and it's something Bloomberg had been reporting on for quite some time. This large kind of move into funding national green transition plans, EDP energy has to Portugal, one of Europe's large new companies yesterday in Bloomberg said they were planning to build more winter by in the U.S., relocating. So it's one of those people who are speaking to business, tell me that one big fear here is that UK is in stasis ahead of the budget. We have the scoop overnight that we had in our bulletin about business relief, but does the UK have the capacity to spend money pushing new green technology? Also, story in the independent Elon Musk firing, well, someone else is this new, why is this individual important? Well, Caroline, I mean, you're not wrong. We have been covering this for quite some time, since taking over the company, Musk has overseen firings and departures of roughly two thirds of Twitter's 7500 employees when he took over. This one's a bit different because someone tweeted him and said they publicly had not heard from HR for 9 days, must then detailed that they had been fired and that although openly put out on Twitter that had a disability and this person was an aqua hire so they were hired as part of an acquisition. So it could have a big Bill for mask as well as looking quite difficult, so be conducting HR over social media. Okay, and a word on this dough Jones story about Microsoft and chat DPT beaten Google. It's worth the ring Stephen, but basically people are now talking about Bing again and it kind of shows that maybe Google lost the AI race rather than Microsoft won it and Dow Jones going to a little deep dive about how they came behind on the AI race. Okay, James walcot with our newspaper review. Thank you so much for being with us. We're going to unpack the feds, Jerome Powell's comments next. This is Bloomberg. Bloomberg radio on demand and in your podcast feed. On the latest sound on podcasts, President Biden drops the budget we're already hearing what might be in it thanks in part to an op-ed the president wrote The New York Times his budget will propose hiking payroll taxes for people making over $400,000 a year that would allow the government to pay for Medicare. It would also give the government new power to negotiate drug prices. This is what we're expecting here. Bloomberg government's Jack Fitzpatrick, who is with us right now. Jack, this is the moment that Republicans in the House have been waiting for. Did we learn anything he didn't expect? Does any of this stuff see the light of day? Well, I think they may be happy that there's some sort of proposal coming from Biden on the topic of Medicare. Obviously, the conservatives don't agree with the call for a tax increase, but if you're one of the more enthusiastic House Republicans who wants to eventually get a bipartisan group of people together to negotiate a compromise on entitlement solvency, the fact that it's working its way into the discourse might be useful. This particular proposal on Medicare, no, I mean the Republicans aren't going to pass just a straight up tax increase on its own. But I'm sure are happy to hear Barack ramati saying that they could find he's a tens or even hundreds of billions of dollars of waste in the budget. Now, we can tell the conservatives are going to be much more aggressive on that House Republicans have said they want to steeply cut non defense spending. Hear the full conversation on the latest edition of the Bloomberg sound on podcast. Subscribe on Apple Spotify and anywhere else you get your podcasts. Plus, listen anytime on the Bloomberg business app and Bloomberg dot com. What we found 92% of households that joint peloton early in the year are still active a year later. Yeah, if you like cycling to EDM. Not just EDM. Try cycling to Broadway hits. Take a scenic hike in Iceland on our
Bloomberg Radio New York
"james lockhart" Discussed on Bloomberg Radio New York
"On passive investing. What's his argument? Anna, he is not only interested in passive investing is also just as hungry as the two of you. He is saying that when he used to travel Europe as a young sort of student, he compares past investing to eating out in Europe, when he could have low sort of set menus. It was an easy way to keep his costs down and get a large amount of food. That's his passive investing. But he says, actually, imagine if the food in Europe was much more toxic or dangerous than if you've gotten a stomachache if you just ate kind of the fixed menus. In short, he wants a la carte investing to come back, which is his code for activist investing. And he's got a smorgasbord of reasons why. He's saying that central banks boosted it all assets across the board with low, low rates for a very long time. And he says in this kind of more fluid world, price overshoots are far more common. And he says that a lot of traders need to read up on the famous economist work called market for lemons. The idea that in a world where you don't know what is good and what is bad, where there's information asymmetry, the quality of goods traded can degrade if you have a really good stock you won't sell it. So often really poor stocks will get solved for slightly higher values. In short, he's saying that now is the period where active investors need to come back, make difficult choices and make lots of money. And if you're a passive investor, you should consider very carefully. Well, I'm sure that's all very sensible. Steve and I still find there's a place for lume in my life. In particular, when traveling around France. Indeed. And all of our lives and I can recommend some great ones. When you can't make any decisions. Indeed. Very good. James Lockhart, thank you very much for making lemonades out of those lemons and our newspaper review. Let's turn next to some of the technology sector results we've had out this morning and last night. Microsoft warning of a slowdown in revenue growth at its cloud computing business, Azure, feeling concerned about a steeper decline in key products while Europe's largest chip equipment maker ASML upgrading its demand forecast for the coming months as well. Let's speak to Bloomberg's breaking news reporter April roach for more on this story. Good morning to you. April, take us through then the headlines from the Microsoft results first of all, some bad some good news and some perhaps less good news. Good morning, yes. There is a bit of a mix of news from Microsoft. The software giant reported second quarter sales gain of 2%, which was expected and it is the smallest increase