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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: This is the Bloomberg Surveillance Podcast. Catch us live weekdays

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Speaker 2: at seven am Eastern on Apple car Player, Android Auto

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Speaker 2: with the Bloomberg Business App. Listen on demand wherever you

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Speaker 2: get your podcasts, or watch us live on YouTube.

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Speaker 3: Caro, we are so fortunate.

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Speaker 4: I feel like here at Bloomer did we get to

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Speaker 4: speak to so many really totally smart and experienced investors

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Speaker 4: that have managed, you know, billions of dollars of assets

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Speaker 4: on behalf of their clients and have seen everything. They've

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Speaker 4: seen different cycles, different sector moves. Our next guest is

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Speaker 4: right at the top of that list, Karen Murphy, CIO

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Speaker 4: of Kestra Investment Management. I don't know what Kester Investment

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Speaker 4: Management is, but she's worked all over Wall Street her

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Speaker 4: entire career. It's just amazing we get to speak to

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Speaker 4: some of these people. So, Cara, thanks again for joining

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Speaker 4: us here. I mean, Karen and I have been talking

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Speaker 4: about today. You know, we got that retail sales number today.

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Speaker 4: I'm not sure the FED needs to do anything and

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Speaker 4: I think I'm okay if they don't do anything in November.

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Speaker 4: How are you viewing this economy and this market right here.

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Speaker 5: I think you're right to be really marveling at these

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Speaker 5: strong retail sales numbers.

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Speaker 6: You know, earlier this year, when we were.

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Speaker 5: Looking at not nominal retail sales, but real retail sales,

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Speaker 5: there was a concern because those had turned negative for

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Speaker 5: a little while. But over the last few months we

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Speaker 5: have seen a very definitive turn in both nominal and

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Speaker 5: real retail sales to going positive. And it's a bit

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Speaker 5: of a head scratcher because when we look at the

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Speaker 5: consumer confidence numbers, they continue to be in recessionary territory.

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Speaker 5: But when we look at what consumers are doing with

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Speaker 5: their actual dollars, they're out there spending like the economy

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Speaker 5: is doing really, really well. So I think the FED.

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Speaker 6: Should feel pretty comfortable about that.

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Speaker 5: And I don't think that the house is on fire

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Speaker 5: and the FED needs to come in with a bunch

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Speaker 5: of rate cuts. I think they'll continue cutting rates, but

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Speaker 5: they can take their time.

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Speaker 7: Hey, Caren, you guys work with independent financial advisors. You're

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Speaker 7: giving them some advice, you're giving them guidance, And I'm

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Speaker 7: just curious, what is it that they are most concerned

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Speaker 7: about right now? In this environment.

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Speaker 6: Everybody's talking about the election.

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Speaker 5: So for the next couple of weeks, it's going to

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Speaker 5: be really hard to focus on anything else, and so

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Speaker 5: a lot of what we're doing is trying to hold

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Speaker 5: hands and tell people that we don't think that whoever

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Speaker 5: ends up in the White House is going to have

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Speaker 5: a big impact on the medium trajectory of the market.

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Speaker 5: So you need to kind of sit through this in

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Speaker 5: near term volatility. But then coming out of that just

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Speaker 5: a couple of weeks from now, hopefully crossmakers. I think

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Speaker 5: the focus will then return to earnings, which is really

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Speaker 5: going to be the driver of the market. And there too,

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Speaker 5: I think we're seeing pretty good trends.

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Speaker 3: Yeah, I kind of wanted to go there.

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Speaker 4: I mean, we've just had a some of the big

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Speaker 4: banks report. I mean, we've got most of the rest

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Speaker 4: of the S and P to come over the next

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Speaker 4: couple of weeks. But the bank earnings, Karen and I

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Speaker 4: were talking at the opening here this morning, they look

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Speaker 4: pretty solid across the board.

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Speaker 6: Quite solid.

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Speaker 5: And again, if we have the FED continuing to cut

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Speaker 5: at a modest rate, a more normal yield curve, activity

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Speaker 5: is picking up in a lot of their core areas.

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Speaker 5: Credit's okay, so they have a lot of things to

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Speaker 5: be really positive about. And then when you look in

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Speaker 5: particular at some of those small cat banks, they're the

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Speaker 5: ones who are particularly interest rate sensitive, and we'll start

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Speaker 5: to benefit from this new interest rate environment.

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Speaker 7: Hey, Cara, one of the things too, Paul and I

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Speaker 7: were as we were gearing up for you to join us.

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Speaker 7: Your background is just way cool. You've worked in a

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Speaker 7: lot of well known firms, whether it's Gold, mid Sax,

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Speaker 7: whether it was AIG funds. But what's interesting is you

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Speaker 7: go kind of way back before you tapped into the

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Speaker 7: investment industry. You were an analysts covering international political and

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Speaker 7: economic risk and you focused on Eastern Europe and Russia.

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Speaker 7: One of the things that Paul brought up, which I

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Speaker 7: thought was really brilliant, is that this idea that we

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Speaker 7: have another headline that Israel saying hamas chief may have

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Speaker 7: been killed in Gaza attacks, and yet the markets seem

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Speaker 7: to take that in stride, or even if we see

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Speaker 7: a blip, seems to recover quickly. What is going on

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Speaker 7: in investment markets where geopolitical risks seems to be they

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Speaker 7: kind of just take it in and kind of don't

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Speaker 7: seem to overreact. Investors don't.

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Speaker 5: It is quite remarkable, and you have to go deep

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Speaker 5: into my resume to find that, but we did.

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Speaker 3: We did.

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Speaker 5: I find international politics incredibly interesting, and these types of

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Speaker 5: things that you're talking about are really really important, but

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Speaker 5: I don't talk about them all that often simply because

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Speaker 5: US markets over time have shown us again and again

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Speaker 5: that they can remain very well insulated from geopolitical risk.

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Speaker 5: And that's a great benefit from being in the United States,

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Speaker 5: which has you.

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Speaker 6: Know, an ocean on either side.

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Speaker 5: And if you look back in fact to when Russia

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Speaker 5: in Vada, Ukraine at the time, I mean, there was

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Speaker 5: a lot of concern war in Europe for the first

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Speaker 5: time since World War Two, concerned about grains and other

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Speaker 5: commodity prices oil, and very quickly, you know, within a

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Speaker 5: couple of weeks or months, that risk started to feed

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Speaker 5: from markets.

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Speaker 6: And we've seen the same in the Middle East.

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Speaker 5: And usually the big way that these geopolitical risks sort

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Speaker 5: of transition from wherever they start to US markets is

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Speaker 5: through oil. And interestingly, over the last twelve months, we've

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Speaker 5: seen oil come down, I think driven by some softer demand,

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Speaker 5: particularly in China, but that transmission mechanism has not really

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Speaker 5: reared its ugly head, and so US markets are able

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Speaker 5: to really shrug it off.

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Speaker 4: Caro, how about the fixed income space. I can sit

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Speaker 4: into your treasury and get four percent here?

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Speaker 3: Is that okay? Or should I be taking some credit risk?

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Speaker 3: Do you think so?

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Speaker 5: We actually think corporate, so high quality credit is pretty

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Speaker 5: attractive here.

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Speaker 6: So you have nice nominal yields.

