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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along

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Speaker 2: with Paul Sweeney. Join us each day for insight from

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Speaker 2: the best in economics, finance, investment, and international relations. You

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Speaker 2: can also watch the show live on YouTube. Visit the

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Speaker 2: Bloomberg Podcast channel on YouTube to see the show weekday

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Speaker 2: mornings from seven to ten am Eastern from our global

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Speaker 2: headquarters in New York City. Subscribe to the podcast on Apple, Spotify,

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Speaker 2: or anywhere else you listen and always I'm Bloomberg Radio,

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Speaker 2: the Bloomberg Terminal, and the Bloomberg Business app. This is

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Speaker 2: my equity conversation of the day, so I'm going to

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Speaker 2: have it.

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Speaker 3: Immediately on the podcast.

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Speaker 2: Single best idea, which we'll get out here in the

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Speaker 2: number of hours. Julian, Emmanuel, you and ed Heiman are

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Speaker 2: sitting around having an He's got that black penalt, He's

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Speaker 2: trying to.

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Speaker 3: Get your white shirt dirty.

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Speaker 2: You're writing up the ed Heeiman evercore Isi. Note, what

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Speaker 2: is the surprise of Hymen and Emmanuel in the last

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Speaker 2: ninety days?

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Speaker 3: Ed Heeyman is rarely surprised. What's been the surprise?

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Speaker 1: I think ed has been surprised by this stickiness of inflation.

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Speaker 1: And if you think about what the Fed's narrative has

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Speaker 1: been since the December pivot, you should be surprised by

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Speaker 1: it because it doesn't make sense with that conversation, with

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Speaker 1: any precedent that we are familiar with with regard to inflation.

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Speaker 1: Ed still sees the trajectory. As you know, he's been

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Speaker 1: aggressive and early on the inflation falling story. He thinks

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Speaker 1: this is just a bump in the road, but likely

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Speaker 1: takes that sort of getting to that last mile a

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Speaker 1: week or economy in the second half.

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Speaker 4: All right, So Julie, for this market here as long

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Speaker 4: as we can remember, TeX's been leading this market, big text,

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Speaker 4: been leading this market upward and down. Or if you

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Speaker 4: think about that twenty twenty two, can tech still lead.

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Speaker 3: This market going forward?

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Speaker 1: Well, tech can still lead the market. But what we've

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Speaker 1: seen over the last several weeks in particular, but actually

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Speaker 1: this goes back a number of months, is record dispersion

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Speaker 1: among stocks.

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Speaker 3: Think about it.

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Speaker 1: Right before the bear market in twenty twenty two, it

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Speaker 1: was called fang. Then when we started turning in twenty

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Speaker 1: twenty three, we got to the magnificent seven. Now it's

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Speaker 1: ostensibly really only the Magnificent four. And what troubles us

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Speaker 1: when we look at the second quarter expecting more volatility,

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Speaker 1: is that Magnificent four is starting to look a little

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Speaker 1: less magnificent.

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Speaker 2: To be clear, here, this is the hallmark of you

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Speaker 2: and Ed Hyman. You're in the market. I don't hear

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Speaker 2: go to cash.

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Speaker 1: Oh yeah, no, absolutely absolutely not. Look, this is one

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Speaker 1: of these times again, and you know, you go back

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Speaker 1: and you think of the times where there may have

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Speaker 1: been a motion reasons, there may have been stress reasons,

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Speaker 1: And March of twenty twenty is the purpose.

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Speaker 3: I was thinking.

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Speaker 2: October of eighty six, Lenny Dykch's home run in Game three.

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Speaker 3: For the Mets. The ball has never come down. It

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Speaker 3: went over.

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Speaker 2: Everett was lost over marblehead. I mean, what the Mets

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Speaker 2: did in nineteen eighty six, we've never gotten over.

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Speaker 1: I'm staring at your red Sox jacket, Tom, and all

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Speaker 1: I can say is Bill Buckner, and I knew you

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Speaker 1: were expecting that.

