Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside
Speaker 1: my co host Matt Miller. Every business day we bring
Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along
Speaker 1: with essential market moving news. Find the Bloomberg Markets podcast
Speaker 1: called Apple Podcasts or wherever you listen to podcasts, and
Speaker 1: at Bloomberg dot com slash podcast. All right, let's bring
Speaker 1: in Janelle Woodward, President McKay Shields. Uh, Jennell, thanks so
Speaker 1: much for joining us here. We love to get your thoughts.
Speaker 1: I mean, you get a little bit of a roll
Speaker 1: over in the market today. UM, but I'd love to
Speaker 1: get your thoughts on this Federal Reserve. Are you comfortable
Speaker 1: with kind of that the pace of the tapering and
Speaker 1: more importantly, the communication around potential rate increases or are
Speaker 1: you in that camp that I think is growing that's
Speaker 1: saying maybe the Feds kind of falling behind here. Well,
Speaker 1: thank you so much for having me and and I
Speaker 1: think a really important question as we think about our
Speaker 1: outlook into Um, I think we're to the first party
Speaker 1: your question. We are comfortable with tapering and what's been communicated,
Speaker 1: you know, I think what is still outstanding is whether
Speaker 1: or not that pace changes as we get through in
Speaker 1: November and into December. But you're right to think what
Speaker 1: the market is really watching is what happens from a
Speaker 1: liftoff perspective, and and tightening, which is now projected to
Speaker 1: be somewhere in in in mid two UM. You know,
Speaker 1: to us, demand is strong, consumers resilient. You're just referencing
Speaker 1: that as we look at some of the earnings and
Speaker 1: retail data. But it really comes back to this, to
Speaker 1: the conversation around inflation. So what kind of inflation do
Speaker 1: you expect in two and is it going to be
Speaker 1: enough to drive the Fed fundrate up to fifty basis
Speaker 1: points between fifty and seventy five, because that's what the
Speaker 1: market is pricing in right now, and I feel like
Speaker 1: it just seems a little aggressive for this dovish group
Speaker 1: of Fed governors. Yeah, I think, you know, when we
Speaker 1: when we look at inflation, I mean, I think there's
Speaker 1: still this question of transitory and I think one of
Speaker 1: the challenges is that we've seen demand come back and
Speaker 1: be quite robust, and we're still seeing that met with
Speaker 1: some of the pressures and supply chain UM. And then
Speaker 1: we also have the commodity story at place that's definitely
Speaker 1: creating some short term pressure. It's interesting to look at
Speaker 1: five year inflation expectations versus more forward looking inflation expectations.
Speaker 1: There's still some confidence that inflation is somewhat transitory and
Speaker 1: or the set is going to get it right. So
Speaker 1: and we think it's probably prudent at some point for
Speaker 1: them to step into the market in two. But to
Speaker 1: your point, it's probably a little bit slower as we
Speaker 1: continue to really just kind of navigate the cycle and
Speaker 1: and some of the unprecedented recovery that we've been seeing.
Speaker 1: You know. I know you are used to be the
Speaker 1: formal global head of fixed income at Demo Global Asset Management,
Speaker 1: and I have to say, I really feel sorry for
Speaker 1: my friends that are fixed income portfolio managers. I look
Speaker 1: at the tenure at one point five and I'm like,
Speaker 1: what do people do all day? Where do you find
Speaker 1: opportunities in the fixed income market? Now? You I think
Speaker 1: it's a question that we continue to have a lot
Speaker 1: of dialogue on with with with our clients, especially as
Speaker 1: we think about what the implications are for real returns,
Speaker 1: you know, going back to what we're seeing on the
Speaker 1: earnings picture, gives us a lot of confidence and you
Speaker 1: basically have to manage down expectations. Right. Well, I think
Speaker 1: there's two pieces of it. You know, one, yes, of course,
Speaker 1: it's about thinking about what the expectations are. But the
Speaker 1: other piece of it is how can you get total returned?
