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

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

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

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

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

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Speaker 1: at Bloomberg dot com slash podcast. Well, the most read story,

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Speaker 1: has Matt Miller pointed out to me, is from our

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Speaker 1: good friends in Zirch, Credit Swiss Group. Are there, then, sir,

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Speaker 1: not Geneva? Right, that's where the base Yeah, they're both

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Speaker 1: in Zurich. Okay, alright. Credit Swiss Group offered to buy

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Speaker 1: back up the three billion dollars of its own debt

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Speaker 1: and a move aimed to coming investor Jitters ahead of

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Speaker 1: the unveiling of a crucial strategy revamp later this month.

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Speaker 1: Let's bring in Allison Williams. She's our senior banks analyst

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Speaker 1: of Bloomberg Intelligence. She's been coming the banking industry on

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Speaker 1: a global basis for decades. So, Alison, what does this

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Speaker 1: mean to you? What does this mean for I guess

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Speaker 1: equity investors, for creditors here for Credit Swiss, I think

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Speaker 1: like like a lot of things that have happened over

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Speaker 1: the past week, it's it's sort of more symbolic than

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Speaker 1: anything else. It is a way for them to come

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Speaker 1: out and say that, you know, we have ample liquidity

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Speaker 1: in a way that people will believe if you will

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Speaker 1: so as we know, um, over many years, when banks

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Speaker 1: come out and say they don't need capital, they have liquidity,

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Speaker 1: it ends up sometimes having the opposite effect, which is

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Speaker 1: actually what we saw earlier this week in an effort

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Speaker 1: to calm things. It didn't And by coming out today

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Speaker 1: and doing this offer, they're showing that they do have

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Speaker 1: you know, they do have ample liquidity, that's not the issue,

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Speaker 1: and you are seeing the intended effect, which is some

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Speaker 1: studying in the stock and bonds in fact on a

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Speaker 1: very red screen today. Um, the stock is up it

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Speaker 1: it was doing better earlier in the day. Is there

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Speaker 1: is there an actual playbook like did John cry and

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Speaker 1: have a leather bound book that he handed over to

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Speaker 1: the leadership at Credit Squeeze because Deutsche Bank did the

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Speaker 1: exact same thing. Um, right when right when they're uh,

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Speaker 1: you know when when there was a concern about liquidity

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Speaker 1: of the German bank, Well, and I think it is UM.

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Speaker 1: You know, I think it is a tactical move UM

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Speaker 1: to study things. I do think that the situations are

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Speaker 1: are a little bit different in the sense that UM,

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Speaker 1: you know, credit sweet perhaps as a little bit a

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Speaker 1: little bit more to build on if you look at

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Speaker 1: their some of their higher returning businesses, UM, whereas UH

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Speaker 1: Deutsche Bank, I think, you know, their their portfolio is

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Speaker 1: under what was under a lot more pressure, and you know,

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Speaker 1: after three years of restructuring, I think they're finally coming

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Speaker 1: out of it, which is a positive UM. But both banks.

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Speaker 1: The similarity is when you come out and we've been

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Speaker 1: talking about this this week, when you come out and

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Speaker 1: say we're gonna come out with a plan it's going

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Speaker 1: to be in several weeks and UM without saying it

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Speaker 1: investors knowing that that might include a capital raise. It's

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Speaker 1: it's uncertainty and it's sort of UM obviously can can

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Speaker 1: recap it in a tough market. And so I think

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Speaker 1: also having this news come out on a Friday, UM,

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Speaker 1: you know, we'll make for a much less stressful and

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Speaker 1: must less uncertain weekend. Hopefully UM that when we saw

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Speaker 1: last weekend when there were a lot of stories and

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Speaker 1: a lot of posts going around and they come out

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Speaker 1: in uh, you know, two weeks and say we need

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Speaker 1: to raise five billion dollars after they just blew three

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Speaker 1: billion dollars on their own debt. Well again, I think

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Speaker 1: that to the extent, you know, the issue with credit

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Speaker 1: sueets right now is the bargaining position that they're in

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Speaker 1: in terms of, uh, you know, the price that they're

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Speaker 1: going to pay if you will to issue that capital

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Speaker 1: right so as the stacko's lower gets less attractive, and

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Speaker 1: also negotiations that they might be having with a potential

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Speaker 1: buyers or investors UM the investment bank to securitized product

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Speaker 1: group UM is something that they would like to get

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Speaker 1: external capital. It seems like that makes the most sense

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Speaker 1: if they can get a good price. The markets are

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Speaker 1: obviously UM putting them in a bad position. I think

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Speaker 1: if they can study things and sort of improve their

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Speaker 1: negotiating position and give themselves the couple of weeks that

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Speaker 1: they need to really put together a solid plan, because

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Speaker 1: if they're going to come out and raise capital, you know,

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Speaker 1: they're they're going to want a credible plan to offer

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Speaker 1: to investors who are going to give them that capital. Alison,

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Speaker 1: is there any appetite at all within the Swiss government

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Speaker 1: to maybe permit ubs and credit Swiss to ever merge.

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Speaker 1: I believe that's unlikely. Um. You know, we've always said,

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Speaker 1: you know, not impossible, but very unlikely. If you think

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Speaker 1: about ubs and credit suits and the size of those

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Speaker 1: banks in particular related to the Swiss economy U. Um,

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Speaker 1: it's really outside versus some of the bigger banks we

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Speaker 1: have here. So we have much bigger banks, but we

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Speaker 1: also have a much bigger economy, and for that reason,

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Speaker 1: the Swiss regulators have sort of bigger capital requirements for

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Speaker 1: these banks, um. Because the two each on their own

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Speaker 1: are so significant to the economy. So I think it

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Speaker 1: would be tougher um to think about, you know, the

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Speaker 1: pair together. To the extent though that credit Sweeze is

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Speaker 1: going to reduce its bounce sheet, reduce some of these

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Speaker 1: investment backing activities, perhaps that does clear something clear the

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Speaker 1: way for something down the road. Um. But again I

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Speaker 1: guess we'll have to see what the new credit sweeze

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Speaker 1: is going to look like. Where's the where's the office

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Speaker 1: down town? Where's the New York office? Madisone levin Madison Avenue?

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Speaker 1: Fantastic building? Is it? A big restaurant right there. We

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Speaker 1: used to go there, like you know, when it just opened,

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Speaker 1: it wasn't anything, so we'd go down there to scrap

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Speaker 1: dinner after work. And now you it's again one of

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Speaker 1: the top restaurants around period. So I don't know. They

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Speaker 1: have a great New York City office. Credit Swiss. First

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Speaker 1: Boston is a great place to work for me, a

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Speaker 1: good memories. But I have to admit, and I've spoken

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Speaker 1: to Allison a lot about this, it just seems like

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Speaker 1: every two or three or four years they blow themselves up,

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Speaker 1: and that goes back thirty years as far as I

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Speaker 1: can recall, Allison Williams, thanks so much for joining us.

