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Speaker 1: Welcome to the Bloomberg p m L Podcast. I'm Pim Fox.

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Speaker 1: Along with my co host Lisa Bramowitz. Each day we

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Speaker 1: bring you the most important, noteworthy, and useful interviews for

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Speaker 1: you and your money, whether you're at the grocery store

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Speaker 1: or the trading floor. Find the Bloomberg p m L

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Speaker 1: Podcast on Apple Podcasts, SoundCloud, and Bloomberg dot com. Oil

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Speaker 1: prices are just a tick down today ahead of that

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Speaker 1: all important Opeque meeting. Will they all come together, have

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Speaker 1: a Kumbaya moment and have an agreement that doesn't end

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Speaker 1: up with Saudi Arabia on one side and Iran and

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Speaker 1: Brazil on the other. Joining us now, Dr Ellen Walt,

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Speaker 1: President of Transversal Consulting. She has an energy industry and

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Speaker 1: Middle East expert. She is also author of Saudi Inc.

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Speaker 1: Which takes a look at Saudi Aramco and the family

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Speaker 1: that controls the multi trillion dollar enterprise. Dr will thank

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Speaker 1: you so much for joining us. What do you expect

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Speaker 1: to happen at the upcoming meeting which takes place in

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Speaker 1: less than twenty four hours. I think that right now

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Speaker 1: we are leaning towards some sort of agreement for a

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Speaker 1: across the board production increase, and that's probably one of

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Speaker 1: the reasons why we're seeing oil taking downwards. What's interesting

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Speaker 1: right now is that Saudi Arabia is floating proposals of

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Speaker 1: potential increases of anywhere between eight hundred thousand barrels per

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Speaker 1: day to one million barrels per day. Now, the key here, though,

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Speaker 1: is that even if that is pushed through on paper

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Speaker 1: in practice, because countries like Venezuela and Iran and Angola

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Speaker 1: can't actually increase their production, they're just physically and financially

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Speaker 1: unable to, that wouldn't actually bring that much oil back

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Speaker 1: onto the market, and increase of one point five million

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Speaker 1: barrels per day would only add eight hundred thousand barrels

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Speaker 1: per day. Does any potential agreement also have political implications

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Speaker 1: when it comes to Iran and Saudi Arabia. Yeah, and

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Speaker 1: this is the big, the big question. Iran has come

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Speaker 1: into this meeting kind of with its UH pistols blazing.

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Speaker 1: It said, no agreement, It's not going to agree to

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Speaker 1: any kind of production increase. It's going to veto anything

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Speaker 1: that that's put forward. And so it really does that

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Speaker 1: they really are pitted kind of across from each other. Now,

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Speaker 1: what I think is likely that we will see is

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Speaker 1: some sort of agreement that allows Iran with with wording

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Speaker 1: that allows Iran to say, hey, we're not really increasing production,

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Speaker 1: it's just we're moving back to full compliance as opposed

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Speaker 1: to under compliance, and then to satisfy Russia on the

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Speaker 1: other hand, which is really pushing for a big increase.

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Speaker 1: They'll have language where Russia can kind of say to

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Speaker 1: it's oil companies, hey, look, you can increase production, all right.

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Speaker 1: This is this is headspinning to me on many levels.

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Speaker 1: Number one, uh, the question of Iran and Venezuela posing

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Speaker 1: output increases or sort of lifting some of the caps

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Speaker 1: simply because that cannibalizes from their own business because they're

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Speaker 1: unable to make the additional production. I'm struggling to see

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Speaker 1: how it factors into the price of oil, because, as

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Speaker 1: you were saying, any increase will be offset by decreases elsewhere.

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Speaker 1: Do you think that the oil market is being overly

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Speaker 1: sensitive right now, given how complicated this is, in the

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Speaker 1: unlikelihood that it would be a rush of oil into

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Speaker 1: the market, exactly, I think the oil market is very

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Speaker 1: very sensitive right now. Um, any news about, for example,

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Speaker 1: news that China is considering putting tariffs on American oil.

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Speaker 1: Any news about any oil refiners deciding to drop Ivanni oil,

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Speaker 1: it all kind of sends shock waves through the prices.

