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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside

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Speaker 1: my co host Matt Miller. Every business day, we bring

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Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along

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Speaker 1: with essential market moving news. Find the Bloomberg Markets Podcast

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Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and

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Speaker 1: at Bloomberg dot com slash podcast. But one of the

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Speaker 1: I guess results of the pandemic has been a migration move.

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Speaker 1: I mean a lot of folks leaving like New York

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Speaker 1: City and they're going and the other and the coasts

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Speaker 1: and the high cost, high tax areas and go into

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Speaker 1: places like I don't know, Nashville, Tennessee, Austin, Texas, and

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Speaker 1: the great state of North Carolina has been a beneficiary

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Speaker 1: of that as well, and we want to break that down.

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Speaker 1: We're gonna do that today. We're fortunate to have here

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Speaker 1: in our Bloomberg Interactive Broker Studio Michelle Baker Sanders, North

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Speaker 1: Carolina Secretary of Commerce, and Mike Fox, President and CEO

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Speaker 1: of the Piedmont Triad Partnership. Uh So, Michelle and Mike,

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Speaker 1: thanks so much for joining us here. Michelle talked to

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Speaker 1: us about the state of North Carolina and what you

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Speaker 1: guys have experienced from a commerce perspective, a business perspective

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Speaker 1: over the last several years. Thank you. Over the last

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Speaker 1: several years, what we have experienced is at UM booming

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Speaker 1: growth and a momentum with some I believe attraction UH

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Speaker 1: bringing an in migration of people, families, and jobs. As

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Speaker 1: you mentioned, UM over the past couple of years, despite

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Speaker 1: the pandemic and UH concerns about a recession and the

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Speaker 1: labor sup wild market, we have broken records when it

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Speaker 1: comes to the number of job creation creation created and

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Speaker 1: the capital investment into the state. UM. I'd specifically her

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Speaker 1: at highlight the Carolina Core, which we're gonna hopefully talk about.

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Speaker 1: So the Carolina Core UM is a region of North

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Speaker 1: Carolina Central Region which is anchored by UM high Point

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Speaker 1: Winston Salem and then with Greensboro. And within that region

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Speaker 1: they have seen UM extraordinary success, especially in the e

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Speaker 1: V space and semiconductor space, all the advancing technology and

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Speaker 1: advanced manufacturing and so over the past year or so,

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Speaker 1: they have UM attracted over fifteen billion dollars billion dollars

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Speaker 1: in capital investment and as a result of that created

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Speaker 1: UM sixteen thousand jobs, and so, as you just mentioned,

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Speaker 1: people are looking for a great place to live, a

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Speaker 1: great place to start business, and a place where they

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Speaker 1: can thrive. And that's what we have found in North Carolina.

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Speaker 1: And the example I'm highlighting the Carolina Core is definitely

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Speaker 1: a place that it's experienced in that you have and

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Speaker 1: you have a lot of experience manufacturing as well. Right,

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Speaker 1: you come from Biogen, You were working at a number

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Speaker 1: of different manufacturers, global manufacturers before this UM and we're

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Speaker 1: just appointed Secretary Commerce kind of smack dab in the

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Speaker 1: middle of the pandemic right February. Has that driven you think,

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Speaker 1: more manufacts acturers as we kind of unwind these global

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Speaker 1: supply chains or at least try and produce more locally.

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Speaker 1: Has that driven a migration to your state? Um? I

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Speaker 1: believe that that might. The migration that we experience and

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Speaker 1: has been building over a number of years because of

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Speaker 1: many visionaries across the state and the great investments that

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Speaker 1: have been made by the state as well as other

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Speaker 1: partners across the state like the university, community college system

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Speaker 1: and business owners in the state. UM, you're correct. I

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Speaker 1: spent about thirty years in the biotech life science industry.

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Speaker 1: So I connect deeply with manufacturing, and as you know,

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Speaker 1: that's a core competency for North Carolina. We have the

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Speaker 1: largest manufacturing UH talent pool in the southeastern US, and

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Speaker 1: advanced manufacturing, which I missioned earlier UM has been UM

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Speaker 1: something that we have leveraged and built on that strength.

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Speaker 1: We're continuing to see it grow and we're expecting to

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Speaker 1: and anticipate in even more growth an advanced manufacturing. So, Mike,

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Speaker 1: you're the CEO of the Piedmont Triad Partnership. When I

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Speaker 1: think of the Piedmont Tried, I think Winston, Salem, Burlington

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Speaker 1: and all those kinds of stuff. I think, you know,

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Speaker 1: making furniture, textiles and things like that. How was that

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Speaker 1: part of the state kind of tobacco of course, how

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Speaker 1: is that part of the state kind of evolved over

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Speaker 1: the last decade or so, so we've really made a

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Speaker 1: great transition to advanced manufacturing. We have a history of

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Speaker 1: manufacturing in that area, particularly with the textiles and the furniture,

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Speaker 1: and we've seen those industries shrink or go off shore.

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Speaker 1: That's sad because it's some of the greatest furniture you

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Speaker 1: can buy. It's still is some of the best furniture

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Speaker 1: you can source in the country. And we still have

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Speaker 1: a thriving furniture industry. The world's largest furniture market is

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Speaker 1: in High Point twice a year every year. So what

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Speaker 1: we've seen is more niche manufacturing there. Uh. At the

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Speaker 1: same with textiles, those have moved to more medical specialty garments,

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Speaker 1: not just the commodities. But this advanced manufacturing has really

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Speaker 1: taken hold. We You've had the foresight to develop some

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Speaker 1: large sites to attract large transformational projects like Toyota, then

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Speaker 1: fast Wolf Speed and Boom Supersonic at our airport. And

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Speaker 1: so we started we were sitting you know, a year

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Speaker 1: ago literally with four legitimate mega sites, you know, with

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Speaker 1: a lot of interest but no tenants. And within the

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Speaker 1: space of a year we've had four large announcements of

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Speaker 1: tenants that the Secretary mentioned that total those fifteen billion

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Speaker 1: investment and you know, approximately twenty thousand new jobs. What's

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Speaker 1: driven I mean, secretary points out this has been developing

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Speaker 1: for years and we I think Paul and I both

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Speaker 1: have seen North Carolina really develop UM. But the pandemic

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Speaker 1: coupled with you know, the money UM that was pushed

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Speaker 1: into the economy and the Chips Act have to be

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Speaker 1: huge drivers. They are, and you know, quite simply, I

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Speaker 1: think one of the answers is the rest of the

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Speaker 1: world is realizing what we've known for a long time

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Speaker 1: that North Carolina is a great place to live, to work,

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Speaker 1: to play. It's also got an incredible business climate. Thanks

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Speaker 1: to Secretary Sanders, Governor Cooper, and our legislature, we have

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Speaker 1: very favorable uh, you know, business laws and and a

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Speaker 1: tax situation. But primarily to your point, with the pandemic,

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Speaker 1: I think reshoring has become a lot more of a focus. Uh.

