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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. This is Bloomberg business

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Speaker 1: Week Daily reporting from the magazine that helps global leaders

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Speaker 1: stay ahead with insight on the people, companies, and trends

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Speaker 1: shaping today's complex economy. Plus global business, finance and tech

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Speaker 1: news as it happens. The Bloomberg Business Week Daily Podcast

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Speaker 1: with Carol Masser and Tim Stenebeck.

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Speaker 2: On Bloomberg Radio, we got.

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Speaker 3: Mike McKee with us Bloomberg News International Economics and Policy correspondent.

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Speaker 3: He joins us here in the Bloomberg Business Week Studio. Mike,

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Speaker 3: I have trouble keeping track of all of these. Fortunately

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Speaker 3: you are here to set us straight. People are familiar

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Speaker 3: with the Liberation Day tariffs from last year, struck down

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Speaker 3: by the Supreme Court. I'm still waiting on my refund check.

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Speaker 3: I don't know if you've gotten yours. No, okay, you

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Speaker 3: haven't gotten you likely to get.

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Speaker 2: Don't wait too long.

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Speaker 3: Okay, we'll get to that. The tariffs that were laid

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Speaker 3: out yesterday four to fifty seven pm Wall Street Time,

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Speaker 3: How are these different than what the President did last year?

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Speaker 4: Well, the President did the Section one twenty two tariffs

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Speaker 4: after the Supreme Court struck down his IEPA tariffs, which

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Speaker 4: gave him the ability to do one hundred and fifty

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Speaker 4: days of tariffs at ten percent around the world, and

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Speaker 4: that expired at midnight last night. So today they announced

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Speaker 4: these new Section three zero one tariffs, which is basically

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Speaker 4: an effort to recreate the tariff levels that they already have.

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Speaker 4: In this case, they're arguing that Section three to oho

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Speaker 4: one allows tariffs on national security grounds or if the

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Speaker 4: US is party to treaties and people are not keeping

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Speaker 4: up with the treaties, and it's kind of that part

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Speaker 4: that it falls under because the US is accusing these

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Speaker 4: countries of either using forced labor to produce things or

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Speaker 4: not policing the companies that they're importing from, and so

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Speaker 4: then they've levied ten percent to twelve and a half

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Speaker 4: percent tariffs on these people, which is the same is

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Speaker 4: what we had before with the one twenty two. So

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Speaker 4: it doesn't change the tariff level, maybe, you know, a

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Speaker 4: little bit for some companies, but in general, keeps tariffs

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Speaker 4: at about where they are.

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Speaker 3: It's just a different justif.

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Speaker 4: It's just a different justification that they hope will be

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Speaker 4: legal before the Supreme Court.

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Speaker 3: But while you were.

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Speaker 4: Talking, we just saw a headline that some companies have

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Speaker 4: already filed suit against the President on those tariffs, arguing

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Speaker 4: that they're just an excuse for the tariffs that were

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Speaker 4: already struck down as illegal by the Supreme Court. So

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Speaker 4: we're back where we were, as Carol was saying, deja

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Speaker 4: vu all over again. And now we have these other

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Speaker 4: threats today from the President and three oh one tariffs

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Speaker 4: arguing that it's not fair to American companies that the

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Speaker 4: EU can find them for breaking EU law.

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Speaker 2: Yet some would say if the US felt foreign companies

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Speaker 2: were breaking the law, right, we would do that. Well,

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Speaker 2: of course we would impose fines, of course.

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Speaker 5: Okay, you're trying to be logical.

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Speaker 3: Okay, what are the what are the what are the

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Speaker 3: I mean, is there a thing is it? Does it

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Speaker 3: stem from?

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Speaker 5: Uh?

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Speaker 3: Forced labor in China? Is that where all of the

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Speaker 3: stuffs from.

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Speaker 4: Not necessarily, I mean there there is and a bloomberg

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Speaker 4: sense of award winning reporting on this forced labor basically

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Speaker 4: slavery around the world in many, many, many countries, particularly

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Speaker 4: in Southeast Asia and son in Latin America, where a

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Speaker 4: Afroa people are just forced into producing for workers and

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Speaker 4: it can be actual slavery where you're imprisoned and you're

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Speaker 4: made to do it, or it can be economic imprisonment basically,

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Speaker 4: But are.

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Speaker 3: There I mean, is that is it? Is it legitimate?

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Speaker 3: Does the does the US have a legitimate way of

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Speaker 3: actually proving that these countries are doing business.

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Speaker 4: Where for a three zero one you have to do

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Speaker 4: an investigation? And so the administration has a written justification

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Speaker 4: for these countries. Now I would put some of it

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Speaker 4: certainly under stretching the law as far as it will

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Speaker 4: go the United Kingdom for example, or Canada, but there

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Speaker 4: are some legitimate uses and then so we'll have to

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Speaker 4: see how legally this all plays out. But what's happening

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Speaker 4: is the President is using these and he's going to

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Speaker 4: put the tariffs in place, and they will be in

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Speaker 4: place while whatever legal battles go on.

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Speaker 2: So essentially a mechanism for imposing these tariffs while everybody

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Speaker 2: figures out really what he can or can't do right essentially,

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Speaker 2: so the Supreme Court ruling, like you brought this up

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Speaker 2: because you've been talking with some of your buds or

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Speaker 2: less life who were like, how can the president do this? Right?

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Speaker 2: With coming after the Supreme Court ruling, this is just

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Speaker 2: a reminder that he has different levers he can pull.

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Speaker 4: There are different levers, and there's a different a lot

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Speaker 4: of disagreement about which ones are legal. And the Court

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Speaker 4: basically ruled in the IEPA case the very first Liberation

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Speaker 4: Day tariffs that Congress didn't give him the right to

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Speaker 4: impose broad based tariffs like that.

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Speaker 5: That.

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Speaker 4: What Congress did was say the President could impose tariffs

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Speaker 4: on case by case basis when there are obvious violations

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Speaker 4: of US law. So there's some grounds maybe to look

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Speaker 4: at this broad three tozho one effort today as also

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Speaker 4: problematic for the president, but it's going to be up

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Speaker 4: to the Supreme Court to decide.

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Speaker 3: And what would the timeline on that potentially be.

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Speaker 4: You're going to be talking probably sometime late next year, Okay, then.

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Speaker 3: Okay, so let's push forward to the FED next week

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Speaker 3: and sort of the end.

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Speaker 4: Actually think there's another three to ozho one in process

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Speaker 4: for overproducing goods, which is similar to the idea of

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Speaker 4: the dumping that countries are doing, and that one the

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Speaker 4: President may add on to the tariff levels, so we

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Speaker 4: may see tariffs go up from the tech to twelve

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Speaker 4: percent range even higher.

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Speaker 3: So were tariff's inflationary.

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Speaker 4: They are, but not to the extent that we thought

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Speaker 4: they would be, in part because of the world has changed,

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Speaker 4: but in part because a lot of the people who

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Speaker 4: were tariff the businesses doing the importing, absorbed some of

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Speaker 4: the tariffs, and then they were working off of inventories

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Speaker 4: that they'd stocked up on because the tariffs were coming,

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Speaker 4: so the price changes didn't hit people all at the

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Speaker 4: same time. Now you saw today that Qualcomm said they're

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Speaker 4: raising their prices by double digits, So maybe we're going

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Speaker 4: to get a bit more of a reaction now, but

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Speaker 4: in the grand scheme of things, they weren't to take

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Speaker 4: it back to where you want to go. They weren't

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Speaker 4: the kind of level of inflation that the FED would

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Speaker 4: worry about at this point.

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Speaker 3: Well with Qualcomm, that would be like what Apple did

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Speaker 3: as a result of memory prices.

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Speaker 6: Right, Yeah, that falls under the category of as a

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Speaker 6: result of supply and demand is more demand than there

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Speaker 6: is supply for ai good, And that's something that FED

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Speaker 6: mentioned at their last meeting that they were concerned about

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Speaker 6: in terms of inflation.

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Speaker 2: Thirty seconds something really important before you leave most read

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Speaker 2: or among the most read stories on the Bloomberg Lebron

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Speaker 2: James a Laker no more, A Laker no more.

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Speaker 4: His contract is not going to be inflationary because he

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Speaker 4: took a very low payday in order to join the

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Speaker 4: seventy six ers, and hopefully he leads them. Hopefully, he says,

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Speaker 4: he leads them to another championship. I'm sure anybody who

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Speaker 4: doesn't live in Philadelphia doesn't have the same hope.

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Speaker 2: Yeah. I know, we have some folks on our team

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Speaker 2: from Philadelphia, and they were pretty happy. I think about this. Mike,

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Speaker 2: thank you so much. Really appreciate it. Bloomberg TV and

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Speaker 2: Radio International Economics and Policy Correspondent Michael McKee.

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Speaker 7: You're listening to the Bloomberg Business Weekdaily Podcast. Catch us

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Speaker 7: live weekday afternoons from two to five pm Eastern. Listen

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Speaker 7: on Apple CarPlay and Android Auto with the Bloomberg Business app,

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Speaker 7: or watch us live on YouTube.

