Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along
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Speaker 2: the Bloomberg Terminal, and the Bloomberg Business App. Paul went
Speaker 2: to our team and he said, can you get us
Speaker 2: somebody here that's completely holistic on global shipping that can
Speaker 2: understand a Where's mayors Copenhagen, I think Denil I care
Speaker 2: you remember from the Baltic Sea over to Sri Lanka
Speaker 2: through Singapore. All these geographies are around and there has
Speaker 2: to be somebody who's encyclopedic and global shipping and the
Speaker 2: many geographies. John Krtsonis fits the bill. Not only was
Speaker 2: his work at City Group years ago, but with Breakwave Advisors.
Speaker 2: He's a board member with Synergy as well. He's encyclopedic
Speaker 2: on shipping. What are the people doing? John? Thank you
Speaker 2: so much first of all for being with us on
Speaker 2: short notice. What is Maersk doing this morning? What are
Speaker 2: the people in the shipping business do when they have
Speaker 2: a horrific event like this?
Speaker 3: Good morning and thank you for having me.
Speaker 4: Yes, indeed, that's a horrific event, and I think like
Speaker 4: from a shipping perspective, the first thing you have to
Speaker 4: do is obviously find what went wrong? Right, I mean,
Speaker 4: these are state of the r ships, especially this one
Speaker 4: involved in this accident is a brand new ship. He's
Speaker 4: less than ten years old building Korea. These are high
Speaker 4: quality shapes, so very it's a very unlikely phenomenon that
Speaker 4: you get something like that. The other thing is, obviously
Speaker 4: you have to look at the human error. But again,
Speaker 4: when the ships approach ports or tight waterways or areas
Speaker 4: that they don't know very well, you have experienced personnel
Speaker 4: that gets on board from the port, called basically pilots,
Speaker 4: and the other ones we're going to steer the ship
Speaker 4: through the waterway. So there are a lot of elements here.
Speaker 4: One is obviously the human element. The other is the
Speaker 4: mechanical failure, which seems to be the case here. But
Speaker 4: there's also obviously the timing here, because if you happened
Speaker 4: like ten or fifteen minutes later, nothing would have gone wrong.
Speaker 2: Is a process here in the coming quarters in months
Speaker 2: and years, a litigious years in the making process or
Speaker 2: is it covered by insurance and reinsurance and offices in Hamilton,
Speaker 2: Bermuda that I don't know about where there's almost the
Speaker 2: routine how the shipping industry deals with a tragedy like this.
Speaker 3: Well, I don't think it's routine at all.
Speaker 4: I mean usually human laws and hopefully there is none here,
Speaker 4: but human loss, especially outside the ship, is kind that
Speaker 4: is very rare in the maritime industry. You have very
Speaker 4: few incidents globally that you have basically this type of
Speaker 4: an event that will cause basically ordinary citizens to you know.
Speaker 3: To die.
Speaker 4: So I think that's definitely not an ordinary process. It
Speaker 4: will take a very very long time, and it will have.
Speaker 3: A multiple.
Speaker 4: You know, multiple agents organizations involved, especially given that this
Speaker 4: happened in the US.
Speaker 5: John, can you give us a sensis for folks that
Speaker 5: you're not in this business, like at one thirty in
Speaker 5: the morning navigating through a harbor. Is this navigation visual
Speaker 5: Is it by instruments? How is that done? Because it
Speaker 5: seemed like it was significantly you know, off course here.
Speaker 3: Yeah, of course it's not visual.
Speaker 4: Obviously, This are as I said at the beginning, state
Speaker 4: of the art equipment on board and very experienced pilots
Speaker 4: and captains that are going to steer the ship outside,
Speaker 4: you know, to go towards the ocean. So as we
Speaker 4: all saw on the videos, it seems that there's a
Speaker 4: blackout happening just moments before the collision. So again we
Speaker 4: don't know what was happening at that point on the bridge,
Speaker 4: what people were discussing, what was the incident, But it
Speaker 4: seems that a blackout where basically everything stops, the engine stops,
Speaker 4: there is no power, and there is no way you
Speaker 4: can steer the boat the ship away from either.
