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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along

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Speaker 2: with Paul Sweeney. Join us each day for insight from

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Speaker 2: the best in economics, finance, investment, and international relations. You

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Speaker 2: can also watch the show live on YouTube. Visit the

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Speaker 2: Bloomberg Podcast channel on YouTube to see the show weekday

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Speaker 2: mornings from seven to ten am Eastern from our global

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Speaker 2: headquarters in New York City. Subscribe to the podcast on Apple, Spotify,

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Speaker 2: or anywhere else you listen and always I'm Bloomberg Radio,

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Speaker 2: the Bloomberg Terminal, and the Bloomberg Business App. Well, I'm

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Speaker 2: stressed up by the why don't you bring in our

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Speaker 2: guest here? I mean, Gargey came in today just to

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Speaker 2: you know, hang and you know she's a Blackrock and

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Speaker 2: it's an important conversation.

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Speaker 3: Gugy Chrawdrey, chief investment and Portfolio Strategists of the Americas

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Speaker 3: for black Rock. But more point and that she was

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Speaker 3: at Merrill Lynch, she was at Jeffrey's a company. But

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Speaker 3: she's one of these people to that runs marathons, ultra marathons.

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Speaker 3: I mean, who does that stuff? Where are they runing to.

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Speaker 2: Where where they were from.

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Speaker 3: I don't get it all exactly. GREGI thanks so much

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Speaker 3: for joining us here in our studio. As John Tucker

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Speaker 3: was just reporting here all time highs again yesterday for

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Speaker 3: these markets. How do you think about just the opportunities

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Speaker 3: in markets as you think about strategy stepping back and

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Speaker 3: look about stocks, bonds, alternatives, you know, treasuries, I've got

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Speaker 3: the Federal Reserve, I've got earning starting this week. Where

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Speaker 3: do you guys start at a thirty thousand foot level.

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Speaker 4: Sure, good morning, it's great to be here, lovely studios.

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Speaker 4: So I will answer that question with the comment that

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Speaker 4: you made about marathon running. It's all about the long

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Speaker 4: run and staying in the markets with a diversified portfolio

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Speaker 4: is the way in which we're thinking about investing right now.

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Speaker 4: We just came out with our media outlook yesterday, our

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Speaker 4: media investment Directions, and one of the things that we

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Speaker 4: talk about there is that despite the very strong rally

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Speaker 4: that we've seen so far here today in the equity markets,

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Speaker 4: especially in the US, we certainly think that continues to

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Speaker 4: be pockets of opportunity and we think investors should be

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Speaker 4: focused on that quality parts of the equity markets and

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Speaker 4: the core of your portfolio. What does quality mean, profitability,

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Speaker 4: low leverage, and really stable earnings growth, And obviously we

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Speaker 4: see that in some of those tech and tech adjacent centers.

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Speaker 4: Looking over to fixed income income is king and you

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Speaker 4: can really get very robust, you know, six to seven

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Speaker 4: percent income in a variety of sources. So that's really

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Speaker 4: the thirty thousand foot view. And I'd also say that

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Speaker 4: investors are really looking for diversification right now.

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Speaker 2: The reason, like a Davos manifest here, what in God's

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Speaker 2: name is fundamental transformation? You got to be not markets.

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Speaker 4: Well, what we mean by fundamental transformation is that there

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Speaker 4: are a few things, as we were just talking about,

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Speaker 4: when we looked at what are the stocks that are

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Speaker 4: trading the most in the morning, and there are some

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Speaker 4: companies that are driving changes that we think will be

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Speaker 4: here for driving inflation, driving growth, driving returns, driving profit margins,

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Speaker 4: driving productivity for a long time. And one of them

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Speaker 4: is related to AI. And we spend a lot of

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Speaker 4: time talking about the long term opportunities both with AI

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Speaker 4: in terms of semiconductors but also in the power needs

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Speaker 4: of stale.

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Speaker 2: How do you respond, I don't mean to interrupt it.

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Speaker 2: This is this is what everybody on Global Wall Street

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Speaker 2: wants to know. I'm going to suggest black Rock as

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Speaker 2: a more conservative passive, a little bit of active by

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Speaker 2: side shop. Goldben Sachs is a cell side shop, and

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Speaker 2: they're going to generate an opinion. Somebody at Golden Sacks

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Speaker 2: in the last forty hours is basic MAIA editorialized Paul

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Speaker 2: AI is BS. How do you respond to that? They

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Speaker 2: say there's no provable, identifiable downstream success with AI. How

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Speaker 2: does black Rock respond?

