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Speaker 1: This is the Bloomberg Surveillance Podcast. I'm Tom Keane, along

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Speaker 1: with Jonathan Farrell and Lisa Abramowitz. Join us each day

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Speaker 1: for insight from the best an economics, geopolitics, finance and investment.

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Speaker 1: Subscribe to Bloomberg Surveillance on demand on Apple, Spotify and

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Speaker 1: anywhere you get your podcasts, and always on Bloomberg dot Com,

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Speaker 1: the Bloomberg Terminal, and the Bloomberg Business App. Now in

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Speaker 1: conversation with James Bullard, the former Saint Louis FED President, R.

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Speaker 2: Michael McKee, Well, thank you all very much, and we'd

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Speaker 2: like to thank Jim Bullard for coming in and joining

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Speaker 2: us today. I would have called you mister President, but

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Speaker 2: now why do we call you Dean Bullard?

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Speaker 3: I guess you can call you Jim will.

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Speaker 2: Jim is the dean of the Daniels School of Business

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Speaker 2: now at Purdue University, and we thank you for joining

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Speaker 2: us today. I want to start with the dot plot.

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Speaker 2: I think we have a picture of the dot plot

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Speaker 2: that we can put up for those of you on radio.

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Speaker 2: You can look up the dot plot on the fed's website.

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Speaker 2: But basically, in June, the last time we put out

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Speaker 2: a forecast, there was one lonely dot way at the top,

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Speaker 2: saying six and a quarter percent. You left that dot's gone.

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Speaker 2: How would you have voted if you were if you

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Speaker 2: were there yesterday.

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Speaker 4: I thought this was a pretty good decision on the

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Speaker 4: part of the Fed here. The higher for longer message

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Speaker 4: I think is consistent with the rhetoric we've been hearing

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Speaker 4: from the Committee.

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Speaker 3: Earlier this year.

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Speaker 4: There was widespread prediction that there would be a recession,

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Speaker 4: and in the second half of twenty twenty three that

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Speaker 4: recession isn't materializing.

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Speaker 3: So to the extent you thought that.

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Speaker 4: A recession would produce extra downward pressure on inflation that

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Speaker 4: had to be taken back out, so you got you

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Speaker 4: ended up with a higher for longer message here.

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Speaker 3: I think that makes a lot of sense.

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Speaker 5: So we don't need higher rates at this point.

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Speaker 4: Well, the Committee left the additional rate hike this year

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Speaker 4: in the dot plot. I think that may be a

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Speaker 4: good thing to do as insurance to make sure that

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Speaker 4: core inflation, especially continues to come down at an appropriate

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Speaker 4: pace so that the Committee can get back to two

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Speaker 4: percent inflation and a reasonable timeframe.

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Speaker 3: I think the risks are building.

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Speaker 4: That inflation could hang up at a higher level or

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Speaker 4: even go higher based on the idea of a reacceleration

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Speaker 4: in the US economy. So you have to take account

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Speaker 4: of that probability when you're making policy.

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Speaker 3: I think the Committee has done that here.

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Speaker 5: Well.

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Speaker 2: One of the interesting questions is about the forecast.

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Speaker 5: John was just talking about it.

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Speaker 2: You've got the Fed saying their growth forecast has doubled,

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Speaker 2: their unemployment forecasts been cut significantly, and yet they're also

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Speaker 2: predicting that PCEE core inflation is going to go down.

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Speaker 5: How does that work?

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Speaker 4: Well, I think you will get disinflation with you know,

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Speaker 4: that's the base case. The question is how fast will

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Speaker 4: that disinflation occur. If it's a very slow disinflation, you're

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Speaker 4: going to want to keep policy rate higher in order

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Speaker 4: to put more pressure on so you get back to

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Speaker 4: two percent sooner. And there's a little bit of probability

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Speaker 4: that inflation would distallup completely at the current levels, which

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Speaker 4: would be unacceptable. It's you know, core inflation has a

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Speaker 4: handle depending on how you measure it. You know, in

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Speaker 4: the four range is still double or more than double the.

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Speaker 3: FEDS target.

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Speaker 4: So you've got a long ways to go here, and

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Speaker 4: I think you want insurance on the side of making

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Speaker 4: sure that you get back to two percent inflation. On

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Speaker 4: the real side of the economy, things look pretty good.

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Speaker 4: You've got summary acceleration the third quarter here it looks

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Speaker 4: like we've talked about it before, and unemployment still with

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Speaker 4: the three handle looking very good.

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Speaker 2: Jay Powell wouldn't say the words, but it looks like

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Speaker 2: the forecast is saying soft landing.

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Speaker 3: Yeah.

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Speaker 4: I think the prospects for soft landing are very good.

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Speaker 4: But you haven't landed until you get inflation back to

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Speaker 4: two percent, So you're only part way through this process,

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Speaker 4: but prospects are looking good.

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Speaker 2: If that's the case, then the question becomes higher for longer?

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Speaker 5: How much longer? The Fed took away.

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Speaker 2: Fifty basis points of cuts from their forecast for next year,

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Speaker 2: But how long do you think you need to lean

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Speaker 2: against inflation to have an effect.

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Speaker 4: Well, it'll be data dependent on that, but I think

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Speaker 4: this idea that you'd have five percent policy rate or

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Speaker 4: higher over the next eighteen months or so, I think

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Speaker 4: that's significant and shows you resolve on the part of

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Speaker 4: Chair Powell and the rest of the committee to get

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Speaker 4: inflation lower.

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Speaker 3: So that's quite a while.

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Speaker 4: I think once you get out beyond that the end

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Speaker 4: of twenty four, you get into twenty twenty five.

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Speaker 3: Nobody knows at this point.

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Speaker 2: Well, that raises the question of lags and how long

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Speaker 2: the legs might be if he takes eighteen months to

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Speaker 2: bring it down.

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Speaker 4: Yeah, I don't know. I haven't liked the long and

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Speaker 4: variable lags story for the modern era as much. I

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Speaker 4: think a lot of the transmissional monetary policy occurs pretty

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Speaker 4: rapidly through financial markets in a way that was not

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Speaker 4: the case in the nineteen sixties and fifties that when

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Speaker 4: Friedman was talking about long and variable legs. So I

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Speaker 4: think I think the economy has changed. Information moves much faster,

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Speaker 4: decisions are made, much faster than they would have been

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Speaker 4: in the world's more forward looking than they would have.

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Speaker 6: Been in.

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Speaker 3: The sixties and fifties. So I think.

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Speaker 4: You should look for impact today, or more impact today

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Speaker 4: than you would have in that earlier era. And so

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Speaker 4: by keeping the policy rate high right now, I think

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Speaker 4: you can get disinflation to happen now, it's not really

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Speaker 4: so much two years from now.

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Speaker 2: Well, what kind of economy will we have two years

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Speaker 2: from now? We get the pandemic distortions in the economy

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Speaker 2: out supply and demand maybe come back into better balance.

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Speaker 2: But do we have a new economy do we have

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Speaker 2: an old economy?

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Speaker 5: Where do you think neutral is We're going back into

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Speaker 5: a rate regime that is higher than we were used

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Speaker 5: to in the two thousands.

