Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along
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Speaker 2: the Bloomberg Terminal, and the Bloomberg Business App. David Biancle
Speaker 2: joined us right now. Good morning, sir, It's good to
Speaker 2: have you here with DWS. It's like a Deutsche Bank
Speaker 2: wing right, Yes, Management, what are you gonna down thirty?
Speaker 2: What I see right now is a lot of window dressing.
Speaker 2: People are going, oops, I'm behind I better buy some things.
Speaker 2: Is that what's going on right now?
Speaker 3: Yeah, there's definitely been anxiety of market and to try
Speaker 3: to figure out a way to keep up with this
Speaker 3: market without being overly concentrated, because how do you do that? Well,
Speaker 3: that's the challenge. The benchmarks have become concentrated, and you know,
Speaker 3: we've got to relentless momentum market. The thing is, the
Speaker 3: fundamentals are good in terms of earnings growth at those stocks,
Speaker 3: those magnificent seven Grade eight. Maybe it's going to go
Speaker 3: from G eight to G ten, G twelve, But you know,
Speaker 3: so much of the rest of the market has had
Speaker 3: really sluggish earnings growth, particularly sluggish real I think you'll
Speaker 3: see the same thing in two Q results. You know,
Speaker 3: maybe three percent growth at the S and P four
Speaker 3: ninety two, but ten percent growth with the benefit of
Speaker 3: the grade eight.
Speaker 2: Let's take up magnificent eight whatever they are, right, and
Speaker 2: so there's another four hundred eighty stocks left. Let's take
Speaker 2: them down to one hundred random stocks. How many of
Speaker 2: one hundred of the rest of the S and P
Speaker 2: have earnings growth, have free cash flow growth.
Speaker 3: The majority do have scant earnings and free cash flow growth,
Speaker 3: not the healthy mid to upper single digit earnings growth
Speaker 3: you'd expect, particularly when you have had inflation and pricing
Speaker 3: power at companies as we have over the past couple
Speaker 3: of years. I'm not saying things are bad. I'm just
Speaker 3: saying earnings growth, particularly setting the grade eight a side,
Speaker 3: is not something that really justifies a twenty two to
Speaker 3: twenty three PE multiple. Now, I do think that a
Speaker 3: twenty ish PE is sustainable as long as ten year
Speaker 3: yields stay closer to four rather than five, which is
Speaker 3: a risk, as long as the ten year tips yield
Speaker 3: stays under two, which it is right this moment. But
Speaker 3: I do think right now is a good time to
Speaker 3: de risk and diversify. And I say d risk because
Speaker 3: there's still a very good opportunity at one two three
Speaker 3: year points on the curve and taking a little bit
Speaker 3: of credit risk, you'll make your five percent. And I'm
Speaker 3: doubtful that over the next two two and a half
Speaker 3: years there's anything more than five percent total return upside
Speaker 3: annualized at the S and P. And for the summer, okay,
Speaker 3: for the summer, I think we're about to turn our
Speaker 3: attention even more to the elections. We've got the debate
Speaker 3: next week, we've got the conventions coming up, obviously, the
Speaker 3: elections in November. What we'll hear more about is that
Speaker 3: fiscal policy needs to be addressed after this election if
Speaker 3: it's not, and I think it'd be unwise for the
Speaker 3: FED to cut before the election, not knowing the outcome.
Speaker 3: This is an important event, and it's very important for
Speaker 3: fiscal conditions and thus ten year yields, and I don't
Speaker 3: think the FED should cut before that.
Speaker 2: So should we?
Speaker 4: So we're de risking in part because some of the
Speaker 4: political uncertainties exactly.
Speaker 3: And those who think the Fed's going to cut this
Speaker 3: summer or even in September, I don't think so. Those
Speaker 3: who think that there's going to be this broadening of
Speaker 3: health to healthy, strong earnings growth beyond the magnificent seven,
Speaker 3: I don't think so.
Speaker 2: Not yet.
Speaker 3: Maybe next year, and these valuations, you go from twenty
Speaker 3: two and a half to twenty twenty times this year's
Speaker 3: earnings is forty nine hundred, okay, and so you can
Speaker 3: easily have a ten to fifteen percent decline.
