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Speaker 2: Well timed. This is a gentleman driving forward all of
Speaker 2: our levant and Eastern Mediterranean coverage. Ownerant started out at
Speaker 2: a nineteen years old as an Associated Press intern in
Speaker 2: the Middle East, has all sorts of positions, including his
Speaker 2: leadership at Bloomberg News and joins us from Istanbul This
Speaker 2: morning on our when Tom Keene sees news agency headlines
Speaker 2: some fars or tasmum, are they reliable to a grizzled
Speaker 2: pro like you are? The Iranian news news agency is
Speaker 2: something more than propaganda.
Speaker 3: They are something of a propaganda. But on the other hand,
Speaker 3: in the last half hour or so, there have been
Speaker 3: our sole source of information when it comes to Iran's
Speaker 3: reaction to Present Trump's social media postings, which came about
Speaker 3: just less than an hour ago. I think I understand
Speaker 3: where the question is coming from. How much can we
Speaker 3: really rely on them? To a certain extent we can,
Speaker 3: especially in the current situation because so far there has
Speaker 3: been a very concerted effort in Iran, judging by, as
Speaker 3: you said, the number of news agencies that we're seeing
Speaker 3: the same headline coming from. And that's the fact that
Speaker 3: Iranians claim that there has been no talk between the
Speaker 3: US and Iran about how to end the war, and
Speaker 3: the fact that present Trump has avoided or has walked
Speaker 3: back from his earlier pledge to start attacking Iranian energy
Speaker 3: sites is down to the fact that Iran's reaction to
Speaker 3: his comments over the week Over the weekend has been
Speaker 3: so strong that Trump has decided to sort of de
Speaker 3: escalate himself without actually talking to the Iranians.
Speaker 4: So, approximately ninety minutes ago, we got the tweet from
Speaker 4: President Trump about, you know, standing down some military actions
Speaker 4: against some other energy infrastructure here. How do you think
Speaker 4: that came about? Is there a policy shift here, is
Speaker 4: there a strategy here, or is it simply a tweet?
Speaker 5: How do you think that came about?
Speaker 3: Well, we were all under the impression that Trump really
Speaker 3: meant when he gave that forty eight hour deadline to
Speaker 3: Iran to reopen Hormus, and everyone in the region, from
Speaker 3: journalists to government officials who were operating under the same
Speaker 3: assumption that there could be an impasse at about seven
Speaker 3: forty four pm in Eastern Standard time later today, and
Speaker 3: it would be followed by mutual strikes, much like what
Speaker 3: we saw last week when Israel first started South Parts
Speaker 3: Gas Field in Iran, a price energy asset, followed by
Speaker 3: massive Iranian retaliatory strikes on the Gulf, especially in Qatar,
Speaker 3: where Katargas seems to have lost about a fifth of
Speaker 3: its allergy capacity production capacity for as many as five
Speaker 3: years now. Having said that, and this can be said
Speaker 3: both about Trump's policy or stance since the beginning of
Speaker 3: the war from February twenty eight to anything else, including
Speaker 3: the war in Ukraine, Trump has always conducted pursued a
Speaker 3: very vague and unpredictable type of diplomacy. Sometimes he says
Speaker 3: it works, sometimes it doesn't. So I think this is
Speaker 3: the kind of light under which that we should treat
Speaker 3: the latest US if I may call it that. And
Speaker 3: also one thing I think to keep in mind is
Speaker 3: the fact that he did this right before markets in
Speaker 3: the US or right around time marks in the US
Speaker 3: work closing and now the new deadline, if we can
Speaker 3: call it, that is going to be over the weekend,
Speaker 3: and that shows that there must have been some kind
Speaker 3: of market consideration that went into the thinking behind the
Speaker 3: latest social media post by President Trump, Honor.
Speaker 4: I know there's some concern in the Golf region that
Speaker 4: the US may walk away from the Straight of Foremus
Speaker 4: when if it disengages with Iran, leaving that part of
Speaker 4: the world too.
Speaker 5: I guess local actors to deal with Iran. What's the
Speaker 5: reporting on that.
