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

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

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

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

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Speaker 1: us live on YouTube.

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Speaker 2: Check Divine with thirty two years with a central intelligence agency.

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Speaker 2: He's written about it more on an international perspective and

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Speaker 2: joins us this morning, Jack Honor, that.

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Speaker 3: You're with us.

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Speaker 2: You have a global CIA perspective. Does the FBI have

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Speaker 2: the same acuity looking for the bad guys of terror

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Speaker 2: in America that you had abroad?

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Speaker 4: I think that's a great question. I don't know if

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Speaker 4: anyone knows the answer. But the FBI is really very

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Speaker 4: strong at home. I mean their ability to penetrate groups

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Speaker 4: and collect information, use their powers and authority. When they

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Speaker 4: leave the United States, then they're just like anyone else.

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Speaker 4: It's very hard to do things in an over way.

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Speaker 4: So I think we're much stronger, and I think our

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Speaker 4: ability to have sources everywhere, and I think things that

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Speaker 4: were very much between the FBI and the CI, so

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Speaker 4: it's not as if it's all compartment.

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Speaker 2: My Book of the Year at least a decade ago,

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Speaker 2: Garrett Graf, we're efforting mister graph for this conversation. And

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Speaker 2: the FBI, Jeck divine, does the CIA and the FBA

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Speaker 2: do they coalesce information daily to try to find bad

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Speaker 2: guys like the guy in New Orleans?

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Speaker 4: I think it goes twenty four to seven. All right, Now,

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Speaker 4: the problem in this case is they didn't even have

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Speaker 4: criminal records, right, So you don't know. I mean, it's

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Speaker 4: a big, big it's ocean full of fish, if you will. So,

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Speaker 4: but their abilities and the speed with which we cover

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Speaker 4: information and you know, AI in general is mind blowing

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Speaker 4: when you start to at it. So the capabilities are rich,

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Speaker 4: but it's the verbial needle in the haystack, right. So

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Speaker 4: all those that are sort of institutionalized, really organized by isis,

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Speaker 4: they probably have a really good fix on that. But

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Speaker 4: when you get to those that are inspired, how it

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Speaker 4: could be anybody on a mountaintop, it gets inspired and

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Speaker 4: it's really hard. But I think we're really in a

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Speaker 4: much stronger position than we are, say, at the time

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Speaker 4: of nine to eleven, no comparison.

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Speaker 5: Hey, Jack, President elect Trump will be sworn in January twentieth,

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Speaker 5: presumably shortly there after, he'll receive his first CIA briefing.

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Speaker 5: What do you think the CIA is going to present

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Speaker 5: him in terms of priorities.

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Speaker 4: Well, he's been in the office before, right, so he

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Speaker 4: knows the drill, he knows the capabilities. You don't have

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Speaker 4: to sit down and say, let me explain that this

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Speaker 4: is the presidential's daily brief. This is hell's collected. So

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Speaker 4: I think first day of all walk in the room. Actually,

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Speaker 4: the president will be brief substantially before he's sworn in,

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Speaker 4: and it'll be closing gaps and filling in the new information.

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Speaker 4: But you know, it's not like being present. Next thing,

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Speaker 4: you know, he could turn around, you have a terrorist incident,

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Speaker 4: and they almost are always required instantaneous information, new information.

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Speaker 4: So my guess is they'll be bringing him the latest

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Speaker 4: news that was on major issues around the world that

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Speaker 4: happened the night before. So you're right up the speed

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Speaker 4: to the moment. It'll probably be a long session and

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Speaker 4: probably more than one briefer.

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Speaker 2: Jack Divine, Three days of a condor is what we

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Speaker 2: were weaned on. Sidney Pollock, the giant, what an honor

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Speaker 2: to make his acquaintance. Three days of a conder was

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Speaker 2: what we were weaned on. And there's all the modern

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Speaker 2: CIA movies starting with a lot of techno, whiz bang.

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Speaker 2: What do you think when you watch the modern CIA movies?

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Speaker 2: What does Jack Divine think of those movies?

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Speaker 4: Well, I once had a conversation with Sean.

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Speaker 3: Connery about it.

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Speaker 4: Right, I made a mistake though, I mentioned the queen

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Speaker 4: and he told me immediately why I'm a monarchist. But

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Speaker 4: besides that, we talked about him, and I said, you know,

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Speaker 4: for years I diminished the importance of the movies, and

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Speaker 4: I realized everybody's thought the CIA people were in iffited,

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Speaker 4: were dashing, in handsome, and you know that's not the case.

