Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane. Daily
Speaker 1: we bring you insight from the best in economics, finance, investment,
Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,
Speaker 1: Bloomberg dot Com, and of course on the Bloomberg lots
Speaker 1: to talk about here. We're gonna stay on the markets.
Speaker 1: But miss roman joins now from your Raisier group and
Speaker 1: uh we gave us great perspective earlier in this uh
Speaker 1: Monday morning, and we'll do it again, Miss Ramen. Over
Speaker 1: the weekend there was a headline that basically said, the
Speaker 1: United States has a big old air force base in Turkey,
Speaker 1: and Turkey is not happy with our big old air
Speaker 1: force base in Turkey, and that's creating a lot of tension.
Speaker 1: Give us briefing right now and that real visceral thing
Speaker 1: for Arijuan and Trump, which is a huge US presence
Speaker 1: in southern Turkey. Thanks for having me, Tom, Yeah, I
Speaker 1: think look that the context here is a quickly deteriorating
Speaker 1: relationship between Turkey and the US where absolutely everything is
Speaker 1: in play, from air bases to US sanctions on how Bank,
Speaker 1: to corporation in Syria, to US funding of Turkey's current account.
Speaker 1: I mean, the relationship is really on the precipice, and
Speaker 1: I think that's why we still assume some degree of
Speaker 1: rationality on the side of Rod And I do think
Speaker 1: he will signal a commitment this week to release the pastor,
Speaker 1: as well as some decisive action by the Central Bank,
Speaker 1: because otherwise he's looking at much much more difficult choices
Speaker 1: that could undermine his political mega project back home. Which
Speaker 1: what underpins your confidence that that will happen, both in
Speaker 1: terms of the relations of the pastor and the actual
Speaker 1: move to do what's needed domestically higher interest rates, perhaps
Speaker 1: tied the fiscal policy. What gives you confidence that's about
Speaker 1: to happen. It's it's really looking at the alternative. So
Speaker 1: what's what's the counter factual? If Dan does not allow
Speaker 1: the central Bank to move decisively this week, if this
Speaker 1: row with the US is not de escalated, Essentially he's
Speaker 1: looking at two options capital controls, which for a country
Speaker 1: as dependent on foreign exchange as Turkeys, would be absolutely disastrous,
Speaker 1: a massive blow to investor confidence, far more than we've
Speaker 1: seen over the course of the last few weeks. Or indeed,
Speaker 1: and I'm a stand by agreement because he will need
Speaker 1: external funding for the current account, and of course that
Speaker 1: would come with conditions and constraints that would undermine a
Speaker 1: large part of Rodan's political narrative. Remember, he has made
Speaker 1: political hay of the fact he was the leader who
Speaker 1: kicked the I M s our and return full sovereignty
Speaker 1: to Turkey. So to now have to accept an I
Speaker 1: m F program with all of the conditions that that
Speaker 1: would impose on him, I think would be a massive
Speaker 1: humiliation for him, and I just I find those two
Speaker 1: options so unpalatable for him that although we moved by
Speaker 1: the Central Bank would be difficult, it's far easier than
Speaker 1: the alternative. I'm just wondering, though, whether he has no choice,
Speaker 1: whether he's been completely overtaken by events now and something
Speaker 1: that might have worked a week two weeks ago, we'll
Speaker 1: just no longer work. That the highest short term interest
Speaker 1: rates and time of fiscal policy won't regain confidence to
Speaker 1: this market, and they'll have to institute the emergency measures
Speaker 1: that you just pointed out, Mitch Well, I I think
Speaker 1: there is a precedent for the dynamic that we're currently seeing.
