1 00:00:00,240 --> 00:00:10,559 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,600 --> 00:00:14,560 Speaker 1: Bloomberg Intelligence podcast. Catch us live weekdays at ten am 3 00:00:14,600 --> 00:00:17,880 Speaker 1: Eastern on Apple Coarcklay and Android Auto with the Bloomberg 4 00:00:17,920 --> 00:00:21,040 Speaker 1: Business App. Listen on demand wherever you get your podcasts, 5 00:00:21,360 --> 00:00:23,560 Speaker 1: or watch us live on YouTube. 6 00:00:24,400 --> 00:00:26,599 Speaker 2: All right, we got to Scarlet Foot Paul Sweeney live 7 00:00:26,600 --> 00:00:28,720 Speaker 2: here in our Bloomberg Interactive Broker Studio or streaming live 8 00:00:28,720 --> 00:00:32,600 Speaker 2: on YouTube and at Bloomberg dot com. Buffett goes out 9 00:00:32,640 --> 00:00:37,479 Speaker 2: like a bear with five billion dollars in Q four sales. 10 00:00:37,479 --> 00:00:40,640 Speaker 2: That's according to the thirteen f's Matthew Palizola Joints is 11 00:00:40,680 --> 00:00:43,680 Speaker 2: here senior alys who covers the insurance companies, including Berkshire 12 00:00:43,680 --> 00:00:47,480 Speaker 2: Hathaway for Bloomberg Intelligence. He's covered that company for decades. 13 00:00:47,520 --> 00:00:52,239 Speaker 2: Here was this the last quarter where Warren Buffett was 14 00:00:52,320 --> 00:00:55,440 Speaker 2: actively managing maybe I guess the account along with his 15 00:00:55,520 --> 00:00:57,640 Speaker 2: co managers there. So this is maybe the last time 16 00:00:57,840 --> 00:01:00,560 Speaker 2: we can say Warren Buffett sold this or bought this. 17 00:01:00,720 --> 00:01:01,240 Speaker 3: Yes it is. 18 00:01:01,320 --> 00:01:04,039 Speaker 4: So he was the CEO as of the fourth quarter. 19 00:01:04,440 --> 00:01:06,920 Speaker 4: So these moves that were looking at in the thirteen 20 00:01:07,080 --> 00:01:09,280 Speaker 4: F took place in the fourth quarter. Of last year. 21 00:01:10,240 --> 00:01:13,160 Speaker 4: To be totally fair, he's been stepping back. He probably 22 00:01:13,200 --> 00:01:15,440 Speaker 4: wasn't behind a lot of this anyway, but this is 23 00:01:15,880 --> 00:01:18,640 Speaker 4: actually the last quarter that you could even attribute these 24 00:01:18,640 --> 00:01:21,080 Speaker 4: things to him. He remains chairman, so you never know 25 00:01:21,120 --> 00:01:23,880 Speaker 4: he'd be looming behind the scenes, but his last quarter 26 00:01:23,880 --> 00:01:24,360 Speaker 4: is CEO. 27 00:01:25,080 --> 00:01:27,520 Speaker 5: And the thing about his husband in Apple was that 28 00:01:27,760 --> 00:01:30,160 Speaker 5: he famously said he was only investing in things that 29 00:01:30,200 --> 00:01:33,520 Speaker 5: he understood in that typically did not include technology companies. 30 00:01:33,840 --> 00:01:35,880 Speaker 5: But Apple, I guess he saw more as a consumer 31 00:01:36,000 --> 00:01:37,120 Speaker 5: company than anything else. 32 00:01:37,240 --> 00:01:37,760 Speaker 3: Yeah, I think so. 33 00:01:37,880 --> 00:01:40,520 Speaker 4: And I think the you know, his thing was motes, 34 00:01:40,640 --> 00:01:45,280 Speaker 4: right and probably still is, but the iPhone mote and 35 00:01:45,319 --> 00:01:47,800 Speaker 4: the infrastructure built in I think those were appealing things. 36 00:01:48,160 --> 00:01:50,600 Speaker 4: They have been pairing that that investment, as we know, 37 00:01:52,000 --> 00:01:54,240 Speaker 4: part of that, and you know, it's it's kind of 38 00:01:54,240 --> 00:01:56,160 Speaker 4: a twist because he had said this said of the 39 00:01:56,160 --> 00:01:59,240 Speaker 4: annual meeting a couple of meetings ago, that it was 40 00:01:59,760 --> 00:02:01,880 Speaker 4: a kind of tax reasons that they had these huge 41 00:02:01,960 --> 00:02:04,920 Speaker 4: unrealized gains in there, and he thought taxes. 42 00:02:04,560 --> 00:02:05,400 Speaker 3: Would be going up. 43 00:02:05,560 --> 00:02:07,640 Speaker 4: Now they're certainly not going to go up under the 44 00:02:07,640 --> 00:02:10,720 Speaker 4: current administration kind of anytime soon. But Buffett is always 45 00:02:10,720 --> 00:02:13,160 Speaker 4: long term thinking, so I think that's what he was 46 00:02:13,200 --> 00:02:15,880 Speaker 4: looking at as we've got, you know, tens of billions 47 00:02:15,880 --> 00:02:18,200 Speaker 4: of dollars of unrealized gains that will be taxed. And 48 00:02:18,520 --> 00:02:21,959 Speaker 4: I think it does still hold true that in ten 49 00:02:22,040 --> 00:02:24,440 Speaker 4: years from now, probably the corporate tax rate could be higher, 50 00:02:24,480 --> 00:02:26,520 Speaker 4: and I think that was his concern and part of 51 00:02:26,520 --> 00:02:28,560 Speaker 4: the reason they were taking down those those big gains 52 00:02:28,560 --> 00:02:29,560 Speaker 4: in those big positions. 53 00:02:30,440 --> 00:02:34,040 Speaker 2: The Conglomberate also cut its Amazon steak by seventy five percent. 54 00:02:34,240 --> 00:02:39,079 Speaker 4: They so Amazon. They initially got into Amazon him in 55 00:02:39,080 --> 00:02:41,519 Speaker 4: twenty nineteen. That was one of his investment deputies, I 56 00:02:41,520 --> 00:02:45,320 Speaker 4: think brought it to him. Then again also like tech, 57 00:02:45,400 --> 00:02:50,520 Speaker 4: but a retailer. Right that position we calculated was up 58 00:02:50,560 --> 00:02:52,400 Speaker 4: about one hundred and thirty to one hundred and forty 59 00:02:52,400 --> 00:02:56,200 Speaker 4: percent over the time. They hold it nice but kind 60 00:02:56,200 --> 00:02:58,440 Speaker 4: of in line with the S and P five hundred, 61 00:02:58,600 --> 00:03:02,360 Speaker 4: So it didn't really outperform. So I think it was 62 00:03:02,480 --> 00:03:03,680 Speaker 4: kind of taking some money off the table. 