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Speaker 2: Now as you just talk de equities, we talked about
Speaker 2: snow and yield, Stephen Major joins his global head of
Speaker 2: fixed income research at HSBC. Mister Major appears with us
Speaker 2: because we will not discuss west Ham season and me
Speaker 2: it's the only it's the.
Speaker 3: Only reason he would come out.
Speaker 2: Steve Major, you have been, You've been the bastion and
Speaker 2: Steve Major of saying, yeah, yields are going to go higher,
Speaker 2: but then they're going to work their way back down.
Speaker 2: Is that trend in place yet where yields are going
Speaker 2: to come down from the recent eyes and particularly the
Speaker 2: real yield recent high.
Speaker 4: Yeah, I think we're seeing maybe the third or fourth
Speaker 4: peak in yields in the last couple of years. I mean,
Speaker 4: I've just written about this. It looks like a triple top.
Speaker 4: So any investor who bought in the last couple of
Speaker 4: years has been disappointed unless they were lucky on their timing. Really, so,
Speaker 4: I just think back in January this year, people were
Speaker 4: reluctant to go into fixed income because of the strong
Speaker 4: rally we had from October through December. But now you've
Speaker 4: got a chance to go again. So those that missed
Speaker 4: out the last few months, they got a chance to buy.
Speaker 4: I would challenge the mainstream narrative that inflation is a
Speaker 4: problem because I think the main exploration for the rising
Speaker 4: yields is actually down to growth. It's down to things
Speaker 4: that people didn't forecast, like population increases, fiscal large yes,
Speaker 4: that kind of thing. So I suspect the setup is
Speaker 4: quite fragile for growth going forward, and therefore there's potential
Speaker 4: for yields to fall quite a lot. I mean, if
Speaker 4: you want to look at it through the prism of
Speaker 4: what's priced in to the FED rate outlook, as you know,
Speaker 4: only a few months ago we were all talking about
Speaker 4: six or seven cuts. Now it's gone down to one
Speaker 4: or two. That's just how the market works. The forward
Speaker 4: rate is not a forecast. It can move a long
Speaker 4: way away from the center of gravity. So I suspect
Speaker 4: the probability of rate hikes is much less than the
Speaker 4: probability of rate cuts. Therefore, there is an that's symmetry
Speaker 4: in the setup. So if you enter ten year treasuries today,
Speaker 4: if yields go up one hundred basis points, you lose
Speaker 4: a couple of percent. If they go down one hundred
Speaker 4: basis points, you make out big time. So I think
Speaker 4: that's what matters. You are now paid to go into
Speaker 4: fixed income.
Speaker 5: So Stephen, I guess the question for a lot of
Speaker 5: folks is you know how much duration do I take?
Speaker 5: I mean, we can park somebody in a two year
Speaker 5: treasure and get down near five percent. There is that
Speaker 5: the trade? Or I want to go out a little longer.
Speaker 4: Well, yeah, two year is the safe trade, And I
Speaker 4: imagine some people it depends who you are. So I
Speaker 4: can understand why a retail investor would extend from owning
Speaker 4: bills to twos right here.
Speaker 3: But.
Speaker 4: There's also this idea that you need to take account
Speaker 4: of the opportunity cost. So the danger with owning twos
Speaker 4: is that you're going to regret it in two years
Speaker 4: time when they mature. What you need is tens or longer.
Speaker 4: So I've been recommending people go into the belly. I
Speaker 4: think duration is a much underrated concept here. Obviously I'm
Speaker 4: wrong if equities keep going up every week, and I'm
Speaker 4: wrong if the FED hikes again. But I'm just thinking
Speaker 4: about the balance of risks over the rest of the year,
Speaker 4: and I reckon yields go down.
Speaker 2: Stephen, you're in Hong Kong and you've got a real
Speaker 2: perception about the Pacific rim. I'm going to start with
Speaker 2: the generalization that China is buying gold. Are they buying
Speaker 2: less of our bills notes in bonds?
Speaker 4: Well, it's publicly available information. You can see the numbers
Speaker 4: for March that have just been released. So they have
Speaker 4: been reducing their holdings of dollar product so that they
Speaker 4: might have less treasuries, but they might have more of
Speaker 4: something else. I think it's it's again public clear information
Speaker 4: that the gold holdings have gone up in the private
Speaker 4: and public sector. What's interesting, though, is the entirety of
Speaker 4: the data. When you look at who owns the treasuries,
Speaker 4: about thirty percent are held overseas, and that number isn't
Speaker 4: going down. So for every foreign investor that's been reducing
Speaker 4: their holdings, there's someone else who's picking some bonds up.
