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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. A man

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Speaker 2: in lineum takes an accounting approach to fixed income. She's

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Speaker 2: in macro credit research at black Rock, which is an

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Speaker 2: important point, and that's important today, particularly with what we

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Speaker 2: see in markets. We're into some polop six. Was that

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Speaker 2: coed fifteen minutes, Amanda. I look at the way the

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Speaker 2: markets are moving, and there's got to be a signal here.

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Speaker 2: I got Atlanta GDP now off, good consumption yesterday, popin

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Speaker 2: a solid economy two point x percent, two point three,

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Speaker 2: two point four percent whatever. I got global deflation, disinflation.

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Speaker 2: I got a saggy IMF report. Within that arching theme,

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Speaker 2: why is it price up, yield down? Right now?

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Speaker 3: Good morning, Thank you for having me. All right, So,

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Speaker 3: this this environment of above trend growth has actually provided

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Speaker 3: a rally to lower quality within the corporate credit think

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Speaker 3: is important. It's mirroring what you're seeing in the equity market,

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Speaker 3: where you've had small caps outperform recently, and it's been striking.

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Speaker 3: I think one of the themes that we've had over

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Speaker 3: actually the past several months has been dispersion, but not

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Speaker 3: widespread market disruption. We've noted the importance of the growth

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Speaker 3: backdrop in giving corporates the ability to navigate a higher

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Speaker 3: car a lot of issuance. What's actually really interesting I

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Speaker 3: was reading through the large bank transcripts. They've basically said

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Speaker 3: that one Q and two Q both are a pull

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Speaker 3: forward from later this year. I think that makes a

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Speaker 3: lot of sense given the event risk. So we're tracking

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Speaker 3: at this pace well above last year's level, but it

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Speaker 3: seems there's an expectation from the large banks that that's

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Speaker 3: going to slow down in the second half of the year.

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Speaker 2: I mean, four point one eight percent on the ten

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Speaker 2: year yield, we're not that far from three point nine

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Speaker 2: to nine percent.

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Speaker 4: We're on that launch. I look at the go function

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Speaker 4: on the Bloomberg terminal for the Bloomberg Index browser far

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Speaker 4: and away high yield is a best performance this year

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Speaker 4: to dat it was similarly the last year as well.

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Speaker 2: People aren't too.

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Speaker 4: Concerned about an economic sloanaw and it doesn't seem like right.

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Speaker 3: And also the yield environment, the elevated risk free rate

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Speaker 3: gives you a bit of a cushion because you've got

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Speaker 3: an all in yield that is pretty attractive by historical standards.

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Speaker 3: So even if you do have ongoing normalization of losses,

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Speaker 3: which we're seeing across credit, consumer, commercial real estate right,

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Speaker 3: you're seeing that across a lot of different aceic classes,

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Speaker 3: it absorbs a lot of the ability. The one thing

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Speaker 3: I will say, though, it's really difficult to invest at

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Speaker 3: the index yield right, that the high yield market is

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Speaker 3: very bifurcated at the moment it has been for some

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Speaker 3: time where you've got a big chunk of the index

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Speaker 3: actually trading well inside of two hundred spread. Right, the

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Speaker 3: indexes at three to zero three or something like that,

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Speaker 3: you've got a big chunk of the indexes well tight

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Speaker 3: of that you've got a big chunk of the index.

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Speaker 3: It's actually kind of in distressed terrible. I would say

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Speaker 3: a smaller part of the indexes in distressed territory. It

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Speaker 3: all comes out kind of in the wash of an

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Speaker 3: index level metric, but it's hard to deploy capital there,

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Speaker 3: so it really does. I think that sweet spot of

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Speaker 3: single bees is probably where you want to focus because

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Speaker 3: outside of like that single bee range, it's actually quite tight.

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Speaker 4: So where else in credit do you find I'm not

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Speaker 4: sure if it's even value these exists, Yeah, I think.

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Speaker 3: I think floating rate products still offers a fair amount

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Speaker 3: of relative value. The curve is still inverted, so being

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Speaker 3: in short duration floating rate product does allow you to

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Speaker 3: pick up some yield. In the leverage finance market, this

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Speaker 3: trade off between leverage loans and highield has been very,

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Speaker 3: very topical. I would say on net it's still skews

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Speaker 3: in favor of leverage loans, but it's becoming more balanced.