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Speaker 2: Bloomberg Intelligence Global Head of Technology Research Mandy Singh is

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Speaker 2: with us, joining us remotely in New York. Man deep

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Speaker 2: Intel shares. You were with us, they rallied more than

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Speaker 2: twelve percent following results. You were here with us. Shares

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Speaker 2: coming back down to earth here and they are lower

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Speaker 2: as we speak. Post the Intel earnings called what did

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Speaker 2: we learn? What anything here change you're thinking about the results?

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Speaker 8: Yes, I think the server side obviously was quite refreshing,

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Speaker 8: that fact that they are undershipping demand. But on the

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Speaker 8: client side, that's where the memory prices probably will have

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Speaker 8: a bigger impact in the second half, and that's where

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Speaker 8: I think Intel tempered expectations for how much that client

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Speaker 8: side is going to grow in the second half. And

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Speaker 8: the other thing I would call out is just the

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Speaker 8: capex expectations. I mean, they talked about ramping up foundry

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Speaker 8: and yields getting better, but you know, when it comes

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Speaker 8: to financing some of that foundry expansion, it wasn't clear

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Speaker 8: that they have the balance sheet to do it one

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Speaker 8: and if it will involve some sort of equity financing.

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Speaker 8: I think the financing aspect just wasn't clear if they

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Speaker 8: were to raise their capex, and that's where I think

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Speaker 8: there was some nervousness around what this means to Intel's

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Speaker 8: balance sheet.

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Speaker 3: Many we were going to talk about the week that

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Speaker 3: was when it comes to tech, but before that, and

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Speaker 3: kind of related to that, we did hear from Alphabet

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Speaker 3: and certainly concerns about Alphabet's capex and people thinking Okay, well,

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Speaker 3: how do we add that into the picture of how

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Speaker 3: all these companies are spending on capex for AI demand

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Speaker 3: and then also the backlog there and looking at AI demand.

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Speaker 3: Did we get anything from Intel that makes that picture

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Speaker 3: any clearer?

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Speaker 8: I mean, right now, it feels like every company has

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Speaker 8: to raise their capex simply because all the components are

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Speaker 8: getting more expensive. In fact, if you're not raising capex,

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Speaker 8: in my mind, that is a sign that you are

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Speaker 8: cutting back somewhere else. And so the fact that Alphabet

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Speaker 8: raised their CAPEX by four percent for the FOLL year

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Speaker 8: twenty twenty six is a sign that they are actually

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Speaker 8: taking in the memory prices into account and not curtailing

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Speaker 8: anywhere else. And same thing with I would say even Intel,

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Speaker 8: you know, things are getting expensive for them in terms

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Speaker 8: of making those investments. So it's a good sign that

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Speaker 8: these companies are staying on track when it comes to

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Speaker 8: taking the component price increases into effect and they're not

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Speaker 8: holding back in terms of cutting somewhere else. So I

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Speaker 8: view it positively personally in terms of this overall AI

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Speaker 8: infrastructure extent.

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Speaker 2: Right, if you're looking for signs of optimism, it's not

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Speaker 2: just about growing backlogs and other things. But it's if

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Speaker 2: you are willing to raise prices and still keep on spending.

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Speaker 2: You wouldn't do that unless you felt like the momentum

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Speaker 2: is going to continue for longer.

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Speaker 3: Correct exactly.

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Speaker 8: And look, Alphabet did give us a proof point in

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Speaker 8: terms of their cloud growth of eighty two percent and

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Speaker 8: margins expanding to thirty six percent. Yes, near term they

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Speaker 8: may come down, but that's for a different reason because

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Speaker 8: they're renting from third parties and so everything, every data

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Speaker 8: point that we gathered this week at least was positive. Obviously,

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Speaker 8: you'll find out next week if the same holds true

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Speaker 8: for Microsoft, Amazon and others. But the narrative so far

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Speaker 8: supports the AI infrastructure expansion as well as the ROI

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Speaker 8: you are seeing on that investment.

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Speaker 3: So okay, let's talk a little more about the big

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Speaker 3: picture and kind of the week that was. Well, if

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Speaker 3: we have time, we'll get to the president's view on

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Speaker 3: tech and tech with regard to Europe. But given that

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Speaker 3: we have four more of the mag seven next week,

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Speaker 3: man deep, well, we'll hear from Apple. I'm trying to

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Speaker 3: understand the big picture of what we learned this week

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Speaker 3: and what we need to be prepared for next week.

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Speaker 8: I mean two big things. One is obviously the cloud

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Speaker 8: revenue comparison. And now that you know Alphabet has set

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Speaker 8: the bar so high with their eighty two percent cloud

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Speaker 8: growth at one hundred billion dollar run rate and the

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Speaker 8: backlog that they have shown five hundred plus billion. Now

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Speaker 8: you know Microsoft will be measured to that bar in

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Speaker 8: terms of whether Azure growth is forty percent or forty

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Speaker 8: five or fifty same thing for Amazon Aws, is it

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Speaker 8: going to be thirty or accelerating sequentially? Because I think

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Speaker 8: everyone is expecting to see ROI on this big spend

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Speaker 8: in the cloud numbers. For sure, Meta it will be

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Speaker 8: different because they don't have a cloud business, and it'll

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Speaker 8: be interesting to see how they talk about that on

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Speaker 8: the call in terms of what they plan to do

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Speaker 8: going forward. And Apple, to my mind, you know, they

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Speaker 8: are another case of a company that is facing component

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Speaker 8: price increases. That I mean, if I were to contrast

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Speaker 8: them to Intel, which said second half, you know, consumer

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Speaker 8: PCs may actually slow down because of the demand destruction

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Speaker 8: tied to higher memory prices. The same thing should be

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Speaker 8: applicable to Apple, So it'll be interesting to see what

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Speaker 8: they end up guiding too for the second half.

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Speaker 2: Hey, thirty seconds anything we need to know about the

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Speaker 2: president here out on social abot EU finds against Apple

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Speaker 2: and Google and looking to kind of go back after

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Speaker 2: the EU. I mean, these nations have a right to

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Speaker 2: oversee these these big companies that operate there. Just got

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Speaker 2: a few seconds, twenty five seconds.

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Speaker 8: I mean, very supportive of big tap both on the

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Speaker 8: EU side as well as the open source models and

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Speaker 8: how they are looking to, you know, scrutinize them. So

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Speaker 8: overall positive for big tech companies in terms of the

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Speaker 8: support doing from the administration.

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Speaker 2: You're amazing. We owe you like an Apple basket or

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Speaker 2: a box of chocolate or something. Man Deep, thank you

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Speaker 2: for always being there for us, Man Deep saying, Bloomberg

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Speaker 2: Intelligence globe ahead of technology research.

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Speaker 3: Stay with us. More from Bloomberg Business Week Daily coming

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Speaker 3: up after this.

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Speaker 1: You're listening to the Bloomberg Business Week Daily podcast. Catch

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Speaker 1: us live weekday afternoons from two to five eas during

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Speaker 1: Listen on Applecarplay and Android Auto with the Bloomberg Business app,

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Speaker 1: or watch us live on YouTube.

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Speaker 3: Brent is up about thirty percent this month alone. From more.

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Speaker 3: We are joined by Cleric Gillespie Senior Fellow for Climate

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Speaker 3: and Energy at the Council of Foreign Relation. She joins

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Speaker 3: us from Washington, DC. Claire did the did the energy

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Speaker 3: like the energy markets told us a few weeks ago

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Speaker 3: that the worst was behind us, and it seems like

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Speaker 3: they got it wrong. What is the price action reflecting

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Speaker 3: to you about the current state of affairs of what's

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Speaker 3: happening in the Middle East?

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Speaker 9: For me, one of the biggest takeaways in what we're

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Speaker 9: seeing with oil prices right now is just the degree

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Speaker 9: of uncertainty that we're seeing on still a data day basis,

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Speaker 9: because this is another week in which energy markets have

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Speaker 9: remained incredibly fragile, and yet even so we've seen resilience

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Speaker 9: adaptation coming from a number of fronts. I think one

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Speaker 9: of the challenges that we're dealing with is now we're

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Speaker 9: talking about a situation that's not just an ongoing conflict,

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Speaker 9: it's a conflict that's expanding on multiple fronts with implications

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Speaker 9: for markets.

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Speaker 2: Yeah, what are the implications? Like, you know, one of

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Speaker 2: the things, Claria, that we've been talking about is, you know,

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Speaker 2: watching China, how they are increasingly embracing other forms of energy.

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Speaker 2: They want to not be beholden to the world when

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Speaker 2: it comes to their energy needs, and that's whether it's nuclear,

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Speaker 2: whether it's alternative energy. Like we see that, I do wonder,

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Speaker 2: you know, when we think more broadly about energy and

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Speaker 2: we're still very reliant on fossil fuels, but longer term,

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Speaker 2: I mean Saudi Arabia, the whole region Middle East, they

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Speaker 2: are thinking about like life after fossil fuel, aren't they.

