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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along

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Speaker 2: with Paul Sweeney. Join us each day for insight from

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Speaker 2: the best in economics, finance, investment, and international relations. You

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Speaker 2: can also watch the show live on YouTube. Visit the

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Speaker 2: Bloomberg Podcast channel on YouTube to see the show weekday

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Speaker 2: mornings from seven to ten am Eastern from our global

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Speaker 2: headquarters in New York City. Subscribe to the podcast on Apple, Spotify,

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Speaker 2: or anywhere else you listen and always I'm Bloomberg Radio,

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Speaker 2: the Bloomberg Terminal, and the Bloomberg Business App. As I've

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Speaker 2: said many times, we've protect the copyright of all of

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Speaker 2: our guests. You can go to evercore Isa to find

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Speaker 2: the daily thoughts of Ed Heiban. I get no greater response.

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Speaker 2: Can you send me a note? Can you say me?

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Speaker 2: Is please? Tom Burial tickets, Oriole tickets. Can you send

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Speaker 2: me a note? No, I can't. And what you need

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Speaker 2: to know is on page six of the note, he's

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Speaker 2: talking about the glory of Buba's coming in a gorgeous spread.

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Speaker 2: That's the Damien world. But on page four is classic Ed. Heyman,

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Speaker 2: I've been too resistant to this time is different thinking.

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Speaker 2: He goes on to say he's grappling with any number

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Speaker 2: of issues here about the inflation impulse. Ed, heyman, this

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Speaker 2: time is different or is it not.

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Speaker 3: I'll let you know next time I see you. I'm

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Speaker 3: really struggling with this. I don't think it's different at

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Speaker 3: this time. It's always different. But when you look back

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Speaker 3: at it, I've been through seven recessions. Everyone has been

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Speaker 3: associated with an inverted deal curve and there have been

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Speaker 3: no full signals and so but you know, live and learn.

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Speaker 3: Maybe it is there for this.

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Speaker 2: Is it because of the pandemic and fiscal impulse's the

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Speaker 2: overlay of an immigration impulse in.

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Speaker 3: An AI job market AI in there, so the the

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Speaker 3: impulse from the pandemic. If we put all this money

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Speaker 3: supply in the system and all the checks which of

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Speaker 3: course go as a pair, and some of that money

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Speaker 3: is still in the system, if you're paying the golfers,

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Speaker 3: women golfers more and you know more.

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Speaker 1: I have to ask you this question. You know you're

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Speaker 1: on a deserted island, you know, a small island like

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Speaker 1: the Dominican Republic for example, and you know you have

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Speaker 1: one indicator, one financial market indicator to your to that

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Speaker 1: you can access. What would that be like? What indicator

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Speaker 1: do you lean on right now in this market to

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Speaker 1: look at what's your favorite?

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Speaker 3: You're leading the windows here, you know, so hands down

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Speaker 3: credit spreads when just I mean, I do love econometric work.

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Speaker 3: They scream at you. And when they go down, it

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Speaker 3: says things are pretty good, and when they go up,

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Speaker 3: it says things are pretty bad. And right now spreads

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Speaker 3: are tightening up, they're coming down, and so at the

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Speaker 3: moment it's beginning to be sprying here in the Tristate area,

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Speaker 3: and everything's looking pretty good, but spreads are really critical.

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Speaker 3: I watched the BAA spread.

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Speaker 1: I don't know, of course, now it's a financial condition.

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Speaker 1: It's one of the primary inputs. I mean. The other

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Speaker 1: thing I think Tom that we have to kind of

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Speaker 1: look at as inflation. And you know some of our guests,

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Speaker 1: you know Sebastian who's on earlier, he would argue that

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Speaker 1: it's the one year US Treasury break even rate, which

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Speaker 1: has basically been guiding markets. So I guess it's a

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Speaker 1: kind of a tug of war until you get that

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Speaker 1: gap ris that upside movement spreads. Is it going to

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Speaker 1: be an inflation story here in the US, or is

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Speaker 1: it going to be more growth? Is it more mag seven?

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Speaker 3: You mean inflating going up or going down?

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Speaker 1: Going up, staying high and stinking.

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Speaker 3: So at the moment staying high. You know, my feeling

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Speaker 3: is that things are slowing. It's my h You won't

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Speaker 3: have anybody on your show here as old as I am.

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Speaker 2: Well, you're looking at me.

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Speaker 3: I know I'm looking at you because.

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Speaker 2: Joneald Robertson once said exactly the same thing to me.

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Speaker 2: So we miss him. We miss him every day. Gosh

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Speaker 2: to your disinflation point. And what's important, your folks, is

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Speaker 2: the micro data that Edheiman looks at. You have a

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Speaker 2: fabulous chart of multifami family units booming back to the

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Speaker 2: nineteen seventies when you and I were wider lapels. I mean,

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Speaker 2: the basic line is j Powell getting a fake out here?

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Speaker 2: If you were at aea Right Economic Club of New

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Speaker 2: York and you're there asking Jr. Own Pola question after

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Speaker 2: he gives a speech, and you're going to say, hey,

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Speaker 2: Chairman Powell, what about the overcapacity of multifamily? Is there

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Speaker 2: going to be a disinflationary tendency in rents in Oe

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Speaker 2: er and other shelter ideas. Sure.

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Speaker 3: I mean it feels to me like it's coming, just

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Speaker 3: as sure as I'm sitting here.

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Speaker 2: There's a huge.

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Speaker 3: Record number of apartments under construction right now. It takes

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Speaker 3: a year and a half, and so that'll be hitting

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Speaker 3: the market this year and next year. Should put down

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Speaker 3: pressure on rents, which has been one of the stickier

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Speaker 3: parts of it. But that's a detail to it'll influence

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Speaker 3: the numbers a lot. But the real question is what

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Speaker 3: happens to wages And if wages slow, then inflation will slow.

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Speaker 2: Do you see that in your microdata?

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Speaker 3: I do, and other people as well. But we serve

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Speaker 3: a apart temp and perm employment agencies every week and

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Speaker 3: ask them what's the wage pressure, and that's been easing off.

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Speaker 3: Our analysts, which I meet with every morning, report wages

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Speaker 3: are slowing a little bit.

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Speaker 2: Yep, And so that's there.

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Speaker 3: But that's a slow moving train.

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Speaker 2: Yeah.

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Speaker 3: And in the meantime, you know oil is knocking up,

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Speaker 3: up up.

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Speaker 2: Yeah.

