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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside

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Speaker 1: my co host Matt Miller. Every business day we bring

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Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along

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Speaker 1: with essential market moving news. Find the Bloomberg Markets podcast

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Speaker 1: called Apple Podcasts or wherever you listen to podcasts, and

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Speaker 1: at Bloomberg dot com slash podcast. All right, let's bring

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Speaker 1: in Janelle Woodward, President McKay Shields. Uh, Jennell, thanks so

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Speaker 1: much for joining us here. We love to get your thoughts.

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Speaker 1: I mean, you get a little bit of a roll

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Speaker 1: over in the market today. UM, but I'd love to

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Speaker 1: get your thoughts on this Federal Reserve. Are you comfortable

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Speaker 1: with kind of that the pace of the tapering and

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Speaker 1: more importantly, the communication around potential rate increases or are

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Speaker 1: you in that camp that I think is growing that's

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Speaker 1: saying maybe the Feds kind of falling behind here. Well,

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Speaker 1: thank you so much for having me and and I

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Speaker 1: think a really important question as we think about our

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Speaker 1: outlook into Um, I think we're to the first party

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Speaker 1: your question. We are comfortable with tapering and what's been communicated,

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Speaker 1: you know, I think what is still outstanding is whether

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Speaker 1: or not that pace changes as we get through in

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Speaker 1: November and into December. But you're right to think what

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Speaker 1: the market is really watching is what happens from a

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Speaker 1: liftoff perspective, and and tightening, which is now projected to

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Speaker 1: be somewhere in in in mid two UM. You know,

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Speaker 1: to us, demand is strong, consumers resilient. You're just referencing

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Speaker 1: that as we look at some of the earnings and

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Speaker 1: retail data. But it really comes back to this, to

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Speaker 1: the conversation around inflation. So what kind of inflation do

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Speaker 1: you expect in two and is it going to be

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Speaker 1: enough to drive the Fed fundrate up to fifty basis

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Speaker 1: points between fifty and seventy five, because that's what the

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Speaker 1: market is pricing in right now, and I feel like

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Speaker 1: it just seems a little aggressive for this dovish group

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Speaker 1: of Fed governors. Yeah, I think, you know, when we

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Speaker 1: when we look at inflation, I mean, I think there's

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Speaker 1: still this question of transitory and I think one of

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Speaker 1: the challenges is that we've seen demand come back and

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Speaker 1: be quite robust, and we're still seeing that met with

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Speaker 1: some of the pressures and supply chain UM. And then

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Speaker 1: we also have the commodity story at place that's definitely

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Speaker 1: creating some short term pressure. It's interesting to look at

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Speaker 1: five year inflation expectations versus more forward looking inflation expectations.

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Speaker 1: There's still some confidence that inflation is somewhat transitory and

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Speaker 1: or the set is going to get it right. So

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Speaker 1: and we think it's probably prudent at some point for

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Speaker 1: them to step into the market in two. But to

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Speaker 1: your point, it's probably a little bit slower as we

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Speaker 1: continue to really just kind of navigate the cycle and

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Speaker 1: and some of the unprecedented recovery that we've been seeing.

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Speaker 1: You know. I know you are used to be the

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Speaker 1: formal global head of fixed income at Demo Global Asset Management,

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Speaker 1: and I have to say, I really feel sorry for

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Speaker 1: my friends that are fixed income portfolio managers. I look

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Speaker 1: at the tenure at one point five and I'm like,

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Speaker 1: what do people do all day? Where do you find

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Speaker 1: opportunities in the fixed income market? Now? You I think

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Speaker 1: it's a question that we continue to have a lot

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Speaker 1: of dialogue on with with with our clients, especially as

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Speaker 1: we think about what the implications are for real returns,

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Speaker 1: you know, going back to what we're seeing on the

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Speaker 1: earnings picture, gives us a lot of confidence and you

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Speaker 1: basically have to manage down expectations. Right. Well, I think

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Speaker 1: there's two pieces of it. You know, one, yes, of course,

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Speaker 1: it's about thinking about what the expectations are. But the

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Speaker 1: other piece of it is how can you get total returned?

