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Speaker 2: Our next guest, Sarah Hunt joins is chief market strategist
Speaker 2: for Alpine Saxon, which he joins us here in our studio.
Speaker 2: Thank you so much for joining us. Sarah, You've got
Speaker 2: a nice note in your line in your notes that
Speaker 2: I really like from quote you're not spending enough too. Wow,
Speaker 2: that's a lot of Capex. Was a short trip. We
Speaker 2: did see a little bit of, I guess concern this week.
Speaker 2: We had Google up their Capex stock trades up. Meta
Speaker 2: ups their Capex stock trades down dramatically, So not all
Speaker 2: Capex is the same. What are we learning here?
Speaker 3: I think it's showing you that there's a question really
Speaker 3: about who's going to be able to put that Capex
Speaker 3: to most effective use. And I think unfortunately for Meta,
Speaker 3: because they've had some issues in the past spending a
Speaker 3: lot of money where it didn't always come to fruition,
Speaker 3: I think they have more of a penalty box than
Speaker 3: some of the other players in the space. And I think,
Speaker 3: I mean, the Capex boom has been so dramatic that
Speaker 3: the fear then becomes what happens when the second derivative
Speaker 3: goes negative. Right, it's up, but it's not up as
Speaker 3: much as it was last year, and right now that's
Speaker 3: not as much of a problem, but it's coming as
Speaker 3: the law of large numbers gets larger and larger, and
Speaker 3: the question is going to start to become what are
Speaker 3: you getting for that Capex?
Speaker 2: And if margins are.
Speaker 3: Going to be affected, then people are going to be
Speaker 3: a little less excited than they were when it looked
Speaker 3: like that Capex was going to drive margins. So I
Speaker 3: think that's the tension right now, that's what people are
Speaker 3: trying to figure out.
Speaker 4: Yeah, and in your note, I liked how you said
Speaker 4: it's going to be about show me the money right
Speaker 4: when it comes to Capex spending on AI, let's talk
Speaker 4: about the names that are not beating. Some of the
Speaker 4: companies that are not Wall Street disappointing on either the top,
Speaker 4: bottom or both lines. They're really getting beaten up. Do
Speaker 4: you think it's being a little overdone when you look
Speaker 4: at those individual names.
Speaker 3: If I want to add to the things that go
Speaker 3: on the wall of worry, the fact that stocks can
Speaker 3: get cut in half for bad news as opposed to
Speaker 3: down ten or fifteen percent. It seems to me one
Speaker 3: of those things where there's very much of a knee
Speaker 3: jerk reaction and there's a wholesale selling and there's not
Speaker 3: a lot of looking into what's wrong. Now, in some
Speaker 3: cases there were things that were wrong, people have cut guidance.
Speaker 3: I mean, I'm looking at companies like FMC or five
Speaker 3: Serve where there were big issues going on, but those
Speaker 3: are really big moves, and those kind of moves I
Speaker 3: think are a little bit should warn you that there
Speaker 3: could be more volatility ahead, because that is more than
Speaker 3: you usually get even for problems within an earning season.
Speaker 4: So does that tell you that investors are just looking
Speaker 4: for a reason to get out.
Speaker 3: I think it's almost like there's either either it's over
Speaker 3: owned for some reason or people are just getting out
Speaker 3: to say I want to go back to this, or
Speaker 3: I just want to get out of that. But some
Speaker 3: of them are not the big tech companies. I mean,
Speaker 3: met as the exception for this earning season so far.
Speaker 3: But I think that that is a little bit worrying
Speaker 3: to see that much volatility in names where you shouldn't
Speaker 3: expect to see that much volatility.
Speaker 2: And one of the ones yesterday that kind of got
Speaker 2: my attention was because it's near and dear to my
Speaker 2: heart is Chipotle. Actually, I stock got crushed yesterday on
Speaker 2: some bad numbers, and that's my Wednesday go to right.
