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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 Keen 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. We're going

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Speaker 2: to have a major growing up talk here. There's gonna

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Speaker 2: be a little jargon involved here, Damien Sasar and Tom

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Speaker 2: Keen and joining us Katherin Kaminski Alpha Simplex chief research

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Speaker 2: strategist barely describes the academic and quantitative finance abilities here, Katie,

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Speaker 2: you are trend based. I'm trend based. Dean Current is

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Speaker 2: trend based. Bruno de Pire, the giant of quant at

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Speaker 2: post dilemma, He's trend based. Was the trend shattered over

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Speaker 2: what we saw ten days ago?

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Speaker 3: Yes, I have to admit it's been a really tough

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Speaker 3: environment for trend because if you look at I mean,

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Speaker 3: let me just make one point here, the fifty day

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Speaker 3: moving average for the S and P has recovered in

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Speaker 3: the last six days to be only two percent down.

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Speaker 3: I mean, we basically went from everything's going wrong back

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Speaker 3: to well, I guess it's okay. And so the world

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Speaker 3: is just, you know, from a trend perspective, shifted significantly,

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Speaker 3: and some of the new trends that we're seeing their week,

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Speaker 3: but they're very different.

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Speaker 2: I'm going to go to August sixth, and folks, this

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Speaker 2: involves wells, wildough, parabolics are all sorts of fancy things,

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Speaker 2: a thing called ad x DMI. Kaminski got an A

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Speaker 2: plus on the exam. I got to C minus. You

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Speaker 2: ruin the curve, Katie. I'm looking at a lot of

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Speaker 2: fancy quant technicals and what I saw is a jump condition.

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Speaker 2: How do you get back on trend after a jump condition?

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Speaker 3: Well, this is a good question because what happens when

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Speaker 3: you have such a big move is that it adjust

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Speaker 3: trend signals a lot. So you have to think a

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Speaker 3: little bit about the type of trend filter that you're using.

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Speaker 3: Some models are going to be much more like your

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Speaker 3: classic moving averages, and those really adjust aggressively when you

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Speaker 3: have that type of move But you can also use

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Speaker 3: other types of models that may sort of windsor eyes

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Speaker 3: or remove some of the outliers, and those may not

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Speaker 3: be as much affected. But the truth is there may

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Speaker 3: be information in this recent event that could be foreboding

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Speaker 3: for potential trends to come.

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Speaker 4: Katie, let's wins rise together. You're talking two hundred day

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Speaker 4: moving average. I'd like to focus your attention on credit spread,

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Speaker 4: specifically sovereign credit. The faults, the WOP spreads five year

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Speaker 4: fifteen of the twenty five risky issuers, their spreads are

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Speaker 4: below their two hundred day moving averages. Spreads barely moved

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Speaker 4: in the recent selloff. Talk to us about the signals

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Speaker 4: you're taking away from the credit market.

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Speaker 3: So the challenge with the credit market is not everything

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Speaker 3: falls in one particular drop. And I think what I'm

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Speaker 3: thinking about for credit is if you think about past

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Speaker 3: crisis periods or other recessionary periods, it doesn't hit all

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Speaker 3: markets at the same time. So I'm concerned that this

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Speaker 3: recent event could just be a little bit of a

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Speaker 3: warning signal that things are not necessarily going to be

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Speaker 3: as soft as we would have liked, and that we

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Speaker 3: could see a you know, more of a recessionary trade

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Speaker 3: in the fall if we see more weaker.

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Speaker 4: Data and we know the correlation between rising volatility and

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Speaker 4: the unwind of Carrie leverage trades. For that matter, talk

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Speaker 4: to us a little bit about what we've seen in

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Speaker 4: just the last forty eight hours. I mean, follows back

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Speaker 4: down below sixteen. I mean, Carrie is coming back. I mean,

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Speaker 4: talk to us about what you envisioned as we head

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Speaker 4: through the end of the summer, in which is still

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Speaker 4: quite a liquid.

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Speaker 3: Yes, I mean I think trading volumes tend to always

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Speaker 3: be low in August, and if you look at what's

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Speaker 3: happened with surprising to me, the market's acting like, well,

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Speaker 3: that happened, but we're back to normal. And I really

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Speaker 3: think that people are focused on the fact that they

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Speaker 3: think now they're going to get cuts and that's going

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Speaker 3: to get us through any potential economic weakness. So I

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Speaker 3: think it's surprising how fast market sentiment shifts and people

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Speaker 3: go from being terrified to you know, everything's fine.