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Speaker 4: But my point is one of the things that I

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Speaker 4: think that are really interesting is many of the movies

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Speaker 4: are a few years ahead, Like the one Jason Jason Bourne,

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Speaker 4: Man and Born. The technology was there, but it wasn't

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Speaker 4: integrated right. But when it was revisited Jason Bourne, the

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Speaker 4: material would be integrated. So there's a lot to learn

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Speaker 4: from the technology. They bring in a lot of advisors.

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Speaker 4: So television, it depends on the type and the quality

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Speaker 4: of the program. The good ones, really, particularly on technology,

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Speaker 4: are good. It's the romantic part and it's the CIA

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Speaker 4: is bumping off people without all that jump Hollywood jump.

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Speaker 4: But if you look at it just core pieces of

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Speaker 4: how things are done, it's pretty close.

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Speaker 2: Jeck, divine, don't be a stranger. Thank you so much,

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Speaker 2: Thank you for your public service.

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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 Esteemed and waiting.

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Speaker 2: Yeah, with his cello or viola or base violin at

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Speaker 2: Duke is it perfect?

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Speaker 3: He gave you a quality see you snuck out.

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Speaker 5: We got a solid pe there, and I am very

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Speaker 5: proud of that. Back in the day, twenty PE's equals sixty. Jesus,

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Speaker 5: what we said back in the day. Campbell Harvey joins

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Speaker 5: his Professor Finance at the Fucal School of Business at

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Speaker 5: Duke University. Professor, I'm looking at your yield curve.

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Speaker 1: I think it's.

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Speaker 5: Uninverted, as I remember you teach me back in the day.

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Speaker 5: So we've got a steep in yield curve. What does

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Speaker 5: that tell me?

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Speaker 3: Yeah?

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Speaker 6: So, finally, after twenty five months, the yeld curve, which

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Speaker 6: is defined as the ten year yield minus the three

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Speaker 6: month treasure of bill yield that is normalized, meaning that

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Speaker 6: the short rate is lower than the long rate. So

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Speaker 6: it's been a long time, and it's kind of interesting

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Speaker 6: to me that if you look at the last four recessions,

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Speaker 6: that the yield curve uninverted before the recession actually began,

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Speaker 6: and the average lead time is about five months, So

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Speaker 6: that's kind of the situation. Many people thought, oh, well,

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Speaker 6: the yeld curves inverted, but we don't have a recession.

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Speaker 6: But if you look at the data, the recession happens

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Speaker 6: after the yell curve uninverts.

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Speaker 5: So if that's in fact the case, how do you

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Speaker 5: think the FED will proceed in twenty twenty five? I mean,

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Speaker 5: boys six months ago and Marco was discounting, you know,

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Speaker 5: four or five rate cuts this year. Now I kind

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Speaker 5: of feel like it's maybe just a couple. What do

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Speaker 5: you think the Fed's going to do in twenty five?

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Speaker 6: So if you look at their forecasts, is well known

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Speaker 6: that they've kind of revised the number of cuts, and

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Speaker 6: I think that this is very dangerous for the economy.

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Speaker 6: So the rate should not be where it is given

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Speaker 6: the inflation that we're experiencing right now, so they need

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Speaker 6: to do multiple cuts this year, and really what's factored

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Speaker 6: in is like two and it should be more like five.

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Speaker 6: In my opinion, we should be at three point five percent.

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Speaker 6: There's no reason not to be at three point five percent.

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Speaker 6: And when you keep the rate so high for so long,

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Speaker 6: you are like really gambling with the economy, because we

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Speaker 6: know that high rates are bad for economic growth.

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Speaker 2: Kim Harvey, I am having a great joy of reading

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Speaker 2: Ned phelps new book out of Columbia. It's not an autobiography,

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Speaker 2: but it's a walk through all of the experiences of

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Speaker 2: the novel laureate's life. And I thought of you because

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Speaker 2: he leads in the intro with his more modern concept

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Speaker 2: of a flourishing America where our intellectual effort feeds on

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Speaker 2: itself into a greater productivity. Is that what we have

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Speaker 2: going on in the United States now?

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Speaker 3: A flourishing America? At least for some I don't think so.

