1
00:00:02,400 --> 00:00:05,800
Speaker 1: Global business news twenty four hours a day. If Bloomberg

2
00:00:05,800 --> 00:00:08,880
Speaker 1: dot com the radio plus mobile act head on your radio,

3
00:00:09,200 --> 00:00:13,040
Speaker 1: this is a Bloomberg Business flash and I'm Karen moscown

4
00:00:13,119 --> 00:00:15,040
Speaker 1: This updates brought to you by c g M A.

5
00:00:15,200 --> 00:00:18,239
Speaker 1: Employ a Charter Global Management Account into or empower your

6
00:00:18,280 --> 00:00:21,040
Speaker 1: finance team with the c g m A program. Learned

7
00:00:21,040 --> 00:00:24,280
Speaker 1: more at c g M A dot org slash radio Fiant.

8
00:00:24,320 --> 00:00:26,960
Speaker 1: Chrysler said it's US sales rose five point six percent

9
00:00:27,000 --> 00:00:30,080
Speaker 1: in April, beating analysts estimates and extending its streak of

10
00:00:30,120 --> 00:00:32,280
Speaker 1: monthly gains to more than six years, thanks to the

11
00:00:32,320 --> 00:00:36,519
Speaker 1: popularity of Jeep support utility vehicles and Ram pickups. Nissan

12
00:00:36,600 --> 00:00:40,080
Speaker 1: Motor also beat estimates, while Ford Motor and General Motors missed.

13
00:00:40,520 --> 00:00:42,760
Speaker 1: U S stocks are falling following the S and P

14
00:00:42,920 --> 00:00:45,760
Speaker 1: five hundred, strongest advance in more than two weeks, amid

15
00:00:45,840 --> 00:00:48,559
Speaker 1: rekindled angst over the sluggish pace of global growth and

16
00:00:48,600 --> 00:00:51,640
Speaker 1: an uninspiring flow of corporate earnings who checked the markets

17
00:00:51,640 --> 00:00:55,360
Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg, the

18
00:00:55,560 --> 00:00:57,440
Speaker 1: S and P five hundred is down eight tenths per cent,

19
00:00:57,600 --> 00:01:01,480
Speaker 1: or sixteen points to five the down Johnes Industrial average

20
00:01:01,600 --> 00:01:04,080
Speaker 1: down eight tens percent or one hundred forty points to

21
00:01:04,120 --> 00:01:07,039
Speaker 1: seventeen thousand, seven hundred forty nine. That has to acts

22
00:01:07,040 --> 00:01:09,320
Speaker 1: down nine tenths percent or forty two points to forty

23
00:01:09,360 --> 00:01:12,480
Speaker 1: seven seventy four ten Your treasury of twenty one thirty

24
00:01:12,480 --> 00:01:15,360
Speaker 1: seconds the yield one point seven nine percent. Nim X

25
00:01:15,360 --> 00:01:17,720
Speaker 1: screwed oil down one point four percent or sixty three

26
00:01:17,720 --> 00:01:20,680
Speaker 1: cents to forty four fifteen of Aril comics gold is

27
00:01:20,720 --> 00:01:23,920
Speaker 1: little changed, up ninety cents to twelve ninety six seventy ounce.

28
00:01:24,319 --> 00:01:26,640
Speaker 1: The euro a dollar fifteen fifty one. The N one

29
00:01:26,640 --> 00:01:30,320
Speaker 1: oh five point nine seven Biogen spinning off its hemophilia

30
00:01:30,440 --> 00:01:33,600
Speaker 1: drugs business into a new publicly traded company. It shares

31
00:01:33,680 --> 00:01:36,720
Speaker 1: up half percent, And Federal Reserve Bank of Atlanta President

32
00:01:36,760 --> 00:01:40,880
Speaker 1: Denis Lockhart's saying US financial markets maybe underestimating the odds

33
00:01:40,880 --> 00:01:43,440
Speaker 1: of a Central Bank rate increase in June. That's a

34
00:01:43,480 --> 00:01:47,920
Speaker 1: Bloomberg business flash. Tom and Mike Cabrasco, thank you very much.

35
00:01:48,080 --> 00:01:51,480
Speaker 1: This is the time of year when the envelopes used

36
00:01:51,520 --> 00:01:55,400
Speaker 1: to come. For the most part, send envelopes anymore. As

37
00:01:55,560 --> 00:01:59,480
Speaker 1: as I understand it, College admissions are largely done by

38
00:01:59,640 --> 00:02:05,480
Speaker 1: email l these days, Stanford University offering admission to two thousand,

39
00:02:05,840 --> 00:02:10,480
Speaker 1: sixty three high school students from around the world. The

40
00:02:10,520 --> 00:02:14,640
Speaker 1: pool of it of applicants was forty three thou ninety seven.