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Speaker 1: Allison covers all the big banks for Bloomberg Intelligence. She's

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Speaker 1: based in our Princeton office, and she's been doing that

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Speaker 1: for decades. Before she was at Bloomberg in Tellgent, she

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Speaker 1: was at Morgan Stanley Investment Management the by side, and

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Speaker 1: they owned huge steaks in all of the big financial

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Speaker 1: institutions across the world, and Allison was the analyst supporting

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Speaker 1: all that stuff. So we appreciate getting her thoughts here.

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Speaker 1: Credit Swiss. Trying to steady the ship. Gonna have a

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Speaker 1: new strategy coming out later this month, and we'll be

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Speaker 1: covering that as well. All Right, sports gambling, sports betting

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Speaker 1: in sport, it is just a huge business. You know,

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Speaker 1: it's a real business. When Bloomberg actually has a TV show,

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Speaker 1: Bloomberg Television talking about the business of sports betting, and

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Speaker 1: it is in the news this week again, ESPN is

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Speaker 1: said to be near a large partnership with Draft Kings. Uh,

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Speaker 1: that's getting a lot of interest. We want to talk

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Speaker 1: about that. We're gonna be with Kaylee Lines. She is

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Speaker 1: a Bloomberg Television anchor for us and joining us and

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Speaker 1: she's here in our Bloomberg interactor Brooker studio. Joining us

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Speaker 1: on the phone is Keith Rung and Athan. She covers

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Speaker 1: all things media and against her better judgment, she has

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Speaker 1: had to learn about the gambling business and the gaming

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Speaker 1: business because of Mickey Mouse is getting into it. You've

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Speaker 1: gotta pay attention, Kaylee. That's the crazy part, right part

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Speaker 1: is getting into an addictive vice that Bruin's families exactly

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Speaker 1: and go figure, that's how the world's changed. So Kaylee,

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Speaker 1: let's start there. Talk to us about the sports betting business.

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Speaker 1: First of all, talk to us about that and it

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Speaker 1: talks about how your show addresses it. Yeah. So the

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Speaker 1: show is called The Lineup. It's on Friday nights and

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Speaker 1: Saturday mornings on Bloomberg Television and it essentially just at

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Speaker 1: sports bets historically what has paid off for different leagues,

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Speaker 1: but then also just the business of betting, because it

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Speaker 1: is huge and this is why you're seeing ESPN having

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Speaker 1: a growing interest. When you look at the handle, which

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Speaker 1: is the total dollar amounts that spent on sports wagers

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Speaker 1: in the US, it could reach a hundred billion dollars

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Speaker 1: this year because you've had legalization. Now it's getting legalized

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Speaker 1: in more and more states, and it's just this incredible

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Speaker 1: boom and a lot of people are looking to take

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Speaker 1: advantage of it. And we thought that was something worthy

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Speaker 1: of digging into more. And we haven't even gotten into

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Speaker 1: betting the way other cultures. Yeah. I mean, if you

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Speaker 1: grew up in the UK, you understand spread betting by

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Speaker 1: the time you entered school. Well, they have sixty years

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Speaker 1: of history on their side. It's it's relatively new here

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Speaker 1: in the US exactly. So so what is this going

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Speaker 1: to Farrell walked by, He's like, yep, that's Barrel knows

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Speaker 1: how to do it. Uh, what does this mean for

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Speaker 1: for ESPN, for Disney? I mean, are we going to

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Speaker 1: be able to place bets on ESPN dot Com. No.

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Speaker 1: I don't think that's what they're trying to do here, Matt.

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Speaker 1: I think it's really what what they want to do

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Speaker 1: is license their name out to a sports book. They're

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Speaker 1: not looking to actually create a sports book per se,

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Speaker 1: because there's just too many operational, too many regulatory headaches

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Speaker 1: associated with that. Rather, I think what they're looking to do,

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Speaker 1: and this has kind of been in the news now

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Speaker 1: for almost a year. I think they've been looking to

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Speaker 1: partner with some of the sports book operators their Draft Kings,

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Speaker 1: of course in the news today. Um just kind of

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Speaker 1: licensing out their name and probably integrating um, you know,

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Speaker 1: odds data with the ESPN broadcast. Basically kind of a

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Speaker 1: win win for both because it widens the audience for

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Speaker 1: both the Draft Kings as well as for ESPN. So,

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Speaker 1: you know, Gith, I guess you know, the media companies,

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Speaker 1: they're you know, obviously always looking for new revenue streams,

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Speaker 1: whether it's advertising from some of these sports books or

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Speaker 1: doing you know, a deal actually getting you know, in

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Speaker 1: bed if you will, with with the DraftKings in this

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Speaker 1: particular example, how the media companies kind of changed their

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Speaker 1: view of just kind of sports betting because boy, for

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Speaker 1: the longest time it was taboo. Oh absolutely, Pole, You're

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Speaker 1: absolutely right about that. I mean, it kind of goes

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Speaker 1: against the grain a little bit of you know, Disney's

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Speaker 1: you know, family friendly ethos if you will. But they

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Speaker 1: do realize that they're leaving money on the table here.

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Speaker 1: So if you just kind of look at some of

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Speaker 1: the financials for ESPN, ESPN will bring in about thirteen

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Speaker 1: and a half billion dollars in revenue for the for

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Speaker 1: the Walt Disney Company about four point q billion by

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Speaker 1: our calculations of EBITDA. That's going to be about of

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Speaker 1: the pair and companies, so a pretty sizable number. The

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Speaker 1: problem though, is that ESPN is losing subscribers just like

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Speaker 1: the left the rest of the cable network ecosystem, and

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Speaker 1: we actually estimate that they're even down, maybe down by

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Speaker 1: about so they have to come up. So there are

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Speaker 1: two things here. They have to come up with new

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Speaker 1: cost cutting incentives, and they've done that, so they let

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Speaker 1: go of the Big ten rights. For instance, they let

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Speaker 1: go of I P. L. Cricket rights in India, but

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Speaker 1: they also have to look to grow their revenue and

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Speaker 1: that's exactly what this is about, monetizing their audiences, trying

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Speaker 1: to find new streams of revenue. As you pointed out,

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Speaker 1: so um kylie, when you're anchoring the lineup, what do

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Speaker 1: you uh with with Damian Sassaur too, who is a

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Speaker 1: maniac on this stuff. He is so knowledgeable on this

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Speaker 1: whole sports betting thing. I mean, you get him started,

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Speaker 1: he can't stop. But how deep does it go? It's

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Speaker 1: not just about betting if like the Cowboys win against

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Speaker 1: the Giants, right, I mean, it's so much more complex

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Speaker 1: than that. Yeah, I mean you can get really granular

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Speaker 1: with these things. There are simple money line bets where

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Speaker 1: you're just betting on who's going to win and who's

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Speaker 1: going to lose. And we have troves and troves of

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Speaker 1: historical data from our partners sport Radar that help us

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Speaker 1: analyze historically when you look over the course of say

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Speaker 1: ten seasons, when usually those bets will pay off. But

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Speaker 1: you can bet on anything. You can bet on what

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Speaker 1: color the gator rate is going to be when it

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Speaker 1: gets dumped on the coach ahead at the end of

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Speaker 1: the game. I mean it gets, it gets super super granular,

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Speaker 1: and it's the barrier to entry right now is really low.

