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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today.

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Speaker 2: Karen, we begin with an arrest in the murder of

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Speaker 2: insurance executive Brian Thompson in New York, and we get

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Speaker 2: the very latest now from Bloomberg's John Tucker, John and Nathan.

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Speaker 3: The alleged killer is twenty six year old Luigi Mangioni.

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Speaker 3: He was spotted by a customer in a McDonald's in Altoona, Pennsylvania.

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Speaker 3: Authorities say in his backpack they found a three D

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Speaker 3: printed pistol and a three D printed black silencer. They

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Speaker 3: also found a three page manifesto. NYPD Chief of Detectives

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Speaker 3: Joe Kenny.

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Speaker 4: We don't think that there's any specific threats to other

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Speaker 4: people mentioned in that document, but it does seem that

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Speaker 4: he has some ill will toward corporate America.

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Speaker 3: Mangioni attended in elite Baltimore Prep School, graduating as valedictorian

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Speaker 3: in twenty sixteen. He went on to earn undergraduate and

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Speaker 3: graduate degrees in computer science in twenty twenty from the

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Speaker 3: University of Pennsylvania. His family owns a country club north

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Speaker 3: of Baltimore. He worked as a data engineer at Truecar.

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Speaker 3: A survey of his online presence also shows that he

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Speaker 3: praised the manifesto of another Ivy League graduate known for

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Speaker 3: violent as the Unibomber, and he's going to be extradited

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Speaker 3: from Pennsylvania to New York to face murder chargers. Social

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Speaker 3: media last night was full of praise for Mangioni, with

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Speaker 3: Luigi the top trending topic on X and Free Him

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Speaker 3: coming in at number seven in New York. Ime John

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Speaker 3: Tucker Bloomberg.

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Speaker 1: Radio, All right, John, thank you well. Turning overseas, Israel

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Speaker 1: has stepped up its attacks on military science in Syria,

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Speaker 1: striking hundreds of targets across the country. According to multiple reports,

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Speaker 1: this strikes targeted army bases, airports, and service to air

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Speaker 1: missile systems. Bloomberg's Stewart Livingstone Wallace says Israel is wary

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Speaker 1: of the opposition groups that brought down Bashiral Assad's government.

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Speaker 5: This seems to be primarily to be by their concerns

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Speaker 5: about where all this weaponry ends up. And we are

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Speaker 5: talking about really really serious amounts of munitions, and that

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Speaker 5: also includes weapons of mass destruction. So chemical supplies and

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Speaker 5: stock pars and that sort of thing. And we know

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Speaker 5: Asad was using chemical warfare probably as recently as twenty eighteen,

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Speaker 5: so it's definitely a real thing.

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Speaker 1: And Bloomberg Stewart Livingstone Wallace says the Israeli attacks have

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Speaker 1: drawn criticism from Arab countries, including Egypt and Saudi Arabia,

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Speaker 1: which accuses Israel of seeking to occupy more Syrian territory

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Speaker 1: and sabotage the country's security and stability.

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Speaker 2: I Meanwhile, Karen Israeli Prime Minister Benjamin Natan Yahoo is

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Speaker 2: in court today testifying against charges of bribery, fraud, and

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Speaker 2: breach of trust in three separate cases. Nasan Yahoo has

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Speaker 2: repeatedly requested to delay his testimony because of the conflicts

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Speaker 2: rolling the Middle East, but those requests were mostly denied

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Speaker 2: by the courts.

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Speaker 1: Now Nathan the politics in the US, Donald Trump's defense

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Speaker 1: nominee Pete Haig Seth So, the President elect has told

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Speaker 1: him to keep fighting for a Senate confirmation. The former

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Speaker 1: a Fox News host, appeared on Fox's Sean Hannity last

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Speaker 1: night after meeting with a key Senate Republican, Jony Ernst Doe.

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Speaker 6: The leftist try to turn this into a trial in

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Speaker 6: the media show trial, and we're not going to let

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Speaker 6: that happen. I'm going to walk into the door of

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Speaker 6: every one of these senators with just as an open book,

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Speaker 6: willing to answer their questions because they deserve answers.

