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Speaker 1: Welcome to the Bloomberg p m L Podcast. I'm pim Fox.

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Speaker 1: Along with my co host Lisa A. Bramowitz. Each day

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Speaker 1: we bring you the most important, noteworthy, and useful interviews

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Speaker 1: for you and your money, whether you're at the grocery

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Speaker 1: store or the trading floor. Find the Bloomberg p m

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Speaker 1: L Podcast on Apple Podcasts, SoundCloud, and Bloomberg dot com. Alphabet,

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Speaker 1: the parent company of Google, reports results after the close

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Speaker 1: of trading today. To find out whether the stock is

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Speaker 1: worth buying and whether the company is worth owning, we

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Speaker 1: go to David Dietz as the founder, president and chief

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Speaker 1: Investment Strategies for Point of View Wealth Management, helping to

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Speaker 1: manage more than three d and forty million dollars. They're

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Speaker 1: based in Summit in New Jersey. David diets always a

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Speaker 1: pleasure give us your thoughts on well technology in general,

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Speaker 1: but more specifically on ALP about the parent company of Google.

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Speaker 1: You know, so Alphabet uh has one of the best

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Speaker 1: franchises on the planet. Um, they're gonna come out with

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Speaker 1: blowout results, I think. Um, you know, the question really

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Speaker 1: is too fold for investors at this point. You're based

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Speaker 1: on various metrics. It is one of the most highly

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Speaker 1: valued stocks out there, one of of course, the Fang codre.

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Speaker 1: So the question is how much future earnings has already discounted.

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Speaker 1: And then of course you've got the political developments here. Um.

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Speaker 1: Obviously social media stocks are under fire. There was a

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Speaker 1: disastrous breach of privacy of Facebook. I think there's gonna

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Speaker 1: be some new regulations, new measures taken. There's only one

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Speaker 1: company and the planet has more data on us than

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Speaker 1: Facebook is probably Google. Um, So that's another thing investors

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Speaker 1: have to watch. And of course there is questions that's

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Speaker 1: to monopoly power that was asked heavily to Facebook. Well,

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Speaker 1: you know, if you don't use Google about to do

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Speaker 1: a search, who do you use? I think that's the

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Speaker 1: real question that ultimately investors have to weigh into um

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Speaker 1: their calculations in terms of whether to invest in Google today. So, David,

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Speaker 1: just from your perspective, when you decide whether buy whether

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Speaker 1: to buy a stock, Apple is now down for the year,

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Speaker 1: uh down more than a percent? Is now a time

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Speaker 1: that you would be interested in buying? You know, it's

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Speaker 1: a better time. And if you were not big Fang

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Speaker 1: investors here as it were, that certainly is the cheapest

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Speaker 1: one but there's there's clearly a reason. One is UH.

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Speaker 1: The other companies are really services media content. Apple is

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Speaker 1: much more of a product UM and so you know,

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Speaker 1: the question is UH, when how many you know, UH

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Speaker 1: iPhone tents are people going to buy? It's over one

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Speaker 1: thou dollars. There's a lot of offerings to lessen that.

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Speaker 1: And when they're all done buying whatever they do buy,

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Speaker 1: will we trade up to the iPhone or love and UM?

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Speaker 1: If you go back five fifteen years, we remember the

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Speaker 1: motor Rola devices, remember the Nokia devices. We counted our

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Speaker 1: BlackBerry devices. Now it's all about iPhone. What will we

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Speaker 1: be using five to ten years from now? And we

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Speaker 1: will be smart enough to make the transition at the

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Speaker 1: right time. Those are some of the questions that Apple

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Speaker 1: insensors have to ask. David Deeds. What percentage of a

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Speaker 1: of a portfolio? If a certain percentages in stocks, how

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Speaker 1: much of that should be invested in stocks such as Facebook, Alphabet, Apple,

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Speaker 1: Netflix and UH and Google. We think investors should be diversified,

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Speaker 1: and that includes of course UM all the great technology names.

