Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg
Speaker 1: Surveillance Podcast. Catch us live weekdays at seven am Eastern
Speaker 1: on Apple car Play or Android Auto with the Bloomberg
Speaker 1: Business app. Listen on demand wherever you get your podcasts,
Speaker 1: or watch us live on YouTube.
Speaker 2: There is no other grind in engineering like Annapolis in
Speaker 2: the fire Holes program. There of nuclear power school or
Speaker 2: applied engineering and technology. Ted Mortonsons survived this. He's out
Speaker 2: at Baird right now and joins us on. Ted, what
Speaker 2: was it like your first day at our Naval Academy?
Speaker 2: It was brutal.
Speaker 3: I mean I would say, you know, I look back
Speaker 3: and I try to figure out how I got through
Speaker 3: four years of that, going to going to class through Saturday.
Speaker 3: It was a real challenge. And I wasn't the smartest
Speaker 3: attach in the group.
Speaker 2: That's what Stravina said. He did pretty good leaving the Navy.
Speaker 2: Where did you serve in the US Navy for this nation?
Speaker 3: I flew for thirteen years really kind of the surveillance
Speaker 3: ani submarine. What the Pights are doing right now in
Speaker 3: the Straits of harm moves so grape flying pretty much
Speaker 3: all over the world.
Speaker 2: We'd love to get you back on. We'd love to
Speaker 2: get you back on to talk about that. Sometimes I
Speaker 2: guess right now we'll be forced to do technology. You
Speaker 2: look at Nvidia and a lot of the research notes
Speaker 2: today say, look, it's all concentrated in two three five
Speaker 2: vendors as well. How bad does Google? How bad does Microsoft?
Speaker 2: How bad does some company? I don't know, how bad
Speaker 2: do they not want to use? In Nvidia?
Speaker 3: There's a huge Navidia attacks on once you you know
Speaker 3: they have this whole system approach where you're buying essentially
Speaker 3: everything in a box and it's all in the video
Speaker 3: generated through architectures. Not only does that represent a price tax,
Speaker 3: but it also represents a fair degree of lock in.
Speaker 3: And I think if you look at where Google and
Speaker 3: specifically Amazon with trying to do their own Silicon in inference,
Speaker 3: they just don't want this lock in. And that's one
Speaker 3: of the reasons why you're seeing all this other co
Speaker 3: development on silicon going on through broad common others.
Speaker 4: Ted, what do you make and what's the conversation you're
Speaker 4: having with your clients about software and the AI threat
Speaker 4: to software? It becomes such a dominant theme just over
Speaker 4: the last three four weeks here what's the conversation you're having.
Speaker 2: It's for adults only.
Speaker 3: To be totally honest with you, I cover all of techs,
Speaker 3: so I see it, you know, from a not a
Speaker 3: siloed approach, but the whole tech eco structure. And if
Speaker 3: you look at the IGV, which is you know, pretty
Speaker 3: much of a software index, it's down twenty four percent
Speaker 3: year to date and basically in two months. This has
Speaker 3: absolutely annihilated attribution for a lot of my big big
Speaker 3: pms Number one, they can't get out. Number two. This
Speaker 3: pivot and Jensen alluded to it last night on the
Speaker 3: videos call. The move to agentic or agents has just
Speaker 3: exploded exponentially, and that's the adjective he used in the
Speaker 3: last two months. And this is affecting all of software.
Speaker 3: It's a if you look what's happening with Entropic and
Speaker 3: I would do work on Opus four point five and
Speaker 3: even with chat GPT on their codex offering, you now
Speaker 3: can code an agent by not being a developer, by
Speaker 3: just either talking into your laptop or typing in and
Speaker 3: getting an agent. So agents are absolutely exploding out there.
Speaker 3: And when you explode agents, you need a tremendous amount
Speaker 3: of compute in the video's right in the in the
Speaker 3: middle of that, and you need a lot of memory
Speaker 3: and we're short on memory. So this has been a
Speaker 3: pivot that I haven't seen in three decades of Nope.
Speaker 4: I agree with you. I've never seen anything like it.
Speaker 4: And I guess the question for a lot of investors
Speaker 4: is just pick a name. A Salesforce dot Com doesn't
Speaker 4: get any more embedded than that. I mean, if you're
Speaker 4: a salesperson anywhere in any business, Salesforce dot com is
Speaker 4: your buddy. Is Salesforce dot Com at risk? Just to
Speaker 4: pick a name?
