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Hello, and welcome to What Goes Up, a weekly markets podcast.
My name is Mike Regan, I'm a senior editor at Bloomberg.
And I'm Valdana Hirek, a market supported Bloomberg.
And this week on the show, you probably heard about this,
but the Federal Reserve signaled this week that even though they paused this month,
central bankers are expecting to lift interest rates again this year.
Yet the stock market took it all in stride and is continuing its rip-roaring 2023 rally
that's been largely driven by hype around artificial intelligence.
So what are we to think about a week like this?
Is the equity market right to fight the Fed this time,
given all of the optimism around AI?
Or is it time to sober up and get with the Fed's program?
We're going to get into it with a fund manager who manages a global equity fund.
But first, Valdana, I'm very excited for our crazy things segment because
Can I give a hand in giving a spoiler?
All right, that joke's not going to make sense to later in the podcast,
but I will confirm it's a good joke.
And listen, it's really good.
Yeah, I'm really sticking my neck out here.
Also a very off-color joke, but yeah, it's actually really terrible.
Stop.
You know, our guest, he's joining us for the first time ever,
and he probably thinks we're just too big weirdos.
Which is true, yeah, it's true.
But I really don't want to keep him waiting.
It's Mark Berrybow.
He's the head of global equity at Genesis and Associates,
which is the fundamental equity business of PGM.
Mark, thank you so much for joining us.
Oh, it's great to be here.
I promise our little intro will make a little more sense later,
but maybe just to start out, you can tell us about your role at Genesis and what you do there.
I'm the head of global equities at Genesis,
so we manage global equity portfolios, international equity portfolios,
and emerging market portfolios, both small mid cap and large cap.
So that whole spectrum and our specialty at Genesis
is growth equities, and all of our global products are growth-oriented.
So Mark, did what we heard from Jerome Powell this week
change your thinking at all about what to expect for the rest of the year?
Not at all.
The big hit the equity markets took last year
was in response to the change in Fed policy.
We get the big rate increases on precedent, really,
for any rate cycle in the post-war era.
And that speed led to valuation declines across the board last year,
but particularly growth stocks, which dropped relative to value stocks
to their lowest level since the crisis in 2008.
So the setup coming into the shield was pretty good,
on a value from a valuation perspective.
And now the markets are just reacting to earnings,
news, and normal fundamental things.
And that's why I think it's looking pretty constructive.
Mark, how difficult is it for the Fed to get its messaging right going forward?
Like they didn't hike this time, but then they came out saying,
we do want to continue potentially hiking further later on this year.
They see growth actually being better than they had anticipated prior to yesterday's meeting,
et cetera, et cetera, like how difficult is it going to be for them
to actually message this to the market and investors?
They overshot on the downside.
They're probably going to overspeed on the upside.
That's typically what the Fed does.
Let's say 80 to 90 percent of it's behind us.
So I think that's why the markets are moving on.
You know, Mark, as I mentioned in the introduction,
artificial intelligence following the release of the latest versions of chat,
GPT is really captivated, investors' attention.
But I do think what's fascinating, there's a lot of hype,
but there does seem to be some fundamentals attached to the theme almost immediately
when you look at the outlook from a company like Nvidia.
I know one of the top holdings in your global opportunities fund,
Oracle last week saying their cloud revenue is really getting juiced by AI as well.
Yeah, I'm sort of reminded of that old cliche that in the gold rush,
most people that got rich were the merchants selling the picks and shovels.
To me, I feel like in this gold rush, it's the chip makers, the cloud companies
that are the picks and shovel merchants of this.
I'm just curious, though, with that all said,
how you're thinking about AI as far as separating the hype from where the true prospects are,
the potential for fundamental improvement for various companies and various sectors.
Sure, I mean, well, first, I would absolutely agree with you that the infrastructure layer
that allows for this accelerated computing to go on is the way to play AI right now.
Because we're in the R&D phase, the applications are just getting developed,
and it is going to be a tectonic shift in technology for the next decade.
It's the biggest thing to happen since the mobile internet.
And so we're very excited about it.
But again, the best way to play it is through the infrastructure required to
to do this computing.
So that starts with high-end semiconductors.
It starts with cloud-based computing workloads.
And I think investors will do quite well in that.
And then as we move forward, you're going to see more and more software applications
embed this technology.
That's already starting, but it's going to accelerate over the next year.
