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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

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Speaker 1: Surveillance Podcast. Catch us live weekdays at seven am Eastern

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Speaker 1: on Apple CarPlay or Android Auto with the Bloomberg Business App.

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Speaker 1: Listen on demand wherever you get your podcasts, or watch

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Speaker 1: us live on YouTube.

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Speaker 2: Where is the Federal Reserve going to go?

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Speaker 3: We've got a lot of economic data out there that

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Speaker 3: I guess, with the hindsight, still looks okay. But boy,

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Speaker 3: if you look at some of the survey data, whether

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Speaker 3: it's you miss data from a couple of weeks ago,

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Speaker 3: which we'll get some updated you miss data on this Friday,

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Speaker 3: whether it's some other survey data, it shows that the

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Speaker 3: consumers a little bit concerned out there, inflation expectations a

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Speaker 3: little bit heightened.

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Speaker 2: So how does the Fed take that into account? Well?

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Speaker 3: I know Danielle di Martino Booth, she'll have some thoughts here.

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Speaker 3: She's the CEO and chief strategist at QI Research. Danielle,

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Speaker 3: what's the data you're looking at? Give you a sense

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Speaker 3: of where this economy really is today? Maybe we're inflation

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Speaker 3: expectations are today? Because the Fed probably needs to be

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Speaker 3: a little bit nimble here, don't they?

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Speaker 4: Yes, good morning, and thank you for having me. And

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Speaker 4: absolutely the FED does need to be nimble. We actually

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Speaker 4: saw with the Durable Goods report that came out kind

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Speaker 4: of the first hard data that agrees with you. Across

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Speaker 4: the board, every single regional Federal Reserve survey has shown

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Speaker 4: reduced capital expenditure planning going into the future, reduced employment

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Speaker 4: going into the future as well. And most of what

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Speaker 4: we've been seeing has been, as you said, soft survey data.

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Speaker 4: Now we have hard data to back that up with

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Speaker 4: this morning's report, and so the Fed's going to have

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Speaker 4: to start thinking. The Dallas Federal Reserve did some great

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Speaker 4: work about a year ago that showed that it is investment,

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Speaker 4: business investment that leads the US economy in and out

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Speaker 4: of recession. With the looks that that is going to

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Speaker 4: be turning down, and again corroborated by every single regional

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Speaker 4: FED survey all the way down to the Richmond FED

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Speaker 4: and Philly FED that we've had these last few days,

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Speaker 4: the Fed's going to have to become more concerned, as

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Speaker 4: we saw in that CFO survey, about the possibility of recession.

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Speaker 4: So they're going to have to balance the two when

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Speaker 4: they're making their policy there's two non farm pair reports

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Speaker 4: before they meet again on May six and seventh.

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Speaker 5: And that's what I was going to say, six weeks

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Speaker 5: away before we get the next Federal Reserve decision, and

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Speaker 5: you were mentioning those key economic data points that are

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Speaker 5: going to be coming ahead of that, as well as

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Speaker 5: that reciprocal tariff deadline on April A second here, So

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Speaker 5: what's the playbook you think ahead of this Federal Reserve

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Speaker 5: meeting and what do you think needs to happen in

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Speaker 5: the data depending on what could force them to move

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Speaker 5: in a particular way.

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Speaker 4: So, you know, given the magnitude of the challenge, your

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Speaker 4: Grand Christmas layoffs one hundred and seventy two thousand, only

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Speaker 4: sixty two thousand of which we're attributable to the public sector.

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Speaker 4: In February, we're at about the same run rate. We're

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Speaker 4: running at about one hundred and fifty thousand layoffs layoffs

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Speaker 4: announced in the month of March. It's looking like the

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Speaker 4: Fed might get to that four point four percent year

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Speaker 4: end unemployment rate target by the time they meet again.

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Speaker 4: So I think that the real risk is that Powell's

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Speaker 4: going to have to pivot again in favor of the

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Speaker 4: employment mandate. If what we're seeing on the ground with

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Speaker 4: layoffs and of course Bcygo bankruptcy is runing at about

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Speaker 4: a twenty two pace for fifty million or more liabilities

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Speaker 4: on the terminal that you can follow, they're going to

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Speaker 4: have to start paying more attention to what higher for

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Speaker 4: longer is doing to the real economy.

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Speaker 2: So what is the focus here right now?

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Speaker 3: If you think of the Fed danielle is inflation is

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Speaker 3: an employment?

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Speaker 2: How do they balance that these days?

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Speaker 4: So they're definitely focused on inflation expectations. We saw you

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Speaker 4: fairly Dubvish voter Austin Goolsby saying we really have to

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Speaker 4: pay attention to see if these inflation expectations become on

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Speaker 4: him and start to filter their way into the actual

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Speaker 4: inflation metrics. But we haven't seen that yet. And the

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Speaker 4: fact is, what we're hearing from one company after another

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Speaker 4: is that there's a margin squeeze going on. They are

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Speaker 4: having to deal with higher input prices. There was a

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Speaker 4: lot of stockpiling ahead of the potential for imposed tariffs,

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Speaker 4: not that we know what they're going to look like yet,

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Speaker 4: but companies are reporting one after another that they cannot

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Speaker 4: pass through these prices to the end consumer, whether you're

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Speaker 4: talking about Walmart or Dollar Tree.

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Speaker 5: That's interesting too because when I've talked to Tom Barkin

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Speaker 5: before at the Richmond FED, he talked about how he

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Speaker 5: would actually look at the price mixed volume. When you're

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Speaker 5: looking at a lot of these companies and consumer package

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Speaker 5: good companies, whether it's like a Coca Cola, PepsiCo, craft

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Speaker 5: times and especially what it was meaning for inflation and

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Speaker 5: things like that, what do you like to look at

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Speaker 5: Because I mean, you have so much experience. You previously

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Speaker 5: were an advisor at the Fed Bank of Dallas during

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Speaker 5: the global financial crisis. So when you're looking at some

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Speaker 5: of these key consumers type names, and what do you

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Speaker 5: think it could mean for infleetion other forms of growth

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Speaker 5: on the other side of the employment thing, what are

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Speaker 5: you watching there?

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Speaker 4: So you know, I think everybody's focus right now is

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Speaker 4: on consumer discretionary But to Barkin's point and to your point,

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Speaker 4: we're actually seeing the staples come under pressure because of

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Speaker 4: what we've heard from some of the lowest cost retailers

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Speaker 4: out there, and that's that some US households are even

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Speaker 4: beginning to cut back on essential spending. They're moving away

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Speaker 4: from brands. They're moving away from packaged goods. Whereas these

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Speaker 4: companies were able to pass through these prices for several

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Speaker 4: years following the pandemic, now they're hitting a wall. McCormick

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Speaker 4: was the latest to come out and make those types

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Speaker 4: of comments here in the last forty eight hours or so.

