How to Use the Bloomberg Terminal Reuters’ domain, but Bloomberg has made a big push to take...
Transcript of How to Use the Bloomberg Terminal Reuters’ domain, but Bloomberg has made a big push to take...
HowtoUsetheBloombergTerminal
Bloomberghistory:
• MichaelBloombergwasthefounder• Startedthecompanyin1981witha$10millionseverancepackagefrom
SalomonBrothers,wherehehadbeenabondtrader• ``One-stopshop’’forfinancialmarketprofessionals• MaincompetitorisReuters• AlthoughincreasinglytheInternetitselfisacompetitor• About325,000terminalsworldwide• AbouthalfintheU.S.,whichcanbeanissueforjournalistsbased
elsewhere• Andtheyain’tcheap• Ifyoudothemathonthatpricetimes325,000terminalsworldwide,that’s
significantrevenue• Clientsaremoneymanagers,traders,brokers,analysts,centralbanks,
corporatetreasurydepartments,governmentfinanceministries
Forajournalist,what’sagoodstartingpointforusingtheterminal?
• TOP;23yearsafterIfirstusedtheterminal,IstillautomaticallygotoTopfirst
• Topstoriesoftheday• SpecialtyTops(withouttheoutlineformat)• Toseealist,typeTOPbutdon’thitenter;thenclickon``More
Functions’’under``Functions’’• READ<Go>• <End/Back>isthe``go-back-to-the-last-screen’’key• TheyellowkeysarehelpfulforusingtheBloomberg• Youcanalwaysenterawordinthesearchfieldtohuntfor
something–withorwithouthittingenter• Let’ssayyou’relookingforinformationonaparticularcountry–
HowaboutGabon?
Howcanyouusetheterminal?
• Newsstories:• NH(Newsallsources)• Iusuallyleaveonescreenonthis,andtrytohavetheNHtickerat
thebottomofwhateverscreenI’musing• NH``MoreFunctions’’showsyouallthenewsservicestheterminal
has• Afewexamples:• NHBN(Bloomberg)• NHNYT(NewYorkTimes)• NHAPW(AssociatedPress)• NHWPT(WashingtonPost)• NHDPA(DeutschePresse-Agentur)
KeyNI(NewsIndustry)Codes
• ``NI’’standsfor``NewsIndustry’’• NIwithouthitting<Go>andthen``MoreFunctions’’givesyoualist,
butit’sverylong• Countries/Regions:• NIUS(UnitedStates)• NIUK(UnitedKingdom)• NIJP(Japan)• NIGER(Germany)• NIMEX(Mexico)• NILATAM(LatinAmerica)• Ifyouwanttofiltersoit’sjustonenewssource,typethesource
you’relookingforattheend:NIUSBN(NewsIndustry,U.S.,BloombergNews)
MoreNIcodes
• Topics• NITRD(Trade)• NIECO(Economics)• NIFX(ForeignExchange)• NITEC(Technology)• NISOF(Software)• NIHWY(Internet)• Cananyoneguesswhythecodeis``HWY’’?• NIMNA(MergersandAcquisitions)• Youcancross-referenceusingTNI
Markets:
• WEI(WorldEquityIndices)• Realtime• WanttoseethedaytheDowcrashedin1929?• INDU(thecodefortheDowJones)<Index>GP<Go>• QRwilltellyouliterallysecond-by-secondwhatanindexisdoing• Andwhatitdoessecond-by-secondmatterstoalotofclients• Worldwide• WanttoseewhattheLaosStockExchangehasdonerecently?• Type``LaosStock’’,andthen``SearchforLaosStock’’• WB(WorldBonds);Remember,MichaelBloombergwasabondtrader• Bondsmayseemesotericandtechnical,butfundamentally,theyrepresentthepriceof
money,andthere’snothingmoreimportantintheBloombergworldthanthat• BondtradersareacoremarketforBloomberg,asabondtraderIusedtotalkinthe
Bahamasisacasestudy• Alsorealtime
Companies:
• Youcanfindthenamesofcompaniesbyjustenteringitinthecursorfield• Oryoucangetlistsofcompaniesonstockexchanges• Let’staketheDowJonesIndustrial• INDU<Index>MEMB(Members)• Nowyou’vegotalistofthecompaniesthatmakeuptheDowJones
IndustrialAverage(Youcandothisforotherstockexchangesaswell)• Let’stakealookatonecompanyandseewhatinformationisavailable• Right-clickonthecompany• DESisagoodbasepagetostartwith(Description);Clickon``More’’• Marketvalue• Headquarters• Numberofemployees• Pageforwardforfinancialinformation
Companies(cont.):
