1 00:00:02,520 --> 00:00:13,760 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg 2 00:00:13,840 --> 00:00:17,920 Speaker 1: Surveillance Podcast. Catch us live weekdays at seven am Eastern 3 00:00:18,200 --> 00:00:21,240 Speaker 1: on Apple car Play or Android Auto with the Bloomberg 4 00:00:21,320 --> 00:00:24,799 Speaker 1: Business App. Listen on demand wherever you get your podcasts, 5 00:00:25,280 --> 00:00:27,000 Speaker 1: or watch us live on YouTube. 6 00:00:27,200 --> 00:00:29,720 Speaker 2: Michael Purvis joins us now from tall back end, is 7 00:00:29,760 --> 00:00:32,839 Speaker 2: your narrative a bullmarket? I mean, my head is spinning. 8 00:00:33,080 --> 00:00:35,800 Speaker 2: I got copious number of people, a lot of seven 9 00:00:35,840 --> 00:00:39,840 Speaker 2: thousand plus SPX and others thinking the world's gonna add Yeah. 10 00:00:39,880 --> 00:00:41,560 Speaker 3: Look, I mean if you step back for a second 11 00:00:41,560 --> 00:00:43,920 Speaker 3: and you think about we have some level of fiscal 12 00:00:43,960 --> 00:00:49,959 Speaker 3: stimulus through a big beautiful bill, offset admittedly by tariffs, 13 00:00:50,159 --> 00:00:53,159 Speaker 3: you have the concurrence of that with monetary stimulus. And 14 00:00:53,200 --> 00:00:57,440 Speaker 3: I'm sorry, even if we get a Powell era type 15 00:00:57,480 --> 00:01:00,240 Speaker 3: cutting cycle, it's still a cutting cycle into four point 16 00:01:00,280 --> 00:01:04,040 Speaker 3: three percent unemployment and three percent plus GDP and three 17 00:01:04,040 --> 00:01:07,800 Speaker 3: percent inflation. Uh there, And then you have the this 18 00:01:08,080 --> 00:01:11,800 Speaker 3: I call it alternative fiscal stimulus through this AI cap 19 00:01:11,920 --> 00:01:15,400 Speaker 3: X boom, which is you know, which is just almost 20 00:01:15,520 --> 00:01:18,200 Speaker 3: almost you know, you know, just from the from from 21 00:01:18,280 --> 00:01:21,679 Speaker 3: four companies, you're talking about seven hundred billion dollars. 22 00:01:21,280 --> 00:01:23,640 Speaker 4: Over the next twenty four months. That's where they're guiding 23 00:01:23,640 --> 00:01:25,199 Speaker 4: the street to. You know, those are the big guys, 24 00:01:25,240 --> 00:01:29,480 Speaker 4: Microsoft and Amazon, et cetera. So so look, that's a 25 00:01:29,680 --> 00:01:30,880 Speaker 4: that's a macro setup. 26 00:01:30,880 --> 00:01:33,080 Speaker 3: I think the question we're all waiting for is ken 27 00:01:33,080 --> 00:01:36,240 Speaker 3: earnings continued to deliver in an age where the k 28 00:01:36,959 --> 00:01:40,360 Speaker 3: economy is getting worse and also where you know, some 29 00:01:40,440 --> 00:01:45,720 Speaker 3: of these residual risks like tariffs hitting margins and or 30 00:01:45,760 --> 00:01:49,200 Speaker 3: the consumer you know, are starting, you know, likely to. 31 00:01:49,160 --> 00:01:50,160 Speaker 4: Persist and creep in. 32 00:01:50,320 --> 00:01:53,880 Speaker 3: So far, you know that dance has worked right, and 33 00:01:53,920 --> 00:01:56,919 Speaker 3: it's hard to find a lot of broader evidence that 34 00:01:56,920 --> 00:01:59,680 Speaker 3: that it's going to look suddenly fall apart anytime soon. 35 00:01:59,840 --> 00:02:01,840 Speaker 3: But I think, I think, you know, that's that's really 36 00:02:01,920 --> 00:02:04,400 Speaker 3: the tension as we talk you know, into as we 37 00:02:04,440 --> 00:02:07,040 Speaker 3: had into twenty twenty six, that's really where the tension is. 38 00:02:07,240 --> 00:02:09,280 Speaker 4: The macro setup is really really strong. 39 00:02:09,960 --> 00:02:11,800 Speaker 3: One point I'm just going to make you know, Paul, 40 00:02:11,800 --> 00:02:14,799 Speaker 3: you and I were talking about the nineties, Yeah, offline, 41 00:02:14,840 --> 00:02:17,440 Speaker 3: but one thing we had in the in the in 42 00:02:17,480 --> 00:02:19,720 Speaker 3: the in the mid and late nineties is you know, 43 00:02:19,760 --> 00:02:22,720 Speaker 3: you have this sort of persistent you know inflation not 44 00:02:22,760 --> 00:02:25,600 Speaker 3: getting to the fenced target, and you had, you know, 45 00:02:25,680 --> 00:02:26,799 Speaker 3: a good economic condition. 46 00:02:26,880 --> 00:02:28,480 Speaker 4: They're One thing that's different. 47 00:02:28,200 --> 00:02:31,520 Speaker 3: Now is that you know, we have arguably, you know, 48 00:02:31,600 --> 00:02:35,720 Speaker 3: a refreshed cutting cycle here here, and you didn't, you know, 49 00:02:35,800 --> 00:02:37,839 Speaker 3: you had what the FED was sort of tweaking back 50 00:02:38,160 --> 00:02:40,520 Speaker 3: and much of the of the last few years of 51 00:02:40,520 --> 00:02:44,440 Speaker 3: the nineteen nineties. If we get a it doesn't seem 52 00:02:44,480 --> 00:02:46,200 Speaker 3: to right now based on some of the FED messaging, 53 00:02:46,240 --> 00:02:49,880 Speaker 3: but if we do get you know, sort of a 54 00:02:49,919 --> 00:02:54,600 Speaker 3: refreshed FED and a refreshed sort of cutting narrative with 55 00:02:54,680 --> 00:02:57,079 Speaker 3: this type of economic data, that is going to be 56 00:02:57,120 --> 00:03:00,519 Speaker 3: a really interesting period unfolding. 57 00:03:01,400 --> 00:03:03,919 Speaker 5: So what do you think about volatility here? We have 58 00:03:03,960 --> 00:03:06,200 Speaker 5: a VIX sitting right at twenty. Doesn't seem to get 59 00:03:06,240 --> 00:03:10,320 Speaker 5: anybody's attention too much, but it's certainly not you know, 60 00:03:10,360 --> 00:03:12,320 Speaker 5: fourteen or fifteen on the VIX here. 61 00:03:12,960 --> 00:03:15,000 Speaker 4: What do you see in terms of volatility? Yeah, look, 62 00:03:15,040 --> 00:03:17,320 Speaker 4: you know, the VIX has been sort of it's sort 63 00:03:17,320 --> 00:03:18,079 Speaker 4: of been interesting. 64 00:03:18,120 --> 00:03:20,200 Speaker 3: You know, we never really got down to those eleven 65 00:03:20,200 --> 00:03:23,360 Speaker 3: and twelves that you normally associate with a with a strong. 66 00:03:23,440 --> 00:03:24,320 Speaker 4: Bull market here. 67 00:03:25,760 --> 00:03:27,320 Speaker 3: Part of that was that, you know, you had the 68 00:03:27,400 --> 00:03:30,040 Speaker 3: right tail of the of the VIX call buying kind 69 00:03:30,040 --> 00:03:33,200 Speaker 3: of you know, support the VIX. Yeah, for most of 70 00:03:33,240 --> 00:03:37,040 Speaker 3: the time you had a pretty robust volatility risk premium. 71 00:03:37,040 --> 00:03:39,320 Speaker 3: That's the spread in my mind of the VIX to 72 00:03:39,560 --> 00:03:41,440 Speaker 3: realize volatility. 73 00:03:42,360 --> 00:03:42,600 Speaker 6: There. 74 00:03:43,240 --> 00:03:44,920 Speaker 3: And you know, just over the last week or so, 75 00:03:45,000 --> 00:03:47,280 Speaker 3: you saw this sort of like you know, like you know, 76 00:03:47,360 --> 00:03:50,520 Speaker 3: sort of push above twenty two and then quickly fade 77 00:03:50,520 --> 00:03:53,040 Speaker 3: those levels here. So I look at it right now, 78 00:03:53,200 --> 00:03:56,120 Speaker 3: look skew, I meaning the difference between puts and calls. 79 00:03:57,080 --> 00:03:59,640 Speaker 3: The implied volatility for those are you know, that's been 80 00:03:59,680 --> 00:04:02,560 Speaker 3: really getting higher here, you know, thanks a little bit 81 00:04:02,560 --> 00:04:05,040 Speaker 3: to some of the volatility we saw last week. That's 82 00:04:05,080 --> 00:04:09,040 Speaker 3: healthy there. If if the everything else stuff performs, we 83 00:04:09,040 --> 00:04:12,280 Speaker 3: don't get any real horrible news in two years end, 84 00:04:12,400 --> 00:04:14,720 Speaker 3: that's going to help reinforce I think a sprint into 85 00:04:14,760 --> 00:04:17,320 Speaker 3: the finish line, you know, maybe another one to two 86 00:04:17,360 --> 00:04:19,240 Speaker 3: hundred points higher in the S and P if. 87 00:04:19,200 --> 00:04:22,360 Speaker 2: The stock market gets on front. You've got a franchise 88 00:04:22,400 --> 00:04:24,600 Speaker 2: on this. You've been really good on this cross asset 89 00:04:24,640 --> 00:04:28,200 Speaker 2: of looking out. If the stock market is doing what 90 00:04:28,240 --> 00:04:30,920 Speaker 2: it's doing, is it's simply modeling out we're going to 91 00:04:31,000 --> 00:04:33,280 Speaker 2: get the economic data, and this is what it's going 92 00:04:33,320 --> 00:04:36,800 Speaker 2: to signal, is a market banking a bet on all 93 00:04:36,800 --> 00:04:38,760 Speaker 2: that delayed economic data right now? 94 00:04:39,720 --> 00:04:42,920 Speaker 3: Well, yeah, there's a there's a little bit of sort 95 00:04:42,920 --> 00:04:44,440 Speaker 3: of you know, the markets are trying to sort of 96 00:04:44,520 --> 00:04:48,400 Speaker 3: vibe their way through without this, without this data that 97 00:04:48,520 --> 00:04:49,120 Speaker 3: we're getting. 