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

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

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

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Speaker 1: us live on YouTube.

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Speaker 2: Let's talk about Israel. A lot of change, a lot.

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Speaker 2: It's a fluid situation.

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Speaker 3: We all know.

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Speaker 2: It seems like President Trump is now going to take

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Speaker 2: maybe up to two weeks to figure out what the

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Speaker 2: next move will be on the part of the United States.

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Speaker 2: Dan Williams joins his series reporter for Bloomberg News. He's

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Speaker 2: in Jerusalem right now. Dan, what's the word on the

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Speaker 2: ground in Israel right now?

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Speaker 4: Well, as you noted, it's a waiting game. The Israelis

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Speaker 4: aren't waiting, nor the Iranians. The exchange of fire Israeli

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Speaker 4: as strikes and Iranian missiles continues arguably, However, the Ranian

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Speaker 4: attacks do appear to be tapering off. According to an interview.

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Speaker 4: In an interview he gave yesterday, the Israeli Prime Minister

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Speaker 4: Benjamin and Taniawe attributed this to Israel's shift, a shift

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Speaker 4: by the Israeli military to targeting launch systems for thee

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Speaker 4: that the launchers are actually more important than how many

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Speaker 4: missiles the Uranians have in hand, because if you can't

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Speaker 4: launch them, they're virtually useless. And he said yesterday that

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Speaker 4: half around half had been destroyed. That's an impressive pace,

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Speaker 4: given that that mission appears to have lasted something like

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Speaker 4: two three days. So at that current rate, if a

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Speaker 4: kin continues and succeeds, by the Israeli account, presumably the

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Speaker 4: Uranians may not have any launchers left by the end

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Speaker 4: of the weekend. So these Raeli seem fairly upbeat, despite

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Speaker 4: extraordinary damage to the home front from these missile strikes

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Speaker 4: so far, including one on a hospital in southern Israel.

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Speaker 4: Low casualty count relatively because many of the patients were

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Speaker 4: moved out in advance, but nonetheless quite jarring for Israelis

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Speaker 4: to see that hospital hit dan.

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Speaker 5: What do we know about the timetable for President Trump

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Speaker 5: to decide whether or not to strike Iran?

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Speaker 4: Well, as you wisely noted, the phrasing appeared to be

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Speaker 4: very deliberate, as given by our Press Secretary of the

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Speaker 4: White House yesterday, within two weeks, not two weeks from now,

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Speaker 4: Within two weeks which in theory could be two weeks

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Speaker 4: from now. It could also be two minutes from now.

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Speaker 4: So I think there's a degree of tactical operational hayze. Here.

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Speaker 4: It appears that the Americans to a degree assisted the

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Speaker 4: Israelis in the initial ruse that allowed the Israelis to

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Speaker 4: drop the Iranians guard and launch this attack a week ago. Precisely,

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Speaker 4: you'll note that right before that attack, President Trump was

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Speaker 4: speaking up the prospect of a diplomatic solution, saying he

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Speaker 4: wouldn't approve or wasn't looking to see Israeli military action,

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Speaker 4: and then as soon as that was launched, he appeared

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Speaker 4: to change his tune. Now, that could have been because

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Speaker 4: of the relative success, as reported to him, of the

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Speaker 4: Israeli action. It's very hard to know what to make

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Speaker 4: of these statements. Formally, the Israeli say they would welcome

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Speaker 4: American involvement. They're willing and able to continue this themselves.

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Speaker 4: The question is whether indeed the Israeli military has the

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Speaker 4: firepower to handle a specific nuclear site, one very deep

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Speaker 4: underground in a mountain in an area called foot Doh.

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Speaker 4: Many speculate that for all its aptitude, for all its virtuosity, operationally.

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Speaker 4: The Israeli military is too lean, too small. It simply

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Speaker 4: doesn't have the lift that the usfls would have to

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Speaker 4: bring in very heavy bombs and finish that job.

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Speaker 2: So Dan, is that I mean, that's kind of been

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Speaker 2: the reporting here that you know, what is needed by

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Speaker 2: or from the Americans.

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Speaker 3: Is this you know, kind of.