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Speaker 1: You can do this on mobile. You can do it

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Speaker 1: basically anywhere except for the states were legal. But regulation

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Speaker 1: is changing. Is it still changing or have we gotten

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Speaker 1: to a point where we think it's we understand it well.

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Speaker 1: It is now legal in a number of states, really

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Speaker 1: the only big ones that haven't come online yet or

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Speaker 1: Texas in California, but you can do it here in

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Speaker 1: New York. Um. And so it definitely is still a

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Speaker 1: nascent industry and that this only has been legal for

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Speaker 1: several number of years, and obviously it will evolve. But

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Speaker 1: just the fact that you can do it and people

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Speaker 1: are taking advantage of doing it and you're seeing the

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Speaker 1: growth is kind of kind of the point here. And

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Speaker 1: what we're trying to see z on and so we

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Speaker 1: we've got you know, ESPN, you know, kind of dipping

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Speaker 1: its toe into this business, maybe even more than dipping it. Still.

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Speaker 1: How about some of the other networks, whether it's Fox

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Speaker 1: or CBS or NBC. Have you seen any moves on

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Speaker 1: their part? Yeah, actually they all have some stake. Um,

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Speaker 1: you know, in a bedding platform. So Fox actually has

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Speaker 1: been really aggressive I think on on this front. They

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Speaker 1: have a deal with a flutter um and uh you

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Speaker 1: know which owns fan Duel here in the US, UM

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Speaker 1: and they have all they all they have almost a

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Speaker 1: four percent stake, but they're right now actually in arbituation

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Speaker 1: because UM about how to kind of exercise their options there.

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Speaker 1: So that's a little bit you know, we don't know

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Speaker 1: exactly how that's going to stay out. But all of

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Speaker 1: these media companies they know that, UM, you know this

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Speaker 1: is there is a huge growth opportunity here. You know, NBC,

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Speaker 1: UM has you know again um uh an agreement with

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Speaker 1: points that sort of CBS. They all have these small agreements,

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Speaker 1: but remember there are some regular regulatory issues, so they

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Speaker 1: can't cross like a five percent stake because that's when

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Speaker 1: they kind of trigger that uh that regulation. UM. But

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Speaker 1: definitely everybody is kind of trying to find new ways

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Speaker 1: of monetizing their audiences and their broadcast. So one of

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Speaker 1: the biggest obviously DraftKings is huge flutter You just mentioned

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Speaker 1: fan Duel. We all know about UM. What are the

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Speaker 1: other big betting companies up there and are they are

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Speaker 1: all or the most part based in London for you. Yeah,

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Speaker 1: I mean there there are a number and you are

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Speaker 1: seeing some consolidation as well, where UK based companies are

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Speaker 1: starting to make oppositions here in the US to capitalize

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Speaker 1: on the fact that you now have a growing US

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Speaker 1: market for this as well. So there's a ton of

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Speaker 1: sports books out there. Obviously, DraftKings, FanDuel are among the

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Speaker 1: big ones that you will see every day. But you're

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Speaker 1: probably going to see more pop up because this is

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Speaker 1: something including Disney in the ESPN, everybody's looking at exactly

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Speaker 1: all right, Kaylee Lines, thank you so much. Katie Line's

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Speaker 1: anchor for Bloomberg News, joinings here on a Bloomberg Interactive

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Speaker 1: Brook which on the show again seven pm and eleven

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Speaker 1: pm Saturday, Friday night and Friday night, seven am and

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Speaker 1: eleven am Saturday morning. Oh, seven pmm pm tonight, seven

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Speaker 1: am and eleven am Tomorrow morning. Very good. And Ethan

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Speaker 1: Rockhan she's Bloomberg Intelligence. She covers all things media for

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Speaker 1: Bloomberg Intelligence. Now's that really feeling to paying here today?

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Speaker 1: Off two and a half percent here, it's got a

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Speaker 1: sense of what's going on with technology. We're gonna focus

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Speaker 1: a little bit on Amazon as well. And we can

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Speaker 1: do that because we've got some really smart people at Bloomberg,

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Speaker 1: including Bloomberg News Equity supporter Jess Met and she joins

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Speaker 1: us here in our Bloomberg Interactive Broker studio and put

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Speaker 1: him Goyle Senior analystics she covers all the retailing stuff

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Speaker 1: for Bloomberg Intelligence, and then you can imagine spends a

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Speaker 1: lot of time on that thing called Amazon, just because

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Speaker 1: give us a sense kind of what we're seeing out there.

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Speaker 1: For for tech stocks, we really comes down to what

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Speaker 1: we're seeing in the pain in chip stocks. And right

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Speaker 1: now we're coming into today the Philadelphia Semiconductor Index, which

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Speaker 1: has plunged this year, had actually been up nearly nine

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Speaker 1: percent for the week, but with today's losses, it's basically

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Speaker 1: cut those gains in half. And really what's happened is

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Speaker 1: once Samsung reported basically it's first profit drops since twenty nineteen,

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Speaker 1: it really just just showing the depth of the global

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Speaker 1: PC and memory chip downturn and also advanced micro devices.

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Speaker 1: They had a preliminary third quarter sales that basically missed

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Speaker 1: projects by more than one billion dollars, and so that's

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Speaker 1: really weighing on chip stocks, and like I mentioned already

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Speaker 1: down when you're looking at the Philadelphia semi Conductor index

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Speaker 1: this year, which would be the most since two thousand eight,

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Speaker 1: and just looking more broadly, if you're looking at a

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Speaker 1: video ticker symbol n v d A down about five

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Speaker 1: percent today. Also looking over at micro not down quite

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Speaker 1: as much, but ticker symbol M you that's stock down

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Speaker 1: about two percent. But still even if that's UM index

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Speaker 1: does continue to post games this week, that would snap

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Speaker 1: three straight weeks of losses. But if you pull it

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Speaker 1: back over the past two months, that index is only

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Speaker 1: close higher for two weeks in the past eight weeks,

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Speaker 1: so really showing the pain there that's happening in chip stocks.

