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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 car Play or Android Auto with the Bloomberg

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Speaker 1: Business App. Listen on demand wherever you get your podcasts,

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Speaker 1: or watch us live on YouTube.

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Speaker 2: Let's check in with Lindsay Rosser. She's a head of

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Speaker 2: multi sector investing in Golden Sach's Asset Management. She's a

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Speaker 2: principal there, and she is also an undergraduate from Prince University.

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Speaker 2: So I have to start out. Lindsay, what is your

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Speaker 2: go to sandwich at Hogi Haven.

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Speaker 3: I knew you were going to ask me this, Paul,

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Speaker 3: you always ask me.

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Speaker 4: It is the heart stopper, nice delicious sandwich, chicken parmegg

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Speaker 4: on top.

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Speaker 2: There you go go ahead right now. I don't care

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Speaker 2: if you're a nobel lauriate out of Princeton. That's what

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Speaker 2: I lead with. I go with the the they have

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Speaker 2: a racer price since nineteen eighty two.

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Speaker 3: By the way, no inflation there.

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Speaker 4: And Jigi Haven is the great Leveler exactly the common

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Speaker 4: denomination for all cos Prince University.

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Speaker 2: Lindsay, what is your Federal Reserve going to do?

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Speaker 4: Tomorrow they are going to cut. It is a foregone conclusion.

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Speaker 4: I think, despite what Powell has told us, they are

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Speaker 4: going to the odds right this morning, if you look

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Speaker 4: on the Bloomberg terminal is ninety five point nine percent.

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Speaker 4: I take the over. I think it's one hundred they

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Speaker 4: need to cut. But what really we're waiting to hear,

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Speaker 4: and this is the part that's most important, is how

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Speaker 4: it is actually couched. Is it couched as the end

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Speaker 4: of the insurance cuts. That's what we think it will

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Speaker 4: be told as that's very important, And I think we

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Speaker 4: also may hear that the bar for future cuts is

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Speaker 4: extremely high.

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Speaker 5: So lindsay, I think it's pretty safe to say we're

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Speaker 5: going to have a divided FED.

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Speaker 6: This could be a heated meeting.

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Speaker 5: Actually, So when you look ahead to twenty twenty six,

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Speaker 5: what do you think that's good? What do you think

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Speaker 5: the interest rate landscape is going to look like?

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Speaker 4: Well?

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Speaker 3: I think there's two things.

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Speaker 4: First, as it pertains to the actual meeting, what is

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Speaker 4: going on behind the scenes over the next day and

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Speaker 4: a half is can Powell get the dissenters, which are

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Speaker 4: mainly hawks, to stop flapping their wings and actually not

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Speaker 4: descent based on the language that he'll share at the

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Speaker 4: presser and the talk around the decision. So I think

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Speaker 4: there's a chance that it will seem less contentious if

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Speaker 4: Powell is able to bring everyone to the middle and

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Speaker 4: get them more comfortable with the messaging. But there certainly

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Speaker 4: will be some descent. So now the second piece of

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Speaker 4: the question, what happens in twenty twenty six, This is

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Speaker 4: actually really interesting, right, And why it's interesting is we've

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Speaker 4: got likely a changing of the guards, so Pal's term

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Speaker 4: ends and there should be a new chair who's likely

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Speaker 4: not Powell.

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Speaker 3: In May.

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Speaker 4: Pascid is the front runner. He has definitely spoken to

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Speaker 4: and very clear that he is more.

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Speaker 3: Dubvish than Powell.

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Speaker 4: And so what twenty twenty six looks like may actually

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Speaker 4: be very different than the dots we receive tomorrow. We

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Speaker 4: think the dots are going to show one cut for

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Speaker 4: twenty twenty six, we actually think that it's going to

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Speaker 4: be two. That's because Hasset's going to be a more

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Speaker 4: Duvish lead fed and we think that more cuts are

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Speaker 4: likely to happen, not the one that may be penciled in.

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Speaker 2: Lindsay Fixingcome has been a really good place to be

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Speaker 2: in twenty twenty five mid to high single digit returns.

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Speaker 2: Where do you think the opportunities are in twenty twenty

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Speaker 2: six in fixed income?

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Speaker 4: Yeah, so, just big picture, fixed income is still an opportunity.

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Speaker 4: To your point, it's returned six point eight percent. A

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Speaker 4: lot of people compare that to the sixteen number in stocks,

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Speaker 4: and we don't actually feel like that's a fair yard stick,

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Speaker 4: very different vaul profile. Fixed income is going to continue

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Speaker 4: to be an interesting space in twenty twenty six for

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Speaker 4: a few reasons. One, you've got an economy that probably

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Speaker 4: is going to grow above trend. A big driver there

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Speaker 4: is AI, which we think can offer somewhere on the

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Speaker 4: order to half a percent or three quarters of a

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Speaker 4: percent of GDP on the year. That's quite meaningful. The

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Speaker 4: second thing is we just got through earnings and companies

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Speaker 4: are doing well. They're not guiding in a way of concern.

