1 00:00:02,440 --> 00:00:06,800 Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. 2 00:00:12,000 --> 00:00:15,600 Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along 3 00:00:15,640 --> 00:00:19,000 Speaker 2: with Paul Sweeney. Join us each day for insight from 4 00:00:19,000 --> 00:00:23,159 Speaker 2: the best in economics, finance, investment, and international relations. You 5 00:00:23,200 --> 00:00:25,800 Speaker 2: can also watch the show live on YouTube. 6 00:00:26,160 --> 00:00:27,640 Speaker 3: Visit the Bloomberg. 7 00:00:27,200 --> 00:00:31,760 Speaker 2: Podcast channel on YouTube to see the show weekday mornings 8 00:00:31,760 --> 00:00:35,040 Speaker 2: from seven to ten am Eastern from our global headquarters 9 00:00:35,159 --> 00:00:39,040 Speaker 2: in New York City. Subscribe to the podcast on Apple, Spotify, 10 00:00:39,400 --> 00:00:42,920 Speaker 2: or anywhere else you listen and always I'm Bloomberg Radio, 11 00:00:43,120 --> 00:00:47,240 Speaker 2: the Bloomberg Terminal, and the Bloomberg Business App. Gargy chowdre 12 00:00:47,400 --> 00:00:51,880 Speaker 2: joins US chief investment and portfolio strategists for black Rock, 13 00:00:51,960 --> 00:00:55,400 Speaker 2: a small firm in New York. Gargey, you know, I 14 00:00:55,480 --> 00:00:58,120 Speaker 2: just got a cut to the chase. When somebody trots 15 00:00:58,160 --> 00:01:03,360 Speaker 2: out by the day, how does Gardi Chowdery buy the dip. 16 00:01:05,480 --> 00:01:07,959 Speaker 4: Good morning, It's great to be here. So a couple 17 00:01:08,040 --> 00:01:11,319 Speaker 4: of things when we think about where investors should be focusing. 18 00:01:12,240 --> 00:01:14,479 Speaker 4: First of all, we've talked about sort of the belly 19 00:01:14,520 --> 00:01:16,440 Speaker 4: of the fixed and coume curve. I know we've spoken 20 00:01:16,440 --> 00:01:19,399 Speaker 4: about this before, and that's certainly an area where we 21 00:01:19,520 --> 00:01:22,679 Speaker 4: have seen a significant dip over the course of the 22 00:01:22,760 --> 00:01:26,000 Speaker 4: last week or so, and with yields backing up pretty 23 00:01:26,000 --> 00:01:29,400 Speaker 4: significantly on the back of some very strong economic data. 24 00:01:29,480 --> 00:01:32,360 Speaker 4: We think that the income that fixed and come markets 25 00:01:32,360 --> 00:01:35,880 Speaker 4: provide are something to be you know, definitely taken into 26 00:01:35,920 --> 00:01:40,440 Speaker 4: consideration and allocated to. If you're an equity investor, I 27 00:01:40,480 --> 00:01:42,560 Speaker 4: think buying the dip, I mean, you haven't really got 28 00:01:42,600 --> 00:01:47,000 Speaker 4: too many dips, but I certainly think that some of 29 00:01:47,080 --> 00:01:51,919 Speaker 4: the again, the dynamics of growth, the dynamics of FOMC 30 00:01:52,080 --> 00:01:55,800 Speaker 4: being quite supportive to the economy, as well as the 31 00:01:55,840 --> 00:01:59,280 Speaker 4: economy being very strong, all lead us to be pretty polish. 32 00:02:00,080 --> 00:02:01,600 Speaker 2: As you've been a black rock and we had a 33 00:02:01,680 --> 00:02:03,160 Speaker 2: legitimate market correction. 34 00:02:03,760 --> 00:02:06,280 Speaker 5: I'm kidding, of course, I visit. 35 00:02:06,120 --> 00:02:09,000 Speaker 4: The black rock cane fourteen years. We've certainly had ears 36 00:02:09,080 --> 00:02:11,880 Speaker 4: like twenty twenty two, where as it turned out in 37 00:02:11,960 --> 00:02:15,560 Speaker 4: hindsight amazing opportunity to own quality assets. 38 00:02:15,360 --> 00:02:16,639 Speaker 6: Well guard thee I mean, I have to ask you. 39 00:02:16,720 --> 00:02:18,400 Speaker 7: I mean, it's great to have you on talking about 40 00:02:18,440 --> 00:02:20,960 Speaker 7: bonds and and really their their their ability to serve 41 00:02:20,960 --> 00:02:24,239 Speaker 7: as a ballast for you know, global diversified portfolios. I 42 00:02:24,400 --> 00:02:26,440 Speaker 7: just have to ask you this high yield. You know, 43 00:02:26,520 --> 00:02:30,160 Speaker 7: we've seen spreads say remarkably resilient through this cycle, and 44 00:02:30,240 --> 00:02:33,359 Speaker 7: high yield has absolutely questioned even just last you know, 45 00:02:33,680 --> 00:02:35,519 Speaker 7: last week, we saw you know, a backup in IG 46 00:02:35,760 --> 00:02:37,600 Speaker 7: but we didn't see a backup in high yield. Talk 47 00:02:37,639 --> 00:02:40,080 Speaker 7: to us about the resiliency of HIO credit. 48 00:02:40,840 --> 00:02:43,519 Speaker 4: Absolutely so to your point, there's been this stug of 49 00:02:43,680 --> 00:02:47,120 Speaker 4: war between the level of spreads and the all in 50 00:02:47,280 --> 00:02:49,480 Speaker 4: level of yield. So to your point, we haven't really 51 00:02:49,600 --> 00:02:53,160 Speaker 4: seen that backup even in the period forget about last week, 52 00:02:53,200 --> 00:02:56,120 Speaker 4: but even in August when we actually saw a meaningful 53 00:02:56,200 --> 00:03:00,120 Speaker 4: pull back in risk assets, spreads did widen out. What 54 00:03:00,440 --> 00:03:02,800 Speaker 4: gave all of that back very quickly? And there are 55 00:03:02,960 --> 00:03:05,079 Speaker 4: there are some fundamental reasons behind that. I think in 56 00:03:05,120 --> 00:03:07,880 Speaker 4: the high yield market, if you look at negative nets 57 00:03:07,919 --> 00:03:11,320 Speaker 4: supply being something pretty meaningful, to ford rates remaining low, 58 00:03:11,480 --> 00:03:17,200 Speaker 4: and very importantly all in yields being extremely attractive, investors 59 00:03:17,280 --> 00:03:20,239 Speaker 4: are moving towards hid in an active manner, in a 60 00:03:20,320 --> 00:03:22,600 Speaker 4: defensive manner. I just we think that continues. 61 00:03:22,800 --> 00:03:24,440 Speaker 2: I just want to say with gargy, we're going to 62 00:03:24,520 --> 00:03:27,040 Speaker 2: stay with gargory because it's too important a conversation. 63 00:03:27,520 --> 00:03:30,720 Speaker 5: But in honor of my daughter playing guitar hero, we 64 00:03:30,840 --> 00:03:34,600 Speaker 5: got a flange on Gargery's voice, just like Badge and. 65 00:03:34,639 --> 00:03:37,680 Speaker 7: The sixties Gargey. You know, I want to stick with 66 00:03:37,760 --> 00:03:39,400 Speaker 7: that theme of high yeld credit. I want to extend 67 00:03:39,400 --> 00:03:41,240 Speaker 7: that to the equity markets. You know, they've historically done 68 00:03:41,280 --> 00:03:45,160 Speaker 7: well during great cutting cycles. But here's my question small caps. 69 00:03:45,200 --> 00:03:48,160 Speaker 7: You've historically seen a correlation between small cap equities and 70 00:03:48,480 --> 00:03:50,560 Speaker 7: US high yield, but we just haven't seen that this time, 71 00:03:50,560 --> 00:03:52,520 Speaker 7: at least from a total return perspective. Talk to us 72 00:03:52,520 --> 00:03:55,720 Speaker 7: about when investors should be looking at building a position 73 00:03:55,840 --> 00:03:56,640 Speaker 7: in rt Y. 74 00:03:58,040 --> 00:04:01,480 Speaker 4: Yeah, so we think that right now isn't quite the 75 00:04:01,640 --> 00:04:03,960 Speaker 4: time for small caps yet, and we've talked about this 76 00:04:04,200 --> 00:04:07,080 Speaker 4: in our investment directions, our Q four outlook, where we 77 00:04:07,160 --> 00:04:09,120 Speaker 4: do think equities make a lot of sense. We do 78 00:04:09,360 --> 00:04:13,040 Speaker 4: think that high quality equities, large cap equities, large cap 79 00:04:13,240 --> 00:04:16,040 Speaker 4: value make a lot of sense. But staying away from 80 00:04:16,120 --> 00:04:18,760 Speaker 4: small caps for a couple of reason. Number one, mainly 81 00:04:18,880 --> 00:04:22,320 Speaker 4: it's about earnings, with over forty percent of small cap 82 00:04:22,400 --> 00:04:25,760 Speaker 4: companies actually being in negative earnings territory. It is not 83 00:04:26,040 --> 00:04:29,560 Speaker 4: quite yet the time to go into indexes that give 84 00:04:29,600 --> 00:04:33,000 Speaker 4: you exposure to high yield. However, what we have seen 85 00:04:33,200 --> 00:04:37,480 Speaker 4: in periods is investors buying upside protection call volumes and 86 00:04:37,520 --> 00:04:40,360 Speaker 4: IWM is something that we keep an eye on. That 87 00:04:40,560 --> 00:04:43,359 Speaker 4: is something that we've seen pick up in certain periods 88 00:04:43,400 --> 00:04:46,120 Speaker 4: of time. I think that can be an area for 89 00:04:46,240 --> 00:04:49,240 Speaker 4: investors to get that you know, that rental income if 90 00:04:49,279 --> 00:04:52,640 Speaker 4: you will, in small caps. But still we see a 91 00:04:52,880 --> 00:04:56,200 Speaker 4: meaningful turn in earnings for small cap names. I think 92 00:04:56,240 --> 00:05:00,679 Speaker 4: it's very hard to consider a sustained rally small gaps 93 00:05:00,760 --> 00:05:04,440 Speaker 4: where we think there's more you know, there's a lot 94 00:05:04,520 --> 00:05:09,200 Speaker 4: more opportunity for us. We believe is certainly staying within value, 95 00:05:09,640 --> 00:05:12,839 Speaker 4: value and cyclicals, but keeping it in large gaps where 96 00:05:12,880 --> 00:05:15,440 Speaker 4: we think more of the earning growth is going to 97 00:05:15,520 --> 00:05:17,000 Speaker 4: come in over the next couple of courses. 