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Speaker 1: It also this highlights how little I know about the

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Speaker 1: micro chip industry because you know they go in your cars. Though, yeah,

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Speaker 1: my truck stood on the lot with tho others for

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Speaker 1: months because they couldn't find the right chips to like

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Speaker 1: control lane, keep assist. And yet they're made. They've made

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Speaker 1: way too many chips for PCs, so these things are

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Speaker 1: not fungible, right, So you went from a chip shortage

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Speaker 1: to now a chip glut. But still in cars there's

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Speaker 1: a chip shortage, so still there's an automotive chip shortage.

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Speaker 1: They can't get enough of them. Rivan especially is having problems.

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Speaker 1: Tesla had problems to Obviously the incumbent players are still

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Speaker 1: grappling with the issues. And yet I can't think of

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Speaker 1: PC makers but a sir, I guess has gotten way

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Speaker 1: too many. The chip makers should have sent most of

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Speaker 1: them over to Tesla and held back the ones that

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Speaker 1: they were making for IBM. And they've also still been

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Speaker 1: dealing with those rising prices. And obviously weaker economies has

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Speaker 1: heard consumption and they're also obviously also not helped by

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Speaker 1: the Federal Reserve and other central banks really having this

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Speaker 1: aggressive stance on their monetary policy. But then another factor

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Speaker 1: is when it comes to the dynamic between Washington and

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Speaker 1: Beijing and the export restrictions on China, which obviously is

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Speaker 1: a top consumer of chips. Interesting enough, though Morgan Stanley

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Speaker 1: had not necessarily called the bottom and chip stocks, but

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Speaker 1: thinks that we're getting closer. They were looking more when

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Speaker 1: looking basically at the price to earnings ratio. So the

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Speaker 1: Philadelphia Index is priced at fourteen a half times earnings

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Speaker 1: right now, and that's eleven percent discount to its average

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Speaker 1: multiple around sixteen for the past decades, so they're keeping

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Speaker 1: a close eye on that, but still those corner of

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Speaker 1: the market today really feeling the pain. And when put

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Speaker 1: Um Goyle, Bloomberg's intelligence retail anild started her coverage of

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Speaker 1: the retail space years ago at Goldman Sachs, a little

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Speaker 1: firm downtown, she never thought she'd be talking technology, but

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Speaker 1: then this whole thing called e commerce came along and

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Speaker 1: she has been becoming an astute technology analyst as well.

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Speaker 1: So put them when you think about your industry, what

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Speaker 1: Amazon has done to the retail industry, this whole e

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Speaker 1: commerce thing has really become front and center. What's the

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Speaker 1: status of e commerce in the retail space? Yeah, e

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Speaker 1: commerce is still front and center. You know, there's been

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Speaker 1: a lot of discussion about e commerce flowing, and yes,

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Speaker 1: coming off of pandemic level, there will be some slow

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Speaker 1: to out, but let that not be mistaken for the

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Speaker 1: growth that's still ahead for e commerce. E Commerce is

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Speaker 1: still very under penetrated in the US. Why not even

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Speaker 1: at a third of US retail sales coming from e commerce,

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Speaker 1: which we think we'll get there in just a matter

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Speaker 1: of three years. So right now we're about a quarter

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Speaker 1: of total retail sales are from the e commerce world,

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Speaker 1: but that number is steadily increasing, and you know, this

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Speaker 1: year maybe a little slower given the tougher comparisons, but

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Speaker 1: next year and going forward, we do expect e commerce

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Speaker 1: to return to healthy, high single digit double EDGIT games.

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Speaker 1: I've been uh, the pandemic has transformed the way my

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Speaker 1: family shops, and I'm sure that's the case for most

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Speaker 1: families in America. I get now far more goods on

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Speaker 1: Amazon than I ever had um in the pre pandemic

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Speaker 1: years combined. UM and I've been waiting for a drone

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Speaker 1: or a robot to drop off one of my packages.

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Speaker 1: Is it never going to happen to them? I wouldn't

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Speaker 1: say never, but I don't think you'll happen in the

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Speaker 1: next you years. I think you know, as you know,

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Speaker 1: they've been testing the drone concept for years now, and

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Speaker 1: the hawks that they've placed on the scout just goes

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Speaker 1: to show that either it's not economical, either it's not

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Speaker 1: fast enough, or it's just not being received well by customers. Yet.

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Speaker 1: Maybe the customer isn't ready for a drone to pull

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Speaker 1: up into their driveway, navigate around their cards, find the door,

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Speaker 1: and drop things off, right. I don't know if we

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Speaker 1: have that sophistication, I would I promised to double my

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Speaker 1: purchases of Amazon delivers my stuff with a robot, because

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Speaker 1: that would be awesome. Alright, So just just real quickly here,

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Speaker 1: when you think about the text SOX, is it all

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Speaker 1: just the FED and where rates are going? I mean,

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Speaker 1: that obviously is a big part of that, just because

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Speaker 1: when you're thinking about the direction of interest rates and

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Speaker 1: how that incorporates to their future profits and obviously in

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Speaker 1: turn their stock prices, that is a big thing. But also,

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Speaker 1: like I was mentioned before, the recent tensions between the

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Speaker 1: US and China that could actually worsen the imbalance when

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Speaker 1: you're looking at what's happening with supply into me and

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Speaker 1: so part of it is the fat and then part

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Speaker 1: of it is also issues going on with just geopolitics

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Speaker 1: and again stem conductor stocks. They're the most cyclical part

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Speaker 1: of technology because of the boom and bus nature of

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Speaker 1: chip demand. All right, Jess Manton, thank you so much.

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Speaker 1: We appreciate that. Jeff Matt and Bloomberg News equities reporter

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Speaker 1: and put him Coyle senior analyst. She covers to US

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Speaker 1: retailing with Bloomberg Intelligence, and she covers Amazon, so that

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Speaker 1: means she is all over the technology that is transforming retail.

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Speaker 1: And maybe someday a drone will deliver a package to

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Speaker 1: Matt Miller's house. So no, but no day soon because

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Speaker 1: Amazon has canceled their project for cost cutting reasons lately.

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Speaker 1: Really yeah, that's that's the whole story. There were slow

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Speaker 1: moving cooler sized scout that they've been testing since nineteen

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Speaker 1: is suspending at a million trucks on the road so

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Speaker 1: they can get it done well. President Biden's pardoning of

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Speaker 1: all people convicted of simple marijuana possession under federal law

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Speaker 1: marks a significant shift of the president's stance on cannabis.

