1
00:00:02,640 --> 00:00:05,320
Speaker 1: Welcome to the Bloomberg Penl Podcast. I'm Paul swing you

2
00:00:05,360 --> 00:00:07,680
Speaker 1: along with my co host Lisa Brahma Waits. Each day

3
00:00:07,720 --> 00:00:10,240
Speaker 1: we bring you the most noteworthy and useful interviews for

4
00:00:10,280 --> 00:00:12,520
Speaker 1: you and your money. Whether at the grocery store or

5
00:00:12,560 --> 00:00:15,480
Speaker 1: the trading floor. Find a Bloomberg Penl podcast on Apple

6
00:00:15,520 --> 00:00:17,960
Speaker 1: podcast or wherever you listen to podcasts, as well as

7
00:00:17,960 --> 00:00:23,480
Speaker 1: at Bloomberg dot com. We got terrible December retail sales

8
00:00:23,560 --> 00:00:26,040
Speaker 1: numbers that came in four weeks late due to the

9
00:00:26,040 --> 00:00:29,480
Speaker 1: government shutdown. But before you get all barished the way

10
00:00:29,480 --> 00:00:32,440
Speaker 1: that many traders have, we have the economic advisor to

11
00:00:32,479 --> 00:00:36,360
Speaker 1: President Trump, Larry Cudlow, saying this about the data. Take listen.

12
00:00:37,000 --> 00:00:39,840
Speaker 1: First of all, you had ten days of government shutdown.

13
00:00:40,240 --> 00:00:44,200
Speaker 1: I regard that as a temporary glitch, as you know. Uh. Secondly,

14
00:00:44,920 --> 00:00:48,840
Speaker 1: shoppers were very late. According to the National Retail Federation,

15
00:00:48,880 --> 00:00:52,040
Speaker 1: shoppers came in very late. I wouldn't be surprised if

16
00:00:52,120 --> 00:00:55,400
Speaker 1: January was revised up because of that. That was Larry

17
00:00:55,440 --> 00:00:58,840
Speaker 1: Cudlow speaking to a gaggle of reporters in Washington, d C.

18
00:00:59,040 --> 00:01:01,760
Speaker 1: Joining us here our Bloomberg Getta Active Broker Studios Coror

19
00:01:01,800 --> 00:01:04,759
Speaker 1: Kadana Chief you as economist for Bloomberg Economics and joining

20
00:01:04,800 --> 00:01:08,480
Speaker 1: us by phone. Craig Johnson, president of Customer Growth Partners, Carl,

21
00:01:08,560 --> 00:01:12,560
Speaker 1: let's start with you. Was this data glitchy? I don't

22
00:01:12,600 --> 00:01:15,160
Speaker 1: think there were glitches there in terms of a collection

23
00:01:15,200 --> 00:01:18,200
Speaker 1: of the data and whatnot. However, to the extent that

24
00:01:18,480 --> 00:01:21,880
Speaker 1: we had a government shutdown, probably those government workers were

25
00:01:22,120 --> 00:01:24,679
Speaker 1: kind of absentees in the later part of the holiday

26
00:01:24,760 --> 00:01:27,080
Speaker 1: shopping season, so that could have had an impact. I

27
00:01:27,120 --> 00:01:29,960
Speaker 1: don't really buy into what a weather story there because

28
00:01:30,520 --> 00:01:32,840
Speaker 1: one of the most weather sensitive categories tends to be

29
00:01:32,880 --> 00:01:34,760
Speaker 1: motor vehicle sales. If there's two feet of snow in

30
00:01:34,760 --> 00:01:36,600
Speaker 1: the dealership lot, you tend to not go for a

31
00:01:36,600 --> 00:01:39,360
Speaker 1: test drive U. And actually that was the rare bright

32
00:01:39,400 --> 00:01:41,640
Speaker 1: spot in this report, with the motor vehicle sales up

33
00:01:41,840 --> 00:01:45,760
Speaker 1: one percent UH in the month h. The other factor there, obviously,

34
00:01:46,480 --> 00:01:49,600
Speaker 1: is the equity market and financial market turmoil that we

35
00:01:49,680 --> 00:01:52,600
Speaker 1: saw in you know, we we knew about in December,

36
00:01:52,680 --> 00:01:55,560
Speaker 1: not fully, but that was definitely scaring people away or

37
00:01:55,640 --> 00:01:59,760
Speaker 1: leading to some sense of, uh, you know, conservativism with

38
00:01:59,800 --> 00:02:03,080
Speaker 1: their back to spending habits. So in light of this report,

39
00:02:03,200 --> 00:02:06,040
Speaker 1: we have trimmed our GDP forecast for Q four. Right,

40
00:02:06,120 --> 00:02:09,000
Speaker 1: consumers are very important part of that forecast. So we've

41
00:02:09,040 --> 00:02:11,760
Speaker 1: taken growth down from to nine to two and a

42
00:02:11,840 --> 00:02:15,800
Speaker 1: quarter UH for the UH for that's a very substantial

43
00:02:15,800 --> 00:02:20,520
Speaker 1: revision that shows how bad this report actually was. UH. Nonetheless, UH,

44
00:02:20,600 --> 00:02:23,400
Speaker 1: you know, we're not changing our outlook for consumers over

45
00:02:23,400 --> 00:02:27,720
Speaker 1: the course of beware. I think there's some sticker shock

46
00:02:27,800 --> 00:02:31,240
Speaker 1: as people are getting smaller than expected tax refunds as

47
00:02:31,240 --> 00:02:35,440
Speaker 1: they're filing. But the labor market is on very sound footing.

48
00:02:35,960 --> 00:02:39,040
Speaker 1: Personal income growth is strong. That means consumers will be

49
00:02:39,080 --> 00:02:41,119
Speaker 1: back in the game, but maybe not until Q two.

50
00:02:41,240 --> 00:02:43,760
Speaker 1: So Craig Johnson love to bring you on in this discussion.

51
00:02:44,000 --> 00:02:45,600
Speaker 1: What do you make of this retail number and does

52
00:02:45,639 --> 00:02:48,799
Speaker 1: it change your view of the consumer and for growth

53
00:02:48,880 --> 00:02:53,160
Speaker 1: in well Answering the second question, first, no, we don't.

