Video Transcription:
The "Quadruple Witching" and Central Bank Crusading (w/ Raoul Pal and Ash Bennington)
It's Friday June 19 2020 just after market closed in New York this is the real vision daily briefing I'm ash Bennington in New York joined shortly by our CEO and co-founder rappel from the Cayman Islands but first Jack Farley with today's stories thanks ash today we got to witness a quadruple witching on Wall Street one of those rare days where stock market index futures index options stock options and single-stock futures all expire on the same day but despite it being sort of a Freaky Friday the price action in US equities was relatively muted it's not equities that are driving the narrative it's the bond markets that's leading the ship as the feds announcement on Monday that it would buy single corporate bonds incited a huge rally in credit this week over 50 billion dollars of investment grade bonds was issued and bought just this week causing IG issuance this year in the u.s. so far for 2020 to top all issuance for the entire year of 2019 meanwhile the high-yield market continues to push forward at a frenetic pace it's looking like June will shape up to be the busiest month on record and credit default swaps they just keep on getting cheaper on the more a liquid side worries about CLO risks are mounting on Tuesday Ed's gonna be talking to Dan's weren't about this very topic dan has been sounding the alarm bells for years so there's almost no one better to go in-depth on this topic definitely stay tuned for that in currencies the spread between December 2020 and December 2021 euro dollars narrowed indicating that the bet on a curve steepening is not playing out as expected Brent Johnson and Lynne Alden just had a fantastic conversation about the dollar it comes out on Monday so watch it in other news investors in wire card were stunned yesterday to discover that 1.9 billion euros was missing from the German payment processors accounts in Singaporean banks the shares are down nearly 75 percent over two days and the CEO has resigned as allegations of improper accounting engulf the company and lastly as the virus spreads and safety measures are increasingly politicized the risks to investors are mounting coronavirus cases are surging globally yesterday new reported cases hit over a hundred and sixty-six thousand the highest number yet since the outbreak started earlier this year and 81 countries are seeing an increase in cases over the past few weeks wearing masks has become a point of contention and a tinder for the political fire American Airlines removed a conservative activist from one of their flights this week after he refused to wear a mask and Delta Airlines released a press release reaffirming the commitment to passengers wearing masks and with that let's turn it over to senior editor Ashe Bennington and a man who needs no introduction real visions fearless CEO rau pal welcome RAL welcome Ashe happy Friday happy Friday we've had the quadruple Brazilian witching hour go past and interesting enough it it kind of pinned the SP all week has everyone kind of imagined it would and just into the clothes here we're down kind of one and a quarter percent in the futures interesting to me because what I expected aired last week both of us had the sneaking suspicion that there's a potential I think that what I'm referring to is the hope phase top might be in its very early to make a call like that but I'm getting more and more confident it feels like it could be for me it's a break of that 39:25 level on the futures are taking out that recent spike low would say that something's changed and that was very consistent with the pattern we saw in the Nikkei 1990 with the S&P 2001 SB 2008 so I'm kind of all over this because I've I think we've got this period of vulnerability that we're coming into so yeah and as you said the hope phase we are up 1.8 percent on the week from last week's close on the S&P yeah I'm interested to you know the thesis that I've been carrying around and I'm observing in markets is is obviously the u.s. second wave I've always said we will probably see further issues and further shutdowns elsewhere in the world yeah and that seems to be playing out I mean the extraordinary story today of Apple closing a bunch of stores in all of those states in the United States where the virus is growing fast and yeah they were very early before I think what they they were they're closing stores in Florida and North Carolina South Carolina and Arizona this time around they were among the very first to close last time a total of 11 stories that looks like to me by my account closing and they are also among the most rigorous and enforcing all employees and customers wearing masks in their retail locations yeah and you know that's a signal I mean Apple are not a stupid company and they've made a clear decision on that now again I'm not interested ever in you know the arguments over the death rates or the ICU rate so it's it's behavior that we care about that's what drives markets right and if we start to see shutdowns of retail change of consumer behavior patterns and stuff like that well that's gonna haven't not gonna fix the economy and also are not gonna affected the stock market which is more behavioral voting mechanism as it were yeah you know it's also interesting when you talk about Apple and the fang stocks you know whether you love them or hate them Silicon Valley companies are intensely data-driven and Apple is an interesting one because they have retail locations so it's interesting I think to use them as a bellwether of what the data is telling them not just on a backward-looking basis but also what they're projecting out going forward well you know you can you can get access to the Apple and Google high-frequency data sets for mobility so they have a lot of idea of what's going on just by the data that they have so not that they will tell