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Speaker 1: So you know, the yield is one component, but how

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Speaker 1: can we capture opportunities to create a better total return

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Speaker 1: picture than the yield? What otherwise support? So for us,

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Speaker 1: it comes back to credit sectors which continue to be resilient.

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Speaker 1: But then looking underneath of that and saying where we

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Speaker 1: see strength, where do we see recovery? Real estate that

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Speaker 1: you highlighted, the consumer, some of the leisure sectors coming back,

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Speaker 1: and we think there's still good opportunities to get to

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Speaker 1: positive real returns through using a total return approach. All right,

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Speaker 1: So if we look at the SMP five right now,

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Speaker 1: and on the equity side of the equation, it seems

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Speaker 1: priced to perfection and we're starting to realize that you've

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Speaker 1: got to have earnings to impress. Um, you were talking,

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Speaker 1: we were talking about the retailers. You mentioned them as well. Um,

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Speaker 1: if you get margin compression because you can't pass on

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Speaker 1: the higher prices, you're in trouble. How do you see

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Speaker 1: that going forward? Yeah, I think it's a great question

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Speaker 1: as we look back on their earning cycle. It's one

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Speaker 1: of the things that was raised to date and through

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Speaker 1: the third quarter we saw UM corporations effective and their

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Speaker 1: ability to pass on the prices, but certainly important, especially

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Speaker 1: if we don't have the demand to support it into

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Speaker 1: into two. You know, it's been interesting. Even if we

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Speaker 1: look at spread markets and we look at the curve,

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Speaker 1: we do see some softening as we get these inflation.

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Speaker 1: UM prints worried about both the ability to pass it

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Speaker 1: on and what does it mean for earnings, but also

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Speaker 1: if it forces the Fed to act, what it does

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Speaker 1: to the overall broader support of the economy. Do you know, Woodward,

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Speaker 1: thank you so much for joining us, or really appreciate

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Speaker 1: your thoughts and you're taking the time, do you know, Woodward,

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Speaker 1: President of McKay Shields looking at the market. You know,

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Speaker 1: we had the COP twenty six conference in Glasgow over

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Speaker 1: the last couple of weeks and I don't know, maybe

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Speaker 1: it's just me, but I was expecting some big stuff,

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Speaker 1: some big announcements, and I'm not sure looking back that

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Speaker 1: I necessarily got that a lot of talk here, but boy,

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Speaker 1: there's a certainly a lot to discuss here. Let's get

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Speaker 1: into a little bit of that as we think about

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Speaker 1: the President Biden's in Infrastructure Bill, renewable energy and what

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Speaker 1: we did maybe get from COP twenty six. We can

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Speaker 1: do that today with VJ. Monter Purgata. He's a president

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Speaker 1: and CEO of Montrose Environmental Group. So, VJ, is my

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Speaker 1: takeaway from COP twenty six? Am I being a little

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Speaker 1: too pessimistic? Or what did you take away from that? Hey, Paul,

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Speaker 1: Hey Matt, it's great to be talking to you guys.

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Speaker 1: Um you know, I it's uh, it's kind of a

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Speaker 1: tale of two cities for me, Paul, Matt. It's if

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Speaker 1: you think about wanting to stabilize the impact of the climate,

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Speaker 1: it's a monumental human endeavor um. And so you know,

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Speaker 1: if you think about the the lack of consistency of

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Speaker 1: political will um of standards um uh, and and the

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Speaker 1: the need to build a consensus um, we're in effect

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Speaker 1: the hold into the slowest adopters, right, So you know

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Speaker 1: the need to put these leaders together and have the

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Speaker 1: delegates come through and think about how to build that

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Speaker 1: consensus is important. But then if you step back and