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Speaker 1: But we're not focusing on the Fang portion. We're looking

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Speaker 1: for UM more old tech that now is offering great

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Speaker 1: dividends UM and is growing those dividends UM. Names that

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Speaker 1: we like here in terms of technology would include in Hell,

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Speaker 1: would include Cisco, would include Oracle, Uh, Microsoft, we've been

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Speaker 1: big buyers of, although that too now is getting a

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Speaker 1: little pricey um. Heuliette Packard has done well for us,

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Speaker 1: and we wonder now with to sell off an IBM,

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Speaker 1: whether a Meg Whitman type might ultimately take the reins

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Speaker 1: there and do for IBM what Meg Whitman did for

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Speaker 1: Heulitt Packard. That also could be very rewarding to shareholders.

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Speaker 1: When was the last time that you changed a pretty

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Speaker 1: substantial investing thesis for your portfolio? You know, we're pretty

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Speaker 1: much stay the course. We certainly at this point now

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Speaker 1: are looking quite heavily at income oriented stocks. Why is

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Speaker 1: that because these stocks have sold off dramatically. It started

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Speaker 1: last summer and accelerated this year out of fear of

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Speaker 1: rising interest rates. But we think at this point there's

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Speaker 1: a number of great franchises and income oriented stocks, utilities

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Speaker 1: read telecoms, which now are discounting the ten year perhaps

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Speaker 1: going to four percent. It could, but you know, you're

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Speaker 1: at the at the high point of the year in

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Speaker 1: terms of yields. There are some concerns as the strength

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Speaker 1: of the economy will find out more on Friday in

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Speaker 1: terms of GDP growth. For to one, Hold on a second,

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Speaker 1: I'm sorry to break in there. You said we're at

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Speaker 1: the high point in terms of eels. You mean, do

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Speaker 1: you think that eels are going to come down from here?

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Speaker 1: They started at to four the ten year, right now

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Speaker 1: there are at three. Um. Will there be some retracement back?

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Speaker 1: Obviously for everyone who's selling the ten year treasury today,

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Speaker 1: someone else is buying UM. It really depends on inflation.

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Speaker 1: It depends on the strength of the economy. The economy

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Speaker 1: looks good, but we're gonna see a third quarter in

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Speaker 1: a row of decelerating g d P. Retail sales have

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Speaker 1: not been where a lot of people would like them

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Speaker 1: to be. So UM, you know, we think that maybe

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Speaker 1: this is the time, not necessarily for the ten year bond,

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Speaker 1: but to buy stocks. They're discounting much much higher interest rates,

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Speaker 1: which will include UM reachs. Uh. The one that we

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Speaker 1: like particularly now is venta symbol VTR, which is your

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Speaker 1: largest healthcare rea in the country. That's kind of a

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Speaker 1: defensive sector. The yield is now over six percent, is

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Speaker 1: down about from fifty two week high. David Diets, I'm

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Speaker 1: glad you mentioned healthcare. What about CVS health. You know,

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Speaker 1: that's one of our top picks in the area. That's

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Speaker 1: the other growth theory besides technology UM. CVS is one

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Speaker 1: of the largest drug retailers. They're also one of the

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Speaker 1: largest PPM pharmacy benefit managers. Uh. The stock is trading

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Speaker 1: it just over ten times earnings, three percent dividend. They're

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Speaker 1: only paying less than a third of their earning. Does

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Speaker 1: the dividends of this room to grow that? What's the

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Speaker 1: knock on the stock? There's been a couple knocks. One

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Speaker 1: is the Amazon was going to dive into the business.

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Speaker 1: They seem to have indicated they want to pull back

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Speaker 1: on that. The other knock is there maybe uh they're

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Speaker 1: buying a no which will vertically integrate them. That's a

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Speaker 1: great move, except they're paying an awful lot. But there's

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Speaker 1: a good chance that merger does not go through in

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Speaker 1: any event, we think at the current valuation in kind

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Speaker 1: of a growth area, which is, you know, more and

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Speaker 1: more prescription drugs than the whole healthcare sector of CBS,

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Speaker 1: is a good pick right now. David, I just wanted

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Speaker 1: your thoughts real quick on shale companies because we have

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Speaker 1: seen the price of oil rise substantially in Saudi Arabia,

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Speaker 1: kind of giving it some uh something of a tail wind.

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Speaker 1: So I'm wondering are you seeing opportunity there. We think

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Speaker 1: energy is a good sector to keep accumulating in. It

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Speaker 1: is probably the worst performing sector over the last decade.

