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Speaker 1: This is Bloomberg surveillance. No matter what happens the US dollar,

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Speaker 1: will you need to strengthen, whether the FED hikes in

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Speaker 1: June or week December. The US economy is in very

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Speaker 1: good shape right now, better shape than I have been

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Speaker 1: from US a decade. We're washing around, mocking time before

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Speaker 1: the next leg higher in the US dollar. I'm just

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Speaker 1: not completely comfortable in my mind with whether it's led

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Speaker 1: by this risk aversion or this FED tip. Bloomberg surveillance

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Speaker 1: your link to the world of economics, finance, and investment

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Speaker 1: on Bloomberg Radio. Good morning at seven am on Wall

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Speaker 1: Street noon in London. In the US, we will be

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Speaker 1: talking about adding jobs. In the UK, Jamie Diamond is

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Speaker 1: talking about cutting them. The jp Morgan CEO goes to

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Speaker 1: England today. He warning warns the Brits Brexit Mike force

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Speaker 1: JPMorgan to cut back some of their sixteen thousand employees

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Speaker 1: there in. The pound is lower this morning. By the way,

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Speaker 1: stocks though generally higher around the world, except here in

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Speaker 1: the U S where they are flat ahead of the

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Speaker 1: ABS report eight thirty Wall Street Time. US futures right now,

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Speaker 1: as I mentioned, SMP features literally flat down futures up

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Speaker 1: eight points. That a minuscule percentage increase, and ASDAK features

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Speaker 1: are down four uh that's about a tenth of a percent.

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Speaker 1: In Europe, more conviction, the stock six hundred up by

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Speaker 1: two points, six tenths of eight percent, the foots he's

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Speaker 1: up fifty eight nine tenths, and the docks in Germany

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Speaker 1: sixty one points higher six tenths of a percent. Here's

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Speaker 1: what you need to know about the jobs report. It

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Speaker 1: will be distorted, perhaps badly by the Verizon strike, so

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Speaker 1: traders and the Fed will have to do some mental adjustments.

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Speaker 1: A hundred and sixty thousand is the consensus forecast. Jim

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Speaker 1: Buggle of FTN told us yesterday on the show. The

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Speaker 1: bond market already has done the adjustments. He's not expecting

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Speaker 1: big moves unless there's a big surprise. Right now. Through

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Speaker 1: your note, you'll going for eighty nine basis points the

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Speaker 1: five year one point three five percent. In your tenure

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Speaker 1: note you'll comes in at one point eight. All those

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Speaker 1: a little bit lower than they have been the last

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Speaker 1: couple of days. Oil not a lot of movement, but

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Speaker 1: brent over fifty dollars fifty dollars and one cent right now,

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Speaker 1: West Texas ten. It's job's day. A lot going on.

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Speaker 1: Let's dive right in. Howard Board is chief investment Officer

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Speaker 1: at gam Colle, which means he's in charge of climbing

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Speaker 1: the wall of worry out there this month. Not only

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Speaker 1: jobs today, Janet Yelling on Monday, the Fed in general.

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Speaker 1: She has Humphrey Hawkins testimony in a week or show

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Speaker 1: Donald Trump. I mean, there are so many things that

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Speaker 1: could go wrong. Let me start by asking you, what's

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Speaker 1: the blackest swan out there? What scares you the most? Well,

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Speaker 1: I don't scare easily, uh, Mike, And I guess, um,

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Speaker 1: I don't think. I don't put a high probability on this.

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Speaker 1: But right now, when I look at things like the

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Speaker 1: global p m I, I see a number that I

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Speaker 1: would like to think is trending higher, and actually it

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Speaker 1: seems to be trending lower. The global pm I for

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Speaker 1: manufacturing right around the fifty mark um not going the

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Speaker 1: way i'd like. So I don't think there is a

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Speaker 1: recession on the near term horizon, and I don't want

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Speaker 1: to encourage that thought. But in terms of a black

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Speaker 1: black swan, to me, if these p m I s

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Speaker 1: don't get in gear and start accelerating to the up side.