Speaker 1: Back in May, I think you could see a very
Speaker 1: decisive rate hike by the central Bank, let's say five
Speaker 1: d to thousand basis points, five to tentage points, that
Speaker 1: kind of number, and then every one would say, look,
Speaker 1: you know, this is not what I support. But the
Speaker 1: sun Traw Bank is independent. I think that would stop
Speaker 1: the immediate bleeding. And then you're right. We would need
Speaker 1: to see alba Iraq being able to demonstrate he's a
Speaker 1: positive influence on Araduan by coming forward with a much
Speaker 1: broader and comprehensive strategy of economic reform that includes the
Speaker 1: consolidation is one of his legs. Now, is that likely?
Speaker 1: I think highly, highly questionable. But again the alternatives I
Speaker 1: think are so impalatable, both economically and politically. I think
Speaker 1: we are going to see some fairly decisive action this
Speaker 1: week in our time. Fox for a Monday dumb question
Speaker 1: of the Day, I'll ask it, But the midge, what
Speaker 1: does Mr arad One want? I mean, I understand he's
Speaker 1: pushing back against the US first set of reasons, and
Speaker 1: there's a traditional German Turkish relationship. I get all that,
Speaker 1: But what's it really want with allies and non allies?
Speaker 1: I think Tom Ultimately, we we've seen it crystallized on
Speaker 1: the back of the presidential election. I think he wants
Speaker 1: to ultimately institution analize and entrench his power and those
Speaker 1: around him. And anything that could potentially complicate or undermine
Speaker 1: the institutionalization of power, I think he will. He will
Speaker 1: be a threat. He has his presidential system in place,
Speaker 1: he has his preferred successes now all around the cabinet table,
Speaker 1: and ultimately wants, I think, to to move that mega
Speaker 1: political project of his forward. Now being dependent on foreign capital,
Speaker 1: having to raise interest rates, having to be dictated to
Speaker 1: eventually by external actors of the markets, I think undermines
Speaker 1: that that that mega project that he is that he
Speaker 1: is so desperately seeking to implement. Does Germany? Does Germany
Speaker 1: come in the next couple of days, I mean, just
Speaker 1: want to final question, Madge if we could. I mean,
Speaker 1: Germany has an historic and unique relationship with the people
Speaker 1: of Turkey. Does chance or miracle coming unilaterally and try
Speaker 1: to fix this in terms of the politics. So there's
Speaker 1: definitely something to this. There is a state visit between
Speaker 1: Aridoan and Merkel at the end of September, and I
Speaker 1: think that will be used as a vehicle to try
Speaker 1: and pass diplomatic messages onto the Turks around what the
Speaker 1: Germans think Turkey needs to do. I think, like the US,
Speaker 1: they think the plan the government's presented does not fit
Speaker 1: for purpose. It's largely cosmetic. That a structural crisis was
Speaker 1: likely returning the economy because of all of the rule
Speaker 1: of law violations and the undermining of investor confidence we've
Speaker 1: seen over the last two years. So I think there
Speaker 1: will be that there is a context for Germany to
Speaker 1: try and influence actions in Turkey. And of course that's
Speaker 1: a big concern in Germany at least because they're implementing
Speaker 1: an agreement that is stemming the flow of migrants into Germany,
Speaker 1: which is you know, in fifteen was massively important for
Speaker 1: angler Merkell survival. So the Europeans are watching this closely.
Speaker 1: Miss thank you so much for Raman with the international
Speaker 1: relations update that overlays and the finance that economics and
Speaker 1: the investment. We're looking. What John and I try to
Speaker 1: do in the modern media is we always cite everything,
Speaker 1: and what you don't see is we and our great
Speaker 1: team are scrambling to separate out from like legitimate news organizations. John,
Speaker 1: we just walked through that twenty minutes ago. With the
Speaker 1: market moving tweet. Yeah, fact is the tweet moved the market.