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Speaker 1: The supply chain dynamics going from just in time to

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Speaker 1: just in case have become important, and I think manufacturers

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Speaker 1: want to be able to have their supply chain closer

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Speaker 1: to them and not worry about is it sitting on

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Speaker 1: a container somewhere in the Pacific Ocean exactly. And so

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Speaker 1: Secretary representing the state of North Carolina, when you are

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Speaker 1: courting business, when you're saying to a you know, a

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Speaker 1: Toyota or so many, you need to really think about

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Speaker 1: coming to our state. Who do you find yourself competing against?

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Speaker 1: Most often we find ourselves competing against, uh, the global market. Um,

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Speaker 1: there are certain states I'm sure that companies tend to

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Speaker 1: have an attraction to but we are competing against the

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Speaker 1: global markets. So that's why it's so important for us

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Speaker 1: did not only highlight our assets such as the university

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Speaker 1: of the community college system, the quality of life UM,

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Speaker 1: the cost of doing business in North Carolina UM, as

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Speaker 1: well as UM the talent pool, the diverse and skilled

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Speaker 1: talent pool. It's important for us to highlight those assets,

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Speaker 1: but it's also important for UH those companies to experience

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Speaker 1: North Carolina, to visit us and experience the people, the culture, UM,

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Speaker 1: you know, experience what their employees with experience when they

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Speaker 1: come to North Carolina. And so that's what we UM

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Speaker 1: enjoy and and like to show and give that experience. UM.

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Speaker 1: We also, you know, we're courting companies to come to

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Speaker 1: North Carolina and businesses. But I believe what's unique is

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Speaker 1: that we are with those kind companies not only in

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Speaker 1: that initial period, that courtship period. Once we marry, once

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Speaker 1: we bring them to North Carolina, we are intend and

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Speaker 1: we work with them and partner with them throughout the

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Speaker 1: longevity of their business. Talk to us about infrastructure in

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Speaker 1: the state. For example, when I was a duke, the

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Speaker 1: Raleig Durham Airport was like a grass grass strip. Now

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Speaker 1: it's this huge airport modern I mean is that? I

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Speaker 1: mean it seems like the infrastructure in the state is

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Speaker 1: getting better and better and better. How much of the

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Speaker 1: requirement is that when you're talking to against some of

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Speaker 1: these big corporations. North Carolina has invested deeply in infrastructure

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Speaker 1: and because of that we have been successful, as we've discussed,

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Speaker 1: with economic development and building more resilient communities across the

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Speaker 1: state UM, and the airports are surely a part of

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Speaker 1: that UM. You know, within the Carolina core, we have

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Speaker 1: access to airports in the areas you know Charlotte Greensboro

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Speaker 1: has airport ore I do you UM. We also have

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Speaker 1: ports that are part of our transportation infrastructure, and we

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Speaker 1: invest heavily in communities to to build a sewer and

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Speaker 1: water systems that are required to support these businesses. As

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Speaker 1: you know, UM for semiconductor industry and advanced manufacturing utilities,

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Speaker 1: the cost of energy, the cost of doing business matters

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Speaker 1: and it's very important and so within North Carolina we

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Speaker 1: prioritize that UM to attract and to retain and help

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Speaker 1: businesses grow for those for those people who haven't spent

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Speaker 1: much time in North Carolina. Let's define the core or

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Speaker 1: the Piedmont Triad. What exactly is that. So it's roughly

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Speaker 1: add twenty miles stretch that runs from Greensboro, Winston Salem

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Speaker 1: and high Point, which is traditionally known as the Triad

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Speaker 1: down up in the north, down to Fayetteville and kind

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Speaker 1: of the southeast, and it follows roughly Highway for twenty one,

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Speaker 1: which has recently received designation as a future industry that

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Speaker 1: would connect the Triad and points west all the way

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Speaker 1: to uh Wilkesboro and potentially Boon down to Fayettville. And

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Speaker 1: of course Fayetteville is the nation the home of the

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Speaker 1: nation's largest military base in Fort Bragg. And those retiring

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Speaker 1: service members who regularly you know, decide they want to

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Speaker 1: stay in North Carolina, those are a great source of

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Speaker 1: talent for our employers, and so being able to have

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Speaker 1: that connection to that area, to the Triad and also

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Speaker 1: to Charlotte and Raleigh is important for us in terms

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Speaker 1: of developing our workforce. See I think of North Carolina

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Speaker 1: just been a student there. I got the eastern part,

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Speaker 1: which is kind of the beach. Are close to the beach,

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Speaker 1: then the west is amazing mountains Asheville, North Carolina, one

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Speaker 1: of my favorite places to go exactly. The music scene,

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Speaker 1: the culture of the arts amazing there. And then you

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Speaker 1: got everything in the middle, which I call the middle,

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Speaker 1: but now you guys call the cord and all that

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Speaker 1: kind of stuff. But that's kind of where a lot

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Speaker 1: of development is taking place. Real quick, Secretary urtp Research

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Speaker 1: Triangle Park that's been there for decades generations, is that's

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Speaker 1: still a for technology restarts Triangle part is still a

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Speaker 1: thing for technology in North Carolina. Al Right, that's good

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Speaker 1: stuff because I think of North Carolina State, University of

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Speaker 1: North Carolina, Chapel Hill Boo and Duke University. Um, you

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Speaker 1: put those two and plus you got Wake Farcet close by.

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Speaker 1: It's that's kind of been the source of research, tronical parks,

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Speaker 1: I think stuff. So it's just been awesome, so good

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Speaker 1: to talk about it. We had some Chicago pm MY

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Speaker 1: data came in a little bit weaker today, but it

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Speaker 1: just goes to show kind of where some of the

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Speaker 1: Chicago Chicago very far away from Charlotte exactly. So good

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Speaker 1: North Carolina discussion here. Michelle Baker Sanders, North Carolina Secretary

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Speaker 1: of Commerce and Mike Fox, president CEO of Pete Montrey,

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Speaker 1: is there by the way, a rivalry with South Carolina

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Speaker 1: at all, because I always think of Spartanburg being a

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Speaker 1: gear head, you know, uh, the BMW plant down there

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Speaker 1: is there is a little bit of we compete with

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Speaker 1: South Carolina and um so they're a part of the

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Speaker 1: Southeastern family. But let's be clear, we do compete. Yeah,

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Speaker 1: that's what I was wondering about their their sec these

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Speaker 1: North Carolina's acc all right, I want to switch gears

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Speaker 1: because we had a trade that happened in m and

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Speaker 1: A trade over the last couple of days. I got

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Speaker 1: my attention because A it's involves banks, uh and be

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Speaker 1: it's M and A and I like M and A fees.