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Speaker 1: We saw a fossil fuel price as well, over a hundred.

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Speaker 1: They got down back down to twenty two years ago,

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Speaker 1: and now they're backup knocking on the door of seventy.

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Speaker 1: If inflation does rear its head, if the global economy

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Speaker 1: continues to grow, we think there'll be upward biased in

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Speaker 1: fossil fuel prices, and certainly um shale plays will benefit it.

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Speaker 1: David Diets, thank you so much for being with us.

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Speaker 1: David Diets, Founder president and chief investment strategist at point

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Speaker 1: View Wealth Management in Summit, New Jersey. Definitely be interesting

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Speaker 1: to get those Facebook, Google, Amazon dot Com earnings. Well.

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Speaker 1: We learned today that Sears Holdings chief executive Eddie Lampert

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Speaker 1: is offering to actually purchase the ken More appliance brand

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Speaker 1: as well as other Sears units after the company was

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Speaker 1: unable to actually find other buyers for the assets. Here

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Speaker 1: to help us understand what's going on is Bert Flickinger.

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Speaker 1: He is the managing director of Strategic Resource Group. He

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Speaker 1: can be followed on Twitter at Bert underscore Flickinger. Okay,

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Speaker 1: Bert underscore Flickinger. Can you explain what exact he is

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Speaker 1: going on? Why is Eddie Lamport, who actually threw e

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Speaker 1: S l owns basically runs Sears. Why would he be

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Speaker 1: buying these these brands and these units from Sears if

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Speaker 1: he already owns them, Pim and Liza A couple of reasons. One,

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Speaker 1: he's getting the business by one get one free controls,

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Speaker 1: the master leases and the real estate he's buying plus

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Speaker 1: pluses you referenced, he's getting the Kenmore brand. Plus he's

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Speaker 1: getting the home improvement brand, the ship business, the parts

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Speaker 1: parts business, and the home repair business. And Lowe's just

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Speaker 1: had a CEO change because they couldn't do all that

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Speaker 1: serious as a loyal customer base. And he's doing it

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Speaker 1: at the perfect time when Bonton is Bloomberg reported last

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Speaker 1: week filing for liquidation. So from Bonton to Carson's to

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Speaker 1: the Herburger stores, Lisa knows well, she knows the whole

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Speaker 1: Bonton group across America. They'll pick up business there from

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Speaker 1: our store checks. Lands end looks good and Sears could

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Speaker 1: actually survive to BTS one and two, back to School

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Speaker 1: one and two this summer and potentially holiday on the

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Speaker 1: strength of this deal and some of the less well

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Speaker 1: capitalized competitors going by the wayside. Is Bloomberg already reported

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Speaker 1: toys are us huge opportunities out there, so Bert, this

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Speaker 1: really goes to a fundamental question which frankly is at

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Speaker 1: the heart of a quite a big swath of of

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Speaker 1: the market, not just from retail stocks but also commercial

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Speaker 1: real estate. How do you evaluate this property? And you know,

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Speaker 1: is the deal that Edward Lampert is getting is it

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Speaker 1: a good deal for him? Or is a good deal

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Speaker 1: for Sears. It's a good deal for Eddie Lampert. It's

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Speaker 1: always a good deal for Eddie Lampert, seeres Lisa. It's

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Speaker 1: rarely a good deal for Sears. So how much is

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Speaker 1: he paying do we know he's paying? He's paying in

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Speaker 1: aggregate if he buys the quote unquote bundle, that's about

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Speaker 1: one point five billions, So it gives Sears enough cash

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Speaker 1: to fend off Stein mart Bloomberg's report Traveling Trading Law

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Speaker 1: as well sees other companies contracting and collapsing. So what

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Speaker 1: does this mean though, about the value of the underlying

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Speaker 1: property that he's getting and what might it mean for

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Speaker 1: the broader swath of retail connected commercial real estate out there.