41
00:02:14,720 --> 00:02:17,880
Speaker 1: So your odds not very good if you wanted to

42
00:02:17,880 --> 00:02:20,440
Speaker 1: be a member of the class of and if you

43
00:02:20,480 --> 00:02:26,040
Speaker 1: wanted to be instructed by Nobel Laureate Alvin Roth in

44
00:02:26,080 --> 00:02:29,400
Speaker 1: the science of economics, but he has done some work

45
00:02:29,480 --> 00:02:33,040
Speaker 1: on how you might increase your chances if you're trying

46
00:02:33,080 --> 00:02:36,359
Speaker 1: for the class of twenty one or beyond. He's look

47
00:02:36,400 --> 00:02:40,440
Speaker 1: at a game theory and college admissions, and uh, what

48
00:02:40,560 --> 00:02:45,680
Speaker 1: have you found? Well, you know, college admissions is a

49
00:02:45,760 --> 00:02:50,200
Speaker 1: congested marketplace. During the regular season, colleges have many more

50
00:02:50,240 --> 00:02:56,360
Speaker 1: applications than they can treat with soul seriousness, certainly many

51
00:02:56,360 --> 00:02:58,680
Speaker 1: more than they could admit, and so they look for

52
00:02:58,720 --> 00:03:03,440
Speaker 1: signals not just how how good your student is, how

53
00:03:03,480 --> 00:03:07,200
Speaker 1: good you are, but how interested and so in the

54
00:03:07,240 --> 00:03:10,760
Speaker 1: regular season, demonstrated interest as a signal that you might

55
00:03:10,840 --> 00:03:13,960
Speaker 1: come if admitted is pretty important for many many colleges.

56
00:03:14,639 --> 00:03:17,240
Speaker 1: Um and now we're in the waiting list season, and

57
00:03:18,520 --> 00:03:21,040
Speaker 1: waiting lists are congested to for for a different reason,

58
00:03:21,080 --> 00:03:23,160
Speaker 1: colleges don't like to make many offers. They don't want

59
00:03:23,160 --> 00:03:26,079
Speaker 1: the waiting list process to to move on into the summer.

60
00:03:26,160 --> 00:03:28,920
Speaker 1: So so if if you know a student who's who's

61
00:03:28,960 --> 00:03:31,040
Speaker 1: on a waiting list, now is the time to send

62
00:03:31,080 --> 00:03:34,240
Speaker 1: a signal that they're interested, they're still interested. Not just

63
00:03:34,360 --> 00:03:36,520
Speaker 1: not just click the box that's they're still interested, but

64
00:03:36,560 --> 00:03:39,400
Speaker 1: maybe send an email to the admissions office. Because when

65
00:03:39,440 --> 00:03:41,280
Speaker 1: it comes time to pull people off the waiting list,

66
00:03:41,320 --> 00:03:45,080
Speaker 1: they want to pull people off who are likely to accept. Yeah,

67
00:03:45,120 --> 00:03:48,440
Speaker 1: but out of forty three thousand applicants forty four thousand

68
00:03:48,480 --> 00:03:51,280
Speaker 1: rounded up here, Um, it wouldn't be hard. I would

69
00:03:51,280 --> 00:03:54,160
Speaker 1: think to find two thousand who are very interested in

70
00:03:54,240 --> 00:03:56,960
Speaker 1: going to Stanford, and I imagine that the numbers are

71
00:03:57,000 --> 00:03:59,920
Speaker 1: similar for for other top flight schools. So how do

72
00:04:00,040 --> 00:04:03,480
Speaker 1: you stand out? Is there a way to game that

73
00:04:03,720 --> 00:04:08,040
Speaker 1: aspect of it? Stanford and a few other universities of

74
00:04:08,240 --> 00:04:12,520
Speaker 1: Harvard and uh probably how Tech and the I Leagues

75
00:04:12,600 --> 00:04:15,400
Speaker 1: and those are in a little bit of a special situation.

