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Speaker 1: Yea. Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane

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Speaker 1: jay Ley. We bring you insight from the best in economics, finance, investment,

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Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,

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Speaker 1: Bloomberg dot Com, and of course on the Bloomberg I

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Speaker 1: have really really been looking forward to this conversation. It

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Speaker 1: is extremely well timed. I said to our staff the

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Speaker 1: other day, Please get Dr kirker Guard Jacob fun kirk

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Speaker 1: Guard is out of Denmark, where he had significant experience

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Speaker 1: in their defense sector and has become a required read

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Speaker 1: at the Peterson Institute for International Economics on the dynamics

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Speaker 1: international relations in the economics of the continent of Europe,

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Speaker 1: and we are in need of an update, Jacob. Wonderful

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Speaker 1: to have you with us again. Is it a generational

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Speaker 1: change in Europe as we see le guarde in vonder

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Speaker 1: laden vetted. I mean, I think you know, we do

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Speaker 1: have an extraordinary situation now in thousand nineteen, basically all

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Speaker 1: the top jobs at the top of the European institutions,

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Speaker 1: including the European Central Bank, change in the same year.

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Speaker 1: It only happens once every forty years. Uh and then,

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Speaker 1: of course we have had also a number of changes

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Speaker 1: in national governments. Uh so yes, I don't think if

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Speaker 1: you look at the age of some of the people

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Speaker 1: that have been appointed are necessary at generational change, but

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Speaker 1: certainly a major clear out of the executive suites. Give

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Speaker 1: us the kirker Guard meter. It's a famous meter, folks.

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Speaker 1: You can see it at the louver. Give us a

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Speaker 1: measurement of the kirk Guard meter of the United States

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Speaker 1: of Europe. What a phrase from the past. How united

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Speaker 1: are the States of Europe? What I mean by some

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Speaker 1: measure in the age of Brexit. Uh, They're obviously not

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Speaker 1: united at all. But at the same time, I think

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Speaker 1: if you're looking at at least the U twenty seven

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Speaker 1: or continential Europe plus Ireland, they look pretty good. I mean,

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Speaker 1: you know, I think the economics there are fairly stable.

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Speaker 1: I mean, I think there is a floor under on

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Speaker 1: growth irrespective of what happens to global growth and global trade,

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Speaker 1: of somewhere around one point two to one point five

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Speaker 1: percent because of more proactive fiscal policies. I think if

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Speaker 1: you're looking at, uh, the other major economic reforms in

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Speaker 1: a number of countries, I think I'm I think France.

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Speaker 1: France is a upward, a positive surprise waiting to happen,

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Speaker 1: in my opinion, if you're looking at corporate investments and

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Speaker 1: the sort of form a permanent job creation there So overall, uh,

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Speaker 1: you know, yes, there's a lot of uh, sort of

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Speaker 1: theatrical messiness in the politics. But I think if Ursula

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Speaker 1: funderline is approved for European Commissioned President in the European

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Speaker 1: Parliament tomorrow, Europe will have a pragmatic uh new leadership

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Speaker 1: team led by her and Christine Naguard at the European Centeral.

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Speaker 1: Let's try to I was gonna do this geographically, folks,

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Speaker 1: but I think I'll do it from right to left,

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Speaker 1: and the right is the east and that is I

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Speaker 1: love this phrase. The visit grade group, which goes back

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Speaker 1: to tht Jacob kirkert Guard is the only one that

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Speaker 1: passed that exam a few years ago. The visit grade

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Speaker 1: group is the Czech Republic, Poland Hungary and it's sort

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Speaker 1: of a holdover from another time in place. How reactionary

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Speaker 1: is that group politically? I think we have to say

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Speaker 1: that that is by far the most reactionary group in EU.