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Speaker 1: You're asking the important question, Lisa, and what it What

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Speaker 1: it means is that is commercial real estates traded down,

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Speaker 1: as reported on the Bloomberg by as much as seventy

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Speaker 1: eight percent in the last year. There's underlying value in

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Speaker 1: the A properties, of which Sears has a lot because

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Speaker 1: it was the anchor tenant, and many of the great

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Speaker 1: American malls building the sixties A properties are the higher

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Speaker 1: end malls, okay, and the best of the best, and

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Speaker 1: Sears is co located in a lot of places that

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Speaker 1: have good co anchor retail chains most importantly can be

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Speaker 1: converted to mixed use lifestyle centers. So amounting of money

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Speaker 1: for Lambert to make, an amount of money for Lambert

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Speaker 1: to make on home delivery, home improvement, Ken Moore Repairs

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Speaker 1: and Services and controlling the master leases is brilliant. They're

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Speaker 1: still selling stores, right, still selling stores and what's in

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Speaker 1: the store. The lands End product is the best we've

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Speaker 1: seen in five years. Cotton, very little oil and synthetic,

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Speaker 1: very little rayon base, better product in many cases than

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Speaker 1: what Target and some of the leading mid tier department

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Speaker 1: stores have. So lands Ends doing well. They're compete They're

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Speaker 1: competing with the food retailers going bankrupt, from Tops to

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Speaker 1: win Dixie to Bielow Bloomberg reported filed recently. And I'm

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Speaker 1: not pro Sears, hoping for the best, but concerned for

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Speaker 1: the worst. But in the time being, this is a

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Speaker 1: lucky deal for Eddie Lampert and not such a great

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Speaker 1: deal for Sears. Yeah, I'm really struck by what you

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Speaker 1: just said. It's always a good deal for Eddie Lampard.

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Speaker 1: Is this a conflict of interest, Lisa your present point,

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Speaker 1: it arguably is a conflict of interest. We've been following

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Speaker 1: Eddie Lampert and Marty Whitman for close to twenty years

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Speaker 1: since the Kmart bankruptcy, where the unsecured has got next

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Speaker 1: to nothing in terms of recovery. Eddie Lampert Third Avenue Capital,

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Speaker 1: to your point, cornered the real estate and monetized it

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Speaker 1: and made billions off of it. So good deal for

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Speaker 1: Eddie Lambert on the Kmart bankruptcy. Good deal for Eddie

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Speaker 1: Lambert on the combination of Sears and Kmart, Uh, not

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Speaker 1: such a good deal for for every everyone else on

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Speaker 1: UH the secured side, the unsecured side, the supplier side,

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Speaker 1: the shopping center side, and especially the shareholders side. Is

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Speaker 1: the stock roared up significantly this morning and has come

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Speaker 1: back in the first hour of the news just quickly.

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Speaker 1: But today did the SA the merchandizes at at Sears

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Speaker 1: and whoever is controlling kind of where the brand gets

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Speaker 1: sold other than the Black is Stanley Black and Decker deal?

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Speaker 1: Do they have? Do they see something about the future

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Speaker 1: retailing which more traditional retailers are missing. They do see

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Speaker 1: something in the future of retail is UH as you

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Speaker 1: you lease? Lisa and Tom Keane have reported so well.

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Speaker 1: So often is family formations delayed, so you have a

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Speaker 1: lot of rescue pets in the house, So people are

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Speaker 1: buying for pets now, they're buying apartments, now they're buying homes.

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Speaker 1: And as BJ's reported on its website over the weekend,

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Speaker 1: people can't even assemble a swing set, so how are

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Speaker 1: they going to put in a washer dryer? For Ken

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Speaker 1: Moore Sears gets the services high margin and gets the

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Speaker 1: customer loyalty for life, so brilliant as people are getting

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Speaker 1: married ten years later forming families, and it's on an

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Speaker 1: up cycle for all including Sears. And if you can't

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Speaker 1: put together an Ikea chest, this service is for you.

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Speaker 1: Bert Flicking, j, Managing director at Strategic Resource Group in

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Speaker 1: New York. We love having you on. Thank you so much.

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Speaker 1: The ten year treasury hitting more than three percent? What

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Speaker 1: will that do for investors? Or two investors? Well? Holly

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Speaker 1: List is Managing director of Futures and Commodities Group for

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Speaker 1: B T I G, joining us from Chicago. Holly, thank

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Speaker 1: you very much for being with us. Begin by telling

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Speaker 1: us about treasuries at the three percent. What do you

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Speaker 1: think would happen if they were to reach that level

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Speaker 1: and stay there? Currently the ten your treasury trades at

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Speaker 1: two point nine seven percent. What's so magic about three

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Speaker 1: That's a good question, and I think for a lot

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Speaker 1: of people it's just the fact that it's a round number.