• Ontheterminal,thetemplateforfindinginformationonacompany:
• (Corporatecode)(e.g.,AAPLUS)<Equity>,andthen...• DES(Description)• CN(Companynews)• CNBN(JustBloombergstories)• HDSforshareholders–Thiscanbeveryusefulforstories• Let’ssayyouwanttoknowifthestateofCaliforniahasshares
inApple• GP(Graph)• CFforcompanyfilings
Companyfilings
• NHEDG(Edgar;ElectronicDataGathering,AnalysisandRetrievalsystem;companieswhoarerequiredtofileformswiththeSEC);thenwordsearchonthecompany
• ButtheCFfunction(fromthepreviousscreenisprobablyabetterwaytodothis)
• InCanadait’scalledSEDAR(SystemforElectronicDocumentAnalysisandRetrieval);ontheBloombergit’sNHSDR
• Lookfor10Ksand10Qs(Requiredregularreports)• Earningscallsundercompanyfilings(theCFfunction)–Mystudentsusedthisa
lot• Agreatwaytogetquotesforstorieswithouthavingtogetthequoteyourself!• Wordsearchesonearningscalltranscripts;let’ssayyouwanttoknowwhat
ApplehassaidabouttheAppleWatch• Youactuallyhavetodownloadthedocument• ThenControlF(Ffor``find’’)
Analystinformation
• ANRafteracompany• SoforApple,itwouldbeAAPLUS<Equity>ANR• Consensusratingsinupperleft-handcorner• Oftenyoucanholdthecursoroveranythinginyellowtofindoutwhatitis,e.g.``ReturnPotential’’
• Forcontactinformation,clickontheanalyst• Youcanhuntforwhethertheanalysthasbeenquotedbefore,andappearstobeamenabletothatbyusing``interview’’,usingBIO,then``RecentNews’’
• Foranalystreports:RESorBRC
Currencies:
• Currencytradingisaworldwithinaworld;thishashistoricallybeenReuters’domain,butBloomberghasmadeabigpushtotakemarketsharefromReutershere
• WCV<Go>(WorldCurrencyValues)• YoucanuseGPtoputthecurrency’sperformanceintograph
format• Againmayseemesoteric,butthiscanbehighlyrelevantfor
newsstories• Forexample,whatifyouwerewritingaboutBrexit,andyou
wantedtoincludetheBritishpound’sperformancesincetheBrexitvote(June23,2016)?GBP<Crncy>GP
• Adjustthetimeframes• NIFX(Newsstoriesaboutcurrencies)
Commodities
• NICMD(Commodities)• NIOIL• Oilisagreatstory,andeasytoreporton;oildrillersare
fundamentallygamblers• OTOP(TopOil)• Oilproduction:<OPEC>;Rightclickonthecountry• CL1<Cmdty>(Oilprice)• Goldiseveneasiertoreportonthanoil,forthesamereasons• GC1<Cmdty>(Goldprice)• Coffeeisanothergreatstory• KC1<Cmdty>(Coffeeprice)• Soisrice• THRQWRGB<Index>(Thairiceprice)
Researchonindividuals
• BIO(Name)• Newsstories• Careerhistory• Address/phonenumber• Networth• Clickon``Billionaireprofile’’• Billionaires:BBIOorRICH• Networthanalysis
Economicindicators
• ECO• Youcanchangethecountry• ECST(Ecostats)• Leftcolumnformoredetail• WECO(Worldeconomy)• CPIYOY<Index>GP(U.S.inflation)• TheFedFundstargetrate:FDTR<Index>ECOS
Economicindicators(cont.):
• GEW(GlobalEconomyWatch)
• Growthrates
• OurpresidentbelievesAmericaiscapableof5-6percentgrowth;youcanfindoutherewhenthelasttimetheU.S.economygrewthatquickly
• TotalGDPofcountry
• Unemploymentrates
• U.S.unemploymentisata50-yearlow
Creditratings
• Yetanothertopicthatseemsesoteric,butthereisnobetterwayofanalyzingacompanyorcountrythanbylookingatthemarket’sassessmentoftheprobabilitythatthecompanyorcountrywillpaybackwhatitowes
• CSDR• RATC(Companycreditratings)• RATD(Ratingdefinitions)• NICRA• TNI(countryname)CRA• NHSPC,NIBMP,NHFII(Standard&Poor’s,Moody’s,Fitch)
Storyideas
• NHWordsearches(``increasingly’’fortrendstories)• OruseNH<Go>tomonitoraparticularbreakingnewsstoryofinterest
• Then``ChinaTariffs’’;``SmartMatch’’• Stat-trendstoriesbasedonOPECproductioncharts;forexample,let’ssayyouwanttoknowifVenezuela’spoliticalcrisisishurtingtheiroilproduction
• OPEC<GO>;rightclickonthecountry• UseGP(Graph)
It’sNotAllPureBusiness,Either...
