1 00:00:02,520 --> 00:00:13,760 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg 2 00:00:13,840 --> 00:00:17,920 Speaker 1: Surveillance Podcast. Catch us live weekdays at seven am Eastern 3 00:00:18,200 --> 00:00:22,000 Speaker 1: on Apple CarPlay or Android Auto with the Bloomberg Business app. 4 00:00:22,360 --> 00:00:25,680 Speaker 1: Listen on demand wherever you get your podcasts, or watch 5 00:00:25,760 --> 00:00:27,520 Speaker 1: us live on YouTube. 6 00:00:27,320 --> 00:00:29,120 Speaker 2: With us again and ring us back to back. 7 00:00:29,160 --> 00:00:31,760 Speaker 3: Stephen Flynn here in a moment on the credit side 8 00:00:31,760 --> 00:00:35,239 Speaker 3: of this historic transaction, a trooper Getha ragenoffen with us 9 00:00:35,240 --> 00:00:39,199 Speaker 3: in the last hour and joins again. Githa, somebody emails 10 00:00:39,240 --> 00:00:41,519 Speaker 3: in from Delaware loose beach or something. 11 00:00:42,120 --> 00:00:45,479 Speaker 2: It never goes under freezing on the Delaware beach. Githa, 12 00:00:45,760 --> 00:00:47,120 Speaker 2: what happens to CNN? 13 00:00:49,240 --> 00:00:52,559 Speaker 4: So what happens to CNN? So the Netflix transaction actually 14 00:00:52,720 --> 00:00:58,080 Speaker 4: is only for the streaming and the studio business. So CNN, TBSTNT, 15 00:00:58,160 --> 00:01:00,680 Speaker 4: which are all part of the Turner Networks, they are 16 00:01:00,720 --> 00:01:03,920 Speaker 4: going to be spun out into a separate company by 17 00:01:04,080 --> 00:01:07,240 Speaker 4: the end of the third quarter of next year. And 18 00:01:07,760 --> 00:01:11,039 Speaker 4: you know, hopefully, I think along the way, Warner Brothers 19 00:01:11,080 --> 00:01:13,080 Speaker 4: is going to look for some m and a combination 20 00:01:13,160 --> 00:01:14,640 Speaker 4: for that asset as well. 21 00:01:15,040 --> 00:01:18,319 Speaker 3: With mister Roberts. I don't mean that's exactly right. Wait 22 00:01:18,319 --> 00:01:21,720 Speaker 3: a minute, let's get this straight. Geitha expert, Sweeney expert, 23 00:01:21,920 --> 00:01:22,760 Speaker 3: Keen the dummy. 24 00:01:22,959 --> 00:01:25,560 Speaker 5: I'll shut up, Paul, Please, Hey, Keith, I was just 25 00:01:25,560 --> 00:01:29,520 Speaker 5: gonna ask David Zaslov, the CEO of Warner Brothers Discovery, 26 00:01:29,520 --> 00:01:33,160 Speaker 5: a self proclaimed media mogul, here, what happens to him 27 00:01:33,200 --> 00:01:33,920 Speaker 5: in this transaction? 28 00:01:34,800 --> 00:01:37,600 Speaker 4: Yeah, that's what's kind of been the real head scratcher here, Paul, 29 00:01:37,640 --> 00:01:39,240 Speaker 4: because you know, as we were chatting a little bit 30 00:01:39,480 --> 00:01:42,399 Speaker 4: earlier this week, I mean, we thought that they would 31 00:01:42,400 --> 00:01:45,200 Speaker 4: really favor the Comcast transaction because NBC was going to 32 00:01:45,240 --> 00:01:49,040 Speaker 4: be spun out and they had reportedly offered David Zaslav 33 00:01:49,480 --> 00:01:53,120 Speaker 4: the position of CEO for the combined NBC and Warner 34 00:01:53,160 --> 00:01:57,240 Speaker 4: Brothers streaming and studio. So it's it's really a little 35 00:01:57,240 --> 00:02:00,160 Speaker 4: bit puzzling at this point. But I think what David's 36 00:02:00,160 --> 00:02:03,440 Speaker 4: love has done here is the best outcome for shareholders. So, 37 00:02:03,880 --> 00:02:05,360 Speaker 4: you know, as he promised. 38 00:02:05,280 --> 00:02:09,040 Speaker 5: Yes he did, he absolutely delivered for shareholders here. What 39 00:02:09,160 --> 00:02:12,440 Speaker 5: is the you know, Jason Bezen end at City had 40 00:02:12,480 --> 00:02:14,600 Speaker 5: a nice comment earlier this week. I was listening to 41 00:02:14,600 --> 00:02:17,520 Speaker 5: one of his podcasts. This is kind of a long term. 42 00:02:17,560 --> 00:02:20,840 Speaker 5: This is going to be really good for Netflix because 43 00:02:21,320 --> 00:02:23,880 Speaker 5: they need, believe it or not, even more content. They 44 00:02:23,919 --> 00:02:26,320 Speaker 5: spend seventeen eighteen billion dollars a year own content, but 45 00:02:27,040 --> 00:02:29,240 Speaker 5: they really need a library. Do you think this is 46 00:02:29,240 --> 00:02:31,760 Speaker 5: a deal that Netflix really had to do, Githa. 47 00:02:32,520 --> 00:02:34,280 Speaker 4: I think I think so, Paul. I mean, we were 48 00:02:34,360 --> 00:02:37,160 Speaker 4: we were talking about whether this was really existential for Netflix. 49 00:02:37,400 --> 00:02:39,519 Speaker 4: You know, many on the street had argued that this 50 00:02:39,560 --> 00:02:41,760 Speaker 4: would be a major distraction. But I think it's not 51 00:02:41,800 --> 00:02:43,280 Speaker 4: so much the cost of doing the deal. It's the 52 00:02:43,320 --> 00:02:46,480 Speaker 4: cost of not doing the deal. And yeah, and really 53 00:02:46,480 --> 00:02:49,040 Speaker 4: it's like as they kind of play the long game here. 54 00:02:49,160 --> 00:02:52,280 Speaker 4: You know, Netflix is not competing against Disney Plus or 55 00:02:52,320 --> 00:02:55,920 Speaker 4: Amazon Prime. They are competing against YouTube and you know, 56 00:02:56,040 --> 00:02:59,240 Speaker 4: this is where they really need to kind of you know, 57 00:02:59,360 --> 00:03:02,520 Speaker 4: double dow on franchises on. You know, they're getting a 58 00:03:02,560 --> 00:03:04,880 Speaker 4: lot here. Of course, you have all the franchises, you 59 00:03:04,880 --> 00:03:07,440 Speaker 4: have the library, you have a prestige brand, and HBO 60 00:03:07,480 --> 00:03:10,040 Speaker 4: you get a studio lot. So this was a once 61 00:03:10,040 --> 00:03:12,200 Speaker 4: in a lifetime opportunity in Netflix made sure, you know, 62 00:03:12,240 --> 00:03:12,920 Speaker 4: they didn't mess up. 63 00:03:12,919 --> 00:03:15,000 Speaker 3: Okay, but Thel, you just mentioned the elephant in the room, 64 00:03:15,040 --> 00:03:19,120 Speaker 3: which is Google Now they're distracted with AI, AI eio, Google, 65 00:03:19,200 --> 00:03:22,560 Speaker 3: Gemini home run this That what Google does for us 66 00:03:22,600 --> 00:03:24,720 Speaker 3: every day here at Bloomberg Surveillance. 67 00:03:24,760 --> 00:03:26,840 Speaker 2: Subscribe to Bloomberg Podcast. Keitha. 68 00:03:26,919 --> 00:03:32,400 Speaker 3: Raganathan, what is the response of Google to this transaction question? 69 00:03:33,040 --> 00:03:35,680 Speaker 4: I mean they're already responding, Tom. I mean, you have 70 00:03:35,880 --> 00:03:39,480 Speaker 4: AI here. Netflix is really kind of looking at this 71 00:03:39,840 --> 00:03:42,440 Speaker 4: as AI kind of comes in and changes the whole 72 00:03:42,440 --> 00:03:45,880 Speaker 4: content cost structure, changes the whole content industry. You can 73 00:03:45,920 --> 00:03:48,960 Speaker 4: basically make a movie. You have all these video or 74 00:03:49,040 --> 00:03:52,600 Speaker 4: text to video functionality on these lllms right now, and 75 00:03:52,840 --> 00:03:55,920 Speaker 4: that can completely change the game. And that's really what 76 00:03:56,000 --> 00:03:59,440 Speaker 4: Netflix is protecting against here. YouTube already is doing a 77 00:03:59,440 --> 00:04:01,840 Speaker 4: lot in that field, so you know, they don't really 78 00:04:01,840 --> 00:04:03,640 Speaker 4: need to do anything. They just keep doing what they're 79 00:04:03,680 --> 00:04:06,200 Speaker 4: doing and everybody else has to really get scared and 80 00:04:06,880 --> 00:04:09,720 Speaker 4: you know, buckle up. And that's exactly what Netflix has done. 81 00:04:10,520 --> 00:04:11,360 Speaker 6: So Keetha. 82 00:04:11,400 --> 00:04:14,960 Speaker 5: We're going to talk to Jenery Bloomberg Intelligence antitrust analyst 83 00:04:15,000 --> 00:04:17,600 Speaker 5: in the next hour here. But what's the what are 84 00:04:17,600 --> 00:04:20,600 Speaker 5: the companies saying about the regulatory risks to this transaction? 85 00:04:20,640 --> 00:04:23,200 Speaker 5: Because I know there's a really big breakup fees here 86 00:04:23,200 --> 00:04:24,159 Speaker 5: in the billions of dollars. 87 00:04:24,279 --> 00:04:27,880 Speaker 4: Yeah, yeah, it's a five point eight billion dollars break off, 88 00:04:28,160 --> 00:04:30,880 Speaker 4: one of the highest I think ever in a media transaction. 