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Speaker 2: There's always in a given week. Two three, four Research
Speaker 2: reports a stick out. A couple of days ago, George
Speaker 2: Savelli has put out an absolute jewel Deutsche Bank and
Speaker 2: information bursting stereotypes on all that's going on on tariff's
Speaker 2: international dynamics, economics and of course you know the whole
Speaker 2: debate here that we have. He joins us now from
Speaker 2: Deutsche Bank. George, thank you so much for being with us.
Speaker 2: Figure two. No one knows this, including the President of
Speaker 2: the United States. If you take out our addiction to
Speaker 2: Canadian oil and gas, we run a trade surplus with Canada.
Speaker 3: Yes, the US does if you exclude energy.
Speaker 4: And I think one of the challenges in thinking through
Speaker 4: about tariff risks is the economic impact. And if you
Speaker 4: compare the economic impact of tariffs on Canada VERSUS, for example,
Speaker 4: China on the US, it would be far larger because
Speaker 4: Canada has a bigger capacity to retaliate.
Speaker 3: There's a reliance on energy that creates inflation. So the
Speaker 3: market is questioning.
Speaker 4: How much President Trump will go ahead with the tariff
Speaker 4: is threatening on Canada.
Speaker 3: As soon as February first, does the X and it's
Speaker 3: going to be a learning process.
Speaker 2: Does the xxis matter? Is it timing important like they
Speaker 2: want to try and set out or is all in
Speaker 2: one big one or that? Does that matter to George Caravellas.
Speaker 4: I think, well, what matters to me is what impacts
Speaker 4: the market. And if you look at the price action
Speaker 4: this week in the market, what.
Speaker 3: Was interesting and it's something we had warned about. The
Speaker 3: previous week. The market was expecting an immediate tariff announcement.
Speaker 4: You could see it in the risk premium that was
Speaker 4: priced in to the volatility space. You could see the
Speaker 4: inflation break evens. And therefore, when tariffs were not announced
Speaker 4: on the first day of President Trump's new administration, you
Speaker 4: have seen the market squeeze in terms of the doll longs.
Speaker 4: Now we're entering next week with almost the opposite dynamic.
Speaker 4: The market has completely taken out the risk premium of
Speaker 4: potentially mediate tariffs, especially with regard to Canada, and that
Speaker 4: would be a big shock.
Speaker 2: I mean, I figure nine, Paul, this brilliant research report. Folks,
Speaker 2: we protect the copyright of our guests. You're not going
Speaker 2: to get it from me her poud go to Deutsche
Speaker 2: Bank to get the Sarah Ellis research. The US imports
Speaker 2: more oil from Canada than all other countries come.
Speaker 5: But I did not know that.
Speaker 6: I mean, well that's what you get from Crevel Ceabellos,
Speaker 6: so Georgia in your market. In the currency market, how
Speaker 6: have traders been positioning themselves for a world where there
Speaker 6: may be higher trade tariffs, you.
Speaker 7: Know, not just Canon Mexico, but kind of across the board.
Speaker 4: So this is really the key question for the market
Speaker 4: and the big driver this year so far. It's what
Speaker 4: I would call the tariff risk premium. How much of
Speaker 4: that risk premium is priced into the market and traders
Speaker 4: have been positioned for some probability of tariffs going ahead.
Speaker 4: I think what we saw this week was just how
Speaker 4: aggressively people were expecting immediate tariffs, and that is why
Speaker 4: we're seeing some irreversal recent trends. But if you're looking
Speaker 4: at the cumulative amount of tariffs that are priced in,
Speaker 4: especially after the retracements, we've seen this week, you're actually
Speaker 4: not seeing that much. I would say the market is
Speaker 4: that the very lower end, if.
Speaker 3: Not below the lower end of what is a reasonable
Speaker 3: range of tariffs going forward.
Speaker 4: And that's really the reason why we still see the
Speaker 4: risks askewed towards more in terms of dollar strength, because
Speaker 4: the market at the moment, I think is underpricing the
Speaker 4: full extent of tariffs that could materialize.
