Speaker 1: Strap on your parachute. It's time for What Goes Up
Speaker 1: with Sarah Ponzick and Mike Reagan. Hello and welcome to
Speaker 1: What Goes Up, a Bloomberg Weekly Markets podcast. I'm Mike Reagan,
Speaker 1: a senior editor at Bloomberg, and I'm Katie gray Felt
Speaker 1: filling in for Sara pod sect this week. And Katie,
Speaker 1: as I understand, you're celebrating a big cat birthday this week.
Speaker 1: Is that right? You know? Mike, I was hoping you'd
Speaker 1: bring it up, but I have to correct you. It's
Speaker 1: actually a cat anniversary. We got Katrick five years ago,
Speaker 1: but his birthday is actually in July. Oh, it's an anniversary, okay.
Speaker 1: But Katrick was a big scam, wasn't you. Didn't you
Speaker 1: think you were picking up like a hairless cat and
Speaker 1: you got this Harry cat instead. It's true, it's true.
Speaker 1: So Katrick is a Russian Peter Bald and for listeners unfamiliar,
Speaker 1: that's one of the hairless cat breeds. And uh, we
Speaker 1: got him from a breeder in Western Canada and she
Speaker 1: told her she sent us some baby pictures and he
Speaker 1: has some funs and she was like, don't worry, he's
Speaker 1: gonna lose seventy percent of his hair once he starts
Speaker 1: to grow up. And uh, I mean we're five years
Speaker 1: in and it hasn't happened. But fingers crossed, all right,
Speaker 1: all right, good. Once you have it, you don't want
Speaker 1: to lose it. I would not want to lose my hair,
Speaker 1: I'll tell you that. But anyway, Uh, this week on
Speaker 1: the show, yet, we're record highs for benchmark US equity indexes.
Speaker 1: This despite some of the deadliest days yet of the coronavirus.
Speaker 1: So what about that rotation we've all been hearing about,
Speaker 1: from stay at home winners to the reopening stocks. We'll
Speaker 1: talk to a strategist about what she's advising clients for
Speaker 1: the rest of the year and next year, and of
Speaker 1: course we will close out the show with our tradition.
Speaker 1: The craziest thing I saw in markets this week, Katie,
Speaker 1: I trust you came prepared. No offense to Sarah, but
Speaker 1: she sets a pretty low standard. I think you can think,
Speaker 1: I think you can out to We're pretty easily. I'm
Speaker 1: just gonna I'm just gonna throw that out there. I'm
Speaker 1: just kidding Sarah. But anyway, let's get to this week's guest.
Speaker 1: We're very happy to have her on the show for
Speaker 1: the first time. She is a senior wealth strategy associate
Speaker 1: at UBS Private Wealth Management. Her name is Jacqueline Reman. Jacqueline,
Speaker 1: welcome to the show. Thanks my thanks Katie, it's great
Speaker 1: to be here. Thank you for having me so, Jacqueline,
Speaker 1: I'm trying to picture what it's like to be a
Speaker 1: strategist at a at a wealth management shop these days.
Speaker 1: There must be a lot of confused clients, you know.
Speaker 1: I picture people saying, well, what should I do by
Speaker 1: Tesla and bitcoin? And or buy a Tesla and filled
Speaker 1: up with bitcoin? But I'm just curious, you know, it's
Speaker 1: such a weird market this year. We've obviously had the
Speaker 1: recession and yet this raging bowl market. What are the clients?
Speaker 1: What's top of mind for for your clients these days?
Speaker 1: Are they worried about this euphorian the market? Were they
Speaker 1: all in ready to sort of power the market higher,
Speaker 1: ready to take risk? Yeah, and that's a great question.
Speaker 1: I know right now, our clients are really you know,
Speaker 1: looking at the economic data that we're seeing and seeing
Speaker 1: what's going on with the markets, and it causes confusion because,
Speaker 1: like you said, record number of COVID cases that we're
Speaker 1: experiencing right now, record hospitalizations, we're hearing about high unemployment,
Speaker 1: and it's hard to understand how that's happening, and yet
Speaker 1: the market's hitting record has So what we talked to
Speaker 1: our clients about is how important it is to really
Speaker 1: decouple that economic data from what we're seeing with the markets.