• NIPOL(Politics)
• AV(Audiovisual)
• Opinion:OPIN<Go>
• BSP(Sports)
• NIENT(Entertainment)
• FLY(Flightconnections)
CityofOaklandStories
• Themostbasic,applyingwhatwe’vejustlearned:NH<Go>,thenenter``Oakland’’
Let’slookforexamplesofwhatwewouldfindthere
ControlFonanydocumentsyoufind,ifnotalreadyhighlighted
CityofOaklandStories(cont.)
• Moreefficientmethod:Oakland<Help>• PortofOaklandcontainershipments;totalshipments
• GP<Go>toseethegraph;HP<Go>toseethenumbers.Theseactuallyshowthatshipmentshavebeenrisingrecently.Therecouldbeastorytofindoutwhy.BeatingChinatariffs?ComingChristmasseason?ThatseemstobearecordhighinJune/August;why?Worthacall.
CityofOaklandStories(cont.)
• Oakland<Help>,thenpageforwardtoPage4• OaklandRedevelopmentAgency• MunicipalcreditriskfortheOaklandRedevelopmentAgency• Creditrisklevelseemstohavedroppedrecently;why?Allthat
moneypouringintoOaklandhousingdevelopmentshelpingout?• Let’slookatbuildingpermits• Greenlineshowsyouthelevel• SeemtohavespikedinDecember/January• Housepriceindex;that’samuchsteadierclimb,andconsistentwith
whatwealreadyknow,andhenceanobviousstory• Clicktwicetoeliminate
CityofOaklandStories(cont.)
• Let’slookatthecityitselfonOakland<Help>,andfollowthesamemethod
• Ifwecallupthecity’smunicipalcreditriskchart...
• Totalassets
• Totalliabilities
• Oops.Thatdoesn’tlookgoodforOakland.Thatcouldbeworthastory.
CityofOaklandStories(cont.)
• Let’slookatsomeofthenewsstorieswecanreadrelatedtothis:• Moody’sassignsbondratingtoOakland• Thisisgreatstuff;agoldmineinhere• ``TheAa2ratingreflectsthecity'slargeanddiversetaxbase,strongandgrowing
economyaswellasanaveragesocioeconomicprofile.’’• ``Theratingalsoincorporatesthecity'saboveaveragedebtburden,aswellasabove
averagepensionandOPEBobligations.’’• ``Aboveaveragedebt’’;``aboveaveragepensionobligations’’–thosesoundpromising
forstories.• ``Thecityhaslongtermbudgetaryandfiscalchallenges,includingpensionandhealth
carecostsandsustaininggrantfundedprogramsinspiteofreducedstateorfederalfunding.’’
• Alsoalotofgristforthestorymillthere–Whichgrant-fundedprogramswillitbeachallengeforthemtosustain?
• ``Thecity'slargeanddiversetaxbasewhichweexpecttoexperienceongoing,moderategrowth,andthecity'slikelycontinuedstrongoperatingperformancedespitelong-termchallenges.’’
CityofOaklandStories(cont.)
• Here’sanotherpotentialgoldminefromtheMoody’sreport:
• AlexandraCimmiyotti LeadAnalystRegionalPFGWestMoody'sInvestorsService,Inc. OneFrontStreetSuite1900 SanFrancisco94111US JOURNALISTS:12125530376 ClientService:12125531653
CityofOaklandStories(cont.)