Speaker 2: I think?
Speaker 3: And I listened to that call last night, and you know,
Speaker 3: the large camp companies most likely will make it over
Speaker 3: the chasm on transitioning from a SAS model. And Jensen
Speaker 3: was pretty funny last night. He basically said software is changing,
Speaker 3: and you know, Navidia has a huge sw for a
Speaker 3: component that nobody really talks about, and it's these Kuda
Speaker 3: libraries are very disruptive on traditional SAX. So he called
Speaker 3: software as a service a pre recorded software where eight
Speaker 3: or Agentic or what he's working on on Kuda libraries
Speaker 3: is real time. Wow, that's a big, big statement. And
Speaker 3: where my clients are having trouble is they can't model
Speaker 3: these companies. In the new world, it was easy to
Speaker 3: model like a CRM on SaaS revenue because it was reoccurring.
Speaker 3: Right now you introduced an agent, which is assumption views,
Speaker 3: and nobody can get to free cash flow. So how
Speaker 3: do you put a multiple on free cash flow?
Speaker 5: You can't model.
Speaker 2: Ted Morn said, rob Ship's got a rob Shift has
Speaker 2: got a question, and that is simply, are they setting
Speaker 2: us up for revenue increases out there? I'm doing this
Speaker 2: or that for twenty dollars a month and it's great,
Speaker 2: And is it going to be like twelve months from now? Oh,
Speaker 2: I'm sorry, we've just lifted to fifty dollars a month.
Speaker 2: Is that where all this is heading?
Speaker 5: I don't.
Speaker 3: I personally think that Navidia is going to use technology innovation.
Speaker 3: This reuben cycle that they have in front of them
Speaker 3: is staggerly good. You can reduce a token costs, you know,
Speaker 3: the cost of per token by ten x and that's
Speaker 3: a paradigm shift on system design. I think they're just
Speaker 3: going for massive share across training and inference, and yes,
Speaker 3: you know they'll charge a premium for availability and functionality.
Speaker 3: But I don't think they're out to gouge anybody. I
Speaker 3: think they're out to basically rule the THEAI infrastructure world globally.
Speaker 2: Ted, thanks so much, greatly appreciated this morning. He's a Baird.
Speaker 2: Stay with us. More from Bloomberg Surveillance coming up after this.
Speaker 1: You're listening to The bloombergs our Villain's podcast. Catch us
Speaker 1: Live weekday afternoons from seven to ten am. E's durn
Speaker 1: Listen on Applecarplay and Android Otto with the Bloomberg Business app,
Speaker 1: or watch US live on YouTube.
Speaker 2: John Bilton lizsu He's had a global multi asset strategy
Speaker 2: at JP Morgan Asset Management. My good friend John Farroh
Speaker 2: is adamant that all annual market outlooks should be written
Speaker 2: March thirty first, because there's something always wacko that happens.
Speaker 2: Q one. Clearly, the tech pullback is there. How does
Speaker 2: JP Morgan reallocate for the tech tobaccle we're living right now?
Speaker 6: Well, I think we've got to actually ask is it
Speaker 6: a tech debarcle or is it something which actually the
Speaker 6: market is doing what it should do, which is it's
Speaker 6: actually looking at what's happening at disruption at the stock level.
Speaker 6: One of the things that you know, colleagues of might
Speaker 6: often say is, remember this is a market of stocks.
Speaker 6: It's not a single entity. It's not a stock market,
Speaker 6: and I think we often forget that. What we've seen
Speaker 6: is huge rotation. We've seen, i think an episode in
Speaker 6: the tech trade which is suddenly a realization that this
Speaker 6: disruption that tech is causing generally actually they're going to
Speaker 6: do some of that to their own sector as well.
Speaker 6: And as a result, I think the market is struggling
Speaker 6: or attempting to reprice that. But if we actually look
Speaker 6: at the sector overall, and remember we allocate off top down,
Speaker 6: not at the stock level. In my particular line of business,
Speaker 6: actually tech and comm services are down one to two
Speaker 6: percent this year as sectors, after having risen one hundred
Speaker 6: and twenty and sixty percent, respectively in the last five
Speaker 6: So yes, we see single names, you know, getting hit
Speaker 6: quite hard as their business models are being questioned. That
Speaker 6: the overall tech trade, we think is actually becoming a
Speaker 6: little bit more resilient if anything, because you're getting this
Speaker 6: pricing differentiation happening, which is what the stock market's supposed
Speaker 6: to be doing.