Speaker 1: We know that the markets forward looking, it's looking to
Speaker 1: a vaccine already being out and widely distributed by the
Speaker 1: second quarter of one and the economy really reopening in
Speaker 1: the third quarter. So the economy is a lacking indicator,
Speaker 1: which we know, so that data hasn't caught up to
Speaker 1: the forward looking reality that the market is trading on.
Speaker 1: So we're really telling clients to, you know, remember to
Speaker 1: keep that separate and to understand that it makes sense
Speaker 1: that they're fearful with everything that's going on with coronavirus.
Speaker 1: That being said, you know, the market's trading positively on
Speaker 1: the news that the vaccine will be out by the
Speaker 1: end of the second quarter, and you know, we're we're
Speaker 1: looking ahead to that. So Jacqueline, I want to ask,
Speaker 1: you know, we make the point that the economic recovery
Speaker 1: and the market recovery are separate things. But you know,
Speaker 1: do you worry that the markets are looking ahead too much?
Speaker 1: And I mean, for example, small caps had their best
Speaker 1: month ever in November, value had its best month ever.
Speaker 1: Is there a risk that we get to and all
Speaker 1: the good news has already priced in? You know, we're
Speaker 1: not seeing that. You know, what we're doing right now
Speaker 1: is really looking at what got us to where we
Speaker 1: are and knowing that what got us here and won't
Speaker 1: get us there. So what we're looking at is making
Speaker 1: adjustments in the portfolio for that next leg. We do
Speaker 1: like small and mid caps. We do think that they
Speaker 1: are cyclical and have further room to grow as the
Speaker 1: economy reopens um. And then we're also being selective in
Speaker 1: what sectors were overweighting within the portfolio, like consumer discretionary, healthcare, financials,
Speaker 1: and industrial. So obviously then the big, the big elephant
Speaker 1: in the room is tech. You know, I wonder to
Speaker 1: be what I worry about. I tend to worry a lot,
Speaker 1: so maybe I I overworry. Uh as you get older,
Speaker 1: you uh, maybe you worry too much. But it's hard
Speaker 1: to me for me to imagine this sort of rotation
Speaker 1: into the cyclical consumer, financial, industrial type of stocks and
Speaker 1: out of tech without kind of a nasty looking market
Speaker 1: from the thirty thousand foot index level. You know, how
Speaker 1: how do you rotate out of Apple and Amazon and
Speaker 1: into you know, I don't know, airlines and that sort
Speaker 1: of thing without sort of having a nasty day in
Speaker 1: the market with the you know, selling off these big
Speaker 1: mega cap names, is that a risk or is it
Speaker 1: going to be sort of more of a mild you know,
Speaker 1: take a little profit on tech and and and take
Speaker 1: a flyer on some of the cyclical names that we
Speaker 1: won't necessarily ever put at risk that these record levels
Speaker 1: for indexes. Do you think, you know, I think the
Speaker 1: second part of what you said, Mike is exactly it.
Speaker 1: In our portfolios, we're not eliminating tech all together. We
Speaker 1: we like tech within our tech space. We're adding certain
Speaker 1: spaces that are more cyclical, like digital transformation, the five
Speaker 1: G enabling technologies, cyber security. But that doesn't mean we're
Speaker 1: removing those mega cap tech names. Were definitely you know,
Speaker 1: still keeping them within the portfolio. And what we know
Speaker 1: is we we see that historically when there's a ten
Speaker 1: or twelve percent pull back in tech, like we saw
Speaker 1: this fall. We know that it's usually followed by a
Speaker 1: twenty percent or even higher rebound within the next six months.
Speaker 1: So um, yeah, we were keeping tech in the portfolio
Speaker 1: for sure. I want to follow up on Mike's question,
Speaker 1: drill down a little bit more on where tech fits
Speaker 1: into the rotation. It felt like in the really early innings,
Speaker 1: you know, right after we got that fiser and buy
Speaker 1: in tech news that it turned into cell tech And
Speaker 1: I'm just curious to know the next stage of the
Speaker 1: reopening trade. What does it look like. Is that it
Speaker 1: is an economic recovery where growth is rebounding. Is that
Speaker 1: necessarily bad news for the tech sector. Yeah, we don't.