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Speaker 5: You know, spreads are narrow, but not terribly narrow, and

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Speaker 5: we'd actually rather be in a corporate space and be

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Speaker 5: leaning into credit risk as opposed to duration risk right here. Now,

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Speaker 5: once you get out the credit curve into high yield,

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Speaker 5: that's where I start to get a little bit more worried,

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Speaker 5: simply because if the FED rate cutting cycle takes a

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Speaker 5: little bit longer in than what the market's currently expecting,

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Speaker 5: some of those companies are not going to get the

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Speaker 5: reliefs that they're really hoping for. And credit spreads are

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Speaker 5: about at historic lows, so you're not getting paid to

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Speaker 5: take a lot of that risk. But if you're in

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Speaker 5: that sort of core credit, high quality borrowers, we think

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Speaker 5: that's a really nice place to be.

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Speaker 4: All right, how about one of the things I want

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Speaker 4: to ask, given your great experiences alternatives. How do you

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Speaker 4: guys allocate to alternatives? I was at a recently some

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Speaker 4: talking to some retail investment advisors and they put a

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Speaker 4: lot of allocation to alternatives.

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Speaker 8: How do you think about that?

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Speaker 5: So, I mean, alternatives can be a great addition to

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Speaker 5: a diversified portfolio. I don't think you have to have

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Speaker 5: alternatives to build wealth, and so we work with a

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Speaker 5: lot of very high networks clients who do really really

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Speaker 5: well over time with the simple stock bond Strategyously, I feel.

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Speaker 7: Like every time I talk to a wealth manager, they

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Speaker 7: are like, my clients want they want different ways. They

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Speaker 7: want to they want to tap the private credit markets.

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Speaker 7: They want to be they want that alpha, Like that's

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Speaker 7: what they're asking about. So continue because I'm just kind

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Speaker 7: of blown away. Yeah, it seems like everybody, but.

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Speaker 6: So I would say some are.

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Speaker 5: But once you start to get into the complexity and

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Speaker 5: the sort of idiosyncrasies of some of those strategies, that's

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Speaker 5: where it starts to become a little bit more tricky.

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Speaker 5: And look, as we think about both credit and equity,

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Speaker 5: because of you know, regulatory environment, a lot of different reasons,

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Speaker 5: a fair amount of investment opportunities have been moved to

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Speaker 5: those private markets. That said, there's a huge amount of complexity.

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Speaker 5: There's you know, liquidity tie ups, there's paperwork that you

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Speaker 5: have to do, and again a lot of idio idiosyncrasies

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Speaker 5: where you have to work much harder to get a

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Speaker 5: diversified alt portfolio. So we generally recommend keep it a

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Speaker 5: small portion of your portfolio, keep it diversified by assea

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Speaker 5: class and by manager, and that will protect you as

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Speaker 5: you might get into rockier environments.

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Speaker 4: All Right, Kerr, thank you so much for joining us.

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Speaker 4: Always appreciate getting a few minutes of your time. Karen Murphy,

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Speaker 4: she's the CIO at Kestre Investment Management, getting her thoughts

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Speaker 4: on these markets.

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Speaker 2: You're listening to the Bloomberg Surveillance Podcast. Catch us live

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Speaker 2: weekday afternoons from seven to ten am Easter Listen on

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Speaker 2: Apple car Play and and Brout Auto with a Bloomberg

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Speaker 2: Business app, or watch us live on YouTube.

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Speaker 4: Our next guest, he clearly has a view on us,

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Speaker 4: Matt Siegel. He said of digital assets research at Vanek, Matt,

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Speaker 4: what are the smart people in crypto talking about today?

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Speaker 4: What are the next things that we need to be

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Speaker 4: thinking about going forward with crypto.

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Speaker 9: Yeah, we're we have strong conviction that we're on the

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Speaker 9: cusp of a high volatility rally in bitcoin. That would

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Speaker 9: be a similar pattern to what happened around the twenty

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Speaker 9: twenty election. So when you look at the volatility profile

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Speaker 9: of FX fixed income equities, they're all at the high

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Speaker 9: end of their range over the last year. Bitcoin stands

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Speaker 9: out for trading at the low end of its volatility range.

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Speaker 9: Now we're starting to see that change, and some of

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Speaker 9: that is the market starting to price in the higher

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Speaker 9: odds that Trump has in the election, and some of

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Speaker 9: it is just seller's exhaustion. We had a lot of

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Speaker 9: large sellers over the summer. They've kind of wrapped up,

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Speaker 9: so the backdrop is looking pretty strong. There's also not

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Speaker 9: much leverage in the space right now, so that is

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Speaker 9: something that could emerge with a bit more optimism.

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Speaker 7: Would you rather see a Trump White House versus a

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Speaker 7: Harris White House based on maybe some of his comments

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Speaker 7: on the crypto space?

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Speaker 9: One hundred percent. The current administration has spent four years

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Speaker 9: attacking this industry in every agency house house.

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Speaker 3: So is it mister Gensler at the SEC or is

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Speaker 3: it more than that?

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Speaker 9: Well Biden put out an executive order in the first

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Speaker 9: few months of his administration instructing all federal agencies to

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Speaker 9: take a maximum enforcement approach towards this industry. Do you

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Speaker 9: think because they want maximum control over the financial system,

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Speaker 9: I want to be able to track and see every

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Speaker 9: transaction and don't have a great respect for privacy, would

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Speaker 9: be my take on it.

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Speaker 7: I would counter, why not shouldn't they because bitcoin was

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Speaker 7: initially kind of set up to be the anti establishment,

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Speaker 7: right in terms of the financial industry, and yet you

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Speaker 7: guys all want to now play kind of with the

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Speaker 7: traditional environment and investors, now you know what I mean.

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Speaker 7: So shouldn't there be some oversight to protect investors?

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Speaker 9: Well, that's what the etf rapper did. And we've seen

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Speaker 9: twenty billion dollars of flows into these spot bitcoin ETFs

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Speaker 9: since their launch in January.

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Speaker 7: And what we've noticed necessarily mean like I mean, investors

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Speaker 7: want to play.

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Speaker 9: With it, right, Yeah, So what we've noticed is that

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Speaker 9: the weekly inflows into these bitcoin ETFs have been predictive

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Speaker 9: of the next week's returns. So, yes, institutions do want

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Speaker 9: access to this asset. It's a anti doll It's a

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Speaker 9: fixed scarce asset with a predictable monetary policy, which is,

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Speaker 9: you know, not what the FED has been following. And

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Speaker 9: we can see that hedge fund holdings of the bitcoin

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Speaker 9: ETFs were up forty percent in Q two. The number

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Speaker 9: of public companies that now own bitcoin on their balance sheet,

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Speaker 9: that number is also up forty percent year over year.

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Speaker 9: It's approaching fifty different companies.

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Speaker 3: So why would companies do is that? Why are they.

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Speaker 9: They want to make money, it's the best performing asset class.

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Speaker 7: Want to do it as a tiny slice to be

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Speaker 7: fair even in a portfolio. If somebody comes on they

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Speaker 7: say it's a tiny slice.

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Speaker 9: You mean the listed companies who are adding bitcoin for

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Speaker 9: micro strategy. It's not a tiny slice for block It's

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Speaker 9: not a tiny slice for Reddit, It's not a tiny slice.