89 00:04:31,640 --> 00:04:34,560 Speaker 4: You know, we're almost six percent of the end more 90 00:04:34,560 --> 00:04:36,760 Speaker 4: than six percent of the enterprise value here, so they're 91 00:04:36,760 --> 00:04:40,520 Speaker 4: definitely a huge number. Yeah, anti trust is going to 92 00:04:40,520 --> 00:04:43,760 Speaker 4: be a problem. Obviously, genre has much more perspective than 93 00:04:43,800 --> 00:04:46,919 Speaker 4: I do. But you're basically combining the number one streaming 94 00:04:46,960 --> 00:04:48,919 Speaker 4: service with the number three streaming service, So that's not 95 00:04:48,960 --> 00:04:53,320 Speaker 4: going to fly nicely with regulators. So again, it's it's 96 00:04:53,360 --> 00:04:55,239 Speaker 4: going to be a little bit of a weight and watch, 97 00:04:55,240 --> 00:04:58,120 Speaker 4: and Netflix really didn't provide too much color on that, 98 00:04:58,839 --> 00:05:00,520 Speaker 4: so we don't know whether they're going to sell the 99 00:05:00,640 --> 00:05:03,279 Speaker 4: HBO service or how exactly they're going to manage that 100 00:05:03,360 --> 00:05:03,839 Speaker 4: going forward. 101 00:05:03,960 --> 00:05:06,479 Speaker 3: Gaza, you know, this is the question of the day. 102 00:05:06,839 --> 00:05:10,040 Speaker 3: I'm sorry all this other stuff. Yeah, Sarah, coming out 103 00:05:10,080 --> 00:05:13,120 Speaker 3: of a Thursday night, you know, what are what do 104 00:05:13,120 --> 00:05:15,320 Speaker 3: you used to call Thursday nights in college? Oh? 105 00:05:15,440 --> 00:05:18,359 Speaker 5: Just that's my Friday, you know, like rip it on Thursdays, 106 00:05:18,520 --> 00:05:19,360 Speaker 5: rip it on Thursday. 107 00:05:19,880 --> 00:05:24,120 Speaker 3: This is a Temple University in Philly, Sarah, thanks for 108 00:05:24,200 --> 00:05:27,159 Speaker 3: emailing in what happens to my Netflix Bill? 109 00:05:27,400 --> 00:05:29,120 Speaker 2: I mean, geith, is the price of all this is 110 00:05:29,160 --> 00:05:29,839 Speaker 2: going to go up? 111 00:05:30,880 --> 00:05:33,960 Speaker 4: It has to, Tom, you know, it has to. 112 00:05:34,160 --> 00:05:35,880 Speaker 2: Can you round it up? Are we going to stay 113 00:05:35,960 --> 00:05:38,000 Speaker 2: under twenty dollars a month for Netflix? 114 00:05:38,760 --> 00:05:41,000 Speaker 4: I think eventually it's going to go higher than that. 115 00:05:41,040 --> 00:05:43,479 Speaker 4: But yeah, as much as we complain about you know, 116 00:05:43,560 --> 00:05:46,080 Speaker 4: Netflix of price being high for the cost of the 117 00:05:46,080 --> 00:05:48,560 Speaker 4: streaming service, if you're actually looking at the value you're 118 00:05:48,600 --> 00:05:51,240 Speaker 4: getting a per dollar, you know, in terms of time 119 00:05:51,279 --> 00:05:55,640 Speaker 4: spent per dollar, it's actually really a pretty compelling value proposition. 120 00:05:55,920 --> 00:05:57,880 Speaker 4: And I think as they keep adding more content, as 121 00:05:57,880 --> 00:05:59,839 Speaker 4: they keep adding you know, more to the library of 122 00:06:00,080 --> 00:06:02,280 Speaker 4: that give them huge pricing power. It also helps them 123 00:06:02,279 --> 00:06:04,599 Speaker 4: to build their advertising business, so maybe you know a 124 00:06:04,640 --> 00:06:09,000 Speaker 4: little bit of that the price increase, they can kind 125 00:06:09,000 --> 00:06:11,680 Speaker 4: of offset that by also building their advertising business and 126 00:06:11,720 --> 00:06:12,440 Speaker 4: keeping costs slow. 127 00:06:12,880 --> 00:06:14,960 Speaker 3: Keithie, your trooper, I'm sure you got a twenty four 128 00:06:15,000 --> 00:06:17,560 Speaker 3: hour day ahead of you. Getha Raganath and driving our 129 00:06:17,640 --> 00:06:22,239 Speaker 3: expertise on Netflix given this historic just transaction. 130 00:06:21,839 --> 00:06:22,560 Speaker 2: Stay with us. 131 00:06:22,800 --> 00:06:26,000 Speaker 3: More from Bloomberg Surveillance coming up after this. 132 00:06:33,279 --> 00:06:36,880 Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us Live 133 00:06:36,920 --> 00:06:40,120 Speaker 1: weekday afternoons from seven to ten am Eastern Listen on 134 00:06:40,160 --> 00:06:43,839 Speaker 1: Applecarplay and Android Otto with the Bloomberg Business app, or 135 00:06:44,000 --> 00:06:45,520 Speaker 1: watch us Live on YouTube. 136 00:06:45,720 --> 00:06:48,000 Speaker 3: One of our most popular guests a huge value added 137 00:06:48,000 --> 00:06:51,480 Speaker 3: through the year is Katherine Kaminski. She's with Alpha Simplex, 138 00:06:51,680 --> 00:06:57,039 Speaker 3: hugely associated with the Massachusetts Institute of Technology. Katie Kominski 139 00:06:57,160 --> 00:07:01,440 Speaker 3: here on trend, Katie, when we had some angst here recently, 140 00:07:02,080 --> 00:07:05,040 Speaker 3: I guess we have a trend and we have stopped loss. 141 00:07:05,320 --> 00:07:09,320 Speaker 3: Were your stops violated within all the angst or were 142 00:07:09,360 --> 00:07:10,960 Speaker 3: you okay to stay on trend? 143 00:07:12,880 --> 00:07:14,600 Speaker 7: I would say that there was a little bit of 144 00:07:14,640 --> 00:07:18,320 Speaker 7: a pullback in equities, but you really haven't seen anything 145 00:07:18,400 --> 00:07:21,360 Speaker 7: substantial enough, and as you've seen the last two weeks, 146 00:07:21,880 --> 00:07:25,560 Speaker 7: equities back in motion again, so that that's kind of surprising. 147 00:07:25,680 --> 00:07:27,920 Speaker 8: There there are some jitters, though, I'd say. 148 00:07:27,800 --> 00:07:32,040 Speaker 3: What's the technical characteristic of the new strength in this 149 00:07:32,240 --> 00:07:33,560 Speaker 3: equity market. 150 00:07:33,840 --> 00:07:35,160 Speaker 8: I say it's re emerging. 151 00:07:35,280 --> 00:07:38,960 Speaker 7: So you've seen definite strength in the equity markets, but 152 00:07:39,000 --> 00:07:43,760 Speaker 7: you've seen that sort of consolidate and then re emerge 153 00:07:43,840 --> 00:07:46,080 Speaker 7: in the sense that you know a trend that started 154 00:07:46,120 --> 00:07:46,920 Speaker 7: to consolidate. 155 00:07:47,600 --> 00:07:49,440 Speaker 8: Still kind of is holding on. 156 00:07:49,440 --> 00:07:52,080 Speaker 3: One of the heroes for Catherine Coavinsky and meet paul 157 00:07:52,200 --> 00:07:53,840 Speaker 3: Is Louise Eumada. 158 00:07:54,280 --> 00:07:57,160 Speaker 2: Yeah, I kind of absolutely iconic, and she. 159 00:07:57,200 --> 00:08:02,280 Speaker 3: Would say, Luis Jumada would say, we're seeing distribution and 160 00:08:02,320 --> 00:08:03,960 Speaker 3: then boom, yeah you. 161 00:08:03,920 --> 00:08:06,320 Speaker 2: Go where down you go? Yep, distribution is what we 162 00:08:06,440 --> 00:08:07,240 Speaker 2: enjoyed this year. 163 00:08:08,000 --> 00:08:10,400 Speaker 5: So Katie talked us about the dollar here. It seems 164 00:08:10,400 --> 00:08:13,160 Speaker 5: to have kind of stabilized here. I'm not sure from 165 00:08:13,200 --> 00:08:16,080 Speaker 5: your perspective is that a trend because we had an 166 00:08:16,080 --> 00:08:18,640 Speaker 5: eight percent nine percent soft, but it's kind of stabilized here. 167 00:08:19,760 --> 00:08:23,160 Speaker 7: Yeah, the dollar is stabilized from the week dollar trend, 168 00:08:23,160 --> 00:08:26,920 Speaker 7: but we've seen very different positioning in the dollar across 169 00:08:26,960 --> 00:08:30,800 Speaker 7: different em and developed currencies. I think I'm the most 170 00:08:30,800 --> 00:08:34,720 Speaker 7: interested to see what happens with the VOJ because you know, 171 00:08:34,760 --> 00:08:37,960 Speaker 7: you have US cutting rates and then you have VOJ 172 00:08:38,160 --> 00:08:41,360 Speaker 7: potentially hiking rates, which is going to kind of cause 173 00:08:41,440 --> 00:08:44,840 Speaker 7: currencies to dislocate and move around, I would guess. 174 00:08:45,840 --> 00:08:47,480 Speaker 8: So I'd say the currency trade is. 175 00:08:47,440 --> 00:08:50,600 Speaker 7: One that is up for grabs going on in the 176 00:08:50,640 --> 00:08:52,200 Speaker 7: next two three weeks. 