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Speaker 2: Buster bomb that can really go deep underground and get

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Speaker 2: to this facility. Is that all that's left for the

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Speaker 2: Israelis visa VI the Iranian nuclear capabilities?

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Speaker 4: Well, daily we hear of new nuclear sites that were hit.

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Speaker 4: Some of them are primary sites, some of them are

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Speaker 4: secondary sites to a nuclear program that may, indeed, and

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Speaker 4: the right Ranians for who said this have purely civilian components.

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Speaker 4: Although Israel and the international community have long bit suspicious

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Speaker 4: of the rate and the intensity of uranium enrichment, this

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Speaker 4: is a program that can produce bonds fuel for nuclear

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Speaker 4: weapons if enriched to beyond a certain point. So it

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Speaker 4: appears that the Israelis, absent and intervention by the Americans,

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Speaker 4: are demolishing everything they can in that nuclear program. While

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Speaker 4: also addressing Iran's missile program.

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Speaker 5: Talk to us about how Israeli officials are warning that

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Speaker 5: iran Is hijacking security cameras to spine on them.

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Speaker 4: Yes, it's a very interesting story by my colleague Marissa Newman.

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Speaker 4: I recommend it. It would appear that the Israelis, who

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Speaker 4: apparently had a foreshadowing of this with Hamas attacks from

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Speaker 4: the Gaza Strip. Hamass is a Palestinian group ally to Iran.

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Speaker 4: As we all know, these are ubiquitous to these security systems,

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Speaker 4: many of them linked up through Bluetooth. You can see

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Speaker 4: what your security camera sees on your phone sometimes if

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Speaker 4: you're away from your home, and that is not a

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Speaker 4: very secure system. So it appears these it is a

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Speaker 4: now warning that the Iranians have hacked into these systems,

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Speaker 4: which gives them a live view of certain key points

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Speaker 4: in Israel, certainly Israeli cities that they have been targeting

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Speaker 4: with their missiles, and gives them a real time targeting

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Speaker 4: set of information, something that might allow them to adjust

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Speaker 4: their aim or know if they've been successful in hitting

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Speaker 4: the targets. Obviously, as in any war, each side would

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Speaker 4: want to conceal from the other such information. It would

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Speaker 4: appear that the Iranians have used off the shelf, very

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Speaker 4: cheap technology to achieve that kind of critical information.

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Speaker 3: Dan, thank you so much.

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Speaker 2: We really appreciate your reporting on the ground from Jerusalem.

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Speaker 2: Dan Williams, reporter Bloomberg News, giving the latest on Israeli

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Speaker 2: Iranian situation.

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Speaker 1: You're listening to the Bloomberg Surveillance Podcast. Catch US Live

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

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Speaker 2: David Katz is an a Chief investment officer Matrix Asset Advisors. David,

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Speaker 2: what's the conversation you're having with your clients these days?

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Speaker 2: They've kind of been whipsaw, but then you kind of

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Speaker 2: look back and we're right where we started the year.

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Speaker 6: That's a great summary. Basically, our expectation going into the

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Speaker 6: year was that it was going to be less lucrative

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Speaker 6: than twenty twenty three and twenty four, but with a

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Speaker 6: lot of volatility. So we're getting that. The key to

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Speaker 6: investment success this year is not to get overly obsessed

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Speaker 6: with the very short term. You've got a lot of

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Speaker 6: overhangs right now that could drive the market down five

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Speaker 6: or ten percent pretty quickly. But we do think the

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Speaker 6: general economy is Okay. Businesses are doing okay, and when

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Speaker 6: all is said and done, the market's going to have

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Speaker 6: an about average year. So the key is turned the

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Speaker 6: volume down, be patient, not get caught up in the

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Speaker 6: day to day volatility.

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Speaker 5: Okay, David, So how do you treat this? What specific

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Speaker 5: stocks are you buying?

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Speaker 6: So that's an interesting thing. Right now, the market is

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Speaker 6: at about twenty two times earnings, but there are many,

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Speaker 6: many pockets some stocks that are undervalued. So we're out there.