Speaker 1: So you know, the yield is one component, but how
Speaker 1: can we capture opportunities to create a better total return
Speaker 1: picture than the yield? What otherwise support? So for us,
Speaker 1: it comes back to credit sectors which continue to be resilient.
Speaker 1: But then looking underneath of that and saying where we
Speaker 1: see strength, where do we see recovery? Real estate that
Speaker 1: you highlighted, the consumer, some of the leisure sectors coming back,
Speaker 1: and we think there's still good opportunities to get to
Speaker 1: positive real returns through using a total return approach. All right,
Speaker 1: So if we look at the SMP five right now,
Speaker 1: and on the equity side of the equation, it seems
Speaker 1: priced to perfection and we're starting to realize that you've
Speaker 1: got to have earnings to impress. Um, you were talking,
Speaker 1: we were talking about the retailers. You mentioned them as well. Um,
Speaker 1: if you get margin compression because you can't pass on
Speaker 1: the higher prices, you're in trouble. How do you see
Speaker 1: that going forward? Yeah, I think it's a great question
Speaker 1: as we look back on their earning cycle. It's one
Speaker 1: of the things that was raised to date and through
Speaker 1: the third quarter we saw UM corporations effective and their
Speaker 1: ability to pass on the prices, but certainly important, especially
Speaker 1: if we don't have the demand to support it into
Speaker 1: into two. You know, it's been interesting. Even if we
Speaker 1: look at spread markets and we look at the curve,
Speaker 1: we do see some softening as we get these inflation.
Speaker 1: UM prints worried about both the ability to pass it
Speaker 1: on and what does it mean for earnings, but also
Speaker 1: if it forces the Fed to act, what it does
Speaker 1: to the overall broader support of the economy. Do you know, Woodward,
Speaker 1: thank you so much for joining us, or really appreciate
Speaker 1: your thoughts and you're taking the time, do you know, Woodward,
Speaker 1: President of McKay Shields looking at the market. You know,
Speaker 1: we had the COP twenty six conference in Glasgow over
Speaker 1: the last couple of weeks and I don't know, maybe
Speaker 1: it's just me, but I was expecting some big stuff,
Speaker 1: some big announcements, and I'm not sure looking back that
Speaker 1: I necessarily got that a lot of talk here, but boy,
Speaker 1: there's a certainly a lot to discuss here. Let's get
Speaker 1: into a little bit of that as we think about
Speaker 1: the President Biden's in Infrastructure Bill, renewable energy and what
Speaker 1: we did maybe get from COP twenty six. We can
Speaker 1: do that today with VJ. Monter Purgata. He's a president
Speaker 1: and CEO of Montrose Environmental Group. So, VJ, is my
Speaker 1: takeaway from COP twenty six? Am I being a little
Speaker 1: too pessimistic? Or what did you take away from that? Hey, Paul,
Speaker 1: Hey Matt, it's great to be talking to you guys.
Speaker 1: Um you know, I it's uh, it's kind of a
Speaker 1: tale of two cities for me, Paul, Matt. It's if
Speaker 1: you think about wanting to stabilize the impact of the climate,
Speaker 1: it's a monumental human endeavor um. And so you know,
Speaker 1: if you think about the the lack of consistency of
Speaker 1: political will um of standards um uh, and and the
Speaker 1: the need to build a consensus um, we're in effect
Speaker 1: the hold into the slowest adopters, right, So you know
Speaker 1: the need to put these leaders together and have the
Speaker 1: delegates come through and think about how to build that
Speaker 1: consensus is important. But then if you step back and
Speaker 1: think about the the the desire by all of us,
Speaker 1: and you alluded to it Paullen matt to wanting more
Speaker 1: action and clear goals UM and visible steps were far
Speaker 1: from it. So in that sense, it's a little disappointing
Speaker 1: UM and I think we haven't done enough to unleash
Speaker 1: the power of the market UM to help achieve some
Speaker 1: of those goals. So do we expect miss your market
Speaker 1: to do UM more than MR Government has done. I mean,
Speaker 1: we talk every day with people about how E s
Speaker 1: G is more than a trend now it's actually a strategy.
