♪ carol: welcome to a special edition of "bloomberg businessweek." i'm carol massar. jason: and i'm jason kelly. we are in los angeles at the milken institute global conference. carol: it is an annual gathering of the most influential people in business, finance, economics, commerce, innovation media, and much more. jason: we sat down with people

like the bp ceo. carol: we also sat down with the former whole foods co-ceo. jason: also, not to flex, but the edge. what is this all about? >> a chance for you to hang out with edge. this is a massive dealmaker conference. there is programming on main stages, side rooms. opportunities and big thoughts, but it's a chance for a bunch of important people to get together and figure out how they want to deploy capital. jason: it has been named davos of the west. >> it connects a lot of different pieces. you mentioned that media quotient. there has been a lot of food conversations. crazy stuff like a whole thing on psychedelics. when you are thinking about how

you are going to invest a lot of money, this is a chance to figure out what the next big thing is. carol: that's what people say. someone in real estate has the opportunity to go to a food or drug panel, something they might not normally attend. >> and figure out the entrepreneurs in the space and what the edge might look like, to bring it back to the edge. jason: one of the big names we caught up with was steve schwarzman, ceo, cochairman of blackstone. we talked a couple weeks ago about earnings. the big news was your conversion to a corporation, which sounds a little wonky. >> we have been using k-1 statements. by getting rid of those and converting to the normal 1099, we can take advantage of that huge additional buying power. logic should say that if more people want to buy you, your stock will go up. jason: what have people said to you in the aftermath?

are you hearing from a different class of investors? is your phone ringing from different people. >> yes, it actually is. people say thank goodness you make that decision. we really want to own the stock. can you come and see us? our stock is up 13% in the last week and a half since i actually saw you. so you have a certain magic. i should come on frequently. jason: anytime. >> the other firms have gone up as well. not the same amount, obviously, but i think it is the market looking and saying if that worked for blackstone, then

probably the other firms will follow. jason: tim geithner over the weekend was talking about the strength of the economy, the bull market we have been in for a long time. he said the only thing we have to avoid is a dumb mistake. what could be a dumb mistake that we could make from a policy decision or market decision? >> i think there are a lot of mistakes you could always make. i think if there is really dramatic change in the tax area, if the democrats win, for example. if a lot of the things some of their candidates are talking about, i think that would be -- it could have a certain psychological shock value. logic would say that would slow an economy. that is one of the things you can do. the other thing is that the fed could increase interest rates. i have not seen for at least a

decade a fed that is unresponsive to the real world and maybe even earlier. people worry so much about the fed doing the wrong thing. even if you start making a mistake and correct it almost right away, which is what happened as a result of the -- response, that the fed is the guardian of the system. they are not the enemy of the system. if we have a lot of wage inflation or something else, which seems somewhat unlikely, but it may start increasing interest rates. most probably it is because it is the smart thing to do. it is only when they get out of a cycle where they think

something is happening that is not, and then prosecute it all the way. i tend not to think the people there are in the business of making mistakes. carol: up next, how some of the wealthiest americans of you private markets. my conversation with the bny mellon wealth management ceo. jason: should you be afraid of a recession? my conversation with brookfield ceo. carol: then something fun. how to spend a million dollars on art. this is bloomberg businessweek at milken. ♪

♪ carol: welcome back to "bloomberg businessweek." i am carol massar. jason: i'm jason kelly. join us every day on the radio from 2:00 until 5:00 p.m. wall street time. listen and subscribe to our podcast.

carol: you can find us online at businessweek.com and on our mobile app. here i hosted a real estate panel with some of the most prolific names in the industry. we are talking about tom barrick, jonathan goldstein, michael nelson and robert morris, and brian kingston. he joined me for a one-on-one conversation. >> we are in the midst of one of the longest recoveries and will probably be the longest recovery in u.s. history. clearly we are later in the cycle. the offering is very strong. we have strong gdp growth, low unemployment, low interest rates, and supply in most of the real estate sectors. carol: you see that continuing? >> i see that continuing. that's a favorable backdrop for investing in real estate. carol: you closed a really big funds this year and am just

curious, what's your next big target acquisition when it comes to real estate. >> our fund is a $15 billion fund with a global mandate, so we can invest around the world. only half of that is invested in the u.s. the other half will be really around the world. carol: 30 countries overall, right? >> 30 countries, that's right. carol: are there some countries where you see an opportunity? >> we do like the u.s. very high quality portfolio of assets. the northeast, and in california. it's going to benefit from that favorable macro backdrop i talked about. we have projects going on all over. we are about to close in the transaction in shanghai and we are very active in europe as well.