Speaker 2: In this hour Accrassination on your Friday and YouTube again,
Speaker 2: Subscribe to Bloomberg podcast building each and every day, including
Speaker 2: the weekends. A lot of podcasts watching during the weekends.
Speaker 2: George Sarah ellis with As we continue, he is with
Speaker 2: Deutsche Bain. Coming up, Sarah Hunt. We'll talk equities with.
Speaker 7: Her pot George, is there any reasonable bear case for
Speaker 7: the US dollar? I just don't see it out there,
Speaker 7: and I haven't for the longest time.
Speaker 3: You mean a reasonable case for the dollar to.
Speaker 7: A weekend or just yes and yeah, just kind of
Speaker 7: a bearish case for the US dollar.
Speaker 3: So I can give you a historical example.
Speaker 4: When President Trump started his first administration, the market was
Speaker 4: also expecting dollar strength, and you saw two things happening.
Speaker 4: You saw any progress on fiscal and tax reform stall
Speaker 4: for nine months as the administration was.
Speaker 3: Trying through peal Obamacare, and you saw a big upswing
Speaker 3: in global growth.
Speaker 4: I think if you saw a repetition of that, the
Speaker 4: dollar would most certainly weaken. But what we're seeing this
Speaker 4: time is the administration picking up pace. The immediate focus is.
Speaker 3: On tax cuts, it is on trade, and the global.
Speaker 4: Environment looks a lot more challenging, so we I can
Speaker 4: always build a varish case for the dollar, but from
Speaker 4: my perspective, I think the hurdle is much higher than
Speaker 4: what it was in twenty nineteen.
Speaker 2: The news flow is extraordinary Jersey. They got to do
Speaker 2: an audible here just in the last twelve hours, eighteen hours.
Speaker 2: The president is reverted in Fed speak, and I think
Speaker 2: indirectly in currency speak to what we knew Donald Trump
Speaker 2: to be, which is he likes lower interest rates. I mean,
Speaker 2: he's a real estate guy, which real estate guy Paul
Speaker 2: doesn't like lower interest rates. Introduce him to me sometime, George.
Speaker 2: The president wants lower interest rates from Chairman Powell. I
Speaker 2: believe he stated at Davos he is going to lower interstrates.
Speaker 2: Let's just begin with that. With your Cambridge economics, can
Speaker 2: a government leader force interst rates lower?
Speaker 4: If the FED is independent and this institutional independence is maintained,
Speaker 4: then the answer is no. The transmission would work via
Speaker 4: FED appointments. But then if you're looking at the FED
Speaker 4: appointment process, which requires Center confirmation, and also the number
Speaker 4: of FED governors that are up for reappointment.
Speaker 3: There's not that many.
Speaker 4: But what I would say, going back to the question
Speaker 4: around the bare case for the dollar, the single biggest
Speaker 4: risk would be a compromise of FED independence. We certainly
Speaker 4: don't see that from our perspective, because I think the
Speaker 4: administration is well aware that if that was to happen,
Speaker 4: it would lead to all sorts of other.
Speaker 3: Bad things happening. For example, heels going up rather.
Speaker 2: Than down right in the back end exactly.
Speaker 4: But I think it's for that reason that the commentary
Speaker 4: is likely to remain rather than genuinely impacting and government
Speaker 4: what we saw last.
Speaker 2: Time, and Governor Lusetti will straighten that out. One final question,
Speaker 2: George Saravellos, the president wants a week dollar. He's been
Speaker 2: that way since before he was president as well. How
Speaker 2: far are we from the tension of the Plaza accord
Speaker 2: where there was a primal scream for a week dollar.
Speaker 4: So you raise a very interesting question, Tom, because by
Speaker 4: this time in the first administration, we already had the
Speaker 4: Secretary Treasury nominee Unusin talking down the dollar, we had
Speaker 4: tweets from President Trump talking down the dollar. And this
Speaker 4: time what I'm seeing is something very different. I'm seeing
Speaker 4: Scott Besson in the testimony in the Senate testimony hearing
Speaker 4: talk about the importance of the dollar as a reserve currency.
