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Speaker 2: You're really going to.
Speaker 3: Drill down here into the jobs report right now. Jeffrey
Speaker 3: Cleveland with us with Peyton Riego love having on with
Speaker 3: just an inherent optimism about waking up and taking a swim.
Speaker 3: We'll talk about that in a bit here. A ton
Speaker 3: of moving parts here to partse. Retail sales came in
Speaker 3: SAGY except the control group. The control group takes out this,
Speaker 3: that and the other thing, and it's a boom number
Speaker 3: of zero point eight percent. But Paul, the revisions on
Speaker 3: retail sales and the published retail sales is sort of
Speaker 3: just a mess. Yeah, that's how I do I'd put it.
Speaker 3: Your comment, Paul on the four point six percent.
Speaker 4: Yeah, looking at the four point six percent, I mean,
Speaker 4: you know, we started the year kind of like around
Speaker 4: four percent here three point nine percent, so it's definitely
Speaker 4: jumped a little bit there, market.
Speaker 3: Lifting up a little bit. Yields come in a little
Speaker 3: bit as well. Again, maybe the most important statistic today
Speaker 3: oil under fifty six dollars barrel. We're given Jeffrey Regal
Speaker 3: about four more seconds here to parse the data. I'm
Speaker 3: going to say, folks, there's a single line here thanks
Speaker 3: to our great economic team, non farm payrolls three month
Speaker 3: average change is twenty two thousand. I don't understand politically, Paul,
Speaker 3: how twenty two thousand is okay for Washington.
Speaker 4: Yeah, exactly right, Tom. I mean I think that's a
Speaker 4: little bit of a challenge there. It seems like at
Speaker 4: that no higher, no fire kind of economy still kind
Speaker 4: of with us to some agree.
Speaker 3: Well, we'll have to see. We're commercial free for you
Speaker 3: through this far. We're going to continue here with Jeffrey
Speaker 3: Cleveland and get some good bond analysis as well. Bloomberg
Speaker 3: Surveillance this morning brought you by Interactive Brokers. Trade over
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Speaker 3: Interactive Brokers for all their support. Michael mckeey scheduled to
Speaker 3: be with us. Christina Kemeny will be with SOT Invesco.
Speaker 3: But we continue now with Jeffrey Cleveland, who's had all
Speaker 3: of two minutes forty seven seconds to massage the data.
Speaker 3: What's the first thing you looked at, mister Cleveland.
Speaker 5: I think, Tom, for me, the unemployment rate taking up
Speaker 5: to four point six, as we said in the preamble.
Speaker 5: I think that's going to get attention of investors and policymakers.
Speaker 5: I think you see that moving the bond market already.
Speaker 5: After that, I quickly looked at your non farm payroll.
Speaker 5: I mean, I guess on a positive note, if you
Speaker 5: want the West Coast optimistic spin, you did have a
Speaker 5: negative October, but total private if you exclude the government payrolls,
Speaker 5: didn't look too bad. Tom, you're talking about fifty two
Speaker 5: thousand in October. You're talking about sixty nine thousand in November.
Speaker 2: You mentioned the three month average.
Speaker 5: We do like to look at that as well, and
Speaker 5: the Bloomberg Economic team absolutely right that twenty two thousand.
Speaker 5: You know, that's total non farm. If you look at
Speaker 5: just private, it looks a bit better. It's seventy five thousand.
Speaker 5: So I would still characterize that as soggy. To steal
Speaker 5: your phrase, your reference for retail sales, and I still
Speaker 5: think the risk here is a higher unemployment rate, and
Speaker 5: so I think this brings the FED already back into play.
Speaker 5: We've got a lot more data before the next FOMC meeting,
Speaker 5: but I think the bomb market will react. If I'm
Speaker 5: not mistaken, I'm going.
Speaker 3: To go to three months average. But Jeffrey, with your
Speaker 3: study at Claremont of Politics, a seventy five thousand private
Speaker 3: statistic or a twenty two thousand non farm payroll three
Speaker 3: much average. I don't care what flavor you are, Jeffrey Cleveland,
Speaker 3: that's politically unacceptable.
Speaker 2: I agree. I don't want people.
