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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Intelligence Podcast. Catch us live weekdays at ten am

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Speaker 1: Bloomberg Business App. Listen on demand wherever you get your podcasts,

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Speaker 1: or watch us live on YouTube.

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Speaker 2: Let's go from equities to the bond market. We got

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Speaker 2: that revision of CPI. We got a lot of bond

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Speaker 2: auctions this week. Everything seemed to be okay.

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Speaker 3: We are though at you're to date highs with some

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Speaker 3: of yields across the curve.

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Speaker 2: So Ira Jersey, Bloomberg Intelligence Chief US interest rate strategist,

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Speaker 2: joins us. Now, Okay, Ira, if you were to describe

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Speaker 2: this week so far, how would you describe it choppy?

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Speaker 4: Certainly we see somewhat higher yields, you know, from the

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Speaker 4: beginning of the week to now. But when you look

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Speaker 4: at the preponderance of the data that we've received, plus

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Speaker 4: plus how the auctions went, and you so other things,

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Speaker 4: we're pretty decent in terms of demand. So these higher

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Speaker 4: yields are starting to draw in some investors, which leads

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Speaker 4: us to believe that we're probably trying to find a

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Speaker 4: range here for a lot of places along the curve,

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Speaker 4: you know, the ten years somewhere broadly speaking, between three

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Speaker 4: eighty and four and a quarter. You know, I suspect

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Speaker 4: that until we get to at least the March FMC meeting,

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Speaker 4: that we might stay in that range. So you have

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Speaker 4: another month basically of just choppy trading.

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Speaker 5: So where are we when you kind of talk to

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Speaker 5: clients out there in terms of timing of a rate

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Speaker 5: cut March off the table? It seems like I hear

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Speaker 5: now there's waffling on May that maybe people are pushing

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Speaker 5: out to June.

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Speaker 6: What do you see?

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Speaker 4: Yeah, that's true. And then there's but there's another camp

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Speaker 4: also that that suggests that maybe if the Federal Reserve

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Speaker 4: doesn't cut in March, which you know, like you said,

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Speaker 4: is certainly not priced in the market anymore as it

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Speaker 4: used to be, that maybe the Federal Reserve will need

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Speaker 4: to cut by fifty in May if they start. So

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Speaker 4: there's a lot of different camps right now. It doesn't

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Speaker 4: seem to be a whole lot of consensus, which of

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Speaker 4: course is what makes markets of course, but a lot

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Speaker 4: of times there's certainly people leaning one way or the

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Speaker 4: other as to you know, whether or not they'll be

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Speaker 4: a cut in May, whether or not, and then the

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Speaker 4: magnitude of that cut now is a discussion point among investors,

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Speaker 4: and there's just feeling that the longer the Fed weights,

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Speaker 4: the more that they may have to cut later, or

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Speaker 4: that they might cut faster. So the idea being that

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Speaker 4: if they don't maybe go in cut in either March

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Speaker 4: or May, that maybe in June they have to cut

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Speaker 4: fifty basis points as a starting point. I'm skeptical of that,

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Speaker 4: and I actually think that the Federal Reserve would do

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Speaker 4: well to give themselves optionality by cutting in May and

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Speaker 4: then not maybe cutting in June, and that way thereafter

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Speaker 4: they can make a decision meeting by meeting. The problem

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Speaker 4: is is that markets always interpolate and say, okay, well,

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Speaker 4: if they're cutting in May, that means they're cutting every

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Speaker 4: single meeting after that, and that's certainly not what the

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Speaker 4: Federals or would like to be priced into the market

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Speaker 4: at this point.

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Speaker 2: So we got choppy yields based on what you've seen

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Speaker 2: today in the bond market. For the setup, does it

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Speaker 2: make sense that you have equities at all time highs?

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Speaker 2: I appreciate your the bond guy, but I bet you

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Speaker 2: have a view.

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Speaker 4: On this, well, you know, risk assets. I think you know,

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Speaker 4: there's evaluation metric and then also a growth metric, right,

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Speaker 4: so so you have you know, top line, bottom line,

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Speaker 4: and then what people are willing to pay for their asset.

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Speaker 4: I think that that there's a lot of people. It

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Speaker 4: seems like, at least to us, that there's still significant

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Speaker 4: flows into into into equities, and part of that is

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Speaker 4: just you know, fear of missing out, just people who

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Speaker 4: think that they have to be invested. There's still you know,

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Speaker 4: there's this idea that hey, savings is has been exhausted,

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Speaker 4: and that that means a consumer is not going to

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Speaker 4: be spending much as much. But at the same time,

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Speaker 4: when you look at the savings rate of the country,

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Speaker 4: we're still saving hundreds of billions of dollars a year, right,

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Speaker 4: and that money has to go somewhere. Some of that's

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Speaker 4: going to be invested in stocks, some will go into

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Speaker 4: savings and money market accounts, and some will go into

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Speaker 4: bonds obviously, so but so the mix of that savings

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Speaker 4: and where it goes I think matters, and just you know,

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Speaker 4: people are return chasers, right, particularly retail investors, so you know,

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Speaker 4: they open their year end statement and say, hey, stocks

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Speaker 4: did great last year. I better buy stocks.

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Speaker 1: Now.

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Speaker 4: That's not always the best decision, right, but that nonetheless

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Speaker 4: that does create these meaningful flows. And then on the

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Speaker 4: bond side of things, you know, with with the Fed

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Speaker 4: Reserve maybe not cutting as aggressively, there has certainly been

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Speaker 4: people rotating out of out of some fixed income assets,

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Speaker 4: particularly the front end of the yield curve, and you know,

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Speaker 4: maybe going the other direction now and not necessarily being

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Speaker 4: short but basically finding other alternatives. And you look at

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Speaker 4: money market funds. Money market money market funds continue to

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Speaker 4: have massive inflows, and now their assets under management are

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Speaker 4: the highest ever once Agallion like.

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Speaker 2: You look at the chart, it's so hard to see

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Speaker 2: all the zeros because you're like, wait a second, what's that?

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Speaker 3: I mean, that's you and six billion six.

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Speaker 4: All right, So people keep people keep asking Alex, you know,

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Speaker 4: how is the government funding all of these deficits? Well

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Speaker 4: it's right there, because people putting money into money market

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Speaker 4: funds just means that the government issues T bills and

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Speaker 4: money market funds buy them.

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Speaker 6: All right.

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Speaker 5: Lisa from Upper Manhattan writes in and says, I have

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Speaker 5: to ask about the auctions this week.

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Speaker 6: How did they go? What did you learn?

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Speaker 4: They went very well? Surprisingly well. Actually, what we've seen

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Speaker 4: the last few months was you'd have one auction that

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Speaker 4: would do well and then another auction would do poorly.

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Speaker 4: And you know where people basically pick their spots in

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Speaker 4: you know where to invest in auctions. But this week's

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Speaker 4: auction is a three year note, the ten year note,

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Speaker 4: and the thirty year bond. They all went fine, and

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Speaker 4: these were also larger auction sizes. The one that I

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Speaker 4: was really worried about was the three year auction because

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Speaker 4: that was two billion dollars larger than the month before,

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Speaker 4: and that was probably the weakest of the three. But

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Speaker 4: people still wanted to buy duration, and I think part

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Speaker 4: of that is endemic of the fact that we have

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Speaker 4: higher yields now than we did a couple of weeks ago,

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Speaker 4: So it was an easier way for people to start

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Speaker 4: taking market risk instead of going into the open market

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Speaker 4: and paying a bid offer. Because at the auctions, you're

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Speaker 4: basically buying on the bid side. So that's attractive for

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Speaker 4: some investors, and it does seem like you know what

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Speaker 4: we call indirect investors, So those are end users, those

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Speaker 4: are foreign portfolio investors or central banks or domestic investment funds.