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Speaker 4: So we really do have to be cognizant of the

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Speaker 4: potential for a margin squeeze here, and that I think

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Speaker 4: has to be on the feder radar. Again. It is

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Speaker 4: business investment and not consumption. Despite consumption being a record

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Speaker 4: seventy one percent of USGDP, business investment has always led

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Speaker 4: the US economy in and out of its cycles of

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Speaker 4: expansion and recession.

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Speaker 3: I'm looking at the WRP function Danielle in the Bloomberg

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Speaker 3: terminal of the world interest rate probability. It looks like

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Speaker 3: the market's pricing and maybe just a little bit more

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Speaker 3: than two rate cuts this year.

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Speaker 5: I feel like it's always all over the place. Though

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Speaker 5: when we look at that function.

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Speaker 3: It is, it is, and I have it, you know,

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Speaker 3: you know, not a whole lot of confidence in it,

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Speaker 3: not to say it's not very representative or interesting and useful,

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Speaker 3: but boy, it's all over the place, but a little

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Speaker 3: more than two rate cuts this year, Danielle, Does that

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Speaker 3: seem reasonable to you?

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Speaker 4: You know, I really think we're going to see maybe

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Speaker 4: double that or more.

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Speaker 2: Wow.

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Speaker 4: We're setting up for the September meeting a lot like

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Speaker 4: exccuse me. We're setting up for the main meeting a

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Speaker 4: lot like we did in between July and September of

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Speaker 4: twenty twenty four. Some non farm PAI reports are a

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Speaker 4: little bit lagged in terms of their release. The April

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Speaker 4: report is actually released on May second, so that is

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Speaker 4: five days before the FED meets again, but during blackout.

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Speaker 4: So the Fed's going to have to be very very

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Speaker 4: cognisant of its employment mandate because I think that that

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Speaker 4: in particular is moving in such a way the momentum.

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Speaker 4: We're seeing it with fewer jobs in the Consumer Confidence Report,

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Speaker 4: we're seeing with sixty six percent of Americans in you

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Speaker 4: Mish saying that they anticipate the unemployment rates going to

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Speaker 4: rise in a year. We've never been at these levels,

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Speaker 4: whether it's Conference Board or University of Michigan, when the

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Speaker 4: US economy has not already been in recession. Looking through

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Speaker 4: the mirror, all.

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Speaker 3: Right, we're going to get some more new University of

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Speaker 3: Michigan data this Friday, so we'll be having that for.

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Speaker 2: You as well. Danielle give Martino Booth.

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Speaker 3: She's the CEO and chief strategist at QI Research. One

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Speaker 3: of the smarter folks we talked to when it comes

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Speaker 3: to all things Fed, a reserve, and kind of how

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Speaker 3: the Fed's trying to deal with current economic condition.

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Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday

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Speaker 3: The next move the Federal Reserve will take maybe a

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Speaker 3: hike this fall. You don't see that every day, So

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Speaker 3: that's where I want to start. Skylar Linen joins his

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Speaker 3: CIO of Reagan Capital Management down at the Hedge Fund

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Speaker 3: Hotel down in Dallas, Texas to the Crescent Court. Spent

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Speaker 3: many a day there, got tons of II votes there,

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Speaker 3: stayed at the hotel there. It's a good place to be. Skyler,

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Speaker 3: talk to us about kind of how.

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Speaker 2: You're approaching the market these days.

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Speaker 3: We've had that ten percent pullback in the market got

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Speaker 3: people's attention.

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Speaker 2: We've bounced off that a little bit. Where do you

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Speaker 2: think we go from here? Long term? Up?

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Speaker 6: Oh, sure, you know it's going to be volatile. But

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Speaker 6: what we're seeing is that the consumer and corporations in

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Speaker 6: the US are still so strong. Corporate leverage levels are

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Speaker 6: the lowest they've been in recorded history at about twenty percent,

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Speaker 6: and consumer balance sheets are extremely strong. In aggregate, you're

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Speaker 6: looking at one hundred and sixty trillion dollars of net

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Speaker 6: wealth in the United States. A lot of that has

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Speaker 6: come from the stock market and real estate, and so

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Speaker 6: you know that spending is going to come. But for

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Speaker 6: right now, you know, people are a little bit nervous

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Speaker 6: corporate activity, corporate M and A are in the same

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Speaker 6: boat as consumers. But long term, you know, we kind

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Speaker 6: of see this this market running for at least the

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Speaker 6: next three to four years based on how much dry

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Speaker 6: powder is available for consumers and corporations.

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Speaker 5: So you're thinking of potential hike maybe in the fall,

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Speaker 5: of what would need to happen in order for that.

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Speaker 6: To occur, it's already happening, right, So look at inflation,

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Speaker 6: look at what was really interesting about the recent FED

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Speaker 6: meeting a week ago was not only you know the

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Speaker 6: press are and what they did, but if you look

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Speaker 6: at the dot plot and if you look at their predictions,

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Speaker 6: they make those predictions once a quarter of where GDP

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Speaker 6: is going, where PCE is going, and where inflation's going.

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Speaker 6: They're predicting pcee to to actually it moved up from

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Speaker 6: December to December to March. And they're predicting that rates,

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Speaker 6: you know, inflation is not going to fall below two

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Speaker 6: for yours you know, two plus years. They're predicting unemployment

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Speaker 6: to actually fall. So unemployment's coming down, inflation's going up.

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Speaker 6: Those are their two mandates, right, and so there is

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Speaker 6: absolutely no one can make any reasoning for me as

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Speaker 6: to why they would hike in this environment. Okay, yes,

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Speaker 6: financial conditions are restrictive. They're saying they're fairly restrictive right now.

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Speaker 6: But if terrorists come to come to boot and if

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Speaker 6: that causes inflation, we're going to see another you know,

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Speaker 6: Paul Voker type of moment where they're like, all right,

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Speaker 6: we need to get this under control. We need to

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Speaker 6: hike back up to you know, four fifty to five percent.

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Speaker 3: So given that backdrop here, we've gotten, I guess, a

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Speaker 3: lot of noise that the markets have to deal with

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Speaker 3: on a short term basis with policy decisions coming out

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Speaker 3: of Washington. Are we embracing risk in the equity markets,

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Speaker 3: are we embracing risk in the fixed income markets? Are

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Speaker 3: kind of just holding back a little bit on.

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Speaker 6: The fixed income side, you still have to stay short.

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Speaker 6: You know, the Fed cut last September, roughly six months ago.

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Speaker 6: Fixed income has not done very well since then. The

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Speaker 6: agg was up one in a quarter last year. It's

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Speaker 6: up about two percent so far this year. So the

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Speaker 6: egg's done okay, but from September to day it's down okay,

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Speaker 6: So it's basically flat. So and if you look at

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Speaker 6: the shape of the curve, you're not getting paid. You know,

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Speaker 6: you can sit there in cash at four thirty. You

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Speaker 6: can buy agency government guaranteed mortgage bonds that are floating

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Speaker 6: rate at five and a quarter okay, so you get

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Speaker 6: paid five handle yield to sit there, and the belly

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Speaker 6: of the curves inverted. International.