98 00:04:49,240 --> 00:04:51,280 Speaker 4: Whoa Lisa, Lisa. 99 00:04:51,040 --> 00:04:54,520 Speaker 2: Is Michael Purvis young enough to say vibe your way through? 100 00:04:54,920 --> 00:04:57,800 Speaker 4: Yes, okay, thank you, thank you, But I have a 101 00:04:57,800 --> 00:05:01,000 Speaker 4: lot of children. Sound they keep you form. 102 00:05:01,279 --> 00:05:05,080 Speaker 3: But the the you know, right, whatever print we get 103 00:05:05,080 --> 00:05:10,159 Speaker 3: on Thursday on jobs, you know, we will arguably Nvidia 104 00:05:10,160 --> 00:05:12,039 Speaker 3: will be a lot more instructive in terms of where 105 00:05:12,040 --> 00:05:13,560 Speaker 3: the market is going to go than whatever the job 106 00:05:13,600 --> 00:05:15,760 Speaker 3: The jobs data if it's fifty thousand or minus fifty 107 00:05:15,800 --> 00:05:17,440 Speaker 3: thousand or one hundred and twenty thousand, like it all 108 00:05:17,480 --> 00:05:20,320 Speaker 3: comes with a lot of footnotes, right, So so we'll 109 00:05:20,360 --> 00:05:22,200 Speaker 3: have to probably need a couple of months for that 110 00:05:22,320 --> 00:05:23,840 Speaker 3: to sort of self out. But Tom, I think you're 111 00:05:23,880 --> 00:05:27,240 Speaker 3: touching on a broader question, which is can some of 112 00:05:27,240 --> 00:05:29,440 Speaker 3: the jobs data get back, can some of the economic 113 00:05:29,520 --> 00:05:33,960 Speaker 3: data be bad? And can the AI narrative, the AI 114 00:05:34,040 --> 00:05:37,240 Speaker 3: empowered stock market if you will, can that keep going higher? 115 00:05:37,320 --> 00:05:37,480 Speaker 6: Right? 116 00:05:37,560 --> 00:05:38,960 Speaker 3: I mean one of the things I like to say 117 00:05:39,040 --> 00:05:41,680 Speaker 3: is that Microsoft's mandate is to scale earnings, not to 118 00:05:41,720 --> 00:05:47,640 Speaker 3: scale employees, right, so I think that will. You know, arguably, 119 00:05:47,680 --> 00:05:50,840 Speaker 3: the main Street Wall Street disconnect may even get worse 120 00:05:51,320 --> 00:05:53,240 Speaker 3: than an era of AI, and I think that's something 121 00:05:53,279 --> 00:05:55,599 Speaker 3: to be watching for right now. If you're getting job 122 00:05:55,640 --> 00:05:58,919 Speaker 3: losses because every company is just you know, is just 123 00:05:59,040 --> 00:06:01,480 Speaker 3: falling apart, and then DAT is horrible, that's different. But 124 00:06:02,640 --> 00:06:06,400 Speaker 3: right now you've got a very compelling sort of tech 125 00:06:06,440 --> 00:06:07,040 Speaker 3: bull market. 126 00:06:07,160 --> 00:06:09,560 Speaker 2: Michael Purvis with us for an extended discussion to get 127 00:06:09,640 --> 00:06:12,560 Speaker 2: your market week going, as well as he mentions in 128 00:06:12,680 --> 00:06:16,920 Speaker 2: video reports this week, lots of retail as well. This 129 00:06:17,000 --> 00:06:21,159 Speaker 2: is a surveillance across America. Glenna Hubbard will be with 130 00:06:21,279 --> 00:06:25,359 Speaker 2: us a really important important interview on the FED and 131 00:06:25,400 --> 00:06:28,960 Speaker 2: the path forward from Professor Hubbard of Columbia Business School. 132 00:06:29,240 --> 00:06:30,320 Speaker 4: He is the most. 133 00:06:30,080 --> 00:06:33,800 Speaker 2: Intelligent supply side guy I know. Thrilled to have him on. 134 00:06:34,200 --> 00:06:36,240 Speaker 2: In the nine o'clock hour, we say good morning to 135 00:06:36,279 --> 00:06:40,039 Speaker 2: the United Kingdom. Sir Howard Stringer will join us and 136 00:06:40,080 --> 00:06:42,080 Speaker 2: Paul and I decided, I mean, we could go how 137 00:06:42,080 --> 00:06:44,640 Speaker 2: many hours, could Google three hours. 138 00:06:44,760 --> 00:06:48,040 Speaker 5: He had so many careers, Sir Howard CBS exactly. 139 00:06:48,120 --> 00:06:50,880 Speaker 2: Okay, should Letterman have been allowed to retire? You know 140 00:06:50,960 --> 00:06:53,039 Speaker 2: that kind of thing. No, We're going to talk to 141 00:06:53,080 --> 00:06:56,799 Speaker 2: Sir Howard Stringer about what's going on with the BBC 142 00:06:57,200 --> 00:07:00,080 Speaker 2: in the United Kingdom. I can't say enough about the 143 00:07:00,080 --> 00:07:01,240 Speaker 2: timeliness of that. 144 00:07:01,320 --> 00:07:04,880 Speaker 5: Paul Sweeney with Michael Purpose Michael, in terms of derivatives, 145 00:07:04,920 --> 00:07:06,480 Speaker 5: here are. 146 00:07:06,920 --> 00:07:10,760 Speaker 4: Are clients looking to buy risk? Are they buying protection? Here? 147 00:07:10,800 --> 00:07:11,280 Speaker 4: More or less? 148 00:07:11,560 --> 00:07:13,720 Speaker 3: Well, it was a lot of the former, a lot 149 00:07:13,760 --> 00:07:16,480 Speaker 3: of the upside call buying, you know, that was you 150 00:07:16,480 --> 00:07:19,880 Speaker 3: know into the sort of September or October peak there 151 00:07:20,280 --> 00:07:24,040 Speaker 3: that has shifted on balance, like I think, I think 152 00:07:24,040 --> 00:07:27,880 Speaker 3: there's stull seems to be the retail bid for risk 153 00:07:27,960 --> 00:07:31,400 Speaker 3: has not completely evaporated here, It's gotten you know, sort 154 00:07:31,440 --> 00:07:33,480 Speaker 3: of you know, kicked it ahead a little bit over 155 00:07:33,520 --> 00:07:35,560 Speaker 3: the last few weeks there. You know, you can see 156 00:07:35,560 --> 00:07:38,080 Speaker 3: this with with with various stock training pairs. You know, 157 00:07:38,120 --> 00:07:39,840 Speaker 3: if you look at like you know, in the in 158 00:07:39,880 --> 00:07:44,240 Speaker 3: the nuclear uranium space, you look at sort of established 159 00:07:44,280 --> 00:07:48,760 Speaker 3: companies with real cash flows like a Chemico relative to 160 00:07:49,120 --> 00:07:51,880 Speaker 3: say an oaklow which had a twenty billion dollar market 161 00:07:51,960 --> 00:07:55,760 Speaker 3: cap out of you know nowhere and and had zero revenues. Right, So, 162 00:07:55,760 --> 00:07:59,240 Speaker 3: so I think what's happening here in the in the 163 00:07:59,280 --> 00:08:02,720 Speaker 3: market here is that risk is stole on. But there's 164 00:08:02,760 --> 00:08:05,000 Speaker 3: a lot of clean right so there's a lot of 165 00:08:05,040 --> 00:08:06,640 Speaker 3: people sort of I don't think a lot of people 166 00:08:06,680 --> 00:08:08,920 Speaker 3: are going to want to end the year with massively 167 00:08:09,000 --> 00:08:12,040 Speaker 3: long a lot of very speculative names. 168 00:08:12,080 --> 00:08:14,880 Speaker 4: We run up, you know, three hundred percent in nine months, Paul. 169 00:08:15,520 --> 00:08:17,280 Speaker 2: First thing I did when I came in, I did 170 00:08:17,280 --> 00:08:20,280 Speaker 2: a weekly chart, because that's what Michael Purvios does. I 171 00:08:20,280 --> 00:08:23,800 Speaker 2: did a weekly chart of Nasdaq futures NASDAQ one hundred. 172 00:08:24,320 --> 00:08:28,520 Speaker 2: We have cratered the maximum drawdown is the negative six 173 00:08:28,560 --> 00:08:32,880 Speaker 2: point seven percent. We've rebounded from that, and we have 174 00:08:33,120 --> 00:08:36,559 Speaker 2: cratered down about four percent from futures times you go 175 00:08:36,760 --> 00:08:38,280 Speaker 2: the anks is ridiculous. 