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Speaker 1: It tends to both attract people and it also repels

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Speaker 1: as well. So I think the critical statement you made

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Speaker 1: was not only if it gets three percent, but if

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Speaker 1: it stays there. And actually i'm looking at just above

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Speaker 1: three percent is critical. It's actually three point oh five,

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Speaker 1: So that's going to be the level that I'm watching at.

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Speaker 1: And also, like you said, does it stay there? Because

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Speaker 1: I think clearly there's a lot of concern as we're

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Speaker 1: approaching this magic three percent level, But there's also going

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Speaker 1: to be people that feel that there's value in there

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Speaker 1: because we haven't been up near three percent since at

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Speaker 1: the very beginning often, and like you had mentioned, does

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Speaker 1: it stay there? It didn't really stay there back then.

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Speaker 1: So if we don't stay there again, we just go

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Speaker 1: up and test that level, there's gonna be people that

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Speaker 1: are going to look at value at that rate and

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Speaker 1: want to put some money to work at investments at

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Speaker 1: that level. So it is going to attract people, and

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Speaker 1: it's also going to repel them. Why have ten year

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Speaker 1: yields risen so much in the past week or five days, Well,

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Speaker 1: there's a couple of things. You've had some of the

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Speaker 1: f O and C members talking, and they've been a

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Speaker 1: little bit more hawkish. They've been saying that they can

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Speaker 1: see three, possibly even four hikes this year, and so

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Speaker 1: they're thinking that the rates are going to be going

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Speaker 1: higher just as a result of what the FETE is doing.

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Speaker 1: But the FET is of course going to be responding

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Speaker 1: to what's going on in the economy. We have seen

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Speaker 1: some stronger data. We certainly saw it this morning with

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Speaker 1: the existing home sales came out stronger than had been expected,

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Speaker 1: not as strong as they were in February, but still good,

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Speaker 1: healthy numbers. So that's part of it. Also, you've got

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Speaker 1: commodities have been rallying and as a result of that,

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Speaker 1: people are thinking that there's going to be inflation percolating here,

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Speaker 1: and so that's also bidding up the yields, taking prices down.

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Speaker 1: So crude oil is at levels that we haven't seen

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Speaker 1: in a while. The dollar index has been coming off,

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Speaker 1: although not today, and so those type of inflationary pressures

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Speaker 1: are also concerning the bond market. When did those concerns

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Speaker 1: turn into action? What does it happen? What what has

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Speaker 1: to happen in order of people to change what they're doing.

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Speaker 1: I think you're going to have to see more you.

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Speaker 1: I think you're gonna need to see more of the

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Speaker 1: actual inflation statistics, the one that the FED tendants to,

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Speaker 1: like the PC personal consumption expenditures, that has not been

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Speaker 1: anywhere near their ten percent target, So I think you're

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Speaker 1: gonna really need to see that indicator start moving higher

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Speaker 1: and getting closer to the fed's target for people to

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Speaker 1: believe that number one, inflation is here and is going

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Speaker 1: to stay and the FED is going to respond to that,

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Speaker 1: or if you don't see those inflation numbers start picking up,

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Speaker 1: then that's why I think you could have sort of

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Speaker 1: a top at this three percent level, you know, Holly.

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Speaker 1: One thing I'm trying to make sense of is that

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Speaker 1: the yield curve pretty much across the maturity levels UH

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Speaker 1: seems to be close to the narrowest since two thousand

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Speaker 1: seven usually indicated usually indicating UH slower longer term growth.

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Speaker 1: Doesn't this feel incoherent with rapidly rising ten year treasure yields?

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Speaker 1: It absolutely does. But that's one of the other reasons

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Speaker 1: why we are flattening is because there still is a

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Speaker 1: lot of demand for the long end of the curve.

