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Speaker 2: payrolls benchmark revision. Sarah Hunt is in equities and she's
Speaker 2: focused on this economics. Why are you focused on this
Speaker 2: payroll revisions? If you're running stocks?
Speaker 3: What's been going on for the last year. One of
Speaker 3: the big things that people have been excited about is
Speaker 3: the labor market has stayed strong, and this is given
Speaker 3: the FED room to not cut rates because the economy
Speaker 3: has stayed strong. And if this turns out, and there
Speaker 3: have been a lot of discussions about which of the
Speaker 3: various labor mass ways you should look at, this are correct.
Speaker 3: If there's a big downward revision. Then that labor story
Speaker 3: starts to take a little bit off, and people really
Speaker 3: start to worry again about the consumer because if if
Speaker 3: you have a job, you're willing to spend it, if
Speaker 3: you don't, you're not. So I think that there's a
Speaker 3: big question about how that plays out Atlanta.
Speaker 2: GDP is coming down. It was two point x boom economy,
Speaker 2: solid economy. Maybe it's down to two percent. Is there
Speaker 2: a point where in the equity space we become more
Speaker 2: like Macy's and not Target, where GDP and consumer pulse
Speaker 2: gives way to moldy earnings.
Speaker 3: I think that's the big concern, right because what you've
Speaker 3: seen out of the sort of discount retailers, if you will,
Speaker 3: is good numbers. And Target had a lot of problems
Speaker 3: coming out of the pandemic with an inventory shoe and
Speaker 3: it took them some time to work through that and
Speaker 3: now they're back on track. But with Macy's, it's hard
Speaker 3: to tell if it's just Macy's, but if that middle
Speaker 3: consumer is really starting to feel the pinch on both sides,
Speaker 3: I think you start to worry about earnings, and that
Speaker 3: becomes a question with equity levels where they are.
Speaker 4: We have some I think the earnings come out of
Speaker 4: the second quarter were pretty solid. How do you What
Speaker 4: did you take away from the second quarter earnings and
Speaker 4: maybe some of the I guess the forecast going forward?
Speaker 3: Well, I'm going to give a big plug to Tom
Speaker 3: Keane's corporations will adapt.
Speaker 4: Yes, and they.
Speaker 2: Did Sparta listening. She's probably up at ninety two nine. Yes,
Speaker 2: in Boston working on that, working on the painting, getting
Speaker 2: the curtains and all that, because after Labor Day we're
Speaker 2: on a big news single.
Speaker 4: I know Boston, I know it's huge.
Speaker 2: Basically, she said that that's great.
Speaker 4: Yeah, So I mean earnings, I mean, what's your takeaway?
Speaker 3: Well, I think that the big concern, and it was
Speaker 3: concern that we shared quite honestly, was that margins were
Speaker 3: going to have a problem as inflation came down, because
Speaker 3: if margins were accelerating because of inflation and corporations were capturing,
Speaker 3: than they were going to see a bit of a
Speaker 3: margin squeeze. So far, that has yet to materialize, and
Speaker 3: in fact, the expectation for margins going into twenty twenty
Speaker 3: five and the backup of twenty twenty four are pretty decent.
Speaker 3: So that's where your earnings have been able to be okay.
Speaker 3: The question is if the top line starts to get
Speaker 3: affected even more, that could be an issue.
Speaker 2: Is your analysis narrow and sector specific and even within sectors,
Speaker 2: or is it more holistic about the market.
Speaker 3: Well, the numbers that I was just talking about are
Speaker 3: more holistic about the market, but if you look at
Speaker 3: certain sectors, I mean, that's where also technology has really
Speaker 3: carried healthcare in a lot of places. Healthcare has been
Speaker 3: a little bit problematic coming out of the pandemic, but
Speaker 3: it's starting to work better and it's starting to do okay.
Speaker 3: I think the insurers had great numbers coming out because
Speaker 3: nobody was utilizing healthcare for a while. So the question
Speaker 3: is what's going to happen to them as utilization starts
Speaker 3: to pick up. But I think in general, the question
Speaker 3: about margins has been a lot less. It has been
Speaker 3: more benign than people expect.
Speaker 2: I said, Lisa, is my botox? Is that utilizing healthcare
Speaker 2: that doesn't care that we'll save me?