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Speaker 1: Then we have to start entering we start we have

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Speaker 1: to start talking at least about the possibility of a recession,

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Speaker 1: although I do think that's premature at this point. Well,

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Speaker 1: the p M I S would be the symptom. What

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Speaker 1: what's the cause of of this? Well, you've had the

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Speaker 1: problems with the strong dollar, which should be hopefully mostly

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Speaker 1: behind us. Now that's the good news. We've had the

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Speaker 1: huge pullback in the energy industry. Again, a lot of

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Speaker 1: the pullback should be behind us. Also good news. Other

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Speaker 1: than that, you know, we've had a tremendous regulatory burden

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Speaker 1: UH increase in recent years, and I think that has

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Speaker 1: hurt UH company's ability and willingness to invest. We have

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Speaker 1: a corporate tax issue in the United States, which makes

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Speaker 1: us somewhat uncompetitive and leads to companies hoarding cash overseas UM.

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Speaker 1: So I think we need to work on corporate taxes.

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Speaker 1: I think we need to work on the regulatory burden

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Speaker 1: that's being heaped on America. I think Obamacare has been

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Speaker 1: a bit of a problem for growth as well. UH.

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Speaker 1: The average I shouldn't say the average, but more than

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Speaker 1: fifty of us households now have a healthcare deductible of

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Speaker 1: a thousand dollars or more, and ten years ago very

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Speaker 1: few households had that. So people are paying more for healthcare,

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Speaker 1: paying more out of pocket, and are so about ten

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Speaker 1: years ago, uh, fewer than ten percent of households had

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Speaker 1: a one thousand dollar deductible on their medical premium. Now

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Speaker 1: it's over half the country and so um, that's that's

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Speaker 1: how we love to have you on. That's that's really

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Speaker 1: that's one of those little factoids that I don't think.

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Speaker 1: I'm not you know, you know, I'm all for the

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Speaker 1: goals of of of Obamacare, but it is expensive and

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Speaker 1: has not lived up to the promises on spending reductions,

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Speaker 1: and especially for individual families. I would know Tom that

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Speaker 1: even Hillary Clinton in her speeches last couple days have

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Speaker 1: been talking about fixes to Albamacare. Yeah, that would bring

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Speaker 1: the costs terrific perspective. Good morning everyone, Mike, what an

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Speaker 1: extraordinary morning. I mean, going eight ten different ways. You

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Speaker 1: mentioned Mr Diamond over in England and Job's day and

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Speaker 1: the rest of it. Uh, futures flat. As Michael mentioned,

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Speaker 1: I guess I'd watch Yen right now as well. Bloomberg

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Speaker 1: surveillance brought you by Investco. This job's day. If you

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Speaker 1: considered all your investment alternatives, nontraditional asset classes and strategies

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Speaker 1: may help you achieve your goals. Find out more investco

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Speaker 1: dot com slash alternatives Mike notice the headline out a Valiant.

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Speaker 1: I don't think it's a big deal. It isn't really Valiant.

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Speaker 1: It's odd filed their ten Q and they they have

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Speaker 1: bond covenants that if they don't file, they're in default.

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Speaker 1: Thereof uh, and they have gotten another notice that they

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Speaker 1: are in default, but everybody knew they were in default.

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Speaker 1: They have sixty days from the receipt of this notice

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Speaker 1: to file the ten que and they have said they

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Speaker 1: will file it on or before June tenth. So next

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Speaker 1: week is the week to watch hard Lord. What is

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Speaker 1: your enthusiasm for equities right now? Is a general statement?

