1 00:00:00,080 --> 00:00:06,760 Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. 2 00:00:11,960 --> 00:00:15,560 Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along 3 00:00:15,600 --> 00:00:18,960 Speaker 2: with Paul Sweeney. Join us each day for insight from 4 00:00:18,960 --> 00:00:23,160 Speaker 2: the best in economics, finance, investment, and international relations. You 5 00:00:23,160 --> 00:00:26,520 Speaker 2: can also watch the show live on YouTube. Visit the 6 00:00:26,520 --> 00:00:31,280 Speaker 2: Bloomberg Podcast channel on YouTube to see the show weekday 7 00:00:31,320 --> 00:00:34,320 Speaker 2: mornings from seven to ten am Eastern from our global 8 00:00:34,360 --> 00:00:39,000 Speaker 2: headquarters in New York City. Subscribe to the podcast on Apple, Spotify, 9 00:00:39,360 --> 00:00:42,920 Speaker 2: or anywhere else you listen and always I'm Bloomberg Radio, 10 00:00:43,080 --> 00:00:46,280 Speaker 2: the Bloomberg Terminal, and the Bloomberg Business App. 11 00:00:46,520 --> 00:00:49,080 Speaker 1: Cam Dawson joining us now chief Investment Officer at New Edgewealth. 12 00:00:49,120 --> 00:00:51,479 Speaker 1: Great to have you with us here in studio. Let 13 00:00:51,520 --> 00:00:53,120 Speaker 1: me just get your reaction to these numbers and what 14 00:00:53,159 --> 00:00:55,520 Speaker 1: we heard from Neil there just a moment ago. It 15 00:00:55,600 --> 00:00:59,440 Speaker 1: sounds like the trajectory seems smooth, the glide path is smooth. 16 00:01:00,000 --> 00:01:03,360 Speaker 1: You're destined for this phantom soft landing. Your reaction to 17 00:01:03,400 --> 00:01:05,399 Speaker 1: the numbers we've got and how does that dovetail with 18 00:01:05,440 --> 00:01:08,080 Speaker 1: what you're strategizing and thinking about investments? 19 00:01:08,319 --> 00:01:11,000 Speaker 3: The data continues to thread this needle where it's not 20 00:01:11,200 --> 00:01:13,440 Speaker 3: hot enough that we need to take rate cuts off 21 00:01:13,480 --> 00:01:16,440 Speaker 3: the table, but it's also not cool enough to suggest. 22 00:01:16,160 --> 00:01:17,080 Speaker 2: That gold blocked. 23 00:01:17,400 --> 00:01:19,920 Speaker 3: Yeah, it's right in line in the sense that we 24 00:01:20,000 --> 00:01:22,039 Speaker 3: don't have to pull forward rate cuts. We don't have 25 00:01:22,080 --> 00:01:25,200 Speaker 3: to do fifty bases points in September. So it does 26 00:01:25,319 --> 00:01:28,119 Speaker 3: give the FED the ability to have a certain degree 27 00:01:28,120 --> 00:01:31,440 Speaker 3: of patients, which we think is actually good for equities. 28 00:01:31,800 --> 00:01:34,440 Speaker 3: Urgency would be bad if you're cutting because you have 29 00:01:34,520 --> 00:01:36,760 Speaker 3: to you have to get those cuts in. That would 30 00:01:36,800 --> 00:01:39,640 Speaker 3: be something we don't think risk assets would like game. 31 00:01:39,480 --> 00:01:41,120 Speaker 1: This out for us. Neil Dudda is saying, the next 32 00:01:41,120 --> 00:01:43,120 Speaker 1: stage of this is for the FED to figure out 33 00:01:43,200 --> 00:01:45,800 Speaker 1: what that cut cycle is going to be, like, how 34 00:01:45,800 --> 00:01:48,080 Speaker 1: do you navigate that, how do you think about equities 35 00:01:48,120 --> 00:01:50,520 Speaker 1: within the context of that uncertainty? What the FED is 36 00:01:50,560 --> 00:01:52,440 Speaker 1: going to do here after this begins. 37 00:01:52,640 --> 00:01:55,800 Speaker 3: The big, huge question mark is not when they start 38 00:01:55,840 --> 00:01:57,960 Speaker 3: in what they do in twenty four, it's how this 39 00:01:58,080 --> 00:02:01,440 Speaker 3: progresses in twenty five. You look through twenty six, there 40 00:02:01,480 --> 00:02:04,520 Speaker 3: is nine cuts priced in which, if you don't have 41 00:02:04,560 --> 00:02:07,800 Speaker 3: a recession, that's a really deep cutting cycle. Regardless of 42 00:02:07,840 --> 00:02:10,200 Speaker 3: what you think about where the rate real FED funds 43 00:02:10,280 --> 00:02:12,880 Speaker 3: rate should be. So when we think about the path 44 00:02:12,919 --> 00:02:15,280 Speaker 3: into twenty five, we think the FED will still be 45 00:02:15,360 --> 00:02:18,240 Speaker 3: data dependent, which is why we think that they want 46 00:02:18,280 --> 00:02:20,919 Speaker 3: to keep their options open in twenty four. Don't cut 47 00:02:20,960 --> 00:02:24,280 Speaker 3: it every meeting, don't accelerate cuts, because that then allows 48 00:02:24,320 --> 00:02:26,800 Speaker 3: them to be patient and see how the data comes 49 00:02:26,800 --> 00:02:27,480 Speaker 3: in in twenty five. 50 00:02:27,520 --> 00:02:30,239 Speaker 1: Yeah, I'm telling me to ignore the real rates. I think, yeah, 51 00:02:30,400 --> 00:02:31,280 Speaker 1: you love the real rate. 52 00:02:31,440 --> 00:02:34,639 Speaker 2: Well, no, I just look at it as range bound. Yes, 53 00:02:34,760 --> 00:02:38,280 Speaker 2: what I put Kim. The thing here with Kim Dawson 54 00:02:38,440 --> 00:02:41,680 Speaker 2: is there fluidity across the four accounting statements is an 55 00:02:41,760 --> 00:02:44,639 Speaker 2: act of God. We're starting to see earnings and it's 56 00:02:44,680 --> 00:02:47,200 Speaker 2: like the worry is OMG. Revenues aren't going to be 57 00:02:47,280 --> 00:02:49,840 Speaker 2: where they are free cash? How growth is not going 58 00:02:49,840 --> 00:02:53,920 Speaker 2: to be there? I'm saying, blowney, it's one by one 59 00:02:54,160 --> 00:02:58,880 Speaker 2: every stock matters. Do you detect a trend to day 60 00:02:59,560 --> 00:03:04,000 Speaker 2: in the dynamics of Kim Dawson ratios across seeing the 61 00:03:04,120 --> 00:03:05,760 Speaker 2: accounting statements. 