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Speaker 1: Broadcasting live to New York Bloomberg even to Washington, d

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Speaker 1: C Bloomberg, to Boston Bloomberg, dwell under It, to San

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Speaker 1: Francisco Bloomberg nine, to the country's US exam General one

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Speaker 1: ninet and around the globe the Bloomberg Radio plus Apend

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Speaker 1: Bloomberg dot Com. This is taking Stock coming up on

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Speaker 1: taking Stock, rough and tough, yet classic and cool. No,

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Speaker 1: I'm not talking about Charlie Pellett. I'm talking about the

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Speaker 1: Toyota f J forty. It was Japan's answer to the

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Speaker 1: American jeep in the British land rover. We're gonna be

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Speaker 1: speaking with Nelson Kaye, he's the chief executive of the

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Speaker 1: f J company and find out what it takes to

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Speaker 1: be a specialist in the restoration and sale of Toyota

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Speaker 1: f J land cruisers. Right now, let's go to Charlie

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Speaker 1: Pellett and the Bloomberg news room and I think if

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Speaker 1: him Fox, we have got the dal higher. The SMP

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Speaker 1: and Nestact both trading Laura right now light trading, the

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Speaker 1: SMP falling for the first time in six days, Investors

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Speaker 1: weighing the potential for further gains with shares near records

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Speaker 1: and corporate earnings projected to drop for a fifth quarter.

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Speaker 1: John Wilson is co chief investment officer and Sprout Asset Management,

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Speaker 1: and on Bloomberg Television this morning, he talked about the

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Speaker 1: Federal reserve and interest rate policy. For a long time,

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Speaker 1: the Fed that led everyone into these non traditional policies

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Speaker 1: was very clear about what their exit plan was. It

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Speaker 1: was this idea that eventually they would stop adding to

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Speaker 1: the balance sheet, which they finally did, and then they

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Speaker 1: would slowly start to raise interest rates, which they've done

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Speaker 1: one hike so far, and finally, after that they anticipated

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Speaker 1: allowing their balance sheet to roll off. As I matured,

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Speaker 1: that has preve gonna be far more difficult than what

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Speaker 1: they laid out. I think the degree of confidence that

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Speaker 1: the marketplace has in their ability to do it has

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Speaker 1: shrunken considerably. Sales at US retailers rose more than forecast

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Speaker 1: last month, in a broad advance that shows consumers delivered

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Speaker 1: for the economy in the second quarter. Stock's lower the

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Speaker 1: SMP five hunted into x little change down to point

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Speaker 1: now at sixty two, a drop there of point one

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Speaker 1: percent down. Industrial is spending much of the day fluctuating

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Speaker 1: now Horror by nineteen points to eighteen thousand, five d

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Speaker 1: twenty five, that is a gain of one tenth of

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Speaker 1: one percent, and Nasdaq is down a point at five

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Speaker 1: thousand thirty two, a drop there of less than point

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Speaker 1: one percent. Ten year down sixteen thirty seconds, looking at

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Speaker 1: the yield of one point five nine percent, Gold down

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Speaker 1: six dollars anounced to thirteen twenty six, that is a

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Speaker 1: drop of four tenths of one percent, and crude oil

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Speaker 1: close to forty six dollars of barrel now ninety two,

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Speaker 1: up twenty four cents, a gain of five tenths of

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Speaker 1: one percent. Three thirty two on Wall Street. Now, let's

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Speaker 1: take a look at other news from around the world

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Speaker 1: on Bloomberg Radio. Thank you Charlie from the Bloomberg news Room.

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Speaker 1: I'm a Lisa Parenti. This news update is brought to

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Speaker 1: you by the Jeep Grand Cherokee, the most awarded suv ever.

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Speaker 1: The Grand Cherokee continues to raise the bar with its

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Speaker 1: luxurious interior and legendary four by four capability. Drive one

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Speaker 1: at your local Jeep dealer. Today. President Obama spoke from

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Speaker 1: the White House on the terror attack in Niece, France

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Speaker 1: overnight and niece. We witnessed another tragic and appalling attack

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Speaker 1: on the freedom and the piece that we cherish. The

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Speaker 1: US has released twenty eight classified pages that have fed

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Speaker 1: speculation about a Saudi government role in the September eleventh attacks.

