Transcripts For BLOOMBERG The David Rubenstein Show Peer To

Being only the second wealthiest man in the world . David in the United States today, there are only 38 women serving as ceos of fortune 500 companies. Griffith,se is tricia ceo of progressive, one of the largest Automobile Insurance Companies in the United States. She started as a claim adjuster and worked her way up to become the ceo. Since that time, the stock is up more than 175 . My mistake was i didnt know her then and i didnt buy stock in the company. If she ever goes somewhere else, im going to buy that stock right away. For those that arent familiar with progressive, and if you watch television, you would be familiar, im just curious, why is it that Automobile Insurance Companies seem to advertise a lot . Is that because people will be guided by the advertisement . Tricia it is just a really competitive industry. It is something you are required to have, so it is not like if you pick a different soft drink or a beverage, but it is required. It is so competitive. To be top of mind, you really have to be advertising. David you have a famous character in some of your ads that plays a woman an insurance person. Does she get a certain percentage of the new business she brings in because shes so good . Paid per contract and shes doing fine. David lets talk about this year. A lot of the auto insurers are up this year in part because people arent driving as much and if you dont drive as much, it is hard to have an accident. I presume there are fewer people claiming an accident and therefore you dont have to pay out as much. Tricia i think that might be one piece, but weve also continued to grow, not only market share, based on units, policies, and really, if you think about it, immediately in march, vehicle miles traveled have been reduced, but as states have reopened, it continued to go up. We are still not precovid level of driving. We are about 8 to 10 down. But that gap is closing as we see more people driving more often. That lasted a couple months. Many companies gave back credit or have reduced rates. David if you get a rebate, that was because you thought it was a good idea or the regulators said you would have to give back money why did the insurers start giving back money . Tricia we did it because it was the right thing to do. We immediately saw vehicle miles traveled go down. It went back up quickly, but we sat down and said, we dont want margins that big. We want to be competitively priced. So we gave 20 credits for both april and may, and subsequently we went sort of statebystate, channel by channel, product byproduct. Weve had rate decreases in about 35 states. Those are baked in permanently. David today when people have an accident, the accidents are more expensive than they used to be. Is that because the cars are more complicated to repair . Tricia a couple reasons. One is the cars. I started as a claims rep and the cars in 1988, the bumper repair or replacement would be a couple hundred dollars. Now they can be upwards of 1000, 2000. In addition, think of the inflation of medical costs. If you are injured, that is another component of increased severity. David suppose i want to get insurance. Im 71 years old. Am i a good risk or would you rather have somebody who is 25 and more alert . Tricia that is one variable. We look at hundreds of variables. It depends on where you live, congested area, rural area, driving history, usagebased insurance, what time of day you drive, how many miles you drive, any violations theres so many things that go into it. David when i was a teenager, i was told that teenagers are not good drivers and insurance is expensive. Is that true today . That havingll say six people that drive in my family that weve added over the years, we call youthful drivers, the issue is that many are good but they havent had the experience. I remember saying, because a lot of times you get rate increases, i challenge that when i first got this job and then i realized, having six youthful drivers, there is a reason you pay more. David you are in Home Insurance now. Why do you want to be in the Home Insurance business . Tricia it was really access to more of the preferred customers. We had a relationship with asi for years. We had a small ownership. Their values were very much aligned with us. We decided to go ahead and purchase them. It has been a really nice transition. Picture,ng the whole auto, home, motorcycle, commercial, we are continuing to expand. It is really important to diversify. David is the Home Insurance business profitable now . Tricia depends on what company you are talking about. We have struggled a little bit because of wind, hail, catastrophes, and we have been growing our model across the country. We are learning a lot about the product model. As you look at our results, we will be profitable, but we are doing the same thing we did on the auto side. We are getting surgical in our segmentation to understand the right rates. David are you thinking of getting into the life Insurance Business . Tricia right now we have a great relationship with an affiliate partner that we get a commission when we send them to the company. That has been working really well. We are considering that. Companya Life