62 00:03:05,400 --> 00:03:07,840 Speaker 3: There is a very important thing that we're seeing with 63 00:03:08,000 --> 00:03:12,440 Speaker 3: revenues versus earnings. Revenues aren't beating at a very high pace. 64 00:03:12,560 --> 00:03:15,119 Speaker 3: Only about forty percent of companies are beating on revenues, 65 00:03:15,840 --> 00:03:18,840 Speaker 3: but they're beating on earnings, which means companies are pulling 66 00:03:18,919 --> 00:03:21,280 Speaker 3: all these levers below the line in order to make 67 00:03:21,360 --> 00:03:24,959 Speaker 3: earnings materialize. And some of those are the quality, which 68 00:03:25,000 --> 00:03:27,160 Speaker 3: is why stocks haven't necessarily been reacting. 69 00:03:27,160 --> 00:03:29,840 Speaker 2: Well, well, she knows, she's laughing at me. 70 00:03:29,919 --> 00:03:30,560 Speaker 4: Can you see there? 71 00:03:31,160 --> 00:03:33,720 Speaker 2: Knows you know she's she's just laughing at me. Cam. 72 00:03:34,000 --> 00:03:38,360 Speaker 2: The bottom line is that theories there, But the key 73 00:03:38,440 --> 00:03:42,160 Speaker 2: thing is forty percent of stocks are getting it done. 74 00:03:42,280 --> 00:03:45,840 Speaker 2: How do you discern those forty percent of stocks that 75 00:03:45,920 --> 00:03:50,840 Speaker 2: are delivering unit and price revenue mix that gets it done. 76 00:03:50,960 --> 00:03:54,040 Speaker 3: It's pricing power. And I think this is the biggest 77 00:03:54,040 --> 00:03:56,400 Speaker 3: theme in question mark over the next World six. 78 00:03:56,720 --> 00:03:59,520 Speaker 2: I've written in the next week this is coming Jack Welch, 79 00:04:00,000 --> 00:04:00,560 Speaker 2: coming back. 80 00:04:00,680 --> 00:04:03,480 Speaker 3: Well, you were hearing from companies time and time again 81 00:04:03,560 --> 00:04:07,040 Speaker 3: that they're having trouble passing on higher cost to customers. 82 00:04:07,360 --> 00:04:09,960 Speaker 3: And this is because inflation is falling. When you see 83 00:04:09,960 --> 00:04:13,840 Speaker 3: CPI fall, that's effectively saying that companies aren't able to 84 00:04:13,880 --> 00:04:18,240 Speaker 3: pass on these higher prices. That translates to margin pressure 85 00:04:18,600 --> 00:04:21,599 Speaker 3: if this continues, and I think that that would be 86 00:04:21,640 --> 00:04:24,200 Speaker 3: the question for twenty five. Maybe the FED like said 87 00:04:24,240 --> 00:04:28,200 Speaker 3: inflation's falling, Maybe consumers like it. Corporate profits might not 88 00:04:28,360 --> 00:04:29,040 Speaker 3: like it as much. 89 00:04:29,240 --> 00:04:31,240 Speaker 1: Cam situate this for us and what we've seen over 90 00:04:31,279 --> 00:04:34,159 Speaker 1: the course of this week last week as well, everyone 91 00:04:34,240 --> 00:04:38,680 Speaker 1: is so blinded buyer distracted by handful of companies, by AI, 92 00:04:38,839 --> 00:04:42,400 Speaker 1: these megacap companies. How do you see through that? What's 93 00:04:42,440 --> 00:04:45,200 Speaker 1: your counsel to those who just have been distracted by 94 00:04:45,240 --> 00:04:47,720 Speaker 1: that for so long now and at this point seeing 95 00:04:47,720 --> 00:04:49,440 Speaker 1: the kind of rotation that we've seen or beginning to 96 00:04:49,480 --> 00:04:50,360 Speaker 1: look elsewhere. 97 00:04:50,600 --> 00:04:53,160 Speaker 3: So if we think about the rotation in the terms 98 00:04:53,279 --> 00:04:55,960 Speaker 3: of the accounting statements, I think it's actually an important 99 00:04:55,960 --> 00:04:59,440 Speaker 3: way to view things. Right now, lower quality companies are 100 00:04:59,560 --> 00:05:02,800 Speaker 3: rallying because they're getting balance sheet relief. What you're seeing 101 00:05:02,839 --> 00:05:05,120 Speaker 3: is that interest rates are falling, and people are hoping 102 00:05:05,160 --> 00:05:08,240 Speaker 3: that interest expense for those small caps, mostly those that 103 00:05:08,279 --> 00:05:11,560 Speaker 3: are unprofitable, will be easier. The thing that is the 104 00:05:11,640 --> 00:05:15,320 Speaker 3: question mark is if you continue to see this deceleration 105 00:05:15,560 --> 00:05:19,200 Speaker 3: and growth, do you get income statement pressure? So balance 106 00:05:19,200 --> 00:05:21,200 Speaker 3: sheet relief is one thing, but does it come with 107 00:05:21,240 --> 00:05:24,120 Speaker 3: income statement pressure, which is why we think you can 108 00:05:24,200 --> 00:05:28,279 Speaker 3: buy left behind areas like small caps, like international, like value, 109 00:05:28,600 --> 00:05:31,320 Speaker 3: but you have to focus on the high quality portions 110 00:05:31,360 --> 00:05:34,760 Speaker 3: of that market. Don't taste junk because junk will reverse 111 00:05:35,040 --> 00:05:36,440 Speaker 3: if you start to see softer growth. 112 00:05:36,440 --> 00:05:37,440 Speaker 2: Is junk. 113 00:05:37,839 --> 00:05:41,040 Speaker 3: No, Big tech isn't junk. But just because it's not 114 00:05:41,120 --> 00:05:44,599 Speaker 3: junk doesn't mean it necessarily was properly priced. If you 115 00:05:44,640 --> 00:05:47,760 Speaker 3: look at the valuations, they of the overall Tech index, 116 00:05:47,839 --> 00:05:50,599 Speaker 3: it was trading higher than it was in twenty twenty 117 00:05:50,600 --> 00:05:52,839 Speaker 3: one at the peak and twenty one. So we do 118 00:05:52,880 --> 00:05:55,400 Speaker 3: see valuation as a risk, as a thing that could 119 00:05:55,400 --> 00:05:58,440 Speaker 3: be reset, but that can be reset in the context 120 00:05:58,600 --> 00:06:01,760 Speaker 3: of a broader medium from uptrend. These areas are still 121 00:06:01,800 --> 00:06:05,560 Speaker 3: in uptrends, which we think need to be respected. At 122 00:06:05,600 --> 00:06:08,280 Speaker 3: a point. If you start to see earning's weakness, that's 123 00:06:08,320 --> 00:06:10,360 Speaker 3: when we'll change our mind and say you should trend 124 00:06:10,400 --> 00:06:11,839 Speaker 3: back on risk in some of these areas. 