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Speaker 3: Leverage loan market is one point four trillion in the US.

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Speaker 3: It's actually roughly the same size as the US highled

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Speaker 3: bond market, so it's for sure a sizeable institutional asset.

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Speaker 3: Claus for a lot of folks that want to build

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Speaker 3: in some structural protections, they'll migrate up into say Triple

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Speaker 3: A rated clos for example. But the technicals across credit

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Speaker 3: have been incredibly strong. So even though we've had a

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Speaker 3: lot of issuance, it's been extremely well absorbed, especially in

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Speaker 3: high yield and leverage loans where most of it's refinancing related.

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Speaker 3: It's not a lot of kind of leveraged m and A.

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Speaker 2: Can you explain why tech doesn't want to issue exceptionally

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Speaker 2: inexpensive bills, notes and bonds.

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Speaker 3: Well, I think that that industry, alongside certain parts of pharma,

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Speaker 3: it's already kind of cash rich, right, so they're generating

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Speaker 3: a ton of cash.

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Speaker 1: They have a lot of cash.

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Speaker 2: It's cheap.

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Speaker 3: Yeah, I mean, I do think if I'm a CFO

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Speaker 3: or treasurer, the prudent thing to do is to is

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Speaker 3: to build in some extra cushion in terms of refinancing

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Speaker 3: and pre funding maturities years in advance. In high yield,

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Speaker 3: for example, we're seeing corporates pre funding late twenty twenty

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Speaker 3: five and twenty twenty six maturities, so they're well ahead

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Speaker 3: of schedule, and I think it's prudent. I think that's

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Speaker 3: the right thing to do.

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Speaker 2: You go outside your remit. Then how do you respond

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Speaker 2: to the gloom crew because I'm not here in the

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Speaker 2: gloom crew from Amanda this morning, Well.

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Speaker 3: Yeah, I think the gloom crew exists in isolation. The

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Speaker 3: consumer is bifurcated. So in aggregate retail spending sales for

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Speaker 3: example yesterday, we're very strong and aggregate, but you are

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Speaker 3: seeing bifurcation within the consumer. You are seeing i would say,

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Speaker 3: pockets of stress. But for the past few quarters we

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Speaker 3: have not been in a recession kind of base case scenario,

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Speaker 3: so we've been pushing back against that as well.

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Speaker 2: Thank you for getting us started.

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Speaker 5: Mark.

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Speaker 2: We have to remind ourselves forget about when Milwaukee markets

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Speaker 2: are moving. Yep. Absolutely mand align them with us. This

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Speaker 2: summer of twenty twenty four, in journalism, there is no

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Speaker 2: one under greater scrutiny than brad Stone. He's editor of

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Speaker 2: Bloomberg business Week and he's done the impossible. He launched

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Speaker 2: a monthly Bloomberg business Week, and I do agree to

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Speaker 2: keep the name BusinessWeek. You have to from our childhood.

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Speaker 2: And he hit the ball deep the left field in

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Speaker 2: the red cermonology. Bradstone, it's over the wall, over the Turnpike,

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Speaker 2: over the cask and flagon with a thick, readable magazine

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Speaker 2: centered around Arnault and Louis Vautont and Tiffany and such.

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Speaker 2: To do it again a month later is extraordinary. And

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Speaker 2: last night mister Stone and his team launched a new

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Speaker 2: Bloomberg Business Week issue with Donald Trump on the cover.

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Speaker 2: Brad congratulations, before we get to the Trump interview on

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Speaker 2: Jerome Powell and so much. What is the thrust of

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Speaker 2: the new monthly Bloomberg Business Week? What does the Bradstone

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Speaker 2: message to your troops?

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Speaker 5: Well, first of all, Tom, thank you, and you know

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Speaker 5: I'm from Cleveland, so really that ball is landing on

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Speaker 5: East ninth Street. I appreciate it. Look, it's a monthly magazine.

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Speaker 5: We got twelve cracks at that cover story a year.

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Speaker 5: We want an iconic business leader or political leader or personality,

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Speaker 5: business personnality on that cover. We're aiming high. So yeah,

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Speaker 5: Bernard Ornaut was setting the standard with the first issue.