Speaker 4: All right, So do we park ourselves into your treasury
Speaker 4: at four point seven percent?
Speaker 3: Do we not a bad idea? To not a bad
Speaker 3: idea to overweight that? We know we're always in equities,
Speaker 3: but the preference now is for the shorter end of
Speaker 3: the curve and a little bit of credit risk, and
Speaker 3: then not that we have our the ones we like
Speaker 3: and the ones we're concerned about. When it comes to
Speaker 3: magnificent seven, But we are trying to diversify away from
Speaker 3: the Magnificent seven because portfolios do benefit from diversification. You
Speaker 3: never know what's going to happen. And we're adding to
Speaker 3: the others, and we're adding to foreign equities, but we're
Speaker 3: not adding to small caps. Or actually we've gotten more
Speaker 3: cautious than small caps for the summer.
Speaker 2: With Europe blowing up. I thank yesterday Adrian Wooldridge was
Speaker 2: great on London and the United Kingdom and Leonard Laurento
Speaker 2: and France. What a half hour that was on these elections.
Speaker 2: Do you buy straw hats in winter and that means
Speaker 2: you buy europe blue chips?
Speaker 3: Well, yes, I would stick with the larger cap blue
Speaker 3: chip companies in Europe. And while we do expect European
Speaker 3: earnings to get back to growth as soon as the
Speaker 3: second quarter and third quarter, and they've been in a
Speaker 3: profit recession for a long time, the thing about the
Speaker 3: European market is it's your typical or quintessential value investors market.
Speaker 3: And so as long as you think things are going
Speaker 3: to be okay politically or geopolitically and even economically, and
Speaker 3: we think things are improving on the earnings front out
Speaker 3: of Europe as long as things are okay, and it's
Speaker 3: hard to crush the European economy. It's a resilient economy,
Speaker 3: albeit it doesn't grow strongly. As long as things are okay,
Speaker 3: the valuations provide provide upside, and we think Europe continues
Speaker 3: to generate strong returns and it offers that diversification. We
Speaker 3: also like Japan, so i'd say EFA in general.
Speaker 4: Japan again coming he is, he's very big again kind
Speaker 4: of how I mentioned to Tom. I mean, you know,
Speaker 4: we haven't talked about Japan for twenty five or thirty years,
Speaker 4: and now it's almost every day I hear someone in
Speaker 4: your position. So you're looking at Japan. What's really changed there?
Speaker 3: Well, you've heard the government story. They finally got religion on,
Speaker 3: return on capital and corporate discipline. But they do have
Speaker 3: good businesses and finally the banks or anticipating a higher
Speaker 3: interest rate environment, even a little bit higher than here.
Speaker 3: That will take time. But they have a lot of
Speaker 3: good industrial companies machine tools and automation, and even components
Speaker 3: and materials that are important to semi conductors. The valuations
Speaker 3: are very reasonable. These are good businesses. It's a diversified index.
Speaker 3: The yen is really really weak, and it makes Japanese
Speaker 3: products affordable. Also, it's under the US security umbrella, which
Speaker 3: means that's the beach hold for investors into Asia.
Speaker 2: Right right, I mean just wing it back to Europe. Semens,
Speaker 2: which I haven't looked at in ages a moonshot off
Speaker 2: the pandemic folks. Semens of Munich three hundred and twenty
Speaker 2: three thousand employees. Basically, it's ginormous dividend growth, single digit.
Speaker 2: It's there, but I'm sorry, with a limited capex, they
Speaker 2: get some serious free cash flow. And everybody's like beyond
Speaker 2: gloomy about the German manufacturing model.
Speaker 3: And the German economy has been sluggish, and there are
Speaker 3: probably concerns to be had about auto given the.
Speaker 2: Semens is not all exactly so.