54
00:02:53,280 --> 00:02:56,919
Speaker 1: We don't think it UH significantly affects the outlook now

55
00:02:56,960 --> 00:03:00,880
Speaker 1: on SO two. The reason for that is is gets

56
00:03:00,919 --> 00:03:03,240
Speaker 1: to the first question, is that we think there are

57
00:03:03,440 --> 00:03:08,520
Speaker 1: clear anomalies in the data here. UM. Overall retail works

58
00:03:08,520 --> 00:03:11,000
Speaker 1: in a world of year of year sales and total

59
00:03:11,000 --> 00:03:14,680
Speaker 1: sales growth in December per the report, and this is

60
00:03:14,680 --> 00:03:19,040
Speaker 1: excluding autos, gasoline, and restaurants normal exclusions, was up only

61
00:03:19,080 --> 00:03:23,520
Speaker 1: one point UM. But if you look at non store

62
00:03:23,600 --> 00:03:28,960
Speaker 1: retail for December UM, of which is with online sales,

63
00:03:29,280 --> 00:03:33,600
Speaker 1: it's up only three h That is the worst showing

64
00:03:33,960 --> 00:03:38,280
Speaker 1: since the native of the Great Recession uh in in

65
00:03:38,280 --> 00:03:42,119
Speaker 1: in two thousand eight Quality two eight uh And yet

66
00:03:42,160 --> 00:03:44,320
Speaker 1: if you look at online year to d eight sales

67
00:03:44,320 --> 00:03:49,280
Speaker 1: through November, they were up two points ten ten. October

68
00:03:49,320 --> 00:03:52,520
Speaker 1: and November, which is inclusive of the first half of holiday,

69
00:03:52,680 --> 00:03:55,560
Speaker 1: online sales were up again using their data, was up

70
00:03:55,600 --> 00:03:59,480
Speaker 1: thirteen point five And for the thought that suddenly this

71
00:03:59,760 --> 00:04:03,360
Speaker 1: ran up down from thirteen point five percent pace in

72
00:04:03,400 --> 00:04:07,600
Speaker 1: October November is only a three percent pace in December. Holds,

73
00:04:08,080 --> 00:04:12,160
Speaker 1: are you basically saying that the numbers are inaccurate here? Yes? Okay,

74
00:04:12,200 --> 00:04:14,200
Speaker 1: so you don't believe the numbers. You think that they

75
00:04:14,200 --> 00:04:19,479
Speaker 1: are wrong, absolutely, because this would imply a deceleration from

76
00:04:19,480 --> 00:04:21,760
Speaker 1: October December of a of a growth rate of thirteen

77
00:04:21,800 --> 00:04:24,680
Speaker 1: point five percent, only a three percent growth rate in December,

78
00:04:24,760 --> 00:04:28,279
Speaker 1: which has never happened. UM and other other the other

79
00:04:29,200 --> 00:04:32,279
Speaker 1: retail Amazon is almost half of all retail sales. Their

80
00:04:32,360 --> 00:04:35,240
Speaker 1: Q four sales are up eighteen year of a year.

81
00:04:35,720 --> 00:04:38,800
Speaker 1: Wayfarers is which is the second biggest pure play, uh,

82
00:04:38,880 --> 00:04:43,039
Speaker 1: and they'll be up almost this quarter. And so anybody

83
00:04:43,040 --> 00:04:46,000
Speaker 1: who thinks the three percent growth rate for online in

84
00:04:46,080 --> 00:04:48,440
Speaker 1: December is living in a dream world. And and we're

85
00:04:48,480 --> 00:04:51,279
Speaker 1: certainly going to get some more earnings next week to

86
00:04:51,480 --> 00:04:54,279
Speaker 1: confirm or rebut some of this data. But Carl, what

87
00:04:54,360 --> 00:04:57,280
Speaker 1: gives you faith in this data enough to revise downward

88
00:04:57,320 --> 00:05:00,000
Speaker 1: your GDP estimate for this year. Well, the retail sale

89
00:05:00,320 --> 00:05:02,599
Speaker 1: are whether whether the data or right or not. And

90
00:05:02,640 --> 00:05:06,480
Speaker 1: there's definitely a valid case there that maybe there's some distortion. Uh.

91
00:05:06,520 --> 00:05:10,560
Speaker 1: The retail sales data, nonetheless are plucked and put plugged

92
00:05:10,600 --> 00:05:13,480
Speaker 1: into the GDP tabulation. So if there's a mistake in

93
00:05:13,560 --> 00:05:17,160
Speaker 1: retail sales, that gets factored into the GDP numbers as well.

94
00:05:17,200 --> 00:05:20,400
Speaker 1: So it's just really plugging in the actual arithmetic. What

95
00:05:20,640 --> 00:05:24,520
Speaker 1: can happen here is you have sampling issues. So uh,

96
00:05:24,760 --> 00:05:28,159
Speaker 1: some retailers may not be counted in the retail sales survey.

97
00:05:28,960 --> 00:05:30,520
Speaker 1: I don't know if that's the case for Amazon or

98
00:05:30,560 --> 00:05:35,080
Speaker 1: what not. Usually Census doesn't disclose who they're pulling but

99
00:05:35,160 --> 00:05:36,640
Speaker 1: you know, if you if you have a lot of

100
00:05:36,920 --> 00:05:39,200
Speaker 1: retailers that were doing poorly at the end of the year,

101
00:05:39,279 --> 00:05:41,760
Speaker 1: certainly there were lots of headlines about you know, sears

102
00:05:41,839 --> 00:05:44,360
Speaker 1: and and companies of that nature that could be feeding

103
00:05:44,440 --> 00:05:49,080
Speaker 1: some kind of distortion into the survey. So Craig, how

104
00:05:49,080 --> 00:05:52,480
Speaker 1: about I mean, seriously, on the on the do you

105
00:05:52,600 --> 00:05:55,839
Speaker 1: sense that if the data is correct or incorrect, that

106
00:05:55,880 --> 00:05:59,360
Speaker 1: you're the consumers in a good position for Yeah, because

107
00:05:59,600 --> 00:06:02,960
Speaker 1: the airline consumer fundamental. The reason we're sanguine about the

108
00:06:03,000 --> 00:06:07,320
Speaker 1: rest of the year is that whether retail sales or

109
00:06:07,440 --> 00:06:10,080
Speaker 1: consumer spending in general, retail is the biggest segment of

110
00:06:10,120 --> 00:06:14,600
Speaker 1: consumer consumers sixty percented economy is is that the fundamentals

111
00:06:14,600 --> 00:06:17,599
Speaker 1: that drive retail sales is two biggest. The biggest fundamental

112
00:06:18,080 --> 00:06:22,520
Speaker 1: is growth in disposable personal income, and right now that

113
00:06:22,640 --> 00:06:25,160
Speaker 1: depends that in turn is driven by two things. One