Insurance filed in ohio. David people say eventually there will be driverless or Autonomous Cars and the theory is they will never have an accident. Is that something you worry about, or you are not going to worry about that now . Tricia from a society perspective, you want to have less accidents. Everyone has been affected by an auto accident. I dont put my head in the sand, but what i think about is realistic timing. That is also one of the reasons why i think about not just executing on our current plan, but expanding other possibilities for our business. When you look back at some of 2012, this type of car is going to be fully autonomous by 2020 or 2015 it will take longer. I know that. Preparing for a possible smaller Auto Insurance industry, but we have so many other opportunities with adjacent models, including home and other things weve talked about, all the things weve expanded in the last couple years. David elon musk has said hes going to have an Autonomous Car out there at some point. And hes also said anybody that is an insurance agent, why dont you call me up, because we are going to be in the automobile Insurance Business is that something you are worried about . Tricia not really. David because . Tricia i think people love working here and we have a huge future. The technology is absolutely there. I can see a car going from point area, but theres a lot to be done. To go when you were able into your office, you were well known for walking into the cafeteria and sitting down with the average person. Why did you do that . Bread when you break with people, they open up to you. Things they want to change. David lets talk about progressives background. Great name, very positive word. Was that the original name of the company . Tricia it was the original name. The company was founded in 1937 by joe louis and jack green. They were attorneys in cleveland. They wanted to serve the nonstandard customers in cleveland that needed insurance, so they borrowed 10,000 from joe lewis motherinlaw and that is how progressive was born. You might know peter lewis, who ran the company for a long time. He was the second ceo. David how did you get started at progressive . University,nt to got a marketing degree. All through high school and college, i worked in retail. Thee i went to school is home office of state farm. Everybody was doing internships there. I was like, who wants to work in insurance . I went to a retail company. It was like a lowes or home depot. I was like, what am i doing . Im actually forklift certified. I was driving home one day with my hard hat and said, i have to look for something different. I wanted to work somewhere for a couple years, pay off my loans, then go to get my mba. I opened the classified ads. I had never heard of progressive. I thought, this sounds interesting. 19,000, that will help me pay off my debt. David the job is a claim adjuster. Tricia correct. If i had your claim and you were injured, i would talk to you about your injury and guide you through that. I would crawl under your car and let you know how much it took to get repaired. I also did special lines. I basically handled the entire file. Crawlingbody shops under cars, in your house, talking to you about your injury. David youve risen up from the lowest to the highest position and youve had many positions in between. One of them, which is very unusual to have, is the head of Human Resources. How did you go from being head of Human Resources to being ceo . Having mostly claims experience, i had a little bit of sales and claims, and my predecessor interviewed me. Not going toy because i dont have any hr experience. Frome kept calling me around the company, saying, you have to go for this. We need this. Finally, i had a preinterview lunch with glenn to see if i could go for it. He put my name in a hat and gave me the opportunity. The turninglly point in my career. I dide watched me and that for six years and made a lot of big injures that we still have now. The president of claims came up and that was her dream job. I love claims. I was able to do that. That is a big business. Then he gave me all things customer facing. I had call centers and claims. Then i was coo before the ceo role. So i really click it credit glenn for guiding me, coaching me, and sponsoring me. David as head of Human Resources, you must have instituted some policies. Your company has been voted the number one most Diverse Company in the United States in some surveys. Is that something you implemented . Tricia yes. We started our initiatives in earnest when i was there. We started our first resource groups, africanamerican network and lgbt plus we really set forth a strategy of how we are going to make sure everyone can bring their whole self to work. We started looking at the data. We continue to work on it. It is not something where you can ever get a check mark. If you look at senior leadership, we have opportunities there. We are working on some aggressive objectives with my team to change that. David your chairman of the board is a woman and you are a woman. Is there any other fortune 500 company where the chairman and ceo is a woman . Tricia i dont think so. We have 12 members of our board and six are women and one is a female person of