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Speaker 5: Obviously the Olympics going to Paris, and he's one of

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Speaker 5: the wealthiest people in the world, very poorly understood. For

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Speaker 5: the second issue, we put letters out to both campaigns

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Speaker 5: asking for time with each candidate. The Trump campaign responded,

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Speaker 5: and I went down there with Mario Parker or wonderful

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Speaker 5: the editor, Nancy Cook and Josh Green.

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Speaker 2: What was this the distinction? What did you learn from

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Speaker 2: mister Trump? What was the singular surprise in Florida?

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Speaker 5: Well, I mean there, well, we can get into the

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Speaker 5: details of what he said. But you know, of course

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Speaker 5: I had never I had never met President Trump in person,

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Speaker 5: and I have to say, you know, when you put

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Speaker 5: him in front of a camera or in front of

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Speaker 5: a crowd, you know, he speaks with a great sense

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Speaker 5: of grievance, particularly with regards to the media. And I

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Speaker 5: think the biggest surprise was in person. He's solicitous, you know,

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Speaker 5: he tries to play the host. He you know, was what, look,

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Speaker 5: this is no great insight into the psychology if someone

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Speaker 5: we've all been studying for over a decade, but he

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Speaker 5: wants people to like him. He I showed him the

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Speaker 5: our note Coomer, and he wanted to know if our

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Speaker 5: no had said anything about him, if he if he

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Speaker 5: was on his side, so to speak. And of course

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Speaker 5: I told him that I'd written two books about Amazon

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Speaker 5: and Jeff Bezos, and he wanted to know.

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Speaker 2: Was gone, well yeah, well no no.

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Speaker 5: In the interview, of course, he rails against the Washington Post.

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Speaker 5: As I was chatting with him afterwards, he wanted the things

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Speaker 5: that he wanted to know if Lauren Sanchez Bezos's fiance

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Speaker 5: was a Trump fan, so that that might tell you

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Speaker 5: a little bit more about you know, he's calculating who's

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Speaker 5: on his team and who's not.

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Speaker 4: Brad, what did you learn about what the president may

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Speaker 4: envision if he were to get a second term?

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Speaker 5: Right, and back to times first question. You know, our

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Speaker 5: lane is business and the economy, and so we went

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Speaker 5: down there with a very specific mission to ask him

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Speaker 5: about Trumpanomics, what it meant, what his plans were beyond

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Speaker 5: you know, some of the very broad strokes that have

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Speaker 5: allowed proxies to come in with things like Project twenty

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Speaker 5: twenty five or a white paper saying that he would

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Speaker 5: curb the independence of the Federal Reserve. And in some

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Speaker 5: respects he corrected the record. You know, he said Jerome

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Speaker 5: Powell that he'd let him serve out his full term

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Speaker 5: to May twenty twenty six as chairman. You know, he

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Speaker 5: kind of caveat of that if I'd like what he's doing.

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Speaker 5: He said that he'd want he could consider Jamie Diamond

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Speaker 5: for treachery secretary. And then in terms of the broad strokes,

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Speaker 5: you know, it's a it's an unorthodox economic plan because

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Speaker 5: he's attacking inflation. But then he talks about ten percent

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Speaker 5: tariffs across the board, maybe one hundred percent tariffs for China,

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Speaker 5: lowering the corporate tax rate, he said, even maybe at

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Speaker 5: a fifteen percent. He liked big, big round numbers, shutting

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Speaker 5: down immigration at the border, which would of course tighten

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Speaker 5: an already tight labor market and maybe raise wages and

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Speaker 5: then potentially raise prices. So you know, there's some contradiction there.

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Speaker 4: Where is corporate America do you think visa Donald Trump

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Speaker 4: or maybe how does Donald Trump view corporate America and

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Speaker 4: the support that he Are they on his team? Are

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Speaker 4: they not on his team?

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Speaker 2: Yeah? Thanks, Paul.

