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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along

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Speaker 2: with Paul Sweeney. Join us each day for insight from

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Speaker 2: the best in economics, finance, investment, and international relations. You

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Speaker 2: can also watch the show live on YouTube. Visit the

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Speaker 2: Bloomberg Podcast channel on YouTube to see the show weekday

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Speaker 2: mornings from seven to ten am Eastern from our global

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Speaker 2: headquarters in New York City. Subscribe to the podcast on Apple, Spotify,

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Speaker 2: or anywhere else you listen and always I'm Bloomberg Radio,

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Speaker 2: the Bloomberg Terminal, and the Bloomberg Business App. David Biancle

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Speaker 2: joined us right now. Good morning, sir, It's good to

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Speaker 2: have you here with DWS. It's like a Deutsche Bank

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Speaker 2: wing right, Yes, Management, what are you gonna down thirty?

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Speaker 2: What I see right now is a lot of window dressing.

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Speaker 2: People are going, oops, I'm behind I better buy some things.

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Speaker 2: Is that what's going on right now?

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Speaker 3: Yeah, there's definitely been anxiety of market and to try

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Speaker 3: to figure out a way to keep up with this

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Speaker 3: market without being overly concentrated, because how do you do that? Well,

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Speaker 3: that's the challenge. The benchmarks have become concentrated, and you know,

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Speaker 3: we've got to relentless momentum market. The thing is, the

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Speaker 3: fundamentals are good in terms of earnings growth at those stocks,

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Speaker 3: those magnificent seven Grade eight. Maybe it's going to go

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Speaker 3: from G eight to G ten, G twelve, But you know,

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Speaker 3: so much of the rest of the market has had

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Speaker 3: really sluggish earnings growth, particularly sluggish real I think you'll

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Speaker 3: see the same thing in two Q results. You know,

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Speaker 3: maybe three percent growth at the S and P four

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Speaker 3: ninety two, but ten percent growth with the benefit of

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Speaker 3: the grade eight.

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Speaker 2: Let's take up magnificent eight whatever they are, right, and

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Speaker 2: so there's another four hundred eighty stocks left. Let's take

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Speaker 2: them down to one hundred random stocks. How many of

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Speaker 2: one hundred of the rest of the S and P

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Speaker 2: have earnings growth, have free cash flow growth.

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Speaker 3: The majority do have scant earnings and free cash flow growth,

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Speaker 3: not the healthy mid to upper single digit earnings growth

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Speaker 3: you'd expect, particularly when you have had inflation and pricing

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Speaker 3: power at companies as we have over the past couple

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Speaker 3: of years. I'm not saying things are bad. I'm just

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Speaker 3: saying earnings growth, particularly setting the grade eight a side,

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Speaker 3: is not something that really justifies a twenty two to

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Speaker 3: twenty three PE multiple. Now, I do think that a

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Speaker 3: twenty ish PE is sustainable as long as ten year

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Speaker 3: yields stay closer to four rather than five, which is

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Speaker 3: a risk, as long as the ten year tips yield

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Speaker 3: stays under two, which it is right this moment. But

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Speaker 3: I do think right now is a good time to

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Speaker 3: de risk and diversify. And I say d risk because

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Speaker 3: there's still a very good opportunity at one two three

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Speaker 3: year points on the curve and taking a little bit

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Speaker 3: of credit risk, you'll make your five percent. And I'm

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Speaker 3: doubtful that over the next two two and a half

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Speaker 3: years there's anything more than five percent total return upside

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Speaker 3: annualized at the S and P. And for the summer, okay,

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Speaker 3: for the summer, I think we're about to turn our

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Speaker 3: attention even more to the elections. We've got the debate

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Speaker 3: next week, we've got the conventions coming up, obviously, the

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Speaker 3: elections in November. What we'll hear more about is that

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Speaker 3: fiscal policy needs to be addressed after this election if

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Speaker 3: it's not, and I think it'd be unwise for the

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Speaker 3: FED to cut before the election, not knowing the outcome.

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Speaker 3: This is an important event, and it's very important for

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Speaker 3: fiscal conditions and thus ten year yields, and I don't

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Speaker 3: think the FED should cut before that.