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Speaker 2: Duncasses out here, So Brama walked by with a white sign.

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Speaker 3: Bill Buckner, it's opening.

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Speaker 5: Paul, save us here, Julian, you and your strategist brethren

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Speaker 5: on Wall Street. I see you guys trip it over

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Speaker 5: each other trying to keep raising your ear end targets

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Speaker 5: for twenty twenty four.

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Speaker 4: How are you thinking about valuation here?

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Speaker 3: This is the arch question, Paul. This is a single

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Speaker 3: best question right there.

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Speaker 1: We're taking a different tack here, Paul, okay, and ended

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Speaker 1: its earnings and valuation driven as it should be. Now

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Speaker 1: I will say is that my focus on valuation has

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Speaker 1: been unlike anything I recall in my career. Frankly, I

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Speaker 1: was managing money in Y two K. So that's why

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Speaker 1: the first thing we have to do is step back

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Speaker 1: and say, the market is exuberant, but it is nowhere

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Speaker 1: near irrational. Twenty eight times what you saw in Y

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Speaker 1: two K, which would imply sixty two hundred or so

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Speaker 1: in the S and B is exuberant. But from our

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Speaker 1: point of view, with the accumulated sort of perfection priced

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Speaker 1: in and the possibility that the FED isn't going to

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Speaker 1: be able to deliver, and that eleven percent earnings growth

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Speaker 1: which has been basically the baseline for the last couple

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Speaker 1: of months, has downside as we think it does. The

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Speaker 1: way the way you want to think about this is

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Speaker 1: how do you stay in your core positions with perhaps

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Speaker 1: a tilt towards defense and not get scared because the

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Speaker 1: history of making a sub our returns in investing comes

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Speaker 1: from selling into down markets, as opposed to just sort

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Speaker 1: of thinking about how you position when things are good

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Speaker 1: as they are.

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Speaker 4: Now, do we still chase this market? I mean, if

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Speaker 4: I chase this market, I feel like and I'm I'm

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Speaker 4: Joe portfolio manager out there, Joe an investor with my

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Speaker 4: four to one K, I feel like I have to

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Speaker 4: be in those magnificent four or five names, whatever they are.

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Speaker 3: Well.

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Speaker 1: So, actually, the amazing thing is the options market is

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Speaker 1: this is one of these very rare times where you're

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Speaker 1: allowed to have your cake and eat it too, because

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Speaker 1: the combination of this incredible retail investor FOMO. Remember the

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Speaker 1: market is being moved in large part by zero days

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Speaker 1: to expiration options trading on the part of the public,

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Speaker 1: where you control a million dollars worth of stock for

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Speaker 1: less than ten thousand dollars and the position closes every day.

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Speaker 1: That kind of FOMO and five percent interest rates give

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Speaker 1: you the ability to stay in those mag seven names

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Speaker 1: but actually have downside protection.

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Speaker 2: Julian Emmanuel, I think he's trying to get me to

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Speaker 2: be my first trade. Thank you so much for the

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Speaker 2: evercore I I We'll get him back here for a

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Speaker 2: much longer conversation in the coming days. The little window

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Speaker 2: into the childhood of Tom Keene. It was a twisted

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Speaker 2: and strange childhood. I would read the Wall Street Journal

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Speaker 2: the day after I would sit in the pretty fancy

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Speaker 2: dining room, and my father would read today's Wall Street Journal,

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Speaker 2: and I would read the one before, which was folded

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Speaker 2: up neatly and with engineering blue and red pencil and

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Speaker 2: probably with an Oberlin napkin on it from my mother

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Speaker 2: would be underlined Centrist political theory, and it started with

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Speaker 2: Scoop Jackson, HHH, Ed Burkham Massachusetts and others.

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Speaker 3: Nobody is riven.

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Speaker 2: The centrist conversation forward like Richard Haas serving multiple presidents,

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Speaker 2: multiple parties and Paul There is a interview, I should say,

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Speaker 2: a conversation with Senator Joe Lieberman of Connecticut where Hass

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Speaker 2: is impossibly young in two thousand and four, and we

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Speaker 2: are so honored today to bring invest in or Hassan

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Speaker 2: to talk about our.

