1 00:00:09,720 --> 00:00:12,880 Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene with 2 00:00:13,600 --> 00:00:16,560 Speaker 1: David Gura. Daily we bring you insight from the best 3 00:00:16,560 --> 00:00:22,279 Speaker 1: of economics, finance, investment, and international relations. Find Bloomberg Surveillance 4 00:00:22,320 --> 00:00:27,000 Speaker 1: on Apple Podcasts, SoundCloud, Bloomberg dot Com, and of course 5 00:00:27,320 --> 00:00:35,199 Speaker 1: on the Bloomberg Good morning everyone, Bloomberg Surveillance, David Gurratt 6 00:00:35,560 --> 00:00:38,239 Speaker 1: and Tom Keene in New York. We're going to go 7 00:00:38,320 --> 00:00:40,599 Speaker 1: to a most important interview. Good morning to all of 8 00:00:40,640 --> 00:00:43,960 Speaker 1: you of Global Wall Street and David, this really frames 9 00:00:44,400 --> 00:00:49,680 Speaker 1: out the struggle for all of investment, conservative, boring, mutual 10 00:00:49,760 --> 00:00:54,240 Speaker 1: fund managers, everyone in every flavor of hedge fund and 11 00:00:54,320 --> 00:00:56,600 Speaker 1: you see it when I quote the VIX ten point 12 00:00:56,760 --> 00:00:59,920 Speaker 1: seven one. We look at foreign exchange vix, we look 13 00:01:00,120 --> 00:01:04,000 Speaker 1: fixed income volatility. The dampening and quiet of the market 14 00:01:04,640 --> 00:01:08,480 Speaker 1: is challenging for everyone. In conversations at Cantor Fitzgerald on 15 00:01:08,959 --> 00:01:11,640 Speaker 1: September eleven and that charity event, you talked to the 16 00:01:11,680 --> 00:01:15,280 Speaker 1: people in the trenches, and I'll tell you, David, it's 17 00:01:15,360 --> 00:01:20,440 Speaker 1: it's a trade to trade of quiet through two thousand seventeen. 18 00:01:21,360 --> 00:01:24,000 Speaker 1: Hugh Henry Georges now from our studios in London. He 19 00:01:24,360 --> 00:01:26,640 Speaker 1: the manager of a collect gasset management, announced in a 20 00:01:26,720 --> 00:01:29,880 Speaker 1: letter yesterday that that fund closing after fifteen years. Great 21 00:01:29,880 --> 00:01:31,800 Speaker 1: to have you with us here on bloom brigs Veils. 22 00:01:31,800 --> 00:01:34,080 Speaker 1: Appreciate the time this morning. Let's just start with the 23 00:01:34,080 --> 00:01:37,280 Speaker 1: motivations for for doing this, the complexity, the global complexity 24 00:01:37,280 --> 00:01:39,320 Speaker 1: that led you to make this decision and tell your 25 00:01:39,319 --> 00:01:43,600 Speaker 1: investors this yesterday. But there was absolutely no complexity. Um. 26 00:01:43,680 --> 00:01:47,120 Speaker 1: I'd like to think in my life I've done things differently, 27 00:01:47,360 --> 00:01:49,640 Speaker 1: don't I don't want to sign like Frank Sinatra. Um, 28 00:01:49,720 --> 00:01:53,840 Speaker 1: but in my messages, I died and in act of combat, 29 00:01:53,960 --> 00:01:57,960 Speaker 1: if you go, I died having a goal. Um. I 30 00:01:58,000 --> 00:02:01,560 Speaker 1: think what we've seen. Uh, A lot of my contemporaries 31 00:02:02,480 --> 00:02:06,240 Speaker 1: like we're rich, we're tired, we're fed up, and just 32 00:02:06,480 --> 00:02:08,880 Speaker 1: kind of you know, slipped out of the back door. 33 00:02:09,200 --> 00:02:12,000 Speaker 1: I wanted to go out with a buying if you will, 34 00:02:12,040 --> 00:02:14,880 Speaker 1: when I went together saying I see the word it's huge. 35 00:02:15,000 --> 00:02:17,360 Speaker 1: I have these trades. I'm here and let me. I 36 00:02:17,360 --> 00:02:21,280 Speaker 1: think you're missing this. Let's have this dialogue. It just 37 00:02:21,440 --> 00:02:25,079 Speaker 1: the economics and there's nothing complex. Yeah, you no inks, 38 00:02:25,120 --> 00:02:28,320 Speaker 1: but against me you Good morning wonderful to come on 39 00:02:28,360 --> 00:02:31,400 Speaker 1: with us at Global Wall Street. Listen. You know, across 40 00:02:31,480 --> 00:02:34,919 Speaker 1: all of our radio you said the Lionel Barber's rag 41 00:02:35,160 --> 00:02:39,840 Speaker 1: five years ago. We're harshly disciplined by market trends. You 42 00:02:39,880 --> 00:02:43,760 Speaker 1: will never see us pursue a homegrown idea to the 43 00:02:43,840 --> 00:02:47,720 Speaker 1: detriment of the prevailing trend. The trend hasn't been there 44 00:02:47,800 --> 00:02:51,119 Speaker 1: with a damp and vall across all asset classes. Are 45 00:02:51,160 --> 00:02:55,800 Speaker 1: you a victim of the dampening of Janet Yellen, John Karney, 46 00:02:56,280 --> 00:03:01,200 Speaker 1: Mr Corona and Mr drug Um. Far from me to 47 00:03:01,200 --> 00:03:04,920 Speaker 1: to play my violin and claim to be a victim, 48 00:03:04,919 --> 00:03:09,800 Speaker 1: but certainly I believe they're whier forces to play, because 49 00:03:10,040 --> 00:03:12,440 Speaker 1: this is not a story about individuals. This is a 50 00:03:12,480 --> 00:03:16,519 Speaker 1: genetic story about a great group of some of the 51 00:03:16,560 --> 00:03:20,960 Speaker 1: most provocative and fantastic brains in the world. Who has 52 00:03:20,960 --> 00:03:24,519 Speaker 1: a group since two thousand and twelve really have consistently 53 00:03:24,600 --> 00:03:27,720 Speaker 1: failed to produce Brits Well? But I made the key 54 00:03:27,760 --> 00:03:30,320 Speaker 1: distinction this morning, hum, and I think this is critically 55 00:03:30,360 --> 00:03:34,200 Speaker 1: important in the mathematics failure. You didn't blow up. I mean, 56 00:03:34,200 --> 00:03:36,400 Speaker 1: you're down nine percent this year. I get that, But 57 00:03:36,600 --> 00:03:40,400 Speaker 1: you didn't blow up this is a sequence of frankly 58 00:03:40,800 --> 00:03:46,680 Speaker 1: good subpar returns. How do we end that and get 59 00:03:46,720 --> 00:03:50,240 Speaker 1: back to alpha generation or alpha lass? I mean, somebody loses, 60 00:03:50,520 --> 00:03:53,240 Speaker 1: but how do we get back to so called normal 61 00:03:53,600 --> 00:03:56,120 Speaker 1: where the game is fair when you wake up in 62 00:03:56,160 --> 00:03:59,800 Speaker 1: the morning. Well, I'm not arguing that the game is unfair. 63 00:04:00,040 --> 00:04:03,680 Speaker 1: I would actually say that global macro enjoyed a moment 64 00:04:03,800 --> 00:04:08,240 Speaker 1: in time which where the fortunes and the great performance 65 00:04:08,280 --> 00:04:13,600 Speaker 1: of the protagonists perhaps owed much to the context. I 66 00:04:13,640 --> 00:04:18,120 Speaker 1: believe that we had that inflation drama in the nineteen seventies, 67 00:04:18,400 --> 00:04:22,719 Speaker 1: and for three at least three decades, if not forty years, 68 00:04:22,760 --> 00:04:26,000 Speaker 1: it remained long in the market memory, if you will, 69 00:04:26,080 --> 00:04:28,560 Speaker 1: that we could return to such an environment. It was 70 00:04:28,600 --> 00:04:31,440 Speaker 1: also there with the Fed. I mean remember as early 71 00:04:31,440 --> 00:04:35,120 Speaker 1: as back in the taper transroom of two thousand and thirteen, 72 00:04:35,400 --> 00:04:39,400 Speaker 1: the FED was proposing to tighten its policy. With the 73 00:04:39,480 --> 00:04:42,280 Speaker 1: national unemployment where it's seven and a half percent and 74 00:04:42,320 --> 00:04:45,360 Speaker 1: with no credible sign of inflation, we've just been on 75 00:04:45,440 --> 00:04:48,800 Speaker 1: this high alert now. The The result of that has 76 00:04:48,800 --> 00:04:53,159 Speaker 1: been that for decades, the real recurn on US treasury 77 00:04:53,160 --> 00:04:56,600 Speaker 1: bonds were very, very high, and the macro model was 78 00:04:56,680 --> 00:04:59,719 Speaker 1: simple you come in, you leverage those returns, you get 79 00:04:59,720 --> 00:05:02,640 Speaker 1: a a high risk adjusted return. It pays for the 80 00:05:02,680 --> 00:05:05,680 Speaker 1: commercial cost of running the business, and it pays for 81 00:05:05,800 --> 00:05:10,440 Speaker 1: taking like buying convective Veer puts on fixed income or 82 00:05:10,560 --> 00:05:13,800 Speaker 1: equity Marcus, and periodically they go in your favor and 83 00:05:13,920 --> 00:05:18,000 Speaker 1: everyone thinks you're a rock star. Now quantitative easing. Now, 84 00:05:18,279 --> 00:05:21,280 Speaker 1: I estimate the ten year real treasury bond yards are 85 00:05:21,480 --> 00:05:26,039 Speaker 1: zero point three pc. So even leveraging that which I advise, 86 00:05:26,120 --> 00:05:29,440 Speaker 1: because they see, you know, well that's where we are. 87 00:05:30,040 --> 00:05:32,760 Speaker 1: When do you envision the young kids see a phase? 