you they were closing their stores but I tell you it's not just Tim walking in the office game well I think we should close the North Carolina today no no no they have quite a lot of data and some advanced reasoning on why they do it you know fascinating again we've just seen that you know parts of Beijing have closed it down you know all kids don't go to school and I use the tomtom data which is similar to the Apple mobility and everything else and it confirms the same thing suddenly the human behavior in Beijing changed dramatically and immediately so flights are empty all the flights got canceled then you see that foot traffic has collapsed traffic on public transports collapse Michael Pettis put out a long tweet about that today it's fascinating and that I think is something I highlights from the beginning is this thing is lingering it's not going to go away because there is no vaccine coming yet and so we have to deal with these rolling shutdowns 'im my guess is Houston will end up closing down in the next three weeks because it's pretty much out of control there yeah text as California and Florida seem to be hotspots California now obviously the most populous state in the country over a hundred and sixty-five thousand cases and interestingly Tulsa Tulsa Oklahoma obviously very prominently in the news for two reasons one because of President Trump's rally there on Saturday and two because of very large Juneteenth celebrations which Kamla Harris and other famous people in America are attending to show their support so a very interesting situation up 3.8% in Tulsa Oklahoma yeah we're seeing some really accelerated rates of growth across so the United States is now almost back at peak daily counts it's just a very shave below the peak but I think we're going to be accelerating through it as we go because you know because of the decision that's made about the reopening we're gonna have to see okay how much coronavirus will the nation accept and what does it do to human behavior and secondly what does it do to ICU beds so the reports this week we're out the Arizona's ICU is already 80% full you know I have more concerns even though Texas has a great health care system you know let's let's see what happens with Texas I mean they're already reopened I think it was a football pitch that they were use it going to use the hospital they didn't use it first time around they're now kind of dusting it down again just in case that they need to have emergency hospitals yeah obviously better to have capacity that you don't need than the other scenario you know interestingly enough the highest number of global new cases ever recorded today a hundred and fifty thousand yeah I mean we've got the whole of South America is in trouble we have India in trouble we have Russia in trouble so there's some really big cases and the u.s. is by far and away the global leader there was a very interesting charts that were going around today showing the difference in curves between Europe and the US so Europe had a hard lock down Europe managed to get most of its RO down below zero the u.s. as of today I think 30 states have our O's above one I'm sorry and the other Europe got their arrows below one but over 30 states have an ro above one now so usually usually that means we're going to see a accelerated rise whether it's exponential not I'm not going to argue with people over that but an accelerated rise and again people a lot people don't understand the ICU beds issue you know and death rates see what happens I speak to a friend of mine here and Cayman hands who runs the hospital he said look it's really simple he said we have massive capacity and then when it's full people die have a broken leg or whatever it you know some ridiculous thing because we can't get people in so car accidents suddenly be excess fatalities explode so it's not the death rate of the virus itself it's the excess fatalities caused by the inability to administer urgent care to people so you know that those are the issues that come into play and it's you know it's I do well it is what it is you know you know you were talking about the lockdown and the severity of the lockdown there was an article in The New York Times that I saw this morning but China is trying a new approach they're exercising restraint and China's view of restraint is posting fewer guards outside of apartment buildings to keep people in when there are outbreaks so a very different view of the world obviously in China and in Western democracies yeah and look they had the hardest lockdown in the world and they've still got outbreaks that keep coming so you know it's this is this is really complicated it's what pandemics people have warned us about pandemics because they are so complicated yeah you know it's not it's not just a one event it's an ongoing rolling morphing event so you know we'll have to see so you know I think the markets are going to realize this soon it feels a lot like that February period when the markets didn't realize it I'm also noticing there's a lot of solvency issues rising the number of bankruptcies arising you know as we've all thought this situation seems like it's a lot further to play out yeah and you know to your point Rao Neil Ferguson armed with Larry McDonald talking about precisely that issue the historical nature of context exactly exactly right edan I talked about it last week that was a great piece and Neil's got some really smart people around him as well are involved in the science of this and the vaccine research and all sorts of stuff plus he's reached out to a lot of the professors at many of the top universities who look at the historical prevalence of of pandemics and how they affected going back to Roman times so Neil's got some homework on it I guess the major difference now with Roman times is this is the first pandemic the first real global crisis that we have this massive swell of data in real