1 00:00:02,640 --> 00:00:05,320 Speaker 1: Welcome to the Bloomberg Penel podcast. I'm Paul swing you 2 00:00:05,360 --> 00:00:07,680 Speaker 1: along with my co host Lisa Brahma Waits. Each day 3 00:00:07,720 --> 00:00:10,240 Speaker 1: we bring you the most noteworthy and useful interviews for 4 00:00:10,280 --> 00:00:12,520 Speaker 1: you and your money, whether at the grocery store or 5 00:00:12,560 --> 00:00:15,480 Speaker 1: the trading floor. Find a Bloomberg Penl podcast on Apple 6 00:00:15,520 --> 00:00:17,960 Speaker 1: podcast or wherever you listen to podcasts, as well as 7 00:00:17,960 --> 00:00:23,680 Speaker 1: at Bloomberg dot com. Right now, let's turn to Maria today. 8 00:00:23,720 --> 00:00:25,720 Speaker 1: Oh she is an E. M. E. A reporter for 9 00:00:26,320 --> 00:00:28,880 Speaker 1: Bloomberg News and Bloomberg Television. She joins us on the 10 00:00:28,920 --> 00:00:31,760 Speaker 1: phone from Brussels. Maria, thank you so much for joining us. 11 00:00:31,800 --> 00:00:33,720 Speaker 1: Give us your thoughts on what we heard from uh 12 00:00:34,680 --> 00:00:38,760 Speaker 1: speaker bark How this morning. That's right, So essentially there 13 00:00:38,840 --> 00:00:40,919 Speaker 1: was a lot of hype build into this, but I 14 00:00:40,960 --> 00:00:44,240 Speaker 1: think it's not been surprising that he's decided the vote 15 00:00:44,240 --> 00:00:46,600 Speaker 1: cannot happen today, just purely on the basis that is 16 00:00:46,680 --> 00:00:50,440 Speaker 1: so similar to what was presented and delayed on Saturday, 17 00:00:50,440 --> 00:00:53,280 Speaker 1: and therefore there is no meaningful vote today, which, to 18 00:00:53,360 --> 00:00:55,840 Speaker 1: kind of distripboy the jargon, it basically means the Brexit 19 00:00:55,880 --> 00:00:58,720 Speaker 1: deal which was agreed between the UK and the EU 20 00:00:59,280 --> 00:01:02,920 Speaker 1: last week Thursday, after a very long, very difficult negotiation, 21 00:01:03,040 --> 00:01:06,240 Speaker 1: cannot be voted today. And of course the tricky bit 22 00:01:06,319 --> 00:01:08,960 Speaker 1: on this is that that deal between the EU and 23 00:01:09,000 --> 00:01:12,400 Speaker 1: the UK is worth nothing unless it can clear the 24 00:01:12,440 --> 00:01:15,200 Speaker 1: House of Commons. We've been here before many times, It's 25 00:01:15,240 --> 00:01:18,479 Speaker 1: been rejected many times. And the issue here, of course 26 00:01:18,560 --> 00:01:21,000 Speaker 1: is that we're running up against a very hard deadline, 27 00:01:21,000 --> 00:01:23,920 Speaker 1: which is thirty one for the UK to crash out 28 00:01:23,959 --> 00:01:29,400 Speaker 1: without a deal. Indeed, this does seem like the expected outcome, 29 00:01:29,560 --> 00:01:35,360 Speaker 1: as the pound is now basically unchanged from before the vote. 30 00:01:35,400 --> 00:01:38,080 Speaker 1: So I guess that Maria, what will it take for 31 00:01:38,440 --> 00:01:41,000 Speaker 1: markets to be surprised here? Because it seems to be 32 00:01:41,680 --> 00:01:45,040 Speaker 1: baked in that Parliament will debate this, some people might 33 00:01:45,120 --> 00:01:47,760 Speaker 1: raise a couple issues, it might get tweaked, and then 34 00:01:47,800 --> 00:01:51,400 Speaker 1: people will vote and it will go through as planned exactly. 35 00:01:51,400 --> 00:01:53,040 Speaker 1: And I think there's a number of things, um that 36 00:01:53,080 --> 00:01:56,320 Speaker 1: are being priced in and to sterling now. And based 37 00:01:56,360 --> 00:01:59,200 Speaker 1: on the analysts that I've spoken to today, they point 38 00:01:59,200 --> 00:02:00,880 Speaker 1: to two things. And want is the fact that it 39 00:02:00,960 --> 00:02:03,560 Speaker 1: does seem that the Prime Minister UH may not have 40 00:02:03,640 --> 00:02:05,680 Speaker 1: the votes he needs now, but they do feel he 41 00:02:05,760 --> 00:02:08,400 Speaker 1: will get them at one point, So this is the 42 00:02:08,400 --> 00:02:11,120 Speaker 1: closest we've actually ever been to the deal passing. And 43 00:02:11,160 --> 00:02:14,320 Speaker 1: then the other issue, which is also very apparent now 44 00:02:14,440 --> 00:02:15,919 Speaker 1: is the fact that the threat of a no deal 45 00:02:16,000 --> 00:02:21,240 Speaker 1: brexit also seems very unlikely because the Europeans could deny time, 46 00:02:21,400 --> 00:02:23,919 Speaker 1: they could deny an extension, and principle they all have 47 00:02:23,960 --> 00:02:25,720 Speaker 1: to agree to it, and if they didn't want to, 48 00:02:25,800 --> 00:02:27,600 Speaker 1: they would say, well, I'm sorry, but you don't get 49 00:02:27,600 --> 00:02:29,960 Speaker 1: more time and you crash out. But the reality is, 50 00:02:30,040 --> 00:02:32,560 Speaker 1: when you look at every single European summit that we've 51 00:02:32,560 --> 00:02:35,280 Speaker 1: covered every time we've been here, the Europeans don't want 52 00:02:35,280 --> 00:02:37,000 Speaker 1: to be blamed for a no deal breakfit. They don't 53 00:02:37,000 --> 00:02:39,320 Speaker 1: want to push a prime minister who's close to perhaps 54 00:02:39,320 --> 00:02:43,760 Speaker 1: getting this deal and force everyone into a chaotic exit 55 00:02:43,880 --> 00:02:46,320 Speaker 1: from the EU. They Alvays said the best way to 56 00:02:46,400 --> 00:02:48,680 Speaker 1: leave is with a deal. So the market is looking 57 00:02:48,720 --> 00:02:50,959 Speaker 1: at those two things. The prime minister that is edge 58 00:02:50,960 --> 00:02:53,920 Speaker 1: and closer to winning the vote, even if it was 59 00:02:54,000 --> 00:02:56,400 Speaker 1: delayed on Saturday, is then delayed again today, but also 60 00:02:56,440 --> 00:02:58,680 Speaker 1: the fact that the EU will probably