Speaker 3: Currents or maybe the router get stuck.
Speaker 4: Who knows, but it seems that the mechanical failure is
Speaker 4: most likely scenario here.
Speaker 5: John, Just give us a sense how big Baltimore is
Speaker 5: in the in the global scale of shipping. It seems
Speaker 5: like a busy board. Just give us a sense of
Speaker 5: its relative scale.
Speaker 4: It is very significant in terms of especially of consumer goods, cars,
Speaker 4: stuff that the US imports from abroad is not as
Speaker 4: significant in the commodities business. I mean that to export
Speaker 4: a call from the Baltimore area. But I think like
Speaker 4: probably what's going to be affected most is like deliveries
Speaker 4: of new cars, for example, or consumer goods. But again,
Speaker 4: I mean there is a lot of other areas obviously
Speaker 4: north the New York Harbord all the way down to Georgia,
Speaker 4: Savannah and so on, so that you have alternative destinations.
Speaker 4: But obviously that's going to take a while for the
Speaker 4: situation to resolve and this thing to begin operating normally again.
Speaker 4: So definitely the delays will cause delays in deliveries of
Speaker 4: goods if.
Speaker 2: You're joining US now worldwide and across this nation. As
Speaker 2: we look at a horrific bridge accident in Baltimore. John
Speaker 2: Katsunas joins US now managing partner Breakaway Advisors, has worked
Speaker 2: with Energy, has worked with City Group over the years,
Speaker 2: just truly cyclopedic on the linkage of global shipping in
Speaker 2: the equity and helysis. John, I think a question that
Speaker 2: a lot of Americans have today that needs to be reviewed.
Speaker 2: It seems like everybody in America is involved in shipping.
Speaker 2: Mariska is over in the Baltic Sea. You and your
Speaker 2: board membership with Centergy. They're out of Athens, Greece. Okay,
Speaker 2: I get that, breakwaves his own beast. Why aren't Americans involved?
Speaker 2: Why aren't there American ships, US ships, US shipping, US
Speaker 2: ship building. Why is America left out of the discussion?
Speaker 4: Huh, that's that's a very interesting question. And it goes
Speaker 4: back to I think that what everybody knows that it
Speaker 4: is cheaper and more efficient to build it abroad or
Speaker 4: to stop it abroad. I mean, this is something that
Speaker 4: has gone through you know, decades now, the US maritime business,
Speaker 4: if you go back one hundred and hundred years, was thriving.
Speaker 4: But this has changed over the years and right now
Speaker 4: basically Asia and you know, some European countries are dominating
Speaker 4: the global shipping space. You know, it has to do
Speaker 4: with cost. It has to do with the cost of
Speaker 4: building a ship. I mean, you can build a ship
Speaker 4: in the US, but it's gonna cost you three times
Speaker 4: more because of like the protectionism that the shipping industry
Speaker 4: is enjoying the US.
Speaker 3: So you know, that's that's the main reason for.
Speaker 2: US just thirty seconds left, John, totally unfair question. But
Speaker 2: you're I mean, you're an act former exa analyst at
Speaker 2: City Group. It was used to it. John, When does
Speaker 2: the Baltimore Harbor open up again? And you're just guests
Speaker 2: here in the moments of this tragedy, when would you
Speaker 2: see free sailing down the river towards the Chesapeake Bay again?
Speaker 3: I would say not this year. If I was taken,
Speaker 3: I would take a while.
Speaker 2: Yes here, John, thank you so much on short notice.