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Speaker 2: Do you think there was kindage out there? Are we

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Speaker 2: going to get reports in ninety days? I mean what

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Speaker 2: was the leverage placed that creates upset given the moves

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Speaker 2: we saw. Was there a lot of leverage out there?

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Speaker 3: I think there was. I mean, if you look at

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Speaker 3: positioning and the CFTC in the futures markets, for sure

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Speaker 3: had massive volumes on those sell off days. So I

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Speaker 3: think it's more the relative value trades that are the

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Speaker 3: bigger challenge because those tend to have a lot more leverage.

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Speaker 3: So An that's why Carrie, for example, is and the

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Speaker 3: focus I'd say that for trend. I mean, it was difficult,

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Speaker 3: but you know, the leverage.

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Speaker 1: Wasn't that hot?

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Speaker 2: Damien. On a side note here, I'm having real trouble

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Speaker 2: with the resurgence of option writing is a free lunch? Ah, Yes,

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Speaker 2: now it's killing me. Well look, I'm doing everything I

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Speaker 2: can on air not to tear it to shreds.

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Speaker 4: Well, and I'm doing everything i can to avoid the

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Speaker 4: carry trade. But you know, Katie, in this case, I

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Speaker 4: really can't because real yield differentials are higher in thirty

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Speaker 4: of the thorty. You know, major developed and merging market

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Speaker 4: economies over the last year, and you've got countries like Brazil, Mexico,

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Speaker 4: Indonesia and India which still have you know, three percent

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Speaker 4: you know, real yields to your real yields after I

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Speaker 4: mean that's after inflation. I mean, come on, I mean,

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Speaker 4: like rate differentials are still wide. Investors are still going

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Speaker 4: to be attracted to the carry trade, especially when you've

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Speaker 4: got real yields in Japan negative two and a half

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Speaker 4: percent still, So talk to us a little bit about

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Speaker 4: you know, what you're seeing in the markets. Can you

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Speaker 4: see people putting leverage positions back on as we get

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Speaker 4: into the end of this year.

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Speaker 3: I mean, I think you will see that. I definitely

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Speaker 3: think that that people got spooked by what happened. But

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Speaker 3: you know, as you noted, there's just so much divergence

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Speaker 3: across the market, so there's opportunity to be had. And

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Speaker 3: when there's that type of dislocation, you know, it generates interest.

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Speaker 2: What does the real yield technicals tell you?

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Speaker 3: Well, right now we're looking at fixed income. The biggest

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Speaker 3: thing that I would say is that we are seeing

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Speaker 3: very very strong technical signals and fixed income. It's the

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Speaker 3: one asset class that made sort of a seismic shift

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Speaker 3: this summer. Been short fixed income for so long, and

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Speaker 3: now there seems to be a steady view that rates

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Speaker 3: are going down, so I think that's something.

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Speaker 2: Yeah, for your mortals, Katie, what you're basically saying is

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Speaker 2: your technicals are price up, yield lower.

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Speaker 3: Exactly.

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Speaker 2: Okay, Katie Kimiski, I think we'll leave it thick. Michael

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Speaker 2: Purvis from Tall Back and joins Us, I got eight

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Speaker 2: ways to go here, Michael Purvis, Are we back on trend?

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Speaker 2: Michael Purverse, are we back? I'm good trend?

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Speaker 5: Yeah, Like if we could just delete, like, you know,

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Speaker 5: six days from a lot of charts, you know. Yeah,

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Speaker 5: ask yourself the question if we didn't have that big

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Speaker 5: spike in that and that vicious sell off earlier this month. Tom,

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Speaker 5: you know what's really different right about the economy? What's

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Speaker 5: different about uh, the interest rate trajectory or for the

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Speaker 5: matter of corporate earnings and whether you want to buy

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Speaker 5: or sell the stock market right now? I think we're

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Speaker 5: we haven't really learned too much from that BIX spike

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Speaker 5: other than what how much market structure, liquidity and sort

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Speaker 5: of you know, trade leverage, and there's various facets of

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Speaker 5: the trade leverage discussion are embedded in there. So yeah,

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Speaker 5: I mean, I it hasn't changed my thinking that we

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Speaker 5: want to be bullish equities that I'm the big tack

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Speaker 5: will continue to lead the way higher, and I think

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Speaker 5: we're you know, I never understood why fifty BIPs was

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Speaker 5: was so sort of viciously embraced by by the by

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Speaker 5: the rates markets because we had a cool job sprint

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Speaker 5: a few weeks.