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Speaker 5: I mean we so, first of all, we did ask him,

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Speaker 5: and I have to say, this was June twenty fifth

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Speaker 5: in mar A Lago, so two days before the debate

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Speaker 5: and almost two weeks before the assassination attempt, and at

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Speaker 5: the time you really had no one and we quizzed

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Speaker 5: him on that. He kind of bristled. He said that

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Speaker 5: the meeting with the Business Roundtable, despite what had been

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Speaker 5: reported was a love fest. He said, they like you

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Speaker 5: when you're leading, which was an interesting sort of glimmerus

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Speaker 5: self awareness from him. But you know, in terms of

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Speaker 5: where they are, I think there are two places. One

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Speaker 5: there's kind of explicit and contrariant support among some business

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Speaker 5: leaders in Silicon Valley, like Elon Musk recently. And then

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Speaker 5: there's quiet and I wrote my editor's letter about this

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Speaker 5: and other than you know, some some maybe brave, braver

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Speaker 5: individuals you know, Read Hoffman, the executive chairman of LinkedIn,

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Speaker 5: et cetera. They're keeping their nose down because this is

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Speaker 5: a president who was, you know, a bit vindictive towards

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Speaker 5: perceived enemies. And he still brings up Mark Zuckerberg of

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Speaker 5: Facebook because he believes he got wrong by Zuckerberg after

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Speaker 5: January sixth when he was kicked off the platform. So

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Speaker 5: there's really no game in it for business leaders to

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Speaker 5: kind of take aside, particularly if they're running a big

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Speaker 5: public company and have an obligation to the shoreholder.

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Speaker 2: Right, we got to get you in for like a

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Speaker 2: one hour interview, three hour interview. Any questions. Let me

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Speaker 2: go back to James Diamond brat your take care and

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Speaker 2: of course with your world class ownership of the Amazon story.

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Speaker 2: I've sat seven feet behind Donald Trump. Is he spoke

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Speaker 2: to the business elite of Wall Street at the Economic

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Speaker 2: Club of New York. You're telling me, Secretary Diamond is

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Speaker 2: going to listen to Donald Trump? Help me with that.

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Speaker 5: Well, you know, it's funny because one of the things

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Speaker 5: that he did say when we said, you know, what

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Speaker 5: would be different this time around with the suggestion that

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Speaker 5: you know, he sort of you know, killed himself with

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Speaker 5: his own chaos and you know, and unpredictability the last

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Speaker 5: time around, and his big revelation was, well, this time,

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Speaker 5: I know everyone, I'm more experienced. And he even said that,

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Speaker 5: you know, he made some mistakes last time, that he

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Speaker 5: selected some people, and of course now we know who

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Speaker 5: they are, leading right up to the former vice president

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Speaker 5: who ultimately were not with him and surrounding sycos. So

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Speaker 5: I do think it's the good you know, he look,

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Speaker 5: this is what he said that Jamie Diamond, you know,

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Speaker 5: he'd wanted him into his administration, or Glenn Younkin. But right,

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Speaker 5: it's a great question. Why would they do that considering

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Speaker 5: where so many of those Cabinet members ended up last time.

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Speaker 2: Are out, Bret, Thank you so much. James Stravitas, he

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Speaker 2: joined the US Navy when it was the least popular

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Speaker 2: thing to do. When our modern lifetimes, I'm going he

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Speaker 2: guests nineteen seventy five. His first ship was out of

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Speaker 2: San Diego with the Padres in the background, went across

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Speaker 2: the Pacific Ocean and beyond. He's a former Supreme Commander

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Speaker 2: of NATO. Too short a visit today with James Travitas.

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Speaker 2: I want you to discuss, James. I don't know if

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Speaker 2: you heard it, but as we were coming into us,

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Speaker 2: speaking of the Chicago Tribune, isolationism, which is comfort for

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Speaker 2: Senator Vance, explain to Republicans that isolationism just doesn't work.

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Speaker 6: Three reasons. One, let's look at history. Late twenties. We

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Speaker 6: tried this. We walked away from the League of Nations.

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Speaker 6: We built enormous tariff barriers, the hally smooth tariffs. We

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Speaker 6: isolated from the world.

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Speaker 2: How did that work out?

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Speaker 6: We cracked the global economy. You can drop a plumb

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Speaker 6: line to fascionsm So history is instructive. Number Two, we're

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Speaker 6: so globally interconnected economically that trying to simply walk away

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Speaker 6: from the world in a geopolitical sense, will crack those

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Speaker 6: relationships and leave Russia free to operate and do what

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Speaker 6: it wants to quote somebody in Europe or China to

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Speaker 6: do the same. So the trade, the economics, and third,

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Speaker 6: and maybe most important, it's the values. If we isolate ourselves,

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Speaker 6: the jungle will grow back, and democracy, liberty, freedom, all

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Speaker 6: of the things we cherish will be at risk. I

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Speaker 6: think those are the three key arguments.