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Speaker 3: A lot of people are talking to me about international markets,

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Speaker 3: and they've had such a good start European markets.

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Speaker 2: In particular this year.

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Speaker 3: How do you guys think about the US versus non

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Speaker 3: US these days.

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Speaker 6: Well, part of that's due to the dollar. You know,

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Speaker 6: the dollars come down. If you look at Asia, for example,

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Speaker 6: Asia's not done very well this year, but dollar adjusted

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Speaker 6: it has so that's part of it. But you know,

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Speaker 6: so that's helped out ur it a little bit. But

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Speaker 6: you know, Germany announces that they're going to turn the

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Speaker 6: printers on and they're going to issue tons of debt,

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Speaker 6: and going back to World War One, Germany is a

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Speaker 6: very austere economy and now all of a sudden, you know,

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Speaker 6: based on the Ukraine War, all right, we're going to

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Speaker 6: see a ton of debt printing and so that's really

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Speaker 6: ignited a certain sectors, obviously like defense. So yeah, it

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Speaker 6: pays to be you know, well diversified both in terms

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Speaker 6: of uh, you know, equities, but also in terms of

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Speaker 6: locations as well.

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Speaker 5: How long does that story last for international just because

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Speaker 5: they underperformed so much relative to the last year and

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Speaker 5: especially the last two years of the bull market run

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Speaker 5: in the s and P five hundred because of what

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Speaker 5: was going on with AI and obviously these are the

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Speaker 5: corners were cheaper.

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Speaker 2: But is this something more.

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Speaker 5: Temporary that you think is going to happen more international?

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Speaker 7: Does it stick?

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Speaker 8: Yeah?

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Speaker 6: So, you know, we're a couple months into the administration,

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Speaker 6: two and a half months, right, and they came out,

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Speaker 6: you know, the administration came out and said, hey, look

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Speaker 6: we're going to break some things for the first hundred days.

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Speaker 6: So what do we got.

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Speaker 2: We're halfway there.

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Speaker 6: We're halfway to one hundred days basically, So, you know,

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Speaker 6: three four months into it, we got a couple months

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Speaker 6: to go before the spotlight comes back on the United

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Speaker 6: States and volatility decreases. We're seeing that in the VIX.

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Speaker 6: You know, VIX almost hit sixteen handle yesterday, and so

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Speaker 6: when that volatility subsides, I think the spotlight comes back

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Speaker 6: onto the US, it comes back onto the big meg seven, tech, AI,

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Speaker 6: you name it.

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Speaker 3: Thirty seconds left. Earnings, what's your feeling earnings? Can we

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Speaker 3: depend upon earnings to drive this market?

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Speaker 6: No? No, So earnings will be there, but at a

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Speaker 6: decreasing rate. Okay, So we've had a Gangbuster three years

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Speaker 6: right in, you know, two and a half years, so

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Speaker 6: earnings will be coming down on a you're over your basis.

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Speaker 6: We can't continue to produce just Gangbuster. You're over your

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Speaker 6: earnings and so yeah, you know, you know, maybe the

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Speaker 6: stock market eeks out five eight percent this year, but

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Speaker 6: above and beyond that, seeing the twenty plus percent that

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Speaker 6: we saw the last few years, that's not gonna happen.

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Speaker 3: Right, That's kind of kind of what we've been hearing

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Speaker 3: from a lot of folks looking at an earnings growth

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Speaker 3: rate or stock market return rate, if you know, kind

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Speaker 3: of mid to high single digits, as opposed to the

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Speaker 3: twenty twenty five percent we've seen over the last couple

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Speaker 3: of years. Skylar Wine, and thank you so much for

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Speaker 3: joining us.

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Speaker 2: Skylar Wine.

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Speaker 3: And he's the cio Reagan Capital Management. They're based down

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Speaker 3: there in the Big d Dallas, Texas, but he's joining

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Speaker 3: us here live in our Bloomberg Interactive Broker Studio.

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Speaker 1: You're listening to the Bloomberg Surveillance Podcast. Catch us live

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Speaker 1: weekday afternoons from seven to ten am Eastern Listen on

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Speaker 1: Applecarplay and Android Auto with the Bloomberg Business app, or

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Speaker 1: watch us live on YouTube.

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Speaker 3: Joy Yang, head of index product manager at market Vector Indexes.

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Speaker 2: Joins us here in our Bloomberg Interactive Broker studio.

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Speaker 3: Joey, are you surprised we haven't seen we're not seeing

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Speaker 3: a higher level of the VIX given some of the

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Speaker 3: uncertainty that I think a lot of investors feel so

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Speaker 3: far this year.

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Speaker 8: Yeah, thanks for having me so. Yes, I think it's undeniable.

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Speaker 8: We're in a period of heightened uncertainty. But uncertainty is

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Speaker 8: actually quite hard to measure, and as you mentioned, when

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Speaker 8: you look at the VIX, it's unusually low for what

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Speaker 8: we should expect in a fear oriented market. But if

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Speaker 8: you look at the Economic Policy Uncertainty Index, that's shooting

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Speaker 8: straight up and it's a it's second time high, and

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Speaker 8: I think this is reflecting two kind of very rational

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Speaker 8: strategies that we're seeing in the market. One is this

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Speaker 8: kind of weight and see because people just don't know

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Speaker 8: what's going to happen next, and they've been burnt previously,

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Speaker 8: so I think they're going to park their assets in

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Speaker 8: something liquid and be ready to pivot very quickly. So

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Speaker 8: that's gold and we're seeing this all time high and gold.

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Speaker 3: I keep for pointing out this US Economic Policy Uncertainty Index.

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Speaker 3: I wasn't that familiar with it, but you're right, it

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Speaker 3: is now screaming higher. Baker, Bloom and Davis are the

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Speaker 3: source there. So if you're in front of a terminal,

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Speaker 3: just type in you know, US economic uncertainly and you

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Speaker 3: see this indexing, you can graph it and says, oh, yeah,

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Speaker 3: that's that's the thing.

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Speaker 5: And to your point, Paul, because you were talking about

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Speaker 5: the VICS. When I was talking to a lot of treaders,

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Speaker 5: especially once it got close to thirty inch a day

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Speaker 5: earlier this month, a lot of them didn't want to

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Speaker 5: pay for puts above that because it just would have

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Speaker 5: been too expensive. So I was curious joy your thoughts

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Speaker 5: on the dynamic there and what that tells us because

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Speaker 5: we still see realized wall picking up.