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Speaker 2: So should we?

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Speaker 4: So we're de risking in part because some of the

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Speaker 4: political uncertainties exactly.

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Speaker 3: And those who think the Fed's going to cut this

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Speaker 3: summer or even in September, I don't think so. Those

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Speaker 3: who think that there's going to be this broadening of

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Speaker 3: health to healthy, strong earnings growth beyond the magnificent seven,

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Speaker 3: I don't think so.

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Speaker 2: Not yet.

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Speaker 3: Maybe next year, and these valuations, you go from twenty

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Speaker 3: two and a half to twenty twenty times this year's

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Speaker 3: earnings is forty nine hundred, okay, and so you can

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Speaker 3: easily have a ten to fifteen percent decline.

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Speaker 4: All right, So do we park ourselves into your treasury

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Speaker 4: at four point seven percent?

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Speaker 3: Do we not a bad idea? To not a bad

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Speaker 3: idea to overweight that? We know we're always in equities,

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Speaker 3: but the preference now is for the shorter end of

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Speaker 3: the curve and a little bit of credit risk, and

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Speaker 3: then not that we have our the ones we like

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Speaker 3: and the ones we're concerned about. When it comes to

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Speaker 3: magnificent seven, But we are trying to diversify away from

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Speaker 3: the Magnificent seven because portfolios do benefit from diversification. You

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Speaker 3: never know what's going to happen. And we're adding to

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Speaker 3: the others, and we're adding to foreign equities, but we're

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Speaker 3: not adding to small caps. Or actually we've gotten more

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Speaker 3: cautious than small caps for the summer.

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Speaker 2: With Europe blowing up. I thank yesterday Adrian Wooldridge was

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Speaker 2: great on London and the United Kingdom and Leonard Laurento

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Speaker 2: and France. What a half hour that was on these elections.

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Speaker 2: Do you buy straw hats in winter and that means

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Speaker 2: you buy europe blue chips?

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Speaker 3: Well, yes, I would stick with the larger cap blue

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Speaker 3: chip companies in Europe. And while we do expect European

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Speaker 3: earnings to get back to growth as soon as the

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Speaker 3: second quarter and third quarter, and they've been in a

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Speaker 3: profit recession for a long time, the thing about the

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Speaker 3: European market is it's your typical or quintessential value investors market.

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Speaker 3: And so as long as you think things are going

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Speaker 3: to be okay politically or geopolitically and even economically, and

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Speaker 3: we think things are improving on the earnings front out

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Speaker 3: of Europe as long as things are okay, and it's

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Speaker 3: hard to crush the European economy. It's a resilient economy,

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Speaker 3: albeit it doesn't grow strongly. As long as things are okay,

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Speaker 3: the valuations provide provide upside, and we think Europe continues

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Speaker 3: to generate strong returns and it offers that diversification. We

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Speaker 3: also like Japan, so i'd say EFA in general.

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Speaker 4: Japan again coming he is, he's very big again kind

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Speaker 4: of how I mentioned to Tom. I mean, you know,

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Speaker 4: we haven't talked about Japan for twenty five or thirty years,

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Speaker 4: and now it's almost every day I hear someone in

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Speaker 4: your position. So you're looking at Japan. What's really changed there?

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Speaker 3: Well, you've heard the government story. They finally got religion on,

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Speaker 3: return on capital and corporate discipline. But they do have

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Speaker 3: good businesses and finally the banks or anticipating a higher

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Speaker 3: interest rate environment, even a little bit higher than here.

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Speaker 3: That will take time. But they have a lot of

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Speaker 3: good industrial companies machine tools and automation, and even components

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Speaker 3: and materials that are important to semi conductors. The valuations

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Speaker 3: are very reasonable. These are good businesses. It's a diversified index.

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Speaker 3: The yen is really really weak, and it makes Japanese

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Speaker 3: products affordable. Also, it's under the US security umbrella, which

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Speaker 3: means that's the beach hold for investors into Asia.

