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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

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Speaker 1: Surveillance podcast. Catch us live weekdays at seven am Eastern

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Speaker 1: on Apple CarPlay or Android Auto with the Bloomberg Business app.

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Speaker 1: Listen on demand wherever you get your podcasts, or watch

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Speaker 1: us live on YouTube.

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Speaker 2: Well timed. This is a gentleman driving forward all of

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Speaker 2: our levant and Eastern Mediterranean coverage. Ownerant started out at

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Speaker 2: a nineteen years old as an Associated Press intern in

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Speaker 2: the Middle East, has all sorts of positions, including his

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Speaker 2: leadership at Bloomberg News and joins us from Istanbul This

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Speaker 2: morning on our when Tom Keene sees news agency headlines

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Speaker 2: some fars or tasmum, are they reliable to a grizzled

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Speaker 2: pro like you are? The Iranian news news agency is

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Speaker 2: something more than propaganda.

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Speaker 3: They are something of a propaganda. But on the other hand,

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Speaker 3: in the last half hour or so, there have been

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Speaker 3: our sole source of information when it comes to Iran's

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Speaker 3: reaction to Present Trump's social media postings, which came about

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Speaker 3: just less than an hour ago. I think I understand

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Speaker 3: where the question is coming from. How much can we

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Speaker 3: really rely on them? To a certain extent we can,

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Speaker 3: especially in the current situation because so far there has

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Speaker 3: been a very concerted effort in Iran, judging by, as

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Speaker 3: you said, the number of news agencies that we're seeing

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Speaker 3: the same headline coming from. And that's the fact that

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Speaker 3: Iranians claim that there has been no talk between the

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Speaker 3: US and Iran about how to end the war, and

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Speaker 3: the fact that present Trump has avoided or has walked

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Speaker 3: back from his earlier pledge to start attacking Iranian energy

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Speaker 3: sites is down to the fact that Iran's reaction to

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Speaker 3: his comments over the week Over the weekend has been

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Speaker 3: so strong that Trump has decided to sort of de

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Speaker 3: escalate himself without actually talking to the Iranians.

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Speaker 4: So, approximately ninety minutes ago, we got the tweet from

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Speaker 4: President Trump about, you know, standing down some military actions

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Speaker 4: against some other energy infrastructure here. How do you think

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Speaker 4: that came about? Is there a policy shift here, is

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Speaker 4: there a strategy here, or is it simply a tweet?

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Speaker 5: How do you think that came about?

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Speaker 3: Well, we were all under the impression that Trump really

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Speaker 3: meant when he gave that forty eight hour deadline to

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Speaker 3: Iran to reopen Hormus, and everyone in the region, from

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Speaker 3: journalists to government officials who were operating under the same

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Speaker 3: assumption that there could be an impasse at about seven

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Speaker 3: forty four pm in Eastern Standard time later today, and

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Speaker 3: it would be followed by mutual strikes, much like what

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Speaker 3: we saw last week when Israel first started South Parts

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Speaker 3: Gas Field in Iran, a price energy asset, followed by

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Speaker 3: massive Iranian retaliatory strikes on the Gulf, especially in Qatar,

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Speaker 3: where Katargas seems to have lost about a fifth of

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Speaker 3: its allergy capacity production capacity for as many as five

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Speaker 3: years now. Having said that, and this can be said

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Speaker 3: both about Trump's policy or stance since the beginning of

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Speaker 3: the war from February twenty eight to anything else, including

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Speaker 3: the war in Ukraine, Trump has always conducted pursued a

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Speaker 3: very vague and unpredictable type of diplomacy. Sometimes he says

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Speaker 3: it works, sometimes it doesn't. So I think this is

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Speaker 3: the kind of light under which that we should treat

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Speaker 3: the latest US if I may call it that. And

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Speaker 3: also one thing I think to keep in mind is

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Speaker 3: the fact that he did this right before markets in

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Speaker 3: the US or right around time marks in the US

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Speaker 3: work closing and now the new deadline, if we can

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Speaker 3: call it, that is going to be over the weekend,

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Speaker 3: and that shows that there must have been some kind

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Speaker 3: of market consideration that went into the thinking behind the

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Speaker 3: latest social media post by President Trump, Honor.