125 00:06:11,839 --> 00:06:13,760 Speaker 2: The key thing you're on a Friday or everybody's going 126 00:06:13,800 --> 00:06:16,480 Speaker 2: to cash to keep up with me. The bottom line 127 00:06:16,520 --> 00:06:18,239 Speaker 2: is you're still in a bullmarket mode. 128 00:06:18,440 --> 00:06:19,760 Speaker 3: Can anyone keep up now? 129 00:06:20,160 --> 00:06:23,159 Speaker 2: No, I'm trying to make the first folks, I'm looking 130 00:06:23,200 --> 00:06:25,400 Speaker 2: at an odd lot in Apple. I'm thinking like thirty 131 00:06:25,400 --> 00:06:28,359 Speaker 2: two shares, Yeah, Monday morning. But the answers, we're in 132 00:06:28,360 --> 00:06:30,360 Speaker 2: a bullmarket, get over it. 133 00:06:30,360 --> 00:06:33,240 Speaker 3: It is a market that has been absolutely demanding that 134 00:06:33,279 --> 00:06:36,839 Speaker 3: you respect the trend, and we still aren't oversold yet. 135 00:06:36,880 --> 00:06:39,520 Speaker 3: I think that is important to note. We've had this volatility, 136 00:06:39,880 --> 00:06:41,800 Speaker 3: but we're still in an up trend, which I think 137 00:06:41,880 --> 00:06:44,560 Speaker 3: should be respected until that changes. 138 00:06:44,720 --> 00:06:47,600 Speaker 2: Okay, the highlight of the week right well, right now, 139 00:06:47,720 --> 00:06:51,279 Speaker 2: we did led Zepplguy Okay, Lizzie Sauders is doing led Zeppelin. 140 00:06:51,360 --> 00:06:53,920 Speaker 2: Somebody else is doing led Zeppelin. Carl up in New 141 00:06:53,960 --> 00:06:57,719 Speaker 2: Hampshire emails in he's doing led Zeppelin. Madison Square Gardens 142 00:06:57,960 --> 00:07:01,040 Speaker 2: nineteen seventy three. Ken Dawson, you listen and do this 143 00:07:01,080 --> 00:07:03,039 Speaker 2: weekend led Zeppelin? 144 00:07:03,320 --> 00:07:05,760 Speaker 1: Wow, everyone is How did you know that? I just 145 00:07:05,839 --> 00:07:08,159 Speaker 1: know I've got his finger on the pul the Zeitgey's 146 00:07:08,160 --> 00:07:08,680 Speaker 1: on the pulse. 147 00:07:09,440 --> 00:07:13,120 Speaker 2: Told you Ki Ki, Kim won some LEDs upon love. 148 00:07:13,200 --> 00:07:15,240 Speaker 2: Kim Dawson, thank you so much to see you. But 149 00:07:15,400 --> 00:07:28,080 Speaker 2: do it's really really appreciate it. The politics of this 150 00:07:28,680 --> 00:07:32,520 Speaker 2: of this July is simple gir and izing Hail Mary's 151 00:07:32,520 --> 00:07:35,480 Speaker 2: that we won't have to work on Sunday. Also, Greg 152 00:07:35,520 --> 00:07:37,720 Speaker 2: Valier may not have to work on Sunday. Why don't 153 00:07:37,720 --> 00:07:40,720 Speaker 2: you bring in the exhausted Greg Valier of AGF. 154 00:07:40,920 --> 00:07:43,440 Speaker 1: Yes, Greg Valier joining us now with this important perspective 155 00:07:43,480 --> 00:07:46,560 Speaker 1: on what's happening in Washington, indeed, with this campaign overall, 156 00:07:46,560 --> 00:07:49,080 Speaker 1: and Greg, we're going to see this short video shot 157 00:07:49,120 --> 00:07:51,840 Speaker 1: of Kamala Harris taking a phone call from former President 158 00:07:51,920 --> 00:07:55,400 Speaker 1: Obama and Michelle Obama over and over and over again 159 00:07:55,400 --> 00:07:59,120 Speaker 1: at the last one hour is prologue here, explain the 160 00:07:59,160 --> 00:08:02,000 Speaker 1: significance of it. We have seen an incredibly rapid run 161 00:08:02,080 --> 00:08:04,520 Speaker 1: here since Joe Biden dropped out of the run for 162 00:08:04,560 --> 00:08:08,040 Speaker 1: reelection of Democrats getting in line to support him. What 163 00:08:08,200 --> 00:08:10,239 Speaker 1: is your sense of the significance here of this last 164 00:08:10,280 --> 00:08:12,880 Speaker 1: piece going into that puzzle, the Obama's throwing their support 165 00:08:13,000 --> 00:08:14,000 Speaker 1: behind the vice president. 166 00:08:14,880 --> 00:08:17,280 Speaker 4: Yeah, the party all of a sudden is looking pretty good, 167 00:08:17,320 --> 00:08:21,000 Speaker 4: pretty unified on a lot of issues. I think that 168 00:08:21,280 --> 00:08:24,600 Speaker 4: Obama coming on board is crucial, and I think the 169 00:08:24,680 --> 00:08:27,200 Speaker 4: Republicans have not had a good week at the polls, 170 00:08:27,520 --> 00:08:29,920 Speaker 4: and they definitely have not had a good week with 171 00:08:30,520 --> 00:08:33,720 Speaker 4: Taylor Swift and jd Vance and Katz, which is one 172 00:08:33,760 --> 00:08:36,360 Speaker 4: of the craziest issues I've ever seen in my career. 173 00:08:36,840 --> 00:08:39,160 Speaker 4: And Vance, I think is on the wrong side of 174 00:08:39,160 --> 00:08:39,880 Speaker 4: this issue. 175 00:08:40,400 --> 00:08:41,760 Speaker 1: On the Wright side of kats issues. 176 00:08:41,760 --> 00:08:46,200 Speaker 2: Anna Wong Chief Economists Bloomberg sent me a photo of 177 00:08:46,280 --> 00:08:50,920 Speaker 2: George Washington's painting in the National Gallery on this topic. 178 00:08:51,880 --> 00:08:54,439 Speaker 1: Yeah, and we're supposed to hear from Jade Vance later. 179 00:08:54,600 --> 00:08:56,400 Speaker 1: I think he's on Megan Kelly's show and she promises 180 00:08:56,440 --> 00:09:01,280 Speaker 1: she will ask the public comedy about his comment. 181 00:09:02,920 --> 00:09:03,439 Speaker 2: Offspring. 182 00:09:03,520 --> 00:09:08,240 Speaker 4: Yes, the thing is there's a there's a deeper story here, 183 00:09:08,240 --> 00:09:10,760 Speaker 4: as you guys of course know, and that is they 184 00:09:10,800 --> 00:09:15,880 Speaker 4: want to mock Kamala Harris as somebody who never got married, 185 00:09:15,960 --> 00:09:19,320 Speaker 4: never really had her own biological kids. I think that's 186 00:09:19,360 --> 00:09:22,240 Speaker 4: a it's a pretty dirty trick, and I think they 187 00:09:22,320 --> 00:09:26,480 Speaker 4: are trying to make an argument that childless, cat owning 188 00:09:26,840 --> 00:09:30,360 Speaker 4: women are hurting the country. I mean, if that's just 189 00:09:30,640 --> 00:09:32,800 Speaker 4: crazy stuff, you can't make this stuff up. 190 00:09:33,800 --> 00:09:35,960 Speaker 1: Craig, what is sticking you know? I think that this 191 00:09:36,080 --> 00:09:39,120 Speaker 1: threw everything out of whack. Of course, the departure of 192 00:09:39,200 --> 00:09:41,600 