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

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

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

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

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Speaker 1: us live on YouTube.

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Speaker 2: You're really going to.

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Speaker 3: Drill down here into the jobs report right now. Jeffrey

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Speaker 3: Cleveland with us with Peyton Riego love having on with

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Speaker 3: just an inherent optimism about waking up and taking a swim.

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Speaker 3: We'll talk about that in a bit here. A ton

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Speaker 3: of moving parts here to partse. Retail sales came in

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Speaker 3: SAGY except the control group. The control group takes out this,

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Speaker 3: that and the other thing, and it's a boom number

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Speaker 3: of zero point eight percent. But Paul, the revisions on

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Speaker 3: retail sales and the published retail sales is sort of

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Speaker 3: just a mess. Yeah, that's how I do I'd put it.

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Speaker 3: Your comment, Paul on the four point six percent.

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Speaker 4: Yeah, looking at the four point six percent, I mean,

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Speaker 4: you know, we started the year kind of like around

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Speaker 4: four percent here three point nine percent, so it's definitely

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Speaker 4: jumped a little bit there, market.

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Speaker 3: Lifting up a little bit. Yields come in a little

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Speaker 3: bit as well. Again, maybe the most important statistic today

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Speaker 3: oil under fifty six dollars barrel. We're given Jeffrey Regal

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Speaker 3: about four more seconds here to parse the data. I'm

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Speaker 3: going to say, folks, there's a single line here thanks

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Speaker 3: to our great economic team, non farm payrolls three month

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Speaker 3: average change is twenty two thousand. I don't understand politically, Paul,

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Speaker 3: how twenty two thousand is okay for Washington.

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Speaker 4: Yeah, exactly right, Tom. I mean I think that's a

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Speaker 4: little bit of a challenge there. It seems like at

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Speaker 4: that no higher, no fire kind of economy still kind

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Speaker 4: of with us to some agree.

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Speaker 3: Well, we'll have to see. We're commercial free for you

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Speaker 3: through this far. We're going to continue here with Jeffrey

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Speaker 3: Cleveland and get some good bond analysis as well. Bloomberg

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Speaker 3: Surveillance this morning brought you by Interactive Brokers. Trade over

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Speaker 3: ten thousand US stocks and ETFs, US equity index options,

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Speaker 3: US treasuries and more on your timetable. Learn more at

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Speaker 3: IBr dot com, slash around the clock, and we think

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Speaker 3: Interactive Brokers for all their support. Michael mckeey scheduled to

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Speaker 3: be with us. Christina Kemeny will be with SOT Invesco.

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Speaker 3: But we continue now with Jeffrey Cleveland, who's had all

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Speaker 3: of two minutes forty seven seconds to massage the data.

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Speaker 3: What's the first thing you looked at, mister Cleveland.

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Speaker 5: I think, Tom, for me, the unemployment rate taking up

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Speaker 5: to four point six, as we said in the preamble.

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Speaker 5: I think that's going to get attention of investors and policymakers.

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Speaker 5: I think you see that moving the bond market already.

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Speaker 5: After that, I quickly looked at your non farm payroll.

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Speaker 5: I mean, I guess on a positive note, if you

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Speaker 5: want the West Coast optimistic spin, you did have a

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Speaker 5: negative October, but total private if you exclude the government payrolls,

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Speaker 5: didn't look too bad. Tom, you're talking about fifty two

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Speaker 5: thousand in October. You're talking about sixty nine thousand in November.

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Speaker 2: You mentioned the three month average.

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Speaker 5: We do like to look at that as well, and

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Speaker 5: the Bloomberg Economic team absolutely right that twenty two thousand.

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Speaker 5: You know, that's total non farm. If you look at

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Speaker 5: just private, it looks a bit better. It's seventy five thousand.

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Speaker 5: So I would still characterize that as soggy. To steal

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Speaker 5: your phrase, your reference for retail sales, and I still

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Speaker 5: think the risk here is a higher unemployment rate, and

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Speaker 5: so I think this brings the FED already back into play.

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Speaker 5: We've got a lot more data before the next FOMC meeting,

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Speaker 5: but I think the bomb market will react. If I'm

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Speaker 5: not mistaken, I'm going.