Speaker 5: I do get messages from people, a friends, family, and
Speaker 5: they say, you know, it's okay if we have a
Speaker 5: soft job growth. You know, as long as the unemployment
Speaker 5: rate stays low, well bad news everyone. If we have
Speaker 5: slow job growth, the unemployment rate tends to take up.
Speaker 2: Which is what we're seeing in the last few months.
Speaker 5: And I don't think seventy five thousand is politically palatable.
Speaker 5: I agree with you. So the risk here is additional
Speaker 5: rate cuts in twenty twenty six, and the bond market
Speaker 5: will start to sniff that out.
Speaker 6: I think so how do you.
Speaker 2: Think the FED here? I mean again, I'm looking at
Speaker 2: the WORP function.
Speaker 4: We're kind of going in today thinking one, maybe two
Speaker 4: rate cuts. Sure, I'm all over the WORP function. How
Speaker 4: do you think that maybe changes in the coming days.
Speaker 5: I think you're going to get more priced in in
Speaker 5: our view at the unemployment rate continues to trend up,
Speaker 5: and we in our forecast we do have inflation moderating.
Speaker 5: I think that's important to note as well. The Fed
Speaker 5: we have, you know, in our base case to been
Speaker 5: cutting three times in twenty twenty six. So WORP is
Speaker 5: probably under price at this stage, and that four point
Speaker 5: six percent unemployment rate that bolsters that view.
Speaker 3: I think we let's jump ahead here. I mean, that's
Speaker 3: what That's what Paul Sweety wants and I want on
Speaker 3: Jeffrey Cleveland, Well, it's camp Benny's taken notes from Invesco here.
Speaker 3: We'll get to Christina in a moment. But the bottom line,
Speaker 3: in two days, I get a legit am I right,
Speaker 3: It's a legit CPI report on December eighteenth, Is that right? Jeffrey?
Speaker 5: Yeah, Well, we get our We get CPI on December
Speaker 5: eighteenth for November. So I mean definitely, that'll be interesting.
Speaker 2: To take in.
Speaker 5: You know, we do think when we look at the
Speaker 5: main components of CPI what we think will drive inflation
Speaker 5: in twenty twenty six. We think goods prices will cool off.
Speaker 5: We think non housing services prices will also cool given
Speaker 5: the weaker labor market, and we do think housing. Housing
Speaker 5: has been a big thorn in the side of the
Speaker 5: CPI the policy maker community, so we expect some relief
Speaker 5: in the housing component. So when we tie that all together,
Speaker 5: we do get core inflation trended back towards two percent
Speaker 5: next year.
Speaker 2: So that's kind of how we're looking at.
Speaker 4: Things, Jeffrey, I mean, it's inflation again. We're going to
Speaker 4: hear some more inflation later on. We're hearing that you
Speaker 4: made that cost of housing is coming down. How does
Speaker 4: that housing figure into just kind of inflation, because for
Speaker 4: a lot of people, that's a big, big component.
Speaker 5: Yeah, I mean for the CPI, it's a big chunk.
Speaker 5: We're talking about a third of core of core CPI.
Speaker 5: It's a little bit less of an issue in core PC,
Speaker 5: which is the FEDS preferred inflation gauge, but the data
Speaker 5: is slow and sticky. At least the government data, and
Speaker 5: we do see scope for the housing component of those
Speaker 5: indices to continue to cool off. That's good news, but
Speaker 5: I think it's more of the government data catching up
Speaker 5: with the reality on the ground. I think we've already
Speaker 5: seen in private sector metrics of rent and things of
Speaker 5: that nature cooling in the housing component. But that should
Speaker 5: you know, people have said to be we're sticky. Inflation
Speaker 5: is sticky, stuck at three percent. I think a portion
Speaker 5: of that is housing. As that cools off, cor inflation
Speaker 5: will head back to two percent.
Speaker 3: Jeffrey, I've been in awe of Paul Sweeney. He's out
Speaker 3: in a frigid wetsuit surfing in the ice cold New
Speaker 3: Jersey serf. Sure, but Jeffrey Cleveland has outdone you. I
Speaker 3: know he's done the twenty bridge swim in Manhattan. Razy.