in 6 years that the company has reported. However, it's second quarter profit did beat analyst estimate. And this was helped by the strength of it as your cloud services business and last week we saw the company announced that the cutting 10,000 jobs and it took a $1.2 billion charge for this in its second quarter results. And we've really seen how similar to other tech giants like Amazon and meta. These companies have seen a slowdown period after the surge during the pandemic and many are looking to take measures to adjust in this period. And what about the outlook for other products then we've got a lot about Azure. Yes, yes. Microsoft closely watch cloud computing business. Sales gained 38%. But the quarterly results really showed Microsoft resilient and this is thanks to a relatively steady demand for corporate cloud computing services, even if gains are less robust. Okay, April, ASML closer to us here, much closer to you in the Netherlands. What did we learn from the ASMR ASML results in a very closely watched sector of chip making? Yes, that's right. So a small staff forecast for the first quarter beat analyst estimates. The firm was able to maintain its long-term revenue guidance and provided an outlook for 2023. It's these sales growth of more than 25% compared to 2022. And the company had quite upbeat view regarding demand for advanced machinery. It's chief executive officer, Peter when I said in a transcript or video interview that while the company faces challenges regarding potential recession, inflation and certain due political tensions demand is still much higher than what they can make. And this is such an important business, isn't it to watch April because it makes the equipment that helps chip makers make chips, these giant lithography machines, the size of a double decker bus, and it looms large over everything that is chips. That's right. This is very crucial technology we use chips in pretty much everything in our smartphones in cars. So this technology is really vital and the fact that while there may be some companies that have seen some lower demand in some areas as chips inventories goes up, the fact that it still seen high and continued demand is really good news for the company. Okay, April roach our breaking news reporter. Thank you very much for talking us through the details of those results from Microsoft and from ASML as well. Let's get to James Wilcox now for a global news briefing. Eurostar has been forced to run trains with a large number of empty seats. In order to prevent backups are border checkpoints across channel train operator says Brexit in a shortage of border officials is increasing the time it takes to process passengers departing from London saint pancras station. Some serves as I wanted to be running with as many as 30% of their seats empty. In the U.S., former vice president Mike Pence is the latest high level official to be found with documents marked as classified, according to pes attorney, the items are found at his home in Indiana and turned over to the FBI after a recent search. Two special counsels are already overseeing investigations into documents found at present Biden's home and office and former president Donald Trump's Mar-a-Lago estate. And it's understood that Rupert Murdoch and his son Lachlan are abandoning plans to reunite their two media companies Fox corp and News Corp.. Some News Corp. investors had publicly opposed the merger saying it undervalued company assets. The deal first announced in October was widely seen as a way for lackland Murdoch to cement his control over the family media empire. Global news, 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts in more than a 120 countries. I and James wilcock. This is Bloomberg Steven. James, thank you very much. Well, we will be digging more in some of the other trading updates we've gotten this morning from various companies in the London Russia and the next part of Bloomberg daybreak, Europe, including EasyJet, strong bookings being reported by Europe's second largest discount carrier that's having an impact on their shares. They're up by 8% this morning. We'll also be digging into the latest sales update from JD weather spoons looking at the period over the last 12 weeks, so we'll take in Christmas and some of those perhaps quieter. Yeah, we've had a mixed picture, haven't we from some of the businesses that supply drinks and food and hospitality, that's the way I was looking for. Because of the train strikes, obviously. And so quite mixed reporting around that theme. Yes, and interesting to see the contrast, of course, where your pubs are based. If you are somewhere where people were able to get to without a train, you did quite well, however, if you were in a
Bloomberg Radio New York
"james lockhart" Discussed on Bloomberg Radio New York
"London, I'm Anna Edwards, we check the markets all day long here on Bloomberg radio. So let's get to the markets right now. We are up on the European equity markets by just an 8th of a percent, so not much, at the FTSE 100 up by two tenths of a percent, the cat carrot is flat, the zetta Dax pretty flat as well. So not a great deal of conviction in the moves higher that we saw earlier on in the trading session. Here in Europe, we were looking to catch up with the U.S. on Wall Street on Friday we saw the NASDAQ closing by more than two and a half percent higher, we saw the S&P up by 1.9%, so a host of factors pushing U.S. markets up on Friday from job cuts at alphabet to Netflix, subscriber numbers to profits at oil services businesses. So all of that was very supportive on Friday, U.S. features looked flat though from here, so U.S. features pointing to a flat start to the trading day in the U.S.. We're also pretty flat now on oil prices. We were on the move a little more earlier on, 87 56 is where we trade on the Brent price. A lot of focus on the dollar this morning and indeed FX markets more broadly, the dollar is little weaker down by three tenths of 1%. The Euro is stronger and was above one O 9 now has a one O 8 handle once again, but this is the first time since April, we've been talking about one O 9 as we continue to hear hawkish commentary coming through from various ECB officials that is something that is moving FX markets this well in January. That is a Bloomberg business flash. Thanks very much Anna. Let's get more into the stories that are moving markets now. We're joined in studio by way, global chief investment trash just for bhakra, Whaley great to have you with us in studio. We're watching, of