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Speaker 1: Everyone is extremely sensitive right now, and that's why every

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Speaker 1: kind of a bit of news that comes out seems

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Speaker 1: to kind of rock the prices. What about the addition

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Speaker 1: of oil, let's say, from a country as such as Libya,

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Speaker 1: Will that have any effect? Libya is a huge issue

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Speaker 1: that I think is really being underlooked right now. The

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Speaker 1: fighting in Libya has taken out a significant number of

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Speaker 1: Libya's a storage capacity to store oil for export. And

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Speaker 1: even though um the Libyan government has kind of taken

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Speaker 1: retaken control of uh its oil, it's going to take

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Speaker 1: a while to get its oil exports back up to

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Speaker 1: the levels where they were. And apparently some of these

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Speaker 1: UH some more storage fsacilities have caught on fire. This

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Speaker 1: is a huge, huge issue that could really send Libyan

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Speaker 1: production into a tailspin and mean that the market is

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Speaker 1: really going to be undersupplied going into the second half

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Speaker 1: of Yeah, you know, I'm just struck by sort of

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Speaker 1: the power and cloud of OPEC. Are we seeing the

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Speaker 1: decline of that? And is this cartel basically drastically losing

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Speaker 1: its power. You know, everyone is kind of the you know,

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Speaker 1: been saying, oh, OPEC is dead two years ago when

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Speaker 1: they weren't able to really lift prices. They were they

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Speaker 1: were calling OPEC, you know, a relic, and now we're

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Speaker 1: seeing everyone has basically defended on opaque headquarters just to

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Speaker 1: see what they're going to decide. I think one of

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Speaker 1: the reasons they've become more powerful, though, is this relationship

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Speaker 1: that they have with Russia. Russia's the largest oral producer

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Speaker 1: out there, and without that relationship they really wouldn't have

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Speaker 1: the kind of clouds that we're seeing now. I guess

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Speaker 1: the reason why I ask that is because when you

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Speaker 1: think about Iran coming in with their guns a blazing

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Speaker 1: uh and saying we're not going to sign off on

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Speaker 1: any increase to output, they have no recourse other than

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Speaker 1: sort of the mirage of unity of OPEC, right, I

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Speaker 1: mean they have no leverage here. Yeah, OPAQ is not

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Speaker 1: OPEC is not UM you know, a majority rules organization,

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Speaker 1: but they do have ways that certain countries can either

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Speaker 1: veto ideas or that other countries can override it. But

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Speaker 1: really what we're looking at is UM Saudi Arabia's oil

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Speaker 1: minister is a very talented negotiator, and he's been described

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Speaker 1: as someone who just doesn't give up, whereas the previous

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Speaker 1: oil minister, Alian the Emi, would sometimes get very frustrated

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Speaker 1: and you know, just decide it's not worth it and

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Speaker 1: walk out of the room. All Fala is known as

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Speaker 1: exceptionally patient and he will uh someone someone uh. One

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Speaker 1: of my sources told me that he will talk and

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Speaker 1: talk and talk until he's basically bloodened you into agreeing

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Speaker 1: with him, because he's talked so much. And so I

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Speaker 1: think we can't discount that and his ability to bring

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Speaker 1: this group together basically just through the power of continued negotiation.

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Speaker 1: What kind of patients are countries that are supporting Venezuela

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Speaker 1: going to have if Venezeuela continues on its current economic path.

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Speaker 1: It's really a terrible situation for Venezuela. And it's very

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Speaker 1: sad because originally OPEC was formed as kind of a

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Speaker 1: solidarity movement for these producing countries who really were relying

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Speaker 1: on Western companies to produce their oil, and it was

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Speaker 1: designed for them to be able to kind of stand

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Speaker 1: up to these companies together. And now that idea has

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Speaker 1: kind of fallen apart in Venezuela has really been left

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Speaker 1: by the wayside. It's almost as if they don't care

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Speaker 1: really what is happening in Venezuela and kind of see

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Speaker 1: it as look at it's your own fault. All right, Well,

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Speaker 1: we're going to leave it there. And I know that

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Speaker 1: you're going to be following this opaque meeting for us.

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Speaker 1: Much appreciated as always. Dr ellen Wald is the president

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Speaker 1: of a transversal consulting energy industry and also Middle East expert,

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Speaker 1: and she can be followed on Twitter at energies d Economy.