color. David when you were in line to be the ceo, did you think they were going to give the job for a woman or you thought they would find a white male to give it to . Tricia i was hoping they would give it to the person they thought was the best fit. I remember interviewing with the board for several years during the process. One of the Board Members said to me, you want to be a ceo . That was what really was meaningful to me. Had i not gotten the role, i would still be here. There were lots of other opportunities to have a great ceo over there and myself. Able when you were to go into your office, you were well known for walking into the cafeteria and sitting down with the average person. Why did you do that . Tricia that is my way of getting to know people and really feeling what is going on with the company. When you break bread with people, they open up to you. About things they want to change. Because of my roots as a claims rep, i wondered what the executives did. We dont have an executive cafeteria. This is a very different type of company. It has motivated me to be a better leader. Every time i walk up to a table of people and say, can i join you and they give that look and i sat down, i had five new friends. It is important to be approachable. If you feel connected and trust your leader, you will run through the wall for them. David when you sit down with people at the cafeteria, do they ever say, i am underpaid . Tricia they sometimes talk about how they wish they could make more. People are pretty open and honest. David what would you say are the Leadership Qualities you brought to the table or you most admire . Tricia i dont always have to be the smartest person in the room. I know what a team needs and i love having great debates. David as i talk to you, you are in your home . Tricia that is correct. Im in my little library. David and have you been running progressive from your Little Office for a couple months now . Tricia ever since midmarch. I go in sometimes just to get my mail and check things out, but i dont see anyone. Where im sitting here, my son films me weekly so i can send a video to the progressive people. David has it been difficult to run the company remotely . Tricia it has been unusual and i dont love it because i love the interaction. The biggest part is the claims organization because that is facetoface. But we immediately were able to use videos and pictures to do the best job we could. And we are doing pretty well. Im very proud of the organization. David when the world comes back and we have a vaccine, do you expect that all your employees will come back and work in the offices, or do you think you could have people working remotely and save money . How do you think about this in the future . Tricia prior to covid, we had about 25 of our people work from home because it works better for them. We are doing some surveying as we think about what percentage that will still work for. I think in person, in the office, conversations are so important. I think it might increase from that 25 . If theres a vaccine and people feel comfortable, i think a lot of people will come into the office. I think that is something that weve worked through and done a really good job with technology, but i know many people miss it. David you and your husband have six children, right . Tricia yes. David when you have six children and you are running a company, isnt that kind of complicated . Tricia it was very complicated as i was going up through the ranks. My husband worked as well. When i was in hr, we met at progressive, we both had travel ,obs, and at one point he said when our oldest was going into high school, he said one of us probably needs to stay home. I think you have a longer runway. So he decided to stay home. But i treat it like everything else. Assume something might go wrong. When we were both traveling and i knew i had a presentation, i knew i would go into somebodys room and somebody would have an ear infection. So i created a network of friends who stayed home and did an oldfashioned bartering system. For ayou can take emma couple hours, i will babysit your kids on the weekend. You say arewould the Leadership Qualities that you brought to the table or most admire . Tricia i think the ones i brought to the table where being genuine, being authentic, communicating just all the time, painting a picture of where i want the company to go. Only a people, you are leader if people want to follow you. So, do people want to follow you . Do you have a great attitude but also a certain paranoia to make sure we are doing well . I think what i am most proud of and i think why i continued to get jobs after that hr job, i formed really great teams. I dont always have to be the smartest person in the room. I know what a team needs and i love having great debates. The only thing better than those debates are the power and the unity when you come out and you are a leadership team. David sometimes people say it is difficult for women to have it all, to have a family and a great professional career. Youve obviously done it. If you were to give advice to some younger women . Tricia sometimes theres things you dont give up. Jack played high school and college football. It is important for me to