Speaker 2: Thanks to our team, Eric Mulane, everybody forgetting just such
Speaker 2: an authority. John carsonis with with Breakwave Advisors here with
Speaker 2: some real pro perspective there. I'm this tragedy joining us
Speaker 2: in the Peterson Institute. Adam Posen here on the state, Adam,
Speaker 2: I love the beginning of the interview with Robert Armstrong
Speaker 2: and you say something that's on the edge of Robert
Speaker 2: Taylor out of Chicago, Richard Taylor, excuse me, and that
Speaker 2: you say you underestimated the resiliency of the people of
Speaker 2: the American and global economy. Discuss how you fold a character,
Speaker 2: a culture, a fabric of people into economics.
Speaker 6: Thank you Tom for reading and having me back. It's
Speaker 6: great to be with you on this, and I'm grateful
Speaker 6: of Robert and the Ft for taking me through all that.
Speaker 6: I think what we have to think about is going
Speaker 6: into the pandemic. There was reason for fear. We didn't
Speaker 6: know what was going to happen, and we have in
Speaker 6: the US, in particular this enormous spike in unemployment, and rightly,
Speaker 6: the FED and first the Trump and then the Biden
Speaker 6: administration started providing some social benefits, some healthcare, all things
Speaker 6: I supported. But what was amazing and became evident within
Speaker 6: the first few months was that people adapted. They set
Speaker 6: up new businesses, they moved to new jobs, they arranged care.
Speaker 6: That doesn't mean we should leave them to that. It's
Speaker 6: better that we didn't. But we as economists, and particularly
Speaker 6: people who are on the progressive side, where I sort
Speaker 6: of am. You know, we understandably worry a lot about
Speaker 6: people buffeted by large shocks that they have no fault
Speaker 6: in and they can't control. But what I think COVID
Speaker 6: showed us is people's ability to adapt to these shocks
Speaker 6: is much much bigger than we worried about, and that
Speaker 6: leads into all kinds of positive though non intended labor
Speaker 6: market changes in the US that I think came out
Speaker 6: of this process.
Speaker 5: One of the things, Adam, I think folks are concerned
Speaker 5: about is the economic divide in this country may have
Speaker 5: been even exacerbated from even prior levels by this pandemic.
Speaker 5: Just simply, you know, it could be as simple as
Speaker 5: some people can afford to work from home, some jobs
Speaker 5: you can't do that. How big of a concern is
Speaker 5: that for you?
Speaker 6: I mean, Paul, you're absolutely right, and I mean it
Speaker 6: doesn't get much more basic and important than what you
Speaker 6: said that people who have different levels of income, different
Speaker 6: levels well, particularly in the US, have different vulnerabilities. Nonetheless,
Speaker 6: it's more about, let's call it, the health gradient than
Speaker 6: the economic gradient. Over the last few years, so what
Speaker 6: we've seen is people who didn't have good healthcare, people
Speaker 6: who had pre existing conditions, which is associated with socioeconomic status,
Speaker 6: people who had less access to medicine, and people unfortunately,
Speaker 6: who were less educated and more willing to believe lies
Speaker 6: and fears about vaccinations. They had much worse health outcomes,
Speaker 6: much higher mortality and morbidity, as they say. But on
Speaker 6: the economics, what we've seen for the last few years
Speaker 6: is we've actually seen a closing of the income inequality.
Speaker 6: We've seen much more growth in real income for the
Speaker 6: lower end of the income distribution than for the higher end.
Speaker 6: And again I don't think I certainly didn't. I don't
Speaker 6: think anybody else was expecting that going in.
Speaker 2: When you look at adamire running out of time here
Speaker 2: where the news flow out of Baltimore this morning. I
Speaker 2: want to get you back really soon here on more
Speaker 2: Adam posting economics. But just as a general statement, do
Speaker 2: you buy the new productivity and is it just simply
Speaker 2: total factor productivity the oddities of technology over on the
Speaker 2: right side of the equation.