Speaker 4: That has to be the case. So look at the
Speaker 4: European investors. For example, what Japan's doing is quite interesting
Speaker 4: because perhaps the official sector could be selling some dollars
Speaker 4: soon given the FX moves. But I think net net,
Speaker 4: the overseas holdings are fairly steady.
Speaker 5: Tom stephen As, I think bout HSBC. I think complete
Speaker 5: global view. Where in a fixed income world do you
Speaker 5: see the best opportunities here? Is it the US ors?
Speaker 4: At other parts of the world, Well, I like emerging
Speaker 4: market sovereigns, and so we've been thinking about an interesting
Speaker 4: comparison between US high yield corporates and high yield emerging
Speaker 4: market sovereigns. Now in that group they'll be Egypt, Turkey, Omahan.
Speaker 3: For example.
Speaker 4: But you can get dollar denominated em sovereigns with a
Speaker 4: really decent yield right now. So I think they compare
Speaker 4: quite nicely to corporate high yield. And I think globally,
Speaker 4: I would would look at duration as being quite attractive
Speaker 4: in Europe as well as the US. In fact, in
Speaker 4: fact the last three months we've favored taking more duration
Speaker 4: exposure in Europe than the US, and that's because we
Speaker 4: think the ECB and or the Bank of England are
Speaker 4: going to cut before the FED. But I think that's
Speaker 4: becoming a bit of a consensus view. It wasn't at
Speaker 4: the start of the year. But it doesn't make it wrong.
Speaker 4: I think Europe cuts first.
Speaker 2: Steve just a minute left, what's a normal ten year
Speaker 2: real yield in the United States?
Speaker 3: We're at two points.
Speaker 4: Well, it should reflect yeah, it should reflect the trend
Speaker 4: GDP over time. So if you can get too you're
Speaker 4: above what the what the FED is forecasted as longer
Speaker 4: run TRENDEDYP.
Speaker 3: So you should be okay.
Speaker 4: If you want to compare the real yield to the
Speaker 4: longer run neutral rate or all Star or what have you.
Speaker 4: I still think you've got enough yield in the So
Speaker 4: the market yield is one hundred and fifty to two
Speaker 4: hundred above the Feds are start. The market yield is
Speaker 4: above the trend GDP, so so take your pick. There's enough.
Speaker 4: There's enough yield there right.
Speaker 3: Steve Major, thank you so much. Will they just be seen?
Speaker 2: And there's something when you have to come in and
Speaker 2: fill very large shoes.
Speaker 3: It's good to Redica.
Speaker 2: It was iconic at Morgan Stanley. He was such a voice,
Speaker 2: particularly with all the turmoil of Europe and Brexit and
Speaker 2: all that. And to come in and try to fix
Speaker 2: and replace Anskun to Rediker is a tough test. James
Speaker 2: Lord joins US now had a foreign exchange and emergency
Speaker 2: market strategy. It Morgan Stanley, you haven't advantaged, James Lord.
Speaker 2: You have Robbie Feldman in Tokyo Dovetail, your foreign exchange
Speaker 2: work with truly the number one English speaking expert on Japan,
Speaker 2: doctor Feldman of MIT in Tokyo Dovetail. Robbie Feldman and
Speaker 2: you together.
Speaker 3: An Yen Well.
Speaker 6: I mean you've just mentioned two of my heroes at
Speaker 6: Morgan Stanley, my former boss Andretica, who was all over
Speaker 6: the Dolly n trade when Abanomics first started in twenty thirteen,
Speaker 6: and Robbie Feldman, who is just absolutely fantastic on all
Speaker 6: things Japan.
Speaker 3: Obviously.
Speaker 7: I mean, I think has happened really.
Speaker 6: With the end this morning is that there are it
Speaker 6: looks as though the Ministry of Finance has has intervened.
Speaker 7: We don't know for sure, there's been no official confirmation.
Speaker 6: Of it, but given the volatility that we saw on
Speaker 6: Friday and then move in dolly En this morning, I mean,
Speaker 6: it certainly seems like the market conditions that they would
Speaker 6: intervene in.
Speaker 7: And yeah, we've seen it. We've seen a reasonable trae
Speaker 7: retracement since then.