88 00:05:33,160 --> 00:05:36,080 Speaker 1: When do they get to play again? Because we've seen 89 00:05:36,320 --> 00:05:40,599 Speaker 1: X number of years of this dampened idea. When does 90 00:05:40,640 --> 00:05:45,400 Speaker 1: the game get fun again? Well, the game gets and 91 00:05:45,480 --> 00:05:48,440 Speaker 1: you know the game will get fun again. But I 92 00:05:48,480 --> 00:05:50,920 Speaker 1: think I always look at the irony and the paradox 93 00:05:51,000 --> 00:05:54,200 Speaker 1: of of the path that the world chooses to take. 94 00:05:55,240 --> 00:05:57,880 Speaker 1: It will become relevant again because there will be a 95 00:05:57,960 --> 00:06:03,320 Speaker 1: moment when people will call upon diversifying us as they 96 00:06:03,360 --> 00:06:06,360 Speaker 1: were discovered, to their great horror, their U S treasuries 97 00:06:06,400 --> 00:06:09,520 Speaker 1: are not doing the job, and so they will be 98 00:06:09,560 --> 00:06:11,960 Speaker 1: calling upon global micro but they'll be looking at their 99 00:06:12,120 --> 00:06:14,440 Speaker 1: allocation they'll be saying, you'd be used to see where 100 00:06:14,440 --> 00:06:17,120 Speaker 1: all the customers. Yachts will be saying where all the 101 00:06:17,200 --> 00:06:20,039 Speaker 1: micro managers, and he might retore on the yachts, but 102 00:06:20,279 --> 00:06:26,560 Speaker 1: you know where we are. We're de scaling portfolio, diversifying subsector. 103 00:06:26,760 --> 00:06:28,719 Speaker 1: You don't be a stranger when you're in New York 104 00:06:28,720 --> 00:06:30,839 Speaker 1: when you take the conquered. He's the only one still 105 00:06:30,880 --> 00:06:34,200 Speaker 1: talk the concord when when you take the conquered over 106 00:06:34,320 --> 00:06:36,880 Speaker 1: your private golf stream. Please stop by in New York. 107 00:06:36,920 --> 00:06:39,279 Speaker 1: We'd love to talk to you for a longer conversation, 108 00:06:39,360 --> 00:06:42,479 Speaker 1: or when we're in London. Mr Henry shutting down his 109 00:06:42,520 --> 00:06:46,919 Speaker 1: hedge fund yesterday really global, major global news for Global 110 00:06:46,960 --> 00:06:50,960 Speaker 1: Wall Street. David, I really can't convey enough. He didn't 111 00:06:50,960 --> 00:06:54,280 Speaker 1: blow up. That's the news here. He didn't blow up. 112 00:06:54,400 --> 00:06:58,480 Speaker 1: It was just the dampening. I can honestly say, I've 113 00:06:58,520 --> 00:07:01,640 Speaker 1: never seen this, David. There you go invoking Frank Sinatra regrets. 114 00:07:01,640 --> 00:07:03,760 Speaker 1: I've had a few. Hugh Henre great to speak with 115 00:07:03,800 --> 00:07:05,800 Speaker 1: him exclusively here on Bloomberg this morning, on the heels 116 00:07:05,800 --> 00:07:08,560 Speaker 1: of that news. This is Bloomberg Surveillance. On Bloomberg Radio, 117 00:07:08,600 --> 00:07:10,840 Speaker 1: David Gura and Tom Keane in New York coast to 118 00:07:10,920 --> 00:07:26,280 Speaker 1: coast and worldwide. Ben Carton has been in the U. S. 119 00:07:26,280 --> 00:07:28,920 Speaker 1: Senate since two thousand seven. Before that, he represented third 120 00:07:28,960 --> 00:07:31,720 Speaker 1: District in Maryland in the U. S. House of Representatives. 121 00:07:31,920 --> 00:07:34,440 Speaker 1: He's now the ranking member of the Senate form Relations Committee. 122 00:07:34,480 --> 00:07:35,840 Speaker 1: Joins us now on our phone lines on a day 123 00:07:35,840 --> 00:07:39,520 Speaker 1: when we are keenly focused on what's happening in the Pacific. 124 00:07:39,560 --> 00:07:42,160 Speaker 1: Of course, another nuclear sorry, another missile test last last 125 00:07:42,200 --> 00:07:45,320 Speaker 1: night by a North Korea intermediate range ballistic missile shot 126 00:07:45,320 --> 00:07:48,560 Speaker 1: a distance farther than the distance between North Korea and Guam, 127 00:07:48,600 --> 00:07:52,160 Speaker 1: a protectorate that country has threatened several times now, Senator Carten, 128 00:07:52,200 --> 00:07:53,720 Speaker 1: great to speak with you. I look at the President's 129 00:07:53,720 --> 00:07:56,800 Speaker 1: schedule today, your colleague on the Senate Formulations Committee, Senator 130 00:07:56,840 --> 00:07:58,760 Speaker 1: Bob Corker of Tennessee, is going to be meeting with 131 00:07:58,840 --> 00:08:01,360 Speaker 1: the President today. I wonder if you have any insight 132 00:08:01,400 --> 00:08:03,119 Speaker 1: into what the two of them will be talking about, 133 00:08:03,160 --> 00:08:04,640 Speaker 1: and if you could tell us a bit about the 134 00:08:04,720 --> 00:08:07,440 Speaker 1: kind of interface you've had with this administration on issues 135 00:08:07,480 --> 00:08:10,440 Speaker 1: like these thus far. Well, first of all, good morning, 136 00:08:10,480 --> 00:08:13,720 Speaker 1: and I'm certain that Senator Corker will be talking about 137 00:08:13,800 --> 00:08:16,640 Speaker 1: North Korea as one of the subjects on the agenda 138 00:08:16,680 --> 00:08:20,480 Speaker 1: with the President. We've I've had discussions with the members 139 00:08:20,480 --> 00:08:23,240 Speaker 1: of the Trump administration and North Korea and other issues. 140 00:08:23,720 --> 00:08:27,200 Speaker 1: But clearly, this most recent tests confirms the fact that 141 00:08:27,280 --> 00:08:31,400 Speaker 1: North Korea not only has the nuclear weapon, but they 142 00:08:31,400 --> 00:08:34,200 Speaker 1: are developing the means of which it could be delivered 143 00:08:34,600 --> 00:08:37,120 Speaker 1: um not just in the region, but beyond the region. 144 00:08:37,240 --> 00:08:40,360 Speaker 1: So it's a matter of it's extremely dangerous and it's 145 00:08:40,400 --> 00:08:43,560 Speaker 1: a it's an urgent issue for the United States to 146 00:08:43,559 --> 00:08:47,040 Speaker 1: to change its game plan from the point of view 147 00:08:47,280 --> 00:08:51,120 Speaker 1: of I believe starting a diplomatic surge working with China 148 00:08:51,320 --> 00:08:54,080 Speaker 1: that changed the equation. As you watch all of these tests, 149 00:08:54,080 --> 00:08:55,760 Speaker 1: and I think there have been thirteen or fourteen of 150 00:08:55,760 --> 00:08:58,720 Speaker 1: them this year alone, do you regard them as tests, 151 00:08:58,720 --> 00:09:02,400 Speaker 1: as North Korea trying out to or showcasing technology they've developed, 152 00:09:02,480 --> 00:09:06,080 Speaker 1: or these simply provocations to you? How do you view them? 153 00:09:06,240 --> 00:09:09,319 Speaker 1: I believe that they want to have a functional UH 154 00:09:09,520 --> 00:09:16,080 Speaker 1: nuclear arsenal that is capable of reaching the US and 155 00:09:16,080 --> 00:09:19,800 Speaker 1: our allies. This they look at this as an ability 156 00:09:20,000 --> 00:09:24,679 Speaker 1: to prevent the United States from UH affecting their regime. 157 00:09:25,160 --> 00:09:28,000 Speaker 1: But you never know how these weapons could be used. 158 00:09:28,000 --> 00:09:31,640 Speaker 1: It's a it's it's a regime that's unpredictable. It violates 159 00:09:31,640 --> 00:09:36,040 Speaker 1: international mall. So our objective is to prevent a North 160 00:09:36,120 --> 00:09:39,800 Speaker 1: Korea from destabilizing the region in our our interest, and 161 00:09:40,160 --> 00:09:44,040 Speaker 1: that means freezing and hopefully eliminating their nuclear weapon program. 162 00:09:44,160 --> 00:09:47,560 Speaker 1: The Senor cardon Good Morning, I think Maryland is possibly 163 00:09:47,600 --> 00:09:52,319 Speaker 1: the most misunderstood state in the country. Cumberland, Maryland, hundred 164 00:09:52,440 --> 00:09:56,720 Speaker 1: thirty eight miles away from your Baltimore went plus vote 165 00:09:56,760 --> 00:10:00,800 Speaker 1: for President Trump. When you travel out to west astern Maryland, 166 00:10:01,360 --> 00:10:03,800 Speaker 1: what do you see as the reaction to the follies 167 00:10:03,840 --> 00:10:07,720 Speaker 1: of your Washington over the last two or three days. 168 00:10:07,800 --> 00:10:10,720 Speaker 1: What's the response you as a die Aard Baltimore Democrat, 169 00:10:11,200 --> 00:10:15,440 Speaker 1: what do you see in Republican Maryland? Well, you know, 170 00:10:15,480 --> 00:10:18,800 Speaker 1: Maryland is called American miniature. We have the mountains of 171 00:10:18,880 --> 00:10:23,000 Speaker 1: Western Maryland, we have the beaches of eastern Shore. Uh. Clearly, 172 00:10:23,080 --> 00:10:26,280 Speaker 1: the western part of our state is more politically conservative 173 00:10:26,360 --> 00:10:30,080 Speaker 1: than either the Baltimore or Warsington regions, which is much 174 00:10:30,120 --> 00:10:34,880 Speaker 1: more progressive. Uh. It's the western part is traditional conservative 175 00:10:34,920 --> 00:10:38,400 Speaker 1: areas of our state. Uh. They're good people. If they wavered, 176 00:10:38,559 --> 00:10:41,240 Speaker 1: they wavered on the president. If they wavered on the president, 177 00:10:42,080 --> 00:10:43,640 Speaker 1: I think if you, if you, if you deal with 178 00:10:43,679 --> 00:10:47,080 Speaker 1: the issues. They're certainly disagreeing with a