176 00:08:38,480 --> 00:08:40,120 Speaker 4: I mean, it's just absurd, it is. 177 00:08:40,440 --> 00:08:40,560 Speaker 6: So. 178 00:08:40,800 --> 00:08:46,000 Speaker 5: I mean, Michael, what's the conversation you're having with clients today? 179 00:08:46,120 --> 00:08:49,160 Speaker 5: Are they looking to to kind of go long here, 180 00:08:49,200 --> 00:08:51,080 Speaker 5: they're looking to protect what they have, or are they 181 00:08:51,120 --> 00:08:52,640 Speaker 5: just a limp just get me to year end? 182 00:08:52,679 --> 00:08:53,040 Speaker 6: What are they? 183 00:08:53,320 --> 00:08:56,240 Speaker 3: Well, look, I think it depends on on on the 184 00:08:56,360 --> 00:09:00,640 Speaker 3: type of strategy you're running, right, if you've a solid 185 00:09:00,760 --> 00:09:02,440 Speaker 3: if you're a long short hedge fund and you and 186 00:09:02,480 --> 00:09:07,120 Speaker 3: you're you're you're up nicely. Uh. This year, I think 187 00:09:07,120 --> 00:09:09,480 Speaker 3: a lot of them are just going into very conservative mode, 188 00:09:09,520 --> 00:09:11,920 Speaker 3: trying to like lock in their gains and and and 189 00:09:11,960 --> 00:09:15,280 Speaker 3: all that. Some of the other managers I think are 190 00:09:15,880 --> 00:09:19,719 Speaker 3: that are that are you know, longer term and and uh, 191 00:09:19,960 --> 00:09:22,720 Speaker 3: their strategies are you know, not as as as agile 192 00:09:22,800 --> 00:09:26,080 Speaker 3: or fast. They those tend to be you know a 193 00:09:26,080 --> 00:09:29,480 Speaker 3: little bit like sort of cautious, you know, but but 194 00:09:29,600 --> 00:09:31,320 Speaker 3: still sort of structurally constructive. 195 00:09:31,760 --> 00:09:33,160 Speaker 4: Uh uh you know. 196 00:09:33,440 --> 00:09:35,600 Speaker 3: On the markets, I mean there certainly are sort of 197 00:09:36,160 --> 00:09:40,080 Speaker 3: you know, you know, whether it's sort of some more 198 00:09:40,120 --> 00:09:43,520 Speaker 3: hawkish comments from the from from from fed folks, or 199 00:09:43,559 --> 00:09:45,560 Speaker 3: whether it's at some of these credit blow ups they're 200 00:09:45,559 --> 00:09:47,840 Speaker 3: sort of like, wait a second, this this party is 201 00:09:47,880 --> 00:09:50,080 Speaker 3: not you know, the cop the cops are starting. You 202 00:09:50,080 --> 00:09:51,640 Speaker 3: can hear the sirens on the street a little bit. 203 00:09:51,760 --> 00:09:54,280 Speaker 3: The question is how much. And I think that one 204 00:09:54,320 --> 00:09:58,400 Speaker 3: message I'm really trying to explain to my clients is 205 00:09:58,400 --> 00:10:02,440 Speaker 3: that is that this ca shaped economy we're having twenty 206 00:10:02,520 --> 00:10:06,160 Speaker 3: twenty six, maybe a lot more K shaped in the 207 00:10:06,480 --> 00:10:08,600 Speaker 3: within the economy. And I think you have to manage 208 00:10:08,600 --> 00:10:09,959 Speaker 3: portfolios with that in mind. 209 00:10:10,679 --> 00:10:15,200 Speaker 2: Then what do you do if for steroidal case shape. 210 00:10:15,280 --> 00:10:18,920 Speaker 3: Well, I think if you're I think let's let's let's 211 00:10:18,920 --> 00:10:23,240 Speaker 3: look at just sort of income. Well, yeah, there's I 212 00:10:23,400 --> 00:10:25,439 Speaker 3: I think I think there's there's you want to say 213 00:10:25,440 --> 00:10:27,840 Speaker 3: in larger cap companies there, but I think you also 214 00:10:28,960 --> 00:10:31,599 Speaker 3: look I mean, I think if you look at uh, 215 00:10:31,640 --> 00:10:33,400 Speaker 3: you know, we've seen you know, we've all seen these 216 00:10:34,360 --> 00:10:38,600 Speaker 3: things floating around of uh uh uh you know, sub fight, 217 00:10:38,760 --> 00:10:43,240 Speaker 3: sub six fifty fico score, uh. 218 00:10:41,960 --> 00:10:44,880 Speaker 4: Uh, delinquency sort of accelerating and all that. 219 00:10:45,120 --> 00:10:47,839 Speaker 3: If you one of them might big concerns right now 220 00:10:48,040 --> 00:10:51,840 Speaker 3: is that lower income. If you look at the Aleta 221 00:10:51,880 --> 00:10:55,320 Speaker 3: Atlanta Fed's wage tracker, they you know, they split up 222 00:10:55,320 --> 00:10:59,160 Speaker 3: wage growth into income couartiles. The bottom quartile, the people 223 00:10:59,200 --> 00:11:03,679 Speaker 3: making the least money are seeing their wages grow the least, right, 224 00:11:03,760 --> 00:11:06,839 Speaker 3: and they I think are the most vulnerable to seeing 225 00:11:06,840 --> 00:11:11,559 Speaker 3: those wages become a real wages become negative if inflation persists, 226 00:11:11,559 --> 00:11:13,760 Speaker 3: and the and this downward pressure on their wage growth 227 00:11:13,760 --> 00:11:18,120 Speaker 3: happens there and so if you're exposed to any company 228 00:11:18,160 --> 00:11:22,000 Speaker 3: that is that is exposure to that that lower income grow, 229 00:11:22,320 --> 00:11:24,520 Speaker 3: that's going to be something you probably want to avoid. 230 00:11:25,000 --> 00:11:27,600 Speaker 2: Michael Purvis, thank you so much. I got to ask 231 00:11:27,640 --> 00:11:29,840 Speaker 2: you this as we roll up, and what's Thanksgiving? It's 232 00:11:29,840 --> 00:11:32,520 Speaker 2: like the fourth Thursday. Yeah, it's like out there the 233 00:11:32,600 --> 00:11:35,240 Speaker 2: day after. Do you like to do the New Hampshire Thanksgiving? Like, 234 00:11:35,320 --> 00:11:39,760 Speaker 2: are you at the squam Lake Marketplace? Ll being in Philson? 235 00:11:41,160 --> 00:11:43,120 Speaker 2: Are you are holderness? 236 00:11:43,160 --> 00:11:43,280 Speaker 6: Like? 237 00:11:43,520 --> 00:11:45,200 Speaker 2: Do you hang out and have a cigar at the 238 00:11:45,240 --> 00:11:47,400 Speaker 2: Squam Lake Public boat Launch? 239 00:11:47,800 --> 00:11:49,960 Speaker 3: The public boat launch at this start of the year 240 00:11:50,000 --> 00:11:52,560 Speaker 3: is pretty much wrapped up, but the I would say 241 00:11:52,600 --> 00:11:55,160 Speaker 3: that the house gets locked up in October. 242 00:11:55,640 --> 00:11:59,120 Speaker 2: There you lock everything down. Yeah, in October you don't 243 00:11:59,160 --> 00:12:03,200 Speaker 2: go up. You don't. Do you have national geographics old 244 00:12:03,280 --> 00:12:06,319 Speaker 2: national geographics. 245 00:12:04,480 --> 00:12:06,840 Speaker 3: And I'm pretty sure we have a few of those, 246 00:12:07,720 --> 00:12:10,960 Speaker 3: like you know of you know of a scrabble set 247 00:12:11,080 --> 00:12:14,720 Speaker 3: missing seventeen letters or something, but you're still in. 248 00:12:14,760 --> 00:12:17,360 Speaker 2: The parcheesy set in that wind. It just went away. 249 00:12:18,400 --> 00:12:21,359 Speaker 2: This is the first I've said this. Have a wonderful Thanksgiving. 250 00:12:22,280 --> 00:12:26,600 Speaker 2: Stay with us. More from Bloomberg Surveillance coming up after. 251 00:12:26,320 --> 00:12:37,000 Speaker 1: This you're listening to the Bloomberg Surveillance Podcast. Catch US 252 00:12:37,080 --> 00:12:40,400 Speaker 1: Live weekday afternoons from seven to ten am Eastern Listen 253 00:12:40,440 --> 00:12:44,000 Speaker 1: on Apple Karplay and Android Auto with the Bloomberg Business app, 254 00:12:44,200 --> 00:12:45,880 Speaker 1: or watch US live on YouTube. 255 00:12:46,200 --> 00:12:49,520 Speaker 2: Joining us now. And I've really been anticipating missus Glenn 256 00:12:49,720 --> 00:12:55,520 Speaker 2: Hubbard out of Florida with just terrific academics and frankly 257 00:12:56,280 --> 00:12:59,839 Speaker 2: giving energy to Columbia University's business schools. They're dean for 258 00:13:00,160 --> 00:13:06,000 Speaker 2: so long. He's doing different things now. But I'm going 259 00:13:06,080 --> 00:13:07,760 Speaker 2: to cut to the chase or Paul's got lots of 260 00:13:07,800 --> 00:13:13,720 Speaker 2: FED questions. Glenn, I am absolutely thunderstruck and crushed that 261 00:13:13,840 --> 00:13:17,240 Speaker 2: you're not on the short list to be chairman of 262 00:13:17,320 --> 00:13:19,600 Speaker 2: the FED. Have you ever talked to the Secretary of 263 00:13:19,640 --> 00:13:26,480 Speaker 2: Treasury about your commitment to a more conservative economic ethos? 