This isn't a long-term thing.
You're not going to have to wait three to five years to see what happens.
It's going to start to come into every application that's important
for productivity purposes in the next four quarters.
And then we'll start to see separation.
Who's got the winning formula?
Who's developing unique applications that we couldn't even dream of?
It may be old companies that may be new companies we don't know.
But what's important, this is a real advancement.
In technology, it's going to be utilized aggressively.
And so I think investors should definitely try to position for it.
Ed Mark, the other narrative of the year that sort of has gone hand-in-hand with AI
is what I refer to as the top heaviness of the rally that we've seen this year.
The big mega-cap tech stocks are really dominating the gains.
And I'm curious how you approach that as a fund manager.
As I mentioned, Nvidia's one of your top holdings.
Do you have any limits on how big of an allocation you can give to one stock?
Does it worry you at all this top heaviness?
How do you think about that when you're managing a fund like this?
First, I would say if you all need stocks in your portfolio, you're really happy.
Yeah, so I have no complaints about the concentration of the market.
So there's a couple of reasons behind it.
One, we started the year at very low value ratings because of what happened last year.
Secondly, these companies are generating among the highest levels of free cash flow you can find
in the global stock market. And that's one of the reasons investors are flocking to them.
It's because you don't have to take a lot of risk to participate in a market rally.
And investors still are a little wary about what's happening out there because the Fed has
tightened so much. So I'm not saying there's a flight to safety, but there's a flight to quality.
And so they're benefiting from that.
And then, of course, the AI boom has ignited a catalyst for future growth.
And that catalyst really wasn't here a year ago. We didn't know where the next wave of
investment spending would occur. And now we know. And so that clarity is leading the true companies
that benefit from it to lead the market. And then other things are participating. And so what I
would say right now is as we go into earnings season this summer and go into the fall, you've got
to be careful because you don't want to be exposed and in stocks that participated in the rally
but in reality have nothing new to offer the marketplace because those will probably correct.
And Mark, broadly speaking, what is the base case on AI for the average investor friends? And so
why might somebody be buying stocks right now based on the AI theme? Is it the idea that
these companies have so much cash? And they, as you said, maybe we'll be putting some of it
towards research and development, etc. Well, you want to be in the ones that
want our position in the infrastructure build out. In video is an easy example.
We refer to their earnings release on May 24th as the big bang. Because in my history of
dealing growth equities since the 90s, I've never seen a company raise guidance for a quarter
by $4 billion. That's unprecedented. So their data center revenue is effectively going to
double quarter over quarter from $4 billion to $8 billion. And again, these are numbers that are
staggering. So in video's evaluation, ironically, it's been declining the last month, not going up
even though the stock is because the power of that earnings revision is so huge.
With fundamental strength there, it gives investors more confidence that you're not buying
into hype. You're actually buying into real demand strengths. And that's very good.
Other beneficiaries, of course, are Microsoft because of their Azure Cloud and their big
investment in chat GPT. And of course, you have Google Cloud and Google of course has deep learning.
It's also an AI expert. And Amazon's AWS will probably benefit as well. So you have different
ways where you're going to see positive revenue and earnings illusions, hopefully, as the year
goes on from that pure investment spending. I think that's why the stocks are doing well. And you
don't have to get ahead over your skis yet thinking about what are the new applications that are
going to come out that are very exciting. I can't miss. You don't have to worry about that.
Yeah, that'll develop over the next year. Mark, earlier in the year and late last year,
it felt like the consensus really believed that a recession was inevitable.
Now, as the year goes on, I think it's much more debatable whether this proverbial soft landing
can actually perhaps maybe be achieved. But I'm wondering how much of that plays into
the outlook for growth stocks. If we do see a deterioration in the data, rise in joblessness,
slower GDP or even negative GDP, how big of a risk is that to this whole AI theme and the
capital spending that goes along with it that is propelling it?
Okay, first on the recession outlook. I mean, the recession has been pre-announced four or five
times every quarter year. Maybe it happens. But we had a big downturn in home construction last year.
We had a big downturn in Silicon Valley last year. Big layoffs, as you know.
So you've had these rolling recessions in different segments of the marketplace over the last year.
And so far this year, I don't know what have we created 1.7 million new jobs. That's not a recession.