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Speaker 4: They're not as worried as they were before. We spent

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Speaker 4: the beginning of the year really concerned about what does

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Speaker 4: tariff's mean for profitability? What can companies do when they're

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Speaker 4: not sure what will be happening. They have more certainty

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Speaker 4: and I think that leads them to be able to guide,

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Speaker 4: to plan, and to grow. So it's positive from a

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Speaker 4: company perspective. All of these things together and a decent

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Speaker 4: enough labor market pretend for us a backdrop that we

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Speaker 4: think is good for fixed income, where in particular is

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Speaker 4: it interesting We liked still parts of structured product. We

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Speaker 4: think that you want to be able to find the

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Speaker 4: specific collateral that you want to invest in. Ructure product

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Speaker 4: gives you a way to slice and dice what's out there.

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Speaker 3: In terms of just broad strokes.

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Speaker 4: Do we think a lot is being offered in investment

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Speaker 4: grade or high yield? The numbers of spreads are pretty tight,

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Speaker 4: but if you actually look at the yields, the yields

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Speaker 4: the all in on investment grade in high yield are

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Speaker 4: somewhere on the order of the seventieth percentile if you

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Speaker 4: look back in a ten year period. So we think

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Speaker 4: yield is what you eat. Yield is destiny. You've got

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Speaker 4: a lot of opportunity and fixed income from a yield perspective,

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Speaker 4: and you've got a really positive backdrop that tells you

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Speaker 4: that this can be a good year. Now, there are

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Speaker 4: always risks, but it feels to us that we're set

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Speaker 4: up pretty well.

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Speaker 5: Yield is destiny. Apparently that's our quote of the day. Lindsay,

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Speaker 5: thank you so much. You you mentioned jobs a moment ago.

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Speaker 5: How concerned are you though? I mean, companies seem to

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Speaker 5: be weathering the tariff storm, if you will, but they're

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Speaker 5: not exactly expanding payrolls at an impressive rate. You think

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Speaker 5: it's going to just sort of be that way next year,

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Speaker 5: I mean, because it could take a leg lower and

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Speaker 5: that can really change things like GDP.

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Speaker 3: So I think there are two things.

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Speaker 4: One, we are in a low higher low fire, as

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Speaker 4: you mentioned. I think that'll continue. I think the second

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Speaker 4: thing is we all need to start building some comfortability

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Speaker 4: around a jobless recovery. And what I mean by that

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Speaker 4: is we've got this growth that's being driven by AI.

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Speaker 4: That is something that is an investment in technology. If

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Speaker 4: you remember back to from a Princeton but others other

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Speaker 4: places to econ classes. You think about capital, right, and

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Speaker 4: it can be labor or it can be technology. And

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Speaker 4: this is an example of technology driven capital investment that

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Speaker 4: we think leads to GDP. And so while we always

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Speaker 4: would like to be in a world where the labor

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Speaker 4: market is in constant expansion mode and more people get

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Speaker 4: brought into the labor force, we see wages increase. That's

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Speaker 4: not always the type of environment we're in, and we

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Speaker 4: think that we're actually in one that's a technology driven

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Speaker 4: growth environment, and that may be one where the labor

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Speaker 4: market kind of stays put with the job payrolls and

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Speaker 4: the numbers that we see that remain flat.

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Speaker 2: So, Lindsey, the language we're going to get from FED

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Speaker 2: Chairman J. Powell tomorrow, you know, as you mentioned, that's

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Speaker 2: going to be kind of important here because we haven't

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Speaker 2: had a lot of economic data, so we're looking for

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Speaker 2: some guidance here. Is there anything in particular you're going

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Speaker 2: to be focusing on.

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Speaker 4: Yeah, it'll be interesting how he continues his analogy. Right,

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Speaker 4: we've heard for a long time when we had data,

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Speaker 4: Powell described it as driving in the fog, right, and

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Speaker 4: when you drive in the fog, you just slow down

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Speaker 4: because you can't see that. Well, well, I don't know

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Speaker 4: if you can even call this fog anymore when you

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Speaker 4: have no data whatsoever. So it'll be very interesting to

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Speaker 4: hear if he just calls it fogg yer or is

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Speaker 4: this just a total blackout and we can't see anything?

