Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside
Speaker 1: my co host Matt Miller. Every business day we bring
Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along
Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast
Speaker 1: on Apple podcast or wherever you listen to podcasts, and
Speaker 1: at Bloomberg dot com slash podcast. Another thing we gotta
Speaker 1: keep our eye on is the currency picture. Some weakness
Speaker 1: in the dollar today. A lot of that story is
Speaker 1: coming from Assia actually, and some stimulations coming from Asia.
Speaker 1: We'll start there and then we're gonna migrate over to Europe.
Speaker 1: But to do that we bring in Christine A. Tino.
Speaker 1: She is the head of our FX rates and e
Speaker 1: M coverage at Bloomberg News, sitting in the heart of
Speaker 1: the f S base little city of London. Of course, Christine,
Speaker 1: thank you as always for joining us. The currency picture
Speaker 1: has been wild this week, and I really want to know,
Speaker 1: just in your professional opinion, what is really standing out
Speaker 1: to you. Well, pretty I think it really is just
Speaker 1: the play look of previous years really doesn't work anymore
Speaker 1: when it comes to the currency markets, because, as you say,
Speaker 1: on a day like today, when there's a lot of
Speaker 1: risk aversion. You would expect the dollar to be up,
Speaker 1: but clearly it is not, and that has been a
Speaker 1: function more of just how much dollar has risen over
Speaker 1: the past week that today seemed like, as you say,
Speaker 1: a good time to take some money off the table.
Speaker 1: But yeah, I think it's really you know, I've been
Speaker 1: looking at these markets for the last ten years, aging
Speaker 1: myself here a little bit, but it's it's it's written
Speaker 1: really a wild time and even I myself am having
Speaker 1: to rethink just how to look at these markets because
Speaker 1: it's really nothing that we've seen before. It's definitely the
Speaker 1: post pandemic, post uh stagsflation risk sort of environment now
Speaker 1: that is really quite unique. You know, I'm curious Christine
Speaker 1: about Russia for a moment here, because they owe the
Speaker 1: world to money and for now they can still in
Speaker 1: theory pay creditors back. And we have news out that
Speaker 1: said Russia moves to dodge to default with a new
Speaker 1: claim on a dollar payment made. What are the ramifications here?
Speaker 1: How much longer can they keep making these payments in theory. Well, Sally,
Speaker 1: I think this development is really important to pay attention
Speaker 1: to because up until today, when we got this news.
Speaker 1: It was actually difficult for Russia to UM make those
Speaker 1: payments because of the various stipulations from the U. S
Speaker 1: Government as well as other governments around the world, essentially
Speaker 1: stopping them from making these payments in dollars. And this
Speaker 1: is a crucial distinction because uh they had previously tried
Speaker 1: to make this payment in roubles, but of course these
Speaker 1: bonds specifically, it's in the legal documents of the bond
Speaker 1: saying that they cannot do that. And we've had um
Speaker 1: a several committee, several ratings companies weighing in saying that
Speaker 1: potentially that brings them closer to default. So this is
Speaker 1: a bit of a game changer that they are claiming
Speaker 1: they have made these dollar payments. Of course we need
Speaker 1: to find out from the very as other stakeholders, the
Speaker 1: bond holders themselves, the banks involved in this process, and
Speaker 1: of course the government is watching to see whether this
Speaker 1: is actually possible. Very crucial day to watch is made
Speaker 1: the fourth, that was meant to be the end of
Speaker 1: the grace period for these big bonds that Russia is
Speaker 1: trying to make payments on. Incidently, that is also a
Speaker 1: Star Wars day for any of the Star Wars fans
Speaker 1: out there, I need to watch that movie. Um So.
Speaker 1: The other thing about this, though, is that listen, So
Speaker 1: Russian bonds, right, certain sovereign bonds, so foreign denominated bonds,
Speaker 1: So the dollar denominated bonds had really sold off earlier
Speaker 1: this year, and some of them have bounced back a
Speaker 1: little bit. There's a really controversial thing happening in the market, Christine,
Speaker 1: where some people are saying, do we buy in because
Speaker 1: Russia is making its payments? Ay, how controversial is that?