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Speaker 8: Yeah, so I think, you know, this is just kind

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Speaker 8: of the lull before we get clarity, and I think

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Speaker 8: we're getting clarity in April second. Maybe possibly right, but

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Speaker 8: people want to stay invested. You know, you really don't

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Speaker 8: want to be holding cash, So staying invested means buying

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Speaker 8: something that's liquid, but we'll still will offer you either

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Speaker 8: hedge or some growth opportunity, and that's gold. Right now,

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Speaker 8: it's at all time high and we're seeing a lot

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Speaker 8: of flows into gold and gold dtfs and.

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Speaker 3: Gold up another six dollars here today, three thy sixty one.

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Speaker 3: I go back to the Goldman Sax call maybe a

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Speaker 3: month ago, five weeks ago, Yeah, thirty one hundred on

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Speaker 3: gold when it was a twenty eight hundred. Great call

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Speaker 3: there by your buddies at Goldman Sax. A lot of

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Speaker 3: money is going to international stocks, including Asia, not just

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Speaker 3: Europe but Asia as well.

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Speaker 2: Is that a trend or is that a trade? Do

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Speaker 2: you think?

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Speaker 8: Well, if you go back and you see this other

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Speaker 8: kind of strategy people are playing, is you know, we

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Speaker 8: don't know what's going on, but we do know that,

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Speaker 8: you know, US markets have been up unusually high, So

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Speaker 8: I think that's really kind of the unusual period, not

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Speaker 8: this correction that we're seeing, but up twenty percent over

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Speaker 8: two years. So let's go back to maybe focusing things

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Speaker 8: that we do know, which is, you know, markets are volatile,

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Speaker 8: but let's look at fundamentals. So when you look get

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Speaker 8: fundamentals and you think that corrections are a good time

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Speaker 8: to buy, well, Europe, Asia they've had bigger corrections than

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Speaker 8: what we've seen in the US. And if you look

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Speaker 8: at fundamentals, you know the companies that are trading in

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Speaker 8: these markets, whether it's Ali Baba Bid, they're trading at

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Speaker 8: you know, half the pe of their American counterparts, so

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Speaker 8: that's a great buying opportunity. And the same with European

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Speaker 8: you know, whether it's European defense stocks, European other you know,

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Speaker 8: any other industry.

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Speaker 5: You're like, yeah, those European defense stocks really taking off,

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Speaker 5: and a lot of them when you're looking at those

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Speaker 5: PEU ratios being a lot cheaper than some of their

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Speaker 5: peers more internationally, how long do you think that can continue?

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Speaker 5: Is this something more shorter term? Just given their underperformance

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Speaker 5: in recent years relative to the US and the first

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Speaker 5: two year a full run fueled by AI.

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Speaker 8: Well, this is definitely a structural shift because you know,

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Speaker 8: the US message was very clear, you know, whether intended

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Speaker 8: or unintended, as we saw in text messages this week,

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Speaker 8: that we're not going to go out there and support

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Speaker 8: the rest of the world. Right, So you know, the

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Speaker 8: Europeans are looking at this and they're reinvesting back to

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Speaker 8: their own military autonomy. And we know that government defense

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Speaker 8: spending is physical stimulus, right, but it's it's big and

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Speaker 8: it's long. So these are big, structural you know, dynamics.

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Speaker 8: And we think that European defense stocks, which have already

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Speaker 8: been up double digits here today will continue because there's

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Speaker 8: going to be more to come. But I would also

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Speaker 8: say don't discount US defense stocks, you know, because I

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Speaker 8: think the rest of the world still needs some of

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Speaker 8: the technology. And I think, you know, warfare has moved

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Speaker 8: from ground to air to cyber security. So companies like Talenteer,

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Speaker 8: which are AI intelligence, are still going to be quite

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Speaker 8: important in this space.

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Speaker 3: I look at Ali Baba for variety reasons, one of

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Speaker 3: which is my good buddies the co founder there. But

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Speaker 3: it is a for me at least, a proxy on

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Speaker 3: how investors view the Chinese stock market. They like it,

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Speaker 3: olibab is going to move higher. If they don't like

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Speaker 3: it's been for the last several years, it's going to

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Speaker 3: move lower. Stock's up fifty six percent year to date.

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Speaker 3: Do you feel comfortable in the Chinese stock market?

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Speaker 2: There's you know these well if you.

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Speaker 8: Look at you know, stocks like whether it's in Video

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Speaker 8: or Amazon, they're up double ditches, you know if you

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Speaker 8: look back twelve, you know, or two years. And I

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Speaker 8: think this is part of you know, what we tend

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Speaker 8: to forget when we focus so much on one country,

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Speaker 8: one stock, is that necessity is the mother in invention,

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Speaker 8: and you know, innovation will happen anywhere. Competition will shift

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Speaker 8: innovation to where you know it's going to you know

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Speaker 8: it's going to surface. And I think Chinese stocks are

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Speaker 8: you know, they've been kind of quiet.

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Speaker 2: In the background.

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Speaker 8: We've forgotten to look at them, and now they're visible

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Speaker 8: and we've just noticed, well, they've been like doing things also,

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Speaker 8: you know within you know, their own area.

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Speaker 3: Yeah, so again Olibab, but fifty six percent year to

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Speaker 3: day of eighty five percent over the trunk twelve months,

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Speaker 3: so people spaying paying some more attention to the Chinese

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Speaker 3: equity markets.

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Speaker 2: Joey Yang, thank you.

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Speaker 3: So much for joining us, Head of Index Product Management

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Speaker 3: and Market Vector Indexes.

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Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday

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00:21:13,200 --> 00:21:16,199
Speaker 1: starting at seven am Eastern on Apple Coarclay, and Android

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Speaker 1: Auto with the Bloomberg Business app. You can also listen

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Speaker 1: live on Amazon Alexa from our flagship New York station.

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Speaker 1: Just say Alexa play Bloomberg eleven thirty.

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Speaker 2: What I've noticed is institutional buying and.

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Speaker 3: Institutional embrace of crypto seems to be pretty interesting to me.

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Speaker 3: Aisha kan Kiani joint just she's the COO of.

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Speaker 2: M and C Group.

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Speaker 3: She joins us, Here in our studio, I'm looking in

438
00:21:42,320 --> 00:21:45,719
Speaker 3: fidelity Is. You know Rais it has assets on our

439
00:21:45,760 --> 00:21:48,359
Speaker 3: management group by over forty percent eight billion dollars.

440
00:21:48,600 --> 00:21:50,760
Speaker 2: Blackrock is into the crypto space.

441
00:21:51,560 --> 00:21:53,560
Speaker 3: What are some of the latest trends in crypto that

442
00:21:53,600 --> 00:21:57,120
Speaker 3: you're following now that we presumably have a pro crypto

443
00:21:57,640 --> 00:21:58,959
Speaker 3: presidency and administration.