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Speaker 9: These are meaningful allocations. If you look at crypto's correlations

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Speaker 9: over the last ten years, the strongest correlation has been

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Speaker 9: positive with money supply. So what is your last guest set?

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Speaker 9: The FED is cutting rates, Let's get out of short

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Speaker 9: term fixed instruments, Let's get into risky assets. This is

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Speaker 9: where bitcoin has historically shined is when money supplies accelerating

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Speaker 9: and the dollar is weak. So what's the election likely

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Speaker 9: to solidify former years of irresponsible money printing. I just

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Speaker 9: saw that Moody's has put a number of countries on

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Speaker 9: warning for sovereign downgrades. They're on the lookout for when

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Speaker 9: a country's tax revenue deficits and so on. Yeah, deficits, right,

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Speaker 9: So they're looking at at scenarios where interest payments are

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Speaker 9: more than twenty percent of federal revenues. In the US,

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Speaker 9: it's twenty four percent right now. So we think that

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Speaker 9: the market will refocus on this fiscal unsustainability after the election,

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Speaker 9: and that will turbocharge bitcoin and cryptos performance.

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Speaker 4: At vandeck, the flows coming into the crypto who are

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Speaker 4: those people who like is it retail institutional?

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Speaker 3: What are the fun flows that you guys see?

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Speaker 9: Yeah, so not all of the ETF holders need to

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Speaker 9: report their positions. So what we have observed is that

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Speaker 9: hedge funds have been the largest purchasers of the bitcoin ETFs.

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Speaker 9: Rias have been smaller, but they are growing. And even

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Speaker 9: some public pension plants like Wisconsin, Michigan, Jersey City.

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Speaker 8: Nice, there you go, you own it, Carol.

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Speaker 9: And I think one of the most striking things about bitcoin.

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Speaker 7: Gearing into Jersey City politics or their budget.

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Speaker 9: One of the most striking things this year has been

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Speaker 9: the transformation in the mainstream media around bitcoin's energy intensity.

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Speaker 9: We've looked at some research analyzing the natural language models

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Speaker 9: is how the media is treating bitcoin, and really that

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Speaker 9: negativity has evaporated many you know, there's been a lot

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Speaker 9: of peer reviewed research that's come out that has proven

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Speaker 9: that bitcoin can help incentivize the renewable build out by

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Speaker 9: acting as this economic battery. And it's been very encouraging

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Speaker 9: to see that transformation. And because of that, Bitcoin and

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Speaker 9: AI are now inextricably linked. Both require vast of energy.

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Speaker 9: Bitcoin miners are beginning to pivot and transition some of

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Speaker 9: their electricity to serve the AI market. And those bitcoin miners,

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Speaker 9: the publicly traded ones that have pivoted their stocks have

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Speaker 9: massively outperformed. So we think there's going to be more

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Speaker 9: of that convergence between bitcoin and AI, and President Trump

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Speaker 9: certainly understands not so.

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Speaker 7: Bitcoin companies now are just saying, wait a minute, I've

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Speaker 7: got a new revenue stream. I'm helping out the AI

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Speaker 7: guys who need access to data sent.

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Speaker 9: Yeah, the bitcoin miners traded about four million dollars per

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Speaker 9: megawat of power that they control. The data center companies

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Speaker 9: trade at forty million dollars per megawatt, so there is

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Speaker 9: an enormous arbitrage. It takes a bit of capex to

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Speaker 9: repurpose these facilities. You need redundant power, you need better

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Speaker 9: fiber connections, more water. But once you do, the economics

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Speaker 9: are highly compelling, and those are the stocks that are outperforming.

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Speaker 4: Cryp crypt Go gives you a launch pad monitor for

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Speaker 4: all that crypto stuff that Bloomberg's got it. What else

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Speaker 4: besides Bitcoin should I be focusing on in the crypto space.

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Speaker 9: Yeah, well, we like these smart contract platforms. These are

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Speaker 9: the automated open source databases that act like an open

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Speaker 9: source app store. So Solana and Ethereum would be among

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Speaker 9: the most prominent. We've got regulators in the in the

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Speaker 9: US and the EU suing all of big tech for monopoly.

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Speaker 9: It's head scratching to me that the regulators don't incentivize

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Speaker 9: growth in these open source app stores that can take

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Speaker 9: margin away provide competition to the closed walled garden app stores.

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Speaker 9: So Ethereum, Solana, these also look quite strong to us.

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Speaker 3: Matt.

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Speaker 7: Maybe I'm just stupid, like I still try to understand bitcoin, cryptocurrencies,

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Speaker 7: what will be their role longer term? And I kind

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Speaker 7: of understand blockchain in terms of putting some important documents

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Speaker 7: and so on and so forth. I think that can

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Speaker 7: cut out a lot of middleman and be efficient and

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Speaker 7: understanding ownership. But tell me, like, what is still like?

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Speaker 7: I don't go shopping with bitcoin, I don't pay bills

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Speaker 7: with bitcoin trans to do that? He tried, and he

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Speaker 7: still tries, Right, But I don't, right. And I understand

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Speaker 7: we're going to get the emerging markets application, but it

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Speaker 7: isn't widespread. So what is ultimately the endgame with bitcoin?

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Speaker 7: And I asked that with pure respect of trying to

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Speaker 7: understand where this goes.

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Speaker 9: At its heart, this is an emerging market asset class

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Speaker 9: that provides an alternative to the US monetary policy. And

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Speaker 9: when we look at surveys around the world, the countries

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Speaker 9: that are most optimistic about bitcoin tend to be the

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Speaker 9: youngest countries Nigeria, the Philippines. The countries that are least

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Speaker 9: optimistic about bitcoin are the oldest countries Germany, France. So

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Speaker 9: we think of it as a way to get exposure

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Speaker 9: to emerging markets in a one percent position. What it

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Speaker 9: might take you a five percent position and an emerging market.

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Speaker 9: It's fun to do. And meanwhile, that five percent position

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Speaker 9: is thirty percent China. We're not seeing a lot of

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Speaker 9: demand for that specific allocation from our clients.

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Speaker 8: Great chat YEP.

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Speaker 3: Also, pretty much everything I know from crypto I know

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Speaker 3: from this guy.

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Speaker 4: Matt Siegel, head of Digital assets research at van Neck.

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Speaker 4: Of course he's originally from Bloomberg. That's the highlight of

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Speaker 4: his career. We appreciate him coming in and giving us

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Speaker 4: some thoughts on the whole crypto space.

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Speaker 3: It really is helpful.

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Speaker 2: This is the Bloomberg Surveillance Podcast. Listen live each weekday

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Speaker 2: starting at seven am Eastern on applecar Play and Android

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Speaker 2: Auto with the Bloomberg Business app. You can also listen

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Speaker 2: live on Amazon Alexa from our flagship New York station

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Speaker 2: Just Say Alexa playing Bloomberg eleven thirty.

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Speaker 4: Nineteen days, nineteen days the Election, David gerw you do

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Speaker 4: the podcast thing this?

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Speaker 3: I don't know what do we do?

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Speaker 4: Nineteen days The Baby's Take Podcast, The Big Take Podcast.

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Speaker 8: If you're either Kennedy, what do you do with nineteen

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Speaker 8: days left?

