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Speaker 2: We just don't have a lot of economic data.
Speaker 3: There's a lot of uncertainty out there in the marketplace
Speaker 3: as to where this economy is.
Speaker 2: I don't help.
Speaker 3: People do it who actually get paid to do this
Speaker 3: stuff for a living. Like our next guest, Sema Shaw, Chief,
Speaker 3: a global strategist at Principal Asset Management. Seema, what are
Speaker 3: you making of the last I don't know, two three
Speaker 3: weeks seem to be a little market seem to be
Speaker 3: just a little unsettled here. I mean there's only a
Speaker 3: three percent draw down and yes, and paid, nothing to
Speaker 3: really write home about.
Speaker 2: But you know, what do you make of some of
Speaker 2: this uncertainty we're seeing the marketplace?
Speaker 4: Good morning, Nathan.
Speaker 5: Yeah, absolutely, this has been a really, really rocky and
Speaker 5: it's been interesting because I think what the shutdown did
Speaker 5: is just created this vacuum which has allowed some really
Speaker 5: kind of negative narratives to take route and the key
Speaker 5: one is that how the FED isn't going to be
Speaker 5: interpreting the direction of the economy. I think coming into this,
Speaker 5: to the shutdown, the general consensus was that the doves
Speaker 5: of the FMC would have the upper hand and almost
Speaker 5: assuring a December eight cut, And if anything, what's happened
Speaker 5: is actually the more hawkish members have seemed to become
Speaker 5: a little bit more dominant, and as a result, we're
Speaker 5: in this point where now the odds of a FED
Speaker 5: cut in December is just down to fifty to fifty,
Speaker 5: and it really is rattling the market, partly because we
Speaker 5: just don't have a clear narrative, as you said, So.
Speaker 6: I'm looking at the VIX index, of course, that's Wall
Speaker 6: Street Sphere engage. I'm seeing it sitting around the twenty
Speaker 6: two handle. What do you make of the current volatility
Speaker 6: in the market. Do you expect it to sort of
Speaker 6: temper out here?
Speaker 5: I mean, I think it could once we start to
Speaker 5: get a clearer direction, But again, it really does depend
Speaker 5: on how the FED is going to respond.
Speaker 4: I think that's one thing.
Speaker 5: And then of course there's the AI story, and those
Speaker 5: fears seem like they're really taking root. We don't want
Speaker 5: to jump to many conclusions because of course it got
Speaker 5: the end video earnings report coming, so everything could just
Speaker 5: completely turn around if that's a good release and start
Speaker 5: to you know, once again put some of those fears
Speaker 5: to bed. But at least you know, as we're going
Speaker 5: into twenty twenty six and we are expecting a bit
Speaker 5: of an economic slow down, a bit of a labor
Speaker 5: market slow down, that is typically the time when you
Speaker 5: start to see some of these fears really start to
Speaker 5: take route, particularly when you consider it from a late
Speaker 5: cycle narrative.
Speaker 3: S we're just in the process of finishing up this
Speaker 3: third quarter earnings release and buying large earnings were really
Speaker 3: pretty solid double digit, low double digit kind of growth rate.
Speaker 3: There is that enough to support this market?
Speaker 4: Sea it should be.
Speaker 5: I mean, typically you just need to have like positive
Speaker 5: economic growth driving positive earnings growth, and ultimately the S
Speaker 5: and P five hundred for example, is very very tightly
Speaker 5: correlated with our earnings performance, so it should do.
Speaker 7: Now.
Speaker 5: Of course, there's going to be some bumps along the road,
Speaker 5: and when you look at valuations, particularly for those big
Speaker 5: tech companies, there's going to be moments, potholes, air pockets,
Speaker 5: whatever you want to call it where the market really
Speaker 5: does have that moment of a hesitation where they.
Speaker 4: Really start to question the direction.
Speaker 5: But the key thing for us is, look as long
Speaker 5: as you can continue with positive growth in twenty twenty six,
Speaker 5: maybe a little bit lower than what we've enjoyed in
Speaker 5: twenty twenty five on the whole, but as long as
Speaker 5: there's positive growth, and really you should see this continuation
Speaker 5: of ardness growth and that should be enough to support
Speaker 5: the act market. We're not, of course, expecting very significant
Speaker 5: gains through next year, but at least you know in
Speaker 5: a upper trajectory where it does become important where you're
Speaker 5: going to be positioned.