Speaker 1: And be uh you know again, how long can they
Speaker 1: keep making these payments for given that Russia is saying
Speaker 1: the US is trying to force it into a default. Well,
Speaker 1: I think there's a lot of controversy, of course, just
Speaker 1: as an investor and being out there saying that, yes,
Speaker 1: I'd happily buy Russian bonds just from uh, I suppose
Speaker 1: a pr standpoint. But um also, the mechanics of it
Speaker 1: is quite difficult, because getting ahold of these bonds without
Speaker 1: breaching sanctions is incredibly difficult at the moment, and also
Speaker 1: liquidity is very very thin. Of course, you know, when
Speaker 1: Russia was cut off from the global financial um uh
Speaker 1: markets with all of these sanctions, it became incredibly difficult
Speaker 1: to just trade these securities. It was for a time
Speaker 1: very very difficult to find any buyers for them when
Speaker 1: holders of these bonds originally we're trying to offload them.
Speaker 1: So it's a question of both mechanics and also just
Speaker 1: uh I suppose pr Um standpoint. And now in terms
Speaker 1: of making these payments again, there's a lot of mechanics
Speaker 1: involved in this and and a lot of confusion still over.
Speaker 1: You know, even if Russia attempts to make these payments,
Speaker 1: will these actually be accepted as legitimate payments? Again, because
Speaker 1: of the complexity of the whole sanctions regime, and there
Speaker 1: are many, many lawyers involved who are all trying to
Speaker 1: figure out what is actually legitimate what would be considered
Speaker 1: a default. I think May the fourth will be very
Speaker 1: interesting to watch for sure. May fourth, I believe also
Speaker 1: the f o MC meeting. And remember, on top of
Speaker 1: that you have these gas flows. A lot going on
Speaker 1: here when it comes to the rule payments, and of
Speaker 1: course we will keep you on that. We're looking at
Speaker 1: a stronger ruble today, but of course a lot of
Speaker 1: that coming down from the market. Christina Kino, head of
Speaker 1: f FX Rates and E M coming out in London.
Speaker 1: Thank you m these markets. I mean, is it inflation?
Speaker 1: To Holly, I can't really tell what's driving this because
Speaker 1: the companies that are driving the sell off are also
Speaker 1: the company's best positioned to weather some of these issues.
Speaker 1: So I'm confused. Yeah, I mean, and also you look
Speaker 1: at kind of the flattening of the yield's curve and
Speaker 1: end this week, and you wonder what investors are thinking.
Speaker 1: Are they how worried are they about slowing growth? Is
Speaker 1: its stagflation? And how much is the our word recession
Speaker 1: really coming up in conversations in the background. Lots of
Speaker 1: questions here, yeah, a lot of growth scares and and
Speaker 1: you know, there's really no one better to break this
Speaker 1: down with than Mark Stogel, our next guest here, CEO
Speaker 1: and portfolio manager of Adams Funds. He of course gonna
Speaker 1: know everything about investing economy, uh the Fed in two Mark,
Speaker 1: thank you so much for joining us. We really appreciated.
Speaker 1: Basically you were sold to us as a no all
Speaker 1: seen all markets gurus. That's where we're going to start
Speaker 1: with intro. I mean, he's a good he's a good guest.
Speaker 1: I'm just trying to prepare our audience mark, Why are
Speaker 1: the markets selling off? What's the problem here? I think
Speaker 1: it's a couple of things. The first in you in
Speaker 1: your in your intro, you uh you hit on it UM.
Speaker 1: There's a lot of uncertainty, and we we've known for
Speaker 1: forever that the market doesn't like uncertainty. And I think
Speaker 1: that people have systematically been taking risk off of the table.
Speaker 1: And part of that is represented in the tech stocks
Speaker 1: that have that that have gotten hit, and part of
Speaker 1: that isn't many of the other stocks that have gotten
Speaker 1: hit UM. And I think that in a in an
Speaker 1: in an environment where uh, there is there is unknown,
Speaker 1: and the people are going to take risk off. And
Speaker 1: I do think that there was a lot made about
Speaker 1: the tech um tech earnings. I think tech came through it,
Speaker 1: big tech, big quality tech came through it. UM I
Speaker 1: think pretty well. I think the challenges now that we've
Speaker 1: gotten through that, there was I think you you both
Speaker 1: probably heard the collective side of relief when Avanzade didn't
Speaker 1: spit it yesterday. I think that was a good thing
Speaker 1: for the market. But we're gonna roll into next week
Speaker 1: and the FED is going to be front and center again,
Speaker 1: and so we go from concerns about technology, about about stocks,
Speaker 1: about the third year, about about inflation, and then we're
Speaker 1: going to pivot over next week into the FED. Are
Speaker 1: they going to raise fifty what are they going to
Speaker 1: say about next month the June meeting. So there's a
Speaker 1: significant amount of uncertainty, and in those environments, people are
Speaker 1: very happy to take some money off the table, and
Speaker 1: I think that a lot of what you're seeing, it's
Speaker 1: a lot of money off the table. Really. I mean
Speaker 1: the fact that we mean, Katty, have been talking about
Speaker 1: the fact that the monthly decline you're going to see
Speaker 1: is the worst you've seen since March, that's when COVID
Speaker 1: came around the US. So you know, that's a really
Speaker 1: big it's a significant that's a significant move that you're seeing.