course, these movements in the currency markets that Anna was just talking about markets seem to be forecasting lower terminal rates. Are they right? Do you think? Lower terminal rates is one thing and what matters more is how persistent waste will stay close to terminal rates. So our expectation is slightly higher than market expectation for a peak. We think that's the U.S. is going to peak out at 5.25, which is marginally higher than what markets are pricing, but we're actually the big Delta of our expectation versus markets. It's actually how long rates will need to stay at close to 5%. We actually think that market pricing of a hundred basis points of rate cuts by early next year is way, way, way too optimistic in pricing and also applying an old recession playbook which we would link against, we think rates will stay close to a peak rate for quite a bit longer and we're expecting no rate cuts. That's interesting. So I spoke to somebody from van der research earlier on, he was saying that they think the time that the time involved with a pivot from hiking to pausing to cutting, it can almost all happen pretty quickly. It was virage Patel's argument at van der but you seem to be suggesting that we linger for longer at higher rates from the fed. What's behind that then, Whaley? The difference, I think, comes from the drivers of recession that we see happening. So in the old recession kind of typical recession playbook, it's very much central banks coming to the rescue when economies enter into recession central banks would be actually cutting rates, but as things stand central banks are hiking rates into recession. And this recession is different because it's not a cause to buy excess in the economy build up leading to recession but rather by central banks over tightening in order to generate the demand destruction in order to fight inflation. So that being the case and also giving our expectation the inflation would be more persistent at around three and above three levels. The market seems to be appreciating looking at break-even pricing. We do not expect as a result of that central banks to be able to come to the rescue of the economy in this recession, which is why we do not expect to rate us to start this year. It may start next year, but a lot more slowly than what markets seem to be hoping for at this juncture. It's the risk of over tightening greater do you think from the ECB than from the fact at this stage? I think a risk of over tightening is very much the base case of over tightening in both in both regions because in both regions we face a situation of labor shortage wage persistency and persistent core service inflation and central banks in both across the pond recognizes the need to engineer the mount destruction in order to fight inflation. So essentially, they have been over tightening and we are already in restrictive territory and there is already the base case so we expect the ECB to peak out at 3.25%. And as I said, the fed to pick out a 5.25% is all very restrictive levels already. Okay, so all pretty restrictive already and that's really by design than you argue. So where does that leave us on investment strategy? As a result of the expectation of recession foretold, believe markets are too optimistic risk markets are too optimistic in pricing out recession at this juncture and earnings need to contract which were seen signs of but do not yet a full magnitude of that being in the price so that being the case on the way it's developed market equities at this juncture, but we prefer emerging markets. And China reopening momentum software dollar and also on our expectation that even though rate cuts expectations are too optimistic this year is a year where rates are pausing. Central banks are posing as opposed to last year where they delivered four times as much more than four times as much of over tightening. Versus expectation at the beginning of last year. So all of that points to a better risk environment for equities in 2023, but we currently prefer awkwardly versus we prefer emerging market equities already bottle market equities. Okay, what about profitability is that something that you think could be a tricky part to watch in 2023? Well, this earnings season is the first quarter likely to see contractions since Q three 2020. Margins has been under pressure, but not coming down enough to reflect the higher funding costs, the higher production costs, the higher labor costs, and supply constraints. Leading to higher production. Of course, so margin needs to needs to come down. So so far, the reason the margins have been holding up better than expected has to do with the fact that in a supply constrained environment, some companies are getting away with passing through cost, but just for how long you can do that as a reopening kind of gets into full swing and good service rotation, powers on there is a question mark. So we expect earnings to contract this year by in the U.S. 6%, which markets are currently not pricing for with S&P 500 just below 4000 price level. Okay, Whaley, thank you so much. Thanks for joining us. Good to get your perspective on the year ahead, way Lee, global chief investment strategist for BlackRock. Let's get back to James Lockhart now for more on our top stories. Ken Griffin Citadel made a record $16 billion in profit for clients last year. History's largest ever return for a hedge fund. According to estimates by LCH investments, the top 20 hedge funds firms generated $22.4 billion in profit after fees. That would make cities earning about two thirds of the top 20 in profit. Citadel's gains to pass John Paulson's $15 billion winning bet against the subprime mortgages market in 2007. In Europe, Germany's foreign minister suggested it wouldn't stand in the way of Poland sent leopard tanks to Ukraine. Germany holds the export license for the tanks, one of the world's most lethal designs, the nation's defensemen step, meanwhile, acknowledged for the first time that Ukraine will need battle tanks to
Bloomberg Radio New York
"james lockhart" Discussed on Bloomberg Radio New York