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Speaker 4: I know there's some concern in the Golf region that

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Speaker 4: the US may walk away from the Straight of Foremus

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Speaker 4: when if it disengages with Iran, leaving that part of

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Speaker 4: the world too.

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Speaker 5: I guess local actors to deal with Iran. What's the

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Speaker 5: reporting on that.

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Speaker 3: Well, this is an extremely important point. Golf states that

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Speaker 3: these publicly and even in privately they have said, they

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Speaker 3: have maintained that they have been trying very hard or

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Speaker 3: they have tried very hard to convince the US against

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Speaker 3: attacking Iran before the war actually happens. But now that

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Speaker 3: the war has begun, there has been a divergence in

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Speaker 3: policies across the Gulf, the Persian Golf, especially Arab states

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Speaker 3: of the Persian Gulf. So once school of thoughts says, well,

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Speaker 3: now that the war has started, it needs to be

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Speaker 3: concluded in a definitive way, so to speak, which means

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Speaker 3: that Iran would be left in no position to basically

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Speaker 3: be source of a threat anymore. But on the other hand,

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Speaker 3: there have been there have been countries in the Gulf

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Speaker 3: that have basically been pushing for an actual solution to

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Speaker 3: the problem. They're not left alone in this shit opened

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Speaker 3: the hormus.

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Speaker 2: In the shades of mister Irdawan over gone a span

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Speaker 2: of two decades, Where does he fit in to the

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Speaker 2: Eastern Mediterranean calculus? Like the simple question owner around is

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Speaker 2: whose side is he on? But to be more sophisticated

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Speaker 2: than that, what have you said from mister Airdawan? Is

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Speaker 2: he looks south to this war?

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Speaker 3: The answer to first question is no one. He is

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Speaker 3: on the side of no one. He definitely does not

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Speaker 3: want to be seen as participating in a war that

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Speaker 3: was initiated by a US Israeli alliance. He is definitely

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Speaker 3: allergic to the idea of being seen as part of

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Speaker 3: that alliance, the Israeli because of the Israeli part of

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Speaker 3: the alliance. And secondly, we should not forget that you well.

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Speaker 3: Iran is a massive neighbor for Turkey. It's been there

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Speaker 3: for the last few million years as a nation state

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Speaker 3: or as an empire for the last thousand years or so,

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Speaker 3: and it is the country with which Turkey or its

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Speaker 3: predecessors have not had a war for the last four

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Speaker 3: hundred years. In fact, yeah, almost four hundred years. The

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Speaker 3: Turkish Araanan border is the oldest unchanged border that Turkey has.

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Speaker 3: It's been unchanged since sixteen thirty nine. The second when

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Speaker 3: he looks down to the south, I think, you know,

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Speaker 3: we've seen from the beginning of the war that he

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Speaker 3: has been genuinely pushing for an actual end to the

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Speaker 3: hostilities because he knows the longer it lasts, the worse

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Speaker 3: Turkish economy will be through the various disruptions to the

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Speaker 3: global supply chains and oil prices. So yeah, he definitely

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Speaker 3: does want this to come to an end as soon

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Speaker 3: as possible.

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Speaker 2: And I thank you so much for your precious time

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Speaker 2: around driving all of our Eastern Mediterranean coverage out of Istanbul.

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Speaker 2: Stay with us. More from Bloomberg Surveillance coming up after this.

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Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us live

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Speaker 1: weekday afternoons from seven to ten am Eastern Listen on

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Speaker 1: Applecarplay and Android Otto with the Bloomberg Business app, or

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Speaker 1: watch us live on YouTube.

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Speaker 2: This is the best time ever to speak to Nelson.

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Speaker 2: You he's with the Lions Bernstein. He has a title

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Speaker 2: called Head of Equities it's very impressive. Where it's really

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Speaker 2: go join us today, but it really matters is at

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Speaker 2: the University of Pennsylvania Systems Engineering memo pro tip the

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Speaker 2: hardest engineering major. Okay, someone that knew its systems analysis,

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Speaker 2: you're kidding me. Ah, easy, A right. And there's linear

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Speaker 2: systems theory, there's signal and information processing. But the dreaded

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Speaker 2: course was e S thirty ten probability and that's where

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Speaker 2: we are right now. Define I'd say this with great

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Speaker 2: respect for your parchment. Define the difference now between the

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Speaker 2: risk and the uncertainty in the markets.