Speaker 2: I mean, you go to the one on Third Avenue
Speaker 2: and they do a great job. So I was little well,
Speaker 2: and that's the.
Speaker 3: Concern about you know, you've got to cut earnings three
Speaker 3: times in a row, and or those prices and those
Speaker 3: costs are going up faster than you anticipated that they were.
Speaker 3: I mean, I don't know if that is individual to
Speaker 3: them where they didn't have a handle on it, or
Speaker 3: if it just kept the bad news just kept coming.
Speaker 2: But that's that's.
Speaker 3: Also something where the underlying is Peter Cheer was just
Speaker 3: saying before some of those tariffs, some of those impacts
Speaker 3: are coming next year. They're not here yet, and we
Speaker 3: have this sort of feeling that it's all okay, and
Speaker 3: I have concerns that going into next year you're going
Speaker 3: to see some.
Speaker 2: More of that. We had Michael Halen on yesterday. He's
Speaker 2: the restaurant analyst or of Bloomberg Intelligence, and he called
Speaker 2: out the company big time. He says, for them to
Speaker 2: blame the economy is not accurate because all their peers
Speaker 2: are doing pretty darn well. So he called it out
Speaker 2: as a company thing, and he heard from the company yesterday.
Speaker 2: So where are we going here as we think about
Speaker 2: twenty twenty six, Sarah Boom. We're turning in the calendar
Speaker 2: on November tomorrow. What are we thinking for twenty twenty
Speaker 2: six here?
Speaker 5: Well?
Speaker 3: I think that. So there's the plus side for twenty
Speaker 3: twenty six is you've got some fiscal stimulus, arguably with
Speaker 3: what happened with the legislation that was try asked, you've
Speaker 3: got and the tension is that you've got the trade
Speaker 3: situation where you're finally going to start seeing some of that.
Speaker 3: It's going to be about earnings. It's going to be
Speaker 3: about margins. You're already seeing some of the big tech
Speaker 3: companies lay people off, so that's also I think about margins.
Speaker 3: No matter how you want to slice that. If Amazon
Speaker 3: is saying, well we have too much, well you didn't
Speaker 3: have too much last year. So it's going to be
Speaker 3: a margin issue.
Speaker 2: If you know what's interesting about Amazon edged I just
Speaker 2: was just reading they had about seven hundred and fifty
Speaker 2: thousand employees in twenty nineteen. They came out of twenty
Speaker 2: and they have one point five million now. So they
Speaker 2: edited during the pandemic, a pandemic as we all did
Speaker 2: much more e shopping, And so I guess are they
Speaker 2: liking a couple two, three, four hundred thousand people out? Maybe?
Speaker 2: I don't know.
Speaker 3: Well, I just think it speaks to markets are driven
Speaker 3: by earnings, ns are driven by margins. The AI revolution
Speaker 3: that is supposed to add productivity, what does that really mean, Well,
Speaker 3: it generally means that there's less people working, so there's
Speaker 3: an issue. There's another tension there. How that all plays
Speaker 3: out through twenty twenty six.
Speaker 2: Is going to matter a lot. Night, Sarah, thank you
Speaker 2: so much for joining us. We always appreciate having you
Speaker 2: come in our studios here. Sarah Hunt, chief market strategists
Speaker 2: for Alpine Saxon Woods, stay with us. More from Bloomberg
Speaker 2: Surveillance coming up after this.
Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us live
Speaker 1: weekday afternoons from seven to ten am. Eastern Listen on
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Speaker 2: This is how you when you're a gentleman on a
Speaker 2: certain agent Wall Street Friday, blue jeans, popper shirt, blue
Speaker 2: blazer solid. I love it. This guy comes in and
Speaker 2: blows up the entire studio. I mean there were clashing
Speaker 2: in so many different directions. I don't even know where
Speaker 2: to go. But Dan Ives is here. He does all
Speaker 2: the tech stuff for wet Bush Securities. Dan, you've been
Speaker 2: busy this week. We've had a ton of tech earnings.