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Speaker 4: Ago, Michael, the unwind of the carry trade, for that matter,

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Speaker 4: the unwind of leverage trades. Yet just three days ago,

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Speaker 4: I'm reading your note on precious metals here and you're

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Speaker 4: talking about silver being a leverage play on gold. So

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Speaker 4: do you think that, you know, in a risk off environment,

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Speaker 4: one where you want to get more defensive, silver is

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Speaker 4: going to play out for you or is that more

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Speaker 4: of a play for risk on investors.

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Speaker 5: Well, that's a great question, and it's a little bit

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Speaker 5: different because to me it's leverage. It's leverage to the

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Speaker 5: gold price, right, And so the question is is to

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Speaker 5: really answer your question, is gold going to do okay

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Speaker 5: in a risk on environment? Because what for silver to

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Speaker 5: really accelerate? You really need gold to have a real rally,

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Speaker 5: not just a quick flip, right, You need something substantial.

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Speaker 5: I do think it feels like something is building here

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Speaker 5: within the gold complex, gold, you know, being sort of

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Speaker 5: the foundation of that, and then silver being a levered

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Speaker 5: play on that. So I don't I think if gold

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Speaker 5: can rally, that's really the question. And I think if

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Speaker 5: gold can really rally, then silver will will have outsize returns.

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Speaker 5: If gold just moves up a bit, and then you're right,

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Speaker 5: then silver will be vulnerable to to the you know,

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Speaker 5: whatever risk off type dynamics we get there. It has

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Speaker 5: been an underappreciated asset within the gold complex, and I

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Speaker 5: think there's a lot of catch up to happen there.

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Speaker 2: Can I ask a dumb question purpose I'll know this

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Speaker 2: and Damien you'll know this. I look at silver is

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Speaker 2: like the third floor Tiffany. But the answer is silver

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Speaker 2: is solar, right, It's like use of silver and solar.

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Speaker 5: Yeah. Well, there's a lot of sort of new energy

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Speaker 5: or sort of new technology demands for silver. It comes

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Speaker 5: from not just solar tom but water purification, a wide

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Speaker 5: range of electronics, a lot of battery and electric vehicles,

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Speaker 5: you know, employee silver in there. So there are you know,

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Speaker 5: real industrial applications that are new. And of course there's

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Speaker 5: the third four of Tiffany demand a part of it

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Speaker 5: as well.

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Speaker 2: Well.

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Speaker 4: Michael, I mean really for me, I mean what we're

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Speaker 4: talking about here, and I want to bring it back gold, silver,

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Speaker 4: precious metals. They're really a defensive asset and a risk

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Speaker 4: off environment, or one would have you believe. Yet, you know,

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Speaker 4: look at where and the correlation to US real yields

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Speaker 4: remains very very strong, right, So when I think of

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Speaker 4: real yield differentials, I think of gold as a hedge

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Speaker 4: against that. And so I'm looking now at US real

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Speaker 4: yields at one point seven seven percent, really belows of

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Speaker 4: the cycle. I mean, just how much lower in the

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Speaker 4: US real yield can we go? Is that going to

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Speaker 4: give a boost to gold, which is right now trading

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Speaker 4: near all time highs.

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Speaker 5: You know, one thing I would push back on New

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Speaker 5: Damien on that is that you're right. Normally you see

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Speaker 5: a pretty clear correlation between real interest rates in the

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Speaker 5: United States and gold, and or real rate differential between

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Speaker 5: the US and places like Japan for example. They're there.

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Speaker 5: But over the last year and a half we've seen

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Speaker 5: gold push higher despite higher real interest rates here and

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Speaker 5: despite a strong dollar. So what's going on? I think

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Speaker 5: what's really going on is what's is that there's a

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Speaker 5: lot of central banks, notably in Asia China in particular,

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Speaker 5: that have been sort of buying the dip. And if

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Speaker 5: you look at the gold rally, it's it's put a

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Speaker 5: pretty impressive rally over the last year and a half.

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Speaker 5: That has been a that has been a very low

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Speaker 5: volatility rally. Typically, when you get a sort of what

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Speaker 5: I would call a Wall Street gold rally, you see

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Speaker 5: a lot of excitement and the stuff flies up and

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Speaker 5: the gold balls fly up. You haven't seen that. And

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Speaker 5: if it's a central bank type of exercise where they're

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Speaker 5: where they're buying dips but they're not buying at the

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Speaker 5: at the very tippy top, that's sort of inherently a

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Speaker 5: low that sort of crushes ball in that asset class.

