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Speaker 3: Monica Decenso joints.
Speaker 4: She's now head of Global Investment Opportunities at JP Morgan.
Speaker 4: But Monica, you and I we across past years and
Speaker 4: years ago when you were bear Stearns, Raykats, Victor Miller,
Speaker 4: Alan Schwartz, all the great media folks at bear Stearns
Speaker 4: covering the radio TV broadcast is the Tower companies Tom
Speaker 4: at one point Tower those were great now.
Speaker 5: That don't exist anymore.
Speaker 6: So my job, my job was to read those prospectuses
Speaker 6: that I read them from the back to the exactly.
Speaker 6: My question to both of you then is radio just
Speaker 6: in Good morning on Bloomberg Radio?
Speaker 2: Then was it's fourteen times but it's cheap?
Speaker 7: Yep?
Speaker 2: Are we in for that right now? Monica? Are we
Speaker 2: where's our where's the blow up? Right now? That's fourteen
Speaker 2: times even time?
Speaker 1: Yeah, I don't know that I see anything that clearly
Speaker 1: that looks that misvalued.
Speaker 5: What we do see those is you look at the
Speaker 5: broad s.
Speaker 1: And p twenty times and again I think back to
Speaker 1: where we were back in those days, and it does.
Speaker 5: Feel fairly to fully value.
Speaker 1: And so the struggle now, as you see the market
Speaker 1: down of a couple percent, maybe do you jump in
Speaker 1: and buy?
Speaker 5: I think you probably see more volatility.
Speaker 1: Heading into the fall and into elections, and so I
Speaker 1: would use any pullback of three four percent or more
Speaker 1: to start logging in. As you mentioned earlier, I work
Speaker 1: with family all over the world, and most of them,
Speaker 1: unfortunately don't have enough risk on in their portfolios. They're
Speaker 1: still sitting in too much cash, and so I'd love
Speaker 1: to stay. I'm waiting for ten percent down, but I
Speaker 1: don't know that we're going to get that, so three
Speaker 1: or four might be enough to nibble.
Speaker 4: So I mean, you work with ultra high net worth individuals,
Speaker 4: family offices, those types of folks. Yeah, are they participating
Speaker 4: in this magnificent seventh thing over the last twelve eighteen
Speaker 4: months or maybe or.
Speaker 1: Not they're participating, but most don't have as much as
Speaker 1: they would like, because what happened in twenty twenty two is,
Speaker 1: you well know, when texuled off and everything got a
Speaker 1: little scary, many of them moved to cash. They have
Speaker 1: that luxury they're not you know, it's their personal money.
Speaker 1: They don't need to be in markets. And then they
Speaker 1: were hoping for a pullback in twenty three. Most never
Speaker 1: actually got back in as much as they wanted, and
Speaker 1: so now still a bit Offside's too much cash, not
Speaker 1: enough risk for generational wealth that they have that they
Speaker 1: really should be focused on compounding so.
Speaker 2: That generational wealth.
Speaker 4: Again, these ultra high networth individuals that JP Morgan you know,
Speaker 4: deals with so well, are they.
Speaker 3: Still in a sixty forty kind of environment? Are they
Speaker 3: sixty forty but I need to have some alternatives? Are they?
Speaker 4: Or they maybe even more cash than a sixty to
Speaker 4: forty PORTFOLI would suggest.
Speaker 1: Yeah, a couple of big trends right now. Again, still
Speaker 1: too much cash, but that's a function of that fear
Speaker 1: coming out of twenty two and that year when nothing
Speaker 1: works work, bonds down, equities down, that rattles people broadly.
Speaker 1: Larger families we work with tend to have much bigger
Speaker 1: allocations to alternatives to your point, because again, this is
Speaker 1: not money that they're going to need for the next
Speaker 1: five or ten years. And so if you can take
Speaker 1: that illiquidity that generally is going to pay, and we
Speaker 1: hope that you're going to earn more than you'll get
Speaker 1: in public markets. So larger families we work with might
Speaker 1: have upwards of forty forty five percent alternatives. Doesn't make
Speaker 1: sense for you know, a normal retail investor, But when
Speaker 1: you get to that size hundreds of millions of dollars
Speaker 1: that you're investing, you can do that which pays off
Speaker 1: in the long term your company.
Speaker 2: Screenberg would say, you know, don't over diversify. To me,
Speaker 2: one of the diseases right now is massive over diversification
Speaker 2: through passive in ETFs to fancy people with fancy accounts.
Speaker 2: Do they have the courage to be less diversified and
Speaker 2: better on a sector or a bet in a company?
Speaker 7: They do?
Speaker 1: Many you know, have made their wealth in one sector
Speaker 1: or one part of the market, right, it.