Speaker 6: Right, Well, I think the big question is is whether
Speaker 6: it really works, right, I mean, I you know, there's
Speaker 6: very little evidence that effects intervention by by official authorities,
Speaker 6: whether central banks or ministries or finance, actually actually works.
Speaker 6: You kind of need to have a lot of the
Speaker 6: fundamentals lining up for it to really change. And I
Speaker 6: just I just think that really in the case of
Speaker 6: dolly En, the hands the direction of it is going
Speaker 6: to be really more in the hands of.
Speaker 7: J Powell rather than rather than anyone in Japan.
Speaker 2: Let me ask you just a general unsophisticated question.
Speaker 3: I do best on those on Monday. I'm really good
Speaker 3: at those.
Speaker 2: James Ward, If they and out of their piggy bank
Speaker 2: to intervene, what is the cost? Is it a substantial
Speaker 2: cost to Japan to intervene or not.
Speaker 7: Well, they have plenty of reserves that they can use
Speaker 7: to intervene in.
Speaker 6: And given that the kind of the fairly sporadic way
Speaker 6: or a relatively rare nature of these kind of interventions,
Speaker 6: so I think dipping into their piggy bank every now
Speaker 6: and then for these sorts of events is not is
Speaker 6: not hugely costly in the overall context of their reserve position.
Speaker 6: But I guess like you have to sort of think
Speaker 6: about the benefit, right, like, what are they what are
Speaker 6: they getting for the effort that they put in and
Speaker 6: the money that they spend doing it.
Speaker 7: And I'm not entirely sure that they get a huge
Speaker 7: lot huge amount.
Speaker 6: I mean, they can buy some time, right, the benefit
Speaker 6: is that they get some time where the market starts
Speaker 6: to stabilize, temporarily starts to reassess maybe people who are
Speaker 6: long dollar yen kind.
Speaker 7: Of justice the injuries for a little bit.
Speaker 6: But I don't think that the benefit is really is
Speaker 6: really there for the long time.
Speaker 2: Tip to tip on intervention if and I'm want to
Speaker 2: be careful your folks, Bloomberg does not report that there
Speaker 2: was an intervention by institutions in Japan. Mister Lord has
Speaker 2: made clear, that's their interpretation of Morgan Stanley.
Speaker 3: I want to be very careful on that, Paul.
Speaker 2: The yen strength tip to tip on this right now
Speaker 2: is about three.
Speaker 3: Point five percent.
Speaker 2: Okay, that's that's the ginormous move.
Speaker 3: That's like a normal day in the you know, name
Speaker 3: the Polish.
Speaker 5: Lot of here exactly, James. Why doesn't just for those
Speaker 5: of us that don't follow this day to day, why
Speaker 5: wouldn't this center bank come out and say that what
Speaker 5: they did or did not do number one? Number two?
Speaker 5: If they're out there buying yen, aren't they calling your
Speaker 5: trader Morgan stand there goldmen sacks same buy yen for me?
Speaker 5: Wouldn't you guys know? How does that all work?
Speaker 3: Oh?
Speaker 6: I think they'll go mostly by the local banks and
Speaker 6: by local jet banks. I mean not the if not
Speaker 6: the representatives of of foreign banks that are working in Japan.
Speaker 6: I think mostly that will be done by by the
Speaker 6: Japanese banks at least. That's the kind of history and
Speaker 6: and and the market color that that we get when
Speaker 6: when these sorts of events happen, and eventually you know,
Speaker 6: they will confirm it. I mean, I think at the
Speaker 6: end of the month, at the end at the end
Speaker 6: of May, they will report the official intervention data that
Speaker 6: gets that gets reported on a monthly basis, and in
Speaker 6: there we will see whether or not they've intervened.
Speaker 7: And I think, you know, maybe that kind of.
Speaker 6: Strategic ambiguity in the short term is helpful for them,
Speaker 6: because if they come out and say, actually, no, we
Speaker 6: we didn't intervene now, then you know, a lot of
Speaker 6: I think a lot of investors would see that as
Speaker 6: a green light to start buying some dollars again.
Speaker 7: And they and they clearly don't. They don't really want
Speaker 7: to do that.
Speaker 6: And if they, if they confirmed it now, then it
Speaker 6: would it would just result in a lot more questions
Speaker 6: about how much and is this going to be a
Speaker 6: new policy, And so I think for the time being
Speaker 6: they'll just let the market keep guessing and just wait
Speaker 6: for that official confirmation to come out at the end
Speaker 6: of May.