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Speaker 6: I'm very happy if you can buy something at ten

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Speaker 6: to fifteen, sixteen times z earned as you're going to

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Speaker 6: do real well. To give you just a big picture

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Speaker 6: list and then we can focus in on things things

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Speaker 6: like American Electric Power, Apple, five Serve, Qualcomm. We're all

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Speaker 6: really good businesses at very attractive prices. Pepsi is at

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Speaker 6: one of the best prices it's been at probably in

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Speaker 6: the last ten years, and you're getting a four and

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Speaker 6: a half percent yield while you're waiting. So lots of

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Speaker 6: things out there that are real good right now. You

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Speaker 6: just have to have some patients and use a six

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Speaker 6: to twelve month timeframe, not try to trade for the

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Speaker 6: very short term.

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Speaker 2: You mentioned pepsi and the dividend yield is that something

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Speaker 2: dividends and yields is that something investors should be maybe

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Speaker 2: I guess paying more attention to, given that there are

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Speaker 2: so many crosswinds out there this year that this year

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Speaker 2: may be at best an average year for returns. Are

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Speaker 2: dividends something that I don't know, Maybe people historically haven't

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Speaker 2: paid attention to, but maybe they should.

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Speaker 6: Well, they definitely haven't paid as much attention in the

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Speaker 6: last few years, and we think that they should. We

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Speaker 6: think that that's an area of the market that's got

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Speaker 6: great opportunity and interestingly and importantly, it tends to be

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Speaker 6: a lot more conservative and protect capital during difficult times.

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Speaker 6: So if you're worried about the ups and the downs

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Speaker 6: of the market, buying high dividends stocks as a way

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Speaker 6: to get a good absolute return and get paid while

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Speaker 6: you wait. So we think that's a really good approach

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Speaker 6: and think that's the place that you want to be

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Speaker 6: right now. And Pepsi has a great example of that.

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Speaker 6: Stock has done really poorly year to date, So if

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Speaker 6: you're getting in on it now, you're getting a very

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Speaker 6: good yield wall you wait. We think they're going to

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Speaker 6: fix the short term problems the stocks at sixteen and

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Speaker 6: a half times earnings, generally sales North at twenty times earnings. Interestingly,

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Speaker 6: if you look at PEPSI versus Coca cola, PEPSI is

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Speaker 6: three standard deviations cheaper than it normally is versus Coca cola.

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Speaker 6: Typically that's not going to last very long.

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Speaker 5: How do you view more of the riskier corners of

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Speaker 5: the market, whether you're thinking about particular small cap stocks

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Speaker 5: or read balance sheet stocks, and even if you're thinking

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Speaker 5: about nonprofitable tech. Obviously they saw a big move from

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Speaker 5: those April lows, but are there any pockets there that

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Speaker 5: you're buying?

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Speaker 6: So in terms of small cap stocks and aggregate, they've

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Speaker 6: underperformed the large cap stock market for the last three

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Speaker 6: to five to ten years, so we do think that

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Speaker 6: there is an opportunity there within that we would either

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Speaker 6: focus on buying a small cap index at Russell two

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Speaker 6: thousand or an s A P six hundred as a

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Speaker 6: place to go. And if you're buying individual small cap names,

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Speaker 6: it's very important to focus on strong balance sheets companies

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Speaker 6: that are profitable, because when you're buying small caps in

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Speaker 6: a economy that's going a little bit iffy in terms

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Speaker 6: of tariffs. You don't want to get the whold caught

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Speaker 6: holding something with a lot of debt that really could

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Speaker 6: get hurt very badly. So either strong balance sheets, or

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Speaker 6: focus on strong balance sheets profitable or focus on the indexes.

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Speaker 2: You mentioned David Apple, and there's a name that everybody

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Speaker 2: probably owns, whether they know it or not. Yet stock

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Speaker 2: US down fifteen percent year today, which is we don't

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Speaker 2: typically see that kind of underperformance from Apple. What's what

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Speaker 2: do you think is the bowl case in the short

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Speaker 2: to meet a term for Apple.