Speaker 1: We don't see that as bad news at all. We
Speaker 1: don't see them as being overpriced. We think that it's
Speaker 1: appropriately valued, largely given what the expectations are for future
Speaker 1: cash flow and also given how low rates are. And
Speaker 1: we yeah, we don't see that as a bad thing
Speaker 1: at all, you know, Jacqueline. One interesting preference from you
Speaker 1: guys as mid cap It's it's interesting you don't often
Speaker 1: hear people talk about midcaps, perhaps as much as they should.
Speaker 1: I mean, I guess if you want to sort of
Speaker 1: take advantage of that size factor. Everyone goes from one
Speaker 1: one end of the spectrum to the other, mayither mega
Speaker 1: caps or small caps. Is that part of it? Is?
Speaker 1: Is midcaps just sort of a forgotten space that that
Speaker 1: you know, maybe there's not a lot of ETFs that
Speaker 1: track it. There's you know, I don't think there's any
Speaker 1: futures on any of the MidCap indexes. It's just kind
Speaker 1: of this forgotten corner of the market that maybe gets overlooked.
Speaker 1: Is that part of it? Yeah? I think so. And
Speaker 1: we know at we've seen that they've lagged large caps
Speaker 1: largely this year. We know that they're more cyclical in nature,
Speaker 1: and we think that they're going to really be a
Speaker 1: beneficiary of the further stimulus that we're expecting to come
Speaker 1: in the coming weeks and the broader economic recovery as well.
Speaker 1: And to follow up on the stimulus package, I mean,
Speaker 1: it feels like the New trade wards just back and
Speaker 1: forth on the stimulus headlines, and I mean I'm wondering
Speaker 1: does the size of the stimulus package matter this week
Speaker 1: or matter to markets at this point, whether it's five
Speaker 1: hundred billion like McConnell's pushing or nine hundred billion. I mean,
Speaker 1: does it matter or do markets just want to see
Speaker 1: something at this point, some sort of fiscal bridge to
Speaker 1: when we actually do start to see the vaccine being distributed.
Speaker 1: What we think is just you know, knowing, like you said,
Speaker 1: that there will be a stimulus package, regardless of the size,
Speaker 1: will be viewed as a positive, and like you said,
Speaker 1: going back and forth on the size, whether it's five
Speaker 1: dred billion or you know, closer to a trillion or
Speaker 1: I know they're saying nine twelve billion right now, and
Speaker 1: just knowing that that has been passed, I think we'll
Speaker 1: allow consumers to breathe a sigh of relief and will
Speaker 1: be a positive for the markets. It kind of reminds
Speaker 1: me of the trade war last year. You know, progress
Speaker 1: in the trade were more progress today. It's it's a
Speaker 1: similar story. It's almost like the talk of it and
Speaker 1: the anticipation of it almost feels like what really gets
Speaker 1: people excited. I wonder, you know, if it turns into
Speaker 1: a sort of a show me, show me the results
Speaker 1: now afterwards. So um, I think it's gonna be interesting
Speaker 1: to see how that all pens out. Katie, I wanted
Speaker 1: to ask you about a prettytioning story you had out
Speaker 1: this week too about obviously everyone is gearing up were
Speaker 1: Tesla to be added to the SMP. Some interesting stats.
Speaker 1: They're about so much alpha being generated for fund managers
Speaker 1: by owning Tesla that guess what, once it joins the index,
Speaker 1: that's all gone. Walk us through what that story was about.
Speaker 1: I think that's a sort of an overlooked interesting thing
Speaker 1: about active management is how one way to beat the
Speaker 1: index is this stellar, incredible stock that is fifth the
Speaker 1: sixth biggest company in the country now and is not
Speaker 1: in the index. What what did you learn reputting that story? Yeah,
Speaker 1: so an interesting second derivative of Tesla being added to
Speaker 1: the index is that it's kind of taking away as
Speaker 1: secret weapon for you know, a lucky set of active managers.
Speaker 1: So we crushed the numbers and we looked at two
Speaker 1: hundred and fifteen with at least five hundred million in assets.
Speaker 1: We found that just twenty one of them hold Tesla,
Speaker 1: and the ones that do, again, they are benchmark to
Speaker 1: the SMP five hundred, I should say that, and just
Speaker 1: twenty one of them hold Tesla, and of that or
Speaker 1: eating the benchmark, which can pretty much be tied back
Speaker 1: to the fact that Tesla is up five percent this year.
