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Bring in show music, please. Hi, I'm CNBC producer Katie Kramer. Today on Squawk Pod, the biggest business headlines, a luxury pata tear tax coming to New York in July, Forta buying Caesars, and a Google engineer has been charged with fraud over polyarket trades. Michelos Magnolo allegedly earned $1.2 $2 million by betting on who would be revealed as the most searched person people of 2025 on Google. Who was it? And understanding the markets, the froth and your portfolio with sanctuary wealth chief investment strategist Maryanne Bartell's everyone should be out of the market in 2030 in your view then? Well, not necessarily be out of the market being in something different than tech. And finally, New York is alive with Nick's merch. Media mogul Gary
Veaynerchuk. New York loves the Giants. They love the Yankees. But this is Nick's town. $250,000 for courtside seats. When there's that much demand pent up for two and a half, three decades, it's funny and shocking to see how it plays out in price. It is Thursday, May 28th. SquawkPod begins right now. Stand back by in 3 2 1. Cure, please. Good morning everybody. Welcome to Squawkbox right here on CNBC. We are live from the NASDAQ market site in Times Square. I'm Becky Quick along with Joe Kernan and Andrew Ross Sorcin. Meanwhile, now to the latest from the Middle East. US forces conducting military strikes against Iran. This after tan launched drones of commercial ships in the straight of US officials say that American forces shot down
Iranian drones and then hit a drone control station located near the straight. administration officials characterizing the attacks as limited and defensive, they're saying in nature, not an escalation that would collapse the ceasefire overnight. Kuwait saying it was intercepting hostile missile and drone attacks after a period of calm under the ceasefire. So here we are talking about a ceasefire and yet at some level there's not a ceasefire. There are things Yeah. I don't know when uh when it becomes not a ceasefire um what that takes. The US Commodity Futures Trading Commission has asked a judge to vacate the AY's $5 million penalty against the Gemini Trust Company. It's a crypto exchange founded
by Tyler uh and Cameron Winklvoss. The CFTC said that under the Biden administration, the agency brought a lawsuit against a Gemini uh against Gemini based on a whistleblower account that wasn't credible. Now, they're saying Gemini settled the charges in January of 2025 uh during the final weeks of the Biden administration, and the CFTC and Gemini say they've agreed that the settlement should be vacated, citing the CFTC's changed policy on crypto enforcement, now under President Trump. The Winklvoss twins, by the way, donated to President Trump's election campaign in 2024. But an attorney for Gemini told CNBC, "This case should have never been brought. We're thankful that the CFTC has joined us in seeking to
write this wrong. Separately, the White House is reviewing a CFTC proposal that would provide guidelines for the prediction markets uh event contracts provided by online platforms like Cali and Poly Market allow users, as you know, to place bets on the outcome of a variety of topics like sports, politics, and business. And the CFTC has been staking out its turf uh against states that have been trying to regulate firms as sports books or casinos. And uh as we like to do and uh need to do for disclosure, CNBC and Cali have a commercial relationship that includes customer acquisition and a minority uh investment.
A Google software engineer has been charged with fraud and money laundering over bets that he allegedly made last year on Poly Market based on non-public data. 36-year-old Mikolas Spagnolo allegedly earned $1.2 million by betting on who would be revealed as the most searched person or most searched people of 2025 on Google. That information wasn't available to the public at the time. Spagnolo is an Italian citizen based in Zurich. He was arrested yesterday and appeared before a federal judge in New York. Reports say that he did not enter a plea and was released on bail. Google said it's working with law enforcement and that the employee has been placed on leave. Who was it?
