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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

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Speaker 1: Surveillance Podcast. Catch us live weekdays at seven am Eastern

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Speaker 1: on Apple CarPlay or Android Auto with the Bloomberg Business App.

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Speaker 1: Listen on demand wherever you get your podcasts, or watch

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Speaker 1: us live on YouTube.

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Speaker 2: Joining us now with the best newsletter. Note in the

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Speaker 2: street is Kellye Cox. She is a privilege of working

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Speaker 2: at Ritzhold Wealth Management for surviving their senior management. Kelly

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Speaker 2: joins us right now, and the note is optimist. Kelly.

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Speaker 2: Let's start there, Kelly Cox, how do you avoid the

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Speaker 2: pessivit pessimism that forces people into safety when they've got

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Speaker 2: actual assumptions that say they need growth.

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Speaker 3: The notes name Tom. I have to give a shout

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Speaker 3: out to senior management because that was Josh Brown's idea.

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Speaker 3: But I think it's a good reflection of how we

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Speaker 3: at rid hoolts and personally how I view you know,

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Speaker 3: markets and the economy. And I think you have to

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Speaker 3: do that based on the burden of proof, right evidence

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Speaker 3: throughout history that US stocks and the stock market has

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Speaker 3: been the only game in town to build wealth and

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Speaker 3: beat infletion. So my newsletter is all about processing the

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Speaker 3: headlines that we see day after day in the context

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Speaker 3: of that super important context.

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Speaker 2: Do the layoffs that you feature today great charts, by

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Speaker 2: the way, see that at Redholts Wealth Management, Kelly Cox

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Speaker 2: to the layoffs the trauma of inside the Beltway, Washington.

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Speaker 2: Does that lead to diminished consumption which finally slows the

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Speaker 2: stock market?

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Speaker 3: You know, I think we have to take a few

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Speaker 3: steps back here. And I have been on the record

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Speaker 3: for years saying that the job market is the engine

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Speaker 3: of the economy. So when you see one of the

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Speaker 3: biggest job cuts or mass layoffs in history, you have

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Speaker 3: to talk about it no matter where you are in

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Speaker 3: the political spectrum. You know these layoffs, and we're also

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Speaker 3: getting a sense of how big they are. But the

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Speaker 3: reports right now are that you know, most, if not all,

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Speaker 3: of probationary workers in the federal government could have been affected.

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Speaker 3: That's two hundred thousand people, you know, if that's true,

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Speaker 3: plus the buyouts we've seen, plus the hiring freezes we've

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Speaker 3: seen in the federal government, that could have a huge

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Speaker 3: impact on the job market in DC and consequently on

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Speaker 3: the job market in America. And yeah, if you think

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Speaker 3: about Americans, you know, we when we make money, we

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Speaker 3: spend money. Consumer spending is seventy percent of the economy.

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Speaker 3: You should be worried about this.

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Speaker 4: And Tom on that issue. Torsten slock Are from the

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Speaker 4: Apollo is out with the note tracking the employment rate

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Speaker 4: in the Creator DC area and I starting to see

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Speaker 4: a tick up a little bit. So he's going to

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Speaker 4: and it comes to that every every Thursday morning for

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Speaker 4: the district in northern parts of Virginia and southern Maryland.

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Speaker 4: So we'll keep an eye on that. Kelly. So you know,

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Speaker 4: you talked about, you know, kind of the equity markets

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Speaker 4: being that the real driver of wealth creation historically, and

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Speaker 4: actually within the epuity markets, it's been the tech names

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Speaker 4: that have been really the sources of our performance here.

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Speaker 4: Can that still be the case going forward, whether it's

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Speaker 4: MAG seven or some broader definition of tech, is that

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Speaker 4: still going to be a leader?

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Speaker 5: Well?

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Speaker 3: Another concept we like talking about at rid Holts a lot,

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Speaker 3: and we serve long term clients, right, We're not making

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Speaker 3: trades for a month or even a quarter or a

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Speaker 3: year ahead. We're thinking five to ten years down the road.