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Speaker 3: To go to three months average. But Jeffrey, with your

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Speaker 3: study at Claremont of Politics, a seventy five thousand private

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Speaker 3: statistic or a twenty two thousand non farm payroll three

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Speaker 3: much average. I don't care what flavor you are, Jeffrey Cleveland,

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Speaker 3: that's politically unacceptable.

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Speaker 2: I agree. I don't want people.

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Speaker 5: I do get messages from people, a friends, family, and

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Speaker 5: they say, you know, it's okay if we have a

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Speaker 5: soft job growth. You know, as long as the unemployment

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Speaker 5: rate stays low, well bad news everyone. If we have

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Speaker 5: slow job growth, the unemployment rate tends to take up.

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Speaker 2: Which is what we're seeing in the last few months.

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Speaker 5: And I don't think seventy five thousand is politically palatable.

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Speaker 5: I agree with you. So the risk here is additional

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Speaker 5: rate cuts in twenty twenty six, and the bond market

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Speaker 5: will start to sniff that out.

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Speaker 6: I think so how do you.

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Speaker 2: Think the FED here? I mean again, I'm looking at

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Speaker 2: the WORP function.

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Speaker 4: We're kind of going in today thinking one, maybe two

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Speaker 4: rate cuts. Sure, I'm all over the WORP function. How

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Speaker 4: do you think that maybe changes in the coming days.

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Speaker 5: I think you're going to get more priced in in

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Speaker 5: our view at the unemployment rate continues to trend up,

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Speaker 5: and we in our forecast we do have inflation moderating.

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Speaker 5: I think that's important to note as well. The Fed

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Speaker 5: we have, you know, in our base case to been

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Speaker 5: cutting three times in twenty twenty six. So WORP is

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Speaker 5: probably under price at this stage, and that four point

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Speaker 5: six percent unemployment rate that bolsters that view.

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Speaker 3: I think we let's jump ahead here. I mean, that's

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Speaker 3: what That's what Paul Sweety wants and I want on

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Speaker 3: Jeffrey Cleveland, Well, it's camp Benny's taken notes from Invesco here.

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Speaker 3: We'll get to Christina in a moment. But the bottom line,

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Speaker 3: in two days, I get a legit am I right,

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Speaker 3: It's a legit CPI report on December eighteenth, Is that right? Jeffrey?

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Speaker 5: Yeah, Well, we get our We get CPI on December

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Speaker 5: eighteenth for November. So I mean definitely, that'll be interesting.

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Speaker 2: To take in.

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Speaker 5: You know, we do think when we look at the

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Speaker 5: main components of CPI what we think will drive inflation

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Speaker 5: in twenty twenty six. We think goods prices will cool off.

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Speaker 5: We think non housing services prices will also cool given

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Speaker 5: the weaker labor market, and we do think housing. Housing

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Speaker 5: has been a big thorn in the side of the

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Speaker 5: CPI the policy maker community, so we expect some relief

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Speaker 5: in the housing component. So when we tie that all together,

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Speaker 5: we do get core inflation trended back towards two percent

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Speaker 5: next year.

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Speaker 2: So that's kind of how we're looking at.

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Speaker 4: Things, Jeffrey, I mean, it's inflation again. We're going to

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Speaker 4: hear some more inflation later on. We're hearing that you

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Speaker 4: made that cost of housing is coming down. How does

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Speaker 4: that housing figure into just kind of inflation, because for

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Speaker 4: a lot of people, that's a big, big component.

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Speaker 5: Yeah, I mean for the CPI, it's a big chunk.

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Speaker 5: We're talking about a third of core of core CPI.

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Speaker 5: It's a little bit less of an issue in core PC,

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Speaker 5: which is the FEDS preferred inflation gauge, but the data

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Speaker 5: is slow and sticky. At least the government data, and

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Speaker 5: we do see scope for the housing component of those

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Speaker 5: indices to continue to cool off. That's good news, but

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Speaker 5: I think it's more of the government data catching up

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Speaker 5: with the reality on the ground. I think we've already

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Speaker 5: seen in private sector metrics of rent and things of

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Speaker 5: that nature cooling in the housing component. But that should

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Speaker 5: you know, people have said to be we're sticky. Inflation

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Speaker 5: is sticky, stuck at three percent. I think a portion

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Speaker 5: of that is housing. As that cools off, cor inflation

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Speaker 5: will head back to two percent.