Speaker 1: The tweet did move the market to some extent. We
Speaker 1: saw some Turkish lera come in, we saw euro dollar
Speaker 1: flat on the session, and we saw US futures past
Speaker 1: some of the early losses. It was a tweet essentially
Speaker 1: communicating on Twitter, which has now been completely unconfirmed. Um
Speaker 1: the US Anchor Embassy official speaking to Reuters saying they
Speaker 1: haven't issued a statement regarding the US pastor Brunson. This
Speaker 1: is from Ruyters, This is from anchor. This is the
Speaker 1: reporting coming from Roy. So is this after a tweet
Speaker 1: suggested that the pastor Andrew Branson, who was facing espionage
Speaker 1: and terrorism allegations related to that fail and ultimately is
Speaker 1: that the epicenter of the spat between the US and Turkey.
Speaker 1: There was a tweet suggesting he would be released. And
Speaker 1: now we are seeing, according to Routers Reuters that the
Speaker 1: Anchor Embassy is saying, nah, we haven't said anything about it.
Speaker 1: And to show you the market reaction, we have to
Speaker 1: live with. Lower numbers are stronger Lira. We weren't from
Speaker 1: about seven o two exploded down to six point six zero,
Speaker 1: six point five zero, and now we've come about eight
Speaker 1: five back to six point man, this is the danger
Speaker 1: of getting unverified news on Twitter. It moves markets. People
Speaker 1: make stuff up. It's unconfirmed reports, and we're seeing it again.
Speaker 1: I don't want to speculate about the why that that
Speaker 1: tweet came out. I'm just going do you know what
Speaker 1: we did learn from that tweet? Though? That the market
Speaker 1: is assigning great importance to the to the poster and
Speaker 1: his release. Um, yeah, yeah, there's there's yes. I think
Speaker 1: that's true. I want to bring Georget Boll, a b
Speaker 1: n am Ro Bank currency and commodity strategist joining us now, Georget,
Speaker 1: great to have you with us on the program. I
Speaker 1: would have thought the more important piece of this puzzle
Speaker 1: was getting a real domestic response higher rates kind of
Speaker 1: fiscal policy. But off the back of an unconfirmed turning
Speaker 1: out to be false tweet that the pastor would be released,
Speaker 1: we saw a sizeable market move. Is it that important
Speaker 1: the US side of this story, Georget, Yeah, yeah, that's right.
Speaker 1: The thing is just that if you look at this
Speaker 1: kind of volatility in the market, marketers relatively thin and
Speaker 1: not a lot of people want to be in the
Speaker 1: Turkeys clear in the current environment on the other hand,
Speaker 1: you know they are also afraid to be caught on
Speaker 1: the wrong side of the market. If you get like, yeah,
Speaker 1: now I had an exponential weakening off the lira. Um
Speaker 1: if you now get an kind of communication that may
Speaker 1: be despat between the US and Turkey, may be cooling
Speaker 1: down or into calming or on the other hand, if
Speaker 1: you were to get an announcement with sounds a bit credible,
Speaker 1: could be a combination of interest rate higher or anything else,
Speaker 1: then you can also see a quite recovery of the
Speaker 1: lira because people say, okay, we were negative, let's skal
Speaker 1: a little bit back. So this is quite a dangerous market.
Speaker 1: And yeah, you get volatility like this because the factor
Speaker 1: is barely a market Georgia, what is your call on end?
Speaker 1: If that's the global proxy, deepest market, stronger yen fear
Speaker 1: in the market one tense sixty. Clearly we're seeing that
Speaker 1: his A, B and EMMO. Do you have a call
Speaker 1: on end and if you have to change it in
Speaker 1: the last two trading days, Yes, we have a call
Speaker 1: on end and we have not changed in the last
Speaker 1: two trading days for the end of the third quarters,
Speaker 1: at the end of September, any end of the year,
Speaker 1: we have one ten in dollar yen. You know, the
Speaker 1: nervousness you see currently in the market is more visible
Speaker 1: in Urian because there is some kind of nervousness about
Speaker 1: the Euro as well. We don't completely share that nervousness,
Speaker 1: but it is something you see in market. So Urian
Speaker 1: is the one which is more slid down for the day.