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Speaker 4: So, one of the things that I would say is,

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Speaker 4: right now, when we look at the things that AI

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Speaker 4: can do, whether that's just making your PowerPoint deck or

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Speaker 4: whether that's in healthcare and looking at your mammogram results,

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Speaker 4: this is just the beginning. We didn't know about chat, GPT,

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Speaker 4: and there was no LLM you know, three four It

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Speaker 4: was there, but it wasn't being as used three or

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Speaker 4: four years ago. This is the beginning. In nineteen ninety

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Speaker 4: no one was using the internet. Today in ninety percent

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Speaker 4: of the world's on the Internet. This is just the

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Speaker 4: beginning of what AI will do, not just in semiconductors,

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Speaker 4: but across the stack, whether that be in financials, whether

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Speaker 4: that be in healthcare, whether that be obviously in technology.

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Speaker 4: So I you know, obviously people can have their opinions,

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Speaker 4: and I think it's great to have two sided markets.

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Speaker 4: I think that's what makes a buyer or seller. We

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Speaker 4: like that, we encouraged that and that what's But at

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Speaker 4: the same time, we definitely think that there are some major,

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Speaker 4: as we call them, structural transformations, off which AI is one,

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Speaker 4: Demographics is another one, and we talk a little bit

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Speaker 4: about the opportunities in India as a result of that.

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Speaker 4: Geopology is another one that we spend a little bit

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Speaker 4: of time talking about as well. And obviously one of

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Speaker 4: the things that I started off by talking about was

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Speaker 4: the need for income is a result of some of

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Speaker 4: these demographic shifts.

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Speaker 3: I NDA the I shares MSCI India ETF. Yes, give

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Speaker 3: us the India call. I think I understand it from

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Speaker 3: the super macro level. Right, last twenty twenty five years

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Speaker 3: of China, maybe the next twenty twenty five years will

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Speaker 3: be India. That's as far as I go. How do

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Speaker 3: you get Look, it's.

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Speaker 4: Not just about being the next China, and I actually

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Speaker 4: would want investors to move away from that thing. I

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Speaker 4: think it's really about a country that is doing three

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Speaker 4: things right now which makes it appealing to invest us.

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Speaker 4: Number one, of course, the young demographic population. You have

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Speaker 4: a country of people where majority are between that age

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Speaker 4: of twenty five and forty five, which especially when you

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Speaker 4: look at the developed markets, is not the case. Second,

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Speaker 4: it's the growth of infrastructure. It's what the government is

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Speaker 4: putting in for infrastructure right now to make the country

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Speaker 4: more productive and enhance productivity. Third is that Indian equities

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Speaker 4: for either US investors are actually more importantly, Indian investors

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Speaker 4: are really under own. So there is the shift that's

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Speaker 4: going to happen over the next few years and decades

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Speaker 4: even where more and more investors are going to go

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Speaker 4: into their own domestic market. So I think all of

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Speaker 4: that leads to both a short and a long term

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Speaker 4: story that we really like. And investors have been pouring

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Speaker 4: into i NDA this year.

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Speaker 2: Come back. This has been good. Okay, we'd love to

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Speaker 2: have you in as we can GUARDI chottery with us

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Speaker 2: a black rock today. Thank you so much, greatly. I

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Speaker 2: appreciate it. There's something going on here, folks, whether it's

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Speaker 2: France or it's London, United Kingdom, and frankly India is

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Speaker 2: Guardi Chottery was mentioned. There's something going on this summer

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Speaker 2: about democracy and vote, which is a good setup for

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Speaker 2: Henrietta Treys. She is the best at the Pulse in Washington.

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Speaker 2: Henrietta the trays radar at Veda Partners. What is your

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Speaker 2: radar searching for this Wednesday morning.