It's steady state, slow growth. So fueled by a powerful job market. So we probably do get a soft
landing. I think that's what the market is coming around to believe in. Now, what does it mean for
growth stocks? It's really bullish for growth if you go into a soft landing because the average
company is seeing a slowdown in its earnings, whereas growth companies will be putting up hopefully
on average double-digit earnings growth. And that's quite a differentiator in a slowing
uncertain market environment. And that's indeed what we're seeing in our portfolios.
We looked at this data the other day because we just gone through a big earnings season.
And for the first quarter, the weighted average growth in the portfolio was around 15% for the S&P 500.
It's 3.2. You're finally getting rewarded for that growth. Again, once that big
rate of valuation reset occurred last year.
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investing yield monitor at ThinkYield.com, you can easily track Vanack's ETF yields,
as well as the monthly flows and performance of each income ETF category.
Take advantage of the back-to-income play. Explore Vanack's income ETFs at ThinkYield.com
and find the right ETF for you. Investing risk includes principal loss.
Pass performance is no guarantee of future results. Visit vanack.com to view a
prospectus that includes investment objectives, risks, fees, expenses, and other information
that you should read and consider carefully. Vanack ETFs are distributed by Vanack
Securities Corporation, a wholly owned subsidiary of Vanack Associates Corporation.
The Bloomberg Sustainable Business Summit returns to London on June 28, featuring leaders
driving innovation in sustainable business and finance. Looking at the latest trends in green
financing and ambitious ESG goals, speakers include CEOs of all firms in that West Group,
executives from client earth, BP, and more. Summit advisors include EY, Red Sea Global,
and Schneider Electric. Visit Bloomberglive.com slash SPS 2023 to learn more.
So your funds obviously are doing well this year, but at the same time you said,
today's markets are among the most challenging we have seen in several decades. There's a lack
of visibility, contradictory indicators. Can you talk about that?
Yeah, it all starts with the pandemic, right? So we had the V-shake recovery during the pandemic.
It's shocked the global economy. The growth companies did very well during the pandemic,
because they were supplying everything from streaming entertainment to laptops needed to work remotely,
digital transformation of companies as they accelerated their cloud deployments to make
everything work. And so we had a big demand surge, and then the hangover, post-pandemic,
as you adjusted to more normal rates of spending growth. And for the whole economy, of course,
we had the supply chain problem, which led to the inflation. And that sees in now,
as supplies come into the market, you're no longer constrained on any number of products, right?
And goods inflation has turned negative. Services inflation is still positive.
That's a very complicated environment with the Fed being as aggressive as they are,
because the yield curve would suggest we go, we might have a recession, but of course,
the yield curve predicts lots of recessions that never happen. So that's not a certainty.
And then you have different economies around the world doing different things, which is actually
beneficial. So the US might be slowing, whereas China is coming out of the pandemic, finally.
So that's a good offset to my slow down here. Europe seems to be doing okay for Europe.
Not a problem. There's a lot of cross-currents that are very challenging.
Now, getting back to one of the other points that was raised earlier, questions,
the other thing that's likely to happen, we think, in the next couple of years,
is a lot of good support for a number of US investment areas.
And the reason is we have this unprecedented combination of public industrial policy,
which we've never had before. So we have the US Chips Act, which is going to lead
to the on-suring semiconductor manufacturing in the United States. That's tens and tens of
billions of dollars of CAPEX that will occur here on top of the inflation reduction act,
which is, again, leading to multi-billion dollar, build out of electric vehicle and battery
manufacturing as well as alternative energy systems. So we have tremendous structural support
in certain areas of capital spending, which we've typically not had in the US,
which is structural and secular and has years to run and we're in the early innings of it.
So that's also very exciting. These are very positive transitor occurring, maybe as the overall
economy slows, but if you're invested in those segments of the economy, you're actually seeing
strength. It's really important from a stock selection perspective to weed through those all
of the different parts of the market and just focus on those that have really good
secular demand strings, because I think that's going to work.
You know, Mark, there was a chart I must have seen about a thousand times this year that basically
showed the NASDAQ 100 and the inverse of some treasure yield, whether it's the 10-year yield or
the real yield. And the thinking being that a lot of people thought there was this negative
correlation as interest rates go up, growth stocks should suffer. That's obviously, if that
correlation existed, it's been demolished in the past month or two. I think there's many cliff
ass nests and others who would argue that that was a bogus correlation to begin with that we're
being fooled by a simple overlay chart like that. I'm just curious how you're thinking about that
relationship between interest rates and growth. Is it a valid headwind to growth stocks as an asset
class? I know you like to focus on the quality with the strong balance sheets and the strong
cash flow. If you're thinking of growth as a factor on its own, does interest rates worry you
at all about it? Historically, the correlation wasn't there, but it was there with a bullet in 2022.