Speaker 4: So from the sector level, the asset allocation level. Have
Speaker 4: you increased, decreased, or kept your tech exposure the same here?
Speaker 6: So we continue to like holding tech and comm services
Speaker 6: for a couple of reasons. I think first and foremost,
Speaker 6: if we actually look at the revue when you hit
Speaker 6: that might come through software. We took a look at
Speaker 6: that and we said, okay, if we took that sector
Speaker 6: and we took some of these worst case scenarios in
Speaker 6: terms of the losses around revenue from software, what would
Speaker 6: that do to the overall revenue for the sectors? It
Speaker 6: would take it down five six percent. Markets pricing at
Speaker 6: around about three times that level, So we think, if anything,
Speaker 6: actually it's cheapened up a long way. And the second
Speaker 6: thing I'd point out, if we take the MAG six
Speaker 6: or MAG seven I'm sorry, and we look at their
Speaker 6: valuation relative to the rest of the market, it's below
Speaker 6: the trough that it was out on Liberation Day, the
Speaker 6: last time we had a big market turmoil event. So
Speaker 6: if anything relative to its average valuation to the rest
Speaker 6: of the market, it's looking pretty cheap at the moment.
Speaker 4: How about us versus rest of the world, Because you know,
Speaker 4: we're patting ourselves on the shoulder on the back last
Speaker 4: year with the US SMP and the NASDAG, but Boil
Speaker 4: lots of markets outside of the US did appreciably better,
Speaker 4: and that's continuing into this year. How do you think
Speaker 4: about US versus the rest of the world?
Speaker 6: For me, it's as much as anything else, a currency story. Okay,
Speaker 6: If I'm a European based investor and I bought a
Speaker 6: Global sixty forty priced in dollars, I did about three
Speaker 6: percent last year. If I talked to someone based here
Speaker 6: in the US, of course they haven't had that currency translation,
Speaker 6: They've done about seventeen percent on the same portfolio. That
Speaker 6: dollar hit is being significant, and I think, you know,
Speaker 6: if people talk a lot about this whole Cell America idea,
Speaker 6: we just don't see it in the data. What we
Speaker 6: do see is a repricing downwards gradually of the US dollar,
Speaker 6: and we think it's got a little bit further to go.
Speaker 6: So I think we're getting two things going on. First
Speaker 6: and foremost, stimulus light we've not seen before coming through
Speaker 6: in Europe at long last, a bit more to come
Speaker 6: in China and Japan as well, which supports the growth
Speaker 6: in those regions. But secondly, we've got the dollar gradually weakening,
Speaker 6: which of course accentuates interested in having that international exposure.
Speaker 2: John Bilton with us. We're going to come back and
Speaker 2: really take advantage of his twisted education here to talk
Speaker 2: about others. AI uproar and had a global ALTESI strategy
Speaker 2: at Jpmore Asset Management features up six. Nice green to
Speaker 2: the screen right now, there's been a lift to the
Speaker 2: market after all. Of course, back and forth on Nvidia.
Speaker 2: Young eys will join us in the nine o'clock hour.
Speaker 2: The conversations on Nvidia today, Paul have has been absolutely spectacular.
Speaker 4: Yeah, I mean again, a solid quarter. It's a beatn
Speaker 4: raise as the tech kids like to talk about.
Speaker 2: It's good.
Speaker 4: Is it on the magnitude that we've seen in the past. No,
Speaker 4: but I mean the larger law, the law of large
Speaker 4: numbers that nothing else would make that kind of difficult
Speaker 4: to do.
Speaker 2: Well, we'll have to see here. I mean it is
Speaker 2: eight thirty and it's you know, in an hour we'll
Speaker 2: open the market as well. Let me get this up
Speaker 2: right now. Yeah, and now sweet ahead, it is now,
Speaker 2: but you know, claims come in below and a revision
Speaker 2: is two hundred and eight thousand. I mean I'm sorry,
Speaker 2: it's what we're hearing across the board. I mean, the
Speaker 2: labor market just hasn't cracked and at the same time
Speaker 2: the struggle of so many Americans.
Speaker 5: Yep, absolutely so.
Speaker 4: Again, the initial jobasclaims came into two hundred and twelve
Speaker 4: thousand concent as was two hundred and sixteen thousand. Last
Speaker 4: period was revised a little bit higher to two hundred
Speaker 4: and eight thousand.