Speaker 4: Which are the companies, which are the sectors?
Speaker 6: So you mentioned you flicked at the idea. There's a
Speaker 6: lot of fear surrounding AI. We've been hearing so much
Speaker 6: talk about market valuations being too high. So where do
Speaker 6: you want to be in this market?
Speaker 5: So we do have overweight to that megacab trade like
Speaker 5: everyone else is in the market. Has been really important
Speaker 5: to start doing well, to continue the analysis of these
Speaker 5: companies and looking at valuations now that valuations are frothy.
Speaker 5: That goes without saying, but I think the comparison to
Speaker 5: the dot com bubble is very much exaggerated. We have
Speaker 5: been very much reassured by the fact that the balance
Speaker 5: sheets of these companies are very strong, But there are
Speaker 5: concerns and the concerns that we need to track. One
Speaker 5: thing which is driving which I don't think is going
Speaker 5: to be answered at anytime soon, of course, is how
Speaker 5: it's going to be delivering on all of that productivity
Speaker 5: potential that people are hoping for, and that simply will
Speaker 5: not be answered anytime soon. So then the key thing
Speaker 5: that we have to be keeping a track of is
Speaker 5: how they're financing all of their AI capics. Is this
Speaker 5: debt financing becoming more of a trend in which case
Speaker 5: concerns around the bubble are going to increase if it's
Speaker 5: not matched by profit growth.
Speaker 4: So I think we're at the.
Speaker 5: Early innings of some of these concerns, which, unfortunate doesn't
Speaker 5: mean it's going to grow. But as long as these
Speaker 5: companies can continue to deliver on the earning side, we
Speaker 5: do think it can you know, dispel those fizz as
Speaker 5: they continue to grow. So it's an opportrajectory, but very
Speaker 5: very noisy.
Speaker 3: Sea Michhaw, Thank you so much. We always appreciate getting
Speaker 3: a few innutes your time, Semashaw. She's a chief global
Speaker 3: strategist principal asset Management located over there in the city
Speaker 3: of London.
Speaker 2: Appreciate that. Stay with us. More from Bloomberg Surveillance coming
Speaker 2: up after this.
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Speaker 2: I'll switch gears to commodities.
Speaker 3: A lot going on out there in the space here,
Speaker 3: I don't know. I'm getting ready for the next season
Speaker 3: of Landman, which means I focus on oil, and I
Speaker 3: see wtacrud to oil below sixty dollars. I like that
Speaker 3: as a consumer, but I know the folks in the
Speaker 3: patch don't have they like seventy five dollars.
Speaker 2: Of course, you know the cost of productions.
Speaker 3: In a mid fifties, so they're making some good scratch there,
Speaker 3: but it's down here at sixty.
Speaker 2: They're not so happy. You've got somebody who does this
Speaker 2: stuff for a living.
Speaker 3: Francisco Blunch, head of Global Commodities at Bank of America Securities.
Speaker 3: I know them as Merrill Lynch back in the day,
Speaker 3: but they can call themselves whatever they want these days. Francisco,
Speaker 3: thanks so much for joining us here in our Bloomberg
Speaker 3: and Director Brokers studio. On the commodities front, what do
Speaker 3: your clients want to talk to you about these days?
Speaker 8: They want to talk about going through all oil, They
Speaker 8: want to talk about gold yep, they want to talk
Speaker 8: about what's going on in the metal space, some of
Speaker 8: the tire if impact on agriculture, and they I think
Speaker 8: they also want to talk about power and AI.
Speaker 3: All right, let's let's go with the power in the
Speaker 3: AI story, because that's kind of a new thing.
Speaker 9: You know.
Speaker 3: AI has been such a theme for this marketplace, certainly
Speaker 3: for the tech stocks that have direct exposure, and then
Speaker 3: people started looking for a derivative places and they come
Speaker 3: to your world, which is, how are we going to
Speaker 3: power all this stuff? How does that impact kind of
Speaker 3: the commodity discussion in terms of power?
Speaker 10: So the biggest impact, the most direct impact, has been
Speaker 10: perhaps in the metals markets, which are kind of the
Speaker 10: pick and shovels of health. Christy, we you've seen that
Speaker 10: in the price of copper you've seen the price of silver,
Speaker 10: and we expected to continue or the course of the
Speaker 10: next twelve to eighteen months. So we are bullish on
Speaker 10: those two commodities. Just to be clear, we have a
Speaker 10: fifteen thousand dollar per ton copper target over the next
Speaker 10: twenty four months, and we have and we have over
Speaker 10: the next twelve months or so. We got a sixty
Speaker 10: five dollar announced silver target. So we're bullishing those two commodities.