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Speaker 9: You know, I'm not sure yet if countries are thinking

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Speaker 9: about life after fossil fuels, but I do think increasingly

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Speaker 9: we're seeing questions about life after peak oil, or at

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Speaker 9: least the kind of reliance on oil that we've seen

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Speaker 9: in previous years. A big part of this, and what

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Speaker 9: we've seen in the number of adaptations over the last

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Speaker 9: few months, is this kind of rising interest and focus

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Speaker 9: on electrification, on vehicles, on other things that can help

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Speaker 9: curb that demand for oil. It's certainly something that has

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Speaker 9: also factored into Saudi Arabia's thinking as well on multiple

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Speaker 9: aspects of its energy security strategy, and for that reason,

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Speaker 9: I think also influences how it thinks about its remaining

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Speaker 9: export potential. But the reason I'm hesitant to say that

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Speaker 9: we're in a world that's thinking beyond or kind of.

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Speaker 10: Post fossil fuels.

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Speaker 9: Yet is some of the broader things that we've seen

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Speaker 9: on this front. One of the questions is, of course,

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Speaker 9: what we've seen with natural gas trade, where I think

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Speaker 9: some of the stories continue to be more mixed and

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Speaker 9: there are questions there. But I also think quite a

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Speaker 9: bit about coal demand as well, where you have, for example,

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Speaker 9: in response to this crisis and rising demand for electricity,

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Speaker 9: Asia really increasing its consumption of coal to make up

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Speaker 9: for that gap it's had in tight LNG markets, and

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Speaker 9: so longer term, a question is, you know, do.

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Speaker 10: We see that sustained?

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Speaker 9: Clearly multiple economies, not just China, but you also have

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Speaker 9: Vietnam and others have been thinking about that transition to

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Speaker 9: greater use of renewable energy sources. They were thinking about

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Speaker 9: that Prehrror moves as well. So there is a question

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Speaker 9: of how much more they can do and what as

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Speaker 9: they see as their most challenging sources of potential system strain.

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Speaker 3: Yeah, well, what's the I mean, coal for now is

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Speaker 3: easier than some of the renewables you talk about, and

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Speaker 3: perhaps some of the nuclear because you can just increase

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Speaker 3: what you're actually doing when it comes to what are

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Speaker 3: the long term implications if there is a higher alliance

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Speaker 3: on coal in some of those countries you mentioned.

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Speaker 9: There are a couple of implications of longer term alliance

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Speaker 9: on coal. And I'll say it's not just that coal

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Speaker 9: is easier. It's in some case the capacity is just

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Speaker 9: already in place eater utilize if you continue to utilize it.

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Speaker 9: So why has it been underutilized? What are the risks

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Speaker 9: of if it's utilized at a greater degree over the

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Speaker 9: long term. We talk a lot about air pollution in particular,

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Speaker 9: which the Asia Pacific region in particular has really been

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Speaker 9: front and center. We've all seen the stories of you know,

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Speaker 9: years and years of really toxic air pollution out of Beijing,

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Speaker 9: New Delhi, elsewhere.

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Speaker 10: I think that's.

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Speaker 9: One of the implications. Another is we often talk about

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Speaker 9: coal as this sort of low cost source of energy.

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Speaker 9: We talk about it as something that's domestically abundant. We

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Speaker 9: are seeing more and more across the region, both rising

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Speaker 9: prices on coal and rising requirements for coal imports as

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Speaker 9: well to meet those needs. So there's a little bit

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Speaker 9: of a geopolitical concern there as well.

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Speaker 2: Wait, so more demand for coal, you're saying in general

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Speaker 2: or what I'm sorry, I think I'm kind of missed

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Speaker 2: the point here. Yeah.

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Speaker 9: Absolutely, in the near term, we're already seeing more demand

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Speaker 9: for coal, more than both today and more than our

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Speaker 9: expectations that already saw demand for coal rising in South

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Speaker 9: and Southeast Asia as well. But beyond just kind of

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Speaker 9: the near term shock, there are things that I'm watching

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Speaker 9: now where it's going to be interesting to see what

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Speaker 9: actually moves forward or does not. For example, there's been

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Speaker 9: some reporting on Vietnam of questions of it is considering

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Speaker 9: new construction of coal fired power plants. It is not

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Speaker 9: the only one across the region that has had trouble,

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Speaker 9: not just in questions of reducing its use of existing plants,

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Speaker 9: but holding off on additional builds, and that's something that

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Speaker 9: could further incentivize demand higher.

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Speaker 2: So I think about your senior fellow for Climate and Energy,

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Speaker 2: So how do you think about all of this in

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Speaker 2: terms of the global climate picture going forward in a

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Speaker 2: year where certainly here in the US we've been dealing

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Speaker 2: with smoke coming down from wildfires in Canada. You know,

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Speaker 2: extreme weather again, whether it's water or heat. So I'm

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Speaker 2: just curious as you watch the global energy picture and

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Speaker 2: what's going on there and what it means for global climate.

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Speaker 2: How do you title together? Is it worrisome?

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Speaker 10: It's worrisome.

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Speaker 9: And I would also say that it is a bit

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Speaker 9: of a mixed story because you have seen already a

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Speaker 9: number in the region who, in the response to this

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Speaker 9: ongoing global energy market shop have talked about the increased

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Speaker 9: use of nuclear energy earlier restarts or new builds.

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Speaker 10: They've talked about.

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Speaker 9: Their greater ambitions for not just the renewable energy sources

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Speaker 9: that we think about so wind and soul, but also

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Speaker 9: biofuels and other alternatives as well. So I think these

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Speaker 9: are all great friends, but I think they do not

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Speaker 9: fully eliminate my concern about one the potential for rising

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Speaker 9: use of coal, and in turn, even with greater progress,

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Speaker 9: I think we still do have those real, serious, growing

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Speaker 9: challenges of the reasons rising carbon emissions and the challenges

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Speaker 9: that creates not just for individual communities in the region,

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Speaker 9: but for global action at large.

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Speaker 3: We just have ten seconds, and I want to end

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Speaker 3: where we began, and that's with oil prices and just

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Speaker 3: your prediction as we get into the fall, are we

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Speaker 3: going to stay around one hundred dollars a barrel.

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Speaker 9: You know, I think we are still in an environment

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Speaker 9: where there are so many uncertainties. We are wondering if

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Speaker 9: the price point that we're at now is sustainable, and

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Speaker 9: it's some of the things.

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Speaker 10: Yeah, I would love to go too.

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Speaker 3: Cli Lesbie, Senior Fellow for Climate and Energy of the

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Speaker 3: Council in Foreign Relations and joining us from Washington, DC.

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Speaker 1: Listening to the Bloomberg Business Week Daily podcast. Catch us

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00:22:03,960 --> 00:22:06,920
Speaker 1: live weekday afternoons from two to five eas during Listen

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00:22:07,000 --> 00:22:10,640
Speaker 1: on Applecarplay and Android Auto with the Bloomberg Business.

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00:22:10,280 --> 00:22:12,840
Speaker 2: App, or watch us live on YouTube.

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Speaker 3: We're talking about the latest when it comes to Foya Files.

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Speaker 3: Jason Leopold is Bloomberg New Senior Investigate reporter. He's the

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Speaker 3: author of the Foila Files newsletter, comes out each Friday.

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00:22:22,880 --> 00:22:24,840
Speaker 3: You can read it and subscribe to it on the

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00:22:24,880 --> 00:22:27,480
Speaker 3: terminal or by going to Bloomberg dot com slash Newsletters.

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00:22:27,800 --> 00:22:31,280
Speaker 3: Jason also is the podcast Disclosure, and he's the executive

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Speaker 3: producer and executive producer of the new documentary The Real

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00:22:33,800 --> 00:22:37,359
Speaker 3: Wolf of Wall Street. It premiered earlier this month exclusively

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Speaker 3: on Paramount Plus. All episodes are available for streaming right

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Speaker 3: now do you ever. Well, I was gonna Jason, we

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Speaker 3: don't have any time left after that introduction because you're

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Speaker 3: doing it too much. So you know, make us keeps

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Speaker 3: me out of trouble. It doesn't make the rest.

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Speaker 11: That's good, Okay, That's basically why I'm working.

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Speaker 5: Stay out of trouble. All right.

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Speaker 3: Well, we like it when you stay out of trouble

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Speaker 3: because you can kind of explain the trouble that other

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Speaker 3: folks are getting into. And maybe that's a segue to

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Speaker 3: talk about why it took what four years for you

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Speaker 3: to get four years to get to a Twitter account?

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Speaker 3: What happened here?