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Speaker 4: Tom So admirl, what is your view at this stage

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Speaker 4: about how a second Trump presidency would unfold in terms

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Speaker 4: of you know, some of our geopolitical military policies.

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Speaker 2: Well, we just discussed.

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Speaker 6: The big concern would be isolationism, would be anti interventionism,

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Speaker 6: if you will, a sense that hey, let's just come home,

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Speaker 6: let's not worry about the world again.

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Speaker 2: We've tried that. It won't work.

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Speaker 6: It fails in a number of reasons. So isolationism concerns me.

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Speaker 6: Second is the generally erratic nature of foreign policy, and

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Speaker 6: Trump won one minute we're going to attack North Korea.

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Speaker 6: Little rocket Man is enemy number one. The next minute

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Speaker 6: we're doing love letters with President she of China. We're

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Speaker 6: erecting big tariff barriers. But right before that he comes

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Speaker 6: to mar A Lago for a wonderful friendly dinner. All

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Speaker 6: of that erratic behavior I think is very concerning. And

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Speaker 6: then third and finally it's and it's connected to the

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Speaker 6: first one. It's the divisiveness that this will probably engender

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Speaker 6: here at home, which weakens us abroad.

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Speaker 2: Ed. And the time we've got left with you, it's

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Speaker 2: easy to go to Ukraine. We'll do that with you.

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Speaker 2: I hope we can get another conversation on Ukraine soon. Edmalstavetas.

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Speaker 2: I want to go to the real world. And this

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Speaker 2: is the Stravitas world. It's not the romance. It's like

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Speaker 2: a hundred degree heat and you're on the ocean. You're going,

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Speaker 2: Where am i, Jim. It's the exercise Tiger Triumph twenty

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Speaker 2: twenty four between India and the United States of America

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Speaker 2: and the middle of nowhere in the India Ocean. And

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Speaker 2: the answer is, we've got people at risk. They're the

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Speaker 2: fifth Marine Expatory ex Expeditionary Unit, thea P eight, a

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Speaker 2: Poseidon Maritime Patrol, etc. I'd suggest most Americans don't even

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Speaker 2: understand we're in the Indian Ocean.

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Speaker 6: The Indian Ocean is going to be a key economic area.

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Speaker 6: India is growing powerfully. When the history of this century

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Speaker 6: is written two hundred years from now, it won't be

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Speaker 6: about the rise of China, It'll be about the.

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Speaker 2: Rise of India.

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Speaker 6: So the more the United States operates, engages with India,

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Speaker 6: and by the way, brings along Japan and Australia to

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Speaker 6: create that quad alliance structure in.

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Speaker 2: The Pacific, the better off. Okay, I think, well, I'm

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Speaker 2: going to interrupt because we're running out of time. Admiralstavite Is,

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Speaker 2: It's simple, You're going to bring along Japan. How do

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Speaker 2: you bring along the Republican Party.

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Speaker 6: Well, I'll say it's easier to bring along Japan because

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Speaker 6: they're facing real threats right in front of them from

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Speaker 6: China and North Korea. The way you bring along the

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Speaker 6: Republican Party is doing exactly what we're doing now. Tom

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Speaker 6: is having the conversation. It's persuasion. It is showing the

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Speaker 6: facts and doing it all in a civil, sensible way

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Speaker 6: that gets us out of this politics of violence and

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Speaker 6: back to a politics of intellectual discussion and policy.

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Speaker 2: James Trevitus, thank you so much. Okay, Lisa the YouTube

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Speaker 2: world everybody online. Yet they want to know, are you

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Speaker 2: playing pickleball?

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Speaker 1: Yeah? You know what, I haven't tried it. I'm not

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Speaker 1: even a tennis person, but I hear it's very good exercise.

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Speaker 4: I don't know that's it seems to be. It's easy

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Speaker 4: to play, easy to be competitive, and that kind of thing.

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Speaker 2: So, I mean, it's not like tennis where you go.

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Speaker 4: Tennis folks are I hope they're very concerned because they're like,

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Speaker 4: it's taken over all sports.