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Speaker 4: They were big participants in this. So this wasn't driven

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Speaker 4: by primary dealers. This was really driven by end user

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Speaker 4: investors having pretty good demand.

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Speaker 3: IIRA next week, you get CPI Tuesday, retail sales Thursday.

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Speaker 3: Do you think any of this are really going to

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Speaker 3: move the needle for you?

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Speaker 4: Well, maybe not in terms of the Federal Reserve, but

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Speaker 4: I think it will give some new information obviously as

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Speaker 4: to maybe what the future path is. Again, like you know,

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Speaker 4: now we're talking about May or June, and we're talking

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Speaker 4: about you know, twenty five or fifty whenever the federal

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Speaker 4: Reserve does go. So these are always important numbers. And

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Speaker 4: CPI is next to payrolls is now the number one.

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Speaker 4: So it's payrolls and then CPI, then retail sales in

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Speaker 4: that order that the bond market cares about. And when

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Speaker 4: you look at the knee jerk reactions after the after

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Speaker 4: those those news releases, that's when you see tenure yields

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Speaker 4: move the most one way or the other if you

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Speaker 4: get a big surprise. So you know, again next to payrolls,

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Speaker 4: next week's two numbers are really the key for the

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Speaker 4: market and maybe the market direction and the medium Durm.

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Speaker 5: All right, Ira, thanks so much, as always appreciate it.

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Speaker 5: Ira Jersey chief us in straight strategies for Bloomberg Intelligence,

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Speaker 5: kind of getting a sense your rest some more data

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Speaker 5: as you mentioned alex Net next week. But I'm just

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Speaker 5: going to at the WORP function. It's kind of fifty

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Speaker 5: to fifty for a May price cut, and that you know,

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Speaker 5: it's been well over one hundred percent chance that there

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Speaker 5: would be a May cut. You know, back in January,

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Speaker 5: the market was discounting, Hey, it's going to happen in

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Speaker 5: May now not a little bit less.

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Speaker 1: So you're listening to the Bloomberg Intelligence Podcast. Don't catch

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Speaker 1: us live weekdays at ten am Eastern on Apple car

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Speaker 1: York station just say Alexa playing Bloomberg eleven thirty.

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Speaker 3: Here's my question. Are you guys watching the Super Bowl?

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Speaker 3: How we confirmed the horse? Yes here, well obviously, Paul, Yeah, yeah, I.

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Speaker 7: Guess I feel like I have to I have to

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Speaker 7: go to bed at like six thirty seven.

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Speaker 6: You're going to get to be here.

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Speaker 7: I'll just I'll record it on my VCR.

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Speaker 3: I think I have to watch CR.

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Speaker 6: Oh wow, he's got his bait it.

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Speaker 3: Yeah, next, that's not even a thing I like. I

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Speaker 3: have to watch it to be able to have this

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Speaker 3: conversation with you guys on socially relevant well sure, I

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Speaker 3: mean socially relevant.

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Speaker 8: I don't know.

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Speaker 7: Do you have a do you have a pick?

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Speaker 4: No?

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Speaker 7: No, you know who's playing?

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Speaker 3: Yes, the forty nine ers and the Cheeks.

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Speaker 6: Very good, thank you.

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Speaker 3: I think I have to go with the Chiefs because

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Speaker 3: my daughter likes tailors.

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Speaker 2: But this leads me into the question and of snacks,

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Speaker 2: because I'm not going to as we know, I don't

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Speaker 2: need junk food, so I'm not going to be eating

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Speaker 2: chicken tail.

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Speaker 3: This is just not I'm not going to drink beer.

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Speaker 3: I'm not going to do those things. So maybe if

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Speaker 3: we had.

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Speaker 2: We had some prosecco and some hummus, okay, and some

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Speaker 2: pita and maybe some cucumbers and carrots.

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Speaker 7: That's the food. That's the that's the food for the

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Speaker 7: Oscar party, not the super Bowl.

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Speaker 2: But I bet you I'm not the only one who's

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Speaker 2: going to have to be doing this, which leads I

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Speaker 2: into gembar task okay, senior retail staples and packaged food

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Speaker 2: analysts Jen Usually this conversation is chicken, wings and beer

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Speaker 2: and pizza and stuff.

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Speaker 3: Is the conversation different this year?

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Speaker 8: Well, it's it's a little bit different. And that snack is.

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Speaker 8: Snacks are still a huge part of the Super Bowl,

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Speaker 8: but because the viewership is going to be changing a

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Speaker 8: little bit for this game, mostly due to that Taylor

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Speaker 8: Swift impact that we were talking about, we may see

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Speaker 8: a little bit of edging into slightly healthier snacks like

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Speaker 8: popcorn or things like that versus just the pizza, you know,

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Speaker 8: wings and things like that. How big?

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Speaker 6: I mean, it's just it's this weekend, the two weeks

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Speaker 6: has become so big.

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Speaker 5: And if I'm the package goods companies, is it an

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Speaker 5: important day for them to know, push their product, promote

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Speaker 5: their products, have people buy their product.

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Speaker 8: Yeah, it's it's important in two respects. The first is

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Speaker 8: that the Super Bowl is the second biggest food holiday

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Speaker 8: in the United States, So in the week up to

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Speaker 8: the Super Bowl, people will spend, according to our estimates,

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Speaker 8: nine hundred and six million dollars in one week just

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Speaker 8: on snacks. When it comes to food and beverage, is

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Speaker 8: as a whole for the one week before the super

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Speaker 8: Bowl eight point eight billion dollars, So it is a

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Speaker 8: meaningful unofficial holiday for beverage and food companies. For sure,

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Speaker 8: this might be.

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Speaker 2: Really off, but it's also the Lunar New Year, and

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Speaker 2: I'm actually going to two parties over the weekend, which

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Speaker 2: I don't go to parties, So this is actually a

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Speaker 2: moment for me.

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Speaker 6: No parties, no beer, no wings.

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Speaker 2: I'm really not selling myself days of time spend an

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Speaker 2: Expedia dot com. But Jen, is there like an overlap here.

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Speaker 2: I mean, I appreciate that the food you might have

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Speaker 2: for Lunar New Year is going to be different than

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Speaker 2: the snacking you do for the Super Bowl, but it

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Speaker 2: is just like a moment for someone that's more, i

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Speaker 2: don't know, diversified to really capitalize.

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Speaker 8: Absolutely. When you look at some of the package food companies,

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Speaker 8: especially those that play in the confectionery space like Mandali's

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Speaker 8: or Hershey, they actually tend to see a sales bump

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Speaker 8: around Lunar New Year, so you've got complimentary things happening.

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Speaker 8: So between the super Bowl and between the New Year,

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Speaker 8: it could be a very very nice little period for

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Speaker 8: the package food companies and the retailers that sell those products.