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Speaker 6: Well, the underperformance lies the opportunity. We've been liking some

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Speaker 6: of the Max seven that have not done well at

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Speaker 6: the beginning of the year, and all of a sudden

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Speaker 6: they've rebounded very nicely. Whether it's a Google or a

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Speaker 6: Microsoft or an Amazon. We think that Apple's in that

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Speaker 6: same situation. So short term, Apple has some issues. They

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Speaker 6: really have been very late to the game in terms

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Speaker 6: of AI and in terms of their last meeting. It's

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Speaker 6: going to take a lot longer than anybody would like. However,

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Speaker 6: they still have a dominant market share. They're going to

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Speaker 6: get AI right. Wall Street and the investment community likes

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Speaker 6: to own this stock, so we think it's in a

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Speaker 6: trading range of about one hundred and ninety to two

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Speaker 6: hundred and fifties. You're getting at the lower end of

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Speaker 6: that trading range. You just want to look out six

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Speaker 6: to twelve months. Something better will be happening in Apple

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Speaker 6: great balance sheet and they will get it right. This

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Speaker 6: is the time to get involved with it.

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Speaker 3: David, thanks so much for joining us. Really appreciate it.

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Speaker 2: David Kat's President, Chief Investment Officer, Matrix Asset Advisors.

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

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Speaker 1: starting at seven am on Applecarplay and Android Auto with

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Speaker 1: the Bloomberg Business app. You can also listen live on

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Speaker 1: Amazon Alexa from our flagship New York station, Just say

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Speaker 1: Alexa play Bloomberg eleven thirty.

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Speaker 2: When else at the Chase Manhattan back we get a

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Speaker 2: big trade finance group.

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Speaker 3: I never hung out with those.

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Speaker 2: People really want make me some serious stuff, and some

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Speaker 2: people do it very well, like our next guest at

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Speaker 2: Lisa Russonov, CEO of l Tech, which is a technology

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Speaker 2: company that works with folks in the trade finance business.

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Speaker 3: Global trade.

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Speaker 2: I don't know, I guess all we know about global trade.

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Speaker 2: These days, is tariffs and how that's impacting global trade.

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Speaker 3: How's that impacting your business?

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Speaker 2: Talking to the people that actually provide credit for people

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Speaker 2: who trade goods and services around the world, just.

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Speaker 7: Like, well, first of all, we're to be back, thanks

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Speaker 7: for having me back. First of all, I think it's

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Speaker 7: the same issue as all the other lenders, all the

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Speaker 7: other private credits providers and players in the markets. You're

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Speaker 7: kind of facing both sides. You're facing uncertainty and economy,

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Speaker 7: so you're basically facing the credit spread risks. The spreads

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Speaker 7: are going off, the banks have become a little bit

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Speaker 7: more conservative in terms of their credit box. But also

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Speaker 7: on the other side, productivity and AI automation the technology

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Speaker 7: that could streamline the entire process of credit underwriting. So

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Speaker 7: there's challenges and there's opportunities. So we're facing the same

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Speaker 7: kind of risk and trade finance, And honestly, the trade

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Speaker 7: finance space is usually booming in terms of volume just

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Speaker 7: because of there's a lot of liquidity to gaps in trade.

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Speaker 7: So as a customer, for example, you have to pay

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Speaker 7: your vendors in advance, so you needed money for that,

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Speaker 7: you needed liquidate for that, but also you're getting paid

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Speaker 7: by your customer actually on longer terms as well, so

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Speaker 7: day's DSO day sales outstanding is actually increasing in the

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Speaker 7: events of uncertainty. So this is where the lenders come in.

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Speaker 7: They underwrite the credit, they understand the liquidit and needs,

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Speaker 7: and they actually provided that credit.

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Speaker 5: Private credit's been such a hot corner of the market.

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Speaker 5: I know, Paul, you've talked about how in another life, Yeah,

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Speaker 5: you were sure I could jump back in and be

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Speaker 5: in that quarter of the market. I'm curious when you're

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Speaker 5: looking at private credit because so many people have argued,

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Speaker 5: especially with rates being elevated since twenty twenty two, how

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Speaker 5: that would hurt that part. But it hasn't just yet.

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Speaker 5: What is the resiliency there in any sort of pockets

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Speaker 5: that you're seeing any red flags?

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Speaker 7: I think we're not there yet. First of in terms

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Speaker 7: of inflation, we're still watching what's going to happen with

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Speaker 7: the economy, just like Ja Powis said this week, and

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Speaker 7: the raids haven't changed, so we're watching what's going to happen.