Speaker 1: Joe Biden in this race, the introduction of Kamala Harris's 193 00:09:41,679 --> 00:09:46,240 Speaker 1: as the presumptive nominee. You see the Trump campaign fumbling 194 00:09:46,240 --> 00:09:48,200 Speaker 1: a bit here. We got this statement last night saying 195 00:09:48,200 --> 00:09:50,480 Speaker 1: they're not going to commit to a debate later this 196 00:09:50,640 --> 00:09:53,960 Speaker 1: later this year until Kamala Harris gets the official nomination 197 00:09:54,040 --> 00:09:56,400 Speaker 1: from the Democratic Party. What does all this say to 198 00:09:56,440 --> 00:09:58,839 Speaker 1: you and what's your sense of how that line of 199 00:09:58,880 --> 00:10:01,160 Speaker 1: attack is coming focus so much as it is? 200 00:10:02,000 --> 00:10:04,680 Speaker 4: Yeah, you know, it's still July, you know, and I 201 00:10:04,720 --> 00:10:08,360 Speaker 4: don't want to over emphasize. I've never believed a campaign 202 00:10:08,640 --> 00:10:11,800 Speaker 4: really got underway until after Labor Day, so it's a 203 00:10:11,880 --> 00:10:14,280 Speaker 4: time for them to iron out their soundbites and to 204 00:10:14,559 --> 00:10:17,600 Speaker 4: get things in line for September. But it's not a 205 00:10:17,600 --> 00:10:20,400 Speaker 4: fatal week for the Republicans, but they can't keep having 206 00:10:20,440 --> 00:10:22,280 Speaker 4: weeks like this over and over. 207 00:10:22,559 --> 00:10:25,360 Speaker 2: Should they do the VP thing before the Sunday talk 208 00:10:25,440 --> 00:10:29,600 Speaker 2: shows or should they really wait till August fourth before 209 00:10:29,760 --> 00:10:31,000 Speaker 2: virtual anointment. 210 00:10:32,320 --> 00:10:35,240 Speaker 4: I would advise them to tease it like Trump has. 211 00:10:35,440 --> 00:10:37,640 Speaker 4: There's no need to come out with it right away. 212 00:10:37,679 --> 00:10:40,120 Speaker 4: I think it's down to two candidates. Tom It would 213 00:10:40,160 --> 00:10:43,040 Speaker 4: either be Mark Kelly of Arizona, who I think will 214 00:10:43,040 --> 00:10:46,320 Speaker 4: be the pick, or maybe Josh Shapiro, who's very good 215 00:10:46,360 --> 00:10:48,440 Speaker 4: also help us with. 216 00:10:48,360 --> 00:10:51,400 Speaker 1: That calculus there, You look at those two very capable 217 00:10:51,440 --> 00:10:54,840 Speaker 1: candidates for that position. Give us the pluses and minuses 218 00:10:54,840 --> 00:10:57,560 Speaker 1: for each, if you would, Greg Well. 219 00:10:57,520 --> 00:11:01,680 Speaker 4: I would say, for Kelly, he's not in a state 220 00:11:01,679 --> 00:11:04,880 Speaker 4: with a huge amount of Electoral College votes, a state 221 00:11:04,920 --> 00:11:08,640 Speaker 4: the Democrats probably going to lose anyway, so that's a factor. 222 00:11:09,240 --> 00:11:13,160 Speaker 4: And for Shapiro, he's very young, he's not totally experienced, 223 00:11:13,600 --> 00:11:16,840 Speaker 4: but I think he is. He has a lot of upside. 224 00:11:16,880 --> 00:11:20,800 Speaker 4: He's a quality candidate who could maybe make the difference 225 00:11:20,840 --> 00:11:21,800 Speaker 4: of a point or two. 226 00:11:22,600 --> 00:11:25,120 Speaker 1: Greg, I want to get your observations of how these 227 00:11:25,200 --> 00:11:27,960 Speaker 1: last few days have gone. I think what's really fascinating 228 00:11:28,000 --> 00:11:30,040 Speaker 1: to me is, you know, Joe Biden has a very 229 00:11:30,080 --> 00:11:33,239 Speaker 1: close inner circle, but he had a pretty sprawling campaign apparatus, 230 00:11:33,320 --> 00:11:36,160 Speaker 1: and really in a matter of hours they took out 231 00:11:36,160 --> 00:11:38,480 Speaker 1: the candidate and put a new one in. And it 232 00:11:38,559 --> 00:11:42,120 Speaker 1: seems like that mechanism is working pretty seamlessly with that 233 00:11:42,240 --> 00:11:45,280 Speaker 1: new candidate. That's a surprise to me. I wonder if 234 00:11:45,320 --> 00:11:47,240 Speaker 1: it is to you, And I'd love your counsel with 235 00:11:47,320 --> 00:11:48,960 Speaker 1: the campaign of what they need to continue to do 236 00:11:49,000 --> 00:11:50,160 Speaker 1: to keep it running efficiently. 237 00:11:50,200 --> 00:11:53,720 Speaker 4: And Well, it's a good question, David, and it is 238 00:11:53,760 --> 00:11:55,800 Speaker 4: a bit of a surprise. I do think there'll be 239 00:11:55,880 --> 00:12:01,680 Speaker 4: more legal action with the Republican saying that the Democrats 240 00:12:01,720 --> 00:12:04,000 Speaker 4: didn't have the right to transfer all of this money. 241 00:12:04,280 --> 00:12:07,079 Speaker 4: There's talk of trying to impeach Kamala Harris. I mean, 242 00:12:07,080 --> 00:12:09,520 Speaker 4: that's not going to happen. But the one thing that 243 00:12:09,559 --> 00:12:13,600 Speaker 4: stands out for me is that the Republicans still really 244 00:12:13,640 --> 00:12:16,960 Speaker 4: don't have an angle to attack her on. I don't 245 00:12:16,960 --> 00:12:20,720 Speaker 4: think they're quite sure yet where their strongest point is, 246 00:12:21,000 --> 00:12:23,080 Speaker 4: and they got to get that decided pretty soon. 247 00:12:23,240 --> 00:12:26,960 Speaker 2: Are they having meetings now in mar Laga wherever? Are 248 00:12:27,040 --> 00:12:31,120 Speaker 2: they having meetings in weeks where they say we've got 249 00:12:31,160 --> 00:12:33,679 Speaker 2: to move to the middle where they do a Reagan 250 00:12:34,280 --> 00:12:36,319 Speaker 2: or is that just not part of the vocabulary. 251 00:12:37,440 --> 00:12:39,719 Speaker 4: I don't think it's part of the vocabulary, Tom. I 252 00:12:39,800 --> 00:12:42,200 Speaker 4: think this is a group that is going to move 253 00:12:42,240 --> 00:12:45,240 Speaker 4: to the right, just as the Democrats eventually probably will 254 00:12:45,240 --> 00:12:48,040 Speaker 4: move to the left. But I don't see any sign 255 00:12:48,080 --> 00:12:50,319 Speaker 4: in the Republican Party that they're going to try to 256 00:12:50,360 --> 00:12:53,679 Speaker 4: win over, for example, Nicky Haley voters. I think that's 257 00:12:53,720 --> 00:12:54,480 Speaker 4: a big mistake. 