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Speaker 1: Pete haig Seth has been looking at bolster his Senate

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Speaker 1: support amid allegations of sexual misconduct, alcohol abuse, and workplace mismanagement.

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Speaker 1: After their meeting yesterday, Senator Arn said she'll support haig

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Speaker 1: Seth through this process and looks forward to a fair

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Speaker 1: confirmation hearing. And another development, President elect Trump has endorsed

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Speaker 1: Casey Crosby as co chair of the Republican National Committee.

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Speaker 1: She would succeed Trump's daughter in law, Lara, who's appeared

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Speaker 1: open to succeeding Marco Rubio in the Senate. Florida Governor

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Speaker 1: Ron De Santis would have to confirm that appointment.

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Speaker 2: Training the markets now, Karen futures are moving just a

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Speaker 2: bit lower after yesterday's declines. On Wall Street, the S

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Speaker 2: and P five hundred dropped from a nearly overbought technical level.

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Speaker 2: Callie Cox is chief market strategist at rid Holt's Wealth Management.

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Speaker 7: When people talk about valuations in the SMP. Typically they're

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Speaker 7: talking about big tech valuations and you have to sort

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Speaker 7: out by sector and sector.

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Speaker 4: To really find the value.

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Speaker 7: We really like great sensitive sectors here. I think real

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Speaker 7: estate is interesting, you know, I think consumer discretionary could

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Speaker 7: be interesting, especially if the economy holds up through twenty

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Speaker 7: twenty five. Financials you know, of course, have been really

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Speaker 7: strong in the back half of the year. You know,

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Speaker 7: that could also be interesting, especially if the economy surprises

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Speaker 7: to the upside.

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Speaker 2: Callie Cox with rid Hoolt's Wealth Management says the next

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Speaker 2: key event for markets is tomorrow when we get the

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Speaker 2: consumer price index.

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Speaker 1: Well. Checking some stocks on the move this morning, Nathan

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Speaker 1: Shares of oracle Or down eight and a half percent.

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Speaker 1: The company did report quarterly revenue in line with estimates,

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Speaker 1: but that's disappointing investors who have boosted the stock to

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Speaker 1: our record high in recent weeks on enthusiasm for the

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Speaker 1: company's as send in cloud business.

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Speaker 2: Boeing has reportedly restarted production of its Workhorse seven thirty

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Speaker 2: seven Max model. Karen Reuter's is reporting production resumed last Friday.

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Speaker 2: The move follows a month after a strike by thirty

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Speaker 2: three thousand factory workers at Boeing that shuttered the planemaker's

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Speaker 2: commercial manufacturing well.

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Speaker 1: Shares of Hershey rose almost eleven percent to start the week, Nathan.

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Speaker 1: The surge comes after Bloomberg News report in Manda Lee's

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Speaker 1: is considering buying the chocolate maker for fifty billion dollars.

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Speaker 1: Bloomberg's Crystal Ce broke the story and says any deal

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Speaker 1: would face a regulatory scrutiny.

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Speaker 8: This is a deal that would in a normal circumstance

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Speaker 8: attract antitrust reviews. So I don't think we're there yet,

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Speaker 8: like we said, as a preliminary approach. Also, the other

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Speaker 8: thing up to that is unique to the situation is

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Speaker 8: that the deal is subject to approval of the Attorney

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Speaker 8: General in Pennsylvania because of the trust structure, So there

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Speaker 8: are a lot of regulatory hurdle on top of the

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Speaker 8: market hurdle.

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Speaker 1: Bloomberg's Crystal See says this is the second time Mondaleze

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Speaker 1: has looked at acquiring Hershey. In twenty sixteen, it broke

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Speaker 1: off talks after its twenty three billion dollars bid was

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Speaker 1: rejected by the chocolate maker.