"And a way of hopefully restructuring to sort of make more growth come through. Yeah, absolutely it is pretty interesting isn't it to see obviously the competition is from the Labor Party. We're going to be talking to Bloomberg's UK correspondent Lizzie Bergen about that there offering is also coming this week. And yet, the EU has its own agenda, doesn't it when it comes to the City of London? Yes, photograph we've got this story. They've written up as a punchy sort of Brussels launches fresh raid on London's derivative clearing houses. But what is quite interesting from the European perspective for a second is that the UK have long signaled they're going to be diverging on financial services. A lot of European assets are being held outside of EU rules. And now they're increasingly looking to sort of take those assets in-house into Europe as a way of protecting them from some sort of downturn or crash as we saw earlier this year. But this is going to be a big challenge to sort of City of London finance as the EU would effectively be sort of fourth thing on my assets to be held for safekeeping on mainland Europe. So to take off I've written that sort of story up. Now, they obviously have almost done this ahead of the hundreds reforms we've heard earlier today, which would quite likely bring the UK financial sector sort of in contradiction to a lot of the EU rules. James May and Azure or other EU member states are available. These are not part of the mainland Europe as well. You're looking also at apprenticeships and the times that they are more elitist than degrees. Giving a bit of everything, Stephen. So the point with apprenticeships is we are seeing according to the times a higher proportion of students from middle class background taking on degree apprenticeships. That's where a company will work for them and they will sponsor you doing a degree in the side What is really interesting about this, if you go back to the Blair era, the idea that everyone will get a degree and that will boost your higher education, that policy then change under the conservatives. This idea that we are again going to boost local areas, boosted projects, boost proper skills. Now, that idea is great in principle. And this kind of tallying the leveling up agenda, but what these stats show from report from the southern trust is that in actuality, more students from a middle class background are getting these sort of very valuable degree apprenticeships where you get a degree out of it, you get a job out of it and you get gain experience in the middle and companies which are forced to give these kind of apprenticeship levies are in many cases giving it both to sort of middle class families, but also to their exacts who want middle management training. So there's this big question about how far is the government actually delivering on the skills it needs to improve its workforce? I think that's really, really interesting, isn't it, especially as the idea as we were mentioning with some of the latest surveys show that there's a big sort of dropout rate in the labor force in the UK at the moment, in fact, the labor force has shrunk. Now it's one percentage point, smaller than it was back in 2019, and so yeah, the where are the golden opportunities who gets their hands on them. It's very interesting one. And on that, this idea of who gets them, it's mostly those who increasingly those who aren't under 25 and these objects aren't spread out very locally, so it's often quite centralized to London and again at that point I made earlier about it being off in middle managers who the company wants to train more, they're using the apprentice scheme to do that, but that is very different to what the government envisions of kind of training up young people and getting them into the workforce. Okay, James Lockhart with a look at us today's newspapers. Thank you very much for that. Let's turn back to one of our top stories though. This is to do with Vanguard leaving the world's largest climate finance alliance. It's to quit the net zero asset managers initiative, which is part of the alliance announced by Mark Carney and they're up to cop 26 climate conference in Glasgow last year. This comes as in the United States Republicans have stepped up threats against firms that are deemed to be hostile to the fossil fuel industry for more on the story were joined in studio biomarkers correspondent Chrissy Gupta, Christie good morning to you. High significant is this move by Vanguard. Well, good morning. It is massive. Look, Vanguard is a massive asset manager. They're also a major player when it comes to institutional research among other things. So to see them walk out of this is almost a game changer and sets a pretty scary precedent for some other asset managers think UBS, for example, think Goldman think even JPMorgan's asset management fund. So these are a really important time where Vanguard's kind of setting the tone for how much climate change should actually really factor into these decisions. Okay. What do we know about why they made this decision? Understanding the ramifications is understanding the detail here. Yeah, so I think the context is everything. I mean, you have to look at the political landscape in the United States right now. And a lot of this comes down to some of the funds that are actually entering on the state level. And this is where the idea of fossil fuels and the oil industry really comes into handy. We talk about nymex crude and the American oil industry a lot in terms of the global crude picture, but also keep in mind that there are individual states in the south where their entire GDP think Texas, for example, my home state is actually based on these oil revenues. So if you were starting to perhaps remove funds or remove funding going into the likes of Exxon, Chevron, whatever the company may be, that indirectly also removes funds from some of those local GDPs, and that's really where you're starting to see a lot of pressure by these Republican led states in Congress with the Biden administration and now in the financial industry as well. Where does it leave these sorts of initiatives then, like the Glasgow financial alliance for net zero, which was announced with such fanfare last year, when you have funds like Vanguard who are leaving? Well, like I said, it has a pretty significant precedent. And in the United States, it's actually turning into a much bigger political issue than I think it is on this side of the Atlantic because it's such a key pillar of the Biden administration's kind of agenda. And I think what's important here to talk about is that it's not just the climate change stories also talking about issues on the social front, the governance front. So think uncontrolled, for example, this has become another major issue where a lot of Wall Street funds think JPMorgan think Goldman Sachs have actually said, you know what, we're not going to provide funding or even funds or exposure to say even gun companies in the United States because of the issues that led there. So this is a much broader issue that isn't just about climate change and the environment, but really how much money do we want to put on those social issues? Yeah, okay. That's really interesting. And Florida's CFO urging the state's pension funds to ditch black rock again because of these ESG practices. So look, are these decisions political or financial? Well, a little bit of both, and so I've outlined the political aspects of his talk about the financial because here's where Vanguard and black work are on the opposite ends of the spectrum, BlackRock has really dug into their heels and said, look, ESG is something we want to pursue. ESG is something we want to really make a part of our offerings. Remember BlackRock has a lot of ETF offerings as well. The iShares product. So this is going to be significant in terms of attracting investment. They want to make sure