As you said, it's broken down this year, so it's not working anymore. I think the only important
part about that correlation is just the step function change. If you do go from an interest rate
environment that's been there for a long time and then you jump rates up several hundred basis
points pretty quickly, that's a lot to ask for. From a valuation perspective, you are going to
get compression and we did get that. But once that happens, it's over. Now it's just the way we
look at it, it's made the best company win, right? Because you reset valuation across the system
globally and now we'll see who has the best growth and earnings growth and that stock is going to win.
That's our view. I need to give a shout out to our colleague, Katie Gryfeld, who sometimes fills
in as co-host on this show for thinking of the next question, but I want to pose it to you as well.
I'm wondering what you think of the two areas of the market that are super hot right now being
totally polar opposites. One is AI and the other is money market funds, which are still seeing
tons of cash coming in. Yeah, I mean, if you can get 4% or 5% yield on the taxes at once,
even better on a tax-adjusted basis, that's stiff competition for stocks.
So I think it's really hard for the average stock to compete against that for sure.
But one of the reasons AI-related names are doing so well is they do offer good competition
because they have the prospects for perhaps very strong growth going forward and very strong current
demand. So that looks relatively safe. So that's how I would explain that. And then you're right,
you have that deep void in the middle that's not really doing anything.
Yeah, well, it kind of goes to what you said earlier about it really being, you know,
when you look at a market that NASDAQ 100s up what 30% this year, you think,
yeah, you think, oh, it's this speculative frenzy, but it really is a chase for quality and maybe
safety on the other end of the barbell with the money market funds. But Fultana, I've got to confess,
this is one of those nightmare scenarios for me when I have to pronounce the name of a company that
I'm not 100% sure how to pronounce it. Like in the video. In video, I can say in video.
This is one of those companies I've read, I've read the name a million times. What is it?
And I'm not sure I've ever said it out loud. I'm going to say Hermes or Hermes.
Hermes. Hermes? Is that how you say it? Yeah.
Mark, is she right about that? That's easier than the video.
I'm going to, you say Hermes, you say Hermes, I say Hermes.
Hermes International. Yeah. And purely in French, it's Hermes. Hermes.
We're as we say in Philly. Hermes.
That would work. I didn't want to ask you about Hermes. And another top holding of the fund,
LVMH, two sort of luxury good famous luxury European luxury goods providers. I mean,
there's two these surrounding companies like this that I've heard this year. One is the China
reopening. We'll unlock a lot of demand from China. The other is high-end consumers like
Vildana over there are immune. Have so many Hermes. They are immune to inflation. They'll
keep spending. They're not pinching pennies because CPIs. I'm buying a Ferrari. We're five percent.
Ferrari. Another one. Another one. You know, I'm curious. You're rational for having these
Ferrari, LVMH, Hermes. What's the rationale with having a heavy waiting in these guys? Sure.
It's very interesting because side-by-side within video and Microsoft and Apple and Broadcom,
we have LVMH and Hermes and Ferrari. So what makes them appealing? First,
they're business models. They're direct to consumer models. In other words, you can only
buy their product from their stores or their website, so Louis Vuitton or Hermes or Ferrari.
You can't get access to all their products. They'll sell out very quickly because they
ration their most popular products to maintain exclusivity and protect pricing and margins.
They control the distribution so they don't get into inventory problems. They have pricing power
and direct to consumer brand models are the best in the world and they just happen to have
developed them over time. What you've seen is the return on invested capital for these companies
has been rising quite significantly over the last decade, particularly compared to say European
market average. That's because of the business model superiority. Then you get to the economics
of their customer and yes, it's true higher and consumers are less exposed to inflation problems
and pinched paychecks and all of that. But the majority of the customers for luxury are actually
millennial and Gen Z around the world. It's not your old, wealthy people. So there is a fashion
element. There's a social element. We don't quite understand, but the spending is quite strong.