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Speaker 1: Well that was exactly where you. I mean, what I

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Speaker 1: wanted to ask you about commodity prices, the vibrancy of

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Speaker 1: the US consumer. I mean, given mortgage rates going higher,

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Speaker 1: I mean I know, spreads of states tight, but mortgage

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Speaker 1: rates are going higher. Tom will talk to you about

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Speaker 1: the thirty year fixed I mean, ed, you know, talk

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Speaker 1: to us about the resiliency of the US consumer and

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Speaker 1: what that means for employment here in the US.

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Speaker 3: Well, are the same thing, Yeah, exactly what drives the

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Speaker 3: US consumer. But the mortgage rate. I'm trying to figure

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Speaker 3: out what to do. And the mortgage rate backing up

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Speaker 3: is definitely going to put pressure on housing. We serve

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Speaker 3: a home builders every week. It's an excellent window almost

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Speaker 3: happening there and that's come off a little bit. And

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Speaker 3: when mortgage rates go up that weekends and so we'll

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Speaker 3: see if that impacts or not.

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Speaker 2: You have been committed to Midtown Manhattan, you're an institution.

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Speaker 2: Your thoughts on this round of commercial real estate and

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Speaker 2: tobacco that we see in New York City and nationwide.

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Speaker 3: You know, so far it's been okay every tightening cycle,

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Speaker 3: and this is my thirteenth tightening cycle. Each of the

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Speaker 3: thirteen there have been seven had recessions.

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Speaker 1: So what I mean, so, what what cycle does this

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Speaker 1: feel most like to you? Is this reminds you of

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Speaker 1: nineteen ninety nineteen?

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Speaker 3: It like this is its own beast.

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Speaker 1: It's its own beast.

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Speaker 2: It's its own post pandemic beast.

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Speaker 3: Yeah, and uh, but so far it's been resilient. I

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Speaker 3: will say that every cycle feels resilient until it stops, right,

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Speaker 3: and it's You can't look out the window and tell

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Speaker 3: how the economy is going to be doing tomorrow. You

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Speaker 3: can tell how I's doing today.

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Speaker 2: I got one time for one question. We're out of

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Speaker 2: time at timen you fly out Cooper or Tino, You

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Speaker 2: take a cup of coffee with Tim Cook? What do

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Speaker 2: you tell him about the equity spirit of America? With

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Speaker 2: all the challenges mister Cook has at Apple? What do

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Speaker 2: you tell them about the stock market? About the idea

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Speaker 2: of finding value over three years, five years, a decade

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Speaker 2: and the short term.

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Speaker 3: I think the market is now going to be under

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Speaker 3: pressure for a bit. But when you ask that question

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Speaker 3: about the longer term, the US economyst pretty good, and

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Speaker 3: you know, compared to other economies, it's really good, and

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Speaker 3: so I'd be I'd put a smiley face.

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Speaker 2: Edheman, thank you so much for coming out. I ed

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Speaker 2: Heiman has done so much for market economics. Sebastian Page

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Speaker 2: joins us now and I think it will dan off

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Speaker 2: over its fortress Lyne up at Fidelity with fifty five

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Speaker 2: percent of his fund in ten stocks. That's not the

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Speaker 2: Sebastian pageway, is it now?

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Speaker 4: It's not. And the thing about the freezer in the oven,

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Speaker 4: Tom is that investors too often look at average correlations

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Speaker 4: over time. So right now on the markets, you know,

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Speaker 4: bonds and stocks can go down together. We've learned that

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Speaker 4: in twenty two. But when investors do their strategic as

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Speaker 4: allocation studies, they just look back ten years in average

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Speaker 4: across all these different regimes. So my point is as

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Speaker 4: a statistician who said, I have my head in the

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Speaker 4: freezer and my feet in the oven, and on average,

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Speaker 4: I feel great, right, And that's kind of the mistake

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Speaker 4: we make when we use long term correlations.

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Speaker 2: But the problem Sebastians, most of our listeners and viewers

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Speaker 2: have their head and in vidiots right, and their feet

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Speaker 2: and Microsoft. We've never, honestly, folks, we've never. We just

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Speaker 2: did the solar West. Phil Karay has never seen this.

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Speaker 1: Late phel Great Sebastian. My daughter Hayden, she's on the

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Speaker 1: way to carpool. She's in traffic right now. She owns

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Speaker 1: the mag seven. But you're talking about a broadening of

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Speaker 1: equity market performance, right, the average stock I believe in

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Speaker 1: US equities is down what thirteen percent? I mean, talked

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Speaker 1: to us a little bit about this broadening.

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Speaker 2: What's gonna drive performance here?

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Speaker 4: Yeah, he can use the same analogy for that question. Right,

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Speaker 4: it's a tale of two markets. If you go back

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Speaker 4: to the end of twenty one, right before the world

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Speaker 4: fell apart, and we had five hundred and fifty basis

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Speaker 4: points of hikes and two wars, and you ask you know,

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Speaker 4: what will happen to stocks? No one really would have

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Speaker 4: predicted the S and P being up eleven percent. However,

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Speaker 4: MSCI All Country World Index right equal weighted is down

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Speaker 4: thirteen percent since then.

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Speaker 2: This is really important and Doug Cass led on this

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Speaker 2: down in Florida's Morning John Sterling retiring, and mister Cass

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Speaker 2: had a chart this morning that showed the standard reports

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Speaker 2: for eighty three right to where they were. And I

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Speaker 2: think it's early twenty three and just as mister Page said,

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Speaker 2: they're back really to where we were in twenty twenty one.

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Speaker 1: No, Tom, it's been that lack of participation in value

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Speaker 1: and the question I think that Sebastian and I both

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Speaker 1: have is what's going to drive people that you know,

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Speaker 1: reaching their pockets move out of growth and into value.

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Speaker 1: What do you think is going to be that catalyst?

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Speaker 4: Sebastian, Yeah, that's a great question, and we are playing

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Speaker 4: the broadening by overweighting value. But we're actually neutral between

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Speaker 4: large and small stocks because small stocks have been so

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Speaker 4: sensitive to higher rates and we expect rates to stay

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Speaker 4: higher than expectations. So why value, Because you know, Tom,

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Speaker 4: things can be cheap, and they can be cheap for

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Speaker 4: a long time, and you buy, and it's a trap

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Speaker 4: European stocks versus US stocks for the last ten years,

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Speaker 4: value stocks versus grow stocks. So you need to ask

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Speaker 4: what is the catalyst?

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Speaker 2: What is the catalyst for value to move?