Speaker 4: I'm not seeing Trump talk about the dollar all that
Speaker 4: much at all. In fact, I think he hasn't even
Speaker 4: mentioned anything since the Bloomberg interview he gave way for
Speaker 4: the election. I think the reason behind that is the
Speaker 4: administration is realizing a strong dollar helps keep US inflation down,
Speaker 4: and therefore, from that perspective, it is one of the
Speaker 4: few things that I think is different from the first
Speaker 4: administration that they're actually less keen on a week dollar
Speaker 4: to help US inflation come down.
Speaker 2: Gotta un Jorge Servell's congratulations for the research piece of
Speaker 2: the week, just absolutely outstanding. Mister Serrave ellis at Deutsche Bank.
Speaker 1: You're listening to the Bloomberg Surveillance podcast catch us Live
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Speaker 2: Sir Hunt joins US now and the equity markets. Are
Speaker 2: you surprised at the day after day bid of the market.
Speaker 8: I'm not really because what we're looking at right now.
Speaker 9: Is again all the optimism and people are putting the
Speaker 9: pessimism or the things that might go wrong aside.
Speaker 8: Because of earnings or Washington, so Washington.
Speaker 9: But earnings have helped, right, So earnings also a lot
Speaker 9: banks that banks.
Speaker 8: Needed to come in with good numbers. They did. If
Speaker 8: we can see earnings come in good.
Speaker 7: That's going to go well, because it seems like twenty
Speaker 7: twenty five, if this market's going to move higher after
Speaker 7: two years of twenty percent plus returns and a FED,
Speaker 7: that's probably not going to be that active in twenty
Speaker 7: twenty five in terms of lowering rates. Earnings really have
Speaker 7: to drive the story here. Are you confident in a eleven,
Speaker 7: twelve thirteen percent growth in SMP earnings?
Speaker 8: It depends a lot. Again, Now, what's going to happen
Speaker 8: with technology?
Speaker 10: Right?
Speaker 9: You can look at the energy sector and go okay,
Speaker 9: oil prices are higher. That's going to help earnings for
Speaker 9: the SMP as a whole, where last year it was
Speaker 9: it was a detriment. There are going to be areas
Speaker 9: where you need to see that growth coming through because
Speaker 9: the multiple where the multiple is, it's hard to see
Speaker 9: multiple expansion. You need to see the earnings grow into
Speaker 9: that so that you can see that market move higher.
Speaker 7: One of the sectors that has been, if I guess
Speaker 7: Trump trade kind of sectors financials. The expectation that the
Speaker 7: regulatory environment's going to ease if nothing else that would
Speaker 7: be beneficial. Do you ascribe to that? Have you guys
Speaker 7: stepped up your exposure to financials?
Speaker 9: I wouldn't say that we've necessarily stepped it up because
Speaker 9: we had representation there and basically a lot more in
Speaker 9: the larger banks, because I think there may be some
Speaker 9: issues with the regional banks. But I think that just
Speaker 9: the fact that you may see an M and a
Speaker 9: boom after you've got a change at the FTC might
Speaker 9: help on the financial sector because you have a lot
Speaker 9: of smaller banks. I think that what the market is
Speaker 9: looking for is a change in the tone, both from
Speaker 9: a regulatory standpoint and from an M and a standpoint.
Speaker 7: I guess with this new administration there's been I think
Speaker 7: a palpable sense of economic optimism. I'm not sure it's
Speaker 7: animal spirits is the right word, but people feel like
Speaker 7: this is an administration, a government that is pro business,
Speaker 7: pro growth. If that's in fact a sense, is this
Speaker 7: maybe a time for smaller caps mid caps to actually
Speaker 7: do well?