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Speaker 1: It consists obviously of nationalists in Poland and Hungary. It

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Speaker 1: has in it uh nominally and economic liberal but Prime

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Speaker 1: Minister Bobbies of the Czech Republic is facing literally hundreds

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Speaker 1: of thousands of people demonstrating in the streets of Prague

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Speaker 1: against him and and for alleged corruption. So this is

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Speaker 1: this is the UH that is a sort of weak

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Speaker 1: the weakest link in the chain, if you like, politically

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Speaker 1: in my opinion, in Europe, and it's certainly where the

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Speaker 1: commitment to European integration is the lowest, as well as

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Speaker 1: democracy in the case of Hungary. Would you overlay on this?

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Speaker 1: The immigration issue is sort of the first ordered dynamic

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Speaker 1: as you look across Europe east to west. Yeah, I

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Speaker 1: mean I think if you not necessarily, I mean, if

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Speaker 1: you're talking about issues like immigration, Uh, these are obviously

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Speaker 1: and clearly countries that have no interest in receiving migrants

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Speaker 1: uh from that come to Europe. Uh. They basically want

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Speaker 1: to close their borders. If you're looking at other things,

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Speaker 1: it's it's not about less clear. Some of these countries

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Speaker 1: are quite close to Lettin Plutin. But on the other hand,

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Speaker 1: the Polish government is very hospital to Russia. So where

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Speaker 1: are they on as a common European foreign policy. UH,

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Speaker 1: it's unclear where are they on broader economics. These are

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Speaker 1: all countries that receive significant, sort of between two and

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Speaker 1: three percent of g d P in annual fiscal transfer

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Speaker 1: through the EU budget from the other richer members of

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Speaker 1: the EU, and they obviously want to continue that kind

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Speaker 1: of economic integration. Jacob fund Kuker guard with us with

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Speaker 1: the Peterson Institute, where thrilled it could be with us

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Speaker 1: with a nice overlay here east west on Europe. I

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Speaker 1: want to bring it over to another observation of a

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Speaker 1: week ago, Jacob, which is the the the more austere

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Speaker 1: or traditional fiscal policy is being Yes, obviously Germany, but

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Speaker 1: even the Netherlands. Give us an update on the conservatism

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Speaker 1: financially of the Benelux countries, in particularly the Netherlands. I mean,

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Speaker 1: I think you know, Netherlands have had a business cycle

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Speaker 1: that is a little out of sync with a number

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Speaker 1: of other UH countries in Europe. But they have actually

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Speaker 1: been doing extraordinarily well UH in recent years and UH

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Speaker 1: therefore they are in actially better place today and you're

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Speaker 1: seeing that the housing market has stabilized, and therefore, while

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Speaker 1: they are clearly opposed to the kind of policies that

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Speaker 1: sees at Transfer Union. That is very clear. Domestically they

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Speaker 1: are very uh they're very good, or they are that

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Speaker 1: different place in terms of domestic stimulus, and therefore uh

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Speaker 1: they being a traditionally most hawkish country, arguably far more

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Speaker 1: hawkist Germany in fact. Uh. Therefore, you know, I think

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Speaker 1: overall the physical stands in the euro Area is going

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Speaker 1: to be a lot better going forward. U, and I

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Speaker 1: think we've already seen that. In fact, let's leave it there, Jacob,

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Speaker 1: thank you so much. It's been too long. Thank you

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Speaker 1: for being with us. Dr Kirker Guard of course with

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Speaker 1: the Peterson Institute as well. Cities up in the pre

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Speaker 1: market by a little more than one percent, breaking down

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Speaker 1: the numbers. Taylor Riggs dropping by, shall be doing the

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Speaker 1: earnings on Wall straight through the week we kick things off.