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Speaker 2: Right right, I mean just wing it back to Europe. Semens,

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Speaker 2: which I haven't looked at in ages a moonshot off

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Speaker 2: the pandemic folks. Semens of Munich three hundred and twenty

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Speaker 2: three thousand employees. Basically, it's ginormous dividend growth, single digit.

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Speaker 2: It's there, but I'm sorry, with a limited capex, they

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Speaker 2: get some serious free cash flow. And everybody's like beyond

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Speaker 2: gloomy about the German manufacturing model.

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Speaker 3: And the German economy has been sluggish, and there are

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Speaker 3: probably concerns to be had about auto given the.

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Speaker 2: Semens is not all exactly so.

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Speaker 3: The thing about it is there are European companies that

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Speaker 3: are very well positioned for the transition to electrification, like

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Speaker 3: the one you said, and I can think of a

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Speaker 3: few others I can talk about. I can, but the

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Speaker 3: point is Europe is well positioned for electrification. I think

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Speaker 3: that's known in many of these industrial companies in the

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Speaker 3: US and do well. But look at utility companies that

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Speaker 3: I think is an underappreciated play, not just on electric

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Speaker 3: vehicles but on data center.

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Speaker 2: Paul, I haven't said this in ages the forward multiple

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Speaker 2: and semens sixteen. Yeah, remember that it's been a while.

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Speaker 2: We used to go, I don't know, it's twelve multiple.

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Speaker 2: I think they can span out to sixteen. And now

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Speaker 2: what are we looking at? Yeah?

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Speaker 4: But when I think a semens and I think, I

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Speaker 4: think of the German economy, and I think of the export,

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Speaker 4: and I think at the reliance upon Chinamens twelve percent

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Speaker 4: of the revenue thanks to you to the pg EO

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Speaker 4: function on the Bloomberg trimninal twelve percent of the revenue

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Speaker 4: from China seamen gregious to me. I mean, I mean,

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Speaker 4: I guess that's a little bit of a discount the multiple.

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Speaker 3: But it's amazing how that has become something that people

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Speaker 3: toa concern with and discount the multiple over the China

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Speaker 3: exposure of the foreign exposure used to be the other

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Speaker 3: way around. But electrifications alive and well there are industrial

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Speaker 3: companies US and Europe exposed to it. The other thing

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Speaker 3: that's going on in Europe and maybe it comes. Let's

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Speaker 3: watch the elections in the United States are carbon credits

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Speaker 3: and utility companies. Electricity prices are going to be going

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Speaker 3: up a lot unless the government figures out a way

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Speaker 3: to help subsidize this, and clarbon corts could help.

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Speaker 2: We had to run David Biancochitz, thank you so much.

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Speaker 2: Bulletproof Engineering. Katie Kaminski joins Alpha Cineplex right now on

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Speaker 2: Trench double and also, as Paul mentioned, operational research out

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Speaker 2: of a school in the Charles River in Boston. Katie,

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Speaker 2: we could go for three hours this morning, but just

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Speaker 2: basically have we reversed to finally trend in place higher

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Speaker 2: fixed income prices in lower.

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Speaker 5: In the process of pivoting, the signals have been switching

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Speaker 5: more to long particularly in international fixed income.

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Speaker 6: But I'd say that you're still seeing a little bit of.

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Speaker 5: Residual signal short and fixed income for the US because

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Speaker 5: of the recent moves not being enough relative to long

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Speaker 5: term trends. So it's definitely feels like an inflection point

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Speaker 5: this month.

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Speaker 2: The general rule I get thanks to zero It for

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Speaker 2: great work on this every week is on a Friday,

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Speaker 2: these sort of assess the bet it's out there. It

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Speaker 2: seems to me that retail is betting America big cap,

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Speaker 2: large cap Nvidia blah blah blah, and hedge funds are

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Speaker 2: maybe not on that page, they're on a different page.

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Speaker 2: What is the bet right now that you observe in

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Speaker 2: the CTA community.