63 00:03:03,680 --> 00:03:04,000 Speaker 3: I sold. 64 00:03:04,080 --> 00:03:06,880 Speaker 4: I believe like one point seven billion worth of that 65 00:03:06,960 --> 00:03:10,160 Speaker 4: stock cut, cutting most of the position, so that one 66 00:03:10,160 --> 00:03:13,000 Speaker 4: I think was probably a company specific didn't really outperform. They 67 00:03:13,040 --> 00:03:16,600 Speaker 4: bought four billion of Alphabet last quarter, so you know, 68 00:03:16,800 --> 00:03:19,800 Speaker 4: the kind of tech aversion you know may be changing 69 00:03:19,840 --> 00:03:20,320 Speaker 4: over time. 70 00:03:20,639 --> 00:03:22,079 Speaker 6: What did he increase takes in? 71 00:03:22,880 --> 00:03:27,680 Speaker 4: So two big ones, Chevron and Chubb. So Chevron is 72 00:03:27,680 --> 00:03:32,160 Speaker 4: they their fifth biggest holding. I think they interestingly, I 73 00:03:32,160 --> 00:03:36,320 Speaker 4: don't know if they were kind of betting on US 74 00:03:36,400 --> 00:03:39,360 Speaker 4: intervention in Venezuela, which happened kind of after the quarter, 75 00:03:39,440 --> 00:03:41,320 Speaker 4: so you can't say that like murderer got taken out 76 00:03:41,320 --> 00:03:42,760 Speaker 4: and this stuff happened, and they did it and reaction 77 00:03:42,840 --> 00:03:45,200 Speaker 4: they did it before. But maybe they were reading the 78 00:03:45,240 --> 00:03:49,080 Speaker 4: tea leaves there. I don't know. It's a big holding 79 00:03:49,120 --> 00:03:52,040 Speaker 4: for them. I think the the kind of geopolitical energy 80 00:03:52,920 --> 00:03:56,320 Speaker 4: play makes total sense. The other one is Chubb, which 81 00:03:56,800 --> 00:03:58,560 Speaker 4: you know, I don't want to get too excited thinking 82 00:03:58,600 --> 00:04:03,800 Speaker 4: about insurance mega deal here, but they are now the 83 00:04:03,840 --> 00:04:07,240 Speaker 4: second well they've been the second largest holder of Chub stock. 84 00:04:07,320 --> 00:04:08,880 Speaker 3: Chub makes total sense. 85 00:04:09,000 --> 00:04:11,720 Speaker 4: It is, in our view, BI a cream of the 86 00:04:11,720 --> 00:04:17,279 Speaker 4: crop insurance company, Global reach, still growing nicely, great management. 87 00:04:17,440 --> 00:04:19,400 Speaker 3: It's a company that Berkshire would want to own. 88 00:04:19,760 --> 00:04:22,920 Speaker 4: Now Berkshire's got their own massive insurance business. 89 00:04:22,960 --> 00:04:23,239 Speaker 3: Yes. 90 00:04:23,360 --> 00:04:26,800 Speaker 4: The interesting thing is you've got two massive insurance businesses. 91 00:04:26,839 --> 00:04:27,760 Speaker 3: They're actually quite. 92 00:04:27,720 --> 00:04:30,320 Speaker 4: Complimentary if one were to want to put them together. 93 00:04:30,400 --> 00:04:33,800 Speaker 4: So the Berkshire business very big personal atto in Geico, 94 00:04:34,160 --> 00:04:38,440 Speaker 4: very big reinsurance, kind of global global reinsurance. Those are 95 00:04:38,440 --> 00:04:42,600 Speaker 4: two businesses that Chubb is not really in. There's some 96 00:04:42,640 --> 00:04:45,440 Speaker 4: overlap in the kind of US specialty businesses that they're 97 00:04:45,480 --> 00:04:51,080 Speaker 4: both in, but it would be phenomenally complementary of those 98 00:04:51,120 --> 00:04:53,800 Speaker 4: two businesses. I think there's probably a lot of hurdles 99 00:04:53,839 --> 00:04:57,880 Speaker 4: to some sort of you know, total deal there Chubb's 100 00:04:58,200 --> 00:05:01,560 Speaker 4: Chubb's market cap is one hundred thirty billion. Berkshire has 101 00:05:01,600 --> 00:05:03,960 Speaker 4: three hundred billion of cash, so they theoretically could buy 102 00:05:04,240 --> 00:05:06,960 Speaker 4: Chubb in cash if they wanted to. But I think 103 00:05:06,960 --> 00:05:09,880 Speaker 4: it's probably some cultural issues and would Shubb really want 104 00:05:09,880 --> 00:05:12,159 Speaker 4: to sell as the other thing? But you know, it 105 00:05:12,240 --> 00:05:15,440 Speaker 4: is something as a stock something Berkshire would want on. 106 00:05:15,600 --> 00:05:18,560 Speaker 5: Is that a strategy that Berkshire actually follows through on 107 00:05:18,640 --> 00:05:21,400 Speaker 5: where it starts off with a steak and then eventually decides, 108 00:05:21,440 --> 00:05:22,480 Speaker 5: you know what, we're just going to buy. 109 00:05:22,360 --> 00:05:22,760 Speaker 7: The whole thing. 110 00:05:22,920 --> 00:05:24,200 Speaker 3: Scarlett, Yeah, they do do that. 111 00:05:24,320 --> 00:05:26,520 Speaker 4: So I think with Burlington Northern, which is a little 112 00:05:26,520 --> 00:05:28,480 Speaker 4: bit before time when they bought it. They did things 113 00:05:28,520 --> 00:05:31,120 Speaker 4: like that where they acquire the public steak and then 114 00:05:31,120 --> 00:05:33,080 Speaker 4: they build it over time. That's why there was a 115 00:05:33,080 --> 00:05:35,960 Speaker 4: lot of speculation about occidental. Buffett then came out and 116 00:05:35,960 --> 00:05:37,960 Speaker 4: threw cold water on it, saying that, but it seemed 117 00:05:38,000 --> 00:05:40,520 Speaker 4: like it was going along with their playbook of huge 118 00:05:40,560 --> 00:05:41,799 Speaker 4: acquisitions that they made before. 