lot of the 179 00:10:47,160 --> 00:10:50,840 Speaker 1: policies that have been proposed by the Trump administration, and 180 00:10:50,880 --> 00:10:52,760 Speaker 1: they are certainly against a lot of the language the 181 00:10:52,760 --> 00:10:57,480 Speaker 1: president is used. Whether that would translate into votes that 182 00:10:57,480 --> 00:11:00,240 Speaker 1: would but against the president, I don't know, but I 183 00:11:00,679 --> 00:11:03,240 Speaker 1: do believe there is disagreement with a manner in which 184 00:11:03,240 --> 00:11:06,040 Speaker 1: the President is conducting his affairs. Sender Kardin, You're gonna 185 00:11:06,040 --> 00:11:08,760 Speaker 1: get through the weekend. On Tuesday. Next week there's a 186 00:11:08,880 --> 00:11:12,040 Speaker 1: nominations hearing before the Senate to Form Relations Committee. The 187 00:11:12,040 --> 00:11:14,120 Speaker 1: Honorable John Huntsman is going to be sitting down taking 188 00:11:14,160 --> 00:11:16,679 Speaker 1: questions from you and your colleagues. He of course nominated 189 00:11:16,720 --> 00:11:20,160 Speaker 1: to be the next ambassador to Russia. How much is 190 00:11:20,160 --> 00:11:24,280 Speaker 1: is his nomination clouded by the the scandal involving Russian 191 00:11:24,280 --> 00:11:26,760 Speaker 1: interference in the US presidential election? And what questions do 192 00:11:26,800 --> 00:11:28,800 Speaker 1: you have for him about how he's going to move 193 00:11:28,840 --> 00:11:33,240 Speaker 1: forward if in fact he's confirmed. Well, Mr Hudson is 194 00:11:33,280 --> 00:11:36,600 Speaker 1: well qualified to the ambassador to Russia. He is a 195 00:11:36,640 --> 00:11:39,719 Speaker 1: person who is well respected by both Democrats and Republicans. 196 00:11:40,160 --> 00:11:43,120 Speaker 1: I'm pleased that he's willing to allow his name to 197 00:11:43,160 --> 00:11:46,319 Speaker 1: come forward. My guess is that the confirmation hearing is 198 00:11:46,320 --> 00:11:49,640 Speaker 1: going to focus more about our challenges with Russia than 199 00:11:49,679 --> 00:11:54,120 Speaker 1: the qualifications of Mr Huntsman. Uh. The the US Russia 200 00:11:54,200 --> 00:11:58,520 Speaker 1: relationship is extremely important and it is very challenged today. 201 00:11:58,800 --> 00:12:00,640 Speaker 1: I bring up bring up that a nation that's a 202 00:12:00,720 --> 00:12:03,960 Speaker 1: high level one for a big ambassadorship, when when you 203 00:12:04,120 --> 00:12:06,920 Speaker 1: look at the names the White House is putting forward, 204 00:12:07,720 --> 00:12:09,480 Speaker 1: how worried are you about how few of them you've 205 00:12:09,520 --> 00:12:12,480 Speaker 1: seen thus far? Are you getting any indication here that 206 00:12:12,520 --> 00:12:14,199 Speaker 1: the White House is going to be moving faster to 207 00:12:14,240 --> 00:12:16,600 Speaker 1: fill some of the vacant positions that still exist in 208 00:12:16,679 --> 00:12:21,240 Speaker 1: Foggy Bottom. I am extremely concerned by the slow pace 209 00:12:21,320 --> 00:12:24,440 Speaker 1: of filling critical positions at the State Department. I'm not alone. 210 00:12:24,559 --> 00:12:28,440 Speaker 1: Democrats and Republicans have voiced our concern just talking about 211 00:12:28,480 --> 00:12:31,520 Speaker 1: North Korea, we don't have an Assistant secretary for that region, 212 00:12:31,920 --> 00:12:34,720 Speaker 1: so we don't have the people in place that can 213 00:12:34,720 --> 00:12:37,880 Speaker 1: give a clear direction to U S policy in so 214 00:12:38,000 --> 00:12:40,280 Speaker 1: many parts of the world. So it's not just our 215 00:12:40,320 --> 00:12:45,000 Speaker 1: ambassadors in important countries, it's key positions within the State 216 00:12:45,040 --> 00:12:48,360 Speaker 1: Department that are political appointments, such act confirmation about a 217 00:12:48,400 --> 00:12:51,079 Speaker 1: Senate that hadn't been filled. It's Friday, so I'm allowed 218 00:12:51,120 --> 00:12:56,000 Speaker 1: to do gossips. I'm absolutely fascinated by who's sitting on 219 00:12:56,040 --> 00:12:59,400 Speaker 1: the couch in the Oval office. Do the Democrats have 220 00:12:59,520 --> 00:13:04,080 Speaker 1: the back of Senator Schumer and Speaker Pelosi? Do they 221 00:13:04,120 --> 00:13:08,000 Speaker 1: have the support of not common sense Democrats like Cardon 222 00:13:08,440 --> 00:13:11,520 Speaker 1: of Maryland but the other rabble? Are they in support 223 00:13:11,559 --> 00:13:16,040 Speaker 1: of the two? Oh? Absolutely. We very much want our 224 00:13:16,080 --> 00:13:18,240 Speaker 1: political system to work, and the only way it's going 225 00:13:18,320 --> 00:13:21,959 Speaker 1: to work is with Democrats and Republicans all being involved. 226 00:13:22,280 --> 00:13:25,599 Speaker 1: So we applaud our leaders willingness to sit down with 227 00:13:25,679 --> 00:13:30,080 Speaker 1: President Trump and to work out solutions that the doctor children. 228 00:13:30,160 --> 00:13:32,640 Speaker 1: We need to protect the Dreamers, and it's one of 229 00:13:32,640 --> 00:13:35,960 Speaker 1: it's one of our highest priorities among the Democratic caucus. 230 00:13:36,240 --> 00:13:38,280 Speaker 1: We were pleased to see that we didn't have a 231 00:13:38,320 --> 00:13:41,400 Speaker 1: default on our government debt. We would see a budgets 232 00:13:41,400 --> 00:13:45,240 Speaker 1: passant's keep government open. So look, we were disappointed by 233 00:13:45,240 --> 00:13:47,280 Speaker 1: the election, but we wanted to make sure that our 234 00:13:47,400 --> 00:13:49,920 Speaker 1: system works and Democrats need to be part of the process. 235 00:13:50,000 --> 00:13:52,480 Speaker 1: Senator I was medicated coming in this morning because I 236 00:13:52,520 --> 00:13:57,040 Speaker 1: had to watch Orioles baseball last night. Come on, guys, 237 00:13:57,080 --> 00:13:59,360 Speaker 1: doing like a public grant to help Mr Show Walter 238 00:13:59,440 --> 00:14:02,160 Speaker 1: out any Kenny hit the ball. It's a Nutcome on, 239 00:14:02,280 --> 00:14:06,679 Speaker 1: When does this turn around for the dreaded Baltimore Orioles. Well, 240 00:14:06,720 --> 00:14:08,839 Speaker 1: you know that we've had ups and downs during the sea, 241 00:14:09,559 --> 00:14:11,880 Speaker 1: some stretches that we we thought we were going to 242 00:14:11,920 --> 00:14:14,320 Speaker 1: be the world champions, and we're not giving up hope 243 00:14:14,400 --> 00:14:17,040 Speaker 1: yet We're still in We're still in a pennant chase, 244 00:14:17,160 --> 00:14:20,160 Speaker 1: and but it's it's been a very disappointing two weeks, 245 00:14:20,160 --> 00:14:23,640 Speaker 1: no question about it. And we love our Orioles. We 246 00:14:23,720 --> 00:14:25,920 Speaker 1: just wish they were flying along higher. They play in 247 00:14:25,960 --> 00:14:30,440 Speaker 1: the most gorgeous modern ballpark. Senator Card, Thank you so much, 248 00:14:30,800 --> 00:14:34,320 Speaker 1: Senator for the Baltimore word. Great to speak with him again, 249 00:14:34,360 --> 00:14:37,520 Speaker 1: the ranking member of the Senate Foreign Relations Committee. Incredibly 250 00:14:37,560 --> 00:14:39,560 Speaker 1: timely interview. Grateful to have him taking the time on 251 00:14:39,560 --> 00:14:41,760 Speaker 1: this busy Friday morning to talk to us about North 252 00:14:41,800 --> 00:14:44,400 Speaker 1: Korean particularly David, did those states like I think in 253 00:14:44,480 --> 00:14:50,120 Speaker 1: Georgia North South that span geography Maryland is remarkable over 254 00:14:50,200 --> 00:14:54,880 Speaker 1: a short distance from the West on serious XM to Baltimore, 255 00:14:55,880 --> 00:15:11,680 Speaker 1: M Baltimore, Washington. This is Bloomberg. We had one solitary 256 00:15:11,800 --> 00:15:16,360 Speaker 1: guest this hour, and he brought an entourage with him. 257 00:15:16,400 --> 00:15:19,000 Speaker 1: Why did you attempt an introduction, David, I'm gonna I'm 258 00:15:19,000 --> 00:15:20,720 Speaker 1: gonna run down the list you get Mark last year 259 00:15:20,720 --> 00:15:23,000 Speaker 1: with us, Jeff down in West, Eden's as well here 260 00:15:23,000 --> 00:15:25,440 Speaker 1: in our Bloomberg eleven three oh studios in New York. 261 00:15:25,480 --> 00:15:27,400 Speaker 1: And Uh, I don't know who to begin with you. 262 00:15:27,480 --> 00:15:29,880 Speaker 1: Let's let's start with West if we could talk it, 263 00:15:29,960 --> 00:15:32,360 Speaker 1: I'll let you follow up from here. Let me just 264 00:15:32,400 --> 00:15:34,120 Speaker 1: get your your sense of sort of where things stand 265 00:15:34,120 --> 00:15:36,160 Speaker 1: from an investment perspective right now, where there's the greatest 266 00:15:36,160 --> 00:15:39,440 Speaker 1: opportunity as you see it, and and UH just too 267 00:15:39,520 --> 00:15:41,640 Speaker 1: maybe outline if you could some of the challenges of 268 00:15:41,640 --> 00:15:44,960 Speaker 1: of being invested right now. Well, good morning, thanks for 269 00:15:45,000 --> 00:15:47,240 Speaker 1: having us. You know, the UH, I think the environment 270 00:15:47,280 --> 00:15:49,520 Speaker 1: right now from an investment standpoint is pretty tough. You know, 271 00:15:49,560 --> 00:15:52,800 Speaker 1: you've had a long period of very low interest rates 272 00:15:53,040 --> 00:15:55,120 Speaker 1: and you've got pretty good good growth in the US 273 00:15:55,160 --> 00:15:58,320 Speaker 1: and nowithstanding kind of lots of challenges, but there's not 274 00:15:58,360 --> 00:16:00,720 Speaker 1: a lot that is obviously cheap, you know, So it's 275 00:16:00,760 --> 00:16:02,960 Speaker 1: a it's a time to pay attention to what you're doing. 