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Speaker 10: I guess I've got a piece of paper my desk,

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Speaker 10: just noting where each of these candidates is over the

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Speaker 10: next few days, and it's hard to keep track of

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Speaker 10: because they are traveling a ton. But I think what

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Speaker 10: we've seen in the last couple of days is them

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Speaker 10: trying to reach out to this very small sliver of

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Speaker 10: the population that remains. So you had former President Trump

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Speaker 10: going to Miami to do this town hall with Univision.

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Speaker 10: You had Vice President Harris sitting down in Pennsylvania with

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Speaker 10: Brettbeer of Fox News. I think that her goal for

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Speaker 10: that interview was to reach Republican women voters. And as

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Speaker 10: I watched that interview unfold, it was interesting. There are

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Speaker 10: no questions about reproductive rights, no questions about abortion. That's

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Speaker 10: really what the Harris campaign has been focusing on to

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Speaker 10: try to get some of those women to support her

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Speaker 10: campaign didn't come up over the course of that interview.

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Speaker 7: When it comes to seventeen days, I mean, what do

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Speaker 7: voters want to hear? And I'm just curious what really

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Speaker 7: sways them and makes them either change their mind or

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Speaker 7: decide to kind of you get up and actually vote.

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Speaker 10: It's interesting. I'd like to hope that it has to

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Speaker 10: do with policy, and I think that if you look

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Speaker 10: at the conversation that our college John Micklethwaite had with

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Speaker 10: former President Trump earlier this week. That was a very

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Speaker 10: policy heavy conversation. I'm not sure that that's going to

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Speaker 10: sway voters at this point. And I'm as flummoxed as anyone,

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Speaker 10: I think, by those who have been living through this

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Speaker 10: campaign that has gone on for so long and still

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Speaker 10: haven't made up their minds about who they're going to support.

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Speaker 7: How long though for Kamala, and I wonder if that's

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Speaker 7: a dissent advantage or advantage. I think I feel like

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Speaker 7: there's some debate on that.

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Speaker 10: It's a great question, and I think, you know, going

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Speaker 10: back to that Fox News interview, I think there are

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Speaker 10: a lot of people who haven't been exposed to her

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Speaker 10: a ton don't know what she stands for, still have

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Speaker 10: questions about her platform and her background, and I think, yes,

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Speaker 10: there was that effort to reach out to those voters

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Speaker 10: kind of on certain issues, but I think it was

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Speaker 10: also just a moment for her to introduce herself to

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Speaker 10: people who might not hear from her outside of soundbites

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Speaker 10: on that network in particular.

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Speaker 4: And David, I guess what I hear from a lot

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Speaker 4: of the political pros is it's really going to be

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Speaker 4: a story about turnout, and I guess how both sides

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Speaker 4: thinking about turnout is a higher turnout and advantage for

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Speaker 4: one versus the other.

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Speaker 10: We know a lot more about the ground game that

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Speaker 10: the Harris campaign has constructed, and of course, I think

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Speaker 10: one of the more astonishing and interesting things about that

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Speaker 10: transition that took place in July is that Kamala Harris

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Speaker 10: inherited the campaign almost wholesale from President Biden, the staff,

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Speaker 10: the whole apparatus. And so we know that they've raised

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Speaker 10: an incredible amount of money billion dollars and they're deploying

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Speaker 10: that on advertising, digital and TV advertising, traditional advertising, but

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Speaker 10: also on the ground game as well. So in the

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Speaker 10: memos that the campaign management puts out, they emphasize a

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Speaker 10: lot how many volunteers, how much staff they have across

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Speaker 10: the country, particularly in those swing states. We know less

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Speaker 10: about the Trump campaign, but Trump campaigns raised a lot

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Speaker 10: of money as well, has a lot of support from packs.

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Speaker 10: Elon musk Is set up camp in Pennsylvania. So they

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Speaker 10: are less clear about sort of how they're deploying that money.

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Speaker 10: But I think you're right, Paul, that the ground game

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Speaker 10: is crucial here in both candidates understand that, hey, there's.

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Speaker 7: Early voting, though, David already in several states, and I'm

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Speaker 7: just curious. I've been hearing it feel like it sounds

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Speaker 7: like a lot of early voting happening, and I'm not

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Speaker 7: sure what that is as an indicator.

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Speaker 10: You know, I think it's a sign that people are

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Speaker 10: engaged and that every vote is going to count and

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Speaker 10: no candidate is taking votes for granted, any of these places,

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Speaker 10: I think, you know, as from North Carolina and have

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Speaker 10: been following through of what's been going on there with

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Speaker 10: their fallout from the hurricane that hit.

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Speaker 8: That they'll be able to vote.

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Speaker 10: They will be able to vote, and you saw changes

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Speaker 10: made both by the state election board and by the

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Speaker 10: legislature as well to make it so that you could

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Speaker 10: pick up your ballot in one place deposited in another.

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Speaker 10: So I think that officials in that state in Florida

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Speaker 10: as well, almost to the same extent, recognize the fact

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Speaker 10: that this is something that's really friend of mine to

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Speaker 10: a lot of people, and don't they don't. They don't

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Speaker 10: want to make people have to be unable to vote obviously,

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Speaker 10: or have difficulty voting. They're trying to make it more

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Speaker 10: possible for them. I think Florida the hitches, there was

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Speaker 10: a push for Governor Ron DeSantis to extend how you could,

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Speaker 10: like you could register to vote. He hasn't budged on that.

439
00:21:21,520 --> 00:21:25,840
Speaker 10: In North Carolina has been some flexibility there October.

440
00:21:26,000 --> 00:21:29,560
Speaker 4: I mean, is there anything that could move this needle

441
00:21:29,600 --> 00:21:30,560
Speaker 4: here one way or the other?

442
00:21:30,600 --> 00:21:32,960
Speaker 3: Do you think? I mean October surprises. I'm not sure.

443
00:21:33,000 --> 00:21:34,959
Speaker 3: We've had hurricanes and guy, so I'm not sure what

444
00:21:35,000 --> 00:21:35,320
Speaker 3: that is.

445
00:21:35,440 --> 00:21:37,679
Speaker 10: I think, barring that, I mean, going back to that

446
00:21:37,800 --> 00:21:40,679
Speaker 10: Fox News interview, there has been some speculation could there

447
00:21:40,720 --> 00:21:42,960
Speaker 10: be another debate. It's it's getting now pretty close to

448
00:21:42,960 --> 00:21:44,280
Speaker 10: the election day and it seems like that's.

449
00:21:44,160 --> 00:21:46,600
Speaker 3: Not going to happen. The erecting on the table could

450
00:21:46,680 --> 00:21:47,080
Speaker 3: could be.

451
00:21:47,119 --> 00:21:48,920
Speaker 10: I mean, it's possible they could, they could build together.

452
00:21:49,000 --> 00:21:50,359
Speaker 3: I think that the betting.

453
00:21:50,119 --> 00:21:52,680
Speaker 10: Odds have gotten reduced over these last these last few days.