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Speaker 7: So we're not seeing a lot of write offs right now.

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Speaker 7: We're not seeing a lot of paid in kinds types

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Speaker 7: of arrangements with the borers, but we're just watching what's

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Speaker 7: going to happen in the market. And honestly, the specific

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Speaker 7: news that I'm in, which is trade finance, is a

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Speaker 7: little bit more specific in terms of its acid based collateral.

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Speaker 7: It's collateral based kind of lending. It's trade finance which

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Speaker 7: could be backed by inventory, by receivables. You can get

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Speaker 7: credit insurance wraps around the receivable, so there's a lot

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Speaker 7: of structured opportunities that could actually use in the mark market.

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Speaker 7: So it's not a leverage facility in a sense. It's

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Speaker 7: always backed by some sort of colado, which really helps.

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Speaker 2: In the environment, like what we're in, Geopolitical tensions seem

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Speaker 2: to be higher now than they've been in a long

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Speaker 2: time in the Middle East, Russia, Ukraine. Does that impact

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Speaker 2: I'm guessing there's impacts on global trade, the cost of

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Speaker 2: global trade, ensuring global trade. Does that come into your

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Speaker 2: part of the market in terms of providing finance for

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Speaker 2: these flow of goods and services.

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Speaker 7: Yes, absolutely. As a lender, first of all, we have

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Speaker 7: to be very mindful of various types of sanctions and

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Speaker 7: fraud risks that are very high in the industry. But

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Speaker 7: in addition to that, we have to understand the real risks.

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Speaker 7: So one of the risks is, for example, is trade fraud,

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Speaker 7: which basically means there is certain different terrorfs on different

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Speaker 7: countries and different jurisdictions.

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Speaker 3: But it's really hard.

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Speaker 7: Sometimes to go back in supply chain, to drill really

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Speaker 7: down and deep in supply chain and understand where the

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Speaker 7: goods are coming from.

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Speaker 3: So a lot of.

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Speaker 7: Lenders are seeing certain uptake in terms of trade fraud,

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Speaker 7: which really means if you're getting products from China, for example,

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Speaker 7: but they're actually coming from Vietnam with a different certificate

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Speaker 7: of goods, that's trade fraud.

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Speaker 3: But at the end of the day, it's really hard.

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Speaker 7: There are different rules of regulations, so it's really hard

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Speaker 7: to understand the supply chain because from Vietnam we're getting

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Speaker 7: a lot of textile, a lot of apparel and stuff

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Speaker 7: like that. So sixty percent of textile to Vietnam is

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Speaker 7: coming from China. So the supply chain could be various.

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Speaker 5: Right, Who's most at risk of trade fraud other lenders.

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Speaker 7: Absolutely. There have been quite a couple of cases in

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Speaker 7: the past, companies like Rensail and Standing a couple of

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Speaker 7: others that were defrauded by borrowers. So there is a

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Speaker 7: very high fraud risk. The positive part right now and

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Speaker 7: same with the economy, I think productivity AI aspiration is

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Speaker 7: lenders are really trying to get a good tax stack

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Speaker 7: for credit processes, for operations, for back office processes. Because

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Speaker 7: trade finding specifically has a lot of trade volume, which

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Speaker 7: basically means a lot of transactional volume, details, operational logistics,

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Speaker 7: and things of that nature. So AI can actually do

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Speaker 7: full stack analysis, full volume analysis of the entire transactional volume,

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Speaker 7: and do predictive analysis as well, which basically means understand

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Speaker 7: the patterns, and the patterns could be credit credit or

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Speaker 7: they could be fraud, that could be operational risks, that

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Speaker 7: could be terrorf risks, and other types of operational uncertainties.

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Speaker 3: Who are the big trade lenders today?

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Speaker 2: Is it the JP Morgan's of the world, the city

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Speaker 2: banks of the world. Who does that stuff now?

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Speaker 7: Actually it's different in different economies. So in Europe it's

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Speaker 7: more about banks, and UK it's more about banks. In

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Speaker 7: the US it's a really interesting market. So twenty twenty

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Speaker 7: four last year, I'm actually seeing a lot of decrease

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Speaker 7: in terms of bank lender finance for trade finances specifically.