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Speaker 1: And it's got kindable stocks definitely moving here. It's Jackomen

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Speaker 1: Jason Wilson. He's a cannabis research and banking expert for

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Speaker 1: et F Managers Group. And Jason, before we get start,

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Speaker 1: I just want to point off our audience that you

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Speaker 1: are a member of the Canadian were a member of

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Speaker 1: the Canadian Forces, and you were recipient of the Gulf

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Speaker 1: of Kuwait Metal awarded for your engagement in direct combat

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Speaker 1: during the Gulf War of nineteen nine. You want to

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Speaker 1: remember remember that well. So, Jason, first of all, thanks

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Speaker 1: for your service here. Um, we appreciate you taking the

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Speaker 1: time to join us. Thanks for having me on. I

431
00:22:28,200 --> 00:22:30,840
Speaker 1: appreciate it. You bet. Is this a major shift for

432
00:22:31,160 --> 00:22:33,439
Speaker 1: the Biden administration? Do you think, I mean, the stocks

433
00:22:33,440 --> 00:22:36,119
Speaker 1: are kind of suggesting it is. How do you guys

434
00:22:36,119 --> 00:22:39,360
Speaker 1: think about that? Yeah, I mean, it's it's it's definitely

435
00:22:39,840 --> 00:22:44,679
Speaker 1: a shift. I mean, notwithstanding the campaign promises regarding you know,

436
00:22:46,200 --> 00:22:49,960
Speaker 1: canvas reform Biden made in twenty we really didn't see

437
00:22:50,000 --> 00:22:52,240
Speaker 1: anything from him and and not you know, there's been

438
00:22:52,280 --> 00:22:56,320
Speaker 1: lots of movement in Congress obviously, uh, primarily in the House,

439
00:22:56,359 --> 00:22:58,320
Speaker 1: but also in the Senate, and and you know, so

440
00:22:58,400 --> 00:23:02,960
Speaker 1: to have this affirmation from Biden, it's it's it's really uplifting. Um.

441
00:23:03,040 --> 00:23:05,879
Speaker 1: So it's it's, you know, again, affirmation that if we

442
00:23:05,920 --> 00:23:08,480
Speaker 1: can get something through Congress, we can see some real

443
00:23:08,520 --> 00:23:10,720
Speaker 1: progress exactly. I mean a lot of things here need

444
00:23:10,800 --> 00:23:12,960
Speaker 1: to change. I don't know, a lot of people realize

445
00:23:13,200 --> 00:23:17,600
Speaker 1: that that weed is a Schedule one drug. I mean,

446
00:23:17,640 --> 00:23:19,760
Speaker 1: that's the worst kind of drug in terms of the

447
00:23:19,800 --> 00:23:22,080
Speaker 1: way the federal government rates these things, meaning it has

448
00:23:22,320 --> 00:23:26,440
Speaker 1: a high potential for addiction. And there's no currently accepted

449
00:23:26,480 --> 00:23:30,200
Speaker 1: medical use. As you move on down the list schedule too,

450
00:23:30,480 --> 00:23:32,760
Speaker 1: you get things like you know, morphine and dem roll

451
00:23:32,920 --> 00:23:37,119
Speaker 1: Schedule three, you get like steroids and ketamine special K

452
00:23:37,560 --> 00:23:41,359
Speaker 1: Schedule four like xan x and probably the most abused

453
00:23:41,440 --> 00:23:44,679
Speaker 1: drugs in America, right, I mean, why is why is

454
00:23:44,760 --> 00:23:50,080
Speaker 1: this plant a Schedule one drug? Is that going to change?

455
00:23:50,680 --> 00:23:53,600
Speaker 1: You know, it's definitely going to change. There seems to

456
00:23:53,640 --> 00:23:57,160
Speaker 1: be no question. In fact. You know, obviously having the

457
00:23:57,160 --> 00:24:00,480
Speaker 1: the the executive action on on the Federal Party is

458
00:24:00,480 --> 00:24:03,639
Speaker 1: incredible news. But also in that release was the fact

459
00:24:03,640 --> 00:24:07,879
Speaker 1: that he's instructed President Biden's instructed the Attorney General and

460
00:24:07,960 --> 00:24:11,680
Speaker 1: the Secretary of um uh, you know, of of Health

461
00:24:11,720 --> 00:24:16,080
Speaker 1: and Human Services to actually look at reclassification because you know,

462
00:24:16,119 --> 00:24:18,200
Speaker 1: even even President Biden said it all that's just made

463
00:24:18,640 --> 00:24:21,760
Speaker 1: no sense. It's a failed system. The laws are wrong,

464
00:24:21,880 --> 00:24:24,560
Speaker 1: the federal it's just not working, and we need to

465
00:24:24,560 --> 00:24:28,439
Speaker 1: look at at least reclassification. Yeah. Um, we also have

466
00:24:28,600 --> 00:24:33,200
Speaker 1: a Safe Banking Act, um that legislation that that needs

467
00:24:33,240 --> 00:24:37,720
Speaker 1: to get passed here. Um you advise m J. That's

468
00:24:37,760 --> 00:24:40,720
Speaker 1: the alternative harvest e T F and and other e

469
00:24:40,800 --> 00:24:43,360
Speaker 1: T s I believe in terms of how to deal

470
00:24:43,400 --> 00:24:46,720
Speaker 1: with the regulation. Are we going to see safe banking pass?

471
00:24:46,800 --> 00:24:50,680
Speaker 1: Because without that, it's very difficult for these companies with

472
00:24:51,200 --> 00:24:55,960
Speaker 1: you know, uh millions or even billions in revenue to

473
00:24:55,960 --> 00:25:00,919
Speaker 1: to move around the financial system. Yeah, there's definitely bipartisan

474
00:25:01,000 --> 00:25:05,160
Speaker 1: support for no question. I mean that the divide hasn't

475
00:25:05,240 --> 00:25:08,280
Speaker 1: been whether or not we should have cannabis reform. That

476
00:25:08,359 --> 00:25:12,080
Speaker 1: the divide has been to what extent? How far do

477
00:25:12,160 --> 00:25:15,600
Speaker 1: we go? And and you know, um, if you look

478
00:25:15,640 --> 00:25:18,840
Speaker 1: at Shumor's bill at the c I o A, it's

479
00:25:18,880 --> 00:25:22,200
Speaker 1: just so it's been so far reaching, and there's to

480
00:25:22,400 --> 00:25:26,000
Speaker 1: date been really not a willingness to compromise on on

481
00:25:26,000 --> 00:25:28,639
Speaker 1: on more incremental reform. But you know that's changed in

482
00:25:28,680 --> 00:25:31,040
Speaker 1: the last few weeks or a few months, and there

483
00:25:31,119 --> 00:25:33,720
Speaker 1: there is more expectation that there will be compromised and

484
00:25:33,720 --> 00:25:36,159
Speaker 1: we'll actually see something more along the lines of safe