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Speaker 3: Jeffrey, I've been in awe of Paul Sweeney. He's out

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Speaker 3: in a frigid wetsuit surfing in the ice cold New

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Speaker 3: Jersey serf. Sure, but Jeffrey Cleveland has outdone you. I

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Speaker 3: know he's done the twenty bridge swim in Manhattan. Razy.

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Speaker 3: He's done twenty miles to the Catalina Channel, probably tuned

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Speaker 3: into the Dodgers. Well he did that. What's it like,

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Speaker 3: Jeffrey Cleveland's swimming the English Channel. I mean, that's from

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Speaker 3: our youth. That's amazing.

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Speaker 2: Well, it's cold.

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Speaker 5: I mean you're you're looking at about twenty five miles

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Speaker 5: from England to France. I think the day that I

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Speaker 5: did the swim. It was fifty eight degrees at the start.

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Speaker 5: No wetsuits are allowed on that swim. You'll be disqualified.

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Speaker 5: And so you do have one support boat, but you

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Speaker 5: can't touch the boat.

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Speaker 2: You can't take breaks.

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Speaker 3: See touch the boat. Unbelievable.

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Speaker 2: You can't touch the boat because that's cheatie.

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Speaker 5: You know, you just have to you want to take

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Speaker 5: a break, you do a boat and someone throws you

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Speaker 5: a little bit of a high octane gatorade and then

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Speaker 5: you take a quick swig and then you move on.

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Speaker 2: Do you see this about ten hours across June or July?

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Speaker 3: I mean this, screams Lisa Mateo. Can you see Lisa

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Speaker 3: Mateo swimming the Indus Channel.

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Speaker 5: We did it in September, September, mid September. That was

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Speaker 5: the warmest and we thought that would be the warmest period.

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Speaker 2: What an accomplishment.

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Speaker 3: It's a triple crown of swimming. One of only thirty.

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Speaker 4: Normal people don't do this, Jeffrey, thirty six people in

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Speaker 4: the world have done.

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Speaker 3: Jeffrey Cleveland, thank you for the insight on the jobs

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Speaker 3: report and the spirit of that accomplishment of swimming around

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Speaker 3: Manhattan is one of the things as we all stay

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Speaker 3: with us. More from Bloomberg Surveillance coming up after this.

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

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Speaker 1: weekday afternoons from seven to ten den listen on Apple

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

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Speaker 1: watch us live on YouTube.

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Speaker 3: Paul Quincy's never seen this before. He's never seen a

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Speaker 3: double jobs report. Wait, none of us have as well.

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Speaker 3: He is global head of Equities. Let's speak for JP

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Speaker 3: Morgan Asset Management, and you have the best single sentence.

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Speaker 3: I hate outlooks. There's a guy I don't know if

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Speaker 3: you know, Sam row Ro. He's in America and his

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Speaker 3: job is to read every outlook, including yours. We're going

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Speaker 3: to get a report from Sam row here.

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Speaker 2: But I love Paul in your global note.

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Speaker 3: You only have a belief factor in the equity markets forward,

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Speaker 3: Only nine percent of our investors are expecting above average

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Speaker 3: games in the market.

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Speaker 6: Are we really that gloomy out there? I wouldn't go

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Speaker 6: good morning. I wouldn't call it gloomy. I would call

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Speaker 6: it realistic. So when we look at that, fundamentals drive markets,

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Speaker 6: and to us, the fundamentals look pretty good. But you're

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Speaker 6: really paying for it. Now, that's what's got our attention.

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Speaker 6: I think that note of caution comes in from a

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Speaker 6: combination of twenty three times next year's earnings. We think

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Speaker 6: earnings are fine, but it's tough to see that twenty

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Speaker 6: three going up too much. And then you look at

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Speaker 6: earnings have been a triumph of the optimists this year

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Speaker 6: yet again. But within the market there's a lot of

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Speaker 6: very optimistic thinking, particularly when you get into the small

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Speaker 6: cap space. So those two things give us a little

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Speaker 6: bit of pause for caution. So we think staying invested, sure,

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Speaker 6: but you want to diversify by geography, diversified by style,

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Speaker 6: and think about where the returns are going to come from,

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Speaker 6: not just where they have come from in the past.

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Speaker 4: So in global equities, what's your US versus maybe rest

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Speaker 4: of the world allocation? How do you think about it

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Speaker 4: geographic these days?