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Speaker 1: So I'm gonna get Paul Goldberg in here. Paul's the

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Speaker 1: senior equity research channels with Boomberg Intelligence. He covers the

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Speaker 1: banks talk to us about this deal. Bank of Canada

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Speaker 1: is buying h species Canadian unit. So the biggest investment

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Speaker 1: bank in Canada is getting even bigger. Yeah, thank you

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Speaker 1: for having me, Paul. This is absolutely correct. RBC is

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Speaker 1: the largest bank in Canada in cross retail in many

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Speaker 1: cases across business landing, so you look at different categories,

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Speaker 1: they have in some cases more than that of the market.

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Speaker 1: So they are buying the number seven bank. And this

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Speaker 1: is an extremely unique opportunity in Canada because most of

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Speaker 1: the Canadian loans and deposits have basically distributed between the

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Speaker 1: six banks. So, and we were just hearing about higher,

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Speaker 1: stronger net interest margins um in terms of some US banks,

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Speaker 1: I assume the situation is the same there. Right as

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Speaker 1: we see rates pick up around the world, banks start

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Speaker 1: to recover those margins. It's actually very interesting and very similar,

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Speaker 1: but it's shifting already in the US and Canada. RBC

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Speaker 1: actually reported their fourth quarter earliest this morning, so the

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Speaker 1: rates momentum was running out. It's been very strong for them.

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Speaker 1: They probably still going to see another ten fifteen basis

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Speaker 1: points in the first half in terms of net interest

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Speaker 1: margin expansion, but that will slow down throughout the year

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Speaker 1: and a lot of the banks are starting to hedge

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Speaker 1: for slowdown and interesting already already. Well. RBC was a

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Speaker 1: case in point this morning. They owned City National Bank

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Speaker 1: in the US, so they're heading out both the US

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Speaker 1: and Canada. They not They're not position into rates, turning

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Speaker 1: over and go next going the addit direction. But they

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Speaker 1: are trying to hedge out that upside, not negative, hopefully

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Speaker 1: never negative again, well not negative. But I hear you,

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Speaker 1: I hear instead of jacking up seventy five or fifty

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Speaker 1: basis points and meeting, at some point, they're gonna start

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Speaker 1: to cut. And even Gina Martin Adams, I think we

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Speaker 1: were just hearing from critious think thinks the next year

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Speaker 1: we'll see fifty basis points of cuts. That'd be nice.

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Speaker 1: That's got to be good for the markets. My bullish call,

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Speaker 1: I mean, hopefully they get some build up, some dry

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Speaker 1: powder before that, right exactly? Yeah, alright, So Paul, we

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Speaker 1: got you know, Royal Bank of Canada, quality quality player,

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Speaker 1: doubling down on investment banking. They're in Canada. What's their

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Speaker 1: bullish call on Canada? Do you think we're If I'm

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Speaker 1: in a banker, how do how do I make money

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Speaker 1: in Canada over the next five years? Well, it's kinda

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Speaker 1: there's a closed ecosystem right in terms of the banking.

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Speaker 1: They're only a handful of banks. They're fifty banks in

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Speaker 1: total in Canada, okay, uh, and six of them essentially

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Speaker 1: around the market. So whatever the banks can do and

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Speaker 1: whenever they can get their hands and they expending the

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Speaker 1: market here in that very unique asset, they do it.

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Speaker 1: So why why does the Hong Kong Shanghai Banking Corporation

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Speaker 1: want to sell? Well, I will defer to our European

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Speaker 1: analysts who cover it, but I will mention that they

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Speaker 1: did no, no no, no, But they will mention that that

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Speaker 1: they did have came down to their lower end of

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Speaker 1: the capitol range where they wanted to be, and that

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Speaker 1: transaction what John Tye said in this note added about

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Speaker 1: a hundred thirty basis points of c to one capital.

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Speaker 1: So that puts them in a very good position in

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Speaker 1: terms of capital potentially by bags. All right, talk to

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Speaker 1: us about the Canadian residential housing market. That's different there

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Speaker 1: than it is here. It's a bigger part of the

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Speaker 1: you know, a consumer's total net worth than it is. Well,

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Speaker 1: and it was on fire for a while, right. I

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Speaker 1: don't know what are the banks saying about the real

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Speaker 1: estate market up there. It's slowing down very dramatically. It's

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Speaker 1: not just the band what the banks they're saying. We've

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Speaker 1: seen that in the numbers. Uh, But RBC, for example,

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Speaker 1: just this morning they see and it's still growing in

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Speaker 1: the mid single digits. Not the prices, not the sales,

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Speaker 1: but the mortgage loans because people still need to refinance.

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Speaker 1: Can this slightly different market. They don't have the thirty

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Speaker 1: year mortgages. The mortgages refinance every five years, so there's

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Speaker 1: a lot of turnover. That's right, That's what I was

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Speaker 1: thinking about. Yeah, they have much more interest rate risk

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Speaker 1: than we. They have more interest rate risk, but that

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Speaker 1: a lot of the interest rate risk on the customer,

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Speaker 1: not on the not on the bank cooking refinance. All right,

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Speaker 1: good stuff, Paul Goldberg, He covers a lot of the

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Speaker 1: banking stuff, including Canada for Bloomberg intell just just want

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Speaker 1: to get the latest on what was a pretty big

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Speaker 1: m and a trade up in kinda Royal Bank of

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Speaker 1: Canada acquiring HSPCs Canadian unit, doubling down on their investment banking.

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Speaker 1: Lamborghini is unveiling its latest twoundred seventy thousand dollars supercar

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Speaker 1: that apparently is ready to take drivers off the highway

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Speaker 1: and onto the dirts. We welcome now are Bloomberg Televi

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Speaker 1: an audience, our radio and listeners because we're joined by

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Speaker 1: Stephan Winkelman, he is the Lamborghini CEO and chair joining

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Speaker 1: us as well a very excited Bloomberg's Matt Miller um Stefan,

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Speaker 1: thank you very very much, indeed your time. Why are

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Speaker 1: you taking Lamborghini off road? Can Serrato is our last

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Speaker 1: internal combustion engine car only, so it's the last launch

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Speaker 1: we are going to do with a car like this.

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Speaker 1: And I think that the Lamborghini always was easy and

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Speaker 1: wars and expected unexpected. It will continue to be so.

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Speaker 1: So I think to have an old in car is

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Speaker 1: something which is incredible and it's really fun to drive,

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Speaker 1: and it's very much sticking to our DNA and all.

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Speaker 1: We have a permanent bob we drive system on this car.

