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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

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Speaker 1: Surveillance Podcast. Catch us live weekdays at seven am Eastern

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Speaker 1: Listen on demand wherever you get your podcasts, or watch

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Speaker 1: us live on YouTube.

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Speaker 2: Steve chivone with us with federated Aaron as thrilled he

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Speaker 2: could be with this. You were just down in San Diego, Steve,

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Speaker 2: talking to people trying to make decisions on asset alloccasion.

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Speaker 3: How miserable are people.

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Speaker 4: Worried? You know, I think you've got and Frank, I

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Speaker 4: don't mean to be callous about it, but it makes

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Speaker 4: me like the market set up better today, ironic, given

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Speaker 4: the newsflow we just heard that than where we were

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Speaker 4: last November. The expectations set last November was unfulfillable. Where today,

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Speaker 4: you know, we've got a healthy wall of worry around

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Speaker 4: resurgent inflation, hawkish fed tariffs policy, and I think that

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Speaker 4: that wall of worry is going to get knocked down

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Speaker 4: or taken down brick by brick as we get in

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Speaker 4: the second half of the year. So more pain to come,

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Speaker 4: but we see a much much better second.

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Speaker 2: Half Tursan Slack moments ago with Apollo just put out

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Speaker 2: the states affected by terrorists. It's the usual victims of Michigan, Texas.

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Speaker 2: I feature Nebraska is today, Indiana, Kentucky is MAG seven,

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Speaker 2: Steve chiveron as the technology excellence of growthy federated or

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Speaker 2: MEZ is it affected by tariffs.

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Speaker 4: It's not necessarily affected by tariffs in an extraordinary way.

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Speaker 4: I mean, there is certainly some effects that relates to

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Speaker 4: chips and things of that nature. But if you think

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Speaker 4: about it, if you were going to retaliate against the

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Speaker 4: United States, you really can't do it in a general

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Speaker 4: economic sense. Right if you're Canada or Mexico, where exports

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Speaker 4: represent twenty five or a third of your GDP and

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Speaker 4: the US those imports maybe three or four percent, you're

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Speaker 4: not winning that battle. Your only leverage if you are

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Speaker 4: a foreign country trying to retaliate against the United States

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Speaker 4: is to try to go after the MAG seven where

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Speaker 4: fifty percent of the revenue for some of those names

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Speaker 4: are overseas, and so I think they are the obvious

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Speaker 4: retaliation target if we're going to go down that route.

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Speaker 5: Steve, what are we doing with asset allocation these days?

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Speaker 5: That we sit back and we had such outperformance by

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Speaker 5: the equity markets in twenty three and twenty four. What

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Speaker 5: are we doing with asset allocation these days?

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Speaker 4: Yeah. Look, I think what we're in is a fog

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Speaker 4: of uncertainty, which is what we're calling it, and it's

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Speaker 4: an economic slowdown in this first part of the year. However,

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Speaker 4: I think inflation concerns are overblown, particularly because the risks

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Speaker 4: to growth I think are greater than the risks to inflation.

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Speaker 4: I really don't care what Chairman Powell has to say.

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Speaker 4: This FED is cutting and I think they may be

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Speaker 4: cutting by the middle of the year. I think tariffs,

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Speaker 4: for all of the concern Paul, we are going to

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Speaker 4: end up essentially with the United States instituting a tariff

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Speaker 4: level equal to the world's vats. I think trade barriers

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Speaker 4: are going to come down with resident from the tariffs,

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Speaker 4: and you're going to see US barriers get up to

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Speaker 4: about the level of a VAT. That's not the end

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Speaker 4: of the world. You're going to get to a tax

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Speaker 4: top package somewhere between Memorial Day and the fourth of July.

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Speaker 4: And I think in the back half of the year

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Speaker 4: you're going to see cyclicals small caps and the short

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Speaker 4: end of the curb rally. I'm not smart enough, clever enough,

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Speaker 4: or quick enough to try to get defensive today and

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Speaker 4: get bullish tomorrow. We're going to invest for that better

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Speaker 4: second half.

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Speaker 2: Stay Chiver on one final questionnaire. I think it's really

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Speaker 2: really important. The conservative client, they got a retirement plan,

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Speaker 2: They're like swingey, it's a five oh one. K the

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Speaker 2: things on steroids?

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Speaker 3: Do they do something?

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Speaker 4: Here?

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Speaker 3: I got to do something. I just the newsflow. I

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Speaker 3: can't take it. Lisa Matale gave me my first gray hair.

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Speaker 3: What do I do? I mean, what's the to do

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Speaker 3: list for you? Infederated here?

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Speaker 4: I think for a conservative client, one of the best

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Speaker 4: things you can do is put together a portfolio that

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Speaker 4: generates income. You know, in my household, once a quarter,

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Speaker 4: you know, we get our dividend payment on stock that

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Speaker 4: we have, and we call it dividend Day. It's one

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Speaker 4: of the happiest days of the year for my wife

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Speaker 4: four times a year because that money comes in and

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Speaker 4: we're not worried about a share price, right, We're not

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Speaker 4: worried about a stock being up or down. We know

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Speaker 4: that the investments that we hold generate an income, and

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Speaker 4: I think for clients that are conservative or tending to

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Speaker 4: get skittish, having a portfolio that produces an income that

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Speaker 4: helps you to stay calm because you know that check

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Speaker 4: is coming in and not overreact to share price movements,

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Speaker 4: helps you stay invested, helps you stay long, and helps

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Speaker 4: you not overreact to some of the noise that you're

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Speaker 4: seeing in the political news flow right now. And I

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Speaker 4: think that's the best thing you can do. You don't

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Speaker 4: want to overreact.

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Speaker 2: Okay, Steve Schiveron, thank you so much for the guidance.

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Speaker 2: Cerre and folks, this is a huge issue. Will be

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Speaker 2: covering us of course, and really into March. You know,

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Speaker 2: get the jobs report coming up, Paul, But I'm sorry.

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Speaker 3: S a location. What do we do? Some people say,

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Speaker 3: do nothing. You know, we'll have to see.

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Speaker 1: You're listening to the Bloomberg Surveillance Podcast. Catch us live

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Speaker 1: weekday afternoons from seven to ten am Eastern Listen on

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Speaker 1: Applecarplay and Android Otto with the Bloomberg Business app, or

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Speaker 1: watch US live on YouTube.

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Speaker 3: This is joy. I had absolutely nothing to do with this.

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Speaker 2: I think Eric and the interns figured this out and

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Speaker 2: I just want to take a moment here. People on

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Speaker 2: the East coast have absolutely no clue the academic heritage

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Speaker 2: of far western Canada, including the University of British Columbia.