Speaker 9: I think it absolutely is, and I think that, I
Speaker 9: mean that's it's going to depend a on on what
Speaker 9: happens to the rest of the underlying economic data, because
Speaker 9: for small caps to do well, you need to see
Speaker 9: a good economy. The fact that the FED is likely
Speaker 9: to be backing off a bit here is tougher for
Speaker 9: small caps because higher rates are tougher for them as
Speaker 9: a group. But I think that that could be If
Speaker 9: the US does do well.
Speaker 8: Small and min should do well as well.
Speaker 2: Not once, but twice this weekend, I got grilled on
Speaker 2: international stocks, and I, you know, I went back and
Speaker 2: looked at my Sarah Hunt notes and the basic idea
Speaker 2: is they're completely correlated to week dollar. Am I right
Speaker 2: on that?
Speaker 9: I think it is much bigger driver than what's going
Speaker 9: on for them economically, and one of the reasons that
Speaker 9: you would think they should be less strong is because
Speaker 9: what's going on in Europe is not fantastic economically, But
Speaker 9: there definitely is a currency trade off there, and I
Speaker 9: think that it's sort of like when the US when
Speaker 9: interest rates go higher, the tech group goes lower when
Speaker 9: the dollar gets weaker.
Speaker 2: Yeah, how do you digest? And I don't wanted to
Speaker 2: talk about Apple specifically unless you want to, But there's
Speaker 2: like rumors ONNG somebody's this, or that there's a shortfall.
Speaker 2: There are these research geeks measuring things on whatever product.
Speaker 2: Do you lean over the desk and listen to those people,
Speaker 2: read those people or is it just tangential noise.
Speaker 9: I think it has to be part of what you're
Speaker 9: looking at altogether, because you don't want to be surprised
Speaker 9: by some sort of a shortfall, but the market doesn't
Speaker 9: seem to be enormously surprised. I think it really depends
Speaker 9: on what else is going on underneath.
Speaker 8: For something like.
Speaker 9: Apple, specifically, that service revenue and that recurring revenue is
Speaker 9: a bigger part of what people look at in the story.
Speaker 8: The hardware is still important.
Speaker 9: So if there's a shortfall and it's not continuous, that's
Speaker 9: probably not as big a deal.
Speaker 2: We're talking apple. Can I be rude, Paul? Are you're
Speaker 2: going to load the boat on an apple? There's a pullback.
Speaker 9: I'm definitely going to make sure that if I was
Speaker 9: underweight or not participating and I like the story, I
Speaker 9: would be adding to it.
Speaker 8: Here. We had a participation already, so I mean.
Speaker 7: She owns Yeah, that's fine.
Speaker 2: That's that's Baron's talk. That's the way Mario Gabelli talks.
Speaker 3: Nothing wrong with that.
Speaker 7: We mentioned the FED before, probably a little bit more
Speaker 7: quiescent this year than maybe we initially thought think the
Speaker 7: FED will do this year.
Speaker 9: There's going to be that's going to depend on a
Speaker 9: lot of different factoris. But right now I think the
Speaker 9: impetus is to do nothing. It's just sort of wait
Speaker 9: and pause. We'll see what happens next week. But I
Speaker 9: think that you're going to need to see data on
Speaker 9: the inflation side come in reasonably good for the FED
Speaker 9: to be able to cut more just because things are
Speaker 9: going well enough that it seems contradictory to say, we're
Speaker 9: raising our inflation out and we're cutting.
Speaker 2: Rates, But aren't these rates nominal or real quote unquote normal.
Speaker 2: We have this great conversation with Greg Peters of p JAP.
Speaker 2: I mean, a lot of the younger people are going,
Speaker 2: oh gee, it's so weird.
Speaker 8: Is it.
Speaker 9: It's not so weird on the back end, on the
Speaker 9: long end, but on the short end that seems a
Speaker 9: little high relative to other things. So that could be
Speaker 9: the argument of saying I can bring the short end
Speaker 9: down a little bit because we want to see that
Speaker 9: steep ree yield curve and that more normalized yield curve.
