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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside

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Speaker 1: my co host Matt Miller.

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Speaker 2: Every business day, we bring you interviews from CEOs, market pros,

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Speaker 2: and Bloomberg experts, along with essential market moven news.

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Speaker 1: Find the Bloomberg Markets Podcast on Apple Podcasts or wherever

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Speaker 1: you listen to podcasts, and at Bloomberg dot com slash podcast.

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Speaker 1: Right now, we want to get back to the story,

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Speaker 1: the front page story, which is obviously what's happening in

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Speaker 1: Israel call it. Elgindy, Senior fellow at the Middle East Institute,

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Speaker 1: joins us here. Colin, thanks so much for joining us here.

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Speaker 1: We know you have so much expertise in this part

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Speaker 1: of the world. I wonder if you could just for

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Speaker 1: a lot of us, we're just not sure what's happened

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Speaker 1: over the last several days. Can you give us a

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Speaker 1: sense of why Hamas did what they did on Saturday?

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Speaker 1: Why did they do it, what was their goal of

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Speaker 1: any and then where do we go from here?

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Speaker 3: Yeah?

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Speaker 4: I mean I can't really speak to why Hamas would

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Speaker 4: carry out such a horrific attack that has killed hundreds

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Speaker 4: and hundreds over a thousand Israelis. I don't understand, you know,

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Speaker 4: the logic behind it. I think it's totally unjustifiable. But

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Speaker 4: what I can speak to is the context in which

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Speaker 4: this is happening, and that is, you know, there's you know,

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Speaker 4: Israel has occupied, has ruled over the Palestinians, five million

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Speaker 4: Palestinians in a military occupation for more than half a century,

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Speaker 4: had many many generations of Palestinians who have grown up

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Speaker 4: without really knowing any sort of freedom. And in Gaza

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Speaker 4: in particular, you have a very severe blockade that Israel

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Speaker 4: has imposed that has impoverished the Gaza Strip, and most

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Speaker 4: of the two million people who live in Gaza actually

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Speaker 4: rely on international assistance for their basic needs. And so

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Speaker 4: that's the context in which this is happening, as well

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Speaker 4: as the sort of broader sense of despair among Palestinians

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Speaker 4: that you know, there is no end in sight either

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Speaker 4: to Israel's occupation, which is quite violent and repressive, or

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Speaker 4: to the blockade in Gaza. And so Hamas is one

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Speaker 4: of the various Palestinian factions that have embraced what they

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Speaker 4: call armed struggle and are determined to pursue to push

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Speaker 4: back on and resist Israeli occupation through violence of course,

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Speaker 4: the violence that they've opted for in this case is

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Speaker 4: wholly unjustified in that it's directed at civilians.

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Speaker 2: Yes, and seems to be specifically directed, according to the

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Speaker 2: New York Times report on hostages this morning, at women

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Speaker 2: and children as well, which doesn't make any sense. I

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Speaker 2: think that we, those of us who've read pretty in

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Speaker 2: depth about this.

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Speaker 1: Not nearly as much as you have.

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Speaker 2: You've studied air studies at Georgetown and Indiana University, You've

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Speaker 2: you've taught that at Georgetown as well, and obviously you'ret

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Speaker 2: the Middle East Institute. But I think we understand to

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Speaker 2: some extent the context of the occupation. One thing that

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Speaker 2: we don't One thing that we have troubled divining is

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Speaker 2: how much support Hamas has in Gaza and from Palestinians.

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Speaker 2: And I noticed in a lot of reports, for example,

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Speaker 2: in the Times today, they have a ton of coverage

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Speaker 2: on this conflict. They seem to conflate Palestinians and Hamas,

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Speaker 2: and I wonder how fair that is. What kind of

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Speaker 2: support do you think Hamas has in Gaza?

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Speaker 4: Well, you're right, it's not fair to conflate millions of

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Speaker 4: Palestinians with with one movement, even if that move movement

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Speaker 4: is is governing at the moment inside the Gaza Strip.

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Speaker 4: It's it's impossible to say exactly how much support Hamas

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Speaker 4: has I think it has support. You know, the West

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Speaker 4: Bank and Gaza are divided both politically and geographically under

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Speaker 4: different kinds of Palestinian leaderships, both still under Israeli control.

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Speaker 4: I would say, you know, people in the West Bank

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Speaker 4: probably are more supportive of Hamas than people in Gaza

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Speaker 4: who have lived under Hamas's governing And but but at

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Speaker 4: the end of the day, when something like this happens,

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Speaker 4: and and bear in mind that you know, Israel's now

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Speaker 4: in the midst of a very severe bombing campaign inside Gaza,

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Speaker 4: where as I said, two million human beings live and

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Speaker 4: have nowhere to go in a in a very narrow

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Speaker 4: strip of land, and entire neighborhoods have been leveled to

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Speaker 4: the ground. So it's I think it's impossible to overstate

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Speaker 4: the ferocity of the Israeli attack. And I think we

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Speaker 4: have to be mindful that, you knows, as horrific as

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Speaker 4: the attacks were inside Israel, we also have to remember

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Speaker 4: that there are human beings also in the Gaza Strip

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Speaker 4: who are suffering and who are dying by the hundreds

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Speaker 4: and without much say in what's going on.

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Speaker 2: In fact, I read a UNISEF report this morning that

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Speaker 2: estimated there roughly a million children living in the Gaza strip,

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Speaker 2: meaning almost half of the people there are you know,

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Speaker 2: UNISEF says children are people who are under the age

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Speaker 2: of fifteen, So almost half of the people there are

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Speaker 2: under the age of fifteen, in which case, you know,

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Speaker 2: they certainly can't support Hamas. They're not capable of making

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Speaker 2: that kind of decision.

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Speaker 1: So call it. That kind of raises a question here,

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Speaker 1: do we have an idea or based upon your research

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Speaker 1: giving the idea, what other than extracting some level of

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Speaker 1: retribution or revenge does Israel? What do you think israel

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Speaker 1: strategy is in terms of its response that we expect

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Speaker 1: any day now.

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Speaker 4: Tragically, I don't think they have a strategy. I mean,

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Speaker 4: what they've stated is to remove Hamas or to end

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Speaker 4: Hamas's military and governing capabilities. Nobody really knows what that means.

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Speaker 4: I'm certain from having talked to many Israeli officials in

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Speaker 4: the past, that they don't know what that means. I

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Speaker 4: think right now they are in a very high state

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Speaker 4: of emotion and trauma, and it is primarily a sort

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Speaker 4: of the response is really one of retribution, as you said,

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Speaker 4: and those are actually the words that Israeli military leaders

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Speaker 4: are using. That we're not after precision, we're looking to

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Speaker 4: cause damage, and we're seeing that on the ground. I

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Speaker 4: think there is considerable evidence that civilians are being targeted.

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Speaker 4: They're bombing neighborhoods, they're bombing infrastructure, they're bombing roads, preventing

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Speaker 4: ambulances from reaching the wounded and so forth, and so

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Speaker 4: it's right now emotions are running high, and so what

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Speaker 4: needs to happen is there needs to be a responsible

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Speaker 4: third party actor in the international community, presumably someone like

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Speaker 4: the United States that has considerable leverage to intervene and

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Speaker 4: really bring this to an end, because creating more death

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Speaker 4: and destruction is not going to resolve any of the

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Speaker 4: underlying issues, and in fact, is just going to make

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Speaker 4: things worse.

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Speaker 2: It's difficult not to be emotional about this when you

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Speaker 2: read the reports of what Hamas has done. I suppose

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Speaker 2: you could say the same thing in defense of the

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Speaker 2: Palestinians when you read the history of what's happened, and

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Speaker 2: you could say the same thing in support of the

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Speaker 2: Jews when you read the history of what's happened, so

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Speaker 2: you know there's this back and forth. One thing I

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Speaker 2: can't understand is why Iran can fund and support Hamas

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Speaker 2: and Hezbollah. Why they are allowed to do that, essentially,

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Speaker 2: you know, promoting terrorism. Why nothing is done about it?

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Speaker 2: Why is Iran allowed to Reportedly they fund up to

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Speaker 2: ninety percent of Hamas's budget and they're pursuing enriched uranium

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Speaker 2: to build a nuclear bomb. Why is that allowed even

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Speaker 2: by other Arab states?

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Speaker 4: Well, I mean setting aside the nuclear issue, which is

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Speaker 4: a whole other topic. Okay, but Iran, Iran is not

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Speaker 4: an air of state, but but it is a is

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Speaker 4: a key player in the region and they support many

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Speaker 4: different armed groups in different countries like Hisabela and Lebanon

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Speaker 4: who he's in Yemen, UH and UH you know others

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Speaker 4: in Iraq and in different places. Hamas is one of

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Speaker 4: the groups that it supports. From Hamas's perspective, they are

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Speaker 4: a non state actor. They need support from some patron,

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Speaker 4: some sponsor. Iran is a willing sponsor. Iran has an

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Speaker 4: interest in UH, in opposing Israel, in UH creating problems

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Speaker 4: for for Israel and what better way to do that

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Speaker 4: than to support groups whose mission it is to uh,

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Speaker 4: to attack Israel.

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Speaker 2: And to exdicate Israel to murder Jews. I mean, well,

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Speaker 2: one thing is support an state actor, but you can't

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Speaker 2: support terrorists. And Hamas, given what we've seen over the weekend,

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Speaker 2: is clearly a terrorist group, right.

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Speaker 4: I mean Hamas certainly isn't a group that has carried

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Speaker 4: out horrific acts of terrorism. There's no question about that.

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Speaker 4: And and you know these are these are war crimes

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Speaker 4: and they should be held accountable. Anyone involved in the

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Speaker 4: planning or the sponsoring, or the financing or the execution

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Speaker 4: of any of these attacks should be absolutely held accountable.