Speaker 1: But we still don't have any great metrics. Maybe that's
Speaker 1: one good thing that's come out of copy and we
Speaker 1: still have a lot of greenwashing. Yeah, I mean, look,
Speaker 1: my general view is that you need a little bit
Speaker 1: of MR Government and MR market, But depending on your
Speaker 1: goal UM, especially for all the reasons we just talked about, right,
Speaker 1: lack of lack of consistency and consensus, MR market is
Speaker 1: going to be much more powerful here UM to setting
Speaker 1: a set of frameworks and standards that everyone around the
Speaker 1: world can work towards. UM. E s G is a
Speaker 1: little bit of a different force Paul, and that it's
Speaker 1: one that we're both subject to and a lot of
Speaker 1: our investors are really interested in UM and I continue
Speaker 1: to struggle with what it means though by virtue of
Speaker 1: all the things we do that we think, is it
Speaker 1: from Montrose and for our business and for our clients.
Speaker 1: We've kind of accidentally fallen into being an E S
Speaker 1: G company and making a positive impact. But but yeah,
Speaker 1: we we hear those concerns from our investors all the time,
Speaker 1: you know, VJ. There's a lot of folks, including uh,
Speaker 1: Michael Bloomberg, the founder of Bloomberg LP and this radio
Speaker 1: operation that believes it's really up to the cities that's
Speaker 1: where you can get a lot of stuff done. You know, UM,
Speaker 1: how do you think about that strategy as opposed to
Speaker 1: getting the whole world together in Glasgow? It's I mean,
Speaker 1: the cities play a play a huge role, Pauly Matt,
Speaker 1: but I don't know that I fully agree that it's
Speaker 1: all up to the cities. UM. There are huge swaths
Speaker 1: of participants, UM, you know, in agricultural communities, in places
Speaker 1: where cities perhaps don't play as prominent of a role.
Speaker 1: Those of us like the two of you and me
Speaker 1: that go between cities all the time. I think cities
Speaker 1: have a material role, but not the only role to play. UM.
Speaker 1: So I struggle when there's kind of the responsibility shouldered
Speaker 1: by one group. I think this is one of those
Speaker 1: areas where you need businesses, communities, cities, countries, the transportation sector,
Speaker 1: the inter government UM agencies all working together. I mean,
Speaker 1: if you, if you think about the pandemic, is an
Speaker 1: example of how coordinated that was in terms of the response.
Speaker 1: And I'm not saying it was perfect. Um we we
Speaker 1: set a pretty monumental goal collectively across countries, within countries,
Speaker 1: private sector, public sector, and we made a hell of
Speaker 1: a dent um. It would be great to see something
Speaker 1: coordinated like that on the topic of this nature. What's
Speaker 1: the one most powerful change we could see? V G.
Speaker 1: You know, I I read a story I think a
Speaker 1: couple of weeks ago saying that, um, the major producers
Speaker 1: from the u US, from Germany, from Japan need to
Speaker 1: promise to stop building internal combustion engines, which you know,
Speaker 1: on the one hand, that hurts me, it's like a
Speaker 1: wooden stake deep into my heart. On the other hand,
Speaker 1: it makes a lot of sense, because, um, you know,
Speaker 1: they're responsible for a huge portion of carbon emissions personal vehicles,
Speaker 1: and it strikes me as also, Um, I don't know
Speaker 1: if the term ironic is right ever since a lot
Speaker 1: is more set. But that that that all these car
Speaker 1: makers like, we're going to electrify her whole fleet by
Speaker 1: But when you say, does that mean you won't be
Speaker 1: producing any internal combustion engines? Like, no, no, no, no,
Speaker 1: no no, We're still going to be building those. So
Speaker 1: is that do you think the biggest change that we
Speaker 1: could make as a society. No, no, I think, And
Speaker 1: I think part of the problem Paula Matt is that
Speaker 1: you know, we're trying to prescribe a solution. And this
Speaker 1: goes back to what I was trying to say earlier.