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Speaker 8: But just remember, as we're going into earning season, all

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Speaker 8: of this is going to impact first quarter earnings, not

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Speaker 8: fourth quarter earnings.

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Speaker 5: Jen has got inner research. Note here, Jen has got

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Speaker 5: some data that just blows me away.

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Speaker 6: I had no idea.

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Speaker 5: The dollar share in the salty snacks category. PepsiCo leads

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Speaker 5: the way with sixty point eight percent. Number two the

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Speaker 5: private label group as a whole six.

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Speaker 6: Point nine percent. Jen, what's good?

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Speaker 5: I mean, the salty snack business is PepsiCo.

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Speaker 6: PepsiCo is the salty snack business.

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Speaker 8: It really is. I mean, and if you have to remember,

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Speaker 8: PepsiCo owns Freedo lay right, So all of those, you know,

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Speaker 8: all you know, whether it's your lace, potato chips or Gerrita's,

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Speaker 8: you know, all of those salty things are all part

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Speaker 8: of that Pepsi PepsiCo portfolio. Other players in the salty

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Speaker 8: snacks category can also win. Kelenova owns springles, you know,

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Speaker 8: that's also a popular kind of game day, pop it

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Speaker 8: and eat it kind of thing. Hershey has popcorn brands,

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Speaker 8: so you know, but by far the dominant player is PepsiCo.

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Speaker 3: What's what's their growth rate, because didn't they disappoint with earnings?

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Speaker 8: They did, but they disappointed in earnings. On the beverage

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Speaker 8: side of the business, volumes were down, and you know

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Speaker 8: part of that was is just elevated and put costs,

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Speaker 8: especially in sweeteners.

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Speaker 6: So top to us, let's step back, all right, So

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Speaker 6: super Bowl is going to be big. People are going

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Speaker 6: to go crazy.

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Speaker 5: Talk to us about the you know, the supermarket business.

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Speaker 5: What's what's going on there in these days?

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Speaker 8: Well, you know, with regards to grocery, there's there's a

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Speaker 8: couple of things that are happening. So first is we've

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Speaker 8: started to see food inflation come down. So that's actually

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Speaker 8: good news for the consumer, and that's really being led

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Speaker 8: by the grocers. And so when the US goes through

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Speaker 8: an inflationary period, the grocers are one of the first

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Speaker 8: retailer types that will actually bring prices down for consumers.

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Speaker 8: And so although there's been a lot of political buzz

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Speaker 8: about food prices still being too high, you know, the

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Speaker 8: inflation rate is coming down. We are starting to see

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Speaker 8: prices come back down. But that's going to present a

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Speaker 8: unique challenge as the year goes on, because if things

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Speaker 8: cost less, if you're going to maintain your top line growth,

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Speaker 8: that means you have to sell more volume, and so

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Speaker 8: that dynamic between that price and volume is going to

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Speaker 8: really be exacerbated this year as inflation starts to recede.

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Speaker 2: Can we go to Super Bowl ads? I know you

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Speaker 2: went away from it for a second, but let's go

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Speaker 2: back to the ads. So bud Light, I mean, was

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Speaker 2: that the was the Super Bowl last year, the one

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Speaker 2: that had the disastrous ad?

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Speaker 8: Well, it was, I don't I honestly, I don't know

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Speaker 8: if it was part of the Super Bowl, but it was.

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Speaker 3: It was.

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Speaker 8: It was it, you know where they they kind of

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Speaker 8: had that.

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Speaker 5: The transgender transgender influencer.

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Speaker 2: Yeah, and then I just really disrupted sales, had a

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Speaker 2: meaningful impact. What are we going to expect from like

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Speaker 2: the retailers and the snack guys with the ads? Like,

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Speaker 2: how kind of cautious are we going to see?

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Speaker 8: My guess is, you know they'll probably a little be

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Speaker 8: a little bit more conservative in terms of broad appeal, right,

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Speaker 8: And so at the end of the day, you know,

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Speaker 8: you pay a lot of money for a Super Bowl ad,

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Speaker 8: and so you wanted to resonate with as many people

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Speaker 8: as possible and spurs need people to action to buy

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Speaker 8: your goods and services, and so I think it's a

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Speaker 8: reasonable assumption that they'll be kind of mainstream type of messages.

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Speaker 8: But of course, you know, forty four percent of people

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Speaker 8: who tune into the Super Bowl do it for the ads,

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Speaker 8: So it's it's it's a form of entertainment, and so

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Speaker 8: I wouldn't expect anything too serious or too heavy as

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Speaker 8: we look at the advertisements this year.

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Speaker 5: Yeah, and Bloomberg News had a story out today just

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Speaker 5: you know, saying how it's you know, it's gonna be

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Speaker 5: right down.

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Speaker 6: The middle of the fairway.

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Speaker 5: Try not to get anybody up set, try to make

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Speaker 5: people feel good, try to bridge some gaps. Maybe, so

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Speaker 5: we'll see how that plays out. But again, seven million

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Speaker 5: dollars for a thirty second spot.

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Speaker 3: Is what's seven million dollars for thirty second spot?

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Speaker 7: Yes?

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Speaker 6: Whow now? Actually it's little to no growth from last year.

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Speaker 5: And I actually think people are going to get a

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Speaker 5: great buy for that seven million dollars because it is

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Speaker 5: going to have a better audience I think, better demographics,

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Speaker 5: more women than too typical, and that makes it more

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Speaker 5: valuable in my opinion. I know exactly, I am point

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Speaker 5: with the case in point right.

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Speaker 3: Just get me some homicides.

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Speaker 6: We're good, exactly, Thanks so much for joining us.

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Speaker 5: Jen Bartashic just covers all the consumer space for Bloomberger Intelligence,

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Speaker 5: doing a great job taking a look here at some

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Speaker 5: of the package goods companies and kind of how they play.

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Speaker 5: How important this Super Bowl Sunday is and it's some big,

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Speaker 5: big dollars out there.

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Speaker 9: But again, I was just.

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Speaker 5: Blown away by the fact that in the salty snacks category,

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Speaker 5: PepsiCo sixty percent of the market.

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Speaker 3: Are we all Freedo lovers here?

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Speaker 8: Like?

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Speaker 3: Is this an takeaway from you guys? Like straight up?

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Speaker 6: Like yeah, straight up, fres that's the go to dude.

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Speaker 7: Can you you can dip Freedo's.

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Speaker 3: I mean they're already made of garbage, right, so you

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Speaker 3: can just dip them in anything.

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Speaker 6: Yeah, exactly exactly.

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Speaker 3: I mean.

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Speaker 6: Somebody around here likes the cheese its and that's a

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Speaker 6: solid snack. But I have to go Frito's over Jesus,

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Speaker 6: what do you watch it down with? Budweiser in cans

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Speaker 6: really nice.

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Speaker 3: Red wine.

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Speaker 7: With freedom. It's a great peering.

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Speaker 5: No, the house brew in the sweetiest state is Budweiser

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Speaker 5: in Cans has to be.

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

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Speaker 1: weekdays at ten am Eastern on Apple car Playing and

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Speaker 1: broud Otto with the Bloomberg Business app. Listen on demand

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Speaker 1: wherever you get your podcasts, or watch us live on YouTube.

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Speaker 5: God retail sales next week, and then we'll also start

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Speaker 5: hearing getting the earnings reports from some of the big retillers.