454
00:21:52,760 --> 00:21:55,639
Speaker 10: But see TV, as they used to say, yeah, yeah, yeah,

455
00:21:55,680 --> 00:21:56,919
Speaker 10: but you know, barring that, I think we're going to

456
00:21:56,920 --> 00:21:58,240
Speaker 10: see a few more moments like the one that we

457
00:21:58,280 --> 00:22:02,439
Speaker 10: saw last night, not exactly frass exactly, you know, I

458
00:22:02,440 --> 00:22:03,840
Speaker 10: think that we'll see a few more moments like we

459
00:22:03,840 --> 00:22:05,880
Speaker 10: saw last night that is each candidate kind of doing

460
00:22:05,880 --> 00:22:10,399
Speaker 10: maybe more town hall with just themselves and a news anchor,

461
00:22:10,680 --> 00:22:12,280
Speaker 10: we're doing a sit down interview. I think, you know,

462
00:22:12,280 --> 00:22:14,080
Speaker 10: if you look at the way that the Harris campaign

463
00:22:14,119 --> 00:22:16,320
Speaker 10: has pivoted over these last few weeks, you know, they

464
00:22:16,359 --> 00:22:18,240
Speaker 10: went from taking a lot of flak for not doing

465
00:22:18,240 --> 00:22:20,720
Speaker 10: interviews to doing a ton of them and really the

466
00:22:20,760 --> 00:22:23,120
Speaker 10: gamut of them. So it started out with these kind

467
00:22:23,119 --> 00:22:26,680
Speaker 10: of friendlier sit downs appearance on late night shows. Now

468
00:22:26,760 --> 00:22:29,320
Speaker 10: this Kamala Harris sitting down with this kind of very

469
00:22:30,000 --> 00:22:32,520
Speaker 10: kind of adversarial network where she's had a lot of trouble,

470
00:22:33,200 --> 00:22:34,800
Speaker 10: I think it's harder for the Trump campaign to kind

471
00:22:34,800 --> 00:22:36,480
Speaker 10: of make the argument that she hasn't approached the media

472
00:22:36,720 --> 00:22:38,000
Speaker 10: or done these kind of serious interviews.

473
00:22:38,040 --> 00:22:40,280
Speaker 7: On the Bloomberg you can pull up all the different

474
00:22:40,280 --> 00:22:43,240
Speaker 7: polling and stuff. It kind of is mind blowing. I know,

475
00:22:43,280 --> 00:22:45,879
Speaker 7: we've all learned lessons about polls aren't always correct, So

476
00:22:45,920 --> 00:22:47,960
Speaker 7: how do you read it? It looks like a very close race.

477
00:22:48,240 --> 00:22:50,760
Speaker 7: I'm looking at one poll general election Kamala Harris forty

478
00:22:50,840 --> 00:22:53,359
Speaker 7: nine point three, Donald Trump forty seven point seven. But

479
00:22:53,400 --> 00:22:56,520
Speaker 7: there's another poll that will show the opposite. So is

480
00:22:56,560 --> 00:22:58,400
Speaker 7: there a smart thought about that too.

481
00:22:58,720 --> 00:23:00,960
Speaker 10: I think it's to kind of look at the poles broadly.

482
00:23:01,000 --> 00:23:02,640
Speaker 10: So you bring up a few of them, you bring

483
00:23:02,720 --> 00:23:04,560
Speaker 10: up these averages. I mean, we're being inundated with them,

484
00:23:04,600 --> 00:23:06,800
Speaker 10: and there'll be a new Bloomberg Morning Console poll before

485
00:23:06,840 --> 00:23:08,879
Speaker 10: long as well. I think what it gives us is

486
00:23:08,920 --> 00:23:10,640
Speaker 10: kind of an insight into what's happening at a more

487
00:23:10,640 --> 00:23:13,320
Speaker 10: granular level at a state level. I think back on

488
00:23:13,359 --> 00:23:15,080
Speaker 10: the last Bloomberg Pole that we did, and we kind

489
00:23:15,080 --> 00:23:18,119
Speaker 10: of saw movement at the state level in those swing states.

490
00:23:18,520 --> 00:23:20,960
Speaker 10: Also highlights what the issues are that matter to voters.

491
00:23:21,000 --> 00:23:23,240
Speaker 10: So I said at the top, Kamala Harris wasn't able

492
00:23:23,240 --> 00:23:25,040
Speaker 10: to speak much about reproductive rights. You did talk a

493
00:23:25,040 --> 00:23:27,120
Speaker 10: lot about immigration. And the way that Brett Bear set

494
00:23:27,119 --> 00:23:29,000
Speaker 10: it up at the top of that interview is to say, look,

495
00:23:29,040 --> 00:23:30,720
Speaker 10: you look at all of these poles that you mentioned,

496
00:23:31,560 --> 00:23:34,119
Speaker 10: Economies at the top, immigration's right below it. So I

497
00:23:34,119 --> 00:23:36,320
Speaker 10: think that there hasn't been a whole lot of movement

498
00:23:36,320 --> 00:23:37,760
Speaker 10: in that. I think that that's kind of what voters

499
00:23:37,760 --> 00:23:39,720
Speaker 10: have coluster and those are the things that matter for them.

500
00:23:40,320 --> 00:23:41,920
Speaker 10: But again, as I look at the polling. I'm looking

501
00:23:41,920 --> 00:23:44,080
Speaker 10: for again averages, and I'm looking for sort of what

502
00:23:44,160 --> 00:23:46,360
Speaker 10: stands out in terms of topics or sort of how

503
00:23:46,440 --> 00:23:49,040
Speaker 10: each candidate might be seeing some movement in terms of

504
00:23:49,080 --> 00:23:51,520
Speaker 10: how voters perceive they're able to do on those particular issues.

505
00:23:51,600 --> 00:23:54,200
Speaker 10: Still close, then incredibly close, and it will be and

506
00:23:54,240 --> 00:23:55,919
Speaker 10: I mean just to be candidate, I mean planning for

507
00:23:55,960 --> 00:23:58,560
Speaker 10: what election day, election night's going to be like. I

508
00:23:58,560 --> 00:24:01,080
Speaker 10: think I think all of us are building in some flexibility.

509
00:24:01,119 --> 00:24:02,879
Speaker 10: Shall we say, sort of how long it takes to

510
00:24:02,880 --> 00:24:04,800
Speaker 10: get results and sort of what comes after that? And

511
00:24:04,840 --> 00:24:06,880
Speaker 10: I'll just put a quick plug in for the podcast today.

512
00:24:07,280 --> 00:24:09,199
Speaker 10: My colleagues lay most news based in DC is doing

513
00:24:09,200 --> 00:24:11,720
Speaker 10: an episode SI on all of the litigation that we've

514
00:24:11,720 --> 00:24:14,040
Speaker 10: seen since the twenty twenty election and sort of what

515
00:24:14,080 --> 00:24:16,360
Speaker 10: that portends for this the fact that the courts are

516
00:24:16,440 --> 00:24:19,119
Speaker 10: likely to be busy, I think, depending on on how

517
00:24:19,119 --> 00:24:19,959
Speaker 10: this election turns out.

518
00:24:19,960 --> 00:24:21,600
Speaker 7: Oh wait, so the lawyers win again.

519
00:24:23,200 --> 00:24:26,880
Speaker 10: Winner breaking no news here, but yes, the lawyers always.