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Speaker 1: That's e N E R g z D Economy. So

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Speaker 1: I a you to do that right now. It is

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Speaker 1: a seventy one billion dollar deal. This is a Walt

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Speaker 1: Disney's offer for twenty one century Foxes entertainment assets. And

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Speaker 1: here to tell us more about the battle in the

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Speaker 1: world of media is Porter bid, managing partner Media Tech

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Speaker 1: Capital Partners, and you can follow Porter on Twitter at

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Speaker 1: Porter three. Okay, Porter three, tell us why are these

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Speaker 1: assets so valuable to the long term strategy of Walt

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Speaker 1: Disney and Bob Iger. Well, Bob Iger has been late

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Speaker 1: to the game in over the top content. He's still

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Speaker 1: selling most of Disney's product to the legacy television networks

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Speaker 1: cable industry, and he wants to go over the top,

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Speaker 1: wants to take on Netflix and everybody else who's streaming

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Speaker 1: and acquiring the content that one century Foxes entertainment assets

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Speaker 1: represent gives him an unassailable cache of huge, huge, popular

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Speaker 1: content to mind. And Disney has proven that they can

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Speaker 1: take Marvel or Pixar or Lucas Films product and turn

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Speaker 1: it into a ten times bigger business than it was

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Speaker 1: as a standalone, and they'll do the same thing with

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Speaker 1: Fox Porter. When we were talking ahead of this segment,

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Speaker 1: you said that at the beginning of next year, Walt

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Speaker 1: Disney Company is going to launch a Netflix killer. It's

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Speaker 1: it's going to be a net A Disney streaming channel. Uh. Priced,

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Speaker 1: We don't know, but if they're smart, they will price

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Speaker 1: it at at comparable pricing seven a month to Netflix,

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Speaker 1: or maybe even a discount for the first year or

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Speaker 1: two to build up traffic. Bob Iger has has made tentative,

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Speaker 1: unsuccessful attempts to get into the streaming business. Now he's

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Speaker 1: set everything he's got on the table towards building a

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Speaker 1: Netflix Killer and making Disney the over the top champion

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Speaker 1: in the world. One thing that strikes me is that

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Speaker 1: coming with this, Disney will probably pull all of its

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Speaker 1: content off of Netflix, which is currently available to people

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Speaker 1: who subscribe to Netflix. Correct, without question. There are contractual

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Speaker 1: hurdles that Disney has to get over some some of

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Speaker 1: the content that they licensed to Netflix has a year

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Speaker 1: or two to run. But as soon as those contracts

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Speaker 1: are over, you can bet Disney won't show up anywhere

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Speaker 1: on Netflix. Disney has, of course ESPN, ABC all the

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Speaker 1: film content that you just described. Fox has Star India

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Speaker 1: FS one. If you want to watch the World Cup,

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Speaker 1: you're watching. Fox also got FX Network, National Geographic, the

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Speaker 1: film division, the television division, and Sky. Can they put

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Speaker 1: it all together. That's what Bob Iger's grand plan is.

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Speaker 1: He wants to take Disney global. They they sell theme

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Speaker 1: park and merchandise and and tickets in Europe and Asia

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Speaker 1: and China, but they don't really have a viable footprint globally.

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Speaker 1: That's that's what the Fox assets and Sky, which is

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Speaker 1: a critical part of this deal and is very likely

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Speaker 1: to cost nearly as much as the Century Entertainment assets themselves.

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Speaker 1: You know it sounds like it's obviously a huge win

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Speaker 1: for Bob Iger to get the Fox assets, and he's

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Speaker 1: obviously willing to pay quite a bit for them seventy

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Speaker 1: one point three billion dollars, as my co host was

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Speaker 1: saying earlier in Fox. Um, I'm just wondering, at what

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Speaker 1: point do people start to worry that they are overpaying,

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Speaker 1: given that there is a bitting war going on with Comcast. Well,

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Speaker 1: the problem with saying anybody is overpaying is what is

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Speaker 1: the price? What is the value you? It's it's not

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Speaker 1: really what it costs, it's what you can create out

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Speaker 1: of it. And uh, Disney has has dominated the content