Speaker 4: All right, Sarah, where do we go here? Coming out
Speaker 4: here this earnings? We've got a fed that presumably me
Speaker 4: cutting rates. We've got decent earnings. Do we just stick
Speaker 4: with the magnificent seven. Do we try to get a
Speaker 4: little bit more creative out there, Do we look for
Speaker 4: value and sectors outside the mag seven?
Speaker 3: Well, some of the catch up in the last week
Speaker 3: has actually been on the S and P equal weight,
Speaker 3: So that tells you that that market has broadened out
Speaker 3: a bit, So it's not just the Magnificent seven. I
Speaker 3: think that downdrafting technology was bought pretty quickly. It was
Speaker 3: the balance of the market that took a couple more days.
Speaker 3: But you really have seen I mean, it's almost like
Speaker 3: the beginning of August never happened, right, So there's a
Speaker 3: very there's a very quick snapback there. And I think
Speaker 3: that as long as you can see, you know, corporations
Speaker 3: are still spending money, there's plenty of cash out there,
Speaker 3: it does look pretty good. But if you start to
Speaker 3: see things really slow down on the margin, the question
Speaker 3: is where the valuations are now? Can they stay there
Speaker 3: or can they go further? What's your next leg up?
Speaker 2: At the heart of this, and I'm going to cite
Speaker 2: glob and sex, but you know, I'm not sure that, folks,
Speaker 2: I don't have it in front of me. There seems
Speaker 2: to be a model from six percent revenue growth down
Speaker 2: to four percent revenue growth. David Coston, like me taking
Speaker 2: this off of nominal GDP. Can your world work successfully
Speaker 2: with nominal GDP giving you four percent revenue growth?
Speaker 3: Oh? I think it absolutely can. And in the people younger.
Speaker 2: Sarah don't agree with this. I mean, you were nineteen
Speaker 2: when we were doing this. But the answer is there
Speaker 2: was a time where nominal was there.
Speaker 3: Yes, and I think that there was also. Again, it
Speaker 3: is such an unusual situation to have gone through a
Speaker 3: global pandemic that this fits and starts, and the actual
Speaker 3: numbers and how fast things are increasing are harder to
Speaker 3: put into a historical context when you have such a
Speaker 3: giant downdraft. I mean, I think that's part of the
Speaker 3: problem with the labor market. And one of the reasons
Speaker 3: that people are concerned about the revisions is because we're
Speaker 3: working off a lot of models that are hypothetical, that
Speaker 3: show a birth death model for businesses and everything else.
Speaker 3: And I think that that's really difficult to parse when
Speaker 3: you go through such a big historic change.
Speaker 4: Fixed income to your treasuries four percent, that's fine for me,
Speaker 4: but try to take some more credit risk.
Speaker 3: Well, I think The difficult thing is now is that
Speaker 3: you know that the FED is going to start cutting rates.
Speaker 3: They pretty much telegraph that that's going to happen, and
Speaker 3: whether or not they do it in a big, chunky fashion,
Speaker 3: which I don't expect them to do. We know that
Speaker 3: those short term rates are coming down, so sure you
Speaker 3: can take four percent out of two year, which you're not.
Speaker 3: It's going out further, that's the question. And compressed credit
Speaker 3: spreads are still very compressed, so that means that taking
Speaker 3: that credit risk, you're not getting paid as much as
Speaker 3: you would have in any kind of an with a
Speaker 3: little bit more uncertainty. So it's a little difficult, but
Speaker 3: I think that having some fixed income now finally is
Speaker 3: part of the portfolio.
Speaker 4: All Right, we're sending Tom Keen and Lisa browm w's
Speaker 4: out to Jackson Hole today, so they're going to get
Speaker 4: ready for this whole thing. What are they going to
Speaker 4: hear when they go out there? Do you think?
Speaker 2: Well?
Speaker 3: I think a lot is going to depend on what
Speaker 3: happens today and with those revisions, because whether or not
Speaker 3: they have to talk about that or not talk about
Speaker 3: that is going to be a big issue. But I
Speaker 3: also think that it's been telegraphed, like I said, pretty
Speaker 3: well that unless the data goes in the opposite direction
Speaker 3: and or you see a spy and inflation, we can
Speaker 3: start to expect to see rates come down. And I
Speaker 3: think that's going to be if we don't do much
Speaker 3: else except deal with that. I think that's probably going
Speaker 3: to be what they're targeting.