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Speaker 4: But I think we have to I think we have

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Speaker 4: to be careful in how we frame the issue. Uh,

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Speaker 4: this is I mean Hamas is not I mean Hamas

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Speaker 4: is a is a political movement. It's there's no serious

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Speaker 4: actor who believes that Hamas can destroy Israel.

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Speaker 5: Right.

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Speaker 4: Whatever the rhetoric comes out of any political movement, rhetoric

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Speaker 4: is rhetoric. I mean, if you if we take all

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Speaker 4: political and military leaders at their rhetoric.

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Speaker 1: Exactly, it would be unfortunate, you can call it. I

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Speaker 1: have to just cut a short rare because of time,

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Speaker 1: but we really appreciate you taking time sharing your thoughts

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Speaker 1: with us.

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Speaker 3: You're listening to the team Ken's Are Live program Bloomberg

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Speaker 3: Markets weekdays at ten am Eastern on Bloomberg dot com,

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Speaker 3: the iHeartRadio app and the Bloomberg Business App, or listen

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Speaker 3: on demand wherever you get your podcasts.

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Speaker 1: Big m and a trade here today exceon mobile buying

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Speaker 1: Pioneer Natural Resource sixty large sixty billion dollars. This is

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Speaker 1: a big time play on shale. Let's break it down

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Speaker 1: with Frenetta Valley. He is a senior analyst at Bloomberg

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Speaker 1: Intelligence is covering all the energy space. He joins his

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Speaker 1: live here in our Bloomberg Interactive Broker Studio. So let's

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Speaker 1: start first with the price, the valuation. Did they have

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Speaker 1: to pay up to get this thing here?

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Speaker 6: A little bit? But you know when you look at

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Speaker 6: the breakdown on the free Castle per share, the ebitdah

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Speaker 6: per share after the dilution, it's actually a creative right

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Speaker 6: away to ex and mobile propriety. They can capture that

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Speaker 6: one billion dollar synergies which is the low end of

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Speaker 6: their target two billion being high end.

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Speaker 1: And it's all stock deal, all stocked. Nice, that's good

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Speaker 1: to you. Don't go out and borrow.

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Speaker 2: It, you know. I had read an analyst saying, like,

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Speaker 2: if they pay a moderate premium, then they can still

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Speaker 2: make money on this. But does it have to be

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Speaker 2: only a moderate premium or are they going to make

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Speaker 2: money handover fist.

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Speaker 6: I believe they'll make money handover fist regardless because of

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Speaker 6: two factors. First, we've talked about the underinvestment in the

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Speaker 6: industry over the past decade, and although we're burish in

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Speaker 6: the short term demand side of the equation, longer term

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Speaker 6: we think that will be the driver of oil prices.

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Speaker 6: But second, Pioneer has the largest undeveloped resource base in

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Speaker 6: the Midland Basin, which gives Excellent a huge jud region

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Speaker 6: to develop over the next ten years.

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Speaker 1: So Matt and I were just noticing that this is

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Speaker 1: just a good old fashion buy up some you know,

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Speaker 1: old fashioned fuel oil shale whatever it is. There's no carbon,

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Speaker 1: there's no solar here, there's no wind here, there's no

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Speaker 1: eco friendly thing here, there's no green here. This is

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Speaker 1: good old fashioned big oil company buying another big Texas

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Speaker 1: oil company. Right, this is old time. But they said

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Speaker 1: it was good for the environment. They said it was

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Speaker 1: good for the environment. I'm not sure where they get

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Speaker 1: that from.

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Speaker 6: Well, you know, there's two factors. Yes, it is exactly that.

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Speaker 6: And Darren Woods in his interview with Alex Steele said

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Speaker 6: they don't believe peak oils upon us and that we'll

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Speaker 6: still use oil in gas for a really long time.

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Speaker 6: And then their their point on reducing emissions is that

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Speaker 6: because they're developing this carbon capture center in the Gulf Coast,

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Speaker 6: they'll actually be able to take all the Pioneer's production

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Speaker 6: and take it there and capture that carbon and use

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Speaker 6: and reduce their emissions. So on a net basis, this

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Speaker 6: becomes a lower emissions.

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Speaker 1: So they bury that stuff, right.

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Speaker 6: They bury. Eventually the goal is to use it for

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Speaker 6: power generation, but we're still a little bit away from that.

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Speaker 1: Okay, I'll buy it.

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Speaker 2: Sounds interesting.

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Speaker 1: Some geologists somewhere came up with that idea.

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Speaker 2: So Alex Eel was on here earlier and told us

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Speaker 2: we pump thirteen million barrels a day more than Saudi

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Speaker 2: Arabia in this country. Talk to us just for a

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Speaker 2: brief moment about energy independence. What does that mean? I mean,

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Speaker 2: if for example, we no longer could import any oil

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Speaker 2: or petroleum products to the US. Would we still be

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Speaker 2: okay with prices hovering around where they are now?

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Speaker 6: Likely not unless you're counting inports from Canada and Mexico

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Speaker 6: as well and looking at that as one integrated system.

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Speaker 6: The issues that the shale oil that we produce is

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Speaker 6: very light, and it's one of the reasons we export

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Speaker 6: a fair amount of our shale crew and still import.

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Speaker 2: Then pulse fase, what what are light crudes used for

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Speaker 2: as opposed to heavy.

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Speaker 6: So light crudes tend to produce more gasoline and NAFTA,

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Speaker 6: and then medium crudes produce diesel and jet fuel. So

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Speaker 6: we need to balance that in our crude diet. And

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Speaker 6: then Paul's favorite act, the Jones Act, prevents us to

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Speaker 6: moving some of that crude into the East Coast that

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Speaker 6: could process some of that crude, So we'd have to

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Speaker 6: revoke that act. We would have to also refining capacity.

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Speaker 1: All right. Talk to so I bring up the oil

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Speaker 1: from the shale in Texas, how do I get it

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Speaker 1: to where it needs to go? How does that happen?

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Speaker 6: Pipelines primarily pipelines, and that's one of.

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Speaker 1: The midstream what you guys called midstream.

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Speaker 6: Yeah, midstream is the whole processing side. So we separate

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Speaker 6: oil from gas, from water, from the natural gas liquids,

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Speaker 6: and then we move it out to the production center's refineries, fractionators,

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Speaker 6: et cetera. And one of the wrinkles in this deal

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Speaker 6: is that it will make it harder for the mid

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Speaker 6: streams and service players because Excellon is now going to

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Speaker 6: be you know, nearly ten over ten percent of premium production.

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Speaker 6: They'll have a lot of say on how the pricing

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Speaker 6: goes that in that market. And it will also make

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Speaker 6: it harder for smaller independent players to get those service

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Speaker 6: is because you need to be exposed to Xceon and

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Speaker 6: they will have a driver's seat in that area.

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Speaker 1: Oh so, do we need to talk to Jennifer Ree

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Speaker 1: Bloomberg intellig She is anti trust person. Is this still

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Speaker 1: going to get approved? You think?

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Speaker 7: So?

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Speaker 6: I was speaking to Jennifer earlier and she thinks, because

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Speaker 6: it's less than fifteen percent of permium production, there's a

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Speaker 6: good chance that he will get approved. But the timeline

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Speaker 6: maybe beyond the first half of twenty twenty four, and

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Speaker 6: it will be a challenge. Typically, the way they argue

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Speaker 6: is that oil is a global market and we export

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Speaker 6: CREWD So we're actually competing with the Saudia, Ramcos and

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Speaker 6: the gas drums of the world and not just with

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Speaker 6: the pioneers and EOGs.

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Speaker 1: So are we going to I mean, if I'm an

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Speaker 1: investment energy investment banker in Houston, am I just ripping

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Speaker 1: up the phone here calling everybody I can? My rolldeck's

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Speaker 1: trying to get some deals done.

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Speaker 6: Well, you're calling four companies, primarily you're calling Conical Phillips,

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Speaker 6: You're calling Chefron, you're calling Occidental, and maybe you're calling

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Speaker 6: EOG Resources and you're saying, who do you want?

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Speaker 1: Right?

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Speaker 6: And then perhaps they're calling all the private equity players

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Speaker 6: and be like, hey, we need to get together and

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Speaker 6: create a better larger player or else we're going to

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Speaker 6: be taken up by larger players.

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Speaker 2: What about BP and SHELL Where are they in the

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Speaker 2: Permian basin?

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Speaker 6: So shell sowed their acreage to Chronicle Phillips, so they're

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Speaker 6: no longer in the Permian basin and they really have

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Speaker 6: moved away from shale. BP had bought BHP Billetin's shale portfolio.

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Speaker 6: They haven't been very aggressive in the Permian and it's

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Speaker 6: kind of a question mark because they changed their CEO

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Speaker 6: after burn Looney was forced to resign a couple months ago.

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Speaker 1: All Right, we got WTI crude oil eighty four dollars

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Speaker 1: a barrel here it did you know spike up Monday?

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Speaker 1: You know, four or five percent on the news coming

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Speaker 1: out of Israel. What's the feeling now when you talk

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Speaker 1: to the energy folks about just kind of the geopolitics

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Speaker 1: of that part of the world and what it really

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Speaker 1: means for global supply.

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Speaker 6: I guess, well, the fear is there on what happens

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Speaker 6: with Iran. Is this war going to escalate to that

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Speaker 6: part of the world, and if he does, how will

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Speaker 6: it impact the oil flows and also the exports of crude?

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Speaker 1: How much does Iran I guess producer exporter.

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Speaker 6: They produce around three million barrels a day and the

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Speaker 6: export just north at one point two million barrels a day.

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Speaker 6: So it's about one percent of the world consumption in exports.

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Speaker 6: It's not that significant, except that supply is relatively tight. Again,

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Speaker 6: as we said, our fear is on the demand side,

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Speaker 6: and that we think could be the bigger driver. But

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Speaker 6: if Iran does go into war, wars consume a lot

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Speaker 6: of fuel consume a lot of oil, so that could

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Speaker 6: shift the narrative entirely.