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Speaker 3: It is I learned this years ago. It is just wacko.

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Speaker 2: How good the economics is. She's out of that combine, Catherine.

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Speaker 2: These joins US now with pigium as well, like econometrics

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Speaker 2: in aid economics. It was like absolutely definitive in my ute.

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Speaker 2: Continent of Europe is what you focus on?

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Speaker 3: Is it blowing up?

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Speaker 2: This morning I saw Italian German spreads really didn't move.

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Speaker 2: It's a one off lift.

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Speaker 3: Isn't it.

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Speaker 6: Yes.

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Speaker 7: I think what we're seeing is in some ways a

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Speaker 7: quote unquote you know, good move in an orderly move

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Speaker 7: asset prices. I think markets are taking this very positively.

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Speaker 7: It is you know, I see it as a third

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Speaker 7: in a row of droggies, whatever it takes of the

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Speaker 7: next generation.

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Speaker 6: EU announcement in July twenty twenty, this is big. This

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Speaker 6: is huge.

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Speaker 8: This.

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Speaker 7: When I first heard these numbers, I was like, this

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Speaker 7: is a go big or go home number.

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Speaker 3: This is a huge deal.

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Speaker 2: Like you and I studied Duley Garber Folkards Lando, David

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Speaker 2: Fokertslando at jointsche Bank years ago, like the deve Putin invaded.

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Speaker 2: Paul Focarts Lando told me the fiscal sphere, the space

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Speaker 2: in Europe will never be the same culturally. Are the

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Speaker 2: institutions there, BMP, PERRYBA, this the entire structure of Europe.

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Speaker 3: Are they ready for this non austerity?

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Speaker 6: This is a great question. I mean, it is a

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Speaker 6: big move.

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Speaker 7: But one argument that I've made a long time in Europe,

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Speaker 7: We're so used to having this narrative following the sovereign

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Speaker 7: debt crisis, that debt is a problem in Europe. We

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Speaker 7: think about Italy more recently, we think about France. But

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Speaker 7: if we look at the EU as a whole, or

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Speaker 7: even just the euro Area as a whole, debt to

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Speaker 7: GDP is very, very low. It's much much lower than

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Speaker 7: any other comparable economic region, either in size or level

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Speaker 7: of development. It's at the EU level. It's eighty percent

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Speaker 7: relative to GDP, so it's.

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Speaker 6: Way way lower.

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Speaker 7: They have loads of fiscal space. The issue for Europe

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Speaker 7: is not the lack of money. The issue in Europe

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Speaker 7: is not the lack of general consensus about how these

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Speaker 7: funds should be spent. The problem in Europe is there

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Speaker 7: is no fiscal mechanism in place to allow this spending

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Speaker 7: to happen. So what is so important about this signal

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Speaker 7: that we're seeing from Germany is not just the size,

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Speaker 7: but what it means for Europe working together, having leadership

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Speaker 7: in its largest, most economically important economy.

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Speaker 6: In terms of going forward.

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Speaker 7: And I think everything else, you know, provided this is

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Speaker 7: planned and executed, you know properly, there are there are

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Speaker 7: risks clearly around doing big stuff. I think everything else

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Speaker 7: is going to fall into line.

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Speaker 5: That answer just doubled my knowledge of what's going on.

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Speaker 3: Oh this is much.

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Speaker 2: I want you to jump in here, but I said

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Speaker 2: it with leguard at Jackson Hall. Sure, people called me

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Speaker 2: up and said this is a huge speech.

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Speaker 3: What Catherine is that Your phone is my fault? Now

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Speaker 3: hold on, let me see. Oh it's it's Air France.

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Speaker 8: Available.

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Speaker 3: I never this is the first time that's happened. It's

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Speaker 3: your fault. What card is fired up? Oh that's we're doing.

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Speaker 3: Paul saved me. But the guards fired up about that's amazing.

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Speaker 5: And Catherine in your notes here, I love this. The

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Speaker 5: German spending plan is a game changer, a fiscal bazooko.

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Speaker 5: Earlier expectations of a two hundred million dollar defense bill

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Speaker 5: were completely surpassed. So just putting in the context a

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Speaker 5: huge announcement by Germany as it relates to spending, will

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Speaker 5: the rest of Europe?

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Speaker 9: Will they follow? And they follow?

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Speaker 7: I think they're going to have to follow. I think

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Speaker 7: it's going to be a multi pronged approach. We're going to,

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Speaker 7: you know, get some announcements today. What I would say

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Speaker 7: is a lot of these announcements coming today are.

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Speaker 6: You know, these are quote unquote easy.

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Speaker 7: They are politically easy, they are financially easy for them

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Speaker 7: to agree. It doesn't require, for example, unanimity at the

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Speaker 7: EU level.

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Speaker 6: These there are.

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Speaker 7: Announcements that I'm expecting today that are more in the

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Speaker 7: incrementalism bucket. So if we want to see another big

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Speaker 7: substantive move from here, I think what I would be

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Speaker 7: looking at is one we need a signal that the EU,

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Speaker 7: not Europe, but the EU is actually politically aligned and

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Speaker 7: moving forward. That doesn't necessarily mean they've got to agree eurobonds,

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Speaker 7: but I want to see them smash some old chestnuts

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Speaker 7: here along the lines of banking union, along the lines

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Speaker 7: of capital markets union, because no matter how much public

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Speaker 7: money they throw at this is never going to be enough.

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Speaker 7: You need private money and you need the signal the

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Speaker 7: politically they're working together.

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Speaker 2: I got eight questions, including how she fixes the Toronto

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Speaker 2: maple leafs.

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Speaker 3: Cather Nize. This is brilliant, and what I think.

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Speaker 2: We need to focus on in the time we've got

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Speaker 2: left is what's it mean for Americans? Because the risk

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Speaker 2: here is they're eighty percent GDP? Are they going to

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Speaker 2: become like us with the out of control debt and deficit?

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Speaker 2: I mean, is that the fear, the pushback that Europe's

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Speaker 2: going to see?

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Speaker 7: That risk is always there, but there are mechanisms in place.

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Speaker 7: We have these new fiscal rules at the EU level.

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Speaker 7: Some people say, you know, they're not really very very stringent,

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Speaker 7: but I mean think the proof is in the pudding.

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Speaker 7: I mean they have been pretty effective if absolute debt

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Speaker 7: to GDP is only eighty percent, So you know, my

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Speaker 7: guess is they are going to handle this in a

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Speaker 7: way that is constrained.