Speaker 2: I just want to start with Apple last night. The
Speaker 2: iPhone seventeen is a thing, isn't it.
Speaker 6: Look it's a surprise upgrade cycle. I mean that's the reality.
Speaker 6: And for so long we've always talked about, you know,
Speaker 6: these upgrade cycles, a potential supercycle, and this is a
Speaker 6: surprise upgrade cycle. And I think especially what we're seeing
Speaker 6: in China, well, China was a decliner. Now you start
Speaker 6: to see that increasing year of a year. That's something
Speaker 6: streets coming up in terms of numbers. The New York
Speaker 6: City cab driver's embarrassment Apple last six nine months, so
Speaker 6: that's this is a bullish scenario, especially leading into what
Speaker 6: I believe now will be the year of AI. Ultimately
Speaker 6: Google partners for Apple seventy five hundred dollars.
Speaker 2: To go back to that, What is Apple's AI strategy
Speaker 2: going to be or should be? Do you think today?
Speaker 2: It's invisible? Right today?
Speaker 6: In the AI party that started at nine pm, it's
Speaker 6: now ten thirty pm. That party goes to four am,
Speaker 6: cook an Apple. They're on the outside, looking behind the
Speaker 6: velvet ropes. They're looking through the party through the window.
Speaker 6: But what I believe they're going to do now once
Speaker 6: Google won that DOJ suit, that clears the road for
Speaker 6: them to do a significant Gemini partnership where ultimately the
Speaker 6: consumer AI revolution goes through Cooper Tino.
Speaker 4: Well, look, we're talking AI spend. We've got to talk
Speaker 4: Meta because they're the complete opposite of Apple. Right, they're
Speaker 4: just throwing the kitchen sink at AI right now. But
Speaker 4: Wall Street are they approving of the spending Meta is
Speaker 4: doing in that space?
Speaker 6: Look, in my opinion, it's a table pounder when that
Speaker 6: stocks sold off Yestad, because my whole view is this
Speaker 6: is an AI arms race. You want companies to spend now, Look,
Speaker 6: free cash for earnings obviously gets hit. But the reality
Speaker 6: is is that this is a fourth Industrial Revolution, and
Speaker 6: you want all these coming from Microsoft to Google to
Speaker 6: Meta to what we see with Amazon.
Speaker 2: But guess what they're.
Speaker 6: Fueling the AI revolution. That's obviously bullish for Nvidia, AMD
Speaker 6: and others. I love what Meta's doing. I think it's
Speaker 6: a four digit stock, and I think what you're seeing
Speaker 6: now it's spreading. Look at Amazon. Finally, Jassey saying, don't
Speaker 6: forget about us. It just shows in streak continues to
Speaker 6: underestimate the scope and scale of this fourth Industrial Revolution.
Speaker 2: So and Alexi saw yesterday Meta the stock did sell off.
Speaker 2: They went out and I sold thirty billion dollars worth
Speaker 2: of bonds one hundred and twenty five billion dollars Demand one.
Speaker 2: I was doing that business a five or ten billion
Speaker 2: dollar deals were monster, right, thirty billion and I bet
Speaker 2: you had made five phone calls LA last night and
Speaker 2: sold that deal. Believe I bet you that's what happened. Dan,
Speaker 2: talk to us about Amazon, boy that the stocks up
Speaker 2: twelve percent pre market trading. Here, talk to us about
Speaker 2: where they are with their cloud business. Visa v Microsoft,
Speaker 2: Visa v Google. Where's the cloud horizon for Amazon for
Speaker 2: the last few years.