Speaker 5: Could be autos, could be tech.
Speaker 1: And so as a result, often they'll have a concentrated
Speaker 1: position in one sector that then argues that you need
Speaker 1: diversification else.
Speaker 2: Away from it.
Speaker 1: Yeah, and so we spend a lot of time helping
Speaker 1: them think about where is your risk again, You're you're
Speaker 1: a tech founder, You're locked up in a stock.
Speaker 5: We've got to have you in bonds. We've got to
Speaker 5: have you outside of the US.
Speaker 1: We have to have you thinking about again, alternatives, infrastructure.
Speaker 1: I don't know who's going to win the election, but
Speaker 1: I'm pretty sure WED to spend more on infrastructure, and
Speaker 1: so there are bets like that that make a lot
Speaker 1: of sense.
Speaker 2: We get another question here because I want to go
Speaker 2: to an entertainment I just want to go to go
Speaker 2: back to rag cats go.
Speaker 3: How about bonds? I mean fixed income?
Speaker 4: I mean you know, you put a client in to
Speaker 4: your treasure and get four and a half percent here,
Speaker 4: what do you guys, How are you guys positioning fixed
Speaker 4: income to your clients?
Speaker 1: Again, it's it's getting people comfortable with that playbook after
Speaker 1: being out of it for a decade. So a couple
Speaker 1: of things you're a US taxpayer, Munis don't have to
Speaker 1: overcomplicate things, right.
Speaker 5: Munis make a ton of sense.
Speaker 1: Especially world where people are worried about what is the
Speaker 1: tax regime going forward and what are my tax rates
Speaker 1: going to be? Also, you know, adding a little bit
Speaker 1: of duration, taking a little bit of risk, bank preferreds
Speaker 1: I still think make a ton of sense. Yeah, like
Speaker 1: that city yesterday came out issued thousand dollars part seven
Speaker 1: percent coupon. If you're a US taxpayer, that's almost a
Speaker 1: nine percent taxic.
Speaker 2: Im mortals buy those or they have started institutions.
Speaker 1: They tend to be more held by institutions. But absolutely
Speaker 1: retail investors commune.
Speaker 2: How do you affect immuni transaction for a family, office, portfolio,
Speaker 2: individual Some.
Speaker 1: Want individuals most Actually again they like to see the
Speaker 1: line on them. I think psychologically for families that makes
Speaker 1: more sense versus a fund where you just don't know
Speaker 1: what's going on under the hood.
Speaker 5: So we'll do a lot of.
Speaker 1: Separately managed accounts SMAs, and then depending on what tenor
Speaker 1: duration they're comfortable with, we build it to cater to
Speaker 1: that use.
Speaker 3: Is ladder communis That's what I do. Very good all
Speaker 3: my maturity. I'm a level for sure.
Speaker 2: To both of you. I talked to Paul about this
Speaker 2: all the time. Monica, let me start with you and
Speaker 2: the turmoil of what you used to follow. Is Disney
Speaker 2: like the mother of all values? Or is it a
Speaker 2: busted blue chip.
Speaker 1: I'm having a flashback to the last time I was
Speaker 1: on you tried to get me to talk about a
Speaker 1: single name and jaf Organis that love that? But I
Speaker 1: don't cover disease closely anymore, so it would be reckless
Speaker 1: for me to a pine.
Speaker 2: Are you long or short? Hollywood?
Speaker 1: At the end of the day, like, people still consume
Speaker 1: media and content, and so how they consume it has
Speaker 1: changed from when you know, Paul and I were doing.
Speaker 5: This many years ago. But people still watch stuff.
Speaker 1: You're on an airplane, everyone's on their ipet, everyone's on
Speaker 1: their phone. It's just pivoting to how they want to
Speaker 1: consume it and the bite size and the length and
Speaker 1: duration all that.
Speaker 5: But great content is great content.
Speaker 1: And so I, you know, personally, still own some of
Speaker 1: those names that I used to work with many years ago,
Speaker 1: and I think they make sense in a portfolio.
Speaker 2: She's in trouble now. Yeah, general consuls over on Parking.
Speaker 5: And yet I mean it's still being built. I did
Speaker 5: a tour last week.
Speaker 2: It was amazing. What was to take away from the tour.
Speaker 1: Take over the tours that buildings really tall, and if
Speaker 1: you're afraid of heights, I don't recommend going up there
Speaker 1: when there's no windows in there, because.
Speaker 2: All I want to know is like at four to
Speaker 2: twenty five park, is there going to be a fancy
Speaker 2: bar at the bottom.
Speaker 1: There's the fancy bar at the top. I'm told, yeah, okay,
Speaker 1: so all right, I mean not yet, but.