98 00:05:17,120 --> 00:05:19,160 Speaker 7: Well, you talk about that yawning gap and earnings growth 99 00:05:19,160 --> 00:05:21,080 Speaker 7: between technology and the rest, and I've read that about. 100 00:05:21,080 --> 00:05:23,320 Speaker 7: I mean, just awesome stuff for CARGI. But you know, 101 00:05:23,680 --> 00:05:26,200 Speaker 7: the move and energy last week, I mean off the 102 00:05:26,279 --> 00:05:27,680 Speaker 7: back of what we're seeing in the Middle East, I 103 00:05:27,720 --> 00:05:29,720 Speaker 7: think what we see like a seven eight percent move 104 00:05:29,839 --> 00:05:33,320 Speaker 7: in the S and P energy sub index, I mean massive, like, 105 00:05:33,400 --> 00:05:35,960 Speaker 7: talk to us about Exxon Mobile, Chevron and now we're 106 00:05:35,960 --> 00:05:37,880 Speaker 7: starting to see some M and A activity there, you know, 107 00:05:37,960 --> 00:05:39,640 Speaker 7: talk to us about that sector on its ability to 108 00:05:39,880 --> 00:05:41,360 Speaker 7: kind of lead the market higher from here. 109 00:05:42,160 --> 00:05:42,360 Speaker 8: Yeah. 110 00:05:42,400 --> 00:05:45,080 Speaker 4: Absolutely, so I think, you know, we obviously saw that move, 111 00:05:45,120 --> 00:05:48,279 Speaker 4: and unfortunately that came behind some of the very tragic 112 00:05:48,320 --> 00:05:50,120 Speaker 4: events in the Middle East. And we would never tell 113 00:05:50,200 --> 00:05:53,760 Speaker 4: investors that they should only invest in in any parts 114 00:05:53,760 --> 00:05:56,720 Speaker 4: of the market based on geopolitical activity, because what we 115 00:05:57,279 --> 00:06:01,160 Speaker 4: see over and over again is markets tend to over 116 00:06:01,200 --> 00:06:04,520 Speaker 4: the medium to the long term look through geopolitical risk. 117 00:06:04,920 --> 00:06:08,119 Speaker 4: Having said that, I do think of in valuations energy 118 00:06:08,240 --> 00:06:10,200 Speaker 4: in a portfolio, and we were talking about value just 119 00:06:10,279 --> 00:06:12,800 Speaker 4: a little bit a little bit of time ago. Owning 120 00:06:13,400 --> 00:06:17,200 Speaker 4: sectors like energy within that value portion of your portfolio 121 00:06:17,240 --> 00:06:20,120 Speaker 4: make a lot of sense. And I certainly think that 122 00:06:20,240 --> 00:06:22,080 Speaker 4: one of the things that has happened in the last 123 00:06:22,160 --> 00:06:24,520 Speaker 4: two years, with the rally in the large cap, with 124 00:06:24,600 --> 00:06:28,960 Speaker 4: the rally in the Magnificent seven, many investors have fallen 125 00:06:29,120 --> 00:06:32,000 Speaker 4: short of their allocation to value sectors of the market. 126 00:06:32,120 --> 00:06:35,600 Speaker 4: They have less value in their portfolio than they think 127 00:06:35,720 --> 00:06:37,760 Speaker 4: they do, just because of the way which the market 128 00:06:37,800 --> 00:06:40,120 Speaker 4: has rallied, so I think there is a catch up there. 129 00:06:40,240 --> 00:06:42,720 Speaker 4: I think, you know, based on valuations energies that have 130 00:06:43,160 --> 00:06:48,080 Speaker 4: historically been very, very underpriced. But geopolitical is never the 131 00:06:48,240 --> 00:06:50,239 Speaker 4: only reason to own an area of the market. 132 00:06:50,400 --> 00:07:00,400 Speaker 2: Gard you, thank you, Black with a flage going Onsman 133 00:07:00,760 --> 00:07:04,680 Speaker 2: was iconic at JP Morgan for original thinking on the 134 00:07:04,720 --> 00:07:06,000 Speaker 2: American labor economy. 135 00:07:06,120 --> 00:07:09,440 Speaker 5: His work on teenage unemployment was world class. 136 00:07:10,120 --> 00:07:12,680 Speaker 2: And you know, this is a this is a folly, Damien. 137 00:07:12,880 --> 00:07:18,080 Speaker 2: He's retired. Okay, he's not retired. He delivered to me 138 00:07:18,200 --> 00:07:22,280 Speaker 2: this morning a forty nine page power side. Who in 139 00:07:22,400 --> 00:07:27,320 Speaker 2: God's name is retired? And delivers a forty nine page 140 00:07:27,400 --> 00:07:30,920 Speaker 2: PhD Northwestern PowerPoint? Jim, great to have you back on 141 00:07:31,000 --> 00:07:33,520 Speaker 2: the show. I'm just gonna let yeah, I'm going to 142 00:07:33,560 --> 00:07:36,880 Speaker 2: look at one of your charts here, aggregate hours worked. 143 00:07:36,880 --> 00:07:40,400 Speaker 2: I'm sorry, we're beyond the pandemic. Is our labor economy 144 00:07:40,600 --> 00:07:41,640 Speaker 2: beyond the pandemic? 145 00:07:42,640 --> 00:07:43,080 Speaker 3: I think so? 146 00:07:43,880 --> 00:07:47,440 Speaker 9: That's it's pretty impressive actually, how we've roped our way 147 00:07:47,480 --> 00:07:50,040 Speaker 9: out of this. And I you know, employment has been 148 00:07:50,120 --> 00:07:53,280 Speaker 9: growing about twenty five thousand more a month than it 149 00:07:53,440 --> 00:07:59,440 Speaker 9: was for the previous cycle. Probably immigration is behind all 150 00:07:59,480 --> 00:08:02,160 Speaker 9: of this. But I think what these numbers show us 151 00:08:02,280 --> 00:08:05,160 Speaker 9: is that we're out of the woods. We're back in 152 00:08:05,280 --> 00:08:08,440 Speaker 9: the groove and doing much better than people. 153 00:08:08,760 --> 00:08:11,080 Speaker 3: Worried with the FED doing what they were doing. 154 00:08:11,240 --> 00:08:14,720 Speaker 2: Open question, which is the most important chart out of 155 00:08:14,840 --> 00:08:17,720 Speaker 2: forty nine pages for Jim Glassman, which is a part 156 00:08:17,760 --> 00:08:19,440 Speaker 2: where you go, OMG. 157 00:08:20,640 --> 00:08:23,680 Speaker 9: I'll tell you there's one, And that's the picture on 158 00:08:24,280 --> 00:08:27,360 Speaker 9: how much of the pie goes to workers and the 159 00:08:28,280 --> 00:08:30,920 Speaker 9: share of income that goes to workers. So you would 160 00:08:30,920 --> 00:08:33,599 Speaker 9: think that if labor markets are so tight and you 161 00:08:33,720 --> 00:08:37,720 Speaker 9: got people retiring, and you would think the wind would 162 00:08:37,720 --> 00:08:40,000 Speaker 9: be at the back of the labor sector, But in fact, 163 00:08:40,120 --> 00:08:43,560 Speaker 9: the share of income going to them has come down 164 00:08:43,760 --> 00:08:47,079 Speaker 9: from before the pandemic and really has been coming down 165 00:08:47,120 --> 00:08:48,599 Speaker 9: for the last twenty five years. And I think that 166 00:08:48,720 --> 00:08:52,480 Speaker 9: tells you something really important about the dynamic that's playing out. 167 00:08:52,480 --> 00:08:56,520 Speaker 9: It's all about technology and the changes in the US economy, 168 00:08:56,960 --> 00:09:00,960 Speaker 9: and it exposes a real weakness in the thought process 169 00:09:01,559 --> 00:09:04,959 Speaker 9: in the economics community about the role of labor. We 170 00:09:05,480 --> 00:09:08,280 Speaker 9: sort of came out of school with this idea that 171 00:09:08,320 --> 00:09:12,120 Speaker 9: if labor markets are tight, that can be inflationary. But 172 00:09:12,240 --> 00:09:14,120 Speaker 9: when you see what's going on, and