Speaker 1: And to the point you made on technology, I mean Amazon,
Speaker 1: Amazon is down the most since at least and so
Speaker 1: what what is going on here? I mean, is this
Speaker 1: a rerating? Well, I I think it's I think it's
Speaker 1: a couple of things. And I'm sure both of you
Speaker 1: have have have seen this study that was done and
Speaker 1: I and I like to talk. I like to bring
Speaker 1: it up in situations like this, The average investor that
Speaker 1: invests in an S and P five hundred index fund
Speaker 1: never gets that return because they trade it. And I
Speaker 1: think that's one of the challenges for investors is they
Speaker 1: do jump out at about the wrong time. And I
Speaker 1: think that's if you're a long term investor, unless you're
Speaker 1: a trader. And there's nothing wrong with being a trader.
Speaker 1: I think that, you know, a lot of people can
Speaker 1: make money being there. I'm getting them, giving them the
Speaker 1: benefit of the doubt. But I will tell you most
Speaker 1: of us are not traders, and we shouldn't be traders.
Speaker 1: Were not set up to do that. What we are
Speaker 1: set up to do. We should be able to do
Speaker 1: is invest with a longer term horizon. And but but
Speaker 1: a lot of investors are having a hard time do that.
Speaker 1: They get emotional, they say, wow, you know the FEDS
Speaker 1: inflation is going to do this. I I know it
Speaker 1: in my coffee, I know it in my fride lunches
Speaker 1: that I get, I know it all of these places
Speaker 1: that that I that that that I've seen, I can
Speaker 1: see it. So that must be a really bad thing,
Speaker 1: and it not. It isn't necessarily if you have a
Speaker 1: one or two or three year horizon, you shouldn't be you.
Speaker 1: We shouldn't see the redemptions and the outflows as much
Speaker 1: as we have been. But it's human nature. As much
Speaker 1: as I like to talk about it and try to
Speaker 1: convince people that they need to have longer horizons, it's
Speaker 1: a hard thing to do. Now. Do I think that
Speaker 1: Amazon had a difficult quarter? I do. I talked about
Speaker 1: that a lot this morning and earlier, and I think that.
Speaker 1: But if I was, if I didn't own it, and
Speaker 1: I was a long term investor, would I begin to
Speaker 1: buy some Amazon here? I probably would, you know, in
Speaker 1: this general area, I probably would. And we'll we'll see
Speaker 1: if other people share that view. Mark Socle, We're always
Speaker 1: short on time with you, but we really appreciate you
Speaker 1: joining us CEO and portfolio manager of Adams Funds, talking
Speaker 1: of course about all things tech and how we sell it.
Speaker 1: Next week a huge, huge week for markets, the f
Speaker 1: o MC meeting and the OPAC meeting not getting enough
Speaker 1: attention in my view that we are coming up on
Speaker 1: another OPAC meeting at a time when commandity prices remain high,
Speaker 1: inflation is still high, and a lot of red on
Speaker 1: the screen coming from growth worries. It's amazing. Uh, energy
Speaker 1: has politicized, energy is weaponized. It is certainly the story
Speaker 1: of the year, and and a lot of uncertainty on
Speaker 1: where oil and gas prices will go. Yeah, and then
Speaker 1: let's bring it full circle right back here to the
Speaker 1: equity picture and the earnings picture in particular EXN Mobile,
Speaker 1: Chevron both reporting some pretty blockbuster profits. I believe the
Speaker 1: biggest profits going back to I want to over a
Speaker 1: decade um when it comes to these oil companies, no surprise,
Speaker 1: able to really take advantage of these higher prices. Let's
Speaker 1: break it all down with a true expert, Simon Casey,
Speaker 1: the deputy managing editor of our Bloomberg coverage of our
Speaker 1: energy commodities coverage. Simon, thank you as always for joining us.