Speaker 6: Right, if you look at the top of that mountain,
Speaker 6: it's Microsoft in the della and then of course Google
Speaker 6: what they've been done with GCP, and that's been huge,
Speaker 6: the rerating that we've seen with Google. But if you
Speaker 6: look at Amazon outside, looking at right, I mean Jase,
Speaker 6: even though he's in AWSK, really anthropics been the opportunity
Speaker 6: underwhelming last night. I think it's an inflection point quarter
Speaker 6: for Amazon. I think this now is going to change
Speaker 6: the view of Amazon when it comes to the.
Speaker 2: Cloudiest cool some of the parts.
Speaker 6: That's how you get the three forty three and fifty
Speaker 6: dollars stock And this is a very very important quarter
Speaker 6: for the two mag seventy. If you the Apple and
Speaker 6: Amazon both sort of like they're sitting at the table
Speaker 6: by the kitchen, like at the wedding, like with the
Speaker 6: random friends they get put that random table.
Speaker 2: They want to be at the cool table. Now they're there.
Speaker 4: Look, there's so much to talk about with Dan ives, right,
Speaker 4: because you just I just I want to tick through
Speaker 4: some of these things we have you here in studio Tesla.
Speaker 4: Are these shareholders going to vote for this huge compensation package?
Speaker 4: November six or elon Musk.
Speaker 6: There's a better chance to me not eating chocolate sour
Speaker 6: Patch kids tonight. Then this thing actually getting voted down.
Speaker 6: I mean, the point is this thing is getting one
Speaker 6: hundred percent getting voted for. The reality is that Musk
Speaker 6: is Tesla. Tesla is Musk. He's a wartime CEO right now.
Speaker 2: You need him in this AI chapter.
Speaker 6: And then also I think they'll they're gonna vote for
Speaker 6: the XAI ownership piece, which speaks to Tesla isn't a
Speaker 6: on it. It is an autonomous and robotics play. It
Speaker 6: is not about deliveries. In my opinion, I think that's
Speaker 6: why this is so important for shareholders when it comes
Speaker 6: to Musk.
Speaker 2: All Right, we got it before, we let you go,
Speaker 2: Happy Valley. Turbulent times in Happy Valley, Penn State, we
Speaker 2: don't have a coach, but boy, is that a good seat.
Speaker 2: What do you think Penn State's going to do in
Speaker 2: terms of hiring it.
Speaker 6: Look, in my opinion, it's the number Obviously you could
Speaker 6: say bias. I think, especially after the LSU Governors team,
Speaker 6: I think it's the number one coaching spine all of
Speaker 6: college football above Florida to me, you know, Paccraft there's
Speaker 6: no better athletic director I think right now in the
Speaker 6: world than him, And I think they're going to go
Speaker 6: for Elka at Texas A and M I think you go
Speaker 6: for Clark Lee at Vanderbilt, manny DA, potentially Brahm and
Speaker 6: others there. Look, this is it's obviously been a very
Speaker 6: very you know, disaster year, but it's our view we
Speaker 6: need the right person to ultimately take us to the
Speaker 6: next level.
Speaker 2: There you go. Dan, I is very He's a proud
Speaker 2: Penn State alum, very involved in the athletic department there
Speaker 2: at Penn State. And I think he also does some
Speaker 2: tech research on and he looks.
Speaker 4: Like Florida, the state of Florida walking.
Speaker 2: Badly, badly. It's a total sign there.
Speaker 6: Guys like Sweeney, they're the ones that give out the
Speaker 6: full chocolate bar for Halloween. So that remember that continues
Speaker 6: to be you know, obviously someone.
Speaker 2: That are many, none of the many, and we can't
Speaker 2: see you can't do. Dan, thanks so much for joining us.
Speaker 2: We really appreciate it. Dan Ive's global head of tech
Speaker 2: research and Webush Securities. Stay with us. More from Bloomberg
Speaker 2: Surveillance coming up after this.