Speaker 2: So there you go. Talk so much of this AI
Speaker 2: debate that we're having, and what great informed conversations is
Speaker 2: about this strange word productivity, which comes down to efficiency.
Speaker 2: John Bilton of JP Morgan is exquisite on this. He's
Speaker 2: got legit chemistry chops out of the United Kingdom and
Speaker 2: enjoyed a tour of duty on the Charles at River.
Speaker 2: It solos MIT. So in chemistry, the iconic nineteenth century shift,
Speaker 2: including the statue of Faraday on the River Thames, is
Speaker 2: to move from batch chemistry to flow chemistry and pipes.
Speaker 2: The world changed. We went from medieval Sir Isaac Newton
Speaker 2: alchemy to like DuPont and other gen C other giant
Speaker 2: chemistry companies. Then you go over to MIT where you
Speaker 2: learn productivity with the troops there. How does AI become
Speaker 2: a process where we win down the road.
Speaker 6: So you're talking the Haber process of course, which takes
Speaker 6: me right back to my undergrad days. But how do
Speaker 6: we think about productivity? Stock and flow is incredibly important
Speaker 6: in Eliot any I knew you were.
Speaker 2: Going here, and I set them up for this discuss
Speaker 2: the So.
Speaker 6: What allows either to be more efficient? What allows the
Speaker 6: flow to be more efficient is a better idea of
Speaker 6: what the dynamics and the data are describing that flow.
Speaker 6: And that's something which AI can do. What it doesn't
Speaker 6: do is make the decisions around how to influence how
Speaker 6: that flow is going through. That's what a human being does.
Speaker 6: But where AI, I think has something which we can
Speaker 6: really lean into is that ability to help us quickly
Speaker 6: pass through data and understand the problem. Seting it doesn't
Speaker 6: mean that suddenly it educates us, but it informs us,
Speaker 6: and I think that's an important subtlety.
Speaker 2: No good. If you're helping Jennie Diamond right in your
Speaker 2: love and we know that are you're going to get
Speaker 2: two paragraphs in it this year. The stock is the
Speaker 2: water in the bathtub, I would suggest, and this is
Speaker 2: all the heritage of my family that we will see
Speaker 2: the water in the bathtub clearer and better with all
Speaker 2: this innovation. Do you agree with some of that idea?
Speaker 6: I would agree with that. I'd also agree that what
Speaker 6: you can do is you can optimize how it flows.
Speaker 6: So if you've got the plug out of the bath,
Speaker 6: you've got the tap running into the bath. That's the
Speaker 6: classic old stock and flow view of the economy. You're
Speaker 6: able to see both what's in the bathtub much better.
Speaker 6: You're also able to see an optimal way to have
Speaker 6: it flow through the bathtub. And I think that's if
Speaker 6: we want to use an analogy, that to me is
Speaker 6: what productivity is about. And that's where AI can be
Speaker 6: a helpful tool. It doesn't replace the person stood there
Speaker 6: looking at and this is beef I have with the
Speaker 6: some of the moves we've seen in software, the idea
Speaker 6: that all of a sudden AI can do everything.
Speaker 2: We know.
Speaker 6: AI has its limitations in its prone to hallucination. It
Speaker 6: requires that interface, but it can create a clearer picture
Speaker 6: in combination with that human expertise, and that, to me
Speaker 6: is why we're seeing this interesting situation two hundred and
Speaker 6: ten thousand on Jobless claims a few minutes ago below expectations.
Speaker 6: Yet we're not seeing wage pressure and that's because jobs
Speaker 6: are becoming more productive using the AI inputs.
Speaker 2: Can you come back the second week in March. Paul
Speaker 2: wants us to do thermodynamics. Can we do some entreprise
Speaker 2: Jennie Diamonds. People are listening to this right now. How
Speaker 2: do we get a bathtub? The letter folks, that was
Speaker 2: a clinic on the chemistry dynamics, the nineteenth century models
Speaker 2: that we're all struggling with here as we look forward
Speaker 2: to twenty and thirty and beyond. John Bilton with a
Speaker 2: clinic their global Manta asset strategy. JP Morgan, he is
Speaker 2: a chemist. Stay with us. More from Bloomberg Surveillance coming
Speaker 2: up after this.
Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us live
Speaker 1: weekday afternoons from seven to ten am Eastern. Listen on
Speaker 1: Applecarplay and Android Auto with the Bloomberg Business app, or
Speaker 1: watch us live on YouTube.