Speaker 3: Well, this is an extremely important point. Golf states that
Speaker 3: these publicly and even in privately they have said, they
Speaker 3: have maintained that they have been trying very hard or
Speaker 3: they have tried very hard to convince the US against
Speaker 3: attacking Iran before the war actually happens. But now that
Speaker 3: the war has begun, there has been a divergence in
Speaker 3: policies across the Gulf, the Persian Golf, especially Arab states
Speaker 3: of the Persian Gulf. So once school of thoughts says, well,
Speaker 3: now that the war has started, it needs to be
Speaker 3: concluded in a definitive way, so to speak, which means
Speaker 3: that Iran would be left in no position to basically
Speaker 3: be source of a threat anymore. But on the other hand,
Speaker 3: there have been there have been countries in the Gulf
Speaker 3: that have basically been pushing for an actual solution to
Speaker 3: the problem. They're not left alone in this shit opened
Speaker 3: the hormus.
Speaker 2: In the shades of mister Irdawan over gone a span
Speaker 2: of two decades, Where does he fit in to the
Speaker 2: Eastern Mediterranean calculus? Like the simple question owner around is
Speaker 2: whose side is he on? But to be more sophisticated
Speaker 2: than that, what have you said from mister Airdawan? Is
Speaker 2: he looks south to this war?
Speaker 3: The answer to first question is no one. He is
Speaker 3: on the side of no one. He definitely does not
Speaker 3: want to be seen as participating in a war that
Speaker 3: was initiated by a US Israeli alliance. He is definitely
Speaker 3: allergic to the idea of being seen as part of
Speaker 3: that alliance, the Israeli because of the Israeli part of
Speaker 3: the alliance. And secondly, we should not forget that you well.
Speaker 3: Iran is a massive neighbor for Turkey. It's been there
Speaker 3: for the last few million years as a nation state
Speaker 3: or as an empire for the last thousand years or so,
Speaker 3: and it is the country with which Turkey or its
Speaker 3: predecessors have not had a war for the last four
Speaker 3: hundred years. In fact, yeah, almost four hundred years. The
Speaker 3: Turkish Araanan border is the oldest unchanged border that Turkey has.
Speaker 3: It's been unchanged since sixteen thirty nine. The second when
Speaker 3: he looks down to the south, I think, you know,
Speaker 3: we've seen from the beginning of the war that he
Speaker 3: has been genuinely pushing for an actual end to the
Speaker 3: hostilities because he knows the longer it lasts, the worse
Speaker 3: Turkish economy will be through the various disruptions to the
Speaker 3: global supply chains and oil prices. So yeah, he definitely
Speaker 3: does want this to come to an end as soon
Speaker 3: as possible.
Speaker 2: And I thank you so much for your precious time
Speaker 2: around driving all of our Eastern Mediterranean coverage out of Istanbul.
Speaker 2: Stay with us. More from Bloomberg Surveillance coming up after this.
Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us live
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Speaker 2: This is the best time ever to speak to Nelson.
Speaker 2: You he's with the Lions Bernstein. He has a title
Speaker 2: called Head of Equities it's very impressive. Where it's really
Speaker 2: go join us today, but it really matters is at
Speaker 2: the University of Pennsylvania Systems Engineering memo pro tip the
Speaker 2: hardest engineering major. Okay, someone that knew its systems analysis,
Speaker 2: you're kidding me. Ah, easy, A right. And there's linear
Speaker 2: systems theory, there's signal and information processing. But the dreaded
Speaker 2: course was e S thirty ten probability and that's where
Speaker 2: we are right now. Define I'd say this with great
Speaker 2: respect for your parchment. Define the difference now between the
Speaker 2: risk and the uncertainty in the markets.
Speaker 6: Risk is really difficult to manage right now. The as
Speaker 6: you just see this morning. You know, one tweet can
Speaker 6: turn it all around. But I think what it's really
Speaker 6: getting at is just the fragility that we do see
Speaker 6: in the markets. And we're dealing with really three main issues.
Speaker 6: One is obviously geopolitics, and we're getting close to a
Speaker 6: point where the longer this goes on, the more things
Speaker 6: have to shut down. So just the different commodities that
Speaker 6: get produced out of the Middle East. You can take
Speaker 6: months to restart some of these things, but then layer
Speaker 6: on top of that some of the existing fragility that's
Speaker 6: already been in place, which is that equity portfolios were
Speaker 6: already highly concentrated to start with, and then AI is
Speaker 6: increasing winners and losers, and those motes that had been
Speaker 6: there in place for so long, we're starting to question
Speaker 6: how durable they are.
Speaker 4: Aside from the geopolitics, so we can put that side
Speaker 4: just for a moment. How do you think about the
Speaker 4: US equity markets versus the rest of the world. Here
Speaker 4: we did have some outperformance in twenty twenty five outside
Speaker 4: the US.
Speaker 5: Is that still play here?