Speaker 1: You're listening to the Bloomberg Surveillance Podcast. Catch us live
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Speaker 2: That brings us to Peter Cheer. We want to get
Speaker 2: a sense of what we're doing with this Marketer. He's
Speaker 2: had a macro strategy at Academy Securities, and I'm guessing
Speaker 2: he is a Patriots fan. Yeah, okay, and they're back
Speaker 2: by the way for what it's true, you know, and
Speaker 2: not being a Patriots fan. If Peter, what do you
Speaker 2: make of this market? We were just talking to Dan
Speaker 2: Ives and web bullshavette all the spending that we're seeing
Speaker 2: a lot of these tech companies do on artificial intelligence,
Speaker 2: and I think people are supportive of it, but at
Speaker 2: the same time a little bit wary because these numbers
Speaker 2: are numbers we've never seen before from any industry.
Speaker 5: So that basically describes me to a t so, which
Speaker 5: is why we've been really focusing our investment on what
Speaker 5: we've been calling production for security, and we're really looking
Speaker 5: at areas that are going to benefit from a real
Speaker 5: focus on growth of domestic business.
Speaker 2: I think electricity production is a huge part of that.
Speaker 5: Right, if you look wherever the AI winners are, losers are,
Speaker 5: whatever the valuations are, we're going to need a lot
Speaker 5: more electricity coming online in the next three, five, ten
Speaker 5: years than it's currently scheduled. So we're huge believers in that.
Speaker 5: I really think the rarest and critical minerals, the processing
Speaker 5: and refining of those, is going to be brought domestically.
Speaker 5: You're going to see chip industry, You're going to see space.
Speaker 5: So I kind of like this what we've been calling
Speaker 5: pro sac or production for security, that is going to
Speaker 5: be the investment thesis. And I think it's actually going
Speaker 5: to replace ESG as a driving force for the next
Speaker 5: five to ten years.
Speaker 2: Yeah. Yes, gene boy, that took a turn.
Speaker 4: Came and went right.
Speaker 2: Yeah.
Speaker 5: And I think it's and I think this is almost
Speaker 5: an evolution. I think we're just rethinking sustainability.
Speaker 2: Right.
Speaker 5: Sustainability meant one thing, and I think now it's much
Speaker 5: more of a hard look. If we want to be
Speaker 5: sustainable as a country or as a company, you need
Speaker 5: to be in control of certain things. So I think
Speaker 5: when I look at this, we're going to produce x
Speaker 5: amount domestically then you're going to want to produce some
Speaker 5: amount with your close allies and friends, and then sure
Speaker 5: you can buy some on the open market because who cares,
Speaker 5: but you can adjust that, but you need this core
Speaker 5: base to be truly secure and sustainable as a nation.
Speaker 5: I think that's going to go to the corporate level,
Speaker 5: and I think it's going to spread globally as every
Speaker 5: country across the globe realizes this.
Speaker 2: So I think this is not a but I grew
Speaker 2: up in and you grew up in a world where
Speaker 2: it was globalization and the net result are One of
Speaker 2: the net results is low costs, low levels of inflation.
Speaker 2: We're buying stuff because we're making it where it's the
Speaker 2: most efficient slash cheapest. Then I guess the pandemic said,
Speaker 2: uh oh, there's some weaknesses there in terms of, you know,
Speaker 2: getting supply chain reliability, And I guess that's kind of
Speaker 2: where we're trying to figure out, now what that miss?
Speaker 5: Yeah, And I think first it was COVID where we
Speaker 5: realized supply chains were kind of broken for a variety
Speaker 5: of reasons, not necessarily in affarias. Then you saw Russian
Speaker 5: invade Ukraine, where you saw a really bad actor the
Speaker 5: first time in our lives behave badly, and now I
Speaker 5: think you have this ongoing friction with where we're want
Speaker 5: and it's clear China as a bottleneck. And you know,
Speaker 5: one of our general's work with Spider Marks is great.