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Speaker 4: That language will be interesting, But again, I think it's

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Speaker 4: less focusing on the data as it is focusing on

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Speaker 4: the process and the philosophy, because that's going to be

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Speaker 4: really important to get the whole of the FOMC together

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Speaker 4: around the decision to cut. So will he talk about

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Speaker 4: some alternative data indicators? Absolutely, as was mentioned before I

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Speaker 4: got on, we'll have jolts today, We'll have ECI that'll

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Speaker 4: be informative, it'll also be stale. This is what he's

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Speaker 4: got to work with. This is what we have to

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Speaker 4: work with, and so that's what he'll talk about. But

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Speaker 4: I think they'll be less bonus on that to do

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Speaker 4: the proving for what they've done than the going forward

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Speaker 4: and that we've taken out an insurance policy, we've finished

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Speaker 4: our insurance cuts. He feels very comfortable in the work

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Speaker 4: that he and the FMC have done. I think that's

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Speaker 4: what he's going to talk about, all right.

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Speaker 2: Lindsay, thank you so much for joining us. Really appreciate it.

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Speaker 2: Lindsay Rossner, she's head of multi sector investing in Goldman

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Speaker 2: Sachs Asset Management. Big fan of Hogy Haven and again

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Speaker 2: my favorite pizza in the world, Conties in Frankston. Stay

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Speaker 2: with us or from Bloomberg Surveillance coming up after this.

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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: Applecarplay and Android Otto with the Bloomberg Business app, or

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Speaker 1: watch us live on YouTube.

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Speaker 5: Let's bring in Sarah Hunt, partner and chief market strategist

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Speaker 5: at Alpine Saxon Woods, joining us here at our interactive

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Speaker 5: broker studio.

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Speaker 6: Sarah always get to see you.

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Speaker 2: Good morning.

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Speaker 5: I guess my first question is is tomorrow I've been

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Speaker 5: calling it a catalyst for the past few days, but

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Speaker 5: is Tomorrow's FED meeting really going to be a market

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Speaker 5: moving event?

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Speaker 7: I think it depends a lot on the commentary. I mean,

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Speaker 7: we've certainly seen the odds of a rate cut go

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Speaker 7: from one hundred percent or more than one hundred percent

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Speaker 7: to twenty percent, back to almost one hundred percent. I

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Speaker 7: think that it's almost in that that's likely to happen

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Speaker 7: to It's really going to be about the commentary about

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Speaker 7: what happens after that, about what they're seeing now. It

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Speaker 7: is very difficult without government data to be doing a

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Speaker 7: lot of the prognosticating that most of us try to

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Speaker 7: do about where they think rates are going and why

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Speaker 7: without as much data as we normally have. But I

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Speaker 7: think that I think there's an expectation they're going to

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Speaker 7: cut rates, So if they don't, I think the market

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Speaker 7: probably doesn't like that. And going forward, I think they

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Speaker 7: want to see who the commentary is.

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Speaker 2: What is your outlook for twenty twenty six in terms

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Speaker 2: of rate policy going forward?

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Speaker 7: I think that depends a lot on where we shake

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Speaker 7: out in inflation. I think it's tough to keep cutting

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Speaker 7: rates if we see inflation doing even if it's just

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Speaker 7: staying steady. I think you need to see that come

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Speaker 7: down a little more before you can make the argument

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Speaker 7: that this is no longer just easy and restricted policy,

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Speaker 7: and it's now getting to an easy policy when you

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Speaker 7: have an inflation problem. I think that's a very delicate dance.

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Speaker 7: They've been trying to do it all year, and right

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Speaker 7: now it's harder to parse again because of the lack

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Speaker 7: of data.

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Speaker 5: Do you see a scenario though, if inflation is going

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Speaker 5: to be the thing that the Fed is most worried

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Speaker 5: about in twenty six, do you see as anario where

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Speaker 5: we raise interest rates?

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Speaker 6: I don't see that right now.

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Speaker 7: I think you would have to see some fairly significant

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Speaker 7: issues either with inflation and or a very strong labor

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Speaker 7: market and some inflation before you could even start talking

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Speaker 7: about that. But I think that the concern about some

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Speaker 7: weakness in the labor market would forestall that. That's that's

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Speaker 7: at least that's what That's what I think at the moment.

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Speaker 2: S and pup fifteen percent year to date, NASTAK up

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Speaker 2: twenty percent year to date. Fixed income I got high

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Speaker 2: single digit returns this year. How do we position for

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Speaker 2: twenty six? Do you think after that really strong, really

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Speaker 2: strong year in twenty five.

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Speaker 7: Well, I think that twenty six is going to be

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Speaker 7: somewhat of approving year for some of the technologies that

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Speaker 7: people have been happy to pay up for, and I

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Speaker 7: think that you're going to start to see that broaden

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Speaker 7: out a little bit with use cases in different industries.