Speaker 1: We were at Sarah Week a couple of months ago,
Speaker 1: two months ago, ish um and to our audience, Sarah
Speaker 1: Week is the largest energy conference I believe in the
Speaker 1: world's hosted in Houston. All the big wigs from so
Speaker 1: on to Chevron to OPEC really go there and talk
Speaker 1: about what's going on. And Simon, from what I remember,
Speaker 1: the biggest issue there was at a time when we
Speaker 1: need there was there's all these calls to ramp up production.
Speaker 1: The energy space in the US or the energy industry
Speaker 1: in the US are saying, well, we don't have the
Speaker 1: capacity to do that, just given the legacy of the pandemic.
Speaker 1: Where are we on that, Oh, that's right. I mean,
Speaker 1: it's like they said, we can't and in case, we're
Speaker 1: not really sure we want to, and we're not even
Speaker 1: sure we're going to be allowed to because investors are
Speaker 1: going to punish us essentially for for for reacting to
Speaker 1: to higher prices. You know, two months down the line
Speaker 1: from that conference, not one has changed any sort of
Speaker 1: production increases we've seen so far this earning season, I
Speaker 1: mean pretty sort of incremental. Chevron x On this morning
Speaker 1: come out with, you know, some pretty impressive results on
Speaker 1: the whole that they did miss the consensus f for
Speaker 1: for earnings to share both of them, there are some
Speaker 1: slight issues there on their refining business, various cost issues,
Speaker 1: timing issues. I mean, if you can see past that,
Speaker 1: you know, these are very robust earnings. But they both
Speaker 1: companies have come out and said we're not planning to
Speaker 1: spend increased spending at all, and in fact, x On
Speaker 1: I think is likely down on a on a run
Speaker 1: rate so far for the first quarter, it's on course
Speaker 1: to spend below what it was forecasting for the full year.
Speaker 1: I mean, I'm sure might speed up towards the end
Speaker 1: of the year. Um Chevron is keeping, you know, keeping
Speaker 1: spending tight. Um. There's the big scene this morning with
Speaker 1: our story. We'll be going with us the share buy
Speaker 1: backs that both companies have have given updates on. XN
Speaker 1: is tripling its plans shared by back to billion dollars.
Speaker 1: They have a lot of cash. They are giving no
Speaker 1: indication they're going to go out and do any deals
Speaker 1: that would be a surprise, and they're not spending it
Speaker 1: on capex. They are spending it on buy backs at
Speaker 1: the moment, and Excells earnings called just ended, and big
Speaker 1: message from that was also that they are being very
Speaker 1: conservative on that cash management, that building up reserves. They
Speaker 1: been through a very difficult to an off your period
Speaker 1: and they some some valuable lessons for that. I think
Speaker 1: what's fascinating here and and for our radio listeners worldwide,
Speaker 1: we want to really emphasize what Simon just brought up there,
Speaker 1: the idea that this caution in spending really is a
Speaker 1: byproduct of history, The idea that this is a sector
Speaker 1: that has been lagging for so long that have investors
Speaker 1: have really been hesitant to hop into an equity market
Speaker 1: and the bond market. I might add the energy sector
Speaker 1: making up I believe a good chunk of the high
Speaker 1: yield market as well. And this really comes from this
Speaker 1: idea of drill, baby, drill, and and and this legacy
Speaker 1: of that. They don't want to go through that because
Speaker 1: then you get cut off from these funding streams, from
Speaker 1: these capital markets, and then you can't pay your workers,
Speaker 1: you can't expand you can't grow, and naturally you get
Speaker 1: punished for it in the stock market. Simon, Let's talk
Speaker 1: about the other side of the equation. UM generally at
Speaker 1: the top of this block said that oil is politicized
Speaker 1: very often. The Biden administration very vocal about ramping up production.
Speaker 1: I feel like we've just discussed the internal dynamics of
Speaker 1: the shale industry. Let's talk about this from the global perspective.