Speaker 1: I probably didn't say it all that eloquently. Be great
Speaker 1: to let the market help decide what that set of
Speaker 1: solutions should be. I think one of the biggest changes
Speaker 1: we could make is to set a price on carbon
Speaker 1: and to set in place some kind of cap and
Speaker 1: trade mechanism, but more on a global scale, and then
Speaker 1: let capital, innovation and market forces determine whether you want
Speaker 1: combustion engines or not, and how they would phase out
Speaker 1: if at all, um and which sectors and which parts
Speaker 1: um of the markets, of the economy, of the global
Speaker 1: production cycle, which by the way includes a whole lot
Speaker 1: more than each of us driving cars, how all that
Speaker 1: would play out. So I think I personally would go
Speaker 1: several steps higher than just picking on one aspect of
Speaker 1: a source of emissions d j um. The Infrastructure Bill
Speaker 1: Present Bidence Infrastructure Bill, it's got some stuff in there
Speaker 1: about the environment. Is it enough? Is it a good step?
Speaker 1: Do you think it's a it's a good step. I
Speaker 1: think um. You know, from Mantra's perspective, Polymat it's uh.
Speaker 1: The investments infrastructure which are good for our country, have
Speaker 1: a positive impact on our services and the demand for
Speaker 1: our services um and a lot of it. Uh. It
Speaker 1: requires anytime you build a road, anytime we build a bridge,
Speaker 1: already with existing rules and laws, you have to do
Speaker 1: environmental assessments um. Uh. And so in that sense it's good.
Speaker 1: I think it goes one step further, which is encouraging
Speaker 1: from my perspective. There's dollars in there allocated for the
Speaker 1: removal of the forever chemicals, the pflus chemicals from water,
Speaker 1: which is one of the biggest um UH concerns of
Speaker 1: our generation. Um Uh. There's water infrastructure investments, reuse and
Speaker 1: access investments. So all of those um types of initiatives
Speaker 1: I think are good for the environment and good for
Speaker 1: the community, which is why I think it's great. All right,
Speaker 1: VJ thank you so much for joining us. Really appreciate
Speaker 1: your time and getting your perspective. VJN. Pagata, President and
Speaker 1: c of Mantro's Environmental Group. Kind of working with companies
Speaker 1: UH to surprise support for cleaner air, cleaner water, and
Speaker 1: there's a lot to be done. In copy six was
Speaker 1: a move forward. You know, we're here, we are in November,
Speaker 1: mid November. Start time to get some of those year
Speaker 1: ahead outlook pieces. And boy, after the year we've had
Speaker 1: this year, a lot of folks, I'm not seeing a
Speaker 1: lot of consistency out there, a lot of consensus, I
Speaker 1: should say, but let's bring our next guest and see
Speaker 1: where we land here. David Coudla, found their CEO and
Speaker 1: ce IO of Mainstay Capital Management, joins us. David, you know,
Speaker 1: we just got through a pretty darn good earning season.
Speaker 1: Um you know, the FED is kind of communicated what
Speaker 1: they're gonna do here. It seems pretty clear. Does that
Speaker 1: set us up for a pretty good two? I think
Speaker 1: it sets us up for a pretty good It certainly
Speaker 1: I think sets us up for a good end of
Speaker 1: year run. But I quickly need to get into the
Speaker 1: corvette discussion. Oh please, do I have a C seven
Speaker 1: z R one Corvette? Holding onto it? I have a
Speaker 1: I have a C eight, but I have the C
Speaker 1: seven z R one because that is the last, you know,
Speaker 1: that is the front engine manual transmission, true manual transmission
Speaker 1: with a stick right that I will have in a corvette.
Speaker 1: So I'm holding onto that one. I have driven a
Speaker 1: couple of those, and I'm on the track. In fact,
Speaker 1: I got to drive a few UM C seven's on
Speaker 1: the track up at where was that new Jersey Motorsports Park.