444
00:21:59,840 --> 00:22:02,720
Speaker 9: So it all started a couple of years ago, but

445
00:22:02,880 --> 00:22:05,640
Speaker 9: now given the administration change, right, we have a bit

446
00:22:05,680 --> 00:22:10,080
Speaker 9: more acceptance to it, and given the regulatory change around

447
00:22:10,080 --> 00:22:14,520
Speaker 9: it too, or at least on you know, the commissioner levels,

448
00:22:15,359 --> 00:22:18,000
Speaker 9: we have started seeing a lot more institutional entering. So

449
00:22:18,040 --> 00:22:22,080
Speaker 9: we have started seeing more stable coin buying right and

450
00:22:22,320 --> 00:22:25,240
Speaker 9: basically trying to have a bit more stable coin exposure.

451
00:22:25,280 --> 00:22:29,680
Speaker 9: The other thing is, obviously we're seeing large fortune five

452
00:22:29,800 --> 00:22:33,960
Speaker 9: hundred companies buying BTC or stable coins you know, on

453
00:22:34,040 --> 00:22:39,720
Speaker 9: their balance sheet. We see almost everyone saying that they're

454
00:22:39,760 --> 00:22:42,440
Speaker 9: either looking to you know, build a blockchain or working

455
00:22:42,440 --> 00:22:46,120
Speaker 9: on a private blockchain solution for their company on how

456
00:22:46,160 --> 00:22:47,919
Speaker 9: to decentralize their data.

457
00:22:49,560 --> 00:22:51,680
Speaker 7: So, yes, we have Fidelity, we have Blackrock.

458
00:22:51,800 --> 00:22:55,800
Speaker 9: We have seen a lot of conversations around tokenizing assets.

459
00:22:57,000 --> 00:23:01,840
Speaker 9: Blackrock is obviously spirit heeading that effort. But yes, we

460
00:23:02,000 --> 00:23:04,720
Speaker 9: are seeing a bit more acceptance that we've seen in

461
00:23:04,800 --> 00:23:05,280
Speaker 9: the past.

462
00:23:05,400 --> 00:23:08,000
Speaker 5: Walk us through some of the regulational changes, because that

463
00:23:08,040 --> 00:23:10,240
Speaker 5: has been a big criticism in recent years about the

464
00:23:10,320 --> 00:23:12,680
Speaker 5: lack of regulation. So have things changed.

465
00:23:13,640 --> 00:23:16,760
Speaker 9: So over the years, right, we heard we heard large

466
00:23:16,760 --> 00:23:20,320
Speaker 9: banks saying that, look, we cannot trade this asset because

467
00:23:20,359 --> 00:23:22,080
Speaker 9: even though it's for us, it's just a ticket.

468
00:23:22,200 --> 00:23:22,360
Speaker 8: Right.

469
00:23:23,160 --> 00:23:26,720
Speaker 9: We don't know how SEC or CFTC were treated as Right.

470
00:23:27,480 --> 00:23:29,600
Speaker 7: What has happened in the past month or.

471
00:23:29,520 --> 00:23:33,119
Speaker 9: So is that SEC has literally, you know, let go

472
00:23:33,240 --> 00:23:36,320
Speaker 9: most of the enforcement hasks that were going after crypto companies.

473
00:23:36,359 --> 00:23:41,600
Speaker 9: One all of the SEC charges have been dropped against

474
00:23:41,640 --> 00:23:44,520
Speaker 9: Coinbase and Beautible, Moon Pay.

475
00:23:44,440 --> 00:23:47,560
Speaker 7: All of the companies that were open. So that has

476
00:23:47,680 --> 00:23:50,960
Speaker 7: changed this shift. Same thing with CFTC.

477
00:23:51,320 --> 00:23:55,520
Speaker 9: They've tried to set up you know, coworking groups just

478
00:23:55,520 --> 00:23:56,560
Speaker 9: to focusing.

479
00:23:56,160 --> 00:23:57,200
Speaker 7: On digital assets.

480
00:23:57,640 --> 00:24:02,480
Speaker 9: So even if crypto or blockchain or bitcoin as a

481
00:24:02,480 --> 00:24:06,200
Speaker 9: whole doesn't get a special category under the asset, probably

482
00:24:06,200 --> 00:24:09,520
Speaker 9: we just treated like another ascid under SEC, you know,

483
00:24:09,640 --> 00:24:11,120
Speaker 9: just the same investor protection.

484
00:24:12,160 --> 00:24:13,879
Speaker 7: Just one of the stocks that you could trade on

485
00:24:13,920 --> 00:24:14,320
Speaker 7: the market.

486
00:24:14,359 --> 00:24:16,080
Speaker 3: Is that is that where you think we're going to go,

487
00:24:16,119 --> 00:24:19,440
Speaker 3: because I would think that's where the industry.

488
00:24:19,080 --> 00:24:22,160
Speaker 7: Would like to be, right, that's where the industry would

489
00:24:22,320 --> 00:24:22,639
Speaker 7: like to be.

490
00:24:22,720 --> 00:24:26,280
Speaker 9: Absolutely, but we would see that's where it is headed.

491
00:24:26,480 --> 00:24:28,600
Speaker 2: Okay, so that's good news, right, Yeah.

492
00:24:28,640 --> 00:24:33,760
Speaker 3: So I mean, is this administration perceived still as pro

493
00:24:33,840 --> 00:24:37,440
Speaker 3: crypto or maybe maybe they just don't care?

494
00:24:37,480 --> 00:24:38,280
Speaker 2: And that's okay too.

495
00:24:38,680 --> 00:24:41,960
Speaker 9: No, no, no, a very pro crypto, okay, very extremely

496
00:24:42,119 --> 00:24:44,280
Speaker 9: You know, we had an industry conference here in New

497
00:24:44,359 --> 00:24:47,960
Speaker 9: York last week and not as big as Consensus or

498
00:24:48,240 --> 00:24:52,640
Speaker 9: you know, a couple of others, and President Trump had

499
00:24:52,680 --> 00:24:57,399
Speaker 9: a message, yes, had a recorded Yeah, so we carry

500
00:24:57,440 --> 00:25:01,680
Speaker 9: exactly so and then you know World liber Financial of

501
00:25:02,040 --> 00:25:06,680
Speaker 9: the organization under him, they they're buying tokens consistently.

502
00:25:06,920 --> 00:25:07,439
Speaker 2: Yeah, okay.

503
00:25:07,920 --> 00:25:10,080
Speaker 5: You know it's interesting too because if you're just looking

504
00:25:10,080 --> 00:25:12,680
Speaker 5: at its performance here to date, still lower here cools

505
00:25:12,720 --> 00:25:16,520
Speaker 5: to about six percent. So I mean, what's the deal?

506
00:25:17,400 --> 00:25:17,920
Speaker 7: It's dead?