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Speaker 7: We expect to see some earnings growth on the small

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Speaker 7: cap side that has been lackluster and or sort of

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Speaker 7: absent for the last couple of years. I think that

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Speaker 7: that's the biggest question about twenty twenty six. If you

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Speaker 7: start to see any questions about the earnings trajectory, I

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Speaker 7: think that makes where we are and where we're going

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Speaker 7: into twenty twenty six quite problematic. So I think you

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Speaker 7: could see some volatility and some vulnerability depending on which

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Speaker 7: narrative takes hold. If you start to see any changes

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Speaker 7: in the expected.

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Speaker 5: Outlook private credit opportunities they are in twenty six, I'd imagine.

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Speaker 7: Well, I think that there's opportunities almost everywhere where there's

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Speaker 7: money looking for a home. The question is are those

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Speaker 7: opportunities ones that you want to chase here or are

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Speaker 7: there things that are more reasonable. We don't actively act

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Speaker 7: in the private equity and sorry in the private credit market,

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Speaker 7: so that for us is just one of the things

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Speaker 7: where we're keeping an eye on the whole ecosphere just

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Speaker 7: to make sure that things look like they're still progressing

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Speaker 7: positively and you don't have any real blow ups. I

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Speaker 7: think the only problems that you've seen have really not

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Speaker 7: been an issue that you could extrapolate into the entire sector,

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Speaker 7: but it's definitely been more.

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Speaker 6: Than eye on to particular companies.

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Speaker 2: Yeah, how much creditisity should we be taking here in

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Speaker 2: this marketplace?

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Speaker 7: I think with spreads compressed to the extent that they are,

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Speaker 7: it's hard to say that there is a lot of

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Speaker 7: room to take a lot of credit risk. I mean,

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Speaker 7: I think that to the extent that investment grade bonds

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Speaker 7: and government bonds are giving you a yield after years

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Speaker 7: of not giving you a yield. I think that the

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Speaker 7: concern that we would have in going too far out

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Speaker 7: on credit risk is the spread. Compression is the first

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Speaker 7: thing that goes when you start to see cracks in

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Speaker 7: the credit market, and the credit market usually leads an

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Speaker 7: equity market down, not the other way around. So if

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Speaker 7: I'm at all concerned about credit, or at least thinking

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Speaker 7: that that's the canary and the coal mine, I probably

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Speaker 7: want to be careful right now with my exposure.

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Speaker 5: I was just looking at the Russell two thousand year

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Speaker 5: to date up thirteen percent, so underperforming a little bit

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Speaker 5: the S and P five hundred, but it's had a

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Speaker 5: pretty good year. Do you see that. Do you see

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Speaker 5: the small caps just building on that in twenty six.

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Speaker 8: I think they will.

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Speaker 7: I mean, I think that the issue has been you've

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Speaker 7: had a couple of years where the Russell twenty five

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Speaker 7: hundred earnings have just everyone expected them to get better

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Speaker 7: and better and they didn't.

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Speaker 2: Quite get there.

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Speaker 7: If you can start to see that growth, then I

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Speaker 7: think that you've had some real underperformance over the last

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Speaker 7: several years. On the small cap side, it really is

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Speaker 7: to depend on what happens again. Earnings are going to

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Speaker 7: be the driver, because if you start to worry about

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Speaker 7: the earnings picture, then the valuations don't look so attractive.

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Speaker 7: And within the Russell, especially in the small capside, you

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Speaker 7: definitely want to be looking at profitability. You want cash flow,

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Speaker 7: you want decent balance sheets. You want to be careful

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Speaker 7: about how that sits because you don't want to have

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Speaker 7: any kind of liquidity crisis in a smaller company.

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Speaker 2: Sarah, thanks so much for joining us. Really appreciate it,

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Speaker 2: Sarah Hunt, She's a partner and chief market strategist, said Alpine.

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Speaker 2: Saxon was joining us live here in our Bloomberg Interactive

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Speaker 2: Workers studio. We appreciate that. Stay with us. Or from

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Speaker 2: Bloomberg Surveillance. Coming up after.

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Speaker 1: This, you're listening to the Bloomberg Surveillance podcast. Catch us

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

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

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Speaker 1: or watch us live on YouTube.

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Speaker 5: Take a listen to what JP Morgan's CEO, Jamie Diamond

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Speaker 5: had to say. Recently, he said that bureaucracy is having

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Speaker 5: a significant impact on Europe's growth prospects. In an interview

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Speaker 5: over the weekend with Bloomberg's Caroline Hide, Diamond also said

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Speaker 5: that a fracturing of the European continent could become a

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Speaker 5: major problem for the US.