Speaker 10: Their key the best and the second best electricity conductors
Speaker 10: in the world as a commodity, so we think those
Speaker 10: two make makes sense. Strong exposure to or panels to grid. Also,
Speaker 10: people want to talk about gas and how gas powers electricity.
Speaker 10: In the US, we've seen a big rump up in
Speaker 10: Henry Hog prices. You may have noticed that we are
Speaker 10: now trading around four and a half low or cinemmb
Speaker 10: to you, that's a pretty big pickup. And remember gas
Speaker 10: is in the US been hit by two things. First,
Speaker 10: demand for power has been very strong, although that's not
Speaker 10: really the reason why gas prices have risen. It's because
Speaker 10: of the LNG export story to power the rest of
Speaker 10: the world, and of course the US launched a large
Speaker 10: investment into LERNG export facilities, liquid natural gas export facilities.
Speaker 10: These are coming online very quickly. They are soaking up
Speaker 10: all that gas, freezing it and shipping it to Europe
Speaker 10: and to other parts of the world. And that's been
Speaker 10: the true story for the last few months and will
Speaker 10: remain the big story for the next few months. So
Speaker 10: we're not I mean, we're not super bowlish, in part
Speaker 10: because we think producers are very good at.
Speaker 11: Cranking out output.
Speaker 10: So you talked about oil and how folks need higher
Speaker 10: price than sixty dollars a barrel to get a decent return,
Speaker 10: but for gas, the number is a lot lower than
Speaker 10: four and a half our MBTUS.
Speaker 11: So we're going to see a ramp up there in activity.
Speaker 3: So you're the expert in commodities, but I have the
Speaker 3: g lco go function on the Bloomberg termat Global Commodities,
Speaker 3: so I can see everything, and I can at a
Speaker 3: copto party, I can sell.
Speaker 9: It an expert.
Speaker 6: Honestly, I wanted to stick with that AI play that
Speaker 6: we were talking at a bit earlier. What are some
Speaker 6: other maybe derivative plays that you think maybe investors are
Speaker 6: underappreciating during this time period.
Speaker 11: So we we like in the commodity world.
Speaker 10: You can also look at power prices themselves, and we
Speaker 10: think those power prices are likely to need to go up.
Speaker 10: Wholesale power prices, we've seen pasty auctions very strong and
Speaker 10: across pretty in PGM, and in the northeast there's a
Speaker 10: huge data center build out as you know going on
Speaker 10: in Virginia. It's having uploided complication as well. Right, we've
Speaker 10: seen the cost of living remaining a core issue in elections,
Speaker 10: and we expected to remain so because it's you know,
Speaker 10: we don't really see the pressures fading away. But one
Speaker 10: derivative side of power right is perhaps the most the
Speaker 10: most underappreciated, is aluminium. Aluminum is essentially solid electricity. When
Speaker 10: you have a lot spare electricity, you basically can make
Speaker 10: very cheap aluminum because it takes fourteen megal hours of
Speaker 10: power to make a ton of aluminum. So we expect
Speaker 10: aluminum prices to also write rise quite significantly. And it's
Speaker 10: interesting because aluminium is one of the komaries that has
Speaker 10: been subject to a fifty percent diarrey, even though it's
Speaker 10: really a Canadian import, So we expect aluminum prices to
Speaker 10: trend higher globally.
Speaker 11: That's one area.
Speaker 10: We think as a result of the AI boom, and
Speaker 10: it's essentially solid electricity.
Speaker 3: Looking at WTIQ to oil roughly sixty dollars a barrel
Speaker 3: of brent sixty four?
Speaker 2: Is there an oil glut out?
Speaker 11: There were in a period of.
Speaker 2: Prolonged oversupply and crew do you think we are?
Speaker 10: And that's the You know, it's interesting because we talked
Speaker 10: about all this energy demand and here we are with
Speaker 10: really pressed Cruler prices.
Speaker 11: So what's going on? Simply we have we have a
Speaker 11: price war.
Speaker 10: Right now between OPEC plus and rest of the world.