258 00:12:54,760 --> 00:12:56,920 Speaker 2: Woll Greg Value, you think it's so much eventful. I 259 00:12:56,920 --> 00:13:00,840 Speaker 2: hope we do not talk to you Sunday afternoon or evening, 260 00:13:00,920 --> 00:13:08,040 Speaker 2: mister Valier with AGF it's a mustard morning note and 261 00:13:08,120 --> 00:13:11,760 Speaker 2: now an important conversation. I want to drive the conversation forward, 262 00:13:12,280 --> 00:13:15,720 Speaker 2: which you can always do with gene Monster deepwater asset Management. 263 00:13:15,760 --> 00:13:18,000 Speaker 2: One of the high points of the summer was a 264 00:13:18,120 --> 00:13:21,960 Speaker 2: lengthy Nathan Hager conversation with Dan Ives and gene Monster 265 00:13:22,679 --> 00:13:28,040 Speaker 2: that was to be kind informative Gene Monster. Brent Braselin 266 00:13:28,320 --> 00:13:31,960 Speaker 2: over at Piper Sandler Year Old Watch has an overweight 267 00:13:32,080 --> 00:13:41,079 Speaker 2: on Microsoft. Loop has a strong strong effort there as well. Over. 268 00:13:41,800 --> 00:13:44,319 Speaker 2: You know where you were years ago, You're now at 269 00:13:44,320 --> 00:13:46,959 Speaker 2: deep water and I don't think you're doing by holds sell, 270 00:13:47,600 --> 00:13:51,160 Speaker 2: but everybody else is saying if you're going to do AI, 271 00:13:51,600 --> 00:13:55,960 Speaker 2: Microsoft is a conservative play, are they? 272 00:13:56,880 --> 00:13:58,840 Speaker 5: I think there's a lot of better places to be 273 00:13:58,960 --> 00:14:02,200 Speaker 5: and maybe taking a step back, is that the first 274 00:14:02,320 --> 00:14:05,040 Speaker 5: question that we should ask is do you believe or 275 00:14:05,400 --> 00:14:08,359 Speaker 5: to what degree do you believe that AI will be transformative? 276 00:14:08,360 --> 00:14:09,880 Speaker 5: And if you're in the camp that this is going 277 00:14:09,960 --> 00:14:13,880 Speaker 5: to be something that comes close, meets or exceeds the hype, 278 00:14:14,280 --> 00:14:16,480 Speaker 5: then Microsoft is going to go up. There's no doubt 279 00:14:16,520 --> 00:14:20,480 Speaker 5: about it. I think there are better places to invest 280 00:14:20,640 --> 00:14:24,600 Speaker 5: related to AI, which just given their pole position, may 281 00:14:24,600 --> 00:14:27,000 Speaker 5: seem a little bit out of touch. But the simple 282 00:14:27,080 --> 00:14:31,280 Speaker 5: reason is that Microsoft doesn't have full control of their 283 00:14:31,360 --> 00:14:34,720 Speaker 5: AI destiny. Is that they of course work closely with 284 00:14:34,840 --> 00:14:39,440 Speaker 5: open AI, but their ownership is not in equity ownership. 285 00:14:39,440 --> 00:14:42,040 Speaker 5: It's related to revenue, so they open EI can do 286 00:14:42,120 --> 00:14:45,560 Speaker 5: things like do a deal with Apple, and ultimately is 287 00:14:46,280 --> 00:14:48,760 Speaker 5: Microsoft has worked more, is building more of these small 288 00:14:48,840 --> 00:14:52,360 Speaker 5: language models to try to diversify, and so I think 289 00:14:52,400 --> 00:14:55,800 Speaker 5: that they will clearly benefit. But we think that the 290 00:14:55,880 --> 00:14:59,720 Speaker 5: best position company, despite the news yesterday around search GPT, 291 00:15:00,520 --> 00:15:02,840 Speaker 5: is Google. And just to put that into the contrast 292 00:15:02,840 --> 00:15:07,320 Speaker 5: to Microsoft is Google. They own their foundation, large language model, 293 00:15:07,520 --> 00:15:11,120 Speaker 5: they have advanced Silicon, and they have distribution of six 294 00:15:11,160 --> 00:15:13,920 Speaker 5: products that have a billion or more daily active users. 295 00:15:13,960 --> 00:15:16,680 Speaker 5: And that's something. Those are three things that Microsoft can 296 00:15:16,760 --> 00:15:17,880 Speaker 5: only claim two of. 297 00:15:18,520 --> 00:15:20,640 Speaker 1: Geane, there's so much of this that's hoping, a prayer 298 00:15:20,680 --> 00:15:23,000 Speaker 1: and a promise when it comes to AI. So, picking 299 00:15:23,080 --> 00:15:24,760 Speaker 1: up on what you said, and Tom's good counsel that 300 00:15:24,760 --> 00:15:26,960 Speaker 1: we should look forward, let me look back only briefly 301 00:15:27,000 --> 00:15:29,240 Speaker 1: to say, what can we take away from what we 302 00:15:29,280 --> 00:15:32,800 Speaker 1: heard from Google, from Alphabet this week and layer that 303 00:15:32,840 --> 00:15:34,200 Speaker 1: onto what we're going to hear next week from these 304 00:15:34,240 --> 00:15:36,520 Speaker 1: other companies. I hear what you're saying about Microsoft in 305 00:15:36,560 --> 00:15:39,120 Speaker 1: the way that they're approaching AI. But is there the 306 00:15:39,120 --> 00:15:41,360 Speaker 1: potential that this is perhaps a savvy move in that, 307 00:15:41,440 --> 00:15:44,200 Speaker 1: you know, if this doesn't pan out to be as transformed, 308 00:15:44,280 --> 00:15:47,800 Speaker 1: as widely transformative as many people think, not being all 309 00:15:47,840 --> 00:15:49,520 Speaker 1: in on it might in fact be a good thing 310 00:15:49,560 --> 00:15:50,120 Speaker 1: going forward. 311 00:15:52,280 --> 00:15:56,440 Speaker 5: Well, I think it would be a historical mistake if 312 00:15:56,440 --> 00:15:58,600 Speaker 5: they're not in that. That's my opinion. But let's take 313 00:15:58,640 --> 00:16:03,440 Speaker 5: the approach that the approach that they're spending a lot 314 00:16:03,440 --> 00:16:06,080 Speaker 5: of money and it may be not money well spent. 