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Speaker 6: Indeed, we put ourselves in a really awkward position, to

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Speaker 6: say the least, with thirty five trillion dollars of debt,

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Speaker 6: with the interest payments on the debt near one point

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Speaker 6: two trillion dollars a year and a structural deficit where

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Speaker 6: the deficit is two trillion dollars a year at a

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Speaker 6: time where the stock markets at a record high, unemployment

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Speaker 6: is low, and it doesn't make any sense. So we've

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Speaker 6: handcuffed ourselves for the future. We will not have that flexibility.

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Speaker 6: We need to deal with the structural DEFICID and the debt,

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Speaker 6: and tough choices will have to be made. I said,

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Speaker 6: this is a time of great risk, and the FED

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Speaker 6: is definitely not helping us because holding the rate so

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Speaker 6: high is holding back economic growth and we need that

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Speaker 6: economic growth to increase tax revenues to decrease that depth

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Speaker 6: sid at least somewhat. There's tough choices that need to

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Speaker 6: be made, but we need to deal with it.

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Speaker 3: Too short a visit will have to do this again.

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Speaker 3: What do we have to do? Is there a big

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Speaker 3: Duke basketball game coming up? Playing football football football.

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Speaker 6: They're in a bowl game.

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Speaker 5: Dud Duke is in a ballgaggainst All missed you Just.

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Speaker 3: Write to check out to Kim Harvey, don't they Okay?

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Speaker 2: Professor Harvey, thank you so much of Fuqua Duke University.

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

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

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

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

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Speaker 1: say Alexa Play Bloomberg eleven thirty joining.

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Speaker 2: Us now, Sarah Hunt with us with Alpine six and Woods.

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Speaker 2: I want you to talk about how people feel. SPX

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Speaker 2: up twenty three, twenty four percent, some of the MAGS

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Speaker 2: seven mutual funds up thirty five percent, whatever, and people

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Speaker 2: doing sixty forty. I don't know where they were. Somebody

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Speaker 2: told me another lousy year for bonds. I don't know

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Speaker 2: what total return is the break point where I feel

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Speaker 2: good this year fifteen percent.

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Speaker 3: That's a great question.

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Speaker 7: I would say that's high. I would say that really,

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Speaker 7: I would say that's high.

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Speaker 3: Well, I mean feel great.

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Speaker 7: So you've had two years of really good returns, right.

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Speaker 7: So the concern for me would be, or in general,

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Speaker 7: would be, well, we just don't want to have something

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Speaker 7: that goes negative. We don't want to take those returns away.

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Speaker 7: But I think if you got somewhere around eight nine

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Speaker 7: something that was higher than what people think of as

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Speaker 7: the average and yet not nearly as punchy as we've

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Speaker 7: had for the Laska years. I think people would feel

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Speaker 7: pretty okay about that. I think the concern is after

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Speaker 7: back to back, it's tough.

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Speaker 3: I mean, Paul, jump in here. I mean, I looked

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Speaker 3: at one statistic and I'm catching up, folks.

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Speaker 2: You know, I wonder I looked at one statistic where

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Speaker 2: four hundred x gazillion walked out of large cap equity

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Speaker 2: funds when I got.

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Speaker 3: On the plane Defrance.

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Speaker 2: I know, like a lot of money walked away from

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Speaker 2: blue chip America.

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Speaker 5: Polly, and I think there's you know, there's a run

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Speaker 5: up right after the election, and a little of that may

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Speaker 5: be peeled off right there in the last couple of

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Speaker 5: weeks of trading here. But I mean, if we're going

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Speaker 5: to have high single digit returns, I know, I'm looking

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Speaker 5: at the street that it's got double digit earnings growth.

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Speaker 5: So it's really implying that a compression of the multiple

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Speaker 5: out there, is that something that you think is reasonable

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Speaker 5: or should happen.

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Speaker 7: I think that if the compression of the multiple comes,

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Speaker 7: it's going to come because the e is moving up

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Speaker 7: and not because the multiples coming down. But there's some

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Speaker 7: natural compression on the other side there, and I think

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Speaker 7: part of that is you've got to grow into some

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Speaker 7: of these expectations, right, because that's where I'm thinking that

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Speaker 7: it's hard to look at double digit returns and it's

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Speaker 7: good to I think that you could get high single

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Speaker 7: digit returns and maybe even move into that. The flip

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Speaker 7: side would be if you get enough things to be

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Speaker 7: worried about that you don't that things start to look

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Speaker 7: much scarier than they do right now. So that's kind

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Speaker 7: of where we're.