Speaker 2: Top of the din exactly to Monica descends a wonderful
Speaker 2: don't be a stranger. This was great, particularly talking about
Speaker 2: the shop to K booth that Alan Schwartz built years ago.
Speaker 2: So much of the heritage of Bloomberg surveillance in Bloomberg
Speaker 2: on the Economy is actually talking to people that has
Speaker 2: stopped and really thought about the moment we're in on
Speaker 2: the high ground of that concept has got to Macunda,
Speaker 2: who is at Two Rivers Group, which barely describes his
Speaker 2: contribution to thinking about leadership at MIT at Harvard a
Speaker 2: Yell lecture now, but particularly his political science at the
Speaker 2: Massachusetts Institute of Technology, a number of years ago. God,
Speaker 2: and thank you so much for joining us. And I
Speaker 2: just want to go back to picking presidents. A book
Speaker 2: you put out two years ago. Nice timing, God, and
Speaker 2: you nailed that, and in it you go right to
Speaker 2: the heart of what I was talking about with David
Speaker 2: Gura Sunday, I guess Harry Truman and the system at
Speaker 2: its best. I was trying, in my inept way to
Speaker 2: explain why nineteen fifty two and off the death of
Speaker 2: FDR and forty five matters. What did they do with
Speaker 2: Harry Truman that we're stumbling on right now? What do
Speaker 2: we learn from that era?
Speaker 8: Well, thank thank you for that introduction. Though one of
Speaker 8: my friends texted me, went out to Biden, said he
Speaker 8: wasn't writing for relaction and said, usually when people say
Speaker 8: they wrote the book on missips of metaphor, and so
Speaker 8: for Truman in ninety forty eight. Let's think this through
Speaker 8: for a second, right, Franklin Roosevelt runs for president in
Speaker 8: nineteen forty four. It's his he's running for his fourth
Speaker 8: term in office. Democratic Party insiders know that he is terribly,
Speaker 8: terribly sick. Everyone who spends time around him can see
Speaker 8: that this is a man who is not wrong for
Speaker 8: this world, but he is Franklin Roosevelt. If he runs,
Speaker 8: he's going to win reelection. Nobody has any real doubts
Speaker 8: about that. And that means that they are really really
Speaker 8: electing his vice president and Henry Wallace, who had considerable virtues.
Speaker 8: I'm not you know, I'm not saying it's all for
Speaker 8: Henry Wallace was a man I'm not just to the left,
Speaker 8: but the far left and Democratic Party leaders looked at
Speaker 8: him and just said, this guy cannot be president of
Speaker 8: the United States. And in particular they said he cannot
Speaker 8: be president in the context where in the post World
Speaker 8: War or ghost War world we're going to be worried
Speaker 8: about the Soviet Union. And so Democratic Party leaders did
Speaker 8: what functioning parties do. They lined up, they created a
Speaker 8: press your campaign to put walls off the off, walls
Speaker 8: off the ticket, and they picked what they decided was
Speaker 8: the best person in the Democratic Party to take his place,
Speaker 8: and in that they got Harry Truman. And Truman was
Speaker 8: they were enormously rewarded by his sort of really so
Speaker 8: quite surprising in some ways success in the presidency. When
Speaker 8: we think about this is what parties are supposed to
Speaker 8: do this, how they function.
Speaker 2: And can I say, Paul Sweeney, it's just could jump
Speaker 2: in here, Paul, But it's just simple jd Vance. You know,
Speaker 2: Harry Truman, what's going on?
Speaker 7: Hey got them?
Speaker 4: Give us your views on what the Democratic Party just
Speaker 4: went through over the last several days with President Biding
Speaker 4: stepping down from the campaign and I guess Vice President
Speaker 4: Harris kind of taking the mantle here.
Speaker 3: What's your take?
Speaker 8: Yeah, So the first and what I said is that
Speaker 8: this is a party functioning the way that they're supposed to, which,
Speaker 8: you know, give them credit. A week ago, I don't
Speaker 8: think any of us would have thought of the Democratic
Speaker 8: Party was dysfunctional. Right that its ability to sort of
Speaker 8: line up and then move this and make this happen
Speaker 8: so seamlessly is not something that I think many of
Speaker 8: us expected, and it's certainly not something that I expected.
Speaker 8: I thought that the transition would happen, but I thought
Speaker 8: it would be longer, more awkward, and much bloodier than
Speaker 8: this second. When you're looking at Vice President Harris itself,
Speaker 8: I just want to think this through, right. She could
Speaker 8: not have found out that she was getting Joe Biden's endorsement,
Speaker 8: that he was stepping down. The earliest she could have
Speaker 8: find out found out was noon on Sunday, right noon
Speaker 8: on Sunday, because the decision wasn't made finally until that morning.