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Speaker 6: Europe has a problem.

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Speaker 9: I think they accomplished an unbelievable thing, but it got

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Speaker 9: bogged down. It takes twenty seven nations, you know, to

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Speaker 9: make a decision. They have some wonderful things, but they've

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Speaker 9: gone from ninety percent of the GDP of America to

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Speaker 9: sixty five. That's not because America did anything bad to them.

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Speaker 9: It's their own bureaucracy, their own costs. I think the

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Speaker 9: leadership Merz, McCrone, Maloney, Stormer, I think they know. I

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Speaker 9: just think politics is really, really hard.

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Speaker 5: And that was JP Morgan's CEO, Jamie Diamond, speaking with

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Speaker 5: Bloomberg's Caroline Hide on Saturday. For more, now we are

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Speaker 5: joined by Bloomberg opinion columnist Lionel Laurent joining us in Paris.

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Speaker 5: So waking up there early to join us. We appreciate it.

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Speaker 5: And in your column, Lionelle, you say that Jamie Diamond's

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Speaker 5: totally right about Europe.

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Speaker 10: Why I think he is. I think, well, let's just

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Speaker 10: separate his criticism from what we've heard from the Trump administration, right.

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Speaker 10: I mean this is he's not trying to demoralize Europe

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Speaker 10: from within. He is trying to remind Europe of the

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Speaker 10: very warnings that Mario Draggy, former head of the ECB,

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Speaker 10: gave over a year ago, which is that Europe has

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Speaker 10: a productivity gap with the US as an innovation gap,

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Speaker 10: it's got an investment gap. It has a lot of

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Speaker 10: a lot of work to do to get over this

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Speaker 10: slow growth issue that's weighing on Europe. So the reforms

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Speaker 10: are there, the prescriptions are there in a big, thick

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Speaker 10: book size document left by Draggy, and it's been left

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Speaker 10: to gather dust. And so I think Diamond in this

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Speaker 10: case is doing a useful job reminding leaders of what

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Speaker 10: they have to do, which is grab this problem. Be

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Speaker 10: a bit courageous if necessary. As he said, don't do

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Speaker 10: it as twenty seven. It's very unwieldy. Do it as

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Speaker 10: a smaller group, do it as nine, do it as five,

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Speaker 10: but do do something. The geopolitical situation is far too

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Speaker 10: urgent to do nothing. So I think that he is right,

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Speaker 10: and I would just use that as constructive criticism and

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Speaker 10: not destructive, which is what I think. When Trump and

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Speaker 10: musk Invance attack Europe, that's what they are.

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Speaker 5: I had my world clock wrong too. By the way,

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Speaker 5: he didn't get up early for us. It's afternoon time in.

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Speaker 2: Paris or holding from the cafe. He just got caf.

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Speaker 2: Let's be honest here, folks, know where is the level

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Speaker 2: of buy in amongst the people of Europe to maybe

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Speaker 2: improve productivity and all the changes that might mean to

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Speaker 2: their conceptions of work and of productivity and the work

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Speaker 2: life balance that I don't know. It just seems like

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Speaker 2: that is a big, big ask of the people.

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Speaker 10: It doesn't have to be, because I think it's it's

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Speaker 10: the way that you view the competitiveness issue. It is

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Speaker 10: true that in the past the model, the European model

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Speaker 10: of basically combining that quality of life that he's from.

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Speaker 10: And by the way, let's not underestimate that, I mean,

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Speaker 10: life expected see in the US is going backwards. So

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Speaker 10: that's that's something that shouldn't be just completely dismissed. Europe

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Speaker 10: has a good social safety in there, but it's becoming unsustainable,

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Speaker 10: and it's relied too much on the old model. Right,

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Speaker 10: the old way of doing things, which was free markets, globalization,

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Speaker 10: trade with China, cheap gas from Russia, and a security

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Speaker 10: guarantee from the US, and all of those things are

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Speaker 10: kind of dropping away. It just doesn't make sense anymore

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Speaker 10: to keep pretending that Europe can continue to be a

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Speaker 10: free rider on defense. Right, That's why Trump keeps putting

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Speaker 10: NASO into question. Doesn't make sense to say that we

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Speaker 10: can just keep trading with China as before when China

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Speaker 10: is using Earth to bully its way into European markets,

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Speaker 10: and it obviously doesn't make sense to rely on Russian energy.

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Speaker 10: So the point is that the whole model has changed.

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Speaker 10: I mean, denying it or saying that it's very hard

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Speaker 10: isn't going to make it go away. So I agree

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Speaker 10: that it's obviously not a vote winner, but that's part

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Speaker 10: of a job of politics to explain hard truths to voters.