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Speaker 4: So we look at three factors, macro, fundamentals, and sentiment,

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Speaker 4: and to me, those are starting to align. And the

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Speaker 4: macro you have rising oil prices and pressures on commodities

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Speaker 4: in general that favors value. Higher rates tend to favor value,

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Speaker 4: though the case is not as clear cut, but you

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Speaker 4: can check the macro catalyst's box on the fundamentals is

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Speaker 4: really interesting. If you look at a chart of year

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Speaker 4: over year expected earnings growth. By the end of this year,

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Speaker 4: it's expected that value stocks earnings will actually be growing

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Speaker 4: faster year over year than growth stocks. So you kind

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Speaker 4: of have a fundamental catalysts are stock analysts. I'm an

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Speaker 4: asslic cater, but I like to get input from stock

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Speaker 4: analysts from the bottom up. They're talking to industrial CEOs

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Speaker 4: and they're hearing some optimism. The am I going above

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Speaker 4: fifty right aastion.

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Speaker 1: I'm a market strategist, so I like to look at that.

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Speaker 1: I like to look at liquidity. I like to look

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Speaker 1: at sentiment on the criminals talk to us about because

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Speaker 1: I mean, I've read your note and you make a

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Speaker 1: great point. What ninety second percentile is the differential between

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Speaker 1: flows into growth of our value? Is that right?

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Speaker 2: Right?

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Speaker 4: So, Damien, that's the third catalyst. Especially you have macro

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Speaker 4: fundamental and yeah, if you look at them, we have

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Speaker 4: the relative positioning that flows into growth mutual funds versus

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Speaker 4: value mutual funds ninety second person tile on a yearly basis.

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Speaker 4: So when you look at sentiment, usually you want to

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Speaker 4: lean against the wind.

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Speaker 2: We have time for one more question. We have some

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Speaker 2: container rations.

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Speaker 1: I mean, we got to talk about container rates, right,

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Speaker 1: I mean container rates. I mean shoud dollars that rates?

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Speaker 2: Can I just read these? Tom? Come on, please contain

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Speaker 2: have another What.

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Speaker 1: Does that mean for investors? Why should be concerned about

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Speaker 1: shipping rates between New York and shang Heights of Astian.

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Speaker 4: It's part of the mosaic of higher inflation, four point

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Speaker 4: seven percent wage growth, you know, low unemployment.

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Speaker 2: I'm gonna I'm going.

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Speaker 4: To pause here and let Tom ask a question.

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Speaker 5: I think bubblet.

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Speaker 2: To the trow price folks invented analysts debate. They did

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Speaker 2: what we did. PIMCO stole it from the people. This

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Speaker 2: is you know, Macamian way back. Okay, what is the

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Speaker 2: biggest source of debate in t row price meetings right now?

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Speaker 4: So I like to say that we're aggressively neutral between

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Speaker 4: stocks and bonds. Tom, the biggest source of debate right

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Speaker 4: now In my asset allocation committee, I have bulls and

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Speaker 4: I have bears, and that's the most important asset allocation question.

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Speaker 4: The bulls are saying, look, earnings are coming back up

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Speaker 4: and rates are coming down over time, there's place a

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Speaker 4: place for the market to broaden. The bears are just

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Speaker 4: looking at deceleration. The dynamics of deceleration, the lagged defects

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Speaker 4: of higher rates, and you know all the risks in

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Speaker 4: the system from a deceleration twenty seconds.

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Speaker 2: Oiols look loaded this year.

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Speaker 4: You know, I live in Baltimore, so I'm going to be.

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Speaker 5: In Baltimore.

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Speaker 4: I'm going to be completely unbiased. I'm going to say Tom,

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Speaker 4: you know, for the book, thank you for helping the sales.

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Speaker 4: I give all the proceeds to the Tiro Foundation. But

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Speaker 4: there might be an oriol ticket.

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Speaker 2: Oh there we go. That's what we like. It'll be

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Speaker 2: better than what I get from from sembastic page from Baltimore,

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Speaker 2: Home of the Orioles. Thank you so much. He's a

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Speaker 2: trod price. Can you get mister Page to the door here.

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Speaker 2: I've been an extraordinary twenty four hours in streaming in Hollywood,

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Speaker 2: in media, and nobody really has any understanding of where

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Speaker 2: this is leading. Craig Moffatt and Michael Nathanson are definitive

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Speaker 2: in thinking about the bigger picture in the view Forward.

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Speaker 2: They recently had an extraordinary note to compare and contrast

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Speaker 2: of Walt Disney of Glendale and a firm called Comcast.

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Speaker 2: All of their work with Universal and with the NBC franchise,

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Speaker 2: and then there's Paramount in all that's going on there.

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Speaker 2: Michael Nathanson. Now on our fractured media, where are these companies,

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Speaker 2: Michael Nathanson In three years.

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Speaker 6: More than Tom, the companies will have all very different

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Speaker 6: different outcomes. Right, So Disney and Comcast have enough scale diversification,

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Speaker 6: they will be fine because of their know for Disney

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Speaker 6: parks and Comcast Cable brought in the rest of them.

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Speaker 6: Consolidation has to happen. You need to take out capacity,

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Speaker 6: you need to reduce costs. So we're waiting to see

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Speaker 6: how Paramount, Warners, Fox, AMC networks all come together or

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Speaker 6: don't write. So obviously it needs to be consolidation. We

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Speaker 6: don't know how it gets done because the personality is

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Speaker 6: in place here.

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Speaker 5: But this can't it can't last, right.

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Speaker 4: You know.

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Speaker 2: I look at just overnight Daniel Thomas writing it up

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Speaker 2: in the FT. I'm Mark Thompson, who saved the New

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Speaker 2: York Times, he invented the digital New York Times, and

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Speaker 2: I read the article very carefully, Michael, and I guess

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Speaker 2: there's a plan there. But Mark Thompson says, basically, we're

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Speaker 2: flying blind. And the only thing he circles back to

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Speaker 2: is what we're going to, which is YouTube? Is it

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Speaker 2: a YouTube world in five years, whether it's Mark Thompson

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Speaker 2: or Tom Keene, I mean, is that what the audience

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Speaker 2: wants or is there something the audience wants from Disney?

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Speaker 5: Thomas fascinating.

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Speaker 6: A lot of your listeners may not know this, but

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Speaker 6: YouTube has more time spent on connected TVs than Netflix.

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Speaker 6: So you maybe you know this because you're now Bloomberg

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Speaker 6: is on YouTube, But YouTube on the television is bigger

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Speaker 6: than Netflix. So YouTube has a place in that world,

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Speaker 6: as does Netflix, as does Disney. But yes, more and

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Speaker 6: more conscious moving to YouTube and challenges people who get

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Speaker 6: paid for production, paid for content. How do you win

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Speaker 6: in a world or YouTube is the dominant provider of distribution.

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Speaker 5: It's a really hard model for everyone else.