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Speaker 11: Yeah, I mean this was this is just sort of

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Speaker 11: an example of how sometimes it's ridiculous in terms of

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Speaker 11: how long agencies take to produce documents. But the reason

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Speaker 11: I wrote about this this week because I felt it

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Speaker 11: was still relevant and you know, back in twenty twenty two,

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Speaker 11: the Customers and Border Protections West Texas Twitter account kind

436
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Speaker 11: of went off the rails and started liking politically charged

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Speaker 11: tweets from Stephen Miller that was critical of the Biden

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Speaker 11: administration's immigration policies.

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Speaker 5: And in addition to.

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Speaker 11: That, it liked, you know, tweets that were also homophobic

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Speaker 11: from Pete Buddhajeg who was the Secretary of Transportation. I

442
00:23:55,680 --> 00:23:58,280
Speaker 11: wanted some documents around that to find out how it happened.

443
00:23:58,280 --> 00:23:59,240
Speaker 5: What I was really.

444
00:23:59,000 --> 00:24:06,360
Speaker 11: Interested in is the social media guidelines, And if anyone's

445
00:24:06,400 --> 00:24:09,399
Speaker 11: been you know, watching social media over the past year

446
00:24:09,400 --> 00:24:12,359
Speaker 11: and a half, I think it's pretty apparent that the

447
00:24:12,400 --> 00:24:16,040
Speaker 11: way in which official government social media accounts have been

448
00:24:16,040 --> 00:24:19,440
Speaker 11: communicating with the public have been you know, quite aggressive,

449
00:24:19,520 --> 00:24:24,680
Speaker 11: it's been volatile, and the social Media guidelines really sets

450
00:24:25,640 --> 00:24:29,439
Speaker 11: for the ways in which, you know, government agencies are

451
00:24:29,440 --> 00:24:31,439
Speaker 11: supposed to communicate with people.

452
00:24:31,800 --> 00:24:33,320
Speaker 5: So that was the real get for me.

453
00:24:33,440 --> 00:24:36,760
Speaker 11: Here where these guidelines that were previously marked for official

454
00:24:36,880 --> 00:24:41,880
Speaker 11: use only, which essentially shows that you know, that they're

455
00:24:41,920 --> 00:24:45,760
Speaker 11: not supposed to when I say they, you know, certainly

456
00:24:45,800 --> 00:24:49,640
Speaker 11: in this case CBP, because these are CBP's guidelines, they're

457
00:24:50,000 --> 00:24:53,639
Speaker 11: they're not supposed to be engaging with the public or

458
00:24:53,880 --> 00:25:00,119
Speaker 11: posting any posts tweets on on x now, which is

459
00:25:00,160 --> 00:25:04,119
Speaker 11: what it is that would be vulgar, that would that

460
00:25:04,480 --> 00:25:09,719
Speaker 11: would rise to the level of propaganda. So these strict guidelines,

461
00:25:09,760 --> 00:25:14,000
Speaker 11: these eleven pages would appear to you know, show that

462
00:25:14,000 --> 00:25:17,439
Speaker 11: that the agency is kind of straying from what is

463
00:25:18,240 --> 00:25:21,600
Speaker 11: you know, what they're obligated to do actually under the law.

464
00:25:22,080 --> 00:25:27,880
Speaker 11: In some cases as well, we've seen pictures of individuals

465
00:25:27,840 --> 00:25:32,159
Speaker 11: who've been accused of you know, various crimes. You know,

466
00:25:32,200 --> 00:25:34,560
Speaker 11: what these guidelines say is that they're not supposed to

467
00:25:34,600 --> 00:25:37,080
Speaker 11: be you know, doing them.

468
00:25:37,840 --> 00:25:41,280
Speaker 2: So wait, have you reached out then back to them

469
00:25:41,400 --> 00:25:44,920
Speaker 2: to find out, like in this environment, whether those rules

470
00:25:44,920 --> 00:25:47,240
Speaker 2: are being followed since it's a bunch of pages on

471
00:25:47,520 --> 00:25:48,520
Speaker 2: rules and regulations.

472
00:25:48,600 --> 00:25:52,639
Speaker 11: Yeah, I did reach out to CBP just to find

473
00:25:52,640 --> 00:25:57,240
Speaker 11: out if these twenty nineteen guidelines are still in effect and.

474
00:25:58,600 --> 00:26:00,280
Speaker 5: Or if there's you know, some new ones.

475
00:26:00,280 --> 00:26:03,240
Speaker 11: And basically, you know, what the spokesperson told me is

476
00:26:03,280 --> 00:26:08,840
Speaker 11: that you know, they are updated as needed. I wouldn't

477
00:26:08,880 --> 00:26:11,720
Speaker 11: say one way or another whether they're still using these

478
00:26:12,119 --> 00:26:15,440
Speaker 11: guidelines or if there are new ones, but just periodically,

479
00:26:15,480 --> 00:26:17,800
Speaker 11: you know, they're periodically reviewed and updated.

480
00:26:20,440 --> 00:26:21,760
Speaker 2: I don't even know what to say.

481
00:26:21,920 --> 00:26:26,240
Speaker 11: I mean, good questions, but I know these are the

482
00:26:26,320 --> 00:26:28,520
Speaker 11: questions I ask. This is why I was like, well,

483
00:26:28,520 --> 00:26:31,080
Speaker 11: how do they come to tweet that or post that?

484
00:26:31,960 --> 00:26:35,120
Speaker 11: And that's when I say, you got to foia.

485
00:26:34,880 --> 00:26:38,480
Speaker 3: It is it typical that it would take something four

486
00:26:38,560 --> 00:26:39,719
Speaker 3: years to get files like this.

487
00:26:39,880 --> 00:26:42,919
Speaker 11: No, it's it's not typical, and I don't have an

488
00:26:42,960 --> 00:26:43,879
Speaker 11: explanation for it.

489
00:26:43,920 --> 00:26:46,520
Speaker 3: But you have no idea why some Why you get

490
00:26:46,560 --> 00:26:48,640
Speaker 3: some within a few months and some within a few years.

491
00:26:48,640 --> 00:26:49,160
Speaker 3: You have no idea.

492
00:26:49,320 --> 00:26:52,280
Speaker 2: It seems like an easy request, no offense, right, very

493
00:26:52,320 --> 00:26:54,680
Speaker 2: easy requests, Yeah, very easy.

494
00:26:55,160 --> 00:26:58,000
Speaker 5: No explanation behind that. So Jason left to.

495
00:26:58,000 --> 00:26:59,880
Speaker 3: Wonder before about this, and I want you to sort

496
00:26:59,920 --> 00:27:01,240
Speaker 3: of go into it a little bit. How do you

497
00:27:01,320 --> 00:27:03,919
Speaker 3: know that what you're getting is actually exhaustive.

498
00:27:06,480 --> 00:27:08,640
Speaker 5: It's a great question. So it's based on my request.

499
00:27:08,800 --> 00:27:12,639
Speaker 11: So if you know, if I ask for a wide

500
00:27:12,760 --> 00:27:17,399
Speaker 11: range of documents and the agency only turns over a few,

501
00:27:18,040 --> 00:27:23,320
Speaker 11: you know, pages of records, that I questioned the integrity

502
00:27:23,320 --> 00:27:25,520
Speaker 11: of the search. So I'm carefully looking at what they

503
00:27:25,600 --> 00:27:30,119
Speaker 11: produced in response to what I specifically requested. And you

504
00:27:30,160 --> 00:27:32,400
Speaker 11: know there are many instances I did it yesterday where

505
00:27:32,440 --> 00:27:35,800
Speaker 11: I appealed the integrity of an agency search because I

506
00:27:35,800 --> 00:27:37,920
Speaker 11: didn't think it was exhaustive enough.

507
00:27:39,240 --> 00:27:44,480
Speaker 2: Well, speaking of keeping an eye on the government, oh okay,

508
00:27:44,520 --> 00:27:46,399
Speaker 2: we are keeping an eye on because President Trump is

509
00:27:46,400 --> 00:27:49,200
Speaker 2: making some comments from the White House, we do have

510
00:27:49,240 --> 00:27:52,800
Speaker 2: some headlines. Hang on a second, sure, Jason, As we

511
00:27:52,880 --> 00:27:55,560
Speaker 2: just kind of go through President Trump on the Saudi

512
00:27:55,680 --> 00:27:59,359
Speaker 2: nuclear deal, the time for them to do the Abraham Accords.

513
00:28:00,040 --> 00:28:03,360
Speaker 2: That is certainly an agreement when it comes to nuclear

514
00:28:03,400 --> 00:28:06,160
Speaker 2: weapons and nuclear capabilities, and that is something that we've

515
00:28:06,200 --> 00:28:09,719
Speaker 2: talked about here with our team. That's unlikely that Saudi

516
00:28:09,720 --> 00:28:11,240
Speaker 2: Arabia would sign on to.

517
00:28:11,240 --> 00:28:12,840
Speaker 3: But the President says at some point they will.

518
00:28:14,359 --> 00:28:15,000
Speaker 2: We will see.

519
00:28:15,080 --> 00:28:15,480
Speaker 3: Yeah.