177 00:08:53,040 --> 00:08:56,120 Speaker 5: So how do we think about just going into twenty 178 00:08:56,160 --> 00:08:59,360 Speaker 5: twenty six. Are there any themes you're you guys are 179 00:08:59,400 --> 00:09:02,640 Speaker 5: looking at from a kind of momentum type perspective. 180 00:09:03,720 --> 00:09:06,319 Speaker 7: Yeah, this is a good question, because you know, I 181 00:09:06,400 --> 00:09:10,000 Speaker 7: think the really interesting thing that we're seeing right now 182 00:09:10,080 --> 00:09:15,040 Speaker 7: is just the very dispergent or disparate trends that you're 183 00:09:15,080 --> 00:09:18,199 Speaker 7: seeing across the globe. Fixed income in particular is very 184 00:09:18,200 --> 00:09:20,840 Speaker 7: interesting just this idea. 185 00:09:20,880 --> 00:09:22,840 Speaker 8: I mean, let's take Japan and Australia. 186 00:09:22,920 --> 00:09:26,160 Speaker 7: They're in a completely different trajectory than the US, So 187 00:09:26,240 --> 00:09:28,680 Speaker 7: I think it could be a very exciting year next 188 00:09:28,760 --> 00:09:33,040 Speaker 7: year where you'd have sort of cycles of boom and deflation. 189 00:09:33,800 --> 00:09:36,480 Speaker 7: And that's always exciting for us who are looking for 190 00:09:36,600 --> 00:09:38,360 Speaker 7: different themes and trends over time. 191 00:09:38,600 --> 00:09:41,760 Speaker 3: Katie Kminsky with us A very strong thirty five to 192 00:09:41,880 --> 00:09:44,439 Speaker 3: forty minutes for you. Katie Kiminski with us the Uri 193 00:09:44,520 --> 00:09:47,360 Speaker 3: and Shimmer. Good morning to Boston as we look at 194 00:09:47,360 --> 00:09:50,880 Speaker 3: different sides of the Charles River. In ninety two nine 195 00:09:51,040 --> 00:09:53,760 Speaker 3: FM UP in Boston features Up thirteen, Town features up 196 00:09:53,840 --> 00:09:56,720 Speaker 3: forty three. Right now again for you, in a historic 197 00:09:56,840 --> 00:10:00,000 Speaker 3: moment for American capitalism, Paul am I right, the only 198 00:10:00,040 --> 00:10:02,920 Speaker 3: equivalent I can think of as Time Warner AOL a 199 00:10:02,960 --> 00:10:03,600 Speaker 3: few years ago. 200 00:10:03,720 --> 00:10:07,880 Speaker 2: I mean, it's that kind of romance and emotion, isn't it. Yeah? 201 00:10:07,960 --> 00:10:11,080 Speaker 5: Absolutely, And this this is a very interesting deal because 202 00:10:11,120 --> 00:10:14,800 Speaker 5: you have two really really high quality companies coming together. 203 00:10:14,960 --> 00:10:17,760 Speaker 3: The headline Netflix to buy Warner Brothers in seventy two 204 00:10:18,080 --> 00:10:22,960 Speaker 3: billion dollar cash in stock deal. We continue with Katie Kaminski. 205 00:10:23,240 --> 00:10:25,920 Speaker 3: Katie the idea that we are resilient. That's a word 206 00:10:25,960 --> 00:10:29,360 Speaker 3: I've seen fourteen times in the last forty eight hours. 207 00:10:29,920 --> 00:10:33,400 Speaker 3: I would say we are resilient. Are we resilient because 208 00:10:33,440 --> 00:10:38,520 Speaker 3: we allow capitalism, because we have a shepherdarian ability to 209 00:10:38,640 --> 00:10:39,520 Speaker 3: allow failure? 210 00:10:41,280 --> 00:10:44,360 Speaker 7: I mean, I think that's a very good existential question. 211 00:10:45,520 --> 00:10:48,040 Speaker 7: I'd say that, you know, the US markets still have 212 00:10:48,480 --> 00:10:52,560 Speaker 7: been leaning on relatively strong growth and the numbers are 213 00:10:52,880 --> 00:10:56,760 Speaker 7: still in our favor. What is a cautionary tale, though, 214 00:10:56,880 --> 00:11:01,000 Speaker 7: is looking at places like Australia that had out all 215 00:11:01,000 --> 00:11:04,080 Speaker 7: of their rate cuts for next year. So I think 216 00:11:04,160 --> 00:11:07,319 Speaker 7: it's still a very you know, you know, the tides 217 00:11:07,360 --> 00:11:10,400 Speaker 7: can turn and you can see a hot inflation print 218 00:11:10,559 --> 00:11:13,920 Speaker 7: or things that might kind of change direction. But for 219 00:11:14,040 --> 00:11:17,880 Speaker 7: right now, growth has been steady. The US is looking strong, 220 00:11:18,679 --> 00:11:21,440 Speaker 7: but that can change if we start to see more deterioration. 221 00:11:22,520 --> 00:11:25,000 Speaker 3: I mean, I look, Katie, at where we are, and 222 00:11:25,040 --> 00:11:28,120 Speaker 3: there's going to be winners and losers. What flavor I 223 00:11:28,120 --> 00:11:32,120 Speaker 3: mean within CTAs and hedge funds, what flavors the winner 224 00:11:32,120 --> 00:11:36,240 Speaker 3: this year? Off trend analysis? What flavor is the loser? 225 00:11:37,600 --> 00:11:41,000 Speaker 7: Oh, that's a good one. Equities have definitely been a winner. 226 00:11:41,120 --> 00:11:46,040 Speaker 7: Besides what happened in April. Gold is also a clear winner. 227 00:11:46,200 --> 00:11:46,560 Speaker 8: Silver. 228 00:11:47,840 --> 00:11:49,640 Speaker 7: But when you look at things that have been hard 229 00:11:49,679 --> 00:11:53,120 Speaker 7: to trade, I'd say it's fixed income because fixed income 230 00:11:53,200 --> 00:11:56,520 Speaker 7: has been very back and forth, and there's been a 231 00:11:56,559 --> 00:12:00,520 Speaker 7: lot of speculation about sort of the general move the FED. 232 00:12:00,960 --> 00:12:03,679 Speaker 7: There's been descents in the FED. So I think fixed 233 00:12:03,720 --> 00:12:05,680 Speaker 7: income has been hard to trade this year. 234 00:12:06,559 --> 00:12:08,760 Speaker 5: But Katie, how about it on the commodity side, Boy, 235 00:12:08,800 --> 00:12:12,840 Speaker 5: that dollar? I mean the gold's ripping, silver even more so. 236 00:12:13,240 --> 00:12:17,280 Speaker 5: I mean, I haven't seen movements in these precious metals 237 00:12:17,320 --> 00:12:18,120 Speaker 5: in a long time. 238 00:12:18,160 --> 00:12:18,360 Speaker 2: Here. 239 00:12:18,520 --> 00:12:19,880 Speaker 5: How do you think about it going forward? 240 00:12:20,960 --> 00:12:23,960 Speaker 7: So I think to think about the gold trade, especially 241 00:12:24,040 --> 00:12:27,160 Speaker 7: in a situation when the dollar is weaker as this 242 00:12:27,240 --> 00:12:31,280 Speaker 7: potential hedge, and you're really seeing something that people are 243 00:12:31,280 --> 00:12:34,080 Speaker 7: holding on to while they hold on to something that 244 00:12:34,360 --> 00:12:36,800 Speaker 7: they know they should hold, so equity, So it's kind 245 00:12:36,800 --> 00:12:41,640 Speaker 7: of this risk mitigator in a sense. And I think 246 00:12:41,720 --> 00:12:44,880 Speaker 7: that's why gold is so valuable. People are thinking we 247 00:12:44,960 --> 00:12:47,440 Speaker 7: got to hold onto something real and that way, if 248 00:12:47,480 --> 00:12:49,520 Speaker 7: things do get challenging, we have that. 249 00:12:49,760 --> 00:12:51,959 Speaker 2: I got opinion down O. Katie De Paul's good question. 250 00:12:52,040 --> 00:12:55,400 Speaker 3: In commodities, I brought up the Bloomberg Commodity Index iconic 251 00:12:55,440 --> 00:12:59,000 Speaker 3: at UBS. It's a really important blended index at what's 252 00:12:59,040 --> 00:13:01,880 Speaker 3: going on. I took it back, Katie to Richard Nixon 253 00:13:02,320 --> 00:13:06,280 Speaker 3: in Gold nineteen seventy. I've got a multi decade rushier 254 00:13:06,400 --> 00:13:07,920 Speaker 3: Sharma commodity boom. 255 00:13:08,400 --> 00:13:09,760 Speaker 2: It ends O nine to ten. 256 00:13:10,280 --> 00:13:12,760 Speaker 3: I got a bear market in commodities, but you know what, 257 00:13:12,760 --> 00:13:15,520 Speaker 3: I'm sort of teen swings kind of breaking out. Do 258 00:13:15,600 --> 00:13:18,880 Speaker 3: you have an up trend on a blended commodity index. 259 00:13:20,240 --> 00:13:24,640 Speaker 7: So we're definitely seeing generally up trends in commodities. The 260 00:13:24,679 --> 00:13:28,400 Speaker 7: best ones have been the base and precious metals aags 261 00:13:28,440 --> 00:13:31,440 Speaker 7: have been more mixed, and energies have actually frankly been 262 00:13:31,480 --> 00:13:34,960 Speaker 7: a little difficult to trade because they've been somewhat range bound. 