264 00:13:27,800 --> 00:13:31,040 Speaker 7: Well, thanks for having me, Tom. I think the President's 265 00:13:31,040 --> 00:13:33,600 Speaker 7: got a good short list for the FED. I look 266 00:13:33,679 --> 00:13:36,640 Speaker 7: forward to the to the choice. This is probably the 267 00:13:36,640 --> 00:13:39,120 Speaker 7: most challenging time to run the FED that I could 268 00:13:39,120 --> 00:13:40,040 Speaker 7: ever imagine. 269 00:13:40,880 --> 00:13:43,920 Speaker 2: So that was diplomatic that one's exactly you learned to 270 00:13:43,960 --> 00:13:45,400 Speaker 2: do that when you're Dina Colombia. 271 00:13:45,520 --> 00:13:49,640 Speaker 4: Exactly Glenn, how do you view here the Fed? 272 00:13:49,679 --> 00:13:49,800 Speaker 2: Here? 273 00:13:49,840 --> 00:13:51,959 Speaker 5: It's in a little bit of it a position has 274 00:13:52,120 --> 00:13:54,720 Speaker 5: doesn't necessarily find itself very often, which is, you know, 275 00:13:54,760 --> 00:13:59,400 Speaker 5: really under some political pressure from the White House here, 276 00:13:59,400 --> 00:14:00,840 Speaker 5: how do you view FED these days? 277 00:14:01,559 --> 00:14:03,320 Speaker 7: Well, I think there's a short run and a long 278 00:14:03,400 --> 00:14:05,640 Speaker 7: run challenge. The short run challenge is the one in 279 00:14:05,679 --> 00:14:08,800 Speaker 7: the news, which is what do you do about rates? 280 00:14:08,880 --> 00:14:11,120 Speaker 7: You have inflation that's too high, you have a job 281 00:14:11,160 --> 00:14:13,960 Speaker 7: market weakening. I think the case for a lot of 282 00:14:14,040 --> 00:14:17,200 Speaker 7: rate cuts is pretty weak. To the extent that they're 283 00:14:17,240 --> 00:14:20,680 Speaker 7: worries about employment. Many of those are structural, they're AI, 284 00:14:20,880 --> 00:14:23,440 Speaker 7: they are changes that really are beyond the Fed's purviews. 285 00:14:24,160 --> 00:14:28,000 Speaker 7: I think the Fed's watchful waiting makes sense longer term. 286 00:14:28,120 --> 00:14:31,080 Speaker 7: The challenge is how do you keep an independent Fed 287 00:14:31,520 --> 00:14:34,480 Speaker 7: in the presence of political pressures? And I think while 288 00:14:34,520 --> 00:14:37,680 Speaker 7: the FED needs to be independent, it has made mistakes. 289 00:14:37,800 --> 00:14:41,320 Speaker 7: You know, President Trump is not entirely incorrect, and so 290 00:14:41,400 --> 00:14:44,080 Speaker 7: the next chair will have to do some reforms. 291 00:14:44,760 --> 00:14:49,800 Speaker 5: So you mentioned AI, Glenn, it's certainly been a key 292 00:14:49,880 --> 00:14:52,360 Speaker 5: key narrative of this market over the last two to 293 00:14:52,400 --> 00:14:54,520 Speaker 5: three years, as companies step up their spending here. But 294 00:14:54,560 --> 00:14:57,440 Speaker 5: What are the impacts do you think on the US 295 00:14:57,680 --> 00:14:58,440 Speaker 5: labor force. 296 00:14:59,000 --> 00:15:01,000 Speaker 4: There's a lot of consternation out there. 297 00:15:01,920 --> 00:15:03,960 Speaker 7: Well, I think it's too soon to tell. I mean, basically, 298 00:15:04,040 --> 00:15:07,680 Speaker 7: AI can either substitute on the one hand, for workers, 299 00:15:07,760 --> 00:15:10,440 Speaker 7: or it can compliment workers' skills, and we're seeing both 300 00:15:10,440 --> 00:15:13,600 Speaker 7: of those in the labor market. It won't surprise you 301 00:15:13,640 --> 00:15:17,160 Speaker 7: to know economists completely different and what their views are 302 00:15:17,160 --> 00:15:19,960 Speaker 7: on AI. I think in the long run, AI is 303 00:15:19,960 --> 00:15:23,480 Speaker 7: going to displace many jobs but create many more jobs. 304 00:15:23,840 --> 00:15:27,240 Speaker 7: Where I think people may be surprised is on market 305 00:15:27,360 --> 00:15:30,360 Speaker 7: valuations and who wins from AI. Just like we learned 306 00:15:30,400 --> 00:15:32,800 Speaker 7: in the Telco boom in the nineties, a lot of 307 00:15:32,800 --> 00:15:36,760 Speaker 7: the first movers lose money, but ultimately it raises productivity. 308 00:15:37,000 --> 00:15:37,800 Speaker 7: We may well see. 309 00:15:37,920 --> 00:15:40,800 Speaker 2: Rightly, let's go there, I mean, I mean, Glenn ahlbrid 310 00:15:40,840 --> 00:15:42,800 Speaker 2: with US folks, for the whole of you worldwide on 311 00:15:42,840 --> 00:15:47,120 Speaker 2: YouTube and all of our radio affiliates in America. Thank 312 00:15:47,160 --> 00:15:50,720 Speaker 2: you for joining this morning. Glenn, you're teaching at Columbia 313 00:15:51,240 --> 00:15:54,360 Speaker 2: or frankly at your Central Florida and you have to 314 00:15:54,440 --> 00:15:59,680 Speaker 2: discuss productivity. We're blind right now to where productivity is 315 00:16:00,280 --> 00:16:04,080 Speaker 2: in twenty twenty five when won't we have an understanding 316 00:16:04,480 --> 00:16:06,240 Speaker 2: of this new productivity. 317 00:16:07,360 --> 00:16:09,520 Speaker 7: Well, it's a great question, Tom, and the honest answer 318 00:16:09,560 --> 00:16:11,960 Speaker 7: is it takes time. So if you look at previous 319 00:16:12,000 --> 00:16:16,560 Speaker 7: waves of what economists called general purpose technologies like electricity 320 00:16:16,760 --> 00:16:20,440 Speaker 7: or mainframe computing or the Internet, they took a decade 321 00:16:20,520 --> 00:16:23,400 Speaker 7: or more to really ripple through productivity. And the reason 322 00:16:23,520 --> 00:16:27,480 Speaker 7: is it takes time for businesses, for individuals. Adat, I 323 00:16:27,480 --> 00:16:30,200 Speaker 7: think it would take less time this time. So it 324 00:16:30,240 --> 00:16:32,880 Speaker 7: may be within five years, but we shouldn't be expecting 325 00:16:32,880 --> 00:16:33,440 Speaker 7: it overnight. 326 00:16:33,600 --> 00:16:37,040 Speaker 2: Okay, But Paul and I've had this in many conversations. 327 00:16:37,040 --> 00:16:39,360 Speaker 2: It's just brilliant work. And thank you to Richard Clarina 328 00:16:40,040 --> 00:16:44,840 Speaker 2: for his support of the show. Glenn Hubbard a long ago, 329 00:16:44,960 --> 00:16:50,480 Speaker 2: in globalization, we broke a bargain with the clothing labor 330 00:16:50,560 --> 00:16:53,520 Speaker 2: of the Carolinas. We said, we're going to retrain you, 331 00:16:53,600 --> 00:16:55,520 Speaker 2: We're going to do this. Are we going to do 332 00:16:55,560 --> 00:16:58,280 Speaker 2: the same thing with AI where we go sort of 333 00:16:58,320 --> 00:17:02,800 Speaker 2: AI globalization and we break the labor bargain with all 334 00:17:02,840 --> 00:17:04,640 Speaker 2: those people pushed out of jobs. 335 00:17:05,400 --> 00:17:08,400 Speaker 7: I'm super worried about this point. It is the political 336 00:17:08,440 --> 00:17:11,160 Speaker 7: economy question of our time. If you look at the 337 00:17:11,200 --> 00:17:15,360 Speaker 7: past three or four decades. Technological change is actually number one. 338 00:17:15,480 --> 00:17:19,960 Speaker 7: Then globalization. We didn't retrain people. We were too slow moving. 339 00:17:20,000 --> 00:17:23,320 Speaker 7: AI is going to happen faster. I do worry about it. 340 00:17:23,440 --> 00:17:26,359 Speaker 7: I hope the administration will become more focused on how 341 00:17:26,400 --> 00:17:29,000 Speaker 7: do you get Come on, I got tied. 342 00:17:29,280 --> 00:17:32,119 Speaker 2: One minute left, Glenn, let me cut to the chase. 343 00:17:32,520 --> 00:17:35,520 Speaker 2: The elites are from the fancy schools up north. Granted 344 00:17:35,600 --> 00:17:38,080 Speaker 2: you did so well in the South. You went to Harvard. 345 00:17:38,400 --> 00:17:41,600 Speaker 2: There's like three zip codes out near Palo Alto. There's 346 00:17:41,600 --> 00:17:44,520 Speaker 2: the northeastern zip code. You're one of the few people 347 00:17:45,040 --> 00:17:50,440 Speaker 2: we have who viscerally gets the South. What's your message 348 00:17:50,480 --> 00:17:54,040 Speaker 2: to the elites about not doing a redoc so that 349 00:17:54,240 --> 00:17:56,760 Speaker 2: busted globalization of years ago. 350 00:17:57,600 --> 00:18:01,240 Speaker 7: Well, two things. One, there's smart people and in ideas everywhere. 