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Speaker 1: Are you waking up saying this is a terrific set

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Speaker 1: of worries? I gotta be on board. I want to

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Speaker 1: participate with enthusiasm. Are you hedged? Are you building cash

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Speaker 1: and no time? Uh? No, hedges relatively enthusiastic. I would

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Speaker 1: say that one of the one of the interesting things

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Speaker 1: that I look at is sentiment. Sentiment is extremely bearish

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Speaker 1: right now, if we can look at that in a

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Speaker 1: couple of different ways. The AII Investor Poll, the percentage

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Speaker 1: of investors that are bullish is about seventeen percent. That's

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Speaker 1: the lowest since two thousand and five. And I'd also

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Speaker 1: point out that, uh, year to date, we've had seventy

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Speaker 1: one billion dollars withdrawn from US equity funds. Uh. You know,

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Speaker 1: here in the US that number is already as big

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Speaker 1: as all of the redemptions in two thousand and eight,

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Speaker 1: and so uh and and and and globally the number

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Speaker 1: exceeds a hundred billion dollars. So people have been selling stocks,

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Speaker 1: not buying stocks, and I think been have been overly

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Speaker 1: pessimistic about the rest of this year. Brilliant. Do you

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Speaker 1: assume dividend growth is a yield alternative? How do you

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Speaker 1: handle that tough, almost philosophical question. Well, you know, we've

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Speaker 1: seen the last fifteen years, the SMP five hundred has

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Speaker 1: UH provided a total return of closer to six percent

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Speaker 1: than its historical ten And part of that has to

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Speaker 1: do from the starting point of a very high valuation.

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Speaker 1: Part of it all has also has to do with

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Speaker 1: the so called new new normal of lower GDP growth

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Speaker 1: because ultimately equity returns are somewhat uh hostage to long

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Speaker 1: term nominal GDP UH growth rates, and so the dividend

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Speaker 1: growth in a lower return environment, the yield and the

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Speaker 1: growth of the dividend becomes a bigger component of your

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Speaker 1: total return. And the historical dividend growth of about five

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Speaker 1: percent may not be quite that high going forward, but

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Speaker 1: UH three to four percent growth on a starting dividend

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Speaker 1: yield of a of around two percent UH in this

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Speaker 1: day and age is an important part of your return

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Speaker 1: and uh and and we'll be going forward. Do you

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Speaker 1: want to make it more important given the environment you're describing,

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Speaker 1: or you're not getting defensive yet? Well, I don't think

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Speaker 1: you want to be too defensive, both because defensive stocks

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Speaker 1: are pretty highly priced relative to the less defensive group UM,

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Speaker 1: and also because the economic fundamentals should be improving over

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Speaker 1: the balance of this year, which should lead to more

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Speaker 1: of a risk on environment, which should tend to favor

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Speaker 1: the less defensive stocks. In fact, UH, so far this year,

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Speaker 1: it may not be intuitive, but the less defensive parts

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Speaker 1: of the market, the energy names, for example, have been

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Speaker 1: the strongest underlying groups. Uh, within somewhere buying energy yet Well, Uh,

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Speaker 1: we're not big energy investors. On my side of the firm,

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Speaker 1: where we're growth investors. We have a small position, and energy,

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Speaker 1: which we haven't touched, is an energy by definition growth

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Speaker 1: at this point because all the value has been wiped out. Well,

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Speaker 1: that's that's a that's a fair point. Uh. So I

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Speaker 1: would not be chasing after energy stocks at this point.

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Speaker 1: They've had a pretty significant recovery very quickly. Or I

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Speaker 1: love when you're run because I looked for things on

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Speaker 1: the Bloomberg that I haven't looked at in ages. I

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Speaker 1: have no idea of the Johnson and john Should leg

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Speaker 1: up that we've seen in price over the last couple

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Speaker 1: of months, I mean the last say ten months. You

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Speaker 1: mentioned the Affordable Care Act. Is that an opportunity in

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Speaker 1: health stocks with all the mystery and worry about it? Well, Tom, Uh,

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Speaker 1: it has been good for the healthcare group. But we're

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Speaker 1: an election season now for a presidential campaign, and you

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Speaker 1: have both of these candidates talking about making uh, getting

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Speaker 1: more price concessions from, for example, the big farmer companies

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Speaker 1: like jane Ja. So I would be a little bit

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Speaker 1: careful there. And again, Uh, j J is a fabulous company.