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Speaker 1: and film industry over the last several years. Last year

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Speaker 1: they represented almost of the profits of all of the

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Speaker 1: movie studios in the world. So they're going to do

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Speaker 1: the same thing increase and not just incrementally, but gigantically

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Speaker 1: the profit potential that the Fox assets they're acquired, they

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Speaker 1: will acquire. So basically, just to let I understand this,

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Speaker 1: the the idea here is if you have enough of

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Speaker 1: a critical mass, people cannot live without them, and that

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Speaker 1: all of that content that people have gotten used to

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Speaker 1: being able to stream elsewhere, they will not be able

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Speaker 1: to get except directly from Disney, which will undermine the

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Speaker 1: business model of Netflix. That that's exactly right. And Disney

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Speaker 1: has existed in the legacy media world on retransmission rights

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Speaker 1: and contracts with cable and and UH tradition television networks

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Speaker 1: for their content that has eroded. Everybody looked at the

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Speaker 1: decline in in viewers and ESPN and that had a

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Speaker 1: big impact on Disney's share price over the last eighteen months.

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Speaker 1: They want to control the director consumer facing that their

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Speaker 1: content can generate. They don't want to depend on old media.

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Speaker 1: Ten years from now, we won't even have a cable

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Speaker 1: television system. All the cable companies will be going over

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Speaker 1: the top. I'm glad you mentioned stock prices because if

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Speaker 1: you compare what investors in Comcast have done to their stock,

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Speaker 1: it's down seventeen so far this year, So clearly they're

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Speaker 1: not dying to have this deal come through. On the

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Speaker 1: other hand, Walt Disney shares basically unchanged. That's right. Why

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Speaker 1: do you believe investors in Comcast feel so, let's say

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Speaker 1: negatively about this potential. Well, if if this deal were

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Speaker 1: to go to Comcast, UH, they would take on a

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Speaker 1: hundred and seventy billion dollars of new debt. They're already

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Speaker 1: well over leveraged, and investors don't like that. And I

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Speaker 1: think that that's a serious problem with Brian Roberts all

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Speaker 1: cash offer. The interesting thing it's not been made very

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Speaker 1: clear by the media. The interesting thing about Disney's new

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Speaker 1: offer is it on the surface, it appears to be

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Speaker 1: half cash and half stock, but Disney put a rider

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Speaker 1: in there that if any shareholder decides to take it

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Speaker 1: in all stock, he can, and certainly the Murdoch interests

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Speaker 1: are going to take all all stock because one of

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Speaker 1: Rupert's legacies is I want to be the largest shareholder

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Speaker 1: in Disney the We're the biggest entertainment company in the world,

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Speaker 1: and taxes and no taxes right until unless he sells him.

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Speaker 1: I'm glad you brought up stock prices because Netflix, meanwhile,

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Speaker 1: which you know we're saying, is going to pay some

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Speaker 1: stiff competition. Netflix shares at record highs eighteen dollars share.

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Speaker 1: What do you think is going to happen in Netflix?

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Speaker 1: If Disney goes through it there it's a momo stock.

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Speaker 1: It just keeps going up because everybody says they keep

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Speaker 1: adding subscribers, but they look at the cash flow it's diminimous,

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Speaker 1: and look at the increasing content costs that they're having

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Speaker 1: to budget to keep those subscribers coming on board. It's

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Speaker 1: not a sustainable business model, and the market is taking

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Speaker 1: advantage of the momentum um. They They are very good

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Speaker 1: at marketing, they're very good at at selling a few

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Speaker 1: original titles that have massive appeal. But what are they

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Speaker 1: going to do when they run out of hits and

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Speaker 1: they can't keep doing it. The odds against making hits

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Speaker 1: in Hollywood for the last hundred years have been two

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Speaker 1: out of ten, break even in one out of ten

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Speaker 1: as a blockbuster. What happens the other nine? Most of

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Speaker 1: those end up in the dumper at Netflix. Quarter bit,

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Speaker 1: thank you so much for being with us. Highly illuminating

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Speaker 1: porter by managing partner at Media Tech Capital Partners in

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Speaker 1: New York. It looked like perhaps things were coming down

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Speaker 1: for Italy after their bond yields blew out just weeks ago,

