Speaker 1: Bloomberg Audio Studios, podcasts, radio news, a single.
Speaker 2: Best idea and an extraordinary Wednesday. Just to paint the
Speaker 2: picture for you, Asian markets open at seven pm. In all,
Speaker 2: not just me, everybody within the Bloomberg world. We're glued
Speaker 2: to the wonderful Bloomberg terminal app that's on the cell phone.
Speaker 2: Trust me, folks, It's changed my life and everybody else's life.
Speaker 2: And there's a little bit of tension out there, and
Speaker 2: you get a couple hours sleep and you see what
Speaker 2: Goal's doing and tension overnight, and then somewhere in the
Speaker 2: vicinity of three am, China comes out with headlines boom boom,
Speaker 2: boom boom, and things change and they're changing minute by minute,
Speaker 2: headline by headline, and simply today we saw a deterioration
Speaker 2: in price around that are individual companies struggling, like Nvidia
Speaker 2: coming out with some form of write down. AMD during
Speaker 2: the show today coming out with some form of right down.
Speaker 2: It was a good time to catch up with Daniel Ives.
Speaker 2: He's at Wedbush, he's been an Uber bowl and Apple
Speaker 2: he's been correct and we wanted to get a relook
Speaker 2: at Apple and also the underlying force a free cash
Speaker 2: flow for the mag seven.
Speaker 3: Even you know when you scenario and sort of put
Speaker 3: pressure on the model and stress test that cash flow
Speaker 3: comes down five percent, maybe seven percent. The reality is
Speaker 3: is that a lot of that on Apple I think
Speaker 3: starts to now get fact and it comes down to
Speaker 3: with China numbers unless these TIFFs in their current state
Speaker 3: stick for ninety days and longer than to me at
Speaker 3: Apple content right here, I mean it is an Emu
Speaker 3: Dan ives.
Speaker 2: He's just brilliant, particularly the relationship of Apple and mister
Speaker 2: Cook with Beijing. Really really enjoyed having him in today.
Speaker 2: There are names from the past which at one time
Speaker 2: were hugely important because of their intellect and their courage
Speaker 2: to write and execute strategy that are forever One of
Speaker 2: those is Matt King. He's from England, out of Cambridge,
Speaker 2: and there was a period where he was absolutely definitive
Speaker 2: at JP Morgan and particularly at City Group in providing strategy.
Speaker 2: It's inaccurate to say he predicted Lehman, but he was
Speaker 2: one of the people way way out front on the
Speaker 2: stresses of leverage in the trust market. He spends a
Speaker 2: lot of time thinking about fixed income and trust. What
Speaker 2: a joy to catch up with Matt King of Satori Insight.
Speaker 4: People have been excited about the online the basis trades
Speaker 4: and some of the moves and swap spreads and pointing
Speaker 4: to hedge funds, And yes, there has been this big
Speaker 4: pickup leverage and reproactivity, especially for multi strap funds, but
Speaker 4: I don't think that's the problem here. If anything, I
Speaker 4: would say that it's almost a diversifying element relative to
Speaker 4: all the long only money that is poured in over
Speaker 4: the last decade or so. And for me, there is
Speaker 4: this scary thing that sort of all my career, I
Speaker 4: focus on the thing that's about to blow up, and
Speaker 4: each time the crises seem to get bigger and bigger.
Speaker 4: The debt that's out there now is across non financial
Speaker 4: sectors as a whole, and more than anything with governments,
Speaker 4: including the US government. But it's not the financial leverage
Speaker 4: in quite the same way as it was previously, and
Speaker 4: on the one hand, that makes it slower burning. But
Speaker 4: on the other hand, the feedback loop from markets through
Speaker 4: to the economy is larger ever than it's been in
Speaker 4: the past.
Speaker 2: Matt king f Story really can't say enough about that.
Speaker 2: I know Paul Sweeney's really focused on private credit is
Speaker 2: a new shiny thing I'll have to see as we
Speaker 2: struggle through this crisis. Thank you for your support and
Speaker 2: your commute across the nation. Really appreciate the interest in
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Speaker 2: the other ways you listen each morning out on YouTube podcasts.
Speaker 2: This is single best idea