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Speaker 1: Taylor coming in a little bit hot on fixed income

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Speaker 1: markets revenue you thought so far exactly. So what I'm

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Speaker 1: noticing here is that the equity markets are new is

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Speaker 1: coming in light now. We were expecting that overall, um

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Speaker 1: the equity trading to come and light, given that low

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Speaker 1: volatility has just been the theme across the board. But

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Speaker 1: City Group had been looking to gain market share within

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Speaker 1: that equities trading group, so we thought that we would

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Speaker 1: hear a little bit of of how they are grabbing

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Speaker 1: that from Deutsche Bank. We don't see that in the numbers, Um,

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Speaker 1: but we will continue to hear from them. And then

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Speaker 1: within the fixed income group, you are seeing it come

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Speaker 1: in a little bit better than expected. We know that

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Speaker 1: there was a lot of bond volatility at the end

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Speaker 1: of the second quarters. You're seeing the second quarter fixed

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Speaker 1: income numbers come in better than expected three point three

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Speaker 1: versus estimates of three billion dollars. Tom, I know you're

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Speaker 1: looking at r OE that looks like it's coming in

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Speaker 1: a little bit light. They do have an r o

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Speaker 1: E expectation of above ten percent for the full year,

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Speaker 1: so looking to bears that number going forward. What I noticed, John,

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Speaker 1: is book value up ten percent year over year. I mean,

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Speaker 1: it is a different City Group than what we saw

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Speaker 1: five or six years ago. And straight we focused on

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Speaker 1: this morning, Tom, is the costs and the cost control

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Speaker 1: expense reductions a hundred million dollars deeper than projected. So

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Speaker 1: trading revenue coming in a little bit worse than expected overall, Tom,

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Speaker 1: But the cost an expense reduction program. Looking pretty good, Taylor,

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Speaker 1: what do we have tomorrow? Tomorrow we have JP Morgan,

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Speaker 1: Bank of America, all the big heavy hitters, which is

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Speaker 1: unusual usually. UM. JP Morgan is one of the first banks.

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Speaker 1: This is new. We're getting City Group first. That'll be

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Speaker 1: when we really get a big US story and focus

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Speaker 1: on the consumer with the big banks. Tomorrow, we're now

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Speaker 1: go to Kenn Lee on a cfr A. They're at

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Speaker 1: a research who's had a little bit of time to

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Speaker 1: look at this. Ken on my theme with Taylor, this

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Speaker 1: is not Mr Core It's bank of five years ago,

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Speaker 1: is it? It's not. This is a more consistent, reliable bank.

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Speaker 1: This gives investors more confidence. Um, you know, based on

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Speaker 1: the performance today, UM, we think it's going to be

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Speaker 1: one of the better ones in the group. Investment in banking,

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Speaker 1: equity underwriting, and equity trading, as you've mentioned, what's going

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Speaker 1: to be down and most of this is coming from Europe,

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Speaker 1: and City has much more of a concentration outside of

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Speaker 1: Europe and North America, Asia and Latin America. So that's

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Speaker 1: a big deal. And I noticed John and the spreadsheet

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Speaker 1: just taking a quick glance at Europe em em e

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Speaker 1: A was saggy. I mean everything else is buoyant, not

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Speaker 1: surprising your thoughts on cost Control A city. It's coming

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Speaker 1: really decently this morning, it is. And and this is

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Speaker 1: directly up the strong investment in technology. Uh. They also

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Speaker 1: don't have a big footprint in the US on bricks

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Speaker 1: and mortars. UM, it's mostly in concentrated locations. UM. It

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Speaker 1: is just in a second phase really where they're able

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Speaker 1: to grow the top line and get more efficient with

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Speaker 1: a fifty six efficiency ratio in this quarter. So the

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Speaker 1: big question can going through the rest of this year.

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Speaker 1: Surely cost Control isn't a reason to be bullish on

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Speaker 1: the stock through the long term. Where's the growth coming

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Speaker 1: from on the revenue side, Ken, that's the best question,

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Speaker 1: because it's really with a lower interest rate environment, it's

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Speaker 1: going to be in a non interest in come area.