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Speaker 6: Risk is really difficult to manage right now. The as

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Speaker 6: you just see this morning. You know, one tweet can

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Speaker 6: turn it all around. But I think what it's really

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Speaker 6: getting at is just the fragility that we do see

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Speaker 6: in the markets. And we're dealing with really three main issues.

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Speaker 6: One is obviously geopolitics, and we're getting close to a

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Speaker 6: point where the longer this goes on, the more things

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Speaker 6: have to shut down. So just the different commodities that

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Speaker 6: get produced out of the Middle East. You can take

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Speaker 6: months to restart some of these things, but then layer

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Speaker 6: on top of that some of the existing fragility that's

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Speaker 6: already been in place, which is that equity portfolios were

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Speaker 6: already highly concentrated to start with, and then AI is

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Speaker 6: increasing winners and losers, and those motes that had been

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Speaker 6: there in place for so long, we're starting to question

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Speaker 6: how durable they are.

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Speaker 4: Aside from the geopolitics, so we can put that side

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Speaker 4: just for a moment. How do you think about the

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Speaker 4: US equity markets versus the rest of the world. Here

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Speaker 4: we did have some outperformance in twenty twenty five outside

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Speaker 4: the US.

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Speaker 5: Is that still play here?

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Speaker 6: I think it should be. The U is getting a

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Speaker 6: bid right now. It could be because of what's going

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Speaker 6: on with oil, but it also could be because that's

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Speaker 6: where as investors are taking in risk, that's where passive

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Speaker 6: investing is. But I think there's a great opportunity to

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Speaker 6: continue to diversify. With the US, you have this issue

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Speaker 6: of concentration. Fifty percent of the US market is in technology.

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Speaker 6: You go outside of the US, you get to exposures

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Speaker 6: with different themes in financials, industrial, as consumer.

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Speaker 7: But all of this, what's it, you know tomorrow from

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Speaker 7: the wonderful Arthur Levit so so influential to me From

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Speaker 7: Arthur Levit, what's it mean for Microsoft, I mean March

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Speaker 7: thirty one is going to end.

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Speaker 2: They're doing AI. They're still going to make revenue, They're

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Speaker 2: going to still make thirty forty sixty percent margins. What's

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Speaker 2: the feature of life goes on here? For the growth winners.

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Speaker 6: What you have to really think about with these growth

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Speaker 6: winners is how are things changing for them? So we

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Speaker 6: talked about this before in previous sessions. How much cash

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Speaker 6: flow is plateauing now for these big growth winners because

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Speaker 6: the amount of capex that they need to invest to

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Speaker 6: keep the to keep the hyperscalters going and investing in

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Speaker 6: data centers, that changes the dynamic of what they've had

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Speaker 6: in the past. On top of that, these modes that

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Speaker 6: some of these growth winners had is now in question.

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Speaker 6: You know, can AI disrupt their ability to grow revenue

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Speaker 6: without reinvesting in the business.

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Speaker 4: So that was a big, big trade just over the

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Speaker 4: last several months. Kind of some of these software names,

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Speaker 4: in particular software as and service names really in focus.

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Speaker 4: But it just feels like it's Tom mentioned Microsoft Salesforce.

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Speaker 4: These are they're so entrenched in the overall economy, it

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Speaker 4: doesn't seem like they could be at risk yet the

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Speaker 4: market's not too discerning at this point.

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Speaker 6: You know, I think what we need to think about

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Speaker 6: really are three three ways of managing risks today. First

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Speaker 6: of all, if you think about AI disruption and you

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Speaker 6: think about inflation, what that does is it really focuses

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Speaker 6: you on shortening your duration of cashloads. If you want

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Speaker 6: to get to things that have more visibility around those cashloads,

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Speaker 6: you need to think more critically about where to find defense.

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Speaker 6: And then you need to be more intentional about diversification.