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Speaker 1: Michael tom loves to talk about Hollywood. He loves to

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Speaker 1: talk about streaming. Those are the glamour industries. I like

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Speaker 1: to talk about the fifty billion dollar theme park industry.

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Speaker 1: It's boring. It's utterly dominated by Disney. Talk to me

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Speaker 1: about where I should be taking my kids during the holiday,

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Speaker 1: should be going to Universal Disney and what part of

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Speaker 1: the equation is the theme part, because I imagine it's getting

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Speaker 1: quite large.

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Speaker 5: Okay, good question.

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Speaker 6: Before the pandemic, before streaming Wars, parks for half of

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Speaker 6: Disney's profits.

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Speaker 5: Now it's three quarters, and Disney is going to put an.

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Speaker 6: Extra sixty billion dollars of capital to build out more

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Speaker 6: and more attractions, especially overseas. But out of the back

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Speaker 6: in the second place, here comes Universal, owned by Comcast,

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Speaker 6: and next year they have a massive park epic and

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Speaker 6: it's we will have five different gates, that's what we

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Speaker 6: call them, five different gates. I know about Harry Potter installation.

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Speaker 6: You're going to have how to Change Dragons. You have Nintendo,

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Speaker 6: which would be a big attraction. So they're trying to

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Speaker 6: close the gap with Disney and somewhere middle. About a

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Speaker 6: year from now, this will be all the talk. Tom

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Speaker 6: will have me on every every day talking about the

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Speaker 6: impending theme park Wars because up to this point it's

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Speaker 6: been Disney's world.

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Speaker 5: They've done a great job, but we're really.

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Speaker 6: Interested to see what happens next year when Comcast gets

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Speaker 6: in the game with a much bigger park and a

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Speaker 6: challenge to Disney in Orlando.

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Speaker 1: Tom, did you hear that even with ESPN and ABC.

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Speaker 1: I mean, I mean theme parks are seventy three percent

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Speaker 1: of Disney's ebit then you.

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Speaker 2: And Swingey are on the same page, and this and

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Speaker 2: Nathan'son's lead on it.

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Speaker 1: I mean I like Fast Ride. I don't know if

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Speaker 1: I like them.

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Speaker 2: I'm watching reruns of Frozen and you guys are out

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Speaker 2: spending five hundred dollars a day at a theme park.

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Speaker 1: Michael, where should we put our money here? I mean,

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Speaker 1: what do we like better? If we're an equity investm

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Speaker 1: I mean, is it Disney is a Comcast?

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Speaker 2: Is it?

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Speaker 1: Is it another player?

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Speaker 2: Yeah?

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Speaker 6: Okay, so Craig Moffatt covers Comcast. We have a buying Comcast,

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Speaker 6: and I covered Disney, and we upgraded Disney when Bob

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Speaker 6: Eyer came back, and it took a while, but it's

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Speaker 6: it's been an okay call, not great call. Our feeling is,

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Speaker 6: you know, Disney has because of the streaming investments, they

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Speaker 6: have a lot to catch up on profitability. Their businesses

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Speaker 6: are still losing money and streaming Netflix has twenty five

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Speaker 6: percent margins. So our view is that Disney has a

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Speaker 6: way to go on Netflix profitability. We like Comcasts And

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Speaker 6: then Tom will ask me we do like Meta and

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Speaker 6: alphabet even here, those have been We've been lucky to

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Speaker 6: expand our coverage to cover some of the Magnificent seven.

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Speaker 5: And those two names are great for us. I continue

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Speaker 5: to going there when I come in.

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Speaker 2: In a morning. Folks and Sweeney's all over this. I mean,

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Speaker 2: I'm a amateur out here. Nathanson, I mean, Nathanson knows

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Speaker 2: that it's a Yankees fan.

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Speaker 1: I lives up in scarsdaln.

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Speaker 2: But but I look, Michael, I do a two standard

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Speaker 2: deviation technical trend on Warner Brothers to Discovery, and I'm sorry.

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Speaker 2: As a metaphor for the industry, there seem to be

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Speaker 2: more sellers than buyers. When does a bid slim in

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Speaker 2: on WBD or whatever. The detritus is a paramount. When

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Speaker 2: does the bid come into your world?

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Speaker 6: Yeah, that's a great question. So Robert Fishman or our

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Speaker 6: team carvers those names.

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Speaker 5: Tom.

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Speaker 6: The challenge is what is the value of their linear

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Speaker 6: network businesses?

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Speaker 5: Right? So if you are a private that would be bitter.

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Speaker 6: What's the minimum amount of money you want to spend

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Speaker 6: on linear networks?

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Speaker 5: They will not be burns?

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Speaker 2: Right?

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Speaker 6: And every year, because of cord cutting and advertising pressures,

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Speaker 6: linear propits go down, so until you hit that floor,

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Speaker 6: it could be three times ebatat Tom, which is like wow, extortally,

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Speaker 6: that's a tiny, tiny number. Given these guys were fifteen

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Speaker 6: times ebadad decade ago.

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Speaker 5: Could be a three times Ebadah.

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Speaker 6: You feel some comfort, but you know, the revision trends

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Speaker 6: are so negative and linear cable networks because of cord cutting,

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Speaker 6: that it's hard for smart money to say, I want

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Speaker 6: to make a stand here.

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Speaker 5: It's a falling knife. Every year has been a falling knife.

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Speaker 6: So until you see a bottom on evaluation, which could

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Speaker 6: be some time.

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Speaker 2: Away from Netflix is doing and restructuring shock of shocks.

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Speaker 2: They want to listen to the customer. Michael Nathanson spent

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Speaker 2: umpteen years. Michael Nathanson has been doing this so long.

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Speaker 2: It was back when the Yankees won.

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Speaker 5: Michael behind me?

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Speaker 2: How original? How original, Michael to listen to the customer.

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Speaker 2: Who's listening to the customer best?

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Speaker 6: Well, it's interesting to say that I think Netflix has

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Speaker 6: the technology to surface shows that we may not think about,

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Speaker 6: like Suits or Young Sheldon, that people then start watching Tom.

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Speaker 6: And you know, we've debated this for many years. What

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Speaker 6: is king content? And I think when Netflix has the

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Speaker 6: platform is king and I think they're listening to the customer,

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Speaker 6: but in different ways, Tom Right, they're not. You know,

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Speaker 6: they're not doing the old fashioned Hey. You know, I

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Speaker 6: saw this person on Broadway and I want to put

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Speaker 6: them in a TV show. Their algorithm and their data

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Speaker 6: is surfacing what you want to watch, and I think

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Speaker 6: that's been the biggest change here, whereas the old media

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Speaker 6: company still listen to the customer build fashion away. But

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Speaker 6: Netflix and YouTube, to your question, just have better technology

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Speaker 6: skills and that is making their content stickier.