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Speaker 1: think about the the the desire by all of us,

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Speaker 1: and you alluded to it Paullen matt to wanting more

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Speaker 1: action and clear goals UM and visible steps were far

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Speaker 1: from it. So in that sense, it's a little disappointing

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Speaker 1: UM and I think we haven't done enough to unleash

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Speaker 1: the power of the market UM to help achieve some

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Speaker 1: of those goals. So do we expect miss your market

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Speaker 1: to do UM more than MR Government has done. I mean,

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Speaker 1: we talk every day with people about how E s

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Speaker 1: G is more than a trend now it's actually a strategy.

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Speaker 1: But we still don't have any great metrics. Maybe that's

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Speaker 1: one good thing that's come out of copy and we

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Speaker 1: still have a lot of greenwashing. Yeah, I mean, look,

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Speaker 1: my general view is that you need a little bit

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Speaker 1: of MR Government and MR market, But depending on your

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Speaker 1: goal UM, especially for all the reasons we just talked about, right,

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Speaker 1: lack of lack of consistency and consensus, MR market is

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Speaker 1: going to be much more powerful here UM to setting

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Speaker 1: a set of frameworks and standards that everyone around the

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Speaker 1: world can work towards. UM. E s G is a

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Speaker 1: little bit of a different force Paul, and that it's

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Speaker 1: one that we're both subject to and a lot of

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Speaker 1: our investors are really interested in UM and I continue

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Speaker 1: to struggle with what it means though by virtue of

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Speaker 1: all the things we do that we think, is it

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Speaker 1: from Montrose and for our business and for our clients.

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Speaker 1: We've kind of accidentally fallen into being an E S

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Speaker 1: G company and making a positive impact. But but yeah,

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Speaker 1: we we hear those concerns from our investors all the time,

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Speaker 1: you know, VJ. There's a lot of folks, including uh,

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Speaker 1: Michael Bloomberg, the founder of Bloomberg LP and this radio

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Speaker 1: operation that believes it's really up to the cities that's

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Speaker 1: where you can get a lot of stuff done. You know, UM,

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Speaker 1: how do you think about that strategy as opposed to

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Speaker 1: getting the whole world together in Glasgow? It's I mean,

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Speaker 1: the cities play a play a huge role, Pauly Matt,

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Speaker 1: but I don't know that I fully agree that it's

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Speaker 1: all up to the cities. UM. There are huge swaths

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Speaker 1: of participants, UM, you know, in agricultural communities, in places

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Speaker 1: where cities perhaps don't play as prominent of a role.

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Speaker 1: Those of us like the two of you and me

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Speaker 1: that go between cities all the time. I think cities

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Speaker 1: have a material role, but not the only role to play. UM.

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Speaker 1: So I struggle when there's kind of the responsibility shouldered

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Speaker 1: by one group. I think this is one of those

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Speaker 1: areas where you need businesses, communities, cities, countries, the transportation sector,

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Speaker 1: the inter government UM agencies all working together. I mean,

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Speaker 1: if you, if you think about the pandemic, is an

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Speaker 1: example of how coordinated that was in terms of the response.

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Speaker 1: And I'm not saying it was perfect. Um we we

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Speaker 1: set a pretty monumental goal collectively across countries, within countries,

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Speaker 1: private sector, public sector, and we made a hell of

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Speaker 1: a dent um. It would be great to see something

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Speaker 1: coordinated like that on the topic of this nature. What's

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Speaker 1: the one most powerful change we could see? V G.