520
00:28:15,560 --> 00:28:19,880
Speaker 2: Yeah. He also said on Iran problem, disappearing no great

521
00:28:19,920 --> 00:28:24,280
Speaker 2: power anymore. I would think it's safely safe to say

522
00:28:24,280 --> 00:28:28,159
Speaker 2: that if you talked to Iran, they would probably disagree.

523
00:28:29,240 --> 00:28:31,720
Speaker 3: Well, I guess you know it does I beg to differ.

524
00:28:32,359 --> 00:28:35,400
Speaker 3: He what he said over the past few months about

525
00:28:35,440 --> 00:28:40,120
Speaker 3: that that whole country, country's military being decimated, being destroyed,

526
00:28:40,120 --> 00:28:43,440
Speaker 3: parts of the navy being destroyed. We are still fighting

527
00:28:43,680 --> 00:28:44,480
Speaker 3: over the last two.

528
00:28:44,280 --> 00:28:47,640
Speaker 2: Back and forth on both sides. So yeah, all right,

529
00:28:47,640 --> 00:28:50,280
Speaker 2: We're going to monitor those folks and certainly bring you

530
00:28:50,360 --> 00:28:52,960
Speaker 2: any headlines as they are known and certainly relevant to

531
00:28:53,040 --> 00:28:55,280
Speaker 2: the Bloomberg audience and an investing audience. But we want

532
00:28:55,280 --> 00:28:59,400
Speaker 2: to stay with Jason Leopold, Senior investigative reporter at Bloomberg News. Hey, Jason,

533
00:28:59,440 --> 00:29:02,120
Speaker 2: before our time rehaps up. We do want to get

534
00:29:02,160 --> 00:29:04,160
Speaker 2: to your attention. You've been so great and kind of

535
00:29:04,240 --> 00:29:07,480
Speaker 2: keeping us up to date on all things Epstein, and

536
00:29:07,840 --> 00:29:10,240
Speaker 2: the newsflow has definitely slowed down, but we know that

537
00:29:10,280 --> 00:29:12,680
Speaker 2: there are still documents that we don't have and people

538
00:29:12,680 --> 00:29:15,360
Speaker 2: don't have, and there's still stuff being gone through. There's

539
00:29:15,400 --> 00:29:22,880
Speaker 2: a really interesting and fun fun wrong word tracking flights

540
00:29:24,400 --> 00:29:27,920
Speaker 2: in terms of Jeffrey Epstein's operations, thousands of flights booked

541
00:29:27,960 --> 00:29:33,320
Speaker 2: by the financiers staff, connected associates and victims to a

542
00:29:33,360 --> 00:29:36,600
Speaker 2: global network of properties. Finding all of this stuff out

543
00:29:36,600 --> 00:29:39,920
Speaker 2: and tracking it's important, right, Oh.

544
00:29:39,760 --> 00:29:40,600
Speaker 5: It's hugely important.

545
00:29:40,680 --> 00:29:43,760
Speaker 11: This is this is an example, this story today by

546
00:29:43,800 --> 00:29:44,440
Speaker 11: our colleagues.

547
00:29:44,480 --> 00:29:46,720
Speaker 5: I mean, it's great investigative work.

548
00:29:47,240 --> 00:29:51,240
Speaker 11: And what they did is they took the data and

549
00:29:51,360 --> 00:29:54,360
Speaker 11: documents that the Justice Department released earlier this year and

550
00:29:54,400 --> 00:30:00,240
Speaker 11: carefully read through everything, read through various spreadsheets and and

551
00:30:00,680 --> 00:30:03,840
Speaker 11: you know, connected the dots and you know what it ultimately,

552
00:30:04,120 --> 00:30:08,760
Speaker 11: you know shows is is you know, the vast network

553
00:30:08,840 --> 00:30:13,240
Speaker 11: of flights over you know, period of around maybe ten

554
00:30:13,360 --> 00:30:14,400
Speaker 11: ten or eleven years.

555
00:30:14,400 --> 00:30:15,280
Speaker 5: If I'm not mistaken.

556
00:30:15,440 --> 00:30:19,880
Speaker 11: Yeah, and how that may have been, you know, ultimately

557
00:30:20,040 --> 00:30:24,120
Speaker 11: part of this this sex trafficking network that he was running.

558
00:30:25,000 --> 00:30:28,440
Speaker 3: We we also have a story about the French modeling

559
00:30:28,440 --> 00:30:31,440
Speaker 3: scout with ties to Jeffrey EPs Yeah, who was found

560
00:30:31,480 --> 00:30:38,960
Speaker 3: dead in Paris. Stories like this, Jason, get people's attention because, well,

561
00:30:39,000 --> 00:30:41,560
Speaker 3: for a few reasons. But what have you and the

562
00:30:41,600 --> 00:30:42,320
Speaker 3: team found here.

563
00:30:43,480 --> 00:30:48,280
Speaker 11: Well, you know Daniel Siodd who was this this French

564
00:30:48,320 --> 00:30:51,000
Speaker 11: modeling scout and what we know from the documents, I

565
00:30:51,000 --> 00:30:53,400
Speaker 11: mean he's in many of these documents and that you

566
00:30:53,400 --> 00:30:54,080
Speaker 11: know he was paid.

567
00:30:54,120 --> 00:30:55,440
Speaker 5: He's paid thousands of dollars.

568
00:30:55,480 --> 00:30:58,920
Speaker 11: There were discussions between Epstein and Jean Lupernell, who ran

569
00:30:58,960 --> 00:31:03,680
Speaker 11: this modeling agency, the MC two, where they discussed women

570
00:31:03,880 --> 00:31:13,040
Speaker 11: girls that Daniel Siodd was tasked with with finding women for.

571
00:31:14,280 --> 00:31:16,320
Speaker 11: I don't know if it's for the agency or specifically

572
00:31:16,360 --> 00:31:20,480
Speaker 11: for Epstein, but he his name resurfaced earlier this year

573
00:31:20,760 --> 00:31:25,200
Speaker 11: and he went on to uh It posted a video

574
00:31:25,600 --> 00:31:29,680
Speaker 11: essentially saying he had no idea that that he was

575
00:31:30,960 --> 00:31:33,600
Speaker 11: this is what he was involved with. But he was

576
00:31:33,600 --> 00:31:37,120
Speaker 11: the subject of an investigation that was reopened in France

577
00:31:37,640 --> 00:31:44,400
Speaker 11: related to Epstein's Epstein's crimes and currently they're they're investigating

578
00:31:44,440 --> 00:31:46,880
Speaker 11: the you know, the cause and manner of the death.

579
00:31:46,920 --> 00:31:50,160
Speaker 2: Right, all prompted by the Justice Department's release of that

580
00:31:50,280 --> 00:31:51,840
Speaker 2: large trove of Epstein files.

581
00:31:52,440 --> 00:31:54,080
Speaker 5: Raises a lot of eyebrows though.

582
00:31:54,040 --> 00:31:56,960
Speaker 2: Yeah, it absolutely does and has us talking about it

583
00:31:56,960 --> 00:32:00,600
Speaker 2: again as we try to piece everything to Yeah, as

584
00:32:00,600 --> 00:32:03,080
Speaker 2: you always help us do. Listen, Jason, thank you, Thank

585
00:32:03,120 --> 00:32:05,960
Speaker 2: you so much, really appreciate it. Have a good weekend.

586
00:32:06,320 --> 00:32:10,480
Speaker 2: Jason Leopold. He's senior investigative reporter at Bloomberg News. He is,

587
00:32:10,520 --> 00:32:15,200
Speaker 2: of course, author of the Foyer Files newsletter. You can

588
00:32:15,200 --> 00:32:17,920
Speaker 2: get it on the Bloomberg Bloomberg dot com slash newsletters.

589
00:32:17,960 --> 00:32:20,360
Speaker 2: He also hosts the podcast Disclosure, and we mentioned the

590
00:32:20,440 --> 00:32:24,600
Speaker 2: Real Wolf of Real Wolf of Wall Street, the documentary

591
00:32:24,880 --> 00:32:28,000
Speaker 2: on Paramount Plus Stay with us. More from Bloomberg Business

592
00:32:28,000 --> 00:32:29,920
Speaker 2: Week Daily coming up after this.

593
00:32:33,320 --> 00:32:36,800
Speaker 7: If you are listening to the Bloomberg Business Weekdaily podcast,

594
00:32:37,000 --> 00:32:40,560
Speaker 7: catch us live weekday afternoons from two to five pm Eastern.

595
00:32:40,720 --> 00:32:44,600
Speaker 7: Listen on Applecarplay and Android Auto with the Bloomberg Business app,

596
00:32:44,720 --> 00:32:47,360
Speaker 7: or watch us live on YouTube.

597
00:32:47,680 --> 00:32:51,280
Speaker 2: Family run British Wine Experience, Merchant so talk about having

598
00:32:51,360 --> 00:32:53,680
Speaker 2: some history and being around for a long time. They

599
00:32:53,680 --> 00:32:56,880
Speaker 2: have seen, to say the least a lot of wine,

600
00:32:56,920 --> 00:32:57,680
Speaker 2: a lot of beverages.