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Speaker 2: But it's fungible, so we could be okay as long

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Speaker 2: as we hold Canada and Mexico as allies.

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Speaker 6: Exactly exactly, and we could also we have other allies,

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Speaker 6: including in the UK and Norway that produce a fair

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Speaker 6: amount of crud, in Brazil and others that can help

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Speaker 6: fill our needs.

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Speaker 2: By the way, I saw a pipeline had been damaged

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Speaker 2: between Finland and Estonia. Today you see that, yes, and

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Speaker 2: apparently at one point this is a young pipeline, it's

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Speaker 2: only three years old. Nonetheless, Finland gets almost all of

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Speaker 2: their gas through this pipeline.

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Speaker 6: I mean, Europe is in a very comfortable place with

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Speaker 6: natural gas inventories. The issue is if there are disruptions

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Speaker 6: and movements, because their diesel inventories are very low, and

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Speaker 6: that's the backup to the natural gas. And obviously they

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Speaker 6: closed a lot of nuclear plants over the past year

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Speaker 6: in Belgium and Germany. If there is a disruption, especially

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Speaker 6: in the straight or horror moves between Katara and Iran

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Speaker 6: where we get a lot of the natural gas shipments

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Speaker 6: to Western Europe, that leads them the very precarious position.

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Speaker 6: If we have a normal to cold winter.

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Speaker 2: Got to put LNG terminals in over there.

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Speaker 1: Yeah, and can you put like, yeah, what is the

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Speaker 1: LNG situation over in New York? Can't we just? I

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Speaker 1: thought you can build them pretty quickly.

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Speaker 2: Well they did. They didn't want to build them back

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Speaker 2: when Dan Boyette was over there.

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Speaker 6: But that's to regassify we need the gas first. In

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Speaker 6: Qatar and Iran shared the largest gas field in the world,

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Speaker 6: the North Field, and they are the Qatar is the

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Speaker 6: largest producer of ellen g in the world.

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Speaker 1: Interesting, man, it all comes back.

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Speaker 2: It's a big gas field in Netherlands, but they decided

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Speaker 2: to shut it down.

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Speaker 1: Yeah I heard that, because all right, Fernando, thanks so

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Speaker 1: much for joining us. Fernando Valley, he's our senior global

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Speaker 1: energy guy for Bloomberg Intelligence.

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Speaker 3: You're listening to the tape catch are live program Bloomberg

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Speaker 3: Markets weekdays at ten am Eastern on Bloomberg Radio, the

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Speaker 3: tune in app, Bloomberg dot Com, and the Bloomberg Business app.

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Speaker 3: flagship New York station, Just say Alexa play Bloomberg eleven thirty.

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Speaker 1: Economic outlook, inflation, interest rates, geopolitics is front center once again,

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Speaker 1: first in Ukraine and now in Israel. Let's see how

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Speaker 1: some of these professionals kind of put that into their calculus.

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Speaker 1: Karra Murphy joins us. She's a CIO Kestra Investment Management. Karen,

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Speaker 1: thanks so much for joining us via zoom here. Talk

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Speaker 1: to us about kind of you know, like the rest

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Speaker 1: of us, we woke up over the weekend and saw

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Speaker 1: the terrible news coming out of Israel. As a professional investor,

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Speaker 1: how does that factor into your calculus if at all?

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Speaker 8: It's interesting, you know, I've been a chief investment officer

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Speaker 8: for a long time and I've given a lot of

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Speaker 8: presentations on our you know, global market outlook, and there's

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Speaker 8: usually always a slide at the end of the deck

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Speaker 8: that says risks, and there's always a line item there

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Speaker 8: that says geopolitical risks. And exactly which risks are sort

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Speaker 8: of simmering under the surface might change over time, but

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Speaker 8: there's always a possibility of some sort of conflagration around

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Speaker 8: around the world. And typically, like often when we see

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Speaker 8: a geopolitical event outside the US, the main transmission mechanism

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Speaker 8: by which it starts to affect global markets is through oil, right,

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Speaker 8: So we saw this particularly in Ukraine when Russia invaded.

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Speaker 8: Now conflict in the Middle East, and so I think

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Speaker 8: that's the biggest immediate concern in terms of the impact

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Speaker 8: on the US economy, and so far markets have really

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Speaker 8: been largely shrugging it off. Now, if this continues to

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Speaker 8: be you know, a big focus and continues on for

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Speaker 8: a long time, really starts to affect the supply of oil.

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Speaker 8: That then will drive the price of oil up, which

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Speaker 8: then will complicate matters for the FED here at home.

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Speaker 8: The other piece of it, of course is military funding,

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Speaker 8: where now we have the US government helping a fund

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Speaker 8: war in Ukraine and now war in Israel, and that

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Speaker 8: does cost money. It is, you know, a commitment that

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Speaker 8: the US has made, but we'll start to hurt the

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Speaker 8: US budget in some way at the same time when

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Speaker 8: the budget is already under pressure and we have discord

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Speaker 8: in Washington.

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Speaker 2: So it's sort of.

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Speaker 8: The layering of these risks that starts to become an issue.

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Speaker 2: I wonder to what extent the dropping yields is a

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Speaker 2: reaction to the Middle East or is it a reaction

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Speaker 2: to the FED speak that we've heard in the last

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Speaker 2: couple of days.

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Speaker 8: I still think that the US markets are being driven

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Speaker 8: more by the FED than by what's happening outside the US.

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Speaker 8: You know, the FED has been such a focus over

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Speaker 8: the last couple of years, and they've done a great

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Speaker 8: job so far in being able to bring down inflation,

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Speaker 8: but this last mile for them to go on inflation

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Speaker 8: is still really really important in how long interest rates

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Speaker 8: remain high, and the longer interest rates remain high, the

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Speaker 8: tougher it's going to be for the economy to moddel through.

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Speaker 1: All Right, So Cara, let's switch gears a little bit.

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Speaker 1: Focus on another data point for this market to kind

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Speaker 1: of digest. It is earnings, and corporate earning is really

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Speaker 1: kicking off in earnest Friday with some of the big banks.

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Speaker 1: What are you looking for this quarter from Corporate America?

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Speaker 8: But the big banks, it's always really helpful that they

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Speaker 8: go kind of early in the earning season because they

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Speaker 8: do have a really great view kind of across the

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Speaker 8: country in terms of what's happening in both the corporate

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Speaker 8: sector and the consumer sector. So what we'll be looking

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Speaker 8: for is, particularly on the credit side, are we starting

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Speaker 8: to see evidence that companies and individuals are feeling the

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Speaker 8: pinch of higher interest rates. I think the answer is yes.

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Speaker 8: So the question remains how much are they really feeling

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Speaker 8: the pinch and how much should we be worried about it.

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Speaker 8: Company banks are going to have to start increasing credit

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Speaker 8: reserves and anticipation of that, you know, growing pinch. So

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Speaker 8: I think that'll be a really helpful view of what's

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Speaker 8: happening on the ground. The other piece that we're going

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Speaker 8: to have to look out for our consumer shopping habits.

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Speaker 8: We've started to hear little anecdotes from retailers come through

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Speaker 8: that Again, consumers are starting to feel the pinch a

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Speaker 8: little bit, but hearing about the on the ground behavior

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Speaker 8: and expectations, particularly heading into the very crucial holiday shopping season,

439
00:24:30,280 --> 00:24:32,520
Speaker 8: will give us a good sense of how consumers are feeling.

440
00:24:33,520 --> 00:24:36,399
Speaker 2: Yeah, it'll be interesting as we I just saw a

441
00:24:36,480 --> 00:24:39,320
Speaker 2: chart from Torst and Slock this morning that movie viewership

442
00:24:39,400 --> 00:24:43,960
Speaker 2: has dropped dramatically in theaters. In theaters, yes, but maybe

443
00:24:43,960 --> 00:24:48,560
Speaker 2: that's just a result of they're not being there's great movies.

444
00:24:48,720 --> 00:24:51,960
Speaker 2: We just had Barbenheimer and yeah, you're not gonna get anything.

445
00:24:52,000 --> 00:24:53,760
Speaker 1: You're not going to get anyth until the Tailor's Holidays,

446
00:24:54,520 --> 00:24:57,639
Speaker 1: Taylor Swift movies coming true. We were all going to

447
00:24:57,640 --> 00:24:58,560
Speaker 1: see that there's.

448
00:24:58,280 --> 00:25:03,560
Speaker 2: A huge impact there, right, What, Caro, what areas of

449
00:25:03,600 --> 00:25:05,680
Speaker 2: the market do you like in terms of the risk

450
00:25:05,760 --> 00:25:08,480
Speaker 2: assets that you know we have on offer here? What

451
00:25:08,560 --> 00:25:09,560
Speaker 2: are the sectors you like?

452
00:25:10,920 --> 00:25:12,879
Speaker 8: Yeah, so this is for this has been a really

453
00:25:12,920 --> 00:25:16,879
Speaker 8: tough year for anybody with a diversified portfolio, you know,

454
00:25:16,920 --> 00:25:19,440
Speaker 8: because if you didn't own something in the Big seven,

455
00:25:19,480 --> 00:25:22,800
Speaker 8: you significantly lagged what you saw happening in the broad market.