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Speaker 5: Thinking, and the market seems to be discounting. I guess

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Speaker 5: just two interest rate cuts this year. Can the market

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Speaker 5: move higher with that type of interest rate environment or

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Speaker 5: do we need more? Like Cam Harvey from Duke University

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Speaker 5: was just on saying he thinks should should be five cuts.

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Speaker 7: And saying it enthusiastically right, But I would say that

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Speaker 7: the good news is we've paired it down to that

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Speaker 7: expectation and that then if it goes up again, that

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Speaker 7: will help. You've seen those expectations move around so quickly

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Speaker 7: that it's difficult to say, oh, what the market expects

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Speaker 7: is what we're going to get, because we haven't every.

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Speaker 3: Single time it's changed.

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Speaker 7: So I think that the fact that we're down to

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Speaker 7: a lower cut number of cuts is actually better than

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Speaker 7: if we were still sitting here at five or six.

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Speaker 3: There's a return of.

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Speaker 2: The fancy stocks and everything else. You know, I guess

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Speaker 2: three year track record was basically flat. I don't know

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Speaker 2: the numbers in front of me. Should those managements change

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Speaker 2: to worship free cash flow like the successful stocks? Are

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Speaker 2: you observing managements grinding it out at Alpine sex in

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Speaker 2: Woods day after day? Are you seeing it change to

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Speaker 2: a new worship.

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Speaker 3: For the free cash flow of Apple or the others?

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Speaker 7: I think that people management started looking at that as

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Speaker 7: soon as you started to see interest rates get up

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Speaker 7: off that zero bound. Whether or not they can actually

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Speaker 7: pull that through has become the question. So really one

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Speaker 7: of the things that we look at very carefully is

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Speaker 7: are you managing to have positive free cash flow? Because

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Speaker 7: in an environment where rates are not coming down as

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Speaker 7: fast as Cam Harvey would like them to do, then

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Speaker 7: you also have to look at what can happen going

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Speaker 7: forward and I need to see that cash and if

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Speaker 7: you haven't been able to do it by now and

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Speaker 7: to three to this point, I think that you are.

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Speaker 7: It's much more problematic to be looking at those balance sheets.

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Speaker 5: People seem pretty optimistic about President like Trump and what

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Speaker 5: he means for the economy, what he means for markets,

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Speaker 5: whether it's for lower taxes, maybe some deregulation and easier

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Speaker 5: on the M and A front. Does that suggest we

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Speaker 5: can then move away from these big text names and

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Speaker 5: think about the more cyclical areas of the economy. Is

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Speaker 5: that a theme for twenty five.

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Speaker 7: I think we're going to stick with some of the

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Speaker 7: themes that have already occurred. So if you think about

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Speaker 7: the matic investing, right you think about what happened with

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Speaker 7: utility space, with some of the industrials, everything that's moving

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Speaker 7: into this area where technology is going to need more

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Speaker 7: resources that I think can continue, and I think the

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Speaker 7: question really becomes what happens to the rest of the economy.

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Speaker 7: And I think that's what people are really looking for,

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Speaker 7: that broadening out that we've been talking about for two

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Speaker 7: or three years. We're going to get the broadening out,

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Speaker 7: and then the Russell gets slammed in the last month

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Speaker 7: of December. I think that people are looking for that

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Speaker 7: smid cap catch up. And that's where again, those balance

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Speaker 7: sheets become very important, because those are companies that can't

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Speaker 7: afford to be continuously borrowing up.

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Speaker 3: I don't live the name out of it.

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Speaker 2: I got a venerable large cap trading in a twenty

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Speaker 2: one multiple. They're popping a two point two percent dividend

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Speaker 2: with three percent dividend growth.

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Speaker 3: None of the rings MAG seven at all.

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Speaker 2: They got nice way to average costs of capital, nice roic,

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Speaker 2: but they're not in that glory group. How do they

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Speaker 2: get to that glory group? Pr or executive statements? How

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Speaker 2: do the losers become the winners of MAG seven?

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Speaker 7: Well, the most interesting thing is that you said about

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Speaker 7: that is they're sitting there with the twenty multiple that

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Speaker 7: would have been a high multiple in other years. Right,

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Speaker 7: the fact that our multiple expectations have moved up so

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Speaker 7: much on the industrial space, in other spaces. I think

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Speaker 7: the way that rest of that catches up is that

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Speaker 7: the rest of the market continues to stay higher and

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Speaker 7: people start looking for things that look relatively less expensive.