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Speaker 5: So we just heard from Gen bartash Is that consumers

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Speaker 5: are can spend you know, up to a billion dollars

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Speaker 5: on salty snacks and stuff for the Super Bowl. I

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Speaker 5: don't know how the consumers do, and I think it's

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Speaker 5: pretty good shape. It's checking with Joe Blancharchie is the

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Speaker 5: president of Enterprises Client Solutions. I'm sorry, her title president

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Speaker 5: of Enterprise Client Solutions and the name of the firm

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Speaker 5: is Advantage Solutions. Jill, thanks so much for joining us here,

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Speaker 5: give us a sense of I know, we come to

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Speaker 5: the Super Bowl week and I guess consumers are buying stuff.

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Speaker 5: But how's the consumer doing out there generally in terms

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Speaker 5: of you know, going out there and buying stuff versus

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Speaker 5: maybe buying experiences.

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Speaker 10: Yes, So, first of all, hello and thank you for

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Speaker 10: having me back, and really good question, because we're really

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Speaker 10: seeing a dichotomy out there.

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Speaker 11: It's definitely tough for consumers.

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Speaker 10: I heard Jen say that food inflation has cooled, which

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Speaker 10: it has, but it's still up twenty five percent since

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Speaker 10: twenty nineteen, and that's six points higher than the average inflation.

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Speaker 10: So consumers are both pairing down to spend less and

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Speaker 10: find things that are more of more value, but at

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Speaker 10: the same time looking for affordable indulgences.

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Speaker 11: The Super Bowl is one of those.

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Speaker 10: It is akin to the next Thanksgiving, where you've got

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Speaker 10: herds of people that gather inside the home to do food,

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Speaker 10: family fun, football. I think that we saw that the

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Speaker 10: NRF Super Bowl surveys predicting a record number of Super

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Speaker 10: Bowl sales. About eighty percent of that is food and beverage.

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Speaker 10: So if you're selling those products, this could be a

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Speaker 10: really good season.

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Speaker 3: And just for our audience.

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Speaker 2: Advantaged solutions you basically talk to retailers and help them understand,

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Speaker 2: say inventory, if they have the right products on the shelves,

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Speaker 2: even if they're in store or online, et cetera.

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Speaker 3: What did you tell people before the Super Bowl to

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Speaker 3: stop up on?

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Speaker 11: Oh great question.

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Speaker 10: So a couple of pieces of advice that we put

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Speaker 10: out there to Bold our manufacturer as well as our

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Speaker 10: retail our clients. One is the recent trend that we

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Speaker 10: saw and talked about last month, sorry, which is the

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Speaker 10: disproportionate spend that we're seeing in the two to three

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Speaker 10: days that are leading up to key events. So for

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Speaker 10: the Super Bowl, think today and tomorrow, so the retailers

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Speaker 10: have to make sure that they have that inventory.

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Speaker 11: The second thing is look for consumers to pare down

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Speaker 11: to find value.

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Speaker 10: So as it relates to Super Bowl, that's going to

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Speaker 10: mean different things to different consumers. So that may be

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Speaker 10: pairing down from like a Wagoo beef to a prime rib.

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Speaker 10: It could be from a prepared charcoutering player to one

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Speaker 10: that you make yourself a big brand to a national brand.

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Speaker 10: And of course always looking for things on sale. And

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Speaker 10: then let's talk products. Here are what we think are

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Speaker 10: going to be Two of the surprises for super Bowl.

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Speaker 10: One is not alcoholic. Beer in my tails are having

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Speaker 10: a really good day.

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Speaker 3: For I See You, I See you the lot use

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Speaker 3: these two guys on this one.

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Speaker 10: I heard the previous discussion about red wine beer and prosecco,

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Speaker 10: but a beer in my tails are having a pretty

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Speaker 10: good day.

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Speaker 11: So we see those both cannibalizing some of the alcohol.

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Speaker 10: Sales but also adding to overall beverage sales. And then

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Speaker 10: another contender, this year's private brand. Ninety two percent of

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Speaker 10: consumers trust a private brand as much as a national brand,

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Speaker 10: and it's a great way for consumers to pare down

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Speaker 10: and get that value. So think snacks, ingredients, appetizers.

442
00:20:43,440 --> 00:20:44,680
Speaker 6: That's what I have to admit.

443
00:20:44,760 --> 00:20:47,480
Speaker 5: I'm not a big shopper, but I noticed a changing

444
00:20:47,520 --> 00:20:50,159
Speaker 5: my shopping habits for groceries during the pandemic when we

445
00:20:50,240 --> 00:20:52,920
Speaker 5: were buying more stuff and prices were going up. I

446
00:20:53,080 --> 00:20:57,800
Speaker 5: now go store brand, probably way more than half. Now

447
00:20:58,440 --> 00:21:00,720
Speaker 5: you know, it's only a few and.

448
00:21:00,840 --> 00:21:01,360
Speaker 9: Is it rise?

449
00:21:01,520 --> 00:21:03,840
Speaker 6: I just figured it's this cost. I mean it's materurely lower.

450
00:21:03,960 --> 00:21:05,320
Speaker 6: It is like thirty forty.

451
00:21:05,119 --> 00:21:07,359
Speaker 5: Percent lower on some of these things. So I don't know,

452
00:21:07,720 --> 00:21:11,320
Speaker 5: but it's a change in behavior. So I guess the

453
00:21:11,440 --> 00:21:13,440
Speaker 5: question here is we're going to get retail sales next

454
00:21:13,480 --> 00:21:15,800
Speaker 5: week and we're going to start hearing from some of

455
00:21:16,000 --> 00:21:16,760
Speaker 5: the retailers.

456
00:21:17,160 --> 00:21:20,240
Speaker 6: But it appears, you know that the consumers.

457
00:21:19,880 --> 00:21:21,920
Speaker 5: They have a job, if they want them wages you're

458
00:21:21,920 --> 00:21:22,280
Speaker 5: going up.

459
00:21:22,760 --> 00:21:23,160
Speaker 7: Is it fair?

460
00:21:23,200 --> 00:21:25,680
Speaker 5: To say that the consumer we should we should expect

461
00:21:25,960 --> 00:21:27,760
Speaker 5: the consumer to continue to be fairly strong.

462
00:21:29,560 --> 00:21:32,000
Speaker 10: Oh boy, I think in the consumer package goods world,

463
00:21:32,080 --> 00:21:35,880
Speaker 10: we're probably looking at flat four twenty twenty four.

464
00:21:36,480 --> 00:21:38,680
Speaker 11: This is what most of the industry experts are saying.

465
00:21:38,800 --> 00:21:41,840
Speaker 10: Manufacturers, though, and the recent survey that we just did

466
00:21:41,880 --> 00:21:45,840
Speaker 10: at advantage, eighty percent of manufacturers are predicting growth based

467
00:21:45,880 --> 00:21:48,679
Speaker 10: on new products and expanded distribution of current products.

468
00:21:48,920 --> 00:21:50,400
Speaker 11: That could be a little too confident.