Speaker 10: For the last three years, in twenty two, twenty three,
Speaker 10: twenty four, price of oil average almost ninety dollars a
Speaker 10: barrel and Brent and mid eighties for WTI. But you
Speaker 10: know what, US production went up three million barrels a day.
Speaker 10: Saudi production went down two million barrels a day. They
Speaker 10: cannot keep doing this forever. And they're like, well, you know,
Speaker 10: nineteel oil doesn't really work for us. It works too
Speaker 10: well for you, but it doesn't really work for us
Speaker 10: at all. So we got to get some of that
Speaker 10: market share back. And that's what's going on. They've been
Speaker 10: adding a lot of barrels, and that's the press prices.
Speaker 10: We've averaged about sixty nine dollars a barrel in brand
Speaker 10: this year, about four sunder.
Speaker 11: From t I sixty five. Last year we averaged around eighty.
Speaker 10: Right, So it's it's and honestly like there is like
Speaker 10: a lot and and OPEK ten days ago decided to
Speaker 10: pause and partly because they thought, well, maybe there's too
Speaker 10: much money in the market. We're going to the first quarter,
Speaker 10: which is seasonally weak, so let's put a pulse on
Speaker 10: things here because OPEC doesn't want to run a price
Speaker 10: war like.
Speaker 11: Like twenty twenty or twenty fifteen. Right, you're based in
Speaker 11: Madrid right now?
Speaker 2: Yah, Okay, here's the problem I have with the Madrid
Speaker 2: maybe Spain in general. Tell us I'm an early to bed,
Speaker 2: early to rhymes kind of guy.
Speaker 3: These people don't go out to dinner till like nine
Speaker 3: ten o'clock at night.
Speaker 2: What is that? What is up with that?
Speaker 9: All right?
Speaker 11: So, so just a quick historical five.
Speaker 10: About one hundred years ago, maybe ninety years ago, Spain
Speaker 10: changed the time zone to align it with with Prism Berlin. Okay,
Speaker 10: really so, so Spain has a time zone which is
Speaker 10: aligned with really I mean today, if you go to
Speaker 10: Warsaw at the same time zone as Madrid, that doesn't
Speaker 10: make any sense because you go to the Grewch meridian
Speaker 10: and it crosses straight through Valencia.
Speaker 2: Okay, so the whole of.
Speaker 11: Spain should be on UK time zone, not on German
Speaker 11: time zone.
Speaker 10: But that's kind of something happened ninety years ago and
Speaker 10: nobody seems to have been willing to change it. There's
Speaker 10: a big debate in the country as to whether that
Speaker 10: makes any sense.
Speaker 11: Should we change that? Well, people love.
Speaker 10: Going out I move. It's also pretty horrific. You wake
Speaker 10: up sometimes eight in the morning, eight to fifteen's the lark.
Speaker 2: Oh my goodness, it is phenomenal. City loves that must be.
Speaker 2: It is awesome. Francisco, thank you so.
Speaker 11: Much for joining us.
Speaker 2: We appreciate our Francisco.
Speaker 3: Blanchi's head of Global Commodities at Bank of America's Securities
Speaker 3: based in Madrid, but journey us live here in our
Speaker 3: Bloomberg Interactive Broker.
Speaker 2: Studio, and we appreciate that. Stay with us. More from
Speaker 2: Bloomberg Surveillance coming up after this.
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Speaker 3: Hassam Naji joins us. He's the CEO of Marcus and Milichip.
Speaker 3: That's the business that he does, retail, commercial, all that
Speaker 3: kind of stuff. He joins us here in studio, Hassan,
Speaker 3: talk to us about the country here in retail, commercial,
Speaker 3: real estate.
Speaker 2: What's the market look like?
Speaker 9: Good morning, Great to be with you again.
Speaker 7: Retail has a short term and a long term picture
Speaker 7: that we have to talk about in order to really
Speaker 7: express the current state of the market. The long term
Speaker 7: picture comes from pain twenty years of reinvention of retail commerce,
Speaker 7: killing brick and mortar, and the industry stopped building any
Speaker 7: new product for the most part, and reposition so many
Speaker 7: shopping centers and retail concepts.
Speaker 9: And we've come.
Speaker 7: Out of that much tighter and a reinvented way of
Speaker 7: using brick and mortar retail, which is now being very successful.
