we have been talking about consolidation since the gfc. since the gfc.his is one of those points i'm going to want to laugh about in a few years time from now, but i actually think as we look at the barriers to entry in this space, if we look about the cost of running our businesses, if we think about the scale that we need to operate at, i think -- and the multiples that we are starting to see coming down, i think this could be an interesting time for consolidation. francine: but why has it been a long time coming? is it regulation, or there was just no appetite? robyn: i think -- i think when cash is free, it softens that. i think the moment where people need to deploy at scale in liquid markets has been something that has softened. if you look at trends, the trend has been in passive, it has been in private equity. if you think about the assets that no longer sit in the public domain, that has been our themes over the last 10 years. i think when private equity does not have quite as much cash, when that raising is harder, when lending is harder, these

looser monetary policy, something we haven't heard since the gfc. positive signals, optimism of stimulus and chinese stocks, bonds and currencies are gaining today. but you get the sense investors beyond a shift in tone want to see it translating into action, policymaking. the csi we hundred, the hang seng gained 3% plus plus up earlier in the session, look where they are sitting now. what this stimulus optimism is also helping is other markets in asia like the ones in south korea, which as you know, has it seen a positive day amid the political turmoil in the country. the cost beginning two plus percent today, not quite erasing declines of the past couple sessions. want to highlight taiwan, it is an outlier, feeling the drag from tsmc which is a key supplier to nvidia which is in the crosshairs of china. we had separate data that showed tsmc sales climbing 34% on year for the month of november. optimism surrounding china stimulus is keeping markets in asia mostly positive today. tom: avril hong in singapore. let's stay on the china story. china's s

it's no surprise that the se turn gfc has an impressive set of numbers backing its performance and several also new 20 inch multi site wheels on our festa by c s and r s. models. while the headlights remain the same and the front bumper has been completed, the redesign to match the characteristics of the s version of the april and g t. and that by the way, was also applying people, criticize them all the predecessor because the front bump up was the same. no matter if you got the entry level version or the highest r s version. and with a new one that has changed to tell them apart, instantly the the interior of the audi as a drawing g t looks quite appealing to me. a pretty cool feature is that's panoramic glass rules that you can tense by the press of a button. the was also new in the, as a drawn jeep. see is the adaptive suspension that was not standard in the base, each one g t version in the previous generation. and you can really see the difference when he used to drive select the button down here to switch from column for a to dynamic mode, which makes the waste differ and lost edge

that's been the story through the gfc and the pandemic. that opened up the ipo markets.ncial technologies used a spac, or listed themselves on the nasdaq. we did that, as well. with interest rates going up, a lot of financial technology companies that really kind of relied on either private capital or newfound public capital to grow had to find profitability really fast. and for the most part, they're left for the dead, right? so, you know, you saw companies getting an 80%, 90% drawdown in their share prices, that happened to us. but what it forced us to do was really use the last three years to get to profitability, get the right operating margin, get the right customer segmentation, so bring back to shareholders and incredibly profitable financial profile. so, we were growing 20% to 30% at increasing margins. and once that happens, it opens up the surface area for a lot of optionality. you can stay public, you can american, you can partner, you can do different deals, you can scale the business that way. and i think that's where we are in the inflection point of the fi

we're at gfc levels.r the new construction builders and home builders to fill the void and they are able to do so because they are coverage mortgage rate buy downs. i think the set up for the public builders and new construction is favorable. >> before we let you go, john, your top pick at ubs when it comes to all of the home builders you cover? >> dr horton. they cater to the first-time home buyer. 15% in terms of deliveries. >> john lovallo, location, location, location. >> thank you, dom. >>> coming up on the show, the slice of the market up nearly 20% of the year. the next guest says may t behe place to be in in 2025. we'll be right back after this. (♪♪) (♪♪) (♪♪) everyone has goals and dreams. and everyone deserves a way to get there. wherever you're going, getting there starts here. state street. invest in your future with spy, the world's most traded etf. (♪♪) craig here pays too much for verizon wireless. the so he sublet half histf. real estate office... [ bird squawks loudly ] to a pet shop. meg