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Speaker 3: But you know something that we preach at rid Holts

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Speaker 3: and that I personally believe in is portfolio balance, and

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Speaker 3: I think portfolio balance is going to be the phrase

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Speaker 3: of the year heading into twenty twenty five, and we're

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Speaker 3: already seeing it right. You know, tech is lagging the

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Speaker 3: S and P five hundred. The magnificent seven hasn't been

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Speaker 3: so magnificent, and it hasn't necessarily been because of fundamental developments.

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Speaker 3: Profits are still growing at a strong pace among big

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Speaker 3: tech companies in the tech sector in general, but expectations

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Speaker 3: are really high for tech companies right now, and it's

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Speaker 3: becoming clear that, you know, they're not the obvious winners

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Speaker 3: of this AI story that's propelled them for so long.

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Speaker 2: Kelly Cox of Redults Wealth Management, what's the cocks Exubert

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Speaker 2: meter look like? Kiley? It's been our theme this morning,

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Speaker 2: huge divergence amongst strategists. But is there a retail exuberants

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Speaker 2: out there? Redults is very good at that, aren't you.

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Speaker 1: Ah.

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Speaker 3: So we look at a few different gauges here. The

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Speaker 3: one that's my favorite gauge is the AAII gauge of sentiment,

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Speaker 3: which was looking a little for toward the end of

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Speaker 3: last year, but there's actually been a big swing from

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Speaker 3: euphora to euphoria. To you know, some of the biggest

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Speaker 3: pessimism we've seen in a year and a half, which

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Speaker 3: I think speaks to the policy uncertainty that we're under

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Speaker 3: right now, you know, the selloff or the relative weakness

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Speaker 3: we've seen in tech. You know, I think it's one

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Speaker 3: of the interesting, most interesting stories on the market right now,

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Speaker 3: because these past few years have been propelled by fear

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Speaker 3: and pessimism and now it's coming back.

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Speaker 4: Kelly, we're almost eighty percent the way through the earning

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Speaker 4: season this season. Is there enough earnings growth out there

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Speaker 4: to support this market? Based upon what you've seen and

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Speaker 4: maybe some some of the guidance we've heard, I think so.

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Speaker 3: And you have to keep this in mind when you're

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Speaker 3: talking about how the market is overvalued. Yes, valuations are

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Speaker 3: quite high, especially in tech, especially in these more growthy names.

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Speaker 3: But we are seeing strong profit growth and i'd say

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Speaker 3: the strongest profit growth in growth names right now. That

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Speaker 3: may not continue. You know, if you look at Wall

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Speaker 3: Street analysts essments, there are expectations that this earnings growth

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Speaker 3: will broaden out to other sectors, in fact as soon

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Speaker 3: as this quarter and the next earning season. So if

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Speaker 3: that's the case, then I would expect other sectors to

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Speaker 3: play catch up in markets, and that's one of the

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Speaker 3: reasons why we're preaching portfolio balance.

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Speaker 2: But it's not broadened out. What it's really about is

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Speaker 2: a huge body of people that aren't in the market.

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Speaker 2: What do you advise to the cash crowd?

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Speaker 3: You're right, Tom, you know there's a lot of cash

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Speaker 3: on the sidelines right now, in an unusual amount considering

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Speaker 3: how well the stock market has done over the past

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Speaker 3: two years. I get it. If you're getting four percent

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Speaker 3: on your savings account right now and the world feels uncertain,

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Speaker 3: then yeah, you probably like the comfort of cash right now.

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Speaker 3: But I think you have to be very intentional with

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Speaker 3: your cash balances. At the moment, I think cash looks

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Speaker 3: like more of an attractive hedge than it did possibly

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Speaker 3: a year ago, because it looks like rates will stay

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Speaker 3: relatively sturdy. But again, stocks are your path to building

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Speaker 3: wealth and beeting inflation. You can't forget that.

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Speaker 2: Optimist Kelly. Thank you so much. Kelly Cox with Rutult's

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Speaker 2: wealth manager.

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Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us Live

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Speaker 1: weekday afternoons from seven to ten am Eastern Listen on

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Speaker 1: watch us live on YouTube.