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Speaker 3: Modern centrist Joe Lieberman.

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Speaker 2: Boy, are we starving Richard Haass for centrist politics?

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Speaker 6: I have this vision, Tom, that it's only a matter

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Speaker 6: of time before the Post Office issues a stamp. And

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Speaker 6: it's a series of centrists, and it basically has a

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Speaker 6: thing endangered species. And Joe Lieberman was one of the best.

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Speaker 2: I look at his politics and his courage at the time,

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Speaker 2: and a lot of heat and critique of moving left

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Speaker 2: to right. Do you have a tendency now to see

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Speaker 2: people from the polarized right moving to the center or

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Speaker 2: is that a fiction for another day and age?

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Speaker 6: I think it's mostly a fiction for another day and age.

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Speaker 6: Most of the incentives or pressures in American politics, from money,

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Speaker 6: to political support to attention, is to move, if I

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Speaker 6: may use a football metaphor in this opening day of baseball,

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Speaker 6: towards the end zones rather than the middle of the field.

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Speaker 6: Takes a lot of guts. It takes off in a

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Speaker 6: willingness even to lose. If you're going to put country

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Speaker 6: before party or your own personal ambitions, you've got to

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Speaker 6: be prepared to lose. And I haven't noticed Tom a

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Speaker 6: whole lot of people who are prepared to.

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Speaker 4: Richard, there's so many hotspots around the world we could

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Speaker 4: benefit from your analysis here. Let's start with the Middle East.

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Speaker 4: I know you've had recently someone's perceived as a radical plan,

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Speaker 4: a radical suggestion for President Biden about how he should

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Speaker 4: deal with mister net Yahu as it relates to what's

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Speaker 4: happening in Goazack, you share that with us.

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Speaker 6: Yeah, What I basically been saying is he doesn't have

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Speaker 6: a partner in this Israeli government or this is really

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Speaker 6: prime Minister. All of his efforts at persuading them haven't

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Speaker 6: amounted to much of anything. So he's got to go

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Speaker 6: over their head. He's got to speak directly to the

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Speaker 6: Israeli people about Israel's future. If it wants to remain

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Speaker 6: a secure, prosperous Jewish democratic state, it's got to choose

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Speaker 6: a different path in Gaza, it's got to choose a

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Speaker 6: different path in the West Bank. And I even suggested

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Speaker 6: he go to the Kanessa, do it from the floor

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Speaker 6: of the Israeli Parliament. Take a page out of bb

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Speaker 6: nets and Yahoo's book who came to Washington spoke from

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Speaker 6: the Congress to speak against the Iran nuclear deal? But

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Speaker 6: I don't quite care whether he does it from the

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Speaker 6: Knesse or not. I think, though, what we're actually seeing

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Speaker 6: is the administration is moving away from a policy that's

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Speaker 6: predicated on persuading bb nets in Yahoo, and they're dealing

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Speaker 6: much more with the policy that's either independent, we're going

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Speaker 6: to provide aid, we're going to veto this resolution or

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Speaker 6: introduce our own and essentially pressuring the Israeli government. So

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Speaker 6: I think it's a healthy change.

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Speaker 4: What is the status of net Yahu in Israel right now?

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Speaker 4: Does he still have the support given how what's happened

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Speaker 4: over the last several months.

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Speaker 6: Yeah, I mean the poll show he's quite unpopular. But

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Speaker 6: there's only two ways to remove a sitting prime minister,

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Speaker 6: and that's through a parliamentary reshuffle or an election. At

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Speaker 6: the moment, I don't see a parliamentary reshuffling coming about.