Speaker 8: By noon on Monday, less than twenty four hours later,
Speaker 8: she had secured the endorsement of every single plausible contender
Speaker 8: for the nomination. Widmer and Pritzker were the last two
Speaker 8: to fall, and they both endorsed her Monday morning. To
Speaker 8: do that from a standing start is actually quite remarkable, right.
Speaker 8: It is not something I think many people would have expected.
Speaker 8: It's certainly not something I would have expected.
Speaker 4: How about former President Obama? Are you surprised that we
Speaker 4: have not necessarily heard from him yet? And when do
Speaker 4: you expect no.
Speaker 8: One out of a statement saying, look, I have always
Speaker 8: made a policy of not making these endorsements. He didn't
Speaker 8: do it in twenty with Biden. You Know what I
Speaker 8: would say is it's clear that party insiders know exactly
Speaker 8: what he favors. Right, he has doesn't have to make
Speaker 8: a public statement for everyone in the party leadership to
Speaker 8: know who he thinks should be the next Tommy. Right,
Speaker 8: So the lack of a public statement him and I
Speaker 8: think to some extent him also kind of maybe it's
Speaker 8: a way of sort of showing respect to Joe Biden,
Speaker 8: right when he didn't endorse last time around. Okay, go
Speaker 8: he did. How can he do with this in the.
Speaker 2: Time we've got left? I got your next book for you.
Speaker 2: I know you're doing nothing this summer, but you know
Speaker 2: you can go up to Maine and write it off
Speaker 2: the shores looking out at the Atlantic Ocean. Your next
Speaker 2: book is called Picking Vice Presidents. You've got to be
Speaker 2: kidding me. How does Vice President Harris go about let's
Speaker 2: just say, for the conversation, the derby of an astronaut
Speaker 2: from Arizona, a guy from North Carolina that's on the block,
Speaker 2: plus they need him for a Senate run in North Carolina,
Speaker 2: and a Jewish governor in Pennsylvania. How does well, how
Speaker 2: did how do you prosecute that? Giving your expertise?
Speaker 8: Well, you got to toss in the maybe the leading
Speaker 8: candidate is Ady Basher, the governor of Kentucky. Right, so
Speaker 8: my personal bias is Mark Kelly, because then then Katie
Speaker 8: Hobbs kind of points Scott Kelly, Mark's twin brother to
Speaker 8: the Senate, and I think that would just be the
Speaker 8: funniest the funniest thing that happened in the history of
Speaker 8: American politics, and honestly, we could all use a good laugh.
Speaker 8: But more seriously, the party of the Democratic Party has
Speaker 8: the problem of its principal virtue, which is has got
Speaker 8: a really deep bench. Right Nowher's appeal has strong appeal
Speaker 8: to sort of the working class whites. Kelly brings Arizona
Speaker 8: back into play. Shapiro probably takes Pennsylvania out of play
Speaker 8: and just makes it a solid blue seat. These are
Speaker 8: all all arounds. I suspect it won't be Cooper. Oh, obviously,
Speaker 8: it's been fantastic North Carolina, just because the Democrats are
Speaker 8: going to double down on we are the young face
Speaker 8: of change that Kamala Harris gives them and Cooper, and
Speaker 8: Cooper is his late sixties.
Speaker 2: I got one, I got one minute left, Professor, How
Speaker 2: does President Trump respond to what we've seen the last
Speaker 2: three days and what we will hear from President Biden
Speaker 2: this evening?
Speaker 8: So I got a text from a very very senior
Speaker 8: Republican this morning saying this is a quote I stand corrected.
Speaker 8: I thought she would be a disaster, and this has
Speaker 8: been the best three day rollout she could possibly have had.
Speaker 8: I think he will find a way to respond. I
Speaker 8: would never underestimate Donald Trump's cunning, but his standard attacks
Speaker 8: are really going to run into problems here because by
Speaker 8: running against a black woman, the sort of dog whistle
Speaker 8: politics that he's that he's used to, He's going to
Speaker 8: be really tempted to go over the line. And we've
Speaker 8: already seen a bunch of House Republicans start calling her,
Speaker 8: you know, a DEI candidate.
Speaker 2: Things like that.
Speaker 8: Just to put this in perspective. Six years of Attorney general,
Speaker 8: four years of senator, four years is vice resident. She
Speaker 8: is way more qualified than you know JD. Vans or hey,
Speaker 8: George W. Bush, not that long ago.
Speaker 2: Okay, Professor mcconna, just quickly here, what should the Red
Speaker 2: Sox do with the trade deadline? Should they trade her? Oh?
Speaker 8: You always need starting pitching?