Speaker 3: He's done twenty miles to the Catalina Channel, probably tuned
Speaker 3: into the Dodgers. Well he did that. What's it like,
Speaker 3: Jeffrey Cleveland's swimming the English Channel. I mean, that's from
Speaker 3: our youth. That's amazing.
Speaker 2: Well, it's cold.
Speaker 5: I mean you're you're looking at about twenty five miles
Speaker 5: from England to France. I think the day that I
Speaker 5: did the swim. It was fifty eight degrees at the start.
Speaker 5: No wetsuits are allowed on that swim. You'll be disqualified.
Speaker 5: And so you do have one support boat, but you
Speaker 5: can't touch the boat.
Speaker 2: You can't take breaks.
Speaker 3: See touch the boat. Unbelievable.
Speaker 2: You can't touch the boat because that's cheatie.
Speaker 5: You know, you just have to you want to take
Speaker 5: a break, you do a boat and someone throws you
Speaker 5: a little bit of a high octane gatorade and then
Speaker 5: you take a quick swig and then you move on.
Speaker 2: Do you see this about ten hours across June or July?
Speaker 3: I mean this, screams Lisa Mateo. Can you see Lisa
Speaker 3: Mateo swimming the Indus Channel.
Speaker 5: We did it in September, September, mid September. That was
Speaker 5: the warmest and we thought that would be the warmest period.
Speaker 2: What an accomplishment.
Speaker 3: It's a triple crown of swimming. One of only thirty.
Speaker 4: Normal people don't do this, Jeffrey, thirty six people in
Speaker 4: the world have done.
Speaker 3: Jeffrey Cleveland, thank you for the insight on the jobs
Speaker 3: report and the spirit of that accomplishment of swimming around
Speaker 3: Manhattan is one of the things as we all stay
Speaker 3: with us. More from Bloomberg Surveillance coming up after this.
Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us live
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Speaker 3: Paul Quincy's never seen this before. He's never seen a
Speaker 3: double jobs report. Wait, none of us have as well.
Speaker 3: He is global head of Equities. Let's speak for JP
Speaker 3: Morgan Asset Management, and you have the best single sentence.
Speaker 3: I hate outlooks. There's a guy I don't know if
Speaker 3: you know, Sam row Ro. He's in America and his
Speaker 3: job is to read every outlook, including yours. We're going
Speaker 3: to get a report from Sam row here.
Speaker 2: But I love Paul in your global note.
Speaker 3: You only have a belief factor in the equity markets forward,
Speaker 3: Only nine percent of our investors are expecting above average
Speaker 3: games in the market.
Speaker 6: Are we really that gloomy out there? I wouldn't go
Speaker 6: good morning. I wouldn't call it gloomy. I would call
Speaker 6: it realistic. So when we look at that, fundamentals drive markets,
Speaker 6: and to us, the fundamentals look pretty good. But you're
Speaker 6: really paying for it. Now, that's what's got our attention.
Speaker 6: I think that note of caution comes in from a
Speaker 6: combination of twenty three times next year's earnings. We think
Speaker 6: earnings are fine, but it's tough to see that twenty
Speaker 6: three going up too much. And then you look at
Speaker 6: earnings have been a triumph of the optimists this year
Speaker 6: yet again. But within the market there's a lot of
Speaker 6: very optimistic thinking, particularly when you get into the small
Speaker 6: cap space. So those two things give us a little
Speaker 6: bit of pause for caution. So we think staying invested, sure,
Speaker 6: but you want to diversify by geography, diversified by style,
Speaker 6: and think about where the returns are going to come from,
Speaker 6: not just where they have come from in the past.
Speaker 4: So in global equities, what's your US versus maybe rest
Speaker 4: of the world allocation? How do you think about it
Speaker 4: geographic these days?