Speaker 4: So, I mean, I think the issue here for a
Speaker 4: lot of investors, Sarah is I mean, I've had a
Speaker 4: pretty good year so far. I mean, do I just
Speaker 4: can I just take my money and just put it
Speaker 4: under the mattress for the rest of the year. What
Speaker 4: do I do here?
Speaker 3: Well, you could unless you did it for a living,
Speaker 3: which case it wouldn't really appreciate.
Speaker 4: That we're paying you to do this. I forgot we're
Speaker 4: paying you to do this.
Speaker 3: I think. I mean, we've been really we've been pretty
Speaker 3: happy with our positioning thus far this year. That downdraft
Speaker 3: was so fast, nobody really changed very much because it
Speaker 3: was such a quick, quick up and down. I think
Speaker 3: that what people are looking for is what's going to
Speaker 3: happen into twenty twenty five, what's going to happen as
Speaker 3: we go through the end of this year. This year
Speaker 3: looks pretty good. What's going to happen next year? We've
Speaker 3: got an election. There's some uncertainty there.
Speaker 2: As a general statement, I don't see exuberants within broader
Speaker 2: society for stocks. I can't believe I'm saying this. It
Speaker 2: futures forty one twenty five on the doubt, I don't sense.
Speaker 2: Am I wrong?
Speaker 3: No? I think that there is a real question of, like, okay,
Speaker 3: we bounce back for all this, all these things happen,
Speaker 3: Where are we right now? And how much money do
Speaker 3: I want to put to work immediately? If I was
Speaker 3: starting a brand new portfolio, I would probably do that
Speaker 3: in stages, because I'm not sure given some of the
Speaker 3: uncertainties that we're seeing, why you would put one hundred
Speaker 3: percent on day one. Given that the equity markets are
Speaker 3: where they are, which doesn't mean that they're completely overvalued,
Speaker 3: it just means that we are not. We're not in
Speaker 3: the middle of a downdraft.
Speaker 2: We didn't.
Speaker 3: We had a correction, We turned around and came right
Speaker 3: back to close to all time highs.
Speaker 4: Yes, sir, thank you so.
Speaker 2: Much, Sarah, thank you for being this Olping was kepling
Speaker 2: and reporting from Chicago, reporting and she always does wonderfully
Speaker 2: on the politics of the nation in this case of
Speaker 2: a democratic flavor. Open question and where he to start.
Speaker 2: How's the energy in Chicago different from any other convention
Speaker 2: you've attended.
Speaker 5: Well, look, I think there's a ton of energy at
Speaker 5: the RNC as well, especially that evening that Trump came
Speaker 5: out to give his performance. I was on the convention
Speaker 5: floor and it was really it was electric to the
Speaker 5: people in the room. The man had just literally dodged
Speaker 5: a bullet, there was an attempt on his life. And
Speaker 5: then he comes out and explains all of that in
Speaker 5: depth to his supporters and almost gave a sermon. But
Speaker 5: since then, a month later, this election has changed drastically
Speaker 5: and there is fresh energy and momentum in this Democratic Party.
Speaker 5: Kamala Harris is drawing crowd that Joe Biden was unable
Speaker 5: to do for the past year.
Speaker 2: In fifteen minutes scheduled, there's going to be the Hispanic
Speaker 2: Caucus meeting. Does Vice President Harris want out of the
Speaker 2: Hispanic Caucus meeting?
Speaker 5: Well, she wants them to be energized to get voters
Speaker 5: out in places like Arizona and Nevada, which now are
Speaker 5: in play for this Democratic Party, and these are states
Speaker 5: that she is going to be visiting, and she needs
Speaker 5: to do that because one issue that's close to a
Speaker 5: lot of these people in these states is the border,
Speaker 5: and President Donald Trump will be in Arizona at the
Speaker 5: border on Thursday, wanting to counter program the rhetoric and
Speaker 5: the policies we're hearing out of the DNC. He really
Speaker 5: wants to try, or his campaign wants him to try
Speaker 5: to focus on the issues, and that's one of them.
Speaker 5: So when she speaks to people like the Latino or
Speaker 5: LATINX Coalition, it's about this making sure they can run
Speaker 5: up these numbers in these states.
Speaker 4: An Marie, what is the expectation about the Democrats positioning
Speaker 4: for down ballot races. I've seen some reporting over the
Speaker 4: last couple days that the momentum that Kamala Harris has
Speaker 4: generated so far since entering the race as the top
Speaker 4: candidates will maybe impact down ballot's. What's the thinking on
Speaker 4: floor there in Chicago.