Speaker 5: He's been talking about us moving to a pre war world,
Speaker 5: and I've never really thought about it that way, but
Speaker 5: we've kind of since World War Two lived in a
Speaker 5: post war world. We had this luxury, then the Soviet
Speaker 5: Union crashed and we have the true we're basking the
Speaker 5: peace divid end, and now we're moving to a pre
Speaker 5: war mentality. And I think there's three things that are
Speaker 5: good and important about that. One is it creates a
Speaker 5: sense of urgency. So some of these problems that we've
Speaker 5: been talking about five ten years and no one did anything,
Speaker 5: now we do it. It creates a sense of sacrifice,
Speaker 5: So I think people are maybe willing to do things,
Speaker 5: maybe give up on some regulatory things that they were
Speaker 5: really wanted to let this occur. And if it's successful,
Speaker 5: pre war leads to no war. And I think that's
Speaker 5: the key, right, It's kind of like deterrence. If we
Speaker 5: now realize we need to protect ourselves and make sure
Speaker 5: that China doesn't want to mess with us.
Speaker 2: We have to do these things, and I think we're
Speaker 2: on those stages, you know.
Speaker 4: Speaking of trends during this earning season, certainly AI spend
Speaker 4: is one of them. But something I'm not hearing a
Speaker 4: lot of is companies talking about the impact of tariffs.
Speaker 4: It's sort of been a non event. Why do you
Speaker 4: think that is? And do you think that's going to continue?
Speaker 5: So I think it's kind of natural if you look
Speaker 5: at it. We've only been paying an extra twenty five
Speaker 5: to thirty billion a month since kind of April, so
Speaker 5: cumulative it's been about one hundred and eighty billion, So
Speaker 5: it's not a big deal in the state of the economy.
Speaker 2: Two, I think.
Speaker 5: The large corporations had the working capital and the clout
Speaker 5: to get a lot of products brought in before tariff.
Speaker 5: So I think it's only going to start slowly affecting,
Speaker 5: you know, the large companies who that's who we tend
Speaker 5: to get the data from. That's who we tend to
Speaker 5: see going, you know, in the coming quarters. I think
Speaker 5: from the you know, smaller companies, it's already hitting, but
Speaker 5: we don't see that right. It's you know, the individual companies,
Speaker 5: small LLCs got hit, So I think it's there. We're
Speaker 5: going to start seeing I think creep into the data
Speaker 5: in Q one and Q two, And the other thing is,
Speaker 5: let's be you know, I think fairly honest here is
Speaker 5: that companies are very reluctant to attract attention to themselves
Speaker 5: on tariffs because the administration doesn't like that.
Speaker 2: So I think it's a Q one Q two story
Speaker 2: next year.
Speaker 5: I think it's there, but it's kind of being suppress
Speaker 5: and as we roll into the new year.
Speaker 2: That's when it's going to be harder to hold back.
Speaker 2: Is that a headwind for the markets if we start
Speaker 2: seeing more inflation data coming out? Yeah, I think it's
Speaker 2: a headwind for markets.
Speaker 5: And again I think this transition, as you pointed out,
Speaker 5: we benefit from globalization, made everything cheaper. I think it
Speaker 5: made things cheaper at the suspense of true sustainability and security.
Speaker 5: That I think is going to be the trade off
Speaker 5: that we're going to have better job security, but there
Speaker 5: is going to be this higher cost.
Speaker 2: I don't see a way around that.
Speaker 4: And is it a headwind for the Fed come December?
Speaker 5: You know, I think that's a tough one because I
Speaker 5: do think you know, we are going to get to
Speaker 5: something more neutral rates. So I think we get to
Speaker 5: three percent, come hell or high water on FED funds,
Speaker 5: and I think the ten year stays below four percent.
Speaker 5: Maybe it's in that three sixty to three eighty sort
Speaker 5: of range, and I think that's enough. And I think
Speaker 5: the one big tailwind that if I'm right and we
Speaker 5: really get this production for security, the big beautiful Bill
Speaker 5: had accelerated depreciation, so that really encourages that aggressive growth.