Speaker 3: The thing about it is there are European companies that
Speaker 3: are very well positioned for the transition to electrification, like
Speaker 3: the one you said, and I can think of a
Speaker 3: few others I can talk about. I can, but the
Speaker 3: point is Europe is well positioned for electrification. I think
Speaker 3: that's known in many of these industrial companies in the
Speaker 3: US and do well. But look at utility companies that
Speaker 3: I think is an underappreciated play, not just on electric
Speaker 3: vehicles but on data center.
Speaker 2: Paul, I haven't said this in ages the forward multiple
Speaker 2: and semens sixteen. Yeah, remember that it's been a while.
Speaker 2: We used to go, I don't know, it's twelve multiple.
Speaker 2: I think they can span out to sixteen. And now
Speaker 2: what are we looking at? Yeah?
Speaker 4: But when I think a semens and I think, I
Speaker 4: think of the German economy, and I think of the export,
Speaker 4: and I think at the reliance upon Chinamens twelve percent
Speaker 4: of the revenue thanks to you to the pg EO
Speaker 4: function on the Bloomberg trimninal twelve percent of the revenue
Speaker 4: from China seamen gregious to me. I mean, I mean,
Speaker 4: I guess that's a little bit of a discount the multiple.
Speaker 3: But it's amazing how that has become something that people
Speaker 3: toa concern with and discount the multiple over the China
Speaker 3: exposure of the foreign exposure used to be the other
Speaker 3: way around. But electrifications alive and well there are industrial
Speaker 3: companies US and Europe exposed to it. The other thing
Speaker 3: that's going on in Europe and maybe it comes. Let's
Speaker 3: watch the elections in the United States are carbon credits
Speaker 3: and utility companies. Electricity prices are going to be going
Speaker 3: up a lot unless the government figures out a way
Speaker 3: to help subsidize this, and clarbon corts could help.
Speaker 2: We had to run David Biancochitz, thank you so much.
Speaker 2: Bulletproof Engineering. Katie Kaminski joins Alpha Cineplex right now on
Speaker 2: Trench double and also, as Paul mentioned, operational research out
Speaker 2: of a school in the Charles River in Boston. Katie,
Speaker 2: we could go for three hours this morning, but just
Speaker 2: basically have we reversed to finally trend in place higher
Speaker 2: fixed income prices in lower.
Speaker 5: In the process of pivoting, the signals have been switching
Speaker 5: more to long particularly in international fixed income.
Speaker 6: But I'd say that you're still seeing a little bit of.
Speaker 5: Residual signal short and fixed income for the US because
Speaker 5: of the recent moves not being enough relative to long
Speaker 5: term trends. So it's definitely feels like an inflection point
Speaker 5: this month.
Speaker 2: The general rule I get thanks to zero It for
Speaker 2: great work on this every week is on a Friday,
Speaker 2: these sort of assess the bet it's out there. It
Speaker 2: seems to me that retail is betting America big cap,
Speaker 2: large cap Nvidia blah blah blah, and hedge funds are
Speaker 2: maybe not on that page, they're on a different page.
Speaker 2: What is the bet right now that you observe in
Speaker 2: the CTA community.
Speaker 5: So right now, it's been interesting because this year, most
Speaker 5: of the year, it's been a hedged bet in the
Speaker 5: sense that you've seen long equity signals. That's been one
Speaker 5: of the best momentum plays this year till now. But
Speaker 5: you've also seen some changes in the commodity sector, so
Speaker 5: the copper trade, the positioning in gold, a lot of
Speaker 5: commodities has been long but has been dissipating, and then
Speaker 5: this month you've seen suddenly now energy is moving upwards again.
Speaker 5: So there's this disjoint in the commodity sector. Fixed income
Speaker 5: has been short most.
Speaker 6: Of the year except for now. Recently you're starting to
Speaker 6: see that pivot.
Speaker 5: The US dollar again a tricky one has now been
Speaker 5: rallying again. We can talk about that, but in general,
Speaker 5: it does feel a little bit like a pivot or
Speaker 5: an inflection for current trends into what could be the
Speaker 5: trend going in the second half of the year.
Speaker 4: So I mean, broadly speaking, Katie, the folks you talk to,
Speaker 4: Is it a risk on environment? Do why would be
Speaker 4: long stocks, bonds things like that? Or are people just
Speaker 4: too concerned here about where the global economy is going.