119 00:05:41,839 --> 00:05:43,960 Speaker 2: So now that warns out, can we have a serious 120 00:05:44,000 --> 00:05:45,200 Speaker 2: discussion about a dividend? 121 00:05:46,040 --> 00:05:49,000 Speaker 3: We can? I think, you know, we'll get you on 122 00:05:49,000 --> 00:05:50,640 Speaker 3: the phone, grig Able. Let's see what he says. 123 00:05:51,800 --> 00:05:54,520 Speaker 4: You know, I think our take has been in the 124 00:05:54,680 --> 00:06:00,880 Speaker 4: early years. Able will probably adhere to the ethel of Berkshire. 125 00:06:00,920 --> 00:06:02,320 Speaker 4: And I don't think he's going to come in and 126 00:06:02,360 --> 00:06:05,640 Speaker 4: start breaking down walls. I don't think anyone would like 127 00:06:05,680 --> 00:06:08,840 Speaker 4: to see that, especially Buffet's still there. I mean, they 128 00:06:08,880 --> 00:06:12,760 Speaker 4: have tremendous excess capital. Buffett is praised Able as being 129 00:06:13,040 --> 00:06:16,920 Speaker 4: a great capital allocator, great capital manager, and they've also 130 00:06:16,920 --> 00:06:19,480 Speaker 4: said we literally can't there's so much money, we can't 131 00:06:19,480 --> 00:06:23,039 Speaker 4: put it to work in a reasonable way. So it 132 00:06:23,080 --> 00:06:26,320 Speaker 4: would make sense to see something happen there. And I think, look, 133 00:06:26,520 --> 00:06:28,320 Speaker 4: the other thesis is they're not going to be as 134 00:06:28,360 --> 00:06:31,520 Speaker 4: good as anything anymore. Right, there's no better investor than Buffett. 135 00:06:31,600 --> 00:06:31,960 Speaker 3: Give a g. 136 00:06:32,160 --> 00:06:34,680 Speaker 4: Jayne, who is the head of the insurance operations. He's 137 00:06:34,720 --> 00:06:36,640 Speaker 4: been selling a lot of stock. Perhaps he's getting close 138 00:06:36,640 --> 00:06:38,360 Speaker 4: to retirement, so not going to be good at any 139 00:06:38,400 --> 00:06:40,560 Speaker 4: of these things anymore. Some sort of capital which are 140 00:06:40,560 --> 00:06:41,480 Speaker 4: gonna be a big catalyst. 141 00:06:42,279 --> 00:06:45,440 Speaker 2: Stay with us. More from Bloomberg Intelligence coming up after this. 142 00:06:49,279 --> 00:06:52,960 Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live 143 00:06:53,080 --> 00:06:56,159 Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android 144 00:06:56,160 --> 00:06:59,440 Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever 145 00:06:59,480 --> 00:07:02,800 Speaker 1: you get your or watch us live on YouTube. 146 00:07:03,400 --> 00:07:05,960 Speaker 2: Apple's correlation to the Nasdaq one hundred in next has 147 00:07:06,000 --> 00:07:09,880 Speaker 2: tumbled to zero point two to one, it's lowest since 148 00:07:09,920 --> 00:07:12,320 Speaker 2: two thousand and six, as the company's decision to mostly 149 00:07:12,400 --> 00:07:15,600 Speaker 2: sit out the AI arms race has turned it into 150 00:07:15,640 --> 00:07:19,560 Speaker 2: an outlier. Ryan of Lastelka, he's an equities reporter for 151 00:07:19,600 --> 00:07:22,600 Speaker 2: Bloomberg NewCity Space out there in Chicago. Ryan, is this 152 00:07:22,640 --> 00:07:26,360 Speaker 2: a good thing for Apple? A bad thing? Because historically 153 00:07:26,360 --> 00:07:28,640 Speaker 2: it's been like, Hey, Apple, when are you guys going 154 00:07:28,720 --> 00:07:31,520 Speaker 2: to get on this AI bandwagon? And then maybe now 155 00:07:31,560 --> 00:07:33,560 Speaker 2: it's kind of working out to their benefit that they're 156 00:07:33,600 --> 00:07:34,320 Speaker 2: not so much on that. 157 00:07:35,480 --> 00:07:38,200 Speaker 7: Yeah, So in this market, obviously, there has been a 158 00:07:38,320 --> 00:07:41,480 Speaker 7: lot of AI related volatility. There's been a lot of 159 00:07:41,520 --> 00:07:44,360 Speaker 7: concern about the amount of money that big tech companies 160 00:07:44,400 --> 00:07:47,360 Speaker 7: are spending on AI, but Apple isn't really spending on 161 00:07:47,440 --> 00:07:49,600 Speaker 7: AI in that way. There's been a lot of concern 162 00:07:49,640 --> 00:07:53,800 Speaker 7: about AI disrupting software companies. Apple isn't really software. There's 163 00:07:53,840 --> 00:07:56,680 Speaker 7: a lot of concerns about AI disrupting all parts of 164 00:07:56,760 --> 00:08:00,800 Speaker 7: the market, whether it's financial services, legal services, data, all 165 00:08:00,800 --> 00:08:03,520 Speaker 7: these kinds of things, none of which really involve Apple. 166 00:08:03,600 --> 00:08:06,360 Speaker 7: But at the same time, Apple is probably going to 167 00:08:06,400 --> 00:08:10,160 Speaker 7: be the major way that people access AI services on 168 00:08:10,200 --> 00:08:12,400 Speaker 7: their phones, on their computers, on their tablets, so on, 169 00:08:12,440 --> 00:08:14,760 Speaker 7: and so forth, which means it has a certain amount 170 00:08:14,800 --> 00:08:18,640 Speaker 7: of upside potential related to the technology without having to 171 00:08:18,680 --> 00:08:23,160 Speaker 7: spend on it the way companies like Microsoft or Alphabet 172 00:08:23,240 --> 00:08:26,000 Speaker 7: or Meta are. So it's kind of perfectly positioned in 173 00:08:26,080 --> 00:08:29,760 Speaker 7: this current environment when there's concern about both AI spending 174 00:08:29,920 --> 00:08:31,240 Speaker 7: but also AI disruption. 