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Speaker 2: Here's the guard when I was with her in Jackson Hall,

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Speaker 2: this is Maynard Keynes quote. The difficulty lies not in

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Speaker 2: the new ideas but escaping from the old ones. Brilliant

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Speaker 2: to Paul's good question is Finland ready to escape the

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Speaker 2: old ideas and become like America with a pop phenomenal

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Speaker 2: GDP and all the other things.

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Speaker 6: I think Europe is ready to move forward.

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Speaker 7: I saw, you know, excerbs from the Munich Security conference.

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Speaker 7: You know, we saw White House press conferences. I think

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Speaker 7: from the perspective of Europe, this was a game changer

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Speaker 7: for them.

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Speaker 6: This really shifted.

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Speaker 7: Going back to these German numbers. Going into the weekend,

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Speaker 7: the numbers were two hundred billion for a defense fund.

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Speaker 7: Only then on Monday we heard four hundred billion for

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Speaker 7: a defense fund and four hundred billion for infrastructure.

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Speaker 6: Then we heard five hundred million for each of those.

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Speaker 6: So we grew literally in a matter of.

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Speaker 2: Days, across the nation, around the world, and particularly to

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Speaker 2: those of you in the continent of Europe. Katheransu us

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Speaker 2: with PGM. Here a brilliant conversation. This is what surveillance

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Speaker 2: is about. We welcome you on your commute across America,

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Speaker 2: and of course we say good morning on YouTube. Subscribe

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Speaker 2: to Bloomberg Podcast. Growing each and every day, Paul, this

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Speaker 2: is I mean, this is thirty years Paul. This is

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Speaker 2: a new con with doctor Nase.

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Speaker 5: And Catherine talk to us about just the political support,

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Speaker 5: the popular support. Isn'tre that support out there across Europe

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Speaker 5: for this new way of thinking about spending and maybe

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Speaker 5: having to take a bigger role in defending themselves and

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Speaker 5: what that costs.

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Speaker 7: Well, I think it tells you a lot, you know,

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Speaker 7: about where we find ourselves.

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Speaker 9: Now.

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Speaker 6: If you said we need.

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Speaker 7: To increase this defense spending with one for one cuts

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Speaker 7: in the social safety network, I think you're going to

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Speaker 7: come up against a lot of resistance, which is why

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Speaker 7: we've ended up where we are, where the easiest flex

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Speaker 7: point has been increasing debt and doing this through debt financing,

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Speaker 7: because there is that resistance. But I think the reality

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Speaker 7: is is that over the course of time, slowly some

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Speaker 7: of this social welfare network is going to need to

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Speaker 7: be rained in. And it comes by to your point

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Speaker 7: about debt sustainability. So you know, for now this is

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Speaker 7: this extra you know, slodge of money over and above,

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Speaker 7: but ultimately is going to have to come at the

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Speaker 7: offset of something.

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Speaker 2: The ambiguity here and this goes back to Stigler's posts,

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Speaker 2: not as Nobel Prize, but Stigler's looking at the little

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Speaker 2: g the growth rate here, the American bargain has always

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Speaker 2: been we will grow our way out of our debt.

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Speaker 2: Do you see a new nominal GDP, whatever the mix

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Speaker 2: of it is in Europe where they become more like

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Speaker 2: America and they get the little g to cover for

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Speaker 2: the debt expansion.

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Speaker 7: I absolutely think that this is possible. And why do

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Speaker 7: I think that? Firstly, you know, demographics is not destiny.

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Speaker 7: If I look at what's going on in Japan. I mean,

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Speaker 7: it's remarkable Japan grew faster in the fourth quarter of

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Speaker 7: last year than the United States. This is a country

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Speaker 7: that's facing a significantly, you know, dramatic and dramatically different

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Speaker 7: demographic headwin than the United States. And it's because they

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Speaker 7: took a very long term strategic view.

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Speaker 6: And they have invested.

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Speaker 7: They've increased labor market participation, they've improved productivity, and so

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Speaker 7: you can get growth. We're also seeing early signs in

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Speaker 7: that the European periphery, on the back of these next

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Speaker 7: generation EU investments, that potential growth is starting to pick up.

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Speaker 7: You know, we're not talking anything huge, but you know,

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Speaker 7: a tenth a couple tenths is actually nothing to sneeze

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Speaker 7: at if you accumulate that over many, many years. So

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Speaker 7: I don't see any reason why Europe cannot grow. Germany

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Speaker 7: did actually grow on average by two percent GDP real

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Speaker 7: on average every year in the decade before the financial crisis.

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Speaker 7: Now they haven't grown it all since twenty nineteen. That's

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Speaker 7: not normal. That's not normal. So I think there is

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Speaker 7: absolutely scope for them to do.

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Speaker 3: We'll get a few more in here.

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Speaker 2: We've got someone who's slummed in from Germany we've got

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Speaker 2: to talk to exactly.

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Speaker 5: So in terms of Germany, a market viewing Germany and

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Speaker 5: broader Europe now, is this increased acceptance of higher spending.

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Speaker 5: Is it seen as pro growth? Does it raise inflation concerns?

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Speaker 5: What are the markets telling us here?

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Speaker 7: I think the market for now is working on the

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Speaker 7: assumption that this is a positive for growth.

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Speaker 3: I looked at a lot of.

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Speaker 2: Charts today and the yield move is contained. Yes, cultural

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Speaker 2: this is critical for PJUM. If if Greg Peters was here,

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Speaker 2: this is the question you'd ask you the is the

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Speaker 2: institutional integrity there to sustain European business so they don't

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Speaker 2: disinvest or halt investment.

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Speaker 7: Well, this is why I think. In addition to this,

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Speaker 7: you know, big fiscal Bazooka. I want to see a

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Speaker 7: strong signal from the EU level that leaders there are

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Speaker 7: working in unison, that they're willing to take hard political

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Speaker 7: decisions that you know, are going to go against some

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Speaker 7: vested interest to move forward. I want to see that signal.

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Speaker 7: We haven't seen it yet. What we're going to hear

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Speaker 7: today is not that signal.

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Speaker 6: It needs to be more.

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Speaker 2: ECB just out of the headlines, the European Central Bank

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Speaker 2: says rates are becoming meaningfully less restrictive. Is that a

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Speaker 2: societal less restrictive or is that a growthiness imploding?

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Speaker 7: So uh, you know you asked the great question before,

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Speaker 7: what is it?

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Speaker 6: What does it mean for the ECB? This is a

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Speaker 6: complete flip.