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Speaker 4: Yeah, I think we've talked about it before. But one

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Speaker 4: of the historical examples that you want to look at

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Speaker 4: here is the nineteen ninety four tightening cycle, which was

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Speaker 4: not as big as this one, but set up the

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Speaker 4: US economy for a stellar second half of the nineteen nineties,

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Speaker 4: one of the best periods in US macroeconomic history. So

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Speaker 4: if you can get inflation to continue to come down

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Speaker 4: here with a pretty strong economy, you could set the

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Speaker 4: economy up for a productivity boom and a very strong

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Speaker 4: period in the twenty twenties here. So hopefully that's what

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Speaker 4: will happen. I think we're only part way through that

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Speaker 4: process at this point. But if you really do get

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Speaker 4: a soft landing, then you could look at a period

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Speaker 4: of good growth, strong labor markets, high productivity growth. So

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Speaker 4: I'm not saying that that's definitely going to happen, but

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Speaker 4: that's certainly one of the possibilities.

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Speaker 5: What happens.

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Speaker 2: We'll have only about one question left here, but what

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Speaker 2: happens with the labor market going forward? Are we going

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Speaker 2: to see ongoing wage pressures because there just aren't enough

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Speaker 2: people to fill the jobs out there.

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Speaker 4: Yeah, I think the labor supply is somewhat diminished from

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Speaker 4: where it would have been a pre pen pandemic or earlier.

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Speaker 4: I think you have older workers less willing to come

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Speaker 4: back into the workforce, so they're kind of a marginal

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Speaker 4: worker type and they're not coming in as much. Their

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Speaker 4: nest eggs are pretty pretty robust here with high housing

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Speaker 4: prices and relatively high equity prices.

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Speaker 3: So I also think.

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Speaker 4: Daycare has been kind of decimated by the pandemic, so

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Speaker 4: this has.

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Speaker 3: Changed arrangements for parents with young children.

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Speaker 4: And so you just have a subdued labor supply compared

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Speaker 4: to what you would have had pre pandemic, and this

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Speaker 4: is leading to continued tightness in the labor market.

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Speaker 5: Well, we thank you for coming in.

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Speaker 2: We're going to send you back now Tode to graduate

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Speaker 2: some more engineers so.

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Speaker 5: We can fill those empty labor slots. Jim Bullard, thank

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Speaker 5: you for joining us today. We'll send it back to

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Speaker 5: you in London.

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Speaker 7: He Mike, can you just squeeze one extra question?

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Speaker 1: Then?

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Speaker 7: Can you ask Jim if there's no value in the

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Speaker 7: forecast why they still producing them after that performance from

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Speaker 7: Sham and Pow yesterday.

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Speaker 6: Can you ask him quickly, Mike.

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Speaker 2: Sure, John is asking if there's no value in the forecast,

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Speaker 2: then why do they keep producing them?

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Speaker 3: Well, it's what we do, I think.

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Speaker 4: Yeah, you know, forecasts are useful, but only up to

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Speaker 4: a point.

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Speaker 3: There's a certain amount of ambient noise in the economy.

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Speaker 4: You can't get away from that. But so you you know,

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Speaker 4: you can't live with them and you can't live without them.

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Speaker 3: I guess that's the way you would say that.

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Speaker 5: Thank you very much, John. I hope that answers your question.

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Speaker 7: Thanks Mike, just about Mike, appreciate it, buddy, fantastic work,

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Speaker 7: just one of the best as always, and bringing performance

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Speaker 7: in the news conference from Mike McKay yesterday as well,

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Speaker 7: sitting down with the foremast and Lewis FED President Jim billat.

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Speaker 1: With Aberdeen SRI Coach of Govidian joins us this morning,

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Speaker 1: your senior research economists. The growth issue there is just

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Speaker 1: absolutely tangible and Germaine into a shop like Aberdeen as well.

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Speaker 1: Are you calling for a recession when you see the

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Speaker 1: split of that, the tension of a five to four decision.

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Speaker 8: I think that's right. We are looking for a recession

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Speaker 8: later this year, actually in one that continues well into

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Speaker 8: next year, possibly the first two quarters as well. Now,

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Speaker 8: if we look at the data that we've seen recently,

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Speaker 8: obviously there can be some revisions in the GDP data.

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Speaker 8: We saw quite a contraction in July. Now we are

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Speaker 8: expecting perhaps there are some quirks in the data that

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Speaker 8: we haven't seen as much industrial action recently, and there

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Speaker 8: could be some technical issues and a rebound. But I

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Speaker 8: think the outlook for the rest of this year is

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Speaker 8: quite weak and we see that as you've mentioned in

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Speaker 8: the PMI surveys, both manufacturing and services moving into contraction.

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Speaker 9: Let's talk about the market response.

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Speaker 10: You are seeing a weaker pound in response to this,

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Speaker 10: as many people expected it would. At what point are

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Speaker 10: they between ahurakh and a hard place at the Bank

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Speaker 10: of England if they don't hike the pound weekends it

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Speaker 10: increases in FLA and even as growth slows, how much

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Speaker 10: is this going to be a real consideration for them

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Speaker 10: going forward?

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Speaker 8: I think Obviously imported prices are going to be a consideration.

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Speaker 8: But what we saw earlier this yesterday in terms of

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Speaker 8: the inflation data was very promising, and I think one

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Speaker 8: of the key metrics that they focus on what really

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Speaker 8: changed was that core services data. We saw a deceleration

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Speaker 8: there as well, but I think it's still very elevated.

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Speaker 8: We are still seeing another key metric of wages are

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Speaker 8: still very high, and hence this signaling through the split

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Speaker 8: and the announcement of PUT. Something that we've been expecting

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Speaker 8: for a while is that they will increase the pace

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Speaker 8: the run rate, but they've done that today, and I

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Speaker 8: think that's an interesting communication.

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Speaker 10: What is the signal right from the split other than

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Speaker 10: they're just divided. It is a difficult moment. What is

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Speaker 10: the signal that you can take away as an economist

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Speaker 10: coming up with your own projections.

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Speaker 8: I think really what we're seeing is they are worried

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Speaker 8: about the recession, They are worried about weaker growth, and

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Speaker 8: they think that perhaps going into the rest of this year,

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Speaker 8: inflation is likely to continue to decelerate. So what we

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Speaker 8: say is the lagged impact of fairly aggressive monetary tightening

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Speaker 8: really starting to bite and they're probably thinking right that

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Speaker 8: here is a time to pause, but we don't want

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Speaker 8: to get too complacent. There are still a lot of

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Speaker 8: inflationary pressures ahead and there's a long way to go

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Speaker 8: before we go anywhere near target.

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Speaker 7: Sree help us understand the bond market move in the

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Speaker 7: guilt market right now, Tenure guilt yields higher on the

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Speaker 7: session near session highs, up about seven basis points.

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Speaker 6: Does that stack up for you?

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Speaker 8: I think it's a knee jerk reaction. Perhaps you know

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Speaker 8: there is the hawkish signal there is really being the focus,

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Speaker 8: I think, But what we will say is, even though

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Speaker 8: we are very close to the peak, we do expect

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Speaker 8: rates to remain elevated, and we're thinking more matter horn

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Speaker 8: rather sorry, more table mountain than matter horn. Really so

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Speaker 8: really on hold elevated for a long period of time,

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Speaker 8: well into next day.

