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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news, single.

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Speaker 2: Best idea deep into earning season, it was amazing. Just

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Speaker 2: to give you a little vignette into this. We start

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Speaker 2: at seven zero zero. There's a lot of preparation. You know,

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Speaker 2: I'm in at six point fifty two, Paul's in at

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Speaker 2: six fifty five. But our team's in a lot earlier,

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Speaker 2: and we know what's happening in earnings. But when Eli

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Speaker 2: Lilly comes out, there's literally on the Bloomberg forty headlines.

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Speaker 2: I'm not exaggerating. So it's sorting out which headlines matter

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Speaker 2: across each company. The banks are pretty much cookie cutter,

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Speaker 2: but the other companies are very much each idiosyncratic, each

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Speaker 2: unique and different. And I really can't say enough about

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Speaker 2: the team effort to say, Okay, what man is what's important?

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Speaker 2: You had the history today of three M cutting her dividend,

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Speaker 2: You had Eli Lilly and the whole you know, zembic

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Speaker 2: kind of thing going on. But they're each to every

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Speaker 2: including the McDonald's, with a little bit of a shortfall,

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Speaker 2: will continue to do that. We're gonna have Anna rog

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Speaker 2: Ronhan in a moment on Amazon, which is very important

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Speaker 2: obviously to the magnificent seven. But first the distraction of Japan.

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Speaker 2: One of the great things about people that become executive

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Speaker 2: like is they started somewhere with excellence. Rebecca Patterson, known

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Speaker 2: from Bridgewater, known from Bessemer Trust. Well, how did she

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Speaker 2: get there? She's a Gator out of University of Florida,

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Speaker 2: absolutely prodigious. But how did she get there? She got

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Speaker 2: there doing foreign exchange for a small bank in New

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Speaker 2: York called JP Morgan. No one better to talk to

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Speaker 2: on yen intervention, here's Rebecca Patterson.

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Speaker 3: The week yen is a reflection of the broadly strong dollar.

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Speaker 3: The dollar is up against almost every currency around the

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Speaker 3: world ear to date, so you do need to think

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Speaker 3: about what does the strong dollar mean. The strong dollar

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Speaker 3: tends to be a pretty big headwind for emerging market equities.

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Speaker 3: So that's an area that already has idiosyncratic risk around China,

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Speaker 3: but now you have this broad macro risk as well.

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Speaker 3: The strong dollar is the Fed's best friend if the

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Speaker 3: FED is trying to get inflation back down to two percent.

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Speaker 3: A strong dollar slows down US growth by making our

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Speaker 3: exports more expensive less competitive overseas. That tends to weigh

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Speaker 3: on manufacturing, slowing growth disinflationary, that helps the FED. So

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Speaker 3: again back to intervention. The Fed doesn't want to help

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Speaker 3: Japan here. The Fed wants a strong dollar, so it's

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Speaker 3: good for getting inflation down, it's bad for our exporters,

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Speaker 3: and it's bad for anyone looking at emerging markets right

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Speaker 3: now for diversification.

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Speaker 2: Rebecca Patison there and Yen we're following as closely again

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Speaker 2: across a specific rim. Tanya Chen leading our coverage out

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Speaker 2: of Hong Kong there into our evening and their morning,

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Speaker 2: and much to come on this today alone Yen backed up,

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Speaker 2: weaker yen and particularly weaker euro yen not through the

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Speaker 2: intervention weakness the shock there that we saw. But I'm

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Speaker 2: telling you this is going the wrong way for Japan

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Speaker 2: right now, and really pay attention to that, particularly in

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Speaker 2: the East Coast into our evenings as well. Amazon will

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Speaker 2: be out maybe by the time you hear this, you'll

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Speaker 2: know the Amazon earnings. I know Tim and Carroll have

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Speaker 2: that on Bloomberg Radio and on Android, on Apple, on

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Speaker 2: YouTube in the afternoon and they'll have a deep coverage

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Speaker 2: of it. But an agranat Bloomberg Intelligence is just excellent, honest,

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Speaker 2: and what's great about him he goes further with a juggernaut.

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Speaker 2: He looks not only at the cloud and the ad business,

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Speaker 2: but actually also looking at the cardboard box business. Here's

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Speaker 2: Anirograna on Amazon.

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Speaker 4: Both Google and Microsoft reported really strong cloud now. But

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Speaker 4: from Amazon's point of view, there are a couple of things.

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Speaker 4: It is much bigger than the other two companies in

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Speaker 4: terms of size, so the relative growth rates, you know,

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Speaker 4: are matter. Second thing, they don't have a relationship like

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Speaker 4: Microsoft has with open Ai, which means they are not

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Speaker 4: a direct beneficiary of people using more consumer apps on

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Speaker 4: their phones. So for them, it's the enterprise use of AI,

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Speaker 4: which actually takes a little bit longer than the consumer

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Speaker 4: side of things.

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Speaker 2: Enter Agrana there on Amazon. Of course, he and man

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Speaker 2: Deep Singh have been such great help to us. Single

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Speaker 2: best idea and it's just two of the voices. And

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Speaker 2: today I really want to underscore we didn't place them

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Speaker 2: here into our two ideas. But Daniel Paris pe rs

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Speaker 2: Daniel Paris. The book is the ownership dividend. I divide

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Speaker 2: books into different ways. One are easy reads, one are

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Speaker 2: you know, accessible light reads, and then there's books that

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Speaker 2: are I mean, I mean from Routledge The Daniel Paris

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Speaker 2: book is something like one hundred and sixty pages. It

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Speaker 2: reads like it's formed pages because it's really academic, really dense,

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Speaker 2: lots of footnotes and lots of fancy scattered charts. This

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Speaker 2: is a pro book on dividends and total return, the

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Speaker 2: ownership dividend, the coming paradigm shift in the US stock market,

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Speaker 2: and Daniel Paris on today really emphasizing the dividend change

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Speaker 2: at Microsoft and at Google. Maybe we'll see that from

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Speaker 2: Amazon with a new dividend, their dividend free, or maybe

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Speaker 2: some dividend announcements and buyback announcements from Apple as well.

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Speaker 2: A single best idea. We're out on Apple car Play

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Speaker 2: on Android Play as well. Good morning to all of you.

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Speaker 2: It's free out there. This is just a new technology

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Speaker 2: to get into your car, particularly newer cars. It's really

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Speaker 2: a minimal wire free and all that on Apple car

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Speaker 2: Play and also on YouTube. I want to make a

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Speaker 2: note program note. We now have available the entire show

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Speaker 2: two hours, fifty six minutes. You'll see this three ish

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Speaker 2: pm of the day of the show. We had a

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Speaker 2: huge request for this. We're thrilled to bring in. Now

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Speaker 2: the entire show replayed and then there's this six minute

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Speaker 2: podcast out on Apple Podcasts Into Business News. Thank you

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