601
00:32:57,680 --> 00:33:01,640
Speaker 3: Probably we're talking about Barry Brothers. And Claudia Chamberlain joins us.

602
00:33:01,640 --> 00:33:05,360
Speaker 3: Now Advance Somilier and US general manager at Barry Brothers

603
00:33:05,360 --> 00:33:09,600
Speaker 3: in Rutti joins us from Washington, d C. Claudia, welcome, Welcome.

604
00:33:09,640 --> 00:33:11,240
Speaker 3: Before we get to the wine, give us a little

605
00:33:11,280 --> 00:33:15,120
Speaker 3: history of this establishment that goes back centuries.

606
00:33:16,000 --> 00:33:18,320
Speaker 12: Yes, absolutely, and thank you all so much for having

607
00:33:18,400 --> 00:33:21,520
Speaker 12: me on this fine Friday afternoon. So we are a

608
00:33:21,600 --> 00:33:25,320
Speaker 12: heritage British fine wine and spirits merchant. As you said,

609
00:33:25,360 --> 00:33:27,680
Speaker 12: we've been around since sixteen ninety eight, but we just

610
00:33:27,800 --> 00:33:30,600
Speaker 12: open our doors in the US this past November. So

611
00:33:31,080 --> 00:33:34,360
Speaker 12: we have a physical store that's at Farragut Square in Washington,

612
00:33:34,440 --> 00:33:36,920
Speaker 12: D C. And then an online service and then we

613
00:33:36,960 --> 00:33:40,720
Speaker 12: specialize in something that we call private client advisory services.

614
00:33:41,080 --> 00:33:44,440
Speaker 2: Well, a couple questions, why the US, Why now?

615
00:33:45,720 --> 00:33:47,320
Speaker 10: Yeah, So I think that's a great question.

616
00:33:47,760 --> 00:33:50,360
Speaker 12: The US has been for the longest time one of

617
00:33:50,400 --> 00:33:53,000
Speaker 12: the biggest consumers in the world, and that data just

618
00:33:53,040 --> 00:33:55,600
Speaker 12: continues to point us in the direction of a lot

619
00:33:55,640 --> 00:33:58,200
Speaker 12: of Americans are really interested in fine wine, and so

620
00:33:58,360 --> 00:34:01,400
Speaker 12: Barry Brothers having been arounds since the end of the

621
00:34:01,840 --> 00:34:05,840
Speaker 12: sixteen hundreds, they have quite a big database of clientele

622
00:34:05,880 --> 00:34:07,560
Speaker 12: around the world, and so they've had a number of

623
00:34:07,640 --> 00:34:10,239
Speaker 12: American clients for a long time, and we decided to

624
00:34:10,520 --> 00:34:13,200
Speaker 12: make it a bit easier to access the services by

625
00:34:13,239 --> 00:34:15,320
Speaker 12: opening up our doors in the US.

626
00:34:15,400 --> 00:34:17,960
Speaker 3: So for people listening right now who may not consider

627
00:34:18,280 --> 00:34:21,440
Speaker 3: fine wine an alternative asset class yet at this point

628
00:34:21,560 --> 00:34:25,279
Speaker 3: in their financial journey. The folks who you advise when

629
00:34:25,280 --> 00:34:28,360
Speaker 3: it comes to the private client private client service that

630
00:34:28,400 --> 00:34:32,160
Speaker 3: you offer, what do you advise them on? What do

631
00:34:32,239 --> 00:34:34,000
Speaker 3: you tell them about? What do you educate them on?

632
00:34:35,000 --> 00:34:38,120
Speaker 12: Yeah, I think you know, it's a number of different things,

633
00:34:38,160 --> 00:34:41,920
Speaker 12: because it's really a one on one conversation around whatever

634
00:34:41,960 --> 00:34:44,000
Speaker 12: it is that they're interested in. So it could be

635
00:34:44,080 --> 00:34:47,040
Speaker 12: that they are new on their fine wine drinking journey.

636
00:34:47,080 --> 00:34:50,239
Speaker 12: It could be that they're an established collector, so maybe

637
00:34:50,280 --> 00:34:52,920
Speaker 12: they want to talk through different types of white wines

638
00:34:52,920 --> 00:34:56,320
Speaker 12: that they're interested in. Maybe they have questions about different vintages,

639
00:34:56,760 --> 00:34:59,279
Speaker 12: questions about how long to lay a wine down for,

640
00:35:00,040 --> 00:35:00,680
Speaker 12: questions about how to.

641
00:35:00,719 --> 00:35:03,239
Speaker 10: Serve a wine, how to pair a wine, all those

642
00:35:03,280 --> 00:35:03,960
Speaker 10: types of things.

643
00:35:04,000 --> 00:35:07,200
Speaker 12: So it's really about meeting the client where they're at

644
00:35:07,280 --> 00:35:09,840
Speaker 12: and giving them advice on how to drink better and

645
00:35:10,000 --> 00:35:11,839
Speaker 12: also have a lot of fun while doing it.

646
00:35:11,880 --> 00:35:14,120
Speaker 2: So is it all about drinking better and being smart

647
00:35:14,160 --> 00:35:16,640
Speaker 2: and understanding? Is it also about wine collecting? We've done

648
00:35:16,760 --> 00:35:20,680
Speaker 2: so much reporting here at Bloomberg and you know, I'm

649
00:35:20,719 --> 00:35:23,200
Speaker 2: just reading from a story that we've done over the

650
00:35:23,280 --> 00:35:26,200
Speaker 2: last year. Passionate collectors buy wines they love and plan

651
00:35:26,280 --> 00:35:28,080
Speaker 2: to drink. Yes, but to invest, you have to select

652
00:35:28,080 --> 00:35:29,879
Speaker 2: the right ones at the right price at the right time.

653
00:35:30,000 --> 00:35:31,880
Speaker 2: If you have access to buy in the first place

654
00:35:32,239 --> 00:35:34,800
Speaker 2: and have them maintain their value. How many people are

655
00:35:34,920 --> 00:35:38,160
Speaker 2: looking to buy put them on a shelf in a cellar,

656
00:35:38,239 --> 00:35:40,600
Speaker 2: let them sit for a while and rise in value

657
00:35:40,719 --> 00:35:44,840
Speaker 2: to either drink later or to maybe even sell.

658
00:35:45,080 --> 00:35:47,000
Speaker 10: Yeah, I think it's again, it's a mix.

659
00:35:47,080 --> 00:35:50,040
Speaker 12: So our clientele is from all walks of life, truly,

660
00:35:50,080 --> 00:35:52,160
Speaker 12: and so there are people that are looking for something

661
00:35:52,239 --> 00:35:54,439
Speaker 12: that they're going to be drinking this weekend that they're

662
00:35:54,440 --> 00:35:56,759
Speaker 12: sharing with friends. And then there are people who are

663
00:35:56,760 --> 00:35:59,759
Speaker 12: looking to grab a case of their daughter's birth year

664
00:35:59,760 --> 00:36:01,799
Speaker 12: wine to hang on to for a while, so we

665
00:36:01,840 --> 00:36:04,600
Speaker 12: see all different kinds of things. I would say that

666
00:36:04,880 --> 00:36:09,360
Speaker 12: in general, the American consumer is very focused on the

667
00:36:09,400 --> 00:36:12,200
Speaker 12: act of consumption and the act of how to drink

668
00:36:12,239 --> 00:36:14,560
Speaker 12: something in its perfect drinking window, and how to find

669
00:36:14,640 --> 00:36:16,760
Speaker 12: the thing that they can open more in the immediate

670
00:36:16,800 --> 00:36:18,759
Speaker 12: versus hanging on to it for a long amount of time.

671
00:36:18,920 --> 00:36:20,520
Speaker 3: Carol wants to start drinking soon, but I have some

672
00:36:20,560 --> 00:36:21,040
Speaker 3: more questions.

673
00:36:21,120 --> 00:36:23,120
Speaker 2: No, but keep going. I don't know, but I mean

674
00:36:23,200 --> 00:36:25,960
Speaker 2: I am learning as I go and have been still like,

675
00:36:26,640 --> 00:36:29,239
Speaker 2: how do you figure out like when's the perfect time

676
00:36:29,560 --> 00:36:31,600
Speaker 2: to drink it, or what you need to do or

677
00:36:31,600 --> 00:36:33,560
Speaker 2: what you should be looking for? I mean, this is what.

678
00:36:33,480 --> 00:36:37,400
Speaker 12: You do, Yeah, exactly. It is up to personal preference.