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Speaker 7: Off for an explanation, do you think to some extent

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Speaker 7: this might be a Bank of England that's starting to

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Speaker 7: become more concerned about growth over inflation and a bond

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Speaker 7: market is starting to pick up on the scent of that.

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Speaker 8: I think there is a shift.

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Speaker 11: I was.

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Speaker 8: It was a very very close call, and I think

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Speaker 8: that information number really sort of tipped tip this decision.

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Speaker 8: There are some other disinflationary pressures with food prices are

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Speaker 8: likely to continue to drag down inflations a year end,

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Speaker 8: but as you say, we're still nowhere near targets and

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Speaker 8: I think that growth, the growth priority has started to

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Speaker 8: pick up.

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Speaker 1: You Beck, your work at Queen Mary in London. Do

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Speaker 1: you find it more beneficial to have a highly visible

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Speaker 1: dissenting nuance to split vote like at the Bank of

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Speaker 1: England or is it more Are you more able to

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Speaker 1: make theory and forward looking views over the we are

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Speaker 1: the world, We're all in it together view of the Fed.

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Speaker 8: I think the split is part of the signaling. I

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Speaker 8: think that's actually quite a useful single and I can

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Speaker 8: see that in the bomb markets they're taking this as

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Speaker 8: a hawkish pause and that's actually what is necessary in

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Speaker 8: a sense in order to continue on this path of disinflation.

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Speaker 8: We need to unfortunately, we need a recession to really

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Speaker 8: correct some of those imbalances that are quite particular to

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Speaker 8: the UK economy.

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Speaker 7: No change isn't boring TK in London. No change is

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Speaker 7: not boring.

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Speaker 6: Full split.

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Speaker 1: I'm fascinated by it, and you know, to know the

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Speaker 1: heritage of Catherine Mann at MIT and Megan Green at Oxford.

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Speaker 1: And these are huge decisions, folks. This is not a

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Speaker 1: small matter. And I go back to the real yield

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Speaker 1: is Kit Jukes is all over that in this morning

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Speaker 1: note as well.

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Speaker 7: So thank you Streektch you Governdant of Aberdeen.

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Speaker 1: An expert on Saudi Araba. Edward Morris holds court at

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Speaker 1: City Group, Global head of Commodity Research and always takes

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Speaker 1: a geopolitical look. He has been brilliant over the last

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Speaker 1: two years of saying everyone calmed down, we're going to

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Speaker 1: see law. There were oil prices, more sustained seventy eighty

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Speaker 1: dollars prices, and then things have changed. At Morse what

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Speaker 1: changed to elevate oil to one hundred dollars a barrel?

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Speaker 12: It was quite simple. A bunch of countries that had

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Speaker 12: a lot of surplus capacity decided to rein it in

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Speaker 12: and pull back. If you look at the oil market,

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Speaker 12: there is no more market. There's no more oversupplied market

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Speaker 12: in the world based on supply and demand. But those

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Speaker 12: that have the supply have pulled it back, and they

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Speaker 12: pulled it back because they didn't like the revenue that

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Speaker 12: they were getting So there's a big difference between oil

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Speaker 12: and copper and oil and a lot of other commodities

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Speaker 12: in terms of the fundamental availability of supply in that market.

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Speaker 1: All Right, we were making fun and just of the

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Speaker 1: orb and that is of course President Trump visiting Saudi Arabia.

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Speaker 1: What is the US relationship now with oil producing Saudi

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Speaker 1: Arabia changed?

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Speaker 12: Yes, it certainly has changed, and it's changed dramatically. Part

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Speaker 12: of the change relates to the geopolitics of the area.

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Speaker 12: We saw one element of the change at the G

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Speaker 12: twenty meeting when a number of countries that in India

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Speaker 12: include countries in the Middle East, including Israel, include the

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Speaker 12: European Union decided to build the physical you know, their

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Speaker 12: own Belton Road initiative, and they excluded China and the

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Speaker 12: excluded Russia from it. But the US is very much

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Speaker 12: a part of it. We're talking about Westinghouse technology going

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Speaker 12: into Saudi nuclear power, We're talking about guarantee on the

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Speaker 12: security side. We're talking about oil markets and common and

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Speaker 12: differences among them. But it is a different relationship from

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Speaker 12: the more sour one with which the Biden administration began

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Speaker 12: its self in office.

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Speaker 10: Ed earlier in the year you are the lone caller

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Speaker 10: for some sort of lower oil pricing.

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Speaker 9: You were absolutely correct.

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Speaker 10: Now you're coming out and pushing against people who are

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Speaker 10: really upgrading their forecasts for oil in light of some

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Speaker 10: of the Saudi Arabian production cuts. How can you be

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Speaker 10: so sure this time around if this is essentially Saudi

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Speaker 10: Arabia searching for ninety to one hundred dollars a barrel

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Speaker 10: of oil for their financial wellbeing.

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Speaker 12: Sure well, I think there are three or four factors

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Speaker 12: just overwhelming. One of them happens to be what we

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Speaker 12: call the Fragile Five countries. They are Iran, A, rat Libya, Nigerian, Nigeria,

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Speaker 12: and Venezuela. Their countries out in nineteen ninety eight were

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Speaker 12: growing really rapidly in their production. People thought they were

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Speaker 12: going to be adding a million barrels a day a year.

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Speaker 12: Five years after nineteen ninety eight, they were producing less

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Speaker 12: than they were in ninety eight. The world scrambled to

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Speaker 12: find new supply and the price of oil went up.

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Speaker 12: These countries are adding supply in surprising ways. If you

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Speaker 12: look at June versus June twenty twenty three versus twenty

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Speaker 12: twenty two, these countries added over a million barrels a

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Speaker 12: day to oil supply. If you look at where they

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Speaker 12: are now and just look at Iran and a rat

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Speaker 12: the chances are that the two of them together are

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Speaker 12: going to be adding close to a billion barrels a

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Speaker 12: day of production between now and a year from now.

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Speaker 12: That very much that big change, and the change is

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Speaker 12: not just among the two of them. If you look

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Speaker 12: at nigeria'sin so recent elections, they went for the monthly

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Speaker 12: average of one to one point two million barrels a

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Speaker 12: day to now one point five to one point seven

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Speaker 12: million barrels a day. They're at one point seven right now.

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Speaker 12: So those fragile clive countries are not under the control

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Speaker 12: of the leadership of OPEK plus, and they intend to

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Speaker 12: put more oil in the market. A second really massive

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Speaker 12: factor is China. China has, yes, an economy that is

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Speaker 12: more commodity dependent than any other country in the world.

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Speaker 12: But what China has done since the Great Financial Crisis

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Speaker 12: and condone it consistently is by low, by low, and

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Speaker 12: sell high. So they accumulate an incredible amount of inventory.

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Speaker 12: The inventory that they've grown has been from just under

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Speaker 12: a billion barrels at the beginning of the pandemic not

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Speaker 12: very long ago to billion four hundred million barrels. In

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Speaker 12: our judgment right now, with a capacity to go to

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Speaker 12: two billion barrels, a billion four hundred million means they

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Speaker 12: have one hundred and thirty or one hundred and forty

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Speaker 12: days of forward supply in their inventory system. The IEA,

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Speaker 12: if its wisdom, says ninety days of forward supply is ample.

