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Speaker 1: Good morning. I'm Bonnie Quinn and I'm Brian Curtiz.

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Speaker 2: Here are the stories we're following today. Well, despite claims

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Speaker 2: of ceasefire violations, more hostages have been released by Hamas

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Speaker 2: At Baxter has Global News in San Francisco.

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Speaker 3: Edley, Yeah, thank you, Brian, You're right, twelve more ten

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Speaker 3: Israeli's two Thai citizens. Bloomberg's Kaylee Lyons says the claims

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Speaker 3: of violence came through loudly and clearly.

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Speaker 4: According to the IDF, there were three separate explosions targeting

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Speaker 4: Israeli troops in northern Gaza that were positioned in areas

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Speaker 4: in which the ceasefire agreement was covered. There were subsequent shootings,

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Speaker 4: according to the IDF, while Hamas also has said there

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Speaker 4: had been violations of the truce agreement without further elaboration.

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Speaker 4: Now it's not clear at this time what that means

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Speaker 4: for the overall state of the truth. There has been

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Speaker 4: no indication of further fighting or escalation at this.

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Speaker 3: Point, and Kaylee says there are talks of more ceasefires now.

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Speaker 4: Also worth noting this morning is Bloomberg's reporting that the

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Speaker 4: CIA director Bill Burns, along with the director of Masad

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Speaker 4: from Israel are in Doha war meetings initiated by Cutter,

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Speaker 4: that the Egyptians will also take part in to discuss

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Speaker 4: potentially this truce extending even further beyond just this two

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Speaker 4: day extension and aid Well.

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Speaker 3: Bloomberg's Rosalind Matheson says it is moving slowly.

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Speaker 5: Gay comes in through these trucks to the Rougher crossing

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Speaker 5: which is at the bottom near Egypt. That traveling up

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Speaker 5: to the northern parts of Gaza is pretty much impossible

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Speaker 5: because Israel is really saying we don't want anything going

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Speaker 5: into the northern areas of Gaza itself. So we know

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Speaker 5: the humanitarian situation remains very dire.

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Speaker 3: Yeah, the ceasefire is due to end on Thursday morning.

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Speaker 3: China says it wants to renew US defense relations with Australia.

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Speaker 3: The head of the Communist Party's International Apartment, Shanshaolum, saying

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Speaker 3: the overture and making the overture, saying it's important that

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Speaker 3: the two iron out their differences, saying there are possible

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Speaker 3: concerns on both sides. Motion of the House formally introduced

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Speaker 3: today to expel Congressman George Santos, made by Congressman Robert Garcia.

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Speaker 6: Health Resolution one one four resolved that pursuer to Article one,

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Speaker 6: Section five, clause two of the Constitution of the United States,

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Speaker 6: Representative George Santos b and he hereby is expelled from

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Speaker 6: the House of Representatives.

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Speaker 7: Now.

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Speaker 3: Santos has responded, if.

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Speaker 8: This building, if this city put it the effort to

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Speaker 8: fixing our country the same way that they put on

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Speaker 8: expelling me, would be in a better place. But this

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Speaker 8: place is littered in political theater, and the American people

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Speaker 8: are the ones paying the price.

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Speaker 3: Congress has forty eight hours to act under the resolution.

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Speaker 3: Donald Trump civil trial has a defense calling an executive

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Speaker 3: from Deutsche Bank Bloomberg Zerach Larson says he's covering the

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Speaker 3: trial and says managing director David Williams.

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Speaker 9: Basically made the points that even though Trump did in

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Speaker 9: late his asset values, the bank just corrected that internally

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Speaker 9: and granted him loan loans anyway.

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Speaker 3: So basically the bank knew what Trump was doing and

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Speaker 3: that values were in fact inflated, but just did something

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Speaker 3: internally and it was okay. Global news twenty four hours

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Speaker 3: a day and whenever you want it with the Bloomberg

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Speaker 3: News now in San Francisco. I'm Ed Baxter.

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Speaker 2: This is Bloomberg, and we take a look at some

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Speaker 2: of the top business stories now well in the latest

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Speaker 2: FED speak. As we mentioned earlier, too, FED officials sounded

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Speaker 2: a little less hawkish today, signaling that they could be

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Speaker 2: comfortable holding interest rates steady for the moment. Here's FED

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Speaker 2: Governor Christopher Waller.