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Speaker 1: but today, well the turmoil is back. Joining us now

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Speaker 1: to talk about that is Alberto Gallo. He's partner and

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Speaker 1: portfolio manager for the Algebras Macro Credit Fund that Algebras

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Speaker 1: Investments Limited. He's also a Bloomberg opinion columnist. Alberto, thank

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Speaker 1: you so much for joining us. So this latest hiccup

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Speaker 1: is coming after two prominent euroskeptics were handed key roles

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Speaker 1: in the Italian parliament. Do you think that the hiccup

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Speaker 1: today is a more longer lasting kind of concern that

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Speaker 1: will cause investors to continue just to withdraw from the nation.

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Speaker 1: Good morning. I do think that the situation will remain volatile,

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Speaker 1: and simply because the spending plans are very ambitious from

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Speaker 1: the from the Italian government. So you're looking at the

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Speaker 1: potential plant spending of a hundred billion euros, which probably

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Speaker 1: will be revised down but still unfunded by tax raises.

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Speaker 1: So we think the short term probability of euro exit.

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Speaker 1: You know, all these fears of our weekend type of

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Speaker 1: it are a bit overdone, but the depths it spending

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Speaker 1: is still a problem in an environment where you know,

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Speaker 1: Europe isn't really focusing on growth, so um, it's good

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Speaker 1: to think about growth, but the depth spending plans they

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Speaker 1: have are excessive. So Alberta, when does this hiccup turn

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Speaker 1: into asset reflux? We've already seen a repricing in the

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Speaker 1: Italian BTPs and some of the assets, some of the

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Speaker 1: other assets like stocks and bonds. The reality is on

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Speaker 1: the ground on the corporates. Are the corporates that have

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Speaker 1: survived the crisis. Um, you know, around one in four

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Speaker 1: small or medium businesses have defaulted throughout the crisis. So

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Speaker 1: the remaining corporates are much stronger. But obviously, you know,

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Speaker 1: you know, the situation, a crisis, situation m scares investors,

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Speaker 1: and we have seen a repricing across all assets, but

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Speaker 1: we see fundamental still strong. On the ground. Um, what

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Speaker 1: we see is political volatility and unfortunately, you know, that's

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Speaker 1: something that will continue in Europe because Europe needs to change.

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Speaker 1: Europe needs to change the wards a more cohesive union

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Speaker 1: that focuses on growth, not just on austerity. And I

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Speaker 1: think you know, even in Germany, um Angela Merkel is

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Speaker 1: getting the message with some dwindling in her contensus. So

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Speaker 1: here here's what's so amazing to me. You say that

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Speaker 1: there's been a repricing, and certainly there has. In two

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Speaker 1: year Italian yields are now gasped less than ninety basis

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Speaker 1: points zero point nine percent. Right, this is still nothing

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Speaker 1: mama mama miya. Indeed, so repricing to even uh, you know,

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Speaker 1: extremely low levels from unbelievably low levels. You do have

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Speaker 1: to wonder, given the fact that the e c B

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Speaker 1: has basically demonstrated its willingness to backstop this market, given

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Speaker 1: the fact that you are seeing other peripheral regions also

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Speaker 1: experience weakness on the heels of what's going on in Italy,

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Speaker 1: is this a buying opportunity for you as the head

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Speaker 1: of a macro credit fund. We think that there are

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Speaker 1: some things in credit that are becoming interesting. Um. We

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Speaker 1: are still looking at UM corporate credit and some banks

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Speaker 1: in countries that remain very stable from a political perspective,

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Speaker 1: like Spain or Portugal, And tonight we'll learn the Eurogroup

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Speaker 1: solutions for Greece, which has been working on reforms for

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Speaker 1: a very long time and he's waiting for debt relief

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Speaker 1: and there's there's very likely to be a an extension

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Speaker 1: of maturities for the loans degree. So when you see

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Speaker 1: indiscriminate selling across the whole of Europe, every risk cast

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Speaker 1: at selling off because of one country, because of one

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Speaker 1: political headline. Yeah, that creates some um, some buying opportunities. Uh,

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Speaker 1: in Italy, we do think the volatility will continue in

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Speaker 1: the long end of the curves of five year plus