456
00:25:23,600 --> 00:25:25,720
Speaker 8: That said, we start that, we still think that the

457
00:25:25,760 --> 00:25:27,920
Speaker 8: leadership is going to start to change and where it's

458
00:25:27,920 --> 00:25:30,000
Speaker 8: no longer just going to be the Big seven or

459
00:25:30,040 --> 00:25:32,879
Speaker 8: the Magnificent seven, whatever you want to call them. So

460
00:25:32,920 --> 00:25:35,159
Speaker 8: we're looking to go down cap a little bit. It

461
00:25:35,200 --> 00:25:37,359
Speaker 8: doesn't mean you have to be in microcap names, but

462
00:25:37,480 --> 00:25:40,040
Speaker 8: sort of you know, outside the market a little bit,

463
00:25:40,080 --> 00:25:42,840
Speaker 8: a little bit more outside the US. And then on

464
00:25:42,880 --> 00:25:46,960
Speaker 8: the credit side, again, because of this increasing pinch of

465
00:25:47,040 --> 00:25:49,880
Speaker 8: higher interest rates, we would be cautious, particularly in things

466
00:25:49,920 --> 00:25:52,400
Speaker 8: like high yield, where a lot of these companies are

467
00:25:52,440 --> 00:25:55,119
Speaker 8: going to be hurt by a continuation of higher interest rates,

468
00:25:55,400 --> 00:25:57,200
Speaker 8: and then spreads are at such a place where you're

469
00:25:57,200 --> 00:25:59,520
Speaker 8: not really being paid to take on that extra risk.

470
00:26:00,560 --> 00:26:02,200
Speaker 1: On the equity side, carea How do you feel about

471
00:26:02,480 --> 00:26:04,679
Speaker 1: valuation here? I guess there's two ways to look at it.

472
00:26:04,680 --> 00:26:06,280
Speaker 1: One just kind of looking at the broad SMP, and

473
00:26:06,320 --> 00:26:09,399
Speaker 1: you could make an argument that fairly fully valued. It's

474
00:26:09,480 --> 00:26:11,040
Speaker 1: not a little bit on the expensive side. But if

475
00:26:11,040 --> 00:26:12,560
Speaker 1: you take out some of the big cap names, which

476
00:26:12,560 --> 00:26:15,080
Speaker 1: I've had such big, big runs, whether it's six or

477
00:26:15,119 --> 00:26:17,359
Speaker 1: seven names, maybe it looks a little bit better. How

478
00:26:17,400 --> 00:26:18,080
Speaker 1: do you think about it?

479
00:26:18,920 --> 00:26:22,240
Speaker 8: Yeah, it's really interesting because there's not one single story

480
00:26:22,280 --> 00:26:24,480
Speaker 8: across the market, And even if you look at it

481
00:26:24,600 --> 00:26:27,800
Speaker 8: just by sector, technology is really the only sector that's

482
00:26:27,840 --> 00:26:31,399
Speaker 8: trading at a significant premium to its ten year historical average.

483
00:26:31,720 --> 00:26:35,360
Speaker 8: Even consumer discretionary, which at first glance looks a little expensive,

484
00:26:35,480 --> 00:26:38,080
Speaker 8: is actually trading right in line with its historical average.

485
00:26:38,400 --> 00:26:40,879
Speaker 8: And then you have something like energy where valuations are

486
00:26:40,960 --> 00:26:44,080
Speaker 8: half their historical average. So there are certainly areas of

487
00:26:44,080 --> 00:26:46,639
Speaker 8: the market that don't look overstretched. And then even on

488
00:26:46,680 --> 00:26:49,720
Speaker 8: a broad basis, you know, we're more expensive than average,

489
00:26:49,720 --> 00:26:52,639
Speaker 8: but not extremely so, and that tends to not be

490
00:26:52,680 --> 00:26:55,639
Speaker 8: a great indicator what direction the market is going next.

491
00:26:56,320 --> 00:26:59,400
Speaker 2: By the way, I'm looking at one of the stories

492
00:26:59,400 --> 00:27:02,119
Speaker 2: that's popping up. As you know, when clients click on

493
00:27:02,359 --> 00:27:05,560
Speaker 2: our Bloomberg stories a lot, I have an alert, so

494
00:27:05,720 --> 00:27:10,000
Speaker 2: I see what they're watching right now. Ozempic shows kidney

495
00:27:10,080 --> 00:27:13,200
Speaker 2: promise and blow the dialysis firm. That's a big story.

496
00:27:13,480 --> 00:27:15,640
Speaker 2: And you know, I talked to the Pepsi coost CFO

497
00:27:15,800 --> 00:27:18,920
Speaker 2: yesterday his view on ozepic Whether it's hurting pepsi sales,

498
00:27:18,920 --> 00:27:23,440
Speaker 2: he says not yet. Walmart says GLP one users are

499
00:27:23,600 --> 00:27:27,200
Speaker 2: buying fewer calories, which is a I think pretty cool

500
00:27:27,240 --> 00:27:29,040
Speaker 2: thing in itself that they can even track that. But

501
00:27:29,680 --> 00:27:34,800
Speaker 2: what do you think about this move? It's like AI Junior, right,

502
00:27:34,920 --> 00:27:36,120
Speaker 2: GLP ones.

503
00:27:37,160 --> 00:27:39,480
Speaker 8: Yeah, I mean so in many ways, like I've read

504
00:27:39,480 --> 00:27:42,760
Speaker 8: the reports all those ones that you mentioned, and ozembic

505
00:27:42,840 --> 00:27:45,160
Speaker 8: and other drugs like it seemed to be the wonder drug.

506
00:27:45,240 --> 00:27:45,400
Speaker 7: Right.

507
00:27:45,400 --> 00:27:48,159
Speaker 8: They cause us to eat less, they cause us to

508
00:27:48,359 --> 00:27:51,040
Speaker 8: lose weight, have a healthier heart, now a healthier kidney.

509
00:27:51,080 --> 00:27:54,840
Speaker 8: So let's all say that having healthier Americans and healthier

510
00:27:54,880 --> 00:27:57,119
Speaker 8: people around the world is a good thing. Then the

511
00:27:57,200 --> 00:28:00,159
Speaker 8: question is how do you actually invest alongside it? And

512
00:28:00,480 --> 00:28:03,080
Speaker 8: you know, you mentioned some of the soft drink companies.

513
00:28:03,119 --> 00:28:05,200
Speaker 8: Those guys have been under pressure for a very long

514
00:28:05,200 --> 00:28:08,960
Speaker 8: time because of healthier like growing healthier habits of Americans.

515
00:28:09,200 --> 00:28:11,439
Speaker 8: So this isn't necessarily new. It just sort of like

516
00:28:11,480 --> 00:28:14,000
Speaker 8: accelerates many trends that you've already been in place.

517
00:28:14,680 --> 00:28:16,280
Speaker 1: All Right, Kerra, thank you so much for joining us.

518
00:28:16,280 --> 00:28:19,119
Speaker 1: As always, appreciate getting your thoughts. Karen Murphy. She is

519
00:28:19,160 --> 00:28:22,880
Speaker 1: a chief investment officer at Kestra Investment Management.

520
00:28:24,000 --> 00:28:27,400
Speaker 3: You're listening to the team. Ken's a live program Bloomberg

521
00:28:27,440 --> 00:28:30,840
Speaker 3: Markets weekdays at ten am Eastern on Bloomberg dot Com,

522
00:28:30,880 --> 00:28:34,040
Speaker 3: the iHeartRadio app and the Bloomberg Business App, or listen

523
00:28:34,119 --> 00:28:36,240
Speaker 3: on demand wherever you get your podcasts.

524
00:28:38,000 --> 00:28:39,560
Speaker 1: You want to get the latest reporting, we do that

525
00:28:39,600 --> 00:28:42,040
Speaker 1: with Galite Alstein. She's a reportered with Bloomberg New She

526
00:28:42,120 --> 00:28:44,400
Speaker 1: joins us from Tel Aviv. Glee, thanks so much for

527
00:28:44,560 --> 00:28:48,400
Speaker 1: joining us. I know a very difficult time. What is

528
00:28:48,440 --> 00:28:51,040
Speaker 1: the latest that you can tell us about what you

529
00:28:51,120 --> 00:28:54,880
Speaker 1: believe or what is the consensus building about the type

530
00:28:54,880 --> 00:28:57,440
Speaker 1: of response that we get from Israel.

531
00:28:59,120 --> 00:29:03,239
Speaker 7: So actually today we're also seeing some developments in the

532
00:29:03,280 --> 00:29:05,920
Speaker 7: north of Israel. This has been obviously a big question

533
00:29:06,040 --> 00:29:09,240
Speaker 7: over the past few days on whether the Northern Front

534
00:29:09,320 --> 00:29:13,480
Speaker 7: will also be joining joining in mainly Isbela, which is

535
00:29:13,480 --> 00:29:17,160
Speaker 7: an Iranian backing group in the south of Lebanon and

536
00:29:17,240 --> 00:29:20,680
Speaker 7: Lebanon in general. So over the past half hour or so,

537
00:29:21,320 --> 00:29:25,640
Speaker 7: we've been getting reports on possibly some UAVs that have

538
00:29:25,760 --> 00:29:29,719
Speaker 7: penetrated Israel through the northern border. We do not have

539
00:29:29,800 --> 00:29:32,400
Speaker 7: too much details on that yet yet. I can only

540
00:29:32,440 --> 00:29:36,360
Speaker 7: tell you that a lot of people, roughly a million

541
00:29:36,360 --> 00:29:39,520
Speaker 7: and a half Israeli civilians have been called to go

542
00:29:39,640 --> 00:29:44,160
Speaker 7: into safe rooms, into safe places and stay there until

543
00:29:44,360 --> 00:29:48,600
Speaker 7: the picture is clearer. And earlier today we also saw

544
00:29:48,720 --> 00:29:53,680
Speaker 7: from back and forth it wasn't as possibly dramatic is

545
00:29:53,720 --> 00:29:56,760
Speaker 7: what we're seeing now. Once again, we don't exactly know

546
00:29:56,800 --> 00:29:59,280
Speaker 7: what is going on now, but earlier on we saw

547
00:29:59,360 --> 00:30:03,960
Speaker 7: some i'm back and forth between grisbe line idea forces

548
00:30:04,080 --> 00:30:08,960
Speaker 7: some back and forth fire across the border. So we're

549
00:30:09,000 --> 00:30:12,520
Speaker 7: looking a lot at that today as well.