Speaker 2: Okay, Well that's what Paul Sweeney says as well. This
Speaker 2: has been wonderful. Don't be a stranger. Got m Kunda
Speaker 2: definitive folks here. I really can't say enough about his
Speaker 2: book picking Presidents shockingly pression. Can I just say that,
Speaker 2: Dan Eyes, for those of you on Bloomberg Radio, you're
Speaker 2: lucky you can't see this he's the kind of guy
Speaker 2: who takes a Williams Sonoma tablecloth and makes it into.
Speaker 3: A shirt, makes it looks like Lemons, Lemons.
Speaker 4: He's looking sharp as always, Lemons on his shirt, pink pants,
Speaker 4: all that kind of stuff.
Speaker 3: Crazy sneaks.
Speaker 4: I'm not sure what's going on there, Dan Ives, Managing
Speaker 4: Director Senior Equianos at Wedbush Securities stand thanks so much
Speaker 4: for being in studio with us.
Speaker 3: Talk to us about Tesla last night.
Speaker 4: The numbers came in on the boring old automobile business
Speaker 4: weaker than expected, But again he's trying to get folks
Speaker 4: to focus on other issues, whether it's AI, robotaxi whatever.
Speaker 3: What was your takeaway from the court, I.
Speaker 7: Think it's a tail of two cities. If you want
Speaker 7: to focus on margins in terms of the price cuts
Speaker 7: lower asps margins were disappointing, two hundred BIPs lower. That's
Speaker 7: why the stocks down. But I believe that's nazeeing fares
Speaker 7: through the trees. I mean, this is an AI robotics
Speaker 7: and Robotaxi day and now October tenth, that's going to
Speaker 7: be the story going forward. And I think this is
Speaker 7: a theme where as is all plays out in the
Speaker 7: street will start to better understand what's happening at Tessa.
Speaker 7: I we're buyers in the weakness here.
Speaker 2: Do they have a CEO? It's this guy around her
Speaker 2: as a helping Donald Trump and mister Vance.
Speaker 7: Look, I think actually stayed away.
Speaker 2: You're in a conference call. I mean, is he running
Speaker 2: the company?
Speaker 7: I think he is more more from a you know,
Speaker 7: would I'd say pilot on the plane at Tesla today,
Speaker 7: adult in the room then he's probably been in the
Speaker 7: last few years because I think Tom, I think the
Speaker 7: biggest thing is he recognized, must recognize is this is
Speaker 7: a pivotal historical time for the Tesla story in terms
Speaker 7: of robotaxis AI as well as now demands stabilizing in China.
Speaker 7: But also we go back three months ago. The haters
Speaker 7: hate this name. They thought it was one forty going
Speaker 7: to one hundred. Look where the stocks at today. That's
Speaker 7: why I think you always have to just be cognizant
Speaker 7: of that. As many of you know, they hated fifty billion,
Speaker 7: the spies at the trillion.
Speaker 4: Yep, exactly, So Dan, I mean, just looking at the
Speaker 4: stock just year to date, it's really amazing. Story started
Speaker 4: the first four four and a half months, stock down
Speaker 4: fifty percent Since late April, it's rallied seventy five percent,
Speaker 4: so now todate we're pretty much kind of even here
Speaker 4: for the year.
Speaker 3: What does that kind of move tell you?
Speaker 7: I think it shows that Wall Street slowly is now
Speaker 7: starting to understand this is an AI robotics play and
Speaker 7: not a traditional car company, because you'll have six seven
Speaker 7: million vehicles in the road. And I think that leays
Speaker 7: out what will be the next chapter.
Speaker 2: On AI capac spend. What can you take from Google
Speaker 2: last night and bring it forward to next Wednesday and Thursday,
Speaker 2: Microsoft and awfter.
Speaker 7: I think it shows AI revolution. We've talked about nine
Speaker 7: pm in a part that goes to four am. I mean,
Speaker 7: if you look at those CAPBAX numbers, look at that
Speaker 7: Google Cloud. I'm more bullish on alphabet today than it
Speaker 7: was twenty four hours ago. Why because you look at
Speaker 7: Google right now. Google Cloud is on a run rate
Speaker 7: forty to fifty billion cap backs, ramping search and advertising,
Speaker 7: continuing to increase in terms of that rebound that we see.
Speaker 7: And this is a company that has the mojo back.
Speaker 7: They are on the offense and not defensive, and I
Speaker 7: think some of the parts AI adds thirty to four
Speaker 7: hours per share to that to the Google story, it's
Speaker 7: bullish as a read through from Microsoft.
Speaker 2: As a criticles. This came up at dinner last night.
Speaker 2: Do you partition AI into this group of companies that
Speaker 2: group of companies alread you have blend them all into
Speaker 2: a dan Ives continuum.