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Speaker 1: ten year plus BTPs, so you know, it's a bit

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Speaker 1: early to to step in. But in other countries there

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Speaker 1: are some opportunities, so you were saying incorporate debt in

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Speaker 1: perhaps Spain or Portugal. UM are the particular industries that

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Speaker 1: you see as being immune to some of the political

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Speaker 1: discussions and seeing opportunities in Generally, the volatility will hit

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Speaker 1: every um, every credit in these countries. In Europe, UM,

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Speaker 1: the corporates have been historically much more resilient to sovereign

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Speaker 1: to sovereign volatility, because corporates have the levers, they have

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Speaker 1: good balances, and many of them could survive even the

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Speaker 1: worst case of a euro exit. The banks are more

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Speaker 1: connected to the sovereign still in Europe, even though they've

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Speaker 1: solved a lot of sovereign debt. UM Greece has been

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Speaker 1: in the sovereign market. Greece has been very resilient in

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Speaker 1: the last few weeks because again it's going to benefit

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Speaker 1: from a potential extension of maturities. And Grease remains the

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Speaker 1: widest name, the widest sovereign debt in Europe with you know,

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Speaker 1: a ten year yield of four two percent in euros,

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Speaker 1: which is equivalent to around seven percent seven plus percent

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Speaker 1: in dollars. So it's trading still like an emerging market. UM.

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Speaker 1: So we we think still Greece is good opportunity given

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Speaker 1: the UM you know, the E s M European stability

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Speaker 1: mechanisms just declare that they have satisfied all the reforms

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Speaker 1: they needed to do to get help. UM. So we

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Speaker 1: think Grease is reprising towards the same trajectory as as Portugal.

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Speaker 1: But generally speaking, UM, we continue to see political risk

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Speaker 1: populism in Europe and in other countries creating polatility for investors.

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Speaker 1: And we've been working on strategies that are short like

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Speaker 1: a like a new fund that we launched a few

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Speaker 1: days ago. Thank you very much. Alberto Gallo as a

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Speaker 1: partner and portfolio manager at Algebra's UK Limited, talking about

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Speaker 1: corporate debt in Europe. So we have been talking quite

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Speaker 1: a bit about the Supreme Court decision. It is one

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Speaker 1: that is absolutely moving markets. Basically, it frees states and

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Speaker 1: local governments to start collecting billions of dollars in sales

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Speaker 1: tax from internet retailers that don't currently charge tax to

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Speaker 1: their customers. Sure of it and joins us now. She

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Speaker 1: is a Bloomberg opinion columnist covering all things tech. I'm

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Speaker 1: looking at some of the bigger decla lines Overstock dot

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Speaker 1: Com down more than one point three percent, Amazon down

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Speaker 1: nearly a percent, eBay down two percent. Uh. Just how

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Speaker 1: much does this potentially bite into the business of these

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Speaker 1: online behemoths. I don't know. I think it's probably not

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Speaker 1: that big of a deal, particularly for the largest e

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Speaker 1: commerce companies like Amazon. So the the issue is that Amazon,

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Speaker 1: for example, already charges sales tax um in for for

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Speaker 1: products that it sells directly two shoppers um on any

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Speaker 1: in any state that charges sales tax, So that doesn't

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Speaker 1: that doesn't do anything for Amazon. But there are also

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Speaker 1: about half the sales on on Amazon are coming from

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Speaker 1: these independent merchants that use Amazon as a sales channel,

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Speaker 1: and they may or may not charge sales tax. So

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Speaker 1: now they'll have to be probably some enforcement mechanisms on

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Speaker 1: sales tax in in on those independent merchants. But look,

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Speaker 1: Amazon and eBay, to their wealthy companies, they can afford it.

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Speaker 1: The burden though, falls on these smaller players, these independent merchants,

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Speaker 1: these mom and pop shops that are now going to

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Speaker 1: have to figure out the tangle of US sales tax

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Speaker 1: rules in every state in the country. And it's worth

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Speaker 1: noting right that they are not charging it, they're just

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Speaker 1: collecting it. That's right, right. And the reason the reason

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Speaker 1: I say this is just because that feeds into your

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Speaker 1: your point about third party sellers that use Amazon or

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Speaker 1: even maybe Facebook as a platform in order to sell,

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Speaker 1: and now they have to compete with the stores that

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Speaker 1: are around the corner. Perhaps that's right, and I look,

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Speaker 1: it's it's there's been some research on the impact of

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Speaker 1: what happens to the sales of an online retailer when

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Speaker 1: they begin to charge sales tax. At least from what

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Speaker 1: I've seen, it's a little bit of a mixed bag.