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Speaker 1: The report says that while in the US, some of

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Speaker 1: the hijackers were in contact with and received support or

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Speaker 1: assistance from individuals who may be connected to the Saudi government.

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Speaker 1: The Saudis has said the allegations are false. Donald Trump

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Speaker 1: has announced Indiana Governor Mike Pence as his running mate,

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Speaker 1: adding significant government experience to his outsider campaign for the

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Speaker 1: White House. Bloomberg Washington Bureau chief Megan Murphy talked about

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Speaker 1: the selection on Bloomberg Television. He's very well respected among

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Speaker 1: figures in the party. He's someone who has seen as

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Speaker 1: a safe pair of hans, as someone who is going

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Speaker 1: to keep the kind of rhetoric and maybe even coached

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Speaker 1: on Trump about how to sort of be more presidential,

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Speaker 1: keep him on message and be focused on winning those

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Speaker 1: conservative voters. It has cost New Jersey taxpayers eight point

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Speaker 1: two million dollars for Governor Chris Christie's private attorneys handling

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Speaker 1: the fallout from the George Washington Bridge Lane closing case.

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Speaker 1: Former Christie Allies are charged in the case. He is not.

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Speaker 1: Global News twenty four hours a day, powered by more

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Speaker 1: than twenty six hundred journalists and analysts in more than

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Speaker 1: one hundred twenty countries. I'm a Lisa Parenti. This is Bloomberg, Charlie,

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Speaker 1: and we thank you one again and recapping a mixed

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Speaker 1: picture for stocks. The Dow is higher, up by one

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Speaker 1: tenth of one percent, gaining twenty two points. S and

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Speaker 1: P five hundred indecks now lower by half a point.

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Speaker 1: I'm Charlie Palatin. That's a Bloomberg business flash, Bloomberg taking stock,

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Speaker 1: the Lost life, stocks, Bronze real estate. I've got houses

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Speaker 1: in l A, Paris and Bale. It's good to be king.

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Speaker 1: You've been if they got to find a shift around

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Speaker 1: waiting for you to place your own has two calias.

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Speaker 1: Bloomberg taking stock, books Life on Bloomberg Radio. It was

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Speaker 1: Japan's answer to the American jeep in the British land rover.

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Speaker 1: Toyota reverse engineered the jeep and perfected it within a decade.

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Speaker 1: Here to tell us more about the Toyota f J

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Speaker 1: and how you can get your hands on a restored

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Speaker 1: and frame off restored version. Nelson Kaya. He is the

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Speaker 1: chief executive of the f J Company. They're based in Miami. Nelson,

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Speaker 1: thank you very much for being with us, and just

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Speaker 1: start us off with a little personal history of your

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Speaker 1: grandfather and how you came to have the Toyota f

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Speaker 1: J forty in your life. Thank you, thank you very

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Speaker 1: much for having us here. Um. Well, yes, we we

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Speaker 1: basically were born into we were born into these cars. Uh,

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Speaker 1: we've been inside them all our lives. Um. My grandfather

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Speaker 1: UH basically had two two vehicles in his entire life,

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Speaker 1: being of an avid farmer. Uh, he had a forty

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Speaker 1: in sky blue and and he after he used that

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Speaker 1: for ten years, he bought a night two medium blue

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Speaker 1: f forty. And that's obviously where all the grandkids got

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Speaker 1: carried around, where they were taken to school, uh, to

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Speaker 1: the hospital for births and basically everywhere. So, UM, we

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Speaker 1: have the cars in grained in our hearts and in

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Speaker 1: our souls. Um, and we're very happy to nowadays bring

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Speaker 1: them back to life. That's that's of our time and dedication.