Speaker 1: And there's also something we yeah, in terms of possible
Speaker 1: quantation risk reflected in market jury and it's more than
Speaker 1: one to watch than Dolian as well as yours with
Speaker 1: at amoment which is making a low again. So so overall, yeah,
Speaker 1: on quotation, I would look at Urine and euroswizz gold
Speaker 1: is less for good indicator at the moment um. And
Speaker 1: then yeah, Dolly and you have effect two currencies which
Speaker 1: are the most liquid in which all both qualify for
Speaker 1: a safe haven which are the dollar in the end,
Speaker 1: So there the the the effect is not that visible.
Speaker 1: Some big calls coming in on euro dollar this morning
Speaker 1: on this program, John Jet, we caught up with Kitchukes
Speaker 1: of Socken about thirty minutes ago looking for euro dollar
Speaker 1: to strike one ten um. What's your call on you're
Speaker 1: a dollar now and has it changed in the last
Speaker 1: couple of weeks and why no. We have, in fact,
Speaker 1: for for quite some time already want ten um And
Speaker 1: it was a bit yeah questioning because one fifteen was
Speaker 1: a quite crucial level. And then because of the nervousness
Speaker 1: about Turkey and possible spill over to Europe, Yeah, it
Speaker 1: becomes more likely to effects one then and that for
Speaker 1: us would be the lowest points because I see towards
Speaker 1: the end of the year and next year you're straightening
Speaker 1: or recovering again, because you also expect that the dollar
Speaker 1: will pick around those levels. So so we have one
Speaker 1: tim poo the end of September. George Broll, thank you
Speaker 1: so much for joining us across all of our Bloomberg
Speaker 1: platforms of the A, B and AM world timely to
Speaker 1: say this is the right guy to talk to, Stephen Gandell.
Speaker 1: It's made a career of being testy and asking the
Speaker 1: right questions. There's different kinds of journalists, phim and then
Speaker 1: there's journalists that come from the Washington Universe city of St.
Speaker 1: Louis and they make people squirrel. Then let's go. So
Speaker 1: this is a squirm back away streets of Wall Street
Speaker 1: and watching the bubble pop. Yeah, well the bubbles for
Speaker 1: Mr Musk. Tell me. That tell me the squirm factor
Speaker 1: of Mr Musk now secured financing and yet the deals
Speaker 1: going forward. Right, So I think the squirming factors a
Speaker 1: lot on the board, right, because they seemed clear from
Speaker 1: the statement the next day that they were kind of uh,
Speaker 1: you know, in the dark. Maybe they had a conversation,
Speaker 1: but they did no way knew this tweet was coming
Speaker 1: from Wall Street right there. Squirming. And and now if
Speaker 1: possibly the Sawdies or someone was going to uh you know,
Speaker 1: had secured funding for this deal, right, was going to
Speaker 1: fund it. The fact that now Musk is under investigation
Speaker 1: by the SEC, it's gonna make anyone really scorm me.
Speaker 1: I mean, that's the scormiest person right now. Whoever, if
Speaker 1: there was someone who was going to fund this deal,
Speaker 1: why why? I mean if they're already in with with
Speaker 1: Elon Musk. This is not the first time that Elon
Speaker 1: Musk has done something that has upset the status quo
Speaker 1: and the way the companies are either rush, but this
Speaker 1: is the first time that's put him himself in jeopardy
Speaker 1: as as the CEO, because the SEC could based on
Speaker 1: this and it's it's potentially market madulation. They could bar
Speaker 1: him from being an officer, and he this company is
Speaker 1: so entwined with him, right, You're not just investors. Let
Speaker 1: me just push back on that, because that is something
Speaker 1: that is true. Whether he did this tweet for four
Speaker 1: dollars go private transaction or not. Every investor had already
Speaker 1: bet the farm on Elon Musk running the company. Correct. Yes,
Speaker 1: but when you make a deal with Elon must to
Speaker 1: take his company private, you take the biggest risk right
Speaker 1: away in this stuff, which is that he says something
Speaker 1: stupid that moves the stock. Right. If you're thinking, Okay,
Speaker 1: I'm gonna do a deal with him, I'm gonna get
Speaker 1: him private, I'm gonna remove this risk. Now the risk
Speaker 1: is even biggo, it's even bigger the elephant in the
Speaker 1: room for me. What you're gonna write for for Bloomberg Opinion,
Speaker 1: Steven get dealt with this is. Musk has notified Tesla
Speaker 1: board August two on wanting to privatize. But that could
Speaker 1: have been like August two at nine pm versus reruns
Speaker 1: of Azie and Harriet. I mean, we don't know if
Speaker 1: he even got out in front on this tweet and
Speaker 1: told the board. I mean, we don't know, do we.