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Speaker 2: Finally, Karen Let's turn to Europe, now where more than

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Speaker 2: six hundred senior women in finance are attending Bloomberg's inaugural

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Speaker 2: Women Money and Power event in London. The representation of

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Speaker 2: women on boards has almost tripled since twenty ten, and

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Speaker 2: the most gender diverse companies are delivering higher shareholder returns.

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Speaker 2: Exclusive analysis by Bloomberg Intelligence shows and developed markets, the

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Speaker 2: top twenty percent of companies for a female board membership

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Speaker 2: returned to two to five percent, more than the bottom twenty.

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Speaker 2: CEO and founder of WB Directors, Fiona Haythorne has told

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Speaker 2: Bloomberg Radio more sectors are beginning to look for ways

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Speaker 2: to get women into leadership roles.

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Speaker 9: Tech and also private equity. If you think of the

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Speaker 9: foots one hundred and particularly financial services, they've had the

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Speaker 9: lens of the regulator on them saying, you know, you

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Speaker 9: need to do something about the diversity of your teams.

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Speaker 9: P hasn't had the same lens, but they're coming to

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Speaker 9: us and saying, actually, now, what can we do for

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Speaker 9: our sixty investing companies. What sort of training should we

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Speaker 9: do because that industry is very maldominated.

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Speaker 2: And that was Fiona Haythorn, CEO and founder of WB Directors,

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Speaker 2: an organization that works to increase diversity in executive and

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Speaker 2: non executive leadership.

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Speaker 1: And it is time now for a look at some

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Speaker 1: of the other stories making news in New York and

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Speaker 1: around the world. And for that we're joined by Bloomberg's

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Speaker 1: Michael Barr.

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Speaker 10: Michael, Good Morning, Good Morning, Karen. Reaction continues after a

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Speaker 10: marine veteran who put an agitated subway writer in a

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Speaker 10: chokehold on a New York subway has been acquitted in

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Speaker 10: the man's death, a man that and jury cleared twenty

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Speaker 10: six year old Daniel Penny of a criminally negligent homicide charge.

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Speaker 10: That verdie came after a more serious manslaughter charge was

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Speaker 10: dismissed because the jury deadlocked on that count. The case

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Speaker 10: arose from Jordan Neely's May twenty twenty three death came

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Speaker 10: a prism for differing views about public safety. Penny gripped

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Speaker 10: Neelie around the neck for about six minutes. Penny's defense

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Speaker 10: said he was protecting fellow subway passengers. Thomas Kenneth, a

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Speaker 10: lawyer for Penny, spoke in the Manhattan Pub after the verdict.

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Speaker 10: We think that this.

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Speaker 11: Should happen, probably on day one, but the point things

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Speaker 11: it happened.

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Speaker 10: The verdict enraged Neely's father, Andre Zachary. I missed my son.

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Speaker 10: My son didn't have to go through this sea.

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Speaker 4: I didn't have to go through the seatom it.

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Speaker 10: Hurts passengers, had said. Neely, whose family says he struggled

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Speaker 10: with homelessness and mental illness, was acting erratically and shouting

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Speaker 10: before he was put in a choke hold by Penny

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Speaker 10: Music mogul jay Z fired back against accusations that he

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Speaker 10: took part in the sexual assault of a thirteen year

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Speaker 10: old girl at a two thousand VMA after party. Jay

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Speaker 10: Z or Sean Carter, filed emotion yesterday to deny the

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Speaker 10: plaintiff's quest to remain anonymous, calling for either her identity

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Speaker 10: to be disclosed or the civil suit to be dismissed.

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Speaker 10: The case is tied to embattled rapper Sean Dittycomb's United

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Speaker 10: Nations Secretary General Antonio Guterris condemned deadly gang violence in Haiti.

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Speaker 10: UN spokesperson Stefan Dujarik says more than one hundred eighty

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Speaker 10: people were killed in port A, Prince over the weekend.

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Speaker 12: The Secretary General calls on the Haitian authorities to conduct

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Speaker 12: a thorough investigation and ensure that perpetrators to these and

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Speaker 12: all other human rights abuses and violations are brought to justice.