Speaker 5: Well, this is one of the reasons why when President
Speaker 5: Biden recently sat down with CBS this morning, he talked
Speaker 5: about that's one of the reasons why he decided to
Speaker 5: leave the race. He saw that the data he saw.
Speaker 5: The information he was given was that it was affecting
Speaker 5: his colleagues in Congress. There's been a lot of anecdotes
Speaker 5: about this. You have someone like Alissa Slotkin of Michigan
Speaker 5: trying to claim that seat, trying to move from the
Speaker 5: lower Chamber to the upper chamber. In a leaked report
Speaker 5: to The New York Times about a phone call she
Speaker 5: had with donors, she was talking about the fact that
Speaker 5: the issue she was facing was that with Trump on
Speaker 5: top of the ticket, with Biden on top of the
Speaker 5: ticket versus Trump, it was hurting her chances. Now there's
Speaker 5: renewed momentum down ballot that Kamala Harris can help pick
Speaker 5: some of the these people up in very very tough
Speaker 5: a very tough map in terms of Democrats trying to
Speaker 5: hold the Senate and also trying to win back the House.
Speaker 2: Amory, the script is you do the polarity at the conventions,
Speaker 2: and then you run to the center. When does the
Speaker 2: run to the center, Oh, mister Trump, I guess it's
Speaker 2: sort of unique because he's going to do what he
Speaker 2: wants to do. But for the Democrats, it's an example
Speaker 2: when do they shift to a center tendency?
Speaker 5: I think they're trying to do that now. Really they
Speaker 5: are balancing who is speaking. Yeah, they're balancing who is
Speaker 5: speaking at this convention. When you heard from Michelle and
Speaker 5: Barack Obama yesterday, it is this message about how this
Speaker 5: could be a ticket for every Americans. They are trying
Speaker 5: to lean into this idea and Libby Cantrell was on
Speaker 5: surveillance this morning talking about this idea of vibes and personality.
Speaker 5: They're trying to reenact what happened in two thousand and eight.
Speaker 5: The issue is they have a very short runway. Potentially
Speaker 5: they can do this because they have a very short
Speaker 5: runway and don't need to go into detail and some
Speaker 5: of their policy proposals that maybe some in the middle
Speaker 5: would not be would not be excited to vote for.
Speaker 2: Right. One final question, can you get out to Cubbs
Speaker 2: Tigers at eight pm tonight? Can you sort of, you know,
Speaker 2: do the Ammory Horden Act and then slide out to
Speaker 2: Wrigley Field to take in three innings now.
Speaker 4: On a mission.
Speaker 5: I think it'll be a little bit difficult tonight, given
Speaker 5: the fact that Governor Walls will be giving his speech
Speaker 5: accepting his VP nomination and also Speaker Pelosi, which Tom
Speaker 5: I got to say. The line that struck me last
Speaker 5: night at the DNC was when Governor Newsom said He's
Speaker 5: coming from the great state of Nancy Pelosi. That's how
Speaker 5: he introduced California, when he helped when he was calling up.
Speaker 1: The end of the role call.
Speaker 5: And in many way this feels like this is her convention,
Speaker 5: a totally different convention we're having now than we were
Speaker 5: planning a month ago.
Speaker 2: Okay, I'm gonna go see Dansby Swanson. You can deal
Speaker 2: with the politics. Emory Orton, thank you so much. They're
Speaker 2: really great following and in reporting. I mean, she's tough.
Speaker 2: William Lee, Billy's chief economist the Milican Institute, Bill I
Speaker 2: don't know if you're up to speed on this, but
Speaker 2: basically for it came out and said today they're EV
Speaker 2: strategies not working, billions of losses. China completely dominates as
Speaker 2: a foreign affairs article this month. It's literally in my suitcase,
Speaker 2: folks on the way to Jackson Hole, Bill Lee, the
Speaker 2: Chinese EV strategy. How does America compete against that?
Speaker 6: It's got to be a really tough Tom. The Chinese
Speaker 6: have so dominated in their production of EV's the state
Speaker 6: subsidies have made them so good cevs. Their efficiencies are
Speaker 6: just better than anybody else right now. In fact, that's
Speaker 6: why you see Elon Musk over there, because he really
Speaker 6: has taken advantage of not only the state subsidies, but
Speaker 6: also he's brought his own technology there. So the way
Speaker 6: you compete, I think is to sort of join them.