• Here’sanotherratingsreport,fromFitch:• ``Thecityhaslimitedindependentlegalabilitytoraiseoperatingrevenues,issomewhatconstrainedbyhighcarryingcosts,andtypicallyrequiresone-timemoniestobalanceitsgeneralfundbudget.Nevertheless,itachievessolidgeneralfundbalancesandhasverystronggap-closingcapacity.’’
• Alotofjargoninthere,butthatbitaboutlimitedindependentlegalabilitytoraisemoneysoundsworthfollowingup.
• Sodoes``highcarryingcosts’’and``one-timemonies,’’ifwecangetsomeonetoputthatintoEnglish.
CityofOaklandStories(cont.)
• ``Theeconomycontinuestodiversifyfromahistoricallyindustrialcitytoacommercial,service,andgovernmentalcenter,withanumberoflargehospitalsandarestaurantandentertainmentsectorthatcontinuestogrow.Post-recession,thecityhasbenefitedfromincreasingassessedvaluation,numerousdevelopmentprojects,anddecliningunemployment.’’
• Obviouslythat’smorebig-picturestuff,butataminimumit’susefulbackgroundforstories,andmaybethetransitionthey’redescribingcouldqualifyasastoryinandofitself.
• Thatbitaboutthegrowingrestaurantandentertainmentsectorisinteresting.
CityofOaklandStories(cont.)
• ``Duringtherecession,thecitydemonstrateditsabilitytoworkproductivelywithbargainingunitstoachievelaborconcessions.Thiswasanimportantoffsettothecity'sotherwiselimitedexpenditureflexibilitygivenitshighcarryingcosts.’’
• Goodlaboranglethere• ``Fitchexpectsthecity'slong-termliabilitiestoremainmoderaterelativeto
itsresourcebase,particularlysincefuturegrowthinpensionandOPEBliabilitieshasbeensomewhatmoderatedbypensionreformandincreasedemployeecontributions.Futuredebtissuanceswilllikelybeoffsetatleastpartiallybycurrentdebtrollingoff.’’
• Wonkish,butalsointeresting,particularlythatlastline.IscurrentdebtrollingoffpartlytheRaiderdebt?
• ``Achievinggeneralfundstructuralbalanceisanongoingchallengeforthecitygivenrisingservicecosts,infrastructureandcapitalequipmentneeds,andthelargeproportionofexpensesthatarenon-discretionary.’’
• Thentheygointogreatdetail
CityofOaklandStories(cont.)
• Andagain:• Contact:
PrimaryAnalyst
AlanGibson
Director+1-415-732-7577
FitchRatings,Inc.650CaliforniaStreet,4thFloorSanFrancisco,CA94108
CityofOaklandStories(cont.)
• Here’sagreatnewoneIjustfound.IfyoutypeOaklandPolice&FireAnnualReport<HELP>
• ThisistheRetirementSystem’sannualreport
CityofOaklandStories(Cont.)
• PageforwardtoPage17
• Assetsfell5percentlastyear
• ``Remainingfluctuationsinreceivablesandinvestmentspayableareprimarilyduetoinvestmenttradingatyear-end’’
• Soundstomelikesomeonemadesomebadtrades
CityofOaklandStories(Cont.)
• Here’sanothergoodoneIfoundonOakland<Help>
• PageforwardtoOaklandRaidersloan
• Asyoumayknow,thecityofOaklandisconsideringsuingtheRaidersformovingtoLasVegas
• ThesearethetermsoftheirloanforthenewVegasstadium
CityofOaklandStories(Cont.)
• $850million• Matures2023• PayingLIBOR(LondonInter-BankOfferedRate)Plus225BasisPoints• FacilityFeeof62.5basispoints• Tobehonest,Ihavenoideaifthosearegoodorbadterms,butif
youweredoingastoryonanythingrelatedtotheRaiderlawsuit,Iimagineyoucouldfindabankertotellyou.Wouldn’titbeagreatadditiontoyourstorytoquotesomeoneassayingtheRaidersoverpaidinVegas?
• GP<Go>tellsyouhowthebondisperformingonthesecondarymarket.Bondsareboughtandsold.Again,I’mnotanexpert,butyoucouldfindonetotellyouhowthat’sperforming.Theperformancewouldinpartbethemarket’sassessmentofthefinancialhealthoftheRaiders
CityofOaklandStories(cont.)