We like the customer mix. They do a very good job managing their business, keeping supplies tight,
maintaining that exclusivity and pricing power. For that reason, you generate really strong margins
and cash flow. Again, it's hard to find that consistently anywhere else, but we have found it here.
We really like the industry from that perspective. But again, we only go with the big leaders.
We don't go across the industry. There's only a few brands that have to capture the moment
with consumers and we just like to stick with those brands. Interesting millennial angle there.
It confirms my image of Viltana driving her out in Irmonds.
Drive it around in your Ferrari. On the streets of New York here.
On Louis Vuitton bag filled with garbage. I did have an Irmese tie one time.
Irmese tie one time, but it was actually a hand me down from my older brother.
I'm very much more of a fashionista than my Joseph A. Banks ties.
Income is back, and Vanack has you covered with VETFs to bring income to your portfolio.
Find the yield, duration, and credit exposure you're looking for from Vanack's range of income-focused
ETFs, which includes municipal bonds, corporate bonds, international bonds, equity income,
floating rate instruments, and multi-asset income. With Vanack's income investing yield monitor
at ThinkYield.com, you can easily track Vanack's ETF yields as well as the monthly flows and
performance of each income ETF category. Take advantage of the back-to-income play.
Explore Vanack's income ETFs at ThinkYield.com and find the right ETF for you. Investing risk
includes principal loss. Pass performance is no guarantee of future results.
Visit Vanack.com to view a prospectus that includes investment objectives,
risks, fees, expenses, and other information that you should read and consider carefully.
Vanack ETFs are distributed by Vanack Securities Corporation,
a wholly owned subsidiary of Vanack Associates Corporation.
The Bloomberg Sustainable Business Summit returns to London on June 28,
featuring leaders driving innovation in sustainable business and finance.
Looking at the latest trends in green financing and ambitious ESG goals, speakers include CEOs
of all birds, net west group, executives from client earth, BP, and more.
Summit advisors include EY, Red Sea Global, and Schneider Electric.
Visit BloombergLive.com slash SPS 2023 to learn more.
Mark, I think we've established that I did not take French in high school,
but I did take Spanish so I can pronounce another stock in your top 10.
I don't think a lot of US listeners are familiar with this one, so maybe you can talk to us a little
bit about Mercado Libre. Oh yeah, that's one of our favorites. So there, you know, think of them as
the Amazon of Latin America or the Alibaba of Latin America. So they span the entire region with
an e-commerce platform, which is the largest. And in Latin America, even in the biggest market
Brazil, e-commerce is very under penetrated. We estimate, for example, in Brazil, it might be
around 10% penetration of the market, whereas in the US, we're well above 20, China's almost 30.
And so there's a long runway of growth for them if they continue to execute well to get more
and more people online shopping. And it's different about e-commerce markets in emerging markets
versus developed, like the US, as you usually get another facet to the platform.
And in the case of Alibaba, it was financial technology. In other words, how do you get people
to buy online when they don't have credit cards? You create an internet-based payment system
and you allow people to load money onto that. And then it becomes a de facto payment system,
not just for your e-commerce site, but people use it offline at a gas station, at a farm stand,
at a grocery store, pay your utility bills, pay your Netflix bill, etc. Mercado Libra has the
most valuable payments platform in Latin America as well called Mercado Pago. And it's the big growth
engine for them and a huge source of profitability. So when you think about financial access in Latin
America or other emerging markets, it's really important because they typically don't have access
to state-of-the-art financial services. So once you start a payments platform just to
fuel your e-commerce platform, all of a sudden you can start offering all sorts of financial
services on top of it at low fee. And the banking system doesn't offer it to the majority of the
population. So again, you have another huge addressable market, unmet need in the marketplace,
that's being solved for by technology companies. So that's why we like it so much.
Really interesting. It's great to hear. We don't often talk to global fund managers with
global discussion, so it's educational to hear about these companies we might not know so much about.
Well, Mark Barrabo, he's the head of global equity at Geneson Associates, which is the fundamental
equity business at PGM. Thanks so much, Mark. We can't quite let you go just yet, though. We do
have a tradition on the show where we all must discuss the craziest things we saw in markets this
week. And well, Donna, I'm going to pick your brain on this one. Wow, you're still going with the
jokes. The jokes are, as you said, in bad taste. The very bad taste. Yeah. But you started it,
so it's all your fault. I did. Yeah. I'm not going to get lend you a hand on that.