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Speaker 2: Mark Champion with Bloomberg Opinion and of course Encyclopedic on

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Speaker 2: the continent of Europe. Mark, I want you to give

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Speaker 2: me an arc of the moment in Europe. I take

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Speaker 2: great of events, whatever anyone's in politics with a British

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Speaker 2: newspaper giving me Neville Chamberlain at Munich and whatever is

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Speaker 2: going on. Now, what's your analogue with all your excellent

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Speaker 2: smart Champion to where we are right now?

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Speaker 6: Well, I think the better analogue is what President Putin

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Speaker 6: did in two thousand and seven at the very same

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Speaker 6: conference in Munich that Vice President Vance spoke at, and

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Speaker 6: you know this weekend, and you know what he did

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Speaker 6: there was to just you know, put the West in general,

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Speaker 6: Europe and the United States unnoticed that he was not

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Speaker 6: going to play by their rules anymore. That he felt

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Speaker 6: that you know, Russia had been cheated and that he

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Speaker 6: was going to assert Russian interests from now on any

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Speaker 6: way that he felt was necessary. And you know, you've

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Speaker 6: a year later you had war in Georgia, You've then

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Speaker 6: had you know, war was in Crime, et cetera. So

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Speaker 6: it was very consequential what happened this time was essentially

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Speaker 6: the United States saying to Europe, we are no longer

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Speaker 6: on the same page. We are, you know, no longer

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Speaker 6: going to give you the sort of you know, total

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Speaker 6: security guarantees that you have enjoyed since the end of

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Speaker 6: the Cold War, since before, you know, during the Cold War,

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Speaker 6: and you know, we're going to move on from here.

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Speaker 6: He also talked about, you know, why it is that

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Speaker 6: he thought that, you know, Europe and the US were

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Speaker 6: no longer you know, shared values, and he got involved

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Speaker 6: in trying to you know, determine who the next you know,

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Speaker 6: leaders of Germany should be. So it was a big

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Speaker 6: shock for Europe and may well prove you know, consequential

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Speaker 6: as two thouven thousand and seven did.

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Speaker 2: And listen this language, Paul, this is from memory Horden.

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Speaker 2: This is a state department readout established a consultation mechanism

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Speaker 2: to address irritants to our bilateral relationship. Now that sounds

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Speaker 2: like I'm talking to a seventeen year old daughter named

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Speaker 2: after that, But you know, I mean that language, Paul,

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Speaker 2: is so vague to address irritants exactly.

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Speaker 4: So Mark, where does that leave NATO?

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Speaker 6: Well, I mean, you know, so NATO is is you know,

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Speaker 6: at the same time, you know, as people always say,

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Speaker 6: the most successful alliance in history, et cetera. But it

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Speaker 6: is based on something that was always very fragile, which

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Speaker 6: is the faith in Article five. The faith that you know,

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Speaker 6: if one country is attacked, no matter how small that

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Speaker 6: member of NATO, if it's attacked, then you know, the

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Speaker 6: rest of NATO and that you know, most importantly, the

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Speaker 6: United States would pile in to defend them. And so

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Speaker 6: what you the real kind of worry for Europe in

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Speaker 6: this kind of talk is that, you know, what you're

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Speaker 6: really saying is we're not sure about Article five. And

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Speaker 6: you know, it's not just whether Estonia or Poland believes

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Speaker 6: in you know, that that's the case, and that they

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Speaker 6: know not. They start to be worried about whether they

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Speaker 6: really the US really has their back if Russia was

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Speaker 6: ever to attack them. It also, even more importantly, is

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Speaker 6: where the Russia believes that that security guarantee remains, because

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Speaker 6: it is it's you know, the most importantly, it is

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Speaker 6: a deterrent. It was you know, the whole purpose of

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Speaker 6: nature was never had to have to fight the former

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Speaker 6: Soviet Union or you know, anyone else after the fall

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Speaker 6: of the Soviet Union. So that is what really worries

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Speaker 6: people in Europe.

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Speaker 4: So Mark, if that were to be the case, is

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Speaker 4: there a belief within the European Union that the states

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Speaker 4: the countries can in fact step up their defense spending

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Speaker 4: and make up for some of the American support.