Speaker 1: Gorgeous car, and really I think it was a huge
Speaker 1: breakthrough from the C six to the C seven. Um
Speaker 1: they made uh so much headway and it's the last
Speaker 1: of the front engine cars. So I will say, having
Speaker 1: lived in Germany now David for a few years and
Speaker 1: I've been driving a nine eleven on the auto bawn,
Speaker 1: it's not ideal for high speeds. You want the weight
Speaker 1: in the front when you're going fast. Sorry, my red
Speaker 1: railing this conversation, right, But I do want to try THEE.
Speaker 1: So if I'm ever near you, I'm gonna ask to
Speaker 1: drive that. Well, well we'll drive them both, and the
Speaker 1: and this and I drove my C. I've driven the
Speaker 1: C seven on the track, seven five horsepower zero one.
Speaker 1: That is a lot of fun. So um. Yeah, So
Speaker 1: through year end, we think it looks we've still got
Speaker 1: a very constructive setup for stocks, even given a little
Speaker 1: bit of weakness we've had over a couple of days
Speaker 1: last week or this week. As we get into you know,
Speaker 1: it becomes a function of we have some things on
Speaker 1: the horizon, right, we have what is going to happen
Speaker 1: here within the next several days on appointment for the
Speaker 1: FED chair, what happens with inflation, how high does inflation go?
Speaker 1: And and the FED needs to act more rather than less. Um. So,
Speaker 1: you know, some of the things that have been tail
Speaker 1: winds and accommodative FED become headwinds next year. But for now,
Speaker 1: a lot of liquidity in the system has been pushing
Speaker 1: stocks higher. We think we're good through at least year end.
Speaker 1: Matt was just complaining about how much it costs for
Speaker 1: him to fill up is f one fifty raptor And
Speaker 1: that kind of brings us back to that inflation discussion. Um,
Speaker 1: you know, how big of a headwin is that next year?
Speaker 1: And I suspect that higher gas prices are the are
Speaker 1: the biggest problem for inflation expectations because that's when people
Speaker 1: really notice. They're the biggest problem for President Biden for sure.
Speaker 1: And we've seen what's been happening, you know what the
Speaker 1: calls he's been making around the world for other countries
Speaker 1: to release their spr But yeah, the you know when
Speaker 1: we talk about inflation, and and really this is the
Speaker 1: you know, it's I think it's difficult to call what
Speaker 1: the the peak will be some time next year. But
Speaker 1: but here's where we're at. The inflation there is a
Speaker 1: problem because it's a supply chain. It's endurable goods primarily
Speaker 1: it is affecting you know, other goods and services, but
Speaker 1: primarily durable goods. And we know that that supply chain heel.
Speaker 1: It's already Los Angeles sports starting to heal a little
Speaker 1: bit already, but we know the supply chain will heal.
Speaker 1: So you know, I would submit by this time next year,
Speaker 1: we will see inflation a lot lower than these numbers
Speaker 1: we're seeing now between here and there. How much higher
Speaker 1: it goes anybody's call, But it's certainly you know, it's
Speaker 1: certainly risk the market. I think the key thing though,
Speaker 1: is it's primarily durable goods inflation. When the supply chain heals,
Speaker 1: we'll see we'll see inflation subside, and we'll see some
Speaker 1: of the secular forces like technology that have been deflationary.
Speaker 1: UH started to become more pronounced again. All right, David,
Speaker 1: thank you so much. We appreciate your calls on the
Speaker 1: market and your calls on the Corvette. Of course, I mean,
Speaker 1: now we know well where to go. I'm gonna go
Speaker 1: ahead and say, even though I care deeply about the
Speaker 1: Corvette and it's an incredible legacy, your call on inflation
Speaker 1: as um as we were just hearing from Katie Greifeld earlier,
Speaker 1: is incredibly important in this market. Yeah, it really is,
Speaker 1: so we appreciated it. Could look coming on, founder CEO
Speaker 1: and CIO of main Stay Capital Management. Now, let's bring
Speaker 1: in my friend and yours, Berry Rid Holtz. He's a
Speaker 1: Bloomberg opinion columnist, UH, and we have brought back David Coudla.