Speaker 2: True madis of course, with equity and strategy at met Life,
Speaker 2: pulling in all of his first class economics at ubs
Speaker 2: over the years, writes a blistering short note today from
Speaker 2: MetLife clients on AI in your job. We're thrilled that
Speaker 2: dru Madis could join us this morning. Our chief market strategist, Drew,
Speaker 2: thank you for this note. It's almost calming what Angelo
Speaker 2: said there at the back end. Paul, I didn't understand
Speaker 2: a word of it, Drew. I mean, just to cut
Speaker 2: to the chase. There's this fear out there off of
Speaker 2: a briefing from Sutrini, which is getting a lot of criticism. AI.
Speaker 2: Can you fold it into our macroeconomics. Can you fold
Speaker 2: it into our guest of it of core economic data
Speaker 2: out one year or five years?
Speaker 5: Well, I think you can, and I think you know.
Speaker 7: Just to dispel a few things, one is like, this
Speaker 7: is not the AI jobs apocalypse. You know, we are
Speaker 7: thinking about this the wrong way. When I came into
Speaker 7: work today, I've got fifty things I want to do,
Speaker 7: and if AI can help me do thirty of them, right,
Speaker 7: my constraint is still how many people I have working
Speaker 7: for me and with me who can kind of engage
Speaker 7: with me and discuss things with me, And how much
Speaker 7: technology I have available?
Speaker 5: Right, And that's anyone anywhere.
Speaker 7: If I somehow use AI to discover fifty new things
Speaker 7: about the universe or my job, right, I'm going to
Speaker 7: get one hundred new questions from that knowledge, right that
Speaker 7: I then have to answer. And then when I answer
Speaker 7: those one hundred, I have a thousand I have to
Speaker 7: answer off of those. And so you know, we're competitive species, right,
Speaker 7: and so like you know, I work at a firm
Speaker 7: that competes with other firms and everyone else does too,
Speaker 7: and you're trying to make your firm win, right, and
Speaker 7: so you're going to be constantly pushing for that knowledge
Speaker 7: they kind of be useful and then learn the next thing.
Speaker 7: And the best way to do that is obviously, you know,
Speaker 7: technology and then people, and the people was a key
Speaker 7: part of it. I think it's actually kind of you know,
Speaker 7: I came from a liberal arts background, and I think,
Speaker 7: you know, those kids who chose liberal arts are going
Speaker 7: to be really happy in the coming future.
Speaker 4: Drew, what do you say to a shareholder and I
Speaker 4: don't know Salesforce dot Com or any of these other
Speaker 4: software company or software as a service companies that Senior
Speaker 4: stock's really beaten down over the last several months, and
Speaker 4: yet their fundamentals are great, their earnings are great, the
Speaker 4: cash flows great. Everybody loves software.
Speaker 6: What do you say to those shareholders.
Speaker 5: You know, I don't know.
Speaker 7: I don't so I don't follow equity, so I'll say that,
Speaker 7: and I don't certainly don't follow individual companies. But what
Speaker 7: I will say is that there is a bit of
Speaker 7: a panic motif that anyone who's bought a house knows
Speaker 7: that you buy a house and then someone shows up
Speaker 7: at your house, they knock on your door and they're like, oh,
Speaker 7: I used to work for the people who own this
Speaker 7: house before you know you bought it. And if you
Speaker 7: don't change this one thing really quickly, your whole house
Speaker 7: will burn down. You all die, right, And then a
Speaker 7: lot of people end up hiring that contractor to do
Speaker 7: whatever useless piece of work it is. And it's just
Speaker 7: it's not to say that everything that's happening is useless,
Speaker 7: but I think that there's first of all, got to
Speaker 7: be a recognition that the pace is important and you
Speaker 7: don't want to be left behind. But you also don't
Speaker 7: want to be pressured into kind of moving before you're
Speaker 7: reading right, And there's nothing wrong with thinking about things
Speaker 7: and how to kind of use technology in the best
Speaker 7: way for your company.
Speaker 5: And I do think, you know, I think in terms
Speaker 5: of using AI.