Speaker 6: Yeah, So we do all that bottom up, right, We
Speaker 6: look company by company, and when you do that, you
Speaker 6: find it really hard to get too far away from
Speaker 6: the United States. So the US on average has better
Speaker 6: companies in better businesses, and that isn't going to change
Speaker 6: the reason the US market is two thirds of everything
Speaker 6: these days. It's come the right way, right, It's come
Speaker 6: through superior earnings growth over the last fifteen years. So
Speaker 6: that's where we are. But you also now have high prices,
Speaker 6: and I think you can legitimately balance your US exposure
Speaker 6: these days with the rest of the world, and we're
Speaker 6: not so sure investors are doing that. I think a
Speaker 6: lot of investors, including by the way, investors in Europe
Speaker 6: and Asia, have kind of become a little over fixated
Speaker 6: on the US and have forgotten you can also make
Speaker 6: money in those markets too.
Speaker 2: Earnings.
Speaker 4: We've had some really good earnings out of the US
Speaker 4: companies here this year, particularly second and third quarter double
Speaker 4: digit kind of earnings. Looking forward, is the earnings outlook
Speaker 4: enough to support this market here?
Speaker 6: Yeah, you need those earning earnings growth to continue where
Speaker 6: you're paying twenty three times, right, So, but yeah, we
Speaker 6: think it is. When I look at forecasts, it's not
Speaker 6: just what the forecast is, it's where it's going. And
Speaker 6: our forecasts, all the work our analysts do, have been
Speaker 6: edging up all year and they're still edging up. And
Speaker 6: most importantly, I think it's not just the usual suspects.
Speaker 6: So yes, these seven incredible companies will yet again drive
Speaker 6: plenty of earnings growth next year, So we think S
Speaker 6: and P two seventy this year, three ten next year,
Speaker 6: so we need forty dollars of extra earnings. We've got
Speaker 6: the mag seven down for sixteen dollars of that, so
Speaker 6: the rest of it has to come from the other
Speaker 6: four hundred and ninety three. And I think that's happening.
Speaker 6: And we're seeing expectations edging up a little bit there
Speaker 6: as well, So yeah, we feel good about the earnings
Speaker 6: part of it.
Speaker 3: What are you with cash? Paul was looking at cash.
Speaker 3: Did you ever get above five percent on money market funds?
Speaker 6: No?
Speaker 2: No, but that was nice though. That was nice.
Speaker 3: And now it's three dollars six Yeah, if you've seen
Speaker 3: a behavioral change and how we address cash, Stan Fisher
Speaker 3: would go on a percentage basis, it's one point four
Speaker 3: divided by five. Wow, that's a percentage move. What's a
Speaker 3: change in cash appreciation? Yeah?
Speaker 6: I think Look, investors have become more comfortable with this market.
Speaker 6: I think right now investors are pretty comfortable with stocks. Again,
Speaker 6: look at the prices they're paying, look at the types
Speaker 6: of stocks people have been buying. The theme in the
Speaker 6: market this year has been the risk risk rules, right,
Speaker 6: the risk the better in some cases, particularly in small cap.
Speaker 6: That again makes us a little bit nervous looking forward.
Speaker 6: But do you want stocks over cash over any time? Friend?
Speaker 6: Of course you do.
Speaker 3: Yep.
Speaker 4: So here it's interesting here outside what screens well for
Speaker 4: you guys?
Speaker 6: Right here you know the best returns on our platform.
Speaker 6: So we run a lot of strategies by style and geography,
Speaker 6: best returns this year international value, cheap stocks and cheap markets.
Speaker 6: You made almost fifty percent European banks, that's a part
Speaker 6: of it.
Speaker 3: They're shaking at the JP Morgan digital experiment that Paul
Speaker 3: Quincy is launching across Europe right now. The future of
Speaker 3: European banks, what do you see? Are you allowed to
Speaker 3: talk about that?
Speaker 6: Yeah, of course. So look, first of all, the recent
Speaker 6: history of European banks incredibly successful, right, So you've made
Speaker 6: a lot more money in those stocks, even in the
Speaker 6: much vaunted MAC seven over the last five years. It's
Speaker 6: not that they've suddenly become amazing companies. It's that the
Speaker 6: market left them for dead. It took them fifteen years
Speaker 6: to get over the damage inflicted by the GFC. But
Speaker 6: now they've restructured, they've got back to the core businesses.
Speaker 6: Interest rates have gone up a bit, profitability goes up.