we are seeing good activities all over the world. carol: let's talk about the mall, because we have had some fun with people talking about the mall is dead. the generations z might go shopping at malls. you made a big acquisition with the second-largest mall operator in the united states. what is the future of the mall? >> there's no question we are going through a period of adjustment within the retail sector. within the long run, great real estate always wins. we own 100 of the 400 talk shopping centers in the united states. we joined 96% occupancy. carol: how do you do that? is that they are in busy, populated cities, and that makes it a success story? >> that's the starting point. obviously with real estate, location is really important. our malls are located in densely

populated urban areas. we effectively manage these assets. you're needed to be continually investing in these assets, keeping them relevant. jason: speaking of brookfield, i sat down with the ceo of the firm. you can almost call him the warren buffett of canada. the reason he is so important and this firm is so important right now is because they are nipping at the heels of blackstone in terms of assets managed around the world. they have property everywhere from manhattan, canary wharf in london, infrastructure everywhere. carol: that's something you have really done into with it. jason: absolutely. they are on the forefront of trying to figure out if these public-private partnerships will work. here's what we had to say. >> inevitably, all infrastructure will transfer into private hands, but until the point that governments are either stretched, or governments and the individuals who run them are pushed, it's easier not to do it.

people yell at you when they have to pay for the toll on the road they did not have to pay for. it's going to be slow in the otc countries, but it's coming in eventually. jason: is there still appetite for that investment? >> yes, there is a lot. the largest business in the world's real estate. second-largest is the infrastructure it's all built on,.

. so these are enormous businesses. when i say it's slow, they are still incredible amounts of infrastructure being privatized all around the world. in fact, much, much more outside of the united states. governments do not have the money. therefore, they are going to skip the steps of government ownership and going right to private infrastructure. that's occurring today and increasingly around the world. jason: when you lok across your businesses, what worries you the most in 2019? where are you seeing warning signs? >> we don't see big issues in the economy out there. clearly, valuations are higher than they were 10 years ago, seven years ago, five years ago, three years ago, a year ago in the stock market. interest rates look like they are going up but they don't look like they are going up at the current time. those are the things that could disrupt the markets. when that happens, how it happens is a political issue. i say when we are investing into long businesses, you generally don't get too concerned about short-term government. jason: one of the political issues out there that i know is in one of your backyards, or front yards, is brexit going on in the u.k. maybe it will happen, maybe it won't.

you have been pretty clear that the affect on your business has been at a minimum so far. still true? >> yes. i would say most of our businesses in the u.k. today are doing well. i think longer-term, the u.k. will still be a great place to invest. in the short term, there is no doubt this is disruptive and not helpful for business. like all countries, they will see it through. carol: here at milken, one of the fun parts is ceos from all walks of life, a lot of financial folks, investors, but you also get people from different and distinct industries. jason: you caught up with someone i was fortunate enough to host a panel with. carol: here is the conversation with bny mellon ceo of wealth management. we got into that and also about the state of the overall u.s. financial markets.

>> we really work with two groups of clients, your core wealthy family, and family offices, which are very much like institutions. when you think about the alternatives, that has changed a lot over the last two decades. today there are more private equity backed companies in the u.s. than there are. equity companies the whole spectrum of private equity investing has changed. while 20 years ago, it might have been buyout and venture, today you have a buyout, venture, private equity, even a secondary market today. there are a lot more choices. our clients are generally comfortable with private markets. that's how they tend to become wealthy themselves through their own private businesses. they are cognizant of the cycle,

valuations, money that has been raised in private equities. it is a question of selective this. carol: i am curious, is the u.s. still kind of a favored destination for some of these ultrahigh net worth individuals when it comes to investments? are they looking more overseas? where do they want to be? >> it depends. the u.s. is roughly half of the public capital market, but our clients have liabilities denominated in dollars. you tend to see a home bias towards the u.s.. i think we will continue to see a bit of a bias. carol: there is not any movement away from that because of the valuations? >> listen, our clients have always invested globally. when your liabilities are in dollars, you tend to have the bit of an overweight to that. carol: coming up next, a timely topic, especially with tech earnings coming out as of late. the department of justice. we got into how they feel about the size of the tech. jason: and also what the boj considers the most pressing cybersecurity risk.