175 00:08:31,720 --> 00:08:33,880 Speaker 5: So it kind of worked out that Apple hasn't made 176 00:08:33,960 --> 00:08:37,600 Speaker 5: very much progress on AI, but on overall, the fact 177 00:08:37,640 --> 00:08:39,520 Speaker 5: that it didn't do a lot on AI was kind 178 00:08:39,520 --> 00:08:42,360 Speaker 5: of falling behind. In fact, losing talent was something that 179 00:08:42,480 --> 00:08:44,840 Speaker 5: was a drag on the stock, say a year ago. 180 00:08:45,400 --> 00:08:47,760 Speaker 7: Yeah, people were concerned about this. But a few weeks 181 00:08:47,760 --> 00:08:50,840 Speaker 7: ago it announced a multi year partnership with Alphabet, where 182 00:08:50,880 --> 00:08:54,120 Speaker 7: Google is going to be providing the technology behind Apple's AI, 183 00:08:54,320 --> 00:08:56,840 Speaker 7: including Siri. That was seen as a way for the 184 00:08:56,880 --> 00:08:59,040 Speaker 7: people to feel really relieved that they are going to 185 00:08:59,080 --> 00:09:01,560 Speaker 7: be involved with a I have some kind of offering 186 00:09:01,600 --> 00:09:06,080 Speaker 7: from a highly respected, you know, AI lab model provider 187 00:09:06,200 --> 00:09:09,800 Speaker 7: in Alphabet without having to you know, pay for it 188 00:09:09,920 --> 00:09:12,480 Speaker 7: or have developed their own in house stuff, which is 189 00:09:12,480 --> 00:09:16,520 Speaker 7: obviously an area of huge competition, heavy expenses. I think 190 00:09:17,160 --> 00:09:19,400 Speaker 7: the four major spenders this year are spending six hundred 191 00:09:19,400 --> 00:09:21,240 Speaker 7: and fifty billions, so they are stepping out of that 192 00:09:21,280 --> 00:09:22,480 Speaker 7: and they don't have to worry about that. 193 00:09:23,280 --> 00:09:26,439 Speaker 2: Stay with us. More from Bloomberg Intelligence coming up after this. 194 00:09:30,320 --> 00:09:34,040 Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live 195 00:09:34,120 --> 00:09:37,160 Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android 196 00:09:37,200 --> 00:09:40,520 Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever 197 00:09:40,559 --> 00:09:43,680 Speaker 1: you get your podcasts, or watch us live on YouTube. 198 00:09:44,280 --> 00:09:46,600 Speaker 5: What the big gainers today and it happened even before 199 00:09:46,600 --> 00:09:50,080 Speaker 5: the market open. Paul is MSG s MSG Sports. It 200 00:09:50,120 --> 00:09:52,240 Speaker 5: is the owner of the Knicks and the Rangers, not 201 00:09:52,360 --> 00:09:54,880 Speaker 5: the owner of MSG Networks because that's another business. Yes, 202 00:09:55,120 --> 00:09:57,560 Speaker 5: so there's a whole bunch of businesses within MSG. I 203 00:09:57,559 --> 00:09:59,240 Speaker 5: mean it's difficult to follow. 204 00:09:59,600 --> 00:10:02,960 Speaker 2: Yeah, and after they sold their cable business years ago, 205 00:10:03,600 --> 00:10:05,080 Speaker 2: so now they just focus on their entertainment. 206 00:10:05,120 --> 00:10:07,440 Speaker 5: And then there's Sphere Entertainment, which is the big spere 207 00:10:07,440 --> 00:10:10,280 Speaker 5: in Las Vegas. Awesome, So all of James Dolan's media 208 00:10:10,360 --> 00:10:14,760 Speaker 5: properties and assets in this suite of publicly traded companies. 209 00:10:14,840 --> 00:10:16,079 Speaker 6: Let's bring in Randall Williams. 210 00:10:16,200 --> 00:10:18,600 Speaker 5: He is our business of sports reporter here at Bloomberg 211 00:10:18,679 --> 00:10:21,600 Speaker 5: and Randall, you have been following this story about this 212 00:10:21,720 --> 00:10:23,720 Speaker 5: potential split of the New York Knicks and the New 213 00:10:23,800 --> 00:10:27,080 Speaker 5: York Rangers within MSG Sports. This is something that a 214 00:10:27,080 --> 00:10:29,440 Speaker 5: lot of people have been calling for for a long time. 215 00:10:29,960 --> 00:10:30,160 Speaker 3: Yeah. 216 00:10:30,200 --> 00:10:33,040 Speaker 8: You look at the enterprise value of the Knicks and 217 00:10:33,120 --> 00:10:35,200 Speaker 8: Rangers and what they're traded at its seven billion dollars. 218 00:10:35,240 --> 00:10:36,880 Speaker 8: But you look at what the Lakers sold for a 219 00:10:36,920 --> 00:10:39,760 Speaker 8: loan ten billion dollars, and I think the Knicks obviously 220 00:10:39,760 --> 00:10:41,760 Speaker 8: are in a larger market than New York. The Lakers 221 00:10:41,800 --> 00:10:44,280 Speaker 8: have won more titles, but New York is New York, 222 00:10:44,320 --> 00:10:46,640 Speaker 8: and so both the Knicks and the Rangers I think 223 00:10:46,640 --> 00:10:50,720 Speaker 8: would carry a tremendous value, maybe twelve billion dollars combined, 224 00:10:50,720 --> 00:10:52,280 Speaker 8: and that's on the low end. 225 00:10:52,480 --> 00:10:57,199 Speaker 2: So is this maybe a first step for selling one 226 00:10:57,200 --> 00:10:59,600 Speaker 2: of the teams? Selling a piece of one of them? 227 00:10:59,640 --> 00:11:03,040 Speaker 8: Get to speculatative territory with James Dolan, that's always a 228 00:11:03,080 --> 00:11:06,120 Speaker 8: fun place. Look, I mean Silver Lake owns a piece 229 00:11:06,240 --> 00:11:10,040 Speaker 8: of MSG