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Speaker 1: You know, I I read a story I think a

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Speaker 1: couple of weeks ago saying that, um, the major producers

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Speaker 1: from the u US, from Germany, from Japan need to

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Speaker 1: promise to stop building internal combustion engines, which you know,

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Speaker 1: on the one hand, that hurts me, it's like a

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Speaker 1: wooden stake deep into my heart. On the other hand,

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Speaker 1: it makes a lot of sense, because, um, you know,

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Speaker 1: they're responsible for a huge portion of carbon emissions personal vehicles,

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Speaker 1: and it strikes me as also, Um, I don't know

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Speaker 1: if the term ironic is right ever since a lot

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Speaker 1: is more set. But that that that all these car

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Speaker 1: makers like, we're going to electrify her whole fleet by

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Speaker 1: But when you say, does that mean you won't be

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Speaker 1: producing any internal combustion engines? Like, no, no, no, no,

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Speaker 1: no no, We're still going to be building those. So

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Speaker 1: is that do you think the biggest change that we

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Speaker 1: could make as a society. No, no, I think, And

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Speaker 1: I think part of the problem Paula Matt is that

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Speaker 1: you know, we're trying to prescribe a solution. And this

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Speaker 1: goes back to what I was trying to say earlier.

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Speaker 1: I probably didn't say it all that eloquently. Be great

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Speaker 1: to let the market help decide what that set of

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Speaker 1: solutions should be. I think one of the biggest changes

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Speaker 1: we could make is to set a price on carbon

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Speaker 1: and to set in place some kind of cap and

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Speaker 1: trade mechanism, but more on a global scale, and then

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Speaker 1: let capital, innovation and market forces determine whether you want

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Speaker 1: combustion engines or not, and how they would phase out

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Speaker 1: if at all, um and which sectors and which parts

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Speaker 1: um of the markets, of the economy, of the global

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Speaker 1: production cycle, which by the way includes a whole lot

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Speaker 1: more than each of us driving cars, how all that

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Speaker 1: would play out. So I think I personally would go

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Speaker 1: several steps higher than just picking on one aspect of

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Speaker 1: a source of emissions d j um. The Infrastructure Bill

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Speaker 1: Present Bidence Infrastructure Bill, it's got some stuff in there

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Speaker 1: about the environment. Is it enough? Is it a good step?

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Speaker 1: Do you think it's a it's a good step. I

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Speaker 1: think um. You know, from Mantra's perspective, Polymat it's uh.

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Speaker 1: The investments infrastructure which are good for our country, have

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Speaker 1: a positive impact on our services and the demand for

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Speaker 1: our services um and a lot of it. Uh. It

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Speaker 1: requires anytime you build a road, anytime we build a bridge,

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Speaker 1: already with existing rules and laws, you have to do

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Speaker 1: environmental assessments um. Uh. And so in that sense it's good.

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Speaker 1: I think it goes one step further, which is encouraging

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Speaker 1: from my perspective. There's dollars in there allocated for the

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Speaker 1: removal of the forever chemicals, the pflus chemicals from water,

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Speaker 1: which is one of the biggest um UH concerns of

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Speaker 1: our generation. Um Uh. There's water infrastructure investments, reuse and

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Speaker 1: access investments. So all of those um types of initiatives

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Speaker 1: I think are good for the environment and good for

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Speaker 1: the community, which is why I think it's great. All right,

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Speaker 1: VJ thank you so much for joining us. Really appreciate

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Speaker 1: your time and getting your perspective. VJN. Pagata, President and

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Speaker 1: c of Mantro's Environmental Group. Kind of working with companies

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Speaker 1: UH to surprise support for cleaner air, cleaner water, and

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Speaker 1: there's a lot to be done. In copy six was

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Speaker 1: a move forward. You know, we're here, we are in November,

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Speaker 1: mid November. Start time to get some of those year

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Speaker 1: ahead outlook pieces. And boy, after the year we've had

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Speaker 1: this year, a lot of folks, I'm not seeing a

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Speaker 1: lot of consistency out there, a lot of consensus, I

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Speaker 1: should say, but let's bring our next guest and see

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Speaker 1: where we land here. David Coudla, found their CEO and

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Speaker 1: ce IO of Mainstay Capital Management, joins us. David, you know,

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Speaker 1: we just got through a pretty darn good earning season.