Speaker 5: So this is a very good question because before June
Speaker 5: my answer would be yeah, it's pretty risk one with
Speaker 5: the exception of short fixed income positioning. But this month
Speaker 5: we have seen several synchronous sell off periods for some
Speaker 5: of the prevailing trends, and we've seen some consistent risk
Speaker 5: off days, meaning that people are running to bonds when
Speaker 5: things are looking bad. And I think this is an
Speaker 5: indication that they're actually starting to get concerned about some
Speaker 5: of the weaker data, particularly on the economic side. And
Speaker 5: so to me, it feels like sentiment has shifted some
Speaker 5: in the markets and the signals are adjusting to that.
Speaker 4: So in the fixing can market, Katie, do you want
Speaker 4: to just I don't know, sitting it to your treasury
Speaker 4: you can get close to five percent yield? Or do
Speaker 4: you want to take some credit risk on here? And
Speaker 4: if so where?
Speaker 6: Oh, that's a good question.
Speaker 5: I mean, I think a lot of in terms of
Speaker 5: the credit space is not something we are focused on.
Speaker 5: But what you have seen is that you know there
Speaker 5: is this trade off between locking in that higher yield
Speaker 5: if you do think that rates are going to come down.
Speaker 5: So I think a lot of investors are also considering that, like,
Speaker 5: could this be the moment if things do calm down?
Speaker 5: And so if you're seeing a significant enough spread in
Speaker 5: a credit product, that may make sense. But of course
Speaker 5: there's always issue that if we do actually see a
Speaker 5: longer time to get lower rates, their substantial volatility around
Speaker 5: the bond positioning in general.
Speaker 2: Right now, should we go double honor? Sure? Okay, ladies
Speaker 2: and gentlemen. For the first time ever on Bloomberg Surveillance,
Speaker 2: Brownian motion in drift function with Katie Kaminski. Katie, I
Speaker 2: look at bitdog and I can't find a legitimate time series.
Speaker 2: This is Hamilton, folks, out of University California, San Diego.
Speaker 2: It doesn't drift within a random sense like most time series.
Speaker 2: Can you chart? Can you get actual time series motion
Speaker 2: out of bitcoin? Well?
Speaker 5: I mean I think so, because bitcoin just has way
Speaker 5: more volatility. So I think you just got to have
Speaker 5: a different input function to that drift process. And notoriously,
Speaker 5: it's difficult to estimate the mean of a Brownian motion.
Speaker 6: It's easier to estimate the ball.
Speaker 5: So I'd say that, you know, you can definitely be
Speaker 5: sure that you're going to have much higher volatility in
Speaker 5: those type of assets, right, not to mention the fact
Speaker 5: we don't have as much data that haven't been around exactly.
Speaker 2: Is it maturing though? And on the Kaminsky Mit timeline,
Speaker 2: when does bitcoin start to drift like Microsoft or Sweeney
Speaker 2: algamated the metal company out in a Jersey.
Speaker 6: Well, I think that's what you know.
Speaker 5: Initially, people like to think that something is so different,
Speaker 5: and it's not. It's different from everything else. And I
Speaker 5: think that bitcoin has really shown as an asset. It's
Speaker 5: just a highly volatile asset, but it does have drift
Speaker 5: and it does behave in some sense less like a
Speaker 5: you know, risk off asset, less uncorrelated to stock markets
Speaker 5: than anything else. So people thought, oh, this is totally different.
Speaker 5: It's an uncorrelated process. But it actually does have a
Speaker 5: lot of inputs to people's demand because who's buying it,
Speaker 5: people buy it, Therefore.
Speaker 6: It's still connected to the general economy.
Speaker 4: Was this too much for Friday?
Speaker 2: Katie commits can go away with Alpha Simplex. There are
Speaker 2: Brownie in Motion and bit Dog. I love that I mean,
Speaker 2: we're gon frame that right right there, Katie commitsy just
Speaker 2: truly outstanding. This is a wonderful conversation now and we pause,
Speaker 2: and I'm going to do my annual lecture. It's summer.