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Speaker 2: Did you get my scripted? One of our interns send

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Speaker 2: my question script this morning? Nelson, you were us with

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Speaker 2: the lions burn steem wonderful to speak to him with

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Speaker 2: this acuity about risk, probability and the ambiguity out there.

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Speaker 2: Dow features up two percent, exploding higher what forty minutes ago,

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Speaker 2: a presidential tweet of five day delay on action from

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Speaker 2: the White House in Iran, in Israel strait of hormones

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Speaker 2: as well. Oil plunges a one thirteen down to a

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Speaker 2: one oh four. Right now all weekend led by James

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Speaker 2: Diamond on a cover of Barons was the idea of

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Speaker 2: hedging up. Explain the efficacy you see with all of

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Speaker 2: your work in your math of saying I want to

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Speaker 2: participate in the standard of course five hundred, but I'm

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Speaker 2: willing to give away some of the long term capital

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Speaker 2: gain to hedge and be less volatile. It's also in

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Speaker 2: right now, isn't it.

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Speaker 6: Anytime you can reduce volatility, but also when you can

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Speaker 6: reduce volatility and get incremental returns, that's a great trade.

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Speaker 6: And if you think about international equity markets today, you

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Speaker 6: have an opportunity. And I'd like to say, have your

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Speaker 6: vitamins and also eat your ice cream. The You know

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Speaker 6: what you can do is there are some great catalysts

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Speaker 6: outside of the US that can generate returns. You've got

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Speaker 6: in Korea, You've got in Japan, you've got governor's reforms

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Speaker 6: where shareholder returns are really being in focus, and these

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Speaker 6: companies can not only get better return earns, but also

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Speaker 6: get multiple expansion. I think China could be a really

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Speaker 6: interesting play here too. If you think about China, you've

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Speaker 6: got a very different set of return drivers. In China,

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Speaker 6: you've also got more energy resilience based off of the

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Speaker 6: infrastructure investments that they've made.

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Speaker 4: In the US, talk to us about the earnings in

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Speaker 4: the US marketplace.

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Speaker 5: Are the earnings growth forecasts enough to support this market here?

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Speaker 2: Do you think.

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Speaker 6: There is enough growth to support the forecast? But it

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Speaker 6: is very dependent on the Fed's ability to continue to

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Speaker 6: supporting that. And so I think that's why we're getting

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Speaker 6: to a point where it's very tricky to understand the

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Speaker 6: probabilities because the longer this lasts, we don't know if

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Speaker 6: inflation would start feeding through.

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Speaker 4: So what do you expect our FED to do here?

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Speaker 4: I mean, it seems like they're gonna They're comfortable just

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Speaker 4: to hang where they are, no need to rush. We've

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Speaker 4: even had the marketplace pricing in some great hikes this year. Yeah,

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Speaker 4: I mean there's a talk about you know, coin flip here.

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Speaker 6: It's it's in a very fragile balance. And so that's

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Speaker 6: why I think it's important to look at visibility of

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Speaker 6: cash flows from these companies with real assets and uh

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Speaker 6: in strong economic drivers right now.

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Speaker 2: I was at the game quinnin piac event here twelve

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Speaker 2: hundred college kids, and I did mention Peter Bernstein's Against

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Speaker 2: the Gods on risk, uncertainty and ambiguity. I mean, it

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Speaker 2: is the definitive non Matthew book. As Nelson, you knows

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Speaker 2: the math cold, He's with the lions. Bernstein at Howquity's

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Speaker 2: being Stay with us. More from Bloomberg Surveillance coming up

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Speaker 2: after this.

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Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us Live

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Speaker 1: weekday afternoons from seven to ten am Eastern Listen on

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Speaker 1: Applecarplay and Android Auto with the Bloomberg Business app, or

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Speaker 1: watch us live on YouTube.

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Speaker 2: Calm is what we Need. Comms and Order with Nancy Tangler,

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Speaker 2: who she said she's too young to have seen it all,

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Speaker 2: but pretty close, CEO at Laffer Tangler and Investments. In

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Speaker 2: Reminiscence of a Stock Operator, which we've all read fourteen times,

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Speaker 2: there's a point where the antagonist just says enough and

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Speaker 2: takes the slow train to Florida, like in nineteen twenty five.