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Speaker 1: So you've got to see a healthy pipeline for I

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Speaker 1: p o s and equity underwriting, some pick up in

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Speaker 1: equity trading, and of course there's a lot of other

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Speaker 1: businesses related to the capital markets, such as security services

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Speaker 1: and custodial that that are pretty good. So as long

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Speaker 1: as the economy is strong, consumer is going to come through,

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Speaker 1: and so has commercial loans and what what what is

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Speaker 1: the Achilley on their book dynamic? I mean tangible book

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Speaker 1: just a rounded downfloaks because there's too much math. On

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Speaker 1: a Monday, sixty dollars sixty six dollars now up to

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Speaker 1: sixty seven dollars ninety days on. I mean they're building

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Speaker 1: book every quarter, aren't they? Uh? They are, and and

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Speaker 1: this is the equity flow through. And then we looked

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Speaker 1: for valuation at a price to net tangible book value,

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Speaker 1: pushing out all the non cash items. And uh, this

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Speaker 1: bank and other banks are trading below uh net tangible

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Speaker 1: book Why haven't the shares gone up? Then, as a

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Speaker 1: broader basis at CFI A looking at all of the

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Speaker 1: larger banks of America, if they've underperformed, why they caught

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Speaker 1: up in the last couple of weeks. I think the

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Speaker 1: momentum was the Federal Reserve on the c CAR test,

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Speaker 1: which is a return of capital forward for the next

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Speaker 1: twelve months. Uh, they've underperformed because of the worry of

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Speaker 1: the inverted deal curve and the concern that with a

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Speaker 1: weaker economy next year, that's going to put rates possibly

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Speaker 1: even much lower. Can Lee and I look at the

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Speaker 1: dividend growth. I mean on the Bloomberg the five year

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Speaker 1: dividend growth given the creator that Mr Corbett had up

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Speaker 1: a hundred and fourteen thousand per year, that's not a

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Speaker 1: legitimate number. Can they do a double digit dividend growth

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Speaker 1: or can they do a big double digit day one

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Speaker 1: dividends share buy back combination? Yeah? I love the question

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Speaker 1: because I think they're going to first congratulate themselves on

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Speaker 1: returning six ft billion dollars over the last three years.

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Speaker 1: So now going forward, um yeah, I think certainly if

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Speaker 1: they can drive the top line a little bit better,

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Speaker 1: mid single digits would be fine. Um yeah, they can

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Speaker 1: certainly have continued momentum on return of capital. So big

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Speaker 1: week ahead for the bank's reporting innings through the week.

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Speaker 1: What are you looking for from the other players? Just

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Speaker 1: using city is some kind of read across JP Morgan,

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Speaker 1: Goldman Wells, Tomorrow Banks America Wednesday, Morgan Stanley Thursday. Can

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Speaker 1: your thoughts so Goldman Sachs we think is going to

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Speaker 1: do fine. Um, I think they've gained market share, particularly

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Speaker 1: an investment banking UM. JP Morgan had a week first quarter,

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Speaker 1: So we'd like to see them do better tomorrow, but

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Speaker 1: it doesn't have to be out of the park. And

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Speaker 1: Wells Fargo um still looking for that big announcement, which

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Speaker 1: would be the new CEO and a new management team,

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Speaker 1: but they did well on the c car tests. And

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Speaker 1: looking tomorrow, if the U S economy is strong and

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Speaker 1: Wells fargoes more US centric, that's good for commercial and

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Speaker 1: consumer loans. Well kind of think a lot of people

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Speaker 1: are going to try and use these numbers to get

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Speaker 1: a read on the U S. Consumer. Just looking at City,

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Speaker 1: Grood this morning set aside two point zero nine billion

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Speaker 1: dollars to cover the cost of saring loans. It's increased.

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Speaker 1: City not worried about it. Can you'll read on the

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Speaker 1: U S consumer and consumer banking in America? A great question.

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Speaker 1: And when you look at city year over year for

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Speaker 1: the second quarter, retail banking it was up three percent.

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Speaker 1: The card business was up four percent from the Federal Reserve.

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Speaker 1: Households are spending more, but they have low fixed costs

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Speaker 1: with mortgages, but more discretionary spending is happening. That flows

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Speaker 1: two cards, that flows to the city. That's a good thing. Well,

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Speaker 1: there they are. But if we look at JP Morgan

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Speaker 1: is the American front runner. Where does City Group fit

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Speaker 1: in five years from now? They're investing in their businesses,

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Speaker 1: particularly in the equity capital markets and the international markets.