Speaker 6: I think it should be. The U is getting a
Speaker 6: bid right now. It could be because of what's going
Speaker 6: on with oil, but it also could be because that's
Speaker 6: where as investors are taking in risk, that's where passive
Speaker 6: investing is. But I think there's a great opportunity to
Speaker 6: continue to diversify. With the US, you have this issue
Speaker 6: of concentration. Fifty percent of the US market is in technology.
Speaker 6: You go outside of the US, you get to exposures
Speaker 6: with different themes in financials, industrial, as consumer.
Speaker 7: But all of this, what's it, you know tomorrow from
Speaker 7: the wonderful Arthur Levit so so influential to me From
Speaker 7: Arthur Levit, what's it mean for Microsoft, I mean March
Speaker 7: thirty one is going to end.
Speaker 2: They're doing AI. They're still going to make revenue, They're
Speaker 2: going to still make thirty forty sixty percent margins. What's
Speaker 2: the feature of life goes on here? For the growth winners.
Speaker 6: What you have to really think about with these growth
Speaker 6: winners is how are things changing for them? So we
Speaker 6: talked about this before in previous sessions. How much cash
Speaker 6: flow is plateauing now for these big growth winners because
Speaker 6: the amount of capex that they need to invest to
Speaker 6: keep the to keep the hyperscalters going and investing in
Speaker 6: data centers, that changes the dynamic of what they've had
Speaker 6: in the past. On top of that, these modes that
Speaker 6: some of these growth winners had is now in question.
Speaker 6: You know, can AI disrupt their ability to grow revenue
Speaker 6: without reinvesting in the business.
Speaker 4: So that was a big, big trade just over the
Speaker 4: last several months. Kind of some of these software names,
Speaker 4: in particular software as and service names really in focus.
Speaker 4: But it just feels like it's Tom mentioned Microsoft Salesforce.
Speaker 4: These are they're so entrenched in the overall economy, it
Speaker 4: doesn't seem like they could be at risk yet the
Speaker 4: market's not too discerning at this point.
Speaker 6: You know, I think what we need to think about
Speaker 6: really are three three ways of managing risks today. First
Speaker 6: of all, if you think about AI disruption and you
Speaker 6: think about inflation, what that does is it really focuses
Speaker 6: you on shortening your duration of cashloads. If you want
Speaker 6: to get to things that have more visibility around those cashloads,
Speaker 6: you need to think more critically about where to find defense.
Speaker 6: And then you need to be more intentional about diversification.
Speaker 2: Did you get my scripted? One of our interns send
Speaker 2: my question script this morning? Nelson, you were us with
Speaker 2: the lions burn steem wonderful to speak to him with
Speaker 2: this acuity about risk, probability and the ambiguity out there.
Speaker 2: Dow features up two percent, exploding higher what forty minutes ago,
Speaker 2: a presidential tweet of five day delay on action from
Speaker 2: the White House in Iran, in Israel strait of hormones
Speaker 2: as well. Oil plunges a one thirteen down to a
Speaker 2: one oh four. Right now all weekend led by James
Speaker 2: Diamond on a cover of Barons was the idea of
Speaker 2: hedging up. Explain the efficacy you see with all of
Speaker 2: your work in your math of saying I want to
Speaker 2: participate in the standard of course five hundred, but I'm
Speaker 2: willing to give away some of the long term capital
Speaker 2: gain to hedge and be less volatile. It's also in
Speaker 2: right now, isn't it.
Speaker 6: Anytime you can reduce volatility, but also when you can
Speaker 6: reduce volatility and get incremental returns, that's a great trade.
Speaker 6: And if you think about international equity markets today, you
Speaker 6: have an opportunity. And I'd like to say, have your
Speaker 6: vitamins and also eat your ice cream. The You know
Speaker 6: what you can do is there are some great catalysts
Speaker 6: outside of the US that can generate returns. You've got
Speaker 6: in Korea, You've got in Japan, you've got governor's reforms
Speaker 6: where shareholder returns are really being in focus, and these
Speaker 6: companies can not only get better return earns, but also
Speaker 6: get multiple expansion. I think China could be a really
Speaker 6: interesting play here too. If you think about China, you've
Speaker 6: got a very different set of return drivers. In China,
Speaker 6: you've also got more energy resilience based off of the
Speaker 6: infrastructure investments that they've made.
Speaker 4: In the US, talk to us about the earnings in
Speaker 4: the US marketplace.
Speaker 5: Are the earnings growth forecasts enough to support this market here?
Speaker 2: Do you think.