time from GPS from mobile devices that are physically tracking people's movement contact tracing Geographic tracing sensor tracing in a variety of different ways it really is an interesting time what's interesting is we're now all using this data and we're kind of like oh that's interesting look it's prettier than this if this were not the pandemic and I think a lot of people raised this point and rightly so they'd be outraged you know the Apple is tracking exactly where we are at any step that's what's going on here listen and I've argued about this for a long time we lost that war a long time ago that war over our digital Liberty ain't never gonna happen and this proves it because government's want this data corporations want this data and we have accepted it as a society because we want the facilities that come with it and it's kind of sad but that that digital Liberty thing we lost the battle years ago well perhaps blockchain will help us reclaim some of that that's right I mean there's a lot of people who are building stuff I mean for example the block one guys have built voice which is just about to launch in July which is a block train driven browser we know also our friends because these companies are all based in came and we have brave browser and that's where the browsers are on the blockchain and you're more in control of distributing your own usage of the Internet so you basically get paid for your eyeballs and stuff like that so it changes the owners completely back to you where you get your security and you can sell it should you want to you know I think that's a huge shift and just one of the small things that blockchain is gonna do here I think it's gonna change a lot of stuff and it has an ability just because of the world that it came out of it came out of a very suspicious we want to change the system you know we don't like centralization sure some of it is centralized but a lot of it will allow security of our own data personally yeah and it's so interesting how we begin to renegotiate those balances that has trade-offs with ourselves with these new tools that allow us to do it at a much more granular level than was ever possible before yeah absolutely right absolutely right so it's an interesting world and you know as you know well both you and I are very very interested in this alternative world because you know I do think that it's going to give us a lot of answers it's going to give us a load of opportunities and answers opportunities and change are very interesting to me personally because you know it keeps a stimulating but it also gives us an opportunity future from some of the things or many of the things whether it's the impact of central banks or the loss of privacy so many of these things get solved not everything solves all of those problems and there's a big [ __ ] fight usually within the crypto community of what's what versus what the point every day's never happens is this entire space is is growing fast and I'm super excited what we're about today yeah it's it's incredibly interesting and you know some of those frictions are what make it so interesting the idea that it isn't simply a monolithic block of people there's definitely a lot of contention you know people have been burned in the past in some ways and yet the promise for this technology is so vast and so I guess it's not surprising that you would see some of those some of those frictions that banging of ideas on Twitter and elsewhere yeah I think what's interesting is if people are checking their emails this evening from real vision that if you're a real business subscriber or if you're not yet a subscriber you'll start to see the crypto gathering which is an amazing ground because we've taken a virtual conference which sounds like a most people do it's a bunch of boring zoom calls and we've turned it into a whole kind of tribal gathering event of everybody in the space the biggest names in every aspect from the hardcore bitcoiners to the etherium guys so the dphi guys to the applications people the the big thinkers the macro thinkers everybody is coming for two days to real vision now what's amazing about this whole thing is every member of real vision gets it for free so it's it's going to be incredible and then you know a lot of other people in I think that tickets $149 right now I think they'll go up in price but this is gonna be the biggest event in crypto yeah the names alone er are pretty incredible and we're not just doing this for the camera this morning you and I were talking really you got that guy I didn't Wow it's a it's an impressive it's a really impressive list of names it's just not it's not exaggerating to say it's not two of them in the great way that real vision does stuff it's really unique so we've kind of based it around the idea about kind of a music festival idea yeah so you've got the main stage which is where this is going on there's basically alternative stage because there's almost double programming there's so many people on this anything is recorded so you can watch it later but then there's different tents so there's a tent of real visions best of back-catalogue in crypto so people who not familiar with religion or even people who are who haven't seen it it's all there in one place we've got third-party video documentary films about it we've got the kind of a meet real vision tent going on we've got a crypto 101 so a lot of people like well I'm some Bitcoin I have no idea what defy is well you've come to the right place I mean it's something for everyone it is literally a festival you know it's the crypto gathering it's you know I'm really excited about this yeah me too and we've put a lot of thought into it and I think we've done a good job of balancing the four experts for people who are relatively new to space for people who want more information about a particular thing to try and balance that out yeah that's a that's an