Speaker 9: But yes, after a decade of zero, go back and look,
Speaker 9: rates at five percent are almost.
Speaker 8: In a low relative to history, especially on the long end.
Speaker 2: Tearing up Paul Out on YouTube today. On live chat,
Speaker 2: he used the word quis like when you're court sighted
Speaker 2: duke and the first quarter doesn't go well. Now do
Speaker 2: you look there, and who's the freshman start calem.
Speaker 3: H Cooper flag Connor, Yeah, Cooper Cooper, Cooper Flagg.
Speaker 2: So do you go Cooper you're quiet?
Speaker 7: Yeah, that's not gonna happen. I'd get thrown out of
Speaker 7: my seats.
Speaker 3: Quies, what's happened to me?
Speaker 2: You know, Lisa, he's ruined yep to others to it, Sarah,
Speaker 2: thank you so much, Sarah Han on short notice today
Speaker 2: in the equity markets, as we really readjust without buying Saxon.
Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday
Speaker 1: starting at seven am Eastern on Apple Corplay and Android
Speaker 1: Auto with the Bloomberg Business App. You can also listen
Speaker 1: live on Amazon Alexa from our flagship New York station,
Speaker 1: Just say Alexa Play Bloomberg eleven thirty.
Speaker 2: Calem Anderson for years was definitive in international economics. You
Speaker 2: get upset, you throw out a twelve page wonder Oh damn,
Speaker 2: I gotta read this. He was that good.
Speaker 3: He's teemed up.
Speaker 2: With Thomas Harr of the Denmark Central Bank to write
Speaker 2: a lovely, short focused treatise on your fear of inflation.
Speaker 2: Doctor Hart joins us right now, chief Economists, head of
Speaker 2: all of economics for the Central Bank of Denmark's National Bank.
Speaker 2: Is this nineteen sixties inflation? Is this the inflation that
Speaker 2: our parents or some of us older lived, Doctor Herr.
Speaker 10: Well, thanks a lotor for being on the show, Tom,
Speaker 10: and no, I don't think it is. So. I think
Speaker 10: what happened, and that's what we talk a lot about
Speaker 10: at length in the book, is there was some extraordinary shock,
Speaker 10: and there was extraordinary you can say, fiscal and monetary policy.
Speaker 10: A lot of differences between the different regions we describe
Speaker 10: both the US, Europe and Asia. But that happened.
Speaker 2: But what was the key.
Speaker 10: Difference between compared to the sixties and seventies was, for example,
Speaker 10: that inflacing expectations did not rise to the same extent,
Speaker 10: and therefore that was one of the key reasons why
Speaker 10: inflacing back down. Clearly there are a lot of uncertainties
Speaker 10: out there have to talk about that.
Speaker 2: The heart of the matter, in the fear of every
Speaker 2: sentence of Jerome Powers press conference, is the fear of
Speaker 2: central banks unanchored. Are we threatened that we could be
Speaker 2: unanchored in these tumultuous times?
Speaker 10: I think, I mean all central banks are monitoring this
Speaker 10: extremely closely and clearly. When you look at the last
Speaker 10: and that's what the book is about. The twenty twenty one,
Speaker 10: twenty two bursts of inflation. We did see on the
Speaker 10: short term inplaced expectations that they write somewhat, but the
Speaker 10: longer term still was so you can say surprisingly or
Speaker 10: at least noteworthy, resilient. But we are monitoring this extremely
Speaker 10: closely to see whether there are any signs of dangers,
Speaker 10: but so far they are not in my view, And
Speaker 10: that's also what we talk about in the book.
Speaker 1: To us.
Speaker 7: The discussion these days, just in the last a week
Speaker 7: or so here in the US, it has been about tariffs. Tariffs, teriffs.
Speaker 7: From your perspective, what is their impact on inflation? How
Speaker 7: do you think about that relationship?