Speaker 1: I mean, it just seems to keep growing. So, I
Speaker 1: mean active has had a hard year in general. I mean,
Speaker 1: first you had the SMP five hundred being dragged higher
Speaker 1: by just a handful of really five megacap tech names,
Speaker 1: and it's hard to beat the benchmark if you're not
Speaker 1: overweight those names. And now for the ones that had
Speaker 1: found this edge in Tesla that could potentially, you know,
Speaker 1: be taken away. It is said to be taken away
Speaker 1: on December one. So we spoke to Matt Bartolini at
Speaker 1: St Street Global Advisors, who said that, really, this just
Speaker 1: creates another hurdle, another headache for active managers looking, you know,
Speaker 1: just to outperform in what has just feels like it
Speaker 1: was going straight up the SMP five hundred up until August. Really, yeah, Jacklin,
Speaker 1: I'm curious how from you know, a professional on the
Speaker 1: wealth management side of the business, how off been to
Speaker 1: these sort of phenomenal, high flying story stocks like that
Speaker 1: get brought up in conversation. I just picture a lot
Speaker 1: of clients calling you guys up and being like, put
Speaker 1: it all in Tesla, put it all in Tesla, or
Speaker 1: put it all Nickli whatever the hot stock of the
Speaker 1: week is is that you know, I am I making
Speaker 1: that up? Or is that sort of a common discussion
Speaker 1: you guys have with clients, Well, you know our clients.
Speaker 1: The way that we work with clients is that we
Speaker 1: do goals based investing, So our entire investment process is
Speaker 1: based around a financial plan and then from there we're
Speaker 1: setting an acid allocation and making sectors security selections based
Speaker 1: on where we see things going long term. So we
Speaker 1: don't really talk as much about single stock as we
Speaker 1: talk about sectors acid allocation and how that fits in
Speaker 1: with the plan. So, you know, typically no, but when
Speaker 1: you hear a story like that that gets a lot
Speaker 1: of attraction on the news, of course, yeah, it comes
Speaker 1: up in conversation certainly. So I'm noticing in your notes, Uh,
Speaker 1: you s has a June SP target of about thirty
Speaker 1: eight hundred, about six point five percent gain. I guess
Speaker 1: from you know, it's it's hard to say these days
Speaker 1: that that could be. We could be there by the
Speaker 1: end of the day, So you know, walk us through
Speaker 1: how we get there. Is it a slow grind higher
Speaker 1: do you think? Or are we gonna see uh some
Speaker 1: more about And the reason I ask is I keep
Speaker 1: my eye on the VIX, And I've noticed that twenty
Speaker 1: level on the VIX, which you know, two thousand nineteen
Speaker 1: was almost unspeakably high number. Um, it really seems to
Speaker 1: be the floor now, um for the VIX. I'm guessing
Speaker 1: there is people embracing this rally, embracing these new record highs,
Speaker 1: but certainly not doing it without a little bit of
Speaker 1: an insurance policy, uh, to to sort of accommodate to
Speaker 1: go along with it. What's your outlook for for violatility?
Speaker 1: Is it gonna be a rocky road to get to
Speaker 1: that thirty eight hundred target by the middle of next year? Uh?
Speaker 1: You know, it is going to be a nail biter.
Speaker 1: Do you think you know where we are expecting some volatility,
Speaker 1: namely around what's happening with the pandemic and to the
Speaker 1: extent there's a second we've we're not for seeing any
Speaker 1: national shutdowns, but certainly depending on the direction of the numbers,
Speaker 1: you know, regional shutdowns and pull backs, and believe that
Speaker 1: the market will be impacted by that and will experience
Speaker 1: volatility until that vaccine comes out, and then more short
Speaker 1: term to volatility around the stimulus package and whether it
Speaker 1: will pass before Congress goes on that Christmas break and
Speaker 1: I want to circle back. You made an interesting point
Speaker 1: earlier when we were talking about tech that you know,
Speaker 1: you're looking at the more cyclical areas of tech, and
Speaker 1: I was hoping you could elaborate a little bit on that.
Speaker 1: You know, what is considered a cyclical area within tech?
Speaker 1: Would you say, yeah, so we're looking at five G
Speaker 1: cyber security, a r VR, telesurgery, the idea of autonomous driving,
Speaker 1: those as more cyclical five G enebling technology themes. Yeah.