go as many games as i could. I worked my way around that. Atetimes that meant working 10 00 at night to catch up on things, but it was worth it. My kids tell me, even now, you want to do more things than most stayathome moms. David if you would go to a Football Game or Something Like that, do people come up to you and say, you are the ceo of progressive, or do you avoid telling people . Tricia my husband says all the time, why do you play games with everyone . People say, where do you work . Insurance company. Where . Cleveland. All these things until finally, im the ceo. What i have found is that a good way to not get in a conversation is they say, what do you do, and i say, i sell insurance. I live in a smaller town. My kids go to a small catholic school. When i got the job, the day that it was announced, i was headed to our sons school to go to his lacrosse game. They kept saying, the wall street journal wants to talk to you. I said, let me call my mom. Let me call my sisters. Let me enjoy this. I finally said, stop calling me. I wanted to be present in the moment. I talked to my five other children. Jack was on the field. During halftime, i said, hi. He said, i know, you are trending on twitter. David suppose somebody came to you from ohio and said, you should be governor of ohio. Would you have any interest . Tricia i think government would frustrate me. I like to get things done. I like to move forward and im a big believer in compromise. I dont think government is in the future for me. I would love to do some philanthropy. Maybe a board or two. And do some things with my husband to help the country. David and the higher calling of private equity doesnt appeal to you . [laughter] tricia i will let you do that. Pleasure to have you on the program. You are looking at live pictures in taiwan, where it is the state funeral of the former president. The president is also present at this gathering. Highranking officials paying their last respects to the former president who passed away at the end of july. He was the fourth president of taiwan under the 1947 constitution. Some live images taking place across taiwan. That is the former president le julyhui who passed away 30. Lets turn our attention to hong kong, where you have the market open. It is fairly uneventful. If we had this open 90 minutes back, you probably would see more downside. Things are more stable compared to 6 00 a. M. Hong kong time. We will see as the day progresses as london opens up and digest the story of President Trump pushing back talks for further negotiation. Following the bottom of your screen, you might get a mini de ath cross with the 50 United States<\/a> today, there are only 38 women serving as ceos of fortune 500 companies. Griffith,se is tricia ceo of progressive, one of the largest Automobile Insurance Companies<\/a> in the United States<\/a>. She started as a claim adjuster and worked her way up to become the ceo. Since that time, the stock is up more than 175 . My mistake was i didnt know her then and i didnt buy stock in the company. If she ever goes somewhere else, im going to buy that stock right away. For those that arent familiar with progressive, and if you watch television, you would be familiar, im just curious, why is it that Automobile Insurance Companies<\/a> seem to advertise a lot . Is that because people will be guided by the advertisement . Tricia it is just a really competitive industry. It is something you are required to have, so it is not like if you pick a different soft drink or a beverage, but it is required. It is so competitive. To be top of mind, you really have to be advertising. David you have a famous character in some of your ads that plays a woman an insurance person. Does she get a certain percentage of the new business she brings in because shes so good . Paid per contract and shes doing fine. David lets talk about this year. A lot of the auto insurers are up this year in part because people arent driving as much and if you dont drive as much, it is hard to have an accident. I presume there are fewer people claiming an accident and therefore you dont have to pay out as much. Tricia i think that might be one piece, but weve also continued to grow, not only market share, based on units, policies, and really, if you think about it, immediately in march, vehicle miles traveled have been reduced, but as states have reopened, it continued to go up. We are still not precovid level of driving. We are about 8 to 10 down. But that gap is closing as we see more people driving more often. That lasted a couple months. Many companies gave back credit or have reduced rates. David if you get a rebate, that was because you thought it was a good idea or the regulators said you would have to give back money why did the insurers start giving back money . Tricia we did it because it was the right thing to do. We immediately saw vehicle miles traveled go down. It went back up quickly, but we sat down and said, we dont want margins that big. We want to be competitively priced. So we gave 20 credits for both april and may, and subsequently we went sort of statebystate, channel by channel, product byproduct. Weve had rate decreases in about 35 states. Those are baked in permanently. David today when people