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Speaker 5: Leonel, you say in your op ed that a week

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Speaker 5: Europe is bad for the US. You say that they

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Speaker 5: continue to get bullied by the US, and the White

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Speaker 5: House seems determined to force the EU to water down

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Speaker 5: its tech regulation. I mean, just today we saw the

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Speaker 5: EU come out now starting a probe against Google on

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Speaker 5: antitrust concerns. It did the same a few days ago

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Speaker 5: with Meta. Do you see that changing at all?

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Speaker 9: No.

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Speaker 10: I think that when Elon Musk claims that he's being

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Speaker 10: censored by Brussels, I mean, that's in his interest to

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Speaker 10: say that, and obviously the trub administration is using that

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Speaker 10: leverage because again Europe is dependent on the US for

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Speaker 10: not just defense but also tech. It imports far more

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Speaker 10: tech services than it exports. The one hope on top

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Speaker 10: of defense is, for example, AI. We are seeing some

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Speaker 10: startups come out of France, such as me Style, who

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Speaker 10: are doing some deals with even bigger company He's like Asmo.

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Speaker 10: We're seeing the sort of seeds of a more consolidated

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Speaker 10: and stronger tech ecosystem coming out of Europe. So I

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Speaker 10: think it's important that regulators obviously get out of the

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Speaker 10: way of some of those promising sectors and don't keep

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Speaker 10: getting in the way of Europe's own innovation. But I

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Speaker 10: do think it's important that existing tech rules are upheld.

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Speaker 5: Leonel Laurent joining us from Paris, thanks so much. We

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Speaker 5: appreciate it and great great op ed folks, if you

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Speaker 5: have a chance to read.

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Speaker 2: It, stay with us or from Bloomberg Surveillance. Coming up after.

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Speaker 1: This, you're listening to the Bloomberg Surveillance podcast. Catch us

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

416
00:20:44,520 --> 00:20:48,080
Speaker 1: on Applecarplay and Android Auto with the Bloomberg Business app,

417
00:20:48,280 --> 00:20:50,159
Speaker 1: or watch us live on YouTube.

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Speaker 2: All right, we've got Alexis Christopher sitting here for Tom

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Speaker 2: Keen on Paul Sweeney. It's that time of day we're

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Speaker 2: doing it, folks. Newspapers will lease mateo.

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Speaker 11: All right, So I want to start with Disney, bring

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Speaker 11: him back the late night star for at least one

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Speaker 11: more year.

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Speaker 8: We're talking about Jimmy Kimmel.

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Speaker 11: He's going to continue to host ABC late night talk

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Speaker 11: show until at least May of twenty twenty seven. So

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Speaker 11: if you remember he was suspended back in September, right

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Speaker 11: he had those remarks about Charlie kirk Well, sources are.

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Speaker 8: Saying they kind of kept it.

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Speaker 11: They've known about it, but they've kept it on the

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Speaker 11: down low because they wanted to give respect to Stephen Colbert,

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Speaker 11: who was actually being let go by CBS. So his

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Speaker 11: show is ending in May. Of twenty twenty six. But

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Speaker 11: he's been hosting, i mean, the late night talk show

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Speaker 11: since two thousand and three. He has Disney uses him

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Speaker 11: for other things, like he's mced the Oscars if you

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Speaker 11: remember that, he who wants to be a millionaire, like,

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Speaker 11: he does other things for Disney too, But he.

439
00:21:39,200 --> 00:21:40,600
Speaker 3: Looks like he's going to be sticking around a little

440
00:21:40,600 --> 00:21:40,960
Speaker 3: bit longer.

441
00:21:41,000 --> 00:21:44,080
Speaker 6: He keeps his job, all right, because the landscape's shifting.

442
00:21:44,119 --> 00:21:46,560
Speaker 6: At late ninety landscape is definitely shifting. So I was

443
00:21:46,560 --> 00:21:47,960
Speaker 6: a little surprised they re upped him.

444
00:21:47,960 --> 00:21:50,520
Speaker 2: But maybe I wonder what they're paying him, because I mean,

445
00:21:50,960 --> 00:21:54,240
Speaker 2: the news was Colbert was. There's some reporting that the

446
00:21:54,280 --> 00:21:56,760
Speaker 2: show was not profitable, So I'm not sure because they

447
00:21:56,760 --> 00:21:58,560
Speaker 2: have to pay these guys in their production teams and

448
00:21:58,600 --> 00:22:01,359
Speaker 2: so on and so forth with the advertising dollars uh

449
00:22:01,640 --> 00:22:03,760
Speaker 2: going away because of court cutting, some of these shows

450
00:22:03,800 --> 00:22:06,040
Speaker 2: have been less profitable or even unprofitable.