Oh, the most searched person people. I don't know. It's people most searched people. Let's guess. I don't know what the answer is. While Becky's looking at that, the Trump administration pursuing funding deals with a group of drone companies. That's according to a Wall Street Journal report that says it's part of an effort to increase domestic production and lower the cost of increasingly vital weapons. Deal talks are still in a negotiation phase, but could include both debt and equity stakes by the US government. Among the companies under consideration, performance drone works, unusual machines and uh Nuros Technologies. Unusual machine shares, they are soaring, but the company has a market cap below $1 billion. Unusual machines are not just unusual. It's
actually the name of the company. So the highest overall monthly volume was President Donald Trump and Elon Musk remained the most consistently Googled individuals averaging roughly 15.96 million for President Trump and 10.96 million for Elon Musk. That makes sense. Yeah. And um shifting gears, but Andrew is talking about drones. So Speaking of drones, an interesting new role for Russian central bankers. country has passed a law authorizing staff at the central bank to be armed with systems used to repel drone attacks. The employees can use those systems to down unmanned aerial uh vehicle attacks without the involvement of any special forces. And the move comes as Ukraine's military has been conducting longer range drone strikes within Russian
territory. The New York State lawmakers have approved a tax on luxury second homes in New York City. That's the pieta tear tax that uh New York Mayor Zoran Mandani has uh been pushing for months now. It's going to take effect on July 1st. It could add hundreds of thousands of dollars each year uh to the tax bills of some very high-end condo owners. Real estate executives and business leaders have pushed back saying the tax will be costly to implement and won't provide much bang for its buck. But it sounds like we are here. I imagine there could be some lawsuits and other things that will uh but I think we're it's happening.
Um I guess condos there's the question as to whether those buildings because they're the ones that are paying it. The bill is the condos or the co-ops. He said that we're paying the building would pay it. And then this question if that gets passed on to others. Um but just figuring out when it would go it's a co-op. So when it would go up and if real estate prices come down, how quickly taxes would go down. Good question. I think we talked about this. It was a very smart story in the New York Times about a month ago that talked about London and when London raised taxes on the very high end, they did something similar to this. And then you saw, I mean, real estate in London has just
been a flatline story. So now there's lots of other factors. You could look at Brexit. You could look at all sorts of other things and say, are those tied? So we'll all sit around in five years from now and we'll decide whether this has proven to be a terrible idea or a great idea. More money to blow. I guess on you know ineffective government if they raise what is it 500 million that they're anticipating it will raise there's a question whether it will raise that or not or if people will sell these I'm sure they'll use it well cheese will be next coming up on SquawkPod a casino deal worth billions and the market's record rise will it continue or should we be bracing for a falltime market watcher
Maryanne Bartell's is next there's three phases of inflation. You have the inflation boost, which we're in right now, where prices go up and that helps revenue and earnings and then inflation continues and then you start getting somewhat of a squeeze. But equities can do well in that environment. It's not until you have the hyperinflation that you really have a problem. You're listening to SquawkPod from CNBC. We got some breaking news to bring you. Uh Fata Entertainment reaching a uh deal to I do Tilman. He's the US ambassita. Uh he's the ambassador to uh Italy right now. And you have a deal with CNBC.
Uh deal to buy Caesar's Entertainment for $31 per share in cash. It's about $5.7 billion. That excludes debt. Tilman's uh company owns the Golden Nugget Hotel and Casinos. Also, Landrew's Restaurant Chain, the NBA's uh Houston Rockets, by the way, the Corner Store Restaurant downtown, which I think is like the hottest restaurant in all of New York City right now, along with a whole bunch of others. Uh so, this is a pretty interesting transaction. If you look at Caesar's uh over, I don't know, we can go back in time. I don't know what you think, 5 years. It's a symbol. Yeah. It's CZ CZR is the stock. You go back, by the way, it was like a hundred bucks in the middle of the crisis or I say pandemic.
Uh we're now obviously in the 20s here. 20 basing the premium that they're talking about on the unaffected stock price because it obviously uh yeah, it's run up as this became clear. Also, it they're calling it a $17 billion transaction. $12 billion is assumed debt. So just in the $31 a share cash is what you said five point taking that company private. It'll be interesting. Minneapolis Fred President Neil Kashkari speaking to CNBC overnight in Japan. He said the Fed would continue taking a balanced approach uh to its dual mandate of price stability and full employment.
He echoed his previous warning about the dangers of inflation, saying that the longer it remains elevated, the greater risk uh that inflation expectations become unanchored and move higher. Speaking to CNBC at the same conference in Japan, Chicago Fed President Austin Goldby said energy inflation tied to the war in Iran has lasted longer uh than expected. And then yesterday, Fed Governor Lisa Cook said inflation is headed uh in the wrong direction and she'd be prepared to raise interest rates if that were to continue. Joining us now, Maryanne Bartell's Sanctuary uh Wealth chief investment strategist. You had a 7500 year end S&P target. Uh we're already
there. Um you're not raising it, but you're saying that the next up upward level to watch is 7,800. you get to keep your cake, you get to eat a little bit of it. What are you doing? Well, I do think we should get a pullback. My what I'm trying to get people to focus on is the long-term target that I have on the market, which is 10,000 to 13,000. I think that's where we're truly tracking. Um and by 2400 by 2029, 2030. Oh, okay. We got a few more years. You should do a target and a time. You should do one or the other. Well, I gave the target of 10,000 to 13,000 somewhere peaking around 2029 2030. Okay. And that will end the secular bull market that we're in that we started in 2013.