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Speaker 10: The UNS Dujarik says Guteris reiterated his call for financial

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Speaker 10: and logistical support to help the Haitian National Police Department

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Speaker 10: to address gang violence. Brazilian President Louis Ignatio Lula de

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Speaker 10: Silva is an intensive care at San Paulo Hospital after

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Speaker 10: undergoing emergency surgery. The hospital said Lula felt headaches late

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Speaker 10: Monday evening and a brain's and showed intracranial hemorrhage resulting

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Speaker 10: from the accident he suffered at home in October. Finally, today,

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Speaker 10: the Supreme Court here's arguments over a proposed railroad that

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Speaker 10: would transport millions more gallons of oil along the Colorado River,

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Speaker 10: with opponents arguing the federal government did not properly assess

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Speaker 10: environmental risks. The Supreme Court is hearing the classic case

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Speaker 10: where commercial interests run against the public interest in environmental protection.

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Speaker 10: Global news twenty four hours a day and whenever you

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Speaker 10: want it with Bloomberg News. Now. I'm Michael Barr, and

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Speaker 10: this is Bloomberg Heron.

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Speaker 1: All right, Michael Barr, thank you time now for the

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Speaker 1: Bloomberg Sports Update brought to you by Trying State County.

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Speaker 1: Here's John Stashauer, Juhnken Morning.

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Speaker 13: Good Morning cares about a year ago the nixt maade

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Speaker 13: that big trade with the Raptors. Nick certainly pleased with

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Speaker 13: what they've gotten from og On and Obi.

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Speaker 10: RJ.

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Speaker 13: Barrett's played well in his native Toronto. Two teams met

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Speaker 13: north of the border, and with twenty eighth as left,

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Speaker 13: the Knicks led by two and an Ananobi, who's known

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Speaker 13: for his defense, blocked. Barrett shot and the Knicks one one, thirteen,

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Speaker 13: one O eight, Karl Anthony, Towns, mckel Bridges, Jalen Brunton

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Speaker 13: all scored twenty or more. Barrett in defeats, scored thirty

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Speaker 13: at the guard and the Rangers lost to the NHL's

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Speaker 13: worst team. Chicago came in having won only eight games,

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Speaker 13: recently fired their coach Blacklowks won two to one. It's

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Speaker 13: the rangers eighth loss in the last ten Mother Night

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Speaker 13: football In Dallas, Bengals and Cowboys were tied when with

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Speaker 13: just over two minutes left, Dallas blocked a Cincinnati punt,

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Speaker 13: but tried to recover and return it instead fumbled it,

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Speaker 13: so Cincinnati kept possession and struck Leeate went in town

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Speaker 13: and left Borrow sideline Chase Span Here he goes Jamart,

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Speaker 13: Chase chat Is Mutch Tom Bengals ESPN. The call was

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Speaker 13: Joe Burrow's third TD pass, who went to Chase, who

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Speaker 13: had one hundred and seventy seven yards. The Bengals won

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Speaker 13: twenty seven to twenty. Both teams are five and eight.

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Speaker 13: Dallas won in six at home, beating only the Giants.

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Speaker 13: The Baseball Winner meetings underway in Dallas. But whatever takes

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Speaker 13: place this week won't top the news of Juan Soda

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Speaker 13: leaving the Yankees joining the Mets. Yankees gentlemen jer Brian

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Speaker 13: Cashman was on the Yes Network.

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Speaker 11: Yeah, they left it all on the table, and then

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Speaker 11: ultimately a player has to make a decision based on,

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Speaker 11: you know, reasoning that he'll ultimately share. I'm sure everybody's

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Speaker 11: gonna want to know, like what led him to go

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Speaker 11: that direction versus our direction, versus some other direction?

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Speaker 10: You know?

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Speaker 11: But here in that right, and congrats to him, his

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Speaker 11: family and the Mets.