give more time 61 00:02:58,680 --> 00:03:01,280 Speaker 1: and they don't want to go no deal either. So Marian, 62 00:03:01,360 --> 00:03:04,160 Speaker 1: what we did not get a vote today, clearly, Um, 63 00:03:04,240 --> 00:03:06,440 Speaker 1: what our next steps would you say over the next 64 00:03:06,480 --> 00:03:10,160 Speaker 1: several days. Well, there's a huge bill that the government 65 00:03:10,320 --> 00:03:12,760 Speaker 1: needs to put forward, which is all the legislation going 66 00:03:12,840 --> 00:03:16,880 Speaker 1: into Brexit, and then's also a possibility for other MPs 67 00:03:16,919 --> 00:03:19,680 Speaker 1: to try to amend that deal, and that's perhaps when 68 00:03:19,680 --> 00:03:21,640 Speaker 1: it gets difficult for the government because one of the 69 00:03:21,639 --> 00:03:24,760 Speaker 1: things that the poor Johnson said is that he does 70 00:03:24,800 --> 00:03:26,960 Speaker 1: not want to be put in a position where his 71 00:03:27,040 --> 00:03:31,440 Speaker 1: deal gets amended so many times that it becomes meaningless. 72 00:03:31,480 --> 00:03:34,560 Speaker 1: So that is perhaps a source of tension there. And 73 00:03:34,560 --> 00:03:36,600 Speaker 1: of course we also know that he's trying to push 74 00:03:36,920 --> 00:03:40,080 Speaker 1: for a general election, and that is again another factor 75 00:03:40,120 --> 00:03:42,040 Speaker 1: that the market has priced in and to stern, which 76 00:03:42,080 --> 00:03:43,560 Speaker 1: is the fact that if we do go to a 77 00:03:43,600 --> 00:03:46,640 Speaker 1: new election, although the situation is very volatile, the polls 78 00:03:46,680 --> 00:03:49,360 Speaker 1: would suggest that he would increase his majority and that 79 00:03:49,400 --> 00:03:52,920 Speaker 1: makes passing anything much more easy. So I want to 80 00:03:52,920 --> 00:03:56,320 Speaker 1: talk about the theatrics of this, because John Burco is 81 00:03:56,400 --> 00:03:58,960 Speaker 1: a genius when it comes to the theatrics. His voice 82 00:03:59,040 --> 00:04:01,960 Speaker 1: absolutely has the inflections. I loved how right before he 83 00:04:02,040 --> 00:04:06,800 Speaker 1: made the decision, he paused, he castigated someone for for 84 00:04:06,800 --> 00:04:09,280 Speaker 1: for for for delaying him, but he paused, and he 85 00:04:09,360 --> 00:04:12,640 Speaker 1: you know, really laid it out. Uh and and you 86 00:04:12,680 --> 00:04:16,120 Speaker 1: know with perfect timing. How how has this sort of 87 00:04:16,200 --> 00:04:19,880 Speaker 1: event risen him in a way that he hadn't previously 88 00:04:20,440 --> 00:04:23,880 Speaker 1: been I mean, who is John Burko? I mean he 89 00:04:23,880 --> 00:04:27,440 Speaker 1: he has definitely become a star and and and everyone 90 00:04:27,480 --> 00:04:29,120 Speaker 1: knows who this man is. But also I think the 91 00:04:29,160 --> 00:04:32,560 Speaker 1: fact that he has become so well known has also 92 00:04:32,560 --> 00:04:33,960 Speaker 1: put him on the spot. And there is a lot 93 00:04:34,000 --> 00:04:37,240 Speaker 1: of criticism in terms of what is driving his decisions 94 00:04:37,279 --> 00:04:39,880 Speaker 1: and his motivations. And I'm sure you know just as 95 00:04:39,920 --> 00:04:42,080 Speaker 1: well as I do that in many occasions he has 96 00:04:42,120 --> 00:04:46,480 Speaker 1: been criticized for being seen as to remaining is allowing 97 00:04:47,000 --> 00:04:51,159 Speaker 1: the remaining side of the parliament. You should, by the way, 98 00:04:51,320 --> 00:04:55,440 Speaker 1: you should trademark that remaining but go on. But um 99 00:04:55,520 --> 00:04:57,520 Speaker 1: and and that has become an istion and and it's 100 00:04:57,560 --> 00:05:00,200 Speaker 1: and it's obviously an obstacle today for the premise to 101 00:05:00,279 --> 00:05:03,400 Speaker 1: put this vote um quickly to vote, which he wants 102 00:05:03,440 --> 00:05:05,400 Speaker 1: to do. But it was also an issue for the 103 00:05:05,560 --> 00:05:07,359 Speaker 1: reason may And you're right, there's a lot of optics. 104 00:05:07,360 --> 00:05:09,960 Speaker 1: There's a lot of theatrical moves that we see and 105 00:05:10,000 --> 00:05:13,000 Speaker 1: we saw also a lot of UM optics on Saturday 106 00:05:13,080 --> 00:05:15,400 Speaker 1: when the Prime Minister sent out three letters which essentially 107 00:05:15,400 --> 00:05:18,440 Speaker 1: contradicted each other to the EU, one of which he 108 00:05:18,480 --> 00:05:20,640 Speaker 1: asked for more time than another one which he said 109 00:05:20,839 --> 00:05:22,800 Speaker 1: I actually don't want more time, and then a third 110 00:05:22,800 --> 00:05:25,080 Speaker 1: one in which he said if I do get an extension, 111 00:05:25,080 --> 00:05:27,560 Speaker 1: it's going to be bad for us both. So I 112 00:05:27,560 --> 00:05:29,760 Speaker 1: think we're used to this, and what it highlights is 113 00:05:29,839 --> 00:05:32,320 Speaker 1: aid this is still a country is very divided, but 114 00:05:32,440 --> 00:05:35,440 Speaker 1: to h there's many scenars that could still play out, 115 00:05:35,480 --> 00:05:37,760 Speaker 1: and of course you have the the the general alection, 116 00:05:37,800 --> 00:05:39,920 Speaker 1: which is still very much looming on everyone. So everyone 117 00:05:39,920 --> 00:05:42,479 Speaker 1: wants to be seen as fighting for something and for 118 00:05:42,520 --> 00:05:45,039 Speaker 1: the EU. I guess at this point, after three years 119 00:05:45,040 --> 00:05:46,880 Speaker 1: of a lot of back and forth, they're just not 120 00:05:46,920 --> 00:05:49,200 Speaker 1: surprised by any of this anymore. They do think that 121 00:05:49,240 --> 00:05:52,520 Speaker 1: this is almost a country