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Speaker 6: Yeah, So we do all that bottom up, right, We

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Speaker 6: look company by company, and when you do that, you

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Speaker 6: find it really hard to get too far away from

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Speaker 6: the United States. So the US on average has better

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Speaker 6: companies in better businesses, and that isn't going to change

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Speaker 6: the reason the US market is two thirds of everything

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Speaker 6: these days. It's come the right way, right, It's come

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Speaker 6: through superior earnings growth over the last fifteen years. So

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Speaker 6: that's where we are. But you also now have high prices,

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Speaker 6: and I think you can legitimately balance your US exposure

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Speaker 6: these days with the rest of the world, and we're

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Speaker 6: not so sure investors are doing that. I think a

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Speaker 6: lot of investors, including by the way, investors in Europe

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Speaker 6: and Asia, have kind of become a little over fixated

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Speaker 6: on the US and have forgotten you can also make

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Speaker 6: money in those markets too.

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Speaker 2: Earnings.

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Speaker 4: We've had some really good earnings out of the US

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Speaker 4: companies here this year, particularly second and third quarter double

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Speaker 4: digit kind of earnings. Looking forward, is the earnings outlook

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Speaker 4: enough to support this market here?

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Speaker 6: Yeah, you need those earning earnings growth to continue where

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Speaker 6: you're paying twenty three times, right, So, but yeah, we

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Speaker 6: think it is. When I look at forecasts, it's not

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Speaker 6: just what the forecast is, it's where it's going. And

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Speaker 6: our forecasts, all the work our analysts do, have been

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Speaker 6: edging up all year and they're still edging up. And

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Speaker 6: most importantly, I think it's not just the usual suspects.

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Speaker 6: So yes, these seven incredible companies will yet again drive

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Speaker 6: plenty of earnings growth next year, So we think S

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Speaker 6: and P two seventy this year, three ten next year,

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Speaker 6: so we need forty dollars of extra earnings. We've got

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Speaker 6: the mag seven down for sixteen dollars of that, so

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Speaker 6: the rest of it has to come from the other

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Speaker 6: four hundred and ninety three. And I think that's happening.

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Speaker 6: And we're seeing expectations edging up a little bit there

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Speaker 6: as well, So yeah, we feel good about the earnings

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Speaker 6: part of it.

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Speaker 3: What are you with cash? Paul was looking at cash.

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Speaker 3: Did you ever get above five percent on money market funds?

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Speaker 6: No?

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Speaker 2: No, but that was nice though. That was nice.

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Speaker 3: And now it's three dollars six Yeah, if you've seen

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Speaker 3: a behavioral change and how we address cash, Stan Fisher

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Speaker 3: would go on a percentage basis, it's one point four

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Speaker 3: divided by five. Wow, that's a percentage move. What's a

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Speaker 3: change in cash appreciation? Yeah?

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Speaker 6: I think Look, investors have become more comfortable with this market.

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Speaker 6: I think right now investors are pretty comfortable with stocks. Again,

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Speaker 6: look at the prices they're paying, look at the types

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Speaker 6: of stocks people have been buying. The theme in the

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Speaker 6: market this year has been the risk risk rules, right,

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Speaker 6: the risk the better in some cases, particularly in small cap.

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Speaker 6: That again makes us a little bit nervous looking forward.

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Speaker 6: But do you want stocks over cash over any time? Friend?

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Speaker 6: Of course you do.

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Speaker 3: Yep.

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Speaker 4: So here it's interesting here outside what screens well for

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Speaker 4: you guys?

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Speaker 6: Right here you know the best returns on our platform.

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Speaker 6: So we run a lot of strategies by style and geography,

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Speaker 6: best returns this year international value, cheap stocks and cheap markets.

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Speaker 6: You made almost fifty percent European banks, that's a part

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Speaker 6: of it.

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Speaker 3: They're shaking at the JP Morgan digital experiment that Paul

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Speaker 3: Quincy is launching across Europe right now. The future of

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Speaker 3: European banks, what do you see? Are you allowed to

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Speaker 3: talk about that?