76
00:04:15,440 --> 00:04:18,279
Speaker 1: They don't really little that you're interested in them. I

77
00:04:18,320 --> 00:04:20,600
Speaker 1: think we presume that you might be interested in less

78
00:04:20,600 --> 00:04:24,320
Speaker 1: and don't worry about that. But most American colleges, most

79
00:04:24,560 --> 00:04:27,320
Speaker 1: fine American colleges where you can get an excellent education,

80
00:04:27,360 --> 00:04:31,920
Speaker 1: are not nearly as competitive Harvard. You point that out, professor,

81
00:04:32,200 --> 00:04:34,520
Speaker 1: And of course your work on game theory and how

82
00:04:34,560 --> 00:04:39,120
Speaker 1: we process within our society is so important. The distinction

83
00:04:39,480 --> 00:04:43,760
Speaker 1: is not accepting the smartest students. The distinction is having

84
00:04:43,800 --> 00:04:47,040
Speaker 1: no clue what those students will do if you accept them.

85
00:04:47,040 --> 00:04:50,440
Speaker 1: I take great offense that the media only focuses on

86
00:04:50,600 --> 00:04:53,760
Speaker 1: three schools. It seems I love Margot Clearing The New

87
00:04:53,839 --> 00:04:58,320
Speaker 1: York Times. Bowden had eight hundred twenty three applicants one

88
00:04:58,360 --> 00:05:00,760
Speaker 1: year on the wait list. They accepted three eight point five.

89
00:05:01,720 --> 00:05:06,960
Speaker 1: Bucknell was worse. They had one thousand, seven hundred sixty

90
00:05:07,080 --> 00:05:11,200
Speaker 1: eight students. That's like the size of Yale's admission Bucknell

91
00:05:11,279 --> 00:05:14,280
Speaker 1: on their wait list and they accepted two point six percent.

92
00:05:15,080 --> 00:05:18,320
Speaker 1: Is it a scam or is it a rational process?

93
00:05:20,000 --> 00:05:23,280
Speaker 1: You know it's not a scam. Colleges have some uncertainty

94
00:05:23,279 --> 00:05:25,960
Speaker 1: about about filling their You have to remember that that

95
00:05:26,040 --> 00:05:28,520
Speaker 1: a college is not just a community of scholars, it's

96
00:05:28,560 --> 00:05:31,200
Speaker 1: also a hotel. So they need to fill their their

97
00:05:31,240 --> 00:05:35,600
Speaker 1: bad thought overfilled them. So uh, so they have weight

98
00:05:35,640 --> 00:05:38,880
Speaker 1: lists that if they if they underfill then they can

99
00:05:39,000 --> 00:05:41,359
Speaker 1: they can fill up. So it's not a scam, but

100
00:05:41,400 --> 00:05:43,479
Speaker 1: it's very hard to get into colleges by the wait list.

101
00:05:43,760 --> 00:05:46,719
Speaker 1: You know, one of the one of the big disconnects

102
00:05:46,720 --> 00:05:49,840
Speaker 1: I think in American college admissions is that many students

103
00:05:49,920 --> 00:05:54,479
Speaker 1: from UH, from nonwealthy backgrounds don't realize how much financially

104
00:05:54,520 --> 00:05:57,760
Speaker 1: it is at the top universities and sometimes don't apply.

105
00:05:58,279 --> 00:06:00,840
Speaker 1: So you know, if you know a student who has

106
00:06:01,120 --> 00:06:04,880
Speaker 1: excellent grades but who can't afford the sky high tuition

107
00:06:04,920 --> 00:06:07,840
Speaker 1: that's the list price for Harvard and Stanford, they might

108
00:06:07,880 --> 00:06:10,240
Speaker 1: still want to apply because because if you if they

109
00:06:10,320 --> 00:06:13,560
Speaker 1: qualify for a full ride as as many students and

110
00:06:13,680 --> 00:06:17,320
Speaker 1: say the lower income quintile would um, it might be

111
00:06:17,400 --> 00:06:20,200
Speaker 1: cheaper than going to local community college. But but I

112
00:06:20,240 --> 00:06:24,880
Speaker 1: think that those very expensive universities have trouble getting applications

113
00:06:24,880 --> 00:06:28,120
Speaker 1: from qualified students who who would need the full line

114
00:06:28,160 --> 00:06:32,960
Speaker 1: financial aid. How many does it let me play this way?