679
00:36:37,520 --> 00:36:40,400
Speaker 12: So if you prefer something that is really vivacious and

680
00:36:40,520 --> 00:36:44,320
Speaker 12: fresh and sort of bright and acidic, then you're probably

681
00:36:44,320 --> 00:36:46,640
Speaker 12: going to lean more on the younger vintages of things,

682
00:36:46,719 --> 00:36:49,400
Speaker 12: or maybe the cooler vintages from the different growing regions

683
00:36:49,400 --> 00:36:52,839
Speaker 12: around the world, Versus if you love something that is

684
00:36:53,200 --> 00:36:55,560
Speaker 12: a little bit more broken in, like fine leather, right,

685
00:36:55,640 --> 00:36:57,600
Speaker 12: then maybe you're going to opt for something that's a

686
00:36:57,600 --> 00:37:00,680
Speaker 12: bit more mature, so it totally depends also depends on

687
00:37:00,719 --> 00:37:04,239
Speaker 12: what you're eating, how you're feeling, what the temperature is outside.

688
00:37:04,480 --> 00:37:06,640
Speaker 12: So the type of thing is we have a range

689
00:37:06,719 --> 00:37:09,520
Speaker 12: that can apply to any of those situations, and I

690
00:37:09,520 --> 00:37:11,640
Speaker 12: would argue there's a case for all of those types

691
00:37:11,640 --> 00:37:13,680
Speaker 12: of things. It really comes down to how you like

692
00:37:13,719 --> 00:37:16,560
Speaker 12: your wine and how you want to be enjoying it

693
00:37:16,600 --> 00:37:17,160
Speaker 12: in that moment.

694
00:37:17,360 --> 00:37:19,200
Speaker 3: Claudia, I know there's a lot of spending power in

695
00:37:19,239 --> 00:37:22,680
Speaker 3: the Washington, DC area, but there's also a lot of

696
00:37:22,719 --> 00:37:27,680
Speaker 3: spending power in New York, La, San Francisco, Miami. Why Washington,

697
00:37:27,760 --> 00:37:28,960
Speaker 3: DC is your first US.

698
00:37:28,920 --> 00:37:32,400
Speaker 12: Location, that's a great question, so I think you know,

699
00:37:32,440 --> 00:37:35,000
Speaker 12: as a heritage British merchant, it made a lot of

700
00:37:35,040 --> 00:37:39,240
Speaker 12: sense for us to settle down our first flagship store

701
00:37:39,280 --> 00:37:42,080
Speaker 12: in the nation's capital for our first foray into the US.

702
00:37:42,400 --> 00:37:45,440
Speaker 12: But also, you know, d C is as you've just mentioned,

703
00:37:45,520 --> 00:37:47,879
Speaker 12: there are some of the wealthiest counties in the US

704
00:37:47,920 --> 00:37:50,120
Speaker 12: that are right here in our backyard. It's a super

705
00:37:50,160 --> 00:37:52,840
Speaker 12: transient city, so people are always coming and going.

706
00:37:53,239 --> 00:37:56,000
Speaker 10: It has a very high.

707
00:37:55,760 --> 00:37:59,360
Speaker 12: Sort of engagement wine scene, so there's a really incredible

708
00:37:59,400 --> 00:38:03,719
Speaker 12: network of fine dining and wine bars and different Somolier

709
00:38:04,160 --> 00:38:06,279
Speaker 12: sort of centric groups, and so it felt like a

710
00:38:06,360 --> 00:38:08,360
Speaker 12: natural place for us to springboard from.

711
00:38:08,640 --> 00:38:10,440
Speaker 10: There's also direct flights to most of.

712
00:38:10,440 --> 00:38:14,200
Speaker 12: The US, and with our online business and our different offerings,

713
00:38:14,239 --> 00:38:17,440
Speaker 12: we do cater to clients in forty six different states

714
00:38:17,440 --> 00:38:17,880
Speaker 12: as well.

715
00:38:18,040 --> 00:38:20,160
Speaker 2: All right, so you were kind enough to share some

716
00:38:20,200 --> 00:38:22,200
Speaker 2: wine with us so that we can kind of work

717
00:38:22,200 --> 00:38:24,000
Speaker 2: our way through. Should we start with the white or

718
00:38:24,040 --> 00:38:24,399
Speaker 2: the red?

719
00:38:25,760 --> 00:38:27,759
Speaker 10: I think let's start with the white.

720
00:38:27,600 --> 00:38:30,239
Speaker 2: Okay, So tell us what you sent to us. I'm

721
00:38:30,239 --> 00:38:32,720
Speaker 2: not going to go and pronounce it because I'm always

722
00:38:32,800 --> 00:38:33,640
Speaker 2: bad with this.

723
00:38:33,800 --> 00:38:34,760
Speaker 3: Can you take friend.

724
00:38:36,080 --> 00:38:41,280
Speaker 2: No, Yeah, which is Saniel d Espanol, So go ahead,

725
00:38:41,360 --> 00:38:43,319
Speaker 2: it's very good. Tell us about this white that you

726
00:38:43,400 --> 00:38:45,000
Speaker 2: shared with us, and I'm going to actually open it

727
00:38:45,080 --> 00:38:45,879
Speaker 2: up and uh.

728
00:38:46,280 --> 00:38:46,919
Speaker 3: Let's hear it.

729
00:38:47,600 --> 00:38:49,960
Speaker 12: Absolutely. I'm honestly so jealous. We should have had some

730
00:38:50,040 --> 00:38:52,359
Speaker 12: here in the office for this too. So you are

731
00:38:52,440 --> 00:38:55,440
Speaker 12: drinking the twenty twenty three domand de Castio pe les Merange.

732
00:38:55,640 --> 00:38:59,640
Speaker 12: So it is a chardonay coming from Burgundy, and we

733
00:38:59,719 --> 00:39:02,360
Speaker 12: chose this one to show to you because it really harolds.

734
00:39:02,400 --> 00:39:05,799
Speaker 12: While we specialize in the iconic wines of the world and.

735
00:39:05,719 --> 00:39:07,080
Speaker 10: The really well known producers.

736
00:39:07,520 --> 00:39:10,440
Speaker 12: We also prize ourselves and being able to take our

737
00:39:10,480 --> 00:39:12,799
Speaker 12: customers on a journey and being able to open their

738
00:39:12,840 --> 00:39:15,160
Speaker 12: eyes to the new wave of what's going to be

739
00:39:15,200 --> 00:39:17,880
Speaker 12: collectible and what's really cool. And so this is one

740
00:39:17,920 --> 00:39:20,480
Speaker 12: of those producers that is really allocated.

741
00:39:20,560 --> 00:39:22,040
Speaker 10: It's a new grower in Burgundy.

742
00:39:22,400 --> 00:39:25,480
Speaker 12: They've trained under some of the very best, and the

743
00:39:25,520 --> 00:39:28,600
Speaker 12: wine itself is very vibrant and I think savory in

744
00:39:28,640 --> 00:39:30,920
Speaker 12: a really nice way. That has to be a perfect

745
00:39:30,920 --> 00:39:32,360
Speaker 12: pairing for your Friday afternoon.

746
00:39:33,440 --> 00:39:36,680
Speaker 2: That's nice. That's actually really nice and kind of soft.

747
00:39:36,960 --> 00:39:41,040
Speaker 2: I'm not a huge white wine drinker. The audience probably knows,

748
00:39:41,080 --> 00:39:43,480
Speaker 2: but this is nice and it's so funny, like I

749
00:39:43,560 --> 00:39:45,319
Speaker 2: do this and I'm like, why don't I drink white

750
00:39:45,360 --> 00:39:49,359
Speaker 2: wine because it's really really lovely. Do more people do

751
00:39:49,400 --> 00:39:52,600
Speaker 2: you find our drinking more white wine in the summer

752
00:39:52,640 --> 00:39:55,600
Speaker 2: because of the heat, because I'm I kind of drink

753
00:39:55,640 --> 00:39:58,279
Speaker 2: red wine no matter what. But I'm just wonder, do

754
00:39:58,320 --> 00:40:00,680
Speaker 2: you really see that uptick and it's warmer out there,

755
00:40:00,719 --> 00:40:02,640
Speaker 2: especially with some of the heat waves that we've been having.

756
00:40:02,480 --> 00:40:04,759
Speaker 10: Globally, You certainly do.

757
00:40:04,840 --> 00:40:08,160
Speaker 12: I would say Champagne in particular, is very in vogue

758
00:40:08,160 --> 00:40:10,600
Speaker 12: at the moment, just given how warm it's been in

759
00:40:10,680 --> 00:40:12,800
Speaker 12: the summer. In the East Coast in particular, we've seen

760
00:40:13,160 --> 00:40:16,200
Speaker 12: a huge spike in champagne sales. White Burgundy, which is

761
00:40:16,239 --> 00:40:19,359
Speaker 12: the glass of what you're having, is absolutely incredible at

762
00:40:19,360 --> 00:40:20,080
Speaker 12: this time of year.

763
00:40:20,400 --> 00:40:21,799
Speaker 10: Sanseer continues to.