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Speaker 7: For so long in Europe it was really monetary policy

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Speaker 7: that was leading and fiscal was lagging. And now fiscal

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Speaker 7: is firmly in the driving seat, and the ECB is

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Speaker 7: going to have to adjust to that.

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Speaker 6: I think at the margin.

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Speaker 7: Here it's going to raise there or at least put

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Speaker 7: them at the top end of neutral. So yes, I

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Speaker 7: was expecting this cut today. I think they probably will

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Speaker 7: cut one more time, maybe later this year, but that

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Speaker 7: they sit at that top end of neutral of two

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Speaker 7: point two five percent by the end of this year,

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Speaker 7: so they are going to be more cautious, and of

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Speaker 7: course they need to see what this all means for

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Speaker 7: the real economy, and it will take time. Right, this

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Speaker 7: stuff's not shovel ready. It's not going to impact on

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Speaker 7: GDP on day one.

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Speaker 2: This is one of Alketzani's from London, visiting today with

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Speaker 2: Pgium Fixed Income.

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Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday

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Speaker 1: starting at seven am Eastern on Applecarplay and Android Auto

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Speaker 1: with the Bloomberg Business app. You can also listen live

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Speaker 1: on Amazon Alexa from our flagship New York station. Just

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Speaker 1: say Alexa Play Bloomberg eleven thirty.

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Speaker 2: I'm cut to the chase at Latour de Jent this

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Speaker 2: afternoon at lunch in Paris, overlooking the brand spankin New

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Speaker 2: Notre Dame. You're going to have a fancy lunch with

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Speaker 2: seasonal duckling on we go to the Crape Mademoiselle. What

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Speaker 2: are the fancy people of Europe think of this world

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Speaker 2: turned upside down?

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Speaker 10: How well had differently? There is a lot on the plate,

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Speaker 10: and what we see is on one side, some countries

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Speaker 10: that have the FISCUS place to googleld notably polland Germany.

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Speaker 10: Some other said that not so. Macron probably now is

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Speaker 10: taking the lead. And this is something that honestly it

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Speaker 10: was back at twenty seventeen when it said we really

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Speaker 10: need in Europe to speed up and get some defense spending.

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Speaker 10: So probably it's going to lead the queue and we

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Speaker 10: will get there. I don't know how much and how fast,

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Speaker 10: but this is the final destination.

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Speaker 5: I mean, this is a c change for yes, both

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Speaker 5: the US and Europe broader to find if there's going

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Speaker 5: to be a lesser role in the US across Europe,

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Speaker 5: that means obviously the European countries need to step up more.

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Speaker 5: Seen at the EU today, What does that mean for

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Speaker 5: investing house That impact your investment outlook as you think

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Speaker 5: about allocating capital across the globe.

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Speaker 10: Well, the big question is how this is going to

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Speaker 10: be financed and how this well have an impact on

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Speaker 10: growth because it is a structural it is a permanent

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Speaker 10: increase in expenses. And this is why I believe we

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Speaker 10: are seeing the bound going to the GUIs this is

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Speaker 10: what worries us at the moment. So I would say

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Speaker 10: that for the time being, nothing has been approved from

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Speaker 10: the Parliament in Germany. So the situation still remains quite

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Speaker 10: quite fluid. So we take called staying cautious on the

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Speaker 10: risks set.

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Speaker 2: If you were at the guard press conference, one question

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Speaker 2: would you ask the.

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Speaker 10: ECB quantitative titaning? What are you going to do on that?

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Speaker 10: Because on cutting rates this is something that was a

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Speaker 10: consensus view.

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Speaker 3: But news I.

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Speaker 2: Find this absolutely extraordinary. How should the United States respond?

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Speaker 2: This is all of a sudden, Europe are destiny nation

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Speaker 2: for marginal investment? I mean a Monday, What do you

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Speaker 2: tell American clients today of the action of the White

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Speaker 2: House has changed this whole dialogue.

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Speaker 10: Well, to us, it really goes back to the consequence

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Speaker 10: on the other classes, so on rates, on the currency,

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Speaker 10: so on the US dollar. Honestly, we are shorter the

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Speaker 10: US dollar longer Europe because we do expect the US

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Speaker 10: dollar to progressively depreciate. In the past, it was because

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Speaker 10: of the FED. We thought that the FED action and

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Speaker 10: the asynchrony between FED and the ECB would have led

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Speaker 10: to depreciating currency. But this is what I think the

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Speaker 10: US administration wants. They want a weaker a US dollar.

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Speaker 5: Yeah, just looking at the German ten year boomed. Just

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Speaker 5: you know since February twenty eighth, when was it two

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Speaker 5: point four percent. We're now our two point eighty six percent,

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Speaker 5: So big, big move up in German yields. Is the

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Speaker 5: expectation within with you and your clients, UH and investors

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Speaker 5: in Europe that this backing away from monsterity is a

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Speaker 5: good thing for the European economy.

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Speaker 10: It is as long as the increase in the death

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Speaker 10: spending goes into improving growth. So we are talking about

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Speaker 10: a country that has a sixty percent that to GDP ratio,

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Speaker 10: which is honestly, it's not issues Germany. This is Germany.

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Speaker 3: You are well over one hundred.

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Speaker 10: I'm talking about Germany. So if spending on infrastructure this

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Speaker 10: is going to be growth constructive. On military expenses, that

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Speaker 10: multiplier might be a little bit low lower.

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Speaker 2: So I got to get to say, we're going to

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Speaker 2: go to the news here in the United States Monica.

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Speaker 2: But I think this is just so question is so important.

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Speaker 2: So Spain expands their debt, Germany expands their dead, which

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Speaker 2: is like Mississippi expanding its dead in Michigan. To the

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Speaker 2: Guard's point, where is the fiscal union they will affect

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Speaker 2: this efficiently.

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Speaker 3: I don't see it. Well.

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Speaker 10: What we need to understand is how the framework will

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Speaker 10: be fully deployed, because if it goes down to the nations,

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Speaker 10: so this is where the issue will be. And not

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Speaker 10: all the countries will spend at the same size at

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Speaker 10: the same time, just because they have different needs. So

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Speaker 10: the issue might be eventually to have an umbalanced Europe

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Speaker 10: with some countries that have been spending more Poland, Germany

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Speaker 10: and some that have less room.

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Speaker 6: Let's see what the commissioners.

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Speaker 10: Today will vote on the escape rule, just to allow

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Speaker 10: some more spaces to the countries, to the state members.

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Speaker 2: So if we ever do a remote tour Dejan right

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Speaker 2: there on the front and overlooking the river, can you.

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Speaker 3: Join us there?

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Speaker 2: Sure there are It would be like lunchtime.