Speaker 2: You have kids at home, they're in high school, they're bored.
Speaker 2: They're in college, they're bored. They're out of college, they're bored.
Speaker 2: You start screaming Daniel Kurt's Falin, Daniel Kurtz Fhalin, and
Speaker 2: you throw a subscription to Foreign Affairs Magazine at them
Speaker 2: and say they don't get lunch money for the next
Speaker 2: Gen and Tonic until they read two articles joining us
Speaker 2: from foreign fairs. Always might read it the summer, Daniel
Speaker 2: Kurtz Phalen, Daniel, congratulations on the issue, and you brilliantly
Speaker 2: frame out Biden and Trump foreign policy with Ben Rhodes
Speaker 2: In O'Brien of the Trump administration. Tell me the distance
Speaker 2: between those two articles.
Speaker 7: Yeah, thanks Tom. First of all, for the new the
Speaker 7: new marketing pitch. I'll send it over to our business.
Speaker 7: See what they think.
Speaker 2: I mean.
Speaker 7: I think that there are a lot of fascinating things
Speaker 7: as you read through these two articles you have I
Speaker 7: think Robert O'Brien, who is the last national advisor in
Speaker 7: the Trump administration, laying out probably in more detail and
Speaker 7: more specificity than we've seen from anyone in the Trump camp,
Speaker 7: what a second Trump term would do. And then Ben Rhodes,
Speaker 7: who was one of the most senior foreign policy advisors Obama,
Speaker 7: kind of laying out I think a slight difference from
Speaker 7: the Biden administration, but you know, broadly sympathetic to the immigration.
Speaker 7: And what's kind of fascinating about both of them is
Speaker 7: they both are kind of reacting to a sense of
Speaker 7: failures of American foreign policy and proceeding decades that they
Speaker 7: go in slightly different directions. Brian, you know some of
Speaker 7: the hawkish impulses that you get from Trump at a
Speaker 7: very very high level, you know, in a kind of
Speaker 7: very abstract way in some sense, with a lot of specificity.
Speaker 7: So he talks about going back to testing nuclear weapons,
Speaker 7: something we haven't done actively in a long time, fold
Speaker 7: decoupling with China and really ramping up pressure there.
Speaker 2: That's where I wanted to go. Daniel, your claim is
Speaker 2: still will Onto Marshall in our distance from China, and
Speaker 2: I'm going to say nineteen forty eight nothing's changed, right,
Speaker 2: these two candidates really want a distance from China, right.
Speaker 7: That's exactly right. And just to flag one other thing
Speaker 7: in the issue. You know, Tom, we had talked in
Speaker 7: the past about and Escay. We ran by Matt Pottinger,
Speaker 7: who was the kind of chief Chinahan in the Trump administration,
Speaker 7: and Matt Gallagher, former Republican congressman who ran the China Subcommittee,
Speaker 7: laying out a really hardline policy, hardline strategy against China
Speaker 7: that included call for really weakening the Chinese Communist Party.
Speaker 7: They it's regime change has become a dirty word because
Speaker 7: of its association with the Rock and American foreign policy,
Speaker 7: but they call for trying to change the nature of
Speaker 7: power in China. And there's an exchange between Pottinger and
Speaker 7: Gallagher on the one hand, with rush Doshi, who just
Speaker 7: left the Biden administration working on China policy. What's really
Speaker 7: amazing is how much agreement there is. So they split
Speaker 7: on that question of weakening the regime, but there's a
Speaker 7: lot more agreement than disagreement, which I think reflects where
Speaker 7: we are on the China debate.
Speaker 4: Daniel, if you're President Biden, you're obviously an election year.
Speaker 4: What are the to do list for President Biden here
Speaker 4: in an election year. From a geopolitical perspective, You've got China,
Speaker 4: You've got obviously the Middle East, and you've got Ukraine.
Speaker 4: What's the strategy here, do you think?
Speaker 2: Yeah?