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Speaker 7: I believe in the numbers, you know, south of twenty

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Speaker 7: percent decrease, and for non bank lending sector, it's actually

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Speaker 7: an uptake of twenty.

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Speaker 3: Five plus percent credit.

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Speaker 7: It's private credit and straight it's factoring company is privately held,

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Speaker 7: it's not a regulated business. So there's a lot of

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Speaker 7: non bank lending groups and private credit funds and factoring

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Speaker 7: companies and supply chain finance companies and FinTechs that are

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Speaker 7: actually adding a lot of volume. So there's a lot

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Speaker 7: of money in the economy, a lot of hedge funds

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Speaker 7: like Millennium and Baliazi and now there is there raise

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Speaker 7: a lot of money for trade finance strategy, millions of dollars.

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Speaker 7: So at this point, actually the processing.

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Speaker 3: So you can out more.

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Speaker 5: We'll talk to us about near shoring, what it is

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Speaker 5: and some of the issues there.

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Speaker 7: Absolutely, so a lot of lenders are actually paying a

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Speaker 7: lot of attention right now. First of all diversification of vendors,

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Speaker 7: but second of all is near shoring. So even with

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Speaker 7: government receivables.

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Speaker 3: Sphere, we have to.

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Speaker 7: Understand where the venor the supply the supplies are coming from.

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Speaker 7: We have to understand what the risks are. We have

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Speaker 7: to understand where the supplies are coming from. So for lenders,

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Speaker 7: it's actually an additional layer of underwright and manual processes that

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Speaker 7: have to be underwritten to understand the risks. Absolutely, just

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Speaker 7: like any other you know, public market investment professionals, we're

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Speaker 7: trying to understand the risks and trying to mitigate risks

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Speaker 7: because we have fiducial responsibility to our LPs and investors. Right,

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Speaker 7: So yeah, reassuring is what are the things a lot

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Speaker 7: of lenders are looking into when trying to lend the money.

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Speaker 2: What's the biggest risks to the trade finance business? I

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Speaker 2: mean I could see a million of them. I mean fraud,

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Speaker 2: I mean because you're dealing with buyers and sellers all

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Speaker 2: over the world, crazy parts of the world. I mean,

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Speaker 2: what are the big risks I guess for the trade

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Speaker 2: finance business.

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Speaker 7: If you decided to change professions exactly, you're pretty good

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Speaker 7: of that. And you're absolutely right. There's literally hundreds of

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Speaker 7: different types of risks in the in the lended space,

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Speaker 7: in the trade find space. First of all, it's KYC

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Speaker 7: and k KYB, no customer know your business and O

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Speaker 7: fact TEX and sanctions and understanding supply chains, understand diversification

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Speaker 7: of vendors, so you don't find yourself in this situation

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Speaker 7: like the COVID. You know, lockdown and shut down the

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Speaker 7: supply chains. But obviously credit risk are one of the risks, right.

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Speaker 7: The spreads are going up in this economy. There's a

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Speaker 7: lot of uncertainty, so that's why the non banking lending

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Speaker 7: sector is actually trying to capture that low middle market

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Speaker 7: that the banks are really not advancing against. I would

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Speaker 7: say probably the biggest risk is fraud by far, and

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Speaker 7: it could be so creative. It could be invoice driven,

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Speaker 7: and it is driven. Jurisdiction is driven, supply chain driven,

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Speaker 7: et cetera.

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Speaker 2: All right, Atleasta, we learned something new every time you

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Speaker 2: come in here at liasa us Off, CEO of l Tech.

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

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Speaker 1: starting at seven am Eastern on Applecarplay and Android Auto

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Speaker 1: with the Bloomberg Business app. You can also watch us

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Speaker 1: live every weekday on YouTube and always on the Bloomberg terminal.

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Speaker 2: It is time for the newspaper segment with Lisa Mataylors.

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Speaker 3: So what do you have first today?

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Speaker 8: Okay, this is a story about side hustles. We hear

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Speaker 8: a lot about it, right, So in the past it

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Speaker 8: was a way for people to kind of pursue your passion.

