BlackRock, Inc. (BLK) Presents at 2020 Goldman Sachs US Financial Services Conference (Transcript)
BlackRock, Inc. (NYSE:BLK) 2020 Goldman Sachs US Financial Services Conference December 8, 2020 3:00 PM ET
Company Participants
Gary Shedlin - Chief Financial Officer
Conference Call Participants
Alexander Blostein - Goldman Sachs
Alexander Blostein
Good afternoon, everybody. Next, it is my pleasure to welcome Gary Shedlin, CFO of BlackRock. With nearly $1 trillion in assets under management, BlackRock is the largest asset manager in the world, with an industry leading 6% organic asset growth over the last 12 months, and more impressively, a 7% organic fee base growth over the same time period. In addition to its leading ETF business, BlackRock's organic growth success has been very broad-based this year across a number of asset classes and geographies, including flows in active equities and accelerated momentum in private markets. Record momentum is further supported by its differentiated technology and a focus on ESG investment. So, plenty to cover, lots to talk about. Gary, thank you to being here. It's always ....
Gary Shedlin
Thanks for having.
Alexander Blostein
After that introduction. I don't know what else we got to do.
Gary Shedlin
I can have another after your coffee.
Question-and-Answer Session
Q - Alexander Blostein
Okay, so, well, look we -- I have a bunch of questions for you. I'm sure there's going be some questions coming in on the webcast as well. But I wanted to kick things off with just a broader question around client asset allocation trends. Over the course of 2020, the market is seeing a significant shift away from risk asset at first. Things are starting to obviously come back. For BlackRock specifically, I think fixed income and cash management strategies accounted for something like $200 billion of net inflows on a yearly basis. That’s now over 70% of net flows. How are you guys expecting client asset allocation discussions to evolve into '21, given where we are from a macro perspective? How do you think about BlackRock ability to retain some of these assets as hopefully some of them will start to shift into riskier -- kind of riskier assets as people move up the curve?
Gary Shedlin
So thanks, Alex. And hello to everybody. Hope everybody is safe and healthy and hanging in there. So look, there's no question that you're right. Institution wealth clients are facing really complex challenges, especially in this low interest rate environment, and we're seeing a number of client themes. We're definitely seeing clients rethinking strategic asset allocation to satisfy return targets. We're clearly seeing a search for yield with increasing allocations to both private markets and high-risk fixed income assets, especially amongst insurers and pension clients who are having their own challenges in terms of the rate environment. We're seeing a growing shift towards ESG strategies. We'll talk a little bit, I'm sure, throughout the day about the recent survey that we did around sustainability, which we just put out late last week, and that about 55% of respondents consider sustainable investing to really be at the heart of their investment processes and outcomes over the next 5 years.
We're seeing opportunities in emerging markets, China, which I think is, again, tying back to that reach for yield and moving out a little bit on the risk spectrum. And there's no doubt that we're seeing a shift towards models and OCIO especially in U.S. and EMEA wealth markets. Our client conversation these days are really less about specific products, and we've talked a lot about that at BlackRock. We're really focusing on clients’ whole portfolios, and that's a critical part of what we're doing. We've purposely built this business today to serve clients really no matter the market environment. We're really not reliant on any one particular product at any point in time. We have global reach. We have a full range of investment strategies that goes from index to active. Within active, we've got traditional alternative and cash. We've wrapped that in an integrated risk management and world-class technology platform. And frankly, even beyond that, today, certainly in my tenure as CFO, I don't think we've ever been better positioned in terms of investment performance.
We have some of the strongest investment performance across the platform today that we've ever had. Roughly 80% of our assets today are above peer median or benchmark in active fixed income, fundamental active equities and scientific active equities or systematic active equity. So, we feel really well-positioned. And these conversations in light of our platform are really leading to deeper partnerships with clients than ever before. Not only are clients entrusting us with a larger portion of their assets than ever before, but we're having even broader discussions with them about things like technology, risk management, securities, lending, transition, investment management, as well as portfolio advisory capabilities.
Now, you mentioned the concept of the 70% in cash and fixed income over the year-to-date last 12 months, but the reality is, if you actually go back even longer, about 5 years, you will see that basically about 70% of our net new business has actually come from fixed income in cash. I mean, that's just a longer time frame, and we'd been in this low rate environment, although it keeps getting lower for some time. But I think the important thing is even over that period of time, with a large portion of client risk preference being stated towards fixed income cash, we generated almost 5% organic base fee growth. So, that is our aspirational target, notwithstanding that. And I think, that's been differentiated. That's been across market cycles.