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Speaker 3: I am increasingly confident the policy is currently well positioned

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Speaker 3: to slow the economy and get inflation back to two percent.

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Speaker 2: Separately, FED Governor Michelle Bowman said that she remains willing

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Speaker 2: to support FED hikes if inflation progress stalls, but she

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Speaker 2: stops short of endorsing a rate hike next month. Both

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Speaker 2: Waller and Bowman noted that there are still many uncertainties

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Speaker 2: about how monetary policy is likely to unfold.

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Speaker 1: And Brian delegates say OBEK plus is no closer to

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Speaker 1: results the deadlock over oil output quotas for some African members,

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Speaker 1: this has already forced the group to delay a critical meeting.

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Speaker 1: More from Bloomberg's Charlie Pellett.

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Speaker 10: Those delegates say the Saudi led alliance has not been

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Speaker 10: able to reach an agreement with Angola and Nigeria, which

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Speaker 10: are pushing back against lower quota limits for twenty twenty

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Speaker 10: four that reflect their diminished production capabilities. One delegate says

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Speaker 10: the stalemate may not be resolved before the scheduled OPEC

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Speaker 10: Plus meeting on November thirtieth, potentially requiring a further delay.

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Speaker 10: In New York, Charlie Pellette Bloomberg Radio.

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Speaker 2: Well, the Reserve Bank of New Zealand is expected to

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Speaker 2: keep the country's cash rate on hold at five and

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Speaker 2: a half percent today, but the market is expecting easing

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Speaker 2: by the middle of next year. Bloomberg's Paul Allen has

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Speaker 2: more from Sydney.

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Speaker 11: All twenty one economists survey by Bloomberg see no change

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Speaker 11: to New Zealand's cash rate today. Inflation did ease faster

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Speaker 11: than expected to five point six percent in the third quarter,

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Speaker 11: and that's led the market to stop pricing in cuts

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Speaker 11: for from May twenty twenty four. Ibianzi Governor Adrian Or

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Speaker 11: may push back on that at today's press conference, with

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Speaker 11: the bank reiterating last month a higher for longer narrative.

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Speaker 11: Or may also face questions on the new government's plans

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Speaker 11: to reform the IBYNZ, including returning it to a single

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Speaker 11: mandate of inflation tipening and a possible time frame in

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Speaker 11: which to achieve its inflation targets. Paul Evan Bloomberg Radio.

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Speaker 1: May Twan Chairs tumbled at eleven percent in New York

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Speaker 1: trading after the company warned of slower growth ahead. Bloomberg's

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Speaker 1: Von Mann has more from Hong Kong.

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Speaker 12: May Twe said growth would follow this quarter because of

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Speaker 12: warmer weather. Cfo chenze huays people would likely dine out

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Speaker 12: rather than ordering in The prediction comes as a Chinese

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Speaker 12: meal delivery company reported its third straight quarterly profit. Revenue

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Speaker 12: was slightly better than expected. Sales rose twenty two percent

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Speaker 12: in the quarter ending in September. Net income almost tripled

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Speaker 12: to three point five to nine billion yen, but margins

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Speaker 12: slid because of promotions, and the company said spending on

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Speaker 12: promotions will rise further in the current quarter. In Hong Kong,

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Speaker 12: I'm Yvon Menn Bloomberg Radio.

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Speaker 2: Meantime and Other earnings news. PDD Holding surged eighteen percent

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Speaker 2: in New York after reporting a stronger than expected doubling

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Speaker 2: of revenue. We get that story from Bloomberg's Juan Wong

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Speaker 2: in Hong Kong.

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Speaker 13: PDD is a parent of Chinese e commerce platform Ping

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Speaker 13: Dua Duo. The company reported a forty seven percent search

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Speaker 13: in net income in the third quarter, sales jumped to

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Speaker 13: nine point six billion dollars. The strong results follow rammed

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Speaker 13: up diskcounter marketing for its hit shopping app Temu. It

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Speaker 13: grows also for outpaced Chinese rivals, including Ali Baba. Pdd's

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Speaker 13: US listed shares have sold seventy percent since July, while

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Speaker 13: Ali Baba and JD dot Com have tumbled. The outperformance

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Speaker 13: reflects anticipation the Ping Dualdo will continue to steal market

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Speaker 13: share at home and win fans abroad as well. In

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Speaker 13: Hong Kong, Join Wong Bloomberg Radio.