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Speaker 5: So right now, it's been interesting because this year, most

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Speaker 5: of the year, it's been a hedged bet in the

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Speaker 5: sense that you've seen long equity signals. That's been one

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Speaker 5: of the best momentum plays this year till now. But

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Speaker 5: you've also seen some changes in the commodity sector, so

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Speaker 5: the copper trade, the positioning in gold, a lot of

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Speaker 5: commodities has been long but has been dissipating, and then

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Speaker 5: this month you've seen suddenly now energy is moving upwards again.

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Speaker 5: So there's this disjoint in the commodity sector. Fixed income

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Speaker 5: has been short most.

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Speaker 6: Of the year except for now. Recently you're starting to

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Speaker 6: see that pivot.

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Speaker 5: The US dollar again a tricky one has now been

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Speaker 5: rallying again. We can talk about that, but in general,

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Speaker 5: it does feel a little bit like a pivot or

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Speaker 5: an inflection for current trends into what could be the

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Speaker 5: trend going in the second half of the year.

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Speaker 4: So I mean, broadly speaking, Katie, the folks you talk to,

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Speaker 4: Is it a risk on environment? Do why would be

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Speaker 4: long stocks, bonds things like that? Or are people just

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Speaker 4: too concerned here about where the global economy is going.

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Speaker 5: So this is a very good question because before June

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Speaker 5: my answer would be yeah, it's pretty risk one with

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Speaker 5: the exception of short fixed income positioning. But this month

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Speaker 5: we have seen several synchronous sell off periods for some

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Speaker 5: of the prevailing trends, and we've seen some consistent risk

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Speaker 5: off days, meaning that people are running to bonds when

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Speaker 5: things are looking bad. And I think this is an

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Speaker 5: indication that they're actually starting to get concerned about some

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Speaker 5: of the weaker data, particularly on the economic side. And

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Speaker 5: so to me, it feels like sentiment has shifted some

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Speaker 5: in the markets and the signals are adjusting to that.

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Speaker 4: So in the fixing can market, Katie, do you want

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Speaker 4: to just I don't know, sitting it to your treasury

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Speaker 4: you can get close to five percent yield? Or do

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Speaker 4: you want to take some credit risk on here? And

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Speaker 4: if so where?

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Speaker 6: Oh, that's a good question.

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Speaker 5: I mean, I think a lot of in terms of

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Speaker 5: the credit space is not something we are focused on.

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Speaker 5: But what you have seen is that you know there

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Speaker 5: is this trade off between locking in that higher yield

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Speaker 5: if you do think that rates are going to come down.

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Speaker 5: So I think a lot of investors are also considering that, like,

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Speaker 5: could this be the moment if things do calm down?

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Speaker 5: And so if you're seeing a significant enough spread in

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Speaker 5: a credit product, that may make sense. But of course

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Speaker 5: there's always issue that if we do actually see a

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Speaker 5: longer time to get lower rates, their substantial volatility around

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Speaker 5: the bond positioning in general.

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Speaker 2: Right now, should we go double honor? Sure? Okay, ladies

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Speaker 2: and gentlemen. For the first time ever on Bloomberg Surveillance,

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Speaker 2: Brownian motion in drift function with Katie Kaminski. Katie, I

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Speaker 2: look at bitdog and I can't find a legitimate time series.

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Speaker 2: This is Hamilton, folks, out of University California, San Diego.

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Speaker 2: It doesn't drift within a random sense like most time series.

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Speaker 2: Can you chart? Can you get actual time series motion

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Speaker 2: out of bitcoin? Well?

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Speaker 5: I mean I think so, because bitcoin just has way

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Speaker 5: more volatility. So I think you just got to have

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Speaker 5: a different input function to that drift process. And notoriously,

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Speaker 5: it's difficult to estimate the mean of a Brownian motion.

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Speaker 6: It's easier to estimate the ball.

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Speaker 5: So I'd say that, you know, you can definitely be

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Speaker 5: sure that you're going to have much higher volatility in

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Speaker 5: those type of assets, right, not to mention the fact

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Speaker 5: we don't have as much data that haven't been around exactly.

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Speaker 2: Is it maturing though? And on the Kaminsky Mit timeline,

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Speaker 2: when does bitcoin start to drift like Microsoft or Sweeney

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Speaker 2: algamated the metal company out in a Jersey.