exciting thing coming up yeah we've also had fun with the pairings too I think doing the peer-to-peer interviews that religion has done on the macro side and bringing that into the crypto space as well yeah exactly right so yeah it should be super cool surround what else are you looking at I know we talked a little bit earlier about about the European summit on fiscal response and budgets again this is a theme I've brought in most of the daily briefings is my thinking around how Central Bank actions have been phased the Fed went first and large okay everyone's like their dollars gonna collapse and we've got coming up next week Brent Johnson and Lynn Alden to talk about the dollar bull versus bear argument but for me what's really interesting here is the Fed did there's the dollar weakened a bit now the ECB the Bank of England and the BOJ are about to hit hyperdrive with their printing so I just have a feeling that's going to be interesting as that starts building I'm also very interested in the fact that already I don't think the Europeans will have done enough to deal with the size of the economic damage that they've taken and the solvency and liquidity events that they've got the European banks don't trade great and I imagined that three months down the track we're gonna have to be looking at more so while the u.s. is probably less likely to do that and more like suit fiscal stimulus so let's wait and see but it it's a very interesting time I think as the real responses start ramping up and the ones that go on because if you remember off the financial crisis the responses were going on for several years afterwards you know the European banking crisis didn't happen until three years after so I think we've got a lot to go yeah I was joking earlier this morning that in many ways it was a typical European summit the groups all agree there was a very serious problem and nothing else it was the only point of agreement they it's the summer in Europe now and everybody goes on holiday until September so nobody wants to do anything that requires anybody meeting or talking with each other because everyone wants to go to the Mediterranean now they can't go to the Med this year but they'll figure out something we'll have to do the ECB's a funny beast it shuts down for three months it sounds lovely you just put some has to put some numbers around it they're negotiating on one point one trillion euro budget and 750 billion euro bond raised for kovat aid mostly for Spain and Italy the divide is the typical one between the Club Med countries and the frugal four that's Austria the Netherlands Denmark and Sweden coming out of the meetings Spanish Prime Minister Pedro Sanchez talked about this is and I quote wasting time Swedish Prime Minister laufen suggested the parties are still fairly far apart yes so we might in even not get that mutualization or it's going to come quite hamstrung and the issue was if this was supposed to guide the way for everybody for the future of Europe of debt neutralization there's also Finland that's kind of a bit pissed off about this whole thing as well no so it's telling us the next round when they come and say oK we've done it for 750 but that was just charles play what we need to do is another three three or four trillion they're not gonna get it through she's not gonna happen it's just not gonna happen so I you know I'm still extremely concerned about the European banks and extremely concerned or not extremely concerned I am still negative the Euro even though got to the top of this range where I thought you know well you know I would have been forced to reassess but I thought it was going to come back down and it looks like it is yeah maybe this is my majorly simplistic American mind thinking about this but I always come down to do you know 27 people who agree on anything no no exactly right so yeah so you know I've got my focus on that I've got my focus on as I said thinking this window vulnerability were walking into now where the US fiscal soon starts shrinking we've seen what was interesting is that the Fed balance sheets shrunk now everyone goes yeah but it's only the FX swaps yeah but the FX swaps were part of the global liquidity they've now just been taken away so again there is a net tightening of liquidity from the US and a net increase in liquidity from elsewhere around the world I think that's going to make the market struggle and then as myself and George Gonsalves talked about on religion plus on our live interview is that this whole window vulnerability is also when the treasury have to issue a load of bonds and they're going to be taking trillions of liquidity out of the markets so you know I think we've got a summer of withdrawing liquidity in the US and an increase of fear over how big the second wave is or places like California it's still the first wave so how big this covert issue is and what the knock-on effect so that's what's coming while stimulus checks roll off for a lot of people and the unemployment situation is going to get messy here and people aren't gonna understand the numbers for a long time because a bunch of people are going to go back into the work there's eventually we're going to stay off work and then if I'm right about solvency is rising the unemployment numbers will rise again so you know it's a lot longer situation here and you know III am concerned over the next three months where I think the markets could be in for a really rough ride you know now that reminds me one of the things that you've spoken about very eloquently in the past is the way that markets trade effectively at the margins you know someone may go up to the Fred website and look at the wal CL series which is the total fed balance sheet less eliminations from consolidations and they'll look at that chart and they'll say but it's just this tiny little incremental rollover why does that matter so when you take when you take that weak