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Speaker 6: Well, I mean that's what they're talking about trying to

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Speaker 6: do now. It's always been possible. The problem is that

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Speaker 6: they've known that they needed to do this for more

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Speaker 6: than a decade. They have increased their defense spending a

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Speaker 6: lot in recent years, but nowhere near enough, and they

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Speaker 6: started far too late. They've also are not very efficient

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Speaker 6: in the way that they do it, and therefore they

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Speaker 6: have to recognize they do recognize that they still are

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Speaker 6: not able to defend themselves without the US.

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Speaker 2: Mark. I got to squeeze this in. I think it's

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Speaker 2: too important. One of the fourteen threads of this over

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Speaker 2: the weekend is that the US or whoever will exit

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Speaker 2: the Baltic Region, the Baltic States, defense of the three Estonia, Latvia, Lithuania,

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Speaker 2: that we will hold Finland less protected. How will mister

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Speaker 2: Putin respond to that? Is that, like the gift of

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Speaker 2: gods to the Tsar of Russia.

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Speaker 6: Yes, in a word, you know, it's slightly more complicated

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Speaker 6: than that. He's I think quite unlikely to go after Finland.

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Speaker 6: Finland's actually quite well protected. You know, it has more

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Speaker 6: artillery pieces than Germany, France and the UK combined, for example.

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Speaker 6: And so but if you know, the Baltic States are

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Speaker 6: another matter. You know, they in terms of sort of

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Speaker 6: share of GDP, one could say that they you know,

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Speaker 6: they spend pretty decently, but they are tiny, and they

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Speaker 6: are definitely you know, in what Putin considers as the

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Speaker 6: proper sphere of influence of Russia. So you know, if

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Speaker 6: it succeeds in Ukraine, he will be interested in Moldova,

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Speaker 6: for example, he will be interested in the Baltic States.

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Speaker 6: How he does that, whether by hybrid means, you know,

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Speaker 6: by different kinds of coercion, whether he just invades that,

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Speaker 6: you know, But I think the real concern for them

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Speaker 6: would be that that the logical place if he wants

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Speaker 6: to test whether Article five really exists anymore.

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Speaker 2: Not enough time, merch champions, Thank you for your work.

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Speaker 2: Twenty four hours seven work to explain all of this

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Speaker 2: for all of us across America is just huge value

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Speaker 2: added with opinion. Look for Mark Champion. I'll get his

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Speaker 2: work out on social here as I can through the morning.

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Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday

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Speaker 1: starting at seven am Eastern on Applecarplay and Android Auto

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Speaker 1: with the Bloomberg Business App. You can also listen live

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Speaker 1: on Amazon Alexa from our flagship New York station. Just

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Speaker 1: say Alexa play Bloomberg eleven thirty.

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Speaker 2: This is important and that we have Tobin Marcus with us.

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Speaker 2: He's had a policy at Wolf Research, but far more

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Speaker 2: than that, we stood the White House within the Biden administration,

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Speaker 2: providing policy and economic perspective. He's qualified, given the way

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Speaker 2: your head spinning in my head spinning because he's out

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Speaker 2: of physics at Brown University. I remember sitting in quantum

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Speaker 2: mechanics surviving Schroeder equations, and then Heisenberg showed up. How

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Speaker 2: dare he? And there's an uncertainty principle. Now, if you

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Speaker 2: have two particles, you can focus on one, but the

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Speaker 2: moment you focus on one, you lose sight of the other.

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Speaker 2: A whole important idea within the magic of quantum mechanics.

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Speaker 2: Tell me the quantum mechanics now of our diplomatic efforts

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Speaker 2: in America. We can focus on one thing, but then

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Speaker 2: the other things drift away, as seems instantly.

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Speaker 7: Yeah, I mean, look, the focus is I think shifting rapidly.

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Speaker 7: The Europeans trying to get their their heads around it.

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Speaker 7: But I mean, coming out of the Trump administration, we're

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Speaker 7: seeing certainly an attempt to move forward on a lot

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Speaker 7: of different dimensions. Simultaneously, we have obviously this diplomatic effort

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Speaker 7: out of Ukraine. You know, the Europeans simultaneously are very

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Speaker 7: very concerned about what Trump's terif role out last week

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Speaker 7: could mean for them. You know, it's a lot of

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Speaker 7: moving pieces.