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Speaker 1: Jane J is a company with four to five organic growth. Uh,

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Speaker 1: and you're paying a pretty stiff multiple for that today.

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Speaker 1: You know, I probably wouldn't be out to load up

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Speaker 1: on it. Let's come back with Howard Ward this morning.

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Speaker 1: All right, we're gonna check out with Michael Byr now

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Speaker 1: and get the latest world in national headlines. Mine, Tom,

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Speaker 1: thank you very much. A group of protesters attack Donald

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Speaker 1: Trump's report orders who were leaving the candidates rally in

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Speaker 1: San Jose, California, last night. A dozen or more people

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Speaker 1: were punched. At least one person was pelted with an

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Speaker 1: egg and Trump hats grabbed from supporters. They were set

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Speaker 1: on fire on the ground. Police took four people into custody.

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Speaker 1: The search continues for four missing soldiers after their carrier

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Speaker 1: overturned and the rain swollen creek at Fort Hood, Texas.

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Speaker 1: Five other soldiers were killed. A Japanese boy abandoned in

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Speaker 1: the forest by his parents has been found safe in

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Speaker 1: the military hunt in a training area. Officials say the

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Speaker 1: boy appeared worn out, but it was okay. His parents

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Speaker 1: trying to teach him a lesson for misbehaving made him

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Speaker 1: get out of the car last Saturday. They couldn't find

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Speaker 1: him when they returned several minutes later. Global News twenty

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Speaker 1: four hours a day, powered by our journalists. I'm Michael

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Speaker 1: barr To Michael barn Thanks so much this job, say

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Speaker 1: Alan Krueger, Jim Glass when and Bill Gross will be

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Speaker 1: with us right now. Howard Ward of Gamco, Michael mckaye

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Speaker 1: and Tom King stay with us. Bloomberg Surveillance Bloomberg Surveillance

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Speaker 1: real Estate. Find them at n r I, a dot

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Speaker 1: net broadcasting live to New York, Bloomberg eleventh to Washington,

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Speaker 1: d C. Bloomberg to Boston, Bloomberg twelve hounds to San Francisco,

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Speaker 1: Bloomberg to the country. Sees at JAMN General one ninety

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Speaker 1: and around the globe the Bloomberg Radio Plus Appen Bloomberg

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Speaker 1: dot Com. This is Bloomberg Surveillance. Good morning, seven thirty.

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Speaker 1: On jobs today, I'm Michael McKee along with Tom Keene.

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Speaker 1: Outside of jobs, some news that people are watching. Tom

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Speaker 1: Barracks Colony Capitol going to combine with north Star Realty

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Speaker 1: Finance and north Star Asset Management Group. All Star Deal

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Speaker 1: forms a real estate investment trust fifty eight billion under management.

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Speaker 1: Mentioned this earlier. JP Morgan Chase CEO Jamie Diamond wades

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Speaker 1: into the Brexit debate, warning in England today the investment

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Speaker 1: bank may have to cut jobs in the UK if

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Speaker 1: the country decides to exit the European Union. The bank

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Speaker 1: has more than sixteen thousand employees. They're being capital pag

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Speaker 1: Asia Capital evaluating bids for Takata, the Japanese airbank bag

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Speaker 1: supplier behind that record safety recall. That's according to people

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Speaker 1: familiar with the matter. And Delta and United Continental are

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Speaker 1: weighing bids for Avianca, Columbia's state owned airline, exploring strategic options,

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Speaker 1: they say, including a full or partial sale. Let's chok

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Speaker 1: out with Michael Barr now and get the latest world

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Speaker 1: and national headlines by Mike, Thank you very much. The

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Speaker 1: search continues for four soldiers who are missing after their

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Speaker 1: troop carrier overturned in a rain swollen creek at four Wood, Texas.