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Speaker 6: Well, I think that's what you know.

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Speaker 5: Initially, people like to think that something is so different,

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Speaker 5: and it's not. It's different from everything else. And I

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Speaker 5: think that bitcoin has really shown as an asset. It's

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Speaker 5: just a highly volatile asset, but it does have drift

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Speaker 5: and it does behave in some sense less like a

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Speaker 5: you know, risk off asset, less uncorrelated to stock markets

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Speaker 5: than anything else. So people thought, oh, this is totally different.

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Speaker 5: It's an uncorrelated process. But it actually does have a

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Speaker 5: lot of inputs to people's demand because who's buying it,

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Speaker 5: people buy it, Therefore.

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Speaker 6: It's still connected to the general economy.

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Speaker 4: Was this too much for Friday?

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Speaker 2: Katie commits can go away with Alpha Simplex. There are

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Speaker 2: Brownie in Motion and bit Dog. I love that I mean,

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Speaker 2: we're gon frame that right right there, Katie commitsy just

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Speaker 2: truly outstanding. This is a wonderful conversation now and we pause,

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Speaker 2: and I'm going to do my annual lecture. It's summer.

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Speaker 2: You have kids at home, they're in high school, they're bored.

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Speaker 2: They're in college, they're bored. They're out of college, they're bored.

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Speaker 2: You start screaming Daniel Kurt's Falin, Daniel Kurtz Fhalin, and

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Speaker 2: you throw a subscription to Foreign Affairs Magazine at them

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Speaker 2: and say they don't get lunch money for the next

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Speaker 2: Gen and Tonic until they read two articles joining us

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Speaker 2: from foreign fairs. Always might read it the summer, Daniel

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Speaker 2: Kurtz Phalen, Daniel, congratulations on the issue, and you brilliantly

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Speaker 2: frame out Biden and Trump foreign policy with Ben Rhodes

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Speaker 2: In O'Brien of the Trump administration. Tell me the distance

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Speaker 2: between those two articles.

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Speaker 7: Yeah, thanks Tom. First of all, for the new the

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Speaker 7: new marketing pitch. I'll send it over to our business.

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Speaker 7: See what they think.

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Speaker 2: I mean.

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Speaker 7: I think that there are a lot of fascinating things

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Speaker 7: as you read through these two articles you have I

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Speaker 7: think Robert O'Brien, who is the last national advisor in

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Speaker 7: the Trump administration, laying out probably in more detail and

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Speaker 7: more specificity than we've seen from anyone in the Trump camp,

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Speaker 7: what a second Trump term would do. And then Ben Rhodes,

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Speaker 7: who was one of the most senior foreign policy advisors Obama,

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Speaker 7: kind of laying out I think a slight difference from

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Speaker 7: the Biden administration, but you know, broadly sympathetic to the immigration.

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Speaker 7: And what's kind of fascinating about both of them is

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Speaker 7: they both are kind of reacting to a sense of

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Speaker 7: failures of American foreign policy and proceeding decades that they

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Speaker 7: go in slightly different directions. Brian, you know some of

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Speaker 7: the hawkish impulses that you get from Trump at a

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Speaker 7: very very high level, you know, in a kind of

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Speaker 7: very abstract way in some sense, with a lot of specificity.

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Speaker 7: So he talks about going back to testing nuclear weapons,

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Speaker 7: something we haven't done actively in a long time, fold

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Speaker 7: decoupling with China and really ramping up pressure there.

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Speaker 2: That's where I wanted to go. Daniel, your claim is

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Speaker 2: still will Onto Marshall in our distance from China, and

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Speaker 2: I'm going to say nineteen forty eight nothing's changed, right,

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Speaker 2: these two candidates really want a distance from China, right.

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Speaker 7: That's exactly right. And just to flag one other thing

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Speaker 7: in the issue. You know, Tom, we had talked in

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Speaker 7: the past about and Escay. We ran by Matt Pottinger,

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Speaker 7: who was the kind of chief Chinahan in the Trump administration,

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Speaker 7: and Matt Gallagher, former Republican congressman who ran the China Subcommittee,

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Speaker 7: laying out a really hardline policy, hardline strategy against China

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Speaker 7: that included call for really weakening the Chinese Communist Party.