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Speaker 8: But now what the Wall Street Journal is saying is

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Speaker 8: that it's a lot more about necessity. People are doing

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Speaker 8: it because they have to do it, not because they

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Speaker 8: really love it and want to. So you had the

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Speaker 8: Labor Department data show that working Americans holding now multiple jobs.

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Speaker 8: It rose up to five point five percent during the

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Speaker 8: first five months of the year. And then you have

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Speaker 8: this report from Indeed that says more than half of

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Speaker 8: people said that they have side hustles just to make

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Speaker 8: ends meet. So you see like this shift that's going on.

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Speaker 8: The different kinds of jobs are working. They're either driving

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Speaker 8: for door Dash, maybe they're freelancing for Fiver, they're DJing,

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Speaker 8: they're being a nanny on like chickens and Nights, So

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Speaker 8: they're doing, you know, a lot of different things. I

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Speaker 8: personally always worked a second job until I got it.

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Speaker 2: Yeah, so you got to say, so when you were

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Speaker 2: picked eleven another gig I.

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Speaker 8: Did well, I alway said, like another TV show.

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Speaker 6: So I was always like doing like.

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Speaker 3: Multiple things at once.

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Speaker 5: Yeah, those gigs are very demanding.

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Speaker 2: You're going to any Starbucks in anywhere in USA. What

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Speaker 2: are all those people doing there on their laptops? I

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Speaker 2: don't know, but I think that's powering part of the economy.

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Speaker 8: I think you know, no, most definitely, So a lot

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Speaker 8: of people don't because they have to understood.

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Speaker 3: Have you been to a JFK recently?

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Speaker 8: Because yesterday was another lounge that opened for premium travelers.

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Speaker 8: This one is from Capital one, right. The lounges are

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Speaker 8: all the thing now, right, So this one is thirteen thousand,

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Speaker 8: five hundred square feet. It's the lower level Terminal Force

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Speaker 8: retail area kind of has that New York theme because

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Speaker 8: it's at JFK. It doesn't have a restaurant, but it

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Speaker 8: has things like coffee bars, cheese stations, you know, expresso

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Speaker 8: area with hottails, you can order private bathrooms.

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Speaker 3: Shout to the new JFK. I have a big chao.

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00:21:45,680 --> 00:21:48,120
Speaker 3: I'm also not like the not the lounge.

437
00:21:48,400 --> 00:21:50,159
Speaker 5: Well, I don't get there early enough to get to

438
00:21:50,200 --> 00:21:52,040
Speaker 5: a lounge. I'm the type of person that's like the

439
00:21:52,119 --> 00:21:54,199
Speaker 5: left straight is running through. If I didn't have that

440
00:21:54,280 --> 00:21:56,720
Speaker 5: pre check, I would have missed so many flights at

441
00:21:56,720 --> 00:21:57,200
Speaker 5: this point.

442
00:21:58,440 --> 00:22:00,359
Speaker 3: So I mean I hear great things about that. JFK.

443
00:22:00,480 --> 00:22:02,960
Speaker 2: Luncheon Capital One. I mean what I hear from the

444
00:22:03,000 --> 00:22:05,960
Speaker 2: banks is branches. They have like our Capital One done

445
00:22:05,960 --> 00:22:07,720
Speaker 2: in our building here on lexint Amnue.

446
00:22:07,880 --> 00:22:10,520
Speaker 3: It's not so much a branch. It's basically a big billboard.

447
00:22:11,040 --> 00:22:13,879
Speaker 2: It just said we're here, we're in the marketplace where

448
00:22:14,280 --> 00:22:16,159
Speaker 2: here's our It's instead of having a billboard, we have

449
00:22:16,200 --> 00:22:17,080
Speaker 2: a branch on the corner.

450
00:22:17,280 --> 00:22:18,159
Speaker 3: That's kind of what I like.