retail is having its moments for the first time in let's call it 15 years, really since before the gfcwe're seeing material rent growth in the operations performance of these retail centers, multi-tenant retail, not regional malls, i see what you're showing there but strip malls, open air, lifestyle, spir yen shale is do -- multifamily s performing very well. there's markets to keep an eye on in the sun belt where we're seeing rent softening and vacancy increase, from a supply standpoint. we think that will be worked through over the next 12 to 18 months. we're very happy, very satisfied in terms of the operations and performance of the asset classes, if i may put office to the side. i think enough has been said about office candidly. but again, the capital markets is more of the question and what we're going to keep our eyes on as we head into next year. lauren: thanks for clarifying the difference between an open air shopping experience and the traditional shopping mall. i look at my own shopping especially over christmas, i'm more inclined to go to the one level place where i can ju

going to see , i oversee mortgage books, and you can see the distress because we really already had gfc-stylemodifications and forbearance and payment deferrals so you've got a lot of things happening once. all of the new homes plus the existing supply will be there because i think a lot of people don't realize how much speculation was in the market around folks trying to own homes for long-term or short-term rental. cheryl: and that story is certainly changing with the airbnb issues but then also just we move on but to put a fine point on this the issues with insurance, because of weather-related events and also, you know, just the mortgage, excuse me, property taxes, which is a local story but a lot of these hot housing markets property taxes are jumping exponentially. really quick game of whose hot and whose not. housing market addition let's look at this because you see the hot markets. hoboken, new jersey, stanford, connecticut i thought that was interesting, and then markets moving westchester county, new york, new york, that's interesting, and then honolulu. those are really high-price

--gfc. people expected to continue. is it euphoria?t question becomes what separates what we are expanding now from for euphoria? thinking aloud here, there's an acknowledgment. you mentioned that geopolitical risks. there's an acknowledgment that things are not great. incoming president-elect trump's policies could be inflationary. you could have a widening of the wars, etc., etc. all of that stuff is not even a knowledge. i don't think that is where we are now. lisa: vulnerable is another way to put it. the market becomes increasingly vulnerable to a shock when everyone is in one trait and they feel like they have been pushed into that one trait because there is no alternative. do you feel that vulnerability and some of the crowded traits where one thing could go wrong that is unforeseen and it could torpedo the mass trade that can lead to an exit is? -- exodus? dan: if something happens on the ai demand side of things. my argument has been everyone is in the trade ir we are vulnerable -- or we are vulnerable, we have seen no evidenc

so the gfc panel that we have we will not know until we remove it. we're removing 176 of these panels. we believe the majority of these panels are actually we can reinstall. there may be a couple of panels that we will actually have to either retrofit or have to rework. we do have as part of the contract, 10% spares. so we do have spares that we can actually use as part of the replacement batch. but we plan to keep all the panels because, again, our maintenance division would want to make sure that we keep as much of the panel for future usage as possible. and then if we, you know, run out of spares and can't, can't use enough of them, would we have to buy new or just like, just leave it the way, the way it is with i believe there's a water damage being what it is? sorry, i believe there's a way for us to buy spare. unfortunately, the specific manufacturer is a european manufacturer, so we're currently trying to work out a way. but part of the reason why we put out a 10% spare was so just to address these, these concerns, as many of the equipment in

so the gfc panel that we have we will not know until we remove it. we're removing 176 of these panels. we believe the majority of these panels are actually we can reinstall. there may be a couple of panels that we will actually have to either retrofit or have to rework. we do have as part of the contract, 10% spares. so we do have spares that we can actually use as part of the replacement batch. but we plan to keep all the panels because, again, our maintenance division would want to make sure that we keep as much of the panel for future usage as possible. and then if we, you know, run out of spares and can't, can't use enough of them, would we have to buy new or just like, just leave it the way, the way it is with i believe there's a water damage being what it is? sorry, i believe there's a way for us to buy spare. unfortunately, the specific manufacturer is a european manufacturer, so we're currently trying to work out a way. but part of the reason why we put out a 10% spare was so just to address these, these concerns, as many of the equipment in