114
00:06:25,200 --> 00:06:28,400
Speaker 1: growth and employment, particularly full time employment, which has been

115
00:06:28,560 --> 00:06:32,440
Speaker 1: very robust, and secondly by growth in average wages, which

116
00:06:32,440 --> 00:06:36,160
Speaker 1: are up three percent and change. Those two vectors combined

117
00:06:36,279 --> 00:06:38,960
Speaker 1: to be a major driver, about a five percent driver

118
00:06:39,880 --> 00:06:43,720
Speaker 1: retail sales, and that's why we're sticking with our forecast

119
00:06:43,880 --> 00:06:47,160
Speaker 1: of about somewhere around five percent year of a year

120
00:06:47,200 --> 00:06:51,160
Speaker 1: retail sales growth four two. Craig Johnson, thank you so

121
00:06:51,240 --> 00:06:53,839
Speaker 1: much for being with us. President of Customer Growth Partners, Cardona,

122
00:06:53,880 --> 00:06:56,560
Speaker 1: chief US economist for Bloomberg Economics. Just want to bring

123
00:06:56,560 --> 00:06:59,760
Speaker 1: you this headline just crossing US and China trade teams

124
00:06:59,760 --> 00:07:02,400
Speaker 1: are so to be far apart on reform demands. Looking

125
00:07:02,400 --> 00:07:04,839
Speaker 1: at the Dow, it is off its earlier highs on

126
00:07:04,920 --> 00:07:07,320
Speaker 1: this news, uh, So we are going to keep an

127
00:07:07,360 --> 00:07:20,480
Speaker 1: eye on that as the day progressive we list. It

128
00:07:20,480 --> 00:07:21,960
Speaker 1: seems like you and I are spending more and more

129
00:07:21,960 --> 00:07:24,640
Speaker 1: time talking about gaming. Maybe that's just having met Cantraman

130
00:07:24,680 --> 00:07:26,400
Speaker 1: come in and talk about the big gaming companies and

131
00:07:26,400 --> 00:07:29,800
Speaker 1: their earnings. But one aspect of the gaming businesses e Sports,

132
00:07:29,840 --> 00:07:32,200
Speaker 1: that just fascinates me. This is the business where people

133
00:07:32,520 --> 00:07:35,080
Speaker 1: come to arenas and other public places to watch other

134
00:07:35,120 --> 00:07:38,000
Speaker 1: people game. This is a real business. It is a

135
00:07:38,080 --> 00:07:41,400
Speaker 1: growing business. This is a one billion dollar business four

136
00:07:41,880 --> 00:07:44,960
Speaker 1: million viewers, uh and growing. So to help us kind

137
00:07:44,960 --> 00:07:47,200
Speaker 1: of dig deep into this business and the opportunities here,

138
00:07:47,200 --> 00:07:49,280
Speaker 1: we have a couple of gentlemen on our eleven three

139
00:07:49,360 --> 00:07:52,800
Speaker 1: year studios Ken d Q Bellis CEO of Black Ridge

140
00:07:52,800 --> 00:07:56,400
Speaker 1: Acquisition Company that is a Nasdaq listed spack on a

141
00:07:56,480 --> 00:07:59,400
Speaker 1: the symbol b r A C. And Frank frank Ing

142
00:07:59,680 --> 00:08:02,160
Speaker 1: c year of our Game International and Kennon Frank, I

143
00:08:02,160 --> 00:08:04,600
Speaker 1: guess your companies are are in the process emerging to

144
00:08:04,720 --> 00:08:08,160
Speaker 1: form what will be the new company would be Allied

145
00:08:08,200 --> 00:08:10,880
Speaker 1: E Sports Entertainment. So Frank, maybe if you could just

146
00:08:10,920 --> 00:08:14,720
Speaker 1: give us a sense of E sports. Why E sports?

147
00:08:15,280 --> 00:08:18,400
Speaker 1: What are the opportunities that you guys see in this business? Uh.

148
00:08:18,480 --> 00:08:21,360
Speaker 1: E sports has been around for a long time, but

149
00:08:21,480 --> 00:08:24,920
Speaker 1: as the subset of gaming. But now it becomes an

150
00:08:24,960 --> 00:08:28,600
Speaker 1: industry because in the past few years, streaming becomes extremely

151
00:08:28,640 --> 00:08:32,439
Speaker 1: popular and that really support the growth of the sports,

152
00:08:32,480 --> 00:08:35,440
Speaker 1: and and and and the essence, the core element is

153
00:08:35,480 --> 00:08:40,200
Speaker 1: the viewership. Viewership has grown to a very large number already.

154
00:08:40,240 --> 00:08:42,800
Speaker 1: You know, last year we had about four million on

155
00:08:42,840 --> 00:08:47,120
Speaker 1: the global basis viewers regularly on the sports and it's

156
00:08:47,160 --> 00:08:52,160
Speaker 1: already bigger than many major sports. So um as as

157
00:08:52,160 --> 00:08:54,440
Speaker 1: it develops right now, you know, we we see a

158
00:08:54,480 --> 00:08:57,800
Speaker 1: lot of new business model that is emerging and we

159
00:08:57,800 --> 00:09:00,319
Speaker 1: we really believe this is at the very big getting

160
00:09:00,360 --> 00:09:04,120
Speaker 1: stage off the industry. You know, to monetize from the

161
00:09:04,360 --> 00:09:08,640
Speaker 1: sports activities. So you two are coming together to form

162
00:09:09,040 --> 00:09:14,040
Speaker 1: Allied E Sports Entertainment. Ken dicobilis joining us here as well.

163
00:09:14,200 --> 00:09:18,880
Speaker 1: In your firm, black Ridge Acquisition Company. Didn't it focus

164
00:09:18,880 --> 00:09:21,760
Speaker 1: on oil? That was part of the initial focus. But

165
00:09:21,840 --> 00:09:25,200
Speaker 1: I will tell you when you have a spack, you

166
00:09:25,200 --> 00:09:27,640
Speaker 1: have a finite timeline that you have to get a

167
00:09:27,640 --> 00:09:30,360
Speaker 1: deal done. So it's all about deal flow. And for us,

168
00:09:30,400 --> 00:09:33,319
Speaker 1: we're very fortunate in that a gentleman named Lyle Berman

169
00:09:33,520 --> 00:09:36,280
Speaker 1: took a company called World Poker Tour public in two

170
00:09:36,360 --> 00:09:39,360
Speaker 1: thousand and four. He eventually sold that and then Frank's

171
00:09:39,400 --> 00:09:43,000
Speaker 1: company bought WPT three years ago. As Frank was looking