469
00:21:50,480 --> 00:21:55,560
Speaker 10: They were also overconfident in their holiday sales predictions. Retailers

470
00:21:55,600 --> 00:21:59,680
Speaker 10: are less confident, with about half of retailers predicting mild

471
00:21:59,760 --> 00:22:02,840
Speaker 10: growth both, so we'll see how it plays out. Consumers,

472
00:22:03,119 --> 00:22:04,680
Speaker 10: you know, as I said before, are still in a

473
00:22:04,760 --> 00:22:08,560
Speaker 10: pretty tough place. The overall confidence in their ability to

474
00:22:08,720 --> 00:22:12,560
Speaker 10: afford everyday life has gone down twenty points from sixty

475
00:22:12,720 --> 00:22:15,560
Speaker 10: percent of forty percent since such twenty nineteen, So this

476
00:22:15,640 --> 00:22:19,320
Speaker 10: will definitely have an effect on twenty four sales and volume.

477
00:22:20,560 --> 00:22:23,240
Speaker 2: What are you telling them about inventories? Are we going

478
00:22:23,280 --> 00:22:25,760
Speaker 2: to be in a world where I guess I'm talking

479
00:22:25,880 --> 00:22:28,840
Speaker 2: more with say, clothing electronics maybe rather than food.

480
00:22:28,920 --> 00:22:30,760
Speaker 3: Is it gonna be like a just in time inventory

481
00:22:31,160 --> 00:22:32,640
Speaker 3: or what are you telling them?

482
00:22:34,400 --> 00:22:38,359
Speaker 10: Inventory is a really tricky proposition right now. You've got

483
00:22:38,359 --> 00:22:42,080
Speaker 10: a lot of retailers trying to reduce inventory, which is

484
00:22:42,320 --> 00:22:45,359
Speaker 10: a risky game to play. There are benefits to doing that,

485
00:22:45,520 --> 00:22:48,480
Speaker 10: but there are also challenges in that if there's i

486
00:22:48,560 --> 00:22:50,960
Speaker 10: mean take the recent social media runs. I mean, don't

487
00:22:50,960 --> 00:22:53,320
Speaker 10: get me going on the Stanley Cup, but there are

488
00:22:53,560 --> 00:22:55,720
Speaker 10: there are runs on products which could be driven by

489
00:22:55,800 --> 00:22:59,160
Speaker 10: social media, could be driven by a strong marketing program

490
00:22:59,520 --> 00:23:02,800
Speaker 10: and often times, and also don't forget the disproportioned of sales.

491
00:23:02,840 --> 00:23:04,760
Speaker 11: The two to three days before the key events.

492
00:23:05,040 --> 00:23:08,040
Speaker 10: Many retailers got caught in Thanksgiving and had to adjust

493
00:23:08,080 --> 00:23:10,600
Speaker 10: for a Christmas because they didn't have the inventory.

494
00:23:10,720 --> 00:23:14,000
Speaker 11: So it's a bit of a it's a bit of

495
00:23:14,040 --> 00:23:16,520
Speaker 11: a risk. It's got upside, it's got downside.

496
00:23:17,040 --> 00:23:20,159
Speaker 5: Are there enough chickens out there for the chicken wing demand?

497
00:23:20,280 --> 00:23:22,280
Speaker 3: Oh no, A good question, did you guys?

498
00:23:22,840 --> 00:23:23,520
Speaker 11: Did you see that?

499
00:23:23,640 --> 00:23:27,160
Speaker 10: The National Chicken Council last year said that there were

500
00:23:27,560 --> 00:23:30,960
Speaker 10: enough chicken wings consumed last year during Super Bowl for

501
00:23:31,160 --> 00:23:34,640
Speaker 10: every person in the country to have four. So I'm

502
00:23:34,680 --> 00:23:37,640
Speaker 10: not sure who had my four, but somebody is having

503
00:23:37,680 --> 00:23:38,240
Speaker 10: a lot of wings.

504
00:23:38,400 --> 00:23:40,000
Speaker 5: And I remember, I mean there was a time I

505
00:23:40,000 --> 00:23:41,720
Speaker 5: can't remember it was last year the year before where

506
00:23:41,880 --> 00:23:43,800
Speaker 5: it was kind of kind of in the pandemic area

507
00:23:43,840 --> 00:23:46,160
Speaker 5: that there weren't enough chickens because they had some diseases

508
00:23:46,200 --> 00:23:47,000
Speaker 5: and something like that.

509
00:23:47,240 --> 00:23:49,240
Speaker 6: So there's the price of chicken wings were higher.

510
00:23:49,320 --> 00:23:51,639
Speaker 3: Yeah, that flew. It's a real thing. I have to

511
00:23:51,760 --> 00:23:52,480
Speaker 3: have a confession.

512
00:23:55,480 --> 00:23:56,280
Speaker 7: Hummus wings.

513
00:23:57,400 --> 00:24:00,080
Speaker 3: I don't like chicken wing. I like the sauces on

514
00:24:00,160 --> 00:24:00,720
Speaker 3: chicken wings.

515
00:24:01,080 --> 00:24:01,639
Speaker 7: Okay, just.

516
00:24:03,880 --> 00:24:04,760
Speaker 11: Doesn't somebody has.

517
00:24:05,080 --> 00:24:07,720
Speaker 10: Somebody's having both our wings because four wings per person

518
00:24:07,840 --> 00:24:08,919
Speaker 10: is my modeling.

519
00:24:09,359 --> 00:24:10,920
Speaker 6: Very good, all right, Jill, thank you so much for

520
00:24:11,040 --> 00:24:12,000
Speaker 6: joining us. Really appreciate it.

521
00:24:12,400 --> 00:24:15,280
Speaker 5: Jill Blanchard, president of Enterprise Client Solutions. The name of

522
00:24:15,320 --> 00:24:19,760
Speaker 5: the firm is Advantage Solutions. We're learning so much, aren't we, John.

523
00:24:20,240 --> 00:24:21,840
Speaker 3: I know, and I'm just like pouring it out.

524
00:24:22,480 --> 00:24:25,359
Speaker 7: We know not to go to her house party or

525
00:24:25,440 --> 00:24:27,080
Speaker 7: bring our own. I think bake.

526
00:24:27,920 --> 00:24:30,680
Speaker 2: I bake with like real fat and stuff, okay, but

527
00:24:30,840 --> 00:24:34,240
Speaker 2: no sugar, with real sugar. Like I actually tried to

528
00:24:34,280 --> 00:24:37,520
Speaker 2: bake without sugar and do like some big paste instead.

529
00:24:37,800 --> 00:24:40,600
Speaker 3: It didn't work out. So I cook with lard and

530
00:24:41,440 --> 00:24:44,040
Speaker 3: with you know, I'll bring something in and it'll be

531
00:24:44,080 --> 00:24:44,879
Speaker 3: a nice moment for us.

532
00:24:44,920 --> 00:24:46,639
Speaker 6: All right, Well, be looking forward to that.

533
00:24:48,200 --> 00:24:52,040
Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live

534
00:24:52,160 --> 00:24:55,080
Speaker 1: weekdays at ten am Eastern on Apple car Play and

535
00:24:55,200 --> 00:24:58,440
Speaker 1: Android Auto with the Bloomberg Business. You can also listen

536
00:24:58,600 --> 00:25:01,680
Speaker 1: live on Amazon Alexi from our flagship New York station,

537
00:25:02,080 --> 00:25:04,840
Speaker 1: Just Say Alexa playing Bloomberg eleven thirty.

538
00:25:06,160 --> 00:25:08,640
Speaker 6: All right, it is Super Bowl Sunday.