you think about 173 00:09:14,120 --> 00:09:16,440 Speaker 9: all the changes going on in the economy, how competitive 174 00:09:16,480 --> 00:09:20,200 Speaker 9: it's become, what's going on with technology. It's becoming more 175 00:09:20,280 --> 00:09:22,920 Speaker 9: clear to me that we got this story backwards. It's 176 00:09:23,000 --> 00:09:27,400 Speaker 9: really wages don't drive prices. It's more that prices are 177 00:09:27,520 --> 00:09:31,120 Speaker 9: driving wages. And that picture tells you that if you're 178 00:09:31,120 --> 00:09:34,120 Speaker 9: worried about tight labor markets, tight labor markets are not 179 00:09:34,240 --> 00:09:38,120 Speaker 9: inflationary if the share of the pie going to workers 180 00:09:38,880 --> 00:09:40,400 Speaker 9: is not really down. 181 00:09:41,120 --> 00:09:43,959 Speaker 7: Jim, you're no longer a JP Morgan. But my goodness, 182 00:09:44,040 --> 00:09:46,679 Speaker 7: I listen to those guys every day, all day, every week, 183 00:09:46,720 --> 00:09:48,880 Speaker 7: and Jay Barry just moved his call for fifty BIPs 184 00:09:48,920 --> 00:09:51,079 Speaker 7: at the next meeting to twenty five bps. Everybody's sort 185 00:09:51,120 --> 00:09:53,560 Speaker 7: of reevaluating where terminal fed funds are going to end 186 00:09:53,640 --> 00:09:54,280 Speaker 7: at this cycle. 187 00:09:54,640 --> 00:09:57,640 Speaker 6: My question to you is just how low will interest 188 00:09:57,720 --> 00:09:58,720 Speaker 6: rates go here in the US? 189 00:10:00,040 --> 00:10:01,400 Speaker 9: Yeah? I don't think you know. The reason we're backing 190 00:10:01,480 --> 00:10:03,840 Speaker 9: off is because the labor market seems like it's doing better, 191 00:10:03,960 --> 00:10:06,160 Speaker 9: and people think, well, no, there's not going to be 192 00:10:06,240 --> 00:10:08,839 Speaker 9: a case for making big moves down. I think none 193 00:10:08,840 --> 00:10:11,280 Speaker 9: of us really know where the neutral rate of the 194 00:10:11,400 --> 00:10:13,760 Speaker 9: FED funds rate is My guess is it's around the 195 00:10:13,840 --> 00:10:17,120 Speaker 9: terminal rates, around three percent. If you ask most FED people, 196 00:10:17,520 --> 00:10:20,360 Speaker 9: I'll bet most of them will tell you that's where 197 00:10:20,440 --> 00:10:23,040 Speaker 9: we should be in the long run, now that this 198 00:10:23,200 --> 00:10:26,400 Speaker 9: inflation scare has really kind of disappeared. So I don't 199 00:10:26,400 --> 00:10:29,319 Speaker 9: think it's about I don't think you know, when you 200 00:10:29,400 --> 00:10:31,040 Speaker 9: get the kind of data we're getting, it tells you 201 00:10:31,120 --> 00:10:34,160 Speaker 9: there's no big rush to get there. But the really 202 00:10:34,240 --> 00:10:36,800 Speaker 9: the debate about the FED is not about today's economy 203 00:10:36,880 --> 00:10:39,240 Speaker 9: or today's labor market. It's about where do you think 204 00:10:39,320 --> 00:10:41,760 Speaker 9: they should be in the long run if they don't 205 00:10:41,760 --> 00:10:43,800 Speaker 9: want to do trouble for the economy. 206 00:10:43,960 --> 00:10:46,959 Speaker 2: Well, you just heard their folks from Jim Glassan was 207 00:10:47,000 --> 00:10:50,040 Speaker 2: an absolute tourtive force of all that he is and 208 00:10:50,120 --> 00:10:54,560 Speaker 2: the classic work with Professor Gordon at Northwestern years ago. 209 00:10:55,240 --> 00:10:58,520 Speaker 2: So to pick up on Treche and his famous word 210 00:10:58,960 --> 00:11:02,679 Speaker 2: the engineer from the you know, Jim Glassan is diffuse. 211 00:11:03,480 --> 00:11:09,160 Speaker 2: Does our technological miracle in a declining labor share? Does 212 00:11:09,240 --> 00:11:13,200 Speaker 2: that diffuse out to all Americans? Are we setting up 213 00:11:13,240 --> 00:11:16,360 Speaker 2: a ludite America out of the early nineteenth century? 214 00:11:17,400 --> 00:11:21,240 Speaker 9: Yeah, it doesn't diffuse to everybody does it because this technology, 215 00:11:21,400 --> 00:11:24,240 Speaker 9: the digital revolution, now the second wave here is AI 216 00:11:25,120 --> 00:11:27,240 Speaker 9: is really What it means is that more of the 217 00:11:27,320 --> 00:11:30,480 Speaker 9: income is flowing through to the equity market and anyone 218 00:11:30,520 --> 00:11:33,920 Speaker 9: who who holds a share, Now everybody could hold shares. 219 00:11:33,679 --> 00:11:34,720 Speaker 3: Of equity, but they don't. 220 00:11:35,320 --> 00:11:38,320 Speaker 9: So it's I think it's the reason why you're seeing 221 00:11:38,880 --> 00:11:41,839 Speaker 9: this widening in the income gap in the last twenty 222 00:11:41,880 --> 00:11:45,280 Speaker 9: five years, which is driving a lot of the politics 223 00:11:45,360 --> 00:11:47,840 Speaker 9: of the country. And this is not just a US phenomenon. 224 00:11:47,880 --> 00:11:50,560 Speaker 9: It's happening everywhere. Yeah, and we have to be concerned 225 00:11:50,559 --> 00:11:53,560 Speaker 9: about it because when you live in a democracy, everybody 226 00:11:53,640 --> 00:11:57,120 Speaker 9: has a say, and if not everybody's on board, then 227 00:11:57,240 --> 00:12:01,800 Speaker 9: you can you can get calls for policies that don't 228 00:12:01,840 --> 00:12:04,600 Speaker 9: necessarily help you, but they just are crying for help. 229 00:12:04,960 --> 00:12:07,360 Speaker 7: Jim, I love that you mentioned prices lead wages there 230 00:12:07,400 --> 00:12:10,120 Speaker 7: and this regime shift whereas the FED sort of focus 231 00:12:10,400 --> 00:12:13,040 Speaker 7: shifted from growth to inflation, is quite real and had 232 00:12:13,120 --> 00:12:16,319 Speaker 7: negative implications for US rest of the world, yield differentials 233 00:12:16,320 --> 00:12:18,800 Speaker 7: and the like. You know, how do you look at 234 00:12:18,840 --> 00:12:21,000 Speaker 7: this market, you know, how do you look at you know, 235 00:12:21,120 --> 00:12:23,559 Speaker 7: this sort of shifting beta regime one where the FED 236 00:12:23,640 --> 00:12:26,640 Speaker 7: is focused on inflation to one that is focused on growth. 237 00:12:26,960 --> 00:12:28,079 Speaker 7: Does that have any legs to it? 238 00:12:29,720 --> 00:12:31,640 Speaker 9: Yeah, although, you know, I think for the equity market 239 00:12:31,720 --> 00:12:34,000 Speaker 9: and valuation, I don't think the FED is really the issue. 240 00:12:34,040 --> 00:12:35,959 Speaker 9: It is it is in the short term. But frankly, 241 00:12:36,440 --> 00:12:39,679 Speaker 9: what matters for the equity market is do these valuations 242 00:12:39,800 --> 00:12:43,040 Speaker 9: make sense given what's going on? Well, I'll tell you 243 00:12:43,320 --> 00:12:45,439 Speaker 9: the one thing that the elephant in the room for 244 00:12:45,559 --> 00:12:48,280 Speaker 9: me is if you look at profits over the past 245 00:12:48,400 --> 00:12:52,840 Speaker 9: hundred years prior to the millennium, average after tax profits 246 00:12:52,880 --> 00:12:56,839 Speaker 9: average about six percent of GDP. After ninety after the 247 00:12:57,000 --> 00:12:59,679 Speaker 9: late nineteen nineties, the Internet revolution, and now we've got 248 00:12:59,720 --> 00:13:03,920 Speaker 9: the revolution, that share of after tax profits going to 249 00:13:05,400 --> 00:13:10,080 Speaker 9: UH is run up about from six percent to ten 250 00:13:10,120 --> 00:13:12,840 Speaker 9: percent or more. And we just got a stunning set 251 00:13:12,880 --> 00:13:15,599 Speaker 9: of reports that come up within the last month, and 252 00:13:15,840 --> 00:13:18,079 Speaker 9: I think it tells you there's something real going on. 253 00:13:18,520 --> 00:13:20,880 Speaker 9: Everybody's been telling me, don't get crazy about this because 254 00:13:20,880 --> 00:13:22,079 Speaker 9: everything reverts to normal. 255 00:13:22,480 --> 00:13:23,640 Speaker 3: I don't know where the normal is. 256 00:13:23,679 --> 00:13:26,079 Speaker 9: It's not where we were, it's it's a new place. 257 00:13:26,679 --> 00:13:28,719 Speaker 9: And I think that's I think that's a footprint of 258 00:13:28,800 --> 00:13:31,400 Speaker 9: the red of the technology. 