And how long will the uh will there be a secular bear? Then you go into a secular bare market 15 to 20 years. What ends the bull market? It's not generally high prices that end a bull market. It's usually something else. Anytime you peak, you know, you had it in 2000. It was the tech bubble. We had a great run. Um but we te peaked in 2007 and then you go into the secular bare market of the great financial crisis. So every time it's going to be something different but it was like three years Marian. Well it was not a 10-year it was not a secular bare market. We've gone straight up from 780 in 1981 to where we are now. So the secular bare market was from 2000 until 2013. That period was a sideways trading
range. you couldn't break out and hold a new high. We tried to do that in 2007, which in the S&P in the S&P. Okay. And then in 2013, you cleared the high, then you enter a whole new secular trend. So, we've been in a secular bull market, right? I think we've been in a secular bull since 1981. I mean, I remember in 19 what 59 we were at a thousand. And how long did it take to get back above a thousand? 19. Well, if you look at, you know, even going back to 1969, I think for the entire terrible remember the 1970s, the uh the I have some memory of the 1970s. The nifty50 like American Express was like a $40 stock. It went to like two. I mean, it was miserable in 1974, right?
Yes. And we didn't get back above a thousand until 1982, I think. So, 69 to 82. 82 was a major bottom. and you did have a secular bull market. I can tell you why it happened in the 70s. I that's why we're asking what will with AI and technology and all these great things I do think we've started an inflation cycle. So I've I've mapped out that there's three phases of inflation. You have the inflation boost which we're in right now where prices go up and that helps revenue and earnings and we're seeing it in abundance in technology and then inflation continues and then you start getting somewhat of a squeeze.
Um, but equities can do well in that environment. It's not until you have the hyperinflation that you really have a problem. So you everyone should be out of the market in 2030 in your view then? Well, not necessarily be out of the market being in something different than tech. So I think the early stages of what's going to be the new leadership have already emerged. It's going to be small cap. It's going to be commodities, energy, and the real big one for me Joe is the international markets. I haven't said to be invested in international markets for you know a secular trend in my entire career and I think there's a new secular bull market that started in
Japan. It started also in Europe and in emerging markets exchina. So I think the opportunity set to diversify a US portfolio outside of the United States is one of the greatest times I think in history. So global equities will not be in a secular bare market from 2029 on. International markets, international will not. Correct. And you're really talking about US technology um sector being in the secular bear. Correct. All right. So then it and that because of the market cap, it drives down the entire S&P will be correct. But there's other things that are emerging and it's really looks like a repeat of what we saw in uh 1999 and 2000.