115
00:06:32,960 --> 00:06:35,800
Speaker 1: Does it improve your odds to apply to a lot

116
00:06:35,839 --> 00:06:38,520
Speaker 1: of schools? This comes up because we had this year

117
00:06:38,680 --> 00:06:42,839
Speaker 1: yet another UH student, remarkable woman out on Long Island

118
00:06:42,880 --> 00:06:45,400
Speaker 1: who got admitted to every one of the IVY schools,

119
00:06:45,400 --> 00:06:47,400
Speaker 1: and I think she was also admitted to Stanford and

120
00:06:47,600 --> 00:06:51,000
Speaker 1: m I t uh does it? Does it help your

121
00:06:51,000 --> 00:06:54,960
Speaker 1: case if you apply to a lot of different schools.

122
00:06:55,000 --> 00:06:57,960
Speaker 1: So I'm sorry to say that it does. And the

123
00:06:58,000 --> 00:06:59,919
Speaker 1: reason I'm sorry to say is that's part of what

124
00:07:00,040 --> 00:07:02,920
Speaker 1: makes the market congested. People are applying to many more

125
00:07:02,960 --> 00:07:05,480
Speaker 1: schools in general than they need to, but each one

126
00:07:05,560 --> 00:07:07,800
Speaker 1: is a little bit of a crapshoot. So you know,

127
00:07:07,839 --> 00:07:11,200
Speaker 1: if you have a five percent chance of getting into

128
00:07:11,480 --> 00:07:13,280
Speaker 1: each of the Ivy League schools and you apply to

129
00:07:13,320 --> 00:07:15,520
Speaker 1: all of them, that increases the chance that you'll get

130
00:07:15,560 --> 00:07:17,920
Speaker 1: into one of them. What do you see within our

131
00:07:17,960 --> 00:07:20,800
Speaker 1: behavior away from the elite schools? I mean, if you

132
00:07:20,920 --> 00:07:24,720
Speaker 1: eliminate the top forty schools getting away from IVY and

133
00:07:24,800 --> 00:07:27,440
Speaker 1: Stanford on the brain and if you look at other

134
00:07:27,480 --> 00:07:31,840
Speaker 1: schools that are frankly really struggling. Within this mixed question

135
00:07:32,680 --> 00:07:35,800
Speaker 1: within your research, is it advantageous to apply to many

136
00:07:35,840 --> 00:07:38,840
Speaker 1: colleges or should you go to a college and say

137
00:07:39,120 --> 00:07:41,400
Speaker 1: you're it, this is where I want to go. Is

138
00:07:41,440 --> 00:07:47,080
Speaker 1: there value to that? You know, there's early admission, which

139
00:07:47,400 --> 00:07:51,600
Speaker 1: causes lots of people to decide where to take their

140
00:07:51,640 --> 00:07:55,680
Speaker 1: silver bullet and aim it. Uh. It does make college

141
00:07:55,680 --> 00:07:58,160
Speaker 1: admissions less stressful for people who are admitted early. So

142
00:07:58,200 --> 00:08:01,560
Speaker 1: if you if you're if you're student really knows where

143
00:08:01,600 --> 00:08:03,640
Speaker 1: he or she wants to go, then early admission isn't

144
00:08:03,640 --> 00:08:06,080
Speaker 1: a bad idea. Of course, that doesn't work well for

145
00:08:06,120 --> 00:08:08,880
Speaker 1: people who need to be able to compare financial aid

146
00:08:08,920 --> 00:08:11,920
Speaker 1: offers and things like that. Uh. Most early admission is

147
00:08:11,960 --> 00:08:14,320
Speaker 1: single application early admission. You can only apply to one

148
00:08:14,320 --> 00:08:17,800
Speaker 1: place early. But if your student knows where she wants

149
00:08:17,840 --> 00:08:20,640
Speaker 1: to go, uh, it does make the senior year of

150
00:08:20,720 --> 00:08:23,160
Speaker 1: high school at stressful to know where you're gonna go early.

151
00:08:24,080 --> 00:08:27,120
Speaker 1: We love to give perspective on this, folks. The Laureate

152
00:08:27,240 --> 00:08:34,120
Speaker 1: Alvin Roth of Stanford University, McCaw Professor, Stanford University. Thank you,

153
00:08:34,360 --> 00:08:37,920
Speaker 1: Alvin Roths really quite good. Mike, what do you think

154
00:08:37,920 --> 00:08:42,319
Speaker 1: of this? I mean thinking to get Stanford. Yeah, we've

155
00:08:42,360 --> 00:08:45,560
Speaker 1: all been through it. I have a distant relative going

156
00:08:45,600 --> 00:08:48,679
Speaker 1: through it right now, going to and I'll rejected here,