Sports, so that's five percent. It's a ten 230 00:11:10,120 --> 00:11:12,800 Speaker 8: percent stake, but probably five percent each. And when you 231 00:11:12,800 --> 00:11:15,880 Speaker 8: think about someone wanting to buy into that, you would 232 00:11:15,920 --> 00:11:20,000 Speaker 8: want to know how much each individually is worth. If not, 233 00:11:20,280 --> 00:11:22,240 Speaker 8: you're buying into something and it's like you could be 234 00:11:22,280 --> 00:11:26,240 Speaker 8: buying in at a supreme price or maybe something that's 235 00:11:26,280 --> 00:11:28,440 Speaker 8: a little bit lower. And I think buyers who are 236 00:11:28,559 --> 00:11:31,600 Speaker 8: interested in there have been several over the years, want 237 00:11:32,120 --> 00:11:35,000 Speaker 8: want a more precise price, and so do the shareholders 238 00:11:35,000 --> 00:11:35,880 Speaker 8: of MSG Sports. 239 00:11:37,720 --> 00:11:40,840 Speaker 5: So what's held up the company from being split up 240 00:11:40,920 --> 00:11:42,840 Speaker 5: up until now because there's been a lot of calls 241 00:11:42,840 --> 00:11:46,480 Speaker 5: for the enterprise value trading at a discount to the 242 00:11:46,520 --> 00:11:49,160 Speaker 5: actual value of each franchise has been there for a while. 243 00:11:49,240 --> 00:11:53,960 Speaker 2: I know the answer for voting stock is from the 244 00:11:54,000 --> 00:11:54,760 Speaker 2: Dolan control. 245 00:11:54,840 --> 00:11:59,000 Speaker 8: Yeah, I think that James Dolan has long been the 246 00:11:59,040 --> 00:12:02,120 Speaker 8: controlling person for all of these companies. He decides where 247 00:12:02,160 --> 00:12:04,840 Speaker 8: for worse, yes, exactly, he decides, you know what he 248 00:12:04,920 --> 00:12:06,679 Speaker 8: wants to do. And there is a board of directors 249 00:12:06,679 --> 00:12:08,600 Speaker 8: that voted on this. But this would have never been 250 00:12:08,720 --> 00:12:11,400 Speaker 8: up been up for a vote had James Dolan and said, 251 00:12:11,400 --> 00:12:13,839 Speaker 8: you know what, maybe we should consider this, and then 252 00:12:13,880 --> 00:12:15,400 Speaker 8: from there on, you know, things happen. 253 00:12:15,280 --> 00:12:17,720 Speaker 2: And then they vote on this. Madison Square Garden, James Stone, 254 00:12:17,760 --> 00:12:20,640 Speaker 2: did they own the garden itself? The building? I believe so, yeah, 255 00:12:20,640 --> 00:12:22,480 Speaker 2: because that's always a big that's always a big part 256 00:12:22,520 --> 00:12:24,520 Speaker 2: of it too. Do you own the arena they plan or. 257 00:12:24,840 --> 00:12:28,560 Speaker 6: Yes, a different publicly traded company. Exactly, the exactly. 258 00:12:28,600 --> 00:12:31,360 Speaker 8: And I had a Bloomberg terminal reader and the original 259 00:12:31,360 --> 00:12:33,800 Speaker 8: copy that I wrote this morning. I said Madison Square 260 00:12:33,840 --> 00:12:37,360 Speaker 8: Garden was one of the most famous in the world, 261 00:12:37,600 --> 00:12:40,040 Speaker 8: and someone quickly, someone quickly replied and said, no, it 262 00:12:40,320 --> 00:12:43,240 Speaker 8: is the most famous arena in the world. So Madison 263 00:12:43,280 --> 00:12:46,080 Speaker 8: Square Garden is a huge you know, attraction. When you 264 00:12:46,120 --> 00:12:48,280 Speaker 8: think about arenas in New York. There's the Barclay Center, 265 00:12:48,280 --> 00:12:50,720 Speaker 8: of course, which is newer, but the legacy of New 266 00:12:50,800 --> 00:12:53,560 Speaker 8: York is often rooted in MSG and the events that 267 00:12:53,600 --> 00:12:55,360 Speaker 8: it's held over many many years. 268 00:12:55,720 --> 00:12:57,679 Speaker 2: Yeah, I mean, first of all, and they also put 269 00:12:57,760 --> 00:12:59,959 Speaker 2: in I think close to a billion dollars in renov 270 00:13:00,320 --> 00:13:03,160 Speaker 2: several years ago, so they've really upgraded the garden. What's 271 00:13:03,280 --> 00:13:04,800 Speaker 2: one of the many great things about going to the 272 00:13:04,800 --> 00:13:08,160 Speaker 2: garden is they have the photos on the wall, the concourses, 273 00:13:08,400 --> 00:13:13,440 Speaker 2: all the great events, whether it's a concert, a game, whatever, 274 00:13:13,679 --> 00:13:15,240 Speaker 2: and there's thousands of them. 275 00:13:15,240 --> 00:13:17,800 Speaker 8: There's no there's no venue that has a greater history, 276 00:13:17,840 --> 00:13:20,080 Speaker 8: I would argue than Madison Square Garden that is still 277 00:13:20,120 --> 00:13:23,560 Speaker 8: you know, open and operational. And that's that's part of this. 278 00:13:23,600 --> 00:13:25,439 Speaker 8: I mean, you think about the Knicks playoff end last year. 279 00:13:25,480 --> 00:13:27,719 Speaker 8: You think about the Rangers and what they've done not 280 00:13:27,920 --> 00:13:31,120 Speaker 8: the past coming the past two seasons, but in the 281 00:13:31,160 --> 00:13:34,199 Speaker 8: seasons before that, all of these things. When they eventually win, 282 00:13:34,400 --> 00:13:37,160 Speaker 8: you know, God willing, it isn't MSG. It isn't one 283 00:13:37,160 --> 00:13:38,719 Speaker 8: of the deals where you know they're in away game 284 00:13:38,720 --> 00:13:40,280 Speaker 8: and then they have to come back. If it happens 285 00:13:40,280 --> 00:13:42,480 Speaker 8: in MSG that will probably be the biggest moment in 286 00:13:42,480 --> 00:13:44,560 Speaker 8: that arena in the last twenty five years, and so 287 00:13:44,920 --> 00:13:48,160 Speaker 8: whoever wants to buy into that potentially is going to 288 00:13:48,200 --> 00:13:49,199 Speaker 8: want a good value at it. 289 00:13:49,559 --> 00:13:51,720 Speaker 5: There is also a note from light Shed that pointed 290 00:13:51,720 --> 00:13:53,480 Speaker 5: out that there's a new tax law that goes into 291 00:13:53,520 --> 00:13:56,319 Speaker 5: effect for the twenty twenty eight fiscal year that were 292 00:13:56,360 --> 00:14:01,000 Speaker 5: public companies limits deductions on one million dollars two one 293 00:14:01,000 --> 00:14:02,440 Speaker 5: million dollars per covered employees. 