539
00:25:08,720 --> 00:25:11,639
Speaker 5: We cover the story from the business perspective. And you

540
00:25:11,680 --> 00:25:14,120
Speaker 5: know why we do that because we have a podcast,

541
00:25:15,560 --> 00:25:19,680
Speaker 5: Business of Sports, hosted by the Scarlett Foo of Bloomberg News,

542
00:25:20,040 --> 00:25:23,400
Speaker 5: Michael Barr and Damien sasas Hower. Damien Sasawa Bloomberg Intelligence.

543
00:25:23,440 --> 00:25:26,400
Speaker 5: Michael bar Bloomberg News as well. Michael Barr and Damien

544
00:25:26,440 --> 00:25:28,680
Speaker 5: Sashira join us here in the studio.

545
00:25:29,359 --> 00:25:31,040
Speaker 3: I mean this, hold on, this is my first moment

546
00:25:31,080 --> 00:25:31,800
Speaker 3: with Michael Barr.

547
00:25:32,520 --> 00:25:34,240
Speaker 6: Ever, Oh really, yeah real, this is.

548
00:25:34,440 --> 00:25:36,560
Speaker 3: Michael Barr talking is my most favorite thing.

549
00:25:36,760 --> 00:25:37,840
Speaker 6: There you go, this is.

550
00:25:40,200 --> 00:25:41,800
Speaker 3: This feels really exciting for me.

551
00:25:42,640 --> 00:25:43,040
Speaker 9: Damien.

552
00:25:43,800 --> 00:25:46,480
Speaker 6: How big is the business of the Super Bowl.

553
00:25:46,600 --> 00:25:48,680
Speaker 9: It's only as big as Michael Barr's voice will allow

554
00:25:48,720 --> 00:25:50,879
Speaker 9: it to be Man. That baritone voice. It draws in

555
00:25:51,000 --> 00:25:53,000
Speaker 9: all the greatest guests. We had on our show this week,

556
00:25:53,080 --> 00:25:55,119
Speaker 9: the presidents for the San Francisco forty nine ers and

557
00:25:55,200 --> 00:25:57,040
Speaker 9: the Kansas City Chiefs, and we had the CEO of

558
00:25:57,040 --> 00:25:57,520
Speaker 9: bet MGM.

559
00:25:57,640 --> 00:25:57,840
Speaker 8: You know what.

560
00:25:57,880 --> 00:25:59,680
Speaker 9: They all said, It's gonna be a huge super Bowl.

561
00:25:59,680 --> 00:26:02,520
Speaker 9: I'm talking like the mount bet. The mount being bet

562
00:26:02,600 --> 00:26:03,960
Speaker 9: on this super Bowl is going to be something on

563
00:26:04,040 --> 00:26:06,080
Speaker 9: the order of twenty four billion dollars. That's a thirty

564
00:26:06,119 --> 00:26:08,560
Speaker 9: three percent increase over last year alone, Isn't that right?

565
00:26:08,600 --> 00:26:09,119
Speaker 9: Michael Buber?

566
00:26:09,119 --> 00:26:11,600
Speaker 12: And they're betting on everything, the color of the gatorade,

567
00:26:11,720 --> 00:26:17,200
Speaker 12: the length of the national anthem, how many Yeah, but

568
00:26:17,240 --> 00:26:19,440
Speaker 12: you got to see how many times Taylor Swift is

569
00:26:19,520 --> 00:26:20,440
Speaker 12: going to be on TV?

570
00:26:20,800 --> 00:26:22,720
Speaker 2: I mean, no, you can bet on everything, can't you

571
00:26:22,800 --> 00:26:25,600
Speaker 2: bet somewhere about if Taylor's foot will cry like.

572
00:26:25,680 --> 00:26:26,879
Speaker 3: It's is that legal or not?

573
00:26:27,080 --> 00:26:29,399
Speaker 9: The tear has to drip below the halfway point of

574
00:26:29,440 --> 00:26:31,600
Speaker 9: her cheek? And no, I'm kidding. I don't know how

575
00:26:31,640 --> 00:26:32,880
Speaker 9: do you say? How can you tell?

576
00:26:33,280 --> 00:26:35,680
Speaker 5: But I think there are prop bets like that, yeah,

577
00:26:35,720 --> 00:26:38,680
Speaker 5: called prop bets, and the prop bets are on you

578
00:26:38,760 --> 00:26:40,160
Speaker 5: can find them in any sports book.

579
00:26:40,200 --> 00:26:43,440
Speaker 6: You can find them at the online online gambling.

580
00:26:43,320 --> 00:26:46,760
Speaker 9: Absolutely fangual, DraftKings bet, MGM, Caesars, you name it, they're

581
00:26:46,760 --> 00:26:48,640
Speaker 9: all carrying it. But I think most of their prop

582
00:26:48,680 --> 00:26:50,680
Speaker 9: bets are the ones that you find are related to

583
00:26:50,760 --> 00:26:52,760
Speaker 9: the actual outcome of the game. Some of the things

584
00:26:52,840 --> 00:26:55,080
Speaker 9: we're talking about are I think you have to bet

585
00:26:55,119 --> 00:26:58,320
Speaker 9: through it. Oh yeah, like some Panamanian you know, website

586
00:26:58,359 --> 00:27:00,200
Speaker 9: that will take your bet and never pay you out. No,

587
00:27:00,280 --> 00:27:01,879
Speaker 9: I'm just kidding, but I mean, look they've got I mean,

588
00:27:01,920 --> 00:27:03,440
Speaker 9: the real story this year is going to be the

589
00:27:03,480 --> 00:27:06,560
Speaker 9: comeback for advertising, right because you know, we don't have

590
00:27:06,600 --> 00:27:10,719
Speaker 9: cryptocurrencies anymore, you know, you know, apparently the biggest sector

591
00:27:10,760 --> 00:27:13,160
Speaker 9: that's going to be kind of you know, advertising during

592
00:27:13,200 --> 00:27:14,680
Speaker 9: this Super but at least in terms of an increase,

593
00:27:14,800 --> 00:27:18,119
Speaker 9: is going to be candy, sweets and cookies. Oreo, you

594
00:27:18,200 --> 00:27:19,320
Speaker 9: know you're very interested in them.

595
00:27:19,480 --> 00:27:23,440
Speaker 12: I want to see that I missed the Clydesdale the Budweiser.

596
00:27:23,560 --> 00:27:25,840
Speaker 12: They to me, they have always had the most iconic

597
00:27:25,960 --> 00:27:28,560
Speaker 12: commercials and I want to see that. By the way,

598
00:27:29,000 --> 00:27:32,520
Speaker 12: just a heads up, Uh, they're also a bet if

599
00:27:33,200 --> 00:27:38,200
Speaker 12: Travis Kelcey will propose to Taylor Swift. Oh they went.

600
00:27:38,720 --> 00:27:41,720
Speaker 12: And then there's a little I think the chapel or

601
00:27:41,760 --> 00:27:44,840
Speaker 12: the flowers or whatever it is on the strip says, look,

602
00:27:45,200 --> 00:27:46,840
Speaker 12: if they do it, you can come in for free

603
00:27:46,920 --> 00:27:49,760
Speaker 12: for the wedding. And then they said, well, you know,

604
00:27:49,880 --> 00:27:54,159
Speaker 12: if you pass anybody named Travis and Taylor coming in,

605
00:27:54,359 --> 00:27:55,280
Speaker 12: you'll get a free wedding.