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Speaker 5: So I think there's that happening. But here we are

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Speaker 5: looking at an election form on from now where both

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Speaker 5: sides are basically endorsing a some version of a loose

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Speaker 5: fiscal policy. You haven't seen anything about fiscal tightness from

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Speaker 5: either side. Here. It's all about, you know, it's really

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Speaker 5: about implementation of a fiscal stimulus. That's what the debate is.

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Speaker 5: And so I think the world's looking at that and saying, look,

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Speaker 5: you know, the deficits are high, I'm going to own gold,

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Speaker 5: and Damian. When I look at the gold chart, I'm

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Speaker 5: looking at something that looks like it's going to break

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Speaker 5: higher here, So I think, I think gold it's really

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Speaker 5: about some of these sort of longer term friends, and

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Speaker 5: if it does break higher, then you'll probably see some

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Speaker 5: Wall Street a Wall Street rally follow one.

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Speaker 2: You mentioned Asian Michael Purvis, and just very quickly here

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Speaker 2: you had an arch call on a d x Y.

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Speaker 2: I looked at the Bloomberg Dollar Index, which has weighted

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Speaker 2: much more to em into China, and I'm sorry, there's

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Speaker 2: a resilient dollar strength still in place. What do you

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Speaker 2: need to see, say, finally the dollar's broken?

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Speaker 5: Well, you know, like, are you saying win the dx

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Speaker 5: Y for example, or.

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Speaker 2: Yeah, I'll let you, I'll let you pick the Okay,

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Speaker 2: but but but but I think what, yeah, yeah, I

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Speaker 2: mean the dollar broken.

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Speaker 5: You know, they get sort of into existential questions about

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Speaker 5: just you know, with the reserve status of the reserve

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Speaker 5: currency and so forth. I don't think, you know, if

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Speaker 5: I'm bullish gold and think it's going to go to

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Speaker 5: you know, pick a number twenty seven hundred twenty eight

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Speaker 5: hundred later this year into twenty five. That doesn't mean

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Speaker 5: the dollar is apparently broken. That does mean people want

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Speaker 5: to sort of build up, you know, a position of

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Speaker 5: golden maybe hold onto that for some time down the road. There,

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Speaker 5: you know, is the dollar going to break because Europe

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Speaker 5: is suddenly or get really weaker because Europe is going

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Speaker 5: to suddenly accelerate and economic growth and the central bank

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Speaker 5: there is going to adopt, you know, a much more

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Speaker 5: hawkish policy. I mean, I don't really sort of that,

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Speaker 5: So I think, to me, like the dollar breaking, it's

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Speaker 5: got to come down to let's talk about dollar weekening.

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Speaker 5: It's got to come down to the rest of the

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Speaker 5: world starting to do a lot economically with a more

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Speaker 5: overtly hawkish posture from their central banks, while the US

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Speaker 5: economy starts falling apart, and the that doesn't you know,

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Speaker 5: sort of emergency cuts.

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Speaker 2: Michael, thank you for the brief. Michael Purvis catch Oliver

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Speaker 2: Chen is expert at this. He's the one guy I know,

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Speaker 2: among many people in retail I to figure out what

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Speaker 2: we want to buy, what we need to buy, and

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Speaker 2: what we have to have. Oliver Chen is a TD

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Speaker 2: Cowen and joined us right now Oliver. I think the

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Speaker 2: malarkey about China is just that the Chinese, is the

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Speaker 2: Wall Street Journal wrote up, are not dumb. They're going

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Speaker 2: to Japan, they're doing a currency flip, and they're saving

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Speaker 2: on luxury. Is luxury not as gloomy as the gloom

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Speaker 2: because China is doing terrible.

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Speaker 1: Well. Luxury is pretty mixed now, right Tom, in line

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Speaker 1: with what you're saying. China we're really watching just due

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Speaker 1: to the housing issues and valuation there. But you are right,

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Speaker 1: the Chinese are traveling with the weaker yin and that's

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Speaker 1: happening in Japan is seeing very strong numbers. Our main

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Speaker 1: idea here is LVMH. We love Louis Vatan still, but

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Speaker 1: we're cautious. We're cautiously optimistic in what we're seeing in

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Speaker 1: these trends, and the trends have slowed unfortunately, Well, the.