Speaker 6: Tom, I am reluctantly a productivity bulk. I think it's
Speaker 6: a productivity two step. The first is what we've seen
Speaker 6: for the last year and are seeing still, is this
Speaker 6: labor market transition where millions of lower income workers we're
Speaker 6: more willing to take risks and have more of a
Speaker 6: sense of backstop, and are moving on large numbers to
Speaker 6: bigger employers and becoming more productive. And I think that's
Speaker 6: what we're benefiting from. I think we're at the start
Speaker 6: of a boom created by generative AI. We've had many
Speaker 6: guests I know you've been talking about this way early. Tom.
Speaker 6: We don't know when that's going to hit. We don't
Speaker 6: know how big it's going to hit, but it's pretty
Speaker 6: certain it's coming.
Speaker 2: Adam, thank you so much. Way too short of visit.
Speaker 2: We'll have doctor Poson on again here more than soon.
Speaker 2: It's tough to get him, he's busy, but we'll try
Speaker 2: to get him out here with a news flow today
Speaker 2: in our studios. Now, as someone who knows we rip.
Speaker 7: Up the script regularly, we can do this with Peter Sheer,
Speaker 7: Academy Securities, Bloomberg Newspeter moments ago reporting I'm going to
Speaker 7: read it verbatim because I really have not dived into
Speaker 7: a link.
Speaker 2: They article. Apple iPhone shipments in China fell about thirty
Speaker 2: three percent in February from a year earlier. This according
Speaker 2: to official data. I guess it's part of the China
Speaker 2: mix here, which you are expert on the export import
Speaker 2: of America to China, from China to America. Is it
Speaker 2: anything like we knew or is it a whole new world?
Speaker 2: After all?
Speaker 8: I think it's a very new world, and I think
Speaker 8: people are a little bit dismissive and saying, well, sales right, now,
Speaker 8: for some companies in China are slower because the Chinese
Speaker 8: economy is slowing. Yes, that is true, but I think
Speaker 8: that's far more than that. What we see China doing
Speaker 8: is repressing sales of Western brands in China, whether they're
Speaker 8: telling certain agencies that they can't use the sorts of phones,
Speaker 8: whether they're putting outright bands. So the one thing they're
Speaker 8: trying to do is suppress sales of Western brands in
Speaker 8: China to elevate Chinese sales. And I think they're also
Speaker 8: trying to do that globally. They're pushing and emerging markets.
Speaker 8: They have companies like Shine and Timu who are really
Speaker 8: aggressively competing on price with US brands, And I think
Speaker 8: people are being a little bit too dismissive and saying, oh,
Speaker 8: this is just weakness in China. I think this is
Speaker 8: an attempt by China to replace our brands with their
Speaker 8: brands domestically and pushing globally, which will not be good
Speaker 8: for valuations of US docs.
Speaker 5: From your perspective, I'm looking at your research here. What
Speaker 5: is the difference between made in China versus made by China.
Speaker 8: So traditionally, right, we took western companies took our products,
Speaker 8: made them in China, and then we took and tried
Speaker 8: to sell those products globally, so they were really our products,
Speaker 8: but they happen to be made in China. So to me,
Speaker 8: the difference is China's having difficulty attracting people to manufacture
Speaker 8: in there, so if they're going to do manufacturing, they
Speaker 8: have to manufacture their own brands and sell there. So
Speaker 8: that's why I think it's more of a made by
Speaker 8: China because you're going to start seeing byd much more
Speaker 8: frequently Huawei, these companies you never heard of, whether it's
Speaker 8: through Shine or Timo Timu sorry, And I think that's
Speaker 8: why I'm calling it made by China because they've been
Speaker 8: making all the goods so long time, but it was
Speaker 8: largely them making our goods. I think they're now more
Speaker 8: aggressively trying to develop their own brands sell those, and
Speaker 8: that will lead into market share. It will cut profit
Speaker 8: because they are going to compete on price.
Speaker 5: So you know, I think about these companies, I mean
Speaker 5: tim Cook, I think as we speak is in China,
Speaker 5: we see Western CEOs making that seemingly weekly monthly pilgrimage
Speaker 5: to China, Yet we do in fact, appear to have
Speaker 5: some type of technological cold war between China and the West.