Well, that as I say, I don't remember the leadership came from small energy. You know, Rich Bernstein was pounding the table back then in 99 to buy energy stocks which was a big controversy because the en the technology stocks were on a tear, right? um your inflation forecasts that the hyperinflation is this related to this $40 trillion in debt and counting by the year 2029 will that improve I don't know exactly what will be trigger the problem I do think we have an inflation issue and because of the debt or because of something else I think the whole secular trend in because from 19 um 80 down to 2021 one we were in a deflationary event. I think that ended around the co period and now we're we've started a new inflationary
cycle that can actually last for 10 15 20 years. Where does that put the tenure back in the 5 to 10% range? Like we were there for a long longer term you can get back up to 10%. 10% for but I think now we're normalizing somewhere around this 5 to 6% but we've okay going to technical analysis on the 10 year we formed what's called a triangle pattern 46 on the upside if you break that and sustain it then you're going up to five and higher right but if we break to the downside of the triangle which is around 36 right all right Mary rates are going lower this is not a luxury belief that you have because I will be here uh and I will remember in 2029 and 2030 and if this doesn't happen we're going to say Marian that's fine and that's fair you okay that's fair
all right because just you know it's way out there you got four years before we can you can be proven wrong well what I'm trying to tell clients is not to panic I'm panic and to stay invested I am panicked if you think there's a crash coming after that though will you tell people to get out when it hits 10,000 my biggest that's my biggest concern will I even see when the peak is coming and the risk is you get out early because 10,000 to the 13,000 is a pretty broad range it is and um is it timing is it other signals that you'll be looking for at that point well you're looking obviously you're looking for euphoria you're looking for very high valuations one of the other hallmarks of a major peak is a very levered market,
tremendous leverage in the system. You we have leverage from time to time, but when you're reaching peaks in markets, um the leverage is extraordinary. But basically, what you're telling people is be fully invested now and then be on the lookout. Be always fully invested, but know what you own in I don't want to be fully invested if the market's going to tank. Like that would hell out. You don't want to own what's going down. And basically what I'm saying is the leadership is tech. It's led by semiconductors and that's going to continue to drive the markets I think out into the end of the decade and that when that leadership ends that's when you peak in markets. So here's the problem. If we go back a
hundred years Charles Merrill co-founder of Meil Lynch 1928 told everybody to get out of the market because he said 1929 it's going to be bad. anybody who was his client got out of the market except for the fact that between when he made the comment in 1928 and October of 1929, the stock market went up another 90%. So they were all mad at him. Correct. And that's the hard part. And the stock market, even though it went down, didn't go down 90%. So you still lost money. That is the biggest problem with perma bears is that it by the time they are finally right the market never even comes down to where they first got negative.
Yeah. It's it's like usually doubled from where they were negative. It's and then they try to I mean I can name there are some famous perma bears that but and they're they're hilarious. They're still That's why you should always have a diversified portfolio and not have a concentrated position. We won't need to mention any names, but uh Maryanne, thank you. Thank you all. Coming up, have you heard about the New York Knicks? Uh this Cleveland Cavaliers fan has heard quite enough, but I guess some people are into it.
I'm a psycho hardcore fan. Gary Veaynerchuk is often courtside at MSG, and his love for the team runs deep. Gary, you're old school. You like a team. I would say kids today like players and they follow players and they follow them to different teams. Yes, I dislike those kids. That's my son. Yeah, that's my I do not like your son. The eyepopping ticket prices, the pent-up demand, and how paid media can capitalize on social media moments right after this break on Squawk Pod. This is squawk pod stand Andrew by up and Q. You're watching Squawkbox right here on CNBC. I'm Andrew Osorin along with Joe Kernan and Becky Quick. New York Knicks they have reached the NBA finals for the first time since 1999 and shares of
Madison Square Garden Sports are at an all-time high. Joining us right now to discuss Nick's mania and the business around the NBA finals is Gary Vaynerchuk Vayner Media CEO. Vayner X chairman. Good morning to you. before you when you came in I said you get your tick yet you said you haven't locked them in so what are you going to pay for these things whatever the market says I need to pay for them but have you seen some of the prices no I missed it of course I've seen the prices I mean first of all let's talk about how die hard I actually am going I'm talking about Oklahoma City and San Antonio I'm going to game one I'm flying to game one so first of all I'm going to
game one where I have a funny feeling the tickets will be a little bit cheaper and then what's that Maybe you know I'm a Jersey boy from the streets. Don't bougie me up. Uh and uh yeah it's it's fascinating to watch and it really you know so much of what you all talk about here market dynamics. It's interesting to watch play out when there's that much demand pent up for two and a half three decades. It's funny and shocking to see how it plays out in price. What do what's the highest price you've seen so far? I think the big meme the last two days, right, was a $250,000 something like that. Yeah.