that has become so difficult 122 00:05:52,560 --> 00:05:54,960 Speaker 1: to read and there is no clarity coming out of 123 00:05:55,480 --> 00:05:59,039 Speaker 1: UM the Parliament. Which is interesting for for the EU side, however, 124 00:05:59,240 --> 00:06:02,240 Speaker 1: is that the perception around Brexit has really changed. At 125 00:06:02,240 --> 00:06:04,320 Speaker 1: the start of the year, you could hear many voices 126 00:06:04,360 --> 00:06:07,239 Speaker 1: is still felt Brexit could be undone who's still pushed 127 00:06:07,240 --> 00:06:09,880 Speaker 1: for a second referendum. But at this point you do 128 00:06:09,960 --> 00:06:11,760 Speaker 1: get a sense that the Europeans just want to get 129 00:06:11,760 --> 00:06:14,599 Speaker 1: it done with, especially because there is a new Commission, 130 00:06:14,839 --> 00:06:18,159 Speaker 1: there is a different set of priorities and in a 131 00:06:18,200 --> 00:06:20,640 Speaker 1: different agenda, and they feel like right now is probably 132 00:06:20,680 --> 00:06:23,600 Speaker 1: the time to move on. All right, Finally, Maria, just quickly, 133 00:06:24,120 --> 00:06:26,159 Speaker 1: is a couple thirty one a real date or do 134 00:06:26,200 --> 00:06:28,640 Speaker 1: you think there will be an extension beyond that? Well, 135 00:06:28,680 --> 00:06:30,440 Speaker 1: the truth is when you look at Brexit, all of 136 00:06:30,480 --> 00:06:34,520 Speaker 1: these UH deadlines have become completely meaningless. They every time 137 00:06:34,520 --> 00:06:36,680 Speaker 1: we've been in a make or break moment, there's been 138 00:06:36,720 --> 00:06:39,040 Speaker 1: more time. Granted, if you look at the legislation now 139 00:06:39,040 --> 00:06:41,599 Speaker 1: and if you look at the UK law, well, the 140 00:06:41,680 --> 00:06:44,640 Speaker 1: UK would crash out without a deal in a week's 141 00:06:44,640 --> 00:06:47,760 Speaker 1: time if it doesn't get that extension. The question is, 142 00:06:47,800 --> 00:06:50,080 Speaker 1: with that extension, which has now been asked, would it 143 00:06:50,120 --> 00:06:53,000 Speaker 1: would that be rejected by the Europeans. Well, you heard 144 00:06:53,000 --> 00:06:54,920 Speaker 1: from Eminuel Macron and Jean Call do you occur the 145 00:06:54,960 --> 00:06:56,920 Speaker 1: head of the European Commission last week that they do 146 00:06:56,960 --> 00:06:59,200 Speaker 1: not see a need for more time because there is 147 00:06:59,240 --> 00:07:01,880 Speaker 1: a new deal that We're for everyone, but the reality 148 00:07:02,040 --> 00:07:04,440 Speaker 1: is if you don't give more time, the UK would 149 00:07:04,440 --> 00:07:07,520 Speaker 1: crash out, and that's something that nobody wants. I guess 150 00:07:07,560 --> 00:07:10,600 Speaker 1: the debate is around the length of the extension. Do 151 00:07:10,720 --> 00:07:12,920 Speaker 1: you just go for a short technical extension and the 152 00:07:12,960 --> 00:07:15,840 Speaker 1: hope that that can focus everyone's minds and get the 153 00:07:15,920 --> 00:07:18,360 Speaker 1: legislation you need in order to leave, or do you 154 00:07:18,400 --> 00:07:20,680 Speaker 1: actually go, well, you know, we need more time, and 155 00:07:20,720 --> 00:07:23,440 Speaker 1: then that opens many other scenarios, which, as you know, 156 00:07:23,560 --> 00:07:26,560 Speaker 1: the vote, the people's vote, second referendum and so on. 157 00:07:26,680 --> 00:07:28,440 Speaker 1: But it's tricker for the Europeans because they do not 158 00:07:28,560 --> 00:07:31,760 Speaker 1: want to be seen as interfering in the politics. Maria today, 159 00:07:31,760 --> 00:07:33,240 Speaker 1: I thank you so much for joining us, and you're 160 00:07:33,360 --> 00:07:35,560 Speaker 1: very busy in Brussels right now with all that's going on. 161 00:07:35,680 --> 00:07:39,480 Speaker 1: Thank you so much. Maria covers the Europe for Bloomberg 162 00:07:39,520 --> 00:07:41,840 Speaker 1: Television and Bloomberg News. She joins us on the phone 163 00:07:41,880 --> 00:08:00,240 Speaker 1: from Brussels. Well, it looks like the US and miner 164 00:08:00,320 --> 00:08:04,320 Speaker 1: are making some headway on what is being coined Phase 165 00:08:04,520 --> 00:08:07,760 Speaker 1: one type of trade deal. To get the latest we 166 00:08:07,760 --> 00:08:12,080 Speaker 1: welcome Troy Gaski, Partner co Chief Investment Officer, Senior Portfolio 167 00:08:12,120 --> 00:08:16,640 Speaker 1: manager at Skybridge. So Troy again, it looks like there 168 00:08:16,680 --> 00:08:19,559 Speaker 1: is sub movement. We're having trade delegations go back and forth. 169 00:08:19,880 --> 00:08:22,880 Speaker 1: What is your sense of how the US China trade 170 00:08:22,920 --> 00:08:26,600 Speaker 1: negotiations are going right now? Well, the good news is 171 00:08:26,640 --> 00:08:28,600 Speaker 1: it looks like there's at least a short term to 172 00:08:28,680 --> 00:08:31,640 Speaker 1: ton and that was really being priced into market. So 173 00:08:31,680 --> 00:08:34,760 Speaker 1: a week ago, in terms of the left tail, the 174 00:08:34,840 --> 00:08:38,760 Speaker 1: probability of escalation or a significantly negative outcome went down 175 00:08:38,800 --> 00:08:41,439 Speaker 1: and that's why I saw markets rally because we think 176 00:08:41,480 --> 00:08:43,960 Speaker 1: what's going on here is markets are trying to focus 177 00:08:44,000 --> 00:08:47,440 Speaker 1: on the fact that both for the US and China 178 00:08:47,600 --> 00:08:50,920 Speaker 1: UH clearly they're both interested in having some type of 179 00:08:51,400 --> 00:08:54,440 Speaker 1: uh lack of deterioration and at least a face saving 180 00:08:54,480 --> 00:08:57,760 Speaker 1: deal focused