Speaker 6: If you go from being a left for dead company,
Speaker 6: he's just an okay company. You can make a lot
Speaker 6: of money.
Speaker 3: Key question I asked this is my Davos question. Are
Speaker 3: they changing because it's an more Anglo American management style
Speaker 3: yet relationship?
Speaker 6: I think they're more realistic. So rather than trying to
Speaker 6: compete investment banking with you know some of those other
Speaker 6: guys that dominate those markets, these days, they focus more
Speaker 6: on the local markets, on their car They've done a
Speaker 6: good job.
Speaker 3: Paul Auston, are you going to have as many food
Speaker 3: courts that you're going do Palace in London as you've
Speaker 3: got on Park Avenue.
Speaker 6: Well, we're still working on that. As you know, the
Speaker 6: food greers.
Speaker 3: Is that the little like you're a Piccadilly and you
Speaker 3: can buy your griers little?
Speaker 6: Yeah, that's right. Maybe we'll weave that in careers time.
Speaker 4: I mean, Paul's a graduated University of Durham, which I
Speaker 4: just googles northeast part of England. I found our spot
Speaker 4: the Woodman Inn Pub for you and I it is
Speaker 4: that's where we're going.
Speaker 6: Absolutely, there are many great pubs.
Speaker 3: The Arab studies their first rate, and the cathedral is
Speaker 3: arguably the best in uninety Kingdom. YEP, Don't be a stranger,
Speaker 3: Come back, Bring your friends with you from JP Morgan.
Speaker 3: Paul Quincy with us with JP Morgan here on an
Speaker 3: important jobs stay with us. More from Bloomberg Surveillance coming
Speaker 3: up after this.
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Speaker 1: Say Alexa Play Bloomberg eleven thirty.
Speaker 3: Martha Gimble's on fire. The Budget Lab at yells you know.
Speaker 3: I'm going to call it my think tank of the year.
Speaker 3: Their work on tariffs was frightening. We're looking for a
Speaker 3: tariff update here off of November from Martha. But right
Speaker 3: now she's beginning what I think will be a Yale
Speaker 3: Budget Lab effort on AI. Mar to just give us
Speaker 3: the three x five card of the Yale Budget Lab
Speaker 3: study of AI. In Lisa Matteo's Future job.
Speaker 7: Well future who knows five to ten years down the
Speaker 7: line could be anything. But at the moment, we're really
Speaker 7: not seeing AI showing up in the labor market overall. So,
Speaker 7: you know, there's been a lot of stromanbong, a lot
Speaker 7: of hype about how people are currently losing their jobs
Speaker 7: due to AI, and we're just not seeing that at
Speaker 7: all in the data.
Speaker 4: Is there an expectation that we will at some time
Speaker 4: in the future, Because I just think about my early
Speaker 4: days on Wall Street, it seems like most of the
Speaker 4: tasks I performed as an investment banker can be done
Speaker 4: by AI.
Speaker 7: I mean, it'd be unusual, right for there to be
Speaker 7: no labor market disruption when you introduce a major new technology.
Speaker 7: I think the thing that everyone keeps forgetting right is
Speaker 7: that it takes time for technological disruption to happen. It
Speaker 7: took decades for electricity to throughout the labor market. It
Speaker 7: even took a pretty long time for the Internet to
Speaker 7: kick in, right. It wasn't like immediately in nineteen ninety seven,
Speaker 7: we were changing all the things, and so you know,
Speaker 7: a I feel so big and people are expecting to see,
Speaker 7: you know, impacts immediately. That's just not how companies work.
Speaker 3: So you don't have a guess out two years or
Speaker 3: five years. You're that blind.
Speaker 7: I don't think any of us really know where technology
Speaker 7: is going. I will say I think the thing to
Speaker 7: look for is a broader recession, because in recessions is
Speaker 7: often when employers take advantage of that opportunity to make
Speaker 7: you know, quote unquote labor saving productivity enhancements. They fire workers,
Speaker 7: they you know, et cetera. And I think that's when
Speaker 7: we'll have a better sense of how AI could be
Speaker 7: impacted the labor market.