it's pretty scary. carol: this is "bloomberg businessweek" at milken. ♪

♪ jason: welcome back to a special milken edition of "bloomberg businessweek." carol: it's a great event, people from all walks of life. we are also doing it on our bloomberg radio program, so check that out on sirius xm channel 119 and a.m. 1130 in new york. 99 f.m. in washington, d.c. jason: a.m. 960 in the bay area. carol: here at the milken institute's global conference, i got the chance to sit down with the department of justice's assistant attorney general. jason: he is helping decide what mergers are going to go through or not. we are talking about sprint, t-mobile top of mind.

carol: there are so many issues to be determined. we started about talking about calls to break up the technology. where do you stand on a breakup in big technology? >> we have a number of standards, the antitrust laws. we will look at every industry and apply the laws based on the evidence. i don't know if breaking up any particular industry without an actual investigation that shows they are doing competitive harm is the right approach for antitrust enforcement. that's an area that antitrust enforcers should be looking at and we certainly are. carol: there is not any panel or conversation i do that amazon does not somehow come up in that conversation. it is such a bigger player, not only in retail, but so many industries. do you look at amazon in a different category? >> amazon has been a disruptor in a lot of different sectors. carol: is that a good thing,

from your perspective? >> i think when you are an initial disruptor and create more efficient products and services and lower the prices consumers, that's always positive. the problem becomes when you have market power and you take certain actions that might actually harm competition, which ultimately will harm consumers. that's the type of conduct we look at. as i have said before, big itself is not bad, it is big behaving badly that becomes a problem for antitrust laws. that's certainly an area we would be interested in. jason: also here at milken, you got to catch up with john demers. carol: it's so topical. we are talking about state entities tapping into american corporations. jason: it's about computers, but also good old-fashioned spy craft. >> i am here to talk specifically about china's

economic espionage. talk to the business leaders about the threats to their business and investments posed by the threats to intellectual property sponsored by the chinese government. jason: what does that threat look like to the average person, the average businessperson. what should they be worried about? >> the combination is a cyber threat, very often an insider threat, and sometimes a combination of both. china is using their intelligence services the way they might use them. jason: traditional spy craft, right? >> it could look like someone who works at your company who is downloading data on a don't thrive and taking pictures of the screen with data. somehow taking that technology and sending it over to china is all a part of this approach to economic the moment.

you replicate that product in china and replace the american company on the global market eventually, if all goes well. for the american worker, you lose your job in step three. jason: as you talk to executives, are they worried enough about this? >> i do think, increasingly so worried about it, recognizing it, and realizing they have to confront it. also being aware of who you have working at the company and what they might be doing behind the computer. are they accessing data they don't really need to have? are they downloading data they don't need to download? are they in the office at strange hours when no one is around? all of that. jason: how much do you run into the resistance from the perspective of business saying, china is an important customer, important market, i have a partnership with a company there. i don't want to jeopardize things by going overboard. >> you cannot go overboard.

we are not saying don't do business in china. you have to do business in china. doing business smartly in china. what data do you put in china? what data is acceptable to china? it's not don't do business in china, just do it smart. carol: i think about the trade talks going on. what kind of policies can the united states put in place that really pushes the chinese to not steal intellectual property from u.s. companies? this has been a sticking point for a long time. >> it has been a sticking point for a long time. it's all about behavior, not about what you agree on paper. we have had agreements in the past. we have not releasing behavior change. the key will be enforcement. the way we try to do is to use sanctions to put chinese companies in a position where they cannot import parts from the u.s.. we have done that successfully.

that is what we are doing with current tools, bringing cases obviously against defendants, especially insiders. those are folks we can arrest and get them here. we have arrested for the first time in history a chinese intelligence officer in belgium and had him extradited here. there are a variety of things we are trump to do in terms of enforcement. it is all about behavior, more than agreement. carol: i think about the u.s.-china relationship. from the business sector it has been tricky. everybody wants to be in the chinese market because of the size. what perspective do you get from u.s. companies about being very careful about u.s. policy that you don't push too hard? it's a tricky balance. >> certainly.