Bloomberg Radio New York
"james lockhart" Discussed on Bloomberg Radio New York
"The paper review on Bloomberg daybreak Europe. The news you need to know from today's papers. The UK's front pages all concerned with which taxes really surak is going to put up and from ending the triple lock to cancel taxes, corporation tax ending non DOM status at the times leading on plans to support the poorest in the UK while reports the telegraph have been pushing the government for more details on the prime minister's immigration plans. James Wilcox is here with the details of those stories. Let's start with what the times are saying about the autumn statement on Thursday. Yes, Stephen. So obviously we've been hearing from the Chancellor and the prime minister previously saying they want to give compassionate budget. They say there's tough times ahead, but they intend to prioritize the poorest and most in need. The times are starting to flesh those details out. They're saying that sunac plans to give those are means tested benefits at universal credits, like 650 pounds as an uplift, disability Bennett won 50 and pinched a house or 300. Now those figures are important because we're seeing forecasts at the times also report on saying current energy bills for the average household capped at 2500 pounds a year, when that CAPEX expires in 6 months and April, that price will be up to 4000 pounds for the average household, which is an monstrous figure more than double what it was a year ago. So that explains the rationale, the danger there, though, is that it means an extra 11 billion pounds the government has to find in addition to the fiscal holder already has to fill. Okay, so that's what the times is talking about. Now reported that the telegraph then pushing the government for more detail on immigration plans and we just got the jobs report that jobs data out this morning and a really tight labor market is still a feature of that. What does the telegraph say? Well, a telegraph says in short Atlanta that Sue bravman has won the debate. During the Liz trust premiership, there was this big argument about how to current encourage growth and one of trust's big ideas with his growth visas where you would try and get more people coming into the country to take up jobs, especially after Brexit where this thing is shrunk. Sunak has repeatedly said that this is now off the table and he told the telegraph that when they pushed him on it and also they say what are his first detailed comments on migration that his focus is on these illegal boats crossing the channel. He still believes that migration is something that the UK should bring down in general, but this pressing priority to the thing that he's spending his most time on is getting down illegal migration. And that is something that is something he referred to back in the toy industry concerts over the summer, where he then said he wanted a cap on the annual number of refugees, he has refused to stick to that yet. He hasn't commented on whether he planned for bringing that back in. Okay, and that story in the telegraph today, James Lockhart, thank you very much for the papers here. Coming up next on the program, we will be digging through the details of the latest UK jobs data wages are rising but those are the number of people not available
Bloomberg Radio New York
"james lockhart" Discussed on Bloomberg Radio New York
"Trading just over 99 cents as well. That is your Bloomberg radio business flash now who's James wolcot with today's top stories, James. Good morning, Stephen. The UK's trade secretary Kenny bade knock has questioned the accuracy of economic forecasts produced by the country's independent physical watchdog made knock who worked in the treasury during the pandemic disputes the office for budget responsibilities view that leaving the European Union would hurt Brexit just like UK trade. She also added that she remembers quote pretty much every OBR forecast never being quite right. Though her comments were focused on Brexit and trade, they risked rekindling around that helped end the premiership of Liz truss. Denmark's social democratic prime minister looks to have unexpectedly won a majority in a nail biting general election. Meta frederickson and her allies won 87 seats compared with 72 for the right-wing opposition block. The outcome will allow the prime minister to finally put an end to the pandemic era minx scandal and push forward with pledges on the transition to green energy and fixing the Danish health service. And in top corporate news, Twitter's new owner Elon Musk has confirmed the platform will charge around 7 pounds a month for the coveted blue tick next to certain profiles showing that they have been verified users will also get priority and replies, mentions and searches, fewer ads and the ability to post longer videos and audio clips must complete his takeover of the social media firm last week, firing top executives and dissolving its board of directors. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries, I'm James Wilcox, this is Bloomberg. Stephen, I never thought I would say the words pandemic era minx scandal altogether. Indeed, a very serious story actually, and fascinating that it's moved an entire election in Denmark as well, although I have to say I am quite gripped by the drama around Twitter as well and this idea of what exactly people are willing to pay for. Elon Musk going out there and looking for new revenue streams for the company and this $8 a month subscription and interesting idea that he's come up with will people pay for us? Well, you see Steven there's a big reason why you're interested in it and I'm not and that's your verified and I'm not. So that's why there's a big difference in interest. I have no interest in paying for that. I mean, the whole point of verification to begin with was to prove so that people could prove they were who they say they were and so you wouldn't have people imitating them on the platform, although Elon Musk certainly doesn't agree with that. But the other side of it is the whole point of Twitter and online media was supposed to be sort of democratization of speech. It's interesting that we've gotten to this point where now if Elon gets his way, there would be new gatekeeping roars and people who are paying to sort of effectively have more reach. Indeed. Okay, James Lockhart, thank you very much for those top stories coming up our colleagues in the United States are getting ready for Bloomberg daybreak. Nathan hagers with us. Stephen Carroll, good morning. Good morning. You're also verified on Twitter, but that's what your show is going to be about. No, it's not going to be. Although I wonder whether a lot of us who did it because we're in the media business or is this going to turn into a business expense for some of these people, whether any companies are going to be willing to fork over that $8. And I got to say a well done on the currency conversion in that story talking about 7 pounds for the blue check. We are getting ready for a fed rate decision this morning, seeing futures move a touch higher on the expectation that we're going to get another 75 basis point move from the U.S. Central Bank this afternoon. And the big question for markets is does J Powell signal what comes next? Could we get hints at that elusive pivot? We've got Annika Gupta with us this morning. The head of macro research at wisdom tree and Bloomberg's Michael McKee in Washington ahead of today's fed decision and pal press conference. We'll also bring you more from our one on one interview with the CEO of HSBC Noel Quinn on why he sees Asia as a growth region, even in the face of COVID restrictions that could be starting to dial back somewhat, and we are now less than a week away from a midterm election in this country, but we may already be getting a preview of 2024, Bloomberg government's Emily Wilkins will join us from the nation's capital to explain that. Karen Moscow is back to hope you'll join us on this fed day, Bloomberg daybreak, Stephen. Thanks very much. Nathan, yes, Bloomberg daybreak up next if you're listening on London DAB digital radio, you will hear Bloomberg surveillance. Let's talk more though about that big fed decision coming up later as Nathan was just telling us the expectation is for a 75 basis point hike, the fourth in a row, but questions are being asked about whether or not there could be hints about a future pivot. We've got Madison fallow global investment strategist at JPMorgan Chase with us in studio. Good morning to you. Madison. What are you looking out for then when we hear more from Jerome Powell later? Yeah, I think the good and bad news is that the economy continues to demonstrate resilience. And so while this resilience, I think, is supportive of growth. It's also pushing the fed to hike towards even more restrictive policy levels. And so, you know, I'm expecting a 75 basis points move from the fed today, but I think during the press conference, we'll be paying really close attention to Powell's rhetoric surrounding what is the lagged effect of tighter policy on the economy, especially given they've taken the stance of looking more backwards at realized inflation. Any signals for smaller hikes from here. And any hints as to when they might pause. And so I think markets are really toying with all of those ideas, especially after we saw the bank of Canada downshift. It's hike. We saw more dovish rhetoric from the ECB last week, but nonetheless, the fed faces a really strong labor market and stubbornly high inflation. So I think while it's possible to see a deceleration, nonetheless, they need to keep hiking. Yeah, it's difficult to see how given those job opening data yesterday. How they could manage that down shift at this point, talk us through where you see the trajectory going from here for the fed. Yeah, so I think, again, we see 75 basis points today, but I do think it's possible that we do see a deceleration in the magnitude of those hikes. So still increasing the restrictiveness of monetary policy moving forward, but just that second derivative effect in terms of how high those interest rate hikes are. So from after 75 basis points today, I'm looking at 50 basis points in December, possibly 25 basis points at the February meeting, but I would just note that I think risks are certainly skewed to the upside there, just given this persistence of the inflation problem and certainly the magnitude of it. Okay, of course our next big Central Bank decision will be here in the UK tomorrow with the Bank of England, how different is the calculation the Bank of England has to make? It is certainly different. I think we have already seen, I think, peak political and fiscal risk premia after we saw this return to fiscal discipline with the changeover in the government. And so I think that reduced some of the pressure on the Bank of England to go really big at its upcoming meeting. The market's pricing 75 basis points. I think they likely go for that. That's of course also down from the 200 basis points post the mini budget. But ultimately, I do think that the BOE will probably hike towards 4% on its policy rate again with risk skewed to the upside because of that threat of supply side inflation. I think the difference though between the UK in the U.S. is that the UK really has to weigh this delicate balance around downside risks to growth. We're looking at households facing a large rise in energy bills come April, consumer sentiment is downtrodden. And so that economic deceleration, I think, could force the Bank of England to perhaps hike less moving forward at the same time you see some more fiscal tightening. And there's a currency dilemma here as well that's a big difference in the central banks too. We're talking about potentially being close to peak dollar in the U.S. much, much darker picture for Sterling though. Yeah, I think it's really hard to be bullish on Sterling anytime soon. And I think, again, while we've seen some of the risk, certainly come out of market prices, it's hard to be bullish there unless you see the broader U.S. dollar turn. And so I don't think you can really see the U.S.