Oh my god. What about all your collectibles? Well, that's been great. I mean, my son and I, brother, others like the amount of Brunson and Carl Anthony Towns. I've been buying up Josh Harts and OG Anobies because if this team wins, I mean, we're still talking about a dunk that John Starks made almost 30, you know, years ago. 30 plus years ago, 30 years ago, and we didn't even win a title. If this team wins the title, all the collectibles around it go through the roof. If they win, yes, it changes everything. Yes. If they lose, you're paying. Do we just go back to the start? I want to remind everybody all those Knicks that we go crazy for at the Garden besides Wall Clyde Frasier, none of them won either. You know, you know,
getting to the finals and Mike Francesa said something on sports radio 40 years ago that I'll never forget. He said, "New York loves the Giants. They love the Yankees, but this is a Knicks town and I think you can really see it play out. There's just something different that happens when the Knicks make a run and it's um it's obviously enthrilling to everybody who's actually a diehard. Do you like Jim Dolan now? I never dislike Jim Dolan. Truly. I'm not Most people in New York City who were Knicks fans thought that this was like one of the most mismanaged teams in the history of basketball. Andrew, I'm not
most people like I'm just really strong and not being overly emotional about things that I don't hearts. Speaking of heart, uh who would you prefer the next to face the Spurs? I personally think we match up better with the Spurs. Because of uh that guy is honestly. Can I tell you why I want to match up with the Spurs? I just don't want to hate SGA. It's impossible. And that's what's going to happen if we play them. the flippity-fitting like it just will for I mean you know and he's a good kid and I like him and like I just don't want to hate him but I will hate him like just on the record it at the end of that series it will be hate and it will be hate forever. So let's just look at records though. I mean the dig has been that the
Western Conference is so much better than the Eastern Conference. You cannot argue with the last 11 games that the Knicks won. The streak that they went on by sweeping both the Cavs and the Sixers is amazing. But if you look at the record for the Knicks versus the Eastern Conference this season, it was 18-2. For Oklahoma City versus the Eastern Conference, it was 23-7. And for the Spurs, it was 26-4. Uh are is the West that much better than the East? I mean, the Thunder has definitely been the best team this year. So, I you know, I think they are. I mean, we beat the Spurs multiple times this year.
Like, we match up with the Spurs. You know, Mitch and Cat know what to do with WBY in a way that most teams can't match up. That's interesting. And so, you know this, every single event, every fight, every sporting event, styles make fights. It's matchups. It's also timing. And those two teams, it's very important that San Antonio wins game six. They beat each other up and set us up. Um, prediction markets, you play. I'm sorry. Prediction Markets, you play. I don't. You don't. I um I'm You know, it's really funny.
I'm sure you I mean I know excuse me I consume this. I know you guys talk about this all the time. I think we're in a very interesting time in popular culture where we need more detailed conversations of the difference between investing and gambling. Yep. You know, I agree with that. And so I don't I'm not against it. Anybody can do whatever they want as long as it's legal. Go have fun. For me, the way I prediction market is I'd rather go out and buy, you know, a trading card that I think is a collectible and valuable if I think something's going to happen versus pure gambling. Not that I'm against it. I did plenty of it in my 20s in Vegas, but not No, I do not.
Okay. And as somebody who I think understands media better than most, this is going to be a big finals in large part because New York's a huge market. This is the biggest market in the world. This is going to be huge for NBC, for Peacock. This is actually this is going to work for them. There had been a question about whether they had overpaid for the NBA because regular season ratings don't hold up. People seem to be watching the clips. We love to watch the dunks. We watch it on social, but people are not necessarily willing to sit through two and a half, three hours of a game.
Yes. Once again, when we talk about things that are nuanced, but advertisers are buying the media, right? And obviously, to your point, if the ratings don't sustain, then over time they won't. But this has been monumentally large for the people that paid up for sports. And let's call it a very important thing that's happening for everybody that's watching. We're going into a barbell syndrome in business and society. With extreme AI and extreme digitalization, the rise of analog is exploding. you know, live sporting events, you know, music festivals, uh, AA tournaments and run clubs. And so, sports is one of the few things that is a safer bet. And, you know, ratings are also funny. Let's let's call a spade. Like,
Neielson ratings is not how Fortune 500s are buying their media anymore. Okay. So, how are they buying their media? They're buying their media more and more. Thank God. Finally, I've been on this show and on the internet for 15 years pushing social media's value. They're looking at views achieved organically. They're looking at cultural relevance. They're looking at association. This network's doing a good job with live event integration. I think they're looking at it a little more holistically than, oh, it got a 4.7 last night. Let's buy commercials on Seinfeld or MASH. When you look though at the numbers on social today, Yes. and you see next to a video or a real or whatever some number, do you say to yourself, someone really