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Speaker 1: Michael, I haven't been to either, and I have to

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Speaker 1: just go back to it, you know, the Wizarding World

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Speaker 1: of Harry Potter, and then you hear about this Nintendo

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Speaker 1: you have to hit the blue button, Tom. But the parks,

439
00:23:33,280 --> 00:23:36,000
Speaker 1: I mean, I'm just curious, you know, Island of Adventure.

440
00:23:36,080 --> 00:23:38,320
Speaker 1: You know, do you visit these places? I mean, what works?

441
00:23:38,359 --> 00:23:40,119
Speaker 1: What's different than the days where I used to go

442
00:23:40,160 --> 00:23:42,040
Speaker 1: to Disney World. I used to go to Epcot, you know,

443
00:23:42,119 --> 00:23:44,360
Speaker 1: I mean, maybe i'd go to MGM. I mean, what's

444
00:23:44,400 --> 00:23:45,639
Speaker 1: different about these new parks?

445
00:23:47,600 --> 00:23:49,119
Speaker 5: Okay, so I do get it.

446
00:23:49,160 --> 00:23:53,560
Speaker 6: I go to Disney very often, the because the covery Disney, Right,

447
00:23:53,800 --> 00:23:55,520
Speaker 6: the parks have gone.

448
00:23:56,440 --> 00:23:57,560
Speaker 5: This is the biggest channel to have.

449
00:23:57,800 --> 00:24:02,080
Speaker 6: Right when gaming has become so tech eligibly advanced and

450
00:24:02,680 --> 00:24:06,080
Speaker 6: three D movies have become so good, you have to

451
00:24:06,119 --> 00:24:11,360
Speaker 6: bring the customer in a different way. They've become much

452
00:24:11,400 --> 00:24:14,680
Speaker 6: more immersive, right, So they've become these lands upon themselves.

453
00:24:14,760 --> 00:24:14,879
Speaker 3: Right.

454
00:24:14,920 --> 00:24:17,440
Speaker 5: So no longer is a theme park with a restaurant

455
00:24:17,760 --> 00:24:20,600
Speaker 5: and a bar. You've moved into a world.

456
00:24:20,720 --> 00:24:20,880
Speaker 2: Right.

457
00:24:20,920 --> 00:24:23,800
Speaker 6: So if you head into the Star Wars experience, they're

458
00:24:23,800 --> 00:24:25,679
Speaker 6: trying to make you feel like you're in Star Wars.

459
00:24:25,680 --> 00:24:28,399
Speaker 6: And same with Harry Potter. So they're just making this

460
00:24:28,520 --> 00:24:32,199
Speaker 6: immersive universe experience, and that is that's the biggest challenge,

461
00:24:32,240 --> 00:24:35,200
Speaker 6: is to take you away for a day from the world.

462
00:24:35,400 --> 00:24:38,280
Speaker 2: You know, I just want to go out to Anaheim

463
00:24:38,280 --> 00:24:40,480
Speaker 2: and sit in the teacups with the young cherubs and

464
00:24:40,560 --> 00:24:43,320
Speaker 2: try to remember this. Michael Nathan's and I got to

465
00:24:43,359 --> 00:24:45,480
Speaker 2: make some buy holds sell money here. What's your single

466
00:24:45,480 --> 00:24:46,480
Speaker 2: best buy right now?

467
00:24:47,640 --> 00:24:49,280
Speaker 6: Well, it's funny when the year start of time, we

468
00:24:49,280 --> 00:24:51,680
Speaker 6: said Roku short and that's gone down forty percent, So

469
00:24:51,800 --> 00:24:56,440
Speaker 6: not Roku anymore. We you know, we've been saying Disney

470
00:24:56,440 --> 00:24:59,960
Speaker 6: here on the back of you know, the Eiger wind

471
00:25:00,119 --> 00:25:03,480
Speaker 6: versus Pelts, and we used to think the profitability opportunity

472
00:25:03,480 --> 00:25:06,240
Speaker 6: in streaming is pretty good. And the market feels heavy

473
00:25:06,240 --> 00:25:08,480
Speaker 6: to me. I don't know how you all feel. You know,

474
00:25:08,520 --> 00:25:13,119
Speaker 6: we've been pushing meta and alphabet, but it just feels like,

475
00:25:13,200 --> 00:25:15,560
Speaker 6: you know, that's had their time, and I think we're

476
00:25:15,560 --> 00:25:16,520
Speaker 6: going to look back at other das.

477
00:25:16,600 --> 00:25:19,160
Speaker 2: So what's the next step for Facebook? What's the next

478
00:25:19,280 --> 00:25:22,480
Speaker 2: I mean, I'm looking at growth fun portfolios that have eleven, twelve,

479
00:25:22,600 --> 00:25:25,880
Speaker 2: thirteen percent in meta. What's the next step for mister

480
00:25:25,960 --> 00:25:27,280
Speaker 2: Zuckerberg and Facebook?

481
00:25:28,400 --> 00:25:30,439
Speaker 6: The next step is is more of the same time, Right,

482
00:25:30,480 --> 00:25:33,639
Speaker 6: So they're using technology again your question about listening to

483
00:25:33,680 --> 00:25:38,040
Speaker 6: the customer. They're using AI, there's that word to deliver more,

484
00:25:38,720 --> 00:25:41,160
Speaker 6: more and more engaging experiences to you. And they're using

485
00:25:41,280 --> 00:25:44,000
Speaker 6: AI to help advertisers target better.

486
00:25:44,080 --> 00:25:44,199
Speaker 2: Right.

487
00:25:44,240 --> 00:25:46,080
Speaker 5: So it's just more of the same.

488
00:25:46,840 --> 00:25:50,080
Speaker 6: But you had an extraordinary opportunity where you had costs

489
00:25:50,160 --> 00:25:53,480
Speaker 6: coming out quickly and then acceleration of revenues. It was

490
00:25:53,520 --> 00:25:57,560
Speaker 6: amazing margin expansion last year. It's going to be harder

491
00:25:57,600 --> 00:26:00,400
Speaker 6: to see the same expansion in twenty four so we'd

492
00:26:00,480 --> 00:26:02,800
Speaker 6: like it, but it was a layup last year because

493
00:26:02,800 --> 00:26:05,360
Speaker 6: you're at cost cutting and you had acceleration on top line.