Speaker 10: Now? I think there is a difference between whether you
Speaker 10: look at it from a US perspective or whether you
Speaker 10: look at it from a world perspective. But because one
Speaker 10: of the point we're actually making in the book is
Speaker 10: that inflation is to a very large extent of global phenomena.
Speaker 10: But I would say, and that's always the danger of
Speaker 10: saying this time is different. But I think if you
Speaker 10: look at the tariffs issue, I think it's very difficult
Speaker 10: to not see it as at least short term somewhat
Speaker 10: inflationary for the US, and by that way also some
Speaker 10: of the other things which could come out of the
Speaker 10: new administration. But I would say in terms of for
Speaker 10: the rest of the world, I would say less so,
Speaker 10: because what it could be, you can say, a negative
Speaker 10: supply shop for the US in terms of tariffs, will
Speaker 10: be a negative demand shop for europe nation, and therefore
Speaker 10: I would say the spillo of that in terms of
Speaker 10: the information area, it's very very uncertain. Of course, also
Speaker 10: depends on what happens to the dollar, but I would
Speaker 10: think that it would be more limited in terms of
Speaker 10: the global spilows from that. That would be so in
Speaker 10: twenty one twenty.
Speaker 2: Two, Thomas Hard, I would be remiss if I didn't
Speaker 2: pull an audible here for American commuters those on YouTube nationwide.
Speaker 2: The Bank of Denmark rights heard on all the research
Speaker 2: capabilities of Greenland, and I don't want to get into
Speaker 2: a debate about who's going to end up with Greenland here,
Speaker 2: but I do want to ask simply, what's the number
Speaker 2: one thing in the Danish Central Banks research on Greenland
Speaker 2: that you would like to convey to our American audience.
Speaker 10: I mean, we do some ananosis on Greenland. We will
Speaker 10: actually quite quite soon come out with a new analysis
Speaker 10: on Greenland and that you can look out for. I
Speaker 10: think it would be out in a couple of months,
Speaker 10: just published from the Central Banks, purely on the economic
Speaker 10: out roup for Greenland. We're updating this on a quite
Speaker 10: regular basis and that will come out as I said
Speaker 10: in a couple months.
Speaker 2: Time, we'll have to have you back on for that.
Speaker 2: I think maybe Paul Spring and Copenhagen, Thomas Hart, thank
Speaker 2: you so much. Congratulations on your book with Callum Anderson
Speaker 2: the inflation Researchers. We greatly appreciate it. Today, doctor Herr
Speaker 2: is with the Denmark Central Bank.
Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday
Speaker 1: starting at seven am Eastern on Apple, Corplay and Android
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Speaker 2: The daily look at the front page is the Lisa
Speaker 2: Matteo Moment and now the Yak Report. What are you
Speaker 2: talking about?
Speaker 5: Okay, Kashmir right, the hottest thing, very expensive, beautiful, feels
Speaker 5: nice and soft for a birthday, yes, but forget about
Speaker 5: it because there's a new luxury material that you have
Speaker 5: to be interested in. It's from the Yak Yes, you
Speaker 5: were talking about it.
Speaker 7: What the heck is then?
Speaker 2: Right?
Speaker 4: Right?
Speaker 5: It's for men. Oh, okay, it's a cattle. They known
Speaker 5: for loud grunting.
Speaker 7: Right.
Speaker 5: They could probably eat a little Kashmir goat, but it's
Speaker 5: less expensive. The Wallstreet Journal points it out. It's still soft,
Speaker 5: not as soft as cashmere, but it has a little
Speaker 5: bit of a manly touch to it, so it's tough
Speaker 5: yet tender at the same time.
Speaker 8: So it has that.
Speaker 2: This is a skirt.
Speaker 3: Yes, it could be, it could be.
Speaker 7: Maybe I'm looking at the American trench call yak shirt
Speaker 7: two and forty nine dollars.
Speaker 5: Wow, compared to what cashmere should run you almost nine
Speaker 5: hundred bucks.
Speaker 3: Yep.