451
00:22:06,320 --> 00:22:07,800
Speaker 8: Yah, So we'll have to wait and see on that

452
00:22:07,960 --> 00:22:08,919
Speaker 8: what that number was.

453
00:22:09,560 --> 00:22:12,680
Speaker 11: Okay, so we know the backlash that Kracker Barrel's logo got.

454
00:22:12,800 --> 00:22:14,680
Speaker 11: Right today, it's going to report the results for the

455
00:22:14,920 --> 00:22:17,280
Speaker 11: quarter ended in October, so that should have that first

456
00:22:17,320 --> 00:22:20,640
Speaker 11: look at how the controversy affected the business. But ahead

457
00:22:20,680 --> 00:22:22,679
Speaker 11: of that, the Wall Street Journal actually has this article

458
00:22:22,960 --> 00:22:25,720
Speaker 11: out that says customers say the problem.

459
00:22:25,359 --> 00:22:26,119
Speaker 8: Is not in the marketing.

460
00:22:26,160 --> 00:22:28,840
Speaker 11: They say it's actually in the kitchen. Like they say,

461
00:22:28,840 --> 00:22:31,560
Speaker 11: the food is not the same. It's gone downhill over

462
00:22:31,600 --> 00:22:34,560
Speaker 11: the number of years. A lot of menu items that

463
00:22:34,600 --> 00:22:36,280
Speaker 11: they loved have gone away.

464
00:22:37,359 --> 00:22:37,919
Speaker 8: The change.

465
00:22:37,960 --> 00:22:41,440
Speaker 11: They did make some differences in the kitchen, right, they streamlined.

466
00:22:41,440 --> 00:22:43,800
Speaker 11: They tried to cut costs. Like the biscuits. I didn't know,

467
00:22:43,880 --> 00:22:46,600
Speaker 11: but they they're made in batches and they chill them

468
00:22:46,680 --> 00:22:48,400
Speaker 11: rather than sitting there and rolling out the dough.

469
00:22:48,800 --> 00:22:49,359
Speaker 2: I read that.

470
00:22:49,560 --> 00:22:52,080
Speaker 5: I could not believe they sit there and roll out

471
00:22:52,080 --> 00:22:53,399
Speaker 5: the dough, or at least you too.

472
00:22:53,520 --> 00:22:54,920
Speaker 8: Yeah yeah, yeah yeah.

473
00:22:54,960 --> 00:22:57,320
Speaker 11: So they're cracker Barrel is saying they're going to start

474
00:22:57,320 --> 00:22:59,120
Speaker 11: going back to the old ways. They're going to bring

475
00:22:59,200 --> 00:23:01,960
Speaker 11: back these you know, favorite menu items like campfire meals.

476
00:23:02,000 --> 00:23:02,959
Speaker 8: I'm not sure what that is.

477
00:23:03,280 --> 00:23:07,080
Speaker 2: Here's what you do. You get the country Boy breakfast, okay,

478
00:23:07,119 --> 00:23:09,639
Speaker 2: and you get the country ham. Oh, and then you

479
00:23:09,680 --> 00:23:12,720
Speaker 2: get the fish and gravy. You get the hash browns

480
00:23:12,760 --> 00:23:17,080
Speaker 2: and then the apples. Oh that and you get a

481
00:23:17,119 --> 00:23:20,280
Speaker 2: picture of iced tea. Don't wait just for the glass.

482
00:23:20,359 --> 00:23:22,280
Speaker 2: He asked for the picture, and then you just sit

483
00:23:22,320 --> 00:23:24,280
Speaker 2: there as long as it takes to fish something. Oh,

484
00:23:24,520 --> 00:23:25,840
Speaker 2: that's what you do.

485
00:23:25,880 --> 00:23:27,320
Speaker 6: You think it for three hours.

486
00:23:29,760 --> 00:23:31,600
Speaker 8: That's how rations are really big.

487
00:23:31,680 --> 00:23:33,680
Speaker 2: It's unbelievable. Yes, to die for it's the best.

488
00:23:33,720 --> 00:23:35,440
Speaker 11: But I mean it's a holiday time, right, it's big

489
00:23:35,480 --> 00:23:36,679
Speaker 11: for for crack of our holidays.

490
00:23:36,680 --> 00:23:37,679
Speaker 8: They have the Country Store and.

491
00:23:37,680 --> 00:23:39,520
Speaker 6: All their Super Bowl Sunday.

492
00:23:39,640 --> 00:23:41,280
Speaker 2: Church forget about it.