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Speaker 6: Yeah, of course. So look, first of all, the recent

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Speaker 6: history of European banks incredibly successful, right, So you've made

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Speaker 6: a lot more money in those stocks, even in the

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Speaker 6: much vaunted MAC seven over the last five years. It's

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Speaker 6: not that they've suddenly become amazing companies. It's that the

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Speaker 6: market left them for dead. It took them fifteen years

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Speaker 6: to get over the damage inflicted by the GFC. But

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Speaker 6: now they've restructured, they've got back to the core businesses.

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Speaker 6: Interest rates have gone up a bit, profitability goes up.

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Speaker 6: If you go from being a left for dead company,

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Speaker 6: he's just an okay company. You can make a lot

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Speaker 6: of money.

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Speaker 3: Key question I asked this is my Davos question. Are

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Speaker 3: they changing because it's an more Anglo American management style

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Speaker 3: yet relationship?

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Speaker 6: I think they're more realistic. So rather than trying to

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Speaker 6: compete investment banking with you know some of those other

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Speaker 6: guys that dominate those markets, these days, they focus more

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Speaker 6: on the local markets, on their car They've done a

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Speaker 6: good job.

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Speaker 3: Paul Auston, are you going to have as many food

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Speaker 3: courts that you're going do Palace in London as you've

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Speaker 3: got on Park Avenue.

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Speaker 6: Well, we're still working on that. As you know, the

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Speaker 6: food greers.

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Speaker 3: Is that the little like you're a Piccadilly and you

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Speaker 3: can buy your griers little?

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Speaker 6: Yeah, that's right. Maybe we'll weave that in careers time.

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Speaker 4: I mean, Paul's a graduated University of Durham, which I

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Speaker 4: just googles northeast part of England. I found our spot

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Speaker 4: the Woodman Inn Pub for you and I it is

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Speaker 4: that's where we're going.

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Speaker 6: Absolutely, there are many great pubs.

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Speaker 3: The Arab studies their first rate, and the cathedral is

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Speaker 3: arguably the best in uninety Kingdom. YEP, Don't be a stranger,

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Speaker 3: Come back, Bring your friends with you from JP Morgan.

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Speaker 3: Paul Quincy with us with JP Morgan here on an

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Speaker 3: important jobs stay with us. More from Bloomberg Surveillance coming

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Speaker 3: up after this.

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Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday

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Speaker 1: starting at seven am Eastern on Applecarplay and Android Auto

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Speaker 1: with the Bloomberg Business app. You can also listen live

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Speaker 1: on Amazon Alexa from our flagship New York station, Just

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Speaker 1: Say Alexa Play Bloomberg eleven thirty.

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Speaker 3: Martha Gimble's on fire. The Budget Lab at yells you know.

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Speaker 3: I'm going to call it my think tank of the year.

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Speaker 3: Their work on tariffs was frightening. We're looking for a

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Speaker 3: tariff update here off of November from Martha. But right

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Speaker 3: now she's beginning what I think will be a Yale

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Speaker 3: Budget Lab effort on AI. Mar to just give us

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Speaker 3: the three x five card of the Yale Budget Lab

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Speaker 3: study of AI. In Lisa Matteo's Future job.

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Speaker 7: Well future who knows five to ten years down the

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Speaker 7: line could be anything. But at the moment, we're really

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Speaker 7: not seeing AI showing up in the labor market overall. So,

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Speaker 7: you know, there's been a lot of stromanbong, a lot

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Speaker 7: of hype about how people are currently losing their jobs

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Speaker 7: due to AI, and we're just not seeing that at

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Speaker 7: all in the data.

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Speaker 4: Is there an expectation that we will at some time

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Speaker 4: in the future, Because I just think about my early

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Speaker 4: days on Wall Street, it seems like most of the

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Speaker 4: tasks I performed as an investment banker can be done

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Speaker 4: by AI.

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Speaker 7: I mean, it'd be unusual, right for there to be

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Speaker 7: no labor market disruption when you introduce a major new technology.

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Speaker 7: I think the thing that everyone keeps forgetting right is

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Speaker 7: that it takes time for technological disruption to happen. It

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Speaker 7: took decades for electricity to throughout the labor market. It

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Speaker 7: even took a pretty long time for the Internet to

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Speaker 7: kick in, right. It wasn't like immediately in nineteen ninety seven,

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Speaker 7: we were changing all the things, and so you know,

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Speaker 7: a I feel so big and people are expecting to see,

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Speaker 7: you know, impacts immediately. That's just not how companies work.