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Speaker 1: There's more ground clearance, so it's very easy to drive

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Speaker 1: on the on the normal roads, on the race sick,

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Speaker 1: but also of on on gravel road. So it's fun,

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Speaker 1: it's performing, but it's also a life cycle for the

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Speaker 1: for big sit. Stephen Guy was asking me yesterday like

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Speaker 1: why would I need an off road Lamborghini um and

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Speaker 1: I pointed out that we have, you know, six to

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Speaker 1: eight inch potholes in the major highways around New York City.

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Speaker 1: That's the same in all of the major cities around

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Speaker 1: well in Europe at least, and here in the US.

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Speaker 1: Is that part of the draw, like if I'm driving

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Speaker 1: at a Venta door um I drove on recently around

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Speaker 1: Barcelona and it's kind of terrifying with such low ground clearance.

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Speaker 1: Is that part of the draw of one of these

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Speaker 1: lifted Lambos. But I think we always tried to do

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Speaker 1: something which is new and which was never there before,

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Speaker 1: and already years back we were looking into an opportunity

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Speaker 1: to do it. Seems it seemed very difficult to achieve.

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Speaker 1: But then when I came back to Lamborghini a couple

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Speaker 1: of years ago, we refocused on it and we made it.

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Speaker 1: And for sure it's a car which is very much

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Speaker 1: fitting into our environment because the situation of the infrastructure,

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Speaker 1: as you said, no in Europe, but also yeah, in

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Speaker 1: the US, is not the best one when it comes

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Speaker 1: to to the to the to the streets, so it's

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Speaker 1: very easy to drive, also with the roads which are

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Speaker 1: not in the best condition. Definitely strikes me that Folkswagen

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Speaker 1: may have brought you back to Lamborghini, not just because

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Speaker 1: you know the business and you're a great operator. But

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Speaker 1: because they may want an I p O the brand,

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Speaker 1: they just did it very successfully with Porsche, even in

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Speaker 1: a tough market. Have you prepared Lambeau for an IPL No,

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Speaker 1: there's nothing which we are doing to prepare an IPO,

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Speaker 1: So this is not on our agenda timing. Okay, okay,

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Speaker 1: But but your margins, Stefan are looking phenomenal. You've got

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Speaker 1: margins that the bit margins that are better than Ferraris

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Speaker 1: right now. I'm assuming that the new car as well

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Speaker 1: will only improve those margins. Are these martins as high

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Speaker 1: as they are because you you are sending this message

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Speaker 1: that this is a business that people would want to buy.

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Speaker 1: But I think that what we're doing is to work

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Speaker 1: on the product, to work on the brand, to do

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Speaker 1: the best we can with all the opportunities we have

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Speaker 1: on our base models and all the events and or

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Speaker 1: the hula can and the urdles to create very rates

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Speaker 1: and the brand is very young and fresh. So it's

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Speaker 1: also inviting us to to attempt new territories and to

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Speaker 1: launch things like the Serato and the results are very positive,

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Speaker 1: not only in the United States but all over the world.

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Speaker 1: And we're always selling more cars so far then we

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Speaker 1: are able to produce and this is creating already an

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Speaker 1: order bank which is exceeding creating months, and this is

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Speaker 1: very positive. Also looking into the future, which is going

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Speaker 1: to be hybrid from twenty onwards and which will be

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Speaker 1: then concluded by the end of four So we now

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Speaker 1: have the Starato, we also have the the nine eleven Tacca,

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Speaker 1: and I understand there has been some cooperation conversations between

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Speaker 1: you and Posta as as these cars have evolved. How

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Speaker 1: close is that relationship right now, Stefan. We are big groups,

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Speaker 1: so when we speak, when the brands come together, for

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Speaker 1: sure there are there is a clear positioning of the

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Speaker 1: different brands and of the cars. But everybody is proud

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Speaker 1: on doing his own product and he's trying to do

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Speaker 1: and to create the best out of what he has

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Speaker 1: in his doors. And I think that this is very good.

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Speaker 1: Then they set out towards just approved on how how

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Speaker 1: much our engineers and also our marketing people in the

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Speaker 1: in general, our people in the Stageta Bolognese are passionate

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Speaker 1: about what we're doing. Stephan. I'm lucky enough to bend

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Speaker 1: the Santa Aguta a few times. I've senior production facilities,

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Speaker 1: recommend everyone who gets a chance goes and tours the factory.

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Speaker 1: How much is that going to change when you go

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Speaker 1: to hybridization or electric cars. Are you going to have

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Speaker 1: a new infrastructure footprint? For sure? We are in fact

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Speaker 1: now we are the super sports car factory with the

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Speaker 1: Hohoda Can and the event of follower is now changing

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Speaker 1: a lot. We are building a new assembly line which

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Speaker 1: when the new Hooda Can is a hybrid is coming

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Speaker 1: at the end of four will not be too as

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Speaker 1: it today, but there will be then one line which

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Speaker 1: is being able to produce both of the super sports guys.

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Speaker 1: So we're doing a lot. It's not only about the

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Speaker 1: product and let's say the marketing, but it's also a

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Speaker 1: lot about what we're doing our factory and how we

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Speaker 1: work also without supplies, also changing all the people with

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Speaker 1: the new types of a job descriptions, a different intelligence,

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Speaker 1: and all the things which are going around the hybridization,

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Speaker 1: electification with battery technology. So when you get I mean

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Speaker 1: massive margins, everybody loves these limited edition vehicles. Are you

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Speaker 1: planning on producing more of those before you change the

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Speaker 1: production facilities? But you know by the beginning of next year.

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Speaker 1: Actually we will have a last incredible surprise on the

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Speaker 1: B twelve engine. Only there will be a very nice

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Speaker 1: announcement which I will not anticipate too much, but in

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Speaker 1: generally will do a big announcement about a single car

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Speaker 1: which is going to be phenomenal. And this system still

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Speaker 1: based on our actual bat Wealth engine and we're very

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Speaker 1: proud to talk about this when we are doing the announcement.

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Speaker 1: And again in order, can you can you reserve one

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Speaker 1: for me back for the next one. You know, we

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Speaker 1: have a queue. We have a lot of our customers

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Speaker 1: which are applying to create and we're together with us

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Speaker 1: one off, but they stakes years and we are doing

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Speaker 1: these things only once in a while. Matt's one off

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Speaker 1: as well. I think he should definitely go to the

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Speaker 1: top of the queue. Stepan come back in January. We'll

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Speaker 1: look forward to hearing about the new car. Thank you

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Speaker 1: very much, indeed for your time today. You get it

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Speaker 1: right to our next guest. James Stravitis retired admiral with

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Speaker 1: the US Navy, having served thirty seven years. He served

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Speaker 1: as a fifteenth Commander in US European Command and it's

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Speaker 1: also Natives sixteen Supreme Allied commander in Europe is also

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Speaker 1: a published author. His latest book is entitled twenty thirty four,

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Speaker 1: a Novel of the Next World World Adam, thank you

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Speaker 1: so much for joining us here. I'd love to just

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Speaker 1: get your latest thinking on Ukraine. Where could this go

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Speaker 1: in the coming days? Weeks? And dare say months? Yeah, unfortunately,

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Speaker 1: I think it will be months, but I don't think

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Speaker 1: it's going to be years. Um, let's put it this way.