Speaker 1: We did. Yeah. I don't know if, boy, I don't
Speaker 1: know if the producers told Barry why. Um, but Barry,
Speaker 1: we were talking a little bit about corvettes and I
Speaker 1: was mentioning your C two, and then we talked to
Speaker 1: David Coudla a little bit earlier and he said, you know,
Speaker 1: before we get to inflation, let me get on this
Speaker 1: corvette discussion. He is the CEO of main Stay Capital
Speaker 1: Management and also a corvette enthusiast. He has a C seven. Um,
Speaker 1: which one do you have? David? C seven z R
Speaker 1: one and a sting right. I like the I think
Speaker 1: they did an amazing job on that. I like both
Speaker 1: of them. Um. The only ones that I've driven are
Speaker 1: the C six, which I loved but I couldn't keep
Speaker 1: um the back wheels on the ground, and the C seven,
Speaker 1: which I spent a considerable amount of time with on
Speaker 1: the track. I thought they were both incredible. Um, Barry,
Speaker 1: what do you think about the shift from the front
Speaker 1: engine to the mid engine? The C eight is the
Speaker 1: first time they've moved the engine from you know, the
Speaker 1: front wheels to behind the driver. Well, if you want
Speaker 1: to remain competitive in the current marketplace, at least in
Speaker 1: terms of internal combustion engine and be able to compete
Speaker 1: with Ferrari and Lamborghini and McLaren and the four GT
Speaker 1: and go down the list the oud R eight. You
Speaker 1: there are just so many obvious benefits of moving mid engine.
Speaker 1: It's it's more balanced, it handles more naturally shifting weight
Speaker 1: from front to back. If you want to spend time
Speaker 1: on track, mid engine is really very much um how
Speaker 1: you're going to ring out those last uh hundreds of
Speaker 1: a second on on your lap time versus a tail happy,
Speaker 1: front engine, rear driven traditional muscle car. So, David, do
Speaker 1: you actually feel the difference? Yes, you do. And GM
Speaker 1: we have a lot of GM clients. The chief engineer
Speaker 1: of of the C seven Corvette is a client. Uh.
Speaker 1: We we have a lot of GM clients and and
Speaker 1: a lot of discussions about all this and the you know,
Speaker 1: I agree with Barry. I think GM did an excellent
Speaker 1: job of squeezing everything they could out of a front
Speaker 1: engine vehicle. But you know, competing on the track with
Speaker 1: these other mid engine cars like Ferrari, and when you
Speaker 1: know everybody starts seeing the numbers for what you know,
Speaker 1: they're going to be able to do. The Zeo six
Speaker 1: is coming. Uh. I'm first in line at at a
Speaker 1: Chevy dealership for the zero six, which will be six
Speaker 1: dred and seventy horsepower. Um, we're gonna be put I
Speaker 1: say we. GM is gonna be putting up some numbers
Speaker 1: that are going to scare some of these car may
Speaker 1: that are at four, five, six times the cost of that.
Speaker 1: That's the amazing thing is on a dollar per horsepower rating,
Speaker 1: what what General Motors was able to accomplish with this
Speaker 1: car is really quite astonishing that the next closest thing
Speaker 1: is like a Mustang three fifty or a Mustang g
Speaker 1: T five that Ford has put out, and you're not
Speaker 1: going to get the same sort of performance, You're not
Speaker 1: going to get the same sort of lap times nor
Speaker 1: the just really uh you know, I know some people
Speaker 1: find the new VET a little over the top. Um,
Speaker 1: but so are all of the McLarens and Lamborghinis. It
Speaker 1: is a car that can compete toe to toe with
Speaker 1: the best automobiles in the world. It's it's quite an
Speaker 1: accomplishment with a base price of fifty ridiculous. Barry and David,
Speaker 1: I have to ask you, guys, um, I think one
Speaker 1: of the reasons when I see you guys, and I'll
Speaker 1: throw Matt in there as well. Driving down the road
Speaker 1: and these awesome, awesome cars. I think one of the
Speaker 1: reasons you like doing that is because it sounds so cool.
Speaker 1: As these things go electric, it ain't gonna sound so cool.
Speaker 1: What do you guys think about that? I'm okay with that.