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Speaker 7: And I think this year you're going to see a

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Speaker 7: lot of people it's not so much about looking for

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Speaker 7: the value stocks versus growth, but where can I get

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Speaker 7: growth that doesn't look unreasonably priced? And that's going to

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Speaker 7: be I think good thing for twenty.

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Speaker 3: Five thirty seconds. Sure, buyback.

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Speaker 2: I mean, there's got to be a new formula for

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Speaker 2: really well run companies with lousy multiples to join the

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Speaker 2: halves of the stock market.

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Speaker 7: And raising those dividends and buying back those shares is

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Speaker 7: a big raising capital return.

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Speaker 8: We do that.

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Speaker 3: We got to get the guy from I think it's new.

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Speaker 2: I can't remember. No federated. Yeah, I don't have it

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Speaker 2: in front of me, folks. He's got a book out.

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Speaker 2: It's the Sweeney Bible. Shut up and raise a dividend.

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Speaker 5: I'll say that to Tim Cook every time I see

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Speaker 5: him done in Duke and he just ignores me. He says,

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Speaker 5: I got better Sea.

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Speaker 3: He just wants you to write a bigger check. Yeah,

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Speaker 3: I mean that's what he and Rubinstein are tag team

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Speaker 3: in you. Yeah exactly. Sarah, thank you so much for

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Speaker 3: coming in today.

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Speaker 4: Thank you.

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Speaker 3: Everybody else is like you know home.

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

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Speaker 1: starting at seven am Eastern on Apple Corplay and Android

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Speaker 1: Auto with the Bloomberg Business app. You can also watch

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Speaker 1: us live every weekday on YouTube and always on the

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Speaker 1: Bloomberg terminal a.

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Speaker 2: Good morning from the Major Publications Division. It is the

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Speaker 2: Lisa Matteo Hour. She survived New Year's Eve and joins

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Speaker 2: us this morning.

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Speaker 8: All right, I have our top story. Friend's president Emmanuel

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Speaker 8: Macrone made his New Year's speech. I'm gonna shake it

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Speaker 8: up right now. I want to go to Paris, correspondent

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Speaker 8: Tom Kane and see how everything.

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Speaker 2: Missus keene at c DG in half of the French

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Speaker 2: people thank you.

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Speaker 3: It's the oddest economy. And there's a group a couple

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Speaker 3: calledly Friend. She's who do videos on YouTube about where

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Speaker 3: to go eat. So you're not a tourist.

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Speaker 2: So we went one Aaron d smun outside of what's

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Speaker 2: basically America in the middle of Paris, near the old

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Speaker 2: Bastille you know bestill Day and all that, to a

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Speaker 2: wonderful restaurant called Beaufonte, which is like the real Paris

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Speaker 2: and it's totally different than what you experience in the

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Speaker 2: nexus of America East. In the middle of Paris.

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Speaker 5: It's so, how are the consumers feeling there? Because it

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Speaker 5: is I can't.

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Speaker 2: I think the French people are flat on their back.

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Speaker 2: Witness the politics of mister McCrum. The observation is a

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Speaker 2: consumption of their tourist trade is unbelievable. I saw one

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Speaker 2: statistic I don't have it in front of me. On

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Speaker 2: the margin, eighty five percent of new jobs in France

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Speaker 2: in the last like five years have.

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Speaker 3: Been tourist based.

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Speaker 2: So there's like this Disneyland of America, you know, around

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Speaker 2: Notre Dome and all that, out to the Eiffel Tower

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Speaker 2: and all that. But then the moment you get outside that,

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Speaker 2: it's the France that mccron has to deal with.

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Speaker 5: So it's like goes down to the village or going

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Speaker 5: you know, going up the uptown versus saying kind.

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Speaker 3: Of a shout out. Air France just killed it.

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Speaker 5: It's just killed for them.

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Speaker 3: Just they're they're real competition for the domestic carriers.

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Speaker 8: Well to see, Max, how is your French trade?

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Speaker 3: I was the uber driver, I said, Ohila, biblio tecket.

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Speaker 3: He took us to the library.

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Speaker 8: What do you okay a rolex? If you have any

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Speaker 8: plans to buy one, No, it's going to cost you more.