172
00:09:43,040 --> 00:09:46,040
Speaker 1: at various ways to fund the sports initiative, he heard

173
00:09:46,080 --> 00:09:48,840
Speaker 1: that Lyle had a spack, so he approached Lylan for

174
00:09:48,880 --> 00:09:51,880
Speaker 1: those who don't know his special acquisition company, correct, So

175
00:09:51,920 --> 00:09:55,480
Speaker 1: they approached us, and I can tell you the opportunity

176
00:09:55,559 --> 00:09:58,240
Speaker 1: with this business blows away any we were looking at

177
00:09:58,280 --> 00:10:00,200
Speaker 1: in the energy space. So it's all about sure hold

178
00:10:00,200 --> 00:10:01,960
Speaker 1: a return for us, and we think this is the

179
00:10:02,040 --> 00:10:04,240
Speaker 1: right bet. Okay, So what is the business plan for

180
00:10:04,280 --> 00:10:05,959
Speaker 1: your company and give us a sense of how that

181
00:10:06,000 --> 00:10:09,000
Speaker 1: maybe mirrors what's going on in the sports business in general.

182
00:10:09,760 --> 00:10:11,959
Speaker 1: I would say this this is unique. Okay, if you're

183
00:10:11,960 --> 00:10:14,480
Speaker 1: looking to play the sports today, there's really two ways

184
00:10:14,520 --> 00:10:17,200
Speaker 1: to do it. You are a video game publisher that

185
00:10:17,240 --> 00:10:19,679
Speaker 1: makes the games itself, or a lot of the traditional

186
00:10:19,720 --> 00:10:23,400
Speaker 1: sports franchise owners are buying teams that compete against each other.

187
00:10:23,640 --> 00:10:27,800
Speaker 1: We're a game and team agnostic. The strategy is threefold.

188
00:10:28,160 --> 00:10:30,319
Speaker 1: You hold a live event like at our lux or

189
00:10:30,360 --> 00:10:34,040
Speaker 1: arena in Las Vegas, produce content off of that, and

190
00:10:34,080 --> 00:10:37,360
Speaker 1: then drive viewers from the content piece to an online platform.

191
00:10:37,400 --> 00:10:39,920
Speaker 1: So it's the three pillar strategy that, by the way,

192
00:10:39,960 --> 00:10:42,960
Speaker 1: has been deployed at the World Poker Tour for seventeen years.

193
00:10:42,960 --> 00:10:45,600
Speaker 1: So that's the play here to monetize. So, Frank, talk

194
00:10:45,679 --> 00:10:48,880
Speaker 1: to me about the arena type play because this is

195
00:10:48,920 --> 00:10:50,920
Speaker 1: something I have not seen that much about me. We

196
00:10:50,960 --> 00:10:54,920
Speaker 1: know that watching competitive gamers, that's a very popular thing

197
00:10:54,960 --> 00:10:57,840
Speaker 1: to do. People stream that. But you know what is

198
00:10:57,880 --> 00:11:01,800
Speaker 1: the market like for in person events right now? Well,

199
00:11:02,280 --> 00:11:05,080
Speaker 1: I think the market is growing very rapidly right now.

200
00:11:05,400 --> 00:11:08,960
Speaker 1: A lot of the bigger sports events today they're being

201
00:11:09,040 --> 00:11:13,719
Speaker 1: how that colosseum like you know, Candlestick Park for example. Um,

202
00:11:13,880 --> 00:11:16,560
Speaker 1: you know, but we we're trying to create a new format,

203
00:11:16,559 --> 00:11:20,360
Speaker 1: a dedicated arena just for E sports. Basically, it's just

204
00:11:20,400 --> 00:11:24,640
Speaker 1: like a studio or TV studio with live broadcast capabilities

205
00:11:24,920 --> 00:11:27,800
Speaker 1: that can house a thousand people with those gas, your

206
00:11:27,800 --> 00:11:30,520
Speaker 1: show looks great, and I'll focus instead of you know,

207
00:11:30,640 --> 00:11:34,720
Speaker 1: doing more like a proper organized league or teams. Instead,

208
00:11:34,800 --> 00:11:38,600
Speaker 1: we want to create shows entertainment for e sports that

209
00:11:38,640 --> 00:11:42,480
Speaker 1: can be carried out on a frequent, regular basis, and

210
00:11:42,520 --> 00:11:45,280
Speaker 1: as such, the commercial value that can be created will

211
00:11:45,320 --> 00:11:48,240
Speaker 1: be a lot bigger for our sponsors. So talk about

212
00:11:48,280 --> 00:11:50,480
Speaker 1: where you are in or how how you view the

213
00:11:50,520 --> 00:11:53,640
Speaker 1: model sponsorship advertisers, how critical is that to kind of

214
00:11:53,640 --> 00:11:56,360
Speaker 1: what you guys are thinking about. Well, I would say this,

215
00:11:56,440 --> 00:11:59,480
Speaker 1: the demographic in in the sports of the viewership is

216
00:11:59,520 --> 00:12:02,920
Speaker 1: primary L thirty five and under. That's a highly coveted demographic.

217
00:12:03,400 --> 00:12:06,400
Speaker 1: And the beauty of the ecosystem right now is they

218
00:12:06,440 --> 00:12:09,679
Speaker 1: are all online. So E sports is an online business.

219
00:12:09,720 --> 00:12:12,400
Speaker 1: The content that will be produced from the live events

220
00:12:12,400 --> 00:12:16,240
Speaker 1: that the arenas will be distributed primarily online. So the

221
00:12:16,320 --> 00:12:20,079
Speaker 1: sponsors really covet that demographic and so they want to

222
00:12:20,120 --> 00:12:23,520
Speaker 1: get behind this business. As well. So, Ken, how big

223
00:12:23,559 --> 00:12:25,960
Speaker 1: do you think this? How how how do you sort

224
00:12:25,960 --> 00:12:30,000
Speaker 1: of monetize this in terms of ticket sales? Do you do? Uh? Gear?