we tried to not do anything that would jeopardize our business. we are following violations of u.s. law. for instance, companies come to us, we are careful not to reveal their identities unless we have to go to trial, unless they want to be revealed. that is a way we can work with them. we are not proclaiming from the mountain tops that this country was targeted. carol: coming up next, u.s. transportation secretary talking to us about boeing's troubles. jason: also caught up with the ceo of bp, bob dudley. it was earnings day. we talked about oil prices and also, warren buffett really gets into the energy business. carol: looking forward to that. this is "bloomberg businessweek" at milken. ♪ alright boys, time for bed.

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♪ jason: welcome back to a special edition of bloomberg's miss week. i am jason kelly. carol: i am carol massar. jason: still ahead, bob dudley. carol: we also have walter rob. then: and you to come at edge. back with us, joel weber.

tell us about your panel this week. it was interesting. joel: the game was artificial intelligence. super interesting people. these are people who have been an ai for decades. they have a lot of fantastic insight. carol: what do you think in terms of investment potential? everybody talks about ai. this is the thing that for me interrupts the conversation. they feel like we are in the early stages of what we see unfold. that is dramatic when you think about how many places ai is infused. you interact with your phone. your financial portfolio probably has ai. what they are looking at is all the fields that could be ,ppended by health care

education. that is a profound idea because there is promise in its. from a business in points, opportunity but also peril because we do not know how catastrophic these implications might be. jason: huge question and i feel like it came up in a most every major conversation here. not talk aboutt it. now that the u.s. and china are becoming world superpowers on this stage, there is a lot of unknowns. carol: it is the result of so much data out there. joel: data and computational power and storage. put those things together and one of the great quotas, there is nothing better than more data. .arol: thank you so much we talked about automated cars and technology. that is something that also came up with the conversation with elaine chao. we started by talking about infrastructure. stronglydent feels about the need to address

infrastructure in our country. the biggest problem is how to pay for it and the president has already said everything is on the table and infrastructure is one area where there should be bipartisan support. any long-term policy needs to be done on a bipartisan basis. we have said the president has said always infrastructure is a real priority and we need to talk about it. we submitted a bill last year. there is so much private money out there ready to do partnerships. they have to becoming to washington. there are private pension funds as well as endowment funds that would love the opportunity to invest in public infrastructure. they are looking for long-term investments. with collateral that will not is governmentt

projects. i hope there will be greater interest and allowance by the president to come in. allow thestates that private sector from investing in public infrastructure. we have to remove those hurdles and allow the private sector to come in. they are a tremendous source of capital. carol: the grooving of the boeing 737 fell under you. the faa were waiting to be approved. the administration, criticized for taking so long in grounding it. elaine: i do not think that is fair. the faa, who made the decision a ground the planes, they are fast-paced organization. they needed to have -- fact based organization. they needed to have backs. it you do not have a fact-based reason for grounding the plane, how would you explain under grounding the plane -- and

grounding the plane? -- un-grounding the plane? what happened to the certification of these planes, which occurred in 2012 and 2013? speciallso set up a committee to look at the certification process going forward. the faa is waiting for the software fix from the company before it can do anything. i want to a sure the public that safety is number one of the department of transportation and the faa will not sign off on anything they are not totally satisfied with. jason: i got a chance to sit down with bob dudley. he is the ceo of bp. oil trading, gas trading -- they were a contributor but we talked about warren buffett. carol: warren buffet making a

$10 billion investment in accidental. we have these companies going after -- jason: he is in the middle of it. bob: this was our first quarter. .esilience in the earnings operations smoothly around the world. sohave things down and off pleased with the earnings and no big surprises. one thing we are always interested in are your trading business. we got details about natural gas. tell us what was moving there. bob: we did have a good quarter in the trading in natural gas. lg prices were moving a bit. oil prices volatile. they have been three or four days down. we will see. there is volatility in the markets. every one -- everyone is waiting

to see. the market is not sure. if they are extended, you will see the price of oil dip a bit. jason: what is your biggest worry about oil prices as we go through 2019? bob: we plan the company on $55 a barrel for bp. ,f i worry about it long-term we end up with a spike or a drop and that is not good for the world. 60-70 54ll be in the 2019. i wonder about the world of private equity. if invited like as an industry, they have been in and out. how do you see them competitively and isaac -- as a partner? we see private equity has moved into the north sea.