Speaker 1: I mean, my my C two has side pipes. It
Speaker 1: is loud, like you hear me coming to towns away.
Speaker 1: The ability to sort of stealthily sneak up and and
Speaker 1: pass the police without them seeing you there, there are
Speaker 1: advantages to that. And I try and stay, you know,
Speaker 1: within five to ten miles of the posted speed limit. Well,
Speaker 1: I'm not looking to have a longer conversation on the
Speaker 1: side of the road. I'm sure you can with I
Speaker 1: don't know, but I'm guessing the C eight had you can.
Speaker 1: You can control the exhaust sounding ways, but it's always
Speaker 1: gonna make a noise compared to a rivian, Right, David, So,
Speaker 1: what do you think about the fact that, um, are
Speaker 1: people gonna buy these products in the husiasts? Are enthusiasts
Speaker 1: gonna buy these products? Are are motor Head's gonna buy
Speaker 1: these products. It's already got Riva in a market cap
Speaker 1: of a hundred thirty billion dollars, which is like forty
Speaker 1: billion more than GM. Yeah. So here's an analogy is
Speaker 1: in boats, when you go from an io where you've
Speaker 1: got those pipes, you may have captain's call where the
Speaker 1: pipes are in the air round under the water, and
Speaker 1: you hear it like you do in a car going
Speaker 1: versus going to outboards. And that's the toughest part boat
Speaker 1: with you know, my boat without boards, I missed that
Speaker 1: sound of my boat within with an i OWE And
Speaker 1: I think for enthusiasts it's the same thing. I think
Speaker 1: that there are things that the d offers because of
Speaker 1: a flat torque curve that you you just can't get
Speaker 1: with with ice vehicles. But uh yeah, we're gonna, we're gonna,
Speaker 1: we're gonna miss it, or I think enthusiasts will will
Speaker 1: miss that aspect of it. E v But when you
Speaker 1: talk about the power of an e v UM, you
Speaker 1: know there's something for enthusiasts as well. What I'm excited
Speaker 1: about is to hear the flat plane crank in the
Speaker 1: zero six um that made a huge difference in the
Speaker 1: Mustang performance, but mainly the experience when they brought the
Speaker 1: five point two Leader with the flat plane crank. Now
Speaker 1: the zero six is going to have that with their
Speaker 1: five point five Leader. It's a little bit smaller displacement,
Speaker 1: but I agree with you, David, that has got to
Speaker 1: be one of the most anticipated releases of the year.
Speaker 1: And my only hope is that they do a g
Speaker 1: T three version. You know, Porsche has um the g
Speaker 1: T three and what I mean is a touring version.
Speaker 1: What they downplay it. They take off the whale tail,
Speaker 1: they get rid of the spoilers, and they just make
Speaker 1: it look more like a touring car. I'd love to
Speaker 1: have a zero six without all the stuff on it
Speaker 1: isn't not an option that's like a zero seven package
Speaker 1: gives you all that flare and the whale tail. I
Speaker 1: think you could get it fairly modest, can't you. Yeah,
Speaker 1: you can't, and you can't. And your question about you know,
Speaker 1: the sound out the tail pipe. You know, one thing
Speaker 1: that's I love about the Core Bett and a lot
Speaker 1: of the g M vehicles is the UH with the
Speaker 1: the variable suspension and UH tuning that they have. You know,
Speaker 1: you have three modes touring, sport, and track, and I
Speaker 1: call track beast mode and you get that tail pipe
Speaker 1: when you're sitting there a vital All right, David could
Speaker 1: let thank you so much. We appreciated mainstay capital. He
Speaker 1: came back for a second round the Tall cars. Of course.
Speaker 1: Barry Richelts, Bloomberg opinion columnist, hosts of Masters in Business,
Speaker 1: for this little segment of car Talk, bout you buy
Speaker 1: Matt Miller and your friends at a Bloomberger Radio. Thanks
Speaker 1: for listening to the Bloomberg Markets podcast. You can subscribe
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Speaker 1: Matt Miller three. Get on Faull Sweeney. I'm on Twitter
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