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Speaker 13: And since the Soto news, the odds on the Mets

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Speaker 13: winning the World Series improved from plus twelve hundred to

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Speaker 13: plus seven hundred. Soto and the Mets will make their

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Speaker 13: one twenty twenty five visit a Yankee Stadium a weekend

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Speaker 13: series in mid May. John stash that were Bloomberg Sports,

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Speaker 13: Karen and Ethan.

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Speaker 10: Coast to coast on Bloomberg Radio nationwide on Sirius XM,

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Speaker 10: and around the world on Bloomberg dot Com and the

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Speaker 10: Bloomberg Business app.

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Speaker 2: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. A

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Speaker 2: suspect is now in custody in the murder of United

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Speaker 2: Healthcare CEO Brian Thompson. Twenty six year old Luigi Mangioni

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Speaker 2: was tracked down in a Tuna, Pennsylvania, after a five

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Speaker 2: day manhunt that exposed a lot of anger against the

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Speaker 2: health insurance industry. Here's Pennsylvania Governor Josh Shapiro in some

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Speaker 2: dark corners.

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Speaker 13: This killer is being hailed as a hero.

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Speaker 10: Hear me on this. He is no hero.

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Speaker 2: Governor Josh Shapiro spoke at a news conference following Mangioni's arrest.

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Speaker 2: This morning, We're joined by Bloomberg's Miles Miller. Miles, good morning.

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Speaker 2: What more have we learned about this alleged killer? Luigi Mangioni.

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Speaker 4: Yeah, so we know that the Luigi Mangoni is a

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Speaker 4: U penn graduate. We know that he comes from a

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Speaker 4: wealthy family in Baltimore, and it appears over the last

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Speaker 4: six to twelve months he has been engaged in basically

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Speaker 4: writings online about sort of being detached from capitalism and

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Speaker 4: really critical of the healthcare system and systems like it,

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Speaker 4: and so you know that being the motive for this.

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Speaker 4: He appeared in court last night at a preliminary arrangement

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Speaker 4: and that was just on a charge of forgery and

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Speaker 4: carrying a gun without a license. He was of course

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Speaker 4: caught in Altoona, Pennsylvania, at a McDonald's after someone in

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Speaker 4: McDonald's recognized him from those photos that were shared by

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Speaker 4: the FBI and the NYPD. He will be in a

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Speaker 4: jail in that area for some time until he's extradited

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Speaker 4: to New York.

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Speaker 2: And talking about that McDonald's in Altoona, there's been a

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Speaker 2: lot of online throttling against that franchise after Mangioni was

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Speaker 2: caught there. This really seems to have sparked something on

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Speaker 2: social media.

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Speaker 4: Miles. Yeah, you know, the really strange thing is that

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Speaker 4: this is a guy who is anti capitalism, and he's

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Speaker 4: caught in McDonald's and and this is a guy who's

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Speaker 4: anti capitalism. But you know, the first pictures we got

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Speaker 4: of him were from a Starbucks, right, two of the

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Speaker 4: biggest companies definitely by a market cap. You know, we

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Speaker 4: have seen some of what he's written in as manifesto,

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Speaker 4: and it is clearly against capitalism. And he specifically calls

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Speaker 4: out United Healthcare and so you know, there have been

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Speaker 4: people online who you know, have been talking about issues

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Speaker 4: with the healthcare system. But certainly no one can be

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Speaker 4: supportive of violence against a company's CEO based off of

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Speaker 4: issues that they had with the healthcare system. And you

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Speaker 4: heard that from Josh Shapiro that this is not the

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Speaker 4: way we deal with things in this country.

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Speaker 2: So the suspect, Manngioni, as you said, is going to

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Speaker 2: be held in Pennsylvania for several days, walk us through

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Speaker 2: the extradition process back to New York.

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Speaker 4: How's this going to work? Yeah, So there are two

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Speaker 4: ways that extradition happens. The first way is that the

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Speaker 4: suspect can waive extradition. If he waves extradiction, he could

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Speaker 4: be back in New York in a few short days.