315 00:16:06,120 --> 00:16:08,400 Speaker 5: So just quickly to kind of frame that in is 316 00:16:08,440 --> 00:16:11,960 Speaker 5: that these companies are spending about fifty billion a year 317 00:16:12,000 --> 00:16:13,880 Speaker 5: on capex. So you figure over a three year period, 318 00:16:13,920 --> 00:16:17,040 Speaker 5: one hundred and fifty billion, they're generating about one hundred 319 00:16:17,040 --> 00:16:20,440 Speaker 5: billion a year in income. Of that cappex. By the way, 320 00:16:20,480 --> 00:16:23,040 Speaker 5: about half of it is related to AI. So said 321 00:16:23,080 --> 00:16:26,600 Speaker 5: another way, seventy five billion over three years. Their market 322 00:16:26,640 --> 00:16:30,560 Speaker 5: caps are two plus trillion dollars, and as Zuckerberg said 323 00:16:30,800 --> 00:16:34,920 Speaker 5: this weekend, is Bloomberg podcast that there's just too much 324 00:16:35,040 --> 00:16:38,320 Speaker 5: risk if they don't pursue this, because it is the 325 00:16:38,840 --> 00:16:40,760 Speaker 5: biggest changes he talked about in the next ten to 326 00:16:40,800 --> 00:16:42,360 Speaker 5: fifteen years. I think it's the biggest change in the 327 00:16:42,360 --> 00:16:45,920 Speaker 5: next fifty. But the point is is that I think 328 00:16:46,000 --> 00:16:49,960 Speaker 5: that if one of these companies takes the approach of 329 00:16:50,440 --> 00:16:53,520 Speaker 5: let's save ten billion dollars here, ten billion dollars there 330 00:16:53,920 --> 00:16:56,680 Speaker 5: over a over a year period, I think it could 331 00:16:56,760 --> 00:17:00,880 Speaker 5: be just a historic mistake. And so they get it. 332 00:17:01,200 --> 00:17:03,480 Speaker 5: Google set it, Sundar set on their call that they 333 00:17:03,520 --> 00:17:07,520 Speaker 5: have to continue to embrace capex and ultimately David that 334 00:17:07,520 --> 00:17:10,359 Speaker 5: that is the that's the central question of what AI 335 00:17:10,400 --> 00:17:12,480 Speaker 5: investors should focus in on, at least over the next 336 00:17:12,560 --> 00:17:15,359 Speaker 5: year or two years, is what does that capex pace 337 00:17:15,440 --> 00:17:15,840 Speaker 5: look like. 338 00:17:16,080 --> 00:17:18,840 Speaker 2: I mean, the zuck is with Emily, Okay, fine, we 339 00:17:18,920 --> 00:17:20,760 Speaker 2: got to get gene Monster on the big take with 340 00:17:20,840 --> 00:17:21,440 Speaker 2: David Gura. 341 00:17:22,080 --> 00:17:24,080 Speaker 1: I mean, you know, I'd love it. 342 00:17:24,160 --> 00:17:25,160 Speaker 2: You know, I think we can't. 343 00:17:25,200 --> 00:17:27,000 Speaker 1: We can't shoot it as beautiful as Emily shot that 344 00:17:27,000 --> 00:17:27,800 Speaker 1: interview with Zuckerberg. 345 00:17:27,840 --> 00:17:31,159 Speaker 2: No, we can't. So that's great. Gene Monster. Tell me 346 00:17:31,240 --> 00:17:34,600 Speaker 2: about Apple. I guess they're doing Apple intelligence. It's not 347 00:17:34,720 --> 00:17:38,919 Speaker 2: really AI, it's pretend AI. Forget about it. Everybody in 348 00:17:38,960 --> 00:17:41,560 Speaker 2: this room are going to have to buy six, seven, 349 00:17:41,720 --> 00:17:47,840 Speaker 2: eight iPhones come September October? Are we all sleeping into September? 350 00:17:48,080 --> 00:17:49,480 Speaker 2: When Apple stuns us? 351 00:17:51,680 --> 00:17:53,359 Speaker 5: I think this stunt is going to be over the 352 00:17:53,400 --> 00:17:57,680 Speaker 5: next year. And ultimately is that these features, well, they've 353 00:17:57,720 --> 00:18:00,800 Speaker 5: been around for a year plus. Is that the fact 354 00:18:00,840 --> 00:18:02,919 Speaker 5: that Apple is going to make them just work so 355 00:18:03,280 --> 00:18:06,160 Speaker 5: seamlessly together. I think this is going to expose what 356 00:18:06,359 --> 00:18:09,240 Speaker 5: I estimate twenty percent of the world to these AI 357 00:18:09,400 --> 00:18:12,200 Speaker 5: tools many times a day, could be ten, twenty hundreds 358 00:18:12,200 --> 00:18:14,560 Speaker 5: of times a day, and that is going to create 359 00:18:14,600 --> 00:18:17,280 Speaker 5: a powerful upgrade cycle. The next three years for Apple 360 00:18:17,560 --> 00:18:20,960 Speaker 5: is going to be clear sailing. And I use those 361 00:18:21,000 --> 00:18:23,959 Speaker 5: words with caution because you always want to have your 362 00:18:24,000 --> 00:18:26,560 Speaker 5: guard open. But I think that this upgrade cycle, like 363 00:18:26,600 --> 00:18:30,480 Speaker 5: you said, is going to be breathtaking. So I think 364 00:18:30,600 --> 00:18:32,800 Speaker 5: that this is I own Apple, my personal account. I 365 00:18:32,800 --> 00:18:33,800 Speaker 5: think it's going to continue to do. 366 00:18:33,880 --> 00:18:36,560 Speaker 2: Well. What's your Some of the parts on Apple come on, 367 00:18:37,760 --> 00:18:40,240 Speaker 2: so I think that they can come on. 368 00:18:42,200 --> 00:18:44,720 Speaker 5: So I have to preface not investment advice, but the 369 00:18:44,720 --> 00:18:46,679 Speaker 5: way I think about it is that. I think that 370 00:18:46,720 --> 00:18:49,119 Speaker 5: they can earn nine dollars in about a year and 371 00:18:49,160 --> 00:18:52,240 Speaker 5: a half. And I think a reasonable model is kind 372 00:18:52,240 --> 00:18:56,600 Speaker 5: of a low thirties thirty multiple. At the peak of 373 00:18:56,640 --> 00:18:58,880 Speaker 5: the dot com was one hundred multiples across the board. 374 00:18:58,880 --> 00:19:01,280 Speaker 5: I think low thirties is very reasonable and kind of 375 00:19:01,320 --> 00:19:03,440 Speaker 5: gets to about a three hundred and fifteen dollars stock. 376 00:19:04,119 --> 00:19:07,720 Speaker 1: He is that good, I mean, Jean Munster perfectly. 377 00:19:07,960 --> 00:19:10,399 Speaker 2: He's gonna come in here someday with a lime green 378 00:19:10,520 --> 00:19:13,920 Speaker 2: jacket in a flower shirt with a pair of Nikes. 379 00:19:14,000 --> 00:19:17,399 Speaker 2: Nobody in Minnesota has us, Jean Monster, thank you for 380 00:19:17,440 --> 00:19:20,520 Speaker 2: being like Dan Eyes greatly appreciate that, mister. And really 381 00:19:20,520 --> 00:19:23,479 Speaker 2: a high point of the summer, seriously is Deep Water's 382 00:19:23,520 --> 00:19:26,960 Speaker 2: Geene Monster with Dan Eyes of Wedbush Smart. You agree 383 00:19:27,000 --> 00:19:38,879 Speaker 2: or disagree, doesn't matter you, Janie. Look at the front 384 00:19:38,880 --> 00:19:43,520 Speaker 2: pages the Olympic version with Lisa Matteo and Matt Aveton's 385 00:19:43,560 --> 00:19:46,080 Speaker 2: premiere pa Lisa Matteo. 