Speaker 7: It's all pretty much driven by fitness, entertainment, food, and
Speaker 7: destination shopping. Those things are moving in a very positive
Speaker 7: direction in the near term because wages have been growing
Speaker 7: and consumer confidence has been really high and high net
Speaker 7: worth individuals have been spending thanks to the stock market
Speaker 7: and other wealth creation mechanisms. Sales have been really, really strong,
Speaker 7: So two very short term and long term positive factors going.
Speaker 7: Some of the headwinds are the uncertainty related to interest
Speaker 7: rates tariffs that made many retailers pause for a moment
Speaker 7: in store openings, and balancing forecasting where consumer confidence may
Speaker 7: be going, which has weakened in the last few months.
Speaker 7: So it's really a battle between some of that uncertainty
Speaker 7: and very strong fundamentals.
Speaker 4: So during the.
Speaker 6: Break, you were talking to us about how some of
Speaker 6: the retail spaces are performing well in suburban areas.
Speaker 4: Talk to us a bit about what are those.
Speaker 6: Like regionally as we think about demand for retail space.
Speaker 7: You mentioned New York right here at the heart of
Speaker 7: the capital markets, at center of the world. We're creating
Speaker 7: seventy to eighty thousand jobs a year. New York is back.
Speaker 7: Yet there is a lot of urban retail storefronts that
Speaker 7: are still empty or struggling.
Speaker 9: The consumer habits, the you know.
Speaker 7: Tourism hit that we took earlier this year, all those
Speaker 7: things play into street urban retail Suburban retail, on the
Speaker 7: other hand, has been doing much much better. And I
Speaker 7: would say urban retail is on the recovery, but not
Speaker 7: quite quite as strongly because the post pandemic effect of
Speaker 7: a lot of people flaying urban markets. That's changing, thank god,
Speaker 7: because of the mandate to return to office, which is
Speaker 7: also helping to improve both residential and retail.
Speaker 3: You know now that I think about our Lectionington Avenue
Speaker 3: fifty eight fifty night, I mean, whoever owns those building
Speaker 3: and manages those buildings, they're doing a bad job.
Speaker 4: I think I could sell that. I could sell that stuff.
Speaker 3: I mean it's prime location, it's people are back, it's packed.
Speaker 4: So I think so I don't get all.
Speaker 7: You just hit the most important part of creating wealth
Speaker 7: through commercial real estate, and that is what are you
Speaker 7: going to do with the asset?
Speaker 9: Why did you buy it in the first place, how
Speaker 9: did you.
Speaker 7: Finance it, What was the value in and your expected
Speaker 7: value out and in between? What are you going to
Speaker 7: do to create value and make the property stand out.
Speaker 7: At the end of the day, it's just a business
Speaker 7: execution of that strategy, asset by asset.
Speaker 3: Yeah, they got the signs in the Windo. I'm going
Speaker 3: to call that number and sit, give them a marine poll.
Speaker 2: Get going here, all right? Interest rates are coming down,
Speaker 2: and that's good for your business? How good for your business?
Speaker 7: Really fascinating to see what's happened with commercial reals did
Speaker 7: as a whole. We have three very positive forces working
Speaker 7: for the industry. One is price corrections. Since twenty twenty
Speaker 7: two peak March of that year, prices have cone down
Speaker 7: on average fifteen to twenty percent across the entire industry.
Speaker 9: Interest rates are coming down.
Speaker 7: As a second positive, and more important than that, is
Speaker 7: the fact that financing is back. Banks are lending again,
Speaker 7: credit unions are lending again. And that doesn't capture much
Speaker 7: headlines because more than eighty percent of all transactions in
Speaker 7: commercial real estate are sub ten million dollars executed by
Speaker 7: high net worth individuals and high net worth households, not institutions,
Speaker 7: And so when debt becomes more available and lenders are
Speaker 7: more confident, the lender spreads come in, and that's why
Speaker 7: interest rates are coming down.
Speaker 9: The only real headwind we have is.
Speaker 7: This uncertainty around the government shutdown and the data that
Speaker 7: the federalies on and all the question marks about the
Speaker 7: effect of tariffs on inflation and what the Fed will
Speaker 7: or will not do. That's pretty much the only real
Speaker 7: headwind we're facing. Fundamentals look really great.
Speaker 6: So in my previous role, before I became markets correspondent
Speaker 6: for Bloomberg Television, I was on our equities team.
Speaker 1: Oh thanks, Paul.
