Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2: A Monday of single best idea after the cacophony coming
Speaker 2: off of Friday, Saturday and Sunday. Very difficult to pick
Speaker 2: two ideas today out of great conversations. The teamworked all
Speaker 2: weekend a sort of piece together not where are we now?
Speaker 2: But into the Joint Session of Congress on Tuesday. Kaylie
Speaker 2: Lines and Joe Matthew has that for you, just sort
Speaker 2: of where are we now? Linking together economics, finance, investment
Speaker 2: and international relations. On international relations, my first request yesterday
Speaker 2: Sunday was Peter Trubowitz in Austin. Years ago they developed
Speaker 2: the Lyndon Baines Johnson School of Government, which you know,
Speaker 2: you do, it's no big deal, but then boom, it
Speaker 2: came out in a big way. Is a huge academic success.
Speaker 2: And part of that LBJ school success was Peter Trueboitz.
Speaker 2: He now holds court at the London School of Economics.
Speaker 2: On our Secretary of State, the gentleman from Florida, Peter Truwitz.
Speaker 1: So my view, and I've said this and I'm on
Speaker 1: the record, I believe he won't last very long. And
Speaker 1: that's because it's pretty clear anybody that was watching on
Speaker 1: Friday or watched the Saturday Night Lives boof of It
Speaker 1: realizes that Marco Rubio is very uncomfortable is basically pivoting
Speaker 1: one hundred and eighty degrees from things that he said
Speaker 1: about the war Putin's War in Ukraine two years ago,
Speaker 1: you know. And so the question is can he carry
Speaker 1: the brief and you know, you know or not? To me,
Speaker 1: he seems like he's not a particularly relevant player in
Speaker 1: the administration.
Speaker 2: Peter Troubert's riveting there on all that's going on in
Speaker 2: our political malstream, both in his London and in Washington
Speaker 2: and New York. Try to get the full interview there
Speaker 2: with Peter TROUBERTZ. It was very, very valuable. David Bonnson
Speaker 2: was with us from the bonson Gropies out on the
Speaker 2: left coast. It's usually, you know, wealth management and you know,
Speaker 2: what are you doing, what are you doing with cash
Speaker 2: and all that. But somewhere in the middle of the
Speaker 2: conversation today he gave a clinic on the raging debate
Speaker 2: that Paul Sweeney loves and that is okay, there's a
Speaker 2: share buyback, just give me a dividend.
Speaker 3: First of all, share buybacks don't actually happen most to share.
Speaker 3: About seventy five percent of share buybacks and the S
Speaker 3: and P five hundred replacing shares that were given out
Speaker 3: in compensation, so they're not a return of payment. But
Speaker 3: you can't eat a share buy back, and aut of
Speaker 3: investors out there need to buy groceries and do real
Speaker 3: things with cash, and the risk every dividend you receive
Speaker 3: is de risking the investment. It's real monetization, and to
Speaker 3: share buyback is compounding your risk. Now, when the stock
Speaker 3: keeps going up, that can be a very good thing,
Speaker 3: but it isn't the same form of capital return. But
Speaker 3: in Cook's case, the issue has the incentive to do
Speaker 3: dumb things of money. Now, for Apple it doesn't matter
Speaker 3: with that kind of free cash flow, But what do
Speaker 3: they spend on the electric vehicle experiment? Eight billion dollars
Speaker 3: they set on fire. If you're returning dividends to shareholders,
Speaker 3: you don't go spend eight billion dollars on a little
Speaker 3: side project.
Speaker 2: There have been any number of discussions in this over
Speaker 2: the years. That was the single clearest discussion I've ever heard.
Speaker 2: David Bunsen just absolutely spectacular there. Whatever your opinion here
Speaker 2: We got some great feedback from people. One former media
Speaker 2: executive emailed it and said, look, buybacks, you know are great.
Speaker 2: There's no tax treatment versus dividends which you're taxable, and
Speaker 2: on and on the debate goes. We'll continue to bring
Speaker 2: that to you as we look at investment and your
Speaker 2: commute across America. We just got in the February numbers.
Speaker 2: We're humbled. Thank you so much. And then many different
Speaker 2: ways to listen to us on radio, to use a
Speaker 2: phrase from another time and place. On YouTube, you subscribe
Speaker 2: to Bloomberg Podcast Special thank you to David Weston for
Speaker 2: his incredible interview with the Secretary of Treasury late Friday.
Speaker 2: To say it went viral is an understatement. I'm Bloomberg
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Speaker 2: is single best I am