444
00:24:02,280 --> 00:24:05,280
Speaker 3: Yanks, Harris. We could do lunch, you.

445
00:24:05,240 --> 00:24:11,520
Speaker 2: Know, we'll do the deck of the Hausler and then

446
00:24:11,520 --> 00:24:11,880
Speaker 2: we'll do.

447
00:24:14,000 --> 00:24:17,480
Speaker 3: Lisa. It's perfect mound of defect travel guide for Europe.

448
00:24:17,520 --> 00:24:20,920
Speaker 3: Thank you so much. Head of a Monday investment at Racist.

449
00:24:26,240 --> 00:24:30,119
Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday

450
00:24:30,160 --> 00:24:33,480
Speaker 1: starting at seven am Eastern on Apple Corplay and Android Auto.

451
00:24:33,600 --> 00:24:35,240
Speaker 4: With the Bloomberg Business.

452
00:24:34,880 --> 00:24:37,600
Speaker 1: App, you can also watch us live every weekday on

453
00:24:37,640 --> 00:24:40,320
Speaker 1: YouTube and always on the Bloomberg terminal.

454
00:24:41,000 --> 00:24:43,480
Speaker 3: Now a four hour conversation with Henrietta Trey.

455
00:24:43,600 --> 00:24:45,280
Speaker 2: She's been so kind to be with us on like

456
00:24:45,320 --> 00:24:49,239
Speaker 2: a three day basis here with BEDA partners. Henriette, I

457
00:24:49,320 --> 00:24:52,399
Speaker 2: actually do have a countdown clock going for the first time.

458
00:24:53,000 --> 00:24:57,560
Speaker 3: We're eight days away from March fourteenth. Within the halls.

459
00:24:57,160 --> 00:25:04,040
Speaker 2: Of Congress, Democrats and Republicans buffeted by the company of News.

460
00:25:04,440 --> 00:25:07,920
Speaker 2: What's the path you see to I believe it's March

461
00:25:07,960 --> 00:25:09,120
Speaker 2: fourteenth at midnight.

462
00:25:10,359 --> 00:25:12,960
Speaker 11: It is March fourteenth at midnight, but on the House

463
00:25:13,000 --> 00:25:15,879
Speaker 11: side it's really March twelfth, because they are going on

464
00:25:16,000 --> 00:25:17,200
Speaker 11: recess on that day.

465
00:25:17,640 --> 00:25:19,680
Speaker 8: So what it looks to me like is.

466
00:25:19,640 --> 00:25:23,160
Speaker 11: The House Republican Conference and the Senate Republicans are really

467
00:25:23,160 --> 00:25:26,440
Speaker 11: trying to jam Democrats here by putting a bill out

468
00:25:26,440 --> 00:25:28,960
Speaker 11: at the last minute that they will not support on

469
00:25:29,040 --> 00:25:32,240
Speaker 11: the House side, but then Senate Democrats will be forced

470
00:25:32,480 --> 00:25:37,119
Speaker 11: to support and vote for sometime midweek next week, around

471
00:25:37,160 --> 00:25:39,760
Speaker 11: the eleventh or twelfth, So they're really cutting it down

472
00:25:39,800 --> 00:25:41,760
Speaker 11: to the wire. And we've increased our odds from twenty

473
00:25:41,760 --> 00:25:44,040
Speaker 11: percent to twenty five percent that we might see a

474
00:25:44,119 --> 00:25:45,600
Speaker 11: shut down next week as a result.

475
00:25:45,720 --> 00:25:49,760
Speaker 2: Okay, so they shut down, and let's say since sir

476
00:25:49,880 --> 00:25:55,639
Speaker 2: on recess, they shut down for Friday, Saturday, Sunday, OMG,

477
00:25:55,800 --> 00:25:57,200
Speaker 2: Monday morning they reopen.

478
00:25:57,320 --> 00:25:59,160
Speaker 3: Is that the scenario here, Innrietta?

479
00:26:00,240 --> 00:26:02,680
Speaker 11: Nope, They're also on re us the next week, so

480
00:26:03,280 --> 00:26:07,040
Speaker 11: it would be a shutdown of you know, at a minimum.

481
00:26:07,720 --> 00:26:10,840
Speaker 2: Does an adult in the room say hey, everybody on

482
00:26:11,000 --> 00:26:12,680
Speaker 2: recess and get back to work?

483
00:26:12,760 --> 00:26:14,720
Speaker 3: Does that? Has that ever happened?

484
00:26:15,960 --> 00:26:18,080
Speaker 11: I'm sure it has happened in history, but it's not

485
00:26:18,200 --> 00:26:21,480
Speaker 11: something that usually does occur. That's sort of why my

486
00:26:21,520 --> 00:26:24,000
Speaker 11: odds are relatively low that we see a shutdown is

487
00:26:24,040 --> 00:26:27,720
Speaker 11: because they usually develop a last minute solution. But as

488
00:26:27,760 --> 00:26:30,720
Speaker 11: for strategy, right now, Republicans are not in the room

489
00:26:30,760 --> 00:26:33,680
Speaker 11: with Democrats. They're in the room with themselves trying to

490
00:26:33,760 --> 00:26:35,840
Speaker 11: jam Democrats. And that's going to come into a math

491
00:26:35,920 --> 00:26:37,640
Speaker 11: problem when we get over the Senate and they need

492
00:26:37,680 --> 00:26:40,160
Speaker 11: seven Democratic votes to keep the government open.

493
00:26:40,359 --> 00:26:43,480
Speaker 8: So it's sort of the run up to the eleventh hour.

494
00:26:43,600 --> 00:26:45,760
Speaker 5: Right now, what have we heard from the White House

495
00:26:45,800 --> 00:26:47,120
Speaker 5: in this whole process?

496
00:26:47,160 --> 00:26:47,360
Speaker 3: Here?

497
00:26:48,640 --> 00:26:51,919
Speaker 11: The White House, and by that I mean Elon Musk,

498
00:26:52,040 --> 00:26:56,399
Speaker 11: who was with House Republicans yesterday and really trying to

499
00:26:56,480 --> 00:26:59,520
Speaker 11: figure out how to get the DOGE cuts implemented into

500
00:26:59,600 --> 00:27:02,080
Speaker 11: any kind of a permanency. You know, we're seeing cuts

501
00:27:02,119 --> 00:27:05,440
Speaker 11: across all kinds of agencies. Trump is planning to announce

502
00:27:05,440 --> 00:27:08,200
Speaker 11: who's shuttering the Department of Education later on today, as

503
00:27:08,240 --> 00:27:12,359
Speaker 11: I think y'all reported, you know, they're they're working just

504
00:27:12,440 --> 00:27:15,880
Speaker 11: with Republicans and really enjoying this situation where Democrats are

505
00:27:15,920 --> 00:27:18,359
Speaker 11: just being whipsawed back and forth with no clear direction

506
00:27:18,440 --> 00:27:19,400
Speaker 11: on how to combat them.