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Speaker 1: Number one, people do see value as you're approaching three percent,

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Speaker 1: but also you've got people that are pensioners, long term investors,

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Speaker 1: You've got insured companies that have demand at the long

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Speaker 1: end of the curve, and so they are buying treasuries

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Speaker 1: ten years on out. And you also have foreign investors

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Speaker 1: who don't have these type of yields in their countries,

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Speaker 1: and so they're going into the US market. And that's

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Speaker 1: also what is keeping the longer term rates lower relative

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Speaker 1: to the short end, and that's why we are seeing

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Speaker 1: the flattening of the curve. But yet you're not feeling

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Speaker 1: it necessarily in the economy or in the stock market,

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Speaker 1: or feeling like there's a recession imminent for that matter. Hollie,

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Speaker 1: what's your best bet? Where do you think ten year

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Speaker 1: yields go from here? I think they are going to

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Speaker 1: test that three percent. I think you are probably going

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Speaker 1: to go through it. The treasury futures are notorious for

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Speaker 1: slicing right through a critical level, and since we're all

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Speaker 1: looking for three percent, I do think they go through it.

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Speaker 1: I don't think you have a lot of sustainability at

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Speaker 1: this point above that three oh five that I am

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Speaker 1: looking at, and so I think you probably go up

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Speaker 1: there initially, but they you get a lot of demand

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Speaker 1: and come back down. How much you come down, you

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Speaker 1: could probably go to about say two eight five in

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Speaker 1: the near term. Given that I don't think three will laugh.

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Speaker 1: Holly Liz, thank you so much for joining us. Holly Liz,

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Speaker 1: Managing director for the Futures and Commodities Group at bt

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Speaker 1: i G. We talk a lot in the US about immigration,

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Speaker 1: partly because President Trump has made it such a prominent

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Speaker 1: part of his campaign and his platform, and he was

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Speaker 1: tweeting again today about it. Uh. Immigration concerns, though, are

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Speaker 1: are pretty prominent, prominent throughout the country, and our next

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Speaker 1: guest has been dealing with a flood of refugees from Venezuela.

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Speaker 1: Our next guest I am to bring in the President

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Speaker 1: of the Republic of Columbia, Juan Manuel Santos. President, thank

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Speaker 1: you so much for being here. I want to talk

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Speaker 1: about the refugees that you're getting from Venezuela. Some people

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Speaker 1: have said this about a hundred thousands of legal immigrants

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Speaker 1: coming each month, probably many more. How much do you

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Speaker 1: think that will decline in the upcoming months and how

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Speaker 1: are you handling it? First of all, thank you for

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Speaker 1: having me, and it's a great pleasure to be here

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Speaker 1: at Bloomberg. The situation is a very serious situation because

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Speaker 1: it's a flow that is increasing every day. The situation

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Speaker 1: Venezuela is worshiping, and that means that more people are

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Speaker 1: going into Columbia to seek a better life, and not

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Speaker 1: only Colombia, they're going to other countries in South America.

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Speaker 1: We have already more than one million. That a lot

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Speaker 1: of people. If you compare that for example, it's double

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Speaker 1: the total immigrants or refugees that Europe has absorbed from

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Speaker 1: Syria twice, and the numbers are increasing. This of course

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Speaker 1: puts a lot of pressure on our institutions or health

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Speaker 1: system or education system, but we're coping with that. We

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Speaker 1: We have been trying to be generous with the Venezuelans

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Speaker 1: that I think it's our responsibility. It's the way we

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Speaker 1: approach this type of problem, trying to help them. But

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Speaker 1: at the same time we need to to control the

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Speaker 1: flow in the sense that it has to be a

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Speaker 1: well administered process, otherwise the consequences are are serious, and

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Speaker 1: we're handling that day by day. We were learning from

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Speaker 1: other experiences. We sent to people from our Ministry of

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Speaker 1: Foreign Affair, some immigration institutions to country like Turkey to

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Speaker 1: see how they cope with their refugees, with their uh,

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Speaker 1: their problems, and we've been searching for other sources of

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Speaker 1: information and experiences, and we're learning that we're learning to

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Speaker 1: cope with that. Hopefully we can find and the Venezuelans

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Speaker 1: can find a solution to their problem, because it's really

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Speaker 1: an absurd situation. Richest country in Latin America, Venezuela, is

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Speaker 1: now having a situation where the people are virtually or

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Speaker 1: not virtually, really dying of hunger. And this is the

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Speaker 1: country that has the most the biggest oil reserves in

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Speaker 1: the whole world. Going through that process, well, this is