on agriculture and energy and then pushing back 181 00:08:57,800 --> 00:09:00,520 Speaker 1: the thornier issues of IP STAFT and s SO support 182 00:09:00,559 --> 00:09:03,520 Speaker 1: into the post election and so we don't think the 183 00:09:03,840 --> 00:09:08,520 Speaker 1: coast is necessarily clear, but the probability of dramatic escalation 184 00:09:08,559 --> 00:09:11,280 Speaker 1: has gone down significantly, which we think has led to 185 00:09:11,360 --> 00:09:13,760 Speaker 1: the rallying markets late last week. Are you buying or 186 00:09:13,800 --> 00:09:17,760 Speaker 1: selling anything based on that development? Well, yeah, so from 187 00:09:17,800 --> 00:09:21,560 Speaker 1: our perspective on the margin. You know, a trade reconciliation 188 00:09:21,640 --> 00:09:23,960 Speaker 1: or at least lack of escalation should lead to a 189 00:09:24,080 --> 00:09:26,520 Speaker 1: steeper yel curve, which should lead to better NIM, which 190 00:09:26,520 --> 00:09:29,560 Speaker 1: should lead to better bank credit quality. So we have 191 00:09:29,600 --> 00:09:32,719 Speaker 1: a significant exposure in regional community bank credit. And when 192 00:09:32,720 --> 00:09:35,440 Speaker 1: we're looking into next year, a lot of the focus 193 00:09:35,440 --> 00:09:37,719 Speaker 1: on the outcome will be do interest rates continue to 194 00:09:37,800 --> 00:09:40,880 Speaker 1: drop or to at least stabilize here And so certainly 195 00:09:41,000 --> 00:09:44,880 Speaker 1: a right tail outcome or at least less escalation will 196 00:09:44,960 --> 00:09:48,400 Speaker 1: lead to better growth, better earnings, better NIM, which means 197 00:09:48,400 --> 00:09:51,000 Speaker 1: will more than likely continue to run those exposures as 198 00:09:51,000 --> 00:09:55,280 Speaker 1: opposed to cutting them. So try from the perspective of China, 199 00:09:55,320 --> 00:09:58,040 Speaker 1: what do you think the calculus is for China right now? 200 00:09:58,120 --> 00:10:00,280 Speaker 1: That seems like, you know, we were close to a 201 00:10:00,280 --> 00:10:02,480 Speaker 1: deal earlier in the year that might have had a 202 00:10:02,480 --> 00:10:05,160 Speaker 1: little bit of meat on the bone, but now both 203 00:10:05,160 --> 00:10:06,800 Speaker 1: sides seem to have pulled back. You think that they 204 00:10:06,800 --> 00:10:09,079 Speaker 1: are let's do a deal now, even if it's a 205 00:10:09,200 --> 00:10:13,760 Speaker 1: light deal, or let's just push it. Well, look from 206 00:10:13,800 --> 00:10:16,240 Speaker 1: there's two calculus, right, There's the Trump calculus and the 207 00:10:16,320 --> 00:10:20,000 Speaker 1: China perspective, right, and you know, as time has gone on. 208 00:10:20,960 --> 00:10:23,400 Speaker 1: We think it's become clear and clear to China that, 209 00:10:24,120 --> 00:10:27,280 Speaker 1: you know, if Trump loses reelection, right then they're gonna 210 00:10:27,280 --> 00:10:30,160 Speaker 1: have to deal with Warren, Pelosi and Schumer, who are 211 00:10:30,200 --> 00:10:32,720 Speaker 1: far more hawkish on China than even Trump. And to 212 00:10:32,800 --> 00:10:35,920 Speaker 1: give Pelosi and Humor credit their entire political careers, they've 213 00:10:35,920 --> 00:10:38,520 Speaker 1: been hawkish on China in terms of trade and the 214 00:10:38,520 --> 00:10:41,600 Speaker 1: impact on the middle of the working class. And now 215 00:10:41,880 --> 00:10:44,880 Speaker 1: you know, there's basically a non elite bipartisan consensus that 216 00:10:44,960 --> 00:10:47,120 Speaker 1: China has to be addressed. It's one of the few 217 00:10:47,120 --> 00:10:50,320 Speaker 1: areas of bipartisan consensus that we see, you know, whether 218 00:10:50,360 --> 00:10:53,319 Speaker 1: you're in the Bay Area of California or in the Midwest, 219 00:10:54,040 --> 00:10:57,280 Speaker 1: um and that China has to be addressed. So as 220 00:10:57,360 --> 00:11:01,680 Speaker 1: China's economy continues to deteriorate in the contract election, you know, 221 00:11:01,920 --> 00:11:04,640 Speaker 1: start to come into sharp relief, it's become more apparent, 222 00:11:04,679 --> 00:11:06,920 Speaker 1: we think, to China that's in their best interests to 223 00:11:07,000 --> 00:11:10,040 Speaker 1: de escalate the conflicts sooner rather than later. That doesn't 224 00:11:10,040 --> 00:11:12,480 Speaker 1: mean we have a sweeping agreement on s o E 225 00:11:12,600 --> 00:11:15,880 Speaker 1: support and I p SF, but it seemed like earlier 226 00:11:15,880 --> 00:11:17,680 Speaker 1: in the year they were willing to roll the dice 227 00:11:17,840 --> 00:11:21,200 Speaker 1: that if enough pain was inflicted on the U. S economy, 228 00:11:21,240 --> 00:11:24,600 Speaker 1: particularly the farm belt and the rust belt, that would 229 00:11:24,640 --> 00:11:28,520 Speaker 1: cause Trump in the American political system to capitulate. But 230 00:11:28,600 --> 00:11:31,360 Speaker 1: as time's gone on, they're realizing that what lurks around 231 00:11:31,400 --> 00:11:34,520 Speaker 1: the corner maybe a more severe confrontation if the folks 232 00:11:34,600 --> 00:11:38,800 Speaker 1: like Marco Rubio or Elizabeth Warren or Human Pelosi are 233 00:11:38,880 --> 00:11:42,360 Speaker 1: driving the policy discussions. So one thing that you knowed 234 00:11:42,640 --> 00:11:46,160 Speaker 1: is that just simply a Phase one kind of deal 235 00:11:46,679 --> 00:11:49,920 Speaker 1: that de escalates isn't really enough at this point to 236 00:11:50,320 --> 00:11:52,880 Speaker 1: undo some of the damage of the uncertainty that we've 237 00:11:52,920 --> 00:11:56,680 Speaker 1: seen around trade. What would it take to reverse some 238 00:11:56,800 --> 00:12:00,319 Speaker 1: of