263 00:13:35,480 --> 00:13:37,880 Speaker 7: If you look at the BCom Index, it does have 264 00:13:37,960 --> 00:13:42,200 Speaker 7: a significant energy tilt, so that may make a difference 265 00:13:42,240 --> 00:13:44,840 Speaker 7: in terms of looking at that particular index, but more 266 00:13:44,880 --> 00:13:49,120 Speaker 7: equal weighted index I would assume would be definitely up, 267 00:13:49,240 --> 00:13:51,679 Speaker 7: particularly because of what's going on in the metals. 268 00:13:52,840 --> 00:13:56,880 Speaker 5: Katie, We're going to hear from the feeder Reserve next Wednesday. 269 00:13:57,960 --> 00:14:00,800 Speaker 5: How do you guys, as you know, kind of momentum 270 00:14:00,880 --> 00:14:05,320 Speaker 5: type traders, trend traders, how do you guys factor in 271 00:14:05,400 --> 00:14:07,839 Speaker 5: kind of FED policy? And maybe we'll get it and 272 00:14:07,920 --> 00:14:09,240 Speaker 5: get a change in FED leadership. 273 00:14:09,280 --> 00:14:13,120 Speaker 7: Actually, so i'd say that, you know what's interesting, that's 274 00:14:13,120 --> 00:14:15,800 Speaker 7: a very good question because right now I am scratching 275 00:14:15,840 --> 00:14:18,880 Speaker 7: my head a little bit about fixed income because you 276 00:14:19,000 --> 00:14:22,320 Speaker 7: do see yields going up in anticipation of what is 277 00:14:22,960 --> 00:14:26,200 Speaker 7: seen as a foregone conclusion, and the way that we 278 00:14:26,320 --> 00:14:29,840 Speaker 7: trade fixed income trends is really about where the prices move. 279 00:14:30,000 --> 00:14:33,680 Speaker 7: So I think it is interesting to think about more 280 00:14:33,760 --> 00:14:37,840 Speaker 7: short signals and perhaps less conviction and fixed income because 281 00:14:37,880 --> 00:14:40,800 Speaker 7: yields are rising, I think that's really more of the 282 00:14:40,840 --> 00:14:44,000 Speaker 7: market being concerned about the BOJ in the short term, 283 00:14:44,680 --> 00:14:48,040 Speaker 7: but the general trend has been more long for fixed 284 00:14:48,040 --> 00:14:52,200 Speaker 7: income and anticipation of a tilt in the fed to 285 00:14:52,320 --> 00:14:54,000 Speaker 7: a much more dubbish stance. 286 00:14:54,400 --> 00:14:56,720 Speaker 3: Katie, thank you so much for joining us all through 287 00:14:56,760 --> 00:15:00,800 Speaker 3: the year. Kathy Kominsky with Elpha Simplex huge. You get 288 00:15:00,800 --> 00:15:04,840 Speaker 3: a huge response from our work on trend analysis and 289 00:15:04,960 --> 00:15:07,080 Speaker 3: all this of course off the work of Andrew Low 290 00:15:07,560 --> 00:15:12,640 Speaker 3: and Mit just absolutely legendary up in Boston. 291 00:15:13,120 --> 00:15:13,840 Speaker 2: Stay with us. 292 00:15:14,080 --> 00:15:24,360 Speaker 3: More from Bloomberg Surveillance coming up after this. 293 00:15:24,360 --> 00:15:28,280 Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday 294 00:15:28,320 --> 00:15:31,720 Speaker 1: starting at seven am Eastern on Applecarplay and Android Auto 295 00:15:31,760 --> 00:15:34,720 Speaker 1: with the Bloomberg Business App. You can also listen live 296 00:15:34,760 --> 00:15:38,360 Speaker 1: on Amazon Alexa from our flagship New York station, Just 297 00:15:38,400 --> 00:15:40,920 Speaker 1: say Alexa Play Bloomberg eleven thirty. 298 00:15:41,040 --> 00:15:43,200 Speaker 2: We start with the heart and soul of our coverage. 299 00:15:43,240 --> 00:15:48,400 Speaker 3: He has built our entertainment franchise truly worldwide. Felix Gillette, 300 00:15:48,640 --> 00:15:53,560 Speaker 3: who's done serious reporting on this. You're right now at 301 00:15:53,640 --> 00:15:57,920 Speaker 3: Michaels and you're having a Felix Gillette Power launch at Michael's. 302 00:15:58,360 --> 00:16:01,280 Speaker 3: Zazz Love's with you. Maybe kind of let it with 303 00:16:01,360 --> 00:16:04,880 Speaker 3: all of their history here. What's David Zevlav thinking about 304 00:16:04,920 --> 00:16:05,480 Speaker 3: this morning? 305 00:16:06,320 --> 00:16:09,760 Speaker 9: I mean, I think that it's hilarious that you know, 306 00:16:09,920 --> 00:16:12,240 Speaker 9: we're just talking. Three years ago, we heard the argument 307 00:16:12,320 --> 00:16:16,640 Speaker 9: that combining the Warner brother assets with the Discovery assets 308 00:16:16,760 --> 00:16:19,600 Speaker 9: was going to unleash all of this synergy that was 309 00:16:19,640 --> 00:16:22,760 Speaker 9: going to better position this company to take on Netflix. 310 00:16:23,160 --> 00:16:25,680 Speaker 9: And here we are three years later, after Zaslov made 311 00:16:25,680 --> 00:16:27,360 Speaker 9: that argument to all of us, and he's saying, you 312 00:16:27,360 --> 00:16:29,200 Speaker 9: know what, like you know, it would be really great, 313 00:16:29,280 --> 00:16:31,760 Speaker 9: is combining these assets with Netflix? 314 00:16:31,840 --> 00:16:36,240 Speaker 2: Exactly right? What do you think the Netflix strategies? 315 00:16:36,280 --> 00:16:40,120 Speaker 5: Because one could argue Netflix was doing great, Yeah, stock. 316 00:16:39,920 --> 00:16:42,200 Speaker 2: Was doing great. Shareholders loved in the bond market, it 317 00:16:42,280 --> 00:16:42,640 Speaker 2: loved them. 318 00:16:42,680 --> 00:16:45,080 Speaker 5: There was a nice clean story. Now they're going to 319 00:16:45,160 --> 00:16:47,400 Speaker 5: go do this huge acquisition and deal with all these 320 00:16:47,400 --> 00:16:49,800 Speaker 5: crazy people in Hollywood. What do you think they're they're 321 00:16:50,000 --> 00:16:50,760 Speaker 5: strategies here? 322 00:16:51,400 --> 00:16:53,040 Speaker 9: Well, I think if you listened to what they were 323 00:16:53,080 --> 00:16:56,600 Speaker 9: saying today, they think that those all the you know, 324 00:16:56,720 --> 00:17:01,040 Speaker 9: TV series, all the movies, one hundred years of library 325 00:17:01,040 --> 00:17:04,119 Speaker 9: that you're getting from Warner Brothers, that those assets are 326 00:17:04,160 --> 00:17:08,480 Speaker 9: really have not been utilized to great extent, both in 327 00:17:08,520 --> 00:17:10,800 Speaker 9: the US, but also they mentioned a lot internationally that 328 00:17:10,960 --> 00:17:13,320 Speaker 9: you know, they see a lot of room for growth 329 00:17:13,440 --> 00:17:16,320 Speaker 9: in getting more money out of the HBO brand, in 330 00:17:16,359 --> 00:17:20,560 Speaker 9: particular in markets overseas. I mean, HBO had this incredibly 331 00:17:20,640 --> 00:17:23,720 Speaker 9: rich brand history in the US, but overseas they always 332 00:17:23,800 --> 00:17:28,040 Speaker 9: license their content to other local distributors. And I think 333 00:17:28,160 --> 00:17:31,200 Speaker 9: Netflix has built this new model with the truly international 334 00:17:31,240 --> 00:17:34,440 Speaker 9: distribution brand, and they think, Hey, now we can have 335 00:17:34,520 --> 00:17:38,080 Speaker 9: all of those HBO shows, all of those Warner Brothers movies, 336 00:17:38,359 --> 00:17:40,000 Speaker 9: and we can get a lot more out of them 337 00:17:40,040 --> 00:17:40,960 Speaker 9: in these markets around. 338 00:17:41,240 --> 00:17:42,200 Speaker 2: Hey, you're the expert. 339 00:17:42,680 --> 00:17:44,399 Speaker 8: I mean, it always looks great on paper. 340 00:17:44,600 --> 00:17:46,880 Speaker 2: What do you do with Castle blank? Make a Saturday 341 00:17:46,880 --> 00:17:47,720 Speaker 2: Morning cartoon? 342 00:17:47,960 --> 00:17:50,200 Speaker 9: Yeah, I think a video game or two, you know, 343 00:17:50,320 --> 00:17:52,760 Speaker 9: for your mobile phone on your Netflix app? Yeah, I 344 00:17:52,800 --> 00:17:55,480 Speaker 9: think it's again, these things always sound great when you 345 00:17:55,480 --> 00:17:57,720 Speaker 9: look at them on paper, and then of course you 346 00:17:57,760 --> 00:18:00,280 Speaker 9: get into the messy business of trying to act actually 347 00:18:00,359 --> 00:18:04,600 Speaker 9: combine these different groups of people, and that's where it 348 00:18:04,600 --> 00:18:05,800 Speaker 9: gets a little messy. 349 00:18:05,880 --> 00:18:07,800 Speaker 2: I mean, Paul and I just talk about it. Yeah, 350 00:18:07,880 --> 00:18:08,200 Speaker 2: lived it. 351 00:18:08,600 --> 00:18:10,600 Speaker 3: The last time you were at the Sunset Tarro Hotel. 