on weak stimulus or the month-on-month stimulus is collapsing right so it's the marginal right so if somebody gives you ten thousand dollars today and then eight thousand dollars tomorrow and six thousand the day after then for that you're Pat you're your behavioral pattern changes right but if you give ten thousand a day ten thousand tomorrow ten thousand the next day so so what happens is that marginal change creates a marginal shrinkage of liquidity overall and it's the same with taking there are no $1,200 checks left they've all been spent or punted in the stock market so that or saved so that extra incremental spending disappears the people who go back to work may get go back to work bonus but then after that they're back to as they were so they're spending money on transporting all the other stuff and the people who were left behind the unemployed well they don't get many benefits because the Trump administration wants to pay people to get back to work well if you've been made redundant there's no job to get back to what you're supposed to do stand on the street with a placard saying give me a job it takes time and these people will stop spending and they're less likely to be spending money on Robin Hood because they've got free time and more worried about okay how the hell am I going to pay my bills you know how much does the US government give me to be unemployed it's a whole mental shift because then forget everybody basically are paid to stay at home wonderful it was great but that's not the same anymore we now go from that situation to bad recession situation where the realities are meaningful and that's not just in the US this is globally on an unprecedented scale and all this stimulus comes to comes off sure there's gonna be more stimulus but I'm telling you a Green Deal is not gonna shift the dial in this for years and the size of what they have to do for fiscal it needs to be like the old Green Deal it this needs to be trillions and thought out massive infrastructure place and guess what we don't employ a lot of jobs in concern constructing dams or whatever it is so you need to figure out how you're actually gonna employ people when really what you want to do is apply 5g technology well that doesn't employ a lot of people people to put up 5g dishes I mean what so we have to be really careful on misinterpreting the fact that Oh everyone's got to get a pickaxe in their shoulder and they're going to go out and working on a hard honest living it's not going to work like that so we're in a different world you know this is such an important point it's the union of technology behavioral economics macroeconomics and markets you know I don't know if you can see this RAL but I changed my studio around here a little bit you see these file cabinets behind me slightly different yeah marginally different and I actually was cleaning out these drawers and I've had this this desk in place for about ten years and one of the things that I found was a ream of resume paper never doesn't exist today no one under 30 knows what resume paper is because you've never printed a physical resume and handed it in to a would-be employer now the point here is exactly what you were saying around that these shifts one job shift it's not always the same people in fact it's rarely the same people who make that transition and that's give you a very difficult time for a lot of people who have been caught in this catalyst of change which Cove it has become yes so some of this time you know with the social unrest and a hot and the really concerning crisis and the feeling of despair that's coming and is there in some places reminds me of a lot of when I was young in the UK in the late seventies you know and Margaret Thatcher is still kind of claimed as the savior of it and she did do a lot of things she broke the unions and you know she kind of changed it from a much more socialist style economy to more free markets and it kind of happened at the right time and you know there's a lot of things that she did that I don't like but she did a lot of good things too and but what was interesting is the UK had to move away from shipyards which the government had been supporting steel coal mining yeah and we've still got problems with those towns today where there's no jobs they never came back you cut we couldn't retrain people everybody try but the employers didn't want to go up to Scarborough or you know or all of the places where that industrial heartland was so you know we've we've got problems I mean I think brick-and-mortar retail which is a huge employer in the United States is in massive trouble because basically everyone's learnt I don't need to accept the personal items that I want to see we're so used to a digital image and choosing it when I put some things for my house here in Little Cayman you know online and furniture that in my old world of what I'd order some furniture without seeing it but it's normal now we're kind of used to a website and 3d imagery makes it possible for us to have a decent look at what that coffee table looks like so oppai it and if I understand the weights which is one of the things that you do what you want to know is it solid well as long as they put the weight and the dimensions and the stuff you pretty much know what you're gonna get and you can return it okay it's not so easy when I'm on an island 140 people close to the outside world but generally speaking why do you need a shop try on clothes I get it but what the shops just open for weekend traffic 8:00 it's a different world and I'm not sure we're going back to the world we were in of course we'll go back to some of it the other point I want to make about marginal change which i think is really key is everybody's looking at this ridiculous uptick in weekly data look they're getting back in their cars look they're spending more on their credit cards and look look at the trajectory or back to