Speaker 7: You know, one of the main constraints is going to
Speaker 7: be the organizational structures of companies rather than finding things
Speaker 7: for AI to do or you know, I just think
Speaker 7: there's a lot more benefit to kind of expanding the
Speaker 7: knowledge base, and people are ignoring that part and the
Speaker 7: fact that the more knowledge each company has, the more
Speaker 7: competitive they are going to be, and the more wealth
Speaker 7: they will generate for the economy, the more productive the
Speaker 7: economy will be, and the higher the growth rate in
Speaker 7: the economy will be. And that doesn't happen without.
Speaker 4: People drew what's the overall kind of backdrop here as
Speaker 4: we think about tariffs.
Speaker 5: We kind of put that the rest.
Speaker 4: It seemed like the market had at least come to
Speaker 4: groups with the kind of the tariff regime. That kind
Speaker 4: of changed in the last couple of weeks with the
Speaker 4: Supreme Court ruling and President Trump's response to that. Now
Speaker 4: I guess as investors we all have to think about
Speaker 4: tariffs again. Is that impacted kind of your outlook for
Speaker 4: the markets here?
Speaker 7: It hasn't, because, you know, we were kind of back
Speaker 7: at the same tariff rate, and you know, we kind
Speaker 7: of felt like we were living in a period of
Speaker 7: uncertainty and so that hasn't changed at all.
Speaker 6: You know.
Speaker 7: That being said, if you stay at a consistent level
Speaker 7: of uncertainty, that uncertainty becomes a feature, right, and so
Speaker 7: you can actually almost be in the plan for it.
Speaker 7: And so the more consistent things are in the universe,
Speaker 7: the easier they are to kind of forecast everything else.
Speaker 7: And that consistency can also be achieved with consistently uncertain true.
Speaker 2: To bring it back to the market strategy. Right now,
Speaker 2: we haven't even had a correction a lot of inks
Speaker 2: in the market. Maybe we can say there's a flatness
Speaker 2: inequities out here on a portfolio basis, people retirees looking
Speaker 2: at two years, three years, five years, Do you make
Speaker 2: adjustments here or is it basically steady as should go
Speaker 2: from the plan of twenty twenty five.
Speaker 7: I mean, as we think about our asset allocation. You know,
Speaker 7: we've been moving up in quality for some time, and so,
Speaker 7: you know, because spreads are so tight across so many sectors,
Speaker 7: you know, moving up in quality just kind of if
Speaker 7: I'm not going to get paid to take the risk,
Speaker 7: why wouldn't I just not get paid to take no risk?
Speaker 5: Right?
Speaker 7: And so you move towards a lower risk environment there,
Speaker 7: and you look for opportunities where you can risks that
Speaker 7: actually benefit you as opposed to just kind of generic risk.
Speaker 7: And I think that's what people should be thinking about,
Speaker 7: is you know what kind of risk am I willing
Speaker 7: to take?
Speaker 5: And adjusting their portfolios accordingly du.
Speaker 2: Manus, thank you so much, appreciated, uh with met Life.
Speaker 2: Stay with us. More from Bloomberg Surveillance coming up after this.
Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us Live
Speaker 1: weekday afternoons from seven to ten am Eastern Listen on
Speaker 1: Apple Karplay and Android Auto with the Bloomberg Business app,
Speaker 1: or watch us Live on YouTube.
Speaker 2: Let's get right to the newspapers. We've got a special
Speaker 2: treat at the end with Paul Sweeney, Alexis Christophers is
Speaker 2: all newspapers.
Speaker 8: So front page of the Wall Street Journal today, big
Speaker 8: story here on how Americans are leaving the US in.
Speaker 2: Record right, every word of it, Thank you, right.
Speaker 8: Fascinating story here, and it's not all to do right
Speaker 8: with the immigration crackdown. So they're leaving for a few reasons.
Speaker 8: The rise of remote work, which we saw we can
Speaker 8: do post pandemic, the high cost of living so affordability right,
Speaker 8: the key and this appetite for foreign lifestyles, especially in
Speaker 8: Europe where people find it more affordable and safer.
Speaker 2: Yeah, but it's not just Europe.
Speaker 8: Locals in places like Bali, Columbia and Thailand now protesting
Speaker 8: against the wave of gentrification.
Speaker 2: Absolutely, and Cyper shut it down. They had so many
Speaker 2: Russians and Chinese coming in. Cypers shut it on program.
Speaker 2: In that article, what I noted was Portugal is still
Speaker 2: giarmis hot. I mean I was in Prague twenty years
Speaker 2: ago at nine o'clock at night, and everyone around me
Speaker 2: in a little cafe out of a movie was American.