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Speaker 1: At the moment, it's a tale of two wars. One

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Speaker 1: is being fought on the ground. The Ukrainians are winning

431
00:25:19,480 --> 00:25:22,600
Speaker 1: that one. They're pushing the Russians back. I like their

432
00:25:22,680 --> 00:25:26,560
Speaker 1: chances in ground warfare. The other war tail the two wars.

433
00:25:26,600 --> 00:25:29,879
Speaker 1: The other one is an air war, which Putin is winning.

434
00:25:30,080 --> 00:25:34,240
Speaker 1: He is has a much bigger air force. The Ukrainians

435
00:25:34,280 --> 00:25:38,040
Speaker 1: don't have sufficient air defense to really knock it down,

436
00:25:38,440 --> 00:25:41,320
Speaker 1: and therefore Putin is going after the electric grid, He's

437
00:25:41,320 --> 00:25:45,520
Speaker 1: going to after water supplies. He's really committing war crimes

438
00:25:45,560 --> 00:25:48,720
Speaker 1: going after the civilian population. So he's winning in the air.

439
00:25:49,119 --> 00:25:53,840
Speaker 1: Bottom line, if the US NATO to west, if we

440
00:25:54,080 --> 00:25:58,159
Speaker 1: help the Ukrainians close their skies, giving them surface to

441
00:25:58,240 --> 00:26:03,800
Speaker 1: air missiles. Patriot battery combat aircraft are under discussion. If

442
00:26:03,800 --> 00:26:05,920
Speaker 1: we take those kind of steps, take the air war

443
00:26:05,960 --> 00:26:09,879
Speaker 1: away from Putin, I think that pushes us toward a

444
00:26:09,920 --> 00:26:13,920
Speaker 1: negotiation simply because Putin begins to run out and runway here,

445
00:26:14,320 --> 00:26:16,879
Speaker 1: and I think that probably happens to put it all together,

446
00:26:16,960 --> 00:26:20,520
Speaker 1: Matt and Paul, that probably happens in the late winter

447
00:26:20,800 --> 00:26:23,399
Speaker 1: early spring of next year. Watch for this to go

448
00:26:23,440 --> 00:26:27,520
Speaker 1: to a negotiation at that point. Wow. So, by the way,

449
00:26:27,560 --> 00:26:30,159
Speaker 1: what is there to negotiate? I mean, the Ukrainians have

450
00:26:30,280 --> 00:26:35,080
Speaker 1: said they will accept nothing less than the complete um

451
00:26:35,280 --> 00:26:40,320
Speaker 1: pull out of Russia from all Ukrainian lands and territories. Yeah,

452
00:26:40,320 --> 00:26:43,560
Speaker 1: we're on a business network here, and whenever you start

453
00:26:43,560 --> 00:26:47,399
Speaker 1: a negotiation, uh, in business and or and love, you

454
00:26:47,480 --> 00:26:50,240
Speaker 1: start with a maximum list position. I'd say that's what

455
00:26:50,359 --> 00:26:55,640
Speaker 1: the Ukrainians correctly are conveying. At some point. Realistically, it's

456
00:26:55,640 --> 00:26:58,720
Speaker 1: going to be very difficult for the Ukrainians to completely

457
00:26:58,880 --> 00:27:02,800
Speaker 1: expel the Russia armed forces. That is why you have

458
00:27:02,880 --> 00:27:06,040
Speaker 1: a negotiates And I would say our job in the

459
00:27:06,080 --> 00:27:08,879
Speaker 1: West is to give the Ukrainians the tools to go

460
00:27:08,960 --> 00:27:15,120
Speaker 1: to the negotiating cable and the strongest possible position admiral.

461
00:27:15,160 --> 00:27:19,840
Speaker 1: Whose decision do you think ultimately will be to UH?

462
00:27:19,920 --> 00:27:22,720
Speaker 1: I guess build up the air defenses the air forces

463
00:27:22,800 --> 00:27:25,560
Speaker 1: of Ukraine like you suggest. Is this primarily a U

464
00:27:25,640 --> 00:27:28,080
Speaker 1: S decision or this to be a broader NATO decision

465
00:27:29,000 --> 00:27:32,160
Speaker 1: the latter And we just saw the NATO foreign ministers

466
00:27:32,200 --> 00:27:36,679
Speaker 1: get together um in Europe, to include our own Secretary

467
00:27:36,720 --> 00:27:39,520
Speaker 1: of State Tony B. Lincoln. They're backed up by the

468
00:27:39,560 --> 00:27:43,359
Speaker 1: ministers of defense, are Secretary of Defense General Lloyd to

469
00:27:43,359 --> 00:27:49,080
Speaker 1: Austin And those conversations are live, They're real. You're certainly

470
00:27:49,119 --> 00:27:52,679
Speaker 1: going to see additional air defense flowing into Ukraine. The

471
00:27:52,800 --> 00:27:56,240
Speaker 1: question that was under discussion continues to be as whether

472
00:27:56,560 --> 00:28:02,000
Speaker 1: the Ukrainians should be provided combat aircraft, either MID twenty

473
00:28:02,080 --> 00:28:04,920
Speaker 1: nine from Poland or F sixteen from the United States.

474
00:28:05,200 --> 00:28:08,440
Speaker 1: I think we will probably end up providing those sometime

475
00:28:08,520 --> 00:28:11,119
Speaker 1: in the months ahead. Is I mean, can you count

476
00:28:11,119 --> 00:28:14,280
Speaker 1: on this administration to be there? Um for Ukraine? Can

477
00:28:14,280 --> 00:28:17,240
Speaker 1: you count Washington to be there? It's not just in

478
00:28:17,280 --> 00:28:19,680
Speaker 1: the hands of the president. Of course, now that the Republicans,

479
00:28:19,680 --> 00:28:23,200
Speaker 1: a lot of whom do not want to continue um

480
00:28:23,240 --> 00:28:28,560
Speaker 1: supplying Ukraine with money or supplies. UM. I think that

481
00:28:28,600 --> 00:28:33,480
Speaker 1: there remains very strong bipartisan support. Certainly, you hear some

482
00:28:33,600 --> 00:28:37,199
Speaker 1: cracking noises on the far right, and you hear some

483
00:28:37,280 --> 00:28:40,080
Speaker 1: cracking noises on the far left. And I think that

484
00:28:40,240 --> 00:28:43,640
Speaker 1: on this one the center will hold UM and you're

485
00:28:43,680 --> 00:28:46,520
Speaker 1: going to continue to see, particularly on the Senate side.