351 00:18:01,320 --> 00:18:04,200 Speaker 7: We need applied research centers everywhere. We need to help 352 00:18:04,240 --> 00:18:09,360 Speaker 7: place us left behind. And second, our politics depend on this. 353 00:18:09,840 --> 00:18:12,240 Speaker 7: If we want to embrace AI and all it brings, 354 00:18:12,320 --> 00:18:13,200 Speaker 7: we got to get this right. 355 00:18:13,520 --> 00:18:17,080 Speaker 2: Glennhlbard, thank you so much. Great should I get off 356 00:18:17,119 --> 00:18:21,080 Speaker 2: my soap aus? Glenn Albert, thank you so much, Always 357 00:18:21,080 --> 00:18:25,720 Speaker 2: and forever with Columbia at University. Stay with us. More 358 00:18:25,800 --> 00:18:35,800 Speaker 2: from Bloomberg Surveillance coming up after this. 359 00:18:35,800 --> 00:18:39,720 Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday 360 00:18:39,720 --> 00:18:43,040 Speaker 1: starting at seven am Eastern on Applecarplay and Android Auto 361 00:18:43,160 --> 00:18:46,120 Speaker 1: with the Bloomberg Business app. You can also listen live 362 00:18:46,200 --> 00:18:49,800 Speaker 1: on Amazon Alexa from our flagship New York station, Just 363 00:18:49,840 --> 00:18:52,359 Speaker 1: say Alexa play Bloomberg eleven thirty. 364 00:18:52,760 --> 00:18:55,480 Speaker 2: I need to set this up for our American audience. 365 00:18:55,560 --> 00:18:58,560 Speaker 2: Sir Howard Stringer is from the low side of Wales 366 00:18:58,640 --> 00:19:03,320 Speaker 2: called Cardiff. David Blanchflow of Dartmouth is from Cardiff as well, 367 00:19:03,720 --> 00:19:07,639 Speaker 2: and he had the most interesting, interesting start to his career. 368 00:19:07,720 --> 00:19:09,360 Speaker 2: You know him of course, from Sony. 369 00:19:09,720 --> 00:19:10,159 Speaker 4: You know him. 370 00:19:10,200 --> 00:19:12,960 Speaker 2: Perhaps some CBS Paul Sweni and I can do a 371 00:19:13,040 --> 00:19:16,359 Speaker 2: three hour discussion we string He's seventy nine and holding 372 00:19:16,440 --> 00:19:19,480 Speaker 2: you know, Paul. Just so you understand, Sir Howard Stringer 373 00:19:19,560 --> 00:19:24,280 Speaker 2: joins us this morning here but specifically on the BBC 374 00:19:24,680 --> 00:19:29,000 Speaker 2: and what it means for his United Kingdom. Sir Howard Stringer, 375 00:19:29,119 --> 00:19:31,359 Speaker 2: thank you so much for joining Bloomberg this morning. 376 00:19:32,880 --> 00:19:33,480 Speaker 4: My pleasure. 377 00:19:34,320 --> 00:19:37,480 Speaker 2: I look, Sir Howard, at the debacle of the BBC 378 00:19:37,600 --> 00:19:40,360 Speaker 2: and let me just get out of the way. The 379 00:19:40,560 --> 00:19:43,880 Speaker 2: arch question may be alluded to by the former Prime 380 00:19:43,920 --> 00:19:48,040 Speaker 2: Minister Johnson as well. Should the BBC leave as a 381 00:19:48,080 --> 00:19:52,920 Speaker 2: publicly funded effort and join private enterprise. 382 00:19:55,640 --> 00:19:59,520 Speaker 6: Would I would say not. I would say that brilliance 383 00:19:59,560 --> 00:20:05,399 Speaker 6: of the baby It was designed as an institution that 384 00:20:05,480 --> 00:20:10,439 Speaker 6: would be fairer and offer truth and fairness to a 385 00:20:10,440 --> 00:20:14,800 Speaker 6: British audience at subsequently to a worldwide audience with a 386 00:20:14,880 --> 00:20:20,600 Speaker 6: worldwide news network, and in many ways American television was 387 00:20:20,720 --> 00:20:25,119 Speaker 6: built on that standard. And so giving that trust up, 388 00:20:25,200 --> 00:20:27,600 Speaker 6: giving that opportunity up, I think. 389 00:20:27,480 --> 00:20:28,480 Speaker 7: Would be a mistake. 390 00:20:30,000 --> 00:20:34,959 Speaker 2: How do they restructure emotionally? How do they recapture the 391 00:20:35,080 --> 00:20:38,320 Speaker 2: minds of the United Kingdom to say you can trust us. 392 00:20:38,600 --> 00:20:43,000 Speaker 2: It's been shattered with this debate with the president, the 393 00:20:43,040 --> 00:20:46,480 Speaker 2: President Trump folks suggesting you will sue the BBC for 394 00:20:46,600 --> 00:20:50,560 Speaker 2: many billions of dollars. Howard Stringer, what is the first 395 00:20:50,600 --> 00:20:56,359 Speaker 2: step to rekindle a new trust with the British Well? 396 00:20:56,600 --> 00:21:02,720 Speaker 6: I think with all great institutions, leadership is critical and 397 00:21:02,960 --> 00:21:06,280 Speaker 6: presumably there will be discussions about who runs the BBC 398 00:21:06,400 --> 00:21:10,880 Speaker 6: now very quickly and how the board is constructed, and 399 00:21:12,200 --> 00:21:16,480 Speaker 6: lessons will be learned. I think that's been true across 400 00:21:16,520 --> 00:21:16,920 Speaker 6: the board. 401 00:21:16,920 --> 00:21:17,480 Speaker 4: When I was. 402 00:21:17,400 --> 00:21:20,280 Speaker 6: At CBS News we were under attacked by the government. 403 00:21:20,960 --> 00:21:25,959 Speaker 6: I had conversations in a lawsuit with General Westberland, and 404 00:21:26,000 --> 00:21:29,600 Speaker 6: before that, I had conversations with Presidents Nixon and Reagan. 405 00:21:30,160 --> 00:21:34,119 Speaker 6: The news divisions. News division is only a part of 406 00:21:34,200 --> 00:21:39,280 Speaker 6: the BBC, but news divisions are always the threat to politicians, 407 00:21:39,560 --> 00:21:45,240 Speaker 6: and politicians tend to dislike you if you suggest they're wrong. 408 00:21:45,760 --> 00:21:49,800 Speaker 6: And so the BBC has always been had a reputation 409 00:21:49,920 --> 00:21:53,840 Speaker 6: for fairness. Now it's under attack now and I think 410 00:21:54,680 --> 00:21:57,439 Speaker 6: I think lessons will be learned regardless of what we 411 00:21:57,520 --> 00:22:01,359 Speaker 6: feel about it. But the BBC is very important to 412 00:22:01,440 --> 00:22:05,680 Speaker 6: global democracy and I think President Trump knows that. 413 00:22:06,600 --> 00:22:09,560 Speaker 2: Howard Stringer with this Sir Howard Stringer, folks this morning 414 00:22:09,600 --> 00:22:11,960 Speaker 2: here with all of his work with Sony and CBS 415 00:22:12,000 --> 00:22:15,159 Speaker 2: News over the years. We welcome all of you in 416 00:22:15,240 --> 00:22:19,120 Speaker 2: particularly the United Kingdom this morning with the uproar over 417 00:22:19,160 --> 00:22:23,000 Speaker 2: the bb C. Paul Sweeney with Sir Howard. 418 00:22:24,080 --> 00:22:28,199 Speaker 5: Howard, how does the BBC, How is it positioned in 419 00:22:28,240 --> 00:22:31,240 Speaker 5: the UK today in the media overall media landscape? 420 00:22:31,680 --> 00:22:35,880 Speaker 4: Maybe how has that changed over time? Well? 421 00:22:36,119 --> 00:22:41,600 Speaker 6: I think I think it's misunderstood or dimly perceived in 422 00:22:41,720 --> 00:22:45,880 Speaker 6: the US. After all, I spent most of my life 423 00:22:45,920 --> 00:22:51,160 Speaker 6: in America. I work thirty years at CBS. But today 424 00:22:51,200 --> 00:22:55,800 Speaker 6: the BBC still has the top rated entertainment broadcast in 425 00:22:55,880 --> 00:22:58,640 Speaker 6: the way that would be CBS today would be proud, 426 00:22:58,760 --> 00:23:02,840 Speaker 6: or NBC would be proud. I mean before Christmas the 427 00:23:02,880 --> 00:23:08,719 Speaker 6: top ten programs on television at England were BBC programs. 