520
00:24:26,880 --> 00:24:29,760
Speaker 4: All right, David, you're going to be co hosting surveials tomorrow,

521
00:24:30,720 --> 00:24:36,000
Speaker 4: Yes with you? Yes, yeah, absolutely that David. He is

522
00:24:36,200 --> 00:24:38,959
Speaker 4: the host of the Big take podcast for Bloomberg News. Uh,

523
00:24:39,160 --> 00:24:41,800
Speaker 4: he's just following up on all things on this race

524
00:24:41,840 --> 00:24:45,360
Speaker 4: here and again the presidential race that down ballot impacts.

525
00:24:44,880 --> 00:24:46,639
Speaker 3: Here, you know, where does Congress go?

526
00:24:47,200 --> 00:24:50,400
Speaker 4: It's gonna be a fascinating issue. And again, as David

527
00:24:50,440 --> 00:24:52,040
Speaker 4: was suggesting, Carroll, I don't think we're going to know

528
00:24:52,119 --> 00:24:53,439
Speaker 4: it nine or ten o'clock.

529
00:24:53,520 --> 00:24:56,600
Speaker 7: Remember that last time around, like kuoha, right, and it

530
00:24:56,720 --> 00:24:58,320
Speaker 7: drigged down for a little while.

531
00:24:58,359 --> 00:25:00,320
Speaker 3: But yeah, I think that's the new world order.

532
00:25:05,320 --> 00:25:09,640
Speaker 2: This is the Bloomberg Surveillance Podcast. Listen live each weekday

533
00:25:09,720 --> 00:25:12,920
Speaker 2: starting at seven am Eastern on applecar Play and Android

534
00:25:12,960 --> 00:25:15,879
Speaker 2: Auto with the Bloomberg Business app. You can also watch

535
00:25:15,960 --> 00:25:19,199
Speaker 2: us live every weekday on YouTube and always on the

536
00:25:19,200 --> 00:25:20,199
Speaker 2: Bloomberg terminal.

537
00:25:20,359 --> 00:25:21,639
Speaker 3: I still read the newspapers, the.

538
00:25:21,680 --> 00:25:23,919
Speaker 4: Journal and the Times. I've been doing it since nineteen

539
00:25:23,920 --> 00:25:25,400
Speaker 4: eighty six. I'm not going to stop. That's the way

540
00:25:25,400 --> 00:25:26,160
Speaker 4: I start every day.

541
00:25:26,240 --> 00:25:27,440
Speaker 7: Do you still really read yeah?

542
00:25:27,480 --> 00:25:27,880
Speaker 3: Every day?

543
00:25:28,040 --> 00:25:28,640
Speaker 8: That's really cool.

544
00:25:28,760 --> 00:25:29,080
Speaker 3: The Journal.

545
00:25:29,160 --> 00:25:29,840
Speaker 8: Do you have an app?

546
00:25:30,280 --> 00:25:30,359
Speaker 7: You?

547
00:25:30,440 --> 00:25:30,600
Speaker 2: Yeah?

548
00:25:30,680 --> 00:25:31,080
Speaker 8: You do that.

549
00:25:31,480 --> 00:25:32,520
Speaker 3: I'm actually digital now.

550
00:25:32,680 --> 00:25:36,040
Speaker 8: Yes, I don't have the ink on the hands off.

551
00:25:35,920 --> 00:25:38,119
Speaker 4: When you get into the office at least, Mitey, what

552
00:25:38,160 --> 00:25:38,880
Speaker 4: do you got for us today.

553
00:25:38,960 --> 00:25:39,720
Speaker 6: Right, Financial Times.

554
00:25:39,720 --> 00:25:40,639
Speaker 8: Okay, you talked about him.

555
00:25:40,640 --> 00:25:43,600
Speaker 1: Okay, this was in the Financial Times. Another perk to

556
00:25:43,680 --> 00:25:46,760
Speaker 1: ozembic similar products glp ones. A study shows that it

557
00:25:46,800 --> 00:25:50,439
Speaker 1: cuts opioid alcohol abuse by up to half. Now, this

558
00:25:50,600 --> 00:25:53,119
Speaker 1: was published in the journal Addiction. So they took an

559
00:25:53,119 --> 00:25:55,199
Speaker 1: analysis of more than five hundred thousand people with a

560
00:25:55,280 --> 00:25:57,440
Speaker 1: history of opioid use disorder, and it showed that more

561
00:25:57,480 --> 00:26:01,159
Speaker 1: than eight thousand who were separately perscribe GLP one drugs

562
00:26:01,160 --> 00:26:04,680
Speaker 1: had a forty percent lower rate of opioid overdose than

563
00:26:04,720 --> 00:26:06,840
Speaker 1: those who did not. So it's kind of showing this

564
00:26:06,960 --> 00:26:08,879
Speaker 1: other side. You've been hearing about these different perks that

565
00:26:08,960 --> 00:26:11,560
Speaker 1: glp ones can do, but this is another side to

566
00:26:11,600 --> 00:26:14,159
Speaker 1: it because you have the opioid epidemic and now this

567
00:26:14,240 --> 00:26:14,800
Speaker 1: adds to it.

568
00:26:14,880 --> 00:26:15,520
Speaker 6: This is so cool.

569
00:26:15,520 --> 00:26:17,439
Speaker 7: It has to do with like the brain's reward system, right,

570
00:26:17,480 --> 00:26:19,760
Speaker 7: and you're wondering, like it's triggering off something. I feel

571
00:26:19,840 --> 00:26:21,800
Speaker 7: like every time we talk with our Madison Muller who

572
00:26:21,840 --> 00:26:23,760
Speaker 7: covers it, this is the drug that is going to

573
00:26:23,840 --> 00:26:26,840
Speaker 7: solve everything that ails us. It's unbelievable.

574
00:26:26,880 --> 00:26:29,760
Speaker 4: It's unbelievable. I have some first hand experience with these

575
00:26:29,960 --> 00:26:33,520
Speaker 4: GLP one man, they work. Yeah, I mean I've seen

576
00:26:33,560 --> 00:26:36,560
Speaker 4: it too, but the nausea is unbelievable. Once they figure

577
00:26:36,560 --> 00:26:38,680
Speaker 4: out to get rid of the nausea side effect, this

578
00:26:38,680 --> 00:26:40,919
Speaker 4: thing is going and put in an oral thing. We

579
00:26:41,040 --> 00:26:41,720
Speaker 4: just take the pill.

580
00:26:41,840 --> 00:26:44,679
Speaker 3: This thing can be everybody's can be doing I think crazy.

581
00:26:44,800 --> 00:26:46,680
Speaker 3: And then you add this to it. Yep, exactly, Can

582
00:26:46,680 --> 00:26:47,119
Speaker 3: I explode?

583
00:26:47,280 --> 00:26:47,399
Speaker 7: Right?

584
00:26:47,440 --> 00:26:47,760
Speaker 3: What else?

585
00:26:48,080 --> 00:26:48,159
Speaker 5: All?

586
00:26:48,240 --> 00:26:48,359
Speaker 3: Right?

587
00:26:48,400 --> 00:26:52,040
Speaker 1: So do you feel like your body takes a little

588
00:26:52,040 --> 00:26:55,560
Speaker 1: bit longer to bounce back? Yes, Okay, there's a scientific

589
00:26:55,640 --> 00:26:59,320
Speaker 1: reason behind this. It's called biological resilience. Okay, this is

590
00:26:59,320 --> 00:27:01,800
Speaker 1: what it's called. But this was in the Wall Street journals.