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Speaker 1: Yes, but it's like this battle between my mom's a

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Speaker 1: tennis player and pick a ball shot, Like, come.

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Speaker 2: On, so what do you have today with our newspapers?

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Speaker 1: Okay? Uh this, Paul has a big one for you.

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Speaker 1: Disney exploring ways to be a little bit more like Netflix.

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Speaker 1: So their goal not just to attract more subscribers to

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Speaker 1: like Disney Plus, Hulu, ESPN Plus, but also to get

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Speaker 1: them to spend more time watching how watch. Yes, they

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Speaker 1: want them to stay on longer. So how they're going

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Speaker 1: to do that. They're going to have some live channels

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Speaker 1: that are going to be introduced for people who can't

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Speaker 1: decide what to watch, and then for viewers who sometimes

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Speaker 1: I do this, but you bail on a series in

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Speaker 1: the middle of watching it. You give up on it.

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Speaker 1: Now they're going to start sending you reminder emails like Hey,

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Speaker 1: You're going to be haunted by the reminder emails like hey,

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Speaker 1: you stop watching this series? You know, Mandalorian whatever, time

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Speaker 1: to come back, So expect that in the next six months.

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Speaker 2: Well to that beautiful summary from Lisa, they're just desperate,

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Speaker 2: that's all there is to it.

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Speaker 4: Well, I think they're trying to They're desperate to try

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Speaker 4: to get to the profitability in the margins of Netflix.

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Speaker 4: One of the ways you're going to get there is

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Speaker 4: through advertising. And so, as you know, Tom, advertising is

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Speaker 4: your total audience and how much time they kind of

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Speaker 4: spend your on.

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Speaker 2: Your I'm a huge everybody knows, and I'm just beyond honored,

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Speaker 2: folks at the time spent listening data that my vast

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Speaker 2: management staff is giving me. I mean, I'm humbled by

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Speaker 2: time spent listening of Bloomberg Surveillance. What do you got next?

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Speaker 1: Okay, this one is going to get you fired up.

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Speaker 1: I know it. Okay. Amazon is cracking down on coffee badging.

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Speaker 1: So you know what coffee badging is. It is when

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Speaker 1: an employee badges in, they get a cup of coffee,

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Speaker 1: and then they badge out just to say that they

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Speaker 1: made the mandate. You know, they came in.

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Speaker 2: Bar used to do that. Just everybody knows this. Michael

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Speaker 2: Barr sits closer to mister Bloomberg, yes, than anyone in

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Speaker 2: the company. And Mike one day cock bar.

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Speaker 4: Coffee badge, he comes in and who went away? Michael

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Speaker 4: bar gets badges into two A and maybe badges out

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Speaker 4: of two forty five?

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Speaker 2: Are you kidding me?

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Speaker 1: Yes? So this is business Insider, But now they're changing it.

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Speaker 1: So now what Amazon is telling their employees is that

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Speaker 1: they want you to stay a minimum of two to

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Speaker 1: six hours per visit. So they're putting they didn't have

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Speaker 1: this out of control.

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Speaker 2: You're like, like, the only legitimate manager in the room,

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Speaker 2: folks is p. Sweeney. So we're down to return to office.

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Speaker 2: It's a two hour workday. That's what is that?

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Speaker 4: What Amazon? For Amazon? I guess, I mean, what happened

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Speaker 4: to the eight hour day?

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Speaker 2: Is that?

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Speaker 1: And I also I don't know what happened.

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Speaker 2: To you come out of college? Yes, you want to go.

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Speaker 2: You're in the office five days a week and your

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Speaker 2: short day is nine and a half hours exactly. It's

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Speaker 2: like religion.

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Speaker 4: I mean, if you get out in time that the

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Speaker 4: bars are still open, they can get a beer with

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Speaker 4: your friends before it's like two am.

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Speaker 2: They with this terrible assassination attempt. I did a sixteen

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Speaker 2: hour day and one of the young kids is like,

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Speaker 2: oh my god, are you okay? And I said, we

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Speaker 2: used to do this, you know, not every day, but routinely.

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Speaker 2: We used to do.

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Speaker 1: Yeah, double ship, double ships.

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Speaker 4: I would do next hybrid.

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Speaker 2: We're fired up?