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Speaker 2: Trends are slowed. Do they clear out? Is there a

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Speaker 2: shumpertarian creative destruction where you know, luxury A takes over

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Speaker 2: luxury B. Yeah.

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Speaker 1: I think consolidation will continue to be a theme. However,

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Speaker 1: everybody's watching the case with Michael Core's and tapestry and

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Speaker 1: the ft. See that's something to pay attention to, but

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Speaker 1: consolidation the big getting bigger. You know, we're seeing deals

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Speaker 1: also with retailers such as Neiman Marcus and Sacks, and

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Speaker 1: that's part of what's happening. That's part of why we

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Speaker 1: do like LVMH. They spend nine to ten billion dollars

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Speaker 1: in advertising and promotion those power brands in Dior, Louis

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Speaker 1: Vaton as well as Tiffany. Competing against that scale is

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Speaker 1: certainly very difficult, and the luxury industry already is very

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Speaker 1: concentrated relative to others.

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Speaker 4: Oliver, I'd love to ask you about Kith Grayson and

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Speaker 4: Peter Mallar, but I really need to know what was

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Speaker 4: your primary takeaway from yesterday's US retail sales report.

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Speaker 1: Yeah, we're excited about a better than feared consumer. The

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Speaker 1: consumer still continues to be choiceful and considered and also

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Speaker 1: look for value hacking opportunities, trading up, trading down. But

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Speaker 1: we've been very bullish on Walmart. Walmart's our top idea,

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Speaker 1: and Walmart foremost offers every day low prices, a focus

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Speaker 1: on value in addition to being a tech platform and

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Speaker 1: a retail ecosystem, so it offers the best of both worlds.

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Speaker 4: Well, talk to us about Walmart for that matter, talk

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Speaker 4: to us about consumer discretionary within the broader context of

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Speaker 4: the S and P. I think it's one of the

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Speaker 4: underperformers this year. I think it's only up three and

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Speaker 4: a half percent year to date. Obviously Amazon has a

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Speaker 4: lot to do with that. But you know, talk to

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Speaker 4: us a little bit about what you're seeing in terms

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Speaker 4: of consumption here in the US.

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Speaker 1: Yeah, we are in the midst of a consumer discretionary recession.

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Speaker 1: So those trends have been very tough. What's been a

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Speaker 1: brighter spot at Walmart is general merchandise was flat. That

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Speaker 1: had previously been negative for about nine quarters, So that's

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Speaker 1: something we're watching. The consumer is very much impacted by

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Speaker 1: inflation and feeling mixed in terms of consumer confidence. There

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Speaker 1: are some brighter spots. Unemployment it's rising, but it's at

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Speaker 1: a low ish level at four point three percent. There's

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Speaker 1: still dollars of savings on the sidelines. But overall, I

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Speaker 1: think this choppy consumer behavior will continue, and consumers are

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Speaker 1: looking for value.

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Speaker 2: You and I disagreed on this. Oliver Chen in five years,

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Speaker 2: where are the department stores? I don't get it.

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Speaker 1: Yeah, it's we'll see what's happening. Our idea here is Coles,

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Speaker 1: but these department stores generated a lot of cash flow.

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Speaker 1: There's a lot of work that needs to be done.

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Speaker 1: Macy's is working on its private label. It's also closing

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Speaker 1: stores and working on small format. So we're gonna see

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Speaker 1: change and innovation and department stores. But overall, our top

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Speaker 1: ideas are Costco, Walmart, Aulta.

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Speaker 2: Damien Coles ten year track record negative five percent per year.

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Speaker 4: You know tem yesterday I was at the Westchester in

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Speaker 4: White Plains, the Westchester Mall. It was dead. And I'll

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Speaker 4: tell you this. A lot of the stores they are

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Speaker 4: like Alo and Lululemon. I mean, you're not getting a

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Speaker 4: lot of food traffic there and quite for that matter, Oliver,

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Speaker 4: let me ask you this. A lot of those stores

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Speaker 4: are like, I don't know, closed down or coming soon,

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Speaker 4: you know what I mean. So, I mean, do you

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Speaker 4: really still see foot traffic at malls in the suburbs.