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Speaker 1: It's not like they've already run out of town all

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Speaker 1: of the independence, right, I mean, because this has been

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Speaker 1: going since Amazon started in business, and that was a

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Speaker 1: way to beat the competition because it actually took less

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Speaker 1: money out of the consumer pocket. It was I mean, look,

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Speaker 1: it's it's a good point that Amazon for many years

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Speaker 1: fought paying sales tax, uh, in part because I mean

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Speaker 1: It's stated rationale was the company wanted there to be

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Speaker 1: a national rule about sales tax. En. That's kind of

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Speaker 1: state by state hodgepodge, But you're right it did give

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Speaker 1: Amazon an advantage, at least on paper, that it's it's

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Speaker 1: bottom line for shoppers was less expensive than Walmart or

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Speaker 1: whoever was forced to charge a sales tax on on everything.

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Speaker 1: All right, So Sharovida has spoken, and it seems like

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Speaker 1: perhaps people are overreacting with the knee jerk reaction that

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Speaker 1: this will somehow sync earnings for the Amazon's knee bays

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Speaker 1: of the world. Uh, and correct me if I'm mischaracterizing

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Speaker 1: that happence. Um, Sarah, I do want to switch gears

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Speaker 1: a little bit. Intel made news today by firing the

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Speaker 1: chief executive for a consensual relationship UM with an emloyee.

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Speaker 1: This to me seemed to signal a sea change in

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Speaker 1: a tolerance for some of these things. What's your take? Yeah,

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Speaker 1: I think that's exactly right. Um. Look, Brian Personage is

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Speaker 1: not the first CEO to be pushed out over a

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Speaker 1: consensual relationship with an employee. UM. It happened to the

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Speaker 1: Price Line CEO a couple of years ago. It's not

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Speaker 1: an unprecedented move. But we are in this me too era.

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Speaker 1: There is more scrutiny of workplace behavior than ever before,

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Speaker 1: And behavior that may have been kind of brushed, overlooked,

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Speaker 1: or kind of covered up or ignored in the past,

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Speaker 1: it can no longer be ignored. That these things are

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Speaker 1: now under heightened scrutiny. Corporate executive behavior is being more

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Speaker 1: closely watched than ever, and so is the behavior of

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Speaker 1: boards of directors and responding to that behavior, and the

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Speaker 1: potential for lawsuits and the potential for lawsuits, and look,

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Speaker 1: and the potential of kind of loss of faith among

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Speaker 1: investors and loyse. It's it's a big deal now, and um, look,

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Speaker 1: Krasana didn't do himself any favors, maybe by he was

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Speaker 1: a very vocal champion for gender equality in the workplace,

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Speaker 1: to his credit, But when you're that kind of outspoken

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Speaker 1: champion for workplace equity, your behavior has to be above

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Speaker 1: board too. Indeed. All right, thanks very much, Shara over Day,

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Speaker 1: Bloomberg columnist for Bloomberg Opinion for all things technology related.

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Speaker 1: So if you need help maybe setting up your new iPhone,

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Speaker 1: maybe that's the person. I'm not tech support tech support.

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Speaker 1: Although she did. She did spend about two years laughing

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Speaker 1: at my lack of technological prowess. Well, it's not laughing

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Speaker 1: at you, laughing with you. Thanks very much, sharra Ovi Day.

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Speaker 1: Thanks for listening to the Bloomberg P and L podcast.

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Speaker 1: You can subscribe and listen to interviews at Apple Podcasts, SoundCloud,

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Speaker 1: or whatever podcast platform you prefer. I'm Pim Fox, I'm

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Speaker 1: on Twitter at pim Fox. I'm on Twitter at Lisa Abramo.

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Speaker 1: It's one before the podcast. You can always catch us

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Speaker 1: worldwide on Bloomberg Radio