550
00:30:13,600 --> 00:30:17,200
Speaker 2: Paint a picture for us elite of you know, the

551
00:30:17,240 --> 00:30:24,480
Speaker 2: differences between what's happening now and the past incursions that

552
00:30:24,720 --> 00:30:28,640
Speaker 2: you face or the past you know, back and forth

553
00:30:28,760 --> 00:30:32,000
Speaker 2: because typically, as I understand Israeli has just continue to

554
00:30:32,040 --> 00:30:35,080
Speaker 2: go about their business, and I would imagine there's not

555
00:30:35,640 --> 00:30:38,960
Speaker 2: much of an economic impact. But this has been compared

556
00:30:39,000 --> 00:30:41,680
Speaker 2: to a nine to eleven, it's been compared to a

557
00:30:41,760 --> 00:30:46,280
Speaker 2: nineteen seventy three. Yeah, Im Kapoor, War, is it different

558
00:30:46,280 --> 00:30:49,280
Speaker 2: this time? And that people are not necessarily going to work,

559
00:30:49,360 --> 00:30:52,800
Speaker 2: not necessarily going out and buying things, not necessarily doing

560
00:30:53,040 --> 00:30:56,360
Speaker 2: much except for sort of huddling scared and safe rooms.

561
00:30:57,480 --> 00:30:59,760
Speaker 7: Yeah, I think. I think you're absolutely right. I mean,

562
00:31:00,040 --> 00:31:03,360
Speaker 7: obviously don't have all the economic data yet to bat

563
00:31:03,480 --> 00:31:07,720
Speaker 7: this up, but I can definitely tell you that people

564
00:31:07,920 --> 00:31:11,280
Speaker 7: are staying home a lot and not coming in to work.

565
00:31:12,600 --> 00:31:15,040
Speaker 7: There's actually a combination. I think of a lot of

566
00:31:15,080 --> 00:31:17,440
Speaker 7: people that have been called to serve in the army

567
00:31:17,480 --> 00:31:21,280
Speaker 7: reserve forces, so we've had three hundred thousand of those,

568
00:31:21,680 --> 00:31:24,480
Speaker 7: and then there are some people who need to stay

569
00:31:24,480 --> 00:31:26,880
Speaker 7: at home because the children have not been going to

570
00:31:26,920 --> 00:31:30,920
Speaker 7: school throughout the entire country, I mean all over Israel.

571
00:31:31,000 --> 00:31:34,280
Speaker 7: Schools have not been open since Saturday, I mean since

572
00:31:34,320 --> 00:31:38,120
Speaker 7: since Sunday. In effect, Sunday is a business day in Israel,

573
00:31:38,640 --> 00:31:40,880
Speaker 7: so and they've just announced today that schools are not

574
00:31:40,920 --> 00:31:43,960
Speaker 7: coming back at least until next Sunday, so some of

575
00:31:44,000 --> 00:31:46,160
Speaker 7: the parents, you don't need to stay home with your children.

576
00:31:46,600 --> 00:31:49,200
Speaker 7: And then we also have people who are just afraid

577
00:31:49,240 --> 00:31:53,520
Speaker 7: because Israeli still under missile attacks from the south from Gaza.

578
00:31:53,680 --> 00:31:56,800
Speaker 7: This is affecting mostly the southern part of Israel, but

579
00:31:57,200 --> 00:32:00,640
Speaker 7: also you know, every once in a while for parts

580
00:32:00,720 --> 00:32:05,200
Speaker 7: like celebrating the Vicinity. So so what we're seeing basically is,

581
00:32:05,640 --> 00:32:08,040
Speaker 7: you know, people working from home if they can, or

582
00:32:08,160 --> 00:32:11,280
Speaker 7: not coming in to work. And this is very reminiscent

583
00:32:11,320 --> 00:32:14,440
Speaker 7: to many people that that I speak to of COVID,

584
00:32:14,480 --> 00:32:16,920
Speaker 7: of the first days of COVID, and you know, the

585
00:32:16,960 --> 00:32:21,320
Speaker 7: first lockdowns. So so in some cases, you know, it's

586
00:32:21,320 --> 00:32:24,160
Speaker 7: not you know, direct you instruction from the authorities. You know,

587
00:32:24,280 --> 00:32:27,240
Speaker 7: don't don't leave the house like a lockdown. In some

588
00:32:27,360 --> 00:32:30,040
Speaker 7: places it is, in some places it isn't, but but

589
00:32:30,320 --> 00:32:33,520
Speaker 7: it was reminiscent of that. And I think it's just

590
00:32:33,640 --> 00:32:38,880
Speaker 7: worth noting and and that some businesses and some international

591
00:32:38,960 --> 00:32:43,000
Speaker 7: businesses that operate in Israel, and talking about some retail stores,

592
00:32:43,040 --> 00:32:48,360
Speaker 7: you know, h and m ikei Ikia, I know that

593
00:32:48,400 --> 00:32:51,600
Speaker 7: these stores for examples, have been shut down for the

594
00:32:51,680 --> 00:32:56,959
Speaker 7: last few days so so obviously business consumption is is

595
00:32:57,040 --> 00:32:58,280
Speaker 7: definitely down these days.

596
00:32:58,320 --> 00:33:02,480
Speaker 1: Yes, what do we know about this new unity government

597
00:33:02,520 --> 00:33:06,840
Speaker 1: that mister Nata who has announced tell us about that.

598
00:33:08,920 --> 00:33:12,360
Speaker 7: So this is O news from this afternoon. So actually

599
00:33:13,080 --> 00:33:19,000
Speaker 7: this is in fact a new party, Benny Ganz's party.

600
00:33:19,120 --> 00:33:23,840
Speaker 7: He was he an opprsition leader until just from this

601
00:33:23,920 --> 00:33:29,920
Speaker 7: afternoon and he just joined forces with NATHANIAO. Nathaniel's government.

602
00:33:30,000 --> 00:33:32,640
Speaker 7: His former government stays in effect. But what we're seeing

603
00:33:32,640 --> 00:33:37,440
Speaker 7: now is Gansa's party join in basically to form a

604
00:33:37,600 --> 00:33:42,360
Speaker 7: very narrow war managing cabinet. In this cabinet will see

605
00:33:42,680 --> 00:33:46,040
Speaker 7: as its members of Nathaniel himself defense minister, you have

606
00:33:46,160 --> 00:33:50,720
Speaker 7: Gallant and joining them will be Benny Ganz, who is

607
00:33:50,760 --> 00:33:57,400
Speaker 7: a former defense minister, and two more members in the cabinet,

608
00:33:57,760 --> 00:34:01,320
Speaker 7: one from Ganz's party and one from Nathaniel's party. And

609
00:34:01,520 --> 00:34:07,200
Speaker 7: actually they will be leading any operations the war. You

610
00:34:07,240 --> 00:34:10,920
Speaker 7: can say that we'll be moving on from moving forward

611
00:34:10,960 --> 00:34:15,520
Speaker 7: from now on. These are people who are very experienced,

612
00:34:16,239 --> 00:34:20,120
Speaker 7: mainly speaking about Gance and another member of his party Eisenkott,

613
00:34:20,160 --> 00:34:24,280
Speaker 7: and of course Defense Minister Galan. They're all very senior

614
00:34:24,719 --> 00:34:30,120
Speaker 7: former idea officers. Led the Israeli Army Glance was previously

615
00:34:30,120 --> 00:34:32,680
Speaker 7: in charge of the Southern Command. He's very familiar with

616
00:34:32,680 --> 00:34:34,879
Speaker 7: the Gazza Street and they're the ones who are going

617
00:34:34,920 --> 00:34:36,600
Speaker 7: to be leading the war effort from here on.

618
00:34:38,080 --> 00:34:41,680
Speaker 2: I wonder if this changes the picture in terms of,

619
00:34:42,360 --> 00:34:45,840
Speaker 2: you know, regional allies of Iran. What have you heard

620
00:34:45,920 --> 00:34:51,239
Speaker 2: from other Arab states, especially considering the fact that we

621
00:34:51,320 --> 00:34:57,440
Speaker 2: know Iran funds Hamas, we know Iran funds Hesbalah, and they've.

622
00:34:58,880 --> 00:35:00,600
Speaker 1: You know, been responsib for.

623
00:35:02,400 --> 00:35:06,280
Speaker 2: Something that's beyond a military attack, really just targeting citizens.

624
00:35:06,320 --> 00:35:08,680
Speaker 2: And I know that's happened in the past, but at

625
00:35:08,680 --> 00:35:11,799
Speaker 2: this point, now the world has seen it. Do you

626
00:35:11,840 --> 00:35:14,040
Speaker 2: expect any any pushback on Iran?

627
00:35:17,480 --> 00:35:20,680
Speaker 7: That's a good question, and you know, I'm not sure.

628
00:35:20,760 --> 00:35:23,120
Speaker 2: It just seems to lead that everyone is hesitant from

629
00:35:23,239 --> 00:35:26,239
Speaker 2: from from here, it seems everyone is hesitant to push

630
00:35:26,320 --> 00:35:28,480
Speaker 2: back on Iran. When the Wall Street Journal first reported

631
00:35:28,480 --> 00:35:31,360
Speaker 2: that Iran knew about these attacks and even was involved

632
00:35:31,360 --> 00:35:33,600
Speaker 2: in the planning, or that the IRGC was involved in

633
00:35:33,640 --> 00:35:38,480
Speaker 2: the planning, we had, you know, the Secretary of Defense saying, well,

634
00:35:38,480 --> 00:35:41,960
Speaker 2: we haven't seen any evidence, you know, not eager to

635
00:35:42,040 --> 00:35:44,600
Speaker 2: draw Iran into this because it makes things more difficult.