276 00:16:03,200 --> 00:16:05,160 Speaker 1: This is a four hour interviews. If you have three 277 00:16:05,160 --> 00:16:07,960 Speaker 1: guys in the studio, go, can I get into here? 278 00:16:08,040 --> 00:16:11,000 Speaker 1: David Mark? Last year, I've been dying to talk to 279 00:16:11,040 --> 00:16:15,560 Speaker 1: you about the follies of Washington. How did you enter America? 280 00:16:15,800 --> 00:16:18,120 Speaker 1: Were you were like on? You didn't go through Ellis Island, 281 00:16:18,200 --> 00:16:22,760 Speaker 1: right comes through? Jfk JFK. I mean, what do you think? 282 00:16:22,800 --> 00:16:25,800 Speaker 1: I mean, you're Moroccan, you come into the country. You're 283 00:16:25,800 --> 00:16:29,600 Speaker 1: the definition of success of immigrants. What do you think 284 00:16:29,640 --> 00:16:32,880 Speaker 1: of what's going on in Washington with Dacca and with 285 00:16:33,120 --> 00:16:36,920 Speaker 1: the debate over rich or poor immigration and the rest. Look, 286 00:16:36,920 --> 00:16:38,800 Speaker 1: I think I mean for me, it's probably a little 287 00:16:38,840 --> 00:16:41,000 Speaker 1: bit more sensitive. But I think at the end of 288 00:16:41,040 --> 00:16:44,360 Speaker 1: the day, you know, this country was made on immigrants 289 00:16:44,840 --> 00:16:48,320 Speaker 1: and what's going on today is a bit ridiculous over 290 00:16:48,400 --> 00:16:52,440 Speaker 1: all this stuff, So you would hope that people would 291 00:16:52,480 --> 00:16:54,320 Speaker 1: be able to solve this issue. On doc CO. You 292 00:16:54,360 --> 00:16:56,040 Speaker 1: came out of one of the coolest schools on the 293 00:16:56,040 --> 00:16:59,520 Speaker 1: East Coast, Clark University. Would you have to go back home? Now? 294 00:16:59,640 --> 00:17:01,360 Speaker 1: I mean you, I mean, I guess you were in 295 00:17:01,400 --> 00:17:04,320 Speaker 1: the US then, But think of the immigrants that are 296 00:17:04,320 --> 00:17:07,680 Speaker 1: going through top flight engineering schools and am I right? 297 00:17:07,840 --> 00:17:10,360 Speaker 1: They gotta go home? Now? Well they do. I mean, 298 00:17:10,760 --> 00:17:12,919 Speaker 1: good news is I got naturalized, So I guess for 299 00:17:12,960 --> 00:17:16,160 Speaker 1: me it's okay. But ultimately, at the end of the day, 300 00:17:16,680 --> 00:17:18,679 Speaker 1: for all these people who are at school, they'd have 301 00:17:18,720 --> 00:17:21,080 Speaker 1: to return, should be done. Let me let me turn 302 00:17:21,160 --> 00:17:27,359 Speaker 1: to you have a wide ranging conversation. You're obviously there. Yeah, 303 00:17:27,400 --> 00:17:29,119 Speaker 1: well let's let's go there if we could. And and 304 00:17:29,119 --> 00:17:31,640 Speaker 1: and this is something of particular fascination we we've we've 305 00:17:31,680 --> 00:17:34,280 Speaker 1: seen the sale here the Houston Rockets recently for for 306 00:17:34,320 --> 00:17:37,399 Speaker 1: an extraordinary sum of money. Help us understand how you 307 00:17:37,440 --> 00:17:40,400 Speaker 1: value a basketball team. You hear the three of you investors, 308 00:17:40,560 --> 00:17:43,760 Speaker 1: owners of a big NBA franchise, What does it? What 309 00:17:43,760 --> 00:17:45,760 Speaker 1: does a sale like that mean for how you you 310 00:17:45,760 --> 00:17:52,440 Speaker 1: you assign a value to to an NBA franchise. Jamie, Sorry, 311 00:17:54,880 --> 00:18:00,320 Speaker 1: I think we're blood as well. Yeah, we can't get flooded. Um, No, 312 00:18:00,520 --> 00:18:04,080 Speaker 1: you know it's you know what's at the at the 313 00:18:04,160 --> 00:18:06,560 Speaker 1: end of the day, which really happening is really a 314 00:18:06,600 --> 00:18:11,200 Speaker 1: few things. One is the modern NBA game is probably 315 00:18:12,080 --> 00:18:14,840 Speaker 1: as exciting, if not the most exciting. I think sports 316 00:18:14,960 --> 00:18:18,280 Speaker 1: thing to watch and as a result, viewers are watching it, 317 00:18:18,680 --> 00:18:21,600 Speaker 1: kids are watching, millennials are watching it, the world is 318 00:18:21,640 --> 00:18:24,600 Speaker 1: watching it. I think it's probably you know, the most 319 00:18:24,640 --> 00:18:27,679 Speaker 1: popular you know, big type you know sport I can 320 00:18:27,840 --> 00:18:31,359 Speaker 1: China for example, and after soccer, it's the number two 321 00:18:31,359 --> 00:18:34,359 Speaker 1: sports in the world. That's that's really number one. And 322 00:18:34,400 --> 00:18:38,480 Speaker 1: as you look at what's happening with money for sports, okay, 323 00:18:38,520 --> 00:18:42,879 Speaker 1: money for entertainment, it's really live sports that basically is 324 00:18:42,920 --> 00:18:45,560 Speaker 1: the one thing you cannot watch the next day, don't 325 00:18:45,560 --> 00:18:47,719 Speaker 1: want to watch the next day, you don't you know, 326 00:18:48,080 --> 00:18:51,920 Speaker 1: want to basically deal with the so called court coloring risk. 327 00:18:52,000 --> 00:18:53,920 Speaker 1: You have to watch it, you know, live, So it's 328 00:18:53,920 --> 00:18:57,960 Speaker 1: real value that. And then lastly, quite frankly, is I 329 00:18:57,960 --> 00:19:01,400 Speaker 1: think there's a live people who love the you know teams. 330 00:19:01,440 --> 00:19:04,240 Speaker 1: You know. I would say, of all my investments I've 331 00:19:04,280 --> 00:19:06,240 Speaker 1: ever done, and I think Mark and West would agree, 332 00:19:06,480 --> 00:19:09,719 Speaker 1: this is by far the most fun investment. You had 333 00:19:09,720 --> 00:19:11,639 Speaker 1: more fun at d l J a few years ago, right, 334 00:19:11,800 --> 00:19:15,320 Speaker 1: it was a long time ago, A long time Mark 335 00:19:15,440 --> 00:19:17,480 Speaker 1: last three and Jamie dining with us. You know, we're 336 00:19:17,480 --> 00:19:19,720 Speaker 1: gonna mix it up. We could literally, folks, we could 337 00:19:19,720 --> 00:19:22,280 Speaker 1: go worldwide here for four hours. And these three guys, 338 00:19:22,280 --> 00:19:26,840 Speaker 1: they've got such great experience, an individual and distinct experience. Jamie, 339 00:19:26,920 --> 00:19:28,119 Speaker 1: let me start with you. You were in the d 340 00:19:28,240 --> 00:19:30,960 Speaker 1: LJ Orange book years ago, right, Elliott Platt would write 341 00:19:30,960 --> 00:19:33,920 Speaker 1: the Maroon book for DLJM Fixed Income and you had 342 00:19:33,960 --> 00:19:36,760 Speaker 1: the whole thing going. Can you tell a kid today 343 00:19:36,800 --> 00:19:39,879 Speaker 1: to go into global Wall Street given a method two, 344 00:19:40,119 --> 00:19:42,840 Speaker 1: giving the battle over research? Can you tell some kid 345 00:19:42,920 --> 00:19:45,520 Speaker 1: coming out of Pennsylvania like you did? Can you tell 346 00:19:45,560 --> 00:19:50,440 Speaker 1: him to go into finance be like Mark last? Three? Absolutely, 347 00:19:50,560 --> 00:19:54,080 Speaker 1: if it is your passion. Okay. I remember when I 348 00:19:54,080 --> 00:19:57,120 Speaker 1: went into Wall Street and it was one My first 349 00:19:57,160 --> 00:19:59,679 Speaker 1: job paid me twenty two thousand dollars a year. It 350 00:19:59,760 --> 00:20:01,879 Speaker 1: was a decent salary, but it wasn't like you know 351 00:20:01,920 --> 00:20:04,639 Speaker 1: the kind of numbers you're hearing about today. And I 352 00:20:04,720 --> 00:20:07,199 Speaker 1: went because I was passionate about I actually wanted to 353 00:20:07,240 --> 00:20:09,760 Speaker 1: do it. If this is the career that you're passionate about, 354 00:20:09,800 --> 00:20:11,600 Speaker 1: you really want to do, you should do it. I 355 00:20:11,600 --> 00:20:14,440 Speaker 1: think it's still a good career. Okay. If if you're 356 00:20:14,440 --> 00:20:16,960 Speaker 1: going to get rich, I wouldn't do that. If you're 357 00:20:16,960 --> 00:20:18,719 Speaker 1: going to because you want to make something that you're 358 00:20:18,720 --> 00:20:22,560 Speaker 1: actually gonna enjoy doing and actually do well. Got absolutely, 359 00:20:23,200 --> 00:20:25,400 Speaker 1: Let's see this. Let me ask you about infrastructure in particularly. 