507
00:27:20,240 --> 00:27:22,880
Speaker 5: So talk to us about you've mentioned in the past, Henrietta,

508
00:27:23,119 --> 00:27:26,359
Speaker 5: about the Democrats in this budget process may be the

509
00:27:26,400 --> 00:27:29,760
Speaker 5: time when they can actually step up and be heard

510
00:27:29,800 --> 00:27:32,359
Speaker 5: here because it seems like President Trump and to a

511
00:27:32,400 --> 00:27:35,000
Speaker 5: lesser extent, Elon must take all the oxygen out of

512
00:27:35,000 --> 00:27:37,480
Speaker 5: the room. Is this an opportunity for the Democrats to

513
00:27:37,480 --> 00:27:40,879
Speaker 5: step up and assert some leadership or at least their position.

514
00:27:41,880 --> 00:27:44,760
Speaker 11: It's definitely an opportunity, but as yet they do not

515
00:27:44,920 --> 00:27:49,720
Speaker 11: have a clear and unified path forward. So right now

516
00:27:49,720 --> 00:27:52,240
Speaker 11: their ire is all focused on DOGE, and it seems

517
00:27:52,240 --> 00:27:55,679
Speaker 11: like the main concessions they're asking for is cuts to Doge.

518
00:27:55,720 --> 00:27:57,160
Speaker 11: But as we saw in the week of the State

519
00:27:57,200 --> 00:28:00,320
Speaker 11: of the Union address earlier this week, the Republican voter

520
00:28:00,400 --> 00:28:02,919
Speaker 11: base really supports the idea of dog even if they

521
00:28:02,920 --> 00:28:05,560
Speaker 11: don't support the actual cuts that are coming. So Democrats

522
00:28:05,600 --> 00:28:08,800
Speaker 11: are having a hard time coalescing around how exactly to

523
00:28:08,880 --> 00:28:12,000
Speaker 11: ran doje in and get the voters behind it. They

524
00:28:12,000 --> 00:28:15,479
Speaker 11: don't like the cuts, but they haven't identified, you know,

525
00:28:15,520 --> 00:28:20,120
Speaker 11: a clear flag that they can weave that can get

526
00:28:20,160 --> 00:28:21,800
Speaker 11: Trump to move off in this position.

527
00:28:21,840 --> 00:28:25,639
Speaker 2: And all you're Henrietta Tray's brilliance. I mean, you said,

528
00:28:25,680 --> 00:28:30,199
Speaker 2: I believe the Senate seven Democrats have to vote with

529
00:28:30,280 --> 00:28:31,160
Speaker 2: the Republicans.

530
00:28:31,200 --> 00:28:32,040
Speaker 3: Is that what you said?

531
00:28:32,920 --> 00:28:33,080
Speaker 2: Yep?

532
00:28:33,119 --> 00:28:35,040
Speaker 8: But this has to get sixty votes in the Senate side.

533
00:28:35,200 --> 00:28:41,120
Speaker 2: Yes, why would any Democrat now vote with the Republicans?

534
00:28:41,560 --> 00:28:43,880
Speaker 8: I completely agree with that assessment.

535
00:28:43,920 --> 00:28:47,760
Speaker 11: The question is whether they can stomach shutting the government

536
00:28:47,800 --> 00:28:50,240
Speaker 11: down and the way that Trump is going into this.

537
00:28:50,440 --> 00:28:53,440
Speaker 2: But to be cynical about it, isn't that what sixteen

538
00:28:53,560 --> 00:28:56,360
Speaker 2: hundred Pennsylvania Avenue ultimately.

539
00:28:55,880 --> 00:28:57,840
Speaker 8: Would like exactly?

540
00:28:58,000 --> 00:29:00,000
Speaker 11: And so this is sort of plying right into Trump's hand,

541
00:29:00,040 --> 00:29:03,800
Speaker 11: and Democrats threat is to say, if you don't negotiate

542
00:29:03,840 --> 00:29:05,400
Speaker 11: with us, we will shut it down.

543
00:29:05,440 --> 00:29:08,120
Speaker 8: And Trump's effectively saying and so I don't care.

544
00:29:09,520 --> 00:29:11,360
Speaker 3: Jeez, that's how that's where we are.

545
00:29:11,480 --> 00:29:16,000
Speaker 5: Hey, let's just switch gears a little bit, Henrietta Beda Partners.

546
00:29:16,040 --> 00:29:18,880
Speaker 5: You guys have any tariff odds tractor A?

547
00:29:19,080 --> 00:29:19,600
Speaker 9: What is it?

548
00:29:19,680 --> 00:29:19,880
Speaker 3: And B?

549
00:29:20,000 --> 00:29:21,400
Speaker 5: What's it telling me of these days?

550
00:29:21,760 --> 00:29:22,280
Speaker 8: Oh? Sure?

551
00:29:22,640 --> 00:29:25,240
Speaker 11: You know, our clients are all hedge funds and they

552
00:29:25,280 --> 00:29:27,560
Speaker 11: want the you know, quick and dirty of how things

553
00:29:27,560 --> 00:29:30,800
Speaker 11: are working and what we're expecting. Everybody's just trying to

554
00:29:30,800 --> 00:29:33,640
Speaker 11: wrap their arms around the realm of the possible. And

555
00:29:33,680 --> 00:29:36,200
Speaker 11: so when we put our odds tracker out, we cover

556
00:29:36,280 --> 00:29:39,880
Speaker 11: a whole host of different components. Odds of tariffs on China,

557
00:29:40,000 --> 00:29:42,160
Speaker 11: you know, virtually one hundred percent. Obviously those are going

558
00:29:42,200 --> 00:29:45,480
Speaker 11: into effect. We're at twenty percent now. Odds on Canada

559
00:29:45,600 --> 00:29:48,959
Speaker 11: VERSUS Mexico are slightly lower. I think the odds of

560
00:29:49,120 --> 00:29:52,480
Speaker 11: EU auto tariffs have been and continue to be very high,

561
00:29:52,560 --> 00:29:54,800
Speaker 11: and I want that to be really clear cut every

562
00:29:54,800 --> 00:29:57,600
Speaker 11: time we talk to clients. You know, EU auto tariffs

563
00:29:57,640 --> 00:30:01,360
Speaker 11: I think are coming. There's a per catalyst for that.