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Speaker 1: I continue to be focused on all of the members

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Speaker 1: and understanding where the next shoe is that's got to drop. Obviously,

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Speaker 1: last night we got Senator Bennett, Democrat from Colorado, coming

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Speaker 1: out saying that President Biden has got to make the

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Speaker 1: decision to step down. I understand that the President has

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Speaker 1: made this a sort of elites versus the rabble situation

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Speaker 1: where he's saying the voters want Biden and it's the

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Speaker 1: elites who turned against him. And what's ironic is I

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Speaker 1: literally wrote a note the exact same hour as he

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Speaker 1: wrote his, with the exact set, with the exact opposite takeaway.

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Speaker 1: The rank and file democrats across the country, independence moderates,

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Speaker 1: and particularly female voters have said repeatedly all year long

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Speaker 1: they do not want another for Joe Biden. They do

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Speaker 1: not believe that he is up to the task. And

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Speaker 1: it's been the elites who have said, you know what,

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Speaker 1: we're gonna stick with this guy. The senators are behind

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Speaker 1: in the House members behind him, and now both tithes

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Speaker 1: are shifting, and I'm really just watching which senators, you know,

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Speaker 1: from an office or a chamber where Biden operated for

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Speaker 1: thirty six years, is going to make the decision to say, hey,

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Speaker 1: you know what, thank you so much for your service,

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Speaker 1: It's time to move on. That's really the only thing

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Speaker 1: that matters right now. I think we're about a week

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Speaker 1: and a half away, but that's that's the most important

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Speaker 1: thing in DC right.

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Speaker 3: Now, Henrietta. Is it in fact President Biden's decision and

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Speaker 3: his alone?

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Speaker 1: Yeah, pretty much. I mean a big focus in DC

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Speaker 1: right now is on the process. So specifically, where does

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Speaker 1: the campaign fundraising go, Where do the dollars and the

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Speaker 1: Biden for President pack go? How do you migrate over

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Speaker 1: the support of all the delegates that are now you know,

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Speaker 1: technically pretty locked in for Biden. Who releases them? And

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Speaker 1: that's that's up to President Biden. That's his decision alone

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Speaker 1: to make. He's got a really small core of advisors

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Speaker 1: who are working with him on that. But the main

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Speaker 1: question is just operational, do we move forward with Kamala Harris.

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Speaker 1: Do we move to an open democratic process with a

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Speaker 1: sort of quasi primary, or does Biden stay in the race.

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Speaker 1: And for the Biden team, their answer is we stay

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Speaker 1: in the race. We continue to fight this fight, and

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Speaker 1: we're in the best position to win. What's ironic is

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Speaker 1: that the defectors in DC who have come out thus far,

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Speaker 1: seven House members and just a handful of Senators are

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Speaker 1: basically saying, you are not the guy. We want your

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Speaker 1: campaign dollars to be spread around. We have others waiting

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Speaker 1: in the wings. I mean, an underreported narrative of this

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Speaker 1: whole story is that Democrats have been raising boat loads

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Speaker 1: of money since the debate record halls. They raised record

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Speaker 1: halls when Trump was indicted on thirty four felon accounts.

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Speaker 1: So there is plenty of money to go around. It

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Speaker 1: just is around sort of unlocking it and moving it

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Speaker 1: on to the next unitate.

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Speaker 3: Timing you mentioned a week and a half give us

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Speaker 3: a sense of when we really really really have to

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Speaker 3: have a decision and a path for the Democratic.

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Speaker 1: Party really really is like August ninth, That's when we

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Speaker 1: really really need a new nominee. The expectation and sort

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Speaker 1: of the adjuta on the investment side, watching the DC

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Speaker 1: side is always brought. I mean, anybody who's been through

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Speaker 1: a debt ceiling countdown or a government shutdown countdown knowns

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Speaker 1: you know if you just sort of like have a

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Speaker 1: steely spine when it.

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Speaker 4: Comes to DC.

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Speaker 1: This is NATO week, right, So everything requires that the

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Speaker 1: President have a really strong presentation the United States of

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Speaker 1: the song, strong presentation, seventy fifth anniversary, all that, But

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Speaker 1: August ninth is really the deadline, the the end time.

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Speaker 2: And there's so much out front here. It's domestic, like

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Speaker 2: the Republican Convention in Milwaukee in that Terry Aynes and others,

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Speaker 2: Henry in the Tray's and we value your opinions so much,

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Speaker 2: have said polls, polls, polls. Are there any definitive holes yet?

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Speaker 2: Or what pole to come is the one that matters

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Speaker 2: for Henrietta Trays.