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Speaker 1: Well, foot traffic and traffic has been sluggish to negative,

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Speaker 1: So something we're watching. People are struggling to get slightly

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Speaker 1: positive traffic. So you really have to work on conversion

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Speaker 1: and transactions. That's part of what's happening. It's needs versus wants,

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Speaker 1: and consumers are really focused on needs and food and

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Speaker 1: costco and great value. They also still love beauty. Beauty

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Speaker 1: is a great category of essentials, so you have to

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Speaker 1: be very selective. We also have a younger customer problem

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Speaker 1: at department stores, where department stores really need to broadcast

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Speaker 1: and be appealing to gen Z and beyond. So I

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Speaker 1: think it just depends. Athletic leisure is a long term trend,

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Speaker 1: comfort stretch, anti stink. You know, it's all very conducive

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Speaker 1: to the future, but there's a lot of dynamicism in

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Speaker 1: the sector at large, to.

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Speaker 2: Be clear, Oliver Chen into the autumn into twenty twenty five,

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Speaker 2: Walmart's your single best idea.

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Speaker 1: Yeah, Walmart's our top idea this year, and we continue

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Speaker 1: to be excited. I think artificial intelligence right, the marketplace model,

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Speaker 1: digital advertising plus calliefower, then cross Pizza. You know, there's

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Speaker 1: a lot happening.

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Speaker 2: I got to ask, how's ultra lux doing across the nation.

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Speaker 1: We're excited about things you like like Petech, Philippe and Rolex.

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Speaker 1: Tiffany has a great a great piece with Tiffany Locke.

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Speaker 1: And then within beauty, what's happening a lot is ultra

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Speaker 1: high end fragrances. Fragrances is a big idea, and we

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Speaker 1: like code be.

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Speaker 2: Afraid to ask what is the margin on quote unquote

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Speaker 2: ultra high end fragrances wants to know, Well.

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Speaker 1: The cost that gets sold is very modest, like under

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Speaker 1: so the margins, just like watches, can be exceptional like

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Speaker 1: eighty percent plus. But it's all about emotions and the innovation.

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Speaker 2: Oh really, thank you. We'll quote you on that, Oliver Chen.

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Speaker 2: It's all about emotions. He's a Toronto dominion and writing

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Speaker 2: a beautiful work across all of this life. You did

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Speaker 2: you look at the front pages of Lisa Matteo hour

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Speaker 2: Lisa Friday. What do you got?

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Speaker 6: We're starting off with a scandal in the world of

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Speaker 6: elite high school math. So this will interest you, Tom.

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Speaker 6: The American Mathematics competition, you know about it, Students spend

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Speaker 6: years preparing for it, attracts attention top colleges, finance industry recruiters,

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Speaker 6: been around for seventy four years. But the Wall Street

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Speaker 6: Journal is saying there's been online leaks of the test

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Speaker 6: and it's gotten out. They were available online hours days

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Speaker 6: before students sat down for the test. Some were free,

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Speaker 6: some were had a charge of like a few hundred dollars.

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Speaker 6: But kids about it. The league on TikTok, parents, math coaches,

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Speaker 6: they're all up in arms. They want the content you know,

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Speaker 6: administrator to do something, and they did. You know, they

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Speaker 6: did disqualify some students. But it just goes to show

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Speaker 6: you it's getting this out there, this.

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Speaker 2: Close to this theme in America of the dumbing of America.

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Speaker 2: A major shot out Jeff Sacks of Columbia, way out

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Speaker 2: front with a discussion of the dumbing down of America,

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Speaker 2: and it forgets Damien Sasauer an upper death stile. They're

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Speaker 2: doing math in high school, Damien, you and I dreamed

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Speaker 2: of while you're in college.

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Speaker 4: Well, you know the type of companies that support the AMC,

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Speaker 4: the competition Citadel, Hudson River Trading, big high frequency trading firms,

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Speaker 4: and hedge funds who are obviously quantitative and focus.

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Speaker 6: Isn't that right, Lisa, Yeah, No, most definitely. And they

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Speaker 6: do because these are the top of the top. I mean,

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Speaker 6: they go to the math math Olympiads, they go internationally

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Speaker 6: to compete with this.

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Speaker 2: This is the time a guest of ours honored to

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Speaker 2: have way Leon from Blackrock. She won not one year

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Speaker 2: but two year, really the Chinese equivalent, really a ward

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Speaker 2: in China. You know that was their ticket to Cambridge.

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Speaker 2: I believe it was. But but what I would emphasize, folks,

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Speaker 2: is this delusion of the dumbing of America completely ignores

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Speaker 2: in upper deactyle. That's just killing it.

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Speaker 4: Well, list, I'll tell you one thing Cambridge probably doesn't

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Speaker 4: have so already houses with blow dry bars and crystal chandeliers.

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Speaker 4: Isn't that right?