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Speaker 3: So you don't have a guess out two years or

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Speaker 3: five years. You're that blind.

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Speaker 7: I don't think any of us really know where technology

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Speaker 7: is going. I will say I think the thing to

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Speaker 7: look for is a broader recession, because in recessions is

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Speaker 7: often when employers take advantage of that opportunity to make

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Speaker 7: you know, quote unquote labor saving productivity enhancements. They fire workers,

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Speaker 7: they you know, et cetera. And I think that's when

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Speaker 7: we'll have a better sense of how AI could be

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Speaker 7: impacted the labor market.

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Speaker 3: You led the charge from that Rose Garden moment in

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Speaker 3: April on tariff analysis. What you and Erny Tedesky did

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Speaker 3: was just just an act of God. What did you

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Speaker 3: fail at from April to December? When you look back,

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Speaker 3: Martha Gimble, what'd you get wrong? What'd you nail? What'd

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Speaker 3: you get right?

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Speaker 7: Oh my gosh, you know, I do think that actually,

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Speaker 7: I'm going to pick a kind of nerdy thing here

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Speaker 7: on tariffs. So one of the things that we got

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Speaker 7: wrong on tariffs was that we didn't realize how many

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Speaker 7: exceptions there were in the law currently for companies to

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Speaker 7: take advantage of that. They weren't filing the paperwork for

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Speaker 7: because it just wasn't worth it to them at previous

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Speaker 7: tarif phrase. But once the tariffs were high enough, companies started,

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Speaker 7: for instance, filing the paperwork to take advantage of the USMCA.

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Speaker 7: And so we've seen the share of goods coming into

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Speaker 7: the US from Canada and Mexico that are exempt under

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Speaker 7: the USMCA go from fifty percent to ninety percent. That

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Speaker 7: is not something we thought about. That is not something

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Speaker 7: we anticipated, and that is one of the reasons why

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Speaker 7: tariffs have had less of an impact than many of

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Speaker 7: us anticipated.

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Speaker 4: How do you expect tariffs to impact the economy, if

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Speaker 4: at all, in twenty twenty six.

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Speaker 7: That's partly a question for the Supreme Court, and we're

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Speaker 7: all to find out. You know, it's kind of interesting

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Speaker 7: because you know, yes, we think that tariffs are slowing

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Speaker 7: down the economy, but also if the Supreme Court overthrows

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Speaker 7: the tariffs, that's going to throw much more uncertainty back

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Speaker 7: into the economy because we're going to be back where

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Speaker 7: we were beginning middle of this year with like new

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Speaker 7: tariff announcements every day as the administration starts using other

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Speaker 7: tariff authorities. It's got Kevin Hassett was just out there

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Speaker 7: today saying they have a plan if the Supreme Court

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Speaker 7: overrules them. So you know, I think my team in

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Speaker 7: some ways is hoping the Supreme Court upholds the tariffs.

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Speaker 7: They don't have to go back to doing tariff o.

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Speaker 3: It just congratulations is think of the year. You guys

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Speaker 3: just absolutely killed it. I have no idea what you're

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Speaker 3: doing for next year. Folks follow Martha Gimble g I

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Speaker 3: M B E L follow her, and she's actually got

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Speaker 3: a Twitter handle that makes sense at Martha Gimble amazing.

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Speaker 3: You gotta go to Yale to do that, and it's

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Speaker 3: a great feat of firm. And Jed Coco's in here, EARNINGE.

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Speaker 3: Tedesky's an here. I just can't say enough of thought

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Speaker 3: following Martha Gimble sort of on the linkage between markets

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Speaker 3: and academics here and all this stuff that we mumble

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Speaker 3: jumble about. Martha. Congratulations to the budget lab at Yale.

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Speaker 3: Just a spectacular here. We'll start the year of strong

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Speaker 3: where there is well. Stay with us. More from Bloomberg

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Speaker 3: Surveillance coming up after this.

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Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday

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Speaker 1: starting at seven am Eastern on Apple Corplay and Android

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00:20:56,480 --> 00:20:59,520
Speaker 1: Auto with the Bloomberg Business app. You can also listen

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Speaker 1: live on Amazon Alexa from our flagship New York station.

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Speaker 1: Just say Alexa play Bloomberg eleven thirty.