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Speaker 2: Where's the Tanglar? The laugher tanglar slow train to Florida?

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Speaker 2: Right now?

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Speaker 8: Good morning talk. Well, we bought calls on Friday and

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Speaker 8: I felt pretty stupid this morning until we saw the

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Speaker 8: rhetoric coming out of the White House. And that's what

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Speaker 8: it is. We don't have anything to back it up.

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Speaker 8: We don't know the algorithms, read the headlines. They drive

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Speaker 8: the stock futures. Before the opening after so we've been repositioning,

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Speaker 8: trimming back on oil, adding to some names in the

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Speaker 8: infrastructure structure space, and particularly in software. That group bottomed

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Speaker 8: just about the time the Sittrini report came out. We

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Speaker 8: didn't know that. We felt like we were seeing some

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Speaker 8: compelling valuations.

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Speaker 2: Okay, So our laugher would sit in a couch, the

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Speaker 2: same damn yellow couch. The Oval Office looked differently under

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Speaker 2: Ronald Reagan, and Laugher would say, excuse me, mister president

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Speaker 2: the markets. Who in the Trump administration, like in the

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Speaker 2: last twelve hours or eighteen hours, is playing the art

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Speaker 2: Laugher role of saying, excuse me, President Trump, we got

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Speaker 2: a problem. Who is it?

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Speaker 8: I think it's Scott Besson, I really do. I think

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Speaker 8: he demonstrated that after Liberation Day when the bond market

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Speaker 8: melted down. Remember Jamie Diamond said we were going to

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Speaker 8: go into recession, and suddenly they found religion. That was

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Speaker 8: what gave us confidence to at least take a dip

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Speaker 8: our toes into calls on the spy just because we

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Speaker 8: had some clients that were, you know, asking us to

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Speaker 8: take a look at that. And I think for me,

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Speaker 8: I felt like the weekend would have been more defining

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Speaker 8: than it was. But then we see it again this

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Speaker 8: morning that the President came out and said what he said.

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Speaker 4: Nanci, We talked to you via zoom from Scottsdale. But

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Speaker 4: you guys are having this crazy heat waves out there.

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Speaker 2: Is that why you're here in New York?

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Speaker 8: Absolutely?

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Speaker 4: Fall of course, unbelievable even by your standards.

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Speaker 5: You guys are dell. Do you understand all that kind

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Speaker 5: of stuff? What's going on there?

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Speaker 8: Yeah? I mean it's just been wretched.

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Speaker 4: Yeah, So hopefully you don't summer out in the desert.

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Speaker 5: Hopefully, good Nancy.

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Speaker 4: So what are we doing here? I mean, we've put

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Speaker 4: the geopolitics aside. I want to step back and look

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Speaker 4: at fundamentals. The earnings look pretty solid out there in

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Speaker 4: corporate America. Are they enough to support this market going forward?

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Speaker 8: I do think so, Paul. I mean, earnings are backward

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Speaker 8: looking as we know, but what we saw were so

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Speaker 8: many triple plays of companies beating on revs, beating on EPs,

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Speaker 8: and then raising guidance. So we think once you get

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Speaker 8: the first sort of ship through the straight of hor moves,

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Speaker 8: that we will begin to see a return to fundamentals

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Speaker 8: and if we are, in fact in a slowing economic environment,

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Speaker 8: then you do continue to want to own technology which

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Speaker 8: has putting up, you know, twenty plus percent earnings growth

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Speaker 8: across the sector. So that's where we've been adding. We

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Speaker 8: had been trimming them in the summer, and we're adding back.

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Speaker 5: What don't you make of this AI trade?

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Speaker 4: On the maybe the other side of the AI trade,

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Speaker 4: which is which companies, which industries, which sectors might be

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Speaker 4: at risk from AI?

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Speaker 5: And software and software as a service.

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Speaker 4: Really took it on the chin. So some names of

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Speaker 4: Tom and I like, like, you know, we see like

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Speaker 4: a Microsoft really under pressure.

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Speaker 2: What do you make of that?