507
00:25:18,200 --> 00:25:22,320
Speaker 9: I mean, honestly, speak as hyped. I'd be very honest

508
00:25:22,359 --> 00:25:27,320
Speaker 9: about this as hyped. You know, we have you know,

509
00:25:27,520 --> 00:25:31,879
Speaker 9: as hyped. We have basically done with the industry in

510
00:25:31,880 --> 00:25:33,760
Speaker 9: the past three to four months. Right ever since the

511
00:25:33,800 --> 00:25:37,200
Speaker 9: administration change, we haven't seen new volumes come in, and

512
00:25:37,359 --> 00:25:39,080
Speaker 9: we haven't seen new liquidity come in.

513
00:25:39,200 --> 00:25:42,520
Speaker 7: We haven't seen a lot more large.

514
00:25:42,320 --> 00:25:45,119
Speaker 9: Institutional just plug in and say here's the capital, just

515
00:25:45,160 --> 00:25:45,639
Speaker 9: go trade.

516
00:25:45,680 --> 00:25:46,679
Speaker 5: Why do you think that is?

517
00:25:47,520 --> 00:25:49,919
Speaker 9: Because I think at the end of the day, in

518
00:25:50,000 --> 00:25:53,280
Speaker 9: months or so, everyone rather manage their own book than

519
00:25:53,359 --> 00:25:57,600
Speaker 9: handing to like Cryptonata funds or plugging into all.

520
00:25:57,600 --> 00:25:59,480
Speaker 2: Right, I don't know anything about this, and I take

521
00:25:59,520 --> 00:26:01,200
Speaker 2: great pride not knowing anything about this.

522
00:26:01,359 --> 00:26:03,960
Speaker 3: I come from the day of creating blocks of stocks.

523
00:26:05,720 --> 00:26:07,320
Speaker 3: Has the story kind of faded here?

524
00:26:07,359 --> 00:26:07,960
Speaker 2: For crypto?

525
00:26:08,119 --> 00:26:11,240
Speaker 3: It feels like the momentum is maybe out of the story.

526
00:26:11,280 --> 00:26:12,640
Speaker 3: We don't talk about it as much as.

527
00:26:12,600 --> 00:26:13,080
Speaker 2: We used to.

528
00:26:13,119 --> 00:26:15,760
Speaker 3: I quote it, but when I quote it, we like

529
00:26:15,760 --> 00:26:16,840
Speaker 3: I'm quoting stocks, bonds.

530
00:26:16,880 --> 00:26:18,720
Speaker 2: I feel like, should I even be quoting bitcoin?

531
00:26:20,359 --> 00:26:23,840
Speaker 7: I think we're not as special as we used to?

532
00:26:24,119 --> 00:26:27,440
Speaker 9: Okay, that's that's that you're you're right there, but we're

533
00:26:27,480 --> 00:26:28,920
Speaker 9: not as special as we used to.

534
00:26:29,040 --> 00:26:31,560
Speaker 7: We were a hedge against inflation.

535
00:26:31,720 --> 00:26:33,680
Speaker 9: We were you know one of that did Alas said

536
00:26:33,760 --> 00:26:37,160
Speaker 9: that you could buy so your grand you know your

537
00:26:37,200 --> 00:26:38,600
Speaker 9: grand kids could be proud of.

538
00:26:39,119 --> 00:26:41,400
Speaker 5: But like for the criticism agids that being a hedge

539
00:26:41,400 --> 00:26:43,800
Speaker 5: against inflation, I mean that clearly didn't work in various

540
00:26:43,840 --> 00:26:46,159
Speaker 5: instances over the last three years during the Fed's hiking

541
00:26:46,200 --> 00:26:47,600
Speaker 5: cycle to try to tame inflation.

542
00:26:48,040 --> 00:26:51,439
Speaker 9: It worked in twenty twenty, and it worked in early

543
00:26:51,520 --> 00:26:52,520
Speaker 9: twenty twenty one.

544
00:26:52,680 --> 00:26:56,960
Speaker 7: Right now, it's just following the macro and which it.

545
00:26:57,040 --> 00:27:00,960
Speaker 9: Shouldn't have if it had followed it's an initial narrative

546
00:27:01,040 --> 00:27:04,000
Speaker 9: it was. You know, we're an asset class off its own.

547
00:27:04,480 --> 00:27:06,520
Speaker 9: Right now, we're just treated like another tex style.

548
00:27:06,640 --> 00:27:10,840
Speaker 2: So what's the next big issue or big mile post

549
00:27:11,080 --> 00:27:12,600
Speaker 2: for the cryptos spaces.

550
00:27:12,600 --> 00:27:14,920
Speaker 3: There's something piece of news out there that we're waiting for,

551
00:27:14,960 --> 00:27:16,800
Speaker 3: whether it's a piece of legislation, whether it's a new

552
00:27:16,840 --> 00:27:19,120
Speaker 3: product offering, or what's the next new thing.

553
00:27:19,840 --> 00:27:23,560
Speaker 9: I think we are getting everything that we've ever wanted,

554
00:27:23,720 --> 00:27:26,919
Speaker 9: right We are getting you know, a bit more understanding

555
00:27:26,960 --> 00:27:31,679
Speaker 9: from regulators. We'll probably even have stable coin legislations come in.

556
00:27:32,040 --> 00:27:34,320
Speaker 9: I heard that a lot at like Milk and Symposium

557
00:27:34,320 --> 00:27:37,879
Speaker 9: a couple of weeks ago. We're going to see you know,

558
00:27:37,960 --> 00:27:41,639
Speaker 9: stable coins begin integrated just like you know dollar into

559
00:27:41,760 --> 00:27:45,600
Speaker 9: like large banks or large banks issuing their own stable coins.

560
00:27:47,320 --> 00:27:52,520
Speaker 9: I think we're slowly, slowly progressing there. My internal skepticism

561
00:27:52,560 --> 00:27:54,280
Speaker 9: as always is the tech ready.

562
00:27:55,600 --> 00:27:58,560
Speaker 7: But I could go on on that for days.

563
00:28:00,080 --> 00:28:04,840
Speaker 9: But I think from the regulatory perspective, from the market's perspective,

564
00:28:06,080 --> 00:28:07,960
Speaker 9: we have accomplished.

565
00:28:08,160 --> 00:28:10,800
Speaker 3: You know, But are the kids at NYU that you

566
00:28:10,840 --> 00:28:14,639
Speaker 3: talked to every are they still cryptos crypto that cryptos

567
00:28:14,720 --> 00:28:16,119
Speaker 3: that I want to go into crypto. I don't want

568
00:28:16,160 --> 00:28:18,080
Speaker 3: to go to Morgan Stanley and be an investment banker

569
00:28:18,119 --> 00:28:18,600
Speaker 3: or trader.

570
00:28:18,680 --> 00:28:20,760
Speaker 2: I want to get into crypto. Are they still saying that.

571
00:28:21,520 --> 00:28:24,560
Speaker 9: Fifty percent split because the other fifty percent have moved

572
00:28:24,560 --> 00:28:25,080
Speaker 9: on to AI.