294 00:14:02,440 --> 00:14:04,240 Speaker 6: For sports teams, it's easy. 295 00:14:03,960 --> 00:14:06,240 Speaker 5: To find a lot of employees that make at least 296 00:14:06,280 --> 00:14:09,560 Speaker 5: a million dollars a year. So once this goes through 297 00:14:09,600 --> 00:14:12,360 Speaker 5: in twenty twenty eight, that's going to put the company 298 00:14:12,400 --> 00:14:16,320 Speaker 5: in a negative free cash flow situation unless the Knicks, 299 00:14:16,360 --> 00:14:18,120 Speaker 5: for instance, go deep into a playoff run or the 300 00:14:18,200 --> 00:14:20,680 Speaker 5: Rangers go deep into a playoff run. So it also 301 00:14:20,720 --> 00:14:23,000 Speaker 5: allows the company, you know, for tax reasons, to be 302 00:14:23,040 --> 00:14:23,800 Speaker 5: in a better position. 303 00:14:24,080 --> 00:14:25,240 Speaker 3: Absolutely absolutely. 304 00:14:25,240 --> 00:14:26,960 Speaker 8: I mean there's not a lot of publicly traded sports 305 00:14:27,000 --> 00:14:29,920 Speaker 8: companies out there for this reason in particular, and you 306 00:14:29,920 --> 00:14:31,760 Speaker 8: think about all of the big ones. You think about 307 00:14:31,760 --> 00:14:34,960 Speaker 8: the Cranky Sports and Entertainment which houses the Rams, the Nuggets, 308 00:14:35,000 --> 00:14:38,560 Speaker 8: I believe another soccer team and so many more. It's private, 309 00:14:38,760 --> 00:14:41,360 Speaker 8: and that's that's for a reason. But this one is unique, 310 00:14:41,400 --> 00:14:43,600 Speaker 8: and Madison's Square Garden is Madison Square Garden. The Knicks 311 00:14:43,600 --> 00:14:45,080 Speaker 8: to the Knicks and the Rangers of the Rangers. 312 00:14:45,320 --> 00:14:48,640 Speaker 2: Another big trade that a lot of people are thinking 313 00:14:48,640 --> 00:14:50,760 Speaker 2: about in professional sports is in the NFL with the 314 00:14:50,760 --> 00:14:53,960 Speaker 2: Seattle Seahawks. Yes, what's the status to that? Because that 315 00:14:54,040 --> 00:14:55,880 Speaker 2: the NFL teams don't come along very often. 316 00:14:55,920 --> 00:14:59,000 Speaker 8: Sure, so, the NFL's finance committee has been talking about 317 00:14:59,000 --> 00:15:01,160 Speaker 8: this for over a year, and I think things just 318 00:15:01,240 --> 00:15:04,720 Speaker 8: are at a point now where the ownership group in Seattle, 319 00:15:04,920 --> 00:15:07,480 Speaker 8: the trust of Paul Allen, the former co founder of Microsoft, 320 00:15:07,680 --> 00:15:09,040 Speaker 8: is at a point where they're ready to sell. 321 00:15:09,440 --> 00:15:10,760 Speaker 6: Hired some lawyers, right they have. 322 00:15:10,840 --> 00:15:13,480 Speaker 8: That's reported by SBJ. I don't believe the paperwork is 323 00:15:13,520 --> 00:15:17,400 Speaker 8: signed just yet, but I trust beneficher, and you know, 324 00:15:17,440 --> 00:15:19,240 Speaker 8: I think that that will happen later this year, whether 325 00:15:19,280 --> 00:15:21,880 Speaker 8: that's at the NFL league meetings and Phoenix around the 326 00:15:21,960 --> 00:15:24,480 Speaker 8: end of March and April, and then I think NFL 327 00:15:24,520 --> 00:15:27,200 Speaker 8: owners would like to have a new owner by the 328 00:15:27,200 --> 00:15:28,400 Speaker 8: time the new season starts. 329 00:15:28,680 --> 00:15:30,920 Speaker 5: How much of a stake do they own in the Seahawks. 330 00:15:30,960 --> 00:15:33,920 Speaker 5: I mean, is this, you know, like super stake or 331 00:15:33,960 --> 00:15:34,240 Speaker 5: is it. 332 00:15:34,280 --> 00:15:36,160 Speaker 3: Just you know, it's a control stake in the team. 333 00:15:36,480 --> 00:15:39,280 Speaker 8: And that wouldn't have happened in you know, since the 334 00:15:39,320 --> 00:15:42,000 Speaker 8: Commanders are sold for six billion dollars. So whoever buys 335 00:15:42,200 --> 00:15:44,880 Speaker 8: the Seahawks shots? Yeah, exactly. 336 00:15:45,040 --> 00:15:48,000 Speaker 2: And is it any sense whether it's going to be 337 00:15:47,680 --> 00:15:51,760 Speaker 2: a billionaire financing group? 338 00:15:52,400 --> 00:15:53,760 Speaker 3: Look, there's so many The. 339 00:15:54,360 --> 00:15:58,040 Speaker 8: NFL's finance structure sees that a controlling owner has to 340 00:15:58,080 --> 00:16:00,160 Speaker 8: have thirty percent of a team upfront. So it is 341 00:16:00,160 --> 00:16:02,480 Speaker 8: in a situation where you know, you can take on 342 00:16:02,560 --> 00:16:05,000 Speaker 8: some debt, but not a lot and thirty percent. 343 00:16:05,000 --> 00:16:05,760 Speaker 3: I would imagine. 