386 00:19:45,760 --> 00:19:49,120 Speaker 6: Yeah what he said, that's right, We're talking about the 387 00:19:49,160 --> 00:19:53,760 Speaker 6: Paris Olympics. Okay, so kicks off. But they wanted to 388 00:19:53,800 --> 00:19:56,480 Speaker 6: make the Olympic village perfect for these athletes, right, so 389 00:19:56,560 --> 00:19:59,280 Speaker 6: they invested in all these things, but one thing that 390 00:19:59,359 --> 00:20:02,000 Speaker 6: they forgot was, well they didn't actually forget, but an 391 00:20:02,080 --> 00:20:05,200 Speaker 6: oversight was air conditioning. No air conditions, no air conditioning, 392 00:20:05,480 --> 00:20:09,199 Speaker 6: no like no. So here's what's happening. They wanted to 393 00:20:09,240 --> 00:20:11,760 Speaker 6: be more friendly for the environment. That's why they chose 394 00:20:11,800 --> 00:20:14,720 Speaker 6: not to do it. So they have these ruling floors. 395 00:20:14,800 --> 00:20:18,080 Speaker 6: So so water goes through the floors and it, you know, 396 00:20:18,160 --> 00:20:20,480 Speaker 6: drops the temperature by ten to twenty degrees, but it's 397 00:20:20,520 --> 00:20:23,040 Speaker 6: still between seventy three and seventy nine degrees, so it's 398 00:20:23,040 --> 00:20:27,760 Speaker 6: still warm for them. So you can purchase portable air conditions. 399 00:20:27,920 --> 00:20:30,960 Speaker 6: It's an option, it's an upgrade. So guess which team 400 00:20:31,400 --> 00:20:32,879 Speaker 6: has the most options. 401 00:20:32,920 --> 00:20:36,000 Speaker 7: That would be Team USA. 402 00:20:35,080 --> 00:20:38,880 Speaker 2: Tuesday ninety two degrees. In August a million years ago 403 00:20:38,960 --> 00:20:42,080 Speaker 2: was one hundred and four. Okay, so what is the 404 00:20:42,200 --> 00:20:42,960 Speaker 2: America doing. 405 00:20:43,400 --> 00:20:48,000 Speaker 6: America is taking the option doing the portable air conditioning units. 406 00:20:48,040 --> 00:20:50,800 Speaker 6: They have five hundred and ninety two members on their team. Okay, 407 00:20:50,840 --> 00:20:53,879 Speaker 6: so they have that many units in every room, some 408 00:20:53,960 --> 00:20:56,119 Speaker 6: for the common areas. But there are some teams who 409 00:20:56,160 --> 00:20:58,000 Speaker 6: are not opting for it. They're going to sweat it out. 410 00:20:58,160 --> 00:21:01,920 Speaker 6: That is Germany. They have three hundred and fifty athletes. 411 00:21:02,040 --> 00:21:04,159 Speaker 6: Only eleven units have been ordered. 412 00:21:04,480 --> 00:21:06,960 Speaker 2: So what does that mean when America turns out the 413 00:21:06,960 --> 00:21:12,720 Speaker 2: air conditioners font and blue DIBs, it's not flash all 414 00:21:12,840 --> 00:21:17,679 Speaker 2: right yet that's very fresh. I mean Pharaoh's like this Pharaoh, 415 00:21:18,160 --> 00:21:20,080 Speaker 2: you know, the Pharaoh clan. They own half of the 416 00:21:20,080 --> 00:21:23,520 Speaker 2: Midlands and they don't have any air condition And when 417 00:21:23,520 --> 00:21:27,160 Speaker 2: it's like ninety five in the United Kingdom, there's. 418 00:21:27,000 --> 00:21:28,360 Speaker 4: Like nothing in the building. See. 419 00:21:28,359 --> 00:21:30,240 Speaker 6: I didn't realize this when people I've had friends who 420 00:21:30,280 --> 00:21:31,760 Speaker 6: went to Europe and they're like, they have no air 421 00:21:31,760 --> 00:21:33,320 Speaker 6: condition I'm like, what are you talking about. 422 00:21:34,280 --> 00:21:36,720 Speaker 2: Share up North is like it's like peaky blinders. I 423 00:21:36,720 --> 00:21:39,600 Speaker 2: mean he grew up. It was just like peaky blinders 424 00:21:39,840 --> 00:21:42,760 Speaker 2: and they don't have air conditioning. And those stone you. 425 00:21:42,720 --> 00:21:45,359 Speaker 1: Know, the miners, you didn't have it Rochester. 426 00:21:45,920 --> 00:21:49,120 Speaker 2: No, we we had screens to keep them lucky. 427 00:21:49,400 --> 00:21:49,600 Speaker 1: Yeah. 428 00:21:50,520 --> 00:21:53,159 Speaker 2: Yeah, I mean you didn't go outside. The deer flies 429 00:21:53,160 --> 00:21:53,840 Speaker 2: are so vicious. 430 00:21:54,000 --> 00:21:56,720 Speaker 6: Next, this I thought was interesting. This stood out to me. 431 00:21:56,800 --> 00:21:59,160 Speaker 6: I'm City Hall in New York City seeing a rise 432 00:21:59,160 --> 00:22:01,720 Speaker 6: in the number of micrids that are going to get married. 433 00:22:02,600 --> 00:22:04,200 Speaker 6: A lot of them spoke to the New York Times. 434 00:22:04,200 --> 00:22:05,960 Speaker 6: So the New York Times put this article together and 435 00:22:06,000 --> 00:22:08,520 Speaker 6: they said they're longtime couples, right, they never married in 436 00:22:08,600 --> 00:22:13,000 Speaker 6: Latin America, where consentral unions are common, people don't get 437 00:22:13,000 --> 00:22:15,639 Speaker 6: married there as often. But now they're being advised by 438 00:22:15,720 --> 00:22:19,919 Speaker 6: immigration lawyers social workers to formalize it because it could 439 00:22:19,960 --> 00:22:22,000 Speaker 6: that certificate that they get it might help in their 440 00:22:22,000 --> 00:22:25,080 Speaker 6: efforts to get asylum. So that's why you're starting to see. 441 00:22:25,960 --> 00:22:27,359 Speaker 2: This is a huge election issue. 442 00:22:28,720 --> 00:22:31,760 Speaker 1: Immigration, definitely a huge immigration and migration. 443 00:22:31,960 --> 00:22:34,919 Speaker 2: Yes, it's two separate things, very true. It's got to 444 00:22:34,960 --> 00:22:35,840 Speaker 2: be right up front. 