485
00:25:36,160 --> 00:25:39,160
Speaker 1: banking plus. And then when you obviously, when you add

486
00:25:39,240 --> 00:25:44,119
Speaker 1: the the president's actions yesterday, it's it's gonna add a

487
00:25:44,160 --> 00:25:46,040
Speaker 1: little bit more fuel to fire that what we will

488
00:25:46,080 --> 00:25:49,119
Speaker 1: actually see progress on that front. Jason, what's been the

489
00:25:49,160 --> 00:25:52,520
Speaker 1: experience of Canada and and and their laws and kind

490
00:25:52,520 --> 00:25:55,640
Speaker 1: of how they deal with it. Yeah, it's been it's

491
00:25:55,640 --> 00:25:58,160
Speaker 1: been positive. I mean, at the end of the day,

492
00:25:58,240 --> 00:26:01,320
Speaker 1: there's there's always this. It takes time to to move

493
00:26:01,359 --> 00:26:05,040
Speaker 1: from the illicit market to the legal market. Um, but

494
00:26:05,080 --> 00:26:09,160
Speaker 1: you know it's it's the industry is growing. Quarter after quarter.

495
00:26:09,240 --> 00:26:11,720
Speaker 1: We continue to increase sales the quarter after quarter, we

496
00:26:12,000 --> 00:26:15,240
Speaker 1: continue to take away from the illicit market. You know,

497
00:26:15,320 --> 00:26:18,959
Speaker 1: we haven't seen the evils that many predicted. Uh. And

498
00:26:19,000 --> 00:26:21,000
Speaker 1: you know, the biggest thing we're dealing with right now

499
00:26:21,000 --> 00:26:22,800
Speaker 1: in Canada, and you were talking about this about other

500
00:26:22,840 --> 00:26:25,240
Speaker 1: drugs and where they where they sit on the c

501
00:26:25,520 --> 00:26:27,920
Speaker 1: s A. The biggest issues we're dealing with right now

502
00:26:27,960 --> 00:26:31,119
Speaker 1: are you know, the opioid overdoses, ventanyl addictions, things of

503
00:26:31,160 --> 00:26:35,359
Speaker 1: that nature. Like that's that's the issue. And you know

504
00:26:35,440 --> 00:26:39,120
Speaker 1: we're seeing that that cannabis is a means to get

505
00:26:39,160 --> 00:26:43,640
Speaker 1: off of those, not a gateway to those. Yeah. Ventanyl. Yeah,

506
00:26:43,680 --> 00:26:47,280
Speaker 1: that's bad, bad stuff, horrible, right it is. I mean

507
00:26:47,560 --> 00:26:49,600
Speaker 1: if heroin doesn't do it for you, then you move

508
00:26:49,680 --> 00:26:53,000
Speaker 1: to fentyl. That's right, that's that's a very bad problem.

509
00:26:53,040 --> 00:26:55,879
Speaker 1: But I mean people should notice stay away from that stuff.

510
00:26:56,000 --> 00:26:57,840
Speaker 1: All right, Jason, thank you so much for joining us.

511
00:26:57,880 --> 00:27:01,440
Speaker 1: Jason Wilson, he's cannabis research and banking expert for the

512
00:27:01,440 --> 00:27:04,720
Speaker 1: E t F Managers Group. And again, they're definitely some

513
00:27:04,840 --> 00:27:08,160
Speaker 1: movement there yesterday from President Biden's partnering of all people

514
00:27:08,240 --> 00:27:12,119
Speaker 1: convicative simple marijuana possession under federal law. That marks a

515
00:27:12,160 --> 00:27:15,360
Speaker 1: significant shift in the President's recent stance on cannabis. So

516
00:27:15,640 --> 00:27:17,960
Speaker 1: a lot of folks in the cannabis business are, you know,

517
00:27:18,000 --> 00:27:20,920
Speaker 1: hoping that perhaps this could be a catalyst for more

518
00:27:20,960 --> 00:27:25,280
Speaker 1: sweeping deregulation at the federal level. This is the Big Take,

519
00:27:25,440 --> 00:27:29,240
Speaker 1: the best of Bloomberg's in depth, original reporting from around

520
00:27:29,240 --> 00:27:32,120
Speaker 1: the globe. This is a really fast moving story that's

521
00:27:32,280 --> 00:27:35,960
Speaker 1: caused a lot of outrage among investors. This is so fascinating.

522
00:27:36,000 --> 00:27:38,560
Speaker 1: The market shutdown in a way it's never done before.

523
00:27:38,640 --> 00:27:41,639
Speaker 1: That's gonna have consequences for years to come. The Big

524
00:27:41,720 --> 00:27:46,960
Speaker 1: Take on Bloomberg Radio. All Right, you know how much

525
00:27:47,000 --> 00:27:49,680
Speaker 1: Matt and I love these Big Take stories from Bloomberg

526
00:27:49,680 --> 00:27:53,600
Speaker 1: News because they're a the topics are usually really really cool, uh,

527
00:27:53,640 --> 00:27:55,919
Speaker 1: and then they dig deep and they you can just

528
00:27:55,960 --> 00:27:57,840
Speaker 1: tell they throw the resources at it. We get some

529
00:27:57,920 --> 00:28:02,520
Speaker 1: really in depth, deep reporting on some really cool topics today. Boy,

530
00:28:02,880 --> 00:28:06,560
Speaker 1: no different. Steve Cohen's new edge is bringing hedge fund

531
00:28:06,600 --> 00:28:09,239
Speaker 1: moneyball to the Mets. And the Mets are actually in

532
00:28:09,480 --> 00:28:13,040
Speaker 1: the playoffs this year, uh in you know, and probably

533
00:28:13,320 --> 00:28:16,399
Speaker 1: the first one. No, I think they've been. They've been

534
00:28:16,400 --> 00:28:19,920
Speaker 1: in the team. Okay, yeah. So anyway, so what we've

535
00:28:19,960 --> 00:28:22,000
Speaker 1: got here is we've got Kathy Burton, she's a reporter

536
00:28:22,119 --> 00:28:25,159
Speaker 1: on this story for Bloomberg News. Tom Maloney, editor with

537
00:28:25,200 --> 00:28:28,280
Speaker 1: Bloomberg News. They both joined us in the Bloomberg Interactive

538
00:28:28,359 --> 00:28:31,320
Speaker 1: Broker Studio the B and people do not phone it in, Matt.

539
00:28:31,400 --> 00:28:35,800
Speaker 1: They're actually in here getting the job done over there.