have an accident, the accidents are more expensive than they used to be. Is that because the cars are more complicated to repair . Tricia a couple reasons. One is the cars. I started as a claims rep and the cars in 1988, the bumper repair or replacement would be a couple hundred dollars. Now they can be upwards of 1000, 2000. In addition, think of the inflation of medical costs. If you are injured, that is another component of increased severity. David suppose i want to get insurance. Im 71 years old. Am i a good risk or would you rather have somebody who is 25 and more alert . Tricia that is one variable. We look at hundreds of variables. It depends on where you live, congested area, rural area, driving history, usagebased insurance, what time of day you drive, how many miles you drive, any violations theres so many things that go into it. David when i was a teenager, i was told that teenagers are not good drivers and insurance is expensive. Is that true today . That havingll say six people that drive in my family that weve added over the years, we call youthful drivers, the issue is that many are good but they havent had the experience. I remember saying, because a lot of times you get rate increases, i challenge that when i first got this job and then i realized, having six youthful drivers, there is a reason you pay more. David you are in Home Insurance<\/a> now. Why do you want to be in the Home Insurance<\/a> business . Tricia it was really access to more of the preferred customers. We had a relationship with asi for years. We had a small ownership. Their values were very much aligned with us. We decided to go ahead and purchase them. It has been a really nice transition. Picture,ng the whole auto, home, motorcycle, commercial, we are continuing to expand. It is really important to diversify. David is the Home Insurance<\/a> business profitable now . Tricia depends on what company you are talking about. We have struggled a little bit because of wind, hail, catastrophes, and we have been growing our model across the country. We are learning a lot about the product model. As you look at our results, we will be profitable, but we are doing the same thing we did on the auto side. We are getting surgical in our segmentation to understand the right rates. David are you thinking of getting into the life Insurance Business<\/a> . Tricia right now we have a great relationship with an affiliate partner that we get a commission when we send them to the company. That has been working really well. We are considering that. Companya Life Insurance<\/a> filed in ohio. David people say eventually there will be driverless or Autonomous Cars<\/a> and the theory is they will never have an accident. Is that something you worry about, or you are not going to worry about that now . Tricia from a society perspective, you want to have less accidents. Everyone has been affected by an auto accident. I dont put my head in the sand, but what i think about is realistic timing. That is also one of the reasons why i think about not just executing on our current plan, but expanding other possibilities for our business. When you look back at some of 2012, this type of car is going to be fully autonomous by 2020 or 2015 it will take longer. I know that. Preparing for a possible smaller Auto Insurance<\/a> industry, but we have so many other opportunities with adjacent models, including home and other things weve talked about, all the things weve expanded in the last couple years. David elon musk has said hes going to have an Autonomous Car<\/a> out there at some point. And hes also said anybody that is an insurance agent, why dont you call me up, because we are going to be in the automobile Insurance Business<\/a> is that something you are worried about . Tricia not really. David because . Tricia i think people love working here and we have a huge future. The technology is absolutely there. I can see a car going from point area, but theres a lot to be done. To go when you were able into your office, you were well known for walking into the cafeteria and sitting down with the average person. Why did you do that . Bread when you break with people, they open up to you. Things they want to change. David lets talk about progressives background. Great name, very positive word. Was that the original name of the company . Tricia it was the original name. The company was founded in 1937 by joe louis and jack green. They were attorneys in cleveland. They wanted to serve the nonstandard customers in cleveland that needed insurance, so they borrowed 10,000 from joe lewis motherinlaw and that is how progressive was born. You might know peter lewis, who ran the company for a long time. He was the second ceo. David how did you get started at progressive . University,nt to got a marketing degree. All through high school and college, i worked in retail. Thee i went to school is home office of state farm. Everybody was doing internships there. I was like, who wants to work in insurance . I went to a retail company. It was like a lowes or home depot. I was like, what am i doing . Im actually forklift certified. I was driving home one day with my hard hat and said, i have to look for something different. I wanted to work somewhere for a couple years, pay off my loans, then go to get my mba. I opened the classified ads. I had never heard of progressive. I thought, this sounds interesting. 