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Speaker 1: Um you know, the FED is kind of communicated what

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Speaker 1: they're gonna do here. It seems pretty clear. Does that

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Speaker 1: set us up for a pretty good two? I think

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Speaker 1: it sets us up for a pretty good It certainly

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Speaker 1: I think sets us up for a good end of

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Speaker 1: year run. But I quickly need to get into the

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Speaker 1: corvette discussion. Oh please, do I have a C seven

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Speaker 1: z R one Corvette? Holding onto it? I have a

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Speaker 1: I have a C eight, but I have the C

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Speaker 1: seven z R one because that is the last, you know,

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Speaker 1: that is the front engine manual transmission, true manual transmission

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Speaker 1: with a stick right that I will have in a corvette.

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Speaker 1: So I'm holding onto that one. I have driven a

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Speaker 1: couple of those, and I'm on the track. In fact,

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Speaker 1: I got to drive a few UM C seven's on

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Speaker 1: the track up at where was that new Jersey Motorsports Park.

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Speaker 1: Gorgeous car, and really I think it was a huge

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Speaker 1: breakthrough from the C six to the C seven. Um

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Speaker 1: they made uh so much headway and it's the last

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Speaker 1: of the front engine cars. So I will say, having

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Speaker 1: lived in Germany now David for a few years and

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Speaker 1: I've been driving a nine eleven on the auto bawn,

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Speaker 1: it's not ideal for high speeds. You want the weight

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Speaker 1: in the front when you're going fast. Sorry, my red

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Speaker 1: railing this conversation, right, But I do want to try THEE.

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Speaker 1: So if I'm ever near you, I'm gonna ask to

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Speaker 1: drive that. Well, well we'll drive them both, and the

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Speaker 1: and this and I drove my C. I've driven the

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Speaker 1: C seven on the track, seven five horsepower zero one.

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Speaker 1: That is a lot of fun. So um. Yeah, So

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Speaker 1: through year end, we think it looks we've still got

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Speaker 1: a very constructive setup for stocks, even given a little

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Speaker 1: bit of weakness we've had over a couple of days

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Speaker 1: last week or this week. As we get into you know,

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Speaker 1: it becomes a function of we have some things on

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Speaker 1: the horizon, right, we have what is going to happen

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Speaker 1: here within the next several days on appointment for the

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Speaker 1: FED chair, what happens with inflation, how high does inflation go?

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Speaker 1: And and the FED needs to act more rather than less. Um. So,

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Speaker 1: you know, some of the things that have been tail

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Speaker 1: winds and accommodative FED become headwinds next year. But for now,

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Speaker 1: a lot of liquidity in the system has been pushing

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Speaker 1: stocks higher. We think we're good through at least year end.

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Speaker 1: Matt was just complaining about how much it costs for

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Speaker 1: him to fill up is f one fifty raptor And

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Speaker 1: that kind of brings us back to that inflation discussion. Um,

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Speaker 1: you know, how big of a headwin is that next year?

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Speaker 1: And I suspect that higher gas prices are the are

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Speaker 1: the biggest problem for inflation expectations because that's when people

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Speaker 1: really notice. They're the biggest problem for President Biden for sure.

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Speaker 1: And we've seen what's been happening, you know what the

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Speaker 1: calls he's been making around the world for other countries

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Speaker 1: to release their spr But yeah, the you know when

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Speaker 1: we talk about inflation, and and really this is the

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Speaker 1: you know, it's I think it's difficult to call what

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Speaker 1: the the peak will be some time next year. But

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Speaker 1: but here's where we're at. The inflation there is a

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Speaker 1: problem because it's a supply chain. It's endurable goods primarily

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Speaker 1: it is affecting you know, other goods and services, but

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Speaker 1: primarily durable goods. And we know that that supply chain heel.

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Speaker 1: It's already Los Angeles sports starting to heal a little

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Speaker 1: bit already, but we know the supply chain will heal.