451
00:22:18,760 --> 00:22:20,600
Speaker 8: So that's why they have like coffee shops things like

452
00:22:20,680 --> 00:22:23,280
Speaker 8: that and just put the name out there. What said

453
00:22:23,440 --> 00:22:25,720
Speaker 8: this one apart though, what's different is that anyway, even

454
00:22:25,760 --> 00:22:28,360
Speaker 8: if you're not a Capital On card holder, you can go,

455
00:22:28,520 --> 00:22:30,520
Speaker 8: but you have to pay about ninety dollars each time

456
00:22:30,560 --> 00:22:33,880
Speaker 8: we go. So that's the thing. So there is a

457
00:22:33,920 --> 00:22:37,560
Speaker 8: big event reportedly happening next week. It's the wedding between

458
00:22:37,600 --> 00:22:41,600
Speaker 8: Jeff Bezos and Laurence Sanchez reportedly in Venice.

459
00:22:42,040 --> 00:22:42,280
Speaker 3: Wow.

460
00:22:42,640 --> 00:22:45,640
Speaker 8: They hired the wedding planner that planned George Clooney's wedding

461
00:22:45,680 --> 00:22:49,480
Speaker 8: right back in twenty fourteen. Solid there multi day celebration

462
00:22:49,680 --> 00:22:54,160
Speaker 8: taulty day, Yes, multi day, but the details are really

463
00:22:54,280 --> 00:22:56,320
Speaker 8: under wraps. So the wall Street Journal talks to some

464
00:22:56,440 --> 00:22:59,399
Speaker 8: experts because it's this trend of super weddings, right, people

465
00:22:59,440 --> 00:23:03,960
Speaker 8: going over the top with these ginormous weddings. They say

466
00:23:04,000 --> 00:23:06,840
Speaker 8: that a multi day luxury wedding with two hundred guests

467
00:23:06,840 --> 00:23:10,000
Speaker 8: can now cost them a couples about four million dollars

468
00:23:10,320 --> 00:23:13,280
Speaker 8: because they have like caterers that are hiring food stylists,

469
00:23:13,280 --> 00:23:16,720
Speaker 8: you have bartenders hiring mixologists, you have million dollar DJs.

470
00:23:17,400 --> 00:23:18,880
Speaker 3: People can really crazy.

471
00:23:19,080 --> 00:23:20,640
Speaker 7: We don't live these lifestyles.

472
00:23:21,880 --> 00:23:24,879
Speaker 2: Jeff Bezos, he's living large. Boy, He's tell you he

473
00:23:25,000 --> 00:23:28,679
Speaker 2: stepped aside from that company and he's spending his money.

474
00:23:28,680 --> 00:23:32,560
Speaker 3: Well, he's loving life. But what they're saying, I want

475
00:23:32,560 --> 00:23:35,160
Speaker 3: to see that invite list. Oh my gosh, this.

476
00:23:37,119 --> 00:23:37,679
Speaker 4: Secretive.

477
00:23:37,800 --> 00:23:41,080
Speaker 8: I know, it's funny, it's so secretive. And what they're

478
00:23:41,080 --> 00:23:44,320
Speaker 8: saying is that a wedding in Venice is more expensive

479
00:23:44,320 --> 00:23:46,080
Speaker 8: because all this stuff have to be like shit, go

480
00:23:46,119 --> 00:23:48,320
Speaker 8: from boat, so then you need more people to work it,

481
00:23:48,480 --> 00:23:50,960
Speaker 8: and then it's more expensive because of all that. So

482
00:23:51,119 --> 00:23:54,040
Speaker 8: it's they say it's a logistical nightmare. But I'm sure, Hey,

483
00:23:54,280 --> 00:23:55,760
Speaker 8: everything that's going to turn out just fine.

484
00:23:55,760 --> 00:23:58,040
Speaker 2: All right, Well, I'm very happy for Jeff Bezos and

485
00:23:58,080 --> 00:23:58,719
Speaker 2: Lauren Sanchez.

486
00:23:58,720 --> 00:23:59,400
Speaker 3: Hopefully they'll have.

487
00:23:59,359 --> 00:24:03,520
Speaker 2: A lovely wedding there. Lisha Miteyo with the newspapers. Thank

488
00:24:03,560 --> 00:24:05,080
Speaker 2: you so much. We appreciate that.

489
00:24:05,440 --> 00:24:10,280
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490
00:24:10,400 --> 00:24:14,680
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491
00:24:14,800 --> 00:24:18,280
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492
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493
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494
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