360 00:20:25,440 --> 00:20:27,480 Speaker 1: We came out of the election headed into inauguration with 361 00:20:27,520 --> 00:20:29,639 Speaker 1: a lot of talk about there being a big infrastructure 362 00:20:29,640 --> 00:20:32,640 Speaker 1: spending package, there being a renewed policy focus on infrastructure 363 00:20:33,119 --> 00:20:35,280 Speaker 1: in this country. You know this is something you're keenly 364 00:20:35,320 --> 00:20:38,680 Speaker 1: interested in as an investor. Are you convinced we're gonna 365 00:20:38,680 --> 00:20:41,640 Speaker 1: see something? How essential is it in your estimation that 366 00:20:41,760 --> 00:20:45,040 Speaker 1: we get Washington to play some sort of catalytic role 367 00:20:45,080 --> 00:20:47,600 Speaker 1: here to to to provide some sort of package that's 368 00:20:47,600 --> 00:20:50,720 Speaker 1: gonna renew focus on infrastructure in this country. I think 369 00:20:50,720 --> 00:20:53,000 Speaker 1: it's critical, you know, I think that the returns on 370 00:20:53,080 --> 00:20:56,199 Speaker 1: infrastructure are you know, multiplier effects. I think, who do 371 00:20:56,200 --> 00:20:58,760 Speaker 1: you have great infrastructure and actually is the kind of 372 00:20:58,760 --> 00:21:01,000 Speaker 1: bedrock of a lot of economics activity. So it's really 373 00:21:01,040 --> 00:21:03,119 Speaker 1: important and there's lots and lots of need for in 374 00:21:03,119 --> 00:21:05,960 Speaker 1: the country. Um. I think there will be something on Washington, 375 00:21:05,960 --> 00:21:07,360 Speaker 1: hopefully by the end of the year or the first 376 00:21:07,359 --> 00:21:09,919 Speaker 1: part of next year. And uh, I don't know what 377 00:21:09,960 --> 00:21:12,160 Speaker 1: they're gonna what they're gonna say and how effective it's 378 00:21:12,160 --> 00:21:13,879 Speaker 1: going to be, But I think it's desperately needed. What 379 00:21:14,000 --> 00:21:16,440 Speaker 1: what's the I mean, what what could be most effective? 380 00:21:16,800 --> 00:21:18,800 Speaker 1: You know, I've listened to the presidency talked about this 381 00:21:18,840 --> 00:21:20,440 Speaker 1: and you see it sort of Eban flow what he 382 00:21:20,480 --> 00:21:22,800 Speaker 1: focuses on. And he's talked about infrastructure sum he was 383 00:21:22,800 --> 00:21:24,960 Speaker 1: out in Io talking about it and the merits of 384 00:21:25,040 --> 00:21:28,720 Speaker 1: more public private partnerships. Is there a policy tool or 385 00:21:28,800 --> 00:21:31,080 Speaker 1: something in particular that you think would be more effective 386 00:21:31,080 --> 00:21:35,000 Speaker 1: than others at at boosting investment infrastructure. Yeah, I think 387 00:21:35,040 --> 00:21:36,960 Speaker 1: I think it's very very clear. I think that the 388 00:21:37,119 --> 00:21:41,280 Speaker 1: essential thing to to provide is uh a mechanism for 389 00:21:41,440 --> 00:21:44,160 Speaker 1: private capital to fund a lot of it and so 390 00:21:44,520 --> 00:21:47,000 Speaker 1: and and really the missing link in the capital structure 391 00:21:47,000 --> 00:21:48,640 Speaker 1: for a lot of this is debt. So I think 392 00:21:48,640 --> 00:21:50,520 Speaker 1: the government can be a debt provider and not cost 393 00:21:50,520 --> 00:21:52,159 Speaker 1: the government a lot of money. And I think they 394 00:21:52,160 --> 00:21:54,720 Speaker 1: can then enable a lot of product and direct investment. 395 00:21:54,720 --> 00:21:56,760 Speaker 1: And I think that you could really see a tremendous moment. 396 00:21:56,960 --> 00:21:59,080 Speaker 1: And so it's true, and jump in here if you 397 00:21:59,400 --> 00:22:01,639 Speaker 1: we just got it's a phone with Hugh Henry of 398 00:22:01,720 --> 00:22:05,280 Speaker 1: Scotland over in England. He's shutting down his hedge fun today. 399 00:22:05,320 --> 00:22:08,480 Speaker 1: And I made a key distinction here. He didn't blow up. 400 00:22:08,600 --> 00:22:10,439 Speaker 1: A lot of people blow up. We all blow up. 401 00:22:10,440 --> 00:22:12,919 Speaker 1: I've by mistakes. Everybody else's may mistakes. At three of you, 402 00:22:13,160 --> 00:22:16,040 Speaker 1: I'm sure have your war stories as well. He was 403 00:22:16,119 --> 00:22:18,960 Speaker 1: killed by just damp and volatility. You know, he's down 404 00:22:19,040 --> 00:22:20,960 Speaker 1: nine percent. That's you're fine, But all the rest of 405 00:22:21,000 --> 00:22:24,040 Speaker 1: the returns with just the single digitness mark last week 406 00:22:24,080 --> 00:22:26,240 Speaker 1: to begin with you, is that where we are now 407 00:22:26,280 --> 00:22:30,920 Speaker 1: as perpetual single digitness or can we actually get back 408 00:22:30,920 --> 00:22:35,040 Speaker 1: to making elfit within the industry. Look, it's hard. I mean, 409 00:22:35,520 --> 00:22:37,920 Speaker 1: the biggest issue that's out there today is pretty simple. 410 00:22:37,960 --> 00:22:41,520 Speaker 1: The risk free rate is sort of zero, right, So 411 00:22:42,440 --> 00:22:44,360 Speaker 1: you know when if you just look at ten years ago, 412 00:22:44,480 --> 00:22:46,400 Speaker 1: ten years ago, the risk fy rate if you left 413 00:22:46,400 --> 00:22:48,520 Speaker 1: your money in the bank was four percent. So if 414 00:22:48,560 --> 00:22:50,440 Speaker 1: you did four or five times the risk fy rate, 415 00:22:50,480 --> 00:22:53,120 Speaker 1: you're fine. You're a twenty. Here today you do four 416 00:22:53,160 --> 00:22:55,480 Speaker 1: times or five times a risk free rate. Let's just 417 00:22:55,520 --> 00:22:58,440 Speaker 1: say it's ten bibs. You're making fifty bibs, so you're 418 00:22:58,440 --> 00:23:00,960 Speaker 1: taking a lot more risk. It's what West said, I 419 00:23:00,960 --> 00:23:03,160 Speaker 1: mean It's just you're in a much much harder environment 420 00:23:03,680 --> 00:23:05,800 Speaker 1: and because of that, you're taking a lot more risk, 421 00:23:06,480 --> 00:23:09,200 Speaker 1: and you're gonna end up having, in my opinion, fewer 422 00:23:09,240 --> 00:23:12,960 Speaker 1: and fewer people who do what we do, because you know, 423 00:23:13,000 --> 00:23:15,520 Speaker 1: people aren't going to tolerate the lower returns west quickly. 424 00:23:15,600 --> 00:23:18,880 Speaker 1: Is this dampening because of central bank policy? Is as 425 00:23:18,880 --> 00:23:22,480 Speaker 1: simple as that. I asked the same question, Hugh. I 426 00:23:22,480 --> 00:23:24,280 Speaker 1: think if you had to pick one thing, you say, yeah, 427 00:23:24,359 --> 00:23:26,080 Speaker 1: I mean, I think that it really is keeping rates 428 00:23:26,160 --> 00:23:28,080 Speaker 1: low as they have been as long as they have been. 429 00:23:28,080 --> 00:23:29,760 Speaker 1: While it might have been a great idea, you know, 430 00:23:29,800 --> 00:23:31,879 Speaker 1: in the middle of the financial crisis, financial crisis has 431 00:23:31,880 --> 00:23:33,680 Speaker 1: been over for a long time, and I think that's 432 00:23:33,720 --> 00:23:35,560 Speaker 1: a real challenge. It really is in this lower rate 433 00:23:35,600 --> 00:23:38,640 Speaker 1: that Mark talks about, that actually is what drives than 434 00:23:38,800 --> 00:23:41,440 Speaker 1: all other related returns, and that's what makes the challenges everythink. 435 00:23:41,520 --> 00:23:43,520 Speaker 1: But we're surveillance on bloom Bgradio David Durrett and Tom 436 00:23:43,600 --> 00:23:45,960 Speaker 1: Keene in New York. Here with a packed house, we 437 00:23:46,119 --> 00:23:48,960 Speaker 1: live in three smart you got your seat back, Tom, 438 00:23:49,080 --> 00:23:52,239 Speaker 1: you should take it away, go go forward here, uh 439 00:23:52,400 --> 00:23:54,639 Speaker 1: fact asked here with so many things to speak of, 440 00:23:54,720 --> 00:23:57,040 Speaker 1: but I think it would be unfair to speak to 441 00:23:57,160 --> 00:24:00,920 Speaker 1: Mr Dinning, Mr last Fore industry and not speak about 442 00:24:01,320 --> 00:24:06,399 Speaker 1: basketball and television in that we're all fixated by Cleveland 443 00:24:06,440 --> 00:24:08,879 Speaker 1: and Boston and this and that and the stories on 444 00:24:08,920 --> 00:24:11,119 Speaker 1: the West Coast. I guess as a team David on 445 00:24:11,160 --> 00:24:14,000 Speaker 1: the West Coast it's pretty good. I can't remember. But 446 00:24:14,000 --> 00:24:16,560 Speaker 1: but is the is the gravy train going to continue 447 00:24:16,600 --> 00:24:19,920 Speaker 1: that thing? There's one of you three, the TV expert 448 00:24:20,560 --> 00:24:23,359 Speaker 1: of the three at West is the is the party 449 00:24:23,440 --> 00:24:27,240 Speaker 1: going to continue