259 00:13:31,120 --> 00:13:34,880 Speaker 2: Jim Glassman, let's do it monthly. Just hugely, hugely valuable, 260 00:13:34,920 --> 00:13:40,840 Speaker 2: doctor Glassman. Of that now Asian Jim, quickly here padreser Dodgers. 261 00:13:42,320 --> 00:13:44,440 Speaker 3: Well you have to go with it. It's all about 262 00:13:44,440 --> 00:13:45,280 Speaker 3: the laundry, isn't it. 263 00:13:45,559 --> 00:13:48,840 Speaker 9: I'm in La, so it's got to be about the Dodgers. 264 00:13:49,280 --> 00:13:52,320 Speaker 2: Okay, Well we'll have to see last night was out there. 265 00:13:52,600 --> 00:13:55,360 Speaker 2: I have to say the least, Doctor Glassman, thank you 266 00:13:55,480 --> 00:14:08,839 Speaker 2: so much. I think this may be the conversation of 267 00:14:08,920 --> 00:14:12,400 Speaker 2: the day. Henrietta Trey's with us. She's a grizzled veteran 268 00:14:12,480 --> 00:14:14,640 Speaker 2: in the Capitol, wars with Veda. 269 00:14:14,760 --> 00:14:16,240 Speaker 5: Partners love having around. 270 00:14:16,280 --> 00:14:17,560 Speaker 2: Get her in five days a week. 271 00:14:17,920 --> 00:14:18,880 Speaker 5: Do something about that. 272 00:14:19,080 --> 00:14:20,240 Speaker 3: Giuseppe's father, Let's. 273 00:14:20,080 --> 00:14:23,320 Speaker 5: Get Henrietta on five days a week, Henrietta. 274 00:14:23,360 --> 00:14:26,520 Speaker 2: And Nate Cohne has a fabulous article on the New 275 00:14:26,600 --> 00:14:31,240 Speaker 2: York Times on polling, and there's two poles. There's regular 276 00:14:31,320 --> 00:14:35,200 Speaker 2: polls like Bloomberg's wonderful pole what We've gotten a New 277 00:14:35,320 --> 00:14:37,680 Speaker 2: York Times CM in that, and then there's other polls 278 00:14:37,720 --> 00:14:40,360 Speaker 2: where they say how'd you vote four years ago? And 279 00:14:40,440 --> 00:14:44,440 Speaker 2: there's some real mathematical girations. Nate Cone goes through. 280 00:14:44,840 --> 00:14:46,960 Speaker 5: Do you look at the polls, Henrietta. 281 00:14:46,560 --> 00:14:50,640 Speaker 9: Trace, Oh, I sure do all day every day. 282 00:14:50,800 --> 00:14:52,800 Speaker 10: Whether I like it or not, I am right there 283 00:14:52,880 --> 00:14:55,480 Speaker 10: next week from the polls all day. Nate Cohne is 284 00:14:55,640 --> 00:14:59,280 Speaker 10: excellent to follow. I think he, like me, is in 285 00:14:59,360 --> 00:15:01,920 Speaker 10: the position where we have to talk about some new 286 00:15:02,000 --> 00:15:05,560 Speaker 10: angle every single day. If we can about bulls that 287 00:15:05,600 --> 00:15:07,800 Speaker 10: are telling us a really consistent story, which is that 288 00:15:07,880 --> 00:15:10,000 Speaker 10: this is a really close race. You want to drill 289 00:15:10,080 --> 00:15:13,440 Speaker 10: down into really key segments. I think we're all sweating 290 00:15:13,520 --> 00:15:14,280 Speaker 10: small stuff right now. 291 00:15:14,640 --> 00:15:18,160 Speaker 5: How does former President Trump increase turnout? 292 00:15:19,720 --> 00:15:21,720 Speaker 10: Will you have Elon Musk tweet that today is the 293 00:15:21,800 --> 00:15:24,760 Speaker 10: last day to vote in Georgia, another state registrative out 294 00:15:24,840 --> 00:15:27,440 Speaker 10: rather in Georgia and other states. So that's one way 295 00:15:27,640 --> 00:15:30,400 Speaker 10: go directly to the young male audience, which is where 296 00:15:30,480 --> 00:15:32,320 Speaker 10: Trump has seen so much of his growth in the 297 00:15:32,440 --> 00:15:36,040 Speaker 10: last year. They are focused on the young Black male audience, 298 00:15:36,120 --> 00:15:40,960 Speaker 10: young Latino male audience, and it's really a notable gender 299 00:15:41,040 --> 00:15:44,280 Speaker 10: divide gap where Trump is sticking right with turnout in 300 00:15:44,400 --> 00:15:49,280 Speaker 10: those core demographics. He is increasingly getting focused on and 301 00:15:49,400 --> 00:15:53,000 Speaker 10: maintaining focus on sort of this dark narrative America in 302 00:15:53,080 --> 00:15:58,120 Speaker 10: decline immigration as a major negative in the United States, 303 00:15:58,160 --> 00:16:01,560 Speaker 10: and that's geared towards turning out a very specific set 304 00:16:01,640 --> 00:16:04,840 Speaker 10: of groups. The risk is that it alienates sort of 305 00:16:04,920 --> 00:16:10,320 Speaker 10: suburban voters, married voters in the suburbs of states nationwide, 306 00:16:10,360 --> 00:16:11,119 Speaker 10: in these critical. 307 00:16:10,880 --> 00:16:13,640 Speaker 7: Clink state Henrietta, you mentioned Georgia. I'd like to broaden 308 00:16:13,720 --> 00:16:15,680 Speaker 7: that perspective out of it and talk about the seven 309 00:16:15,720 --> 00:16:17,680 Speaker 7: swing states. Is it's still roe v Wade? I mean, 310 00:16:17,720 --> 00:16:19,080 Speaker 7: what do the polls tell you? I mean, did they 311 00:16:19,120 --> 00:16:22,200 Speaker 7: suggest that national security on the border is an issue? 312 00:16:22,240 --> 00:16:24,040 Speaker 7: What do they think about what's going on in the 313 00:16:24,040 --> 00:16:24,520 Speaker 7: Middle East? 314 00:16:24,560 --> 00:16:28,000 Speaker 10: Also, Yeah, I've been saying this for months now, but 315 00:16:28,160 --> 00:16:31,440 Speaker 10: this race is immigration versus abortion, hence the gender divide. 316 00:16:32,080 --> 00:16:34,040 Speaker 10: Not that either of those issues are gender biased, but 317 00:16:34,120 --> 00:16:35,200 Speaker 10: that's the way it's shaped up. 318 00:16:35,240 --> 00:16:35,880 Speaker 3: So if you ask. 319 00:16:35,760 --> 00:16:38,720 Speaker 10: Republicans what the number one issue is, overwhelmingly they say 320 00:16:38,760 --> 00:16:41,720 Speaker 10: it's immigration on the southern border and crime. On the 321 00:16:41,880 --> 00:16:43,680 Speaker 10: Democratic side, if you ask them what the number one 322 00:16:43,720 --> 00:16:46,880 Speaker 10: issue is, it's abortion. The negative for Trump is that 323 00:16:46,960 --> 00:16:49,440 Speaker 10: it used to be economy and inflation, which would give 324 00:16:49,520 --> 00:16:52,000 Speaker 10: voters two reasons to vote for Donald Trump. But since 325 00:16:52,040 --> 00:16:54,920 Speaker 10: Harris has gotten on the scene on August third. Poles 326 00:16:54,960 --> 00:16:57,600 Speaker 10: have never gone back, and she's been improving and now 327 00:16:57,680 --> 00:17:00,320 Speaker 10: in some cases Poles are finding her ahead of Donald 328 00:17:00,320 --> 00:17:04,200 Speaker 10: Trump on both the economy and inflation. So his negative 329 00:17:04,240 --> 00:17:06,960 Speaker 10: is that he's lost the economy argument, which is really 330 00:17:07,080 --> 00:17:09,560 Speaker 10: remarkable given we had the first bout of inflation in 331 00:17:09,640 --> 00:17:13,800 Speaker 10: the United States for what forty years on Biden's tenure 332 00:17:13,880 --> 00:17:16,920 Speaker 10: with Harris. So, I think that's something that the Trump 333 00:17:16,960 --> 00:17:21,040 Speaker 10: and team in focusing on immigration, has really diluted substantially. 334 00:17:21,080 --> 00:17:23,240 Speaker 10: And so abortion is what the Democrats are voting on, 335 00:17:23,400 --> 00:17:26,800 Speaker 10: and that's in key races, you know, Montana, Florida and Nevada, etc. 336 00:17:27,320 --> 00:17:30,000 Speaker 7: Henrietta, it's been one year to the date since you 337 00:17:30,080 --> 00:17:33,040 Speaker 7: speak about borders Hamas crossing the border into Israel. You know, 338 00:17:33,160 --> 00:17:35,879 Speaker 7: I just want to ask your opinion on this, Harris Trump. 339 00:17:36,040 --> 00:17:38,040 Speaker 7: Do you think there's any possibility that one or the 340 00:17:38,119 --> 00:17:41,440 Speaker 7: other could you know, kind of sanction Israel in terms of, 341 00:17:41,520 --> 00:17:43,359 Speaker 7: you know, limiting the amount of arms being shipped to 342 00:17:43,400 --> 00:17:45,119 Speaker 7: them if either one of them are in office. Is 343 00:17:45,160 --> 00:17:46,840 Speaker 7: I think even a distinct possibility here? 344 00:17:47,560 --> 00:17:48,360 Speaker 3: Oh, definitely. 