Speaker 7: No, I think you parse them out in terms of
Speaker 7: the basket. The semi auto you know, in terms of
Speaker 7: the AI play is the software AI play is where
Speaker 7: I view those as the second derivative the cloud star
Speaker 7: wards Google, Amazon, Microsoft, and then as we talked about
Speaker 7: a lot Apple the AI store, I continue to believe
Speaker 7: the AI piece of that Apple is still not being.
Speaker 2: Which has the most predictable cash flow forward, which is
Speaker 2: the conservative bet for conservative listeners and viewers within those
Speaker 2: buckets of AI.
Speaker 7: It's that company in Redmond in the Nadella and Microsoft
Speaker 7: that is right now the best bet in terms of AI.
Speaker 7: In terms of where we see on spending as your copilot,
Speaker 7: it's kind of their world. Everyone else paying rent from
Speaker 7: an AI perspective, Google narrowing the gap, but it just
Speaker 7: goes back to we have a trillion dollars of spend.
Speaker 7: So if you want to sell it on these kind
Speaker 7: of knee jerk reactions. Go ahead, bulls who buy them.
Speaker 4: I mean, you look at Microsoft, It's up only eighteen
Speaker 4: percent year to date. What do you think is not
Speaker 4: I mean, that's excellent performance, kind of in line with
Speaker 4: the market. But is this something that is not being
Speaker 4: fully recognized.
Speaker 2: By the market.
Speaker 7: Well, because I think the investors that have missed it,
Speaker 7: they keep waiting for the shooter drop AI. It's hype,
Speaker 7: the valuation doesn't make sense. They're waiting for some negative
Speaker 7: aha moment. But the reality is that you, as Tom
Speaker 7: talks about cap ax fole the money. You have hundreds
Speaker 7: of billions. Where's that going towards Microsoft? Google? Amazon of
Speaker 7: course godfather of AI and.
Speaker 4: Video and video. I mean again, this stocks up one
Speaker 4: hundred and fifty percent year to date. It seems like
Speaker 4: that's where investors are kind of piling in.
Speaker 3: On the AI trade. They're not thinking about maybe that secondary.
Speaker 7: It goes back to we are fully there in terms
Speaker 7: of Godfather A Gensen Nvidio, and that train is going
Speaker 7: to continue to move full steamat but not focus on second, third,
Speaker 7: fourth derivatives of this AI revolution, And we talk about
Speaker 7: Apple is a huge, gonna be a huge front and
Speaker 7: center is the second third derivative because the consumer AI
Speaker 7: revolution will now go through Cooper Tino, and I think
Speaker 7: more and more investors have started understand that. That's why
Speaker 7: the stock from WWDC the one ninety to two twenty five.
Speaker 2: What do you see in China? I think Archer, he's
Speaker 2: getting killed in China, according to Lewis Vieuten.
Speaker 7: I think, look, I think China continues to be very
Speaker 7: choppy from a spending environment. But the one thing I've
Speaker 7: seen in terms of mid market tesla, if I look
Speaker 7: at iPhones in China, that's actually been a turnaround.
Speaker 4: So I'm not saying just about that because that was
Speaker 4: a real significant fundamental headwind for I think a lot
Speaker 4: of investors.
Speaker 7: Well, I think part of it is that there is
Speaker 7: specific tailwinds that Apple has because you have about one
Speaker 7: hundred million iPhones that are in the window of an
Speaker 7: upgrade opportunity. Definitely cold tech war US China's or to
Speaker 7: beat a bit. But it comes down to like that
Speaker 7: the mid market consumer in China is spending, but where
Speaker 7: they spend you could be like negative for Nike, but
Speaker 7: but Apple, Tessa others to bet on the China Doomsday
Speaker 7: and that's the wrong move.
Speaker 2: Did you get a call from the chief of marketing
Speaker 2: at webbush You now have people out dressing like dan Ives.
Speaker 2: Angeline needs to get a life. I mean, it's a
Speaker 2: great photo over here, and she's she's got the green
Speaker 2: coat thing going with the flower top. Okay, like Ives,
Speaker 2: I mean, this is there's a trend here.
Speaker 7: But just like there's a trend for Keene, you have
Speaker 7: many kids they try to dress like you. But so
Speaker 7: the point it's just I think it's gone from the Keen.
Speaker 7: They're trying to follow the pet No one could ever
Speaker 7: match you. And I think it's just one of those
Speaker 7: things where it's a combo. It's kind of a combo.
Speaker 7: So I think what people are.
Speaker 2: No family talking to you? I mean, can you see
Speaker 2: like a a lab you know.
Speaker 7: And look, I haven't worn to tie since I think
Speaker 7: probably last time.
Speaker 2: You know, Mets when uh, you know they want to
Speaker 2: against the Yankees do the math.