for you? That is TV sports? Well, 450 00:24:27,520 --> 00:24:31,680 Speaker 1: it's a lot of sports. Is UM is very very valuable? Right, 451 00:24:31,680 --> 00:24:33,720 Speaker 1: It's it's what everyone wants to watch, And even the 452 00:24:34,160 --> 00:24:35,919 Speaker 1: cable cutting and whatnot, you still want to watch a 453 00:24:35,920 --> 00:24:38,520 Speaker 1: lot of sports. Now. The old media companies, I think 454 00:24:38,520 --> 00:24:41,159 Speaker 1: are struggling and the new media companies are in the 455 00:24:41,280 --> 00:24:43,600 Speaker 1: in the rise. So I think, UM, the answer is 456 00:24:43,640 --> 00:24:46,399 Speaker 1: that the content very valuable conn continue to be valuable 457 00:24:46,400 --> 00:24:49,200 Speaker 1: more valuable. Perhaps the nature of how it's distributed I 458 00:24:49,200 --> 00:24:51,080 Speaker 1: think could change a lot. Next week it will change 459 00:24:51,080 --> 00:24:55,000 Speaker 1: in distribution, But will it poured over to the Facebook's, 460 00:24:55,080 --> 00:24:57,960 Speaker 1: the Twitters, the Googles. I don't understand how I watched 461 00:24:58,000 --> 00:25:01,520 Speaker 1: The Bucks on a little itty bid computer screen like 462 00:25:01,600 --> 00:25:03,520 Speaker 1: you do on the Big four case Sony. I mean, 463 00:25:03,560 --> 00:25:05,800 Speaker 1: I just I can't get there. Help me get there. 464 00:25:06,000 --> 00:25:08,720 Speaker 1: You might be a little too old. It's conceived about it. 465 00:25:09,000 --> 00:25:10,960 Speaker 1: It's uh, I think that people can. So you think 466 00:25:11,000 --> 00:25:13,399 Speaker 1: that's funny, you're I think I think people can. I 467 00:25:13,400 --> 00:25:15,400 Speaker 1: think people consume the sports in a lot of different ways. 468 00:25:15,440 --> 00:25:17,960 Speaker 1: And I think what's gonna happen though, is that unquestionably 469 00:25:18,000 --> 00:25:20,119 Speaker 1: it's gonna be distributed many different ways. You know the 470 00:25:20,520 --> 00:25:23,080 Speaker 1: you saw the big announcement from uh, you know Disney 471 00:25:23,119 --> 00:25:26,040 Speaker 1: on the streaming you know product, and we haven't really 472 00:25:26,040 --> 00:25:28,400 Speaker 1: figured out how to monetize it properly as an industry, 473 00:25:28,640 --> 00:25:31,879 Speaker 1: but it's coming. It's coming fast. We're classic. Let me 474 00:25:31,880 --> 00:25:35,080 Speaker 1: just ask you about your audience that the Bucks is 475 00:25:35,119 --> 00:25:38,600 Speaker 1: audience right now, obviously incredibly important to that city itself. 476 00:25:38,600 --> 00:25:40,359 Speaker 1: But but how connis that are you? How connies are 477 00:25:40,359 --> 00:25:42,760 Speaker 1: all three of you? About the national the international reputation 478 00:25:42,760 --> 00:25:46,920 Speaker 1: of of the brand. What's the focus there? Well, I 479 00:25:47,280 --> 00:25:49,600 Speaker 1: actually think we're America's team. I mean, I think if 480 00:25:49,600 --> 00:25:53,800 Speaker 1: you forget about everybody else, if you look at but 481 00:25:53,840 --> 00:25:58,240 Speaker 1: it's not the Um, I know. I think because of 482 00:25:58,320 --> 00:26:02,720 Speaker 1: Janice and number are the other players that we have. Um, 483 00:26:02,760 --> 00:26:05,960 Speaker 1: it is an international team, right and because of that, 484 00:26:06,480 --> 00:26:09,240 Speaker 1: you could be anywhere. My daughter was on her honeymoon 485 00:26:09,920 --> 00:26:12,680 Speaker 1: in Greece and she was wearing a Milwaukee Bucks T 486 00:26:12,800 --> 00:26:16,960 Speaker 1: shirt and everybody just keeps running up to her. Why 487 00:26:16,960 --> 00:26:18,840 Speaker 1: are you a fan of your honest? And you know 488 00:26:18,920 --> 00:26:20,560 Speaker 1: she was like, yeah, I love your honest. I mean 489 00:26:20,560 --> 00:26:25,120 Speaker 1: it's I think wherever you are, UM, especially for our 490 00:26:25,200 --> 00:26:28,960 Speaker 1: team and where you've got international players, I think it's huge. 491 00:26:29,640 --> 00:26:32,320 Speaker 1: How about the issue of of of legalized gambles. I 492 00:26:32,320 --> 00:26:33,679 Speaker 1: don't know who would take a bite out of this, 493 00:26:33,720 --> 00:26:35,480 Speaker 1: but Adam Silver talks about the need to have a 494 00:26:35,480 --> 00:26:38,760 Speaker 1: better mechanism in place for that. Uh, Marco, have you 495 00:26:38,800 --> 00:26:40,240 Speaker 1: take a bite of it if you want, and y' 496 00:26:40,240 --> 00:26:41,600 Speaker 1: all can jump in if you want. Do you think 497 00:26:41,600 --> 00:26:42,960 Speaker 1: that's gonna happen? Is there is there a lot of 498 00:26:42,960 --> 00:26:44,560 Speaker 1: money to unlock there? Do you think we're gonna get 499 00:26:44,600 --> 00:26:47,879 Speaker 1: some sort of legal, legalized system within the context of 500 00:26:47,920 --> 00:26:51,480 Speaker 1: the NBA for for legalized gambling. Look, my view is 501 00:26:51,480 --> 00:26:55,240 Speaker 1: you should have it. I mean, it happens so UM, 502 00:26:55,600 --> 00:26:58,280 Speaker 1: we can stop making believe it doesn't happen, And I 503 00:26:58,280 --> 00:27:00,560 Speaker 1: think Adams right, I think sooner or later it will 504 00:27:00,680 --> 00:27:04,800 Speaker 1: end up becoming legal. And once it does, I don't 505 00:27:04,840 --> 00:27:09,400 Speaker 1: know what ultimately happens, but I'm sure um ask people 506 00:27:09,440 --> 00:27:12,200 Speaker 1: are betting um there will be ways for people to 507 00:27:12,200 --> 00:27:14,720 Speaker 1: figure out. Yeah, you know, I don't pretend to be 508 00:27:14,760 --> 00:27:17,320 Speaker 1: an expert, but you went inside? Is this right for 509 00:27:17,440 --> 00:27:19,480 Speaker 1: the GM? The new GM? You had one guy go 510 00:27:19,560 --> 00:27:22,359 Speaker 1: to Orlando, and you tell me about that decision. I 511 00:27:22,400 --> 00:27:25,679 Speaker 1: mean the pressure to to to spend huge money to 512 00:27:25,720 --> 00:27:28,760 Speaker 1: go outside. Why did the bucks stay internal to pick 513 00:27:28,800 --> 00:27:31,160 Speaker 1: up the guy that's got to keep the egos in check? Well, 514 00:27:31,160 --> 00:27:33,240 Speaker 1: we ran a very robust process to look at a 515 00:27:33,280 --> 00:27:35,560 Speaker 1: lot of people, and in the end we concluded even 516 00:27:35,560 --> 00:27:38,720 Speaker 1: did they call you they can It wasn't quite that, 517 00:27:39,800 --> 00:27:41,720 Speaker 1: but we ran a barrow must right. We talked a 518 00:27:41,720 --> 00:27:43,119 Speaker 1: lot of people and concluded at the end that the 519 00:27:43,119 --> 00:27:45,320 Speaker 1: guy that worked for us is the best candidate. So 520 00:27:45,520 --> 00:27:47,560 Speaker 1: it was that simple and we're very happy with them. 521 00:27:47,720 --> 00:27:51,960 Speaker 1: But big decision. Mark, just certainly back something Tom asked 522 00:27:51,960 --> 00:27:53,560 Speaker 1: you about a few moments ago, that being Hedge Funds. 523 00:27:53,560 --> 00:27:55,560 Speaker 1: We had this conversation with Henry just a little while 524 00:27:55,640 --> 00:27:58,320 Speaker 1: while ago and we didn't talk about was fees, and 525 00:27:58,600 --> 00:28:01,840 Speaker 1: he said he's thrown in the towel, not not going 526 00:28:01,840 --> 00:28:06,520 Speaker 1: out with the disappointedly um is the conversation about fees 527 00:28:06,520 --> 00:28:08,840 Speaker 1: and ancillary conversation. He said that we were seeing the 528 00:28:08,880 --> 00:28:12,879 Speaker 1: end of a global macro moment um. How much readjustment 529 00:28:12,880 --> 00:28:15,159 Speaker 1: has to happen with fees and hedge funds and is 530 00:28:15,200 --> 00:28:16,919 Speaker 1: that going to be something that saves hedge funds you're 531 00:28:16,960 --> 00:28:21,439 Speaker 1: going forward. I don't think people mind paying fees, to 532 00:28:21,520 --> 00:28:25,359 Speaker 1: be perfectly blunt, if you're giving them the returns right 533 00:28:25,400 --> 00:28:28,200 Speaker 1: at the end of the day. What gets people upset 534 00:28:28,680 --> 00:28:32,480 Speaker 1: is if you're charging them two and twenty and you're flat, 535 00:28:32,560 --> 00:28:40,000 Speaker 1: or you're up one, you're up five, right, It's that's 536 00:28:40,040 --> 00:28:43,720 Speaker 1: what gets people upset. It's not so fees become a 537 00:28:43,760 --> 00:28:46,160 Speaker 1: big part when you sort of look at it and say, 538 00:28:46,200 --> 00:28:48,240 Speaker 1: all right, the tenure, which is a little bit of 539 00:28:48,280 --> 00:28:51,600 Speaker 1: what West said. If the safest investment is a treasury 540 00:28:51,760 --> 00:28:54,680 Speaker 1: and a ten years two percent and you're charging somebody 541 00:28:54,720 --> 00:28:58,360 Speaker 1: two percent um, that's kind of tough, you know, It's 542 00:28:58,400 --> 00:29:00,320 Speaker 1: it's just math. I mean, ultimately, at the end of 543 00:29:00,320 --> 00:29:01,960 Speaker 1: the days, done to that yeah, that's all it is. 544 00:29:02,040 --> 00:29:04,120 Speaker 1: We just got forty seconds, Jamie donald Let's go back 545 00:29:04,120 --> 00:29:07,720 Speaker 1: to the acclaimed Elliott plattet Donaldson generated a few years ago. 546 00:29:07,800 --> 00:29:10,680 Speaker 1: He never had a deal with negative. The three of 547 00:29:10,720 --> 00:29:14,000 Speaker 1: you survive when you got a German two year done 548 00:29:14,280 --> 00:29:17,000 Speaker 1: negative seventy beeps in a Swiss twenty year it I 549 00:29:17,080 --> 00:29:20,000 Speaker 1: can't remember what it is, just quickly here. When do 550 00:29:20,080 --> 00:29:23,440 Speaker 1: the negative rates bill a end without? We don't know, 551 00:29:23,720 --> 00:29:26,760 Speaker 1: but my guess is ultimately it has to end. This 552 00:29:26,920 --> 00:29:29,360 Speaker 1: is not normal. But I think you know we've all 553 00:29:29,440 --> 00:29:34,160 Speaker 1: survived by finding idiots and crack opportunity. Just because markets 554 00:29:34,280 --> 00:29:38,840 Speaker 1: and markets really globally, particularly risk acid markets are fully priced. 