I think we've shown an ability to grow organically, and in many cases, strength of organic growth across different markets, whether it's risk on or risk off. If you look at years like '16 and '18, we were moderately positive. If you look at years like '17 and '19, we were significantly above 5%. And frankly, as you mentioned, the last 12 months have been pretty good. We're expecting 2020 to be a really good year.
So our goal here is really to support clients across their whole portfolio, no matter their risk preference, by basically kind of continuing to do what we're doing, which is investing for the future and trying to stay ahead of the client need.
Alexander Blostein
Right. Well, speaking of organic base fee growth, you guys have built obviously a very successful business. You talked about a handful of structural tailwinds that are at your back right now. To your point, 5% has been kind of a longer term aspirational target. Nobody wants to make too much out of one quarter, but you guys did 9, last quarter you guys did over 7 or so on the trailing 12 month basis. Can we talk a little bit about sustainability or that sort of above your longer term target growth rates recently? And how are you guys thinking about that over the near term?
Gary Shedlin
Yes, well, look, I think you hit the nail on the head. I mean, the reality is, we try not to measure progress one quarter at a time. We're all about long-term. And the third quarter was no doubt a great quarter. It was an excess of our aspirational growth targets 7% asset growth, 9% growth. It actually was the second best organic base fee growth quarter we've ever had, narrowly beating the second quarter, which previously was the second best quarter that we have ever had. And actually, if you look, as you mentioned, the last 12 months, actually three or four of those quarters, with the exception of the first quarter of this year, I think our organic base fee growth was in the 9% to 10% range. And frankly, the fourth quarter is looking quite strong, as well.
Notwithstanding that, I mean, I think 5% does remain our target across market cycles. Some quarters will do better, some quarters will do worse, but we really try to measure ourselves across market cycles. And we think that that's reasonable, given our product breadth, our solutions orientation and our broader technology in this platform. And let me break that down why we feel comfortable with that, I'm going to start with both ends of the barbells, which is kind of ETFs and core alternatives that today represents about 50% of our base case. And we feel very comfortable that both of those ends of the barbells will be growing above our -- not only our own aspirational target of 5% but clearly above the broader market, which last estimates I've seen were around 2%.
In core, Alex, just a reminder, we're managing close to $150 billion today. We've got another $23 billion or so of what we call committed but uninvested capital that is -- represents another source of about $150 million of management fees as those assets are put to work. And we've raised in terms of gross capital, which is kind of net new business plus committed capital. Over $50 billion over the last three years, we've done about $14 billion year-to-date, and we feel really comfortable about our growth prospects there.
We've talked a lot about iShares, especially with you in the past. Two years ago, I think we -- you and I were sitting in person downtown and we talked about growth across the three growth segments, our core segment, our strategic segment, which is really four specific areas, fixed income, sustainable factors and megatrends, as well as precision exposures. And we've seen strong growth, sticky assets clearly in the core and strategic buckets. And while the precision tends to be a little bit more volatile, reacting to kind of risk on and risk off markets, the fourth quarter so far -- numbers I saw this morning I think iShares flows are about $60 billion already. And frankly, November, which obviously was a strong risk on environment represented our second best iShares month ever. And from an organic base fee perspective, again, coming back to those precision exposures, which are higher fee, represented the best organic base fee growth month in iShares’ history. And we continue to believe that we're going to double -- and we've talked a lot about that, our iShares assets, it’s going to come from a strong growth in fixed income, sustainable core and we will obviously benefit over time from those precision exposures and more risk on market.
The real question has always been that more traditional active categories. But again, going back to what we just talked about, I think, a combination of our very strong investment performance, our differentiation in terms of technology, scalability to basically play in things like factors that are growing much quicker, we believe we can actually grow faster than industry. And actually last quarter, I'm pretty sure no one would have thought that we could put up more traditional active flows in a quarter than we did in cap flow. So we're going to continue to focus on our existing strategy, continue to basically invest in areas like ETFs, our iShares franchise, technology, private markets. We're going to deliver whole portfolio solutions. We're going to keep active at the heart of alpha and try and be a leader in sustainability. And we think with all of those things, we feel pretty good about our aspirational growth target.