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Speaker 12: So they're in a position to do what they're now

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Speaker 12: doing buying less oil in the market. They had four

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Speaker 12: months in which they were buying twelve and a half

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Speaker 12: million barrels a day. They have four and a half

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Speaker 12: million of their own production. They had months in which

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Speaker 12: they had seventeen million of supply. They don't refine more

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Speaker 12: than fourteen eight, fourteen nine. They put it in an inventory,

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Speaker 12: and now that prices are very high, what are they doing.

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Speaker 12: They're selling, and they're selling incrementally an awful lot of

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Speaker 12: diesel into a market which is diesel poor and where

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Speaker 12: diesel cracks are overwhelming. So they're making money by not

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Speaker 12: buying and by selling high on the product side. And

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Speaker 12: then we still have a ample production growth from non OPEC.

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Speaker 12: Our judgment is that demand is going to be slow

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Speaker 12: because of all the macroeconomic trends you guys have been

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Speaker 12: talking about for the last fifteen minutes. We don't think

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Speaker 12: demand is going to be growing, you know, more than

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Speaker 12: a million two maybe barrels a day next year, and

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Speaker 12: non OPEC alone can fill that without even thinking about

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Speaker 12: the Fragile five or what China is doing. So I

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Speaker 12: think you know the way to look at the way

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Speaker 12: we look at the trends, it's going to be weaker market.

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Speaker 9: Just quickly here ed in the interest of time.

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Speaker 10: What you basically said is that China's building its own

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Speaker 10: spr that's much bigger than the US, as the US

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Speaker 10: was trading their own their own spr How much is

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Speaker 10: Saudi Arabia going to keep production low simply because they

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Speaker 10: know China is not going to be a big buyer.

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Speaker 12: You know, I don't know. I don't know how to

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Speaker 12: read the she leaves on it. There was an article

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Speaker 12: in Arab News involving a conversation between the Crown Prince

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Speaker 12: and the Prime Minister of India at the G twenty meeting,

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Speaker 12: and the Crown Prince is quoted in a Saudi newspaper. Therefore,

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Speaker 12: its intentional that if oil sustains above a certain level,

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Speaker 12: they'll be putting more oil back in the market, or

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Speaker 12: they are good chances of it. That was not an

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Speaker 12: accidental story, So we don't know what the pressure point is.

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Speaker 3: I like ninety.

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Speaker 12: They don't like eighty or seventy as much as I

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Speaker 12: like ninety, and they're fearful of what happens at one

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Speaker 12: hundred ED.

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Speaker 7: Thank you sir for the update. Off the desk over

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Speaker 7: as city at most not as bulicious sum.

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Speaker 1: Right now the interview of the day. This is a

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Speaker 1: scheduled six to seven minute interview. It ought to be

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Speaker 1: two hours. Kit Chooks joins as Chief Foreign Exchange Strategists

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Speaker 1: to Society General and he let his research note today

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Speaker 1: with what I was looking at early this morning, and

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Speaker 1: that is the change up there. And the change is

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Speaker 1: a US real yield back to where it was in

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Speaker 1: late winter of two thousand and eight.

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Speaker 6: Kit, things are moving.

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Speaker 1: Where are we going to be a month from now?

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Speaker 1: We're we're going to be a three months from now.

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Speaker 13: To itself, and I think in three months time we're

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Speaker 13: going to have potentially still higher really odds in the US.

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Speaker 13: Keeping on this guy, It's gonna stop at some point,

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Speaker 13: I mean part of the discussion is the political one.

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Speaker 5: Right.

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Speaker 13: The big difference between the United States and Europe is

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Speaker 13: that we're all raising rates because we have an inflation problem,

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Speaker 13: but we have to tighten fiscal policy. John just said it.

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Speaker 13: We can't spend this money. We spend so much money

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Speaker 13: on COVID, a war in Ukraine. We have no money,

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Speaker 13: and so we're in a difficult place. The United States

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Speaker 13: can spend money because it's the United States unless the

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Speaker 13: politics says it can't. So as long as the politics

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Speaker 13: lets the US be exceptional, you can have high yields

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Speaker 13: on a stronger dollar as far as it goes well.

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Speaker 1: We've seen in the last forty eight hours, and as

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Speaker 1: John mentions Bank of Japan as a hat trick tomorrow,

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Speaker 1: do we see with what's moving yen goes through one

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Speaker 1: week or yen where all of a sudden the Bank

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Speaker 1: of Japan is overcome by Powell and Bailey events.

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Speaker 13: They have to do something extraordinary at the Bank of

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Speaker 13: Japan to stand in the way of this tide of

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Speaker 13: rising yields in the US. So they'll have to raise

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Speaker 13: rates or intervene. You know, jaw boning is not going

446
00:23:11,720 --> 00:23:13,800
Speaker 13: to get us much further than we are today.

447
00:23:14,200 --> 00:23:15,919
Speaker 7: So no change in the Fellow Reserve, no change in

448
00:23:15,920 --> 00:23:17,879
Speaker 7: the Bank of England. We expecting any changes from the

449
00:23:17,920 --> 00:23:20,160
Speaker 7: BIJ not tomorrow, but this year.

450
00:23:21,560 --> 00:23:24,040
Speaker 13: So he hinted at you know, I heard someone else

451
00:23:24,040 --> 00:23:26,439
Speaker 13: on the Bank of Japan board sort of row that

452
00:23:26,560 --> 00:23:28,200
Speaker 13: back a little bit and saying he was talking to

453
00:23:28,200 --> 00:23:30,600
Speaker 13: the foreign exchange market. They can't just talk to the

454
00:23:30,640 --> 00:23:33,280
Speaker 13: foreign exchange market. They have to decide what they want

455
00:23:33,320 --> 00:23:36,160
Speaker 13: to do with monetary policy, and it's a tough decision

456
00:23:36,760 --> 00:23:40,479
Speaker 13: given their challenge. But this is so like a baby

457
00:23:40,560 --> 00:23:43,399
Speaker 13: nineteen eighty four or eighty five. I mean, it's somewhere

458
00:23:43,440 --> 00:23:43,639
Speaker 13: in that.

459
00:23:44,000 --> 00:23:45,960
Speaker 7: If you can imagine for those who were babies in

460
00:23:46,000 --> 00:23:47,840
Speaker 7: the mid eighties, kick, can you explain what a baby

461
00:23:47,920 --> 00:23:48,600
Speaker 7: nineteen eighty four.

462
00:23:50,000 --> 00:23:50,720
Speaker 3: I don't want to say.

463
00:23:50,760 --> 00:23:52,679
Speaker 13: I don't want to say that Jay Powell is Paul Vulcan,

464
00:23:52,680 --> 00:23:54,560
Speaker 13: and I don't want to say that Joe Biden is

465
00:23:54,640 --> 00:23:57,800
Speaker 13: Ronald Reagan. But it's this ability to push the dollar

466
00:23:57,880 --> 00:23:59,800
Speaker 13: higher than you could imagine. I was in my first

467
00:24:00,640 --> 00:24:03,360
Speaker 13: I know, everything I thought about fair value for currencies,

468
00:24:03,400 --> 00:24:06,680
Speaker 13: anything I'd learned at the school was blown out of

469
00:24:06,720 --> 00:24:09,199
Speaker 13: the water before we got to plaza. This can you know,

470
00:24:09,960 --> 00:24:11,879
Speaker 13: trying to guess how far you can go at the

471
00:24:12,800 --> 00:24:15,119
Speaker 13: sort of the pointy end of this piece of the

472
00:24:15,160 --> 00:24:16,840
Speaker 13: cycle is really crazy.