225
00:12:30,280 --> 00:12:33,480
Speaker 1: I mean just the practical aspects of this. Yeah, the

226
00:12:33,600 --> 00:12:37,160
Speaker 1: two really big opportunities with this business model is with

227
00:12:37,240 --> 00:12:40,800
Speaker 1: the content to sell sponsorship or spell sell the content

228
00:12:41,360 --> 00:12:45,040
Speaker 1: to distribution networks. Okay number one. But thirdly, which really

229
00:12:45,280 --> 00:12:48,439
Speaker 1: meets up with what Frank's background is, is an online

230
00:12:48,440 --> 00:12:52,520
Speaker 1: subscription based service geared primarily towards gamers. That's what Frank

231
00:12:52,559 --> 00:12:56,000
Speaker 1: has been doing his entire career. Yeah, thank you both

232
00:12:56,040 --> 00:12:58,800
Speaker 1: so much for being here. Kenn D. Cabila's CEO of

233
00:12:58,840 --> 00:13:02,160
Speaker 1: Black Ridge Acquisition Company, seem to be future CFO of

234
00:13:02,200 --> 00:13:05,720
Speaker 1: allied E Sports Entertainment. Frank Young, chief executive of our

235
00:13:05,800 --> 00:13:10,319
Speaker 1: Game Internet National future CEO of allied E Sports Entertainment.

236
00:13:10,559 --> 00:13:12,839
Speaker 1: Both of you here in our Interactive Broker studios. Thank

237
00:13:12,880 --> 00:13:27,079
Speaker 1: you so much for being here with us. Well, the

238
00:13:27,160 --> 00:13:29,400
Speaker 1: number of the day is one point two, as in

239
00:13:29,480 --> 00:13:32,200
Speaker 1: a one point two percent decline in retail sales for

240
00:13:32,240 --> 00:13:35,480
Speaker 1: the month of December just released this morning, certainly impacting

241
00:13:35,480 --> 00:13:37,360
Speaker 1: the markets. To get us give us a sense of

242
00:13:37,400 --> 00:13:40,240
Speaker 1: what this means for the consumer and for markets going forward.

243
00:13:40,240 --> 00:13:42,760
Speaker 1: We bring in Peter Anderson. Peter is the founder of

244
00:13:42,800 --> 00:13:45,480
Speaker 1: Anderson Capital Management. He joins us right here in our

245
00:13:45,480 --> 00:13:48,920
Speaker 1: bloom Bloomberg Interactive Broker studio. So, Peter, this number was

246
00:13:48,960 --> 00:13:51,720
Speaker 1: clearly a surprise for the market. Uh does it change

247
00:13:51,760 --> 00:13:54,560
Speaker 1: your view of the consumer and maybe how you're positioning

248
00:13:54,559 --> 00:13:57,440
Speaker 1: your portfolio. The only thing it does is it really

249
00:13:57,600 --> 00:14:02,040
Speaker 1: reinforces my opinion that last order was such a crazy quarter.

250
00:14:02,400 --> 00:14:06,640
Speaker 1: Nobody really had firm opinions as to what was happening,

251
00:14:06,880 --> 00:14:09,679
Speaker 1: and as a result, I think what you're seeing is

252
00:14:10,080 --> 00:14:13,960
Speaker 1: the consumer just recoiled back and said I'm out for

253
00:14:14,000 --> 00:14:17,079
Speaker 1: the month of December, simply because nobody is giving me

254
00:14:17,120 --> 00:14:19,480
Speaker 1: any pure advice. Nobody is telling me which way the

255
00:14:19,520 --> 00:14:23,280
Speaker 1: markets are going. Everybody seems confused, and when I'm confused,

256
00:14:23,320 --> 00:14:26,040
Speaker 1: I go back into my bunker. Are you confused right now?

257
00:14:26,800 --> 00:14:32,680
Speaker 1: I've never been confused? So so, so what's your take? Well,

258
00:14:32,760 --> 00:14:36,640
Speaker 1: I think that the market has, uh, it needs to

259
00:14:36,800 --> 00:14:41,120
Speaker 1: discount all the political policies that we're we're following. I mean,

260
00:14:41,280 --> 00:14:45,360
Speaker 1: certainly it's very important about the tariffs, the wall breaksit,

261
00:14:45,640 --> 00:14:48,040
Speaker 1: but let's just put it in perspective. You know that

262
00:14:48,160 --> 00:14:51,960
Speaker 1: if you like US stocks, then I would suggest buying

263
00:14:52,080 --> 00:14:55,520
Speaker 1: US stocks based on the fundamentals and not whether the

264
00:14:55,600 --> 00:14:59,400
Speaker 1: tweet of the day by President Trump will actually change

265
00:14:59,400 --> 00:15:01,600
Speaker 1: your mind. Paul, can you believe this? If you like

266
00:15:01,760 --> 00:15:04,400
Speaker 1: US stocks, you should buy US stocks. I have to

267
00:15:04,440 --> 00:15:06,320
Speaker 1: wonder on a day like today, when you see Coca

268
00:15:06,400 --> 00:15:08,520
Speaker 1: Cola shares plunging the most in two thousand and eight,

269
00:15:08,840 --> 00:15:11,720
Speaker 1: if you like the U S economy and you think

270
00:15:11,760 --> 00:15:14,760
Speaker 1: people will keep drinking stuff that doesn't just water, would

271
00:15:14,760 --> 00:15:16,720
Speaker 1: you be a buyer of Coke shares? Well? I don't

272
00:15:16,720 --> 00:15:19,720
Speaker 1: own Coke shares because it's not in my universe of

273
00:15:19,960 --> 00:15:22,000
Speaker 1: stocks that I own. I tend to own stocks are

274
00:15:22,040 --> 00:15:24,880
Speaker 1: a little less followed, actually, because I think Coke is

275
00:15:24,920 --> 00:15:29,040
Speaker 1: followed to death, and in terms of advantages of information,

276
00:15:29,800 --> 00:15:32,560
Speaker 1: it's pretty tough because it's followed so much. But when

277
00:15:32,560 --> 00:15:34,680
Speaker 1: you're looking at other stocks it might have missed their

278
00:15:34,680 --> 00:15:38,400
Speaker 1: earnings that are not followed such as closely. Then I

279
00:15:38,440 --> 00:15:40,960
Speaker 1: think those are buying opportunities if you do have the

280
00:15:41,040 --> 00:15:44,960
Speaker 1: confidence in your own analysis. So we've certainly seen a

281
00:15:45,000 --> 00:15:49,240
Speaker 1: tremendous rate or level of volatility, certainly in December and

282
00:15:49,240 --> 00:15:51,320
Speaker 1: even coming that snap back here we've seen this year

283
00:15:51,360 --> 00:15:54,600
Speaker 1: to date. Do you use volatility as a buying opportunities

284
00:15:54,640 --> 00:15:56,640
Speaker 1: that is that kind of how you're viewing it right now,

285
00:15:56,760 --> 00:16:00,120
Speaker 1: or are using volatility as an excuse to step back? Well, know,

286
00:16:00,240 --> 00:16:04,520
Speaker 1: volatility is probably the most frequently used word in our business,

287
00:16:04,800 --> 00:16:07,200
Speaker 1: and I have to tell you I almost ignore the

288
00:16:07,240 --> 00:16:10,400
Speaker 1: total volatility. I just go ahead. I say to myself,

289
00:16:10,440 --> 00:16:12,520
Speaker 1: if this is a stock that I like, and I've

290
00:16:12,560 --> 00:16:14,920
Speaker 1: liked it for some time, and I still continue to

291
00:16:15,000 --> 00:16:17,200
Speaker 1: like it. If a new client comes in, I don't

292
00:16:17,280 --> 00:16:19,800
Speaker 1: even market time. I usually just jump right into the

293
00:16:19,840 --> 00:16:22,280
Speaker 1: jump rope and don't wait for vall to pick up.