Oh my God. Okay. But this really was. It's a market. It's a market. Yes. But it's also a really
creepy spooky story, right? No more to do without further ado. Hit them with the craziest thing.
The manager of Harvard's medical school, Morke, got in trouble this week for stealing body parts
and then selling them. This was a huge story on the terminal. So this guy, he allowed buyers
into the school's morgue. They chose body parts from donated bodies. Working donors. Yep.
And he transported head, brain, skin and bones to his home in New Hampshire. Well, you were
thinking of it. Is there these for organ donations, organ transplant, which would be a high
dollar value? I'm obviously most obsessed with the price discovery on the body parts. You know,
you hear of kidneys selling for hundreds of thousands and millions maybe. But no, this is like
cat's creepy corner like a retail store selling like macabre scary stuff. I'm going to go one
further because I did the due diligence to get some price discovery on these body parts.
And I'm not sure you did. So I think that means we can play our little game show. The price is
precise. And I got to inform you, Mark, you're now a contestant on the price. We're going to test
your phone. Are we talking to transplant or pet suit? It's more like a novelty market. I'll
give you an example. I apologize. This all is in very bad taste. It really is. But one guy purchased
a bunch of human skin. I can't even say. No, this is so bad. He purchased in Pennsylvania,
my home state, just embarrassing. I would be Pennsylvania. He purchased a bunch of human skin.
Then he tanned it and turned it in. No, he didn't. Yeah, which I got to say, oh my god. I'm
personally, I'm an organ donor. If someone took my skin and made leather out of it, maybe a LVMH
handbag or an Hermes that marks shaking it marks about the marks about to end this. Yes, he's gone.
Anyway, price is precise. And what happened is the payments, of course, where else would they
be made? But Venmo? I'm surprised it wasn't via crypto. Yeah, maybe there were some that we don't
know about. One customer purchased a human head. Oh my god. Human head number seven to be specific.
So he would let these people in to go shopping around in the world to decide what they wanted.
This is so wild. So human head number seven was paid for with a Venmo payment. What do you
suppose the price was for human head number seven? Twenty thousand dollars. Twenty thousand dollars.
Mark, what's your price's precise guess for human. I'm not prepared for this at all, but I would
say less than a thousand. Oh, that is why he is the head of fundamental and I'm not one thousand
exactly. What? Yeah. Yeah. One thousand for human head number seven. Because how do you know if
you're getting the right price? It's a very thin market, not a lot of liquidity in this market,
which there's a joke. Oh my god. There is one Venmo payment with the memo that just said brains,
with like five eyes. Twenty bucks for the brain. Oh my god. I think I've even disgusted myself with
this segment. This is horrible. Yeah, it's horrible, but Valdana secretly loves it. You can tell.
No, I just was interested in the story. Mark, we apologize for that segment. We have to be true to
our mission here. And that is truly the craziest thing. It really is. It's wild. There was some other
stuff. There were some other good stories. Well, maybe Mark has a good mark. You got any good crazy
stories for us? Any good crazy. I don't have anything. I don't have any. I can't compete with
that. I'm so sorry, Mark. He's never going to come back on. Well, that was Mark Barrabo of
Jenison at PGM. Really quite a pleasure to talk to you and hear your insight on everything going
on in the markets these days, Mark. We really appreciate your time. Thank you. It was great to be on
and hopefully you'll have me back. Yeah, we're going to pick your breath. We're going to
pick your hand. Oh my god. Mark, I'm sorry. And thank you. It was great to have you on. Thanks.
We'll see you later. See you, Mark.
What goes up? We'll be back next week until then you can find us on the Bloomberg
Terminal website and app or wherever you get your podcasts. We love it if you took the time to
rate and review the show on Apple podcasts, so more listeners can find us. And you can find us
on Twitter. Follow me at Reganonymous. Well, Donna Hirick is at Faldana Hirick. You can also follow
Bloomberg podcasts at podcasts. What goes up is produced by Stacy Wong. Thanks for listening. See you
next time.
The Bloomberg Sustainable Business Summit returns to London on June 28th featuring leaders driving
innovation in sustainable business and finance. Looking at the latest trends in green financing
and ambitious ESG goals, speakers include CEOs of all birds,
net west group, executives from client earth, BP and more.
Summit advisors include EY, Red Sea Global and Schneider Electric.
Visit Bloomberglive.com slash SBS 2023 to learn more.