564
00:30:01,600 --> 00:30:06,520
Speaker 11: On April first, the March thirty first deal that Ambassador

565
00:30:06,640 --> 00:30:10,880
Speaker 11: Tie negotiated with the EU, and the under the Biden

566
00:30:10,880 --> 00:30:13,960
Speaker 11: administration expires on March thirty first, So April first is

567
00:30:14,320 --> 00:30:17,720
Speaker 11: the date that Trump used in his America First trade agenda,

568
00:30:17,840 --> 00:30:20,480
Speaker 11: and it's not coincidental, it's exactly in line with the

569
00:30:20,920 --> 00:30:24,080
Speaker 11: expiration there. So our hotstracker really just tries to get

570
00:30:24,120 --> 00:30:26,120
Speaker 11: to the heart of the matter. Tariffs are coming. They

571
00:30:26,120 --> 00:30:28,840
Speaker 11: are in place. There might be some staggered effects, but

572
00:30:28,880 --> 00:30:29,400
Speaker 11: they are coming.

573
00:30:29,640 --> 00:30:31,000
Speaker 3: Henrietta, thank you so much.

574
00:30:31,080 --> 00:30:34,520
Speaker 2: Just Treasure the frequent visit tendri outa Trey's expert on

575
00:30:34,600 --> 00:30:36,560
Speaker 2: all this with ATA partners.

576
00:30:37,480 --> 00:30:41,040
Speaker 1: You're listening to the Bloomberg Surveillance Podcast. Catch us live

577
00:30:41,120 --> 00:30:44,280
Speaker 1: weekday afternoons from seven to ten am Eastern Listen on

578
00:30:44,360 --> 00:30:48,000
Speaker 1: Applecarplay and Android Otto with the Bloomberg Business app, or

579
00:30:48,160 --> 00:30:49,840
Speaker 1: watch us live on YouTube.

580
00:30:50,080 --> 00:30:53,720
Speaker 2: The newspapers, the headlines, she reads twenty of them. To

581
00:30:53,720 --> 00:30:56,720
Speaker 2: get ready for this, Lisa Mintaio joins us.

582
00:30:56,600 --> 00:30:57,320
Speaker 3: What do you have this one?

583
00:30:57,360 --> 00:30:57,640
Speaker 11: All right?

584
00:30:57,640 --> 00:30:59,280
Speaker 9: We'll starting with the Wall Street Journal because it has

585
00:30:59,320 --> 00:31:01,760
Speaker 9: a look into how more Americans are relying on their

586
00:31:01,800 --> 00:31:04,240
Speaker 9: four to one k as like this Rainy Day fund,

587
00:31:04,600 --> 00:31:07,440
Speaker 9: and they're using it to avoid things like big things foreclosure,

588
00:31:07,560 --> 00:31:10,560
Speaker 9: to pay medical bills. This was according to Vanguard. So

589
00:31:10,560 --> 00:31:12,680
Speaker 9: the number is four point eight percent of account holders

590
00:31:12,720 --> 00:31:15,160
Speaker 9: took early withdrawals last year just for those reasons. So

591
00:31:15,200 --> 00:31:17,280
Speaker 9: it was a record high. But they say why it's

592
00:31:17,280 --> 00:31:21,920
Speaker 9: happening more is because more employers are automatically enrolling their workers,

593
00:31:21,960 --> 00:31:24,040
Speaker 9: and some of them, I mean have little savings to

594
00:31:24,120 --> 00:31:26,840
Speaker 9: begin with. So now part of their paycheck is going

595
00:31:26,880 --> 00:31:29,080
Speaker 9: into this other savings and now they need to use

596
00:31:29,160 --> 00:31:32,840
Speaker 9: that to help pay for these like other things.

597
00:31:32,840 --> 00:31:35,280
Speaker 2: A high ground on this. He and I have argued

598
00:31:35,320 --> 00:31:39,600
Speaker 2: about it. I'm pretty firm here and there should be

599
00:31:39,640 --> 00:31:43,360
Speaker 2: no withdrawals. It's it's a sireene call. Everybody does it

600
00:31:44,080 --> 00:31:47,400
Speaker 2: and it makes no sense in terms of the actual

601
00:31:47,440 --> 00:31:50,160
Speaker 2: assumption and the failure of our retirement SYS.

602
00:31:50,320 --> 00:31:50,760
Speaker 3: What do you think?

603
00:31:50,800 --> 00:31:51,600
Speaker 9: But then where do you go?

604
00:31:51,960 --> 00:31:53,880
Speaker 5: Yeah, I mean I don't know. I mean it's it's

605
00:31:53,920 --> 00:31:56,520
Speaker 5: it's you have to do for one K because there's

606
00:31:56,520 --> 00:32:00,000
Speaker 5: no such intension anymore. So all the swinging offspring works,

607
00:32:00,200 --> 00:32:03,080
Speaker 5: they're putting their max into four and just having to

608
00:32:03,080 --> 00:32:03,560
Speaker 5: deal with it.

609
00:32:03,640 --> 00:32:05,320
Speaker 3: In the mat. At least folks get the map.

610
00:32:05,360 --> 00:32:07,480
Speaker 2: But Lisa it's a huge deal for the contribution.

611
00:32:07,640 --> 00:32:09,960
Speaker 9: It is because people are a strapped for cash and

612
00:32:10,000 --> 00:32:12,120
Speaker 9: if you want to do something buy a home, you

613
00:32:12,160 --> 00:32:14,480
Speaker 9: need something, like you really want to do it, you

614
00:32:14,520 --> 00:32:15,840
Speaker 9: don't have the money. So where are you going to go?

615
00:32:15,920 --> 00:32:17,840
Speaker 9: You go where you actually do have it, and you

616
00:32:17,880 --> 00:32:18,240
Speaker 9: were tired.

617
00:32:18,320 --> 00:32:19,240
Speaker 3: People are living longer.

618
00:32:19,560 --> 00:32:21,920
Speaker 2: Yeah, Boston College has great work on this. There's a

619
00:32:21,920 --> 00:32:24,760
Speaker 2: tip point forty two years old. Yeah, after forty two

620
00:32:24,840 --> 00:32:27,520
Speaker 2: years old, people are like, oh, I'm getting older, Lisa,

621
00:32:27,520 --> 00:32:31,160
Speaker 2: you wouldn't understand this. But those under forty two like

622
00:32:31,240 --> 00:32:34,360
Speaker 2: you are just like, I don't care. I'll take a

623
00:32:34,360 --> 00:32:35,440
Speaker 2: loan out. Nobody cares.