Speaker 6: I was on our equities team, and I covered real
Speaker 6: estate's box. I covered reads in particular, and I was
Speaker 6: surprised to learn that office reads only make up about
Speaker 6: less than four percent of reachs. More and broadly. So
Speaker 6: a lot of people look at commercial real estate is bad, bad,
Speaker 6: bad because of struggles in office. But it's really confleating
Speaker 6: that idea and really making it brought it out for
Speaker 6: the broader sector. But what other areas are you keeping
Speaker 6: an eye on? I know I used to senior housing
Speaker 6: a lot. Is that an area that you're looking at as
Speaker 6: we think about the baby boomers.
Speaker 7: Absolutely, we do business in sixteen sub categories of commercial
Speaker 7: real estate, self storage, manufactured homes, land, of course, medical office.
Speaker 9: We cover all those property types.
Speaker 7: And even within retail there is a huge divergence of
Speaker 7: shopping centers versus fast foods, single tenant or auto part
Speaker 7: single tenant properties. All of those different sub sectors have
Speaker 7: their own cycles and within office.
Speaker 9: It's interesting you say that.
Speaker 7: Because during the banking crisis of twenty twenty three, there
Speaker 7: was so much concern that commercial real estate was the
Speaker 7: next shoe to drop and put pressure on the banking system.
Speaker 7: And when you look at the total outstanding loans held
Speaker 7: by US banks, there's less than a five percent total
Speaker 7: exposure through office. And not every office building is distressed,
Speaker 7: I mean by far. In fact, suburban office vacancies have
Speaker 7: been running around eleven percent.
Speaker 9: It's the urban.
Speaker 7: Older assets that have thirty percent vacancy rates. So there
Speaker 7: was a lot of misperception about the impact of the
Speaker 7: whole post pandemic office issue.
Speaker 2: Private credit, to what extent is up is it playing
Speaker 2: a role in your business.
Speaker 7: It played a very significant role in twenty one and
Speaker 7: twenty two when debt funds were issuing loans at very
Speaker 7: aggressive underwriting and very unrealistic rent growth assumptions. Those loans
Speaker 7: are turning out and there isn't as much private credit
Speaker 7: to absorb all of those So some of those assets
Speaker 7: they're having issues and are distressed.
Speaker 3: All right, Naji, thank you so much for joining us.
Speaker 3: Some Naji, he's the CEO Marcus and Milchap joining us
Speaker 3: live here in our a Bloomberg Interactive Brokers studio in
Speaker 3: New York City.
Speaker 2: Stay with us. More from Bloomberg Surveillance coming.
Speaker 9: Up this.
Speaker 1: You're listening to the Bloomberg Surveillance Podcast. Catch us live
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Speaker 2: The highlight of every Bloomberg Surveillance program is the newspapers.
Speaker 2: Lisa MANTEYA, what do you got for us?
Speaker 4: All right, We're going to go up there, La.
Speaker 12: This whole the fight for Warner Brother's Discovery, right, it
Speaker 12: has a deadline nearing. So this is in the Wall
Speaker 12: Street Journal. Their sources are telling them Paramount, Comcast, Netflix,
Speaker 12: they're preparing bids for an initial cutoff to submit non
Speaker 12: binding first round bids by November twentieth. They say, Warner
Speaker 12: Brothers Discovery hopes to have it wrapped up by the
Speaker 12: end of the year. And then you go to this
Speaker 12: article from Bloomberg on the terminal. It says Warner Brother's
Speaker 12: Discovery then.
Speaker 4: Did the contract of CEO David.
Speaker 12: Zavlov to make sure that his stop options remain eligible
Speaker 12: to vest even if the media company is sold.
Speaker 2: So Zazo always gets paid. He there is, Ye're out.
Speaker 3: He is usually the highest paid media executive, and not
Speaker 3: just the function of the the way they do their
Speaker 3: stock compensation. But good for him. Here's the problem I
Speaker 3: have with this deal. Okay, I've called all my banker
Speaker 3: buddies on the street. Nobody's talking to me because they're
Speaker 3: all hired by somebody one of these parties.
Speaker 4: That's when everybody's engaged.
Speaker 2: Everybody's engaged and nobody can talk. So like many conflict,
Speaker 2: I can't talk to.
Speaker 3: You, Sweeney, because you know we got a deal going.
Speaker 3: So but I guess something will happen sooner, right Lisa.