764
00:40:21,680 --> 00:40:24,000
Speaker 12: Be something people really reach for as it gets warmer

765
00:40:24,040 --> 00:40:27,680
Speaker 12: and also rose, so we do see an uptick in

766
00:40:27,719 --> 00:40:30,839
Speaker 12: white wine sales, but I think in general we specialize

767
00:40:30,840 --> 00:40:34,000
Speaker 12: in mostly French and Italian wines, and so we still

768
00:40:34,040 --> 00:40:37,280
Speaker 12: have a very healthy base of sales of red wines

769
00:40:37,320 --> 00:40:39,400
Speaker 12: during this time as well. So with the with the

770
00:40:39,440 --> 00:40:42,200
Speaker 12: red wine category, you can put some of the lighter ones.

771
00:40:42,200 --> 00:40:43,880
Speaker 12: Some people will sometimes put a little bit of a

772
00:40:43,960 --> 00:40:45,719
Speaker 12: chill on it, so leave it in the fridge for

773
00:40:46,120 --> 00:40:48,279
Speaker 12: twenty to thirty minutes before you serve it, and that's

774
00:40:48,320 --> 00:40:50,280
Speaker 12: the way to sort of get the best of both worlds.

775
00:40:50,280 --> 00:40:52,080
Speaker 10: If you're more of a red wine drinker.

776
00:40:51,920 --> 00:40:53,920
Speaker 3: Well let's go to the red please. Yeah, you sent

777
00:40:54,040 --> 00:40:56,840
Speaker 3: us a Chateau l'angois barton.

778
00:40:57,040 --> 00:40:59,760
Speaker 2: Leon Oh stop shot excellent.

779
00:40:59,440 --> 00:41:01,600
Speaker 3: No, that wasn't very good, thank you. I actually got

780
00:41:01,680 --> 00:41:04,040
Speaker 3: basically was told by my French teacher to take another

781
00:41:04,120 --> 00:41:07,920
Speaker 3: language in all seriously, all right, hell, you're doing right,

782
00:41:08,360 --> 00:41:08,640
Speaker 3: thank you.

783
00:41:09,040 --> 00:41:11,520
Speaker 10: Yeah, it sounds like you speak wine just fine.

784
00:41:11,719 --> 00:41:13,640
Speaker 12: So yes, this is the two thousand and nine, which

785
00:41:13,719 --> 00:41:16,799
Speaker 12: is an exceptional vintage coming from Bordeaux, and so we

786
00:41:16,880 --> 00:41:19,120
Speaker 12: chose this one to show you all because it highlights

787
00:41:19,239 --> 00:41:22,360
Speaker 12: our provenance. And so when we say provenance, it means

788
00:41:22,400 --> 00:41:25,800
Speaker 12: that because we are the oldest wine and spirits merchant

789
00:41:25,800 --> 00:41:29,600
Speaker 12: from the UK, we have relationships that spanned decades.

790
00:41:29,280 --> 00:41:32,000
Speaker 10: And so with those relationships.

791
00:41:31,280 --> 00:41:34,840
Speaker 12: You get incredible access to the top producers of the world,

792
00:41:35,000 --> 00:41:39,840
Speaker 12: to special library offerings, to large formats, to more bespoke

793
00:41:39,880 --> 00:41:43,160
Speaker 12: offerings that don't necessarily reach a wider audience, and so

794
00:41:43,360 --> 00:41:46,320
Speaker 12: we felt that the two thousand and nine Chateau Angoa,

795
00:41:46,320 --> 00:41:48,960
Speaker 12: Barton was really exemplary for that reason.

796
00:41:49,080 --> 00:41:52,080
Speaker 10: So this is a family that's been around since.

797
00:41:51,920 --> 00:41:54,759
Speaker 12: Eighteen twenty one, and so there's they're one of the

798
00:41:54,840 --> 00:41:57,759
Speaker 12: more iconic families of Bordeaux and they own a number

799
00:41:57,800 --> 00:41:59,920
Speaker 12: of different properties, but this is their third growth in

800
00:42:00,120 --> 00:42:03,160
Speaker 12: sanje Lyon. So this is going to be a red blend.

801
00:42:03,239 --> 00:42:06,560
Speaker 12: All Bordeaux is a blend typically of cabernet sauvignon and Merlau.

802
00:42:07,040 --> 00:42:08,440
Speaker 10: This one comes from the.

803
00:42:08,440 --> 00:42:10,120
Speaker 12: Left bank, so you're going to look at a base

804
00:42:10,160 --> 00:42:13,360
Speaker 12: of around fifty to sixty percent Cabernet sauvignon, depending on

805
00:42:13,400 --> 00:42:16,480
Speaker 12: the vintage, and then you've got some Merleau, some Cabernet

806
00:42:16,520 --> 00:42:17,960
Speaker 12: franc and some.

807
00:42:17,800 --> 00:42:19,880
Speaker 10: Petitbrideau to make up the rest of it.

808
00:42:19,880 --> 00:42:22,359
Speaker 2: It's nice, it's easy, right, It's an easy wine and

809
00:42:22,440 --> 00:42:26,319
Speaker 2: I could see it's yeah, very very nice. I love

810
00:42:26,360 --> 00:42:28,480
Speaker 2: that it's a Irish descent. I don't know that we

811
00:42:28,600 --> 00:42:31,120
Speaker 2: talk about that lot a lot of wines with kind

812
00:42:31,160 --> 00:42:33,799
Speaker 2: of an Irish heritage, right.

813
00:42:33,719 --> 00:42:36,279
Speaker 12: Yeah, we really don't. And honestly, this is it is

814
00:42:36,320 --> 00:42:38,719
Speaker 12: a unique thing of the Barton family. And we were

815
00:42:38,800 --> 00:42:41,359
Speaker 12: lucky enough to have Lillian Barton visit us this past

816
00:42:41,440 --> 00:42:44,360
Speaker 12: January and she no Irish accent there, but she is

817
00:42:44,520 --> 00:42:45,799
Speaker 12: absolutely fabulous.

818
00:42:45,920 --> 00:42:47,880
Speaker 10: So they're doing a great job at Bordeaux.

819
00:42:47,920 --> 00:42:50,160
Speaker 2: We just have thirty seconds left here. We're not going

820
00:42:50,200 --> 00:42:50,640
Speaker 2: to open it.

821
00:42:50,680 --> 00:42:52,560
Speaker 3: Up because we don't want to get hurt.

822
00:42:52,600 --> 00:42:54,799
Speaker 2: We don't want to get hurt. It's a champagne. It's

823
00:42:54,840 --> 00:42:57,120
Speaker 2: a little warm, so we want to be careful. But

824
00:42:57,160 --> 00:43:00,720
Speaker 2: tell us about what you sent here as well. Champagne

825
00:43:00,719 --> 00:43:03,760
Speaker 2: has had such a big comeback over the last few years.

826
00:43:04,239 --> 00:43:07,200
Speaker 2: Just got about thirty seconds forgive me yep.

827
00:43:07,400 --> 00:43:09,720
Speaker 10: So this is the our it's our own label.

828
00:43:09,800 --> 00:43:12,480
Speaker 12: So we showed this one to you because we have

829
00:43:12,640 --> 00:43:15,640
Speaker 12: a label of our own range, and so we partner

830
00:43:15,680 --> 00:43:18,239
Speaker 12: with some of those producers we've had relationships with for

831
00:43:18,280 --> 00:43:21,359
Speaker 12: a long time. This is a grond Cruz champagne and

832
00:43:21,400 --> 00:43:23,879
Speaker 12: it retails for forty four ninety five, which is a

833
00:43:23,960 --> 00:43:28,280
Speaker 12: really great value for a champagne, especially of grond Crew quality.

834
00:43:28,640 --> 00:43:32,720
Speaker 12: So it shows you sort of the level of tiering

835
00:43:32,800 --> 00:43:35,480
Speaker 12: that we have within the range. But also this is

836
00:43:35,520 --> 00:43:36,600
Speaker 12: our number one best seller.

837
00:43:36,800 --> 00:43:39,920
Speaker 2: Wow, I love that. Well, next time, come in studio

838
00:43:40,040 --> 00:43:43,160
Speaker 2: and we'll celebrate with you. It's been quite a week.

839
00:43:43,880 --> 00:43:45,520
Speaker 2: Thank you so much. A great way for us to

840
00:43:45,520 --> 00:43:49,239
Speaker 2: wrap up here. Claudia Chamberlain. She is Advanced somoier and

841
00:43:49,320 --> 00:43:51,920
Speaker 2: US general manager at Barry Brothers and rud.

842
00:43:52,160 --> 00:43:57,520
Speaker 7: This is the Bloomberg Business Week Daily podcast, available on Apple, Spotify,

843
00:43:57,640 --> 00:44:01,360
Speaker 7: and anywhere else you get your podcasts. Listen live weekday

844
00:44:01,400 --> 00:44:05,440
Speaker 7: afternoons from two to five pm Eastern on Bloomberg dot Com.

845
00:44:05,480 --> 00:44:09,360
Speaker 7: The iHeartRadio app tune In, and the Bloomberg Business App.

846
00:44:09,600 --> 00:44:12,360
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847
00:44:12,600 --> 00:44:14,760
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