normal in no time well if you look everywhere else around the world it never got back to normal it stops somewhere between down 5 and down 20% whatever part of the economy you're looking at yeah which that's the issue is where is it finish because it doesn't look like it goes back to normal because of the issues that we've got the behavioral impacts on a number of things and at the margin a 5% loss of retail spending for six months nine months is catastrophic for that industry you know that's all of the malls going into bankruptcy and we're already seeing some of that now so these are the things that I'm interested in is I understand the rate of change from the loads of the high and that's what's driven the market but where is that high and how much are we down from from normal activity over time yeah these are these are very important questions I think it's reasonable to say that the idea of a v-shaped recovery we're the top of the right-hand side of the V is the same height of the top of the left-hand side of the V is never going to happen no no so and that's what I'm going to fit the worst wording in the world is that's what everybody our respect is saying that usually means we're all about to be wrong right so so assuming I am wrong yeah no I don't see it I really don't sin and all the people I really trust in this space just don't see it clearly everyone's scratching their head saying I don't know what the markets been say the equity market the Bob mark has been pretty consistent with this theme it's gone nowhere you know stuff like the credit names the Triple P credit names just have also been very weak in their rebounds and the dollars been range-bound Gold's been range Brown and bitcoins been range bound so they're all saying hey listen there's no real there's nothing going on we haven't made a decision yet whether things are going to get much worse or not it was only the equity market that did something different and I tend to discount it you know the other thing I haven't asked you about that I'm really curious to hear since we last spoke is the Fed is now buying individual corporate credits yes and the Europeans have done it for years right the Fed I think understand that Doom loop dynamics and within that list of the doom loop that I did in that recession watch series a long time ago I said the Fed by credit and here they are buying credit it just all happened much faster because of the event that we had but the point being is they don't want the triple B's to get downgraded to junk because there's no buyers of junk and then they have to buy those and that's why they say we're buying falling angels they're trying to stop the Cascade of the Doom loop you know it blows up the pension system ok great well done fed what happens is the equity goes to 0 European banks are a classic example you know the European bank bonds won't go to zero because the government's will will not let the banks essentially go to zero in that respect I default on all their obligations because they can't allow it but the equity can go to zero and wipe out the shareholder equity and I think that is what I'm expecting to see in in companies like GE and see the the shareholder equity get wiped out because the credit markets are distorted now by the Fed buying them now will they buy enough in a solvency event that's a different issue I think they're still fighting a liquidity event within the pension system I think that's the real issue here to allow companies to get funding as well as the other issue so if I could support your credit then you can get funding so then your balance sheets okay for a bit longer so you know we've seen record debt issuance by US corporations and we're seeing the same in Europe right now so everyone's trying to share up their balance sheet as much as possible that corporate behavior they're not buying back shares that they're they're not spending on infrastructure they're raising cash and it tells you they have they're fearing their cash flows in the future so their activity is telling you that they're fearing that solvency then more than they're expecting growth return back to normal we'll wait and see what happens next week talking of which round a week after next June 29th and June 30th yep that's the crypto gathering so everybody watching this look you may not think or understand how crypto is going to change everybody's world but it is and I think it's really worth the price of admission if you're a real business subscriber it's all free anyway so go in and dig in you may not agree you don't think the world's changing but you can't ignore it so we really have tried to curate the most epic group of people from every angle from every aspect and the best communicators in the world because it is a complicated space because where technology meets wonky finance meets kind of libertarianism and philosophical ideas meets behavioral economics you know it's the juxtaposition of everything it's a complicated world yeah it's like the incredible interview that had but that Santiago weathers I mean Santiago will be joining us on it as well but it's going to be an eye-opener for everybody yeah and Arthur Hays as well from Putin X you interviewed the same week as well you know if you don't disagree with someone we're not doing our job exactly right and you know you know I mentioned some of this on on Twitter and before you know it there's the crypto the Bitcoin guys versus the etherium guys and the gold guys versus the bicker it's like it's hilarious and for real vision that's why it's called the gathering it's all welcome and all tribes come together yes we're going to be the hosts of their truce I'd never get a truce but we'll get in the same room yes indeed wow thank you so much for joining us yeah great to see you guys have a fantastic weekend and everybody watching as well have a lovely summer weekend.
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