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Speaker 1: Five other soldiers were killed. Defense Secretary Ash Carter. We're

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Speaker 1: going to make sure that we learned lessons that we

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Speaker 1: can from the investigations we conduct after these incidents and

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Speaker 1: that we take actions in the future to prevent such

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Speaker 1: accidents and keep our people safe. Near Nashville, Tennessee, a

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Speaker 1: pilot was killed when his Blue Angels fighter jet crashed.

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Speaker 1: President Obama used his final commencement address to a US

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Speaker 1: military academy to urge Air Force cadets to find the

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Speaker 1: right balance between force and diplomacy. The presidential the Air

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Speaker 1: Force Academy's class of that they must not allow the

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Speaker 1: US to turn away from the world. At least nineteen

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Speaker 1: journalists were attacked while covering food protests in downtown Caracas.

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Speaker 1: That's according to a non governmental organization that monitors freedom

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Speaker 1: of expression in Venezuela's capital. The assaults included robberies allegedly

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Speaker 1: by members of the National Guard and armed civilians. Global

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Speaker 1: News twenty four Hours a Day. I'm Michael bar Mike,

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Speaker 1: Thank you, Michael. Time now for the Bloomberg innbcs A

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Speaker 1: Landover participan the sports Update. Here's jes alright, Mike. A

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Speaker 1: surprise in Game one of the NBA Finals, not Golden

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Speaker 1: State winning, but the way the Warriors won, getting more

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Speaker 1: points from their backup guards than they're much more heralded

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Speaker 1: starter Steph Curry and Clay Thompson together scored twenty points

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Speaker 1: and Sean Livingston had that by himself. Leanro Barbosa added

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Speaker 1: eleven off the bench. Those two shot to combine thirteen

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Speaker 1: for fifteen, and the Warriors won Game one one oh

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Speaker 1: four to eighty nine. The Calves came from fourteen down

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Speaker 1: to briefly lead in the third quarter, but the Warriors

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Speaker 1: pulled away from there. Bench scoring was forty five to

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Speaker 1: ten for Golden State came to his Sunday again in

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Speaker 1: open took a while for the Yankees, didn't get a

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Speaker 1: hit until the sixth inning, but finally some runs four

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Speaker 1: in the seventh. They held on to win the rainout

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Speaker 1: makeup in Detroit five to four, Baltimore meat the Red

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Speaker 1: Sox twelve to seven as the Oils hit seven on runs.

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Speaker 1: Seattle sixteen, San Diego thirteen. The Mariners trail twelve to

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Speaker 1: two in the sixth inning and came back to win.

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Speaker 1: The Mets were off. They have put David right under

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Speaker 1: the disabled dist with that naggy neck injury that they

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Speaker 1: say could keep him out for a prolonged period. Serina

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Speaker 1: Williams down three one opening set of or semifinal match

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Speaker 1: at the French Open with Kiki barton the Bloomberg NBC

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Speaker 1: Sports Up. I'm John Stash. Thank you John. They always

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Speaker 1: say watched the dollar, and we are watching the dollar

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Speaker 1: ahead of the jobs report. It is a scouch stronger,

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Speaker 1: shall we say, against most currencies, but um, the end

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Speaker 1: is UH is unchanged right now. The year an one

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Speaker 1: O eight seven and the pound. Of course, they've got

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Speaker 1: their own issues to worry about over in Great Britain

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Speaker 1: as they prepare for the Brexit vote. Ahead for us

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Speaker 1: here on Bloomberg Surveillance, it's the jobs report coming up.