Speaker 5: So I think we've got some headwinds on one side,
Speaker 5: tailwinds on the other. But that's why my portfolio. I
Speaker 5: just see the need to produce electrons or electricity being
Speaker 5: such a high thing. No matter who wins on the AI,
Speaker 5: I want to own that. I want to own energy production.
Speaker 5: I want to own the chip manufacturers. Domestic, domestic, domestic
Speaker 5: is kind of the focus. So I think there's going
Speaker 5: to be opportunities, less downside, decent amount of upside.
Speaker 2: All right, Peter, thank you so much for We appreciate
Speaker 2: it as always. Peter Chuer, head of macro strategy at
Speaker 2: Academy Securities during this year and wearing a blue jay's
Speaker 2: hat and we're in a blue Jay's hat exactly right.
Speaker 2: So again again lat tonight here to see you. But
Speaker 2: exactly where is Waterloo? It's about an hour southwest of Toronto,
Speaker 2: right towards Detroit. Okay, very good, So there we go,
Speaker 2: So Waterloo, Canada. That's from mister Cheer hung his hat
Speaker 2: there for a while. All right, Peter Cheer had a
Speaker 2: Macro Strategy Academy security. Stay with us. More from Bloomberg
Speaker 2: Surveillance coming up after this.
Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us Live
Speaker 1: weekday afternoons from seven to ten am Eastern. Listen on
Speaker 1: Applecarplay and Android Auto with the Bloomberg Business app, or
Speaker 1: watch us Live on.
Speaker 2: YouTube back by popular demand. This is Lisa Matteo. And
Speaker 2: they'll look at the newspapers. What do you have today these? Okay?
Speaker 7: This has to do with the pending cuts to the
Speaker 7: SNAP program because of the government shutdown. It's actually changing
Speaker 7: what people are handing out to tricker treaters today.
Speaker 2: So this was in the Associated Press. Kind of interesting.
Speaker 7: It's happening in like working class neighborhoods where people are
Speaker 7: giving out shelf stable food instead of candy sometimes so
Speaker 7: like ramen instead of Reese's or Mac of cheese boxes, okay,
Speaker 7: because they're worried, like their neighbors are losing some of
Speaker 7: the food that they rely on.
Speaker 2: So I see, yeah, he's yes.
Speaker 7: So sometimes they're doing it instead of but other times
Speaker 7: they're giving the kids the candy. But on a side
Speaker 7: table they have out things like the mac and cheese
Speaker 7: or diapers or wipes.
Speaker 2: Or things like that. I like this stuff.
Speaker 4: Imagine the kid's face they throw a diaper in there. Yeah,
Speaker 4: I was hoping for a Reese's peanut butter.
Speaker 2: Correct.
Speaker 7: So now they have like kind of a table on
Speaker 7: the side so that parents, if they need it, they
Speaker 7: can kind of take it.
Speaker 4: That's community coming together.
Speaker 7: That's awesome, exactly, exactly, especially in a lot of the
Speaker 7: middle class neighborhoods.
Speaker 2: So I love, love, love that story. Yeah, I'm looking
Speaker 2: at the price of coco just because it's gone up
Speaker 2: over the last several years so much. But it is
Speaker 2: down forty five percent year to date, so a little
Speaker 2: bit of a pull back in there, the price of
Speaker 2: cocoa and chocolate and things like that. So there you go.
Speaker 7: I know, I haven't gotten my chocolate yet, but I
Speaker 7: don't get many trigger treaders. Yeah, yeah, no, okay, this
Speaker 7: one's in the New York Times. The bidding is open
Speaker 7: for New York Penn Station, right, the transformation Okay, yes, no,
Speaker 7: it's still going up.
Speaker 2: I'm sixty one years old and I've heard this every
Speaker 2: year of my life.
Speaker 7: Well, the problem is that six months ago, right, the
Speaker 7: Trump administration took over control of it. So now the
Speaker 7: Federal Department translation, they're looking for proposals to transform it
Speaker 7: in about two years.