Alexander Blostein
That's very helpful, thanks for that. Maybe shifting gears a little bit, I was hoping to touch on some of their recent dynamics and some of the recent news flows for you guys. Really around the acquisition you recently announced with Aperio. Can you talk I guess a little bit ab out the strategic rationale for making that acquisition, obviously that provide custom indexed activity SMAs. I've covered you guys for a while and obviously whenever BlackRock does a deal, there is a notion that look, you could really sort of supercharge the growth of what you're buying and that's sort of why you choose sort of not to build it and why you'd rather buy something like that. Can you help us to understand how this fits into this framework and does this change anything at all with respect to further M&A plans for BlackRock?
Gary Shedlin
So we are really excited about the Aperio transaction. Aperio is one of the -- as you mentioned one of the largest independent providers of personalized index SMAs. They specialize in what we like to call hyper customization of direct indexing SMAs or tax optimized solutions for clients, but they also have the ability to take into account a client's broader risk preferences, their tax position, and also their ESG preferences. About $36 billion in AUM but really what was what drove us to them is their very strong organic growth. They've had annual organic growth over the last five years in the 15% to 20% range which we think is incredibly impressive.
And we ourselves are a leading provider of SMAs, but our focus has traditionally been active and that's much more of Merrill business that we acquired back in 2006. And frankly, even within that, it's been much more fixed income focus. So Aperio really allows us to come back to that whole portfolio approach. It allows us effectively to take active in index and equity in fixed income, and really try to basically layer on it alpha generation factors, as well as broader customization for wealth clients.
Now, we were building an equity-oriented direct indexing product for the wealth marketing, and in fact, many of you saw we actually did launch our first tax managed index equity SMA recently, but we really saw the chance here to acquire a market leader with a proven brand, with great talent, and with critical mass in terms of both assets and revenue, who is growing incredibly quickly. And we think, much as we saw on eFront to be perfect, again, we saw an opportunity -- and again, remember on eFront we were on our way to building, if you will Aladdin for the private markets. But we saw this opportunity with a proven brand to effectively accelerate our own ambition.
When you see about how quickly this market is growing, and if you look at the retail wealth SMA market, it's 1.7 trillion market, it’s growing at roughly 15%. And, frankly in the RIA space, which is where Aperio’s strength is, it's growing close to 35%. So, again, we thought, we can basically accelerate our positioning there. And frankly, with that, we think we're in a pretty unique position now, because we can provide solutions to the wealth market, that is almost wrapper-agnostic now. We're one of the few people who can provide ETFs, clean shares of mutual funds, as well as SMAs. And we think that positions us really well to grow in that market, especially if we can wrap it in best-in-class technology, and risk management.
In terms of our broader M&A strategy, nothing has changed. I actually think this reinforces that we are absolutely not going to do any defensive consolidation type deals predicated on cost cutting. We will only consider transactions that effectively accelerate our organic growth. And as we talked about, I think Aperio will do that in its own right. And to your point, use the term supercharge, I actually think we'll be able to take that product and not only really enhance their distribution to the RIA world, but also ultimately scale their product offerings to bring it to the broader wealth market over the next three to five years. We remain focused very much on tactical M&A in those three areas that we've always talked about, broadening our technology capabilities, broadening our global reach and if selective opportunities present themselves to scale up some of our private market capabilities.
Alexander Blostein
I know, we talked a little bit about ESG. You mentioned that in your earlier comment as well. But I guess, relative to all the challenges that we've seen so far this year, the one of the few bright spots, there's obviously been accelerating focus on ESG initiatives in U.S. You guys have made earlier very public comments around your views around ESG already. But curious, if you can kind of walk us through again, how is BlackRock capturing the opportunity related to ESG across the platform?
Gary Shedlin
So we are definitely seeing an increased awareness and incorporating ESG resilience can have a material financial impact on portfolios. And I think we're really at the beginning stages of a long-term reallocation of existing capital into sustainable strategies. But more importantly, really growth coming from new capital into these strategies. Clients are increasingly asking for differentiated strategies that align their own capital with sustainable outcomes. And again, coming back to that survey we talked about, the survey also told us that respondents plan to basically double their allocation to sustainable AUM over the next five years, taking portfolios from roughly let's call it 15% to 17% to over a third of their portfolios. And very simply we are all in on sustainability. Larry has obviously been incredibly outspoken, he kind of kicked our own efforts off supercharging them about a year ago with his broader letter. And we want to be the market leader in sustainability.