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Speaker 7: They it's regime change has become a dirty word because

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Speaker 7: of its association with the Rock and American foreign policy,

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Speaker 7: but they call for trying to change the nature of

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Speaker 7: power in China. And there's an exchange between Pottinger and

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Speaker 7: Gallagher on the one hand, with rush Doshi, who just

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Speaker 7: left the Biden administration working on China policy. What's really

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Speaker 7: amazing is how much agreement there is. So they split

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Speaker 7: on that question of weakening the regime, but there's a

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Speaker 7: lot more agreement than disagreement, which I think reflects where

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Speaker 7: we are on the China debate.

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Speaker 4: Daniel, if you're President Biden, you're obviously an election year.

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Speaker 4: What are the to do list for President Biden here

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Speaker 4: in an election year. From a geopolitical perspective, You've got China,

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Speaker 4: You've got obviously the Middle East, and you've got Ukraine.

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Speaker 4: What's the strategy here, do you think?

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Speaker 2: Yeah?

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Speaker 7: I mean it's it's it's not a moment where you

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Speaker 7: envy people are kind of sitting in the in the

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Speaker 7: US government trying to manage these three crises. You know,

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Speaker 7: I think what they're trying to do on China, which

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Speaker 7: you know, remains, as we've talked about in the past,

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Speaker 7: the really the kind of framing the dominant issue for

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Speaker 7: American foreign policy, even in with with other crises and

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Speaker 7: hot wars going on. I think on China there's this

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Speaker 7: desire to just keep it as calm as possible for

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Speaker 7: UH through November. So Chi Jimpang and Joe Biden met

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Speaker 7: in San Francisco in California last last November, and it's

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Speaker 7: not that they settled any of the really deep fissures

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Speaker 7: and tensions in the relationship, but they did basically say, look,

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Speaker 7: let's let's let's clumb this right now. We both have

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Speaker 7: reasons for doing it. The Chinese economy, as you all know,

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Speaker 7: extremely well is in terrible shape, so there's a mutual

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Speaker 7: interest in not stirring the pot too much at this moment.

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Speaker 7: But it doesn't really solve any of the basic issues.

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Speaker 7: So I think Biden would like to keep that at

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Speaker 7: a low boil even as he finds some way to

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Speaker 7: to get through what are still these kind of you know,

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Speaker 7: frozen terrible status quos in both Gaza and Ukraine. So

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Speaker 7: the Hail Mary and Gaza is of course a Saudi

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Speaker 7: normalization deal. They're still pursuing really aggressively, which you know

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Speaker 7: what the odds of that are. It's really hard to say.

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Speaker 7: It seems like seems like a long shot to me,

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Speaker 7: but it would really be transformative, similar in Ukraine, hoping

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Speaker 7: that the battlefield shifts a bit and things don't look

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Speaker 7: quite as grim as they do right now.

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Speaker 2: I got to leave it there, Daniel Chris Fahn, thank

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Speaker 2: you so much. With foreigners affairs, I can't say enough

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Speaker 2: about it. From school, Lisa, what do you have?

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Speaker 3: All right?

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Speaker 1: We wh are we talking about? Missing out on that?

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Speaker 1: Nvidios stock right? The big Yeah? Tom So SoftBank CEO

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Speaker 1: Masi Yoshi's son. He's known for some of the most

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Speaker 1: successful investments in technology history. But he made that mistake. Okay.

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Speaker 1: At the company's shareholder meeting, he talked about missing out

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Speaker 1: on one hundred and fifty billion dollars after selling in

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Speaker 1: video shares in twenty nineteen. Okay, so you have the breakdown.

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Speaker 1: It was SoftBank's Vision Fund. They sold an entire four

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Speaker 1: point nine steak in Nvidia. They booked a three point

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Speaker 1: three billion return on the investment, so it seemed like

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Speaker 1: a good thing because they spent about seven hundred million

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Speaker 1: for the steak. But if he had held on to

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Speaker 1: that in Vidia steak, it would be worth around one

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Speaker 1: hundred and sixty billion dollars today.