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Speaker 1: So you know, I would submit by this time next year,

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Speaker 1: we will see inflation a lot lower than these numbers

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Speaker 1: we're seeing now between here and there. How much higher

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Speaker 1: it goes anybody's call, But it's certainly you know, it's

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Speaker 1: certainly risk the market. I think the key thing though,

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Speaker 1: is it's primarily durable goods inflation. When the supply chain heals,

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Speaker 1: we'll see we'll see inflation subside, and we'll see some

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Speaker 1: of the secular forces like technology that have been deflationary.

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Speaker 1: UH started to become more pronounced again. All right, David,

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Speaker 1: thank you so much. We appreciate your calls on the

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Speaker 1: market and your calls on the Corvette. Of course, I mean,

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Speaker 1: now we know well where to go. I'm gonna go

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Speaker 1: ahead and say, even though I care deeply about the

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Speaker 1: Corvette and it's an incredible legacy, your call on inflation

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Speaker 1: as um as we were just hearing from Katie Greifeld earlier,

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Speaker 1: is incredibly important in this market. Yeah, it really is,

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Speaker 1: so we appreciated it. Could look coming on, founder CEO

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Speaker 1: and CIO of main Stay Capital Management. Now, let's bring

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Speaker 1: in my friend and yours, Berry Rid Holtz. He's a

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Speaker 1: Bloomberg opinion columnist, UH, and we have brought back David Coudla.

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Speaker 1: We did. Yeah. I don't know if, boy, I don't

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Speaker 1: know if the producers told Barry why. Um, but Barry,

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Speaker 1: we were talking a little bit about corvettes and I

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Speaker 1: was mentioning your C two, and then we talked to

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Speaker 1: David Coudla a little bit earlier and he said, you know,

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Speaker 1: before we get to inflation, let me get on this

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Speaker 1: corvette discussion. He is the CEO of main Stay Capital

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Speaker 1: Management and also a corvette enthusiast. He has a C seven. Um,

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Speaker 1: which one do you have? David? C seven z R

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Speaker 1: one and a sting right. I like the I think

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Speaker 1: they did an amazing job on that. I like both

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Speaker 1: of them. Um. The only ones that I've driven are

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Speaker 1: the C six, which I loved but I couldn't keep

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Speaker 1: um the back wheels on the ground, and the C seven,

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Speaker 1: which I spent a considerable amount of time with on

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Speaker 1: the track. I thought they were both incredible. Um, Barry,

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Speaker 1: what do you think about the shift from the front

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Speaker 1: engine to the mid engine? The C eight is the

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Speaker 1: first time they've moved the engine from you know, the

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Speaker 1: front wheels to behind the driver. Well, if you want

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Speaker 1: to remain competitive in the current marketplace, at least in

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Speaker 1: terms of internal combustion engine and be able to compete

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Speaker 1: with Ferrari and Lamborghini and McLaren and the four GT

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Speaker 1: and go down the list the oud R eight. You

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Speaker 1: there are just so many obvious benefits of moving mid engine.

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Speaker 1: It's it's more balanced, it handles more naturally shifting weight

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Speaker 1: from front to back. If you want to spend time

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Speaker 1: on track, mid engine is really very much um how

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Speaker 1: you're going to ring out those last uh hundreds of

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Speaker 1: a second on on your lap time versus a tail happy,

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Speaker 1: front engine, rear driven traditional muscle car. So, David, do

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Speaker 1: you actually feel the difference? Yes, you do. And GM

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Speaker 1: we have a lot of GM clients. The chief engineer

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Speaker 1: of of the C seven Corvette is a client. Uh.