Speaker 7: I'm bullish on Mets, are you?
Speaker 2: I think there's trade Alonzo.
Speaker 7: No, Alonzo's core part of them. Look, I believe we
Speaker 7: will be in the playoffs soon.
Speaker 2: Some of the parts apple right now.
Speaker 7: I mean I think some of the parts you ultimately
Speaker 7: get to a stock that's seventy five two hundred hours higher.
Speaker 7: When I look at Apple three hundred to three point
Speaker 7: fifty is where I kind of view that some of
Speaker 7: the parts as it plays out.
Speaker 2: I wasn't awake until lives walked in it. I mean
Speaker 2: the shirt alone is.
Speaker 7: Waking me up.
Speaker 2: Yep.
Speaker 3: We didn't even get the pen states.
Speaker 2: Do jav look at the front pages a Lisa Manteo
Speaker 2: hour because she's on fire today. Lisa, what do you have?
Speaker 9: All right? A question for you. First, have you ever
Speaker 9: sent your kids off in a flight by themselves?
Speaker 2: You just did it?
Speaker 5: You just did it?
Speaker 9: Okay? How well, what were you nervous?
Speaker 2: How old time? Whole time? Yeah, flight tracker, monitor the
Speaker 2: whole way. God yeah, total total agony. And she was
Speaker 2: not young. I can't imagine people flying ten year olds around.
Speaker 9: Yeah, have you yet young?
Speaker 3: Probably likely I did.
Speaker 9: I sent my son when he was about nine or
Speaker 9: ten to see my mom in Florida, so you know,
Speaker 9: you walk the kid up. You know they let you
Speaker 9: do that. The other parent parent is on the other side.
Speaker 9: But can you imagine these kids, unaccompanied miners stuck with
Speaker 9: the Delta, Oh, mass that's right. So this is the
Speaker 9: big story right now. A lot of parents sounding off
Speaker 9: on social media about it. This from the Washington Post.
Speaker 9: One Georgia man said his kids were stuck at three
Speaker 9: different airports. Parents spent hours on hold with Delta. They
Speaker 9: said the airline didn't ask about their kids individual situations.
Speaker 9: They didn't offer the book flights on other airlines, so
Speaker 9: the parents had to do it. They were searching some airlines.
Speaker 9: Switch to other ones cost about four thousand dollars. They
Speaker 9: took long road trips to go get them. There was
Speaker 9: one parent who said, on Friday, you know where kid
Speaker 9: was in North Carolina, didn't come, not coming back till today,
Speaker 9: So it's it's a little bit crazy. Delta didn't say
Speaker 9: how many unaccompanied children were affected by it, but they
Speaker 9: did say that they apologized for any confusion frustration about
Speaker 9: I can imagine a lot of I still.
Speaker 3: Fully understanding this.
Speaker 9: Problems are specific Georgia because they had the most problems
Speaker 9: with the outed I out of hours.
Speaker 2: It was pilot get all the serious rules, the switch.
Speaker 3: To the other one, exhaustion.
Speaker 9: There were thousand dollars and they took us road trips
Speaker 9: to go so a lot of time. You probably know
Speaker 9: more about this than me. But more families turning Carolina
Speaker 9: for their kids in college decisions. Crazy, it's a little
Speaker 9: bit cost.
Speaker 2: But it's more that they did the Times of London
Speaker 2: in this article yesterday article. But frontly, you didn't do
Speaker 2: the Royal family. They did European colleges. In the UK
Speaker 2: colleges broke because because the UK kids, so they know
Speaker 2: American kidsperate like and payuition even all the serious rules
Speaker 2: up and it's a real trend in Inaust the schools
Speaker 2: I'm dealing with. What else say, it's definitely a lot
Speaker 2: of time.
Speaker 9: You don't know more about this than and they had
Speaker 9: business with this family said basically them a son.
Speaker 2: It's a little bit called they said.
Speaker 9: The reason was is that their Times of London. He
Speaker 9: applied to thirty colleges.
Speaker 2: Front the Royal family. From all they did Europe.
Speaker 9: You just wanted to going to a junior college. But
Speaker 9: they told them.
Speaker 2: About this program given tuition and the u K kids to.
Speaker 9: Find a business school in France a three year program thirteen.
Speaker 2: Thousand tuition, even if it's less, it's way lower. What's
Speaker 2: heated thing and it's the schools. I will say in
Speaker 2: rising part of it against seven yeah.
Speaker 9: Most definitely, and they had business insights. They spoke with
Speaker 9: this family who said basically they have a son going
Speaker 9: in others colleges process a daughter going to college in Spaine,
Speaker 9: and they said the reason was is that their son
Speaker 9: did well in high school, did well in his SAT.