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Speaker 1: I mean, honestly, the fact that I'm looking at poles

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Speaker 1: from New York should be shocking to the Biden team.

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Speaker 1: It used to be the situation where Joe Biden could

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Speaker 1: run his state and Donald Trump was losing the one

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Speaker 1: that he came from. Now it's precisely the opposite now,

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Speaker 1: Donald Trump is, you know, making New York potentially a

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Speaker 1: purple state the first time in twenty five years, and

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Speaker 1: Joe Biden's down by seven points in Pennsylvania for your

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Speaker 1: latest pole. I mean, the flip is everywhere New Hampshire,

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Speaker 1: soda leading is all over.

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Speaker 2: But you're incredibly wired. I mean, she has spies in

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Speaker 2: the White House. I mean, Paul, it's unbelo. She's got

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Speaker 2: microphones in every room, in the green room, the Lincoln bedroom,

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Speaker 2: in all Henrietta trays. When they say you're down seven

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Speaker 2: points in Pennsylvania, how does the Biden apparatus respond.

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Speaker 1: There's they're honestly on this one. They're ignoring the pole.

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Speaker 1: They're saying, we remain competitive. If they do migrate off

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Speaker 1: that narrative, it's to say we are the best positioned

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Speaker 1: to win. They're running against hypothetical candidates which with much

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Speaker 1: lower name recognition, whether that's Gavin Newsome, Gretchen Whitmer, or

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Speaker 1: even Kamala Harris, who's that you know, got a six

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Speaker 1: percent of the population that doesn't know who she is

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Speaker 1: versus three percent for Trump and Biden. So basically they

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Speaker 1: just keep moving the narrative as frequently as possible and

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Speaker 1: sort of cherry picking their opportunities, which is not a

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Speaker 1: winning argument.

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Speaker 3: What kind of convention will the Democrats have here?

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Speaker 1: It's going to be loud. Yeah, I'm out of consensus

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Speaker 1: on this, but I do not think that Biden will

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Speaker 1: be the nominee in October. It's going to be in November.

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Speaker 1: I think that right now we have you know, three

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Speaker 1: and a half, almost four months worth of the campaign

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Speaker 1: to go. The benefit of right now is that we

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Speaker 1: are in you know, all time record high TSA, travel

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Speaker 1: on airplanes, record travel from triple A on automobiles. People

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Speaker 1: are on vacation, we are in deep summer, so there's

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Speaker 1: a lot of time for the Democratic Party to pull

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Speaker 1: around the narrative. Having served on grassroots campaigns nationwide, a

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Speaker 1: lot of voters, especially since sort of the Internet Revolution,

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Speaker 1: do not tune into the election until the last couple

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Speaker 1: of weeks. Twenty four percent independents don't make a call

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Speaker 1: on how they're going to vote until after Labor Day.

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Speaker 1: So it seems like there's nothing left in times of

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Speaker 1: the essence, but there's really seventy five of the most

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Speaker 1: important days are still like fifty days away.

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Speaker 2: Paul, can we ask a nerd Henrietta Trace question, Henrietta,

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Speaker 2: come on, Connor Lamb out in western Pennsylvania. There he

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Speaker 2: was post a child for the Conservative Union Democrat and

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Speaker 2: all that. Christopher Deluzio is a first term Democrat in

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Speaker 2: the vicinity of Allegheny County, Pittsburgh. What's he think of

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Speaker 2: all this?

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Speaker 1: Pittsburgh is first of all, very near and dear to

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Speaker 1: my heart, and as is Connor Lamb. I think that

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Speaker 1: when look at Pennsylvania and they look at Pittsburgh, they've

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Speaker 1: got to concentrate on the mail voter. The mail voter

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Speaker 1: has abandoned Biden specifically, and it's not that they've abandoned

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Speaker 1: the Democratic Party. The Democratic Party platform remains overwhelmingly popular,

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Speaker 1: legalizing abortion, legalizing marijuana, common sense gun control, things along

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Speaker 1: those lines, versus the Republican platform, which is almost universally

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Speaker 1: opposed to things like having teachers be armed in classrooms

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Speaker 1: to stop gun violence in schools, pulling out of NATO.