345 00:17:48,800 --> 00:17:51,159 Speaker 10: As you know, Biden was able to restrict arms back 346 00:17:51,200 --> 00:17:53,560 Speaker 10: in May if I'm not mistaken. So it's something that 347 00:17:53,600 --> 00:17:56,400 Speaker 10: the administration can do. But when I speak with third 348 00:17:56,440 --> 00:17:58,640 Speaker 10: party voters, when I speak with folks who are mostly 349 00:17:58,720 --> 00:18:00,280 Speaker 10: concerned about the war in the Middle eat, you know, 350 00:18:00,359 --> 00:18:03,320 Speaker 10: A big eat of this is that the appropriations bills 351 00:18:03,400 --> 00:18:07,119 Speaker 10: continue to go out and Congress remains overwhelmingly supportive of Israel. 352 00:18:07,440 --> 00:18:09,480 Speaker 10: So whether the President wants to stop arms or not, 353 00:18:09,880 --> 00:18:11,639 Speaker 10: a lot of these decisions are not up to him, 354 00:18:12,320 --> 00:18:17,240 Speaker 10: or are the sheer volume of dollars continued emergency appropriations bills, 355 00:18:17,280 --> 00:18:19,280 Speaker 10: which we'll get again in December, are going to have 356 00:18:19,520 --> 00:18:22,360 Speaker 10: tens of billions for Israel and for Ukraine and other 357 00:18:22,400 --> 00:18:25,120 Speaker 10: emergencies like the FEMA disasters in the South. 358 00:18:25,200 --> 00:18:26,560 Speaker 5: Right now, I'm seeing that. 359 00:18:26,840 --> 00:18:30,280 Speaker 2: We had someone in here the other day shrinking the 360 00:18:30,480 --> 00:18:34,000 Speaker 2: undecided down to three percent, And I actually saw something 361 00:18:34,040 --> 00:18:36,240 Speaker 2: this weekend, Henrietta Trey's. 362 00:18:35,920 --> 00:18:39,200 Speaker 5: Agreeing with that. Is it really that there? Is it 363 00:18:39,320 --> 00:18:41,480 Speaker 5: really that few undecided? 364 00:18:42,560 --> 00:18:42,720 Speaker 3: Yes? 365 00:18:42,880 --> 00:18:43,159 Speaker 8: It is. 366 00:18:43,720 --> 00:18:45,879 Speaker 10: Three four percent is about as big as you can 367 00:18:45,920 --> 00:18:47,640 Speaker 10: get if you can go into certain states and find 368 00:18:47,680 --> 00:18:50,200 Speaker 10: eleven percent. Now it's sort of a Christmas miracle. People 369 00:18:50,320 --> 00:18:53,480 Speaker 10: have made their decision and the undecided voters are most 370 00:18:53,600 --> 00:18:55,320 Speaker 10: likely in a few folks that just don't go out, 371 00:18:55,840 --> 00:18:57,640 Speaker 10: that just don't don't vote on November. 372 00:18:57,320 --> 00:18:58,080 Speaker 9: Well, they don't vote. 373 00:18:58,480 --> 00:19:00,720 Speaker 2: So the bottom line is, well, let me ask the 374 00:19:00,840 --> 00:19:04,280 Speaker 2: saying some question, how is Vice President Harris. 375 00:19:04,280 --> 00:19:05,240 Speaker 5: Getting the turnout? 376 00:19:06,359 --> 00:19:08,520 Speaker 10: Well, I think you could see from today, for example, 377 00:19:08,560 --> 00:19:09,920 Speaker 10: to keep it on the Middle East, you had twenty 378 00:19:10,000 --> 00:19:12,800 Speaker 10: five e moms that came out and said we are 379 00:19:13,119 --> 00:19:15,960 Speaker 10: endorsing Kamala Harris. Those are across sort of key swing 380 00:19:16,080 --> 00:19:19,239 Speaker 10: states in Philadelphia, New York, any pockets where you might 381 00:19:19,400 --> 00:19:23,360 Speaker 10: have concern. You know, the seven hundred thousand Muslim population 382 00:19:23,680 --> 00:19:26,240 Speaker 10: in the United States, three hundred thousand of which are 383 00:19:26,280 --> 00:19:28,880 Speaker 10: in Michigan, really need to be given a good rationale 384 00:19:28,920 --> 00:19:31,320 Speaker 10: to go and vote for the Democratic ticket and can 385 00:19:31,400 --> 00:19:34,000 Speaker 10: trast what it might be for a Democrat for Republicans 386 00:19:34,040 --> 00:19:35,840 Speaker 10: and Trump at the top of the ticket. So there's 387 00:19:35,880 --> 00:19:39,280 Speaker 10: a lot of very niche campaigning going on that we 388 00:19:39,440 --> 00:19:42,040 Speaker 10: usually don't see. Usually we see these broad appeals to 389 00:19:42,160 --> 00:19:45,159 Speaker 10: huge loss of population. But both Trump and Harris are 390 00:19:45,200 --> 00:19:46,879 Speaker 10: going sort of very micro right now. 391 00:19:47,080 --> 00:19:48,879 Speaker 7: We know Biden's going to take a trip abroad here, 392 00:19:48,960 --> 00:19:52,080 Speaker 7: I mean, anything you're expecting here on student loans and 393 00:19:52,119 --> 00:19:53,760 Speaker 7: student loan relief ahead. 394 00:19:53,560 --> 00:19:55,040 Speaker 5: Of the trap radar. 395 00:19:55,160 --> 00:19:57,520 Speaker 6: Do you think, well, I paid. 396 00:19:57,320 --> 00:19:59,600 Speaker 7: Off my loans, but I'm curious. I mean, I definitely 397 00:19:59,640 --> 00:20:00,959 Speaker 7: think it's a topic for HOSOD. 398 00:20:01,200 --> 00:20:05,080 Speaker 2: But Damien's brilliant here, Henrietta. Is all this side stuff 399 00:20:05,200 --> 00:20:08,280 Speaker 2: like the salt taxsa Damien face. I mean, you're paying 400 00:20:08,280 --> 00:20:08,960 Speaker 2: two hundred. 401 00:20:08,760 --> 00:20:11,600 Speaker 6: Thousands taxes student loans. He's a real issue. 402 00:20:12,640 --> 00:20:14,800 Speaker 5: Issues, Henriette. But are they real issues now? 403 00:20:15,640 --> 00:20:18,199 Speaker 10: I'm sorry, I have to say I love salt all day, 404 00:20:18,240 --> 00:20:18,640 Speaker 10: every day. 405 00:20:18,640 --> 00:20:19,840 Speaker 3: I talk about it all the time. 406 00:20:19,880 --> 00:20:21,879 Speaker 10: I mean this at one point two trillion dollar revenue 407 00:20:21,920 --> 00:20:26,520 Speaker 10: raser that's not small beans. Loans Student loans is also 408 00:20:26,640 --> 00:20:28,880 Speaker 10: a really big deal. I think the fact that we've 409 00:20:28,880 --> 00:20:31,000 Speaker 10: been saying those words, though, is something that helps the 410 00:20:31,359 --> 00:20:35,320 Speaker 10: Biden narrative or the Harris narrative. But to be fair, 411 00:20:35,440 --> 00:20:37,560 Speaker 10: and I think to the broader point, Congress is out 412 00:20:37,560 --> 00:20:40,760 Speaker 10: of session. They're not passing any legislation for the next month. 413 00:20:40,920 --> 00:20:42,720 Speaker 10: This none of this is happening. They don't won't even 414 00:20:42,760 --> 00:20:46,000 Speaker 10: be back until about Thanksgiving. So to expect the massive 415 00:20:46,359 --> 00:20:50,200 Speaker 10: influx is unrealistic. But certainly everybody's going to be job 416 00:20:50,280 --> 00:20:53,399 Speaker 10: owning you listen to the Call Her Daddy podcast or 417 00:20:54,040 --> 00:20:55,439 Speaker 10: any of the others that are about to come up 418 00:20:55,480 --> 00:20:57,639 Speaker 10: in this blitz the next week. Both Trump and Harris 419 00:20:57,720 --> 00:21:01,720 Speaker 10: are fully out there trying to appeal to whatever constituencies 420 00:21:01,720 --> 00:21:02,560 Speaker 10: will have them Right now. 421 00:21:02,560 --> 00:21:07,240 Speaker 5: Henrietta, go away, Veda partners, We hope to see you again. 422 00:21:07,320 --> 00:21:08,560 Speaker 5: Eight times this week. 423 00:21:12,480 --> 00:21:15,480 Speaker 2: You had so many topics here on economics, finance, investment, 424 00:21:16,040 --> 00:21:19,800 Speaker 2: on fractured international relations. Oh yes, an election here in 425 00:21:19,880 --> 00:21:22,320 Speaker 2: a number of days. We were really weren't sure how 426 00:21:22,400 --> 00:21:25,000 Speaker 2: to start the show, but you work around his schedule. 427 00:21:25,520 --> 00:21:29,280 Speaker 2: Dan Williams, with a really interesting pedigree out of Oxford, 428 00:21:29,760 --> 00:21:32,480 Speaker 2: was with the Jerusalem Post. We are thrilled that he 429 00:21:32,560 --> 00:21:35,119 Speaker 2: gives us coverage at Bloomberg News. The last time we 430 00:21:35,160 --> 00:21:37,960 Speaker 2: spoke to mister Williams was on the border of Lebanon. 431 00:21:38,080 --> 00:21:41,479 Speaker 2: He comes from Jerusalem this morning, Dan, I looked at 432 00:21:41,480 --> 00:21:43,000 Speaker 2: the Jerusalem Post this morning. 433 00:21:43,080 --> 00:21:45,480 Speaker 5: The immediacy you see in the Israeli. 