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Speaker 2: So you were with a Biden administration, would you suggest

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Speaker 2: that the Biden administration did not move forward?

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Speaker 7: I was, I worked for Biden the Obama administration, so

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Speaker 7: somewhat longer ago, Oka.

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Speaker 2: But did they not move forward? I mean is what

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Speaker 2: we're going now is initiative. If I'm a Trump supporter,

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Speaker 2: I'm saying, look, we've got an initiative now.

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Speaker 7: Yes, I mean, certainly, I think the latter stages of

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Speaker 7: the divided administration were somewhat listless. You know, they came

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Speaker 7: in with a lot of ideas. Were you know, faced

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Speaker 7: a challenging global landscape, but you know, certainly you look

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Speaker 7: at places like Ukraine, I don't think that we saw

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Speaker 7: a lot of progress over the course of the past

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Speaker 7: couple of years, sort of theory of the case after

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Speaker 7: the big you know, counter offensive that they tried to

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Speaker 7: prepare the Ukrainians for, which didn't really succeed. You know,

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Speaker 7: I think mostly we were kind of holding ground for

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Speaker 7: the past few years.

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Speaker 4: So I guess one of the bigger issues that we're

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Speaker 4: all coming to grips with over the last couple of

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Speaker 4: days is just kind of transatlantic relationship that has been

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Speaker 4: in place since the end of World War Two, you know,

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Speaker 4: against maybe you know, to challenge the USSR now Russia.

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Speaker 4: Is that fundamentally changing now right before our eyes.

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Speaker 7: Yeah, certainly the incoming administration does not look very you know,

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Speaker 7: trans atlanticist. They're you know, they're looking at our alliances

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Speaker 7: in Europe through a lens of American self interest, and

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Speaker 7: I think they're not convinced that the current set of

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Speaker 7: structures that we have in places is really serving us.

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Speaker 4: So where does Europe go from here?

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Speaker 6: Do you think?

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Speaker 4: Because it appears like the US policy seems to be

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Speaker 4: pretty clear here in terms of we're going to drive

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Speaker 4: this ship and if you want to come on board, great.

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Speaker 4: So how does Europe respond?

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Speaker 7: Do you think, Yeah, they're really I don't know that

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Speaker 7: the Europeans have the level of internal cohesion that they

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Speaker 7: need to formulate and sort of alternative strategy. I mean,

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Speaker 7: there's been lots of talk for years now about the

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Speaker 7: European Union emerging as a full spectrum geopolitical actor, but

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Speaker 7: you know, thus far they've not really been able to

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Speaker 7: get out of their own way.

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Speaker 2: My essay the Weekend off Mario Dragy's Chathamhouse work of

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Speaker 2: six seven months ago was a brilliant essay in the

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Speaker 2: Ft where he said Europe has self inflicted service sector

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Speaker 2: tariffs with all their regulation, which he and his team

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Speaker 2: calculate out to thirty forty even forty five percent tariffs.

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Speaker 2: The zeitgeist this morning is the markets are okay because

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Speaker 2: tariffs don't affects. Do you agree with that summary?

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Speaker 7: Well, they certainly haven't affected markets a lot so far.

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Speaker 7: It's been striking the extent to which markets have looked

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Speaker 7: through them, even you know the China piece that actually

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Speaker 7: already happened. It's equivalent in scale to the entire twenty

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Speaker 7: eighteen twenty nineteen China trade war, and we shrugged it

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Speaker 7: off completely in markets because we didn't simultaneously do twenty

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Speaker 7: five percent on Canada and Mexico. But you look forward,

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Speaker 7: the reciprocal tariff rollout last week was greeted with relief

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Speaker 7: because it wasn't taking effect right away. We never thought

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Speaker 7: it was going to take effect right away. But the

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Speaker 7: numbers that we could get spin out if we're looking

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Speaker 7: at vats alongside tariffs, are incredibly high. I mean they're

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Speaker 7: north of what Trump was talking about on the campaign trail.