Speaker 1: Five G I think is is uh the big game
Speaker 1: changer obviously, And I it's interesting because I you know,
Speaker 1: I do think it will take a little while to
Speaker 1: see who the how the winners and losers shake out.
Speaker 1: But I mean, I guess there's there's enough known about Okay,
Speaker 1: this chip maker, that chip maker, you know, this this
Speaker 1: device maker, you know. It all boils down to me,
Speaker 1: you know, when we talk about this rotation and whether
Speaker 1: you consider it, consider it a value growth rotation or
Speaker 1: a size rotation or stay at home to to reopening
Speaker 1: whatever it is, it seems to me like it's it's
Speaker 1: bound to have an expiration date. It's hard for me
Speaker 1: to picture a market where tech is not the star
Speaker 1: of the show over the long term. You know, maybe
Speaker 1: we'll have value outperform even for all of the rest
Speaker 1: of the year, half and next year, but it's hard
Speaker 1: for me to ever see tech not being that that
Speaker 1: star of the equities show. After that, once life's back
Speaker 1: to normal, we kind of mean revert on valuations of
Speaker 1: the sectors that got hit the worst by COVID. I mean,
Speaker 1: it's not a safe assumption. Do you think, you know,
Speaker 1: we'll all end up sort of rotating back to tech eventually? Yeah?
Speaker 1: I think so. And I think that you know, almost
Speaker 1: all sectors have a tech component now right, We're talking
Speaker 1: about financial technology and fintech and contactless and mobile payments,
Speaker 1: health technology, green energy, and green tech. So I think,
Speaker 1: you know, through this next decade that becomes more and
Speaker 1: more of a reality as tech enters all the different sectors.
Speaker 1: You know what I was wondering, point if you could
Speaker 1: help me understand what's going on in the bond market
Speaker 1: at all. It feels like this reflation, this reopening trade,
Speaker 1: whatever you want to call it, has really been embraced
Speaker 1: by stock traders, but bond traders it feels like a
Speaker 1: really a pessimistic bunch. You know, the tenure treasury yield
Speaker 1: keeps testing one percent and it just keeps failing. It
Speaker 1: feels like, so, I mean, is that really just Fed
Speaker 1: expectations or I mean, is it safe to say that
Speaker 1: the bond market is a little more pessimistic. Yeah, I know,
Speaker 1: we're expecting that the FED is going to keep rates
Speaker 1: near zero through so we are expecting that low for
Speaker 1: longer interest rate. And what we're doing in our portfolios
Speaker 1: really is looking for you through dividend paying stocks like
Speaker 1: in the financial space for instance, or in healthcare, to
Speaker 1: try and increase that that yield in the portfolio. Oh
Speaker 1: that's interesting. So in general more risky allocation. Do you
Speaker 1: think if if you consider dividend stocks, maybe not as
Speaker 1: risky as as other equities, But is it an active
Speaker 1: reduction of sort of that theoretical sixty allocation? I mean,
Speaker 1: I'm sure you don't all allocate exactly to sixty forty,
Speaker 1: but but you know, using that as a baseline, is
Speaker 1: there kind of this this you know, different strategy now too,
Speaker 1: he's up on treasuries. I can't imagine anyone just holding
Speaker 1: onto a treasury right now. I'm just gonna throw that
Speaker 1: out there. I don't, I don't, I don't get it.
Speaker 1: So is you know, is we definitely think there's a
Speaker 1: place for them in within the portfolio for sure, but
Speaker 1: we for for fixed income. But yeah, I'm looking for yield.
Speaker 1: We're we're doing so often in with dividend paying stocks
Speaker 1: in those sectors interesting and I mean in terms of
Speaker 1: where to find safety. I mean you make the point
Speaker 1: that in looking for yield, maybe treasuries aren't the place.
Speaker 1: But I mean, especially the last few months, there's been
Speaker 1: a lot of back and forth on whether treasuries are
Speaker 1: serving their purpose within portfolios at all, whether they are
Speaker 1: still a good hedge for equity risk. I know there
Speaker 1: were a few instances in October or September, it's hard
Speaker 1: to remember where um, you know, treasury is really barely
Speaker 1: budged even when stocks were falling out of bed. I mean,
Speaker 1: do you is that still the buffer was? Yeah? I
Speaker 1: think so to some extent. Yeah, we like them in
Speaker 1: the portfolio for that reason. We also are using tips
Speaker 1: um corporate investment grade bonds and like I said, the
Speaker 1: dividend stocks as well. And then in terms of you know,
Speaker 1: safety and having that hedge, we also you know, like
Speaker 1: gold for that reason as well. All Right, safety is
Speaker 1: one thing, Katie, but what the people want is the crazy.