Speaker 2: That's what they're saying. Two years that's going to happen.
Speaker 7: And I didn't even realize Amtrak owns Penn Station.
Speaker 2: I didn't realize that. So because every time you get delayed, yeah,
Speaker 2: it's because of your second class citizen in New Jersey transits.
Speaker 2: They get there right away, they get that's there, you go.
Speaker 7: So Amchak was kind of official, was talking to the
Speaker 7: New York Times about it and even saying for the
Speaker 7: fate of Madison Square Garden because.
Speaker 2: It sits on top of the station.
Speaker 7: You know what happens you know with that too, So
Speaker 7: that's under question.
Speaker 2: But I'll tell you the Moynihan station across the street
Speaker 2: is awesome. They did what they did renovate so far
Speaker 2: is really good. Unfortunately that's not me New Jersey Transit's
Speaker 2: still in the in the dump, in.
Speaker 4: The duck, you know, I mean dark Dolans will want
Speaker 4: to redo MSG now.
Speaker 2: They had the opportunity to go to the West Side.
Speaker 2: They had the opportunity to go to the West Side
Speaker 2: as part of a big project to build a football
Speaker 2: stadium and things like that. Was gonna be awesome day
Speaker 2: to move so and so that's not happening. But anyway,
Speaker 2: if President trumpets again and put his weight behind it,
Speaker 2: go for it.
Speaker 7: So maybe it looks bigger push we'll see, okay. And
Speaker 7: this last one is actually on the terminal. It's a
Speaker 7: deep look into the world of travel baseball for kids.
Speaker 7: How much parents are spending thousand dollars. They got bats, gloves,
Speaker 7: clea showcases, camps, travel team itself. Then you have to
Speaker 7: dry and fly to the games and tournaments, hotel stays,
Speaker 7: rental cars.
Speaker 2: I understand this, I live it.
Speaker 7: And then you have the drip, right, you gotta have
Speaker 7: one hundred and twenty five dollars batting gloves, right, the
Speaker 7: eighty five dollars sliding miss It's ridiculous, but it does
Speaker 7: point out this one story. There is a sixteen year
Speaker 7: old kid, his name Miss Striker Pence. He's about six
Speaker 7: foot six. He throws one hundred mile per hour fastball. Okay,
Speaker 7: but he's seen as like the MLB's next top pick.
Speaker 7: He's sixteen, and his parents are saying they've spent about
Speaker 7: one hundred thousand dollars between him and his He has
Speaker 7: two younger brothers too, taking them to all these things
Speaker 7: and showcasing them and putting them off, and they have
Speaker 7: a batting cage in the backyard and all this stuff.
Speaker 7: But they say it's going to pay off because hopefully
Speaker 7: their son.
Speaker 4: Is going to Maybe that ROI is going to pay
Speaker 4: off better than sending them to college.
Speaker 2: I don't know all he says. He's basically that said,
Speaker 2: he's spent just about.
Speaker 7: As much as a college education already, so we'll see.
Speaker 2: But it's like this huge, huge, big business. I mean,
Speaker 2: the one I think is the most egregious is high hockey.
Speaker 2: What hockey parents do for their kids. And they drive.
Speaker 2: So where are you going this weekend? They're going to
Speaker 2: like eerie Pennsylvania. Where I'm going to Toronto. You live
Speaker 2: in New Jersey, You're going to Toronto for ten year
Speaker 2: old hockey tournament.
Speaker 7: That is when you fly to these places and then
Speaker 7: you play a team from New Jersey. Yes, like, if
Speaker 7: you're kidding me, I'm flowing to Florida to play in
Speaker 7: New Jersey to team No.
Speaker 2: It's a scam, but time expensive. All right, there you go.
Speaker 2: That's Lisa Matteo and her and newspapers. It never fails
Speaker 2: to impress.
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