Speaker 3: You led the charge from that Rose Garden moment in
Speaker 3: April on tariff analysis. What you and Erny Tedesky did
Speaker 3: was just just an act of God. What did you
Speaker 3: fail at from April to December? When you look back,
Speaker 3: Martha Gimble, what'd you get wrong? What'd you nail? What'd
Speaker 3: you get right?
Speaker 7: Oh my gosh, you know, I do think that actually,
Speaker 7: I'm going to pick a kind of nerdy thing here
Speaker 7: on tariffs. So one of the things that we got
Speaker 7: wrong on tariffs was that we didn't realize how many
Speaker 7: exceptions there were in the law currently for companies to
Speaker 7: take advantage of that. They weren't filing the paperwork for
Speaker 7: because it just wasn't worth it to them at previous
Speaker 7: tarif phrase. But once the tariffs were high enough, companies started,
Speaker 7: for instance, filing the paperwork to take advantage of the USMCA.
Speaker 7: And so we've seen the share of goods coming into
Speaker 7: the US from Canada and Mexico that are exempt under
Speaker 7: the USMCA go from fifty percent to ninety percent. That
Speaker 7: is not something we thought about. That is not something
Speaker 7: we anticipated, and that is one of the reasons why
Speaker 7: tariffs have had less of an impact than many of
Speaker 7: us anticipated.
Speaker 4: How do you expect tariffs to impact the economy, if
Speaker 4: at all, in twenty twenty six.
Speaker 7: That's partly a question for the Supreme Court, and we're
Speaker 7: all to find out. You know, it's kind of interesting
Speaker 7: because you know, yes, we think that tariffs are slowing
Speaker 7: down the economy, but also if the Supreme Court overthrows
Speaker 7: the tariffs, that's going to throw much more uncertainty back
Speaker 7: into the economy because we're going to be back where
Speaker 7: we were beginning middle of this year with like new
Speaker 7: tariff announcements every day as the administration starts using other
Speaker 7: tariff authorities. It's got Kevin Hassett was just out there
Speaker 7: today saying they have a plan if the Supreme Court
Speaker 7: overrules them. So you know, I think my team in
Speaker 7: some ways is hoping the Supreme Court upholds the tariffs.
Speaker 7: They don't have to go back to doing tariff o.
Speaker 3: It just congratulations is think of the year. You guys
Speaker 3: just absolutely killed it. I have no idea what you're
Speaker 3: doing for next year. Folks follow Martha Gimble g I
Speaker 3: M B E L follow her, and she's actually got
Speaker 3: a Twitter handle that makes sense at Martha Gimble amazing.
Speaker 3: You gotta go to Yale to do that, and it's
Speaker 3: a great feat of firm. And Jed Coco's in here, EARNINGE.
Speaker 3: Tedesky's an here. I just can't say enough of thought
Speaker 3: following Martha Gimble sort of on the linkage between markets
Speaker 3: and academics here and all this stuff that we mumble
Speaker 3: jumble about. Martha. Congratulations to the budget lab at Yale.
Speaker 3: Just a spectacular here. We'll start the year of strong
Speaker 3: where there is well. Stay with us. More from Bloomberg
Speaker 3: Surveillance coming up after this.
Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday
Speaker 1: starting at seven am Eastern on Apple Corplay and Android
Speaker 1: Auto with the Bloomberg Business app. You can also listen
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Speaker 1: Just say Alexa play Bloomberg eleven thirty.
Speaker 3: Metleting snow, we think that problem will disappear. Tell us
Speaker 3: about the newspapers the challenges to.
Speaker 2: Yeah, here we go.
Speaker 8: So this is the wealthiest families in the world kind
Speaker 8: of looking into them and they how they have never
Speaker 8: been richer, and that includes the richest family of twenty
Speaker 8: twenty five. So this is, according to Bloomberg, we're talking about, Yes,
Speaker 8: the founding family of.
Speaker 6: Walmart, the Waltons.
Speaker 8: They top the world's Richest families list again, a net
Speaker 8: worth that exceeds half a trillion dollars for the first time.