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Speaker 1: And you also have them in inventory, though you have

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Speaker 1: to in a sense put them together on a custom

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Speaker 1: basis for your customers. Tell us about the different models

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Speaker 1: that customers can choose and a little bit of the

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Speaker 1: engineering that goes into them. Well, basically, we have a

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Speaker 1: beginners f J or standard f J UH forty which

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Speaker 1: begins at around fifty and uh this car is completely

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Speaker 1: restored from scratch. When you receive this car, you have

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Speaker 1: you basically have the closest thing that you can have

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Speaker 1: to a new FDA forty pretty much like it rolled

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Speaker 1: out of the factory back in in the seventies and eighties. Um.

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Speaker 1: And from then on you can certainly do some upgrades

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Speaker 1: or go to higher level Toyota land Cruiser, which is

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Speaker 1: the FDA forty three, which is a longer wheel based car,

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Speaker 1: a little bit more space for the family in the back.

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Speaker 1: Um Uh. This car is very popular in in beach

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Speaker 1: houses or beach town's, golfing, calfing towns, etcetera. You can

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Speaker 1: also do anything that is of your dreams. You can

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Speaker 1: add um more power with newer engines. You can you

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Speaker 1: can add uh automatic transmission if you if you wish to.

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Speaker 1: But obviously these additions or these modifications are extra costs.

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Speaker 1: But in any case, wherever you end up. Going as

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Speaker 1: far as configuration, UM, the car will be completely rebuilt.

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Speaker 1: Engines are always rebuilt. Transmissions are rebuilt as well, front

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Speaker 1: end rear end um. Although water pumps are new, oil

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Speaker 1: pumps are new, electricals are rebuilt completely from from scratch hands.

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Speaker 1: So you you will get basically a brand new car. Um.

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Speaker 1: Obviously this is a classic car. Uh. This is not

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Speaker 1: to compare to a two thousand sixteen car, but that's

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Speaker 1: precisely the point. This car has the it has a

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Speaker 1: fun of driving which has been lost in our in

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Speaker 1: our opinion, has been lost in modern cars. And this

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Speaker 1: is a car that you will be dying to go

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Speaker 1: for the weekend drive. So for example, I know you've

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Speaker 1: got to, you said, the classic begins at fifty five thousand,

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Speaker 1: the California version it's sixty thousand, up to the sport

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Speaker 1: version of seventy five thousand. What how long does it

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Speaker 1: take to actually put together as someone's order. Uh, well

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Speaker 1: that's a good question. The simple orders or the more

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Speaker 1: simple cars, are taking us nine months to build, and

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Speaker 1: the more complicated cars or the custom made cars can

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Speaker 1: take anywhere from twelve to sixteen months. For the very

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Speaker 1: complicated builds, whenever we're using um well, ultramodern engines and

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Speaker 1: automatic transmissions and things like that. So I would say

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Speaker 1: that for the for the typical car, this is a

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Speaker 1: nine month to twelve months buil and uh that's from

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Speaker 1: the day we sign a contract to all the day

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Speaker 1: that are delivered anywhere in the US. Pretty much. Nelson,

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Speaker 1: just to give you about the twenty seconds here, what's

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Speaker 1: the one piece of advice you would give someone who's

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Speaker 1: thinking about either purchasing a restored car such as this.

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Speaker 1: I would think that they it's certainly if you're going

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Speaker 1: to buy a car, you do one hundred. You have

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Speaker 1: to be uh that you trust the vendor, and if

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Speaker 1: you do not trust the vendor, you definitely have to

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Speaker 1: drive the car that you're going to purchase. Definitely drive it, uh,

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Speaker 1: if not, drive some other car that that that that

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Speaker 1: the vendor has built, and that will definitely uh be

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Speaker 1: a requirement before you signed the tech Nelson Kai, thank

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Speaker 1: you very much. He is the chief executive of the

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Speaker 1: f J company. They're based in Miami. I'm Pim Fox

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Speaker 1: and this is Bloomberg coming up on taking stock. We're

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Speaker 1: gonna take stock of bank stocks. We've got Mike Mattioli,

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Speaker 1: he is portfolio manager and Manu Life Asset Management, is

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Speaker 1: going to give us his take on why City Group,

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Speaker 1: he says, is a value