428 00:23:09,160 --> 00:23:12,840 Speaker 6: But this story is about news. News is always the 429 00:23:12,920 --> 00:23:18,280 Speaker 6: catalyst for politicians who disagree with opinions that they perceive 430 00:23:19,080 --> 00:23:23,640 Speaker 6: to be either unfair or inappropriate. That was true when 431 00:23:23,680 --> 00:23:28,919 Speaker 6: I was at CBS, and it's true it's true in 432 00:23:28,960 --> 00:23:33,640 Speaker 6: England today. So it's a lesson for both sides. If 433 00:23:33,640 --> 00:23:36,560 Speaker 6: you're going to deal with presidents and deal with issues, 434 00:23:36,920 --> 00:23:39,800 Speaker 6: you've got to be fair and you've got to have 435 00:23:39,840 --> 00:23:44,679 Speaker 6: the audience believe in the institutions you represent. And for 436 00:23:44,800 --> 00:23:48,760 Speaker 6: many years, the BBC is was a byword for trust 437 00:23:48,800 --> 00:23:53,680 Speaker 6: and fairness around the world worldwide news. The BBC operation 438 00:23:54,520 --> 00:23:57,320 Speaker 6: is the most trusted globally and I've had people call 439 00:23:57,440 --> 00:24:01,600 Speaker 6: me many times in the last few weeks saying protect 440 00:24:01,680 --> 00:24:05,520 Speaker 6: us because we watched the BBC. Because nothing else works 441 00:24:05,520 --> 00:24:10,600 Speaker 6: for us in wherever country they're calling from. So the 442 00:24:11,280 --> 00:24:15,960 Speaker 6: President of the United States is observed a moment that 443 00:24:16,160 --> 00:24:19,040 Speaker 6: is a challenge to the BBC news operation, which I 444 00:24:19,080 --> 00:24:24,040 Speaker 6: think may understand and accept and apologies should maybe have 445 00:24:24,119 --> 00:24:27,879 Speaker 6: been offered earlier earlier, but I think the BBC knows 446 00:24:27,920 --> 00:24:29,520 Speaker 6: what its responsibilities are. 447 00:24:30,359 --> 00:24:33,000 Speaker 5: Howard, do you believe that the damages being sought by 448 00:24:33,119 --> 00:24:36,920 Speaker 5: President Trump are reasonable or how do you think about 449 00:24:36,960 --> 00:24:38,439 Speaker 5: that side? 450 00:24:38,880 --> 00:24:42,360 Speaker 6: I think it's reasonable, But I also think that the 451 00:24:42,400 --> 00:24:47,480 Speaker 6: President Trump knows Britain very well. I knew him personally 452 00:24:47,520 --> 00:24:50,800 Speaker 6: and he was very generous to me, and suing the 453 00:24:50,840 --> 00:24:56,200 Speaker 6: BBC is sending a message that be fair, be true 454 00:24:56,200 --> 00:25:01,879 Speaker 6: to yourself. Whether or not England will play a billion dollars, 455 00:25:01,960 --> 00:25:05,520 Speaker 6: I don't. I doubt that they will, and I doubt 456 00:25:05,600 --> 00:25:09,119 Speaker 6: that President Trump really wants that. I think he wants 457 00:25:09,200 --> 00:25:12,919 Speaker 6: the BBC, in a funny kind of a way to behave. 458 00:25:13,720 --> 00:25:16,440 Speaker 2: We welcome all of you worldwide on YouTube, our new 459 00:25:16,480 --> 00:25:20,040 Speaker 2: digital distribution, and of course on radio from our various 460 00:25:20,080 --> 00:25:23,560 Speaker 2: sources ninety nine one FM in Washington, ninety two nine 461 00:25:23,720 --> 00:25:26,760 Speaker 2: FM in Boston, Bloomberg eleven three or in New York 462 00:25:27,200 --> 00:25:30,960 Speaker 2: Sir Howard Stringer with us this morning, with his decades 463 00:25:31,000 --> 00:25:33,600 Speaker 2: of work. You hear heard him speak of General Wes Moreland. 464 00:25:33,600 --> 00:25:35,760 Speaker 2: There what takes us a star back? Just to give 465 00:25:35,800 --> 00:25:38,800 Speaker 2: you a little vignette, Sir Howard Stringer at a very 466 00:25:38,840 --> 00:25:43,359 Speaker 2: young age answering telephones backstage for the Ed Sullivan Show. 467 00:25:43,600 --> 00:25:46,800 Speaker 2: This goes back a few decades, Sir Howard, let me 468 00:25:46,880 --> 00:25:51,120 Speaker 2: ask a delicate question of the United Kingdom. The present 469 00:25:51,160 --> 00:25:54,760 Speaker 2: beliaguered and resigned leader of the BBC is perceived as 470 00:25:54,760 --> 00:25:57,359 Speaker 2: a marketing guy. You were in the New York Times 471 00:25:57,400 --> 00:26:01,399 Speaker 2: talking about this. How does the bb get back to 472 00:26:01,520 --> 00:26:04,679 Speaker 2: the intensity you're speaking about? Do they have to find 473 00:26:04,680 --> 00:26:07,640 Speaker 2: a world class journalist to drive forward? 474 00:26:10,600 --> 00:26:10,879 Speaker 4: Well? 475 00:26:11,000 --> 00:26:18,239 Speaker 6: I I think that the mistakes that were made, which 476 00:26:19,600 --> 00:26:26,040 Speaker 6: have been accumulative presented accumulatively, gives a mistaken impression that 477 00:26:26,040 --> 00:26:30,200 Speaker 6: there's something institutionally wrong with the BBC News. These were 478 00:26:30,359 --> 00:26:32,760 Speaker 6: mistakes that have now been acknowledged and should have been 479 00:26:32,800 --> 00:26:37,479 Speaker 6: acknowledged earlier. But I don't think there's anything about the 480 00:26:37,520 --> 00:26:43,400 Speaker 6: BBC that should be suspect. I think the BBC, like Britain, 481 00:26:43,480 --> 00:26:46,320 Speaker 6: is an astonishing ally of the United States, are an 482 00:26:46,359 --> 00:26:49,119 Speaker 6: important one, and I think the President of the United 483 00:26:49,160 --> 00:26:54,000 Speaker 6: States knows that. In my dealings with him, I think 484 00:26:54,040 --> 00:26:57,760 Speaker 6: he knew it, and he was always fair and generous. 485 00:26:57,920 --> 00:27:01,000 Speaker 6: I think he's fired a shot across the brows of 486 00:27:01,119 --> 00:27:05,240 Speaker 6: the BBC. They will pay attention. They are made changes 487 00:27:05,680 --> 00:27:08,560 Speaker 6: and that will be good. But the BBC is an 488 00:27:08,600 --> 00:27:13,600 Speaker 6: important global institution, and I don't believe who stopped breaking 489 00:27:13,680 --> 00:27:16,760 Speaker 6: up great institutions during a crisis. 490 00:27:17,920 --> 00:27:20,760 Speaker 2: Look sir, just one final question if we could in 491 00:27:20,800 --> 00:27:23,760 Speaker 2: the BBC, and we must turn to so much going 492 00:27:23,800 --> 00:27:27,919 Speaker 2: on in Paul Sweeney's world in New York is as 493 00:27:28,000 --> 00:27:30,840 Speaker 2: well in talking to our Eric Larsen off our desk 494 00:27:30,960 --> 00:27:35,840 Speaker 2: on Queen Victoria's Street and looking at the litigation here 495 00:27:35,960 --> 00:27:38,639 Speaker 2: as well, how will that play out in the United 496 00:27:38,720 --> 00:27:43,160 Speaker 2: Kingdom and form our American audience of how a lawsuit 497 00:27:43,359 --> 00:27:47,159 Speaker 2: in London is different than a lawsuit wherever in the 498 00:27:47,280 --> 00:27:48,440 Speaker 2: United States. 499 00:27:51,320 --> 00:27:53,919 Speaker 6: I'm not sure I really understand that question. 500 00:27:54,800 --> 00:27:56,600 Speaker 2: Well, I mean, the litigation is going to be in 501 00:27:56,640 --> 00:28:00,040 Speaker 2: the United Kingdom, how is it different there? If the 502 00:28:00,119 --> 00:28:03,280 Speaker 2: President sues the BBC, then it would be here. 503 00:28:05,800 --> 00:28:09,240 Speaker 6: Well, I was sued in America, as you remember, over 504 00:28:09,280 --> 00:28:11,560 Speaker 6: the General westblin I think, and it went on for years, 505 00:28:12,200 --> 00:28:16,720 Speaker 6: and I don't think. I don't think President Trump will 506 00:28:17,400 --> 00:28:20,520 Speaker 6: keep at this. I think he is much bigger fish 507 00:28:20,560 --> 00:28:25,520 Speaker 6: to fry. I think he has sent a very important message. 508 00:28:25,920 --> 00:28:31,160 Speaker 6: I think the BBC will respond accordingly, and I hope 509 00:28:31,880 --> 00:28:34,920 Speaker 6: he doesn't expect the British public to pay that kind 510 00:28:34,960 --> 00:28:39,640 Speaker 6: of money. I think his generosity will will save the day. 511 00:28:40,320 --> 00:28:42,440 Speaker 2: Sir Hartstringer with a sok thrilled to have them with 512 00:28:42,520 --> 00:28:45,200 Speaker 2: us this morning. Let me migrate, Sir Howard to the 513 00:28:45,320 --> 00:28:48,080 Speaker 2: United States and ask a question that so many will 514 00:28:48,120 --> 00:28:51,560 Speaker 2: resonate with so much of our listeners and viewers. Could 515 00:28:51,640 --> 00:28:53,479 Speaker 2: Dan rather do the news today? 516 00:28:55,520 --> 00:28:56,640 Speaker 6: Does Dan rather watch? 517 00:28:56,720 --> 00:28:59,800 Speaker 2: Could he do the news today? Could Dan rather grind 518 00:29:00,880 --> 00:29:04,520 Speaker 2: his leadership in news off the desk of CBS as 519 00:29:04,520 --> 00:29:06,920 Speaker 2: he did years ago? Could he do that in this 520 00:29:07,080 --> 00:29:08,000 Speaker 2: environment today? 