624
00:32:35,600 --> 00:32:38,200
Speaker 9: Next, Okay, this one, okay, I'm fine.

625
00:32:38,240 --> 00:32:41,440
Speaker 3: I go before I get a gluten free coffee. Don't

626
00:32:41,440 --> 00:32:42,360
Speaker 3: it thrown at me?

627
00:32:42,480 --> 00:32:45,200
Speaker 9: Yes, thank you. I'm a little biased on this next one.

628
00:32:45,280 --> 00:32:48,600
Speaker 9: So Duayne the Rock Johnson is back on top as

629
00:32:48,680 --> 00:32:52,520
Speaker 9: Hollywood's highest paid actor. Okay, get this twenty twenty four

630
00:32:52,760 --> 00:32:56,400
Speaker 9: eighty eight million dollars. This was in boardroom. If you

631
00:32:56,440 --> 00:32:58,920
Speaker 9: go on their Instagram page, it's all rotten down. So

632
00:32:59,440 --> 00:33:02,880
Speaker 9: why Okay, he pulled in fifty million from Red One.

633
00:33:03,440 --> 00:33:04,160
Speaker 9: Red One.

634
00:33:07,280 --> 00:33:09,760
Speaker 3: Watched the Mississippi.

635
00:33:09,040 --> 00:33:09,880
Speaker 5: He's a voice actor.

636
00:33:09,920 --> 00:33:10,880
Speaker 3: It's a voice thing.

637
00:33:11,000 --> 00:33:12,480
Speaker 9: No, that was a lot like he was actually an

638
00:33:12,520 --> 00:33:14,760
Speaker 9: actor for that. That was for the Red One. So

639
00:33:14,760 --> 00:33:17,720
Speaker 9: it was like the biggest fee plus by ideal streaming history. Okay,

640
00:33:17,760 --> 00:33:20,400
Speaker 9: so put it there. Then we get to Mwana I.

641
00:33:20,400 --> 00:33:22,480
Speaker 9: I mean that's where the big money was too. It

642
00:33:22,560 --> 00:33:25,160
Speaker 9: switched from the TV series theatrical. He got a big

643
00:33:25,200 --> 00:33:28,920
Speaker 9: cut of the box office as an executive producer and

644
00:33:28,960 --> 00:33:31,760
Speaker 9: that doesn't really happen. So that's how it came down

645
00:33:31,800 --> 00:33:33,280
Speaker 9: to a two money.

646
00:33:33,400 --> 00:33:36,640
Speaker 5: He past one billion dollars. Oh yeah, you saw that coming.

647
00:33:36,800 --> 00:33:44,520
Speaker 9: Most definitely he can buy me like fifty. And finally,

648
00:33:44,560 --> 00:33:46,840
Speaker 9: this one, I'm pulling an audible audible, I'm moving this

649
00:33:46,880 --> 00:33:49,400
Speaker 9: one up for you. Tom the CEO of Air France.

650
00:33:49,440 --> 00:33:51,160
Speaker 9: He sat down with the Financial Times right and he

651
00:33:51,200 --> 00:33:55,120
Speaker 9: said that they are banking on wealthy American tourists who

652
00:33:55,200 --> 00:33:59,600
Speaker 9: spend on fashion brands hotels in Paris to help them

653
00:33:59,640 --> 00:34:02,080
Speaker 9: recover from this tough year. Okay. He said they're shifting

654
00:34:02,080 --> 00:34:05,280
Speaker 9: their business model to focus on this premium and market.

655
00:34:05,520 --> 00:34:08,799
Speaker 9: So he gave an example. He said some Americans are

656
00:34:08,840 --> 00:34:11,759
Speaker 9: paying as much as fifty thousand dollars a night for

657
00:34:11,840 --> 00:34:15,080
Speaker 9: the biggest suite of the Bristol Hotel. Yeah, right there

658
00:34:16,320 --> 00:34:18,279
Speaker 9: you get the If you want the cheaper option, it's

659
00:34:18,280 --> 00:34:20,480
Speaker 9: two thousand a night, Tom, So that's a bargain.

660
00:34:20,600 --> 00:34:24,239
Speaker 2: I just booked the last week of the year two

661
00:34:24,320 --> 00:34:26,080
Speaker 2: weeks ago, and I was lucky.

662
00:34:26,160 --> 00:34:26,799
Speaker 3: I got a run.

663
00:34:27,400 --> 00:34:34,120
Speaker 2: That's how bad it is. Of course, Paul is is

664
00:34:34,120 --> 00:34:38,280
Speaker 2: is this about the European planes, not just near France,

665
00:34:38,840 --> 00:34:41,879
Speaker 2: or is it about how uneven the services on the

666
00:34:41,920 --> 00:34:43,080
Speaker 2: American place?

667
00:34:43,600 --> 00:34:45,400
Speaker 3: Which is I don't have an opinion.

668
00:34:45,440 --> 00:34:47,440
Speaker 9: I don't know, but interesting I think.

669
00:34:47,239 --> 00:34:49,279
Speaker 5: That, you know, the business class over Europe is from

670
00:34:49,320 --> 00:34:53,040
Speaker 5: the American airlines is good. They got the life flat beds.

671
00:34:53,160 --> 00:34:55,360
Speaker 5: Have to get that, a boy, they charged for that.

672
00:34:55,640 --> 00:34:58,120
Speaker 9: Yeah, and what about the airline tickets, because Tom, do

673
00:34:58,160 --> 00:35:01,680
Speaker 9: you know Air Francis they're charging twenty four thousand dollars

674
00:35:01,760 --> 00:35:05,719
Speaker 9: for a return first class ticket between New York and Paris.

675
00:35:05,960 --> 00:35:07,520
Speaker 9: That's in April. Can you believe that?

676
00:35:08,000 --> 00:35:12,319
Speaker 2: Thank you, Lisa Matteo, I hate you, missus the rock

677
00:35:12,400 --> 00:35:13,400
Speaker 2: I mean eighty eight million.

678
00:35:13,480 --> 00:35:16,280
Speaker 5: Sure he can afford it. He's not flying commercial.

679
00:35:16,560 --> 00:35:18,479
Speaker 3: Lisa Matteo, thank you so much.

680
00:35:19,000 --> 00:35:24,360
Speaker 1: On the newspapers, this is the Bloomberg Surveillance podcast, available

681
00:35:24,440 --> 00:35:28,080
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00:35:28,600 --> 00:35:32,120
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00:35:32,200 --> 00:35:36,120
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00:35:36,120 --> 00:35:39,720
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