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Speaker 8: We added to Microsoft Service Now, which was a little

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Speaker 8: more controversial Palenteer. One of the names we had. Two

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Speaker 8: names we had exited were Adobe and Salesforce, and it

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Speaker 8: wasn't necessarily because we thought they were going to be losers,

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Speaker 8: although we didn't think the Adobe CEO was pivoting fast enough.

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Speaker 8: And in fact, there you have it. I mean, the

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Speaker 8: stock has been dismal.

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Speaker 2: At the Breakfast club in Scott Steal. If I was

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Speaker 2: to go in and have the avocado toast and the

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Speaker 2: Tangler booth in the back, the guys up at the

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Speaker 2: front bar. They don't look scared. Their retirees obviously advantage

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Speaker 2: living in Scottsdale. But the answer is what do you

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Speaker 2: see from the core boomer retirement market. I don't think

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Speaker 2: they look rattled because they've had a few other things

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Speaker 2: along the way from mister Mueller's Vietnam.

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Speaker 8: We grew up with this, We grew up with volatility.

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Speaker 8: And remember we were shifting I'm a boomer, we were

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Speaker 8: shifting to four a one case. I'm a deep boomer.

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Speaker 2: It's it's the pace on the Scottsdale.

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Speaker 8: We were shifting to for a one case that we

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Speaker 8: had to live with volatility, and it was our money

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Speaker 8: we were putting in. So I think the boomers understand

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Speaker 8: the markets. Those were the clients that were calling us

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Speaker 8: and not saying sell, but saying, hey, is there a

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Speaker 8: way that we can play the shift in the trend

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Speaker 8: when the market does begin to go up, And that's

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Speaker 8: why we bought calls.

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Speaker 2: Yeah, thank you so much, Nancy greatly greatly appreciated today. Yes,

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Speaker 2: we'd love to visit in February.

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Speaker 9: We please.

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Speaker 2: Dale left for Tangler Investments. Nancy stay with us from

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Speaker 2: Bloomberg Surveillance coming up After.

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Speaker 1: This, you're listening to the Bloomberg Surveillance podcast. Catch US

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Speaker 1: Live weekday afternoons from seven to ten am Eastern Listen

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Speaker 1: on Apple Karplay and Android Otto with the Bloomberg Business app,

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Speaker 1: or watch us live on YouTube.

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Speaker 2: One of the great features of the McKenzie Global Institute

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Speaker 2: MGI is they hire people with jaw dropping competency. One

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Speaker 2: of them is Olivia White, Senior Partner Director Mackenzie Global Institute,

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Speaker 2: and she is carried forward the baton of research excellence.

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Speaker 9: There.

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Speaker 2: She stopped me cold a couple of weeks ago with

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Speaker 2: a series it was out, playing off Mark Kearney's word geometry,

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Speaker 2: geopolitics and the geometry of global trade. Olivia White joins

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Speaker 2: us this morning from MGI with a rewrite, if you

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Speaker 2: were to publish today, how would tariff splashes, AI waves

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Speaker 2: and the ripples be different with this war?

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Speaker 9: That's quite an introduction. I think I might say something similar.

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Speaker 10: You know, one thing that we saw when we looked

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Speaker 10: at how trade evolved in twenty twenty five was that

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Speaker 10: her term volatility and splashes, if you will, can be

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Speaker 10: super important, but the long term waves of.

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Speaker 9: Change are often what you need to be able to

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Speaker 9: look through to see.

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Speaker 11: So we saw.

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Speaker 9: AI trade or trade in AI related goods going up

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Speaker 9: a lot, and I can say more about that. We

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Speaker 9: saw China moving upstream in the way that they produced

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Speaker 9: intermediate goods that fed factors across the world. Right, so

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Speaker 9: we saw these long term things. It was a good

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Speaker 9: reminder look through the long term.

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Speaker 2: I mean, you've got some great charts, but the bottom

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Speaker 2: line is in a number of our guests have said

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Speaker 2: we're AIB in six months. We don't know, but almost

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Speaker 2: from an organizational research out of your stand for years ago,

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Speaker 2: where does mg I think AI will be in three years.