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Speaker 4: Now if he fights extradition, it'll take about thirty to

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Speaker 4: forty five days to get him here. Usually that process

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Speaker 4: happens with a judge. You know, Jos Shapiro was at

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Speaker 4: the Pennsylvania governor was at that press conference. Usually they

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Speaker 4: do what's called the governor's warrant and the two governors,

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Speaker 4: Kathy Holkal and Jos Shapiro, will talk, they'll send some paperwork,

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Speaker 4: and he'll be forced to come here. We haven't gotten

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Speaker 4: any indication anyway or the other, but yeah, if he

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Speaker 4: contests that, it'll take more than a month to file

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Speaker 4: just to file the paperwork to get him to New York.

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Speaker 2: So in our last thirty seconds, are we expecting much

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Speaker 2: to happen over the next several hours?

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Speaker 4: In this case, I think we'll expect the NYPD to

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Speaker 4: start getting more details about his background. You know, we

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Speaker 4: learned that he left that bus terminal in New York,

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Speaker 4: went to pens to Pennsylvania, first Aphilia, then to Pittsburgh,

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Speaker 4: and so we'll find that what happened along the way,

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Speaker 4: did he stop anywhere, who did he interact with, what

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Speaker 4: did he do? They'll search his home in Baltimore, where

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Speaker 4: he had lived with his parents, at one point, they'll

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Speaker 4: search his home in Hawaii. They'll talk with friends all

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Speaker 4: of it to sort of get in his mind and see,

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Speaker 4: you know what led him to do this.

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Speaker 2: Thanks for the smiles. Great having you with us this morning.

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Speaker 2: Miles Miller of Bloomberg News the latest on the apprehension

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Speaker 2: of the suspect in United Healthcare CEO Brian Thompson's killing

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Speaker 2: in Mintown, Manhattan last week.

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Speaker 1: Karen Nathan, we want to bring you now to London

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Speaker 1: for Bloomberg's inaugur El Women, Money and Power event. We're

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Speaker 1: speaking to influential female voices and global finance and technology

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Speaker 1: who are navigating change and disruption across various industries. This morning,

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Speaker 1: Bloomberg's Francy and Lockwaw sat down with Franklin Templeton president

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Speaker 1: and CEO Jenny Johnson. They started their conversation discussing private credit.

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Speaker 11: Let's listen in.

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Speaker 14: Thanks really want to preserve their capital for their biggest

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Speaker 14: and best clients, and so it created this opportunity for

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Speaker 14: private credit to step in. I think that honestly, low

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Speaker 14: interest rates were probably one of the things that fueled

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Speaker 14: private equity, but also a bit of the environment where

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Speaker 14: I think less and less people want less and less

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Speaker 14: companies want to go public. And I don't think that

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Speaker 14: trend changes. I don't think. I don't think there's a

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Speaker 14: lot of people going, boy, I'd really like to be

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Speaker 14: a public company CEO these days. And I think in

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Speaker 14: a time where you have all these great technological advances

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Speaker 14: like AI, where companies need to invest in the technology

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Speaker 14: that may not pay off for years, it's really hard

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Speaker 14: with the pressure of courtingly earnings, and so in some

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Speaker 14: cases transforming a company ends up being better in the

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Speaker 14: structure of private equity. So I think like that trend

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Speaker 14: is here. I think I'm a big fan of blockchain.

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Speaker 14: I think that's going to open up new investment opportunities

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Speaker 14: and kind of interesting things. I always say that eventually

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Speaker 14: your financial advisors to report your portfolio in three ways.

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Speaker 14: They're going to say, here's your investment return, here's the

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Speaker 14: impact you have, and by the way, here the loyalty

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Speaker 14: programs that you've gotten from your tokenized equity ownership that

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Speaker 14: have now tied loyalty programs to it. So that's where

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Speaker 14: I think things ultimately evolve.

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Speaker 15: So on blockchain and bitcoin, does that change significantly under

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Speaker 15: a trumpe administration.

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Speaker 11: Oh for sure.

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Speaker 14: And again I always make sure you separate bitcoin from blockchain.

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Speaker 11: Okay, bitcoin different deal.