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Speaker 3: Metleting snow, we think that problem will disappear. Tell us

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Speaker 3: about the newspapers the challenges to.

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Speaker 2: Yeah, here we go.

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Speaker 8: So this is the wealthiest families in the world kind

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Speaker 8: of looking into them and they how they have never

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Speaker 8: been richer, and that includes the richest family of twenty

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Speaker 8: twenty five. So this is, according to Bloomberg, we're talking about, Yes,

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Speaker 8: the founding family of.

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Speaker 6: Walmart, the Waltons.

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Speaker 8: They top the world's Richest families list again, a net

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Speaker 8: worth that exceeds half a trillion dollars for the first time.

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Speaker 8: They own about forty four percent of the retailer. But

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Speaker 8: the thing is in this story, it's not just the Waltons,

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Speaker 8: they say the twenty five richest families. They're collectively three

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Speaker 8: hundred and fifty eight point seven billion dollars richer than

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Speaker 8: a year ago, with a combined fortune of two point

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Speaker 8: nine trillion dollars. A lot of things helping them stock

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Speaker 8: prices demand for goods like metals, pet food, but also

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Speaker 8: thanks to their experience, they kind of recruit over the decades.

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Speaker 8: So that's what Bloomberg is saying. Four families actually did

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Speaker 8: join the life.

438
00:22:00,560 --> 00:22:01,480
Speaker 6: For the first time.

439
00:22:01,520 --> 00:22:03,520
Speaker 8: But it just goes to show you how much more

440
00:22:04,160 --> 00:22:05,240
Speaker 8: rich the richer are getting.

441
00:22:05,240 --> 00:22:06,760
Speaker 4: Well, the top five families I'm just looking at the

442
00:22:06,760 --> 00:22:11,399
Speaker 4: story come from the Middle East, Qatar, Saudi Arabia, United

443
00:22:11,400 --> 00:22:14,120
Speaker 4: Arab Emirates, so reflecting energy.

444
00:22:14,359 --> 00:22:14,840
Speaker 3: There you go.

445
00:22:15,119 --> 00:22:16,080
Speaker 6: All right, good for them.

446
00:22:16,359 --> 00:22:18,920
Speaker 8: Okay, Now this is one way you can get rich. Okay,

447
00:22:18,960 --> 00:22:20,840
Speaker 8: this is another way. This is in the New York Post.

448
00:22:21,160 --> 00:22:23,640
Speaker 8: It's just another excuse to buy that pricey handbag.

449
00:22:23,680 --> 00:22:23,920
Speaker 6: Okay.

450
00:22:23,960 --> 00:22:26,040
Speaker 8: They say one of the most savvy investments you can

451
00:22:26,119 --> 00:22:29,960
Speaker 8: make is a twelve thousand dollars handbag. Let me break

452
00:22:29,960 --> 00:22:30,520
Speaker 8: it down for you.

453
00:22:31,600 --> 00:22:32,800
Speaker 6: Here we go. Okay.

454
00:22:32,840 --> 00:22:35,880
Speaker 8: So they say the ultrarare Air May's Burken It could

455
00:22:35,920 --> 00:22:39,080
Speaker 8: get twice at sticker price on the secondary market within

456
00:22:39,280 --> 00:22:42,439
Speaker 8: five years, and the Kelly bag can climb twenty to

457
00:22:42,440 --> 00:22:45,480
Speaker 8: forty percent in value over the same period. I hope

458
00:22:45,480 --> 00:22:50,120
Speaker 8: you're listening out there. Luxury resale authentation, this platform Open Luxury.

459
00:22:50,280 --> 00:22:52,680
Speaker 8: They say the resale value of particularly the Burken and

460
00:22:52,720 --> 00:22:55,719
Speaker 8: Kelly bags over the past ten years has outpaced Gold.

461
00:22:56,040 --> 00:22:58,439
Speaker 8: They say it's similar to buying a picasso that you

462
00:22:58,560 --> 00:23:01,159
Speaker 8: kind of hold in your home. And if you want

463
00:23:01,240 --> 00:23:04,240
Speaker 8: the data, because we need the facts behind this, right okay,

464
00:23:04,560 --> 00:23:06,879
Speaker 8: Burke and Bags they posted an average annual gain of

465
00:23:06,880 --> 00:23:10,440
Speaker 8: fourteen point two percent between nineteen eighty and twenty fifteen.