591
00:27:01,840 --> 00:27:05,840
Speaker 1: So it basically shows different things parenting, work changes, and

592
00:27:05,880 --> 00:27:08,800
Speaker 1: exercise habits, menopause, all of these stuff add up a

593
00:27:08,800 --> 00:27:10,760
Speaker 1: lot of stress on your body, and as you get

594
00:27:10,760 --> 00:27:13,960
Speaker 1: older it gets worse. You lose muscle masks while you age,

595
00:27:13,960 --> 00:27:16,160
Speaker 1: so you have a greater risk at injury, like all

596
00:27:16,200 --> 00:27:19,040
Speaker 1: of these different things. So what they say you're supposed

597
00:27:19,040 --> 00:27:22,320
Speaker 1: to do is eat fewer calories to maintain weight. But

598
00:27:22,359 --> 00:27:25,199
Speaker 1: they also say as you have more medications, side effects

599
00:27:25,200 --> 00:27:27,600
Speaker 1: affects you more. But they pointed out something they said

600
00:27:28,160 --> 00:27:31,040
Speaker 1: at two ages. This was another thing. Between forty four

601
00:27:31,080 --> 00:27:33,520
Speaker 1: and sixty those two marks were like the ones that

602
00:27:33,640 --> 00:27:34,520
Speaker 1: hit you the hardest.

603
00:27:34,920 --> 00:27:35,960
Speaker 3: So the one that hit.

604
00:27:35,840 --> 00:27:38,159
Speaker 8: Me the hardest, literally was on my birthday when I

605
00:27:38,200 --> 00:27:39,120
Speaker 8: turned sixty.

606
00:27:38,880 --> 00:27:41,199
Speaker 3: So that was the one sixty Yeah, and.

607
00:27:43,760 --> 00:27:46,240
Speaker 8: I say this, you look really good. Yeah, but my knees.

608
00:27:46,280 --> 00:27:48,080
Speaker 3: I'm not going with my doctor and he's like, dude, you're

609
00:27:48,080 --> 00:27:49,760
Speaker 3: just old man. It's the knees that's not the ratest

610
00:27:49,800 --> 00:27:50,240
Speaker 3: on your knees.

611
00:27:50,240 --> 00:27:53,240
Speaker 4: I'm like, no, way, I have arts, but you are

612
00:27:53,240 --> 00:27:55,480
Speaker 4: we arms today is what do we do?

613
00:27:55,600 --> 00:27:55,639
Speaker 1: Like?

614
00:27:56,640 --> 00:27:59,680
Speaker 7: Okay said, I listen to you guys all the time.

615
00:27:59,760 --> 00:28:02,679
Speaker 3: You are like unbelievable. She's a beast.

616
00:28:02,920 --> 00:28:04,639
Speaker 1: But it's harder to even say, like, you know how

617
00:28:04,640 --> 00:28:06,040
Speaker 1: I used to wake up when you were younger after

618
00:28:06,080 --> 00:28:07,840
Speaker 1: a night of drinking and it was hot and you

619
00:28:07,920 --> 00:28:10,240
Speaker 1: just bounce back. They say, the reason you can't bounce

620
00:28:10,280 --> 00:28:12,960
Speaker 1: back that much now is because your body's more dehydrate.

621
00:28:12,960 --> 00:28:14,800
Speaker 1: It dehydrates faster as you get older.

622
00:28:15,000 --> 00:28:15,560
Speaker 6: We can't win.

623
00:28:15,920 --> 00:28:18,679
Speaker 7: I just I just think what the telltale sign is

624
00:28:18,680 --> 00:28:20,440
Speaker 7: like as you move and you like make those noises

625
00:28:20,440 --> 00:28:23,120
Speaker 7: like wake up, I do that when you.

626
00:28:23,080 --> 00:28:27,679
Speaker 1: Were younger, okay, Chick fil A looking for a big

627
00:28:27,720 --> 00:28:30,080
Speaker 1: plan for chicken domination in Asia.

628
00:28:30,160 --> 00:28:31,280
Speaker 3: They want Chick fil A.

629
00:28:31,600 --> 00:28:33,280
Speaker 6: You've never gotten it, No, I don't.

630
00:28:33,320 --> 00:28:35,160
Speaker 7: I don't get the idea.

631
00:28:35,119 --> 00:28:38,600
Speaker 4: Chick Matt Miller brings it in like he'll go when

632
00:28:38,640 --> 00:28:40,120
Speaker 4: he was back before it down the block.

633
00:28:40,160 --> 00:28:41,520
Speaker 3: Yeah, and he would bring it for everybody.

634
00:28:41,520 --> 00:28:45,920
Speaker 1: So but it is no, it's moving, it's moving. Plants

635
00:28:45,960 --> 00:28:48,240
Speaker 1: open in Singapore late twenty twenty five. It's this ten

636
00:28:48,320 --> 00:28:51,800
Speaker 1: year long, seventy five million dollars investment into Singapore. But

637
00:28:51,880 --> 00:28:53,840
Speaker 1: they also what they're doing too, is there depending on

638
00:28:53,920 --> 00:28:56,280
Speaker 1: application to be the island's first independent Chick fil A

639
00:28:56,480 --> 00:28:58,840
Speaker 1: franchise owner. So that's a separate thing too.

640
00:28:59,080 --> 00:29:00,120
Speaker 8: But there's other people.

641
00:28:59,840 --> 00:29:02,200
Speaker 1: Out there's other brands. You have Shake Shack, Tim Horton,

642
00:29:02,320 --> 00:29:04,280
Speaker 1: Cinnebun over in Singapore already.

643
00:29:04,400 --> 00:29:05,880
Speaker 6: So Cinnebun that's another one.

644
00:29:06,760 --> 00:29:08,800
Speaker 7: I mean, they smell great right in the airport, but man,

645
00:29:08,800 --> 00:29:10,400
Speaker 7: once you eat them twenty minutes later.

646
00:29:10,200 --> 00:29:12,560
Speaker 3: And may well say, here's the airport. Cinea.

647
00:29:12,840 --> 00:29:15,000
Speaker 4: It used to be my excuse for the once in

648
00:29:15,080 --> 00:29:17,640
Speaker 4: a while McDonald's or Wendy's.

649
00:29:17,280 --> 00:29:18,960
Speaker 8: But you can't find the fast food anymore.

650
00:29:19,040 --> 00:29:21,680
Speaker 3: These airports, they are all gone off these high ends, right,

651
00:29:21,720 --> 00:29:22,200
Speaker 3: thing like that.

652
00:29:22,400 --> 00:29:24,560
Speaker 4: I mean like even in Newark, you know, which is

653
00:29:24,600 --> 00:29:26,840
Speaker 4: my home base, you can't find I was in ternal

654
00:29:26,880 --> 00:29:27,520
Speaker 4: A yesterday.

655
00:29:27,720 --> 00:29:28,560
Speaker 8: You can't find any.

656
00:29:28,480 --> 00:29:29,200
Speaker 3: New Jersey void.

657
00:29:29,240 --> 00:29:31,520
Speaker 8: Don't make fun of Newark Terminal.