573
00:28:26,640 --> 00:28:27,000
Speaker 10: Yeah.

574
00:28:27,040 --> 00:28:29,879
Speaker 9: So my course is still very popular. I still have

575
00:28:29,920 --> 00:28:32,560
Speaker 9: the wait list everything. I still have kids building under me,

576
00:28:32,600 --> 00:28:35,719
Speaker 9: writing under me. But now it's like, hey, professor, this

577
00:28:35,800 --> 00:28:38,440
Speaker 9: is cool, but let's talk about AI.

578
00:28:38,560 --> 00:28:42,360
Speaker 5: Also, so you had mentioned we only have about thirty

579
00:28:42,360 --> 00:28:44,680
Speaker 5: seconds left. But what was the issue with the tech

580
00:28:44,720 --> 00:28:46,480
Speaker 5: that you were maybe skeptical about.

581
00:28:46,840 --> 00:28:49,640
Speaker 9: I think that if you really really break it down

582
00:28:49,800 --> 00:28:52,480
Speaker 9: with ethereum or Salona or like you know, if you

583
00:28:52,520 --> 00:28:56,400
Speaker 9: come on chain levels, can we handle that kind of volume, right,

584
00:28:56,520 --> 00:29:00,840
Speaker 9: like if as I remember on my first show with Tom,

585
00:29:00,840 --> 00:29:03,400
Speaker 9: he said, I mean, none of this makes sense. So

586
00:29:04,000 --> 00:29:06,120
Speaker 9: but I don't know why this trade acid is trading

587
00:29:06,120 --> 00:29:08,320
Speaker 9: at seventy thousand, so please, you know, clarify.

588
00:29:08,600 --> 00:29:11,400
Speaker 2: Yeah, and then it went up to five hundred exactly.

589
00:29:11,040 --> 00:29:13,240
Speaker 9: And Paul kicked in and Paul said, you know, why

590
00:29:13,240 --> 00:29:17,120
Speaker 9: don't you teach us so like why so that's the thing,

591
00:29:17,240 --> 00:29:19,560
Speaker 9: like beautiful in order to be at one hundred and ten?

592
00:29:19,600 --> 00:29:19,880
Speaker 2: Again?

593
00:29:20,320 --> 00:29:21,360
Speaker 7: Is the tech enough?

594
00:29:21,640 --> 00:29:26,240
Speaker 2: Okay? A Keani, COO of m n n C A group.

595
00:29:31,800 --> 00:29:35,720
Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday

596
00:29:35,760 --> 00:29:38,800
Speaker 1: starting at seven am Eastern on Apple, Corplay and Android

597
00:29:38,800 --> 00:29:41,800
Speaker 1: Auto with the Bloomberg Business app. You can also watch

598
00:29:41,880 --> 00:29:44,800
Speaker 1: us live every weekday on YouTube and always on the

599
00:29:44,840 --> 00:29:45,920
Speaker 1: Bloomberg terminal.

600
00:29:46,040 --> 00:29:50,520
Speaker 3: Let's get a look at those newspapers with Lisa Matata, Lisha,

601
00:29:50,520 --> 00:29:51,160
Speaker 3: what are you looking at all?

602
00:29:51,200 --> 00:29:51,320
Speaker 5: Right?

603
00:29:51,320 --> 00:29:53,080
Speaker 11: So remember when Elon must put out the request of

604
00:29:53,080 --> 00:29:56,480
Speaker 11: federal workers to submit those five bullet points detailing their weeks,

605
00:29:56,520 --> 00:30:01,120
Speaker 11: when we have a challenge doing that, Well, a lot

606
00:30:01,200 --> 00:30:03,280
Speaker 11: of workers have been doing it, but now they're running

607
00:30:03,280 --> 00:30:05,920
Speaker 11: into an issue, and the issue is apparently the inbox

608
00:30:06,040 --> 00:30:09,680
Speaker 11: is full. Oh so their emails are getting bounced back.

609
00:30:10,280 --> 00:30:12,520
Speaker 11: So now they're putting in the effort, but it's not

610
00:30:12,640 --> 00:30:15,520
Speaker 11: going through. So what the workers are being told. So,

611
00:30:15,560 --> 00:30:17,840
Speaker 11: for example, you have the Department of Health and Human Services,

612
00:30:17,840 --> 00:30:20,000
Speaker 11: they're telling employees that, okay, we know.

613
00:30:19,960 --> 00:30:20,600
Speaker 2: What's going on.

614
00:30:21,440 --> 00:30:24,320
Speaker 11: So they're directing them to send their weekly five things

615
00:30:24,400 --> 00:30:28,080
Speaker 11: emails to a different o PM email address. Even NASA

616
00:30:28,160 --> 00:30:31,440
Speaker 11: unveiled this app so that workers could send their reports

617
00:30:31,480 --> 00:30:33,880
Speaker 11: there too. So they're doing all these different things because

618
00:30:34,040 --> 00:30:36,040
Speaker 11: remember he had said that workers would be fired if

619
00:30:36,080 --> 00:30:37,959
Speaker 11: they didn't reply. I mean, the White House kind of,

620
00:30:38,120 --> 00:30:39,840
Speaker 11: you know, pulled back and said, you know what, let's

621
00:30:39,920 --> 00:30:41,640
Speaker 11: let's explain. You know, we'll leave it up to the

622
00:30:41,680 --> 00:30:44,240
Speaker 11: leadership of each agency to determine, you know.

623
00:30:44,240 --> 00:30:48,000
Speaker 3: That we know who's presumably reviewing these emails to say,

624
00:30:48,160 --> 00:30:49,400
Speaker 3: are these five things you're doing?

625
00:30:49,440 --> 00:30:52,480
Speaker 2: Are they good? Or evaluating what you're doing?

626
00:30:52,600 --> 00:30:55,360
Speaker 10: Is there anybody know who's reading these questioner, Now they're

627
00:30:55,360 --> 00:31:02,720
Speaker 10: getting bounced back, But it's a good question, all right, Okay,

628
00:31:02,720 --> 00:31:04,680
Speaker 10: so we have we talked about the housing crisis right

629
00:31:04,760 --> 00:31:07,400
Speaker 10: sparking it's what it's doing now, is that it's sparking

630
00:31:07,440 --> 00:31:09,560
Speaker 10: new alternatives to building homes.

631
00:31:09,640 --> 00:31:13,080
Speaker 11: So we're talking about builders using everything from three D printing,

632
00:31:13,400 --> 00:31:17,960
Speaker 11: assembling homes inside a factory, and then using hemp, yes,

633
00:31:18,040 --> 00:31:21,440
Speaker 11: hemp to make building blocks for walls. So this is

634
00:31:21,440 --> 00:31:24,040
Speaker 11: from the Associated Press. They visited this factory where they're

635
00:31:24,040 --> 00:31:27,240
Speaker 11: pumping out five hundred homes in just over three years

636
00:31:27,240 --> 00:31:31,280
Speaker 11: of operation. Each takes about five to seven days to build. Okay,

637
00:31:31,320 --> 00:31:33,480
Speaker 11: So they're inside this factory.