Speaker 1: You know, boards have a lot of discussions. Uh So
Speaker 1: he had discussion with um soft Bank, which didn't you know,
Speaker 1: go very far. So people have these kind of discussions, right,
Speaker 1: and he can kind of use that for cover, But
Speaker 1: it does not sound like they had the type of
Speaker 1: discussions that usually have before you make a tweet like
Speaker 1: this or before you uh make something public. And there
Speaker 1: was no press release, there was no filing with the
Speaker 1: Securities in Exchange commissioned, there was nothing. There's a lot
Speaker 1: of potential conflicts of here. Any reasonable board would have
Speaker 1: a special non conflicted you know, panel or group to
Speaker 1: investigate this. Okay, but that they're just drawing up the
Speaker 1: special group now agreed. But I go back to the
Speaker 1: original point, which is that Tesla is a company run
Speaker 1: by a gentleman who doesn't use any rule book, right,
Speaker 1: And you do that, I agree, But you it wasn't
Speaker 1: necessarily run by someone who's under investigation by the SEC
Speaker 1: who could be removed, right, And so I don't know
Speaker 1: how you put seventy billion dollars in the company that way.
Speaker 1: And I'm not saying the SEC and that really goes
Speaker 1: after him and he can say we had these discussions
Speaker 1: and funding secured. Was was a loose term, and you know,
Speaker 1: it's it's been well established that CEOs can use Twitter.
Speaker 1: So I'm not sure the ses after him. But at
Speaker 1: the very least, the biggest risk of this deal is
Speaker 1: now the fact that he's he's created this sec investigation.
Speaker 1: I'll go with that. But is it the biggest risk
Speaker 1: media is it's somebody lost report at one point seven
Speaker 1: billion because he didn't want to use the rule book
Speaker 1: that this bar at General Motors would have to use,
Speaker 1: meaning that so got killed, right, and so there's lawsuits coming.
Speaker 1: It's that you're saying that to me, it's almost I'm
Speaker 1: not saying it's a bigger risk. But it's a huge distraction,
Speaker 1: isn't it. It's a it's a huge distraction because it
Speaker 1: puts Musk at legal risk. I think you know, the
Speaker 1: money they if if they get fine, I mean they'll
Speaker 1: have to they'll have to have some class action lawsuits
Speaker 1: and they'll be It's it's a big distraction. But I
Speaker 1: think the bigger issue for the deal is that it
Speaker 1: puts Muske at risk. But you know, I mean, the
Speaker 1: bigger issue could because it's it's kind of a dumb
Speaker 1: transaction too. I mean, there are we're relatively good public company.
Speaker 1: I can't assure you that it's a good stock, but
Speaker 1: I think it's a better public company than is a
Speaker 1: private company because stock pairs are paying what hundred and
Speaker 1: forty times two years out earnings. If you're James Murdoch,
Speaker 1: you're on the board, you've been there for less than
Speaker 1: two years. What kinds of conversations are you're having with
Speaker 1: your own counsel or maybe you don't have counsel. UM,
Speaker 1: I think you're I don't I don't know what legal
Speaker 1: risk he has other than UM. I mean, I think
Speaker 1: he's on the board because I would guess that he's
Speaker 1: on the board because he sees this as the future,
Speaker 1: and I would think that he'd be on the board
Speaker 1: UM and and sees Musk as a visionary. So I
Speaker 1: don't know if I think it's probably he's probably like
Speaker 1: a lot of the Tesla shareholders who are just you know,
Speaker 1: they they believe in this vision. Thanks very much for
Speaker 1: being with us, Stephen Gandel Bloomberg opinion on Tesla. There
Speaker 1: has been any number of topics in this really interesting August.