Bloomberg Radio New York
"james lockhart" Discussed on Bloomberg Radio New York
"Rises under control. The FMC is strongly resolved to bring inflation down to 2%. And we will keep at it until the job is done. That was the U.S. Federal Reserve chair Jerome Powell, consumer price inflation in the U.S. peaking at 9.1% in June, but hasn't slowed a significantly as fed officials had hoped since then in August, prices were still rising by 8.3% year on year. Okay, here in the UK, the Bank of England is also set to raise interest rates today. Is it battles to contain soaring prices and a sinking pound? Economists expect the UK Central Bank to lift its benchmark lending rate a half percentage point to 2.25% and confirm plans to sell more than 895 billion pounds of bonds, investors see a strong chance of a three quarter point increase, a half point rate rise would repeat the scale of last month's increase, which was the biggest in 27 years. Back to back hikes of that scale have not been seen since black Wednesday, 30 years ago. U.S. president Joe Biden says world leaders must maintain support for Ukraine following Putin's threats and the Kremlin's military escalation, speaking to the United Nations General Assembly, Biden slammed Putin's actions. This war is about extinguishing Ukraine's right to exist as a state, plan and simple. And Ukraine's right to exist as a people. Whoever you are, wherever you live, whatever you believe, that should not, that should make your blood run cold. That was U.S. president Joe Biden, Ukrainian leader of Vladimir zelensky also urging world leaders to keep up the pressure on Russia at he says that Moscow is afraid of real negotiations. The Ukrainian leader is speaking to the UN General Assembly after president Putin declared a partial mobilization of as many as 300,000 military reservists for the war in Ukraine. Goldman Sachs has sharply cut its 2023 economic growth forecast for China, predicting Beijing will stick to its stringent COVID zero policy through at least the first quarter of next year. The U.S. bank now sees GDP growing for and a half percent down from a previous projection of 5.3%. Goldman says China probably won't begin reopening until it boosts elderly vaccination rates and makes more cheap and effective anti COVID pills. Okay, those are our top stories. Let's look ahead to what is a busy day on many fronts this morning, Bloomberg James Wilcox has been looking at the agenda for us, James. Bonanza today, if the fed wasn't enough for any traders you have, the BOE at midday UK time we're expecting another outsized hike. And also at the exact same time, turkey's rate decision is due, Bloomberg becomes expects the Central Bank to hold rates at 13 percent. Then at one 30 p.m. UK time you get U.S. initial jobless claims which economists expect to point to a very low intensity of firing amid labor shortages in the Americas. And in fact, this evening you get U.S. 50 60 giant Yellen is due to speak at the Atlantic festival in Washington. Okay, James Lockhart, thank you very much for that. Okay, now yesterday
The Garden Question
"james lockhart" Discussed on The Garden Question
"I'm very proud of it. It all started back with this program called the Georgia historic landscape initiative. That's a formal, isn't it? Anyway, that gosh, almost 20 years ago, 'cause we're coming up on 2022. I don't even know how that's possible. Back 2002. Under the direction of my mentor and a landscape architect, James our catharine, sadly, he's now deceased, and Susan Hitchcock of the National Park Service. Under their direction, a collaboration came together, the historic preservation division of the state office in Georgia, the garden called the Georgia, which is great group of women, and the National Park Service and the Cherokee garden library of the Atlanta history center. And we started this initiative, what we wanted to do was document doing inventory of all of Georgia's historic gardens. That was the plan, which is a kind of a big goal. I don't know what we were thinking, but we're all low crises. So we thought, oh, let's take this on. We were trying to figure out, how do we get started? Because Georgia has what a 159 counties is that right, Craig? That's correct. We are a big, long, wide, complicated state. We're like, how do we even begin on this? We thought for phase one, we'd use this old book called garden history of Georgia, 1733 to 1933. This work was published in 1933, but documents aren't all the way back to your forebears down the Savannah river area in 1733. To 1933, a group of students and volunteers mostly guarding club of Georgia volunteers spent years working on finding out what happened to these gardens that were listed in this book. So when we finished phase one, my co author, Marianne Edie, who worked for the historic preservation division, and she was actually a Professor of mine in grad school at Georgia state university. We both really felt strongly that we wanted to make this project the initiative better known by doing a book. We got together with our friend James Lockhart, who's an amazing photographer worked also for the state office for many years, doing all those National Register nomination photographs..