486
00:28:46,520 --> 00:28:49,000
Speaker 1: But I think even in the House, UM, I don't

487
00:28:49,040 --> 00:28:52,600
Speaker 1: feel there's a ground swell that completely cut off E

488
00:28:52,800 --> 00:28:56,520
Speaker 1: to Ukraine. That would be disastrous economically, it would be

489
00:28:56,560 --> 00:29:01,520
Speaker 1: disastrous militarily and diplomatically go forward, it would send many

490
00:29:01,640 --> 00:29:05,000
Speaker 1: wrong signals. I don't see that happening. I think Washington

491
00:29:05,360 --> 00:29:09,800
Speaker 1: broadly will hold together. Might be some dimmusion of support,

492
00:29:09,840 --> 00:29:13,720
Speaker 1: but I think that support broadly will continue. Admiral, how

493
00:29:13,720 --> 00:29:16,800
Speaker 1: do you game out the putin risk if you will,

494
00:29:16,840 --> 00:29:22,080
Speaker 1: that perhaps he does something you know, really unusual, unwise

495
00:29:22,480 --> 00:29:26,280
Speaker 1: and it just really escalates this thing. I think that's

496
00:29:26,280 --> 00:29:30,200
Speaker 1: a possibility, UM, and I would categorize it as the

497
00:29:30,280 --> 00:29:35,600
Speaker 1: cards he's playing now cutting off hydrocarbons to Western Europe,

498
00:29:35,600 --> 00:29:38,120
Speaker 1: hoping to crack their resolved. That will play out through

499
00:29:38,120 --> 00:29:41,840
Speaker 1: the winter and this air campaign, this kind of carpet

500
00:29:41,920 --> 00:29:45,040
Speaker 1: bombing of the infrastructure. He's gonna wait to see how

501
00:29:45,080 --> 00:29:48,600
Speaker 1: those two cards play out. If neither of those produced

502
00:29:48,600 --> 00:29:50,960
Speaker 1: for him the intended result, then he might reach for

503
00:29:51,080 --> 00:29:55,240
Speaker 1: something more dramatic at the really dark end of the spectrum.

504
00:29:55,240 --> 00:29:57,920
Speaker 1: He could consider the use of the tactical nuclear weapon.

505
00:29:58,200 --> 00:30:01,680
Speaker 1: I think that's highly unlike he knows. It would cause

506
00:30:01,960 --> 00:30:06,600
Speaker 1: a massive im media shift in global attitudes toward Russia.

507
00:30:06,920 --> 00:30:10,800
Speaker 1: It would move that swing boat of India and Nigeria,

508
00:30:10,880 --> 00:30:13,360
Speaker 1: South Africa, Brazil, those countries that are kind of in

509
00:30:13,400 --> 00:30:15,760
Speaker 1: the middle on this. I don't think he goes there.

510
00:30:15,840 --> 00:30:18,080
Speaker 1: That's why I think he starts to run out of

511
00:30:18,120 --> 00:30:22,160
Speaker 1: options once these two cards I just mentioned get played. Um.

512
00:30:22,200 --> 00:30:25,400
Speaker 1: I think that's why it's unlikely he'll be able to

513
00:30:25,440 --> 00:30:29,719
Speaker 1: suddenly hit the script admire. On another note, you know

514
00:30:29,920 --> 00:30:33,160
Speaker 1: I'm a huge fan of because I tell you pretty

515
00:30:33,200 --> 00:30:35,920
Speaker 1: much every time you come on great book, and I've

516
00:30:36,120 --> 00:30:39,280
Speaker 1: gotta ask when the next one is coming? Are you

517
00:30:39,320 --> 00:30:42,680
Speaker 1: working on another novel? We are, and um I co

518
00:30:42,840 --> 00:30:46,800
Speaker 1: wrote and novel of the Next World War with Elliott Ackerman,

519
00:30:47,160 --> 00:30:52,360
Speaker 1: combat marine veteran. The next book is set entitled four

520
00:30:52,960 --> 00:30:58,320
Speaker 1: and it's about artificial intelligence, cyber and challenges here domestically

521
00:30:58,360 --> 00:31:01,920
Speaker 1: in the United States, civil disagreements in the United States

522
00:31:02,200 --> 00:31:08,400
Speaker 1: come together mid century. That's like four. This novel is

523
00:31:08,440 --> 00:31:11,560
Speaker 1: a work of cautionary fiction. We need to be careful

524
00:31:11,600 --> 00:31:13,560
Speaker 1: as we move forward in these decades. Well, and it's

525
00:31:13,640 --> 00:31:17,560
Speaker 1: kind of scary how prescient four already looks it does,

526
00:31:17,760 --> 00:31:21,840
Speaker 1: and I hope it remains fictional exactly. All right, Admiral,

527
00:31:21,880 --> 00:31:24,400
Speaker 1: thank you so much. We really appreciate it. Admiral James Trevites,

528
00:31:24,840 --> 00:31:29,760
Speaker 1: retired U S. Navy, sixteenth Supreme Supreme Allied Commander in Europe,

529
00:31:29,760 --> 00:31:37,400
Speaker 1: giving us his latest thoughts. Let's talk some technology, uh,

530
00:31:37,440 --> 00:31:39,560
Speaker 1: and because that's always fun to talk about and things

531
00:31:39,600 --> 00:31:41,720
Speaker 1: are always moving there. And to do that, we bring

532
00:31:41,760 --> 00:31:44,440
Speaker 1: in on a Rock Rana. He's a senior technology annalys

533
00:31:44,480 --> 00:31:46,720
Speaker 1: for Bloomberg Intelligence. He joins us here in our Bloomberg

534
00:31:46,720 --> 00:31:49,360
Speaker 1: Interactive Broker studio. And let's just start with Apple, but

535
00:31:49,360 --> 00:31:50,480
Speaker 1: I want to get to a couple of other names.