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Speaker 7: You're looking at twenty thirty percent tariffs all in on

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Speaker 7: a lot of these countries if you're just adding up

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Speaker 7: their tariffs and their vats. So I think it's a

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Speaker 7: little premature to be too too relieved.

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Speaker 4: So what are you telling your clients these days about

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Speaker 4: the inflation risk associated potentially with tariffs with changes in

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Speaker 4: immigration law?

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Speaker 3: Forgether?

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Speaker 7: Yeah, no, certainly. I mean they're both sacflationary shocks of

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Speaker 7: different extents. On immigration, there's been a lot of spuiled

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Speaker 7: about deportation. I think it's been someone underappreciated. You know,

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Speaker 7: what's going to happen to people who are already here

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Speaker 7: who stand to lose their work rent. So the big,

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Speaker 7: big impact there. And on tariffs, I mean, look like

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Speaker 7: we have what's already happened on China that's meaningful, but

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Speaker 7: not world changing. If he goes through and does exactly

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Speaker 7: what he said last week underciprocolar tariffs, that's very inflation.

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Speaker 2: So quickly folded into Wolf Research is belief in the

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Speaker 2: equity market. Do they take the world of Tobin Marcus

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Speaker 2: and say we cannot ignore it, but we can at

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Speaker 2: least prosper within this maelstream.

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Speaker 7: Yeah, No, we're not. We're not sort of market wide

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Speaker 7: bears on equities. I think things can continue working. They

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Speaker 7: certainly have so far. You know, from a raids perspective,

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Speaker 7: we're at no FED cuts this year for sure. I

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Speaker 7: think that's that's one impact that we're seeing clearly in

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Speaker 7: terms of what this all adds up to. Ongoing debate.

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Speaker 2: But that's what we're fascinating. Come back tomorrow when the

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Speaker 2: news completely changes. Tobin Marcus for this Wolf Research here

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Speaker 2: this morning.

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Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday

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Speaker 1: starting at seven am Eastern on Apple Corclay and Android auto.

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Speaker 1: With the Bloomberg Business app. You can also watch us

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Speaker 1: live every weekday on YouTube and always on the Bloomberg terminal.

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Speaker 2: The daily look at the front page is a Leasa

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Speaker 2: Matteo hour and now a two hour newspapers because there's

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Speaker 2: that much news. Slowertius start.

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Speaker 5: Well, not sure if you notice on your Google Maps,

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Speaker 5: but the Gulf of Mexico now reads Gulf of America.

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Speaker 5: You could see it now. Mexico though now threatening to

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Speaker 5: sue Google over the name change. You know, it all

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Speaker 5: started because of president from Executive Water to change the name.

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Speaker 5: But during a news conference yesterday you had Mexican's president

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Speaker 5: started talking about this. She said, a lot of the

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Speaker 5: body of water, Yeah, it's Olexide and you see it right,

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Speaker 5: see it's in the US. You could see that. But

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Speaker 5: she's saying is that a lot of the body of

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Speaker 5: water lies outside the US maritime borders, in regions that

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Speaker 5: are controlled by Mexico in Cuba. And she says executive

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Speaker 5: orders to rename it only applied to those in the

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Speaker 5: US Continental Shelf. So that's what she is arguing back

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Speaker 5: and forth.

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Speaker 2: Encyclopedia Britannica said, now we're not going to do that.

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Speaker 2: They didn't do it, and I think I don't know

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Speaker 2: where AP is. I believe they've also said that we're

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Speaker 2: not going to do that.

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Speaker 5: They have not yet.

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Speaker 2: I have no idea.

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Speaker 5: They're not allowed on air farms either.

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Speaker 6: How you do that?

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Speaker 4: I mean, I didn't know how they came up with

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Speaker 4: the Gulf of Mexico versus Golf of America to do

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Speaker 4: some research on that. But it is about the territorial waters.

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Speaker 4: I think Mexico has more centers of.

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Speaker 2: The territorial Mexico and Cube is enormous, like Cuba goes

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Speaker 2: way over to the west.

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Speaker 6: Yep.