606
00:27:55,920 --> 00:27:58,959
Speaker 5: What are the experts saying about the game? I mean,

607
00:27:59,000 --> 00:28:01,159
Speaker 5: it's only one and a half point spread, so.

608
00:28:01,280 --> 00:28:03,600
Speaker 6: I guess everybody's expecting to be a competitive game.

609
00:28:03,760 --> 00:28:05,359
Speaker 9: Well, I mean, I think from that perspective, you know,

610
00:28:05,359 --> 00:28:07,920
Speaker 9: it comes down to defense. But you know, both defenses

611
00:28:07,960 --> 00:28:10,280
Speaker 9: are overshadowed by their incredible offenses this year, so it's

612
00:28:10,320 --> 00:28:12,560
Speaker 9: difficult to tell. I think, you know, it's very difficult.

613
00:28:12,640 --> 00:28:14,159
Speaker 9: Even though the Chiefs are getting a point and a

614
00:28:14,200 --> 00:28:17,000
Speaker 9: half call to two points. I mean, to bet against

615
00:28:17,040 --> 00:28:19,200
Speaker 9: Patrick Mahomes and I mean to actually get points and

616
00:28:19,240 --> 00:28:21,480
Speaker 9: do it's pretty unbelievable. I mean, I think, I think, really,

617
00:28:21,560 --> 00:28:24,320
Speaker 9: you know, it's about you know, stopping it's going to

618
00:28:24,359 --> 00:28:26,919
Speaker 9: be about stopping you know, the San Francisco run game.

619
00:28:26,960 --> 00:28:28,960
Speaker 9: I mean, if they can manage to stop that run

620
00:28:29,040 --> 00:28:30,680
Speaker 9: game and forced Brock pretty to pass. I think the

621
00:28:30,760 --> 00:28:33,560
Speaker 9: forty nine ers have a legitimate chancer, Alex. I'm sorry, Kenny.

622
00:28:34,400 --> 00:28:37,159
Speaker 12: I talked to me one day, little Birdie in the

623
00:28:37,280 --> 00:28:40,920
Speaker 12: degenerate newsman's ear forty seven and a half, the last

624
00:28:40,960 --> 00:28:43,800
Speaker 12: time I had seen the over and under. And we

625
00:28:44,080 --> 00:28:47,720
Speaker 12: also had an interview with Amy Transk who is within

626
00:28:47,760 --> 00:28:50,400
Speaker 12: the front office with the then Oakland Raiders. And I

627
00:28:50,520 --> 00:28:53,040
Speaker 12: thought this was going to be a high scoring, high

628
00:28:53,080 --> 00:28:56,080
Speaker 12: faluting game. No, she said, this is going to be

629
00:28:56,160 --> 00:28:58,440
Speaker 12: a defense of struggles, so don't be surprised if it

630
00:28:58,520 --> 00:28:58,960
Speaker 12: goes under.

631
00:28:59,240 --> 00:29:02,440
Speaker 2: So, Scarlett fo and I are very similar, Okay, we're

632
00:29:02,520 --> 00:29:03,480
Speaker 2: kind of both really anal.

633
00:29:03,600 --> 00:29:04,360
Speaker 3: We like prepping.

634
00:29:05,000 --> 00:29:08,120
Speaker 2: We have a similar taste in most everything except for

635
00:29:08,280 --> 00:29:11,880
Speaker 2: sports because I know nothing about So let's pretend to

636
00:29:11,880 --> 00:29:12,840
Speaker 2: go to a Super Bowl party.

637
00:29:13,000 --> 00:29:15,840
Speaker 3: Okay, and I have to say smart things. What am

638
00:29:15,880 --> 00:29:16,280
Speaker 3: I saying?

639
00:29:17,320 --> 00:29:18,719
Speaker 9: You want me to take this one on, Michael Bla.

640
00:29:18,880 --> 00:29:20,960
Speaker 9: You want to here's what you want to talk about.

641
00:29:20,960 --> 00:29:23,600
Speaker 9: You want to talk about Halo Glow, liquid filter else

642
00:29:23,800 --> 00:29:26,720
Speaker 9: and is going to take over during some of the commercials.

643
00:29:26,760 --> 00:29:28,520
Speaker 9: I think also this is an important point. You know,

644
00:29:28,560 --> 00:29:30,920
Speaker 9: Paul and I were talking about this the female audience,

645
00:29:31,000 --> 00:29:33,280
Speaker 9: not just due to Taylor Swift, but just generally speaking.

646
00:29:33,320 --> 00:29:35,240
Speaker 9: For the Super Bowl last year alone was forty seven

647
00:29:35,280 --> 00:29:38,040
Speaker 9: percent female. Now you've got Taylor's swift. So you have

648
00:29:38,200 --> 00:29:42,640
Speaker 9: advertisers me does Yeah, you're talking to you, Alex. They

649
00:29:42,680 --> 00:29:45,280
Speaker 9: want I mean they want you to, you know, basically

650
00:29:45,360 --> 00:29:47,520
Speaker 9: buy the ice Cript brand, you know, drumstick.

651
00:29:47,560 --> 00:29:47,680
Speaker 3: You know.

652
00:29:47,760 --> 00:29:50,880
Speaker 9: They want you to shop at Etsy and eat Link chocolates,

653
00:29:50,920 --> 00:29:53,240
Speaker 9: you know, like Kelsey's wife does. I don't know, so,

654
00:29:53,360 --> 00:29:55,160
Speaker 9: I mean people do that. I mean, that's that's kind

655
00:29:55,200 --> 00:29:56,080
Speaker 9: of what they want from you.

656
00:29:56,200 --> 00:29:58,040
Speaker 12: I know we're running out of time soon, but I

657
00:29:58,520 --> 00:30:01,200
Speaker 12: just to get pump up for this. I had to

658
00:30:01,240 --> 00:30:03,840
Speaker 12: watch some old clips of the San Francisco forty nine ers,

659
00:30:04,040 --> 00:30:06,880
Speaker 12: and this was on the old Monday Night Football. This

660
00:30:07,040 --> 00:30:09,240
Speaker 12: is nineteen seventy six. I don't want to give away

661
00:30:09,360 --> 00:30:11,560
Speaker 12: my age that I was twelve years old, man, but

662
00:30:11,640 --> 00:30:12,120
Speaker 12: I just did.

663
00:30:12,760 --> 00:30:14,280
Speaker 8: And here it is.

664
00:30:14,360 --> 00:30:17,280
Speaker 12: Here's Alex Karis in the opening and he's smoking a

665
00:30:17,360 --> 00:30:20,720
Speaker 12: cigar as he's talking to Howard Cosell, And I'm like,

666
00:30:21,200 --> 00:30:23,000
Speaker 12: oh man, what happened to this era?

667
00:30:23,200 --> 00:30:23,360
Speaker 8: Man?

668
00:30:23,600 --> 00:30:24,280
Speaker 12: This is great.

669
00:30:24,440 --> 00:30:24,600
Speaker 1: Now.

670
00:30:24,840 --> 00:30:29,040
Speaker 5: Sportico dot Com, which is some Bloomberg News alumni. They

671
00:30:29,080 --> 00:30:32,640
Speaker 5: have a good story out party, the CE the QB

672
00:30:33,000 --> 00:30:34,200
Speaker 5: for San Francisco.