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Speaker 2: And we're ahead of that in Miami.

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Speaker 6: It is happening.

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Speaker 5: Blow dry bars.

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Speaker 6: You you sit down, that's what it is, and they

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Speaker 6: blow dry your hair. These are big time sorority houses,

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00:23:31,359 --> 00:23:36,359
Speaker 6: multimillion dollar makeovers, crystal chandeliers, Okay, craft rooms so they

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00:23:36,359 --> 00:23:39,560
Speaker 6: can make their banners, dining hall, study rooms, of video conferencing.

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00:23:39,800 --> 00:23:41,480
Speaker 6: I mean we're talking mega mansions.

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Speaker 4: Fifteen perhaps, I mean incredible.

436
00:23:44,240 --> 00:23:49,560
Speaker 2: Wait are we talking Try Delt or Kyomega.

437
00:23:48,520 --> 00:23:51,240
Speaker 6: Delta Zeta and try Dell, Yes, try Delt.

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00:23:51,320 --> 00:23:55,439
Speaker 2: Why did I know that you have no idea my history?

439
00:23:55,760 --> 00:23:59,240
Speaker 1: Oh wanted to six or seven good mornings.

440
00:23:59,240 --> 00:24:03,640
Speaker 2: But the secret whatever stays at the sinking boulder cover.

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00:24:05,119 --> 00:24:10,840
Speaker 6: What the that's aflying Gumbo delt try Delts fifteen million

442
00:24:10,880 --> 00:24:13,840
Speaker 6: dollar renovation. University of Arkansas, that's what they have there.

443
00:24:14,119 --> 00:24:17,600
Speaker 6: University of Alabama, that's Delta's eight to seventeen million dollars

444
00:24:17,640 --> 00:24:20,280
Speaker 6: forty thousand square feet. But the thing is they need

445
00:24:20,320 --> 00:24:22,359
Speaker 6: to attract members, right. You look at the Wall Street

446
00:24:22,400 --> 00:24:26,360
Speaker 6: Journal article, whose pictures are amazing of some of these places.

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00:24:26,520 --> 00:24:28,880
Speaker 6: I mean, these girls are all over social media, filming,

448
00:24:28,920 --> 00:24:30,879
Speaker 6: you know, everything to try and get more people. What

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00:24:30,920 --> 00:24:33,360
Speaker 6: I didn't realize is that they start recruiting them right

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00:24:33,359 --> 00:24:34,240
Speaker 6: out of high school.

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00:24:34,320 --> 00:24:36,760
Speaker 2: It's so different, and this goes to the polarity into

452
00:24:36,800 --> 00:24:42,720
Speaker 2: this academic season of in England, in France, across continental Europe,

453
00:24:42,720 --> 00:24:45,080
Speaker 2: they're saying, we don't do that.

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00:24:45,680 --> 00:24:48,000
Speaker 4: What I'm wondering what your sorority views are now as

455
00:24:48,040 --> 00:24:50,600
Speaker 4: a parent at University of Alabama that your daughter's going

456
00:24:50,640 --> 00:24:52,439
Speaker 4: to try it. I mean, I'm just curious because you know,

457
00:24:52,480 --> 00:24:55,000
Speaker 4: I'm not quite there yet, but I imagine at some

458
00:24:55,040 --> 00:24:56,240
Speaker 4: point I will be so yes.

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00:24:56,240 --> 00:24:57,920
Speaker 6: And that's the one thing the article does not say.

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00:24:57,920 --> 00:24:59,480
Speaker 6: I kept looking, I'm like, well, how much does it

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00:24:59,520 --> 00:25:00,680
Speaker 6: cost for kid to go there?

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00:25:00,680 --> 00:25:02,280
Speaker 4: But it does not costing the kids this year, it's

463
00:25:02,280 --> 00:25:03,280
Speaker 4: costing the parents next year.

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00:25:03,720 --> 00:25:07,280
Speaker 2: His conversation was Kapa kapa, gamma free kk gene.

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00:25:07,240 --> 00:25:10,720
Speaker 6: Next space travel, that's we're going to SpaceX are going

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00:25:10,760 --> 00:25:14,160
Speaker 6: to launch a methane detecting satellite. It's going to track

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00:25:14,240 --> 00:25:17,919
Speaker 6: those super polluters. So it's part of a nonprofit Carbon Mapper.