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Speaker 1: We're gonna talk with Alan Krueger and then we'll get

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Speaker 1: a preview from James Classman of JP Morgan Chase and

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Speaker 1: get reaction from Bill Gross. The market is putting in

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Speaker 1: a little bit of a positive tone right now. SMP

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Speaker 1: features up by a point, down features up by sixteen.

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Speaker 1: We were becalling homed earlier, but we are getting closer

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Speaker 1: and closer to the number. An hour from now. We're

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Speaker 1: going to check in with Bob Moon now and get

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Speaker 1: the Blueberg n j I T STEM Report brought to

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Speaker 1: you by New Jersey Institute of Technology investing more than

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Speaker 1: a ten million dollars a year and applied research to

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Speaker 1: solve problems and improve life. They are more stories of

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Speaker 1: innovation dot n J I T dot EU. Bob Michael,

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Speaker 1: Good morning. Here's what's making news in science, technology, engineering

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Speaker 1: and math. This summer and fall, the Atlantic Ocean could

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Speaker 1: become a hurricane testing site of sorts. After decades of warmth.

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Speaker 1: There's evidence the Atlantic is cooling and that change could

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Speaker 1: mean fewer hurricanes, breaking havoc on coastal communities and economies.

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Speaker 1: It's part of a cycle called the Atlantic multi decatal

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Speaker 1: oscillation and convinced they stick these terms in just a

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Speaker 1: test us, let's call it the A m O for short.

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Speaker 1: Not nearly as snappy as El Nino in the Pacific,

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Speaker 1: but this could even overshadow that. The theory is that

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Speaker 1: the Atlantic cools and warms every twenty to forty years,

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Speaker 1: changing the African monsoon and easterly jet stream, air pressure

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Speaker 1: over the ocean, and levels of wind shear. All these

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Speaker 1: can add or to track from hurricane lifespans. The thing

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Speaker 1: is not everyone believes the A m O effects hurricanes

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Speaker 1: that way. There are competing hypotheses, and this cycle is

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Speaker 1: giving scientists more of the data they need to build

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Speaker 1: their knowledge on effects of this phenomenon. Honeywell is warning

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Speaker 1: of growing cyber attacks by state sponsored hackers. Cybersecurity provider

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Speaker 1: says they're increasingly targeting industrial facilities from oil refineries to

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Speaker 1: nuclear power plants with sophisticated attacks aimed at capturing data

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Speaker 1: and remotely controlling the sites. Honey will provide cybersecurity for

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Speaker 1: more than four hundred industrial sites worldwide. And Walmart is

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Speaker 1: linking up with Uber and Lift, using their services to

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Speaker 1: enlist drivers in grocery deliveries. The world's biggest retailer is

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Speaker 1: aiming to match the convenience of services offered by Amazon

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Speaker 1: dot Com and other e commerce companies. That's this morning's

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Speaker 1: Bloomberg and j I T Stem Report. Michael Babo, thank

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Speaker 1: you very much. That is almost a kind of perfect

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Speaker 1: set up for our next guest, Alan Krueger is of course,

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Speaker 1: so with Princeton University. It was the former chief economists

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Speaker 1: as the Labor Department in the Treasury Department and a

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Speaker 1: guy who has done a lot of work on the

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Speaker 1: labor market, including this new gig economy. Alan, what's the

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Speaker 1: latest on what you've found about the gig economy. I mean,

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Speaker 1: they're gonna start delivering groceries in uber and lift cars.

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Speaker 1: It's one more set of jobs that in theory goes away. Well, actually,

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Speaker 1: that's probably a whole new set of jobs, um, since

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Speaker 1: it's not so easy to get your groceries over there now. Um.