watched that? Or do you say that those like right now, by the way, in the news business? Yes, we there's a lot of uh influencers news folks who've gone to YouTube and they'll tell you, "Oh my goodness, look at our numbers. where we have millions of people watching, but for whatever reason, they don't seem to have the same cultural relevance, frankly, than people sometimes a segment on linear television will have that looks like it has meaningfully lower ratings. I mean, the way TV measures viewers is definitely more flawed than the way social does. So, that's my question. Yeah. But to your point, do I think a million views when a view is counted as 3 seconds is a million views? No, I do
not. But what I do know is when you take an piece of content on social that gets a million views and you put media behind it against something that's measurable. Now you're talking about paid media. That's right. Okay. That I can tell you something that gets a million views on social converts better in CAC and LTV and rorowaz than something that gets a 100,000. Which speaks to the most important thing happening in media right now, which is how do views happen? Only if a piece of content is relevant can it get a million views versus 100 views. And relevance leads to consideration and consideration to purchase. So when you understand how
to use organic social media first to then put working media against it against a business result. Now you understand. Okay. Uh what NBA team is doing the best job on social right now? I have no idea. I didn't know. I didn't know if you thought the Knicks were doing a great job or not. First of all, there's so much content made by so many people. I'm not even sure if it's the Knicks or Nicks Muse or, you know, Fly Fish Club or what have you. Like, you don't know, you know, where it's coming from to some degree. Also, I'm a psycho hardcore fan. I am in like many people watching right now, our entire equilibrium is off. I'm not my
normal version right now. I am completely off the rocker excited and I'm not analyzing the data as well as I normally do. I need two weeks to get through this. Gary, you're old school. You like a team. I would say kids today like players and they follow players and they follow them to different teams. Yes, I dislike those kids. That's my son. Yeah, that's my I do not like your son. What do you want from me? I re you know what I But you know what? But they were the ones who have the fire Nico hats.
Yeah. Listen, I love Let me say who those kids are better than. The kids I grew up with in the '9s. Greg Dtomaso, my friend, is watching right now. He grew up in Jersey. Why was he a Bulls fan? Michael Jordan was the best player in the history of basketball. Greg is Greg was insecure and needed his self-esteem. Greg, you needed your self-esteem from something that wasn't you and so you were a Bulls fan when you should be a Knicks fan and now you're not enjoying this moment. I think the final Okay, I want to thank Greg. Greg, I feel you. ABC, I feel you. Right. ABC. Do they get Do ABC get everything? It's ESPN and ABC. You might be right. Not P.
He's I'm sorry. Yeah, ABC. Andrew was talking about the last series. Yes, I was here last series and I can't You had some lean years, my friend. Well, this is the point. You know, you know, one of the things that everyone's crying about ticket prices, right? I'm like, this is 30 years pent up market demand. Nobody was crying when those tickets were being given away two for one when we were winning 17 games. So, you know, the reality is that yes, this is a pent up energy of demand. Yeah. If I visually don't like seeing some of particular fans like right on the sidelines, should I not hold that
against I shouldn't hold that against the Knicks. I don't No, you can't. Listen, you can't hold, you know. Yeah, I go the reverse, actually. By the way, obviously, as a New York fan, I hate all the Boston teams. I actually have a lot of Boston friends, you know what I mean? So, I think you're doing it reverse. Okay. You're mad at Nick fans. Some of them sits in the front. What's that? He doesn't like some of the And I'm not talking about Spike. I'm talking about some of the other ones because he thinks that what you're a hater.
I'm a hater deep down. Where does that come from? I try not to be. Now the real question is where does that come from? Is that a level of insecurity? I was talking about it when I shrink yesterday. Was it insecurity? It's always insecurity otherwise known as Claude. Life is binary. Self-esteem insecurity. Scott self-esteem insecurity. That's the morning message. All right Gary. Thank you. Greg Dtomaso. Greg, we want to thank you. And you know what? I feel you. I just want him to know that.
Is that cuz you're a Golden State Warriors fan? No. Because I was a Knicks fan, but when Jordan was Jordan, there was a reason. Oh, he was a bandwagon fan. There's a reason to be a fan. I'm out of here. That's Andrew. I've always liked him, but that hurt. That's wrong, brother. And that is Squagpod for today. Thanks for listening. Squawkbox is hosted by Joe Kernan, Becky Quick, and Andrew Ross Sorcin. Tune in weekday mornings on CNBC at 6 Eastern. To get the smartest takes and analysis from our TV show right into your ears, follow Squawk Pod wherever you get your podcasts. We'll meet you
right back here tomorrow. We are clear. Thanks, guys. Thank you so much.