they are buying established operators. in other cases, they buy percentage in our partners. here in the u.s., it goes up and down a little bit with their sources of money and when it is tight, less than when money is easier you see more. into: mr. buffett plays the broader conversation today with his investment. does that change your strategy? bob: it does not change our strategy. i was surprised because years ago mr. buffett was not interested in energy. he chose that he is. support.ng to show he stepped in to help accidental, which is a great company. me.oes not surprise onon: up next, his mark

microsoft. this is bloomberg businessweek. ♪

♪ jason: welcome back to it special edition of bloomberg businessweek. carol: this is a fun event. what i like to get out of the office, if it is fun to get to the west coast. this is an area of technology and you find out what is on their minds. moderatingddition to panels and schmoozing, we have been hosting our radio show. you can join us every day 2:00 to 5:00 p.m. catch uptchup ought -- on our daily show by listening to our podcast. jason: find us on our mobile app. carol: on bloomberg's miss --

bloomberg businessweek -- jason: none balder than breaking his company's dependence on windows. and preparing for a threat from amazon. carol: we talked to the co-author. the company is no longer the windows company. it is focused on the cloud. you think about how few technology companies have been able to shift successfully from product andip reinvent themselves. we spoke to reed hastings from netflix. he said he cannot think of any company that has been able to do that. success in sales success is a real testament. his management style is different from bill gates indefinitely from steve walmart. -- steve ballmer. talk about how he works with his

staff. bill gates was known for a louder style. quieter. is much he has high expectations for people. he also listens. he wants his employees to be ambitious and he wants them to focus on being open-minded. said theyh people have never heard him say no, they have never start -- heard him yell. that is different. he is strong-minded and insisted the company service customers and do a high-quality job. we talk about the rivalries in silicon valley but talk about the rivalry in your neck of the was around the clouds, microsoft versus amazon. who has the upper hand? dina: amazon. microsoft,go over

there was one significant one ofge, which is that the most important price of cloud and infrastructure services, amazon had a for your lead. they are quite a ways ahead. microsoft is getting important customers. starbuckslso walmart, . amazon is a huge lead. nadellag ms. della -- and his team tried to make customers aware of is amazon is competing with customers. microsoft without outright saying it will point to the idea they want to help the customers succeed. they want the customer to run their own platform and not to replace them or do it for them. some customers we spoke to said that was a powerful master -- message. one of the big topics

that i felt like everybody was talking about was food. in the food ela sense. we are talking about i am and affordability, accessibility and what is around the corner. former ceo walter rob talked about that and we talked about the future of the industry. can we bring organics to the mass market in a way that is accessible to everybody? >> that is the question is whether that can happen. we come with pricing. the availability has increased over the last number of years. more sustainable food choices in general, not just organic have accelerated in the marketplace. we will get there. carol: your new company you are investing in in organic companies. you invested in a milk it

company. we know it is blue apron. you hesitated. inter: i am not an investor the way for an but i am an investor in small food companies that represent the next generation of food. milk it companies are what choice in a litany of choices customers have that they did not have five years ago. we see limits on it. packaging, butut where we combine the mill -- milk it, whole foods is doing milk it with amazon. have got to ask you one more question. we look at retail overall. the supermarket -- where is it going? where do you ultimately see the supermarket industry going? walter: massive change. the edge of it is in china. it is a digital interaction in a

fantastic way. we see the future stores -- i think we are going to see the future stores smaller, made a taunus. the fresh product is exploding. you will see choices the customer wants it in different ways. the stores are there. -- of the business particularly the millennial generation wants to be met on a pickup. it is going to look different. up, clear expands its partnerships. jason: it helps me with the airport. buried edition, much greater. we go back to the world of food to the world of music -- youtube the edge, join me. carol: how to put together a multimillion dollar art collection. jason: this is bloomberg businessweek. ♪