Speaker 1: An OPEC meeting coming next week. But it seems like
Speaker 1: this is a problem, This ramp up, this caution is
Speaker 1: a problem worldwide, from OPEC to Europe to Russia, UM
Speaker 1: and even the Biden administration. Yeah, I mean, we got
Speaker 1: that we've we've we're now kind of got used to
Speaker 1: monthly MOPEC meetings, which is nuts. Then the one next week,
Speaker 1: um that we expect it will be another routine in
Speaker 1: production increase in line with what you know, over a
Speaker 1: year now they've been doing these production increases about four
Speaker 1: barrels of oil per day extra more or less as
Speaker 1: OPEC gradually manages this production recovery from the massive cuts
Speaker 1: they implemented during the early days of pandemic um OPEQ
Speaker 1: and you know, ope, we largely read Saudi Arabia here
Speaker 1: the superpower. You know, OPEC has been and eaves continue
Speaker 1: to be very resistant to demands from from administration to
Speaker 1: increase production. And you know, the lesson the impact on
Speaker 1: on the consumers and lower gasoline prices combat inflation. They
Speaker 1: don't want to hear it. The Saudies are very happy
Speaker 1: and why wouldn't they be. And we've got a crew
Speaker 1: prices you around about a hundred dollars right now. Um.
Speaker 1: You know, Grant is trading up with around a hundred
Speaker 1: and ten h This this suit Saudi. The Saudi is
Speaker 1: fantastically because of course, you know, the economy is doing
Speaker 1: very well. They're no longer having to fund any kind
Speaker 1: of deficits where compared with all where prices were a
Speaker 1: year ago. And you know, you're sitting up really well,
Speaker 1: and I'm wondering if you'll set us up a little
Speaker 1: more next week ahead of opaque meeting And just thirty
Speaker 1: seconds here, what are you watching for? The don't fact
Speaker 1: meeting is going to be pretty perfunctory. I mean, there's
Speaker 1: always the chance that we can see a surprise, but honestly,
Speaker 1: it'll be like if the last year has been any guide,
Speaker 1: It'll be very short, still announced the decision. It's like
Speaker 1: a rubber stamp essentially. I mean, look beyond that, what
Speaker 1: we're looking at is really Chinese demand. The lockdown in China,
Speaker 1: the world's second largest oil market, that's undoubtitely having a
Speaker 1: major impact on demand. That's God's trade is extremely worried.
Speaker 1: And then we're looking for further developments in situation regarding
Speaker 1: Europe and possible sanctions on oil oil Russian oil. I
Speaker 1: think that that could be really big, fascinating stuff. Simon Caseley,
Speaker 1: a true expert on the energy and commanding space and
Speaker 1: deputy managing editor of our energy coverage here in the States.
Speaker 1: We thank you so much for your time. There's a
Speaker 1: very special guest here as we talk about the war
Speaker 1: in Ukraine, as we talk about what the United States
Speaker 1: can actually do, we have no better guests than James Stravites.
Speaker 1: Admiral James Trevis, I should say of the United States Navy.
Speaker 1: He's retired after having spent thirty seven years with them,
Speaker 1: also a contributor to Bloomberg Opinion. Admiral, thank you as
Speaker 1: always for joining us. Let's take this conversation very seriously.
Speaker 1: Is the United States doing everything it can do? Almost
Speaker 1: We have provided billions of dollars of aid, We have
Speaker 1: put highly advanced weapons in the hands of the Ukrainians. Um,
Speaker 1: we have done just about everything we can to. Remaining
Speaker 1: things that I think you'll see the administration move on
Speaker 1: fairly soon are providing longer range anti ship missiles. And
Speaker 1: this is because the Black Sea is important to Russian
Speaker 1: warships dominated Ukrainians sank one a couple of weeks ago,
Speaker 1: the flagship. They need more weapons to reach out and
Speaker 1: touch those worships in the Black Sea. And secondly, they
Speaker 1: still need high performance combat aircraft so they can control
Speaker 1: the skies over Ukraine. These will come in the form
Speaker 1: of mid twenty nine, which will be provided by UM
Speaker 1: NATO allies, and then we the United States will backfill
Speaker 1: those two processes I believe are in motion. Um. Other
Speaker 1: than that, we have done everything we can to put
Speaker 1: the tools in the hands of the Ukrainians so they
Speaker 1: can finish the job. You know. Pretty recently you've also written,
Speaker 1: in addition to kind of you know, speaking about the
Speaker 1: actual weapons themselves, you've written that the deadliest weapon in
Speaker 1: Ukraine is a cell phone. What exactly do you mean
Speaker 1: when this comes to information warfare? Yeah, we are engaged
Speaker 1: in a real battle for the truth. And what I
Speaker 1: mean by that is, uh, the war crimes that are
Speaker 1: being committed every single day by the Russian military, and
Speaker 1: we've seen powerful evidence of this from places like Busha
Speaker 1: on the outskirts of Kiev. Where did we get that evidence.