494
00:26:05,760 --> 00:26:07,440
Speaker 6: It's as good as it gets, and I think that's

495
00:26:07,480 --> 00:26:10,560
Speaker 6: the challenge is we think it's a flying stocks own

496
00:26:10,680 --> 00:26:14,120
Speaker 6: and the outlook is bright, but after last year's it's

497
00:26:14,200 --> 00:26:17,000
Speaker 6: hard to see the love of that name that you

498
00:26:17,040 --> 00:26:18,000
Speaker 6: know from where we are.

499
00:26:17,840 --> 00:26:21,200
Speaker 1: Now, Michael, I mean, look, the last question I have really,

500
00:26:21,240 --> 00:26:23,600
Speaker 1: I mean it has to do with sports. It has

501
00:26:23,640 --> 00:26:26,040
Speaker 1: to do with ESPN. The NBA rights are coming up.

502
00:26:26,080 --> 00:26:28,360
Speaker 1: I mean, how involved are you and where we are

503
00:26:28,400 --> 00:26:30,840
Speaker 1: in that process. I hear it's still behind closed doors,

504
00:26:30,840 --> 00:26:32,600
Speaker 1: but I mean you've got to be looking at that

505
00:26:32,680 --> 00:26:35,280
Speaker 1: and thinking what comes next for Disney for ESPN.

506
00:26:36,320 --> 00:26:40,040
Speaker 6: Yeah, we're highly involved in thinking about that. So we're

507
00:26:40,080 --> 00:26:44,040
Speaker 6: assuming that the NBA stays on ESPN and stays on

508
00:26:44,600 --> 00:26:46,280
Speaker 6: Turner second cable home.

509
00:26:46,440 --> 00:26:48,120
Speaker 5: Interesting, the NBA is going to look.

510
00:26:48,000 --> 00:26:51,040
Speaker 6: To find a home in streaming land. Is it Amazon?

511
00:26:51,119 --> 00:26:55,000
Speaker 6: Is at Netflix? The NBA is very focused on also globalization.

512
00:26:55,240 --> 00:26:57,520
Speaker 6: They have I think a third of their all stars

513
00:26:58,080 --> 00:27:00,640
Speaker 6: are from non US countries, so they have a really

514
00:27:00,680 --> 00:27:04,560
Speaker 6: strong international story. So the question is when Disney signs

515
00:27:04,600 --> 00:27:06,639
Speaker 6: the NBA, and he spent signs it.

516
00:27:06,680 --> 00:27:08,760
Speaker 5: What is left for them to not sign?

517
00:27:08,880 --> 00:27:11,960
Speaker 6: Right, they have a UFC deal, They have the ability

518
00:27:12,400 --> 00:27:15,719
Speaker 6: to maybe not stick with baseball. So we're really interested

519
00:27:15,720 --> 00:27:19,439
Speaker 6: in what happens after NBA because ESPN can't have everything.

520
00:27:19,480 --> 00:27:21,920
Speaker 6: Something has to be thrown over. Right, that's the next

521
00:27:21,920 --> 00:27:24,600
Speaker 6: story for us, Right, And can I say the New

522
00:27:24,640 --> 00:27:26,280
Speaker 6: York Rangers, this is our year.

523
00:27:26,440 --> 00:27:29,439
Speaker 5: Let's hope and let's pray because we deserve it.

524
00:27:29,440 --> 00:27:31,720
Speaker 2: This your car back? I mean, this is great. Michael

525
00:27:31,800 --> 00:27:34,679
Speaker 2: Nathanson in the Blue ll Bean vest just like Damian

526
00:27:34,800 --> 00:27:38,399
Speaker 2: says in the Blue ll Bean best Michael Nathanson there

527
00:27:38,880 --> 00:27:52,400
Speaker 2: with Disney, I think is a single best buy day.

528
00:27:52,440 --> 00:27:54,840
Speaker 2: I look at the front pages at Lisa Mateo hour

529
00:27:54,960 --> 00:27:57,600
Speaker 2: at LISTA. My people briefed me on the newspapers today.

530
00:27:58,240 --> 00:27:58,760
Speaker 2: What do you got?

531
00:27:59,320 --> 00:27:59,720
Speaker 7: All right?

532
00:28:00,080 --> 00:28:02,880
Speaker 8: Citadel's Ken Griffin. He wants to bring this massive New

533
00:28:02,960 --> 00:28:05,560
Speaker 8: York City skyscraper. The city is hoping it's going to

534
00:28:05,560 --> 00:28:08,520
Speaker 8: bring more workers back to the park at three fifty

535
00:28:08,560 --> 00:28:12,120
Speaker 8: Park Avenue. Very good, very good, You've done your story.

536
00:28:12,520 --> 00:28:16,760
Speaker 8: Sixty two stories going to be completed in twenty thirty two. Supposedly,

537
00:28:17,000 --> 00:28:18,920
Speaker 8: it's going to have this public concourse. But the thing

538
00:28:19,000 --> 00:28:22,440
Speaker 8: is a draw. It can house over six thousand jobs.

539
00:28:22,800 --> 00:28:25,560
Speaker 8: The question is, you know, will people come back. They're

540
00:28:25,600 --> 00:28:27,880
Speaker 8: hoping that it will, and that it will also help

541
00:28:27,920 --> 00:28:30,240
Speaker 8: revitalize the neighborhood because a lot of the businesses shut

542
00:28:30,280 --> 00:28:31,080
Speaker 8: down in the area.

543
00:28:31,119 --> 00:28:33,480
Speaker 2: I have an issue here in that does it give

544
00:28:33,560 --> 00:28:37,320
Speaker 2: us new jobs or does it just pull Damian jobs

545
00:28:37,359 --> 00:28:42,280
Speaker 2: from being C class properties over to one Vanderbilt or

546
00:28:42,320 --> 00:28:45,880
Speaker 2: the Griffin Tower, I mean the Diamond towers all JP Morgan.

547
00:28:45,960 --> 00:28:46,960
Speaker 2: But you get the picture.

548
00:28:47,000 --> 00:28:48,960
Speaker 1: Well, this is not the building that's right next to

549
00:28:48,960 --> 00:28:51,920
Speaker 1: Saint Pathrick's Cathedral. Is it where they purchased the air rights?

550
00:28:52,120 --> 00:28:52,239
Speaker 6: Yes?

551
00:28:52,920 --> 00:28:55,280
Speaker 1: Is it okay? See then I'm a little against this

552
00:28:55,360 --> 00:28:57,600
Speaker 1: because you know Saint Patty's Cathedral. I don't need shade

553
00:28:57,640 --> 00:28:59,680
Speaker 1: on Saint Patty's. I mean, you know it's for me.