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Speaker 6: It's not clear to me that his current coalition partners

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Speaker 6: want to dump them, not because they love him, but

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Speaker 6: they love being in power. And at the moment, no

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Speaker 6: one's there's not a mechanism to get from here to

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Speaker 6: new elections. It's possible to bru the government could be

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Speaker 6: brought down on any number of issues. If you remember,

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Speaker 6: before October seventh, the dividing issue in Israel was about

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Speaker 6: the role of the courts and democracy. Now there's big

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Speaker 6: debates about whether the ultra Orthodox ought to be conscripted.

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Speaker 6: So there's lots of ways, lots of fault lines in

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Speaker 6: Israeli politics. But at the moment, like it or not,

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Speaker 6: kan Yahoo as Prime Minister.

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Speaker 2: Ambassador House, we stagger into April. We have a clear

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Speaker 2: image of history of a lame duck Congress. Can we

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Speaker 2: have a lame duck State Department, a lame duck foreign policy?

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Speaker 6: I think that's too critical because most foreign policy doesn't

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Speaker 6: travel through the Congress. I mean the Ukraine situation. The

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Speaker 6: funding THEIRTOP is in some ways different because again it

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Speaker 6: requires congressional approval. So they're the real issue is what

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Speaker 6: is the House of Representatives do? What are the Republicans do?

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Speaker 6: But I think in the Middle East, with China and

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Speaker 6: so forth, like can a lot of other areas, do

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Speaker 6: your presidents enjoy a lot of discretion, a lot of latitude.

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Speaker 6: So I don't think it's fair to say that even

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Speaker 6: though the State Department, to be honest, is a weak duck,

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Speaker 6: most of the energy now in American farm policy doesn't

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Speaker 6: come from State.

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Speaker 3: I would say the.

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Speaker 6: Lion's share comes from the National Security Council. Are some

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Speaker 6: of the issues you talk about on this show. I

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Speaker 6: would say even the Commerce department counts for a lot.

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Speaker 2: I don't want to get into your personal knitting here

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Speaker 2: in your forty eight over day, but you know he's

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Speaker 2: working seven days a week.

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Speaker 4: You know he's slowing down here.

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Speaker 2: Did any of the CEOs that greeted mister g in China?

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Speaker 2: Did any of them get a host briefing? And if not,

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Speaker 2: how do you brief CEOs and confronting the new China?

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Speaker 6: They did not in this case. So I spend a

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Speaker 6: lot of my day, give them my new life and

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Speaker 6: centerviews bucking to CEOs. I think China's probably the single

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Speaker 6: most frequently raised issue, Tom. Look, Chi Jinping is courting CEOs.

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Speaker 6: He did it in San Francisco in November, if you recall,

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Speaker 6: he's doing it now. He is hoping that American CEOs

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Speaker 6: essentially become all lobby for what China wants in the

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Speaker 6: US relationship, which essentially is fewer towers, lower tariffs, lower

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Speaker 6: constraints on investment, lower constraints on trade, and he's hoping

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Speaker 6: that he can essentially get them to press the government

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Speaker 6: to ease up on China. That's why twenty twenty four.

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Speaker 6: I mean, that's what China wants in twenty twenty four.

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Speaker 6: What the Biden administration wants is no new hotspot with

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Speaker 6: Taiwan or North Korea or anything else. But no, that's

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Speaker 6: what this is about. And I think American CEOs need

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Speaker 6: to understand that anything to deal with technology is going

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Speaker 6: to be constrained with China, and if there's a crisis

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Speaker 6: over Taiwan, nothing is immune from political pressure.

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Speaker 2: Richard has thank you so much, particularly those comments on

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Speaker 2: Joseph Lieberman of Connecticut Anna Wan, she's had a bloomberg

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Speaker 2: economics and what will you listen for from the chairman?

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Speaker 2: Is this a speech of substance or is this a nuisance?

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Speaker 7: By that, I assume you're talking about Powell. Yes, yes,

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Speaker 7: I think you know right. So since the FOMC we

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Speaker 7: have heard, the most important speeches so far has been Waller,

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Speaker 7: and we heard from Waller, who is the more hawkish

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Speaker 7: side of the FOMC, saying that while the FOMC is

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Speaker 7: not over overreacting to the hot inflation prints in the

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Speaker 7: first two months of the year, they must react to it.