• HowcanyousearchforpubliclytradedcompaniesbasedinOakland
• Andwhydowecareifthey’republiclytraded?
• Actually,Ididn’tknowhowtodothat
• SoIhit<Help><Help>untilIfound``LiveHelp,’’then``ContactHelpDesk’’
CityofOaklandStories(cont.)• Toscreenforcompaniesbythelocationoftheirheadquarters,from{EQS<GO>}:
1)Intheamberfieldunder"AddCriteria",starttyping"Domicile"andselectfieldfromthelistofoptionsthatappears(Country,State,orCityofDomicile).
• Ifoundthatactuallyyouchose``Equalto‘’• Thentype``Oakland’’beneaththat,andenter• Seewhereitsays``CityofDomicile=``Oakland”?10matches?Clickonthat.• Rightclick;``ViewResultsatthisPoint’’• Then``SeeResults’’• BelowistherestofthemessagefromBloomberg
2)Fromtheconditiondrop-downmenu,select"Include/Exclude".Note:Youcanalsoselect"Nocondition,displayonly"toseethecity/statedisplayedforalistofsecurities.3)Usethepopuptoselectthelocation(s),thenclick"Update".Thecriteriaappearsunderthe"SelectedScreeningCriteria"section.4)Atthebottomofthescreen,click"SeeResults|WATC".Note:Thefulllistofresultswillonlyappearifthenumberofresultsislessthanthesecuritieslimit.Toeditthelimit,fromtheEQSscreeningpageselect"Actions>EditResultLimit".
• Anyway,let’sseewhatwefound
CityofOaklandStories(cont.)
• OroEastMiningInc.(OROEUS<Equity>DES)• Exploresforgold,silver,etc.inthePhilippines• Fouremployees• Wonderwhythey’rebasedinOakland?• Let’sgoto2014pressrelease• ``Thecompany'spresentfocusisondevelopinggoldmine
claimsinCalifornia.OROE'sboardofdirectorsbringtothecompanydecadesofmining,mineralacquisition,andinternationaltradingexperience.ItsmissionnowistorevivethegoldindustryintheUnitedStatesandmergeadvancingChina-developedtechnologywithAmericanminesinhomageofGoldMountain,acornerstoneofAmericanChinesehistoryandlegacy.‘’
CityofOaklandStories(cont.)
• Soundsinteresting,ifalittlefar-fetched
• Let’slookattheirmostrecentfiling,fromlastyear
• Soundsliketheyhadafallingoutofsomesort
• Let’slookattheir10-Q
• BusinessOverview
CityofOaklandStories(Cont.)
• Magnique,Inc.,theCompany’sjointventurewithHangZhouCiXiaoTangTechnologyCo.Ltd.,hascontinuedtoremainthemainfocusthispastquarter,giventhevigorofbusinessanddemandofthemineral-infusedholisticwellnesshomecareproducts.Magnique,Inc.hassetupashowroomandgalleryinBurlingame,CaliforniaandawarehouseinHayward,California.Magniquesellspersonalandhomecareproductsthatareinfusedwithmagnetsandmagnetizedminerals,pursuanttoatraditionalChinesephilosophyofwellnessthatusesmagnetismasaformofwellnesspracticeandholisticpersonalcare.
•
• NegotiationsareintheworkstoresumegoldoreproductionandongoingexplorationandminedevelopmentatbothCarsonHillandRedBank,currentlytheCompany’stwomainmineralprojects.Whentheminingoperationisresuscitated,theRoute49touristattractionventurewithShenzhenCiticInternationalTravelCo.Ltd.willalsobesettoresume.Withitseducationalfocus,theventureattractsstudentsonorganizedschoolfieldtrips.Theventurewasslowoverthesummermonthsbutisexpectedtopickupintheautumnandspringseasons,correspondentwithacademicyearswhenschoolsareinsession.
CityofOaklandStories(cont.)
• Well,theyseemtobealloverthemap.There’sprobablysomekindofastorythere,thoughyou’dhavetothinkaboutwhetherit’sworththetimetopursueit
• Let’strythenextoneonthelist
CityofOaklandStories(cont.)
• PandoraMedia:PUS<Equity>DES
• Assumeyouallknowaboutthem
• Plentyofinfotopileintohere
• Annualreports,shareholders,analystcalls–everythingwe’velearnedabouttoday
CityofOaklandStories(cont.)