521 00:29:09,800 --> 00:29:11,000 Speaker 4: Well, he can't do it now. 522 00:29:11,120 --> 00:29:15,000 Speaker 6: I mean, he's still in good shape the last time 523 00:29:15,040 --> 00:29:17,120 Speaker 6: I spoke to him, and I spoke to him quite recently. 524 00:29:17,520 --> 00:29:19,200 Speaker 6: But no, I don't think he would want to become 525 00:29:19,240 --> 00:29:22,240 Speaker 6: an anchorman in his nineties and I don't want to 526 00:29:22,280 --> 00:29:27,400 Speaker 6: become a director general in my eighties either. But I 527 00:29:27,440 --> 00:29:31,640 Speaker 6: think so much has changed in America has been fractionalized 528 00:29:31,680 --> 00:29:34,680 Speaker 6: and the networks aren't as strong as they used to be. 529 00:29:34,760 --> 00:29:37,520 Speaker 6: When I was running the evening news, we had a 530 00:29:37,600 --> 00:29:42,600 Speaker 6: twenty six share of the news compared to ABC twenty 531 00:29:42,720 --> 00:29:48,480 Speaker 6: and NBC twenty. That combined audience was almost seventy percent 532 00:29:48,520 --> 00:29:51,920 Speaker 6: of the national audience. That isn't possible in the United 533 00:29:51,960 --> 00:29:56,360 Speaker 6: States to day because of the fractionalization and the growth 534 00:29:56,400 --> 00:30:03,320 Speaker 6: of competitive social media. So you know, another Dan rather 535 00:30:03,520 --> 00:30:06,200 Speaker 6: is likely to be unlikely. But I am not watching 536 00:30:06,800 --> 00:30:11,040 Speaker 6: from a distance only current Ankormen and I don't know who. 537 00:30:11,160 --> 00:30:13,239 Speaker 6: I don't know anyone will ever have the power of 538 00:30:13,280 --> 00:30:18,000 Speaker 6: Walter and Down again or Tom brok or and Roger 539 00:30:18,040 --> 00:30:20,960 Speaker 6: Mount and so forth. It's just the nature of the world. 540 00:30:21,000 --> 00:30:25,120 Speaker 6: It's changing, But I think retaining some of the values, 541 00:30:25,160 --> 00:30:29,360 Speaker 6: and the values of the most important are trust and honesty. 542 00:30:30,120 --> 00:30:34,080 Speaker 6: And as long as we abide by those and the 543 00:30:34,160 --> 00:30:40,400 Speaker 6: BBC resurrects itself its reputation by concentrating on what it 544 00:30:40,440 --> 00:30:45,880 Speaker 6: does best, we'll survive this, just as CBS did survive. 545 00:30:46,000 --> 00:30:50,600 Speaker 5: General Westmorth, Sir Howard, from your years at Sony Corporation, 546 00:30:50,760 --> 00:30:55,040 Speaker 5: a major global media and entertainment company. What do you 547 00:30:55,080 --> 00:30:57,560 Speaker 5: make of the landscape now so much has changed with 548 00:30:57,720 --> 00:31:01,200 Speaker 5: Netflix and streaming and so on and so forth. How 549 00:31:01,200 --> 00:31:04,560 Speaker 5: do you feel like some of these traditional large global 550 00:31:04,560 --> 00:31:08,320 Speaker 5: media companies like Sony, like the Walt Disney Company, like 551 00:31:08,400 --> 00:31:11,840 Speaker 5: Warner Brothers. How do you think that landscape shakes out here? 552 00:31:14,680 --> 00:31:17,960 Speaker 6: That's a billion dollar question. Unfortunately, it is a billion 553 00:31:18,000 --> 00:31:21,680 Speaker 6: dollar question. Money plays a much bigger role than it 554 00:31:21,880 --> 00:31:26,800 Speaker 6: used to. There were three networks, and then Rupert Modoc 555 00:31:26,840 --> 00:31:29,920 Speaker 6: built up Fox, so there were four networks, and now 556 00:31:29,960 --> 00:31:34,000 Speaker 6: it's scattered and so forth, and people get what they want. 557 00:31:34,120 --> 00:31:40,200 Speaker 6: But I think keeping keeping solidarity and solidity at the 558 00:31:40,240 --> 00:31:43,880 Speaker 6: center of the core institutions, you will find an audience, 559 00:31:44,120 --> 00:31:48,800 Speaker 6: just as movies do. So I'm not prone to despair. 560 00:31:49,640 --> 00:31:53,360 Speaker 6: I keep myself amused today doing radio dramas, and I 561 00:31:53,400 --> 00:31:55,840 Speaker 6: still reach people in America and England. 562 00:31:56,200 --> 00:31:56,520 Speaker 2: So I. 563 00:31:58,400 --> 00:32:02,520 Speaker 6: Don't think there's plenty of good material. It's just not 564 00:32:02,720 --> 00:32:06,720 Speaker 6: as concentrated as it used to be. But you can't 565 00:32:06,880 --> 00:32:09,880 Speaker 6: look at the past. As somebody once said, the past 566 00:32:10,000 --> 00:32:12,800 Speaker 6: is a foreign country, and they did things differently there. 567 00:32:14,120 --> 00:32:14,640 Speaker 4: Sir Howard. 568 00:32:14,680 --> 00:32:17,520 Speaker 5: So going forward here, I mean it's interesting the world's 569 00:32:17,560 --> 00:32:20,920 Speaker 5: changed so much in terms of delivering content to consumers. 570 00:32:20,960 --> 00:32:23,680 Speaker 5: Consumers can now get anything they want, whenever they want, 571 00:32:23,760 --> 00:32:28,040 Speaker 5: wherever they want. Is this a better world for consumers 572 00:32:28,120 --> 00:32:28,760 Speaker 5: and content? 573 00:32:28,800 --> 00:32:29,400 Speaker 4: Do you believe? 574 00:32:31,680 --> 00:32:31,920 Speaker 2: Well? 575 00:32:31,960 --> 00:32:37,360 Speaker 6: I think it's more complicated because so many choices are 576 00:32:37,400 --> 00:32:42,440 Speaker 6: a bit confusing, and so truth becomes a little more obscure. 577 00:32:42,920 --> 00:32:47,280 Speaker 6: As people listen to whoever they listened to yesterday, they 578 00:32:47,320 --> 00:32:50,920 Speaker 6: switched to somebody else today. So I think our customers 579 00:32:51,640 --> 00:32:54,240 Speaker 6: are maybe a bit confused. But we still have to 580 00:32:54,280 --> 00:32:59,880 Speaker 6: provide great content and people will find it, people will watch. 581 00:33:00,600 --> 00:33:03,640 Speaker 6: And I saw the other day a new movie about 582 00:33:03,840 --> 00:33:07,480 Speaker 6: Shakespeare as a young man and his and his and 583 00:33:07,520 --> 00:33:10,760 Speaker 6: his family, and I thought, well, there's a lot of 584 00:33:10,800 --> 00:33:15,000 Speaker 6: talent in America and it still will attract an audience. 585 00:33:15,520 --> 00:33:18,400 Speaker 6: So breathe a sigh of relief and keep on trying. 586 00:33:18,920 --> 00:33:21,640 Speaker 2: Sir Harard, thank you so much for joining Bloomberg this morning. 587 00:33:21,680 --> 00:33:24,520 Speaker 2: Sir Hard Stringer, of course, with all of his work 588 00:33:24,560 --> 00:33:26,720 Speaker 2: at Sony, I should note that he had a radio 589 00:33:26,800 --> 00:33:32,040 Speaker 2: broadcast earlier this year on the BBC called Central Intelligence, 590 00:33:32,040 --> 00:33:37,080 Speaker 2: which won many different awards in the United Kingdom. Stay 591 00:33:37,120 --> 00:33:48,040 Speaker 2: with us more from Bloomberg Surveillance coming up after this. 592 00:33:48,040 --> 00:33:51,960 Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday 593 00:33:52,000 --> 00:33:55,040 Speaker 1: starting at seven am Eastern on Apple Corplay and Android 594 00:33:55,040 --> 00:33:58,080 Speaker 1: Auto with the Bloomberg Business App. You can also listen 595 00:33:58,160 --> 00:34:01,400 Speaker 1: live on Amazon Alexa from our flagship New York station, 596 00:34:01,960 --> 00:34:04,960 Speaker 1: Just Say Alexa Play Bloomberg eleven thirty. 597 00:34:05,120 --> 00:34:08,160 Speaker 2: The Newspapers Folks with Lisa Matteo. 598 00:34:08,800 --> 00:34:10,880 Speaker 8: Okay, see you touched upon it. So we're going to 599 00:34:11,000 --> 00:34:13,879 Speaker 8: dive into the season two of land Man. Okay, uh, 600 00:34:13,920 --> 00:34:16,279 Speaker 8: you know it's The Modern Industry, a drama about the 601 00:34:16,320 --> 00:34:18,720 Speaker 8: oil industry. It's what makesweeney and oil experts. 602 00:34:18,760 --> 00:34:19,440 Speaker 4: You're telling you. 603 00:34:19,520 --> 00:34:23,480 Speaker 8: Okay, So the Telegraph is saying to me, Moore steals 604 00:34:23,600 --> 00:34:24,040 Speaker 8: the show. 605 00:34:24,160 --> 00:34:24,440 Speaker 4: Okay. 606 00:34:24,480 --> 00:34:26,840 Speaker 8: So she plays Cammy Miller. Right, she's the wife of 607 00:34:26,880 --> 00:34:28,160 Speaker 8: this powerful oil guy. 608 00:34:28,239 --> 00:34:28,399 Speaker 6: Right. 