Speaker 12: I hope so. I mean, aside from the stock options,
Speaker 12: you know, remaining eligibles, he they're also saying that his
Speaker 12: employment term would extend to December twenty thirty under certain conditions,
Speaker 12: and his agreement ran through twenty twenty seven, so he's
Speaker 12: taking care.
Speaker 2: So I think we can all feel better that the
Speaker 2: CEO's table.
Speaker 12: What's interesting too, is that so Paramount just wants, you know,
Speaker 12: the whole company, but then you have different ones like
Speaker 12: what you know, other companies like are just looking for
Speaker 12: the concast side.
Speaker 3: Yeah, because the cable network business, which was the jewel
Speaker 3: of Time Warner back in the day. Think about the
Speaker 3: turner all the turner networks, TNTTNN, CNN, all that kind
Speaker 3: of stuff. Those businesses which were the gym, which were
Speaker 3: the profit drivers, which were housed most of the value.
Speaker 3: They are in a secular decline due to cord cutting.
Speaker 3: So a lot of people just don't want that business
Speaker 3: these days.
Speaker 2: All right, what else we got?
Speaker 12: Okay, you were actually just talking about this in a
Speaker 12: previous segment. Were the tough news for the class of
Speaker 12: twenty twenty six. They're six months out from graduation and
Speaker 12: now it doesn't look so great as they look for
Speaker 12: a job.
Speaker 2: There's this new poll.
Speaker 12: It's from the National Association of Colleges and Employers, and
Speaker 12: it shows that more than half of the one hundred
Speaker 12: and eighty three employers surveyed they rate the job market
Speaker 12: for that class as poor or fair. Of course, the
Speaker 12: economic outlook right, they're hiring more conservatively, AI. You've talked
Speaker 12: about it, you know, and that it's taking over more
Speaker 12: tasks that usually these kids are tapped to do like
Speaker 12: those entry level positions. A lot of companies giving priority
Speaker 12: to recruits with some experience as set of the fresh
Speaker 12: from college ones. So now you have these college seniors
Speaker 12: who are competing against junior workers who've been laid off,
Speaker 12: you know. So it's this whole circle that they're kind
Speaker 12: of dealing.
Speaker 2: With a tough market right now.
Speaker 6: I feel like it's so competitive to your point, imagine
Speaker 6: coming out of college that you're competing with people who
Speaker 6: already had experience, correct and we're recently laid off. So
Speaker 6: it's really hard right now for them.
Speaker 2: There you go, all right, all right, this last.
Speaker 4: One, yes, okay, Miss Universe. Okay.
Speaker 12: So there's a battle brewing over this whole pageant. It's
Speaker 12: not a cat fight between the contestants, okay, okay, it's.
Speaker 4: A fight between the two men that are running it.
Speaker 12: So on one side, you have this Mexican businessman, right
Speaker 12: he's the president of the Miss Universe organization. Then on
Speaker 12: the other side you have this Thai entrepreneur. He owns
Speaker 12: a franchise in Thailand. That's what hosted this year's competition.
Speaker 12: So the issue is that you know, pageants are facing
Speaker 12: you know, they're trying to stay relevant. Right, it's the
Speaker 12: age of algorithms. They're trying to do what they can.
Speaker 12: So the Thaie entrepreneur, he wants to transform it into
Speaker 12: like influencer driven and you know they're pushing products. You know,
Speaker 12: I want to try and make money that way. But
Speaker 12: the Mexican businessman saying, you know what, I don't want
Speaker 12: to do it. I wanted to remain like this empowerment
Speaker 12: platform for women. So it's this battle back and forth,
Speaker 12: and it got so heated that you had to tie
Speaker 12: entrepreneur fighting with miss Miss Mexico Miss Universe Mexico. It
Speaker 12: went online like it went viral. It's this hole behind
Speaker 12: the scene thing, contestant storming off. So yeah, it's becoming
Speaker 12: like the drama.
Speaker 2: Well attention might pay attention to.
Speaker 3: It still a thing. Beauty pageants are still big in
Speaker 3: Latin America. I read in this article, so we'll go
Speaker 3: figure least.
Speaker 2: Men to tell you.
Speaker 3: Newspapers thank you so much. We appreciate that the highlight
Speaker 3: every day.
Speaker 2: We kind of spend it the newspaper business.
Speaker 11: Here.
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