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Speaker 7: And I think that is the message that would come

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Speaker 7: through in powell speech that they're taking, they will be

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Speaker 7: taking a very cautious approach to a deliberate approach to

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Speaker 7: interpreting the inflation data. That said, tomorrow we are also

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Speaker 7: going to get the core PC inflation data. And if

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Speaker 7: Powell and everybody on the Wall Street is right, then

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Speaker 7: it's going to come in at zero point three percent

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Speaker 7: for core PC and two point eight percent for year

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Speaker 7: over year, which is the okay inflation number.

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Speaker 4: And we had some I guess some look back economic

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Speaker 4: data today. The GDP number four the fourth quarter revised,

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Speaker 4: our community revised higher three point four percent. The survey

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Speaker 4: was three point two percent. We also had continuing claims

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Speaker 4: kind of regular line of the expectations. Anything that we

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Speaker 4: receive today economic news wise, alter your opinion at all.

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Speaker 7: Yeah, I thought the most interesting data today is the GDI.

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Speaker 7: So GDI grew at over four point eight percent in

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Speaker 7: real terms in the fourth quarter, and as you know,

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Speaker 7: the most GDI is supposed to be equal to GDP.

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Speaker 7: Yet over the past two years, the biggest, one of

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Speaker 7: the biggest puzzle in economics is that they are not.

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Speaker 7: And GDI has been finally running below and.

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Speaker 4: Can you define GDI from me? And I'm guessing some

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Speaker 4: other listeners and viewers.

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Speaker 7: Yes, So GDI means gross domestic income and it measures

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Speaker 7: the income side of things. So it's supposed to be

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Speaker 7: wage compensation plus firms profits plus governments profits that that

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Speaker 7: would equal GDP, which measures the expenditure side of things.

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Speaker 7: So what we saw in the very very strong GDI

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Speaker 7: number for fourth quarter is this big pop in firm

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Speaker 7: profits and drilling down into so there's a you know,

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Speaker 7: a thirteen percent increase on net operating surflus of firms

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Speaker 7: and drilling down it turns out it's a category called

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Speaker 7: dividend and business current transfer payments that rose by thirty

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Speaker 7: percent on a quarterly seasonal adjusted basis in the fourth

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Speaker 7: quarter that drove this giantantic pop in GDI. And what

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Speaker 7: that means is it's the stock rally. So I think

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Speaker 7: the stock rally and easier financial conditions in stock market

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Speaker 7: in the fourth quarter is starting to really show up

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Speaker 7: in hard data. So we saw that in GDI today

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Speaker 7: and in the Personal Income Report that comes out tomorrow

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Speaker 7: we will be paying attention to also the line item

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Speaker 7: called personal dividend income.

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Speaker 2: You saund like you on a green span of thirty

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Speaker 2: years ago, analog simply, here are we going to get

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Speaker 2: a nominal GDP of that supports revenue of corporations in America.

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Speaker 7: It does looked like that was happening in the fourth quarter.

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Speaker 7: Perhaps that was the fundamentals that's driving the stock market rally.

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Speaker 2: Okay, Anna, thank you so much, doctor Wong as head

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Speaker 2: of all of Bloomberg Economics in America. You look at

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Speaker 2: the front pages around the world. Shout out the Globe

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Speaker 2: and Mail in Toronto on point yesterday with a speech

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Speaker 2: by the Deputy governor the Bank of Canada and Halifax.

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Speaker 3: That's how he is. Wow.

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Speaker 2: And she ripped apart the Canadian productivity story.

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Speaker 3: Well, she tore it. I've never seen a speech like

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Speaker 3: that in America. She tore them. People are really upset

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Speaker 3: about it. That's your front page look from Canada.

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Speaker 2: I did an audible there, at least I didn't mean

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Speaker 2: to get out in front of the Globin.

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Speaker 3: Man, what do you start?

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Speaker 8: That's okay, and welcome back, by the way, thank you.