352 00:18:10,640 --> 00:18:13,040 Speaker 3: You almost fell into the pool. You did one too 353 00:18:13,040 --> 00:18:16,040 Speaker 3: many beverages with an umbrella in it. What happens on 354 00:18:16,119 --> 00:18:19,560 Speaker 3: the Warner Brothers lot, What happens in those little cabanas 355 00:18:19,960 --> 00:18:21,880 Speaker 3: that you've been in that Paul and I have never 356 00:18:21,960 --> 00:18:22,280 Speaker 3: been in. 357 00:18:22,480 --> 00:18:27,240 Speaker 9: Yeah, you know, those people have a job. I think 358 00:18:27,280 --> 00:18:29,560 Speaker 9: that a lot of those people are sweating pretty hard 359 00:18:29,640 --> 00:18:32,040 Speaker 9: right now. I mean they're talking about two or three 360 00:18:32,080 --> 00:18:33,920 Speaker 9: billion dollars of savings a year. 361 00:18:35,040 --> 00:18:36,520 Speaker 2: You know, today they're saying, well, we. 362 00:18:36,600 --> 00:18:38,720 Speaker 9: You know, that's going to come out of the tech stack. 363 00:18:38,880 --> 00:18:41,119 Speaker 9: That's not about you know, we're going to continue to 364 00:18:41,160 --> 00:18:43,960 Speaker 9: spend money where We're going to continue everything just as 365 00:18:44,000 --> 00:18:46,400 Speaker 9: it is. We embraced We're going to embrace the theaters, 366 00:18:46,840 --> 00:18:50,119 Speaker 9: even though you know, we've basically been saying for years 367 00:18:50,119 --> 00:18:54,520 Speaker 9: that we don't care about movie theater distribution. And so yeah, 368 00:18:54,560 --> 00:18:57,200 Speaker 9: I think it's it's a little worrisome for all those people. 369 00:18:57,280 --> 00:18:58,399 Speaker 2: We're commercial free for you. 370 00:18:58,480 --> 00:19:02,040 Speaker 3: The day of this historic transit for Hollywood and for 371 00:19:02,160 --> 00:19:05,000 Speaker 3: Los Angeles, New York and America, Felix Jillette with his 372 00:19:05,119 --> 00:19:08,399 Speaker 3: Jason Bezinett and Jenery coming up as well into the 373 00:19:08,400 --> 00:19:11,119 Speaker 3: ten o'clock our Paul, you know I did all the 374 00:19:11,160 --> 00:19:11,880 Speaker 3: work myself. 375 00:19:11,960 --> 00:19:14,240 Speaker 2: I know you did with the help of Google Gemini. 376 00:19:14,720 --> 00:19:19,240 Speaker 3: Three years ago, the Reverse Morris Trust was a forty 377 00:19:19,280 --> 00:19:22,200 Speaker 3: three billion dollar transaction. 378 00:19:22,840 --> 00:19:24,600 Speaker 2: So now they're going to squeeze out of age of 379 00:19:24,680 --> 00:19:27,360 Speaker 2: eighty two billion. Yep, that's a first daf of seging 380 00:19:27,400 --> 00:19:29,960 Speaker 2: those numbers. I know. Yeah, was this a. 381 00:19:29,920 --> 00:19:33,800 Speaker 3: Win win or a win lose or a lose loose transaction? 382 00:19:34,000 --> 00:19:36,159 Speaker 2: Well, ultimately it's going to be good for shareholders. 383 00:19:36,160 --> 00:19:37,239 Speaker 5: I think I have to go back and look at 384 00:19:37,240 --> 00:19:40,679 Speaker 5: the historical returns, but I mean it's certainly way more 385 00:19:40,720 --> 00:19:43,680 Speaker 5: than when the stock was trading just a few months ago. Felix, 386 00:19:44,960 --> 00:19:47,560 Speaker 5: the management team of Netflix very well thought of. They've 387 00:19:47,560 --> 00:19:52,280 Speaker 5: done an extraordinary job reinventing the entire entertainment business. One 388 00:19:52,280 --> 00:19:54,720 Speaker 5: thing they haven't done is they haven't done a big acquisition. 389 00:19:55,240 --> 00:19:57,560 Speaker 5: How are people feeling about that? Do they feel like 390 00:19:57,600 --> 00:19:59,320 Speaker 5: this managing team can execute here? 391 00:20:00,080 --> 00:20:02,000 Speaker 9: Yeah, I mean I think they're feeling like it's a 392 00:20:02,000 --> 00:20:04,439 Speaker 9: big challenge and they haven't done it before. They also, 393 00:20:04,760 --> 00:20:06,560 Speaker 9: you know, not too long ago, were saying we'll never 394 00:20:06,600 --> 00:20:09,159 Speaker 9: do advertising, and then what do they do. They lounge 395 00:20:09,200 --> 00:20:12,320 Speaker 9: an advertising service that now is starting to get traction. 396 00:20:12,840 --> 00:20:14,879 Speaker 9: You know, Oh, we're you know, we're not interested in 397 00:20:15,560 --> 00:20:18,600 Speaker 9: all these things. And they've they've you know, continued to 398 00:20:18,640 --> 00:20:21,239 Speaker 9: evolve and continue to make these big moves. I think 399 00:20:21,280 --> 00:20:23,960 Speaker 9: it's fascinating to watch. You know, Ted Sarandos has been 400 00:20:24,080 --> 00:20:29,399 Speaker 9: chasing the HBO series from twenty ten. You know, they 401 00:20:29,480 --> 00:20:32,480 Speaker 9: used to be you know, partners and the DVD business 402 00:20:32,480 --> 00:20:34,879 Speaker 9: and when they switched to streaming, you know, they'd seen 403 00:20:34,920 --> 00:20:38,000 Speaker 9: how well the Sopranos did for them in the DVD 404 00:20:38,160 --> 00:20:41,479 Speaker 9: era and they wanted it on their streaming service. And 405 00:20:41,680 --> 00:20:44,720 Speaker 9: you were, now, you know, fifteen years into this pursuit 406 00:20:45,160 --> 00:20:49,679 Speaker 9: of various people in the time, Warner Warner Media, Warner Media, 407 00:20:49,720 --> 00:20:53,880 Speaker 9: Discovery World saying no, you know, you can't have those assets. 408 00:20:53,920 --> 00:20:56,400 Speaker 9: We don't want to give you our crown jewels. And 409 00:20:57,240 --> 00:21:00,200 Speaker 9: you know, you pursue something long enough, and now Ted 410 00:21:00,240 --> 00:21:02,320 Speaker 9: Sorrando's will finally get them. 411 00:21:02,960 --> 00:21:05,359 Speaker 5: What's the role these days? I know he's chairman of 412 00:21:05,359 --> 00:21:08,159 Speaker 5: the board Read Hastings. Yeah, the founder here really for 413 00:21:08,200 --> 00:21:10,960 Speaker 5: most people, the visionary for this whole thing, which his 414 00:21:11,040 --> 00:21:12,360 Speaker 5: role these days? And what do you think his role 415 00:21:12,359 --> 00:21:13,160 Speaker 5: was in this transaction? 416 00:21:14,080 --> 00:21:17,640 Speaker 9: I mean, I think he's you know, obviously the architect 417 00:21:17,720 --> 00:21:21,679 Speaker 9: of this whole business from its start, the culture, the history, 418 00:21:21,760 --> 00:21:25,639 Speaker 9: I think, but you know, Surrando's and Greg Peters ye 419 00:21:26,600 --> 00:21:29,560 Speaker 9: have pushed it and they've been you know the last 420 00:21:29,640 --> 00:21:32,600 Speaker 9: couple of years of these big moves. You know you're 421 00:21:32,640 --> 00:21:36,680 Speaker 9: talking about the at first things like password crackdown, which 422 00:21:36,720 --> 00:21:39,480 Speaker 9: didn't seem that glamorous, like oh that's gonna do, but. 423 00:21:39,400 --> 00:21:41,400 Speaker 2: That was pretty effect was like they got a lot 424 00:21:41,480 --> 00:21:41,919 Speaker 2: out of that. 425 00:21:42,040 --> 00:21:44,480 Speaker 5: Then you know, again impacted my household. 426 00:21:44,680 --> 00:21:48,560 Speaker 9: Yeah, have there been some missteps under the current leaders, 427 00:21:48,640 --> 00:21:51,320 Speaker 9: you know, since Hastings kind of moved into this more 428 00:21:52,359 --> 00:21:54,840 Speaker 9: you know step back role. You know, look at the 429 00:21:54,920 --> 00:21:57,120 Speaker 9: video games. You know, they've been talking about video games 430 00:21:57,119 --> 00:21:59,040 Speaker 9: for years as a thing. Netflix was going to get 431 00:21:59,080 --> 00:22:01,399 Speaker 9: a lot of tracks and with nothing right, that's been 432 00:22:01,440 --> 00:22:01,840 Speaker 9: the big. 433 00:22:02,000 --> 00:22:03,600 Speaker 3: That's where I wanted to go here to finish it up. 434 00:22:03,640 --> 00:22:05,080 Speaker 3: Felis Jill out with us. We're going to go to 435 00:22:05,119 --> 00:22:09,080 Speaker 3: regulation in a moment. The reality folks is Bloomberg and 436 00:22:09,160 --> 00:22:11,240 Speaker 3: Lucas Shaw gets all the romance and love. 437 00:22:11,280 --> 00:22:14,000 Speaker 2: He does screen time and he's you know, he does 438 00:22:14,040 --> 00:22:15,359 Speaker 2: he wear anything but black. 439 00:22:15,440 --> 00:22:19,919 Speaker 3: I don't think, you know, Phoenix Jelllet's do the actual 440 00:22:20,000 --> 00:22:21,280 Speaker 3: work here at Bloomberg. 