Speaker 7: I mean it's it's it's not a moment where you
Speaker 7: envy people are kind of sitting in the in the
Speaker 7: US government trying to manage these three crises. You know,
Speaker 7: I think what they're trying to do on China, which
Speaker 7: you know, remains, as we've talked about in the past,
Speaker 7: the really the kind of framing the dominant issue for
Speaker 7: American foreign policy, even in with with other crises and
Speaker 7: hot wars going on. I think on China there's this
Speaker 7: desire to just keep it as calm as possible for
Speaker 7: UH through November. So Chi Jimpang and Joe Biden met
Speaker 7: in San Francisco in California last last November, and it's
Speaker 7: not that they settled any of the really deep fissures
Speaker 7: and tensions in the relationship, but they did basically say, look,
Speaker 7: let's let's let's clumb this right now. We both have
Speaker 7: reasons for doing it. The Chinese economy, as you all know,
Speaker 7: extremely well is in terrible shape, so there's a mutual
Speaker 7: interest in not stirring the pot too much at this moment.
Speaker 7: But it doesn't really solve any of the basic issues.
Speaker 7: So I think Biden would like to keep that at
Speaker 7: a low boil even as he finds some way to
Speaker 7: to get through what are still these kind of you know,
Speaker 7: frozen terrible status quos in both Gaza and Ukraine. So
Speaker 7: the Hail Mary and Gaza is of course a Saudi
Speaker 7: normalization deal. They're still pursuing really aggressively, which you know
Speaker 7: what the odds of that are. It's really hard to say.
Speaker 7: It seems like seems like a long shot to me,
Speaker 7: but it would really be transformative, similar in Ukraine, hoping
Speaker 7: that the battlefield shifts a bit and things don't look
Speaker 7: quite as grim as they do right now.
Speaker 2: I got to leave it there, Daniel Chris Fahn, thank
Speaker 2: you so much. With foreigners affairs, I can't say enough
Speaker 2: about it. From school, Lisa, what do you have?
Speaker 3: All right?
Speaker 1: We wh are we talking about? Missing out on that?
Speaker 1: Nvidios stock right? The big Yeah? Tom So SoftBank CEO
Speaker 1: Masi Yoshi's son. He's known for some of the most
Speaker 1: successful investments in technology history. But he made that mistake. Okay.
Speaker 1: At the company's shareholder meeting, he talked about missing out
Speaker 1: on one hundred and fifty billion dollars after selling in
Speaker 1: video shares in twenty nineteen. Okay, so you have the breakdown.
Speaker 1: It was SoftBank's Vision Fund. They sold an entire four
Speaker 1: point nine steak in Nvidia. They booked a three point
Speaker 1: three billion return on the investment, so it seemed like
Speaker 1: a good thing because they spent about seven hundred million
Speaker 1: for the steak. But if he had held on to
Speaker 1: that in Vidia steak, it would be worth around one
Speaker 1: hundred and sixty billion dollars today.
Speaker 2: There will be a biography Linel Barber, who wrote the
Speaker 2: ft for years. Lionel Barber out with a one volume.
Speaker 2: I think it's the beginning of the year Gambling Man,
Speaker 2: The Secret Story of Masa yoshiks Son. I don't have
Speaker 2: a really informed opinion.
Speaker 4: There's some big winners and some big losers.
Speaker 1: You nailed that a big steak and arm and Alibaba,
Speaker 1: so that's not too bad. O. What else you missed?
Speaker 1: The train?
Speaker 6: Okay?
Speaker 1: Taylor Swifty on me has landed in Europe. Tom, Yes,
Speaker 1: the European summer tours kicked off today. Actually she's performed
Speaker 1: the first of eight shows at London, London's Wembley Stadium.
Speaker 4: Seven hundred thousand shows at Wembley.
Speaker 1: Seven hundred thousand people expected to see that show all Americans.
Speaker 1: So that's the thing. A lot of Americans flying in,
Speaker 1: spending money, airport, hotels, restaurants, you name it, spending money
Speaker 1: down there, all right.
Speaker 2: So there's a photo there, Amma's sitting next to Stephanie
Speaker 2: rule of MSN. What you know, lizz Ane Saunders is
Speaker 2: like three rows over come on continue.