Speaker 7: The Todd Snyder knit cashmere over shirt nine hundred and
Speaker 7: ninety eight dollars. So Yak is the I guess it's
Speaker 7: just a pedestrian man's Kashmir.
Speaker 5: But they're saying, well, I don't know if it's from Tibet,
Speaker 5: but they're saying that it offers this like conversational piece
Speaker 5: because you're at a party and you can say, hey,
Speaker 5: my shirt's made from Yak.
Speaker 8: No it doesn't work, No, No, all right, marks.
Speaker 3: I'm trying. I'm trying.
Speaker 8: Okay.
Speaker 5: President's Trump moving back into the White House. He sent
Speaker 5: the DC luxury home market. It's on this buying spree
Speaker 5: right now because more people want to be his neighbor.
Speaker 5: So you have business leaders, new members of Congress, wealthy
Speaker 5: political appointees. They're all scooping up these like multimillion dollar
Speaker 5: properties in DC and some of those surrounding neighborhoods. So
Speaker 5: I'll give you an example December Canter Fitzgerald CEO Howard Lutnik,
Speaker 5: he's the President's pick for Commerce Secretary. He set a
Speaker 5: record for DC. He paid twenty five million dollars for
Speaker 5: a home there. Also on the hunt, you have Treasury
Speaker 5: Secretary Nowminee Scott Bessen.
Speaker 8: He's looking for a home there.
Speaker 5: But the real estate agents they're just saying that these
Speaker 5: are like big ticket deals. That's really taking off faster
Speaker 5: than in any prior administration.
Speaker 7: You know, the DC metro area there were eighty seven
Speaker 7: home sales about five million dollars last year compared with
Speaker 7: fifty three and twenty twenty three, and sixteen in twenty
Speaker 7: twenty six.
Speaker 5: So the price we're just scoring, we're going up because
Speaker 5: of that, because people want to be over to Georgetown.
Speaker 5: Georgetown there you go is.
Speaker 2: Like eight million dollars to get it.
Speaker 5: You know, I I what was their university? Check that
Speaker 5: one out. So if you have an old iPhone with
Speaker 5: TikTok installed on it, people are paying you big.
Speaker 10: Money for this.
Speaker 5: Okay, yes, The reason because is the app is still
Speaker 5: not on the App Store. So when TikTok went down
Speaker 5: and went black and on Saturday store, it's not in
Speaker 5: the app store, so people started deleting it once it
Speaker 5: went down on Saturday. But now they can't get it
Speaker 5: back up because it's not on the App Store and
Speaker 5: they can't. They can't get it and they need.
Speaker 7: Their to TikTok's still dark.
Speaker 5: No, it's not dark, it's back up and running. You
Speaker 5: can't get it if you want to go in the
Speaker 5: app store. Old if you buy it, can I tell
Speaker 5: you how much they're going for. They're selling a Facebook Marketplace,
Speaker 5: poshmark eBay three thousand dollars. Some one guy even said
Speaker 5: he paid five seven hundred dollars.
Speaker 7: Well, if that's your business, you know, if that's your
Speaker 7: business being an influencer or content creator, you got to be.
Speaker 2: There, right.
Speaker 5: If you deleted it, then then you're stock. But people
Speaker 5: are saying, you know what, don't do it because they
Speaker 5: can have some spyware in there. You could, you know,
Speaker 5: be in trouble. They're saying that there are safer options.
Speaker 5: You can go to web browsers. They still have it
Speaker 5: on there. Reddit people and Redder are saying there's like
Speaker 5: a workaround to the app. There's always some kind of
Speaker 5: way around, but it's a good way to make money
Speaker 5: if you have an old iPhone with TikTok Lisa.
Speaker 2: But tay you, thank you so much. On newspaper Report Today.
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Speaker 1: weekday seven to ten am Easter and on Bloomberg dot Com,
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Speaker 1: You can also watch us live every weekday on YouTube
Speaker 1: and always on the Bloomberg terminal