434 00:21:45,680 --> 00:21:49,480 Speaker 2: Press much different than in America. Is there any place 435 00:21:49,600 --> 00:21:53,639 Speaker 2: in Israel safe in a two border war? From the 436 00:21:53,640 --> 00:21:57,440 Speaker 2: one hundred and sixty miles from Lebanon's southern border to 437 00:21:57,560 --> 00:22:01,800 Speaker 2: the Gaza Strip, can anyone sleep in Israel safe at 438 00:22:01,960 --> 00:22:04,919 Speaker 2: night from potential missile attack. 439 00:22:06,400 --> 00:22:08,080 Speaker 3: Well, I don't think you need my word for it. 440 00:22:08,640 --> 00:22:09,560 Speaker 3: Good morning everyone. 441 00:22:09,880 --> 00:22:12,639 Speaker 8: You look at the map these really military issued just 442 00:22:12,720 --> 00:22:15,920 Speaker 8: six days ago when Iran launched one hundred and eighty 443 00:22:15,960 --> 00:22:19,359 Speaker 8: ballistic missiles in the direction of Israel. That is the 444 00:22:19,440 --> 00:22:23,359 Speaker 8: latest front in this Seventh Front Wall, and the entire 445 00:22:23,400 --> 00:22:28,120 Speaker 8: country was carpeted with alert signs. Basically, I think these 446 00:22:28,160 --> 00:22:31,200 Speaker 8: realies knew where the Iranians were trying to hit. But 447 00:22:31,320 --> 00:22:34,040 Speaker 8: what happens in a situation like that is the interceptions 448 00:22:34,119 --> 00:22:38,720 Speaker 8: themselves become hazardous because ballistic missiles are fired at great height, 449 00:22:38,760 --> 00:22:42,200 Speaker 8: they're intercepted at great height, and the debris is scattered 450 00:22:42,560 --> 00:22:45,160 Speaker 8: a great distance. So even if you're out of range 451 00:22:45,200 --> 00:22:48,000 Speaker 8: of Gaza, or you're out of range of Hezbla from Lebanon, 452 00:22:48,280 --> 00:22:51,400 Speaker 8: or you're out of range of say Iranian back militias 453 00:22:51,480 --> 00:22:55,040 Speaker 8: in Iraq ors Syria, or the Huthis in Yemen, you 454 00:22:55,119 --> 00:22:58,400 Speaker 8: could still find yourself at the receiving end of debris 455 00:22:58,960 --> 00:22:59,320 Speaker 8: from a. 456 00:22:59,400 --> 00:23:02,040 Speaker 3: Successful So that's a long answer. 457 00:23:02,080 --> 00:23:04,840 Speaker 2: The short answer is no, Dan Williams with us in 458 00:23:04,960 --> 00:23:08,600 Speaker 2: Israel joining us this warning, Dan is Damien, Say sorry, Damien. 459 00:23:08,480 --> 00:23:09,680 Speaker 6: Yeah, no, Dan, I need to know. 460 00:23:09,840 --> 00:23:11,639 Speaker 7: We saw BB on the tape over the week and 461 00:23:11,720 --> 00:23:16,080 Speaker 7: specifically calling out French President Macrone for you know, potentially 462 00:23:16,480 --> 00:23:18,600 Speaker 7: recommending an arms embargo on Israel. 463 00:23:18,680 --> 00:23:19,960 Speaker 6: I mean, is that real? 464 00:23:20,119 --> 00:23:21,840 Speaker 7: And is there any chance that we could see other 465 00:23:21,920 --> 00:23:23,520 Speaker 7: G seven nations follow suit. 466 00:23:25,200 --> 00:23:28,240 Speaker 8: We've been hearing subterranean rumors about this for quite a 467 00:23:28,280 --> 00:23:31,240 Speaker 8: few months now. I've a good friend who's involved in 468 00:23:31,520 --> 00:23:34,159 Speaker 8: the Belgian civil service. He told me this could be 469 00:23:34,200 --> 00:23:36,600 Speaker 8: in the works some six months ago. The French Foreign 470 00:23:36,640 --> 00:23:38,680 Speaker 8: minister is now in town. In fact, he'll be briefing 471 00:23:38,760 --> 00:23:41,040 Speaker 8: the press just an hour from now, so we'll be 472 00:23:41,080 --> 00:23:44,320 Speaker 8: getting some clarification, I believe. But there have been indications 473 00:23:44,440 --> 00:23:48,240 Speaker 8: denied by Germany, and but indications that German export licenses 474 00:23:48,320 --> 00:23:51,680 Speaker 8: have been delayed, that the Brits are more closely inspecting 475 00:23:51,800 --> 00:23:53,800 Speaker 8: some defense export licenses to Israel. 476 00:23:54,240 --> 00:23:55,720 Speaker 3: So yes, there is a. 477 00:23:56,000 --> 00:24:00,400 Speaker 8: Slow gathering of pressure through the channels of defense exports 478 00:24:00,440 --> 00:24:03,560 Speaker 8: to Israel as European nations try to figure out a 479 00:24:03,600 --> 00:24:06,920 Speaker 8: way to apply pressure on Israel to cease fire without 480 00:24:07,000 --> 00:24:09,080 Speaker 8: completely rupturing their ties with Israel. 481 00:24:09,240 --> 00:24:10,480 Speaker 6: Wow, Dan, how serious is that? 482 00:24:10,560 --> 00:24:10,800 Speaker 9: I mean? 483 00:24:10,880 --> 00:24:14,000 Speaker 7: BB specifically called out the Axis of Resistance in that speech, 484 00:24:14,080 --> 00:24:17,080 Speaker 7: and you know, I mean specifically accused Emmanuel McCrone of 485 00:24:17,200 --> 00:24:20,560 Speaker 7: you know, being divisive and showing a lack of support 486 00:24:20,560 --> 00:24:23,520 Speaker 7: where it's the Axis of Resistance remained strong. Talk to 487 00:24:23,600 --> 00:24:25,439 Speaker 7: us about the US in their role. Talk to us 488 00:24:25,440 --> 00:24:30,320 Speaker 7: about Kamala Harris, former President Trump. What's their stance on Israel. 489 00:24:31,359 --> 00:24:33,560 Speaker 8: Well, it suggests you pass the statements they put out 490 00:24:33,600 --> 00:24:37,240 Speaker 8: on this anniversary day, very strong statements in support of 491 00:24:37,440 --> 00:24:40,160 Speaker 8: Israel by the President and the Vice president. The Vice 492 00:24:40,240 --> 00:24:44,639 Speaker 8: President Harris in an interview, did reiterate her call for 493 00:24:44,920 --> 00:24:47,719 Speaker 8: a cease fire as soon as possible. That's pretty much 494 00:24:47,800 --> 00:24:51,000 Speaker 8: a stock position of the democratic establishment of this administration. 495 00:24:51,560 --> 00:24:53,840 Speaker 8: The problem is it falls on deaf is in Israel 496 00:24:53,880 --> 00:24:58,200 Speaker 8: because Israel has been through several ceased fires, both with Hezbollah, 497 00:24:58,320 --> 00:25:00,920 Speaker 8: with Hamas, I think at least five times Hamas and 498 00:25:01,040 --> 00:25:04,840 Speaker 8: basically each site seats by has seen reconstruction money, aid 499 00:25:04,920 --> 00:25:07,760 Speaker 8: money coming in and Hamas diverting a good deal of 500 00:25:07,840 --> 00:25:11,000 Speaker 8: it to rebuilding its military capacity. And in the end 501 00:25:11,040 --> 00:25:13,239 Speaker 8: of the day, Israel points out correctly that these are 502 00:25:13,440 --> 00:25:16,760 Speaker 8: enemies backed by Iran, all of which are ideologically committed 503 00:25:16,760 --> 00:25:19,840 Speaker 8: to its destruction, all of which openly say that when 504 00:25:19,880 --> 00:25:23,000 Speaker 8: conditions allowed, or resume the war against Israel until achieving 505 00:25:23,080 --> 00:25:26,560 Speaker 8: that destruction of Israel. So Israel's position now having undergone 506 00:25:26,640 --> 00:25:30,120 Speaker 8: really an unprecedented attack on October seventh of last year, 507 00:25:30,840 --> 00:25:33,000 Speaker 8: a game changing attack if you like, Israel is now 508 00:25:33,119 --> 00:25:34,879 Speaker 8: changing the rules of the game, and it's saying normal, 509 00:25:34,960 --> 00:25:35,520 Speaker 8: cease fires. 510 00:25:35,880 --> 00:25:38,520 Speaker 3: We want victory. The question is what does victory look like. 511 00:25:39,040 --> 00:25:40,760 Speaker 3: No one has fully articulated that yet. 512 00:25:41,160 --> 00:25:46,120 Speaker 2: Dan, how is Netaho's popularity shifted? BBC has a nice 513 00:25:46,160 --> 00:25:50,600 Speaker 2: summary of that of afore you know, the different fractious 514 00:25:50,680 --> 00:25:55,360 Speaker 2: parties in a parliamentary system. How's Netnia who's popularity shifted? 515 00:25:56,600 --> 00:25:59,480 Speaker 8: His popularity has been in the doldrums for a year 516 00:25:59,560 --> 00:26:03,280 Speaker 8: now than this catastrophe, especially given the he is israel 517 00:26:03,359 --> 00:26:07,040 Speaker 8: longest serving prime minister and long cast himself as mister Security, 518 00:26:07,080 --> 00:26:09,639 Speaker 8: the guy who can foresee threats to Israel and to 519 00:26:09,680 --> 00:26:10,440 Speaker 8: the Jewish people. 