Speaker 1: We could start with Turkey. We could end with the
Speaker 1: politics of the nation, but one of them has been Tesla,
Speaker 1: and a Bloomberg survey carefully done show that to seven
Speaker 1: five of the people talking about Tesla PIM have never
Speaker 1: been into Tesla, and that would include me. Should we
Speaker 1: talk to someone who actually has a Tesla owner Tesla driver?
Speaker 1: And I gotta say, I did test drive at Tesla
Speaker 1: and I was completely bowled over. It was an amazing experience.
Speaker 1: It's like the center of gravity has shifted, and the
Speaker 1: stock has done done so poorly forty two point five
Speaker 1: percent per year from inception, and it's down a little
Speaker 1: bit from two thousand seven. Matthew Winkler with US emeritus
Speaker 1: editor in chief of Bloomberg News and Tesla owner. When
Speaker 1: you hear the Tesla gloom and Doom crew, as a
Speaker 1: car guy, which you are, how do you respond on So,
Speaker 1: first of all, thank you very much for that. I'm
Speaker 1: not a car guy. Um. You know, before I had
Speaker 1: a Tesla, I had a thirteen year old Toyota Avalon
Speaker 1: and that was solely because it has a great back seat.
Speaker 1: And when I tested my Tesla, the one that I
Speaker 1: have now, which I bought in two thousand fourteen, it
Speaker 1: was because of its back seat. They are all kinds
Speaker 1: of other things. Of course they come with it. But
Speaker 1: but the answer to your question is, uh, you shouldn't ask,
Speaker 1: actually me, Um, you should ask the people actually own
Speaker 1: the shares of Tesla, who, according to data compiled by Bloomberg,
Speaker 1: which all of our users can access, shows um a
Speaker 1: greater loyalty and commitment to Tesla than is seen in
Speaker 1: any other automaker, which is astounding to me. In other words,
Speaker 1: the people with the most at stake, who are the
Speaker 1: investors who are following Tesla and following Tesla's experience with
Speaker 1: its owners and I'll get to that in a second,
Speaker 1: have made Tesla the most lucrative, as you said. But
Speaker 1: also here's the here's the real surprise. The least volatile
Speaker 1: UM share among automakers major competitors. Why is that. Partly
Speaker 1: it's because of the sales growth of Tesla, which is
Speaker 1: an exponential multiple of the sales growth of other carmakers.
Speaker 1: And you could say, okay, they're starting from a very
Speaker 1: low base, but that is also in the context of
Speaker 1: at some point, so many more of us, a multiple
Speaker 1: of us, are going to be driving electric vehicle. So
Speaker 1: Tesla is the only carmaker that is fully committed to
Speaker 1: doing that. And then finally, if you just went to
Speaker 1: Consumer Reports, which everybody can do, and see what do
Speaker 1: the people like me think about Tesla. You know, the
Speaker 1: Models is the highest rated car in the world according
Speaker 1: to Consumer Reports, and the Model three, which is meant
Speaker 1: to be a vehicle for everybody, every man, every woman,
Speaker 1: has the highest owner satisfaction. So you didn't do this
Speaker 1: just because you wanted your kids to think you were cool. Actually,
Speaker 1: one of the appeals of the Tesla was that I
Speaker 1: could put two grandchildren there. You go in the in
Speaker 1: the back seat and they've got and they've got you
Speaker 1: know this whatever five point seat belt system, so it's
Speaker 1: totally safe, and that was cool. It was really cool
Speaker 1: that I could do that. Well, okay, I'm just gonna
Speaker 1: throw some some issues at you and you can tell
Speaker 1: me what you think. A hundred years ago, the vehicles
Speaker 1: on the road in the United States were electric that
Speaker 1: didn't work out. There was a lot of money spent,
Speaker 1: a lot of cheering, a lot of people lost money.