Speaker 6: And this is the cusp.
Speaker 8: Yeah, you don't want to sit there hearing English being
Speaker 8: spoken all around you. That's not why you moved there.
Speaker 4: The number four offsprings heading to Japan.
Speaker 6: I don't know if he's coming back. We'll see that.
Speaker 2: Yeah, I mean I have kids abroad, and actually, now
Speaker 2: that I think about it, they're almost all.
Speaker 4: Is Los Angeles, bro, Yes, exactly, I've got one there
Speaker 4: as well.
Speaker 2: It's a great article. Just you know, the two guys
Speaker 2: that did it over the journalist killed good stuff. Yeah,
Speaker 2: what do you got next?
Speaker 6: All right?
Speaker 8: The race is on for companies to get their tariff
Speaker 8: money back. So it's been less than a week since
Speaker 8: the Supreme Court struck down many of Trump's global terrors,
Speaker 8: and already nearly two thousand companies have filed lawsuits seeking
Speaker 8: their tariff money back. That's on top of the hundreds
Speaker 8: who filed suits and anticipation of that court ruling. And
Speaker 8: these are well known companies, Costco, Barnes and Noble, Goodyear,
Speaker 8: Tire and Rubber. Before the High Court ruling, the lawyers
Speaker 8: for the Trump administration assured the lower courts that companies
Speaker 8: would be made whole and they would also be paid interest.
Speaker 8: They haven't said anything about that though, you know.
Speaker 4: I saw some reporting recently and says, hey, do you
Speaker 4: want to incur potential the wrath of President Trump if
Speaker 4: you're a big company, public company and say you want
Speaker 4: your money back? Or do you just say that special
Speaker 4: eat at the bridge. I don't know, but now, but
Speaker 4: the companies they are in fact.
Speaker 8: This could be miired in the sports for years to come,
Speaker 8: but there'll.
Speaker 2: Be a point where they will win. I'm editorializing, and
Speaker 2: then somebody's got to write a check to FedEx like that.
Speaker 8: Basically FedEx is one of the companies suing exactly.
Speaker 4: They're going to issue te bills and government is what.
Speaker 8: And this could happen well after there you go, This
Speaker 8: could happen well after Trump is out of office.
Speaker 2: Next one one all right.
Speaker 8: New York Times talks about how women are making their
Speaker 8: mark on the world of art collecting. So this is interesting.
Speaker 8: Women now control more than a third of global wealth,
Speaker 8: and recent data finds they are spending more on art
Speaker 8: than men. And guess what that's influencing what museums are buying.
Speaker 8: So it shows that women often buy works from little
Speaker 8: known artists more.
Speaker 4: Than men do.
Speaker 8: They buy artwork made by women. And Christie's over here
Speaker 8: in New York City, the auction house said that its
Speaker 8: female client base has grown ten percent. New crop of
Speaker 8: young female collectors as well. Let's hear it from them,
Speaker 8: gen Z and millennial women outspent men last year when
Speaker 8: it came to artwork.
Speaker 2: I do a plug, sure, Amy ing enng Amy ing
Speaker 2: is the curator over at the Frick. She's an act
Speaker 2: of God. Her show that's there just opening Gainsborough. It's
Speaker 2: all the pretty pictures of people in the eighteenth Center.
Speaker 2: We know all the and I went in. I'm like, yeah, yeah,
Speaker 2: you know, okay, this is a punishment before lunchhowcake right.
Speaker 2: I was blown away about what the Frick Museum in
Speaker 2: New York has done with something is conventional. Is Gainesboro
Speaker 2: of the eighteenth century. I'm so happy to hear did
Speaker 2: what Amy did was. It's just shocking how good it is.
Speaker 8: Well, if you haven't gone to the Frick, guys, and
Speaker 8: you're able to go because post the renovation, it is
Speaker 8: really a treat.
Speaker 6: Awesome.
Speaker 2: Okay, thanks so much, alexis the newspapers here.
Speaker 1: This is the Bloomberg Surveillance podcast, available on apples, Spotify,
Speaker 1: and anywhere else you.
Speaker 2: Get your podcasts.
Speaker 1: Listen live each weekday, seven to ten am Eastern on
Speaker 1: Bloomberg dot com, the iHeartRadio app, tune In, and the
Speaker 1: Bloomberg Business app. You can also watch us live every
Speaker 1: weekday on YouTube and always on the Bloomberg terminal.