the economic damage that you see being in lected 239 00:12:00,360 --> 00:12:04,440 Speaker 1: by how long the trade scribblers has carried been carried out? Yeah, 240 00:12:04,440 --> 00:12:05,880 Speaker 1: I think it's at this point it's going to be 241 00:12:05,920 --> 00:12:08,920 Speaker 1: more comprehensive. So we need phase one right where at 242 00:12:08,960 --> 00:12:12,840 Speaker 1: least you addressed the trade balance in ways that have 243 00:12:13,040 --> 00:12:16,040 Speaker 1: teeth that markets can actually analyze. It's not some vague 244 00:12:16,040 --> 00:12:18,520 Speaker 1: promise coming out of a White House meeting. And then 245 00:12:18,559 --> 00:12:21,560 Speaker 1: you need to see some contours of how whether it's 246 00:12:21,960 --> 00:12:25,280 Speaker 1: reconciliation panels or some type of w T O in 247 00:12:25,280 --> 00:12:28,000 Speaker 1: internal w t O mechanism, meaning it would be outside 248 00:12:28,000 --> 00:12:30,080 Speaker 1: the w t O but just focused on the China 249 00:12:30,360 --> 00:12:34,880 Speaker 1: and US administration to address ongoing trade conflict. UM. And 250 00:12:34,880 --> 00:12:36,800 Speaker 1: then from there I think we would need some Brexit 251 00:12:36,840 --> 00:12:41,440 Speaker 1: resolution and then also a better understanding of how the 252 00:12:41,480 --> 00:12:45,199 Speaker 1: contours of the one policy coming out of DC will 253 00:12:45,240 --> 00:12:49,120 Speaker 1: look like. UM, So it's not just a trade reconciliation 254 00:12:49,160 --> 00:12:52,880 Speaker 1: at this point. UM, it would also be Brexit plus 255 00:12:52,920 --> 00:12:56,719 Speaker 1: some idea of policy coming from one. If we got 256 00:12:56,800 --> 00:12:59,840 Speaker 1: all three of those, which again at this stage looks unlikely, 257 00:12:59,840 --> 00:13:02,720 Speaker 1: and next month or so you could see CAPEX bounce 258 00:13:02,760 --> 00:13:05,560 Speaker 1: back up to roughly five percent, maybe three to five, 259 00:13:05,600 --> 00:13:08,480 Speaker 1: which is a healthy growth rate, certainly much better than 260 00:13:08,480 --> 00:13:11,800 Speaker 1: the contraction we're seeing today. But it's you're really hard 261 00:13:11,880 --> 00:13:14,920 Speaker 1: pressed to see what would lead to the high single 262 00:13:14,960 --> 00:13:17,640 Speaker 1: digit growth rates that we enjoyed very briefly in late 263 00:13:17,679 --> 00:13:22,400 Speaker 1: seventeen early eighteen, given the dramatic slowing a global growth. So, 264 00:13:22,880 --> 00:13:24,680 Speaker 1: you know, I think, for the time being is a 265 00:13:24,720 --> 00:13:27,360 Speaker 1: market participant. The best you can hope for us the escalation, 266 00:13:28,040 --> 00:13:32,000 Speaker 1: a gradual return of investor and CEO confidence, and then 267 00:13:32,160 --> 00:13:34,959 Speaker 1: some chance to grow it close to two percent again 268 00:13:35,280 --> 00:13:38,240 Speaker 1: over the next six to nine months. More than likely 269 00:13:38,280 --> 00:13:39,880 Speaker 1: that will be stuck in this one and a half 270 00:13:39,880 --> 00:13:43,840 Speaker 1: to two percent range for the foreseeable future. Unfortunately, Troy, 271 00:13:43,880 --> 00:13:45,679 Speaker 1: I ask you, thank you so much for being with us. 272 00:13:45,880 --> 00:13:49,560 Speaker 1: Troy Gayski is a partner, co chief investment Officer and 273 00:13:49,640 --> 00:14:10,480 Speaker 1: senior portfolio manager at Skybridge Capital. All Right, well, the 274 00:14:10,559 --> 00:14:14,920 Speaker 1: costs for the drugmakers associated with the opioid crisis are 275 00:14:14,960 --> 00:14:17,320 Speaker 1: really starting to add up. We had some more news today, 276 00:14:17,640 --> 00:14:20,080 Speaker 1: some more fines. Let's get the latest from Max Neeson, 277 00:14:20,400 --> 00:14:23,840 Speaker 1: Max's biotech, farm and healthcare calumnist for Bloomberg Opinion. Joins 278 00:14:23,920 --> 00:14:26,720 Speaker 1: us here in our Bloomberg Interactive Broker studio. So another 279 00:14:27,320 --> 00:14:30,560 Speaker 1: set of fines coming down, some litigation still out there, Max, 280 00:14:30,600 --> 00:14:33,440 Speaker 1: what's the latest year? Yeah? Absolutely, So. This was a 281 00:14:33,480 --> 00:14:37,000 Speaker 1: settlement for the three largest distributor drug distributors in the 282 00:14:37,000 --> 00:14:41,120 Speaker 1: country and have with two Ohio counties. This is the 283 00:14:41,200 --> 00:14:46,440 Speaker 1: first federal trial of you know, trying to assigned blame 284 00:14:46,520 --> 00:14:50,520 Speaker 1: and extract damages over the opioid crisis. Basically, what this 285 00:14:50,640 --> 00:14:53,360 Speaker 1: does is delay a trial that that was would have 286 00:14:53,360 --> 00:14:56,680 Speaker 1: been potentially um troublesome or or led to a large 287 00:14:56,800 --> 00:15:00,000 Speaker 1: verdict UM and and lets them work on a large 288 00:15:00,000 --> 00:15:03,040 Speaker 1: your settlement works. That's still going on, I think for 289 00:15:03,520 --> 00:15:06,320 Speaker 1: for other drug makers have already settled with these two counties. 