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Speaker 1: It is and and I think, um, the one exceptional

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Speaker 1: position that City has is that they have a sleem

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Speaker 1: seamless high capability in terms of international network. So that's Asia.

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Speaker 1: So you know, when you see the print of emerging

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Speaker 1: markets or you see something related to China, they're well

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Speaker 1: situated in the other Southeast countries, which means, um, they're

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Speaker 1: going to benefit if Asia does well. Kenny and quickly

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Speaker 1: here can you say they will benefit most from the

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Speaker 1: challenges of Deutsche Bank. I think it's going to be Morgan,

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Speaker 1: Stanley and Goldman Sachs. Interesting JP, Morgan, Kenny and thank

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Speaker 1: you so much, greatly appreciate this. It's a joy to

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Speaker 1: have him on. Right after these announcements, Mr Liam running

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Speaker 1: the research shop apps. Yes, sorry, a b M in

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Speaker 1: bed pulled back on a ipl that was going to

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Speaker 1: raise as much as nine point eight billion UH dollars

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Speaker 1: for its Asian subsidiary, Big Big Black Eye for the

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Speaker 1: company to give us some of the latest. We welcome

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Speaker 1: a good friend Duncan Fox. He covers all things consumer

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Speaker 1: products in Europe for Bloomberg Intelligence. He joins us from London. Duncan,

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Speaker 1: thanks so much for being with us. First, just give

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Speaker 1: us a sense of what happened over the weekend with this.

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Speaker 1: I PO. That's not to be now, good for a

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Speaker 1: very good question and good morning. I think essentially, uh,

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Speaker 1: the initial pricing that they put all the range, which

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Speaker 1: is forty to forty seven Hong Kong dollars, just it

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Speaker 1: wasn't going to go and it looked particularly high on

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Speaker 1: the value way, and if you put it against all

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Speaker 1: the peers, certainly on on a sort of price to sales,

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Speaker 1: it was way over anything that's in the market, and

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Speaker 1: it was at the top end of a bit dar

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Speaker 1: as well. So everything had to go right I think

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Speaker 1: for it to be for it to proceed. So is

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Speaker 1: this a miss this? I PO? It's quite a failed

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Speaker 1: I PO. Is this a miss on a part of

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Speaker 1: the company or the bankers or both? I mean, why

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Speaker 1: don't you just dial back to price a little bit?

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Speaker 1: I think there's some rules in Hong Kong. I'm not

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Speaker 1: a hundred percent sure that if you once you've got

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Speaker 1: the range, you can't then go outside of that range,

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Speaker 1: so you couldn't go below UM. On my initial thoughts

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Speaker 1: whether it was probably worth sort of forty billion, and

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Speaker 1: when he came in a lot higher than that, sort

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Speaker 1: of fifty four to to sixty four billions. So I

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Speaker 1: think they just missed. I think the bankers probably were

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Speaker 1: hoping for a better market than actually has happened and

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Speaker 1: it didn't go ahead. That's because it's a unicorn, like

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Speaker 1: a number. Lift is, well, how is a B? I've

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Speaker 1: already a B in BEV? How are they doing? They

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Speaker 1: took out Budweiser. Was that a successful transaction? Certainly Budweis

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Speaker 1: was a special transaction, was on ninety two sixty fous

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Speaker 1: and seven, so, I mean the timing of that was

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Speaker 1: around the financial crisis. But they've made a huge strines

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Speaker 1: with that business in terms of paying the debt and

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Speaker 1: becoming the global the hemoth that it now is. UM

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Speaker 1: certainly that deal has been very good. There maybe some

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Speaker 1: question marks a deal, but certainly not. Why can't they

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Speaker 1: sell Budweiser in Asia? I mean, I mean I understand

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Speaker 1: every country, even segments of countries are different. I mean,

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Speaker 1: Paul Sweeney Duncan's never had a genesc Creamele in his life,

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Speaker 1: which is which is you know, very regional here. But

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Speaker 1: what is the what is the the big brand makeup

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Speaker 1: of Asia or do they have any presence at all

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Speaker 1: actually there than bud Vice is very well represented in Asia.