445 00:22:35,960 --> 00:22:37,479 Speaker 1: Yeah, and I think we'll see a lot of scrutiny 446 00:22:37,520 --> 00:22:39,320 Speaker 1: on how this has played out in New York and 447 00:22:39,440 --> 00:22:42,800 Speaker 1: other cities. And we've had what two hundred thousand migrants, 448 00:22:43,840 --> 00:22:45,560 Speaker 1: I will say, when I was down covering a court 449 00:22:45,600 --> 00:22:47,960 Speaker 1: case a few months back, flood of people getting married. 450 00:22:48,000 --> 00:22:51,480 Speaker 1: It is if you come to New York, see it downtown. Yeah, 451 00:22:51,520 --> 00:22:56,800 Speaker 1: I have been. You've been, no. 452 00:22:57,920 --> 00:23:02,840 Speaker 2: Door, Okay, I have had the privallege of you. 453 00:23:02,920 --> 00:23:03,879 Speaker 1: Okay over there. 454 00:23:04,000 --> 00:23:09,000 Speaker 2: Oh you think that's funny, mademoiselle mateo, continue have some 455 00:23:09,080 --> 00:23:13,560 Speaker 2: bluten here, have some bluten conta. 456 00:23:14,000 --> 00:23:15,240 Speaker 6: Okay, this one is for you, Tom. 457 00:23:15,240 --> 00:23:15,560 Speaker 3: Okay. 458 00:23:15,600 --> 00:23:17,560 Speaker 6: So this was from the Financial Times. They kind of 459 00:23:17,600 --> 00:23:21,440 Speaker 6: broke down the question of can we afford another dog? Okay, 460 00:23:21,520 --> 00:23:23,760 Speaker 6: because people are saying, when your dog passes, do you 461 00:23:23,800 --> 00:23:26,199 Speaker 6: want to get another one? So they broke down some 462 00:23:26,240 --> 00:23:28,119 Speaker 6: of the number. This is in the UK though, so 463 00:23:28,320 --> 00:23:29,879 Speaker 6: it might be a little bit different. You're gonna have 464 00:23:29,880 --> 00:23:32,200 Speaker 6: to tell me if it's different here. But dog ownership 465 00:23:32,200 --> 00:23:34,360 Speaker 6: they said cost anywhere from twenty five hundred to thirty 466 00:23:34,359 --> 00:23:36,520 Speaker 6: five hundred a year. They say, it's not true, it's 467 00:23:36,560 --> 00:23:39,480 Speaker 6: more than that because they have the fancy pet really 468 00:23:39,720 --> 00:23:43,440 Speaker 6: retailer Mungo and mad. I don't know if you go there. 469 00:23:43,480 --> 00:23:45,520 Speaker 6: Maybe that's just a UK thing, but you can get 470 00:23:45,520 --> 00:23:49,680 Speaker 6: there Bob and dog bag for nine hundred and ten dollars. Okay, 471 00:23:49,720 --> 00:23:50,919 Speaker 6: so that's the fancy stuff. 472 00:23:50,960 --> 00:23:52,000 Speaker 3: Then you have the food. 473 00:23:52,320 --> 00:23:55,920 Speaker 6: The price of kennel's when you go on vacation kennel fee, yes. 474 00:23:55,760 --> 00:23:56,159 Speaker 4: You get that. 475 00:23:56,720 --> 00:24:01,199 Speaker 6: L they say is anywhere from one hundred to one 476 00:24:01,280 --> 00:24:02,360 Speaker 6: hundred and fifty a day. 477 00:24:02,520 --> 00:24:03,120 Speaker 1: Is that right? 478 00:24:03,240 --> 00:24:04,200 Speaker 6: Is that how much? Those kids? 479 00:24:05,800 --> 00:24:08,480 Speaker 2: Here's the reality vet Bill got his teeth done. 480 00:24:08,720 --> 00:24:10,840 Speaker 1: Yes, okay, it was so successful. 481 00:24:11,359 --> 00:24:14,320 Speaker 2: The vet said this matters the horrace Man's School of 482 00:24:14,400 --> 00:24:19,520 Speaker 2: Vetinary Medicine, and so kennel Fee needs that their teeth done. 483 00:24:20,200 --> 00:24:23,119 Speaker 2: Plus they want to brightener because Kennelfie's the IQ of 484 00:24:23,160 --> 00:24:26,199 Speaker 2: a Kardashian eighteen hundred large. 485 00:24:26,720 --> 00:24:29,040 Speaker 1: Next second morning to calabasses. 486 00:24:32,600 --> 00:24:32,840 Speaker 4: Next. 487 00:24:33,520 --> 00:24:35,840 Speaker 6: Okay, when you go on vacation and you go to 488 00:24:35,880 --> 00:24:38,280 Speaker 6: the hotel, do you go to the hotel gym? 489 00:24:38,520 --> 00:24:38,840 Speaker 3: David? 490 00:24:38,880 --> 00:24:41,080 Speaker 6: Is this something you do that? 491 00:24:41,160 --> 00:24:44,040 Speaker 1: I notice that I got that question, Tom, Tom definitely 492 00:24:44,040 --> 00:24:45,960 Speaker 1: does I have been on occasion? 493 00:24:46,000 --> 00:24:48,560 Speaker 6: I will yes, Okay, because the thing is some people 494 00:24:48,640 --> 00:24:51,080 Speaker 6: don't want to share the hotel gym. I don't mind, 495 00:24:51,080 --> 00:24:53,119 Speaker 6: but sharing the weights I kind of like, I'm very 496 00:24:53,160 --> 00:24:57,840 Speaker 6: protective about it. So some people are hotels are catching 497 00:24:57,880 --> 00:25:00,399 Speaker 6: on and they're doing wellness sweets. You got to pay 498 00:25:00,400 --> 00:25:02,960 Speaker 6: about one hundred bucks extra. But there are rooms that 499 00:25:03,040 --> 00:25:05,840 Speaker 6: have the equipment inside of it. Okay, So you have 500 00:25:05,960 --> 00:25:09,000 Speaker 6: like the t rex bands, you have the stationary bikes, medicine, balld, 501 00:25:09,080 --> 00:25:12,600 Speaker 6: yoga mats, anything you want. You know, monitors with hit 502 00:25:12,720 --> 00:25:15,960 Speaker 6: classes and yoga classes, so you can get everything done 503 00:25:16,119 --> 00:25:18,320 Speaker 6: in your room and not have to go down. 504 00:25:18,440 --> 00:25:20,840 Speaker 1: Shows up to the hotel gym with his yoga. Matt. Yeah, 505 00:25:21,080 --> 00:25:22,200 Speaker 1: so you gets it to himself. 506 00:25:23,400 --> 00:25:35,720 Speaker 7: Everybody clears out, same Sorr. 507 00:25:35,760 --> 00:25:38,520 Speaker 2: Last time I worked out of a gym was with 508 00:25:38,600 --> 00:25:39,680 Speaker 2: Michael McKee. 509 00:25:39,840 --> 00:25:41,480 Speaker 1: Okay, I will. 510 00:25:41,280 --> 00:25:43,320 Speaker 2: Tell you it was twenty two years. 511 00:25:44,000 --> 00:25:48,280 Speaker 1: You have to ask Michael going to effort him in 512 00:25:48,280 --> 00:25:48,600 Speaker 1: the stand? 513 00:25:49,720 --> 00:25:52,080 Speaker 2: Literally is the last time I darkened the door of 514 00:25:52,119 --> 00:25:56,159 Speaker 2: a hotel? Jim McKee and I thank you for that, 515 00:25:56,280 --> 00:26:00,520 Speaker 2: Mademoiselle Matteo. 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