294
00:16:22,520 --> 00:16:24,400
Speaker 1: So I might pick up the stock at a little

295
00:16:24,440 --> 00:16:26,920
Speaker 1: bit more cheaply than I normally would, because it's a

296
00:16:26,960 --> 00:16:29,560
Speaker 1: fool's errand to try to time that. So you'll hear

297
00:16:29,600 --> 00:16:31,720
Speaker 1: a lot of people in my side talking about how

298
00:16:31,760 --> 00:16:34,640
Speaker 1: scary the volatility is. But I'm not afraid of that

299
00:16:34,680 --> 00:16:36,880
Speaker 1: because I don't think it's a major driver. If you're

300
00:16:36,920 --> 00:16:39,120
Speaker 1: in this market for the long run. Sure you might

301
00:16:39,160 --> 00:16:42,280
Speaker 1: pick up some stocks, uh during the high periods of volatility,

302
00:16:42,320 --> 00:16:44,680
Speaker 1: where you might get cheaper prices, but in the end,

303
00:16:44,720 --> 00:16:47,720
Speaker 1: it averages out and you should focus on more technical things.

304
00:16:47,800 --> 00:16:51,240
Speaker 1: All right, So if you are not afraid of making

305
00:16:51,480 --> 00:16:53,960
Speaker 1: statements and making opinions, what do you like? What shares

306
00:16:54,000 --> 00:16:57,240
Speaker 1: do you like? Well? I like, uh, hold your breath

307
00:16:57,280 --> 00:17:00,400
Speaker 1: now in video in video is reporting interesting talk about

308
00:17:00,600 --> 00:17:03,800
Speaker 1: little stock exactly, but he doesn't pay attention to that's right.

309
00:17:05,440 --> 00:17:07,560
Speaker 1: So let me just quickly talk to you about a video.

310
00:17:07,600 --> 00:17:10,120
Speaker 1: You know, I grew up in the world of physics,

311
00:17:10,119 --> 00:17:13,840
Speaker 1: so I feel like I understand uh humbly a little

312
00:17:13,880 --> 00:17:17,439
Speaker 1: bit more than the street about in videos addressable market

313
00:17:17,480 --> 00:17:20,480
Speaker 1: in the future, so certainly it will be lumpy around

314
00:17:20,520 --> 00:17:23,040
Speaker 1: along the way. And it was of course last quarter

315
00:17:23,400 --> 00:17:26,359
Speaker 1: and maybe even this quarter because it's reporting aftermarket. But

316
00:17:26,480 --> 00:17:29,200
Speaker 1: that is a tremendous stock that you can get at

317
00:17:29,320 --> 00:17:32,280
Speaker 1: now a pe of less than twenty times, and if

318
00:17:32,280 --> 00:17:35,680
Speaker 1: you remember, it was trading at a much higher evaluation

319
00:17:36,040 --> 00:17:39,720
Speaker 1: as recently as six months ago. Anything else in tech?

320
00:17:40,040 --> 00:17:42,520
Speaker 1: Does tech scary way? Or do you like? You like

321
00:17:42,600 --> 00:17:44,919
Speaker 1: the growth and you can make the valuation call well,

322
00:17:45,119 --> 00:17:50,119
Speaker 1: I love computer security. So for instance, Palo Alto Networks

323
00:17:50,680 --> 00:17:54,840
Speaker 1: cyber Arc just reported recently. Uh, those two companies will

324
00:17:55,040 --> 00:18:00,000
Speaker 1: never their addressable market. Unlike Coca Cola for instance, there

325
00:17:59,880 --> 00:18:05,080
Speaker 1: addressable market is growing undeniably and as we get more

326
00:18:05,240 --> 00:18:10,600
Speaker 1: complicated and communications and technology and hacking, it's UH an

327
00:18:10,680 --> 00:18:13,560
Speaker 1: arms race. So that will never end except with the

328
00:18:13,600 --> 00:18:17,679
Speaker 1: advent of quantum computing, which is far far away in

329
00:18:17,720 --> 00:18:20,399
Speaker 1: the future. So what about the breakdown between stocks and

330
00:18:20,440 --> 00:18:23,920
Speaker 1: bonds and how are you allocating right now? UH? In

331
00:18:24,040 --> 00:18:28,439
Speaker 1: terms of asset allocation, I would say that it is

332
00:18:28,560 --> 00:18:32,040
Speaker 1: well overdone in our industry to have people come in

333
00:18:32,080 --> 00:18:35,280
Speaker 1: here and talk about a core satellite model which might

334
00:18:35,480 --> 00:18:39,919
Speaker 1: use ten to fifteen asset classes, and some of the

335
00:18:39,960 --> 00:18:43,440
Speaker 1: exposures are two to four per asset class. What does

336
00:18:43,480 --> 00:18:46,560
Speaker 1: that get you It it gets you low conviction. I

337
00:18:46,840 --> 00:18:49,880
Speaker 1: advocate having if you're coming into on cash, for instance,

338
00:18:49,880 --> 00:18:53,680
Speaker 1: so let's UH suspend capital gains issues. If you came

339
00:18:53,720 --> 00:18:57,600
Speaker 1: in on cash, I would advocate as little as three

340
00:18:57,640 --> 00:19:02,000
Speaker 1: to four asset classes. For completely diversified portfolio, I would

341
00:19:02,280 --> 00:19:05,440
Speaker 1: I would do away with the lexicon of tactical allocation

342
00:19:05,800 --> 00:19:10,520
Speaker 1: and strategic allocation. There would be a core UH SMPI

343
00:19:11,280 --> 00:19:15,399
Speaker 1: et F very very cheap core e t F of

344
00:19:16,119 --> 00:19:20,399
Speaker 1: fixed income, and then my twenty stock portfolio which would

345
00:19:20,640 --> 00:19:23,399
Speaker 1: hopefully give you the alpha, and then you are done.