673
00:30:34,400 --> 00:30:38,080
Speaker 6: He may be the cheapest yes to ever absolutly.

674
00:30:37,640 --> 00:30:40,200
Speaker 3: Now right, but for now, for now, exactly right, wait

675
00:30:40,440 --> 00:30:41,440
Speaker 3: tomorrow Monday.

676
00:30:41,520 --> 00:30:43,800
Speaker 9: They're not paying well. I mean, I mean, let's I mean,

677
00:30:43,840 --> 00:30:45,200
Speaker 9: I mean, that's a great stand. I mean, let's just

678
00:30:45,200 --> 00:30:47,440
Speaker 9: think about the numbers. Mahomes makes thirty six million dollars,

679
00:30:47,480 --> 00:30:50,560
Speaker 9: He's seventeen percent of Kansas City salary cap. Rock Party

680
00:30:50,680 --> 00:30:53,520
Speaker 9: is only zero point three seven percent of the forty

681
00:30:53,600 --> 00:30:54,400
Speaker 9: nine er salary cap.

682
00:30:54,440 --> 00:30:57,040
Speaker 12: What an investment, mister irrelevant? I mean, that's to me,

683
00:30:57,200 --> 00:30:59,360
Speaker 12: that is the biggest story of this one. Pick he

684
00:30:59,520 --> 00:31:00,360
Speaker 12: was the last one pick.

685
00:31:00,640 --> 00:31:01,120
Speaker 9: Really good.

686
00:31:01,720 --> 00:31:02,280
Speaker 12: That's what you go.

687
00:31:02,400 --> 00:31:03,200
Speaker 7: You take to the party.

688
00:31:03,240 --> 00:31:05,080
Speaker 9: Now, Paul Sweeney, some trivia for you. Who was the

689
00:31:05,160 --> 00:31:08,280
Speaker 9: previous cheapest quarterback to play in the Super Bowl and win? Oh,

690
00:31:08,680 --> 00:31:10,640
Speaker 9: it's a good one. It's an easy one. It's right

691
00:31:10,680 --> 00:31:12,960
Speaker 9: there in front of you. Oh, Tom Brady two thousand

692
00:31:13,000 --> 00:31:17,080
Speaker 9: and two, right, Yeah, that of the year zero point

693
00:31:17,120 --> 00:31:18,760
Speaker 9: four to six percent of the salary. That was his

694
00:31:18,880 --> 00:31:21,800
Speaker 9: first year when the Jets knocked out Bledsoe And.

695
00:31:22,200 --> 00:31:24,720
Speaker 6: All right, so you guys are the experts. Michael Barr,

696
00:31:24,920 --> 00:31:25,840
Speaker 6: what is your pick here?

697
00:31:26,440 --> 00:31:29,720
Speaker 12: I am pick because my wife is listening and is

698
00:31:29,800 --> 00:31:34,000
Speaker 12: a die hard forty nine ers fan. Would I think

699
00:31:34,080 --> 00:31:37,000
Speaker 12: it's going to be San Francisco twenty one and I

700
00:31:37,080 --> 00:31:39,000
Speaker 12: think it's going to be the Chief seventeen?

701
00:31:39,440 --> 00:31:41,200
Speaker 9: Caressing Okay, I mean, I look, I'm going to be

702
00:31:41,280 --> 00:31:43,280
Speaker 9: rooting for San Francisco. But if I were a betting man,

703
00:31:43,320 --> 00:31:45,560
Speaker 9: I would not be betting against Andy Reid and Patrick

704
00:31:45,600 --> 00:31:47,560
Speaker 9: Mahomes and the Kansas City Chief. So I'd probably take

705
00:31:47,600 --> 00:31:51,240
Speaker 9: the points and probably take the over there, maybe parlayed

706
00:31:51,280 --> 00:31:52,520
Speaker 9: a little bit. Maybe you know a player.

707
00:31:52,640 --> 00:31:54,160
Speaker 6: Are you going to have a little app on your

708
00:31:54,160 --> 00:31:55,560
Speaker 6: phone that will allow you to do just then?

709
00:31:55,760 --> 00:31:58,120
Speaker 9: I mean, I don't gamble, Paul. You know, I'm an investor.

710
00:31:58,440 --> 00:32:01,040
Speaker 9: I am a risk adjustin investor. You me emerging markets,

711
00:32:01,040 --> 00:32:03,560
Speaker 9: fixed incomes. Say, you know, I'm not really a big gambler,

712
00:32:03,600 --> 00:32:04,960
Speaker 9: but I'm sure I'll get a box or two at

713
00:32:05,480 --> 00:32:06,600
Speaker 9: the Super Bowl party on Sunday.

714
00:32:06,640 --> 00:32:08,120
Speaker 12: I have to go to your app if you want

715
00:32:08,200 --> 00:32:09,000
Speaker 12: to make this bet.

716
00:32:12,080 --> 00:32:14,200
Speaker 6: We got a market here, We got it right in

717
00:32:14,280 --> 00:32:14,720
Speaker 6: front of us.

718
00:32:14,800 --> 00:32:17,080
Speaker 9: He's still upset because he's still upset because they beat

719
00:32:17,120 --> 00:32:20,040
Speaker 9: him in fantasy and he beat the stew out of here.

720
00:32:21,080 --> 00:32:24,560
Speaker 5: All right, folks, check out the podcast Business of Sports,

721
00:32:24,600 --> 00:32:29,000
Speaker 5: hosted by Scarlett flu Bloomberg Television, Michael Barr Bloomberg News,

722
00:32:29,320 --> 00:32:31,720
Speaker 5: and Damon Sasa our Bloomberg Intelligence. They host that is

723
00:32:31,720 --> 00:32:34,520
Speaker 5: it come out weekly, gents, Yeah, that's a weekly and

724
00:32:34,560 --> 00:32:34,960
Speaker 5: they get.

725
00:32:34,880 --> 00:32:35,600
Speaker 6: Some great guests.

726
00:32:35,680 --> 00:32:37,880
Speaker 5: You had to just heard here some of the leaders

727
00:32:37,920 --> 00:32:40,120
Speaker 5: in the NFL this week. So they get some great

728
00:32:40,160 --> 00:32:42,440
Speaker 5: guests and the Business of Sports is that's how we

729
00:32:42,520 --> 00:32:42,920
Speaker 5: do it here.

730
00:32:43,600 --> 00:32:48,120
Speaker 1: This is the Bloomberg Intelligence podcast, available on apples, Spotify,

731
00:32:48,320 --> 00:32:51,200
Speaker 1: and anywhere else you will get your podcasts. Listen live

732
00:32:51,320 --> 00:32:54,720
Speaker 1: each weekday ten am to noon Eastern on Bloomberg dot Com,

733
00:32:55,000 --> 00:32:58,400
Speaker 1: the iHeart Radio app, tune In, and the Bloomberg Business app.

734
00:32:58,520 --> 00:33:00,440
Speaker 1: You can also watch us a long I have every

735
00:33:00,480 --> 00:33:03,560
Speaker 1: weekday on YouTube and always on the Bloomberg Journal

736
00:33:07,200 --> 00:33:07,240
Speaker 8: M