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Speaker 5: Yeah, but now it's a battle.

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Speaker 2: It the golf of Jimmy Buffett.

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Speaker 4: That would be perfect straight went over.

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Speaker 5: We've been talking about right, the bird flew spreading from

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Speaker 5: birds to chickens to cows, and now scientists are saying, well,

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Speaker 5: maybe it could be coming from more humans. There's been

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Speaker 5: more dairy farmers about sixty eight confirmed cases and people,

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Speaker 5: but they're mostly dairy farmers, and now veterinarians who cared

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Speaker 5: for the cows are contracting it. So what they're saying

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Speaker 5: is that scientists are worried because it hasn't really spread

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Speaker 5: from human to human transmission. So that's where they think

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Speaker 5: things could change. And if you know, it could happen

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Speaker 5: because we're in the worst flu season, so you have that,

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Speaker 5: it could raise it possibly this new more infectious blue

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Speaker 5: bird flu strain because we're in such an infectious flu season.

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Speaker 2: Can I do something dumb? What if you get bird

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Speaker 2: flow flu?

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Speaker 5: It's correct?

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Speaker 2: Is it like a three day I've got the plague?

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Speaker 2: I can't go to work? Or is it more serious?

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Speaker 5: I don't know if it's more serious. But what they're

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Speaker 5: saying the problem is that the Federal Gunman has this

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Speaker 5: limited stockpile of vaccines if you were to get it,

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Speaker 5: so that could be an issue if it starts spreading

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Speaker 5: to more humans.

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Speaker 2: I'm not up to speed on this other than I

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Speaker 2: can't buy eggs right? When can we not buy milk?

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Speaker 2: I mean, what's you know? Does it go over to cows?

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Speaker 2: Like you say milk?

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Speaker 5: It's time?

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Speaker 2: Don't do eggs right, let's go up.

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Speaker 5: The at Costco. They did have the brown eggs only,

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Speaker 5: and everyone was scrambling for them.

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Speaker 2: It was like and you were you were fried because

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Speaker 2: you were last.

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Speaker 4: Paul poached?

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Speaker 2: Okay last quickly? Uh?

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Speaker 5: How to say, fit past one hundred years old without

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Speaker 5: going to the gym. Okay, so this take notes, Okay,

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Speaker 5: because business insiders spoke to centenarians and they say that

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Speaker 5: they did a couple of things. So what you have

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Speaker 5: to do is you have to walk a lot more

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Speaker 5: so outside up and down the hallway, go to Walmart,

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00:22:37,320 --> 00:22:40,560
Speaker 5: walk the walk the aisles, whatever you do. You have

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00:22:40,600 --> 00:22:44,080
Speaker 5: to cycle instead of driving, Okay, even if it's like

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00:22:44,080 --> 00:22:46,239
Speaker 5: a stationary bike. If you can't drive, you know at

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00:22:46,240 --> 00:22:49,760
Speaker 5: that age, all right, you can get on the peloton, Paul. Okay,

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00:22:50,320 --> 00:22:52,639
Speaker 5: make it a social thing, so join like a club,

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00:22:52,840 --> 00:22:53,879
Speaker 5: like a bowling.

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Speaker 4: Club, Paul, Centenarians are there out there.

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00:22:57,800 --> 00:23:00,919
Speaker 5: There is more than you think to be amaz. So

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00:23:00,960 --> 00:23:03,520
Speaker 5: they're basically saying these things because they're saying, here's what

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Speaker 5: we've been doing over the past, you know, ten twenty years,

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00:23:06,920 --> 00:23:08,360
Speaker 5: and that's why we're living so long.

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Speaker 2: Paul and I are just trying to get through a

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Speaker 2: Tuesday morning. It's twelve degrees outact and you just seemed

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00:23:13,760 --> 00:23:16,240
Speaker 2: glad all over. I mean, I don't know what to say, Lisa.

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00:23:16,359 --> 00:23:18,760
Speaker 4: You just you know, she's so glad he's with them.

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Speaker 5: Yeah, you gotta keep moving.

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Speaker 2: Lisa Matteo with the newspapers. Thank you so much.

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