536
00:31:50,480 --> 00:31:52,640
Speaker 1: I see workdays of stock that's just ripping today. We'll

537
00:31:52,640 --> 00:31:56,160
Speaker 1: get to that in Apple Strike. Are they going to

538
00:31:56,160 --> 00:31:58,120
Speaker 1: to talk us about the supply chain and their ability

539
00:31:58,120 --> 00:32:00,920
Speaker 1: to deliver iPhones? And how long is this gonna be

540
00:32:00,920 --> 00:32:03,640
Speaker 1: an issue for my friends and Apple. Oh, it's going

541
00:32:03,680 --> 00:32:05,800
Speaker 1: to be an issue till they let the factories open,

542
00:32:05,840 --> 00:32:08,520
Speaker 1: and I think that is a bigger issue for everybody. Now,

543
00:32:09,200 --> 00:32:11,080
Speaker 1: all the iPhones are not made in that region or

544
00:32:11,160 --> 00:32:14,400
Speaker 1: in that factory. It's only the iPhone fourteen Pro model,

545
00:32:14,440 --> 00:32:16,720
Speaker 1: which is the more expensive model and which is in

546
00:32:16,880 --> 00:32:20,080
Speaker 1: really high demand. That this is the most important model. Yes,

547
00:32:20,360 --> 00:32:24,320
Speaker 1: so so Apple, one of the biggest and most important

548
00:32:24,360 --> 00:32:28,080
Speaker 1: companies in the world, makes basically all of its main

549
00:32:28,200 --> 00:32:32,080
Speaker 1: iPhone models in one place in China. No, no, that's

550
00:32:32,080 --> 00:32:35,920
Speaker 1: only the iPhone Pro model, the other iPhone normal models,

551
00:32:35,960 --> 00:32:38,880
Speaker 1: others that one. Right, it's no prof you're gonna spend

552
00:32:38,880 --> 00:32:42,320
Speaker 1: seven in for a grant. No, No, they they do

553
00:32:42,440 --> 00:32:44,960
Speaker 1: by the other ones as well. This is only a

554
00:32:44,960 --> 00:32:47,440
Speaker 1: small portion of it, but it makes a difference to

555
00:32:47,480 --> 00:32:50,040
Speaker 1: in terms of mathematically you're gonna lose a few billion

556
00:32:50,080 --> 00:32:52,680
Speaker 1: dollars because of it in the upcoming quarter. But the

557
00:32:53,040 --> 00:32:55,680
Speaker 1: you know, we have two very strong analysts in Asia

558
00:32:55,720 --> 00:32:58,760
Speaker 1: and they explained it to me. It's a listen. January

559
00:32:58,880 --> 00:33:01,560
Speaker 1: fab is a very slow month in production. They're gonna

560
00:33:01,640 --> 00:33:03,680
Speaker 1: make up for that at that time and for the

561
00:33:03,760 --> 00:33:06,640
Speaker 1: year it's going to be okay. So which means, you know,

562
00:33:06,680 --> 00:33:08,880
Speaker 1: sales are gonna get pushed out from the December quarter

563
00:33:09,040 --> 00:33:11,280
Speaker 1: to the Jim quarter jan Fab quarter. It's not a

564
00:33:11,320 --> 00:33:15,520
Speaker 1: big deal. And other vendors, they have a lot of

565
00:33:15,520 --> 00:33:17,760
Speaker 1: other vendors, and they've already asked them to to you know,

566
00:33:17,800 --> 00:33:20,880
Speaker 1: start preparing for making those phones going out in the

567
00:33:20,920 --> 00:33:24,440
Speaker 1: first quarters. So hopefully they asked them like five years ago.

568
00:33:25,280 --> 00:33:28,720
Speaker 1: Now again, these things do take time. So you you know,

569
00:33:28,760 --> 00:33:31,160
Speaker 1: if something happened ten days ago, you just can't you know,

570
00:33:31,200 --> 00:33:33,520
Speaker 1: start making it in you know, somebody's basement. It's it's

571
00:33:33,560 --> 00:33:37,600
Speaker 1: not that the same. So, but something happened, remember Donald Trump. No,

572
00:33:38,400 --> 00:33:42,600
Speaker 1: I mean we've been at odds with China for a while. Now.

573
00:33:43,120 --> 00:33:45,400
Speaker 1: You think that they would say, hey, let's move around

574
00:33:45,400 --> 00:33:47,960
Speaker 1: the supply chain. Here. They are moving around it. They

575
00:33:47,960 --> 00:33:51,000
Speaker 1: have plants and you know in assembly areas in India

576
00:33:51,000 --> 00:33:53,200
Speaker 1: and other areas. But again, think about it, that's something

577
00:33:53,240 --> 00:33:55,680
Speaker 1: that took twenty years to build. You just can't untravel

578
00:33:55,720 --> 00:33:57,600
Speaker 1: it and in a couple of years. It just takes time.

579
00:33:57,960 --> 00:34:01,200
Speaker 1: And I think investors don't understand that. Fit uh, And

580
00:34:01,560 --> 00:34:03,800
Speaker 1: it'll be fine. I think over the long run, they

581
00:34:03,840 --> 00:34:07,080
Speaker 1: will diversify I think it from a from a you say,

582
00:34:07,280 --> 00:34:09,759
Speaker 1: being conscious about this is a very good thing for them,

583
00:34:09,960 --> 00:34:12,480
Speaker 1: and I think they will open areas outside the offside

584
00:34:12,520 --> 00:34:14,920
Speaker 1: China is button, all right, You've been talking to us

585
00:34:14,960 --> 00:34:18,160
Speaker 1: about this cloud thing for years and years and years,

586
00:34:18,160 --> 00:34:21,359
Speaker 1: and here's another one work day. Wait a second, we're

587
00:34:21,360 --> 00:34:23,960
Speaker 1: gonna move off Apple? Yeah? I hang on a second.

588
00:34:24,040 --> 00:34:28,080
Speaker 1: Why because they are set up for stockstassive showdown. Okay,

589
00:34:28,120 --> 00:34:30,479
Speaker 1: the stock may not be moving now, but Tim Cook

590
00:34:30,560 --> 00:34:34,600
Speaker 1: is in Washington today why to meet with incoming Republicans

591
00:34:34,840 --> 00:34:37,120
Speaker 1: Because they are gaining a lot of power in Washington

592
00:34:37,440 --> 00:34:40,520
Speaker 1: and they're gonna be They're gonna be on team Elon, Right,

593
00:34:41,680 --> 00:34:43,680
Speaker 1: whose side do you want to be on? I don't.