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Speaker 9: It's going to be a bigger deal then than it

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Speaker 9: is now. You know, it's very clearly a big and

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Speaker 9: important wave of the future. You know, we did another

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Speaker 9: piece of research recently when we looked at foreign direct

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Speaker 9: investment announcements and saw where they were going, because where

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Speaker 9: money is going today tells you something about where production

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Speaker 9: will be tomorrow. The biggest gainer they are also announcements

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Speaker 9: no surprise, into the construction of data centers and across

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Speaker 9: the world. So lots and lots of signs that tech

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Speaker 9: and AI continues and will continue to be a major

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Speaker 9: force Olivia.

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Speaker 4: We've got now about a year of hindsight, if you will,

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Speaker 4: or a year of experience with tariffs. What have we learned?

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Speaker 4: Did they work? Did they not work? What are they

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Speaker 4: just an impingement to global trade?

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Speaker 2: Where are we?

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Speaker 11: I think we've learned that the global trading system is

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Speaker 11: a complicated network, and tariffs made a big splash and

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Speaker 11: some ripples.

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Speaker 9: They majorly led to a drop in a trade between

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Speaker 9: the US and China that dropped about thirty percent over

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Speaker 9: the past year, but that was a trend that was

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Speaker 9: already underway. You saw some resorting in terms of who

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Speaker 9: in the trading system was doing what. I think we'll

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Speaker 9: continue to see that. But really what you saw was

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Speaker 9: that you had a bunch of trends. As I've been saying,

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Speaker 9: that we're pushing forward anyhow, and you got a big

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Speaker 9: sort of rearrangement in response to the force of the tariffs.

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Speaker 2: I love you White with US Senior Partner Director Mackensey

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Speaker 2: Global Institute. I will put out on LinkedIn and Twitter.

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Speaker 2: There's spectacular MGI Geometry of Globalization paper here. I could

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Speaker 2: go any number of ways here, let me just pick

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Speaker 2: on this one. I love Exhibit three Paul, I know

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Speaker 2: you looked at exhibit three. John Tucker, did you look

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Speaker 2: at Exhibit three, three, four and five? Really good as well, Olivia.

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Speaker 2: Why it is stunning how EU is behind on trade

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Speaker 2: in AI related goods. And this is a typical Mackenzie question,

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Speaker 2: when in God's name to Europe get their act together?

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Speaker 11: You know, I hoped, I hope that everything Europe is

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Speaker 11: saying about its understanding about.

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Speaker 9: What it needs to do will will presage some action.

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Speaker 9: But you're right, there's a lot that could be done

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Speaker 9: that hasn't been done yet.

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Speaker 5: So, Olivia, I think many of us grew up.

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Speaker 4: Educationally and then professionally in a world where globalization was

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Speaker 4: the number one trend.

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Speaker 5: It is the backdrop to everything we do. Is globalization over.

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Speaker 9: You know what, The fact is the world remains extraordinarily

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Speaker 9: reconnected or interconnected, and so one thing that I've been

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Speaker 9: saying an awful lot is it's not disconnecting, it's reconfiguring.

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Speaker 9: So people are trading with different trading partners, trading patterns

451
00:26:10,840 --> 00:26:15,959
Speaker 9: are shifting, there's diversification in who companies are buying from.

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Speaker 9: But you get this big reconfiguration of the super connected

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Speaker 9: global network rather than something that's an end to connection.

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Speaker 2: What was your first day like at Stanford in physics

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Speaker 2: and mathematics? What was that for you?

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Speaker 11: Because a lot it was a lot warmer and sennier

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Speaker 11: than it is here today in New York.

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Speaker 2: I'll tell you that. What's your advice to people at home?

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Speaker 2: Boys and girls? But just jump starting the math excellence

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Speaker 2: of Olivia White? What was in the pixie dust at

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Speaker 2: your house that gave you the confidence to tackle calculus

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Speaker 2: and beyond.

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Speaker 9: I don't know, believe in yourself.

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Speaker 2: Okay, Olivia White, thank you so much, greatly appreciated. See

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Speaker 2: your partner, Director Mackenzie at Global Instudio.

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Speaker 1: This is the Bloomberg Surveillance podcast, available on Apples, Spotify,

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00:27:12,640 --> 00:27:16,119
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