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Speaker 8: So I just wanted to let you know they raise

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Speaker 8: prices some of its most popular models. Gold Value surged

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Speaker 8: in twenty twenty four, so they kicked off the new year,

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Speaker 8: they hike prices about eight percent on some models. It's

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Speaker 8: not new, I mean, Rolex usually raisst prices once a

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Speaker 8: year on January first, But this increase is larger than

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Speaker 8: last year's. So it's going to cost you a little more.

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Speaker 8: How much to get them, I know. So here's an example.

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Speaker 8: So you have the yellow gold Day Date with a

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Speaker 8: forty millimeters black dial. It'll cost just over forty five

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Speaker 8: thousand dollars, okay, and that is up from forty two

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Speaker 8: thousand dollars from the year before. That's according to their website.

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Speaker 8: But it's a pretty petty you know.

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Speaker 5: When I was in the market for that type of

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Speaker 5: watch years and years ago, I really did look at

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Speaker 5: the Rolocks, but the value proposition just was not so

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Speaker 5: you never got you never worked out an Omega, and

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Speaker 5: for me, that value proposition felt better. So, but I

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Speaker 5: long ones. I looked long and harsh.

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Speaker 2: Cash was my oldest side, and cash flow wants an

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Speaker 2: Omega like astronaut watch.

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Speaker 3: I looked at the prices that you're kiddinging.

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Speaker 5: They're half the Rolex stole, and I kind of feel

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Speaker 5: like I'm getting more value. That's kind of what I.

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Speaker 2: So your basic take is you walk out of the

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Speaker 2: store of the rolex and it goes down right away. No.

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Speaker 5: No, In fact, they hold the thousand rolexes and other

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Speaker 5: premium watches, including Omega. I mean we have on the

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Speaker 5: Bloomberg Criminal a watch index.

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Speaker 3: Can you see in a yacht master titanium things?

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Speaker 5: So absolutely that's in Paris.

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Speaker 8: This one is in the Wall Street Journal. This is

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Speaker 8: actually interesting. So a real estate developer in Los Angeles

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Speaker 8: testing out this new blueprint for affordable housing. They're stacking

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Speaker 8: apartments on top of a costco. Okay, so bear with

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Speaker 8: me here. Okay, it's Thrive Living. They want to begin

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Speaker 8: construction early twenty five, eight hundred units affordable housing complex

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Speaker 8: in South Los Angeles, rooftop pool fitness center, one hundred

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Speaker 8: and eighty four apartments.

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Speaker 4: Okay, it's so cree.

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Speaker 8: No, you don't get the free hot talks. But here's

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Speaker 8: why they're saying it's gonna work because the rent that

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Speaker 8: Costco pace Thrive will help the developer rely less on

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Speaker 8: government subsidies for the affordable housing, and then Costco stands

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Speaker 8: to gain more customers. So they're saying it's a win

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Speaker 8: win for everyone. But it's it's started to shift because

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Speaker 8: a big box retailer is usually in suburban areas right

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Speaker 8: where you have the room. You can have the big

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Speaker 8: parking lot, the big warehouse. But now they're doing a

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Speaker 8: little smaller stores, not as big like Target Whole Foods.

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Speaker 8: They do it. They have the apartments.

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Speaker 3: Target there is a store in eighty sixth Street and it's.

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Speaker 8: Not that big right right, They're smaller, more compact, but

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Speaker 8: it works for the city. So they're trying to get

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Speaker 8: these big box retailers more into the city because I

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Speaker 8: remember David gour was saying, we know where you got

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Speaker 8: to go for the Costco.

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Speaker 5: He's a hit for Brooklyn.

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Speaker 8: He's in the hit from Brooklyn. But it's a it's

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Speaker 8: a new thought to put affordable housing on top of.

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Speaker 2: These spends for a pizza and it takes the kids

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Speaker 2: out and it's got the whole week from Mintal. I

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Speaker 2: don't know Kazakh standards.

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Speaker 8: Next last one, not sure what you're watching on TV,

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Speaker 8: what you've been watching streaming? Okay, but season two of

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00:22:06,760 --> 00:22:11,440
Speaker 8: Netflix's survival series Squid Game yes top the charge globally.

441
00:22:11,840 --> 00:22:14,320
Speaker 8: Despite having some mixed reviews, Some people liked it, some

442
00:22:14,320 --> 00:22:17,280
Speaker 8: people did it sixty eight million views since it debuted

443
00:22:17,320 --> 00:22:20,159
Speaker 8: December twenty six. It's also the biggest debut ever for

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00:22:20,200 --> 00:22:23,480
Speaker 8: a Netflix original show. It's a big money maker for them.