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Speaker 2: There will be a biography Linel Barber, who wrote the

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Speaker 2: ft for years. Lionel Barber out with a one volume.

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Speaker 2: I think it's the beginning of the year Gambling Man,

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Speaker 2: The Secret Story of Masa yoshiks Son. I don't have

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Speaker 2: a really informed opinion.

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Speaker 4: There's some big winners and some big losers.

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Speaker 1: You nailed that a big steak and arm and Alibaba,

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Speaker 1: so that's not too bad. O. What else you missed?

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Speaker 1: The train?

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Speaker 6: Okay?

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Speaker 1: Taylor Swifty on me has landed in Europe. Tom, Yes,

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Speaker 1: the European summer tours kicked off today. Actually she's performed

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Speaker 1: the first of eight shows at London, London's Wembley Stadium.

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Speaker 4: Seven hundred thousand shows at Wembley.

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Speaker 1: Seven hundred thousand people expected to see that show all Americans.

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Speaker 1: So that's the thing. A lot of Americans flying in,

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Speaker 1: spending money, airport, hotels, restaurants, you name it, spending money

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Speaker 1: down there, all right.

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Speaker 2: So there's a photo there, Amma's sitting next to Stephanie

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Speaker 2: rule of MSN. What you know, lizz Ane Saunders is

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Speaker 2: like three rows over come on continue.

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Speaker 1: But they're saying you put a straight on inflation because

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Speaker 1: when she comes in, everybody raises the prices, you know,

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Speaker 1: and for the hotel, for the restaurants.

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Speaker 2: Everything, so economic input has got to be just extraordinary.

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Speaker 6: Keeps going, it keeps going.

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Speaker 4: It is just I haven't seen anything like it again.

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Speaker 4: It feels tom and I'll confer to you it feels like Beatlemania,

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Speaker 4: just that whole I haven't felt anything or said anything

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Speaker 4: like since Beetlemania.

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Speaker 2: I'll go that. I will say. There's a lot of

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Speaker 2: talk about she's put out too much product and the

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Speaker 2: new album just is not the magic that we saw

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Speaker 2: with Antonov in the National in the pandemic, and you

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Speaker 2: know there's an eb and flow that happens to any artist, right,

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Speaker 2: and I'm gonna cut her some major slack on that.

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Speaker 2: But who's the Is there an opening act?

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Speaker 1: That's a good question.

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Speaker 6: Yeah, that would be a good gig.

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Speaker 1: That's getting you some Okay, this one, Okay. It turns

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Speaker 1: out men aren't the only one to benefit from viagara.

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Speaker 1: A lot of doctors prescribing it for women. Okay, this

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Speaker 1: is in the New York Times. I'm treading very carefully here, okay.

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Speaker 1: But there's a lot of research. It shows how the

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Speaker 1: drugs affect female arousal. It's limited, there's not much research

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Speaker 1: on it, okay, but the doctor's been prescribing these pills

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Speaker 1: and creams anyway. Telehealth companies are coming out with them,

435
00:23:57,800 --> 00:24:01,359
Speaker 1: pharmaceutical companies looking for FDA approval for different kinds to

436
00:24:01,520 --> 00:24:05,840
Speaker 1: market specifically to women. Is it worth it though? Okay,

437
00:24:05,880 --> 00:24:08,440
Speaker 1: So the experts are saying stick with me here. Physical

438
00:24:08,440 --> 00:24:11,560
Speaker 1: arousing women similar to a rectal did function because it

439
00:24:11,560 --> 00:24:14,199
Speaker 1: has to do with blood flow. Okay, that's where that's

440
00:24:14,240 --> 00:24:17,000
Speaker 1: as far as I'm going. But it's not a solution

441
00:24:17,119 --> 00:24:20,040
Speaker 1: for everybody there it is. It's out there. Study show

442
00:24:20,080 --> 00:24:23,000
Speaker 1: mixed results either way. The doctors are prescribing it for women.

443
00:24:23,040 --> 00:24:26,320
Speaker 1: Why not there, I'm telling the New York Times.