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Speaker 1: Charlie Munger, the man who helped more In Buffett build

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Speaker 1: Berkshire Hathaway, has died at age ninety nine. Berkshire said

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Speaker 1: Munger died on Tuesday at a California hospital. Now, let's

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Speaker 1: take a moment to reflect on the life, work and

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Speaker 1: legacy of Berkshire Hathaway's Charlie Munger. For that, we go

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Speaker 1: to a special report from Bloomberg's John Tucker.

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Speaker 14: Charles Munger served as alter egos, sidekick and foyle to

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Speaker 14: Warren Buffett for almost sixty years as they transformed Berkshire

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Speaker 14: Hathaway from a failing textile maker into an empire. A

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Speaker 14: lawyer by training, Munger helped a Buffet craft a philosophy

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Speaker 14: of investing in companies for the long term, and even

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Speaker 14: as his partner became a worldwide celebrity known far and

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Speaker 14: wide as the Oracle of Omaha, Munger believed Berkshire's success

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Speaker 14: would outlast Buffett's star power.

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Speaker 10: In my opinion, Berkshire will flourish after Warren's gone. I

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Speaker 10: don't think anybody is is essential given the momentum we

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Speaker 10: now have in place.

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Speaker 14: He didn't overstate his own importance either, sharing his vice

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Speaker 14: chairman title at Berkshire in twenty eight, team with two

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Speaker 14: next generation senior executives, and affirming the company's commitment to

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Speaker 14: a succession plan. I'm John Tucker, Bloomberg Radio.

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Speaker 2: The time is eleven minutes past the hour. Let's get

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Speaker 2: to a little bit more on Charlie Munger with Noah Buyer,

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Speaker 2: who is Bloomberg News reporter and has covered Berkshire Hathaway.

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Speaker 2: Read your piece very very interesting. Indeed, what a one

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Speaker 2: two punch that Warren Buffett and Charlie Munger were. Your

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Speaker 2: thoughts on just sort of the legacy of Charlie Munger.

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Speaker 7: Well, I think one of the biggest and most important

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Speaker 7: things to know is that Warren Buffett really credited Charlie

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Speaker 7: Munger with teaching him that he could invest in good businesses,

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Speaker 7: that he could pay up for good businesses because they

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Speaker 7: would be better than just you know, finding cheap deals

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Speaker 7: in the stock market or in private markets. And that

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Speaker 7: really turned out to be a huge part of the

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Speaker 7: recipe for success at Berkshire. You saw it in investments

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Speaker 7: that they made, like in Coca Cola or earlier in

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Speaker 7: their career, in businesses like Seas Candy, which have just

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Speaker 7: made a lot of money for Berkshire over the years.

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Speaker 7: In the case of Seas it generated a lot of

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Speaker 7: cash that fueled buffets later investments that that we know

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Speaker 7: more about.

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Speaker 1: Yeah, I think the phrase that Warren Buffett used to

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Speaker 1: say was that he told him forget what you know

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Speaker 1: about buying fair businesses at wonderful prices instead by wonderful

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Speaker 1: businesses at fair prices. And it's great advice, as are

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Speaker 1: all of the pieces of advice that you know, we

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Speaker 1: all hear from Monger. Did he have regrets though, Noah,

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Speaker 1: there were some investments he sort of wished he'd made, right,

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Speaker 1: Oh for sure.

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Speaker 7: I mean, look, there were always there were always things

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Speaker 7: that you know, you would you would hear this at

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Speaker 7: the at the Berkshire Annual Meetings of Instances when they

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Speaker 7: said they had, you know, wish they had bought in

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Speaker 7: on Google earlier or other other companies. But you know

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Speaker 7: what really uh set Munger apart is that he had

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Speaker 7: such a long history with Buffett and they really complimented

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Speaker 7: one another and you know, brought different things to the

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Speaker 7: table as as Buffett's celebrity sword. You know, Munger was

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Speaker 7: very much a check on that and kept him grounded.