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Speaker 14: And you know, I was a skeptic of it initially,

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Speaker 14: but a couple things people said to me. One somebody

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Speaker 14: who lived in Israel said, my parents and grandparents had

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Speaker 14: their money taken away by the government. They will always

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Speaker 14: keep a portion of their savings in bitcoin. And then

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Speaker 14: I had actually an employee who lived in the Middle

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Speaker 14: East and said, if I say the wrong thing, I

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Speaker 14: can have my accounts frozen. So I always keep a

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Speaker 14: percentage of my earnings in bitcoin. And obviously in the

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Speaker 14: kind of key they can keep it protected. So if

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Speaker 14: you grow up in a society where you feel your

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Speaker 14: money safe, you think that doesn't make any sense and

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Speaker 14: why should this external currency come in. But if you

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Speaker 14: actually think that there's a lot of the world that

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Speaker 14: would like that safety and control, you can see where

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Speaker 14: bitcoin has a lot opportunity.

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Speaker 11: And then blockchanges.

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Speaker 14: Again, it's a technology, it's a technology. It's going to

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Speaker 14: do a lot of really good things. In financial services.

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Speaker 14: A lot of toll takers take a piece of a

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Speaker 14: transaction that can eliminate it, and so it's going to

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Speaker 14: create more efficiencies, it's going to open up investment opportunities.

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Speaker 15: Jenny, Do you think that there'll be a catalyst for

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Speaker 15: companies to want to go public again or is it

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Speaker 15: just private all the way? Is this, you know, the

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Speaker 15: trend for the next five ten years.

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Speaker 14: So I actually think it used to be you go venture,

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Speaker 14: private equity, IPO, public markets. I actually think so. I

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Speaker 14: think that stays, and we see it where people are

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Speaker 14: just waiting a lot longer going to go public. But

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Speaker 14: at some point people want that liquidity and monetize it,

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Speaker 14: and the private markets aren't yet that liquid There's some amount,

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Speaker 14: But I actually think what you're starting to see is

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Speaker 14: public companies being taken private because we invest in a

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Speaker 14: company investment and they have three trillion dollars in assets

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Speaker 14: by financial advisor platform, right, they need to invest in it.

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Speaker 14: It is hard as a public company to make those

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Speaker 14: kind of investments and say to the street, hey, by

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Speaker 14: the way, this is going to impact earnings for the

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Speaker 14: next eighteen months. So they become private, right, And so

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Speaker 14: they were taken private by bank capital and then they'll

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Speaker 14: go public, I think again, So I think there's going

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Speaker 14: to be this new cycle of pulling people off doing

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Speaker 14: the investment that needs to happen, whether it's AI investments

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Speaker 14: or whatever, and then going public again.

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Speaker 15: But do you have a concern on valuations in private markets?

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Speaker 15: I mean this comes over and over again, but we

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Speaker 15: haven't really seen anything. Maybe real estate wan a bit ugly,

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Speaker 15: but there's nothing huge.

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Speaker 14: Yeah, I mean I actually one of the concerns, you know,

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Speaker 14: investment grade and even some non investment grade of private

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Speaker 14: credit is trading at the same spreads as traditional fixed income,

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Speaker 14: Like you get no premium for I liquidity. That worries me,

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Speaker 14: that kind of thing I think. I mean, fixed income

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Speaker 14: markets are price for perfection at the moment, so you know,

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Speaker 14: you always have to pick your spots. There's we have

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Speaker 14: a huge secondaries business. I think that they've deployed this

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Speaker 14: current fund with about twenty six percent average discount, has

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Speaker 14: been seventy percent deployed. And you know what I say

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Speaker 14: is it's not that the valuations are wrong of the

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Speaker 14: private equity. It's that there's not a lot of supply

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Speaker 14: to create liquidity in that market because there's not a

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Speaker 14: lot of secondaries. But that gives you a little bit

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Speaker 14: of a pricing element.

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438
00:23:19,200 --> 00:23:20,679
Speaker 2: here on Bloomberg Daybreak