And we think that, we can accelerate efforts to provide clients with both better outcomes and more choice in kind of three different ways. The first one will be increasing access to sustainable investing. Today we have about 152 billion of assets under management. We are publicly committed to a target of $1 trillion in sustainable assets by the end of this decade. And we're seeing huge momentum. I mean, sustainable iShares is just one example of that, where year-to-date, we've got about $40 billion in sustainable flows into our iShares ETFs. And that is already triple what we did in 2019. Coming out of a pandemic, we've seen a massive acceleration in ESG demand.
Our second commitment is to build more sustainable portfolios. And we're doing that by developing tools and integrating ESG data into our investment processes, so our active managers can manage that risk and opportunity and take sustainability factors into their alpha decisions every day. And I'm really proud to say that, as of this moment in time, we're now 100% ESG integrated across about 5,600 active portfolios at BlackRock, which represents over $2.7 trillion of AUM.
And the third piece is really putting ESG at the heart of Aladdin. So, Aladdin sustainability provides, again, data and tools not only to our own portfolio managers, but to the Aladdin community and with by providing access to something like 1,200 third-party ESG metrics. And late last week, we announced the launch of Aladdin Climate, which is another add-on capability. But it provides climate adjusted security valuations and risk metrics to provide analysis for both physical risk of climate change, but also importantly, the transition risk to a low-carbon economy. So, we are all in on sustainability. And again, I think you're going to continue to hear a lot more from us about that. And for sure, keep your eyes peeled for Larry's letter in January, which will have some more to say on that.
Alexander Blostein
Sure. Well. So you mentioned Aladdin. So, let's talk about Aladdin in BlackRock's technology platform. So, maybe a little bit of an update, but I guess for background, you talked about obviously a little bit of a year to slow down because implementation processes take a little bit longer in the COVID environment. Or perhaps it's making a little bit longer to make some of these larger decisions. So, that'll make sense. How do you think about momentum in technology revenues in Aladdin entering '21? And importantly, how do you think about the composition of that revenue growth evolving over time, now that you have things like eFront and you mentioned Aladdin Climate sort of more embedded in the overall frame?
Gary Shedlin
Yes, so actually, it follows -- it’s a great follow-up question to sustainability, because I think the pandemic has clearly accelerated the trends that we're seeing in terms of technology. The asset management industry, and frankly, the broader ecosystem, is definitely the period of technological transformation. The crisis has accelerated those trends, kind of amplifying the need for robust operating and risk management technology, more broadly. And we believe that asset owners, asset managers, asset services really need to fully integrate technology for a couple of a reasons -- well actually two or three reasons. One is to better connect with our clients and stakeholders. Two is to generate better investment insights. And three is really to generate operational efficiencies, especially today. And as a result of that, our technology strategies really provide is really focus on two things right now. One was, being able to kind of monitor the whole portfolio. And as we said, as we're seeing increased allocation to private markets, trying to bring the liquid and illiquid together to give our clients complete insight from a risk perspective in terms of their entire portfolio. And I think we've kind of filled that hole through eFront. And secondly is really building Aladdin as a platform really to address this demand for interoperability that we're getting between asset servicers, between trading venues, data providers, because everyone is really looking for -- through a -- the goal is to basically have straight through processing. And so, we're really focusing and that again is a big part of the provider strategy.
Now, the vast majority of revenue in our technology services line item, that's kind of where it all sits, is still definitely coming from what we're calling institutional lab and that includes eFront today. But we're also diversifying that source of revenue. We mentioned a couple, but, Aladdin Wealth, Aladdin Provider, Aladdin Climate as we talked about, and we expect those to be much more significant contributors over time. Coming out of the pandemic, it feels like a long time ago, when we had our first quarter earnings call. But you mentioned that kind of gave a little bit of a warning on lower revenue growth this year, and at that time I think we basically felt that it was really going to be driven by two main areas. One was implementation slowing down, and the other, as we said, was extending both sales and contracts cycles. And I think as we got through a number of months, we actually surprised ourselves. Actually our implementation capabilities were right where they needed to be. There was really no slow down.