441 00:22:21,480 --> 00:22:22,800 Speaker 2: And you've got Ashley. 442 00:22:22,440 --> 00:22:25,679 Speaker 3: Carmen and Kelsey Griffithson, this great team we've got and 443 00:22:25,720 --> 00:22:28,399 Speaker 3: they're all writing about stuff. Paul and I don't know, 444 00:22:28,760 --> 00:22:32,320 Speaker 3: like Twitch, is there a rabbit out of the hat 445 00:22:32,400 --> 00:22:37,480 Speaker 3: here in this transaction that justifies it rapidly for Netflix. 446 00:22:39,040 --> 00:22:43,000 Speaker 9: I think it's not some magic, you know, rabbit out 447 00:22:43,000 --> 00:22:45,239 Speaker 9: of the have moment. I really think it's you know, 448 00:22:45,359 --> 00:22:47,760 Speaker 9: they said, well, you know today, Greg Peters, why would 449 00:22:47,800 --> 00:22:50,280 Speaker 9: this be different than all these other media mergers that 450 00:22:50,280 --> 00:22:52,520 Speaker 9: have failed that we've seen have been so tumultuous. Going 451 00:22:52,560 --> 00:22:54,919 Speaker 9: back to AOL Time Warner, we've heard about Senator for 452 00:22:54,920 --> 00:22:57,520 Speaker 9: so long, and he's saying, look, we know this world, 453 00:22:57,560 --> 00:23:00,440 Speaker 9: we know the entertainment world. We've proven it. But this 454 00:23:00,480 --> 00:23:03,120 Speaker 9: gives us more firepower, and we're going to double down 455 00:23:03,119 --> 00:23:04,760 Speaker 9: on what we do to the frontload of synergies. 456 00:23:04,800 --> 00:23:06,679 Speaker 2: On instance of Jason bezen At in a bit to the. 457 00:23:06,720 --> 00:23:09,760 Speaker 3: Front, hold the synergies, stretch it out for five, six, 458 00:23:09,840 --> 00:23:10,480 Speaker 3: seven years. 459 00:23:10,680 --> 00:23:13,159 Speaker 9: I think they're going to get the tech center synergies 460 00:23:13,280 --> 00:23:16,359 Speaker 9: very quickly. I mean getting rid of all the you know, 461 00:23:16,520 --> 00:23:20,320 Speaker 9: the HBO streaming stack. They don't need that stuff, they 462 00:23:20,400 --> 00:23:22,440 Speaker 9: have that in place. Yeah, I think the centergy will 463 00:23:22,480 --> 00:23:24,160 Speaker 9: come quick and heavy back to work. 464 00:23:24,160 --> 00:23:26,960 Speaker 3: Felix Jillette with us just driving all of our entertainment 465 00:23:26,960 --> 00:23:30,480 Speaker 3: coverage here and you're really really appreciated decades of credit 466 00:23:30,920 --> 00:23:31,400 Speaker 3: as well. 467 00:23:31,560 --> 00:23:32,280 Speaker 2: Stay with us. 468 00:23:32,520 --> 00:23:42,800 Speaker 3: More from Bloomberg Surveillance coming up after this. 469 00:23:42,800 --> 00:23:46,720 Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday 470 00:23:46,760 --> 00:23:50,080 Speaker 1: starting at seven am Eastern on Applecarplay and Android Auto 471 00:23:50,160 --> 00:23:53,160 Speaker 1: with the Bloomberg Business app. You can also listen live 472 00:23:53,200 --> 00:23:56,800 Speaker 1: on Amazon Alexa from our flagship New York station, Just 473 00:23:56,840 --> 00:23:59,359 Speaker 1: say Alexa play Bloomberg eleven thirty. 474 00:23:59,640 --> 00:24:02,680 Speaker 2: She is been on board this bull market since time. 475 00:24:02,720 --> 00:24:03,879 Speaker 2: You can have bonus round. 476 00:24:04,160 --> 00:24:06,600 Speaker 3: She's the only one on the island of Manhattan who 477 00:24:06,680 --> 00:24:12,040 Speaker 3: shop owned shares in both Netflix. Nice. It's amazing how 478 00:24:12,119 --> 00:24:15,240 Speaker 3: you own both shares as well. How does it change? 479 00:24:15,280 --> 00:24:19,600 Speaker 3: How does this transaction eighty billion dollars? How does it 480 00:24:19,680 --> 00:24:22,359 Speaker 3: change the cast for Byside America? 481 00:24:22,440 --> 00:24:24,640 Speaker 10: But I think this is the big thing is that 482 00:24:25,119 --> 00:24:28,359 Speaker 10: Corporate America feels comfortable that they can make this transaction 483 00:24:28,840 --> 00:24:30,560 Speaker 10: and then it's going to be able to float through 484 00:24:30,560 --> 00:24:33,119 Speaker 10: the system and create shareholder value. 485 00:24:33,280 --> 00:24:35,960 Speaker 6: And that's a big change. Remember, Corporate America has. 486 00:24:35,840 --> 00:24:38,600 Speaker 10: Really been on someone of its back foot and mergers 487 00:24:38,600 --> 00:24:43,640 Speaker 10: and acquisitions have been relatively low, particularly of this size, 488 00:24:43,880 --> 00:24:45,920 Speaker 10: because rates have been so high. So I think it's 489 00:24:45,960 --> 00:24:49,240 Speaker 10: a CE change. I think it's you know, relatively good 490 00:24:49,240 --> 00:24:51,040 Speaker 10: for the S and P five hundred, and I think 491 00:24:51,040 --> 00:24:53,160 Speaker 10: it's going to be a great transaction for shareholders. 492 00:24:53,760 --> 00:24:56,919 Speaker 5: Barbara's but that's you know, M and A coming back 493 00:24:56,960 --> 00:24:59,240 Speaker 5: a little bit as a positive indicator for the market. 494 00:24:59,240 --> 00:25:00,200 Speaker 2: Here me. 495 00:25:00,240 --> 00:25:02,040 Speaker 5: The next data point for this market is the FED 496 00:25:02,119 --> 00:25:05,000 Speaker 5: next week on oh sure, Wednesday. What are you guys 497 00:25:05,320 --> 00:25:07,399 Speaker 5: looking for you positioning one way or the other? Are 498 00:25:07,400 --> 00:25:09,520 Speaker 5: you just kind of like everybody else saying we're going 499 00:25:09,560 --> 00:25:10,680 Speaker 5: to get a cut and we'll go from there. 500 00:25:10,840 --> 00:25:11,040 Speaker 8: Yeah. 501 00:25:11,040 --> 00:25:14,199 Speaker 10: I mean, look, we've been risk on for this entire year, right, 502 00:25:14,280 --> 00:25:16,639 Speaker 10: we thought that equities. We thought that equities we're going 503 00:25:16,680 --> 00:25:20,280 Speaker 10: to be able to power through a lot of geopolitical risk. 504 00:25:20,359 --> 00:25:23,440 Speaker 10: We added to equities back in April of this year, 505 00:25:23,640 --> 00:25:26,280 Speaker 10: so you know, we've had the benefit of the wind 506 00:25:26,280 --> 00:25:28,880 Speaker 10: at our back. I do think that the Fed's likely 507 00:25:28,920 --> 00:25:31,680 Speaker 10: to cut. I think that you've got the labor market 508 00:25:32,600 --> 00:25:34,600 Speaker 10: looks like it could probably use some relief. 509 00:25:34,640 --> 00:25:36,680 Speaker 6: I think consumers could use some relief as well. 510 00:25:37,160 --> 00:25:40,679 Speaker 10: And I think there's enough in the enough in the 511 00:25:40,680 --> 00:25:42,840 Speaker 10: pipeline from the data that we have that says that 512 00:25:42,840 --> 00:25:44,800 Speaker 10: the FED could cut. It may be a hawkish cut 513 00:25:44,840 --> 00:25:47,159 Speaker 10: where they say we're going to cut and this may 514 00:25:47,160 --> 00:25:49,600 Speaker 10: be it for a while, or it may be one 515 00:25:49,640 --> 00:25:52,320 Speaker 10: more of a dubbish cut where they say we're going 516 00:25:52,359 --> 00:25:54,280 Speaker 10: to cut and we're going to be data depending. I 517 00:25:54,280 --> 00:25:56,119 Speaker 10: think that's what the market's going to, indeed going to 518 00:25:56,160 --> 00:25:58,960 Speaker 10: react to. But remember in twenty twenty six, you're only 519 00:25:58,960 --> 00:26:02,159 Speaker 10: looking for maybe three cuts, So if you get another 520 00:26:02,200 --> 00:26:05,960 Speaker 10: one or two, the market taking out one isn't necessarily 521 00:26:06,000 --> 00:26:07,159 Speaker 10: going to cause a lot of damage. 522 00:26:07,280 --> 00:26:09,720 Speaker 3: All the phrase data dependent was a drinking game for 523 00:26:09,880 --> 00:26:11,120 Speaker 3: twenty twenty five. 524 00:26:11,320 --> 00:26:13,120 Speaker 2: What should the phrase be for next year? 525 00:26:14,920 --> 00:26:16,760 Speaker 10: It's going to be who the next FED chairman is. 526 00:26:16,760 --> 00:26:18,320 Speaker 10: That's going to be the big flash point. 527 00:26:18,560 --> 00:26:21,359 Speaker 5: So how do you handicap that, because I guess there's 528 00:26:21,359 --> 00:26:24,239 Speaker 5: some polar games out there about how who it's going 529 00:26:24,280 --> 00:26:27,080 Speaker 5: to be. Mister Hassett, mister Bessett, I don't know, right, 530 00:26:27,440 --> 00:26:28,639 Speaker 5: do you guys care about. 