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Speaker 1: We we have a lot of GM clients and and

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Speaker 1: a lot of discussions about all this and the you know,

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Speaker 1: I agree with Barry. I think GM did an excellent

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Speaker 1: job of squeezing everything they could out of a front

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Speaker 1: engine vehicle. But you know, competing on the track with

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Speaker 1: these other mid engine cars like Ferrari, and when you

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Speaker 1: know everybody starts seeing the numbers for what you know,

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Speaker 1: they're going to be able to do. The Zeo six

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Speaker 1: is coming. Uh. I'm first in line at at a

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Speaker 1: Chevy dealership for the zero six, which will be six

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Speaker 1: dred and seventy horsepower. Um, we're gonna be put I

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Speaker 1: say we. GM is gonna be putting up some numbers

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Speaker 1: that are going to scare some of these car may

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Speaker 1: that are at four, five, six times the cost of that.

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Speaker 1: That's the amazing thing is on a dollar per horsepower rating,

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Speaker 1: what what General Motors was able to accomplish with this

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Speaker 1: car is really quite astonishing that the next closest thing

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Speaker 1: is like a Mustang three fifty or a Mustang g

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Speaker 1: T five that Ford has put out, and you're not

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Speaker 1: going to get the same sort of performance, You're not

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Speaker 1: going to get the same sort of lap times nor

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Speaker 1: the just really uh you know, I know some people

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Speaker 1: find the new VET a little over the top. Um,

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Speaker 1: but so are all of the McLarens and Lamborghinis. It

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Speaker 1: is a car that can compete toe to toe with

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Speaker 1: the best automobiles in the world. It's it's quite an

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Speaker 1: accomplishment with a base price of fifty ridiculous. Barry and David,

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Speaker 1: I have to ask you, guys, um, I think one

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Speaker 1: of the reasons when I see you guys, and I'll

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Speaker 1: throw Matt in there as well. Driving down the road

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Speaker 1: and these awesome, awesome cars. I think one of the

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Speaker 1: reasons you like doing that is because it sounds so cool.

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Speaker 1: As these things go electric, it ain't gonna sound so cool.

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Speaker 1: What do you guys think about that? I'm okay with that.

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Speaker 1: I mean, my my C two has side pipes. It

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Speaker 1: is loud, like you hear me coming to towns away.

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Speaker 1: The ability to sort of stealthily sneak up and and

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Speaker 1: pass the police without them seeing you there, there are

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Speaker 1: advantages to that. And I try and stay, you know,

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Speaker 1: within five to ten miles of the posted speed limit. Well,

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Speaker 1: I'm not looking to have a longer conversation on the

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Speaker 1: side of the road. I'm sure you can with I

404
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Speaker 1: don't know, but I'm guessing the C eight had you can.

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Speaker 1: You can control the exhaust sounding ways, but it's always

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Speaker 1: gonna make a noise compared to a rivian, Right, David, So,

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Speaker 1: what do you think about the fact that, um, are

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Speaker 1: people gonna buy these products in the husiasts? Are enthusiasts

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Speaker 1: gonna buy these products? Are are motor Head's gonna buy

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Speaker 1: these products. It's already got Riva in a market cap

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Speaker 1: of a hundred thirty billion dollars, which is like forty

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Speaker 1: billion more than GM. Yeah. So here's an analogy is

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Speaker 1: in boats, when you go from an io where you've

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Speaker 1: got those pipes, you may have captain's call where the

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Speaker 1: pipes are in the air round under the water, and

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Speaker 1: you hear it like you do in a car going

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Speaker 1: versus going to outboards. And that's the toughest part boat

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Speaker 1: with you know, my boat without boards, I missed that

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Speaker 1: sound of my boat within with an i OWE And

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Speaker 1: I think for enthusiasts it's the same thing. I think

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Speaker 1: that there are things that the d offers because of

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Speaker 1: a flat torque curve that you you just can't get

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Speaker 1: with with ice vehicles. But uh yeah, we're gonna, we're gonna,

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Speaker 1: we're gonna miss it, or I think enthusiasts will will

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Speaker 1: miss that aspect of it. E v But when you

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Speaker 1: talk about the power of an e v UM, you