We were able to be incredibly resilient and get those done. But we did definitely see some impact in terms of, notwithstanding what we feel is incredibly strong pipeline today, it's just taking a little bit longer in terms of sales and contracting. But one other item that I did want to mention, while we're on this topic is, post the acquisition of eFront, we've been shifting our service model a little bit, and that is going to have a little bit of an impact on revenue recognition, specifically at eFront. eFront as you may know or you may recall was historically an on-prem license model, an on-premises license model, and we're now shifting to a more hosted licensed model, which is a much more consistent with the way we service the broader Aladdin community. On-prem license revenues are basically recognized upfront. As you move to a hosted environment, they're recognized over the life of the contract. And so, that transition will actually start to impact the optics of our GAAP revenue growth in technology services.
And so, as we make that transition, we're going to start to talk about, beginning -- when we talked to you guys in January, we're going to start to talk a little bit about ACV or annual contract value growth, which represents much more of a run rate construct, which takes out some of these issues around sales, contracting, implementation, the transition, and it really is a much more consistent with the way other fintech providers really talk about their business. So, a combination of that extended contract and sales cycles, the transition from on-prem to host is going to basically impact our “stated revenue growth this year.” It'll be a little bit lower than our low -- if you will, low to mid-teens target. But on a full ACV growth perspective, it's right where we want it to be in and we're still very comfortable with that as a long-term target really again from three ways. We're going to gain new clients, and as I mentioned, the pipeline is very strong. We're going to expand our relationships with existing clients and so some of these new products that we talked about. And we're going to basically work with our clients as they continue to grow.
Alexander Blostein
And then I guess just follow-on on that. Given the revenue recognition change, how should that impact the revenue growth target against for '21 as well because that's probably where the bulk of that change will occur?
Gary Shedlin
Yes, I mean, it's a moderate just given the size of eFront. But obviously, eFront, let's call it is $150 million and the business started off much more significantly on-prem to host. We are going to have to migrate that over. And so there'll be some optic issues, but I think we will clearly be through that by the end of next year in its more significant entirety.
Alexander Blostein
So since we're on the topic of talking about some of the financial aspects of the model, maybe we can hit on a few dynamic. And, look, there's been so much volatility this year obviously and the theory for you guys especially is really the output of what's happening on the macro front in many ways, right? We've talked about this, between the divergent beta and the changing dollar dynamic, et cetera, right. So maybe help level set us kind of, as we’re thinking about '21, as we're exiting 2020 finally, as people are kind of zoning in on next year, what's been happening in fee rate on a blended basis as you progress towards the end of the year? So people kind of have a good jumping off point for '21. And the other thing I wanted to hit on is, part of this is talking about money market fees? It's something that came up, I think, on the last call, and you did highlight that this is something that you've got to keep in mind at least for 2021. So maybe, let's hit on the impact from money market fee waivers as well on the results?
Gary Shedlin
So look, I think you said it at the outset, fee rate is really an output for us. But just to level set -- and again, I think we kind of broke some ground on this with you, again, a couple years ago. But our fee rate is definitely dynamic. It changes over time. And as you said, it's really a function of things we can control and things that we can’t control. And so over the last five years, just to put into some perspective, obviously we've seen a decline in our fee rate. But again, about 85% of that decline in the aggregate fee rate is really attributable to mix change related to client risk preferences at any point in time, and to your point that you raised, divergent beta and FX. But importantly, as we said at the outset, over that same period of time, we've basically hit our organic base fee growth roughly in the 4% to 5% range. So fee is definitely an output, not an input to our thinking. And we're really focused on one thing, which is optimizing our organic growth in the most efficient way possible.
We do, as we hit -- as we go into 2021, we do expect this -- the sustained low rate environment to impact us. And that will have some impact on our fee rate really in two main areas. You mentioned one, which is money market fee waivers, but the second one is sec lending, as another one that's going to hit. As we mentioned in October on the money market fee waivers, we began to kind of get to the grey zone in September. It was really de minimis in Q3. We're seeing a little bit more in Q4. But we anticipate that implementation of fee waivers more in earnest, as we get into next year, we'll have a bigger bite. I'll come back to that in a second.
And then as we think about sec lending, 2020 turned out to be really an exceptional year in sec lending given the periods of the market volatility that we saw. And if you will, the spreads that resulted from that in the cash markets before we saw fed intervention. And in 2021, we expect lower sec lending revenue primarily as a result of much more compressed cash spreads, post the fed intervention. And I think you saw that play out, as you saw our Q2 to Q3 sec lending revenue go down, notwithstanding an increase in our loan balances.