Speaker 6: But that is truly, that's true for a lot of
Speaker 6: these new energy industries, electric photos, electric solar cells, and
Speaker 6: batter and electric vehicles.
Speaker 4: So you know, Bill, a lot of investors, Western investors
Speaker 4: got exposure to China through some of the big tech
Speaker 4: companies like an Ali Bober for example, and a lot
Speaker 4: of those folks who financed a lot of the growth
Speaker 4: for China technology. I think they feel like China's uninvestable
Speaker 4: now given what the government has done too, not only
Speaker 4: technology but other parts of the economy. What's your view
Speaker 4: to those or how do you respond to those types
Speaker 4: of folks.
Speaker 6: That's the rare point, Paul. If you're already in China,
Speaker 6: like a city bank, JP Morgan, even a tesla, you
Speaker 6: can put more in because you know exactly what you're
Speaker 6: getting into. You know the deals that you're getting into,
Speaker 6: you know the kind of market that you're going into,
Speaker 6: and you have a niche product if you're a new investor,
Speaker 6: and a lot of a lot of our sponsors that
Speaker 6: at Milkin I have talked about, how do you get
Speaker 6: into China now if you're not able to do the
Speaker 6: due diligence to find out exactly what it is that
Speaker 6: you're getting into, especially a dynamic market like China where
Speaker 6: the domestic market itself is not growing as rapidly as
Speaker 6: you thought it would have been would have just a
Speaker 6: few years ago. Not only is the demographics situation dismal,
Speaker 6: but their near term situation is really a problem because
Speaker 6: they aren't able to bring the amount of stimulus to
Speaker 6: aggregate demand that they really need to seem like the
Speaker 6: economy and get growth going. And part of that problem
Speaker 6: is because they're so heavily indebted there. The size of
Speaker 6: the fiscal signals they need to bring is limited by
Speaker 6: the huge amount of debt that they have, not only
Speaker 6: not only at the general government level, but more importantly
Speaker 6: at the provincial level. Because it's tom as you know,
Speaker 6: when you go into a deal with China, a lot
Speaker 6: of the deals are made with provincial governments, But now
Speaker 6: those guys are so heavily indebted they can't make the
Speaker 6: kind of deals they used to make.
Speaker 2: Billy, I look at the currency movement here, and folks,
Speaker 2: I can't emphasize enough the persistency of trend. For example,
Speaker 2: singapore dollars strength literally over twenty years. Now we have
Speaker 2: finally a legitimate dollar weakness for Bill Lee of the
Speaker 2: IMF and of Milken. Is it a legit weakness or
Speaker 2: is it just a wobble along the way of selected
Speaker 2: Pacific rim strength.
Speaker 6: It reflects the shifting positions of these two economies, and
Speaker 6: in some ways it represents the success of these currencies,
Speaker 6: both in Asia and the shift in the United States,
Speaker 6: where so much of our manufacturing prowess has really moved
Speaker 6: out of the United States. And that's what all of
Speaker 6: these chip acts and all these US subsidies are about
Speaker 6: to try to bring back some of these jobs and
Speaker 6: be sure or at least a friends shore some of
Speaker 6: these supply chains. But again we have to talk about
Speaker 6: the apparent's historical success versus the prospective success going forward.
Speaker 6: Will China continue to be the super growth market, Will
Speaker 6: Asia continue to be the super growth market for the latter. Yes,
Speaker 6: it's very clear that during the demographics in Asion, and
Speaker 6: and and India, there's a huge advantage and growth potential there.
Speaker 6: For China not so clear. And as I said, the
Speaker 6: debt problem is really a huge problem for them, especially
Speaker 6: at the local level, and it's the off balance sheet
Speaker 6: dead the local government financing vehicles they call them.
Speaker 2: What do the em Central bankers or for that matter,
Speaker 2: the managing director Gargava the i m F. What do
Speaker 2: they want from Chairman Powell at Jackson Hole.
Speaker 6: I think the one thing they want from the United
Speaker 6: States is a stability of policy and consistency of policy.