520 00:26:10,920 --> 00:26:12,720 Speaker 3: So he suffered badly in the polls. 521 00:26:12,760 --> 00:26:17,160 Speaker 8: However, over the past months, Israel has clearly seed the initiatives, 522 00:26:17,160 --> 00:26:20,879 Speaker 8: specifically in Lebanon, with an audacious series of attacks. Some 523 00:26:21,119 --> 00:26:24,760 Speaker 8: claim some unclaimed. I'm sure you're aware of the beeper sabotage, 524 00:26:24,760 --> 00:26:28,480 Speaker 8: the walkie talkie sabotage, the cascade of precision strikes to 525 00:26:28,520 --> 00:26:32,520 Speaker 8: effectively decapitate Hesbal and de Craye, degrade it, dismissile capacity. 526 00:26:33,000 --> 00:26:36,199 Speaker 8: So poles have indicated a lift for him, especially when 527 00:26:36,280 --> 00:26:40,200 Speaker 8: compared to his likeliest rivals. However, the national religious block 528 00:26:40,520 --> 00:26:43,200 Speaker 8: that he sits astride and everything in Israel Is coalition 529 00:26:43,320 --> 00:26:47,320 Speaker 8: politics is still not seen winning an election were one 530 00:26:47,440 --> 00:26:50,760 Speaker 8: held today. He's not keen on seeing an election anytime soon. 531 00:26:51,440 --> 00:26:53,560 Speaker 8: The next one is scheduled for twenty twenty six. However, 532 00:26:53,600 --> 00:26:56,080 Speaker 8: his personal approval rates are certainly improving. 533 00:26:56,440 --> 00:26:57,400 Speaker 5: Dan, thank you so much. 534 00:26:57,440 --> 00:26:59,960 Speaker 2: Look forward to speaking to you again, reporting from Jerusalem 535 00:27:00,440 --> 00:27:01,400 Speaker 2: for Bloomberg News. 536 00:27:02,119 --> 00:27:14,960 Speaker 11: Dan Williams, You, Jay, look at the front pages of 537 00:27:15,040 --> 00:27:16,080 Speaker 11: Lisa Matteo. 538 00:27:15,840 --> 00:27:20,200 Speaker 2: Hour once We're on a Monday, ibkr dot com, slash 539 00:27:20,880 --> 00:27:23,400 Speaker 2: free Pa, Lisa, what do you guys? 540 00:27:23,440 --> 00:27:23,719 Speaker 9: All right? 541 00:27:23,720 --> 00:27:26,159 Speaker 1: We've heard about cost cutting across the media industry, right, 542 00:27:26,359 --> 00:27:29,960 Speaker 1: entertainment divisions, strimming episode counts, reducing cast salaries. Well, now 543 00:27:30,160 --> 00:27:35,240 Speaker 1: it could be affecting TV network news anchor salaries. Sources 544 00:27:35,280 --> 00:27:37,679 Speaker 1: telling the wall Street Journal, Disney's ABC, you know, Good 545 00:27:37,720 --> 00:27:41,280 Speaker 1: Morning America, George Stephanopolis, Robin Roberts, Michael Strand, they may 546 00:27:41,320 --> 00:27:43,960 Speaker 1: be in this fight to keep their deals at where 547 00:27:44,000 --> 00:27:47,359 Speaker 1: they are. They're about twenty five million year each, they 548 00:27:47,440 --> 00:27:50,359 Speaker 1: say of NBCA Today's Johota Compy. If she hadn't opted 549 00:27:50,440 --> 00:27:53,359 Speaker 1: to leave, she would have faced a cut to her 550 00:27:53,480 --> 00:27:56,440 Speaker 1: twenty million dollar a year contract. So they're saying these 551 00:27:56,680 --> 00:27:59,920 Speaker 1: this whole cost cutting is starting to trickle down. MSN 552 00:28:00,520 --> 00:28:02,720 Speaker 1: you haven't talks of a new deal with Rachel Madda 553 00:28:02,840 --> 00:28:05,399 Speaker 1: are thirty million per year deal up after the election, 554 00:28:05,560 --> 00:28:07,720 Speaker 1: So we'll see what happens there. But they're just saying 555 00:28:07,760 --> 00:28:10,119 Speaker 1: that the days of those media icons it's coming to 556 00:28:10,160 --> 00:28:11,320 Speaker 1: an end, Like that's going to start. 557 00:28:11,320 --> 00:28:13,479 Speaker 5: Are you watching this stuff at home? Are you on YouTube? 558 00:28:13,520 --> 00:28:15,240 Speaker 7: Like everybody, I was going to ask you to comment 559 00:28:15,320 --> 00:28:17,159 Speaker 7: on this time. We're talking about media icons here and 560 00:28:17,200 --> 00:28:19,479 Speaker 7: what they're getting paid now. But like, seriously, in all 561 00:28:19,560 --> 00:28:21,760 Speaker 7: due respect, I have been getting a few calls from 562 00:28:21,760 --> 00:28:23,959 Speaker 7: ABC and NBC. You know, I mean, they really are 563 00:28:24,040 --> 00:28:26,640 Speaker 7: hard up. I guess if they're calling me, so yeah, 564 00:28:26,640 --> 00:28:27,200 Speaker 7: I know, we'll see. 565 00:28:27,200 --> 00:28:28,840 Speaker 6: But you know, I'm very happy here at Bloomberg City. 566 00:28:28,920 --> 00:28:30,600 Speaker 3: Next the Time my chance. 567 00:28:31,920 --> 00:28:35,720 Speaker 2: The ratings for the six thirty news, the nightly News 568 00:28:36,600 --> 00:28:40,280 Speaker 2: was I'm making this up twenty seven million twenty years 569 00:28:40,320 --> 00:28:44,040 Speaker 2: ago and they're now down to eighteen millions. 570 00:28:43,200 --> 00:28:43,840 Speaker 9: A big difference. 571 00:28:44,120 --> 00:28:47,640 Speaker 2: So you know, it's a changing audience, but so much more, Lisa, 572 00:28:47,680 --> 00:28:52,080 Speaker 2: I would say time has just marched on from Sarnoff 573 00:28:52,800 --> 00:28:56,640 Speaker 2: in what mister Cronkite, mister Huntley, mister Brinkley, Frank McGee 574 00:28:57,120 --> 00:29:00,760 Speaker 2: at ABC what they invented, and then over to cable. 575 00:29:01,720 --> 00:29:05,400 Speaker 2: We're just decades and decades and decades. 576 00:29:05,080 --> 00:29:07,080 Speaker 5: Out and it seems like the formula is changing. 577 00:29:07,160 --> 00:29:08,479 Speaker 7: Yeah, but in a Lisa, I mean, you look at 578 00:29:08,520 --> 00:29:11,640 Speaker 7: these podcasts like SmartLess, Right Bateman and art men Ar. 579 00:29:11,720 --> 00:29:13,600 Speaker 7: I mean, these guys are killing it right, So you 580 00:29:13,600 --> 00:29:15,800 Speaker 7: would think that Stephanopolis and Michael Strainer. 581 00:29:15,560 --> 00:29:17,000 Speaker 6: Maybe all they got to do, Robin Roberts, all they 582 00:29:17,040 --> 00:29:18,400 Speaker 6: got to do is start a lot podcast. 583 00:29:18,960 --> 00:29:21,000 Speaker 5: Let me sell the book here so we can keep eating. 584 00:29:21,120 --> 00:29:22,560 Speaker 5: YouTube is the future for us? 585 00:29:22,640 --> 00:29:27,400 Speaker 2: Folks subscribe to Bloomberg podcasts out on YouTube to keep 586 00:29:27,520 --> 00:29:31,280 Speaker 2: Lisa Matteo in costco. But you know the answer is 587 00:29:31,920 --> 00:29:35,040 Speaker 2: there's a newness to the YouTube thing that I'm dazzled 588 00:29:35,040 --> 00:29:35,560 Speaker 2: by every day. 589 00:29:35,600 --> 00:29:38,280 Speaker 1: What else do you have NFL teams more than heading 590 00:29:38,320 --> 00:29:41,840 Speaker 1: to dome stadiums, and it's driving up the costs. Yeah, 591 00:29:41,880 --> 00:29:44,280 Speaker 1: so the closed stadiums adds hundreds of millions of dollars 592 00:29:44,360 --> 00:29:47,440 Speaker 1: construction costs. But here's the thing, not all fans want them. 593 00:29:47,560 --> 00:29:50,880 Speaker 1: They enjoy the whole football field being out in the cold, 594 00:29:51,400 --> 00:29:54,120 Speaker 1: but it's not stopping. The proposals are coming in. Ten 595 00:29:54,320 --> 00:29:56,720 Speaker 1: of the NFL's thirty two teams currently play in those 596 00:29:56,800 --> 00:29:59,640 Speaker 1: roof stadiums. That's an all time high, several more in 597 00:29:59,680 --> 00:30:01,880 Speaker 1: the world. So more than starting to come around, they're 598 00:30:01,880 --> 00:30:03,480 Speaker 1: saying they want the year round. 599 00:30:03,520 --> 00:30:07,320 Speaker 2: On the scheduled Damien, are you advantaged by homing in 600 00:30:07,400 --> 00:30:07,840 Speaker 2: a dome? 601 00:30:08,240 --> 00:30:10,320 Speaker 7: Well, here's the thing, the Bloomberg Business of sports, we 602 00:30:10,400 --> 00:30:11,680 Speaker 7: are going to have the pleasure in the next few 603 00:30:11,720 --> 00:30:13,840 Speaker 7: weeks of getting John fashion Telli, who runs the real 604 00:30:13,920 --> 00:30:15,840 Speaker 7: estate division, or used to run the real estate division, 605 00:30:15,880 --> 00:30:18,520 Speaker 7: sorry for Harris Blitzer Sports and Entertainment. He's going to 606 00:30:18,560 --> 00:30:20,080 Speaker 7: be on our show and he's going to tell us 607 00:30:20,120 --> 00:30:22,320 Speaker 7: exactly what he's seeing in terms of this mixed use 608 00:30:22,720 --> 00:30:25,600 Speaker 7: real estate around these stadiums, and of course it's all 609 00:30:25,640 --> 00:30:27,720 Speaker 7: about dome league. 