So if you really think about those two things, what I'll try and help you quantify is, if you compare that to kind of our third quarter fee rate and you take into account kind of what we think is the run rate, if you will, for sec lending revenue and the anticipated range of cash fee waivers last year, again, there's lots of assumptions that we're making here. I think that could have as much as 0.5 basis point impact relative to where we came out of the third quarter in terms of our fee rate. But it's important to know that, that excludes any impact to beta or FX which God forbid it would go in our advantage. It obviously impacts any additional strategic pricing investments we'll make primarily around iShares and that hasn't changed. We talked about 1.5% to 2.5% more broadly. And importantly, that takes -- that excludes any impact of continued strong organic growth, especially if it starts to tilt towards the higher fee active franchises would actually could now take some of that cash and fixed income assets, as you said, and basically reallocate to higher fee active equity or alternative investments.
And the only thing I'll say at the end before I close on that is just recall that on the cash fee waivers, about 40% to 50% of those are absorbed by our distribution partners. So the impact on the bottom-line is obviously much more muted than it is just in terms of theory.
Alexander Blostein
I appreciate that. We have a couple of minutes left, so I'm going to take a quick look at questions online. Alright. We'll ask one around operating leverage. The way I would probably frame that is really COVID has sort of created opportunities for us to maybe rethink some of the expense bases that maybe most of us have not really thought about 12 months ago. I'm curious how you think about the pace of those expenses potentially coming back into the run rate? There's obviously travel, marketing, et cetera, but there's probably more structural savings that could come out of the period, which has been in the last 12 months or so. How are you thinking about reengineering savings in some of the investments or sort of letting them drop to the bottom-line in the form of higher margins?
Gary Shedlin
Yes, so, there's so much unknown right now. So as we said back in March, it's hard to make decisions until you really see what's happening. And I think that the -- I will tell you that the decision not to basically cut back on our staff, even though we did slowdown hiring, was obviously a great decision because the market came right back. And frankly, when you think about the units of work and the volume that's happening, it's still as high -- it's frankly higher than it's ever been, and frankly we turned on the higher end, speaking again, kind of in mid to late summer and that continues through the third quarter. So, our ability to generate our differentiated organic growth has always been predicated on continuing to invest consistently for the future. And I think that we have demonstrated over the last five plus years, even longer frankly, that we can both grow organically at a pretty good clip and expand our margin over the time that we've been growing 4 plus percent organically. I think we've expanded our margin by 120 basis points or thereabouts.
I think what has basically made BlackRock a large part of what it is today is that we've been able to invest when others haven't been able to. So we're continuing to play offense, not defense because we think these are the markets that we can grab share and basically do it in a way that ultimately will drive way better margins longer term for our shareholders then if we basically cut costs. So, again, yes, T&E, really not seeing a bunch of shrinkage in marketing spend, we're spending it differently. But I wouldn't say -- I think the big areas now are T&E, recruiting, mobility. But remember, a lot of those costs already have been offset by more COVID-related costs. Let me call out Golden, I know Golden has been at the forefront of this too. But we want to make ensure we have a safe environment for our employees. So whether it's testing or new protocols or cleaning offices, or any -- or just other ways of basically monitoring, providing better health and wellness opportunities to our employees. So not all of that is basically dropping to the bottom-line.
But I can tell you now, as we're thinking about this, we're thinking much more about repurposing a lot of those dollars to continue to invest. Because we think frankly, rather than necessarily crystallizing that today, frankly, who knows if it's temporary, I don't think we'll ever get back to those same historical levels. But right now, we're repurposing those dollars and we're continuing to invest in things like ops, iShares, Aladdin, sustainability, China, where we think we've got huge ability to play offense and can continue to generate significantly greater value than worrying about trying to crystallize 100 million of costs here or there.
Alexander Blostein
Well, that makes perfect sense. And we got about 4 seconds left in the clock. So I think we're going to have to leave it there.
Gary Shedlin
I want to keep you on time.
Alexander Blostein
Keep me on time, super valuable, and loved your insights on all this. Here's my timer going up over the line. Your insights are always very well appreciated here. Thank you for supporting the conference and we look forward….
Gary Shedlin
I appreciate it. We appreciate it. Great to see. Stay safe and healthy my friend. Happy New Year.
Alexander Blostein
Yes.
Gary Shedlin
Alright.