531 00:26:28,359 --> 00:26:29,160 Speaker 2: It that much? 532 00:26:29,320 --> 00:26:31,280 Speaker 10: Well, of course we care about it, right. The Federal 533 00:26:31,320 --> 00:26:34,280 Speaker 10: Reserve is the central bank of the world. It's a 534 00:26:34,280 --> 00:26:37,600 Speaker 10: big one for us. We don't necessarily position our portfolios 535 00:26:37,640 --> 00:26:39,639 Speaker 10: on who the next FED chairman is going to be. 536 00:26:40,040 --> 00:26:42,880 Speaker 10: We know that the FED chairman, whenever they come in, 537 00:26:43,400 --> 00:26:46,359 Speaker 10: they're always tested by the markets. We've seen this time 538 00:26:46,440 --> 00:26:48,919 Speaker 10: and time again over the past eight FED chairmen that 539 00:26:48,960 --> 00:26:53,000 Speaker 10: have been in place since the nineteen forties. It's either 540 00:26:53,080 --> 00:26:56,439 Speaker 10: because they say something that the market get the misinterprets. 541 00:26:57,520 --> 00:27:00,440 Speaker 10: No one knows exactly where their policy is. You know 542 00:27:00,440 --> 00:27:02,520 Speaker 10: they're going to be able to corral the committee, so 543 00:27:02,720 --> 00:27:04,840 Speaker 10: we know that they'll be volatility around it. But I 544 00:27:04,840 --> 00:27:08,639 Speaker 10: think the earning support for twenty twenty six is likely 545 00:27:08,720 --> 00:27:11,399 Speaker 10: to be strong enough that it would probably present a 546 00:27:11,400 --> 00:27:12,240 Speaker 10: buying opportunity. 547 00:27:12,280 --> 00:27:14,760 Speaker 3: We're ryin Haard with this with voya across this nation. 548 00:27:14,880 --> 00:27:17,040 Speaker 3: Good morning, the way you listen to us, Good Morning, 549 00:27:17,119 --> 00:27:21,760 Speaker 3: ninety two nine FM in Boston, good Morning, and Hartford, 550 00:27:21,760 --> 00:27:26,640 Speaker 3: Connecticut as well at Trinity College. You know, I look 551 00:27:26,680 --> 00:27:28,240 Speaker 3: at this, folks, and I want to give you a 552 00:27:28,320 --> 00:27:29,359 Speaker 3: vignette because what Ms. 553 00:27:29,560 --> 00:27:31,359 Speaker 2: Reinhard just said is really important. 554 00:27:31,920 --> 00:27:35,080 Speaker 3: I'm in a room a couple days ago with Jacob 555 00:27:35,119 --> 00:27:39,560 Speaker 3: Frankel the Bank of Israel, Mister Shirakawa, the Bank of Japan, 556 00:27:40,320 --> 00:27:43,959 Speaker 3: Port Gay of Argentina. In the audience was Exel Weber 557 00:27:44,080 --> 00:27:48,120 Speaker 3: of the bundest Bank, sitting next to John Lichski definitive 558 00:27:48,520 --> 00:27:52,359 Speaker 3: at Salomon Brothers in the IMF, and Barbara Reinhard. When 559 00:27:52,520 --> 00:27:55,600 Speaker 3: port Gay of Argentina talked about the seriousness of this 560 00:27:55,680 --> 00:27:59,280 Speaker 3: FED shift, that you could hear a pin drop in 561 00:27:59,320 --> 00:28:01,639 Speaker 3: the room and why are you to explain why this 562 00:28:01,760 --> 00:28:06,199 Speaker 3: is underestimated by the media. They're treating it like a 563 00:28:06,240 --> 00:28:09,840 Speaker 3: parlor game. It's really serious discuss of. 564 00:28:09,840 --> 00:28:13,840 Speaker 10: Course, Look what the US Federal Reserved of does affects 565 00:28:13,880 --> 00:28:16,679 Speaker 10: the rest of the world, and the transmission mechanism is 566 00:28:16,720 --> 00:28:19,600 Speaker 10: really through the treasury market, which is the benchmark of 567 00:28:19,680 --> 00:28:22,560 Speaker 10: all risk based assets throughout the entire world. 568 00:28:22,880 --> 00:28:25,840 Speaker 6: And importantly, it also will have an effect on the 569 00:28:26,000 --> 00:28:26,800 Speaker 6: US dollar. 570 00:28:27,400 --> 00:28:29,760 Speaker 10: Right, a lot of weakness in the US dollar this 571 00:28:29,840 --> 00:28:33,040 Speaker 10: year has helped propel international equity markets. It means that 572 00:28:33,080 --> 00:28:36,960 Speaker 10: places like the Euro have had a lot of strength 573 00:28:37,000 --> 00:28:39,360 Speaker 10: that tends to be somewhat difficult for their companies to 574 00:28:39,400 --> 00:28:44,000 Speaker 10: be able to digest that increase in their currency makes 575 00:28:44,000 --> 00:28:47,320 Speaker 10: the exporters under a lot more pressure. But the central 576 00:28:47,360 --> 00:28:49,680 Speaker 10: Bank for the US is the central banker to the 577 00:28:49,680 --> 00:28:53,120 Speaker 10: world and I think you can't underestimate that it's more 578 00:28:53,160 --> 00:28:54,000 Speaker 10: than a polo game. 579 00:28:54,080 --> 00:28:55,480 Speaker 6: You have to watch it closely. 580 00:28:56,240 --> 00:28:58,400 Speaker 10: If I think it's one of several things that we're 581 00:28:58,440 --> 00:29:00,080 Speaker 10: watching over the course of twenty sex. 582 00:29:00,560 --> 00:29:03,360 Speaker 5: Mentioned earnings, Barbara, We've had boy really good earnings in 583 00:29:03,360 --> 00:29:05,160 Speaker 5: the third quarter, good earnings in the second quarter. 584 00:29:05,360 --> 00:29:05,560 Speaker 2: Yeah. 585 00:29:05,640 --> 00:29:09,240 Speaker 5: Is the earnings ollops enough to support this market because it's. 586 00:29:09,120 --> 00:29:12,520 Speaker 10: Not cheap this market, No, this market, unfortunately is not cheap. 587 00:29:12,560 --> 00:29:15,960 Speaker 10: But even if you don't get any multiple expansion over 588 00:29:16,000 --> 00:29:18,400 Speaker 10: the course of twenty twenty six, you're likely to have 589 00:29:18,920 --> 00:29:21,280 Speaker 10: and this is if estimates get marked down. 590 00:29:21,160 --> 00:29:23,040 Speaker 6: You have ten percent earnings growth. 591 00:29:23,560 --> 00:29:27,800 Speaker 10: Right, bull markets don't die when they when you have 592 00:29:27,920 --> 00:29:30,520 Speaker 10: earnings growth this strong. They you know, earnings peak out 593 00:29:30,560 --> 00:29:34,440 Speaker 10: generally about two years before a bear market starts and 594 00:29:34,520 --> 00:29:35,400 Speaker 10: bear markets. 595 00:29:35,080 --> 00:29:37,560 Speaker 6: Get slaughtered by the Fed. I have the Fed still 596 00:29:37,600 --> 00:29:38,480 Speaker 6: cutting interest rate. 597 00:29:38,560 --> 00:29:42,320 Speaker 10: So while I realized that valuations are at newsbleeds, I 598 00:29:42,360 --> 00:29:44,640 Speaker 10: don't think you get much in terms of multiple expansion, 599 00:29:44,680 --> 00:29:46,920 Speaker 10: maybe even get a little bit of contraction next year. 600 00:29:47,360 --> 00:29:49,160 Speaker 10: But I would say that the earners are going to 601 00:29:49,160 --> 00:29:50,760 Speaker 10: support the overall equity market. 602 00:29:51,160 --> 00:29:53,120 Speaker 3: You and Jeter Martin atoms are on the same page 603 00:29:53,160 --> 00:29:56,360 Speaker 3: Geno Martin atoms. So it's at HB Wealth Management. In 604 00:29:56,440 --> 00:29:59,400 Speaker 3: the heart of the matter is those earnings and even 605 00:29:59,440 --> 00:30:04,240 Speaker 3: the revenue top comes from an ability to sustain margins. 606 00:30:04,320 --> 00:30:07,680 Speaker 3: I don't hear anybody talking about margin erosion. 607 00:30:07,880 --> 00:30:09,920 Speaker 2: Yeah, I mean, is it even within the thinking. 608 00:30:10,200 --> 00:30:10,400 Speaker 1: Yeah. 609 00:30:10,560 --> 00:30:13,200 Speaker 10: Look, some of the lead indicators that you watch on margins, 610 00:30:13,200 --> 00:30:15,840 Speaker 10: they did come under some pressure earlier this year, but 611 00:30:15,920 --> 00:30:18,720 Speaker 10: it looks like they're starting to bottom out. So for us, 612 00:30:18,960 --> 00:30:21,480 Speaker 10: you know, if you get past you know, don't forget. 613 00:30:21,480 --> 00:30:23,440 Speaker 10: In the first quarter, even the first six months of 614 00:30:23,480 --> 00:30:26,960 Speaker 10: twenty twenty six, you're lapsing a big tightening in financial 615 00:30:27,000 --> 00:30:28,040 Speaker 10: conditions because of. 616 00:30:28,040 --> 00:30:31,640 Speaker 6: The tariff shock, and that will make. 617 00:30:31,600 --> 00:30:33,720 Speaker 10: Year over year comps at least for the first half 618 00:30:33,720 --> 00:30:35,480 Speaker 10: of this year, and it's difficult to have a lot 619 00:30:35,480 --> 00:30:38,840 Speaker 10: of visibility beyond that, yep, because of the midterm elections. 