610 00:30:27,720 --> 00:30:31,000 Speaker 2: Where you're in last place in your rotisary league, do 611 00:30:31,120 --> 00:30:34,160 Speaker 2: you factor in if somebody has a dome, is their 612 00:30:34,200 --> 00:30:34,800 Speaker 2: home field? 613 00:30:35,000 --> 00:30:38,720 Speaker 7: Absolutely a higher scoring game on turf? Absolutely, you're looking 614 00:30:38,800 --> 00:30:41,000 Speaker 7: for that. So I mean yeah, I mean yes, absolutely, 615 00:30:41,080 --> 00:30:43,720 Speaker 7: And I look at that, you know, on a Saturday morning, 616 00:30:44,080 --> 00:30:47,120 Speaker 7: probably just to make sure that that my lineups. 617 00:30:47,240 --> 00:30:48,480 Speaker 5: Was the Seattles yesterday. 618 00:30:48,720 --> 00:30:51,120 Speaker 6: The Seattles. Yeah, the Seattles, the Seattles. 619 00:30:51,320 --> 00:30:53,440 Speaker 7: Gino Smith, Huh, I mean he's something. I mean, look, 620 00:30:53,440 --> 00:30:55,360 Speaker 7: I picked him up in my fantasy league, my rotissary. 621 00:30:55,400 --> 00:30:56,959 Speaker 7: I mean, he's I don't know if he delivered though, 622 00:30:56,960 --> 00:30:58,160 Speaker 7: I haven't really checked out this morning, but. 623 00:30:58,240 --> 00:31:02,880 Speaker 2: Oh, missus Sasso has additious today next. 624 00:31:04,480 --> 00:31:08,000 Speaker 1: Okay, Halloween season. You know those big twelve foot skeletons 625 00:31:08,040 --> 00:31:10,680 Speaker 1: that all these people put on their lawns, hate them 626 00:31:10,840 --> 00:31:13,560 Speaker 1: or love them the problem is that the owners are 627 00:31:13,800 --> 00:31:15,880 Speaker 1: are keeping them on their lawns for more than just 628 00:31:15,920 --> 00:31:19,280 Speaker 1: the Halloween season. And now HOA letters are going out 629 00:31:19,320 --> 00:31:21,360 Speaker 1: to these folks because they're saying, hey, you need to 630 00:31:21,400 --> 00:31:23,360 Speaker 1: get this off your lawn. But the people who bought 631 00:31:23,400 --> 00:31:26,160 Speaker 1: them for three hundred dollars are saying that, you know what, 632 00:31:26,240 --> 00:31:27,760 Speaker 1: it took me a long time to put this up. 633 00:31:28,000 --> 00:31:30,680 Speaker 1: So what they're doing is they're changing it. So after 634 00:31:30,760 --> 00:31:32,920 Speaker 1: Halloween they put a Santa hat on it, and they 635 00:31:33,000 --> 00:31:36,200 Speaker 1: keep it through Christmas. Then they put a top hat 636 00:31:36,320 --> 00:31:39,560 Speaker 1: and extend it to July for you know, fourth of 637 00:31:39,640 --> 00:31:41,920 Speaker 1: July they put it to sam you know, is that 638 00:31:42,240 --> 00:31:42,400 Speaker 1: on it? 639 00:31:42,600 --> 00:31:44,960 Speaker 7: I mean, look, is there really like an understanding about 640 00:31:45,040 --> 00:31:47,160 Speaker 7: when you're supposed to take your Halloween you know, your 641 00:31:47,200 --> 00:31:48,520 Speaker 7: pumpkins away from your front door? 642 00:31:48,600 --> 00:31:50,680 Speaker 6: Is that like, you know, the day after, two days after, 643 00:31:50,720 --> 00:31:51,280 Speaker 6: a week after? 644 00:31:51,640 --> 00:31:53,600 Speaker 1: I call it common courtesy. I mean I hate when 645 00:31:53,640 --> 00:31:56,240 Speaker 1: people have Christmas lights up in like February, like you 646 00:31:56,600 --> 00:31:59,320 Speaker 1: just can't do it. But they're saying that this is 647 00:31:59,400 --> 00:32:03,200 Speaker 1: becoming a legal issue now and so now you know, 648 00:32:03,280 --> 00:32:05,360 Speaker 1: it's this whole fight about how long to keep them up. 649 00:32:05,360 --> 00:32:07,240 Speaker 1: But their neighbors are saying it's bringing down their property 650 00:32:07,320 --> 00:32:11,040 Speaker 1: values and that's a problem major, so especially in those 651 00:32:11,200 --> 00:32:14,200 Speaker 1: h away regions. Yeah, the joker, I don't know if 652 00:32:14,240 --> 00:32:14,520 Speaker 1: any of it. 653 00:32:14,600 --> 00:32:16,280 Speaker 5: Did you guys see it this weekend bomb? 654 00:32:16,560 --> 00:32:17,400 Speaker 4: Did it? Did? 655 00:32:17,600 --> 00:32:19,480 Speaker 1: It didn't make as much as a match as a 656 00:32:19,560 --> 00:32:22,720 Speaker 1: first Lady Gaga. Yeah, Joaquin Phoenix. It's kind of this 657 00:32:23,040 --> 00:32:23,920 Speaker 1: musical drama. 658 00:32:24,040 --> 00:32:25,840 Speaker 5: So I don't know if he wrote it up and 659 00:32:25,960 --> 00:32:27,960 Speaker 5: he said, look, two hundred million dollars. 660 00:32:27,720 --> 00:32:28,400 Speaker 3: This is the risk. 661 00:32:29,040 --> 00:32:29,320 Speaker 9: It is. 662 00:32:29,520 --> 00:32:32,960 Speaker 1: It is and it made forty million opening weekend domestically. 663 00:32:33,240 --> 00:32:35,320 Speaker 1: If you look at what the first made ninety six 664 00:32:35,400 --> 00:32:39,280 Speaker 1: point two million domestically that opening weekend. Actually, so yeah, 665 00:32:39,320 --> 00:32:39,920 Speaker 1: a big difference. 666 00:32:39,960 --> 00:32:42,680 Speaker 5: You see, I'm not on my game this morning. That's 667 00:32:42,720 --> 00:32:43,560 Speaker 5: why I'm not in the game. 668 00:32:43,640 --> 00:32:44,080 Speaker 6: What's going on? 669 00:32:44,600 --> 00:32:46,640 Speaker 5: The older offspring cash flow? 670 00:32:46,760 --> 00:32:51,480 Speaker 2: The middle child Prada, they would have asked first afterthought, 671 00:32:51,560 --> 00:32:52,520 Speaker 2: doesn't even ask. 672 00:32:52,720 --> 00:32:55,600 Speaker 5: She just gets my charge card and all of a sudden, 673 00:32:55,760 --> 00:32:56,880 Speaker 5: I got Guitar Hero. 674 00:32:56,920 --> 00:32:57,400 Speaker 6: In the house. 675 00:32:58,240 --> 00:33:00,440 Speaker 1: Oh should you play seven? 676 00:33:00,640 --> 00:33:00,680 Speaker 3: No? 677 00:33:00,760 --> 00:33:02,720 Speaker 5: I did not play. I have a seventeen year old 678 00:33:03,600 --> 00:33:04,080 Speaker 5: going through. 679 00:33:04,960 --> 00:33:09,480 Speaker 2: She goes, Mississippi Queen is such a good sung Do 680 00:33:09,560 --> 00:33:11,000 Speaker 2: you have a Guitar Hero on your house? 681 00:33:11,440 --> 00:33:13,880 Speaker 6: I don't. I don't. My kids are, you know, they're 682 00:33:13,920 --> 00:33:15,480 Speaker 6: not really into that. They just TikTok all day. But 683 00:33:15,560 --> 00:33:16,040 Speaker 6: here's the thing. 684 00:33:16,120 --> 00:33:18,239 Speaker 7: You know, now that you have box office receipts, I mean, 685 00:33:18,320 --> 00:33:20,560 Speaker 7: you know, tell us about this. Lisa down twelve. 686 00:33:20,320 --> 00:33:22,880 Speaker 6: Percent, year. Every year? What are we looking for? What 687 00:33:23,040 --> 00:33:26,880 Speaker 6: movies are coming out? Glade, Two, Guys, Wicked. Those are 688 00:33:26,880 --> 00:33:27,400 Speaker 6: some of the movies. 689 00:33:28,200 --> 00:33:30,840 Speaker 1: Barbenheimer, I know that's a struggle. 690 00:33:30,920 --> 00:33:31,560 Speaker 6: Glad too. 691 00:33:31,840 --> 00:33:34,560 Speaker 5: Lisa Mateo, thank you for the newspaper, Bason. 692 00:33:34,800 --> 00:33:37,960 Speaker 2: This is a Bloomberg Surveillance podcast, bringing you the best 693 00:33:38,000 --> 00:33:42,760 Speaker 2: in economics, finance, investment, and international relations. You can also 694 00:33:42,880 --> 00:33:44,880 Speaker 2: watch the show live on YouTube. 695 00:33:45,280 --> 00:33:46,680 Speaker 3: Visit the Bloomberg. 696 00:33:46,320 --> 00:33:50,840 Speaker 2: Podcast channel on YouTube to see the show weekday mornings 697 00:33:50,880 --> 00:33:54,080 Speaker 2: from seven to ten am Eastern from our global headquarters 698 00:33:54,280 --> 00:33:58,120 Speaker 2: in New York City. Subscribe to the podcast on Apple, Spotify, 699 00:33:58,480 --> 00:34:02,000 Speaker 2: or anywhere else you listen. And always I'm Bloomberg Radio, 700 00:34:02,240 --> 00:34:05,400 Speaker 2: the Bloomberg Terminal, and the Bloomberg Business app.