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Speaker 1: No I know. Oh, this one's going to continue getting

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Speaker 1: all fired up. Okay. This one is from the Wall

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Speaker 1: Street Journal. It has this insight into how shoppers are

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Speaker 1: hiding their purchases from their partners. So let's say, I

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Speaker 1: don't know, missus Keane goes on a shopping spree.

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Speaker 2: And let's pretend.

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Speaker 1: Let's pretend it talks about how said person would go

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Speaker 1: about hiding these packages. Okay, so some of the things

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Speaker 1: I do. They enter through the back door, they shove

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Speaker 1: the packages and the cold closet behind the armor and

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Speaker 1: the laundry basket, and then when the husband is asleep

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Speaker 1: or this could be the wife, they put away the hall.

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Speaker 1: So this is one of the things they're doing. They're

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Speaker 1: also putting things on and wearing them and just saying, oh,

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Speaker 1: you don't remember this. I've had it for like ten years.

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Speaker 1: I remember this pocket book. I've had it for like

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Speaker 1: five years.

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Speaker 2: I am so guilty of this.

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Speaker 1: Oh you do it?

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Speaker 2: Oh yeah, I just I just acquired Good Morning, Flint, Michigan,

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Speaker 2: a very rare, beautifully made Hofter Beetle bass. It's a

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Speaker 2: replica of the beetle bass that Paul McCartney lost. It's

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Speaker 2: the most desirable used guitar in the world, and this

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Speaker 2: is a replica of it. And that snuck in that

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Speaker 2: puppy stuff. Nothing. What do you got next?

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Speaker 1: And finally, yes, two weeks, almost less than two weeks

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Speaker 1: before the Paris Olympics, the mayor of the city did yes,

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Speaker 1: take a dip into the really yes. Yes, she wore

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Speaker 1: a wet suit. You what the put the goggles on.

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00:24:01,720 --> 00:24:04,159
Speaker 1: She did a mix of the crawl and the restaurant. Okay.

439
00:24:04,520 --> 00:24:08,280
Speaker 1: She was joined by some government officials, some local swimmers,

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00:24:08,320 --> 00:24:10,920
Speaker 1: and she said, this is Paris Mayor, and Hidalgo said

441
00:24:10,920 --> 00:24:15,000
Speaker 1: that the sen is exquisite. That's her exact words. As

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00:24:15,040 --> 00:24:17,439
Speaker 1: she was paddling in the water, but you know the

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00:24:17,440 --> 00:24:19,760
Speaker 1: background of it, right, The water tests in early June

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00:24:19,800 --> 00:24:22,160
Speaker 1: showed unsafe levels.

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Speaker 2: El elf in the Hobbit, who's the Harry Potter? Yes,

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00:24:27,520 --> 00:24:30,359
Speaker 2: the evil Elf. Yes, there's somebody out on YouTube, some

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00:24:30,480 --> 00:24:33,280
Speaker 2: snart video. Then the mayor gets out of the river

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00:24:33,400 --> 00:24:40,040
Speaker 2: and it's the it's the elf in the Hobbit, Katie Gryfield. Folks.

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00:24:40,040 --> 00:24:42,919
Speaker 2: Somebody said em and they said, is she really going

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Speaker 2: to have gust swimming the river? Sin? And I said no,

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Speaker 2: We're no. But are they going to swim? Are they

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Speaker 2: going to do it? I think?

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Speaker 5: So?

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Speaker 1: What are they going?

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Speaker 2: Are they going to have this?

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Speaker 1: The opening ceremonies are there, but are they swimming?

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Speaker 4: That is part of the race, the triathlon or whatever

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00:24:57,520 --> 00:24:58,840
Speaker 4: it is. Don't know yet, all right.

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Speaker 1: I we'll see, But the mayor's trying to say, hey,

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Speaker 1: if I didn't, everybody can do it.

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Speaker 2: Listen to Tale with the newspapers. This is the Bloomberg

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Speaker 2: Surveillance Podcast, bringing you the best in economics, finance, investment,

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00:25:10,800 --> 00:25:14,399
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00:25:14,640 --> 00:25:18,960
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00:25:19,119 --> 00:25:22,520
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00:25:22,560 --> 00:25:26,560
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00:25:26,600 --> 00:25:30,359
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00:25:34,320 --> 00:25:35,879
Speaker 2: Bloomberg Business app.