636
00:35:44,600 --> 00:35:47,360
Speaker 2: On the other hand, we all know they're funding Hamas.

637
00:35:48,920 --> 00:35:52,720
Speaker 7: Yeah, well well yeah, you know, the relationship between Iran

638
00:35:52,800 --> 00:35:55,880
Speaker 7: and Hamas and Iran and Frisbelle as a slightly different one.

639
00:35:56,719 --> 00:35:59,719
Speaker 7: You're right to say that Iran finances both Hamas and

640
00:35:59,760 --> 00:36:03,200
Speaker 7: his Bala with Haramas, It's it's on a much lower scale.

641
00:36:03,200 --> 00:36:07,200
Speaker 7: I'm talking about the financing, and there there are different

642
00:36:07,640 --> 00:36:11,440
Speaker 7: They're a different organization because you know, there are Sunni

643
00:36:12,320 --> 00:36:16,279
Speaker 7: Ramas is a sony organization, so they are cooperating with

644
00:36:16,320 --> 00:36:19,000
Speaker 7: Iran and they're getting money from them, but they don't

645
00:36:19,040 --> 00:36:23,200
Speaker 7: necessarily take orders from Iran, even if they're coordinated with them.

646
00:36:23,480 --> 00:36:25,560
Speaker 7: I know it sounds a little complex, but it is.

647
00:36:26,080 --> 00:36:31,160
Speaker 7: Whilezabella in the north of Israel is one hundred percent Iran,

648
00:36:31,239 --> 00:36:34,320
Speaker 7: it's just you know, a proxy organization, the militant organization

649
00:36:34,920 --> 00:36:37,000
Speaker 7: that is backed by Iran, that is led by around

650
00:36:37,000 --> 00:36:39,840
Speaker 7: that is you know, taking orders from Iran. So and

651
00:36:40,320 --> 00:36:43,160
Speaker 7: on your question, I think that you know, maybe what

652
00:36:43,280 --> 00:36:45,640
Speaker 7: speaks loudest at this time is that you know, when

653
00:36:45,680 --> 00:36:49,680
Speaker 7: we see the US carrier, the drive forward carrier, that

654
00:36:49,760 --> 00:36:54,360
Speaker 7: is now you know around Israeli waters. You know, this

655
00:36:54,520 --> 00:37:00,560
Speaker 7: is very extraordinary, slight. I would put it like that,

656
00:37:01,960 --> 00:37:05,680
Speaker 7: I don't remember anything, you know, this sort happening at

657
00:37:05,800 --> 00:37:09,080
Speaker 7: least over you know, the last decades. So this is

658
00:37:09,160 --> 00:37:12,319
Speaker 7: like a warning sign which which may be a reinforcement

659
00:37:12,560 --> 00:37:15,600
Speaker 7: of what you just said. You know, people don't countries

660
00:37:15,640 --> 00:37:18,279
Speaker 7: don't wanting you know, and all out don't want an

661
00:37:18,320 --> 00:37:20,600
Speaker 7: all out war. So they're putting you know, their biggest

662
00:37:20,640 --> 00:37:23,840
Speaker 7: like you know, warning signs and you know, telling Iran

663
00:37:23,920 --> 00:37:28,800
Speaker 7: don't get involved, not through football, not directly, and so

664
00:37:29,200 --> 00:37:31,640
Speaker 7: so it's safe to assume that yes, maybe you know,

665
00:37:31,719 --> 00:37:34,320
Speaker 7: the nations don't want an all out war at this time,

666
00:37:34,840 --> 00:37:39,279
Speaker 7: and Israel definitely you know, wants to concentrate on Gaza now,

667
00:37:39,280 --> 00:37:41,600
Speaker 7: but keep saying that it is very well prepared for

668
00:37:41,680 --> 00:37:43,880
Speaker 7: anything that happens in the Northwest.

669
00:37:43,880 --> 00:37:46,399
Speaker 1: Fastball Very good, All right, Glee, thank you so much

670
00:37:46,400 --> 00:37:49,360
Speaker 1: once again for joining us. Khalita Alstein. She's a reporter

671
00:37:49,440 --> 00:37:51,799
Speaker 1: with Bloomberg News. She's based in Tel Aviv, and we

672
00:37:51,840 --> 00:37:54,680
Speaker 1: really appreciate getting some of her time during this very

673
00:37:54,760 --> 00:37:58,920
Speaker 1: very difficult time for all Israeli citizens. And we'll see

674
00:37:58,920 --> 00:38:01,640
Speaker 1: what type of response that we get from Israel, but

675
00:38:01,680 --> 00:38:04,319
Speaker 1: all I guess indications are that it's going to be

676
00:38:04,440 --> 00:38:07,359
Speaker 1: severe as we look at the call ups and so on.

677
00:38:07,640 --> 00:38:10,759
Speaker 3: You're listening to the tape. Ken's are live program Bloomberg

678
00:38:10,840 --> 00:38:14,440
Speaker 3: Markets weekdays at ten am Eastern on Bloomberg Radio, the

679
00:38:14,480 --> 00:38:17,719
Speaker 3: tune in app, Bloomberg dot Com, and the Bloomberg Business App.

680
00:38:17,760 --> 00:38:20,560
Speaker 3: You can also listen live on Amazon Alexa from our

681
00:38:20,600 --> 00:38:25,000
Speaker 3: flagship New York station, Just say Alexa play Bloomberg eleven thirty.

682
00:38:26,960 --> 00:38:29,320
Speaker 1: Matt Miller Paul Sweeney live here in a Bloomberg Interactive

683
00:38:29,320 --> 00:38:33,320
Speaker 1: Brokers studio, and we are streaming this thing on YouTube's

684
00:38:33,360 --> 00:38:36,640
Speaker 1: Head over to YouTube dot com and search Bloomberg Radio. Matt,

685
00:38:36,680 --> 00:38:38,759
Speaker 1: I'm at an age where I just don't stay up

686
00:38:38,840 --> 00:38:41,520
Speaker 1: that late anymore. So the late night TV I used

687
00:38:41,520 --> 00:38:43,239
Speaker 1: to be a fan. I was there for Letterman and

688
00:38:43,239 --> 00:38:43,960
Speaker 1: all that kind of stuff.

689
00:38:43,960 --> 00:38:46,120
Speaker 2: Oh yeah, dude, I remember Letterman from the very beginning.

690
00:38:46,239 --> 00:38:48,040
Speaker 1: But I mean, but I understand that's where the cool

691
00:38:48,080 --> 00:38:51,319
Speaker 1: kids hang is kind of late night TV, which brings

692
00:38:51,400 --> 00:38:53,520
Speaker 1: us to Max Abelson. Why he's here, I don't know.

693
00:38:53,560 --> 00:38:57,399
Speaker 1: Max Abelson. He's one of our star reporters for Bloomberg news,

694
00:38:57,400 --> 00:38:59,480
Speaker 1: he joins us here on our Bloomberg Interactive Broker Studio.

695
00:38:59,520 --> 00:39:03,400
Speaker 1: But Max, you're going TV on it, You're going Hollywood.

696
00:39:03,520 --> 00:39:05,799
Speaker 1: Talk to us about the show that you're bringing to

697
00:39:05,920 --> 00:39:07,080
Speaker 1: Bloomberg Originals.

698
00:39:07,400 --> 00:39:09,919
Speaker 5: Yeah, my ego is too big now actually to talk,

699
00:39:09,960 --> 00:39:12,640
Speaker 5: so I'm just call into silence now. Well, first of all,

700
00:39:12,800 --> 00:39:16,520
Speaker 5: just about bedtime talking Phoenix, Yep, yep. Learn let's talk

701
00:39:16,560 --> 00:39:19,240
Speaker 5: at bedtime because I am out by like nine thirty,

702
00:39:19,480 --> 00:39:21,520
Speaker 5: just to be totally clear, So I'll be watching the

703
00:39:21,560 --> 00:39:23,480
Speaker 5: following day. But I'm hoping everyone here is going to

704
00:39:23,560 --> 00:39:27,680
Speaker 5: tune in on Thursdays at ten thirty pm on Bloomberg TV. Listen.

705
00:39:28,040 --> 00:39:30,000
Speaker 5: I think there's a chance that what we're making here

706
00:39:30,239 --> 00:39:32,200
Speaker 5: is like going to be really special.

707
00:39:31,920 --> 00:39:32,799
Speaker 1: And really good.

708
00:39:32,920 --> 00:39:34,960
Speaker 5: I mean, we had a really big challenge, which is

709
00:39:34,960 --> 00:39:37,759
Speaker 5: that Business Week is like a good thing as is.

710
00:39:37,800 --> 00:39:39,920
Speaker 5: You know, it's a great magazine. It's when you know,

711
00:39:39,920 --> 00:39:42,080
Speaker 5: when I have my best journalism of the year, if

712
00:39:42,120 --> 00:39:44,600
Speaker 5: I'm lucky, it gets to go in Business Week. And

713
00:39:45,480 --> 00:39:48,160
Speaker 5: to make something that's a really good magazine and to

714
00:39:48,200 --> 00:39:51,120
Speaker 5: try to turn it into something televisual as hard, because

715
00:39:51,160 --> 00:39:54,080
Speaker 5: like magazine and TV are different things. But we have

716
00:39:54,239 --> 00:39:57,200
Speaker 5: had a lot of fun with this idea that instead

717
00:39:57,200 --> 00:40:00,480
Speaker 5: of like sitting there, you know, kind of suck with

718
00:40:00,600 --> 00:40:02,239
Speaker 5: the issue that week, although I'm sure we would have

719
00:40:02,280 --> 00:40:02,719
Speaker 5: fun if.

720
00:40:02,600 --> 00:40:03,200
Speaker 1: We had to do that.