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00:23:54,640 --> 00:23:58,040
Speaker 1: know there's something for enthusiasts as well. What I'm excited

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Speaker 1: about is to hear the flat plane crank in the

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00:24:01,640 --> 00:24:07,800
Speaker 1: zero six um that made a huge difference in the

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00:24:08,160 --> 00:24:12,119
Speaker 1: Mustang performance, but mainly the experience when they brought the

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00:24:12,160 --> 00:24:15,000
Speaker 1: five point two Leader with the flat plane crank. Now

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00:24:15,040 --> 00:24:16,840
Speaker 1: the zero six is going to have that with their

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00:24:16,880 --> 00:24:20,240
Speaker 1: five point five Leader. It's a little bit smaller displacement,

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00:24:20,320 --> 00:24:22,399
Speaker 1: but I agree with you, David, that has got to

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00:24:22,400 --> 00:24:26,440
Speaker 1: be one of the most anticipated releases of the year.

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00:24:26,720 --> 00:24:29,200
Speaker 1: And my only hope is that they do a g

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00:24:29,400 --> 00:24:33,359
Speaker 1: T three version. You know, Porsche has um the g

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00:24:33,560 --> 00:24:35,960
Speaker 1: T three and what I mean is a touring version.

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00:24:36,200 --> 00:24:39,719
Speaker 1: What they downplay it. They take off the whale tail,

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00:24:40,240 --> 00:24:43,080
Speaker 1: they get rid of the spoilers, and they just make

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00:24:43,119 --> 00:24:44,840
Speaker 1: it look more like a touring car. I'd love to

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00:24:44,880 --> 00:24:48,240
Speaker 1: have a zero six without all the stuff on it

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00:24:48,320 --> 00:24:52,320
Speaker 1: isn't not an option that's like a zero seven package

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00:24:52,400 --> 00:24:55,639
Speaker 1: gives you all that flare and the whale tail. I

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00:24:55,920 --> 00:24:59,560
Speaker 1: think you could get it fairly modest, can't you. Yeah,

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00:24:59,600 --> 00:25:03,320
Speaker 1: you can't, and you can't. And your question about you know,

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Speaker 1: the sound out the tail pipe. You know, one thing

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00:25:05,920 --> 00:25:08,080
Speaker 1: that's I love about the Core Bett and a lot

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00:25:08,080 --> 00:25:10,959
Speaker 1: of the g M vehicles is the UH with the

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00:25:10,960 --> 00:25:16,399
Speaker 1: the variable suspension and UH tuning that they have. You know,

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00:25:16,440 --> 00:25:19,879
Speaker 1: you have three modes touring, sport, and track, and I

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00:25:19,920 --> 00:25:22,560
Speaker 1: call track beast mode and you get that tail pipe

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Speaker 1: when you're sitting there a vital All right, David could

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Speaker 1: let thank you so much. We appreciated mainstay capital. He

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Speaker 1: came back for a second round the Tall cars. Of course.

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Speaker 1: Barry Richelts, Bloomberg opinion columnist, hosts of Masters in Business,

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00:25:33,480 --> 00:25:36,600
Speaker 1: for this little segment of car Talk, bout you buy

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Speaker 1: Matt Miller and your friends at a Bloomberger Radio. Thanks

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00:25:41,119 --> 00:25:44,560
Speaker 1: for listening to the Bloomberg Markets podcast. You can subscribe

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00:25:44,600 --> 00:25:48,359
Speaker 1: and listen to interviews with Apple Podcasts or whatever podcast

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00:25:48,359 --> 00:25:51,920
Speaker 1: platform you prefer. I'm Matt Miller. I'm on Twitter at

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00:25:51,960 --> 00:25:55,560
Speaker 1: Matt Miller three. Get on Faull Sweeney. I'm on Twitter

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00:25:55,640 --> 00:25:58,480
Speaker 1: at pt Sweeney. Before the podcast, you can always catch

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Speaker 1: us worldwide at Bloomberg Rady