Speaker 1: It's not the safest thing I heard in markets this week.
Speaker 1: Stand clear of the craziest things we saw in markets
Speaker 1: this week. So let's start with you. I wanna, I
Speaker 1: want to see how your crazy thing game is. Okay,
Speaker 1: time to shine. Well. I know that you checked in
Speaker 1: on Bill Gross and his fight with his neighbor a
Speaker 1: few weeks ago, but now it's being tried in the
Speaker 1: court of law, so I want to bring you a
Speaker 1: few updates. And of course this is connected to markets
Speaker 1: because Bill Gross was the bond King, but his neighbor
Speaker 1: and again they're in a fight over his sculpture outside
Speaker 1: Bill Gross's house. Bill Gross blasted the Giligan Island scheme.
Speaker 1: It sounds very very dramatic, very fun um. But it's
Speaker 1: a glass sculpture that that mysteriously keeps breaking and uh,
Speaker 1: you know, I usually it's nice looking. I could understand
Speaker 1: how maybe you don't want it on your property line.
Speaker 1: I'm not sure what the exact spot is, but it
Speaker 1: looks pretty nice from what I saw on the internet. Yeah,
Speaker 1: well you had to put up a giant net around it. Too,
Speaker 1: which I don't think the neighbor appreciated blocking his view
Speaker 1: of the Pacific. So true, But yeah, catch us up
Speaker 1: on the court drama. This is this is like a
Speaker 1: courtroom drama here. I love it. Well. The neighbor testified
Speaker 1: in court this week that Bill Gross is an angry
Speaker 1: billionaire with a short fuse, and that's the money manager
Speaker 1: actually offered his condolences. Bill Gross offered his condolences to
Speaker 1: the neighbor when he moved in. But the angry billionaire things.
Speaker 1: I don't know if it's the best put down I've
Speaker 1: ever heard, because I would love to be any type
Speaker 1: of billionaire, truly angry or not. Right, right, you think
Speaker 1: the anger level would subside a little bit as you
Speaker 1: became a billionaire, But I guess I guess maybe not.
Speaker 1: So Hey, Bill Gross is still living his life the
Speaker 1: white Bill Gross. He's fit. I'm a I'm all flu
Speaker 1: but I we'll have to keep checking back on this
Speaker 1: story as it progressive. One of my favorites for the year. Alright, Jaqueline,
Speaker 1: no pressure on you, but I'm sure they warned you
Speaker 1: of our gimmick here, and hopefully you can't prepare it. Okay, Yes,
Speaker 1: I did, and it's a different type of crazy, I
Speaker 1: would say. So my craziest thing this week was seeing
Speaker 1: that the TAO was up over eleven point eight four
Speaker 1: percent in November, the best one month performance since January seven.