Speaker 6: You can't have the kind of database strategy that is
Speaker 6: so data dependent that you can't say how we're targeting inflation,
Speaker 6: whether we're going to be continuing to subsidize certain industries
Speaker 6: to try to attract them back on board. I think
Speaker 6: the foreign companies as well as foreign governments and our
Speaker 6: own government, our own domestic companies. I'm looking for our
Speaker 6: government to be much more consistent in our policies.
Speaker 2: Billy, thank you so much. With Milkin in the front pages,
Speaker 2: of course, A Lisa Mateo, our Lisa Matteo.
Speaker 7: All right, So the US open begins next week, right,
Speaker 7: the feeders already started, but the Wall Street Journal is
Speaker 7: saying that Americans they're going to have more to cheer
Speaker 7: about because five US men, five US women. They're ranked
Speaker 7: in that top twenty for the first time since nineteen
Speaker 7: ninety seven. So for the women, you have Cocoa Goff
Speaker 7: right and a number three she wants to defend her
Speaker 7: US Open Women's singles title. You have Jessica Pagoula is
Speaker 7: another one there, Danielle Collins and the Navarro Madison keys.
Speaker 1: And then on the men's side, you have Ben.
Speaker 7: Shelton, he's thirteenth in the world, Taylor fitz Fritz, Tommy
Speaker 7: Paul Sebastian Corda, Francis Tiaffo, he's a semi finalist in
Speaker 7: the US Open in twenty twenty two. But the last
Speaker 7: time this is what I thought was interesting that they
Speaker 7: had at least five men and women ranked in the
Speaker 7: top twenty was October nineteen ninety six. Pete Sampras was
Speaker 7: the number one men's player, so that's when it was
Speaker 7: go and Monica Sellis was a top ranked female player.
Speaker 1: So that's how long it's been.
Speaker 2: I feel fortunate to have seen Forest Hills and really
Speaker 2: lived in Yep. It was it was magical. I went
Speaker 2: out to the Open a couple of years ago, seem
Speaker 2: a right of Kanu and and I just it's just
Speaker 2: too many people. It was just they could like take
Speaker 2: a thousand or two thousand people away.
Speaker 4: And to me, I'm going, I'm going next Tuesday. Almost
Speaker 4: i won't be here case because I'm gonna be the
Speaker 4: first Tuesday of the tournament. Every year. It's the best
Speaker 4: day to go out there. And they process all these people.
Speaker 4: I think, very very they do fair. And I think
Speaker 4: the US Open is a quintessential New York City event.
Speaker 4: It's just it is the one of the greatest things
Speaker 4: in New York City. I think. So I'll be at
Speaker 4: their next Tuesday.
Speaker 7: You know what it's going to be there to Carol Master,
Speaker 7: Tim Senovik. They're reporting live there Thursday Friday.
Speaker 4: Of of course they are their thirsday, their stars. They
Speaker 4: get the good stuff they get, they get to go there.
Speaker 4: You know, Alex Steele and I would go to like
Speaker 4: what are we Memphis? You know they get the US Open.
Speaker 4: I get it. It's it's you and I are at
Speaker 4: the Dunkin Donuts exactly.
Speaker 2: And they're at the open with Coco next.
Speaker 7: I'm not sure if you've been to an ATM late
Speaker 7: that's not in your network.
Speaker 1: If you notice how much they're charging you now for
Speaker 1: those please thank you.
Speaker 7: Okay, so bank Rate did this study, can be those
Speaker 7: fees are at the highest rate. Four dollars and seventy
Speaker 7: three per cents is the average, but some people have
Speaker 7: paid more. Atlanta actually gets the highest fees. So when
Speaker 7: you go out of network. The good news that bank
Speaker 7: rate did find is that overdraft fees are the lowest
Speaker 7: and nearly two gig decades so. But the thing is
Speaker 7: is that about ninety one percent of the banks that
Speaker 7: they surveyed still charge the over draft fees.
Speaker 1: No, you're still kind of basing that part.
Speaker 4: I mean you have to have I mean, here we go, folks.
Speaker 4: This is how you roll. You get a big water
Speaker 4: of cash. That's how you do it. The kids don't
Speaker 4: do that anymore? Did they don't do it? They don't
Speaker 4: have cash.
Speaker 1: No, I have to admit I don't really carry cash down.
Speaker 1: I know you Venmo people.
Speaker 2: Yes, I think if you're Bernie Sanders lest I'm talking
Speaker 2: to the Democratic National Convention, I don't I mean, I
Speaker 2: totally get the overdraft charge.