493
00:23:42,240 --> 00:23:42,959
Speaker 8: That's a big time too.

494
00:23:43,280 --> 00:23:45,680
Speaker 2: That's huge. Yeah, so that's how I rolled there.

495
00:23:46,240 --> 00:23:49,720
Speaker 11: What also is big are these big weddings in India right.

496
00:23:49,760 --> 00:23:52,960
Speaker 11: A lot of shows like Indian Matchmaking Made in Heaven.

497
00:23:53,080 --> 00:23:55,800
Speaker 11: They've made like this the most popular thing. So now

498
00:23:56,200 --> 00:23:58,679
Speaker 11: people who are having weddings in India, they're kind of

499
00:23:58,760 --> 00:24:02,879
Speaker 11: capitalizing it because they're inviting wedding crashers. But you have

500
00:24:02,920 --> 00:24:05,679
Speaker 11: to pay, of course, in order to go to the wedding. Okay,

501
00:24:05,800 --> 00:24:07,520
Speaker 11: so they're making a little bit of money off of this.

502
00:24:07,600 --> 00:24:09,040
Speaker 11: So how much do you have to pay if you're

503
00:24:09,080 --> 00:24:11,359
Speaker 11: a foreigner and you're traveling around in India and you

504
00:24:11,400 --> 00:24:13,000
Speaker 11: want to go to one of these one hundred and

505
00:24:13,040 --> 00:24:15,399
Speaker 11: fifty dollars per person to join for one day, or

506
00:24:15,480 --> 00:24:17,560
Speaker 11: you can get two hundred and fifty dollars because these

507
00:24:17,560 --> 00:24:19,240
Speaker 11: are like multiple day celebrations.

508
00:24:19,400 --> 00:24:21,240
Speaker 5: So you mean you go to the wedding of someone

509
00:24:21,240 --> 00:24:23,639
Speaker 5: you don't know, Yes, just to sort of experience the

510
00:24:23,680 --> 00:24:24,800
Speaker 5: culture and like.

511
00:24:24,880 --> 00:24:28,159
Speaker 11: Corebet and dress and you know, the cultural dress and

512
00:24:28,560 --> 00:24:30,439
Speaker 11: they say they feel like celebrities when they go.

513
00:24:31,119 --> 00:24:33,840
Speaker 5: June for Lopez, wasn't she like on page six recently

514
00:24:33,880 --> 00:24:35,640
Speaker 5: she had just gone to India for some wedding.

515
00:24:35,720 --> 00:24:36,720
Speaker 6: She looked spectacular.

516
00:24:36,760 --> 00:24:40,040
Speaker 8: Yeah, they love the dress, they maja experience.

517
00:24:39,600 --> 00:24:41,560
Speaker 11: And yeah, travel experts are saying, you know what people

518
00:24:41,920 --> 00:24:43,919
Speaker 11: want different things like this. I mean, I don't know

519
00:24:44,240 --> 00:24:46,040
Speaker 11: I would want to go to someone else's wedding.

520
00:24:46,080 --> 00:24:47,639
Speaker 5: But it's a little whe I think there's a movie

521
00:24:47,640 --> 00:24:49,760
Speaker 5: in there somewhere, yes, but.

522
00:24:49,800 --> 00:24:51,200
Speaker 6: The next reality show.

523
00:24:51,600 --> 00:24:53,800
Speaker 11: But there are like startup companies like it's called Join

524
00:24:53,880 --> 00:24:57,280
Speaker 11: my Wedding, and they actually people go to this website

525
00:24:57,320 --> 00:25:00,280
Speaker 11: and find out which weddings are available, where can they go?

526
00:25:00,440 --> 00:25:04,600
Speaker 6: And you'll, all right.

527
00:25:04,880 --> 00:25:07,960
Speaker 11: They do bet the people, but it's it's like the

528
00:25:08,000 --> 00:25:10,639
Speaker 11: hot new thing now apparently, and the people who are

529
00:25:10,640 --> 00:25:13,200
Speaker 11: having the wedding are making some money at the same time, you.

530
00:25:13,160 --> 00:25:14,760
Speaker 6: Know, capitalism, Yeah, why not.

531
00:25:15,600 --> 00:25:18,959
Speaker 2: Lavish weddings in India are encouraging wedding crashes. There you go.

532
00:25:19,160 --> 00:25:21,080
Speaker 2: List We tell you with the newspapers. Thank you so much.

533
00:25:21,119 --> 00:25:22,160
Speaker 2: We appreciate that.

534
00:25:22,359 --> 00:25:27,199
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535
00:25:27,280 --> 00:25:31,600
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536
00:25:31,720 --> 00:25:34,960
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537
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538
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539
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