594
00:34:43,880 --> 00:34:46,280
Speaker 1: I'm not taking a side, but I'm gonna say. Elon

595
00:34:46,400 --> 00:34:52,880
Speaker 1: Musk is now accusing Apple of uh advertising and of

596
00:34:53,000 --> 00:34:55,880
Speaker 1: cracking down on free speech. Essentially, this is kind of

597
00:34:55,920 --> 00:34:59,919
Speaker 1: a Republican rally and cry because he wants to get

598
00:35:00,080 --> 00:35:04,080
Speaker 1: out of their app store ecosystem and not pay the

599
00:35:04,080 --> 00:35:06,840
Speaker 1: thirty gate fee. So how is that going to be

600
00:35:06,920 --> 00:35:09,160
Speaker 1: set up? It's again, this is for the courts to decide,

601
00:35:09,160 --> 00:35:12,200
Speaker 1: so it's very difficult, but you know, our generally who's

602
00:35:12,200 --> 00:35:15,720
Speaker 1: are expert in this area and says listen, you know Apple,

603
00:35:16,120 --> 00:35:18,640
Speaker 1: Epic Games, make it a case against Apple, and in

604
00:35:18,680 --> 00:35:21,640
Speaker 1: the end they lost. I mean at the end of that,

605
00:35:21,640 --> 00:35:23,960
Speaker 1: that's already done. It's already been done. So he can

606
00:35:24,000 --> 00:35:25,799
Speaker 1: make a little bit cry that's okay, let him cry,

607
00:35:25,840 --> 00:35:28,520
Speaker 1: it's fine. So but our Apple investors are you talked

608
00:35:28,560 --> 00:35:31,600
Speaker 1: about they concerned about a showdown between Elon Musk and Apple.

609
00:35:31,960 --> 00:35:33,440
Speaker 1: You know, let it be because at the end of

610
00:35:33,480 --> 00:35:35,840
Speaker 1: the day that the court has already decided that's a

611
00:35:35,840 --> 00:35:39,319
Speaker 1: fair fee for placing your product on the app store.

612
00:35:39,600 --> 00:35:41,640
Speaker 1: And I think the bigger question is going to be

613
00:35:42,000 --> 00:35:43,560
Speaker 1: is he going to open it and make it a

614
00:35:43,560 --> 00:35:46,920
Speaker 1: lot more you know, crazy? And will it have content

615
00:35:47,040 --> 00:35:52,040
Speaker 1: that apps on Twitter now, yeah, can't tolerate well, has

616
00:35:52,080 --> 00:35:55,759
Speaker 1: thematic tweets from very popular people. App app store has

617
00:35:55,800 --> 00:35:58,880
Speaker 1: certain rules and it could be multiple areas. This is

618
00:35:58,920 --> 00:36:02,160
Speaker 1: just one topic that a topic talking about and if

619
00:36:02,239 --> 00:36:05,040
Speaker 1: the if Twitter you know, breaks that, it will say

620
00:36:05,040 --> 00:36:07,319
Speaker 1: you can't be on the platform. It's a very simple thing. Now,

621
00:36:07,360 --> 00:36:09,960
Speaker 1: the rules out for everybody. It's not specifically for Twitter.

622
00:36:10,200 --> 00:36:12,799
Speaker 1: Those rules are there for any other app store or

623
00:36:12,840 --> 00:36:16,000
Speaker 1: anybody who's building an application and they decided to go

624
00:36:16,080 --> 00:36:18,040
Speaker 1: break out of it, then they you know, that's that's

625
00:36:18,040 --> 00:36:20,080
Speaker 1: a problem for them, all right, So Matt wants to

626
00:36:20,120 --> 00:36:22,200
Speaker 1: stay on this story, so we'll stay on this story.

627
00:36:22,560 --> 00:36:25,959
Speaker 1: We've seen the tweets from Elon. Okay, have we seen

628
00:36:26,000 --> 00:36:30,040
Speaker 1: any response from Apple? I don't know. I just think

629
00:36:30,040 --> 00:36:32,600
Speaker 1: he said Happy Thanksgiving like a few days ago. That

630
00:36:32,719 --> 00:36:34,759
Speaker 1: was like that. That's all I can remember. So they're

631
00:36:34,760 --> 00:36:37,920
Speaker 1: not going to be going back and forth. I guess

632
00:36:37,920 --> 00:36:41,800
Speaker 1: Elon Musk's had tweeted a meme where, um, there's a

633
00:36:41,880 --> 00:36:44,520
Speaker 1: highway with the fork in the road right one one

634
00:36:44,640 --> 00:36:48,799
Speaker 1: one direction is pay gate fee to get into apple

635
00:36:48,840 --> 00:36:53,000
Speaker 1: eCos system, and one side is go to war with Apple,

636
00:36:53,120 --> 00:36:55,879
Speaker 1: and Elon must chooses go to war with Apple. Yeah,

637
00:36:55,920 --> 00:36:58,720
Speaker 1: I think this could be I think you're pretty sanguine.

638
00:36:58,719 --> 00:37:01,680
Speaker 1: I think this could be a bit more than a ripple. Yeah.

639
00:37:01,760 --> 00:37:03,799
Speaker 1: But the thing is that, I mean, frankly, you know,

640
00:37:03,840 --> 00:37:05,360
Speaker 1: he can go make a phone and then figure it

641
00:37:05,400 --> 00:37:07,960
Speaker 1: out his his company makes what eight ten billion in

642
00:37:08,000 --> 00:37:11,000
Speaker 1: free cash flow? Apple makes hundred billion. Let's see how

643
00:37:11,040 --> 00:37:14,480
Speaker 1: that how that shows up? Okay, Okay, well, well we'll

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Speaker 1: watch this space because I think you could see a

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Speaker 1: Republican Congress start to act on this try and crack

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Speaker 1: down more on Apple. We've already seen even Democrats like

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Speaker 1: Elizabeth Warren have already commented today that they want to

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Speaker 1: uh that they want to crack down on this monopoly.

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Speaker 1: They have a problem with the app stare. Everybody wants

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Speaker 1: to crack down on big tech. But at the end

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Speaker 1: of the day, quotes to you know matter all right,

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Speaker 1: good stuff will pay attention. And plus there's the isn't

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Speaker 1: there an aroid android thing out there too? What were

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Speaker 1: you talking about? World calm or something? What was the stocky?

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Speaker 1: It's a forty billion dollar market kept stock ups. The

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00:37:50,000 --> 00:37:53,480
Speaker 1: main of my existence work day is yeah, exactly all right.

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Speaker 1: I don't know Ron. It covers all things technology for

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Speaker 1: Bloomberg Intelligence. He graced us with his presence here in

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00:37:58,360 --> 00:38:04,840
Speaker 1: the Bloomberg Interactive Brokeer Studio. We appreciate that. Thanks for

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00:38:04,840 --> 00:38:08,319
Speaker 1: listening to the Bloomberg Markets podcast. You can subscribe and

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00:38:08,400 --> 00:38:12,480
Speaker 1: listen to interviews with Apple podcasts or whatever podcast platform

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00:38:12,520 --> 00:38:15,839
Speaker 1: you prefer. I'm Matt Miller. I'm on Twitter at Matt

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00:38:15,880 --> 00:38:20,240
Speaker 1: Miller on Fall Sweeney, I'm on Twitter at pt Sweeney.

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Speaker 1: Before the podcast, you can always catch us worldwide at

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Speaker 1: Bloomberg Radio