Speaker 9: He applied to thirty colleges, got weight listed and rejected.
Speaker 9: We've been talking about the Almos just going to ast
Speaker 9: today they have s on the state. But there is
Speaker 9: another athletic event in Gay not heard of France. Runner
Speaker 9: setting off three year program Valley. It is the world.
Speaker 2: That's way lower than.
Speaker 9: When seven runners they went in the middle of ringstorm
Speaker 9: late Monday night. It's called the bad Water.
Speaker 2: I will say.
Speaker 9: It's many limits, different countries, ages from nineteen to sixty
Speaker 9: nine doing this, you know, forty eight or it's ridiculous, you.
Speaker 2: Know those pluses and degree right now it's ninety six.
Speaker 2: Come up Tomorroway, just the high Next.
Speaker 9: We've been talking about the Olympics, right Paris takes off today.
Speaker 9: They have soccer no, but there is another athletic event
Speaker 9: underway that you might not have heard of. Runner setting
Speaker 9: off in Death Valley.
Speaker 5: It is the world's.
Speaker 9: Toughest foot race. Okay, ninety seven runners. They went in
Speaker 9: the middle of a rain storm late Monday night. It's
Speaker 9: called the bad Water one thirty five ultra marathon men
Speaker 9: and women, a lot of different countries, ages from nineteen
Speaker 9: to sixty nine doing this, you know, forty eight or
Speaker 9: it's ridiculous day time temperatures one and twenty degrees right now.
Speaker 2: In death Faily ninety six, gosh, come up tomorrow. Thursday
Speaker 2: is the high tweet weekly. It's awesome kids, the.
Speaker 3: Sere proteins sugar.
Speaker 4: But again, you do all your activities very early in
Speaker 4: the morning, okay, and then you know kind of you know,
Speaker 4: if you're not sitting in a water episode.
Speaker 3: But it's it's not opening the summer. They close down
Speaker 3: the summer. So probably like spring.
Speaker 8: Bright, like Marjorie, so a hitter like you, okay, play
Speaker 8: right out.
Speaker 3: They're silly.
Speaker 2: I can see next.
Speaker 9: And I'm sure a lot of those runners had to
Speaker 9: increase their protein intake. But it's not just athletes. A
Speaker 9: lot of people so weekly exactly this study say this
Speaker 9: was in the Fallstreet Journal. People want more protein, less
Speaker 9: sugar in their desserts.
Speaker 3: So no one person who wants less sugar in the resserts. Okay, Well,
Speaker 3: I'm calling.
Speaker 9: Out the Wall Street Journal closure such as I am
Speaker 9: guilty of this. It's all over social media, people using
Speaker 9: cottage cheese in their cookies to make ice cream. I've
Speaker 9: done it, believe me. I'll bring it in for you
Speaker 9: guys one day. Okay, you can have to test it out.
Speaker 9: Greek yogurt in a cheesecake. You know, that's one of
Speaker 9: the things. But here's the business side to it. So
Speaker 9: the Wall Street Journal says food brands are starting to
Speaker 9: pick in, kick in, you know, fair life. It's this
Speaker 9: product sold by Coca Cola. Right, it has more protein,
Speaker 9: less sugar than regular milk. Thirty percent jump in sales
Speaker 9: this year from a year ago because more people are
Speaker 9: using it to mis dessert.
Speaker 3: Seriously, old milk.
Speaker 2: Seriously, it's all in my refrigerator and I just look
Speaker 2: at the stuff when I go are you it is?
Speaker 9: Okay?
Speaker 2: Is almond milk and sowing milk? Is that legitimate? Or
Speaker 2: is that just a spoonful of sugar. It's like Mary Poppins.
Speaker 9: I'm not on the almond milk, soy, I can't do.
Speaker 9: My daughter's allergic. But they're saying the ones almond milk
Speaker 9: does have more protein, or almond milk has some protein
Speaker 9: in it too, which is good.
Speaker 2: It's a says the New York Yankees. Use the sugar
Speaker 2: free Thanks Soliday.
Speaker 9: But if you're lactose intolerant, that's the way to go.
Speaker 5: See.
Speaker 9: But it's the whole idea of protein making you feel
Speaker 9: fuller for longer, increasing your muscle. So that's the whole thing.
Speaker 9: But a lot of companies are starting to do this.
Speaker 9: Dieticians are saying, well, you know the gig yousel up.
Speaker 9: Maybe you know you get a lot of it in
Speaker 9: your meals.
Speaker 3: So mister mateos, you subject to all your crazy thought to.
Speaker 9: My protein cottage cheese, ice cream, Yes, potch.
Speaker 2: Absolutely torture. Lisa Mateo, thank you so much for the newspapers.
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