Speaker 1: We got it from cell phones, from videos taken by
Speaker 1: ordinary Ukrainians who then used those supercomputers not only to
Speaker 1: record these crimes, but to upbload them into the Internet
Speaker 1: move them forward. And we've got to get that information
Speaker 1: out in the broader world, because although we are convinced
Speaker 1: in the United States and in NATO and in the
Speaker 1: Western democracies. There are still big parts of the world
Speaker 1: in Sub Saharan Africa, Latin America, the Caribbean, South Asia
Speaker 1: that are as yet not completely convinced about the awful
Speaker 1: actions of Russia. We need to make that case with
Speaker 1: those swing voters in that part of the world as well.
Speaker 1: The cell phone and video can help us do that. Admiral,
Speaker 1: you also have quite the resume when it comes to
Speaker 1: NATO as well. We know Sweden Finland looking to join
Speaker 1: NATO in particular, what kind of reaction can we expect
Speaker 1: from Russia and arguably from China as well? As we
Speaker 1: see the NATO presence in the NATO membership growing um.
Speaker 1: Sweden and Finland have highly, highly capable militaries. They are
Speaker 1: very advanced economies. These are techno democracies of the first order.
Speaker 1: I commanded Swedish and Finnish troops. They were under my
Speaker 1: command in Afghanistan. They were part of the NATO mission
Speaker 1: to Afghanistan. So the quality of those nations, who also
Speaker 1: spend a great deal on defense. If you add up
Speaker 1: the defense budgets of Sweden and Finland, they are about
Speaker 1: one fourth the budget of Russia. So this would be
Speaker 1: a significant addition to NATO. In terms of Russian reaction, Uh,
Speaker 1: the Russians will hate it. And that's a good thing.
Speaker 1: Vladimir Putin needs to reap what he has sown, and
Speaker 1: the consequences of evading a democracy like Ukraine are going
Speaker 1: to be that other. Uh, democracies like Sweden and Finland
Speaker 1: look at what happened to Ukraine and say, I think
Speaker 1: I would like a NATO membership card. We had to
Speaker 1: bring him aboard. I think it'll deter Putin. He'll be angry.
Speaker 1: There's very little he can do about it. Yeah, I'm
Speaker 1: wondering if you can, Admiral, give us a little bit
Speaker 1: of understanding an analysis here about who are actually dealing with?
Speaker 1: Who is Ukraine dealing with? When it comes to Russia's
Speaker 1: new commander who had led brutal attacks in Syria before. Yeah,
Speaker 1: this is General Alexander Nikolaev and he is well known
Speaker 1: to Western intelligence. His file is stamped on it the
Speaker 1: Butcher of Syria. He also committed war crimes in Chechnia
Speaker 1: during the wars there and a previous decade. He is
Speaker 1: someone who is unfortunately undeterred by international law. He will
Speaker 1: attack civilian populations, will encourage war criminal behavior, and we
Speaker 1: don't have to speculate on that because we saw him
Speaker 1: do it in Syria and he's been hand picked by
Speaker 1: Putin to continue to attempt to terrorize the Ukrainian population.
Speaker 1: One more reason we need to stand with the Ukrainians
Speaker 1: in this fight. Admiral, I want to ask about simply
Speaker 1: what Putin's thinking is here and the timeline that we're
Speaker 1: expecting from this war thirty seconds. How long is this
Speaker 1: warre gonna last? I think it will last months, but
Speaker 1: not years. Putin is bleeding cash war as hell. It's
Speaker 1: also expensive. I think in the two to four months range,
Speaker 1: both parties are going to start looking for a negotiation.
Speaker 1: Couldn't go longer than that, sure, but I think we're
Speaker 1: looking at some form of negotiation in the by the
Speaker 1: end of the summer into the fall. Let's hope for
Speaker 1: Admiral James Stravitas of Bloomberg opinion columnist and formerly of
Speaker 1: the Navy, the U. S. Navy and of NATO as well.
Speaker 1: We appreciate your insight in your analysis. Thanks for listening
Speaker 1: to the Bloomberg Markets podcast. You can subscribe and listen
Speaker 1: to interviews of Apple Podcasts or whatever podcast platform you prefer.
Speaker 1: I'm Matt Miller. I'm on Twitter at Matt Miller three.
Speaker 1: On Fall Sweeney, I'm on Twitter at pt Sweeney Before
Speaker 1: the podcast. You can always catch us worldwide at Bloomberg
Speaker 1: Radio