540
00:28:37,280 --> 00:28:40,160
Speaker 1: This is pretty empty. Kathy, Steve Cohen, I know him

541
00:28:40,200 --> 00:28:43,800
Speaker 1: as the hedge fund uh Titan on Wall Street from

542
00:28:43,800 --> 00:28:46,960
Speaker 1: my days on the street. Uh, but he's also the

543
00:28:46,960 --> 00:28:49,120
Speaker 1: owner of the Mets. Here talked to us about Steve Cohen,

544
00:28:49,200 --> 00:28:52,840
Speaker 1: what he's done with this franchise. Well, basically, Steve has

545
00:28:52,880 --> 00:28:56,200
Speaker 1: thrown a lot of his billions of dollars at the

546
00:28:56,240 --> 00:28:59,880
Speaker 1: team and that's what's made the difference this year. So

547
00:29:00,000 --> 00:29:03,640
Speaker 1: but he's but he's been a fan. So was when

548
00:29:03,640 --> 00:29:06,040
Speaker 1: they were in the World Series, not the playoffs. But

549
00:29:06,240 --> 00:29:08,920
Speaker 1: he's been a fan since then, right, I mean since

550
00:29:09,000 --> 00:29:11,920
Speaker 1: he was a little kid. Yeah. So I think this

551
00:29:11,960 --> 00:29:17,000
Speaker 1: is so cool because in our financial bubble, uh Tom,

552
00:29:17,040 --> 00:29:21,000
Speaker 1: where we only care about you know, business news, we

553
00:29:21,080 --> 00:29:24,720
Speaker 1: know Steve Cohen as the big hedge fund guy who

554
00:29:25,080 --> 00:29:27,640
Speaker 1: maybe used too much of an edge, right and got

555
00:29:27,680 --> 00:29:30,760
Speaker 1: into legal trouble. He's kind of a bad guy because

556
00:29:30,760 --> 00:29:32,719
Speaker 1: he pushed the limits a little bit too much, but

557
00:29:32,800 --> 00:29:36,480
Speaker 1: obviously everyone was pushing the limits. He got caught. UM

558
00:29:36,520 --> 00:29:39,320
Speaker 1: in baseball. You know, Baseball fans don't think of him

559
00:29:39,320 --> 00:29:41,560
Speaker 1: that way, right. They think of this guy, especially if

560
00:29:41,600 --> 00:29:43,440
Speaker 1: you're a Mets fan, as somebody with a lot of

561
00:29:43,480 --> 00:29:47,080
Speaker 1: money who came in um to help for them make

562
00:29:47,320 --> 00:29:51,880
Speaker 1: their franchise a winner. They probably love him absolutely, and

563
00:29:51,920 --> 00:29:54,240
Speaker 1: I think that's you know, that's what he says was

564
00:29:54,280 --> 00:29:56,280
Speaker 1: the primary reason why he bought the Mets was to

565
00:29:56,320 --> 00:30:00,560
Speaker 1: try to bring joy to millions of people. Um. But

566
00:30:00,680 --> 00:30:03,840
Speaker 1: it's it's certainly he you know, people Mets fans, they

567
00:30:03,880 --> 00:30:06,480
Speaker 1: love him. At the baseball owners maybe not so much

568
00:30:06,520 --> 00:30:10,080
Speaker 1: because he's spending you know, fortune. He's got the highest

569
00:30:10,080 --> 00:30:12,120
Speaker 1: payroll in the league right now, and it's taken the

570
00:30:12,160 --> 00:30:17,680
Speaker 1: Mets to the postseason for the first time. So Cathy

571
00:30:17,720 --> 00:30:19,840
Speaker 1: talked to us about, like, do you think Steve Cohen

572
00:30:19,920 --> 00:30:23,360
Speaker 1: is actually trying to kind of revamp his reputation? Is

573
00:30:23,480 --> 00:30:26,000
Speaker 1: was his legacy, if you will, by the ownership of

574
00:30:26,040 --> 00:30:30,160
Speaker 1: such a you know, a marquee franchise. I don't actually

575
00:30:32,000 --> 00:30:37,760
Speaker 1: partly because Steve. You know, Steve was never um charged

576
00:30:37,760 --> 00:30:44,520
Speaker 1: with with wrongdoing. His firm paid a fine, a record fine, UM.

577
00:30:45,240 --> 00:30:49,600
Speaker 1: But I think he really did do it for the

578
00:30:49,600 --> 00:30:52,880
Speaker 1: reasons that Tom just said. But but it has been

579
00:30:52,920 --> 00:30:57,400
Speaker 1: a benefit of all this that people don't um think

580
00:30:57,520 --> 00:31:01,760
Speaker 1: of him anymore because of the record find he paid. UM.

581
00:31:02,720 --> 00:31:06,640
Speaker 1: Tom found a really cool stat that showed that UM,

582
00:31:07,000 --> 00:31:10,040
Speaker 1: since he owned the Mets, there were twenty three mentions

583
00:31:10,080 --> 00:31:13,680
Speaker 1: of Steve Cohen with insider trading and more than two

584
00:31:13,680 --> 00:31:19,200
Speaker 1: thousand as owner of the Yeah, if that's his goal.

585
00:31:19,240 --> 00:31:20,840
Speaker 1: But he's this seems like a guy who's going to

586
00:31:20,880 --> 00:31:23,120
Speaker 1: be competitive in whatever realm. I mean, if you put

587
00:31:23,200 --> 00:31:25,080
Speaker 1: him on the squash court, he's gonna throw an elbow.

588
00:31:25,080 --> 00:31:26,800
Speaker 1: If you put him in hedge funds, he's going to

589
00:31:26,880 --> 00:31:28,960
Speaker 1: try and use whatever edge he can. And if you

590
00:31:29,000 --> 00:31:31,000
Speaker 1: put him in baseball. He's going to spend as much

591
00:31:31,040 --> 00:31:32,959
Speaker 1: as he can to win, right, Is that how you

592
00:31:33,600 --> 00:31:35,720
Speaker 1: frame him? Yeah? Absolutely, And I think when we talk

593
00:31:35,760 --> 00:31:37,720
Speaker 1: about the reasons why he bought it, I mean, yeah,

594
00:31:37,760 --> 00:31:39,240
Speaker 1: he wants to bring joy, but I think he's a

595
00:31:39,240 --> 00:31:41,160
Speaker 1: competitive guy and he wants to win, and I think

596
00:31:41,200 --> 00:31:43,440
Speaker 1: he enjoys it and he likes learning about something new.