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Speaker 8: So we're starting with this was like our top story today.

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Speaker 8: Long time Connecticut US Senator Joe Lieberman passed away yesterday.

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Speaker 8: He was eighty two complications from a fall. But the

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Speaker 8: reaction from friends and from rivals. They are just starting

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Speaker 8: to pour in, so I wanted to get to a

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Speaker 8: few of them. You had Al Gore, the former vice

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Speaker 8: president who chose Lieberman, you know, and his running mate

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Speaker 8: during two thousand election. He said it was an honor

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Speaker 8: to stand side by side with him on the campaign trail.

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Speaker 8: Then you have former President George W.

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Speaker 7: Bush.

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Speaker 8: He was the victor with Cheney, you know, over the

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Speaker 8: Gore Lieberman ticket. He said, in both loss and victory,

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Speaker 8: Joe Lieberman was always a gentleman. And this one I

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Speaker 8: find I really enjoyed this one. Senator Lindsay Grahama of

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Speaker 8: South Carolina, he was close to Lieberman and Senator John McCain.

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Speaker 8: They called themselves the three amigos. He said, the good

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Speaker 8: news is that he's in the hands of loving God.

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Speaker 8: He said. The bad news John McCain is giving him

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Speaker 8: an earful about how screwed up things are. And he

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Speaker 8: signed that statement as the last amigos amount here.

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Speaker 2: And what is so important, particularly for younger people to

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Speaker 2: understand the Senator Lieberman is this was a throwback, Lisa, to.

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Speaker 3: What was normal. You had Mario Cuomo, you.

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Speaker 2: Had Scoop Jackson, you had hhh, Hubert Humphrey in Minnesota,

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Speaker 2: and Joe Lieberman was the centrist you know, became far

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Speaker 2: more centrist here from another time in place in what

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Speaker 2: so said Paul is his politics is now odd.

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Speaker 3: Yeah and singular.

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Speaker 4: I mean you think about him and John McCain, two

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Speaker 4: ends of the spectrum, but you could just absolutely see

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Speaker 4: them after a day in having a cocktail again.

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Speaker 3: Yeah, what else do you have here?

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Speaker 8: Sure this was an interest from Politico. The Baltimore Bridge design.

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Speaker 8: They're saying it likely contributed to that loss of the bridge.

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Speaker 8: So the collapse are saying could have been avoided if

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Speaker 8: it had this simple fenders that's what they're calling it.

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Speaker 8: That could have been standard issue on new bridges since

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Speaker 8: the nineteen nineties. So it's installed around the supporting beams.

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Speaker 8: That's what these are. Because the ships are getting bigger,

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Speaker 8: and that's the issue. You had the Dolly, It was

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Speaker 8: a thousand feet long. It had tons and tons of

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Speaker 8: cargo on.

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Speaker 2: Its changed many cargo things were on top, I mean ten, yeah, twelve,

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Speaker 2: fifty stacked high.

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Speaker 7: Yeah.

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Speaker 4: I don't know. I don't know how that works. I

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Speaker 4: don't know how they stay afloat. I don't know. How

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Speaker 4: they don't flip over out in the open sea. It's

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Speaker 4: just extraordinary. But it's I can't imagine designing a bridge

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Speaker 4: to withstand a ship running into it.

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Speaker 8: Right, And that's the problem. The ships weren't as big

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Speaker 8: back then when you know these were designed. The fenders

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Speaker 8: were started back when the when the bridge was designed.

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Speaker 8: But it makes some sense, but they just didn't put

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Speaker 8: them on them this time. Okay, so this is from

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Speaker 8: tech Crunch LinkedIn. Something different you might see on LinkedIn.