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Speaker 1: Those are things that are wildly unpopular with Americans across

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Speaker 1: the board, including in Pittsburgh. And it's mostly the mail

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Speaker 1: voter that I would concentrate on there. That's where Democrats

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Speaker 1: are hemorrhaging votes.

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Speaker 2: So far, interns just sets us say a thank and reading.

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Speaker 2: For Henrietta Trece, we send her a case a yingling beer.

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Speaker 2: Lauren Hawkfield her when she was last on Stop Traffic.

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Speaker 2: She's out of Yale, She's at Morgan Stanley. She's an

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Speaker 2: institution on real li State. It's a big you know,

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Speaker 2: it's like Michael Mobison. It's a big picture real estate chat.

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Speaker 2: But underneath it all is to try to figure out

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Speaker 2: how much money we're going to lose. Lauren, where is

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Speaker 2: the buy the dip winner right now in American real estate?

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Speaker 1: Gosh?

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Speaker 5: Well, first of all, thanks for having me back.

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Speaker 4: It's great to be with you.

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Speaker 5: I think the nice thing is that the dip seems

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Speaker 5: to be affecting all real estate asset classes, all repriced

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Speaker 5: almost across the board. But some of those are repriced

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Speaker 5: for a reason, and some we think are actually really healthy,

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Speaker 5: really great outline.

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Speaker 2: Give me, give me one of the healthy ones right now.

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Speaker 2: I got to make some money this morning.

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Speaker 5: Well, let's start with Let's start with industrial. There are

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Speaker 5: really three reasons we love industrial. The first is, let's

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Speaker 5: look at the supply chain. We are rerooting and re

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Speaker 5: routing rerouting changing where goods are manufactured, near shoring, on

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Speaker 5: shoring of goods, et cetera, and rerouting changing how those

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Speaker 5: goods get to the end consumer. And so all of

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Speaker 5: that creates demand for industrial. The second is the continued

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Speaker 5: rise in e commerce. Right, we all seem to be

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Speaker 5: buying more and more of our goods online and demanding

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Speaker 5: it faster and faster. That creates demand for industrial. And

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Speaker 5: the third, really, which I think is under reported, is

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Speaker 5: just this dramatic falloff in new construction. So when you

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Speaker 5: feel like demand is really strong and supply is curtailed,

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Speaker 5: that's a good sign for an asset.

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Speaker 3: One of the themes that's out there, Lauren, just investors

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Speaker 3: in general is an aging population. How do you play

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Speaker 3: that in real estate?

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Speaker 2: Yeah?

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Speaker 5: It is. This is really important because as people age,

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Speaker 5: their needs for real estate change, right, And we know

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Speaker 5: we have an aging population, and in particular, the growth

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Speaker 5: in our population is coming from two cohorts. It's the

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Speaker 5: millennials and it's the boomers. And let me tell you,

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Speaker 5: when you look at housing needs, their needs are changing.

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Speaker 5: The millennials they're needing more space, and the boomers they're

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Speaker 5: needing more services, more healthcare, services in particular. So I'd say,

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Speaker 5: in the case of the millennials, there's a move towards

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Speaker 5: single family rental, that's a great beneficiary of millennial demand.

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Speaker 5: In the case of the boomers, we are really optimistic

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Speaker 5: about senior housing because the number of seniors is up

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Speaker 5: and the wealth heldo by those seniors is up, and

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Speaker 5: industrials supply down.

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Speaker 2: Laurd the big service that the the boomers are looking

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Speaker 2: for is can you find me a dog walker? I mean,

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Speaker 2: that's really what it comes down to, Lauren. There's a

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Speaker 2: national housing crisis. Now you tell me single family rentals

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Speaker 2: are going to work. And as you well know, Blackstone

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Speaker 2: has been a pinata where big inst evil institutions is

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Speaker 2: like Morgan, Stanley and Blackstone are taking out single family rentals.

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Speaker 2: I mean, you're definitive on this. Respond to the idea

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Speaker 2: that evil New York City institutions are buying up all

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Speaker 2: the single family home rentals, boosting the price of a rent.

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Speaker 5: Look, we think there's a better way to do it,

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Speaker 5: and the way we execute is build to rent. So

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Speaker 5: we are building new supply in purpose built communities where

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Speaker 5: residents get the benefits of multifamilies, so they get highly

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Speaker 5: amenditized community living, but the benefits of single family insofar

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Speaker 5: as they're larger units, they get their four walls and

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Speaker 5: we're adding supplies, so we're not competing with individuals looking

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Speaker 5: to buy homes. I think we're helping the affordability crisis there.