473
00:24:17,000 --> 00:24:18,679
Speaker 9: So we don't know how far you can go.

474
00:24:18,920 --> 00:24:21,320
Speaker 10: But we do know that some people are expecting, including

475
00:24:21,400 --> 00:24:25,800
Speaker 10: GP Morgan's chief equity strategist over in Japan, they expect

476
00:24:26,160 --> 00:24:29,080
Speaker 10: that the Bank of Japan will leave yield curve control

477
00:24:29,200 --> 00:24:32,560
Speaker 10: next year and negative rates possibly but even later this year,

478
00:24:32,600 --> 00:24:35,359
Speaker 10: if not early next year. Do we have an understanding

479
00:24:35,440 --> 00:24:37,639
Speaker 10: of what the knock on effects would be, not just

480
00:24:37,640 --> 00:24:40,640
Speaker 10: from a currency perspective but from a rate regime globally.

481
00:24:42,320 --> 00:24:45,679
Speaker 13: I think from generally, you know, they're so far behind

482
00:24:45,680 --> 00:24:48,400
Speaker 13: everybody else that it's possible that it doesn't completely rock

483
00:24:48,440 --> 00:24:49,400
Speaker 13: all the boats in the world.

484
00:24:49,520 --> 00:24:51,080
Speaker 6: Right this is this is a.

485
00:24:51,040 --> 00:24:54,080
Speaker 13: Country where what that would do would start the process

486
00:24:54,119 --> 00:24:57,800
Speaker 13: of Japanese investors buying jgbs again at higher yields instead

487
00:24:57,800 --> 00:25:00,439
Speaker 13: of buying foreign assets. So it has a knock effect

488
00:25:00,440 --> 00:25:03,320
Speaker 13: in the currency market, but they're not as big or

489
00:25:03,359 --> 00:25:06,040
Speaker 13: as an important as a player on a flow basis

490
00:25:06,520 --> 00:25:09,679
Speaker 13: as they were thirty years ago, so it doesn't have

491
00:25:09,720 --> 00:25:12,119
Speaker 13: to be So it doesn't necessarily have to start a

492
00:25:12,200 --> 00:25:16,959
Speaker 13: new long, dramatic rise in global bond yields. But it

493
00:25:17,000 --> 00:25:21,000
Speaker 13: causes waves because it tightens global monetary policy one step

494
00:25:21,080 --> 00:25:24,320
Speaker 13: beyond what we've been seeing. And if you forced the

495
00:25:24,440 --> 00:25:26,439
Speaker 13: Chinese to follow at some point, if they don't want

496
00:25:26,480 --> 00:25:28,480
Speaker 13: the U answer week and you can take this further,

497
00:25:28,640 --> 00:25:30,000
Speaker 13: so it all rolls it down.

498
00:25:30,240 --> 00:25:32,440
Speaker 10: You know, we're talking about a stronger dollar and how

499
00:25:32,480 --> 00:25:34,960
Speaker 10: far that can go at a time where as you

500
00:25:35,040 --> 00:25:37,159
Speaker 10: were saying the US can be exceptional as long as

501
00:25:37,440 --> 00:25:40,639
Speaker 10: lawmakers allow it to be, so, how far can it

502
00:25:40,680 --> 00:25:44,879
Speaker 10: go before it becomes substantially problematic for the rest of

503
00:25:44,920 --> 00:25:48,359
Speaker 10: the world, in particular the UK, in particular Europe.

504
00:25:48,520 --> 00:25:50,800
Speaker 13: I think it's already problematic. I mean you already see

505
00:25:50,800 --> 00:25:53,840
Speaker 13: the Chinese. The Chinese, who usually have complete control over

506
00:25:53,960 --> 00:25:57,879
Speaker 13: things like their currency, don't like the uan weakness. The

507
00:25:57,960 --> 00:26:00,960
Speaker 13: Japanese don't like it. That don't like it there. If

508
00:26:01,000 --> 00:26:03,879
Speaker 13: you send US fields higher on the dollar stronger, you know,

509
00:26:03,920 --> 00:26:07,000
Speaker 13: you could reverse some of the wonderful progress that's been

510
00:26:07,000 --> 00:26:08,959
Speaker 13: made in Latin America in the last few years. So

511
00:26:09,240 --> 00:26:13,280
Speaker 13: we're not far away from people howling about what this

512
00:26:13,440 --> 00:26:15,399
Speaker 13: is doing. I mean, this is the problem, you know,

513
00:26:15,400 --> 00:26:17,960
Speaker 13: the stronger dollar will be much less damaging to the

514
00:26:18,080 --> 00:26:19,960
Speaker 13: United States in the short term than it is to

515
00:26:20,000 --> 00:26:20,480
Speaker 13: other people.

516
00:26:20,560 --> 00:26:23,600
Speaker 1: To me, what's really important here is the analysis of

517
00:26:23,640 --> 00:26:28,080
Speaker 1: a difference between section fourteen Emirates versus section sixty. I mean,

518
00:26:28,160 --> 00:26:31,760
Speaker 1: you really need the elevation to see the Spurs. Was

519
00:26:31,800 --> 00:26:34,960
Speaker 1: it Saturday or Sunday, johnt you see the elevation of

520
00:26:35,119 --> 00:26:38,320
Speaker 1: a section sixty or should you go lower at section fourteen?

521
00:26:39,119 --> 00:26:41,800
Speaker 13: It's a bit noisier downstairs, but I like to be

522
00:26:41,800 --> 00:26:43,159
Speaker 13: able to see both ends of the pitch at the

523
00:26:43,200 --> 00:26:45,960
Speaker 13: same time. I like to look diagonally across the pitch

524
00:26:46,280 --> 00:26:46,960
Speaker 13: so that I can see.

525
00:26:47,200 --> 00:26:49,359
Speaker 1: This is when the Spurs beat Arsenal.

526
00:26:49,440 --> 00:26:51,320
Speaker 13: And I'm very glad I've hidden the way up in

527
00:26:51,359 --> 00:26:52,000
Speaker 13: the nice seats.

528
00:26:52,200 --> 00:26:54,159
Speaker 7: Kit and I have watched the North London Derby together

529
00:26:54,240 --> 00:26:56,760
Speaker 7: many years ago. I think maybe nine years ago, something

530
00:26:56,800 --> 00:26:57,840
Speaker 7: like that, maybe ten years ago.

531
00:26:58,040 --> 00:26:58,640
Speaker 6: It was a good time.

532
00:26:58,680 --> 00:27:01,520
Speaker 7: I think Arsenal absolutely rush Tottenham back then. I think

533
00:27:01,840 --> 00:27:02,800
Speaker 7: Walcut was there.

534
00:27:02,800 --> 00:27:03,680
Speaker 6: He was still there.