WLS-AM 890
"james lockhart" Discussed on WLS-AM 890
"A new source of retirement income starting when they reach age 70 on would place everybody at a minimum. The medium of US income today. That's $38,000 a year. Essentially my proposal lifts all Americans into the middle class in retirement. Everybody would benefit from the program Gnome or American retirees living in poverty and the program get this would be completely self funding no cost to the government. Order taxpayers. Here's how rise works the retirement income security for everyone proposal. Every year, the Treasury Department would issue rise savings bonds like war bonds Back in World War two for every baby born every year, the money would be managed by an entity established by Congress. Rise. Bonds would be eligible for redemption in 20 years. Like other savings, bonds and the redemptions and all the programs costs would be funded by the program itself, no cost to the government of taxpayers. Compare the simple approach to the current situation. You have a typical worker entering the workforce at age 20 saves in a 401 K to H 70 and also pays into Social Security. Imprisoned dollars. That worker will get $23,000 in retirement. Rise will give them $27,000 in retirement. Rises and innovative, permanent and completely self funny way to ensure that all future generations of Americans can enjoy a financially secure retirement. And check this out in order for that worker to get that $23,000 from 41, K and social Security that workers gotta save and invest over $470,000 over the course of their career. Rise accomplishes all this for a one time funding of $5884. How is rise, able to do this simple compound growth by setting the money up at birth and giving it 70 years of compound growth opportunity, something no one's ever tried to do. Well, that is the magic. It's simply the power of compounding. James Lockhart, former deputy commissioner and CEO of the Social Security Administration, said quote rises an important plan to supplement Social Security for future generations to ensure safe and secure retirements, especially for lower income Americans by starting to fund retirement of birth. Funding mechanism is a very innovative approach that should be explored. Laura Carstensen, director of Stanford University's Center on Longevity, said quote We owe it to the youngest among us to provide pads to financial security and old age and rise represents exactly the kind of add a box thinking we need. Paul Irving, chairman of the Milken.
KGO 810
"james lockhart" Discussed on KGO 810
"Saving solution that would provide all future generations of Americans a new source of retirement income starting when they reach age 70 on would place everybody. At a minimum at the medium of US income today, That's $38,000 a year. Essentially my proposal lifts all Americans into the middle class in retirement. Everybody would benefit from the program gnome or American retirees living in poverty. And the program get this would be completely self funding no cost to the government or the taxpayers. Here's how rise works the retirement income security for everyone. Proposal. Every year, the Treasury Department would issue rise savings bonds like war bonds Back in World War two for every baby born every year, the money would be managed by an entity established by Congress. The rise. Bonds would be eligible for redemption in 20 years. Like other savings, bonds and the redemptions and all the programs costs would be funded by the program itself, no cost to the government of taxpayers. Compare this simple approach to the current situation. You have a typical worker entering the workforce at age 20 saves in a 41 K to H 70 and also pays into Social Security. Imprisoned dollars. That worker will get $23,000 in retirement. Rise will give them $27,000 in retirement. Rises and innovative, permanent and completely self funny way to ensure that all future generations of Americans can enjoy a financially secure retirement. And check this out in order for that worker to get that $23,000 from 41, K and social Security that workers gotta save and invest over $470,000 over the course of their career. Rise accomplishes all this for a one time funding of $5884. How is rise, able to do this simple compound growth by setting the money up at birth and giving it 70 years of compound growth opportunity, something no one's ever tried to do. Well, that is the magic. It's simply the power of compounding. James Lockhart, former deputy commissioner and CEO of the Social Security Administration, said quote rises an important plan to supplement Social Security for future generations to ensure safe and secure retirements, especially for lower income Americans by starting to fund retirement of birth. Funding mechanism is a very innovative approach that should be explored. Laura Carstensen, director of Stanford University's Center on Longevity, said quote We owe it to the youngest among us to provide pads to financial security and old age and rise represents exactly the kind of add a box thinking we need. Paul Irving, chairman of the Milken.