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Speaker 2: Yeah, as you pointed out in your story, I mean

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Speaker 2: they did have differences in one of the areas they

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Speaker 2: had different So song was charity giving to charity.

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Speaker 7: Yeah, So obviously Warren Buffett has pledged to give away

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Speaker 7: most of his wealth. A lot of it's going to

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Speaker 7: foundations run by his children, a lot of it has

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Speaker 7: gone to the Gates Foundation. But Monger, you know, has

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Speaker 7: equipped at times that capitalist enterprises like like Costco do

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Speaker 7: more for for charity than some nonprofits. Now that's you know,

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Speaker 7: it was a it was a pretty controversial thing when

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Speaker 7: he said it. I'm I I didn't get a chance

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Speaker 7: to follow up with him on that, but I think

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Speaker 7: that's you know, that's a lot of the way that

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Speaker 7: he spoke and thought was was to say unpopular things

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Speaker 7: and to question conventional wisdom.

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Speaker 1: How much was munger is the decision maker or did

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Speaker 1: they always agree in the end? Buffett and Munger. I know,

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Speaker 1: at one point they said that they'd never had an

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Speaker 1: argument because Munger says, Warren, think it over and he'll

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Speaker 1: agree with me because you were smart, and I'm right.

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Speaker 7: Yeah, yeah, you know, I think I think the way

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Speaker 7: to think about this is that there's been an evolution

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Speaker 7: at Berkshire over time. Certainly in recent decades Munger has

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Speaker 7: pursued some of his other passions. He was, you know,

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Speaker 7: well known for being very interested in architecture. He he

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Speaker 7: made these donations to universities to build dormitories and other

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Speaker 7: facilities and you know, got to got to fulfill his

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Speaker 7: dream of playing architect on those. And you know, it's

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Speaker 7: not that he was uninvolved with Berkshire, but the relationship

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Speaker 7: changed over time and the place grew and Buffett brought

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Speaker 7: on other people who were handling things day to day.

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Speaker 2: I was just chatting with Tim Senovik and Carol Masser

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Speaker 2: on this John. They reminded me that it was Munger

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Speaker 2: that actually was very encouraging of Buffett to take a

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Speaker 2: look at by D in China. So it's an interesting

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Speaker 2: segue into the primary area of focus for us, which

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Speaker 2: will be looking at Asia today. I'm just curious if

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Speaker 2: you have any interesting anecdotes about the relationship between Berkshire,

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Speaker 2: Hathaway and by D.

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Speaker 7: Yeah, I have to admit I'm not super deeply informed

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Speaker 7: on that, but I know one of Monger historically had

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Speaker 7: invested some of his money with an investment manager named Leelu.

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Speaker 7: I believe that was who got him introduced to BYD.

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Speaker 7: And you're exactly right. It's a part of the world,

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Speaker 7: and that that Monger certainly was interested in and studying

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Speaker 7: from an investment standpoint earlier than Buffett, and he was

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Speaker 7: never one for holding back.

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Speaker 1: For example, he called bitcoin noxious poison, and he defined

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Speaker 1: cryptocurrency generally as partly fraud and partly delusion. We loved

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Speaker 1: watching and listening and hearing from those annual general meetings,

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Speaker 1: partially because you know, the Buffett Monger two for was

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Speaker 1: just priceless. Who will go on that stage with Warren

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Speaker 1: Buffett next time? Or will he have somebody else with him?

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Speaker 7: Yeah, look, I think we'll have to wait and see.

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Speaker 7: Over over time, Buffett has brought in other senior executives

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Speaker 7: at the company. Greg Abel is a natural one. He's

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Speaker 7: the vice chairman, in charge of everything but the insurance businesses.

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Speaker 7: We might hear more from Ted Wessler and Toddcombs, who

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Speaker 7: are two investment managers that Buffett brought on more than

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Speaker 7: a decade ago now, And you know, I think certainly

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Speaker 7: they'll have to change the format, but there seems to

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Speaker 7: be a long time interest by Buffett and just as

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Speaker 7: a part of that corporate culture, to allow shareholders a

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Speaker 7: chance to ask questions of the company leaders.

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