Speaker 1: In addition, if you go on forums online and you
Speaker 1: read what Tesla owners say about getting very minor parts
Speaker 1: in order to fix their cars that have been minor
Speaker 1: fender benders. People wait two three months at a certain point,
Speaker 1: do you think that patients is exhausted after they've spent
Speaker 1: a hundred thousand dollars for an automobile? Um? Well, according
Speaker 1: to the data, apparently not, because, uh, the sales growth
Speaker 1: continues unabated. So nobody is perfect, obviously, but putting that
Speaker 1: in context, the sales growth is unabated. To your question
Speaker 1: about electric vehicles, way back when, you know, it was
Speaker 1: Edison himself, Thomas Edison who thought, uh, that was the future. Ironically,
Speaker 1: it was Thomas Edison who dismissed Nicola Tesla is at
Speaker 1: one point colleague rival you could say, uh, and his
Speaker 1: invention of the alternating uh current motor um as impractical.
Speaker 1: And of course we all we all embrace a C today.
Speaker 1: So I would say Nicola Tesla, who um, you know,
Speaker 1: did so many things anticipating the twenty one century, including
Speaker 1: by the way, uh you know, moving pictures and audio
Speaker 1: video and all that that all comes out of Nicola Tesla.
Speaker 1: He did that. So you know, if you go back
Speaker 1: in time, the electric vehicle was the right idea. It's
Speaker 1: where we should have gone Edison in fact said as much.
Speaker 1: He was very disappointed that we wound up with a
Speaker 1: internal combustion engine. For as long as we have, well
Speaker 1: you wonder world be in ten years. I've got to
Speaker 1: cover this man because it's so important. You were truly
Speaker 1: one of the leaders within journalism on regge f D.
Speaker 1: You led the charge. And we've seen all sorts of
Speaker 1: stuff about Mr Musk the litigation. We've done three interviews
Speaker 1: today on it as well. And this folds into the
Speaker 1: fact does this guy get a different rule book? Does
Speaker 1: he does? Does does an executive at this firm, entrepreneur, owner,
Speaker 1: et cetera played by a different rule book than the
Speaker 1: CEO of Colgate just as one example? And this goes
Speaker 1: into disclosure, doesn't it. Yeah, I mean I think it's
Speaker 1: a hard question to answer. I mean, obviously there are,
Speaker 1: to say the least idiosyncrasies and to say the worst
Speaker 1: maybe irregularities. Um, but in the age of Twitter, which
Speaker 1: we're all in, all kinds of things are happening with
Speaker 1: respect to disclosure that were unimaginable when we did the
Speaker 1: coverage of selective disclosure back in the nineties of Bloomberg News,
Speaker 1: which led to, as you say, the reg f D regulation.
Speaker 1: We need to go back to that or do we
Speaker 1: need to find something new given modern digital distribution. I mean,
Speaker 1: if you ask me, greater transparency is always preferred, and
Speaker 1: we should do everything we can uh in our public
Speaker 1: markets to perpetuate and accentuate transparency. So anything that gets
Speaker 1: in the way of that, I guess I'm in the opposition.
Speaker 1: Matt Winker, think you so much as emeritus editor in
Speaker 1: chief and writing intelligently on Tesla actually going down the
Speaker 1: silent world. Grand Chors. Thanks for listening to the Bloomberg
Speaker 1: Surveillance podcast. Subscribe and listen to interviews on Apple Podcasts, SoundCloud,
Speaker 1: or whichever podcast platform you prefer. I'm on Twitter at
Speaker 1: Tom Keene before the podcast. You can always catch us worldwide.
Speaker 1: I'm Bloomberg Radio.