Speaker 9: What does Apple do?
Speaker 5: What does Tesla do? I mean some of these companies
Speaker 5: are really intertwined with China.
Speaker 8: Yeah, and so at Academy Securities, as Tom knows, we've
Speaker 8: got eighteen retired generals and admirals who service our Geopolitical
Speaker 8: Intelligence Group. I would say I'm seeing a disconnect where
Speaker 8: a lot of corporations are still trying to figure out, Okay,
Speaker 8: how do we work with China? How do we sell
Speaker 8: into China?
Speaker 3: Right?
Speaker 8: That's still the brand and everything that we're hearing At
Speaker 8: a national security level, it is all about China. It
Speaker 8: is completely bipartisan, It doesn't matter which party the people
Speaker 8: are in charge of national security. And SISO, which puts
Speaker 8: out a lot of bulletins on cyber warfare and cyber attacks,
Speaker 8: they came out with, you know, really a big warning
Speaker 8: on this typhoon volt which they part clearly label as
Speaker 8: the People Republic of China's Communist Party. Their hackers working
Speaker 8: on their behalf trying to infiltrate US infrastructure. So this
Speaker 8: is not going to get better. This is going to
Speaker 8: get worse. As these you know you see an entity
Speaker 8: like that very willing to public a common and I
Speaker 8: just say state actors.
Speaker 2: So you know, I've never asked this question before. There's
Speaker 2: always a firse what does it mean for Nvidia? And
Speaker 2: I just all of our audiences glued into growth stocks
Speaker 2: quality Lizzie Saunders off on yesterday with Schwab talking about quality.
Speaker 2: Are you saying exit the glorified stocks of the moment?
Speaker 8: You know, I do think some of we may be
Speaker 8: peak AI in this particular cycle where you know, I
Speaker 8: was mentioning earlier that all of a sudden brushes now
Speaker 8: have AI components or something like that. So I think
Speaker 8: everyone's kind of latching onto this. We've got one of
Speaker 8: their generals who's been very good helps advise DC on
Speaker 8: AI in particular, and we see AI developing into four worlds.
Speaker 8: We've got what's going on in the US, which we
Speaker 8: think is very healthy. It's growing, it's going to be
Speaker 8: a big part of our economy. It might be overdone.
Speaker 8: You've got Europe, where I think AI is going to
Speaker 8: stagnate because they have so much data restriction, so Europe's
Speaker 8: not going to be competitive in AI. You've got India,
Speaker 8: which is actually a rising place, and you're seeing places
Speaker 8: like Nvidia investors, so I think that'll be exciting. And
Speaker 8: China is marching to the beat of their own drum.
Speaker 8: They have a very strong AI plan. They're one directional.
Speaker 8: If they get it right, it could be dangerous if
Speaker 8: they get it wrong. We have hope, but that to me,
Speaker 8: there is no work for Nvidia or US companies in
Speaker 8: China that is getting separated.
Speaker 2: Peter, we have major, major breaking news. You can stay
Speaker 2: with us and take this in. I'm sure it'll fold
Speaker 2: into your report this morning. Peter, Chair Academy securitizers. With
Speaker 2: a difficult news flow, We're going to try to make
Speaker 2: light of it, and only Lisa Matteo can do that.
Speaker 2: You look at the front pages around the world. Lisa,
Speaker 2: were you bruised from my beard yesterday? We took a.
Speaker 9: Yes, I got a little mark right here, but I'm okay.
Speaker 9: I recovered yet.
Speaker 2: This is this is you like this. I went to
Speaker 2: the I went to the grower barber shop. This is
Speaker 2: is what I went to. They gave it. It was
Speaker 2: so difficult. They took a razor out with it. So
Speaker 2: it was so difficult. I had to shave twice. But
Speaker 2: thank you to the good people at the Grower of Barbershop.
Speaker 9: Really it was fantastic. Well, by the way the poll,
Speaker 9: a lot of people wanted you to.
