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Speaker 1: Bloomberg Audio Studios, podcasts, radio news, the press conference last night.

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Speaker 1: I'll be honest, I watched every minute the truthless folks.

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Speaker 1: I rarely watch this stuff. I've got so many good

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Speaker 1: people telling me what happens that there's no reason for

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Speaker 1: me to watch it. But I made an exception last

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Speaker 1: night for this historic moment for all Americans of whatever

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Speaker 1: political persuasion you are. By chance today it wasn't an

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Speaker 1: overt chance, but we talked to two people. Between them,

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Speaker 1: I'm sorry, one ten undred and twenty years of experience

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Speaker 1: in our economics, finance, investment, international relations, and the culture

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Speaker 1: of Wall Street. Bob Hormat's was definitive at Gulden Sachs International,

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Speaker 1: taking on all sorts of public duties for the nation.

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Speaker 1: Ambassador Harmon's ended up working for Secretary Clinton and economics

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Speaker 1: a very active period, I would say, for the Secretary

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Speaker 1: and for the Under Secretary Robert Hormats. We talked about

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Speaker 1: China he just got back. We talked about this, We

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Speaker 1: talked about that, but I felt I had to have

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Speaker 1: a responsible question from the eighty one year old Robert Hormatz.

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Speaker 2: I'd make a broader point, which gets just what you're

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Speaker 2: saying that age really is not the central issue. The

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Speaker 2: issue for people, and I'm in my eighties is how

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Speaker 2: much energy you have and how you project yourself and

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Speaker 2: how well your mind works and your body works. So

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Speaker 2: I would say that all this emphasis on how many,

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Speaker 2: how old he is is not really the issue, and

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Speaker 2: people have to judge for themselves the other elements of age.

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Speaker 1: It was great to speak today, Josh Wingrove. You had

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Speaker 1: a question right near the end of the press conference

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Speaker 1: that brought the silence the room. I should say to silence.

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Speaker 1: Ann re Horden in attendance as well. An important interview

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Speaker 1: by anriy Horden today with the outgoing leader of NATO,

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Speaker 1: the former Prime Minister of Norway, Jen Stoltenberg. Just so

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Speaker 1: much going on into the weekend, and who knows where

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Speaker 1: we'll be Monday morning. Again, thank you to Margaret Brennan

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Speaker 1: of CBS Facecination for being with us. It's a wonderful

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Speaker 1: joy to have Facination on Bloomberg Radio Sunday afternoons at

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Speaker 1: two pm. That's become hugely popular for us. Lots going

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Speaker 1: on and on the markets, of course, turning back to

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Speaker 1: Wall Street, the oddity here of the quiet out there.

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Speaker 1: You see that in the Vix, which I quote a

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Speaker 1: lower number is a quiet. To get to fifteen is quiet.

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Speaker 1: We've been duration here at twelve, even dipping down to

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Speaker 1: the super quiet. The bull market of an old eleven

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Speaker 1: handle on the Vicks the quietest out there. But within

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Speaker 1: that are some of the excesses of Wall Street. George

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Speaker 1: Ball was definitive across Wall Street of a time ago.

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Speaker 1: George Ball formerly was E. F. Huttney. Here on modern

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Speaker 1: day Wall Street.

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Speaker 3: Wall Street is a very different path than the one

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Speaker 3: that I grew up in, and that's probably good. Everything evolves.

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Speaker 3: The retail investor now is much more into index funds,

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Speaker 3: and they're broader, much less involved in the frenzy of

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Speaker 3: individual stock trading, except and this is key to the

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Speaker 3: overwhelming volume in one day term options and very short

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Speaker 3: term options is really driving.

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Speaker 2: The market today.

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Speaker 3: And you can call that investment. It's not. It's pure speculation.

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Speaker 3: Is ambling, you know, and that's not constructor. I don't

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Speaker 3: think there's anything that can be done about it.

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Speaker 1: It was good to have Damian Sasar with me. We

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Speaker 1: talked about that. The whole speculation that's out there seems

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Speaker 1: like within the path to every crisis, there's a speculation unseen.

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Speaker 1: You wonder what the shadows are here. Not so much

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Speaker 1: you know, the gloom of end of the summer and

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Speaker 1: in the next into late twenty and twenty four, but

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Speaker 1: the shadows developing now for twenty twenty six or others

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Speaker 1: within our capitalism and the boom and bust that's never

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Speaker 1: going to go away from any of us. It's been

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Speaker 1: an extraordinary week. I'm going to keep it short. Today

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Speaker 1: we do six minutes of smart Well. We're gonna give

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Speaker 1: you a lesson that today. Because it's Friday, you've got

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Speaker 1: to move on. Thank you so much for tuning in

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Speaker 1: on YouTube, on Apple, CarPlay on Android, and really thank

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Speaker 1: you so much for the podcast project. All of this

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Speaker 1: bundled around Bloomberg Podcasts. You can subscribe out on YouTube

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Speaker 1: to Bloomberg Podcasts and of course AP podcasts leading the way.

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Speaker 1: We've been humbled by the charting of Bloomberg surveillance that

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Speaker 1: we see out there. We will go on to an

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Speaker 1: eventful weekend including David Weston's Wall Street Week, Joe Matthew

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Speaker 1: and Kaylee Lines with Balance of Power into the weekend

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Speaker 1: and in the next week and then it is on

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Speaker 1: to Milwaukee. On Apple Podcasts, it's single best idea