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Speaker 1: a very, very sad situation, and that's why we're also

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Speaker 1: doing every effort possible to try to have a transition

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Speaker 1: as soon as possible, because this is a situation that

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Speaker 1: bad for everybody. President Santa So, I'm glad you mentioned

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Speaker 1: oil because oil is a major export of Colombia, and

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Speaker 1: I wonder if you could speak a little bit about

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Speaker 1: the economy of Columbia for people that may not be

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Speaker 1: familiar with the country and mentioned specifically what you're doing

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Speaker 1: in the area of information technology and the fiber optic

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Speaker 1: network in the in the country. Thank you for that question. Yes,

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Speaker 1: oil is important commodity for us. It's the most important

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Speaker 1: commodity in terms of exports, and we coped with the

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Speaker 1: followed the pressive oil in a I think in a

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Speaker 1: very pragmatic way. And today the economy is is quite

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Speaker 1: strong in spite the decrease in the price of oil,

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Speaker 1: even though this has come a bit higher in the

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Speaker 1: last months. We are diversifying or economy um. To give

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Speaker 1: you a reference, when we came into power, we did

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Speaker 1: not have investment grade. Today we have investment grade. We

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Speaker 1: introduced in our constitution the concept of fiscal responsibility and

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Speaker 1: we have a fiscal rule whereby we are obliged to

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Speaker 1: follow a path of fiscal deficit in order to maintain

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Speaker 1: the confidence of international markets. This has been very successful.

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Speaker 1: We are probably the only country in Latin America that

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Speaker 1: went up to notches in our credit ratings and have

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Speaker 1: maintained our investment grade throughout all these years, inspite of

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Speaker 1: the problems that the world and Columbia has has had.

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Speaker 1: And in terms of technology, we made a very ambitious

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Speaker 1: program to connect every single municipality with fiber outcript and broadband,

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Speaker 1: and we have fulfilled that. Now every single every single

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Speaker 1: municipality is connected and we have given compute to the people,

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Speaker 1: especially the poor people. To give you a figure, we

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Speaker 1: had twenty four boys and girls per computer at the

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Speaker 1: beginning of the government eight years ago. Today we have

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Speaker 1: three per computer. And what are we doing with that.

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Speaker 1: We are starting to teach them to use technology in

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Speaker 1: in ways that will improve their education. We have tell

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Speaker 1: education in the schools, we have telemedicine in the rural areas,

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Speaker 1: and that has is starting to improve our productivity quite

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Speaker 1: a bit. So we just have a little bit of

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Speaker 1: time left. I'm curious. You're expecting to leave office later

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Speaker 1: this year. What's your next step. Well, I'm going to

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Speaker 1: be a grandfather. Congratulates for the first time. I'm going

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Speaker 1: to take care of my granddaughter. I want to go

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Speaker 1: to be a full time grandfather. I have a lot

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Speaker 1: of offers to teach and to give conferences, and I

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Speaker 1: want to write. The experience that we have had these

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Speaker 1: eight years is a very interesting experience in many ways,

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Speaker 1: and I think it's my obligation to share that experience

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Speaker 1: with the world. And so I'm going to right teach

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Speaker 1: and take care of my grand daughter. Are you still

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Speaker 1: going to be involved in politics at all? No? No,

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Speaker 1: I think and that I had my chance and I

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Speaker 1: would leave my successor to be himself. There is a

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Speaker 1: very bad habit in Latin America of presidents trying to

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Speaker 1: maintain a bit of power, and that is usually contra productive.

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Speaker 1: Thank you very much for spending time with US President

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Speaker 1: Manuel Santos, the President of the Republic of Columbia, much appreciated.

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Speaker 1: Thank you for this opportunity. Thanks for listening to the

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Speaker 1: Bloomberg P and L podcast. You can subscribe and listen

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00:28:04,400 --> 00:28:08,560
Speaker 1: to interviews at Apple Podcasts, SoundCloud, or whatever podcast platform

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00:28:08,600 --> 00:28:12,520
Speaker 1: you prefer. I'm pim Fox. I'm on Twitter at pim Fox.

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Speaker 1: I'm on Twitter at Lisa abramoits one before the podcast.

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Speaker 1: You can always catch us worldwide on Bloomberg Radio.