554
00:28:59,680 --> 00:29:03,120
Speaker 8: That's how they're getting a big chunk of money.

555
00:29:04,560 --> 00:29:07,920
Speaker 7: Jobs are good, we should explain to our worldwide audience,

556
00:29:07,960 --> 00:29:10,760
Speaker 7: and in New York when you build a tower, there's

557
00:29:10,840 --> 00:29:16,200
Speaker 7: a thing called air rights where philanthropic and religious institutions

558
00:29:16,200 --> 00:29:21,360
Speaker 7: that own those buildings get substantial these as we build our.

559
00:29:21,320 --> 00:29:22,080
Speaker 1: One hundred and fifty.

560
00:29:23,160 --> 00:29:25,920
Speaker 8: I was just going to say, yeah, I'm.

561
00:29:25,800 --> 00:29:28,280
Speaker 2: Hoping that bill wants air rights over the House.

562
00:29:29,200 --> 00:29:32,280
Speaker 8: We'll see how that words something build something next. Okay,

563
00:29:32,880 --> 00:29:34,880
Speaker 8: I didn't realize. I mean, you would probably know this

564
00:29:35,000 --> 00:29:38,240
Speaker 8: better than I. In China, residents who are in steep debt,

565
00:29:38,240 --> 00:29:41,360
Speaker 8: they're getting blocked from making certain purchases. So this is

566
00:29:41,400 --> 00:29:43,800
Speaker 8: from the Wall Street Journal. They're saying that in Beijing

567
00:29:43,840 --> 00:29:47,760
Speaker 8: they're seizing their salaries, restricting them from getting government jobs.

568
00:29:47,800 --> 00:29:49,920
Speaker 8: This is if they're in debt, they're not paying their bills.

569
00:29:49,920 --> 00:29:53,760
Speaker 8: They're blocking them from access to high speed trains, air travel,

570
00:29:54,280 --> 00:29:58,680
Speaker 8: a lot of them forbidden to access those expensive insurance policies.

571
00:29:58,760 --> 00:30:04,000
Speaker 8: They're told they aren't allowed to go on vacation and

572
00:30:04,080 --> 00:30:06,480
Speaker 8: if they do, they can be arrested too. They can

573
00:30:06,480 --> 00:30:09,840
Speaker 8: be detained. So I didn't I didn't realize about.

574
00:30:09,640 --> 00:30:14,080
Speaker 2: This passion discussion with Nora Roubini about this once about

575
00:30:14,240 --> 00:30:17,920
Speaker 2: old world versus New world workout of bad debt. And

576
00:30:17,960 --> 00:30:21,200
Speaker 2: the answer is America's unique, Nor.

577
00:30:21,320 --> 00:30:22,479
Speaker 1: Was the dollar's unique.

578
00:30:22,600 --> 00:30:26,160
Speaker 2: That's what makes it unique. US we clear markets. There's

579
00:30:26,160 --> 00:30:28,560
Speaker 2: an economist, Friedrich Hayek, that was pretty good at this

580
00:30:28,720 --> 00:30:30,720
Speaker 2: but the idea is if you can't clear a market

581
00:30:31,160 --> 00:30:32,600
Speaker 2: and off the pandemic.

582
00:30:33,240 --> 00:30:35,200
Speaker 1: Property writes. I mean that's really what we talk about

583
00:30:35,240 --> 00:30:37,920
Speaker 1: in China, unfortunately, is just not getting investor as much

584
00:30:37,920 --> 00:30:38,840
Speaker 1: confidence that they are.

585
00:30:38,760 --> 00:30:41,520
Speaker 2: They clear in the market now they be on the.

586
00:30:41,480 --> 00:30:43,680
Speaker 1: Pine, not yet, not quite yet, not at all.

587
00:30:44,000 --> 00:30:46,400
Speaker 8: And I didn't realize unlike the US, China doesn't allow

588
00:30:46,440 --> 00:30:48,120
Speaker 8: most people to declare bankruptcy.

589
00:30:48,320 --> 00:30:52,360
Speaker 2: So that's that's that's the American What do you got next?

590
00:30:52,520 --> 00:30:57,040
Speaker 8: Okay, Washington Post. More women are getting a boosting prize

591
00:30:57,040 --> 00:30:59,840
Speaker 8: money at the first major of the year women's golf.

592
00:30:59,880 --> 00:31:02,120
Speaker 8: So women are getting some more money this weekend Chevron

593
00:31:02,200 --> 00:31:05,440
Speaker 8: Championship it takes place. They're increasing the total purse to

594
00:31:05,600 --> 00:31:08,239
Speaker 8: seven point nine million. That's up from five point two

595
00:31:08,320 --> 00:31:10,880
Speaker 8: million last year. So we're getting a little boost this week.

596
00:31:11,000 --> 00:31:13,320
Speaker 8: Chevron winner is going to take on one point two million.

597
00:31:13,600 --> 00:31:17,640
Speaker 8: Last year, the winner took home seven hundred.

598
00:31:17,840 --> 00:31:20,160
Speaker 1: You know, Vu I forget her. I don't remember her

599
00:31:20,160 --> 00:31:22,640
Speaker 1: full name, Butyah know, they've got some really talented players

600
00:31:22,680 --> 00:31:25,920
Speaker 1: in you know, in the women's and again the focus

601
00:31:25,960 --> 00:31:27,080
Speaker 1: is always going to be in the men's I mean

602
00:31:27,120 --> 00:31:28,240
Speaker 1: that's where all the highlights, but.

603
00:31:28,240 --> 00:31:29,920
Speaker 2: I remember Nancy Lopez getting it.

604
00:31:30,080 --> 00:31:32,280
Speaker 1: I mean, there's no Anika Sorenstam. And just to be

605
00:31:32,280 --> 00:31:34,080
Speaker 1: completely honest with you, but I mean there are plenty

606
00:31:34,120 --> 00:31:36,160
Speaker 1: of up and coming players, some really great players, you know.

607
00:31:36,200 --> 00:31:37,280
Speaker 1: I mean, so it's fun to watch.

608
00:31:37,280 --> 00:31:38,800
Speaker 2: Okay, The Masters was a good bunce.

609
00:31:38,920 --> 00:31:41,160
Speaker 1: Masters was fun. Yeah, But I mean, I mean, let

610
00:31:41,240 --> 00:31:42,840
Speaker 1: me tell you some of the conditions there. I mean,

611
00:31:42,880 --> 00:31:44,480
Speaker 1: we're unbelievable. Day two is tough.

612
00:31:45,480 --> 00:31:47,640
Speaker 2: How's your game? How's your game starting to spring on you?