535
00:27:03,960 --> 00:27:05,200
Speaker 3: Harry Kane was there as well.

536
00:27:06,680 --> 00:27:10,000
Speaker 1: How come Arsenal has us ownership that's successful and the

537
00:27:10,040 --> 00:27:11,640
Speaker 1: other selected teams.

538
00:27:11,560 --> 00:27:13,360
Speaker 7: D A kid, do you want to explain that when

539
00:27:13,359 --> 00:27:16,600
Speaker 7: you say selected teams, you sang Chelsea, I'm going to go.

540
00:27:16,520 --> 00:27:18,440
Speaker 13: With I'm going to go with. It took a while

541
00:27:18,520 --> 00:27:20,560
Speaker 13: for them to get good at it, but that they

542
00:27:20,600 --> 00:27:24,000
Speaker 13: have a heritage and a history in owning football clubs

543
00:27:24,000 --> 00:27:26,160
Speaker 13: in that family sports.

544
00:27:28,400 --> 00:27:31,840
Speaker 1: Talking about here, Yeah, what about the Saudi money, I mean,

545
00:27:31,880 --> 00:27:34,119
Speaker 1: the Petro dollar money coming in? Is that going to

546
00:27:34,240 --> 00:27:35,919
Speaker 1: change Arsenal and the rest of the sport?

547
00:27:36,560 --> 00:27:38,920
Speaker 13: It changes all sports everywhere to have Saudi money coming

548
00:27:38,920 --> 00:27:40,960
Speaker 13: in until the thing levels itself out. And so the

549
00:27:41,000 --> 00:27:43,360
Speaker 13: problem with sport, I mean in that sense, there's there's

550
00:27:43,359 --> 00:27:47,159
Speaker 13: an enormous amount of money that changes it for the

551
00:27:47,200 --> 00:27:52,480
Speaker 13: average fan, recognizes the fact that the economics of sport

552
00:27:52,520 --> 00:27:54,800
Speaker 13: has changed, which we could talk about for a whole day,

553
00:27:55,720 --> 00:28:00,639
Speaker 13: and and then does does a bunch of things to

554
00:28:01,600 --> 00:28:04,440
Speaker 13: in the short term to the politicization of sport, which

555
00:28:04,680 --> 00:28:07,680
Speaker 13: again you know is an interesting sort of thing. But

556
00:28:07,880 --> 00:28:11,439
Speaker 13: at Arsenal, frankly, the change of manager was possibly the

557
00:28:11,440 --> 00:28:12,440
Speaker 13: big change we made.

558
00:28:12,600 --> 00:28:22,600
Speaker 11: Yeah, Mcalarteta.

559
00:28:24,119 --> 00:28:27,640
Speaker 7: As we mentioned the Tottenham chairman Daniel Levy revealing he'd

560
00:28:27,680 --> 00:28:29,920
Speaker 7: be open to sending a stake in the club, quote

561
00:28:30,560 --> 00:28:33,399
Speaker 7: for the right person, I sat down with Levy for

562
00:28:33,400 --> 00:28:35,879
Speaker 7: a wide ranging interview on the club, including the recent

563
00:28:35,920 --> 00:28:37,760
Speaker 7: sale of star Harry Kane to buy Munich.

564
00:28:37,800 --> 00:28:38,280
Speaker 6: Take a listen.

565
00:28:38,800 --> 00:28:42,440
Speaker 14: So Harry was willing to stay, but he wasn't willing

566
00:28:42,720 --> 00:28:45,640
Speaker 14: this summer to sign a new contract. He didn't say

567
00:28:45,680 --> 00:28:48,280
Speaker 14: that to me that he wants to leave. He didn't

568
00:28:48,320 --> 00:28:52,240
Speaker 14: say that he would never sign a new contract. He

569
00:28:52,240 --> 00:28:54,040
Speaker 14: wouldn't commit this summer, And of course we were in

570
00:28:54,080 --> 00:28:57,280
Speaker 14: a very difficult position, had one year on his contract,

571
00:28:57,960 --> 00:29:00,000
Speaker 14: and as a club, as I said, with self sufficient,

572
00:29:00,160 --> 00:29:03,320
Speaker 14: we couldn't live in a dream that he would sign

573
00:29:03,360 --> 00:29:06,840
Speaker 14: a contract. We had no guarantee. And therefore, when Bayern

574
00:29:06,880 --> 00:29:08,720
Speaker 14: Munich came along, he was willing to go to Buyer

575
00:29:08,840 --> 00:29:10,000
Speaker 14: Munich and we agree to do.

576
00:29:10,400 --> 00:29:13,320
Speaker 7: You've since disclosed there is a buy back clause that's

577
00:29:13,320 --> 00:29:16,120
Speaker 7: getting a lot of attention and a lot of fans excited.

578
00:29:16,160 --> 00:29:18,760
Speaker 7: Can we talk about the terms of that buy back clause?

579
00:29:18,760 --> 00:29:19,200
Speaker 6: What is it?

580
00:29:19,640 --> 00:29:22,240
Speaker 14: If I'm honest, I think you know the actual precise

581
00:29:22,280 --> 00:29:25,320
Speaker 14: detail of the contract with Bayern Munich should remain confidential.

582
00:29:25,680 --> 00:29:28,320
Speaker 14: All I would say is if Harry one day wants

583
00:29:28,360 --> 00:29:31,920
Speaker 14: to come back to the Premier League and he wants

584
00:29:31,960 --> 00:29:33,760
Speaker 14: to come to top them, we would have the ability

585
00:29:33,840 --> 00:29:36,000
Speaker 14: to a purchase him.

586
00:29:36,120 --> 00:29:38,800
Speaker 7: We talked a lot about Saudi Arabia and the disruption

587
00:29:38,920 --> 00:29:42,200
Speaker 7: and this summer transfer window, not just for English football,

588
00:29:42,480 --> 00:29:45,160
Speaker 7: for the whole European football. Are you getting players knocking

589
00:29:45,160 --> 00:29:47,320
Speaker 7: the door now saying I've seen nay Maas contract in

590
00:29:47,360 --> 00:29:48,880
Speaker 7: the newspaper and I want a slice of that.

591
00:29:49,040 --> 00:29:50,160
Speaker 6: Has this changed things for you?

592
00:29:51,360 --> 00:29:53,280
Speaker 14: I think you have to look at the Saldi Arabia situation.

593
00:29:53,400 --> 00:29:56,520
Speaker 14: As you know, it gave a huge influx of money

594
00:29:56,560 --> 00:30:00,280
Speaker 14: into the market. The market is particularly tough out side

595
00:30:00,320 --> 00:30:04,880
Speaker 14: of the UK at the moment, and I don't see

596
00:30:04,960 --> 00:30:06,920
Speaker 14: that what's happening in Saudi Arabia is going to have

597
00:30:06,920 --> 00:30:10,880
Speaker 14: any direct bearing in terms of player contracts in Europe.

598
00:30:11,320 --> 00:30:12,680
Speaker 6: What do you expect it will change?

599
00:30:13,240 --> 00:30:16,440
Speaker 14: Well, it's another market for players to look to. Not

600
00:30:16,680 --> 00:30:19,440
Speaker 14: every player will want to go to South Arabia, but

601
00:30:19,600 --> 00:30:21,000
Speaker 14: just as not every player.