Speaker 1: It is pretty crazy. Some sometimes the crazy this year,
Speaker 1: the craziest things are the things staring You're right at
Speaker 1: the in the face, which is totally true. Eleven in
Speaker 1: a month, I mean. And of course, once you hear
Speaker 1: that seven comparison, uh, people may take that a little
Speaker 1: bit too far. I wasn't alive, so that's pretty oh man,
Speaker 1: what the heck? All right, Well, I was an awkward teenager,
Speaker 1: so we're equal, I guess. But all right, and I
Speaker 1: was an awkward teenager in the suburbs of Philadelphia, which
Speaker 1: is a good uh segue to my crazy thing, which
Speaker 1: is about Black Friday, which I think for gauging the
Speaker 1: health of those consumer stocks. Jacqueline, I've just seen one
Speaker 1: of the most important days of the year. Everyone curious
Speaker 1: this Black Friday would would flesh out the question though,
Speaker 1: and and I don't have a price, is right? We
Speaker 1: often play prices right with this segment, but I I
Speaker 1: will pose the question to each of you and see
Speaker 1: if you get it right. Who knows where the term
Speaker 1: black Friday came from? Gither Katie, No, not Clo. I
Speaker 1: don't know, Jack. But tractually, I had always heard that
Speaker 1: it was the day it was such a big day
Speaker 1: for retailers, that it was the day they went from
Speaker 1: the red ink to the black ink, I guess, meaning
Speaker 1: profitable for their say. Not so, says The New York Times. Rather,
Speaker 1: the New York Times attempts to pin it on Philadelphia
Speaker 1: sports fans. And this is where I get really offended,
Speaker 1: because my homeland of Philadelphia has a very bad reputation
Speaker 1: for our sports fans. I think it largely comes from
Speaker 1: the New York media, though, because it's such a powerful
Speaker 1: media and rivals of our Philadelphia teams. I'm just gonna
Speaker 1: throw that out there. But according to The New York Times,
Speaker 1: his historians quote unquote, they're not they're not attributing att
Speaker 1: any specific historian. Certainly was not a University of penn historian,
Speaker 1: I bet. But historians say it originated in Philadelphia in
Speaker 1: the nineteen sixties, when throngs of shoppers and tourists would
Speaker 1: just say end on the city on the day between
Speaker 1: Thanksgiving and the Army Navy football game. The Army Navy
Speaker 1: game was traditionally played on Saturday after Thanksgiving, So what
Speaker 1: they're saying is this mob of angry Philadelphia sports fans
Speaker 1: would invade the city on the Friday after Thanksgiving, and
Speaker 1: the Philadelphia Police took to calling the day Black Friday
Speaker 1: because officers had to work long hours and deal with
Speaker 1: bad traffic, bad weather. Another quote crowd related act miseries.
Speaker 1: I don't know. I'm not sure. I'm I might write
Speaker 1: a letter to the New York Times. I'm not sure
Speaker 1: I buy this. I think this is just another attempt
Speaker 1: to blaspheme the good sports fans of Philadelphia. You think
Speaker 1: Katie as as a as a Jersey resident, or at
Speaker 1: least a Jersey native. Jersey I need you on board
Speaker 1: with this campaign. I know you're north, You're north of
Speaker 1: the Jersey Mayson Dixe line, but still aspiring New Jersey resident.
Speaker 1: I don't know. I I do think it sounds like
Speaker 1: a bit of a stretch. I'm not trying to start
Speaker 1: beef with the New York Times, so maybe don't see
Speaker 1: see me on that email. But Jackline, what was what
Speaker 1: was your impression of black Fridays. Its big of a
Speaker 1: deal as it used to be when you're trying to
Speaker 1: analyze consumer trends, or is this this year is such
Speaker 1: a crazy year that it's kind of a right off,
Speaker 1: you know it is. It is certainly a big deal.
Speaker 1: And the whole holiday season is too, so you know,
Speaker 1: looking looking at the rest of the year and seeing
Speaker 1: how that all pans out. And I know too, a
Speaker 1: lot of the big the big consumer discustion and companies
Speaker 1: are starting way earlier, you know, even in October with
Speaker 1: their sales and pushing for the season. So to be seen, yeah,
Speaker 1: to be to be determined. Well, we'll have to leave
Speaker 1: it at that. As I go and dash off and
Speaker 1: angry letters to the New York Times, I'm just they're
Speaker 1: probably right. I mean, we we fill These fans deserve
Speaker 1: everything they throwed us, I guess. But that one hit
Speaker 1: a nerve, not as big of a nerve as Katie
Speaker 1: hit By saying she was not alive during that one
Speaker 1: hurts too, But Mike I wasn't either an honor of
Speaker 1: it in but I was, Man, you millennials, I'm shaking
Speaker 1: my now. I'm a big fan of the millennial generation.
Speaker 1: I'd liked. I consider myself sort of an honorary millennial,
Speaker 1: so yeah, we'll take you. We'll take you. I love
Speaker 1: avocado toast, so I've got anyway. Jacqueline Remen of ups
Speaker 1: Private Wealth, We thank you so much for joining the show.
Speaker 1: Thank you, thanks for having me. What Goes Up will
Speaker 1: be back next week. Until then, you can find us
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Speaker 1: on Twitter. Follow me at Reaganonymous, follow Sarah at Sarah Ponzac,
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Speaker 1: Gas Pouret. The head of Bloomberg Podcast is Francesco Leavy.
Speaker 1: Thanks for listening. To see you next time.