Speaker 6: There is enough growth to support the forecast? But it
Speaker 6: is very dependent on the Fed's ability to continue to
Speaker 6: supporting that. And so I think that's why we're getting
Speaker 6: to a point where it's very tricky to understand the
Speaker 6: probabilities because the longer this lasts, we don't know if
Speaker 6: inflation would start feeding through.
Speaker 4: So what do you expect our FED to do here?
Speaker 4: I mean, it seems like they're gonna They're comfortable just
Speaker 4: to hang where they are, no need to rush. We've
Speaker 4: even had the marketplace pricing in some great hikes this year. Yeah,
Speaker 4: I mean there's a talk about you know, coin flip here.
Speaker 6: It's it's in a very fragile balance. And so that's
Speaker 6: why I think it's important to look at visibility of
Speaker 6: cash flows from these companies with real assets and uh
Speaker 6: in strong economic drivers right now.
Speaker 2: I was at the game quinnin piac event here twelve
Speaker 2: hundred college kids, and I did mention Peter Bernstein's Against
Speaker 2: the Gods on risk, uncertainty and ambiguity. I mean, it
Speaker 2: is the definitive non Matthew book. As Nelson, you knows
Speaker 2: the math cold, He's with the lions. Bernstein at Howquity's
Speaker 2: being Stay with us. More from Bloomberg Surveillance coming up
Speaker 2: after this.
Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us Live
Speaker 1: weekday afternoons from seven to ten am Eastern Listen on
Speaker 1: Applecarplay and Android Auto with the Bloomberg Business app, or
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Speaker 2: Calm is what we Need. Comms and Order with Nancy Tangler,
Speaker 2: who she said she's too young to have seen it all,
Speaker 2: but pretty close, CEO at Laffer Tangler and Investments. In
Speaker 2: Reminiscence of a Stock Operator, which we've all read fourteen times,
Speaker 2: there's a point where the antagonist just says enough and
Speaker 2: takes the slow train to Florida, like in nineteen twenty five.
Speaker 2: Where's the Tanglar? The laugher tanglar slow train to Florida?
Speaker 2: Right now?
Speaker 8: Good morning talk. Well, we bought calls on Friday and
Speaker 8: I felt pretty stupid this morning until we saw the
Speaker 8: rhetoric coming out of the White House. And that's what
Speaker 8: it is. We don't have anything to back it up.
Speaker 8: We don't know the algorithms, read the headlines. They drive
Speaker 8: the stock futures. Before the opening after so we've been repositioning,
Speaker 8: trimming back on oil, adding to some names in the
Speaker 8: infrastructure structure space, and particularly in software. That group bottomed
Speaker 8: just about the time the Sittrini report came out. We
Speaker 8: didn't know that. We felt like we were seeing some
Speaker 8: compelling valuations.
Speaker 2: Okay, So our laugher would sit in a couch, the
Speaker 2: same damn yellow couch. The Oval Office looked differently under
Speaker 2: Ronald Reagan, and Laugher would say, excuse me, mister president
Speaker 2: the markets. Who in the Trump administration, like in the
Speaker 2: last twelve hours or eighteen hours, is playing the art
Speaker 2: Laugher role of saying, excuse me, President Trump, we got
Speaker 2: a problem. Who is it?
Speaker 8: I think it's Scott Besson, I really do. I think
Speaker 8: he demonstrated that after Liberation Day when the bond market
Speaker 8: melted down. Remember Jamie Diamond said we were going to
Speaker 8: go into recession, and suddenly they found religion. That was
Speaker 8: what gave us confidence to at least take a dip
Speaker 8: our toes into calls on the spy just because we
Speaker 8: had some clients that were, you know, asking us to
Speaker 8: take a look at that. And I think for me,
Speaker 8: I felt like the weekend would have been more defining
Speaker 8: than it was. But then we see it again this
Speaker 8: morning that the President came out and said what he said.
Speaker 4: Nanci, We talked to you via zoom from Scottsdale. But
Speaker 4: you guys are having this crazy heat waves out there.
Speaker 2: Is that why you're here in New York?
Speaker 8: Absolutely?
Speaker 4: Fall of course, unbelievable even by your standards.
Speaker 5: You guys are dell. Do you understand all that kind
Speaker 5: of stuff? What's going on there?
Speaker 8: Yeah? I mean it's just been wretched.
Speaker 4: Yeah, So hopefully you don't summer out in the desert.
Speaker 5: Hopefully, good Nancy.