602
00:30:20,760 --> 00:30:23,400
Speaker 6: Wants to go to Germany or France or or whoever.

603
00:30:23,840 --> 00:30:27,000
Speaker 7: Joe Lewis has got his own legal problems. He's transferred

604
00:30:27,000 --> 00:30:29,480
Speaker 7: his hold in the football club to family trust. We

605
00:30:29,560 --> 00:30:31,720
Speaker 7: understand that dynamic and how things have changed in the

606
00:30:31,760 --> 00:30:34,200
Speaker 7: last couple of years on that front. Technically that means

607
00:30:34,200 --> 00:30:36,120
Speaker 7: you no longer have that big billionaire backer.

608
00:30:36,640 --> 00:30:39,080
Speaker 6: Do you need one to succeed? Is that something that

609
00:30:39,120 --> 00:30:39,840
Speaker 6: Tottenham needs?

610
00:30:40,600 --> 00:30:44,760
Speaker 14: Well, firstly, you know, the ownership of Tottenham has been

611
00:30:44,840 --> 00:30:47,680
Speaker 14: of no relevance for the operations of Tottenham for the

612
00:30:47,720 --> 00:30:51,840
Speaker 14: last twenty plus years. It's always been self sufficient as

613
00:30:51,880 --> 00:30:55,040
Speaker 14: far as you know, very wealthy people owning football clubs.

614
00:30:55,120 --> 00:30:56,720
Speaker 6: As I said, the new rules.

615
00:30:56,400 --> 00:30:59,720
Speaker 14: Now are going to be engineered to such an extent

616
00:30:59,760 --> 00:31:02,640
Speaker 14: that hopefully you don't need to be a very wealthy

617
00:31:02,680 --> 00:31:04,480
Speaker 14: owner in order to have a successful club.

618
00:31:04,920 --> 00:31:06,280
Speaker 6: Would you be up into selling a steak?

619
00:31:07,440 --> 00:31:09,600
Speaker 14: I've always my answer that question has always been the

620
00:31:09,600 --> 00:31:14,000
Speaker 14: same for twenty three years. We have thirty thousand shareholders, yeah,

621
00:31:14,320 --> 00:31:17,600
Speaker 14: who own approxibly thirteen and a half percent. We run

622
00:31:17,600 --> 00:31:20,200
Speaker 14: this club as if it's a public company. If anyone

623
00:31:20,240 --> 00:31:23,959
Speaker 14: wants to make a serious proposition to the border of Tottenham,

624
00:31:24,000 --> 00:31:27,320
Speaker 14: we will consider it along with our advisors, and if

625
00:31:27,320 --> 00:31:28,840
Speaker 14: we felt it was in the interest of the club,

626
00:31:28,880 --> 00:31:30,040
Speaker 14: we would be open to anything.

627
00:31:30,120 --> 00:31:32,360
Speaker 6: Has anyone made an offer over.

628
00:31:32,200 --> 00:31:34,280
Speaker 14: The years, Many people have made offers, but there's never

629
00:31:34,280 --> 00:31:35,320
Speaker 14: been an offer that's been.

630
00:31:35,240 --> 00:31:36,600
Speaker 7: Well, give us an idea of what those officers have

631
00:31:36,600 --> 00:31:39,040
Speaker 7: looked like. Where'd they come from?

632
00:31:39,280 --> 00:31:44,640
Speaker 14: All parts of the world, the Far East, the Middle East, America.

633
00:31:45,520 --> 00:31:48,800
Speaker 14: But nothing has been put on our table that we

634
00:31:48,880 --> 00:31:50,560
Speaker 14: felt it has been in the interest of shareholders.

635
00:31:50,840 --> 00:31:52,520
Speaker 7: The stadium has been a big project for you and

636
00:31:52,560 --> 00:31:54,840
Speaker 7: clearly that's right for the club and other people are

637
00:31:54,840 --> 00:31:58,280
Speaker 7: starting to copy you as well. How big of initiative

638
00:31:58,320 --> 00:32:00,760
Speaker 7: has that been for Tottenham Football Club? And how do

639
00:32:00,760 --> 00:32:02,440
Speaker 7: you think it's going to really underpin the success and

640
00:32:02,680 --> 00:32:04,480
Speaker 7: not just years to come, but potentially decades.

641
00:32:04,960 --> 00:32:08,400
Speaker 14: I think people don't realize how big a project building

642
00:32:08,400 --> 00:32:12,560
Speaker 14: a stadium is. You know that project took us probably

643
00:32:12,600 --> 00:32:16,080
Speaker 14: about seventeen eighteen years and start to finish. I think

644
00:32:16,120 --> 00:32:17,880
Speaker 14: you've got to take a very very long term view.

645
00:32:18,400 --> 00:32:21,560
Speaker 14: I think that it obviously has a major impact on

646
00:32:21,600 --> 00:32:23,920
Speaker 14: the club, positive and negative.

647
00:32:23,560 --> 00:32:25,400
Speaker 6: Because you know, you don't build a.

648
00:32:25,320 --> 00:32:29,040
Speaker 7: Stadium for nothing, a multi purpose stadium as well. It's

649
00:32:29,040 --> 00:32:32,600
Speaker 7: not just about football anymore. Is it's music, concerts, It's

650
00:32:32,640 --> 00:32:34,640
Speaker 7: about everything about everything else and all above.

651
00:32:35,040 --> 00:32:36,280
Speaker 6: Well, that was done for two reasons.

652
00:32:36,320 --> 00:32:37,600
Speaker 14: One is, you know, when you look at the cost

653
00:32:37,600 --> 00:32:39,800
Speaker 14: of building a stadium is talking about such huge sums

654
00:32:39,840 --> 00:32:41,920
Speaker 14: of money. In our case it was one of the

655
00:32:41,960 --> 00:32:44,120
Speaker 14: quarter of billion pounds. I think today it would be

656
00:32:44,200 --> 00:32:44,920
Speaker 14: over two billion.

657
00:32:45,160 --> 00:32:45,480
Speaker 6: Wow.

658
00:32:45,600 --> 00:32:49,800
Speaker 14: And you have to find ways of paying for that

659
00:32:49,880 --> 00:32:54,240
Speaker 14: asset and just having football club football games is not

660
00:32:54,440 --> 00:32:55,880
Speaker 14: enough of income to.

661
00:32:55,880 --> 00:32:56,880
Speaker 6: So what does music bring in?

662
00:32:56,960 --> 00:32:59,000
Speaker 7: Daniel, give me an idea of what a Taylor Swift

663
00:32:59,000 --> 00:33:01,800
Speaker 7: Beyonce music concert brings in for Tottenham?

664
00:33:01,880 --> 00:33:03,640
Speaker 6: How much money can you make from something like that?

665
00:33:04,200 --> 00:33:08,480
Speaker 14: Well, every concert's different every so it's not just concerts,

666
00:33:08,480 --> 00:33:12,000
Speaker 14: it's boxing, rugby, all all sorts of events. You're not

667
00:33:12,200 --> 00:33:16,719
Speaker 14: going to justify spending the money by all those other events.