597
00:31:44,280 --> 00:31:46,120
Speaker 1: You know. He talked to We spoke to Billy Eppla,

598
00:31:46,160 --> 00:31:50,120
Speaker 1: the general manager, and he talked about how involved you know,

599
00:31:50,240 --> 00:31:53,560
Speaker 1: not necessarily interfering or anything like that, but the Cohen

600
00:31:53,640 --> 00:31:56,880
Speaker 1: asked smart questions and he likes to learn and he

601
00:31:56,960 --> 00:31:59,600
Speaker 1: likes to quiz him and figure things out. And I

602
00:31:59,600 --> 00:32:01,600
Speaker 1: think that's a big reason why he bought it as well,

603
00:32:01,720 --> 00:32:03,320
Speaker 1: was like a new challenge of this, is there any

604
00:32:03,440 --> 00:32:08,280
Speaker 1: kind of you know, Moneyball was the last great baseball story.

605
00:32:08,400 --> 00:32:11,600
Speaker 1: Michael Lewis wrote the book and then um Brad Pitt

606
00:32:11,680 --> 00:32:13,760
Speaker 1: and Jonah Hill were awesome in the movie, but that

607
00:32:14,000 --> 00:32:17,400
Speaker 1: they were cash strapped, right, Um, it seems like Steve

608
00:32:17,440 --> 00:32:21,120
Speaker 1: Cohen would use that kind of mathematical analysis. He has

609
00:32:21,120 --> 00:32:23,280
Speaker 1: always been a baseball fan, and then he was a

610
00:32:23,320 --> 00:32:26,280
Speaker 1: Wall Street guy. They're all like that. Um, but he

611
00:32:26,360 --> 00:32:28,560
Speaker 1: has the money to spend, so does he do like

612
00:32:28,640 --> 00:32:31,560
Speaker 1: kind of a moneyball on steroids for lack of a

613
00:32:31,560 --> 00:32:36,080
Speaker 1: better term. Um, it's kind of funny that they do

614
00:32:36,640 --> 00:32:40,920
Speaker 1: lend a few people to the organization, to to the

615
00:32:40,960 --> 00:32:46,800
Speaker 1: Mets to do some sort of to do some sort

616
00:32:46,800 --> 00:32:50,800
Speaker 1: of projects to bring them basically up to speed, because

617
00:32:50,920 --> 00:32:54,600
Speaker 1: the Wilpons never invested in that sort of quantitative analysis.

618
00:32:55,160 --> 00:32:59,840
Speaker 1: But interestingly, they're not trying to be the quantiest team

619
00:33:00,040 --> 00:33:03,520
Speaker 1: really league. Yeah, I think they're they're doing sort of

620
00:33:03,600 --> 00:33:06,960
Speaker 1: man plus machine. Interesting, Tom, Do we have any sense

621
00:33:06,960 --> 00:33:10,400
Speaker 1: of what Steve Cohen's kind of how he allocates his

622
00:33:10,440 --> 00:33:12,920
Speaker 1: time these days between his point seventy two hedge fun

623
00:33:13,240 --> 00:33:15,640
Speaker 1: between the Mets and maybe whatever whatever else he's doing,

624
00:33:15,680 --> 00:33:18,520
Speaker 1: because it seems like philanthropy. He's not a collector. I mean,

625
00:33:18,640 --> 00:33:21,520
Speaker 1: he's still trading every day. What do we know about it?

626
00:33:21,600 --> 00:33:23,840
Speaker 1: He says, he's still trading every day. He still runs

627
00:33:23,840 --> 00:33:26,920
Speaker 1: a book, his own book at point seventy two, but

628
00:33:26,960 --> 00:33:29,600
Speaker 1: it's a lot smaller than it used to be. He's

629
00:33:29,600 --> 00:33:32,840
Speaker 1: only trading during us hours. He's not you know, sitting

630
00:33:32,840 --> 00:33:34,719
Speaker 1: there worrying about what's going on. In London, what's going

631
00:33:34,720 --> 00:33:38,440
Speaker 1: on in Asia overnight? So his work day is shorter

632
00:33:38,520 --> 00:33:41,760
Speaker 1: than it used to be. It's interesting, point seventy two

633
00:33:41,760 --> 00:33:45,440
Speaker 1: manages more money than it's ever managed before. Um so

634
00:33:45,480 --> 00:33:48,200
Speaker 1: the firm's grown, but it's kind of gotten more institutionalized,

635
00:33:48,280 --> 00:33:52,360
Speaker 1: and he's not making all the decisions anymore. And I

636
00:33:52,400 --> 00:33:55,960
Speaker 1: think after hours he's he's focused shifts to baseball. He's

637
00:33:56,000 --> 00:33:59,000
Speaker 1: you know, he speaks to Billy Eppler at least once

638
00:33:59,040 --> 00:34:01,880
Speaker 1: a week, while on once a week, and then every

639
00:34:01,920 --> 00:34:04,040
Speaker 1: time there's any kind of transaction guys going up to

640
00:34:04,080 --> 00:34:06,560
Speaker 1: the majors, going down in the minor leagues or whatever,

641
00:34:06,760 --> 00:34:09,799
Speaker 1: you know, he's consulted on that. And so I think,

642
00:34:09,960 --> 00:34:13,000
Speaker 1: you know, there's a he's got more stuff going on

643
00:34:13,080 --> 00:34:16,800
Speaker 1: than just trading seven, which I think is what his

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Speaker 1: life used to be. Does he talk to all of

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Speaker 1: the players, Cathy? Does he say, hey, do you even

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Speaker 1: know how to play this? No? I don't think he

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Speaker 1: talks to the players that much. I mean, he definitely

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Speaker 1: talks to the general manager a bit. Yeah, But I

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Speaker 1: saw him, like you know, down at the Braves last weekend.

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Speaker 1: He they had a new player coming up, Alvarez and

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Speaker 1: he was like, you know, giving him some words of encouragement,

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Speaker 1: saying don't stress about it. I think he likes that

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Speaker 1: element of as well for sure. All Right, great stuff

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Speaker 1: the Big Take story. Matt and I are big fans

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Speaker 1: of the Big Take, and this one was a great one.

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Speaker 1: Stevie Cohen and the match take a read. You can

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Speaker 1: find out Bloomberg dot com slash Big Take, or you

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00:34:55,800 --> 00:34:57,759
Speaker 1: can also do it and I Big Take and I

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Speaker 1: Big Take on the terminal. On the terminal, we appreciate that. Uh.

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Speaker 1: Kathy Burton, hedge fund reporter Bloomberg News and Tom Maloney,

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Speaker 1: editor with Bloomberg News. Thanks for listening to the Bloomberg

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Speaker 1: Markets podcast. You can subscribe and listen to interviews with

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Speaker 1: Apple Podcasts or whatever podcast platform you prefer. I'm Matt Miller.

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Speaker 1: I'm on Twitter at Matt Miller three. On False Sweeney,

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00:35:20,760 --> 00:35:23,400
Speaker 1: I'm on Twitter at pt Sweeney. Before the podcast, you

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Speaker 1: can always catch us worldwide at Bloomberg Radio