658
00:29:32,880 --> 00:29:38,160
Speaker 1: Come ont okay. So lastly, Nike, they've been on this

659
00:29:38,240 --> 00:29:40,600
Speaker 1: hunt for new growth revenues, right so they think they

660
00:29:40,720 --> 00:29:42,880
Speaker 1: finally found it. Bloomberg got their hands on this memo

661
00:29:42,960 --> 00:29:44,960
Speaker 1: to employees and it said that they're turning to a

662
00:29:44,960 --> 00:29:48,560
Speaker 1: global push for its outdoor business. It's called All Conditions Gear,

663
00:29:48,880 --> 00:29:51,880
Speaker 1: so hiking gear, things like waterproof boots, these certain jackets,

664
00:29:51,960 --> 00:29:55,200
Speaker 1: zip off skirts, day packs. China is going to be

665
00:29:55,200 --> 00:29:56,960
Speaker 1: a focus for them, which is kind of interesting in

666
00:29:56,960 --> 00:29:57,360
Speaker 1: that way.

667
00:29:57,600 --> 00:29:59,240
Speaker 6: But it's just like a crowded area.

668
00:29:59,240 --> 00:30:00,760
Speaker 3: I mean, you have Pad, you.

669
00:30:00,880 --> 00:30:03,520
Speaker 1: Have north Face, Like is this going to work for them?

670
00:30:04,040 --> 00:30:07,560
Speaker 7: I love how things are named like ACG All Conditions Gear. Yes,

671
00:30:08,440 --> 00:30:10,560
Speaker 7: it's just outside things. It's hiking boots and all that

672
00:30:10,640 --> 00:30:11,120
Speaker 7: kind of stuff.

673
00:30:11,320 --> 00:30:14,840
Speaker 4: We get Derek Jeter and the guy who does the

674
00:30:14,920 --> 00:30:17,680
Speaker 4: untucked shirts in Oh yes, interviewing. I don't know if

675
00:30:17,680 --> 00:30:20,080
Speaker 4: you guys have we had the money yes, they were fabulous,

676
00:30:20,080 --> 00:30:22,760
Speaker 4: and they were talking about entering this business, and I

677
00:30:22,800 --> 00:30:25,120
Speaker 4: was looking. I was like, aren't there a million like

678
00:30:25,280 --> 00:30:28,760
Speaker 4: great companies already doing this stuff this at leisure? It

679
00:30:28,840 --> 00:30:31,600
Speaker 4: just seems like such a crowded market with like really good.

680
00:30:31,400 --> 00:30:33,920
Speaker 7: Stuff, yes and yes, and that everybody's trying to go

681
00:30:33,960 --> 00:30:36,240
Speaker 7: for like the best kind of feeling products. But I

682
00:30:36,280 --> 00:30:38,760
Speaker 7: also do think when you throw a celebrity like Derek Jeter,

683
00:30:39,160 --> 00:30:41,720
Speaker 7: like those are brands that get noticed. Whether he wears them,

684
00:30:41,720 --> 00:30:44,480
Speaker 7: his friends wear them, and we shall see. But I

685
00:30:44,480 --> 00:30:46,920
Speaker 7: agree with you it's a super crowded market.

686
00:30:47,240 --> 00:30:48,840
Speaker 6: But more people doing the outdoor stuff.

687
00:30:48,840 --> 00:30:50,240
Speaker 7: You know, what do you wear when you wear work

688
00:30:50,760 --> 00:30:51,200
Speaker 7: work out?

689
00:30:51,400 --> 00:30:54,880
Speaker 1: I go to like not to get personal, no like gap.

690
00:30:55,040 --> 00:30:56,440
Speaker 9: I go to like old Baby.

691
00:30:56,480 --> 00:30:57,760
Speaker 3: I don't spend the whole like you don't.

692
00:30:58,720 --> 00:31:00,080
Speaker 6: I don't do the Lulu lemon.

693
00:31:00,720 --> 00:31:02,880
Speaker 3: Alice doesn't do the little pair of leggings.

694
00:31:02,880 --> 00:31:04,080
Speaker 8: Is that crazy?

695
00:31:04,840 --> 00:31:05,400
Speaker 3: No comments.

696
00:31:05,680 --> 00:31:10,360
Speaker 7: I also do buy when they're on sale. They don't

697
00:31:10,360 --> 00:31:12,480
Speaker 7: go on sale a lot, but I do buy some things,

698
00:31:12,480 --> 00:31:13,280
Speaker 7: but you can get it on.

699
00:31:13,240 --> 00:31:15,320
Speaker 3: Sale very good. That is our newspaper segment with at

700
00:31:15,360 --> 00:31:15,960
Speaker 3: least my tail.

701
00:31:16,160 --> 00:31:16,800
Speaker 8: Do you work out?

702
00:31:17,040 --> 00:31:20,240
Speaker 4: Please come on you know, you know during the pandemic,

703
00:31:20,320 --> 00:31:23,120
Speaker 4: Peloton I own. We have the Peloton bike and we

704
00:31:23,160 --> 00:31:25,960
Speaker 4: have the Peloton uh walking thing.

705
00:31:25,920 --> 00:31:28,160
Speaker 8: Yes, the treadmill, the treadmill, the walking thing.

706
00:31:28,280 --> 00:31:30,320
Speaker 3: Walking. Now, my girlfriend's all into it.

707
00:31:30,400 --> 00:31:33,480
Speaker 4: She's like ten thousand rides or something crazy like that,

708
00:31:33,560 --> 00:31:35,600
Speaker 4: and they all everybody the Peloton knows.

709
00:31:35,520 --> 00:31:36,080
Speaker 3: Her and everything.

710
00:31:36,120 --> 00:31:39,560
Speaker 4: So but during the during the lockdown, I did do

711
00:31:39,600 --> 00:31:41,479
Speaker 4: it a lot. Yeah, and then I'll start a community.

712
00:31:41,600 --> 00:31:42,160
Speaker 8: What happened?

713
00:31:42,240 --> 00:31:45,440
Speaker 3: I started community? You know, so I walked the Penn station.

714
00:31:45,640 --> 00:31:48,000
Speaker 7: You know, wait, what was that story that second story

715
00:31:48,000 --> 00:31:49,680
Speaker 7: you did about it's harder between a certain age.

716
00:31:49,760 --> 00:31:50,760
Speaker 9: Yes, exactly.

717
00:31:51,080 --> 00:31:54,800
Speaker 3: There there you go. It all ties together, doesn't it? Exactly?

718
00:31:54,840 --> 00:31:54,920
Speaker 8: All?

719
00:31:55,040 --> 00:31:55,360
Speaker 5: At least?

720
00:31:55,920 --> 00:31:58,120
Speaker 8: Thank you very much on the newspaper stuff.

721
00:31:58,120 --> 00:32:03,200
Speaker 2: Here is the Bloomberg's Availlance podcast, available on Apple, Spotify,

722
00:32:03,360 --> 00:32:07,000
Speaker 2: and anywhere else you get your podcasts. Listen live each

723
00:32:07,040 --> 00:32:10,560
Speaker 2: weekday seven to ten am Eastern on Bloomberg dot com,

724
00:32:10,600 --> 00:32:14,200
Speaker 2: the iHeartRadio app, tune In, and the Bloomberg Business app.

725
00:32:14,480 --> 00:32:17,520
Speaker 2: You can also watch us live every weekday on YouTube

726
00:32:17,800 --> 00:32:19,600
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