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Speaker 1: But I think it makes a fair amount of sense

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Speaker 1: because the area where we've seen online gig economy the

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Speaker 1: most is transportation and food delivery uberscrubhub, and in some

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Speaker 1: sense this is a merger of those two. If I

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Speaker 1: want to look at the job's report in any particular

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Speaker 1: month and see the impact where of the gig economy,

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Speaker 1: where would I look? You won't find it up a

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Speaker 1: couple of reasons. One, in the establishment survey, the parrels

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Speaker 1: to say, ah, only employees are on the payroll are included,

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Speaker 1: and the gig workers are overwhelmingly independent contractors, And the

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Speaker 1: household survey does a terrible job picking it up. So

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Speaker 1: I don't think that these UH workers are being reflected

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Speaker 1: in many of our current statistics. But at the same time,

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Speaker 1: it's still quite small. Various estimates point that only had

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Speaker 1: half a percent of the u S workforce is involved

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Speaker 1: in some type of online gig work. Is This is

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Speaker 1: something though, that needs to be addressed by the Bureau

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Speaker 1: of Labor Statistics, growing enough that it distorts the numbers

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Speaker 1: and policymakers don't really know who's doing what. I think

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Speaker 1: we need to do a much better job job tracking it.

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Speaker 1: At a minimum, we need to do the contingent worker

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Speaker 1: survey more frequently. But even the worker survey, which hasn't

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Speaker 1: been done since it as of five by the BLS,

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Speaker 1: has some problems when it comes to the big economy

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Speaker 1: since it focuses on the main job and a lot

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Speaker 1: of workers are doing this part time as a secondary.

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Speaker 1: Let me bring in Tom here with a question. He

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Speaker 1: asked me on the air this morning and I couldn't answer.

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Speaker 1: So I'm gonna put it to you, because you're the

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Speaker 1: smarter guy here. When you look at the the job

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Speaker 1: creation on a month to month basis, over the last

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Speaker 1: two years, standard deviation and change has dwindled away to

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Speaker 1: almost nothing. It's about one standard deviation per month um.

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Speaker 1: Why why have we gotten so incredibly consistent in job creation?

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Speaker 1: You know, that's a really good question. Uh. I think

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Speaker 1: it looked at g DPS playing something similar. Even though

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Speaker 1: there are big fluctuations, they're actually less than they had

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Speaker 1: been quarter the quarter, and I think we're seeing to

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Speaker 1: some standard continuation of the moderation that existed before the

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Speaker 1: Great Recession. Uh. Why that's taking place is not so clear,

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Speaker 1: but I think this does look a lot like we

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Speaker 1: were seeing, uh for the Great Recession, certainly in terms

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Speaker 1: of quarterly GDP fluctuations. Well, does it have implications at

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Speaker 1: all for for policy or is it just an interesting factoid? Well,

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Speaker 1: I think it makes like a little bit easier for

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Speaker 1: policymakers because it makes it a little bit easier to

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Speaker 1: read the tea leaves if the leaves are moving around lass.

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Speaker 1: At the same time, the revisions to the data are

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Speaker 1: still quite large, so um, I think we haven't narrowed

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Speaker 1: the sampling variability that comes along with measuring the US economy.

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Speaker 1: But the US company itself is being a little bit

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Speaker 1: more stable, and I think that's a positive thing for

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Speaker 1: for the US. It means that we're growing in a

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Speaker 1: steady pace. Krueger is with us. It is jobs day.

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Speaker 1: Of course, we have remember tom Ad magazine used having

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Speaker 1: its mass dead, the usual gang of idiots. We have

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Speaker 1: the usual gang of really smart people joining us today

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Speaker 1: coming up, Jim Glassman and then Bill Gross and uh

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Speaker 1: Scott Mather. So you don't want to turn your dial.

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Speaker 1: Stay with us here on Blueberg Surveillance Jobs Day. Bloomberg

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Speaker 1: Surveillance brought to by Bank of America Merrill Lynch seeing

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Speaker 1: what others have seen, but uncovering what others may not.

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Speaker 1: Global research that helps you a harness disruption. Go to

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Speaker 1: top global research from five years running Merrill Lynch, peerce Fitner,

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Speaker 1: and Smith Incorporated