468
00:25:18,000 --> 00:25:21,720
Speaker 6: It's the Tanneger one satellite. So it's about the size

469
00:25:21,720 --> 00:25:24,320
Speaker 6: of a mini fridge and basically it goes off and

470
00:25:24,359 --> 00:25:28,640
Speaker 6: it'll look at companies like oil and gas, wells, livestock operations.

471
00:25:28,680 --> 00:25:33,280
Speaker 6: You've heard around the This is happening today. Full disclosure

472
00:25:33,320 --> 00:25:37,280
Speaker 6: though Carbon Mapper Coalition. It has received funding from Bloomberg philanthropies.

473
00:25:38,160 --> 00:25:40,560
Speaker 6: But it's it's happening today and they're going to make

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00:25:40,600 --> 00:25:42,600
Speaker 6: that data available in the coming months and it's really

475
00:25:42,600 --> 00:25:44,560
Speaker 6: going to show where those big movers are.

476
00:25:44,440 --> 00:25:48,480
Speaker 4: Like China, and do we need a new satellite to

477
00:25:48,520 --> 00:25:50,200
Speaker 4: tell us that China is an old.

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00:25:50,560 --> 00:25:53,000
Speaker 2: We have ja Javier Bloss, thank you so much. Really

479
00:25:53,040 --> 00:25:57,040
Speaker 2: on a tight schedule. Javi Bloss from London yesterday. I'm

480
00:25:57,080 --> 00:26:00,639
Speaker 2: coal and it's it's just the partition between China and

481
00:26:00,760 --> 00:26:05,280
Speaker 2: India and oecd on coal alone is just absolutely stunning.

482
00:26:05,359 --> 00:26:08,679
Speaker 6: Next and the food value wars, I will end you

483
00:26:08,720 --> 00:26:11,760
Speaker 6: with this. They are heating up again subway getting into

484
00:26:11,800 --> 00:26:15,520
Speaker 6: the competition. Okay, so if you like your sandwiches. This

485
00:26:15,600 --> 00:26:17,040
Speaker 6: is a source from the New York Post.

486
00:26:17,040 --> 00:26:17,600
Speaker 1: They're saying that.

487
00:26:17,520 --> 00:26:20,000
Speaker 6: They're going to put out this promotion. Okay, remember the

488
00:26:20,040 --> 00:26:23,280
Speaker 6: five dollars hot hot foot long, Well that's long gone.

489
00:26:23,320 --> 00:26:25,240
Speaker 6: Inflation has happened, so now it's six dollars and ninety

490
00:26:25,320 --> 00:26:28,320
Speaker 6: nine cents. So that's what they want to do. Oh

491
00:26:28,480 --> 00:26:31,199
Speaker 6: good price for a foot long, considering that you know

492
00:26:31,280 --> 00:26:34,280
Speaker 6: some of them are like ten dollars. So they're gonna

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00:26:34,320 --> 00:26:36,480
Speaker 6: make it starting August twenty six. You can get the

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00:26:36,480 --> 00:26:38,320
Speaker 6: foot long. And it's not just going to be one

495
00:26:38,480 --> 00:26:40,399
Speaker 6: like how they did a lot of times. It's going

496
00:26:40,440 --> 00:26:42,560
Speaker 6: to be a different one, you know, for different weeks

497
00:26:42,600 --> 00:26:43,440
Speaker 6: and for different days.

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00:26:43,440 --> 00:26:46,000
Speaker 4: And this is worldwide, across the whole country, not just

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Speaker 4: the New York.

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00:26:46,440 --> 00:26:48,800
Speaker 6: They tried it out in La they made it seven

501
00:26:48,840 --> 00:26:50,720
Speaker 6: dollars in ninety nine cents. That was little two is

502
00:26:50,800 --> 00:26:53,320
Speaker 6: still too pricey, so they're dropping it a buck. They're

503
00:26:53,320 --> 00:26:54,280
Speaker 6: making it six dollars.

504
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Speaker 2: This is a Bloomberg surveillance podcast, bringing you the best

505
00:26:57,640 --> 00:27:02,440
Speaker 2: in economics, finance, investment, and international relations. You can also

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00:27:02,520 --> 00:27:06,560
Speaker 2: watch the show live on YouTube. Visit the Bloomberg Podcast

507
00:27:06,680 --> 00:27:10,720
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00:27:10,720 --> 00:27:14,000
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509
00:27:14,080 --> 00:27:17,800
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510
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00:27:21,880 --> 00:27:25,080
Speaker 2: the Bloomberg Terminal, and the Bloomberg Business app.