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Speaker 3: So Lauren on office real estate, do we have a

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Speaker 3: sense of where the market is an urban larger urban

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Speaker 3: markets in this country for off real estate. Have we

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Speaker 3: had transactions that are actually setting the market price for us?

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Speaker 2: Yeah?

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Speaker 5: So there's wide buy furcation here, right, And so there

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Speaker 5: are certain type of office that I think will continue

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Speaker 5: to really perform, the best of the best office, that

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Speaker 5: which has the right characteristics to attract tenants, that which

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Speaker 5: has the right frankly sustainability characteristics. We think that will

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Speaker 5: continue to do well as we go ahead. And I'd

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Speaker 5: say there's not been a lot of that trading, but

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Speaker 5: we think that will continue to perform. And what I

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Speaker 5: can tell you is that rents in some of those assets,

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Speaker 5: even in markets like San Francisco, are above pre COVID levels.

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Speaker 5: Flip it to the other end of the spectrum, and

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Speaker 5: there's office that simply shouldn't exist as office, and that's

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Speaker 5: trading seventy plus percent down because it needs to be

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Speaker 5: converted to an alternative use.

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Speaker 3: Okay, and are we seeing some of those transactions in

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Speaker 3: the B and C type office because I'm just thinking

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Speaker 3: about New York City or Third Avenue from fifty eighth

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Speaker 3: Street to forty second Street. What's that market like?

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Speaker 5: Yeah, so you're starting to see some conversions of office

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Speaker 5: to residential. I would warn that there are only certain

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Speaker 5: types of buildings for which that works. Tends to be

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Speaker 5: smaller floor plans, floor plates, tends to be buildings with

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Speaker 5: more windows. There are a variety of different physical characteristics

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Speaker 5: that make certain buildings better contenders than others. But are

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Speaker 5: we are in the very early innings of that. And

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Speaker 5: part of that is similar to Post nine to eleven.

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Speaker 5: There is some private public partnership.

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Speaker 2: Thanks so much. This has been great, Lauren, don't be

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Speaker 2: a stranger. Love to have into the office, Lauren, your data.

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Speaker 2: Look at the front page. Is Jen Tucker in for

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Speaker 2: Lisa Matteo, John Tucker with the newspapers?

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Speaker 6: Yeah, this one comes from the Washington Post. This morning,

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Speaker 6: George Stephanopholis caught on camera expressing doubts about Joe Biden.

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Speaker 6: The ABC news anchor, who of course recently interviewed President

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Speaker 6: Biden about his fitness for the race, was caught on

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Speaker 6: camera yesterday indicating he doesn't think Biden can serve another

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Speaker 6: four years. So he's seen in jim clothes outside the

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Speaker 6: studios in a video published by TMZ. He's asked by

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Speaker 6: a passer by what do you think do you think

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Speaker 6: Biden should step down? We've talked to him more than

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Speaker 6: anybody else lately, and you can be honest, I don't

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Speaker 6: think Stephanopholis doesn't look like he was actually he knew

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Speaker 6: he was being recorded here, just off camera. He's captured

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Speaker 6: on fuzzy audio responding he doesn't think he can serve

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Speaker 6: four more years Satan. Late yesterday, Stephanopolis acknowledged he was

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Speaker 6: the person seen in the video. The remarks come days

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Speaker 6: after the interview with Biden, during which.

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Speaker 2: Choel TMZ think.

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Speaker 6: Yeah, I mean, I don't know if the person was

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Speaker 6: working for TMZ or just you know, but again that.

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Speaker 2: Means so John, you live this every day. You're out

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Speaker 2: it on the deck at Atlantic Highlands, and you've got

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Speaker 2: to be worried that you're recorded.

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Speaker 6: Nobody over the lobster Atlanet Earth here is what I

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Speaker 6: think about A.

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Speaker 3: But it goes to the issue John, I mean a

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Speaker 3: can he win an election? Be can President Biden serve

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Speaker 3: a four year term? So it's a valid question.

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Speaker 2: The gentleman from ABC is not looking at the immediacy

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Speaker 2: and the debate that's out there, whether it's Trump or Biden.