Speaker 2: Lose it, so that it was a mixed effort. But
Speaker 2: the tilt is that both that Bill and missus Keane
Speaker 2: wanted me to keep the beard.
Speaker 9: O oay, No, I can't do it.
Speaker 2: You get a call from the grower of Barbershop, shave
Speaker 2: that you're no Matt Miller shave that off. What do
Speaker 2: you got, Lisa?
Speaker 1: All Right, kids in Florida under the age of fourteen,
Speaker 1: they're a little upset. They will no longer be able
Speaker 1: to have a social media this went through. Yeah, Florida
Speaker 1: the first state to do this. It's apps like TikTok
Speaker 1: and Snapchat. Fourteen and fifteen year olds though, they are
Speaker 1: allowed to do it, but they will have to get
Speaker 1: their parents' permission in order to do that. But under fourteen, so.
Speaker 2: Are the Florida police going to go in?
Speaker 3: How?
Speaker 1: This is exactly that is the question.
Speaker 2: How do you just the world tiktoking from? I mean
Speaker 2: that's like Nirvana.
Speaker 1: Yes, so they're gonna have to go back TikTok, Snapchat
Speaker 1: and see how old.
Speaker 9: Some of these kids are who's got it's going.
Speaker 1: To be it's gonna be along the companies TikTok, Snapchat,
Speaker 1: all these companies are gonna have to go back and
Speaker 1: possibly delete some. But the question is if it's going
Speaker 1: to happen. I mean, this is going to face you know,
Speaker 1: backlash and constitutional challenges.
Speaker 9: And and all that.
Speaker 5: That's the realities of the marketplace. You know whatever, the
Speaker 5: parent sounds like a parent.
Speaker 2: You know, some kids down there on group with somebody
Speaker 2: from Bloomberg to see mcgloone, who's you know, they're on
Speaker 2: the porch of the Betsy on South Beach and the
Speaker 2: kids TikTok and from the Betsy and what the police
Speaker 2: show up.
Speaker 1: It's it's gonna be a long road. Let's just put
Speaker 1: it that way. It's the first step. Let's just put
Speaker 1: it that way. The first step. Okay, So we're going
Speaker 1: to the Wall Street Journal. You know how Mark Zuckerberg's known.
Speaker 1: He was known for wearing the hoodies and the shower
Speaker 1: slides and that whole casual kind of look. Well, maybe
Speaker 1: he's doing a little middle aged makeover. It's a new
Speaker 1: Zuckerberg he's wearing.
Speaker 9: He's been seen wearing suits.
Speaker 1: And a shirllink jacket, you know, different cardigans.
Speaker 9: So he's stepping up.
Speaker 1: The hoodies are out, he's stepping up his look. I
Speaker 1: don't know if it's a middle aged thing. But there's
Speaker 1: also you know, scrutiny for the industry, the tech industry.
Speaker 1: Well he's sharpening up the image.
Speaker 5: As according to rich go on the Bloomberg terminal, the
Speaker 5: fourth wealthiest person on the planet one hundred and seventy
Speaker 5: eight and a half billion dollars. So he can afford
Speaker 5: to upgrade.
Speaker 9: He can afford a suit, or you can.
Speaker 2: Get a hoodie from you or Selene or you know.
Speaker 2: I mean, can you imagine. I don't even know what
Speaker 2: they caused, but can you imagine?
Speaker 5: Oh ridiculous and I oh, by the way, in terms
Speaker 5: of the increase year to date in the net worth
Speaker 5: on Richiko, he is number one, up fifty billion dollars
Speaker 5: this year. It's been a good year.
Speaker 2: So I'm not going to mention the mutual fund, it
Speaker 2: doesn't matter. But the number one holding is met a Facebook,
Speaker 2: and it's gone up so much. It's gone from eleven
Speaker 2: percent of the portfolio to fourteen percent of the portfolio.