♪ to a speciale back edition of bloomberg businessweek. jason: while we are here, we have been doing our daily radio show. listen every day on sirius xm channel 119. also 106.1 in boston. carol: and of course in the bay area in london. one of the first ceos we caught up with at milken was the ceo of clear. jason: it is a fascinating company and anybody going through a major airport in the united states has probably seen their kiosk. there envisions are grander. they want to take you faster, not just through airport seconds but to stadiums, restaurants, even to your doctor's office. every part that is in your while it could be replaced with

your fingerprints, your faith, you're a i look at my wallet and myay why am i carrying business access card? why am i giving them my health care card? none of these things make sense in the day we lived in. biometric makes it savior -- safer and easier. about let's talk security. anybody watching this, that is going to be there big hangup presumably. how do you overcome that? what do you say to customers? bought this company to increase homeland security. i am a neurotic mother of three it -- three. also, integrity and trust. picture the data and for tax people's privacy. because we started working with the department of homeland security and collaborating, security is our dna. we have people come at the

members over 1500 team members around the country. that is important because you build that trust in dialogue. so security is job one is what we do every day. carol: you do not share customer data, correct? share data. sell or that has been in our privacy policy which was public from the beginning. what we say is we sell experiences. we do not sell data. deliver what you paid for or the partners that are delivering you the experiences you paid for. -- is on the right side of history. jason: you certainly know this already but a clear highlights for me at milken, sitting down with the edge from youtube and did not talk a lot about music. boots, he is pursuing a

philanthropic effort to fund food as medicine. it is a fascinating conversation. here's the edge. >> i am involved in a foundation . it is a foundation -- we are interested in how food is connected to health. the milk and compass find that interesting first for information for health care. this issue of trying to give the population healthy, food becomes up -- a very important part of that. stick --plied to scientific evidence. food is important to preserving health and resisting disease. which of course has huge implications. if you could keep the population healthy, you are going to save a fortune in health care. it is not the combination. what ishat is

interesting. this is a real economic story at the end of the day. it feels like things that are so top of mind now around economics, inequality, social inequality -- wide you think food has come to the floor? i think it is the common denominator among all sorts of things. it is economic care, whatever. foundation has a lot of hard science. you have to have why certain foods prevent disease. so, why we are here and william lee is head of the foundation. he released a very interesting book. we are here to talk about -- with other experts in the food space about the importance of understanding what foods can maintain health. that is something that

affects you on an individual basis but also societally and nationally. -- has the perfect story this week. it is how to spend a million dollars. that is a small amount when you think about what people cost. jason: it is a fun story. here is editor chris. chris: we wanted to give a few different art advisor is -- advisors a special project, which is to see if they can come up with a million-dollar art collection using art in the world and offer our readers different ways to think about a collection from scratch. if you had that amount of money, how would you spend it and how would you bent -- build a collection that was not only interesting but valuable? carol: you break it apart between different types of art. >> each of these specialists we talked to have their own focus. we talked to one woman who advised us not to purchase

artists working after 1980. we have someone who is an expert in old masters. these people have a different way of looking at how you can build up an election. people come because they have these specialties. chris, different generations have different approaches to collecting and different generations have different approaches to how they discover art. that is not much played into this as well. whoou can focus on artists are alive now. sometimes those of the people getting the most heat. these advisors tell you there are different ways you can come across this. you can come across a by auction. if you sit around and wait through action, you're going to old lastassical direct. not necessarily everyone wants

one of those paintings or you can go to the gallery system, which can shell you -- though you knew works never before been sold. there are a lot of different ways to come to this feel. jason: the magazine as well as all of our interviews are available online at businessweek.com and on our mobile app. carol, close your eyes. carol: do i have to pick one? it is my first time coming to milk and. i love meeting with -- meeting with people from all the different industries. media, art, food, technology. i love having those second for conversations. jason: do you know what mine is? literally within the course of five minutes, i was talking to the bpc bob dudley and comes the edge to talk about who has medicine. that captured milken in a nutshell. carol: of course you can find more stories on business week.com.

jason: and check out our daily businessweek podcast. carol: more bloomberg television starts now. ♪ the latest innovation from xfinity

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♪ david: your father was in the agriculture business? randall: do you know what animal husbandry is, david? david: i started out as a animal husbandry major myself. [laughter] randall: i'm getting a robocall too. david: you are getting a message right now? [laughter] randall: it is literally a robocall. i said in spanish, the next person to speak to me in english is fired. i don't care if the building is on fire. david: you are now rapidly trying to build out 5g. randall: it is conceivable we will move into a world without screens. >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