Speaker 4: So what are we doing here? I mean, we've put
Speaker 4: the geopolitics aside. I want to step back and look
Speaker 4: at fundamentals. The earnings look pretty solid out there in
Speaker 4: corporate America. Are they enough to support this market going forward?
Speaker 8: I do think so, Paul. I mean, earnings are backward
Speaker 8: looking as we know, but what we saw were so
Speaker 8: many triple plays of companies beating on revs, beating on EPs,
Speaker 8: and then raising guidance. So we think once you get
Speaker 8: the first sort of ship through the straight of hor moves,
Speaker 8: that we will begin to see a return to fundamentals
Speaker 8: and if we are, in fact in a slowing economic environment,
Speaker 8: then you do continue to want to own technology which
Speaker 8: has putting up, you know, twenty plus percent earnings growth
Speaker 8: across the sector. So that's where we've been adding. We
Speaker 8: had been trimming them in the summer, and we're adding back.
Speaker 5: What don't you make of this AI trade?
Speaker 4: On the maybe the other side of the AI trade,
Speaker 4: which is which companies, which industries, which sectors might be
Speaker 4: at risk from AI?
Speaker 5: And software and software as a service.
Speaker 4: Really took it on the chin. So some names of
Speaker 4: Tom and I like, like, you know, we see like
Speaker 4: a Microsoft really under pressure.
Speaker 2: What do you make of that?
Speaker 8: We added to Microsoft Service Now, which was a little
Speaker 8: more controversial Palenteer. One of the names we had. Two
Speaker 8: names we had exited were Adobe and Salesforce, and it
Speaker 8: wasn't necessarily because we thought they were going to be losers,
Speaker 8: although we didn't think the Adobe CEO was pivoting fast enough.
Speaker 8: And in fact, there you have it. I mean, the
Speaker 8: stock has been dismal.
Speaker 2: At the Breakfast club in Scott Steal. If I was
Speaker 2: to go in and have the avocado toast and the
Speaker 2: Tangler booth in the back, the guys up at the
Speaker 2: front bar. They don't look scared. Their retirees obviously advantage
Speaker 2: living in Scottsdale. But the answer is what do you
Speaker 2: see from the core boomer retirement market. I don't think
Speaker 2: they look rattled because they've had a few other things
Speaker 2: along the way from mister Mueller's Vietnam.
Speaker 8: We grew up with this, We grew up with volatility.
Speaker 8: And remember we were shifting I'm a boomer, we were
Speaker 8: shifting to four a one case. I'm a deep boomer.
Speaker 2: It's it's the pace on the Scottsdale.
Speaker 8: We were shifting to for a one case that we
Speaker 8: had to live with volatility, and it was our money
Speaker 8: we were putting in. So I think the boomers understand
Speaker 8: the markets. Those were the clients that were calling us
Speaker 8: and not saying sell, but saying, hey, is there a
Speaker 8: way that we can play the shift in the trend
Speaker 8: when the market does begin to go up, And that's
Speaker 8: why we bought calls.
Speaker 2: Yeah, thank you so much, Nancy greatly greatly appreciated today. Yes,
Speaker 2: we'd love to visit in February.
Speaker 9: We please.
Speaker 2: Dale left for Tangler Investments. Nancy stay with us from
Speaker 2: Bloomberg Surveillance coming up After.
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Speaker 1: Live weekday afternoons from seven to ten am Eastern Listen
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Speaker 2: One of the great features of the McKenzie Global Institute
Speaker 2: MGI is they hire people with jaw dropping competency. One
Speaker 2: of them is Olivia White, Senior Partner Director Mackenzie Global Institute,
Speaker 2: and she is carried forward the baton of research excellence.
Speaker 9: There.
Speaker 2: She stopped me cold a couple of weeks ago with
Speaker 2: a series it was out, playing off Mark Kearney's word geometry,
Speaker 2: geopolitics and the geometry of global trade. Olivia White joins
Speaker 2: us this morning from MGI with a rewrite, if you
Speaker 2: were to publish today, how would tariff splashes, AI waves
Speaker 2: and the ripples be different with this war?
Speaker 9: That's quite an introduction. I think I might say something similar.
Speaker 10: You know, one thing that we saw when we looked
Speaker 10: at how trade evolved in twenty twenty five was that
Speaker 10: her term volatility and splashes, if you will, can be
Speaker 10: super important, but the long term waves of.
Speaker 9: Change are often what you need to be able to
Speaker 9: look through to see.
Speaker 11: So we saw.