Speaker 2: It's Lau Paul Navis, this has never happened, Lisa posts
Speaker 2: of my life. I mean it's original. What else do
Speaker 2: you have?
Speaker 1: So, you know, we always talk about how lises in
Speaker 1: the city are really expensive for a lot of retailers.
Speaker 9: Not if you are Kim Kardashian.
Speaker 1: Yes, she's getting a big least discount. She has a
Speaker 1: Skim store coming to New York City. She is leasing
Speaker 1: a twenty thousand square foot space right along Fifth Avenue
Speaker 1: in the heart of New York City for at least
Speaker 1: seventy five percent less than what was paid by the
Speaker 1: last tenant for Sachi. This is from the New York Post,
Speaker 1: That's what they're saying. So if you break it down,
Speaker 1: Skin has paid less than two hundred dollars per square
Speaker 1: foot for the lot, whereas Versace I had about seven
Speaker 1: hundred and seventy dollars per square foot.
Speaker 9: Is for that?
Speaker 2: I mean, seriously, this is the I've noticed this just
Speaker 2: in the last couple of days. Let me make it clear.
Speaker 2: Paris does not have the empty stores in their primary area.
Speaker 2: They have some selected ones, but Paris doesn't look like
Speaker 2: a ghost town, Paul, parts of Midtown look like a
Speaker 2: ghost team.
Speaker 5: Tom this is six forty seven to Fifth Avenue, right
Speaker 5: near East fifty second Street. This is an iconic retail,
Speaker 5: luxury retail address on Fifth Avenue.
Speaker 2: So, but isn't this solution. It's just the lower rents. Yeah,
Speaker 2: I mean I get the taxes go down and all that.
Speaker 2: But basically she got a good deal.
Speaker 9: She got a very good deal.
Speaker 2: Are you done? Is there one more?
Speaker 9: One more? This is breaking.
Speaker 1: Yes, McDonald's bringing Krispy Cream Donuts.
Speaker 9: They are coming to McDonald's.
Speaker 4: Yes.
Speaker 2: Is that?
Speaker 9: Well, you know what they want to get more breakfast people.
Speaker 9: They want to get more of those you know, all
Speaker 9: day snackers.
Speaker 1: Krispy Kreme shares actually up about fourteen percent right now,
Speaker 1: wow on this news. If that gain holds, Krispy Kreme
Speaker 1: will be set for its biggest rise since December of
Speaker 1: twenty twenty one.
Speaker 9: So this is big news for Krispy Kreme.
Speaker 1: McDonald's still a little bit lower with their shares, but
Speaker 1: big news for Krispy Kreme. It could happen by the
Speaker 1: end of the year, nationwide rolled out roll out by
Speaker 1: the end of twenty twenty sex.
Speaker 2: I girl like you, I'm sure has her faith. It's
Speaker 2: not Dunkin Donuts. It's not Krispy Kreme. Is there is
Speaker 2: there like a local donut that you think is?
Speaker 1: Oh, Duck Donuts. That's another one donuts. Yes, that's a
Speaker 1: big in Jersey.
Speaker 9: Yes, they make them right there. You could watch it.
Speaker 2: I'm forever Dunkin Donuts. They took away my favorite. But
Speaker 2: you know it's it's not Krispy Kreme.
Speaker 9: Well, Chrispy, there will be three of them.
Speaker 1: You have the original glaze chocolate ice with the sprinkles
Speaker 1: and the chocolate ice cream filled all there.
Speaker 2: They're going to be there, Ken, what do you think.
Speaker 2: Let's go to our global technical director, Ken. I'll tell
Speaker 2: you Ken, what do you think? Chispy Kreamer, Dunkin Donuts?
Speaker 5: No, oh Krispy, that was definitive.
Speaker 2: Yeah, Evan, he's the baker. Thank you so much. Lisa
Speaker 2: Mantello had a tough day. A little lightness there with
Speaker 2: our news report. This is the Bloomberg Surveillance Podcast, bringing
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