721
00:40:03,880 --> 00:40:07,319
Speaker 5: What we've done, gentlemen, is take the themes that would

722
00:40:07,320 --> 00:40:10,840
Speaker 5: normally kind of course below the surface of business journalism

723
00:40:10,840 --> 00:40:17,279
Speaker 5: and Business Week, specifically ambition, risk, failure, genius, imagination, and

724
00:40:17,320 --> 00:40:19,799
Speaker 5: we've dedicated episodes to each of them. And then we've

725
00:40:19,800 --> 00:40:23,680
Speaker 5: brought on, like, honestly like kind of astounding people whose

726
00:40:23,800 --> 00:40:28,280
Speaker 5: lives and careers and ideas, like honestly like have something

727
00:40:28,320 --> 00:40:30,239
Speaker 5: to say about those themes. Like I've learned a lot

728
00:40:30,280 --> 00:40:32,879
Speaker 5: like sitting at the table talking to people. It's been

729
00:40:32,920 --> 00:40:33,960
Speaker 5: fun and it's been eye opening.

730
00:40:34,000 --> 00:40:36,360
Speaker 2: All right, So what's the format you're gonna go on?

731
00:40:36,560 --> 00:40:38,680
Speaker 2: This show is going to go out every Thursday at

732
00:40:38,680 --> 00:40:40,600
Speaker 2: ten thirty on Bloomberg TV. I'm like, I'm guessing we're

733
00:40:40,600 --> 00:40:42,080
Speaker 2: gonna be able to watch it on Bloomer dot com

734
00:40:42,160 --> 00:40:45,759
Speaker 2: or somewhere online the next day. And then so is

735
00:40:45,800 --> 00:40:46,640
Speaker 2: it an hour?

736
00:40:46,880 --> 00:40:47,520
Speaker 1: Two?

737
00:40:47,560 --> 00:40:49,960
Speaker 2: Do you have one guest for? How does it work?

738
00:40:50,000 --> 00:40:51,880
Speaker 5: Thank you for asking. These are questions that remind me

739
00:40:51,880 --> 00:40:54,600
Speaker 5: of my mom, Patty Abelson has been asking just these

740
00:40:54,640 --> 00:40:57,600
Speaker 5: exact questions. All right, So look, it's gonna start with

741
00:40:57,640 --> 00:41:01,440
Speaker 5: a kind of essayistic introduction. My only complaint about this

742
00:41:01,520 --> 00:41:04,319
Speaker 5: whole series is that we have we we filmed me

743
00:41:04,680 --> 00:41:06,799
Speaker 5: walking through the streets of New York, and I have

744
00:41:06,840 --> 00:41:08,960
Speaker 5: to memorize my essay.

745
00:41:08,840 --> 00:41:12,279
Speaker 2: And it is not easy. No one just called a

746
00:41:12,320 --> 00:41:14,320
Speaker 2: monolog by the way, let's call it a monologue.

747
00:41:15,280 --> 00:41:15,720
Speaker 1: Monologue.

748
00:41:15,719 --> 00:41:18,160
Speaker 5: I have no teleprompter, so I'm in the streets of

749
00:41:18,200 --> 00:41:20,359
Speaker 5: New York. I give a little opening essay. Then then

750
00:41:20,400 --> 00:41:22,520
Speaker 5: I come to the studio, which, let me just say,

751
00:41:23,200 --> 00:41:27,000
Speaker 5: my colleagues, like carpentered a studio. We're not talking like

752
00:41:27,120 --> 00:41:32,640
Speaker 5: led screens. Is here here one floor up for listeners.

753
00:41:33,200 --> 00:41:35,600
Speaker 5: I can't see this, but we are on the fifth floor.

754
00:41:35,719 --> 00:41:38,600
Speaker 2: They can if they're streaming on YouTube. We're you look

755
00:41:38,640 --> 00:41:40,280
Speaker 2: into the camera. They're not in the building.

756
00:41:40,320 --> 00:41:41,799
Speaker 5: They're not in the building, so they would know it's

757
00:41:41,920 --> 00:41:43,840
Speaker 5: but it's on the sixth floor, and it's yeah. I

758
00:41:43,880 --> 00:41:47,000
Speaker 5: mean when I say carpentered, I mean like woodworkers made.

759
00:41:46,960 --> 00:41:50,120
Speaker 5: It looks like kind of an eccentric editor in chief

760
00:41:50,160 --> 00:41:50,719
Speaker 5: of it.

761
00:41:50,520 --> 00:41:51,320
Speaker 2: Looks so cool.

762
00:41:51,840 --> 00:41:52,399
Speaker 1: Seventy eight.

763
00:41:52,920 --> 00:41:55,680
Speaker 5: It is beautiful, and there's something about the vibe. I mean, actually,

764
00:41:55,680 --> 00:41:57,600
Speaker 5: I've always loved the studio where we are now, but

765
00:41:57,600 --> 00:42:00,680
Speaker 5: there's something about the vibe where I feel like even

766
00:42:00,880 --> 00:42:04,160
Speaker 5: interesting or powerful or complicated people come in and it's

767
00:42:04,200 --> 00:42:06,440
Speaker 5: like it almost reminds me of like a therapist's office

768
00:42:06,520 --> 00:42:08,040
Speaker 5: or something about it where I find that people are

769
00:42:08,040 --> 00:42:10,879
Speaker 5: willing to open up and I'm definitely willing to meet

770
00:42:10,880 --> 00:42:13,200
Speaker 5: them where they are. But there our guests so far

771
00:42:13,239 --> 00:42:15,239
Speaker 5: have been really willing to meet us where we are,

772
00:42:15,480 --> 00:42:18,040
Speaker 5: which is taking these themes seriously. It's not easy to

773
00:42:18,040 --> 00:42:20,280
Speaker 5: talk about failure, it's not easy to talk about ambition.

774
00:42:20,520 --> 00:42:22,200
Speaker 5: But I find that there's something about the space, and

775
00:42:22,239 --> 00:42:24,359
Speaker 5: there's something about my colleagues, Eduino Tira. I have to say,

776
00:42:24,400 --> 00:42:26,560
Speaker 5: our director and producer is really one of my favorite

777
00:42:26,600 --> 00:42:29,759
Speaker 5: people I've ever worked with, combined thanks to Business Week,

778
00:42:29,800 --> 00:42:32,240
Speaker 5: thanks to the show, thanks to the set, my colleagues,

779
00:42:32,320 --> 00:42:34,400
Speaker 5: there's something that I think is kind of special about it,

780
00:42:34,440 --> 00:42:37,120
Speaker 5: and I feel like, like I hope it'll I think

781
00:42:37,120 --> 00:42:39,160
Speaker 5: it might be kind of like unlike anything we've ever

782
00:42:39,200 --> 00:42:39,520
Speaker 5: done here.

783
00:42:39,560 --> 00:42:42,440
Speaker 2: It does look, like, I have to agree, a really

784
00:42:42,480 --> 00:42:46,279
Speaker 2: cool space and very unique and kind of different, a

785
00:42:46,520 --> 00:42:49,880
Speaker 2: step away from reality without being like fake, you know,

786
00:42:50,000 --> 00:42:52,279
Speaker 2: but just like a therapist's office. I think is a

787
00:42:52,280 --> 00:42:55,440
Speaker 2: great description because you're sort of putting the world on

788
00:42:55,560 --> 00:42:58,080
Speaker 2: pause to have these discussions. So who are the guests

789
00:42:58,120 --> 00:42:58,600
Speaker 2: that you've.

790
00:42:58,400 --> 00:43:00,000
Speaker 5: Had on Well, I'll tell you about the guys, but

791
00:43:00,120 --> 00:43:02,280
Speaker 5: first I just want to respond to a very beautiful

792
00:43:02,320 --> 00:43:04,080
Speaker 5: thing you just said, a step away from reality. It's

793
00:43:04,400 --> 00:43:08,400
Speaker 5: been very I thought a lot about how to make television,

794
00:43:08,440 --> 00:43:10,320
Speaker 5: which is very different from what I normally do. You know,

795
00:43:10,360 --> 00:43:12,480
Speaker 5: I'm a writer, like I'm a reporter here. I've spent

796
00:43:12,920 --> 00:43:16,040
Speaker 5: a long time here, my whole professional life in this building,

797
00:43:16,080 --> 00:43:19,319
Speaker 5: thirteen years. I think like writing and reporting and being

798
00:43:19,320 --> 00:43:22,600
Speaker 5: on TV and even you know what, honestly being on radio.

799
00:43:23,040 --> 00:43:26,160
Speaker 5: It involves a certain amount of theater, certain kind of performance,

800
00:43:26,320 --> 00:43:28,080
Speaker 5: Like it makes me think about my voice when I'm

801
00:43:28,080 --> 00:43:29,920
Speaker 5: talking now or when I'm on TV, Like I think

802
00:43:29,960 --> 00:43:31,400
Speaker 5: about the way I look, you know, the way I

803
00:43:31,480 --> 00:43:34,719
Speaker 5: move my hands. And we've really spent a long time

804
00:43:34,760 --> 00:43:36,680
Speaker 5: talking as a group about how to make it as

805
00:43:36,760 --> 00:43:38,719
Speaker 5: real as possible, even though I have to do some

806
00:43:38,760 --> 00:43:41,000
Speaker 5: performative things, not.

807
00:43:41,000 --> 00:43:42,440
Speaker 1: Move my hands in silly ways.

808
00:43:42,600 --> 00:43:46,600
Speaker 5: You know, not talk too much. We've really tried to

809
00:43:46,719 --> 00:43:50,600
Speaker 5: keep it as connected to reality as print journalism can be.

810
00:43:51,640 --> 00:43:52,799
Speaker 5: Now let me tell you about the guests.