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Speaker 1: On the premium side, they're probably the leading leading player

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Speaker 1: in that's part of the market. But obviously mainstream beers,

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Speaker 1: so be the Snow brand from the China Resources Beer

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Speaker 1: Company would be undoubtedly the biggest brand in in Asia.

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Speaker 1: And I suppose you've gotten people that are not have

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Speaker 1: enough disposable income to buy the premium beers. So it's

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Speaker 1: a long term They've got a very good position. I

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Speaker 1: think what they would like to do is maybe you

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Speaker 1: make some further acquisitions so they get a stronger position

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Speaker 1: in mainstream beer so they can then sell hard and

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Speaker 1: stellar art or et cetera through that network. And that

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Speaker 1: that's what I think they were hoping to do, and frankly,

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Speaker 1: that's still there. It's still a long term goal for

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Speaker 1: the companies. This is great. I mean, I've learned absolutely

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Speaker 1: nothing today except they did not that snow beer snow Well,

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Speaker 1: Budwise in cans is the house beer of the swinging household,

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Speaker 1: just so you know it is oh please, and the

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Speaker 1: next question exactly so, duncan I know that they in

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Speaker 1: Bev's EMBEV is going to use some of the proceeds

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Speaker 1: here to pay down debt in position there for perhaps

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Speaker 1: more consolidation of an industry that is not growing. What's

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Speaker 1: their plan now? I think it will probably be the same.

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Speaker 1: I mean, there was no issue really with the debt ironically,

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Speaker 1: although it's it's huge and a hundred two billion or

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Speaker 1: all thereabouts ninety four, it's fixed at low rates and

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Speaker 1: about is over five years maturity, so there really wasn't

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Speaker 1: the need to reduce debt per se that the whole

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Speaker 1: point of this was about getting potential into Asian APIO

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Speaker 1: Asian deal and that's not really going to change because

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Speaker 1: deals in Asia to take a long time to come

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Speaker 1: to fruition. Even the Heineken CRB deal took a year

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Speaker 1: to get through the regulatory hoops, and Karlsberg ofvin in

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Speaker 1: discussions in Thailand with Saboco's Steak for for over two years.

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Speaker 1: So I don't think anything really challenges frankly, just a

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Speaker 1: little bit embarrassing, duncan this This has been a very informative.

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Speaker 1: Next time we'll do this over a case of Jenny Creel,

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Speaker 1: Duncan Foxes with Bloomberg Intelligence and Asia Beer. We will

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Speaker 1: simply stop what we're doing to understand that everything of

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Speaker 1: the Bloomberg world was based off a select few people,

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Speaker 1: including Dr Turing. He took his PhD at Princeton and

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Speaker 1: mathematics of course associated with King's College, Cambridge. But as

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Speaker 1: Viviana mentioned, that barely describes his contribution and mathematics to

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Speaker 1: the United Kingdom and also his social contribution. A gentleman

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Speaker 1: ostracized in the fifties, he was singularly pardoned by Queen

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Speaker 1: Elizabeth in recent years and I note the leadership of

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Speaker 1: Prime Minister Brown in resurrecting the reputation of Alan Turning.

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Speaker 1: Joining us this warning from the United Kingdom or Alex Webb,

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Speaker 1: we can give unique perspective on this in Greg Bottle

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Speaker 1: with us as well with BMP Perry, expert in mathematics.