Speaker 1: But they're saying you put a straight on inflation because
Speaker 1: when she comes in, everybody raises the prices, you know,
Speaker 1: and for the hotel, for the restaurants.
Speaker 2: Everything, so economic input has got to be just extraordinary.
Speaker 6: Keeps going, it keeps going.
Speaker 4: It is just I haven't seen anything like it again.
Speaker 4: It feels tom and I'll confer to you it feels like Beatlemania,
Speaker 4: just that whole I haven't felt anything or said anything
Speaker 4: like since Beetlemania.
Speaker 2: I'll go that. I will say. There's a lot of
Speaker 2: talk about she's put out too much product and the
Speaker 2: new album just is not the magic that we saw
Speaker 2: with Antonov in the National in the pandemic, and you
Speaker 2: know there's an eb and flow that happens to any artist, right,
Speaker 2: and I'm gonna cut her some major slack on that.
Speaker 2: But who's the Is there an opening act?
Speaker 1: That's a good question.
Speaker 6: Yeah, that would be a good gig.
Speaker 1: That's getting you some Okay, this one, Okay. It turns
Speaker 1: out men aren't the only one to benefit from viagara.
Speaker 1: A lot of doctors prescribing it for women. Okay, this
Speaker 1: is in the New York Times. I'm treading very carefully here, okay.
Speaker 1: But there's a lot of research. It shows how the
Speaker 1: drugs affect female arousal. It's limited, there's not much research
Speaker 1: on it, okay, but the doctor's been prescribing these pills
Speaker 1: and creams anyway. Telehealth companies are coming out with them,
Speaker 1: pharmaceutical companies looking for FDA approval for different kinds to
Speaker 1: market specifically to women. Is it worth it though? Okay,
Speaker 1: So the experts are saying stick with me here. Physical
Speaker 1: arousing women similar to a rectal did function because it
Speaker 1: has to do with blood flow. Okay, that's where that's
Speaker 1: as far as I'm going. But it's not a solution
Speaker 1: for everybody there it is. It's out there. Study show
Speaker 1: mixed results either way. The doctors are prescribing it for women.
Speaker 1: Why not there, I'm telling the New York Times.
Speaker 6: Has it there?
Speaker 1: All right, we'll go with it.
Speaker 4: It's different men, why not borderline?
Speaker 2: I don't know if you can say all that, but
Speaker 2: we did.
Speaker 1: There you go, okay, since we're heating things up, all right.
Speaker 1: So finally the new Bugatti. It's the hybrid. It has
Speaker 1: a powerful price tag four point one million dollars. Yes,
Speaker 1: it is called the turboullon. Okay, because it is the
Speaker 1: French word for whirlwind.
Speaker 6: You get a lot with it.
Speaker 1: You get the V sixteen powertrain, two electric motors, one
Speaker 1: on the front, one by the real axle, eighteen hundred
Speaker 1: horsepower hybrid power plant, speeds of two hundred and seventy
Speaker 1: six miles per hour. You have to check it on
Speaker 1: the terminal. It's a great article. The pictures are amazing.
Speaker 4: What I mean, Matt Miller's gonna pull up one of
Speaker 4: those any day now, I do totally.
Speaker 2: I mean, Katie Kaminski's getting ready to come on here,
Speaker 2: and she's setting up you're talking about the Dan Bagotti.
Speaker 2: She's such a hitter. She's taking notes. She's gonna be
Speaker 2: down at the local Bugatti dealer in Cambridge Banks.
Speaker 1: It looks it looks like and here here's the best
Speaker 1: part about it. It has this screen that pops out
Speaker 1: of the center. And guess what that screen has on it?
Speaker 1: Apple car Play?
Speaker 2: Are you kidding? Apple car plays into Bagotti. We love
Speaker 2: the Bagatti. Yeah. All I can say, folks that we
Speaker 2: get the numbers. We are humbled worldwide by what Apple
Speaker 2: car Play has done. She's no question about it. Is
Speaker 2: that the last one? Or would you like to go
Speaker 2: back to medicine?
Speaker 1: No?
Speaker 5: No.
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