638
00:31:33,160 --> 00:31:35,240
Speaker 2: They get everything the walls.

639
00:31:34,840 --> 00:31:38,000
Speaker 11: The wiring, the plumbing, the countertops, and then they're shrink

640
00:31:38,040 --> 00:31:41,080
Speaker 11: wrapped and shipped out. So this is like how they're

641
00:31:41,080 --> 00:31:43,320
Speaker 11: pumping it out there. Then, as far as the three

642
00:31:43,440 --> 00:31:46,880
Speaker 11: D printing, they make like these curved walls that are

643
00:31:47,000 --> 00:31:50,400
Speaker 11: unlike concrete block. But the only drawback is that it's pricy. Right,

644
00:31:50,440 --> 00:31:54,400
Speaker 11: three D printers are expensive, the engineers to work them

645
00:31:54,400 --> 00:31:58,400
Speaker 11: are expensive, other skilled employees are expensive. And then this

646
00:31:58,680 --> 00:32:01,240
Speaker 11: hemp and line mixture. I did not know that it's

647
00:32:01,240 --> 00:32:06,600
Speaker 11: called hemp crete, and it's this natural insulation. It's mold

648
00:32:06,760 --> 00:32:09,840
Speaker 11: fire resistant. Acts as this outer wall of insulation. You

649
00:32:09,880 --> 00:32:12,000
Speaker 11: still need kind of like the woods and the frames

650
00:32:12,080 --> 00:32:14,880
Speaker 11: you know, to build the walls. But it basically cuts

651
00:32:14,880 --> 00:32:18,720
Speaker 11: down because it replaces three wall building components with just one.

652
00:32:18,920 --> 00:32:22,040
Speaker 3: Actually, all right, I don't understand how we got into

653
00:32:22,120 --> 00:32:24,560
Speaker 3: this where we don't have enough housing.

654
00:32:24,880 --> 00:32:27,760
Speaker 2: We aren't having children anymore. I mean, the birth rate

655
00:32:27,840 --> 00:32:28,400
Speaker 2: is way down.

656
00:32:28,640 --> 00:32:32,440
Speaker 3: Are we knocking down homes such that we don't? All

657
00:32:32,480 --> 00:32:35,360
Speaker 3: I see when I drive around is these multi family

658
00:32:35,440 --> 00:32:37,320
Speaker 3: housing units being built everywhere.

659
00:32:37,360 --> 00:32:39,440
Speaker 5: You didn't use three D printing for the compound.

660
00:32:39,720 --> 00:32:42,880
Speaker 3: I just don't understand that the fundamental concept why we

661
00:32:43,000 --> 00:32:44,360
Speaker 3: have a housing I guess.

662
00:32:44,160 --> 00:32:46,120
Speaker 11: People just don't want to give it up because you have.

663
00:32:49,880 --> 00:32:51,200
Speaker 7: Tell those boomers.

664
00:32:52,360 --> 00:32:53,840
Speaker 2: Building over the place.

665
00:32:54,120 --> 00:32:59,479
Speaker 3: They walk into Middle America, They're building these multi family

666
00:32:59,640 --> 00:33:03,160
Speaker 3: units all over the place. I don't understand. So that's

667
00:33:03,200 --> 00:33:05,640
Speaker 3: my I'm not buying this. There's not enough homes out there,

668
00:33:05,680 --> 00:33:08,600
Speaker 3: that's my things. I'm not buying the whole concept.

669
00:33:09,480 --> 00:33:12,760
Speaker 11: Last one Megan Markle's new Netflix cooking show. Not sure

670
00:33:12,760 --> 00:33:17,160
Speaker 11: if either of you have seen it, but apparently it's gotten.

671
00:33:17,240 --> 00:33:19,320
Speaker 11: You know, critics are bashing it and saying, you know,

672
00:33:19,360 --> 00:33:21,680
Speaker 11: what does she know? But what they love is her fashion.

673
00:33:22,200 --> 00:33:24,560
Speaker 11: It's called with Love Megan. So apparently she has this

674
00:33:24,600 --> 00:33:28,960
Speaker 11: fashion selling power that everything she wears like dresses, shirts, vests,

675
00:33:29,040 --> 00:33:33,360
Speaker 11: Kashmir cardigans. They all go viral and really buy them

676
00:33:33,600 --> 00:33:37,280
Speaker 11: and the stores are getting sold out. Wow, weightless, So you.

677
00:33:37,320 --> 00:33:39,520
Speaker 2: Guys are not the demo for this, I guess.

678
00:33:39,720 --> 00:33:42,000
Speaker 5: I actually haven't seen the show yet, but I saw

679
00:33:42,040 --> 00:33:43,800
Speaker 5: a promo on Netflix.

680
00:33:43,880 --> 00:33:47,320
Speaker 11: It looks beautiful. It does, and I do like what

681
00:33:47,400 --> 00:33:49,520
Speaker 11: she wears. I don't know if I would buy it

682
00:33:49,640 --> 00:33:52,000
Speaker 11: or be able to afford it for that factor, but

683
00:33:52,320 --> 00:33:55,040
Speaker 11: I mean, she's also starting like this shop my page

684
00:33:55,080 --> 00:33:58,160
Speaker 11: where she can actually make affiliate revenue from these things,

685
00:33:58,200 --> 00:33:59,520
Speaker 11: so she's kind.

686
00:33:59,360 --> 00:34:02,080
Speaker 5: Of turning her So this is a cooking show, right.

687
00:34:01,920 --> 00:34:05,760
Speaker 11: It's a cooking slash like she gardens, she entertains, it's

688
00:34:05,760 --> 00:34:09,560
Speaker 11: a lifestyle okay, okay, lifestyle And apparently it got renewed

689
00:34:09,560 --> 00:34:10,560
Speaker 11: for a second season, So.

690
00:34:10,760 --> 00:34:12,719
Speaker 3: I'm not down on Megan Mark for everybody else's I

691
00:34:12,760 --> 00:34:15,160
Speaker 3: have no opinion one way or the other, but we'll

692
00:34:15,160 --> 00:34:17,960
Speaker 3: have to see, all right, lish Mateo Newspapers, thank you

693
00:34:17,960 --> 00:34:19,439
Speaker 3: so much. We appreciate that.

694
00:34:19,719 --> 00:34:24,560
Speaker 1: This is the Bloomberg Surveillance podcast, available on Apple, Spotify

695
00:34:24,680 --> 00:34:28,479
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696
00:34:28,480 --> 00:34:32,320
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697
00:34:32,480 --> 00:34:36,280
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698
00:34:36,560 --> 00:34:39,680
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699
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