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Speaker 8: They're having short form videos, so similar to TikTok. So

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Speaker 8: a lot of people are starting doing you know, Instagram, YouTube, Snapchat, Netflix,

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Speaker 8: they all do these short form videos. So here's where

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Speaker 8: you find it. If you go over to LinkedIn, it's

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Speaker 8: in their navigation bar, new video tab, And then when

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Speaker 8: you click on it, you start seeing this little feed

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Speaker 8: of all these you know, short form videos that go

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Speaker 8: by and you can swipe through it, you can like it,

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Speaker 8: you can comment, you can share it. So it's very

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Speaker 8: similar to TikTok. How it can be different for LinkedIn

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Speaker 8: is the question. I guess you have to focus on

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Speaker 8: careers and professionalism, but I don't know, Tom, you got

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Speaker 8: to start working on those short short stores medium.

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Speaker 2: This is an untold story then social as Microsoft took

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Speaker 2: over LinkedIn, and I would suggest as an amateur that

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Speaker 2: very quietly they have changed it. I would editorialize, they've

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Speaker 2: improved it. And it's shocking the difference in flow now

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Speaker 2: between LinkedIn and mister Musk's X, which I still call

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Speaker 2: Twitter would but they're going to TikTok LinkedIn?

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Speaker 3: Is that what you're telling me?

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Speaker 4: It's all about video short form.

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Speaker 8: Yes, it keeps people entertaining doing it is.

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Speaker 2: Too they you know, we're thinking of doing Paul Sweeney's

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Speaker 2: short forms on YouTube.

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Speaker 4: T monetize.

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Speaker 3: What else do you have?

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Speaker 8: All Right, Finally we're working less on Fridays than we

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Speaker 8: used to. No shocker here, but so the rush hours

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Speaker 8: back in the midweek, right, you have everything buzzing, you know,

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Speaker 8: but on Fridays it's a little bit quieter, sometimes a

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Speaker 8: ghost town, a lot of people working from home. But

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Speaker 8: here's the study. It says that the average worker now

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Speaker 8: signs off an hour earlier on Friday. So that's what

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Speaker 8: they're starting to see. But they're saying it's okay. They're

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Speaker 8: giving the green light the thumbs up because they're saying

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Speaker 8: it helps with productivity. People are taking it easier, so

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Speaker 8: it supercharges them. It gives them an extra boost. They're happier.

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Speaker 8: But that's what they're seeing.

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Speaker 4: I've given up. So I've given up and I'm flex

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Speaker 4: all you want today.

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Speaker 2: I'll say this, the productivity of France is about equivalent

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Speaker 2: to the United States, and they work a lot less.

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Speaker 2: There is something to what you just said, Lisa, that

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Speaker 2: somehow if you work less you get the same or

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Speaker 2: more done.

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Speaker 3: That's what the academic says. Interesting. I'm really torn here.

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Speaker 3: I'm really troubled.

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Speaker 2: What I will say is with all the technology, maybe

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Speaker 2: that marginal three hours on Friday, Paul is a weekend.

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Speaker 3: Yeah, effort.

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Speaker 4: Yeah, I mean, I don't know. You've said it all

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Speaker 4: long time. Companies adapt, people adapt, systems adapt, and maybe

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Speaker 4: that's just kind of what we're doing here, adapting.

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Speaker 2: So well where we all here five days a week, Yeah, exactly.

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Speaker 8: Well as picking up as we talking, you see people

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Speaker 8: passing by here outside.

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Speaker 3: It is picking up, not right now, but.

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Speaker 8: There are people before going through.

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Speaker 3: Thank you, Lisa Mateo.

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Speaker 2: This is a Bloomberg Surveillance podcast bringing you the best

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00:23:36,400 --> 00:23:41,200
Speaker 2: in economics, finance, investment, and international relations. You can also

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Speaker 2: watch the show live on YouTube.

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Speaker 3: Visit the Bloomberg.

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Speaker 2: Podcast channel on YouTube to see the show weekday mornings

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Speaker 2: from seven to ten am Eastern from our global headquarters

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Speaker 2: in New York City. Subscribe to the podcast on Apple, Spotify,

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Speaker 2: or anywhere else you listen, and always I'm Bloomberg Radio,

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Speaker 2: the Bloomberg Terminal, and the Bloomberg Business App.