346
00:19:23,720 --> 00:19:27,800
Speaker 1: Your reports come out three line items basically. Yeah, so

347
00:19:27,920 --> 00:19:30,560
Speaker 1: ten seconds here, have you shifted the allocation between stocks

348
00:19:30,560 --> 00:19:32,080
Speaker 1: and bonds or kept it sort of like a sixty

349
00:19:32,160 --> 00:19:34,520
Speaker 1: for type model for most people. I keep it at

350
00:19:34,520 --> 00:19:38,160
Speaker 1: sixty forty and I really don't switch that, and sometimes

351
00:19:38,160 --> 00:19:40,560
Speaker 1: I even let that run, believe it or not, as

352
00:19:40,600 --> 00:19:44,840
Speaker 1: opposed to going back and tactically reallocating. Peter Anderson not

353
00:19:44,920 --> 00:19:47,280
Speaker 1: afraid to give some points of view. Really great having you,

354
00:19:47,280 --> 00:19:50,240
Speaker 1: Peter Anderson, founder of Anderson Capital Management, joining us here

355
00:19:50,480 --> 00:20:05,360
Speaker 1: in our Bloomberg Interactive Broker's studios. Right now, let's focus

356
00:20:05,440 --> 00:20:09,160
Speaker 1: on airplanes, in particular those that have staircases leading from

357
00:20:09,280 --> 00:20:12,320
Speaker 1: one deck to another. They are going out of style

358
00:20:12,440 --> 00:20:15,400
Speaker 1: and off the market. Joining us now to discuss George Ferguson,

359
00:20:15,640 --> 00:20:20,080
Speaker 1: Senior Aerospace, Defense and Airlines analyst for Bloomberg Intelligence. George, So,

360
00:20:20,240 --> 00:20:24,399
Speaker 1: air Bus is scrapping it's unprofitable a three eighty double

361
00:20:24,520 --> 00:20:28,960
Speaker 1: ducker jet. Why? Yeah, So, I mean it just wasn't

362
00:20:28,960 --> 00:20:32,040
Speaker 1: the demand for the airplane. And that's been as you said,

363
00:20:32,320 --> 00:20:34,720
Speaker 1: you know, the same for all sort of four engineer

364
00:20:34,800 --> 00:20:37,639
Speaker 1: planes lately. Um, I mean it's a real move to

365
00:20:37,640 --> 00:20:42,680
Speaker 1: two smaller wide bodies, so airplanes with to two aisles

366
00:20:42,680 --> 00:20:45,280
Speaker 1: in them. You know, smaller airplanes can be deployed to

367
00:20:45,920 --> 00:20:48,520
Speaker 1: more markets, different markets. You don't have to worry about,

368
00:20:49,280 --> 00:20:52,040
Speaker 1: um them being being too large that when you drop

369
00:20:52,119 --> 00:20:55,560
Speaker 1: them into a market you'll you'll hurt fair dramatically. The

370
00:20:55,600 --> 00:20:58,399
Speaker 1: A three eight really was just it was too big

371
00:20:58,440 --> 00:21:00,919
Speaker 1: to fly to most markets. It would just dilute fares

372
00:21:00,960 --> 00:21:03,640
Speaker 1: and her profitability. And I could say, Paul, he says,

373
00:21:03,720 --> 00:21:05,919
Speaker 1: you can drop it into a market and people get hurt,

374
00:21:06,240 --> 00:21:08,520
Speaker 1: a very different image and what he's talking about. Have

375
00:21:08,560 --> 00:21:11,359
Speaker 1: you ever seen one in land? It's amazing fly it

376
00:21:11,400 --> 00:21:13,960
Speaker 1: into Sarah. So I think that's just the challenge is

377
00:21:14,000 --> 00:21:15,879
Speaker 1: too big for most markets. He fled in there, and

378
00:21:15,880 --> 00:21:20,560
Speaker 1: you really dilute fairs and Emirates profitability has been it's

379
00:21:20,600 --> 00:21:22,560
Speaker 1: deteriorated over the last bunch of years. There's a lot

380
00:21:22,600 --> 00:21:25,320
Speaker 1: of competition out there, and they finally, I think, came

381
00:21:25,359 --> 00:21:26,840
Speaker 1: to terms of the fact that it's just too big

382
00:21:26,840 --> 00:21:29,840
Speaker 1: an airplane to operate most places. So, George, how rare

383
00:21:30,000 --> 00:21:34,080
Speaker 1: is it for you know, an airplane manufacturer to cancel

384
00:21:34,200 --> 00:21:37,680
Speaker 1: a whole line of of its plane, argue it's marquee

385
00:21:37,720 --> 00:21:40,600
Speaker 1: line of of a plane after such a short, short

386
00:21:41,160 --> 00:21:43,280
Speaker 1: shelf life. It seems like they really misread the market

387
00:21:43,280 --> 00:21:46,120
Speaker 1: here Airbus did. Yeah, you know, I think I think

388
00:21:46,160 --> 00:21:49,800
Speaker 1: they did. You know, for Airbus, it's not as rare

389
00:21:49,800 --> 00:21:51,960
Speaker 1: as it should be. The A three forty was another

390
00:21:52,000 --> 00:21:58,639
Speaker 1: four engine airplane that had a pretty short lifespan. So, um,

391
00:21:58,800 --> 00:22:01,520
Speaker 1: they've got to sort of misses on the wide body front,

392
00:22:01,520 --> 00:22:04,160
Speaker 1: I would say, in the last couple of decades. Um.

393
00:22:04,400 --> 00:22:07,480
Speaker 1: And you know, I think you just have to stay

394
00:22:07,520 --> 00:22:11,000
Speaker 1: close to customers. I feel like, um, I feel like

395
00:22:11,040 --> 00:22:12,760
Speaker 1: some of their competitors that maybe been a little bit

396
00:22:12,800 --> 00:22:15,879
Speaker 1: close to customers and understand demand a little bit better.