290 00:15:06,520 --> 00:15:09,160 Speaker 1: It just sort of kicks the can so they can 291 00:15:09,200 --> 00:15:11,640 Speaker 1: try to come up with a broader resolution that you know, 292 00:15:11,680 --> 00:15:14,400 Speaker 1: there's still thousands upon thousands of these suits out there 293 00:15:14,880 --> 00:15:16,600 Speaker 1: and they still need to work that out. It seemed 294 00:15:16,640 --> 00:15:18,680 Speaker 1: like they were getting close to a deal that might 295 00:15:18,720 --> 00:15:21,280 Speaker 1: have been valued at as much as fifty billion dollars, 296 00:15:21,320 --> 00:15:23,600 Speaker 1: but UM that kind of fell apart due to apparently 297 00:15:23,640 --> 00:15:26,880 Speaker 1: some objections from from local and county governments. Do we 298 00:15:26,920 --> 00:15:29,240 Speaker 1: have a sense of how big the settlement has to 299 00:15:29,280 --> 00:15:32,240 Speaker 1: be to sort of remove the uncertainty? I mean, what 300 00:15:32,320 --> 00:15:36,800 Speaker 1: sort of the brank breakpoint of when the settlement doesn't 301 00:15:36,880 --> 00:15:40,680 Speaker 1: necessarily get received as good news by simply taking away 302 00:15:40,720 --> 00:15:44,040 Speaker 1: the uncertainty of these opioid cases. You know, I think 303 00:15:44,080 --> 00:15:46,440 Speaker 1: there's there's still a good amount of room before we 304 00:15:46,520 --> 00:15:50,560 Speaker 1: get there, just because I think UM shareholders are just 305 00:15:50,600 --> 00:15:52,920 Speaker 1: sort of so hungry for relief when it gets to 306 00:15:53,000 --> 00:15:55,120 Speaker 1: the point for some of these drug makers that have 307 00:15:55,200 --> 00:15:58,840 Speaker 1: heavy debtloads that you know, it starts to make solvency 308 00:15:58,920 --> 00:16:01,960 Speaker 1: or our meeting credit evidence a little little risky, then 309 00:16:02,000 --> 00:16:03,760 Speaker 1: then you might see a break point. But but I 310 00:16:03,800 --> 00:16:06,040 Speaker 1: think there's some wiggle room, especially when it comes to 311 00:16:06,280 --> 00:16:09,520 Speaker 1: the distributors and and uh, a company like Johnson and Johnson, 312 00:16:09,560 --> 00:16:12,560 Speaker 1: which can afford pretty much anything. I think you've got 313 00:16:12,600 --> 00:16:14,440 Speaker 1: a way to go before it would be seen as 314 00:16:14,480 --> 00:16:17,560 Speaker 1: anything but relief. So, Max, are we at this stage 315 00:16:17,560 --> 00:16:19,760 Speaker 1: now where we want to get all these thousands of 316 00:16:19,800 --> 00:16:23,280 Speaker 1: suits together, wrap them all up, and then get all 317 00:16:23,280 --> 00:16:26,160 Speaker 1: the companies that are on the hook here and then 318 00:16:26,240 --> 00:16:29,320 Speaker 1: assigned blame and get one massive global settlement. Is that 319 00:16:29,400 --> 00:16:32,240 Speaker 1: kind of the goal here? That's exactly the goal. And 320 00:16:32,240 --> 00:16:34,400 Speaker 1: and that that was sort of one of the explicit 321 00:16:34,400 --> 00:16:37,280 Speaker 1: goals of the judge that they've consolidated all of these 322 00:16:37,320 --> 00:16:40,360 Speaker 1: suits under just because you know, then you actually get 323 00:16:40,400 --> 00:16:44,000 Speaker 1: money into communities more rapidly. Um, you know, you resolve 324 00:16:44,040 --> 00:16:46,800 Speaker 1: this uncertain instead of dragging it out over you know, 325 00:16:46,960 --> 00:16:49,720 Speaker 1: years and years in many cases, which there's a lot 326 00:16:49,720 --> 00:16:53,120 Speaker 1: of variation and um generally you know, not not all 327 00:16:53,120 --> 00:16:56,120 Speaker 1: that productive for anybody involved. So that that's the hope, 328 00:16:56,120 --> 00:16:58,080 Speaker 1: and there still seems to be a chance of it happening. 329 00:16:58,280 --> 00:17:00,640 Speaker 1: It just isn't gonna come this morning, is I think 330 00:17:00,840 --> 00:17:03,760 Speaker 1: some investors were hoping, which is why you see shares 331 00:17:03,800 --> 00:17:06,360 Speaker 1: of the distributors and Inteva down today. So far, Where 332 00:17:06,400 --> 00:17:09,120 Speaker 1: is the money going? Is it going to people who 333 00:17:09,119 --> 00:17:12,520 Speaker 1: had loved ones who died or who lost productivity as 334 00:17:12,520 --> 00:17:15,399 Speaker 1: a result of addictions, or is it going to municipalities. 335 00:17:15,800 --> 00:17:19,560 Speaker 1: It generally will be going to municipalities, although you know, 336 00:17:19,600 --> 00:17:22,720 Speaker 1: it depends on the structure of the settlement. Um, all 337 00:17:22,760 --> 00:17:24,520 Speaker 1: of that still to be worked out. Well, we'll see 338 00:17:24,560 --> 00:17:27,440 Speaker 1: that in the details. Um. You know. I think that's 339 00:17:27,440 --> 00:17:30,560 Speaker 1: really the fascinating thing to think about, is what comes next? 340 00:17:30,960 --> 00:17:34,720 Speaker 1: How do you actually direct that money in a productive way? Um? 341 00:17:34,840 --> 00:17:38,720 Speaker 1: I I hope that that happens. But what what what? 342 00:17:38,720 --> 00:17:41,159 Speaker 1: What would be productive? I mean in my opinion, and 343 00:17:41,440 --> 00:17:43,760 Speaker 1: I think it would have to be coupled with some 344 00:17:43,760 --> 00:17:46,800 Speaker 1: some reforms as to how we actually spend money on 345 00:17:46,800 --> 00:17:49,479 Speaker 1: opio treatment the first place, and and a dramatic increase 346 00:17:49,520 --> 00:17:55,000 Speaker 1: in investment in making medication assisted treatment more more available. 347 00:17:55,280 --> 00:17:57,679 Speaker 1: There's sort of a stigma against it, um, you know, 348 00:17:58,240 --> 00:18:01,199 Speaker 1: because we have the sort of twelves a a based 349 00:18:01,240 --> 00:18:04,679 Speaker 1: model where it's abstinence or nothing, and there's been just 350 00:18:04,920 --> 00:18:07,800 Speaker 1: resistance communities to having things like method o clinics or 351 00:18:08,000 --> 00:18:10,840 Speaker 1: or making it really easy for doctors to to prescribe 352 00:18:10,840 --> 00:18:14,480 Speaker 1: and administer that sort of medication. But it works. UM, 353 00:18:14,520 --> 00:18:16,760 Speaker 1: that's the important thing. It's been shown over and over 354 00:18:16,800 --> 00:18:18,399 Speaker 1: again to be one of the few things. You know, 355 00:18:18,440 --> 00:18:22,240 Speaker 1: opioddiction changes your brain chemistry. You have to account for that. UM, 356 00:18:22,280 --> 00:18:24,280 Speaker 1: just going to a treatment center and and you know, 357 00:18:24,359 --> 00:18:27,160 Speaker 1: just squaring off you need medication, you need to help 358 00:18:27,200 --> 00:18:30,520 Speaker 1: in many cases and making that more available, making safe 359 00:18:30,560 --> 00:18:33,359 Speaker 1: injection sites available, these things that that are are a 360 00:18:33,400 --> 00:18:37,240 Speaker 1: little more controversial but more effective. UM. That needs to happen. 