• CommunityBankoftheBay:CBYAAUS<Equity>DES• $32.6millionmarketvalue• Let’slookattheirresultsstatement• ``ItisalsoCalifornia’sfirstFDIC-insuredcertifiedCommunityDevelopmentFinancialInstitutionandoneofonlyfournowoperatingintheNorthernCaliforniamarket.ThebankisrecognizedforestablishingtheBayAreaGreenFundtoprovidededicatedfinancingtosustainablebusinessesandprojectsandsupportsenvironmentallyresponsiblevalues.’’
• Theseguyssoundprettycool.Wouldimaginethey’dbethrilledtotalktojournalistsabouttheirbusiness.
CityofOaklandStories(cont.)
• DASANZhoneSolutionsInc.:DZSIUS<Equity>DES• $220millionmarketcap,629employees• DASANZhoneSolutionsInc.designs,develops,andmanufactures
communicationsnetworkequipmentfortelecommunicationsoperatorsandenterprisesacrosstheworld.TheCompany'sproductsprovideenterprisesolutionsthatenablebothnetworkserviceprovidersandenterprisestodeliverhighspeedfiberaccesswhiletransportingvoice,video,anddatatotheenduser.
• Iimaginemostofyouwouldunderstandallofthatbetterthanme• Telecommunicationsserviceprovidersandwirelessandcableoperatorsuse
SLMStooffertheirbusinessandresidentialsubscribersbundledbroadbandInternetaccess,localandlong-distancevoice,andbroadcastvideoservices.ItsproductsareassembledatitsplantinFloridausingcomponentsmanufacturedinAsia.Thecompanyservessome1,000customersworldwide;about70%ofsalescomefromoutsidetheUS.
• Someanalystcoverage,alotofwell-knownshareholders
CityofOaklandStories(cont.)
• Clorox:CLXUS<Equity>DES
• Everyoneknowsaboutthem,right?
• Formula409,Pine-Sol,Glad,Kingsfordcharcoal
• They’dbetoughtogetaninterviewwith,butobviouslyworthwhileifyousucceed
CityofOaklandStories(cont.)
• ElfBeauty:ELFUS<Equity>DES
• Cosmeticsandbeautycompany
• $608millioncompany;that’sprettybig
• Lotsofnewsstoriesaboutthem;lotsofanalystcoverage
CityofOaklandStories(cont.)
• SummitBancsharesInc:SMALUS<Equity>DES
• 43employees
• Notalotofinfoaboutthem;you’dhavetoprobe
CityofOaklandStories(cont.)
• ScientificLearningCorp.(SCILUS<Equity>DES)• Tinycompanyintermsofmarketvalue,but121employees• ScientificLearningCorporationdevelops,markets,andsells
neuroscience-basedsoftwareandeducationalproductsandservicesdesignedtoincreasehumanlearningandperformance.TheCompany'sFastForWordproductisanintensive,computer-basedtrainingprogramthatfocusesonimprovingcriticallanguageandreadingskills.
• Soundsprettyinteresting• Imaginethey’dbehappytotalktojournaliststohypetheir
product
CityofOaklandStories(cont.)
• YoucanalsosearchanalystreportsforreferencestoOakland
• RES
• 09/09/18--``TransportationandLogistics’’JPMorgan
• Let’sseewhat’sthere
CityofOaklandStories(cont.)
• PortofOaklandisoneofninemajorportsinNorthAmerica
• Outofthosenine,rankedseventhinvolumegrowthinJuly,aheadofonlyVancouverandLongBeach
• Westcoastportsseemtobeslowingdown
• Chinatariffsimpact?
CityofOaklandStories(cont.)
• Soyougettheidea–theBloombergcanbeagreatsourceofinfoifyoualreadyknowwhatyouwanttowriteabout
• Butitcanalsoprovidevirtuallyendlessstoryideas,orstring,ortips
• Orjustplainamusement!
• Ifyouspendyourtimelearninghowtouseit
CityofOaklandStories(cont.)
• AndIhopeyoudo!
• Don’thesitatetocontactmewithquestions(Ican’tguaranteeIcananswerthem,butifIcan’tIshouldbeabletofindsomeoneatBloombergwhocan):
• Thanksforyourtime–goodluck!