555 00:29:39,120 --> 00:29:42,400 Speaker 1: You can still find out he's a fully price Jamie Diamond. 556 00:29:42,440 --> 00:29:44,680 Speaker 1: What's het in the smart Lazarie? Thank you so much. 557 00:29:44,880 --> 00:30:01,480 Speaker 1: This is Bloomberg for continuing to follow the news out 558 00:30:01,520 --> 00:30:04,040 Speaker 1: of the Korean Peninsula. The U N. Security Council scheduled 559 00:30:04,080 --> 00:30:06,239 Speaker 1: to meet at three o'clock this afternoon here in New 560 00:30:06,320 --> 00:30:09,320 Speaker 1: York to discuss the situation there as Secretary State Rexi 561 00:30:09,320 --> 00:30:12,239 Speaker 1: Solurial calls from more action against that rogue regime. Our 562 00:30:12,280 --> 00:30:14,640 Speaker 1: next guest, without question, the interview of the show. Ambassador 563 00:30:14,680 --> 00:30:16,880 Speaker 1: Christopher Hill joins us now on our phone lines. Distinguished 564 00:30:16,880 --> 00:30:19,560 Speaker 1: career in public service in the government. He was most 565 00:30:19,600 --> 00:30:21,880 Speaker 1: recently US Ambassador to Iraq. Now he's the dean, as 566 00:30:21,920 --> 00:30:24,200 Speaker 1: I said, of the Corbel Schooled International Studies at the 567 00:30:24,240 --> 00:30:27,320 Speaker 1: University of Denver. I should note he was an ambassador 568 00:30:27,320 --> 00:30:29,360 Speaker 1: to the Pope of Korea as well, and a participant 569 00:30:29,400 --> 00:30:32,600 Speaker 1: in the Six Party talks on the North Korean nuclear issue. 570 00:30:32,600 --> 00:30:35,840 Speaker 1: Abastad Hill, great to have you with us today, and Uh, 571 00:30:36,040 --> 00:30:38,000 Speaker 1: the word of the day is inured. We've seen so 572 00:30:38,040 --> 00:30:40,080 Speaker 1: many of these tests over the course of the year. 573 00:30:40,520 --> 00:30:42,960 Speaker 1: Uh is each one different? What was different about the 574 00:30:42,960 --> 00:30:45,600 Speaker 1: one that happened last night? Well, at a certain point 575 00:30:45,640 --> 00:30:47,680 Speaker 1: you have to ask, you know, why are they testing 576 00:30:47,840 --> 00:30:51,160 Speaker 1: as every week or so, because clearly it's it's more 577 00:30:51,280 --> 00:30:54,080 Speaker 1: than just you know, to check the flight path. And 578 00:30:54,120 --> 00:30:56,760 Speaker 1: I think what they're really doing it's kind of an 579 00:30:56,760 --> 00:30:59,000 Speaker 1: any of the face move. They're trying to say. Christ 580 00:30:59,000 --> 00:31:01,000 Speaker 1: of all, we're in full for auction with these things, 581 00:31:01,040 --> 00:31:04,280 Speaker 1: so clearly they don't have to hand make them every cast. 582 00:31:04,360 --> 00:31:07,360 Speaker 1: I mean, they've got some production line. And secondly, I 583 00:31:07,400 --> 00:31:09,640 Speaker 1: think they're trying to make the point that we are 584 00:31:09,680 --> 00:31:13,960 Speaker 1: a full switched uh uh nuclear power and you're just 585 00:31:14,000 --> 00:31:15,760 Speaker 1: going to have to deal with us as such. And 586 00:31:15,800 --> 00:31:18,400 Speaker 1: the more we send up these missiles, the more of 587 00:31:18,440 --> 00:31:21,160 Speaker 1: a reality and their view will sink. In my own 588 00:31:21,240 --> 00:31:24,120 Speaker 1: view is we cannot accept them as a nuclear are 589 00:31:24,280 --> 00:31:27,920 Speaker 1: when we certainly cannot accept a situation where country points 590 00:31:28,040 --> 00:31:32,360 Speaker 1: uh possibly nuclear tipped missiles at us and uh, We're 591 00:31:32,360 --> 00:31:34,600 Speaker 1: gonna have to step up our game. You've lived this, 592 00:31:34,800 --> 00:31:37,880 Speaker 1: You've watched the deliberations of the U N. Security Council. 593 00:31:37,880 --> 00:31:40,200 Speaker 1: We certainly saw some heated ones. On Monday, the U. 594 00:31:40,280 --> 00:31:43,120 Speaker 1: S Ambassador to the UN, Nikki Haley, wanted more severe 595 00:31:43,120 --> 00:31:45,880 Speaker 1: sanctions yet placed on North Korea with regard to oil 596 00:31:45,960 --> 00:31:49,240 Speaker 1: that didn't happen because of China in particular. What do 597 00:31:49,240 --> 00:31:50,560 Speaker 1: you think is going to happen next? I'm going to 598 00:31:50,600 --> 00:31:52,400 Speaker 1: steal a question that Tom asked a little earlier on 599 00:31:52,440 --> 00:31:54,120 Speaker 1: the show, that is, what more can the U N 600 00:31:54,160 --> 00:31:57,400 Speaker 1: do at this point? Well, I think clearly the Chinese 601 00:31:57,400 --> 00:31:59,240 Speaker 1: are going to have to do more. I mean it's 602 00:31:59,280 --> 00:32:02,040 Speaker 1: not enough to say there against it and and sort 603 00:32:02,040 --> 00:32:05,760 Speaker 1: of go along with these limited sanctions. They've really got 604 00:32:05,800 --> 00:32:08,440 Speaker 1: to go the full go the full distance. North Korea 605 00:32:08,680 --> 00:32:12,520 Speaker 1: does not have refining capacity, and so I mean it's 606 00:32:12,520 --> 00:32:16,520 Speaker 1: amazing they have nuclear facilities, but not on oil refiery. 607 00:32:17,040 --> 00:32:19,640 Speaker 1: So I think China really needs to look at this 608 00:32:19,720 --> 00:32:23,160 Speaker 1: critical issue of gasoline. But looking beyond that, I think 609 00:32:23,200 --> 00:32:25,800 Speaker 1: the US and China really need to look at what's 610 00:32:25,840 --> 00:32:28,160 Speaker 1: going to do about this. And it's more than sanctions, 611 00:32:28,240 --> 00:32:32,000 Speaker 1: because the sanctions train just moves too slowly compared to 612 00:32:32,040 --> 00:32:35,120 Speaker 1: the legalization train. And so I think we do need 613 00:32:35,160 --> 00:32:37,280 Speaker 1: to look at some options, and I do I think 614 00:32:37,280 --> 00:32:40,000 Speaker 1: we need to make China understand that we're going to 615 00:32:40,040 --> 00:32:44,080 Speaker 1: have their choice. But to go forward, to borrow a 616 00:32:44,120 --> 00:32:46,040 Speaker 1: line from from the musical Hamiltons, you've been in the 617 00:32:46,080 --> 00:32:48,000 Speaker 1: room where it happens. You you were part of the 618 00:32:48,120 --> 00:32:51,520 Speaker 1: Six Party talks on North Korea. Very few few people 619 00:32:51,560 --> 00:32:53,960 Speaker 1: have been engaged in direct diplomacy with with the North 620 00:32:54,040 --> 00:32:57,000 Speaker 1: Korean regime. What's that like and is it likely to 621 00:32:57,000 --> 00:32:59,120 Speaker 1: be different now? If if at some point in the 622 00:32:59,160 --> 00:33:01,880 Speaker 1: near future we see all these parties returning to talk 623 00:33:01,920 --> 00:33:04,480 Speaker 1: to each other one again, What are the particular complexities 624 00:33:04,720 --> 00:33:08,360 Speaker 1: of dealing diplomatically with North Korea? Well, first of all, 625 00:33:08,760 --> 00:33:12,080 Speaker 1: these people are aren't not stupid, they're not robots. They're 626 00:33:12,120 --> 00:33:15,760 Speaker 1: not just reading from talking points. Uh, they're making their case. 627 00:33:16,760 --> 00:33:19,000 Speaker 1: So you know you're up against people who know what 628 00:33:19,040 --> 00:33:21,760 Speaker 1: they're talking about. But I think it's important to understand 629 00:33:21,760 --> 00:33:24,479 Speaker 1: that when you talk to these negotiators, you're basically talking 630 00:33:24,520 --> 00:33:27,040 Speaker 1: to the note taker, because the note taker is going 631 00:33:27,080 --> 00:33:29,840 Speaker 1: to take the message back to Piong Young, and we've 632 00:33:29,920 --> 00:33:33,480 