19,000, that will help me pay off my debt. David the job is a claim adjuster. Tricia correct. If i had your claim and you were injured, i would talk to you about your injury and guide you through that. I would crawl under your car and let you know how much it took to get repaired. I also did special lines. I basically handled the entire file. Crawlingbody shops under cars, in your house, talking to you about your injury. David youve risen up from the lowest to the highest position and youve had many positions in between. One of them, which is very unusual to have, is the head of Human Resources<\/a>. How did you go from being head of Human Resources<\/a> to being ceo . Having mostly claims experience, i had a little bit of sales and claims, and my predecessor interviewed me. Not going toy because i dont have any hr experience. Frome kept calling me around the company, saying, you have to go for this. We need this. Finally, i had a preinterview lunch with glenn to see if i could go for it. He put my name in a hat and gave me the opportunity. The turninglly point in my career. I dide watched me and that for six years and made a lot of big injures that we still have now. The president of claims came up and that was her dream job. I love claims. I was able to do that. That is a big business. Then he gave me all things customer facing. I had call centers and claims. Then i was coo before the ceo role. So i really click it credit glenn for guiding me, coaching me, and sponsoring me. David as head of Human Resources<\/a>, you must have instituted some policies. Your company has been voted the number one most Diverse Company<\/a> in the United States<\/a> in some surveys. Is that something you implemented . Tricia yes. We started our initiatives in earnest when i was there. We started our first resource groups, africanamerican network and lgbt plus we really set forth a strategy of how we are going to make sure everyone can bring their whole self to work. We started looking at the data. We continue to work on it. It is not something where you can ever get a check mark. If you look at senior leadership, we have opportunities there. We are working on some aggressive objectives with my team to change that. David your chairman of the board is a woman and you are a woman. Is there any other fortune 500 company where the chairman and ceo is a woman . Tricia i dont think so. We have 12 members of our board and six are women and one is a female person of color. David when you were in line to be the ceo, did you think they were going to give the job for a woman or you thought they would find a white male to give it to . Tricia i was hoping they would give it to the person they thought was the best fit. I remember interviewing with the board for several years during the process. One of the Board Members<\/a> said to me, you want to be a ceo . That was what really was meaningful to me. Had i not gotten the role, i would still be here. There were lots of other opportunities to have a great ceo over there and myself. Able when you were to go into your office, you were well known for walking into the cafeteria and sitting down with the average person. Why did you do that . Tricia that is my way of getting to know people and really feeling what is going on with the company. When you break bread with people, they open up to you. About things they want to change. Because of my roots as a claims rep, i wondered what the executives did. We dont have an executive cafeteria. This is a very different type of company. It has motivated me to be a better leader. Every time i walk up to a table of people and say, can i join you and they give that look and i sat down, i had five new friends. It is important to be approachable. If you feel connected and trust your leader, you will run through the wall for them. David when you sit down with people at the cafeteria, do they ever say, i am underpaid . Tricia they sometimes talk about how they wish they could make more. People are pretty open and honest. David what would you say are the Leadership Qualities<\/a> you brought to the table or you most admire . Tricia i dont always have to be the smartest person in the room. I know what a team needs and i love having great debates. David as i talk to you, you are in your home . Tricia that is correct. Im in my little library. David and have you been running progressive from your Little Office<\/a> for a couple months now . Tricia ever since midmarch. I go in sometimes just to get my mail and check things out, but i dont see anyone. Where im sitting here, my son films me weekly so i can send a video to the progressive people. David has it been difficult to run the company remotely . Tricia it has been unusual and i dont love it because i love the interaction. The biggest part is the claims organization because that is facetoface. But we immediately were able to use videos and pictures to do the best job we could. And we are doing pretty well. Im very proud of the organization. David when the world comes back and we have a vaccine, do you expect that all your employees will come back and work in the