Speaker 1: You know, like you know that, you know you have
Speaker 1: no money business, right, But the.
Speaker 2: Bank thing from a marketing standpoint, to go up to
Speaker 2: another bank where I may someday do business and they're
Speaker 2: taking three dollars from me, yeap is insane. I don't
Speaker 2: get it. No, I just there's no there's no reason,
Speaker 2: there's no.
Speaker 1: Like, and I'll drive farther just to find my bixactly.
Speaker 2: Does cost do ATM is a costco for you?
Speaker 1: They do? Actually, they do have next to the hot.
Speaker 2: Place they charge your two dollars for the ATM fee,
Speaker 2: where they get you fifty for the hot dog.
Speaker 1: This one I find interesting. This is in the Wall
Speaker 1: Street Journal.
Speaker 7: A lot more people now are getting hip and knee replacements.
Speaker 1: Younger, so younger and younger.
Speaker 7: Because they don't want to give up skiing, hiking, pickleball.
Speaker 7: They're more active in their fifties sixties. Obesity on the rise.
Speaker 7: That extra weight puts more pressure on your joints. So
Speaker 7: they found that patients ages forty five to sixty four,
Speaker 7: a two hundred and eleven percent increase in hip replace
Speaker 7: meants two hundred and forty percent increase in knee replacements.
Speaker 7: That's between two thousand and seven and twenty seventeen, so
Speaker 7: more people are getting these surgeries.
Speaker 1: The technology is of course better.
Speaker 4: But yeah, they want to stay that used to sideline.
Speaker 1: They don't want to be in the side.
Speaker 4: Now now you can get right back up on that stuff.
Speaker 1: So all right, it's like my mom, she's going for
Speaker 1: the surgery. She wants to keep playing tennis.
Speaker 3: Is that right? Good for seventy three?
Speaker 2: I didn't know. I have a friend Carl, who wanted
Speaker 2: to extend his NHL career. You know, he's looking at
Speaker 2: Chris Chellio. So when he played for the Red Wings, Carl,
Speaker 2: you know, and he got both hips done, both knees,
Speaker 2: both this, both.
Speaker 3: This, and he's great and he feels good.
Speaker 2: You should see him. He back checks like nobody. I know,
Speaker 2: he comes back down the ice. He's up somewhere in
Speaker 2: happy Land in New Hampshire, and you know he backchecks
Speaker 2: like a twenty five year old. I don't know how
Speaker 2: he does. He's got fake hips, fake knees, fake this,
Speaker 2: fake that works, and you know he's he literally back
Speaker 2: checks like a twenty five year old.
Speaker 7: What do you Maybe that's the key then, speaking of
Speaker 7: which you know people living longer. The world's oldest person
Speaker 7: has passed away one hundred and seventeen years old. Can
Speaker 7: you have sev one hundred and seventeen. Her name is
Speaker 7: Maria Branyas Moden. Now she's an American born Spanish woman,
Speaker 7: and she has this huge.
Speaker 1: Following on social media. Of course she does.
Speaker 7: She's called the super Catalan Grandma, so that's her handle.
Speaker 7: Everybody like loves her. But she says, you know, she
Speaker 7: was aston Pattis interviews what's a secret, Like, what's the
Speaker 7: secret to living longer?
Speaker 1: And she says she doesn't really do anything special. She
Speaker 1: didn't smoke. She likes to eat yogurt, ding ding ding.
Speaker 1: There you go. She does moderate exercise.
Speaker 4: But she had like a note story here indication.
Speaker 1: Of cancer anything never shows. China's dementia.
Speaker 4: Born March fourth, nineteen oh seven, in San Francisco. Facing
Speaker 4: dire straits, the family returned to Spain when mister Bronias,
Speaker 4: when Miss Bronias was a child on the boat to Spain,
Speaker 4: her father died of tuberculosis. I mean, these stories back
Speaker 4: from this story unbelievable.
Speaker 2: Yeah.
Speaker 7: Yeah, she went on and got married, three kids, more
Speaker 7: than a dozen grandkids.
Speaker 4: So there she lived through the country civil war and
Speaker 4: the brutal Franco regime. She had clear memories of the
Speaker 4: D Day invasion at Normandy, she told the Spanish newspaper,
Speaker 4: I mean unbelievable.
Speaker 2: Unbelievable. Now this is the Bloomberg Surveillance Podcast, bringing you
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