609 00:34:29,920 --> 00:34:31,759 Speaker 9: No, no, no, she's friends with Billy. 610 00:34:31,560 --> 00:34:34,920 Speaker 4: Bob she was it was it was John John Ham, yes, right. 611 00:34:34,920 --> 00:34:37,600 Speaker 2: And she's married to mad Men but. 612 00:34:37,560 --> 00:34:41,560 Speaker 4: He's not in this season. He died, Oh he died, died, Yes, 613 00:34:42,320 --> 00:34:45,120 Speaker 4: give us muff. 614 00:34:48,040 --> 00:34:50,640 Speaker 9: So, okay, she's in charge of the company now. 615 00:34:50,680 --> 00:34:53,840 Speaker 8: So she gave this great speech and everyone is talking 616 00:34:53,880 --> 00:34:54,319 Speaker 8: about it. 617 00:34:54,640 --> 00:34:55,879 Speaker 4: So what she did on the show. 618 00:34:56,040 --> 00:34:58,720 Speaker 8: She was talking to all these big oil wigs and 619 00:34:58,920 --> 00:35:00,840 Speaker 8: she just laid she said, the only difference between me 620 00:35:00,880 --> 00:35:02,400 Speaker 8: and Monty is that I'm meaner. 621 00:35:02,640 --> 00:35:04,120 Speaker 9: Test me and you'll find. 622 00:35:03,920 --> 00:35:05,920 Speaker 4: Out how much God sounds like you and them. 623 00:35:08,160 --> 00:35:09,759 Speaker 8: But it was like she was in the background right 624 00:35:09,840 --> 00:35:11,480 Speaker 8: for a little bit, and now she's kind of like 625 00:35:11,600 --> 00:35:13,320 Speaker 8: the less of the buttlight. 626 00:35:14,239 --> 00:35:16,120 Speaker 5: You're doing a screening and afternoon I'm gonna do a 627 00:35:16,120 --> 00:35:17,560 Speaker 5: screening sifting on the train home. 628 00:35:17,719 --> 00:35:23,240 Speaker 4: Ye, on the train home. How to do exactly did. 629 00:35:23,080 --> 00:35:25,000 Speaker 2: You get a signal when you go under the water? 630 00:35:25,160 --> 00:35:26,560 Speaker 4: Download it? 631 00:35:27,400 --> 00:35:28,200 Speaker 2: I don't know how to do that. 632 00:35:28,320 --> 00:35:30,920 Speaker 4: Yeah. 633 00:35:31,000 --> 00:35:33,000 Speaker 9: Okay, we're talking about the ultra rich. 634 00:35:33,040 --> 00:35:33,279 Speaker 4: Okay. 635 00:35:33,280 --> 00:35:36,040 Speaker 8: They are spending a lot of money because they want 636 00:35:36,080 --> 00:35:38,919 Speaker 8: to live in extreme privacy. This was in the journal. Okay, 637 00:35:38,960 --> 00:35:42,000 Speaker 8: so they're paying big bucks. They want exclusive experiences, right. 638 00:35:42,000 --> 00:35:46,480 Speaker 8: They want private restaurants, clubs that save them time, customized service. 639 00:35:46,520 --> 00:35:49,240 Speaker 8: So when they get to the table, their favorite cocktails 640 00:35:49,239 --> 00:35:52,120 Speaker 8: already sitting there. They have you know, chopsticks with their 641 00:35:52,200 --> 00:35:54,440 Speaker 8: names on it, so it's all set for them. They 642 00:35:54,520 --> 00:35:57,360 Speaker 8: arrive at hotels through back entrances. They go straight to 643 00:35:57,400 --> 00:35:59,960 Speaker 8: the elevator to the lobby. They don't have to go 644 00:36:00,040 --> 00:36:01,680 Speaker 8: through the lobby. They go straight to the elevator right 645 00:36:01,719 --> 00:36:04,200 Speaker 8: up to their suite. They have a butler waiting for them. Okay, 646 00:36:04,200 --> 00:36:07,399 Speaker 8: it's about not waiting to be in crowd. So they 647 00:36:07,440 --> 00:36:10,560 Speaker 8: have this place. It's actually being built in Florida, the 648 00:36:10,640 --> 00:36:14,280 Speaker 8: Bentley Residence's condo tower. It's under construction in Sunday Aisles. 649 00:36:14,360 --> 00:36:18,040 Speaker 8: Nice car elevators take the residence straight up to their homes. 650 00:36:18,120 --> 00:36:20,520 Speaker 4: Yep, that's how you do it. It's crazy, can't beleave. 651 00:36:20,560 --> 00:36:22,560 Speaker 4: I can't believe you people wait in the lobby, Lisa. 652 00:36:22,600 --> 00:36:25,560 Speaker 8: I did six million dollars from when you can't believe 653 00:36:25,600 --> 00:36:28,640 Speaker 8: people wait in the lobby. Yeah, but it's it's a 654 00:36:28,719 --> 00:36:31,600 Speaker 8: d People want the social clubs, right. They're paying fifteen 655 00:36:31,640 --> 00:36:34,920 Speaker 8: thousand dollars another fifteen thousand dollars annually to be part 656 00:36:34,920 --> 00:36:37,759 Speaker 8: of these social clubs and just make them feel, you know. 657 00:36:37,920 --> 00:36:40,319 Speaker 5: Like they're good for them street. Yeah, I'll see them 658 00:36:40,320 --> 00:36:43,800 Speaker 5: at the Cracker Barrel on Sunday morning. Maybe not maybe 659 00:36:43,840 --> 00:36:46,719 Speaker 5: not yeah maybe not all. Okay, what else we got? 660 00:36:46,760 --> 00:36:50,360 Speaker 8: Okay, so the K pop demon Hunters, right, it's a big, 661 00:36:50,400 --> 00:36:54,400 Speaker 8: big going Okay, Netflix, I finally watch it. So all 662 00:36:54,400 --> 00:36:56,560 Speaker 8: the kids are into it to the deal could too. 663 00:36:57,280 --> 00:37:00,279 Speaker 8: So the school has actually banned the singing of the 664 00:37:00,360 --> 00:37:03,120 Speaker 8: song from the show in the school. This is from 665 00:37:03,160 --> 00:37:05,960 Speaker 8: the BBC. It's called the Lilliput Church of England Infant 666 00:37:06,000 --> 00:37:07,440 Speaker 8: School in Pool, Dorset. 667 00:37:07,640 --> 00:37:10,840 Speaker 9: Hopefully I'm saying that right. So they sent a message 668 00:37:10,880 --> 00:37:11,440 Speaker 9: to parents. 669 00:37:11,680 --> 00:37:14,759 Speaker 8: They said singing the songs is not good because it 670 00:37:15,320 --> 00:37:16,560 Speaker 8: keeps against it goes. 671 00:37:16,440 --> 00:37:17,840 Speaker 9: Against its Christian ethos. 672 00:37:17,920 --> 00:37:18,239 Speaker 4: Oh boy. 673 00:37:18,520 --> 00:37:20,640 Speaker 9: So some of the parents said, you know, we like 674 00:37:20,760 --> 00:37:21,200 Speaker 9: the song. 675 00:37:21,640 --> 00:37:24,040 Speaker 8: One dad said, my daughter likes it. Why can't she 676 00:37:24,120 --> 00:37:25,799 Speaker 8: sing it if she like? It's this whole big you know, 677 00:37:25,800 --> 00:37:27,880 Speaker 8: it's starting to get an uproar now. But the school 678 00:37:27,920 --> 00:37:30,760 Speaker 8: is kind of banning these songs and it's huge. 679 00:37:30,800 --> 00:37:32,120 Speaker 9: Here you have all the kids. 680 00:37:32,160 --> 00:37:34,120 Speaker 8: It was a Halloween thing, like all the kids were 681 00:37:34,360 --> 00:37:36,080 Speaker 8: dressed up as K pop demonhameters. 682 00:37:36,440 --> 00:37:36,719 Speaker 3: I know. 683 00:37:36,880 --> 00:37:39,440 Speaker 4: I don't know. Okay, thank goodness, I missed that. 684 00:37:41,080 --> 00:37:43,719 Speaker 9: It's still on Netflix. Okay, maybe you could do that. 685 00:37:44,960 --> 00:37:48,640 Speaker 2: It's the streaming thing. Paul has overwhelmed us. I mean, 686 00:37:49,320 --> 00:37:51,720 Speaker 2: it's our new entertainment period. 687 00:37:51,840 --> 00:37:56,120 Speaker 5: It's overwhelmed Hollywood, the brainiacs in Hollywood, the billionaires in Hollywood. 688 00:37:56,120 --> 00:37:57,440 Speaker 4: They don't know what to do with streaming. 689 00:37:57,760 --> 00:38:00,000 Speaker 2: I don't disagree with that. We're not going to talk 690 00:38:00,000 --> 00:38:02,600 Speaker 2: talk about streaming with Sir Howard Stringer in the nine 691 00:38:02,600 --> 00:38:08,360 Speaker 2: o'clock hour, Sir Howard on his BBC the Newspapers. Lisa Mateo, 692 00:38:08,480 --> 00:38:09,400 Speaker 2: thank you so much. 693 00:38:09,880 --> 00:38:14,759 Speaker 1: This is the Bloomberg Surveillance Podcast, available on apples, Spotify, 694 00:38:14,880 --> 00:38:19,160 Speaker 1: and anywhere else you get your podcasts. Listen live each weekday, 695 00:38:19,280 --> 00:38:22,719 Speaker 1: seven to ten am Eastern on Bloomberg dot com, the 696 00:38:22,840 --> 00:38:26,840 Speaker 1: iHeartRadio app, tune In, and the Bloomberg Business app. You 697 00:38:26,880 --> 00:38:30,239 Speaker 1: can also watch us live every weekday on YouTube and 698 00:38:30,440 --> 00:38:32,200 Speaker 1: always on the Bloomberg terminal