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Speaker 1: What does this mean for your world? Actually went to

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Speaker 1: the same high school as Dr Turning. It's extraordinary here

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Speaker 1: his place in mathematics in the Bloomberg world. Yeah, absolutely,

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Speaker 1: you know his name lives on in commuting through the

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Speaker 1: Churing test, but um, which is a way of deciding

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Speaker 1: whether AI has reached the level yet where it can

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Speaker 1: in fool people into thinking that it's human. It's his

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Speaker 1: role in the Second War incalculable with the bomb and

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Speaker 1: then Goliath decoding machine, which was used to decrypt Enigma

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Speaker 1: and played a significant role in winning the war. But

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Speaker 1: that is of course fed into all sorts of modern

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Speaker 1: pieces of artificial intelligence. And I think there's also a

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Speaker 1: lot of significant here what imagines for the LGBTQ community

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Speaker 1: because he was ostracized for his homosexuality in the years

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Speaker 1: after the war. I mean ostracized barely describes what he

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Speaker 1: went through in the late forties, in the early fifties.

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Speaker 1: Alex Webb, I think of Dr alari In taking over

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Speaker 1: Queen's College at Cambridge, of a celebration of the mathematics

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Speaker 1: of another time and place. Do you sense a rekindling

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Speaker 1: in the United Kingdom of the innovation from mathematics or

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Speaker 1: is this just a look back to the past? I

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Speaker 1: think absolutely the moment the UK, that sort of golden

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Speaker 1: triangle I think they call it London, Oxford, Cambridge really

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Speaker 1: at the heart of a lot of innovations in artificial

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Speaker 1: intelligence right now. Is a great story that our colleagues

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Speaker 1: in Business Week did recently about how um A neuroscience

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Speaker 1: feeds into a lot of the innovations in artificial intelligence.

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Speaker 1: And of course the medical schools in those three parts

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Speaker 1: of the world are also very strong, so that fosters

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Speaker 1: these developments. And we're seeing that play out with a

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Speaker 1: lot of the big tech firms. Google, for example, a

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Speaker 1: quiet deep Mind, which has a very prominent place in

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Speaker 1: this in this industry, and there are plenty of other

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Speaker 1: instances of startups. We're doing really bleeding edge stuff which

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Speaker 1: is not necessarily being done in the same way and

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Speaker 1: Silicon Valley, Greg, you've lived this as well. When I

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Speaker 1: lecture kids from the United Kingdom are always blown away

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Speaker 1: how superior they are in mathematics, particularly first order difference equations.

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Speaker 1: You've got a computational degree, you went onto a finance

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Speaker 1: degree as well. There's a heritage here. It's going to

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Speaker 1: be on a fifty pound note, but it's a heritage

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Speaker 1: of people like you are living every day. One are

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Speaker 1: the dynamics of John von Neuman and in Allen Turning.

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Speaker 1: What do they mean for you in the modern world? Well,

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Speaker 1: I think technology is such a fast moving industry. We

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Speaker 1: see the rate of I T changes over the last

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Speaker 1: twenty odd years. So I think for someone to for

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Speaker 1: their work from fifty years ago to still be impacting

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Speaker 1: the world today, I think that speaks and its impacts

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Speaker 1: every day. I mean on a discrete basis, whether it's

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Speaker 1: a Bloomberg terminal or what you deal with every day

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Speaker 1: your massively global bank. It's amazing how that discreet nature

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Speaker 1: still is with us through all these years. Yeah, And

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Speaker 1: I think the march of technology is something that's still

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Speaker 1: in many ways in its infancy. And we see that

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Speaker 1: in the in the way that we use use AI

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Speaker 1: use technology increasingly and i'll work, and that's something that's

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Speaker 1: only going to accelerate. What was that nerdy enough for you?

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Speaker 1: I mean, did I really go over the top there?

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Speaker 1: And honor of balanteuring? Absolutely? I mean your knowledge on

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Speaker 1: his biography was quite astounding to think that you realize

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Speaker 1: he went to the same high school as Alex Web.

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Speaker 1: I mean that's really where the rug. Thanks for listening

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Speaker 1: to the Bloomberg Surveillance podcast. Subscribe and listen to interviews

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Speaker 1: on Apple Podcasts, SoundCloud, or whichever podcast platform you prefer

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Speaker 1: I'm on Twitter at Tom Keane before the podcast. You

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Speaker 1: can always catch us worldwide. I'm Bloomberg Radio