157
00:08:48,679 --> 00:08:51,160
Speaker 1: accepted here at the top time. It's a tough it's

158
00:08:51,160 --> 00:08:54,040
Speaker 1: a tough time, and you know it makes it I

159
00:08:54,360 --> 00:08:56,400
Speaker 1: don't have the name from me but all the more

160
00:08:56,400 --> 00:09:00,360
Speaker 1: amazing this woman got into somebody incredible college. It's just

161
00:09:00,480 --> 00:09:02,880
Speaker 1: like there's like four or five days a year where

162
00:09:02,880 --> 00:09:05,160
Speaker 1: there's a chef of down negative one sixty nine and

163
00:09:05,240 --> 00:09:07,880
Speaker 1: VIC sixteen point four. And I don't mean a sense

164
00:09:07,920 --> 00:09:12,760
Speaker 1: of panic, but just almost a sense of mystery linking

165
00:09:12,760 --> 00:09:15,040
Speaker 1: together what we've seen the last four or five six days,

166
00:09:15,040 --> 00:09:20,160
Speaker 1: particularly out of Japan with today in Australia, and it

167
00:09:20,280 --> 00:09:24,280
Speaker 1: just was remarkable the reaction to Australia. It does seem

168
00:09:24,320 --> 00:09:27,800
Speaker 1: to be one of those, as you say, trend kind

169
00:09:27,840 --> 00:09:31,199
Speaker 1: of days where people who want to trade away from

170
00:09:31,240 --> 00:09:33,800
Speaker 1: the markets have latched onto something they can use to

171
00:09:33,840 --> 00:09:37,000
Speaker 1: do that. And as Bob Since said, you know it's

172
00:09:37,000 --> 00:09:40,600
Speaker 1: it's May, so maybe we're we're starting the process of

173
00:09:40,840 --> 00:09:43,800
Speaker 1: selling and going away. Yeah, the German tenure in seven

174
00:09:43,800 --> 00:09:47,840
Speaker 1: basis points point one nine eight, that's a lower yield

175
00:09:47,880 --> 00:09:50,679
Speaker 1: through the morning. I would watch the German two year

176
00:09:50,800 --> 00:09:54,680
Speaker 1: to three digits negative point four nine six again getting

177
00:09:54,679 --> 00:09:58,560
Speaker 1: down near that fifty print. Obviously, equity markets negative one

178
00:09:58,679 --> 00:10:02,520
Speaker 1: sixty seven on the doub currency markets are actually quieter

179
00:10:02,559 --> 00:10:06,319
Speaker 1: than they were at four am uh this morning. Oil

180
00:10:06,400 --> 00:10:11,600
Speaker 1: bears watching it has been relatively resilient given what we've seen.

181
00:10:11,720 --> 00:10:14,880
Speaker 1: West Texas four oh five is weaker in the last

182
00:10:14,880 --> 00:10:19,960
Speaker 1: twenty minutes. Brent thirty one in Gold holding up print

183
00:10:20,480 --> 00:10:23,560
Speaker 1: making Big News twelve nineties six. Something to watch with

184
00:10:23,600 --> 00:10:26,160
Speaker 1: oil Will while you were on vacation. Steve Short came

185
00:10:26,160 --> 00:10:28,280
Speaker 1: on and said he didn't trust the rally and he

186
00:10:28,320 --> 00:10:30,800
Speaker 1: was he was thinking a little go back down again. Well,

187
00:10:31,000 --> 00:10:34,280
Speaker 1: and to that point with Jeff de Graph yesterday. Technically

188
00:10:35,640 --> 00:10:38,440
Speaker 1: some of the underlying things I look at even within

189
00:10:38,559 --> 00:10:43,480
Speaker 1: bull trends are as Mr Short says, not confidence building.

190
00:10:44,040 --> 00:10:46,360
Speaker 1: As well, we we need to say special thanks to

191
00:10:46,400 --> 00:10:49,360
Speaker 1: our team Richel Worst Band and why Ugain and the

192
00:10:49,400 --> 00:10:53,840
Speaker 1: others who got brilliant on booking Australia today with Paul

193
00:10:54,640 --> 00:10:58,520
Speaker 1: Boxton from HSBC and a tool Lele as well from

194
00:10:58,559 --> 00:11:01,079
Speaker 1: Deltech as well. We leave you with the two girls

195
00:11:01,080 --> 00:11:02,679
Speaker 1: from Brisbane, the Veronicas