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Speaker 2: He's saying, either of these people have to get out

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Speaker 2: four years. Yeah, I have to get out four years.

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Speaker 6: Right, you know, well, good luck with that. This is

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Speaker 6: from the Wall Street Journal. Ivy League alumni clubs hustling

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Speaker 6: for members. I go home on sixty six Street, Acrosstown.

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Speaker 6: I don't know how many of those Ivy League clubs

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Speaker 6: I pass. Yeah, I could never get into one because

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Speaker 6: I'll give you well, I went to Harvard on the Hackensack.

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Speaker 6: Maybe that counts. The Prince. The Princeton Club in New

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Speaker 6: York losing members bleeding cash before closing its doors in

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Speaker 6: twenty twenty one. Some remaining members exploded a ditch overhaul

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Speaker 6: that's stalled, so it's closed. So now the Ivy League

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Speaker 6: schools with clubs of New York tend to keep most

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Speaker 6: membership and other information private, but some of the recent

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Speaker 6: events suggests more distress the Yale Club, for instance, changing

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Speaker 6: its admission policy. You don't have to have.

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Speaker 2: You don't have to go to Yelle Club. I'll give

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Speaker 2: you one vignette on this quick. I didn't take a

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Speaker 2: lot of time on this, but I believe it was

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Speaker 2: Princeton University Press called me up and they said, Common

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Speaker 2: is going to be here doing his book. And there

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Speaker 2: I am at the Princeton University Club with Paul Voker

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Speaker 2: and Daniel Kahneman as he talks about his iconic book.

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Speaker 2: And we've just lost him, of course, and it's great.

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Speaker 2: My basic take John on this is the Harvard Club.

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Speaker 2: They've put a lot of money into and they kept

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Speaker 2: it spruced up over the years. The others, I don't

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Speaker 2: think they've done a thing since nineteen sixty two. Like

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00:23:51,200 --> 00:23:54,119
Speaker 2: you know, they they just ran out of time and

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Speaker 2: they didn't keep the investment going to make them fancy.

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Speaker 6: You don't appeal to a younger generation when you have

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Speaker 6: like these, you know, big stuffy cheers and like cigars.

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Speaker 2: Smart there Daniel Balloon's there's you know, Cafe Ballue. That's

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00:24:11,240 --> 00:24:12,360
Speaker 2: where the young kids are.

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00:24:12,600 --> 00:24:15,159
Speaker 6: Anyway. This next one's from the Wall Street Chournal. The

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00:24:15,240 --> 00:24:21,160
Speaker 6: latest cringe worthy corporate buzzword. The CEO of the healthcare

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00:24:21,160 --> 00:24:24,639
Speaker 6: Comany recently discussed his company's latest results during the Q

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00:24:24,760 --> 00:24:27,159
Speaker 6: and A. One of the analysts said, I wanted to

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00:24:27,680 --> 00:24:30,359
Speaker 6: double click a bit on some of the commentary you had.

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00:24:30,680 --> 00:24:33,359
Speaker 6: This is one of the fastest spreading corporate buzzwords in

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00:24:33,440 --> 00:24:37,920
Speaker 6: recent years. Double click. I think it's a little obnoxious,

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00:24:37,960 --> 00:24:42,160
Speaker 6: but double click defenders say the phrase encourages deeper thinking.

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00:24:42,920 --> 00:24:46,280
Speaker 2: I read the article. I'm as guilty of this as anybody,

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00:24:46,560 --> 00:24:49,399
Speaker 2: and I don't you know double click is it? You know?

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00:24:49,480 --> 00:24:50,440
Speaker 2: Like does it? I don't know.

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Speaker 6: There's something about these tech inflicted buzzwords, especially after gain

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00:24:57,880 --> 00:25:02,320
Speaker 6: traction you have like network band with takeoffline. The best

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00:25:03,040 --> 00:25:05,840
Speaker 6: part of the article is the Wall Street Journal reporter

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00:25:06,280 --> 00:25:10,320
Speaker 6: actually tracked down the guy who invented double click, the

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00:25:10,359 --> 00:25:15,120
Speaker 6: real literal double click. The former Apple designer Bill Atkinson retired.

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Speaker 6: Now he was reached on his boat by the journal.

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Speaker 6: He says, now steer clear of such usage.