444
00:24:26,359 --> 00:24:26,840
Speaker 6: Has it there?

445
00:24:26,920 --> 00:24:29,800
Speaker 1: All right, we'll go with it.

446
00:24:29,800 --> 00:24:32,119
Speaker 4: It's different men, why not borderline?

447
00:24:32,320 --> 00:24:35,399
Speaker 2: I don't know if you can say all that, but

448
00:24:35,480 --> 00:24:35,840
Speaker 2: we did.

449
00:24:36,240 --> 00:24:39,080
Speaker 1: There you go, okay, since we're heating things up, all right.

450
00:24:39,119 --> 00:24:42,600
Speaker 1: So finally the new Bugatti. It's the hybrid. It has

451
00:24:42,640 --> 00:24:47,240
Speaker 1: a powerful price tag four point one million dollars. Yes,

452
00:24:47,359 --> 00:24:50,600
Speaker 1: it is called the turboullon. Okay, because it is the

453
00:24:50,640 --> 00:24:52,080
Speaker 1: French word for whirlwind.

454
00:24:53,040 --> 00:24:53,879
Speaker 6: You get a lot with it.

455
00:24:53,920 --> 00:24:57,080
Speaker 1: You get the V sixteen powertrain, two electric motors, one

456
00:24:57,080 --> 00:25:00,000
Speaker 1: on the front, one by the real axle, eighteen hundred

457
00:25:00,160 --> 00:25:03,600
Speaker 1: horsepower hybrid power plant, speeds of two hundred and seventy

458
00:25:03,680 --> 00:25:06,359
Speaker 1: six miles per hour. You have to check it on

459
00:25:06,400 --> 00:25:10,240
Speaker 1: the terminal. It's a great article. The pictures are amazing.

460
00:25:10,920 --> 00:25:12,639
Speaker 4: What I mean, Matt Miller's gonna pull up one of

461
00:25:12,640 --> 00:25:14,439
Speaker 4: those any day now, I do totally.

462
00:25:14,480 --> 00:25:17,239
Speaker 2: I mean, Katie Kaminski's getting ready to come on here,

463
00:25:17,280 --> 00:25:20,040
Speaker 2: and she's setting up you're talking about the Dan Bagotti.

464
00:25:20,440 --> 00:25:24,119
Speaker 2: She's such a hitter. She's taking notes. She's gonna be

465
00:25:24,160 --> 00:25:26,640
Speaker 2: down at the local Bugatti dealer in Cambridge Banks.

466
00:25:27,080 --> 00:25:30,600
Speaker 1: It looks it looks like and here here's the best

467
00:25:30,600 --> 00:25:33,440
Speaker 1: part about it. It has this screen that pops out

468
00:25:33,440 --> 00:25:35,680
Speaker 1: of the center. And guess what that screen has on it?

469
00:25:36,000 --> 00:25:36,879
Speaker 1: Apple car Play?

470
00:25:37,920 --> 00:25:40,960
Speaker 2: Are you kidding? Apple car plays into Bagotti. We love

471
00:25:41,040 --> 00:25:43,679
Speaker 2: the Bagatti. Yeah. All I can say, folks that we

472
00:25:43,720 --> 00:25:47,560
Speaker 2: get the numbers. We are humbled worldwide by what Apple

473
00:25:47,640 --> 00:25:50,399
Speaker 2: car Play has done. She's no question about it. Is

474
00:25:50,400 --> 00:25:52,439
Speaker 2: that the last one? Or would you like to go

475
00:25:52,560 --> 00:25:53,600
Speaker 2: back to medicine?

476
00:25:53,840 --> 00:25:54,199
Speaker 1: No?

477
00:25:54,200 --> 00:25:54,440
Speaker 5: No.

478
00:25:54,800 --> 00:25:58,000
Speaker 2: This is a Bloomberg Surveillance podcast, bringing you the best

479
00:25:58,000 --> 00:26:02,720
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00:26:02,840 --> 00:26:06,879
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481
00:26:07,000 --> 00:26:11,040
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483
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484
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485
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