620 00:30:39,240 --> 00:30:42,680 Speaker 10: That lapsing of year over year tightening up financial conditions 621 00:30:42,680 --> 00:30:46,480 Speaker 10: with easier financial conditions in twenty twenty six means. 622 00:30:46,200 --> 00:30:48,280 Speaker 6: That it's likely to give a lot of support to equities. 623 00:30:48,400 --> 00:30:51,520 Speaker 5: Yeah, I think that's probably the case. How about just 624 00:30:51,680 --> 00:30:54,320 Speaker 5: what screens well for you guys these days? Because It's 625 00:30:54,440 --> 00:30:57,120 Speaker 5: easy for US to fall back on the AI trade 626 00:30:57,160 --> 00:30:59,600 Speaker 5: because it's such a big trade and it's worked so 627 00:30:59,680 --> 00:31:03,080 Speaker 5: well for many investors. But are there other things that 628 00:31:03,120 --> 00:31:05,719 Speaker 5: are screening well factor wise or sector wise? 629 00:31:05,800 --> 00:31:08,680 Speaker 10: Yeah, I think Look, certainly, I think the emerging markets 630 00:31:08,840 --> 00:31:11,240 Speaker 10: have had They've been on their back for the better 631 00:31:11,280 --> 00:31:14,200 Speaker 10: part of the past decade. They've outperformed the US over 632 00:31:14,200 --> 00:31:16,440 Speaker 10: the course of this year. So has Europe. I think 633 00:31:16,480 --> 00:31:19,800 Speaker 10: maybe some taking some bets on some diversification isn't necessarily 634 00:31:19,840 --> 00:31:22,600 Speaker 10: a bad thing at this point. You can diversify, you know, 635 00:31:22,680 --> 00:31:24,760 Speaker 10: out in em I think you've got a lot of 636 00:31:24,800 --> 00:31:30,120 Speaker 10: good strength in terms of an advanced manufacturing you know, 637 00:31:30,280 --> 00:31:33,480 Speaker 10: push into China. There's green shoots in China at this point, 638 00:31:33,560 --> 00:31:35,920 Speaker 10: so that isn't a bad place to be. And I 639 00:31:35,960 --> 00:31:39,160 Speaker 10: think also you can diversify even down into some lower 640 00:31:39,200 --> 00:31:41,240 Speaker 10: cap size in the US and you'll probably still be 641 00:31:41,280 --> 00:31:42,480 Speaker 10: able to do well in twenty six. 642 00:31:42,680 --> 00:31:45,400 Speaker 3: But then, as you did years ago, do you suggest 643 00:31:45,600 --> 00:31:48,240 Speaker 3: the high quality route is the only way to go? 644 00:31:48,320 --> 00:31:51,000 Speaker 3: I mean, can you buy the garbage here and get 645 00:31:51,040 --> 00:31:51,760 Speaker 3: some beta? 646 00:31:51,800 --> 00:31:54,840 Speaker 10: Well, look, I think the quality has been beaten down, 647 00:31:55,120 --> 00:31:58,440 Speaker 10: especially in Europe at this point, right so you know, 648 00:31:58,520 --> 00:31:59,840 Speaker 10: you kind of say that, like, look as out of 649 00:32:00,240 --> 00:32:03,680 Speaker 10: opportunity overseas. I think in the US you have to 650 00:32:03,720 --> 00:32:06,720 Speaker 10: stick with your winners, right. I know values had a 651 00:32:06,840 --> 00:32:09,200 Speaker 10: nice pop over the past couple of weeks, but I 652 00:32:09,240 --> 00:32:11,480 Speaker 10: would say you probably stick with your US large cap 653 00:32:11,520 --> 00:32:12,200 Speaker 10: growth winners. 654 00:32:12,600 --> 00:32:15,160 Speaker 2: What is your clients? Sorry another time, what do your 655 00:32:15,160 --> 00:32:18,360 Speaker 2: clients say, who said I don't believe you Barbera three 656 00:32:18,440 --> 00:32:22,200 Speaker 2: years ago participate in the joy? Do they speak to 657 00:32:22,200 --> 00:32:22,760 Speaker 2: you anymore? 658 00:32:22,960 --> 00:32:25,320 Speaker 10: Of course they do. Look, we have long term clients 659 00:32:25,360 --> 00:32:27,800 Speaker 10: at WOYA, and we're investing. We're investing for retirement, which 660 00:32:27,840 --> 00:32:30,880 Speaker 10: is really important. So we have a forty year horizon 661 00:32:31,000 --> 00:32:33,560 Speaker 10: and I think the meaningful piece for us is that 662 00:32:33,600 --> 00:32:36,520 Speaker 10: we're helping people retire better and we're helping send children 663 00:32:36,560 --> 00:32:39,000 Speaker 10: to college. Those are our two big things that we 664 00:32:39,080 --> 00:32:41,719 Speaker 10: really feel a trendous amount of meaning to do. We 665 00:32:41,960 --> 00:32:43,960 Speaker 10: our goal is to make sure to give them a 666 00:32:44,080 --> 00:32:47,640 Speaker 10: smoother ride for their retirement investments. And that means that 667 00:32:47,920 --> 00:32:50,959 Speaker 10: when you say signs of weakness, you lean into it. 668 00:32:51,000 --> 00:32:54,200 Speaker 10: When you have the underlying strength of the economy behind you. 669 00:32:54,280 --> 00:32:57,120 Speaker 2: Can I do an audible short letter. You weren't hard 670 00:32:57,120 --> 00:33:00,560 Speaker 2: for right, at Trinity College. Okay, love, all these colleges 671 00:33:00,600 --> 00:33:01,200 Speaker 2: are dying. 672 00:33:01,320 --> 00:33:04,400 Speaker 3: It's you know, whatever the story is, folks, it's sad 673 00:33:04,440 --> 00:33:08,960 Speaker 3: to see colleges that want to be like Trinity dying 674 00:33:09,040 --> 00:33:12,680 Speaker 3: and yet Trinity, I'm going to suggestive Hartford is thriving. 675 00:33:12,920 --> 00:33:14,440 Speaker 2: Yeah, what's the pixie dust? 676 00:33:14,680 --> 00:33:16,640 Speaker 10: Well, I think there's a couple of things. I think 677 00:33:16,640 --> 00:33:19,880 Speaker 10: a lot of colleges in the smaller colleges are under 678 00:33:19,880 --> 00:33:25,720 Speaker 10: pressure because enrollment is is that isn't necessarily so strong, right. 679 00:33:26,200 --> 00:33:28,040 Speaker 10: And I think a lot of kids want to go 680 00:33:28,120 --> 00:33:30,480 Speaker 10: to school in the southeast, right seeing. 681 00:33:30,280 --> 00:33:34,600 Speaker 2: That huge everybody wants to go Duke that Tennessee, you 682 00:33:34,720 --> 00:33:35,000 Speaker 2: name it. 683 00:33:35,280 --> 00:33:37,200 Speaker 10: They all want to be there because the weather is good. 684 00:33:37,480 --> 00:33:39,360 Speaker 10: But I think that the thing that the liberal arts 685 00:33:39,360 --> 00:33:43,080 Speaker 10: schools like Trinity give you is the opportunity to be 686 00:33:43,160 --> 00:33:46,320 Speaker 10: able to analyze something and to be able to write. 687 00:33:46,480 --> 00:33:46,680 Speaker 8: Now. 688 00:33:46,760 --> 00:33:49,120 Speaker 10: I know some CEOs have been out saying that, you know, 689 00:33:49,160 --> 00:33:51,160 Speaker 10: you don't want to go down that road. It has 690 00:33:51,200 --> 00:33:53,000 Speaker 10: served me incredibly well in my career. 691 00:33:53,080 --> 00:33:55,000 Speaker 2: I agree, But what you need to do is switch it. 692 00:33:55,040 --> 00:33:57,800 Speaker 3: Instead of a year abroad at London School of Economics 693 00:33:57,880 --> 00:33:59,200 Speaker 3: or Saint Andrews, you do a. 694 00:33:59,240 --> 00:34:03,520 Speaker 2: Year abroad at for US. Yeah yeah, Barbara, thank you 695 00:34:03,560 --> 00:34:03,880 Speaker 2: so much. 696 00:34:03,960 --> 00:34:07,480 Speaker 3: Robert right at Trinity College, and of course outstanding at VOIA. 697 00:34:07,600 --> 00:34:11,359 Speaker 3: One of the major major people three four years ago 698 00:34:11,600 --> 00:34:13,799 Speaker 3: grab me by the bow tie and said time to 699 00:34:13,920 --> 00:34:16,320 Speaker 3: shut up and get on board this market. 700 00:34:16,360 --> 00:34:19,600 Speaker 2: Of course I didn't listen to her. 701 00:34:19,800 --> 00:34:24,640 Speaker 1: This is the Bloomberg Surveillance podcast, available on Apple, Spotify, 702 00:34:24,760 --> 00:34:29,040 Speaker 1: and anywhere else you get your podcasts. Listen live each weekday, 703 00:34:29,160 --> 00:34:32,640 Speaker 1: seven to ten am Eastern on Bloomberg dot com, the 704 00:34:32,719 --> 00:34:36,759 Speaker 1: iHeartRadio app, tune In, and the Bloomberg Business app. You 705 00:34:36,800 --> 00:34:40,160 Speaker 1: can also watch us live every weekday on YouTube and 706 00:34:40,360 --> 00:34:42,080 Speaker 1: always on the Bloomberg terminal