offices, or do you think you could have people working remotely and save money . How do you think about this in the future . Tricia prior to covid, we had about 25 of our people work from home because it works better for them. We are doing some surveying as we think about what percentage that will still work for. I think in person, in the office, conversations are so important. I think it might increase from that 25 . If theres a vaccine and people feel comfortable, i think a lot of people will come into the office. I think that is something that weve worked through and done a really good job with technology, but i know many people miss it. David you and your husband have six children, right . Tricia yes. David when you have six children and you are running a company, isnt that kind of complicated . Tricia it was very complicated as i was going up through the ranks. My husband worked as well. When i was in hr, we met at progressive, we both had travel ,obs, and at one point he said when our oldest was going into high school, he said one of us probably needs to stay home. I think you have a longer runway. So he decided to stay home. But i treat it like everything else. Assume something might go wrong. When we were both traveling and i knew i had a presentation, i knew i would go into somebodys room and somebody would have an ear infection. So i created a network of friends who stayed home and did an oldfashioned bartering system. For ayou can take emma couple hours, i will babysit your kids on the weekend. You say arewould the Leadership Qualities<\/a> that you brought to the table or most admire . Tricia i think the ones i brought to the table where being genuine, being authentic, communicating just all the time, painting a picture of where i want the company to go. Only a people, you are leader if people want to follow you. So, do people want to follow you . Do you have a great attitude but also a certain paranoia to make sure we are doing well . I think what i am most proud of and i think why i continued to get jobs after that hr job, i formed really great teams. I dont always have to be the smartest person in the room. I know what a team needs and i love having great debates. The only thing better than those debates are the power and the unity when you come out and you are a leadership team. David sometimes people say it is difficult for women to have it all, to have a family and a great professional career. Youve obviously done it. If you were to give advice to some younger women . Tricia sometimes theres things you dont give up. Jack played high school and college football. It is important for me to go as many games as i could. I worked my way around that. Atetimes that meant working 10 00 at night to catch up on things, but it was worth it. My kids tell me, even now, you want to do more things than most stayathome moms. David if you would go to a Football Game<\/a> or Something Like<\/a> that, do people come up to you and say, you are the ceo of progressive, or do you avoid telling people . Tricia my husband says all the time, why do you play games with everyone . People say, where do you work . Insurance company. Where . Cleveland. All these things until finally, im the ceo. What i have found is that a good way to not get in a conversation is they say, what do you do, and i say, i sell insurance. I live in a smaller town. My kids go to a small catholic school. When i got the job, the day that it was announced, i was headed to our sons school to go to his lacrosse game. They kept saying, the wall street journal wants to talk to you. I said, let me call my mom. Let me call my sisters. Let me enjoy this. I finally said, stop calling me. I wanted to be present in the moment. I talked to my five other children. Jack was on the field. During halftime, i said, hi. He said, i know, you are trending on twitter. David suppose somebody came to you from ohio and said, you should be governor of ohio. Would you have any interest . Tricia i think government would frustrate me. I like to get things done. I like to move forward and im a big believer in compromise. I dont think government is in the future for me. I would love to do some philanthropy. Maybe a board or two. And do some things with my husband to help the country. David and the higher calling of private equity doesnt appeal to you . [laughter] tricia i will let you do that. Pleasure to have you on the program. You are looking at live pictures in taiwan, where it is the state funeral of the former president. The president is also present at this gathering. Highranking officials paying their last respects to the former president who passed away at the end of july. He was the fourth president of taiwan under the 1947 constitution. Some live images taking place across taiwan. That is the former president le julyhui who passed away 30. Lets turn our attention to hong kong, where you have the market open. It is fairly uneventful. If we had this open 90 minutes back, you probably would see more downside. Things are more stable compared to 6 00 a. M. Hong kong time. We will see as the day progresses as london opens up and digest the story of President Trump<\/a> pushing back talks for further negotiation. 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