Speaker 1: not really had any kind of capacity to take a 633 00:33:33,480 --> 00:33:37,400 Speaker 1: message to put Pill and Young. Well. I emphasize, however, 634 00:33:37,640 --> 00:33:40,960 Speaker 1: the North Korean's have shown no interests, zero interests in 635 00:33:41,080 --> 00:33:45,000 Speaker 1: a in getting back to the original purpose of these talks, 636 00:33:45,000 --> 00:33:48,320 Speaker 1: which was demo verzations that they've talked about the need 637 00:33:48,400 --> 00:33:50,720 Speaker 1: to have kind of some kind of limits. And I 638 00:33:50,720 --> 00:33:52,280 Speaker 1: don't think we should go that way. I think we 639 00:33:52,360 --> 00:33:56,080 Speaker 1: should really press the Chinese and work together with China 640 00:33:56,160 --> 00:33:58,560 Speaker 1: on this. If you're just joining us first, Christopher Hill, 641 00:33:58,680 --> 00:34:00,640 Speaker 1: where us is David and I both degree, this is 642 00:34:00,680 --> 00:34:05,080 Speaker 1: without question the interview of the day for Bloomberg Surveillance. Inbassador, 643 00:34:05,280 --> 00:34:07,080 Speaker 1: I want to go through a little bit of the 644 00:34:07,120 --> 00:34:11,480 Speaker 1: path here from Moses Brown in Providence to Boden to 645 00:34:11,560 --> 00:34:16,359 Speaker 1: your continued public services ambassadors to different areas. You work 646 00:34:16,480 --> 00:34:20,280 Speaker 1: critically in Kosovo and then on the Eastern Europe in Poland, 647 00:34:20,640 --> 00:34:24,480 Speaker 1: and then your expertise on Asia, You more than anyone 648 00:34:24,600 --> 00:34:29,400 Speaker 1: we speak to, understands the trenches of the State Department. 649 00:34:29,760 --> 00:34:33,120 Speaker 1: How destroyed is the State Department from the actions of 650 00:34:33,120 --> 00:34:38,720 Speaker 1: the president with Secretary Tillerson, Well, to put it gently, 651 00:34:38,880 --> 00:34:42,480 Speaker 1: I think there's a problem. Uh. Diplomacy does, after all, 652 00:34:42,560 --> 00:34:46,319 Speaker 1: needs some diplomats, and it's worrisome to see many of 653 00:34:46,320 --> 00:34:50,080 Speaker 1: the better ones, some of the best ones leaving. I 654 00:34:50,120 --> 00:34:53,960 Speaker 1: think Secretary Tillerson has really tried to address some of 655 00:34:53,960 --> 00:34:56,520 Speaker 1: the main issues, but it's a bit of a team sports, 656 00:34:56,560 --> 00:34:58,839 Speaker 1: and I don't think the Secretary of State can do 657 00:34:58,880 --> 00:35:01,560 Speaker 1: it alone. And I think he needs to understand the 658 00:35:01,600 --> 00:35:03,920 Speaker 1: secretary of the role of the Secretary of State should 659 00:35:03,920 --> 00:35:06,200 Speaker 1: be someone who comes into the ninth inning and shuts 660 00:35:06,239 --> 00:35:08,759 Speaker 1: down a problem, rather than shows up in the third 661 00:35:08,840 --> 00:35:12,800 Speaker 1: inning and encourages parties to keep on talking or something. 662 00:35:12,880 --> 00:35:15,279 Speaker 1: So I think there's a kind of a failure to 663 00:35:15,360 --> 00:35:19,279 Speaker 1: understand the sort of u uh technology of it all 664 00:35:19,320 --> 00:35:23,040 Speaker 1: of how why you have lower ranked people, I have 665 00:35:23,160 --> 00:35:26,319 Speaker 1: middle ranked people, And I think there's a failure to 666 00:35:26,400 --> 00:35:29,319 Speaker 1: understand that these are career people who have a heck 667 00:35:29,320 --> 00:35:31,960 Speaker 1: of a lot to offer there. You know, when Secretary 668 00:35:32,040 --> 00:35:34,360 Speaker 1: Killers have showed up at the State Department in February, 669 00:35:34,520 --> 00:35:37,720 Speaker 1: there wasn't one person there at the C Street entrance 670 00:35:37,760 --> 00:35:41,440 Speaker 1: who wanted anything but full success for for him. And 671 00:35:41,480 --> 00:35:44,160 Speaker 1: instead he's gotten involved in this issue of reforming the 672 00:35:44,200 --> 00:35:47,080 Speaker 1: State Department. Look, that's a good idea. I think everything 673 00:35:47,160 --> 00:35:50,560 Speaker 1: needs to be reformed. But my goodness, we have far 674 00:35:50,680 --> 00:35:54,360 Speaker 1: more uh you know, urgent matters out there in the 675 00:35:54,360 --> 00:35:58,160 Speaker 1: world and having some accounting firm. Look at how the 676 00:35:58,160 --> 00:36:01,239 Speaker 1: State Department is organized. We're we've got all sorts of 677 00:36:01,280 --> 00:36:04,759 Speaker 1: new investor. One more question, if I could, one of 678 00:36:04,760 --> 00:36:07,080 Speaker 1: the few things you have and I have in common, 679 00:36:08,080 --> 00:36:10,640 Speaker 1: besides a view of the athletic fields of Moses Brown, 680 00:36:11,360 --> 00:36:15,480 Speaker 1: is we really are concerned about Aaron Judge. The ball 681 00:36:15,560 --> 00:36:18,800 Speaker 1: he hit last night for the New York Yankees in 682 00:36:19,440 --> 00:36:23,080 Speaker 1: Fenway Park, Chris, it would have gone over the turnpike, 683 00:36:23,480 --> 00:36:26,840 Speaker 1: probably would have landed across the Charles River. What are 684 00:36:26,880 --> 00:36:29,920 Speaker 1: the Red Sox going to do about the surging dreaded 685 00:36:29,920 --> 00:36:33,879 Speaker 1: New York Yankees. I think they need to pitch him 686 00:36:33,960 --> 00:36:38,120 Speaker 1: high in a way and uh, make him bite on 687 00:36:38,200 --> 00:36:41,120 Speaker 1: sliders as well. I mean, I'm not really sure, but 688 00:36:41,200 --> 00:36:44,040 Speaker 1: you're absolutely right. We've got to deal with that problem. 689 00:36:44,080 --> 00:36:47,359 Speaker 1: It is this true national problem. Chris Hill, thank you, 690 00:36:47,680 --> 00:36:49,640 Speaker 1: Thank you so much. We look forward to seeing you 691 00:36:49,880 --> 00:36:52,719 Speaker 1: in our Washington and New York studios. He's not, David Is. 692 00:36:52,760 --> 00:36:55,120 Speaker 1: It's correct with the University of Denver at the University 693 00:36:55,120 --> 00:36:58,160 Speaker 1: of Denver heading up the Corbel School of International Studies. 694 00:36:58,200 --> 00:37:02,120 Speaker 1: They're a fine and growing program there and always incredibly 695 00:37:02,160 --> 00:37:04,400 Speaker 1: great to talk to him about this issue in particular, 696 00:37:04,440 --> 00:37:08,560 Speaker 1: and I've talked about the Middle East as well, legendary 697 00:37:08,680 --> 00:37:12,320 Speaker 1: stories of wearing Red Sox, carrying the Red Sox flag 698 00:37:12,719 --> 00:37:15,359 Speaker 1: across all of Asia, like he's been known to go 699 00:37:15,400 --> 00:37:19,479 Speaker 1: into meetings with with swag Kiss reminds you of Megan 700 00:37:19,520 --> 00:37:23,320 Speaker 1: Green with her Red Sox socks that she will tell 701 00:37:23,360 --> 00:37:25,440 Speaker 1: our audience, Dave, in the time we've got left, we're 702 00:37:25,480 --> 00:37:28,080 Speaker 1: waiting for something to happen here. Our team is working 703 00:37:28,080 --> 00:37:32,680 Speaker 1: on it right now. David. Why when when we say 704 00:37:32,760 --> 00:37:34,919 Speaker 1: that's the most important interview of the day. To me, 705 00:37:35,400 --> 00:37:40,480 Speaker 1: it's the guy's experience. He's in the trenches. Yeah, absolutely, 706 00:37:40,520 --> 00:37:41,880 Speaker 1: I think what I want to highlight again and I 707 00:37:41,920 --> 00:37:44,600 Speaker 1: did in the question to him they're about about diplomacy, 708 00:37:44,680 --> 00:37:47,560 Speaker 1: is that he lived this as the ambassador to to 709 00:37:47,640 --> 00:37:50,000 Speaker 1: South Korea and then as a part of those talks. 710 00:37:50,200 --> 00:37:53,040 Speaker 1: You know, many years ago now we were engaging with 711 00:37:53,080 --> 00:37:55,680 Speaker 1: North Korea diplomatically, with a few other countries in the region. 712 00:37:56,239 --> 00:37:58,399 Speaker 1: I think it's just extraordinary to think about how few 713 00:37:58,400 --> 00:38:01,279 Speaker 1: people have been in a wardroom, sent it around a table, 714 00:38:01,320 --> 00:38:04,319 Speaker 1: having occasion to exchange words with representatives of the North 715 00:38:04,400 --> 00:38:06,319 Speaker 1: Korean government and Basterd Christopher Hill, as you said at 716 00:38:06,320 --> 00:38:17,840 Speaker 1: the University of Denver, one of those few. Thanks for 717 00:38:17,920 --> 00:38:22,040 Speaker 1: listening to the Bloomberg Surveillance podcast. Subscribe and listen to 718 00:38:22,120 --> 00:38:28,160 Speaker 1: interviews on Apple Podcasts, SoundCloud, or whichever podcast platform you prefer. 719 00:38:28,719 --> 00:38:31,799 Speaker 1: I'm on Twitter at Tom Keene. David Gura is at 720 00:38:31,880 --> 00:38:36,719 Speaker 1: David Gura. Before the podcast, you can always catch us worldwide. 721 00:38:36,920 --> 00:38:37,959 Speaker 1: I'm Bloomberg Radio.