344 00:16:05,800 --> 00:16:08,160 Speaker 8: I said this earlier, I think the Seahawks will trade 345 00:16:08,160 --> 00:16:11,000 Speaker 8: for at minimum eight billion dollars. Thirty percent of that 346 00:16:11,160 --> 00:16:13,160 Speaker 8: is going to be around two and a half in cash. 347 00:16:13,400 --> 00:16:15,640 Speaker 8: There's not a lot of people who are willing to 348 00:16:15,760 --> 00:16:17,360 Speaker 8: just write a two and a half billion dollar check 349 00:16:17,360 --> 00:16:19,760 Speaker 8: in cash and then raise the money around it, because 350 00:16:19,800 --> 00:16:22,600 Speaker 8: it isn't just raising the money, it's communicating to those 351 00:16:22,640 --> 00:16:24,800 Speaker 8: people that you're trying to bring in your ownership group. Today, 352 00:16:25,040 --> 00:16:27,080 Speaker 8: I run this, but you're welcome to come on board 353 00:16:27,080 --> 00:16:28,640 Speaker 8: the ship, so long as you understand that you're not 354 00:16:28,680 --> 00:16:30,560 Speaker 8: the captain. And that's tough for a lot of people. 355 00:16:30,640 --> 00:16:32,840 Speaker 8: Josh Harris did it, but he did it without private equity. 356 00:16:33,000 --> 00:16:36,000 Speaker 8: Private equity is an option now. And so whoever buys this, 357 00:16:36,400 --> 00:16:39,320 Speaker 8: whether it be you know, Jeff Bezos or whoever who 358 00:16:39,360 --> 00:16:41,920 Speaker 8: Jeff Bezos considered buying the commanders, is going to have 359 00:16:42,000 --> 00:16:43,000 Speaker 8: to write they have to check. 360 00:16:45,120 --> 00:16:47,920 Speaker 2: Stay with us. More from Bloomberg Intelligence coming up here 361 00:16:47,960 --> 00:16:48,160 Speaker 2: for this. 362 00:16:51,240 --> 00:16:54,960 Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live 363 00:16:55,040 --> 00:16:57,720 Speaker 1: weekdays at ten am Eastern on Apple cor Play and 364 00:16:57,720 --> 00:17:01,000 Speaker 1: Android Auto with the Bloomberg Business app. Listen on demand 365 00:17:01,040 --> 00:17:04,600 Speaker 1: wherever you get your podcasts, or watch us live on YouTube. 366 00:17:05,240 --> 00:17:07,520 Speaker 2: Let's talk a little technology here. I got the SMP. 367 00:17:07,680 --> 00:17:09,840 Speaker 2: I mean I get the Nasdaq, which is where you 368 00:17:09,880 --> 00:17:11,600 Speaker 2: find a lot of the tech names. It's up one 369 00:17:11,600 --> 00:17:14,440 Speaker 2: point four percent today, so that's a nice move. And 370 00:17:14,480 --> 00:17:16,840 Speaker 2: there's always news in the text sector, which is why 371 00:17:16,880 --> 00:17:19,280 Speaker 2: we have to chat with men deep Singing and on 372 00:17:19,400 --> 00:17:22,119 Speaker 2: around run and all the folks at Bloomberg Intelligence to 373 00:17:22,200 --> 00:17:25,879 Speaker 2: cover the tech space. So often. Meta platforms agreed to 374 00:17:25,920 --> 00:17:31,440 Speaker 2: deploy millions of Nvidia processes over the next few years. Mandy, 375 00:17:31,600 --> 00:17:34,720 Speaker 2: what does this mean? Is it new? What's going on here? 376 00:17:35,200 --> 00:17:38,719 Speaker 9: Well, I mean it's not really new because Meta is 377 00:17:39,040 --> 00:17:43,120 Speaker 9: among the top two customers for Invidia chips. So it's 378 00:17:43,280 --> 00:17:45,880 Speaker 9: more to do with the fact that not only are 379 00:17:45,920 --> 00:17:50,280 Speaker 9: they using the GPUs from Nvidia, they're also using the 380 00:17:50,440 --> 00:17:54,679 Speaker 9: CPUs now and Intel and MD used to own that 381 00:17:54,880 --> 00:17:59,159 Speaker 9: market off server CPUs, and what Nvidia is saying is 382 00:18:00,119 --> 00:18:03,439 Speaker 9: give you a better throughput, a better performance if you 383 00:18:03,600 --> 00:18:09,919 Speaker 9: end up using our GPU cluster complement CPUs. And I 384 00:18:09,920 --> 00:18:13,720 Speaker 9: think overall, I mean that's Meta's way of making sure 385 00:18:13,800 --> 00:18:16,760 Speaker 9: they get the supply from Nvidia, because we heard that 386 00:18:16,880 --> 00:18:20,200 Speaker 9: at least ten times from Jensen this year. The demand 387 00:18:20,280 --> 00:18:24,040 Speaker 9: is really strong, and you know, they get to decide 388 00:18:24,240 --> 00:18:27,080 Speaker 9: who they allocate their chips to. So this is one 389 00:18:27,119 --> 00:18:29,360 Speaker 9: way that Meta is making sure they have the upline. 390 00:18:29,680 --> 00:18:31,119 Speaker 6: Yeah, all makes a lot of sense. 391 00:18:31,800 --> 00:18:35,639 Speaker 5: So again the hyperscalers spending more and you know, striking 392 00:18:35,680 --> 00:18:38,320 Speaker 5: up new deals. Let's talk a little bit about uber 393 00:18:38,560 --> 00:18:40,720 Speaker 5: It's planning to spend more than one hundred million to 394 00:18:41,480 --> 00:18:45,240 Speaker 5: really supercharges robotaxi charging stations. How do you think about 395 00:18:45,280 --> 00:18:47,879 Speaker 5: whether This changes the profile of what Uber is as 396 00:18:47,920 --> 00:18:48,359 Speaker 5: a company. 397 00:18:49,160 --> 00:18:52,920 Speaker 9: I think for Uber, given the scale of their rides, 398 00:18:52,960 --> 00:18:56,040 Speaker 9: you know, they do over thirteen billion rides a year. 399 00:18:56,480 --> 00:18:59,560 Speaker 9: Compare that to a Weveimo that just did twenty million 400 00:18:59,640 --> 00:19:00,400 Speaker 9: rides year. 401 00:19:00,720 --> 00:19:03,600 Speaker 2: I mean, let's go back, yeah, sales numbers again. 