361 00:18:37,440 --> 00:18:40,840 Speaker 1: If the money goes there, then then great. But if it, UM, 362 00:18:40,880 --> 00:18:42,919 Speaker 1: if it just sort of gets wrapped up, you know, 363 00:18:42,960 --> 00:18:46,720 Speaker 1: goes to financing other things and municipalities, then it won't 364 00:18:46,720 --> 00:18:48,920 Speaker 1: be quite as effective. So we'll see Max News and 365 00:18:48,920 --> 00:18:50,840 Speaker 1: thank you so much for joining us. I'm sure we'll 366 00:18:50,840 --> 00:18:53,840 Speaker 1: be talking about this repeatedly as these cases go on. 367 00:19:06,800 --> 00:19:10,560 Speaker 1: If you've ever wanted to watch someone else watch a 368 00:19:10,640 --> 00:19:13,880 Speaker 1: movie or a show to see their reaction, this next 369 00:19:13,920 --> 00:19:16,440 Speaker 1: guest has you covered. And we're so glad to bring 370 00:19:16,440 --> 00:19:19,320 Speaker 1: in Derek Forbes chief executive officer of Stardust, which is 371 00:19:19,359 --> 00:19:21,879 Speaker 1: a very cool name I have to say here in 372 00:19:21,960 --> 00:19:24,520 Speaker 1: our interactive broker studios. Can you just start by saying 373 00:19:24,520 --> 00:19:27,600 Speaker 1: what is Stardust? Hey, guys, thanks for having me on. Yes. So, 374 00:19:27,600 --> 00:19:30,160 Speaker 1: startusts a social media app all about movies and TV 375 00:19:30,240 --> 00:19:33,560 Speaker 1: shows where you can talk about the latest episodes you've 376 00:19:33,560 --> 00:19:35,480 Speaker 1: been watching, find out what people had to say about 377 00:19:35,480 --> 00:19:37,440 Speaker 1: movies and theaters, and figure out what you want to 378 00:19:37,440 --> 00:19:40,440 Speaker 1: watch next. So who is on it gives a sense 379 00:19:40,480 --> 00:19:43,280 Speaker 1: of kind of who is on this app and who 380 00:19:43,320 --> 00:19:45,320 Speaker 1: do you want to be on this app? Yeah, so, 381 00:19:45,480 --> 00:19:47,720 Speaker 1: I guess there's a whole lot of entertainment fans on 382 00:19:47,720 --> 00:19:51,560 Speaker 1: their passionate entertainment fans that love talking about shows they've 383 00:19:51,560 --> 00:19:55,040 Speaker 1: been watching, obsessing about the latest episode. You know, think 384 00:19:55,080 --> 00:19:57,080 Speaker 1: Game of Thrones people got really into it. They like 385 00:19:57,160 --> 00:19:59,040 Speaker 1: to talk about what happened on the episode, what was 386 00:19:59,080 --> 00:20:02,239 Speaker 1: going to happen next week, predictions, theories, as well as 387 00:20:02,280 --> 00:20:05,520 Speaker 1: just hearing analysis and figuring out what they might like 388 00:20:05,560 --> 00:20:10,640 Speaker 1: to watch next. So how many people have actually downloaded 389 00:20:10,640 --> 00:20:12,720 Speaker 1: the app? Yeah, so we're around about a hundred thousand 390 00:20:12,800 --> 00:20:15,159 Speaker 1: users at the moment. It's pretty new we're really just 391 00:20:15,200 --> 00:20:17,320 Speaker 1: starting to get going with our marketing efforts now and 392 00:20:17,400 --> 00:20:19,440 Speaker 1: hoping to get that in front of a much larger audience. 393 00:20:20,000 --> 00:20:22,560 Speaker 1: And I guess that that there's sort of a flip 394 00:20:22,600 --> 00:20:25,520 Speaker 1: side to this, which is the more information you get 395 00:20:25,560 --> 00:20:29,600 Speaker 1: as to what people like, how they talk about films, 396 00:20:29,640 --> 00:20:33,720 Speaker 1: that it can be monetized, right, that data. Yeah, Well, 397 00:20:34,080 --> 00:20:36,399 Speaker 1: the whole idea of this came from hearing from a 398 00:20:36,480 --> 00:20:39,840 Speaker 1: lot of film and TV executives that every time they 399 00:20:39,840 --> 00:20:42,800 Speaker 1: come out with a new title, it's a whole exercise 400 00:20:42,880 --> 00:20:44,679 Speaker 1: to try and find an audience for that and then 401 00:20:44,720 --> 00:20:47,040 Speaker 1: reach those people to get in front of them. What 402 00:20:47,119 --> 00:20:49,960 Speaker 1: we can do with Stardust is is help connects new 403 00:20:50,000 --> 00:20:52,320 Speaker 1: titles with audiences that are actually going to really like it. 404 00:20:52,440 --> 00:20:55,160 Speaker 1: And so, yes, it's using that data, but we see 405 00:20:55,160 --> 00:20:57,040 Speaker 1: it as really benign way of using that data because 406 00:20:57,400 --> 00:20:59,879 Speaker 1: we're helping people to find content that they're going to 407 00:21:00,040 --> 00:21:03,960 Speaker 1: they like. Um. One of the new features we've just 408 00:21:04,080 --> 00:21:08,160 Speaker 1: released is really exciting. It's it uses machine learning and 409 00:21:08,400 --> 00:21:11,200 Speaker 1: based on all of your ratings of movies and TV 410 00:21:11,280 --> 00:21:13,560 Speaker 1: shows that you put in, it will give you a 411 00:21:13,600 --> 00:21:15,600 Speaker 1: set of a few titles every week that you're going 412 00:21:15,600 --> 00:21:18,639 Speaker 1: to really love watching UM and we we've found that 413 00:21:18,720 --> 00:21:21,360 Speaker 1: people