811
00:43:52,800 --> 00:43:56,000
Speaker 2: But with the set that evokes a like nineteen seventies newsroom,

812
00:43:56,040 --> 00:43:58,000
Speaker 2: Thank you, but what you wanted to see today in

813
00:43:58,080 --> 00:44:00,840
Speaker 2: any news so you're trying to get real. But also

814
00:44:02,000 --> 00:44:05,960
Speaker 2: it's I aroays reminded kind of like a mister Rogers neighborhood. Oh,

815
00:44:06,000 --> 00:44:08,680
Speaker 2: like the you know the set in taxi, Like basically

816
00:44:08,760 --> 00:44:11,279
Speaker 2: one set that's different from everything else, but that you

817
00:44:11,320 --> 00:44:12,799
Speaker 2: want to be paying attention to that.

818
00:44:12,800 --> 00:44:14,560
Speaker 5: You're talking my language. We have a signed photo of

819
00:44:14,560 --> 00:44:17,680
Speaker 5: Fred Rodgers in the signed to me as a little boy.

820
00:44:17,680 --> 00:44:18,680
Speaker 1: Thanks, thanks my dad.

821
00:44:18,719 --> 00:44:20,160
Speaker 5: But let me just talk about the guests. So for

822
00:44:20,200 --> 00:44:24,000
Speaker 5: this week's episode, Genius Thursday Night, we have a ninety

823
00:44:24,040 --> 00:44:27,560
Speaker 5: one year old genius, Bert Malkiel, who who's writing a

824
00:44:27,560 --> 00:44:30,560
Speaker 5: gentleman probably walk down Wall Sheet, which is a book

825
00:44:30,560 --> 00:44:33,839
Speaker 5: about how genius doesn't actually exist in the markets. He

826
00:44:33,960 --> 00:44:36,040
Speaker 5: is so interesting, has so much to say, it's it's

827
00:44:36,040 --> 00:44:38,320
Speaker 5: such a distinct version of genius. Then we have a

828
00:44:38,360 --> 00:44:41,719
Speaker 5: seventeen year old genius who won the spelling Bee. I'm

829
00:44:41,719 --> 00:44:43,400
Speaker 5: going to say very little about her because she is

830
00:44:43,440 --> 00:44:46,680
Speaker 5: such a surprise and she has I think she is

831
00:44:46,680 --> 00:44:49,200
Speaker 5: my most genius guest, but I'm not going to say

832
00:44:49,200 --> 00:44:51,399
Speaker 5: too much more about her. And then we have more

833
00:44:51,400 --> 00:44:53,480
Speaker 5: of a Jah who is the genius. In fact, he

834
00:44:54,080 --> 00:44:58,480
Speaker 5: literally one genius grant. He is a guy who thinks

835
00:44:58,600 --> 00:45:02,239
Speaker 5: about all the garbage that floating around our orbit, all

836
00:45:02,280 --> 00:45:04,960
Speaker 5: the dead all the dead stuff that we sent out satellites,

837
00:45:05,000 --> 00:45:07,200
Speaker 5: but then they died and they're just there. It's this

838
00:45:07,280 --> 00:45:08,680
Speaker 5: new kind of trash.

839
00:45:08,920 --> 00:45:10,200
Speaker 1: And he really did.

840
00:45:10,040 --> 00:45:12,279
Speaker 5: Blow my mind the way that he talked about the

841
00:45:12,320 --> 00:45:15,600
Speaker 5: difference between jualized genius and a kind of collective genius,

842
00:45:15,640 --> 00:45:17,360
Speaker 5: and the way that you can learn from other people

843
00:45:17,360 --> 00:45:19,759
Speaker 5: instead of just like being a genius yourself.

844
00:45:19,480 --> 00:45:21,600
Speaker 2: Standing on the shoulders of giants exactly.

845
00:45:21,680 --> 00:45:23,840
Speaker 5: I found it, honestly, very moving. I was told I

846
00:45:23,840 --> 00:45:25,640
Speaker 5: had to stop nodding along because I was not on

847
00:45:25,719 --> 00:45:26,200
Speaker 5: the long term.

848
00:45:26,440 --> 00:45:29,239
Speaker 2: That's how much I enjoyed it. That sounds awesome. I

849
00:45:29,239 --> 00:45:30,720
Speaker 2: can't wait to see this, honestly.

850
00:45:30,960 --> 00:45:33,600
Speaker 1: And so what's the difference between kind of your what

851
00:45:33,719 --> 00:45:36,160
Speaker 1: you have been doing, interviewing, call people on the phone,

852
00:45:36,160 --> 00:45:38,080
Speaker 1: calling your sources and that kind of thing. As opposed

853
00:45:38,080 --> 00:45:41,520
Speaker 1: to now you're sitting, you know, face to face with

854
00:45:41,560 --> 00:45:44,000
Speaker 1: these people oftentimes, and that's a little different vibe.

855
00:45:44,080 --> 00:45:46,680
Speaker 5: Right Oh, the vibe is tremendously different. Like right now

856
00:45:46,680 --> 00:45:49,080
Speaker 5: I'm looking at you, you know, and we're talking like

857
00:45:49,360 --> 00:45:51,280
Speaker 5: I don't want to I'm on the mood to confront you,

858
00:45:51,280 --> 00:45:52,680
Speaker 5: you know, I don't want to press you on the

859
00:45:52,680 --> 00:45:55,200
Speaker 5: most difficult things that if you've ever had to live through,

860
00:45:55,280 --> 00:45:58,799
Speaker 5: or like, you know, if you were a prominent business person,

861
00:45:58,840 --> 00:46:02,680
Speaker 5: you're your most prominent in barres because embarrassment comes with success.

862
00:46:02,760 --> 00:46:05,719
Speaker 5: No one has success without failure. To sit across this

863
00:46:05,840 --> 00:46:08,520
Speaker 5: table in the BusinessWeek shows set and to talk to

864
00:46:08,560 --> 00:46:15,600
Speaker 5: people about pain and uncertainty and embarrassment, or even just

865
00:46:15,640 --> 00:46:18,440
Speaker 5: to talk to them about their ambition or to talk

866
00:46:18,480 --> 00:46:21,640
Speaker 5: about their genius or to talk about their imagination, there's

867
00:46:21,640 --> 00:46:24,640
Speaker 5: something that's very awkward about it. I'm very interested in

868
00:46:25,320 --> 00:46:28,080
Speaker 5: trying to re examine the journalistic encounter, you know, I

869
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Speaker 5: love my favorite My favorite journalist is Janet Malcolm, who

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Speaker 5: writes beautifully about the kind of betrayals that happen every

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00:46:34,239 --> 00:46:37,319
Speaker 5: time there's a journalistic encounter. Because the journalist is going

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00:46:37,320 --> 00:46:39,600
Speaker 5: to tell a story and the subject has a very

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00:46:39,600 --> 00:46:42,160
Speaker 5: different story. And it's been really fun for me to

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Speaker 5: see in real time how different it is to stare

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Speaker 5: your subject in the eyes. And it's spooky.

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Speaker 2: That's very cool. I mean, we love your stories that

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Speaker 2: you write for Bloomberg, but I can imagine it's very

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Speaker 2: different because you get to kind of script everything. You

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00:46:57,520 --> 00:47:01,080
Speaker 2: totally create the narrative by yourself or know with your editors,

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00:47:01,280 --> 00:47:05,480
Speaker 2: whereas here you can script the questions and you can

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Speaker 2: stage the interview, but it's gonna go where it goes.

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Speaker 1: Yes, yes, you know.

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Speaker 5: Hearing you say that reminds me that you know, my

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00:47:10,680 --> 00:47:12,680
Speaker 5: beat in a way is money and power, when when

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Speaker 5: I ask, honestly, my beat is like semi made up

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00:47:14,920 --> 00:47:17,040
Speaker 5: but Wall Street culture of Wall Street money and power.

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Speaker 5: It really has got me thinking about the way that

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00:47:20,800 --> 00:47:24,239
Speaker 5: we have power, like journalists have power. We shape stories,

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00:47:24,440 --> 00:47:28,279
Speaker 5: we bring perspective. I mean, I believe that one of

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Speaker 5: the things that makes Bloomberg News and Business Meek great

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00:47:31,080 --> 00:47:33,400
Speaker 5: is that we wield our power well and that we

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00:47:33,480 --> 00:47:36,000
Speaker 5: wield it with fairness and we wield it with authority.

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Speaker 5: But it's been fun to feel powerful and also to

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00:47:39,880 --> 00:47:42,160
Speaker 5: feel a little powerless. I don't know what people are

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Speaker 5: going to say. I don't know if they're gonna dislike

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00:47:43,719 --> 00:47:45,279
Speaker 5: my questions. I don't know if our vibe is going

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00:47:45,320 --> 00:47:47,680
Speaker 5: to be weird. And that's a powerless position to be in.

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Speaker 5: I have the power.

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Speaker 1: I have some power because I'm.

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Speaker 5: Asking questions, but but it's been a very powerless experience,

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Speaker 5: and it's it's been really fun to taste. What's the

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00:47:55,520 --> 00:47:57,680
Speaker 5: name of the show, The Business Week Show?

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Speaker 1: The Business Week Show on Bloomberg Television on Thursday nights,

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Speaker 1: ten thirty pm, Wall Street Time, Boom Mark that, Max Abelson,

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Speaker 1: thanks so much for joining us.

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Speaker 2: Thanks for listening to the Bloomberg Markets podcasts. You can

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00:48:11,840 --> 00:48:15,600
Speaker 2: subscribe and listen to interviews at Apple Podcasts or whatever

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00:48:15,680 --> 00:48:19,400
Speaker 2: podcast platform you prefer. I'm Matt Miller. I'm on Twitter

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Speaker 2: at Matt Miller nineteen seventy three.

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Speaker 1: And I'm Faul Sweeney. I'm on Twitter at pt Sweeney.

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Speaker 1: Before the podcast, you can always catch us worldwide at

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Speaker 1: Bloomberg Radio.