445
00:22:23,560 --> 00:22:25,840
Speaker 8: I mean the first season generated nine hundred million dollars

446
00:22:25,880 --> 00:22:28,560
Speaker 8: in value for Netflix after A debuted in twenty twenty one,

447
00:22:28,960 --> 00:22:32,119
Speaker 8: and season three. If you wanted it or not, it

448
00:22:32,200 --> 00:22:34,439
Speaker 8: is coming and it's going to be next year. I

449
00:22:34,640 --> 00:22:36,080
Speaker 8: have never been into the squid games.

450
00:22:36,280 --> 00:22:38,199
Speaker 2: I don't know to show you where he's killing it

451
00:22:38,280 --> 00:22:42,359
Speaker 2: is Kim jinhe I mean her low life boyfriend lost

452
00:22:42,480 --> 00:22:45,440
Speaker 2: money in crypto or something, so she's been sucked into

453
00:22:45,440 --> 00:22:46,040
Speaker 2: the squid games.

454
00:22:46,040 --> 00:22:46,680
Speaker 3: It's the tragic.

455
00:22:46,960 --> 00:22:48,119
Speaker 8: Oh gosh, you know.

456
00:22:48,320 --> 00:22:49,760
Speaker 3: I mean she looks like one of the K pop

457
00:22:49,840 --> 00:22:51,280
Speaker 3: girls too. It works.

458
00:22:51,320 --> 00:22:54,040
Speaker 8: It's a bit gruesome. But have you watched I have

459
00:22:54,160 --> 00:22:56,600
Speaker 8: not watched it. My husband was watching Silo last night

460
00:22:56,640 --> 00:22:59,240
Speaker 8: on Love It Love, Yes, he was watching it. He

461
00:22:59,240 --> 00:23:02,399
Speaker 8: has a month to do it because it cancels. It

462
00:23:02,480 --> 00:23:04,920
Speaker 8: was only a three month free trial, so that's gonna

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00:23:04,960 --> 00:23:06,639
Speaker 8: get But I heard.

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00:23:06,480 --> 00:23:08,160
Speaker 5: You're going to forget about it and then it's start

465
00:23:08,200 --> 00:23:10,280
Speaker 5: hitting your.

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00:23:10,160 --> 00:23:15,080
Speaker 2: It's beautifully shot and Tim Cook went out and did

467
00:23:15,119 --> 00:23:18,639
Speaker 2: a thing with the lead actress, Rebecca Ferguson. I believe

468
00:23:19,320 --> 00:23:22,280
Speaker 2: he's such a fan of the show. And you know,

469
00:23:22,320 --> 00:23:25,760
Speaker 2: you wonder how much Cook is driving. What is on

470
00:23:25,800 --> 00:23:29,600
Speaker 2: Apple TV basic idea. Those nobody watches Apple TV.

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00:23:29,560 --> 00:23:33,000
Speaker 8: Rights, they don't have too much. I feel like they

472
00:23:33,040 --> 00:23:34,919
Speaker 8: don't have too much. That's why I never got it.

473
00:23:34,960 --> 00:23:37,080
Speaker 8: I just got the free trial because I feel like

474
00:23:37,119 --> 00:23:39,440
Speaker 8: there's not much to offer on it. But apparently this

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00:23:39,520 --> 00:23:40,359
Speaker 8: show I really got.

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00:23:40,240 --> 00:23:45,040
Speaker 2: Your first newspapers for two thousand strong just starts strong.

477
00:23:46,520 --> 00:23:48,480
Speaker 3: Thank you so much for the newspapers.

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00:23:48,680 --> 00:23:53,480
Speaker 1: This is the Bloomberg Surveillance podcast, available on Apple, Spotify,

479
00:23:53,600 --> 00:23:57,400
Speaker 1: and anywhere else you get your podcasts. Listen live each

480
00:23:57,440 --> 00:24:01,359
Speaker 1: weekday seven to ten am Easter and on Bloomberg dot Com,

481
00:24:01,400 --> 00:24:05,200
Speaker 1: the iHeartRadio app, tune In, and the Bloomberg Business app.

482
00:24:05,520 --> 00:24:08,600
Speaker 1: You can also watch us live every weekday on YouTube

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00:24:08,920 --> 00:24:10,920
Speaker 1: and always on the Bloomberg terminal.