Speaker 8: They own about forty four percent of the retailer. But
Speaker 8: the thing is in this story, it's not just the Waltons,
Speaker 8: they say the twenty five richest families. They're collectively three
Speaker 8: hundred and fifty eight point seven billion dollars richer than
Speaker 8: a year ago, with a combined fortune of two point
Speaker 8: nine trillion dollars. A lot of things helping them stock
Speaker 8: prices demand for goods like metals, pet food, but also
Speaker 8: thanks to their experience, they kind of recruit over the decades.
Speaker 8: So that's what Bloomberg is saying. Four families actually did
Speaker 8: join the life.
Speaker 6: For the first time.
Speaker 8: But it just goes to show you how much more
Speaker 8: rich the richer are getting.
Speaker 4: Well, the top five families I'm just looking at the
Speaker 4: story come from the Middle East, Qatar, Saudi Arabia, United
Speaker 4: Arab Emirates, so reflecting energy.
Speaker 3: There you go.
Speaker 6: All right, good for them.
Speaker 8: Okay, Now this is one way you can get rich. Okay,
Speaker 8: this is another way. This is in the New York Post.
Speaker 8: It's just another excuse to buy that pricey handbag.
Speaker 6: Okay.
Speaker 8: They say one of the most savvy investments you can
Speaker 8: make is a twelve thousand dollars handbag. Let me break
Speaker 8: it down for you.
Speaker 6: Here we go. Okay.
Speaker 8: So they say the ultrarare Air May's Burken It could
Speaker 8: get twice at sticker price on the secondary market within
Speaker 8: five years, and the Kelly bag can climb twenty to
Speaker 8: forty percent in value over the same period. I hope
Speaker 8: you're listening out there. Luxury resale authentation, this platform Open Luxury.
Speaker 8: They say the resale value of particularly the Burken and
Speaker 8: Kelly bags over the past ten years has outpaced Gold.
Speaker 8: They say it's similar to buying a picasso that you
Speaker 8: kind of hold in your home. And if you want
Speaker 8: the data, because we need the facts behind this, right okay,
Speaker 8: Burke and Bags they posted an average annual gain of
Speaker 8: fourteen point two percent between nineteen eighty and twenty fifteen.
Speaker 8: That beat the S and P five hundreds eight point
Speaker 8: seven and Gold's negative one point five percent return over
Speaker 8: that same period.
Speaker 4: I mean, do you carry these things out in public
Speaker 4: or is it a piece of art that and that
Speaker 4: you put it in like a seculars.
Speaker 8: Yeah, it's like like a picasso. You know, you just
Speaker 8: gotta hang it there and get your money back. That's
Speaker 8: what it's about, right, It's an investment.
Speaker 3: I'm just fascinated here.
Speaker 6: Just someone is listening.
Speaker 8: And this was this one is actually pretty funny. It
Speaker 8: was a Saturday Night Live spoof. It has now become
Speaker 8: a reality. So Saturday Night Live was making fun of
Speaker 8: remember Spotify rapped, like it gives you the breakdown of who.
Speaker 7: Who your artists were with age?
Speaker 4: You know your.
Speaker 8: Spotify age, you know it was not So they did
Speaker 8: a skit about Uber Eats Wrapped, which is about discovering
Speaker 8: how much you spend on Uber eats, your Uber eats
Speaker 8: age and also the most frequented restaurants.
Speaker 6: Take a listen min you.
Speaker 1: Can find out which restaurants you couldn't live without.
Speaker 5: Taco Bell, five Guys, Burger, King, Pola.
Speaker 6: Guest that explains why the Plumber's always here.
Speaker 8: Yes, okay, so the uber has made it reality. Uber
Speaker 8: has now launched Uber okay that compiles user's activity from
Speaker 8: across Uber but also Uber Eats. So well, yes, break
Speaker 8: down like what restaurants you kind of frequented the most.
Speaker 8: It goes across your Uber schedule too, like if you
Speaker 8: went for the Uber Comfort, how many things like that?
Speaker 8: It puts you in different categories. And yes, you can
Speaker 8: share it on social media with everyone, just at the
Speaker 8: click of a button.
Speaker 6: So check your Uber account, my.
Speaker 3: Uber account, the Offsprings Uber account. It's incomputable. The newspapers,
Speaker 3: Lisa Mattella.
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