613
00:31:49,640 --> 00:31:52,400
Speaker 1: If if he I'm working on my trying a new

614
00:31:52,480 --> 00:31:55,400
Speaker 1: three hours, eight hours, a new grip, on new grip.

615
00:31:56,240 --> 00:31:58,560
Speaker 1: The puttings there is going to be there this year.

616
00:31:58,760 --> 00:31:59,960
Speaker 2: What's his name?

617
00:32:00,040 --> 00:32:00,200
Speaker 4: Even?

618
00:32:00,240 --> 00:32:02,200
Speaker 2: Second or third? Using the bigger, thicker grip.

619
00:32:02,760 --> 00:32:05,560
Speaker 1: I like a bigger I do like a bigger quicker grip.

620
00:32:06,000 --> 00:32:07,240
Speaker 1: Thanks for thanks for.

621
00:32:07,160 --> 00:32:09,520
Speaker 2: That, Okay, I don't you know what do I know?

622
00:32:10,200 --> 00:32:11,760
Speaker 1: It's okay, bigger and thicker.

623
00:32:12,600 --> 00:32:14,320
Speaker 2: Oh I know. I sit in a bar with the over age.

624
00:32:14,400 --> 00:32:15,800
Speaker 2: I sit in a bar of the drink in my hand,

625
00:32:15,840 --> 00:32:18,880
Speaker 2: and I just go tidalist, like, oh my god, Lisa.

626
00:32:19,000 --> 00:32:22,560
Speaker 8: Next, I'm not getting the golf either. Okay, this is

627
00:32:22,560 --> 00:32:23,120
Speaker 8: the last one.

628
00:32:23,160 --> 00:32:23,440
Speaker 7: Okay.

629
00:32:23,520 --> 00:32:26,440
Speaker 8: Are you familiar with axe body spray? Of course the

630
00:32:26,480 --> 00:32:29,720
Speaker 8: men use it, right, It's to help attract the ladies. Okay.

631
00:32:29,880 --> 00:32:32,200
Speaker 8: It's a nice smelling body spray.

632
00:32:32,320 --> 00:32:36,440
Speaker 2: Olive oil, kind of olive oil. Okay.

633
00:32:36,480 --> 00:32:38,360
Speaker 1: A lot of people wear body sprays though, and most

634
00:32:38,440 --> 00:32:40,200
Speaker 1: I mean in most emerging markets. I mean, body spray

635
00:32:40,240 --> 00:32:40,680
Speaker 1: is a big thing.

636
00:32:41,040 --> 00:32:43,280
Speaker 8: But here's here's a new market for it. Okay. So

637
00:32:43,320 --> 00:32:46,479
Speaker 8: the axe body spray. Now it's being used by sheep

638
00:32:46,600 --> 00:32:50,160
Speaker 8: farmers to keep rams from fighting. So this is a

639
00:32:50,240 --> 00:32:52,880
Speaker 8: whole new market for this body spray. Okay. You have

640
00:32:52,920 --> 00:32:55,320
Speaker 8: the sheep farmers who are using it because it actually

641
00:32:55,400 --> 00:32:59,000
Speaker 8: masks the hormones to get the boys to stop butting

642
00:32:59,040 --> 00:33:01,680
Speaker 8: those heads so they get out of control. With that.

643
00:33:01,880 --> 00:33:04,440
Speaker 8: You have the axe Africa or in links it's called

644
00:33:04,480 --> 00:33:07,600
Speaker 8: links actually in the UK or Links Africa. Those are

645
00:33:07,600 --> 00:33:10,360
Speaker 8: the scent no, and it gets even They even use

646
00:33:10,440 --> 00:33:13,040
Speaker 8: it on the smells. You can use it on the

647
00:33:13,080 --> 00:33:15,760
Speaker 8: females too, not just the males, because it convinces the

648
00:33:15,840 --> 00:33:19,960
Speaker 8: mother to get these orphan lambs because it distracts them.

649
00:33:19,960 --> 00:33:23,080
Speaker 8: They're using their scent and they like the orphan lambs.

650
00:33:23,120 --> 00:33:28,160
Speaker 2: The Axe Green Geranium premium deodorant, its body spray.

651
00:33:28,320 --> 00:33:32,360
Speaker 8: Yes, they're using it for sheep and to stop the ram.

652
00:33:32,920 --> 00:33:34,880
Speaker 1: Let me tell you. I use Axe pomade, which I

653
00:33:34,880 --> 00:33:36,720
Speaker 1: feel and the shine, the blue one. I love it.

654
00:33:36,720 --> 00:33:40,880
Speaker 1: It's absolutely That's my only product I tried, the only product. No,

655
00:33:41,000 --> 00:33:44,040
Speaker 1: not the spray. I use the palmade from my hands wet.

656
00:33:46,520 --> 00:33:48,600
Speaker 2: The YouTube audience is going to be more interested in

657
00:33:48,640 --> 00:33:52,360
Speaker 2: the Royal Pineapple premium deodorant body spray.

658
00:33:52,080 --> 00:33:54,360
Speaker 1: Than I'm a really good smelling sheep out.

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00:33:54,520 --> 00:33:56,040
Speaker 2: So this was twisted today.

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00:33:56,520 --> 00:33:58,600
Speaker 8: It would, but I always got to engine with that kicker.

661
00:33:58,680 --> 00:34:00,800
Speaker 8: You know you got the engine by saying what did

662
00:34:00,840 --> 00:34:01,320
Speaker 8: you just say?

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00:34:01,520 --> 00:34:03,800
Speaker 2: Listen, let me tell you I think, thank you for

664
00:34:03,920 --> 00:34:07,160
Speaker 2: the I think, thank you for the newspapers. This is

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00:34:07,160 --> 00:34:12,239
Speaker 2: the Bloomberg Surveillance Podcast, bringing you the best in economics, finance, investment,

666
00:34:12,440 --> 00:34:16,040
Speaker 2: and international relations. You can also watch the show live

667
00:34:16,280 --> 00:34:20,600
Speaker 2: on YouTube. Visit the Bloomberg Podcast channel on YouTube to

668
00:34:20,760 --> 00:34:24,120
Speaker 2: see the show weekday mornings from seven to ten am

669
00:34:24,200 --> 00:34:28,200
Speaker 2: Eastern from our global headquarters in New York City. Subscribe

670
00:34:28,239 --> 00:34:31,960
Speaker 2: to the podcast on Apple, Spotify, or anywhere else you listen,

671
00:34:32,280 --> 00:34:35,960
Speaker 2: and always on Bloomberg Radio, the Bloomberg terminal, and the

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00:34:35,960 --> 00:34:37,520
Speaker 2: Bloomberg Business app.