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Speaker 2: Yeah, he's not gonna Lisa will be double clicking again.

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Speaker 2: I could just see Lisa, you.

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00:25:27,600 --> 00:25:28,160
Speaker 6: Want one more?

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00:25:28,280 --> 00:25:29,320
Speaker 2: Well? Please? All right?

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00:25:29,520 --> 00:25:33,680
Speaker 6: From Bloomberg Law, Bolero accused of widespread age bias. A

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00:25:33,760 --> 00:25:37,760
Speaker 6: federal lawsuit in New York charges Bolero to subsidiaries engaged

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00:25:37,840 --> 00:25:43,240
Speaker 6: in nationwide discrimination against workers aged forty and older. In

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Speaker 6: a push to make over traditional bowling centers they acquired

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00:25:46,480 --> 00:25:50,920
Speaker 6: into young hip entertainment centers. So, at least according to

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00:25:50,960 --> 00:25:53,640
Speaker 6: this too, the hiring practice is that the companies implemented

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00:25:53,760 --> 00:25:57,480
Speaker 6: part of the ship designed to preclude potential candidates age

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00:25:57,560 --> 00:26:01,880
Speaker 6: forty or older from secure jobs at their bowling alleys.

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Speaker 2: This is.

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00:26:03,920 --> 00:26:04,880
Speaker 3: Oh, it's a bowling.

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00:26:05,560 --> 00:26:08,280
Speaker 6: Bolero is bowling. It used to be uh, it was

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00:26:08,520 --> 00:26:11,320
Speaker 6: from Greenwich Village. It used to be bowl More and

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00:26:11,359 --> 00:26:15,639
Speaker 6: they transformed themselves into a national brand and adopted the

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00:26:15,720 --> 00:26:16,440
Speaker 6: name Bolero.

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Speaker 3: So people still bowl.

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00:26:18,240 --> 00:26:20,639
Speaker 6: People still bowl, but they want to appeal to a

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00:26:20,720 --> 00:26:24,040
Speaker 6: much younger audience. And that that's aside from this lawsuit.

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Speaker 2: I mean, I don't know if you guys ever were

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00:26:26,080 --> 00:26:28,439
Speaker 2: down there, but down below Home Depot, we've got the

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00:26:28,480 --> 00:26:33,080
Speaker 2: surveillance bowling lanes. They're like their candlepi They're not like

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Speaker 2: like real pit four of their candlepin candlestick.

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00:26:40,080 --> 00:26:40,880
Speaker 6: So it's like, you.

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00:26:40,800 --> 00:26:42,440
Speaker 2: Know, anyway, w B.

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00:26:42,800 --> 00:26:44,240
Speaker 6: Sure Lisa would have done a better job.

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Speaker 2: I think so too. Let's double click on right. I guess,

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00:26:49,400 --> 00:26:53,000
Speaker 2: thank you. So Win's Lisa.

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Speaker 6: Next week, next Monday.

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Speaker 3: Yeah, she's out there for a few days after we

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00:26:55,720 --> 00:26:57,439
Speaker 3: got Carol Master Timson.

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Speaker 6: She's out there doing quote unquote company yep.

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00:27:01,200 --> 00:27:04,840
Speaker 2: Yeah, like a real job. John Tucker, thank you so

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00:27:04,960 --> 00:27:08,159
Speaker 2: much for the newspaper. This greatly appreciate it. This is

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Speaker 2: the Bloomberg Surveillance Podcast, bringing you the best in economics, finance, investment,

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00:27:13,440 --> 00:27:17,080
Speaker 2: and international relations. You can also watch the show live

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00:27:17,320 --> 00:27:21,639
Speaker 2: on YouTube. Visit the Bloomberg Podcast channel on YouTube to

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00:27:21,760 --> 00:27:25,160
Speaker 2: see the show weekday mornings from seven to ten am

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00:27:25,200 --> 00:27:29,240
Speaker 2: Eastern from our global headquarters in New York City. Subscribe

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00:27:29,240 --> 00:27:33,000
Speaker 2: to the podcast on Apple, Spotify, or anywhere else you listen,

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00:27:33,320 --> 00:27:36,960
Speaker 2: and always on Bloomberg Radio, the Bloomberg Terminal, and the

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00:27:37,000 --> 00:27:38,560
Speaker 2: Bloomberg Business app.