668
00:33:16,760 --> 00:33:18,720
Speaker 14: What they do that they make a contribution to the

669
00:33:18,720 --> 00:33:22,080
Speaker 14: capital costs. I would say that you know, over a

670
00:33:22,160 --> 00:33:25,520
Speaker 14: four year we may make twenty thirty million pounds of

671
00:33:25,560 --> 00:33:27,040
Speaker 14: additional revenue as result in it.

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00:33:27,760 --> 00:33:29,680
Speaker 7: And what's the gate receipts look like just in terms

673
00:33:29,720 --> 00:33:31,760
Speaker 7: of football over a season. How does that compare? How

674
00:33:31,760 --> 00:33:32,600
Speaker 7: does that stack up?

675
00:33:33,080 --> 00:33:36,640
Speaker 14: Well, our gate receipts now over over one hundred million pounds.

676
00:33:37,440 --> 00:33:42,480
Speaker 7: Big ange has come after Antonio Conte and Jose Mourinho.

677
00:33:44,080 --> 00:33:46,320
Speaker 7: Can we talk about dealing with difficult characters? What was

678
00:33:46,360 --> 00:33:48,320
Speaker 7: it like dealing with Antonio Conte near the end.

679
00:33:50,600 --> 00:33:52,640
Speaker 14: Do you know I had a good relationship with both,

680
00:33:52,760 --> 00:33:56,960
Speaker 14: with both, with both Jose and Antonio, they're different. And

681
00:33:57,640 --> 00:34:00,479
Speaker 14: you know, as I said to my and for them

682
00:34:00,560 --> 00:34:02,960
Speaker 14: a couple last night, I said to them, you know,

683
00:34:03,560 --> 00:34:06,840
Speaker 14: I made a mistake the stake. They are great managers,

684
00:34:07,000 --> 00:34:10,279
Speaker 14: they were just not right for this club. And you know,

685
00:34:10,600 --> 00:34:13,200
Speaker 14: the way they want to win is different really for

686
00:34:13,280 --> 00:34:14,120
Speaker 14: how we need to win.

687
00:34:14,560 --> 00:34:17,600
Speaker 6: What does that mean? They're proven winners? What does that mean?

688
00:34:18,120 --> 00:34:19,279
Speaker 3: So I think there's a couple of things.

689
00:34:19,280 --> 00:34:21,680
Speaker 14: I think our style of football that our fans prave

690
00:34:21,760 --> 00:34:25,600
Speaker 14: for is we want attacking football and if that means

691
00:34:25,640 --> 00:34:26,520
Speaker 14: winning four.

692
00:34:26,280 --> 00:34:27,960
Speaker 6: To three, then so be it.

693
00:34:28,520 --> 00:34:31,719
Speaker 14: Whereas I think their style of football is, you know,

694
00:34:31,840 --> 00:34:35,680
Speaker 14: they don't mind being defensive and winning one nil, And

695
00:34:35,880 --> 00:34:38,520
Speaker 14: we were in a situation where we were so desperate

696
00:34:38,520 --> 00:34:40,640
Speaker 14: to win. I think at that moment in time, when

697
00:34:40,680 --> 00:34:43,160
Speaker 14: I go back, you know, four or five years ago,

698
00:34:45,680 --> 00:34:47,960
Speaker 14: I think we would have one taken any way of winning.

699
00:34:48,120 --> 00:34:49,399
Speaker 6: But we didn't win.

700
00:34:50,000 --> 00:34:52,640
Speaker 14: And therefore, when you don't win, you get a very

701
00:34:52,680 --> 00:34:54,239
Speaker 14: disgust grunt a fan base.

702
00:34:54,360 --> 00:34:56,279
Speaker 7: With our fans, Where did the pressure come from to

703
00:34:56,320 --> 00:34:59,279
Speaker 7: begin with, to hire names like that. I was listening

704
00:34:59,320 --> 00:35:02,280
Speaker 7: to the recent fans forum you did, and you mentioned

705
00:35:02,280 --> 00:35:05,360
Speaker 7: that certain players wanted a certain kind of manager. You

706
00:35:05,440 --> 00:35:08,799
Speaker 7: alluded to that, I'm paraphrasing to some extent. Were there

707
00:35:08,840 --> 00:35:12,200
Speaker 7: certain players that wanted that kind of name Jose Mouridio

708
00:35:12,280 --> 00:35:13,240
Speaker 7: and Antonio Conte.

709
00:35:13,360 --> 00:35:15,640
Speaker 6: Do they come and knock the door and ask for that?

710
00:35:15,760 --> 00:35:18,200
Speaker 14: It wasn't It wasn't about the name. It was about

711
00:35:18,320 --> 00:35:20,479
Speaker 14: they wanted to win just as much as I did.

712
00:35:20,920 --> 00:35:23,280
Speaker 14: And then we'd got we'd come so close with Maritzo,

713
00:35:23,360 --> 00:35:26,319
Speaker 14: who was a great a great manager, and he did

714
00:35:26,360 --> 00:35:29,439
Speaker 14: fantastic things for this football club, and we we got

715
00:35:29,480 --> 00:35:31,960
Speaker 14: we got frustrated, and I think we went through a

716
00:35:32,000 --> 00:35:35,120
Speaker 14: phase where we said, well, let's try something different and

717
00:35:35,239 --> 00:35:35,839
Speaker 14: it didn't work.

718
00:35:36,880 --> 00:35:39,920
Speaker 7: Define success for this season, Let's finish there. What is

719
00:35:39,960 --> 00:35:42,000
Speaker 7: success for you this year?

720
00:35:42,880 --> 00:35:44,799
Speaker 14: That's a difficult one for me to answer, because then

721
00:35:44,920 --> 00:35:46,920
Speaker 14: I think I'd be putting an unfair.

722
00:35:47,040 --> 00:35:49,360
Speaker 6: Pressure on my on my new coach.

723
00:35:49,640 --> 00:35:52,520
Speaker 14: Honestly, I think for us, though, we want to play

724
00:35:52,800 --> 00:35:55,000
Speaker 14: football where we're entertained. We want to come to a

725
00:35:55,040 --> 00:35:57,160
Speaker 14: game where we're looking forward to coming to the game

726
00:35:57,880 --> 00:35:59,840
Speaker 14: where we believe we have a really good chance of

727
00:36:00,600 --> 00:36:05,200
Speaker 14: We just want to entertain our fans, entertain and win, course, win,

728
00:36:06,040 --> 00:36:07,440
Speaker 14: but win with style.

729
00:36:09,160 --> 00:36:10,600
Speaker 6: Daniel Levy the to him Chairman.

730
00:36:10,640 --> 00:36:12,759
Speaker 7: We'll put out the full conversation over the next week

731
00:36:12,880 --> 00:36:15,320
Speaker 7: or so, but a pretty extensive conversation with the longest

732
00:36:15,320 --> 00:36:17,560
Speaker 7: serving chairman of a Premier League football club.

733
00:36:17,880 --> 00:36:21,719
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734
00:36:21,880 --> 00:36:26,080
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735
00:36:26,320 --> 00:36:29,840
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00:36:29,960 --> 00:36:34,480
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737
00:36:34,520 --> 00:36:38,560
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738
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739
00:36:42,680 --> 00:36:44,279
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