Speaker 9: AI trade or trade in AI related goods going up
Speaker 9: a lot, and I can say more about that. We
Speaker 9: saw China moving upstream in the way that they produced
Speaker 9: intermediate goods that fed factors across the world. Right, so
Speaker 9: we saw these long term things. It was a good
Speaker 9: reminder look through the long term.
Speaker 2: I mean, you've got some great charts, but the bottom
Speaker 2: line is in a number of our guests have said
Speaker 2: we're AIB in six months. We don't know, but almost
Speaker 2: from an organizational research out of your stand for years ago,
Speaker 2: where does mg I think AI will be in three years.
Speaker 9: It's going to be a bigger deal then than it
Speaker 9: is now. You know, it's very clearly a big and
Speaker 9: important wave of the future. You know, we did another
Speaker 9: piece of research recently when we looked at foreign direct
Speaker 9: investment announcements and saw where they were going, because where
Speaker 9: money is going today tells you something about where production
Speaker 9: will be tomorrow. The biggest gainer they are also announcements
Speaker 9: no surprise, into the construction of data centers and across
Speaker 9: the world. So lots and lots of signs that tech
Speaker 9: and AI continues and will continue to be a major
Speaker 9: force Olivia.
Speaker 4: We've got now about a year of hindsight, if you will,
Speaker 4: or a year of experience with tariffs. What have we learned?
Speaker 4: Did they work? Did they not work? What are they
Speaker 4: just an impingement to global trade?
Speaker 2: Where are we?
Speaker 11: I think we've learned that the global trading system is
Speaker 11: a complicated network, and tariffs made a big splash and
Speaker 11: some ripples.
Speaker 9: They majorly led to a drop in a trade between
Speaker 9: the US and China that dropped about thirty percent over
Speaker 9: the past year, but that was a trend that was
Speaker 9: already underway. You saw some resorting in terms of who
Speaker 9: in the trading system was doing what. I think we'll
Speaker 9: continue to see that. But really what you saw was
Speaker 9: that you had a bunch of trends. As I've been saying,
Speaker 9: that we're pushing forward anyhow, and you got a big
Speaker 9: sort of rearrangement in response to the force of the tariffs.
Speaker 2: I love you White with US Senior Partner Director Mackensey
Speaker 2: Global Institute. I will put out on LinkedIn and Twitter.
Speaker 2: There's spectacular MGI Geometry of Globalization paper here. I could
Speaker 2: go any number of ways here, let me just pick
Speaker 2: on this one. I love Exhibit three Paul, I know
Speaker 2: you looked at exhibit three. John Tucker, did you look
Speaker 2: at Exhibit three, three, four and five? Really good as well, Olivia.
Speaker 2: Why it is stunning how EU is behind on trade
Speaker 2: in AI related goods. And this is a typical Mackenzie question,
Speaker 2: when in God's name to Europe get their act together?
Speaker 11: You know, I hoped, I hope that everything Europe is
Speaker 11: saying about its understanding about.
Speaker 9: What it needs to do will will presage some action.
Speaker 9: But you're right, there's a lot that could be done
Speaker 9: that hasn't been done yet.
Speaker 5: So, Olivia, I think many of us grew up.
Speaker 4: Educationally and then professionally in a world where globalization was
Speaker 4: the number one trend.
Speaker 5: It is the backdrop to everything we do. Is globalization over.
Speaker 9: You know what, The fact is the world remains extraordinarily
Speaker 9: reconnected or interconnected, and so one thing that I've been
Speaker 9: saying an awful lot is it's not disconnecting, it's reconfiguring.
Speaker 9: So people are trading with different trading partners, trading patterns
Speaker 9: are shifting, there's diversification in who companies are buying from.
Speaker 9: But you get this big reconfiguration of the super connected
Speaker 9: global network rather than something that's an end to connection.
Speaker 2: What was your first day like at Stanford in physics
Speaker 2: and mathematics? What was that for you?
Speaker 11: Because a lot it was a lot warmer and sennier
Speaker 11: than it is here today in New York.
Speaker 2: I'll tell you that. What's your advice to people at home?
Speaker 2: Boys and girls? But just jump starting the math excellence
Speaker 2: of Olivia White? What was in the pixie dust at
Speaker 2: your house that gave you the confidence to tackle calculus
Speaker 2: and beyond.
Speaker 9: I don't know, believe in yourself.
Speaker 2: Okay, Olivia White, thank you so much, greatly appreciated. See
Speaker 2: your partner, Director Mackenzie at Global Instudio.
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