402 00:19:03,960 --> 00:19:08,639 Speaker 9: Thirteen billion rides for Uber and just to put it 403 00:19:08,680 --> 00:19:11,919 Speaker 9: in context, that equates to maybe ten million rides a 404 00:19:12,000 --> 00:19:16,280 Speaker 9: day and Vemo day twenty million rides in the whole 405 00:19:16,359 --> 00:19:19,840 Speaker 9: year the past twelve months, which was phenomenal growth, you know, 406 00:19:19,920 --> 00:19:23,040 Speaker 9: compare for them. But that's the scale that Uber is 407 00:19:23,080 --> 00:19:26,960 Speaker 9: operating at, and that's their pitch that you know, if 408 00:19:27,000 --> 00:19:30,679 Speaker 9: you've got two robot taxi players, they will eventually have 409 00:19:30,760 --> 00:19:34,320 Speaker 9: to tap our network. If you've got five players, then 410 00:19:34,400 --> 00:19:37,119 Speaker 9: there's all the more reason to use Uber as the 411 00:19:37,160 --> 00:19:39,920 Speaker 9: network to deploy your robot taxi fleet, because the hard 412 00:19:39,960 --> 00:19:43,560 Speaker 9: part in this business is managing the way times. You 413 00:19:43,600 --> 00:19:46,800 Speaker 9: can have a fleet of Wemo cars, but people don't 414 00:19:46,800 --> 00:19:49,119 Speaker 9: have the patience to wait for ten minutes, you know, 415 00:19:49,200 --> 00:19:53,400 Speaker 9: for a Vemo. So that's the scale of which Uber operates. 416 00:19:53,640 --> 00:19:56,880 Speaker 9: It allows them to keep the ETAs really low, which 417 00:19:56,960 --> 00:19:58,600 Speaker 9: is why people use these services. 418 00:19:58,640 --> 00:20:01,879 Speaker 2: And that's I think we're giving very dimensions of my 419 00:20:01,960 --> 00:20:04,240 Speaker 2: lifetime the home ride sharing thing. Think about how it's 420 00:20:04,760 --> 00:20:06,200 Speaker 2: changed your life, I. 421 00:20:06,119 --> 00:20:08,119 Speaker 6: Know, I mean back in the day, what did you 422 00:20:08,200 --> 00:20:08,600 Speaker 6: have to do? 423 00:20:08,840 --> 00:20:09,040 Speaker 9: Right? 424 00:20:09,320 --> 00:20:11,879 Speaker 2: Yeah, and you know we have with our kids, we 425 00:20:11,920 --> 00:20:13,360 Speaker 2: have this thing. You know, don't drink and drive. Don't 426 00:20:13,400 --> 00:20:15,200 Speaker 2: drink and dry. Feel like nobody drinks. 427 00:20:15,600 --> 00:20:17,160 Speaker 5: Yeah, no, I know they look at you like you're crazy, 428 00:20:17,200 --> 00:20:18,480 Speaker 5: because there's a solution for that. 429 00:20:18,600 --> 00:20:18,760 Speaker 9: Yeah. 430 00:20:18,800 --> 00:20:22,160 Speaker 6: Actually the people who drink and drive are full grown adults. Yes, yes, 431 00:20:22,280 --> 00:20:24,119 Speaker 6: that's who does that. It's gen X. 432 00:20:24,320 --> 00:20:24,520 Speaker 3: Yeah. 433 00:20:24,520 --> 00:20:26,800 Speaker 2: And you can actually get parking on college campuses now 434 00:20:27,119 --> 00:20:28,639 Speaker 2: and that was a huge problem with Duke. You can 435 00:20:28,640 --> 00:20:30,280 Speaker 2: never get parking space. Now they're like, yeah, we got 436 00:20:30,320 --> 00:20:32,560 Speaker 2: parking all over the place because the kids are ubering everywhere. 437 00:20:32,760 --> 00:20:34,800 Speaker 2: Absolutely so uber technology. 438 00:20:34,880 --> 00:20:35,240 Speaker 4: What's it? 439 00:20:35,600 --> 00:20:38,480 Speaker 2: Are they fully globally penetrated right now? Or is there 440 00:20:38,520 --> 00:20:40,800 Speaker 2: some big part of the world where like China, where 441 00:20:40,840 --> 00:20:42,760 Speaker 2: they're just not a player. 442 00:20:43,000 --> 00:20:46,320 Speaker 9: Yeah, they're not a player in China. And the big 443 00:20:46,359 --> 00:20:50,840 Speaker 9: tread is what the Chinese autonomous driving companies are trying 444 00:20:50,840 --> 00:20:53,399 Speaker 9: to do is they're trying to roll out their fleet 445 00:20:53,560 --> 00:20:56,520 Speaker 9: not only in China, but outside in Europe as well, 446 00:20:56,840 --> 00:21:00,199 Speaker 9: And that's the next leg of the competition is if 447 00:21:00,240 --> 00:21:04,280 Speaker 9: you've got you know, Chinese companies that are in robotaxis 448 00:21:04,280 --> 00:21:07,719 Speaker 9: that don't end up using Uber and you know, we 449 00:21:07,760 --> 00:21:10,280 Speaker 9: know dd is a big right sharing company that's a 450 00:21:10,480 --> 00:21:12,200 Speaker 9: similar size Tuber. 451 00:21:12,320 --> 00:21:14,080 Speaker 6: So that's the thread. 452 00:21:14,160 --> 00:21:17,439 Speaker 9: But so far, I mean, outside of except for China, 453 00:21:18,000 --> 00:21:21,320 Speaker 9: Uber does has the scale when it comes to all 454 00:21:21,359 --> 00:21:24,840 Speaker 9: the other markets. So I think it's a hard business 455 00:21:24,880 --> 00:21:28,080 Speaker 9: to disrupt unless you've got scale. 456 00:21:28,119 --> 00:21:32,800 Speaker 1: This is the Bloomberg Intelligence podcast, available on Apple, Spotify, 457 00:21:33,000 --> 00:21:36,480 Speaker 1: and anywhere else you get your podcasts. Listen live each 458 00:21:36,480 --> 00:21:40,240 Speaker 1: weekday ten am to noon Eastern on Bloomberg dot com, 459 00:21:40,359 --> 00:21:43,919 Speaker 1: the iHeartRadio app, tune In, and the Bloomberg Business app. 460 00:21:44,320 --> 00:21:47,200 Speaker 1: You can also watch us live every weekday on YouTube 461 00:21:47,640 --> 00:21:50,440 Speaker 1: and always on the Bloomberg terminal.