have been really stoked with some of the recommendations 414 00:21:21,359 --> 00:21:24,040 Speaker 1: they've had. So how do you work with the content creators, 415 00:21:24,040 --> 00:21:27,000 Speaker 1: the TV networks, the movie studios. What's your relationship with them, 416 00:21:27,040 --> 00:21:30,120 Speaker 1: because I would think they would want to work with 417 00:21:30,200 --> 00:21:34,040 Speaker 1: you to again try to reach an audience. Absolutely. Yeah, 418 00:21:34,080 --> 00:21:36,680 Speaker 1: we have great relationships with a number of the big 419 00:21:37,040 --> 00:21:40,399 Speaker 1: studios and we're starting to work on some initiatives with 420 00:21:40,440 --> 00:21:44,199 Speaker 1: them in terms of promoting their titles into users of 421 00:21:44,200 --> 00:21:48,000 Speaker 1: the app, and then also helping to to use videos 422 00:21:48,040 --> 00:21:50,520 Speaker 1: from our app of people talking about titles to to 423 00:21:50,600 --> 00:21:53,720 Speaker 1: help promote their movies on other forms of social media 424 00:21:53,760 --> 00:21:56,360 Speaker 1: and platforms. How do you make money right now? We're 425 00:21:56,359 --> 00:22:00,119 Speaker 1: pre revenue, so we don't right now, but we have 426 00:22:00,160 --> 00:22:03,679 Speaker 1: a plan and it's going to be all about getting 427 00:22:04,000 --> 00:22:06,920 Speaker 1: titles in front of audiences and and that's very valuable 428 00:22:06,920 --> 00:22:11,800 Speaker 1: to studios to connect their UM their releases with an audience. 429 00:22:12,000 --> 00:22:16,600 Speaker 1: So we've actually seen some pushback from investors with companies 430 00:22:17,200 --> 00:22:19,919 Speaker 1: that have an idea but that don't make money yet. 431 00:22:20,200 --> 00:22:25,120 Speaker 1: How do investors handle what you're giving them? Yeah, it's 432 00:22:25,119 --> 00:22:28,080 Speaker 1: a great question, and I think with a social media 433 00:22:28,320 --> 00:22:31,560 Speaker 1: like this, it's all about the user numbers, and it's 434 00:22:31,560 --> 00:22:34,399 Speaker 1: all about how engaged those users are and how strongly 435 00:22:34,440 --> 00:22:37,040 Speaker 1: they're retained. If you have eyeballs that are regularly coming 436 00:22:37,080 --> 00:22:39,879 Speaker 1: back to an app, then there is no question that 437 00:22:39,920 --> 00:22:42,000 Speaker 1: there is value in that in terms of its ability 438 00:22:42,160 --> 00:22:48,000 Speaker 1: to draw users attention to a product. H and UM. 439 00:22:48,040 --> 00:22:49,880 Speaker 1: And I think that you know, unlike some of these 440 00:22:49,880 --> 00:22:52,359 Speaker 1: other horror stories that you've seen recently, there aren't all 441 00:22:52,359 --> 00:22:54,320 Speaker 1: of the same costs associated where you're kind of like 442 00:22:54,359 --> 00:22:57,160 Speaker 1: throwing money out the window wherever user you get, right, 443 00:22:57,200 --> 00:23:00,399 Speaker 1: So this sounds like an advertising driven model at some 444 00:23:00,520 --> 00:23:03,760 Speaker 1: point based upon audience. So that to me means you're 445 00:23:04,080 --> 00:23:06,800 Speaker 1: competing against anybody else who's trying to get eyeballs and 446 00:23:06,920 --> 00:23:10,240 Speaker 1: advertising and things like that. So you know, a Facebook 447 00:23:10,240 --> 00:23:12,199 Speaker 1: for example, or on Instagram. So how do you kind 448 00:23:12,200 --> 00:23:15,840 Speaker 1: of position your app versus maybe some of the bigger ones. Yeah, 449 00:23:16,000 --> 00:23:20,160 Speaker 1: great question. And so startus is specialized. So it's because 450 00:23:20,160 --> 00:23:22,560 Speaker 1: it's all about movies and TV. UM. It's a place 451 00:23:22,600 --> 00:23:25,560 Speaker 1: where you can go and get richer information about the 452 00:23:25,600 --> 00:23:28,280 Speaker 1: titles that you're interested in UM and connect with people 453 00:23:28,320 --> 00:23:31,560 Speaker 1: who are also interested in it and and I think 454 00:23:31,640 --> 00:23:35,000 Speaker 1: that's that's at the heart of the draw. Also, we've 455 00:23:35,040 --> 00:23:37,480 Speaker 1: done a really good job of making it anti troll. 456 00:23:37,880 --> 00:23:39,640 Speaker 1: And so if you want to go there and talk 457 00:23:39,680 --> 00:23:42,879 Speaker 1: about The Mandalorian when that show comes out in a 458 00:23:42,920 --> 00:23:46,000 Speaker 1: few weeks time, and follow it episode by episode, you 459 00:23:46,040 --> 00:23:47,399 Speaker 1: can do so in a place where you're not going 460 00:23:47,440 --> 00:23:50,719 Speaker 1: to get like attacked or have like random people posting 461 00:23:50,760 --> 00:23:53,240 Speaker 1: hateful comments. We're going to keep the conversation about the 462 00:23:53,240 --> 00:23:56,520 Speaker 1: show well. Thank you so much for being with us, 463 00:23:56,560 --> 00:23:59,680 Speaker 1: Derek Forbes, I really appreciate it. Derek Forbes, chief executive 464 00:23:59,680 --> 00:24:02,600 Speaker 1: officer of start US, twining us here in our interactive 465 00:24:02,600 --> 00:24:05,440 Speaker 1: broker Studios. Thanks for listening to the Bloomberg P and 466 00:24:05,560 --> 00:24:08,080 Speaker 1: L podcast. You can subscribe and listen to interviews at 467 00:24:08,119 --> 00:24:11,800 Speaker 1: Apple Podcasts or whatever podcast platform you prefer. I'm Paul Sweeney. 468 00:24:11,840 --> 00:24:14,600 Speaker 1: I'm on Twitter at pt Sweeney. I'm Lisa Abram Woyds. 469 00:24:14,600 --> 00:24:17,080 Speaker 1: I'm on Twitter at Lisa A. Bram Woods One. Before 470 00:24:17,080 --> 00:24:19,880 Speaker 1: the podcast, you can always catch us worldwide. I'm Bloomberg 471 00:24:19,960 --> 00:24:20,280 Speaker 1: Radio