397
00:22:16,560 --> 00:22:19,359
Speaker 1: You know, Boeing built the seven forty seven. It's what

398
00:22:19,520 --> 00:22:22,240
Speaker 1: fifty years old now, right, They built it many many

399
00:22:22,320 --> 00:22:25,920
Speaker 1: many years ago. Um And and in those days, the

400
00:22:25,960 --> 00:22:28,960
Speaker 1: hub and spoke was more of the way airlines went

401
00:22:29,000 --> 00:22:30,840
Speaker 1: about trying to do their business, and now we're doing

402
00:22:30,880 --> 00:22:33,480
Speaker 1: more point to point and I feel like Airbus sort

403
00:22:33,480 --> 00:22:35,840
Speaker 1: of really missed that point to point trend. With the

404
00:22:35,880 --> 00:22:39,600
Speaker 1: three Airbus shares up for nearly four and a half

405
00:22:39,680 --> 00:22:43,360
Speaker 1: percent in Paris right now, I want to get your sons, George,

406
00:22:43,720 --> 00:22:46,560
Speaker 1: of just the fact that more than three thousand jobs

407
00:22:46,600 --> 00:22:50,560
Speaker 1: will get cut if this goes through. As this goes through,

408
00:22:50,840 --> 00:22:53,840
Speaker 1: do you have a sense of where those jobs are? Yeah,

409
00:22:53,880 --> 00:22:57,560
Speaker 1: I mean the three is made into loose. Um. They

410
00:22:57,600 --> 00:22:59,080
Speaker 1: put a lot of investment in too loose. So I

411
00:22:59,160 --> 00:23:03,840
Speaker 1: imagine would share of jobs get hurt there? Uh you

412
00:23:03,880 --> 00:23:08,320
Speaker 1: know the rolls Royce to make engines, g makes some engines. UM.

413
00:23:08,359 --> 00:23:10,960
Speaker 1: See you see some some losses away from toloose some

414
00:23:11,000 --> 00:23:14,600
Speaker 1: of the suppliers and um and maybe you know some

415
00:23:14,680 --> 00:23:18,280
Speaker 1: of the other Airbus facilities that supply the airplane. But

416
00:23:19,040 --> 00:23:21,240
Speaker 1: I think the majority being to loose. I would note

417
00:23:21,280 --> 00:23:25,560
Speaker 1: that Emirates placed orders for the three fifty and the

418
00:23:25,560 --> 00:23:28,560
Speaker 1: three thirty, and air Bus is in the process of

419
00:23:28,600 --> 00:23:33,199
Speaker 1: increasing production of the three twenty from fifty to sixty

420
00:23:33,240 --> 00:23:37,159
Speaker 1: airplanes this year. That's increase per month. And so I

421
00:23:37,200 --> 00:23:39,959
Speaker 1: think there are other opportunities and Airbus alluded to this,

422
00:23:40,480 --> 00:23:43,639
Speaker 1: there are opportunities to find people places to move inside

423
00:23:43,640 --> 00:23:47,399
Speaker 1: the air Bus uh um network, you know, as they

424
00:23:47,400 --> 00:23:49,720
Speaker 1: wind down the three. So, George, is this a good

425
00:23:49,760 --> 00:23:53,160
Speaker 1: day for Boeing? Is a loss for Airbus, good for Boeing. Well,

426
00:23:53,200 --> 00:23:56,639
Speaker 1: I mean, you know, look, I think, uh, you know,

427
00:23:56,680 --> 00:24:00,040
Speaker 1: I think from from sort of the PR stamp, and

428
00:24:00,119 --> 00:24:02,880
Speaker 1: it might be it might be good because you know, again,

429
00:24:02,920 --> 00:24:05,000
Speaker 1: Boeing sort of built the seven or designed to build

430
00:24:05,000 --> 00:24:06,760
Speaker 1: the seven eight seven at the same time Airbus was

431
00:24:06,760 --> 00:24:09,800
Speaker 1: working the three eight, and the two airplanes were markedly different.

432
00:24:09,840 --> 00:24:11,560
Speaker 1: One was about point to point travel and the other

433
00:24:11,560 --> 00:24:13,840
Speaker 1: one was about hub and spoke. And I feel like

434
00:24:13,880 --> 00:24:16,520
Speaker 1: this is a win for point to point. But but

435
00:24:16,600 --> 00:24:18,680
Speaker 1: the truth is, I mean, the three eight wasn't making

436
00:24:18,760 --> 00:24:21,119
Speaker 1: much money. I don't know that it adds much like

437
00:24:21,280 --> 00:24:23,080
Speaker 1: to the seven forty seven. I think the seven forty

438
00:24:23,119 --> 00:24:25,399
Speaker 1: seven have got a freighter variant that helps carry it,

439
00:24:25,440 --> 00:24:27,639
Speaker 1: and that's really what's sort of saving the day for

440
00:24:27,720 --> 00:24:30,000
Speaker 1: the seven four seven. So it's a PR victory, but

441
00:24:30,080 --> 00:24:33,480
Speaker 1: it's not huge. George Ferguson, senior Aerospace, Defense and Airlines

442
00:24:33,480 --> 00:24:36,080
Speaker 1: and analysts for Bloomberg Intelligence, Thank you so much. I

443
00:24:36,160 --> 00:24:38,000
Speaker 1: gotta say, the kid in me is sad to see

444
00:24:38,000 --> 00:24:41,080
Speaker 1: these go, Paul, because uh, you know, where's the romance

445
00:24:41,119 --> 00:24:43,480
Speaker 1: and where's the romance? No, they're just cramming us more

446
00:24:43,480 --> 00:24:46,399
Speaker 1: and more people into these single aisle you know, aisle planes,

447
00:24:46,440 --> 00:24:49,520
Speaker 1: and yeah, we're the cocktail bars and the so on

448
00:24:49,560 --> 00:24:53,199
Speaker 1: and so forth. Pan am. The nostalgia, the running up

449
00:24:53,240 --> 00:24:56,120
Speaker 1: staircases that I never really experienced but I saw in television,

450
00:24:56,119 --> 00:24:58,479
Speaker 1: and what I experience when I go and wonder if

451
00:24:58,520 --> 00:25:01,720
Speaker 1: I have to pay for my Coca Cola. Thank you

452
00:25:02,000 --> 00:25:06,879
Speaker 1: for Coca Cola shares down. Thanks for listening to the

453
00:25:06,920 --> 00:25:09,520
Speaker 1: Bloomberg P and L podcast. You can subscribe and listen

454
00:25:09,560 --> 00:25:12,920
Speaker 1: to interviews at Apple Podcasts or whatever podcast platform you prefer.

455
00:25:13,119 --> 00:25:15,760
Speaker 1: I'm Paul Sweeney. I'm on Twitter at pt Sweeney. I'm

456
00:25:15,800 --> 00:25:18,560
Speaker 1: Lisa Abramoy. It's I'm on Twitter at Lisa abram woits

457
00:25:18,560 --> 00:25:21,439
Speaker 1: one before the podcast. You can always catch us worldwide.

458
00:25:21,440 --> 00:25:22,399
Speaker 1: I'm Bloomberg Radio