466
00:23:10,880 --> 00:23:13,160
Speaker 8: That beat the S and P five hundreds eight point

467
00:23:13,200 --> 00:23:16,760
Speaker 8: seven and Gold's negative one point five percent return over

468
00:23:16,800 --> 00:23:17,600
Speaker 8: that same period.

469
00:23:17,760 --> 00:23:19,760
Speaker 4: I mean, do you carry these things out in public

470
00:23:19,840 --> 00:23:21,480
Speaker 4: or is it a piece of art that and that

471
00:23:21,520 --> 00:23:23,320
Speaker 4: you put it in like a seculars.

472
00:23:23,040 --> 00:23:25,240
Speaker 8: Yeah, it's like like a picasso. You know, you just

473
00:23:25,320 --> 00:23:29,320
Speaker 8: gotta hang it there and get your money back. That's

474
00:23:29,320 --> 00:23:31,320
Speaker 8: what it's about, right, It's an investment.

475
00:23:31,920 --> 00:23:33,160
Speaker 3: I'm just fascinated here.

476
00:23:33,720 --> 00:23:35,800
Speaker 6: Just someone is listening.

477
00:23:37,440 --> 00:23:39,520
Speaker 8: And this was this one is actually pretty funny. It

478
00:23:39,600 --> 00:23:42,359
Speaker 8: was a Saturday Night Live spoof. It has now become

479
00:23:42,480 --> 00:23:45,240
Speaker 8: a reality. So Saturday Night Live was making fun of

480
00:23:45,240 --> 00:23:48,919
Speaker 8: remember Spotify rapped, like it gives you the breakdown of who.

481
00:23:48,720 --> 00:23:50,280
Speaker 7: Who your artists were with age?

482
00:23:50,320 --> 00:23:50,879
Speaker 4: You know your.

483
00:23:50,720 --> 00:23:55,720
Speaker 8: Spotify age, you know it was not So they did

484
00:23:55,800 --> 00:23:59,680
Speaker 8: a skit about Uber Eats Wrapped, which is about discovering

485
00:23:59,680 --> 00:24:02,240
Speaker 8: how much you spend on Uber eats, your Uber eats

486
00:24:02,280 --> 00:24:05,200
Speaker 8: age and also the most frequented restaurants.

487
00:24:05,240 --> 00:24:06,639
Speaker 6: Take a listen min you.

488
00:24:06,640 --> 00:24:09,440
Speaker 1: Can find out which restaurants you couldn't live without.

489
00:24:09,560 --> 00:24:12,879
Speaker 5: Taco Bell, five Guys, Burger, King, Pola.

490
00:24:12,800 --> 00:24:14,840
Speaker 6: Guest that explains why the Plumber's always here.

491
00:24:15,280 --> 00:24:19,000
Speaker 8: Yes, okay, so the uber has made it reality. Uber

492
00:24:19,040 --> 00:24:24,120
Speaker 8: has now launched Uber okay that compiles user's activity from

493
00:24:24,119 --> 00:24:27,680
Speaker 8: across Uber but also Uber Eats. So well, yes, break

494
00:24:27,720 --> 00:24:30,600
Speaker 8: down like what restaurants you kind of frequented the most.

495
00:24:31,400 --> 00:24:34,119
Speaker 8: It goes across your Uber schedule too, like if you

496
00:24:34,160 --> 00:24:37,000
Speaker 8: went for the Uber Comfort, how many things like that?

497
00:24:37,080 --> 00:24:39,520
Speaker 8: It puts you in different categories. And yes, you can

498
00:24:39,600 --> 00:24:42,720
Speaker 8: share it on social media with everyone, just at the

499
00:24:42,760 --> 00:24:43,639
Speaker 8: click of a button.

500
00:24:44,000 --> 00:24:46,040
Speaker 6: So check your Uber account, my.

501
00:24:46,160 --> 00:24:50,680
Speaker 3: Uber account, the Offsprings Uber account. It's incomputable. The newspapers,

502
00:24:50,680 --> 00:24:52,120
Speaker 3: Lisa Mattella.

503
00:24:52,560 --> 00:24:57,399
Speaker 1: This is the Bloomberg Surveillance podcast, available on Apple, Spotify

504
00:24:57,520 --> 00:25:01,280
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505
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506
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507
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508
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