Speaker 5: All right, James, So, if I look at the Bloomberg
Speaker 5: Dollar Spot Index up about four percent, really off of
Speaker 5: that kind of late December mark. Here, if the dollars
Speaker 5: that strong, who's on the other side of that train,
Speaker 5: what currencies are getting hurt the most?
Speaker 6: Well, I mean, yen has been on the other side
Speaker 6: of it clearly for a lot of this year, and
Speaker 6: a lot of the low yielding currencies really have been
Speaker 6: the ones that have suffered the most, Right, I mean,
Speaker 6: we've been in an environment this year where, at least
Speaker 6: up until up until the end of Q one, we.
Speaker 7: Saw appetite for carriage carry trades were very very strong, right.
Speaker 6: I think we include the dollar in that, I mean,
Speaker 6: as the highest yielding G ten currency, it was performing
Speaker 6: extremely well against everything else that was pretty much lower
Speaker 6: yielding then it So euros obviously suffered a bit this year,
Speaker 6: Cables come under and started to come under a little
Speaker 6: bit of pressure.
Speaker 7: But then as we've started to see more and more
Speaker 7: evidence of.
Speaker 6: This reinflation in the the States, it has started to
Speaker 6: impact rates volatility, and it has started to impact effects volatility,
Speaker 6: and when that happy happens, car carry trades come under pressure.
Speaker 6: So even the lights of Mexican, Pesto, Brazilian around real
Speaker 6: they've started to weaken a little bit more meaningfully recently.
Speaker 6: So the dollar strength has really broadened out from what
Speaker 6: was just a low yield of trade to something that's
Speaker 6: had been a little a little bit broader.
Speaker 2: Where are we on dollar strength, I haven't asked this
Speaker 2: question in ages, but unlike trade weighted broad trade weighted
Speaker 2: major real trade weighted dollar. I'll let you pick the series,
Speaker 2: But is it how richly richly priced is US dollar
Speaker 2: right now?
Speaker 3: Yeah?
Speaker 6: I mean we're kind of close to multi decade highs
Speaker 6: really in the real if you take the FEDS trade
Speaker 6: weighted real build dollar index on a real basis, we're
Speaker 6: pretty much in multi decade highs. I mean, you know,
Speaker 6: we haven't quite I don't think in real terms, gone
Speaker 6: back to the level that we saw around October twenty
Speaker 6: twenty two, which incidentally was the last time the minute
Speaker 6: your Finance in Japan intervened like that was coming off
Speaker 6: of a long bear market for US treasuries rate hikes.
Speaker 6: Rate hikes have been priced in quite substantially, and we
Speaker 6: haven't quite got to that level on the broad on
Speaker 6: the broad doll I mean, this was when your dollar
Speaker 6: was kind of trading closer to parity and we had
Speaker 6: a lot more dollars.
Speaker 7: We haven't got back to those levels just yet.
Speaker 6: But yeah, I mean it's interesting that that was the
Speaker 6: last the Minister of Finance intervention in twenty twenty two.
Speaker 6: In October twenty twenty two did mark the peak of
Speaker 6: the dollar. I'm not sure it will be this time
Speaker 6: because I think we really need to see US inflation
Speaker 6: come down.
Speaker 7: But the parallel is there.
Speaker 3: James, I'm running out of time. Let me squeeze this in.
Speaker 2: President Trump and his supporters over the weekend talk about
Speaker 2: managing the dollar. Can any given politician or government manage
Speaker 2: the dollar?
Speaker 7: I think it's going to be really tough. I think
Speaker 7: it's really tough to do that.
Speaker 6: I mean, I think on the one hand, they coordinated
Speaker 6: effects intervention can work, obviously, the most famous example of
Speaker 6: being the Plaza record. So if the US was were
Speaker 6: able to convince this many trading partners to cooperate, then.
Speaker 7: Then that might then that might work.
Speaker 6: But if it's just the US pushing for it itself,
Speaker 6: I'm not sure that it's going to be that affected,
Speaker 6: particularly if it's not again consistent with the outlook for
Speaker 6: the US economy. If you if you continuously get strong
Speaker 6: inflation prints and clearly if you have a week of dollar,
Speaker 6: the risk is that invasion just stays high in the
Speaker 6: US for longer and the FED just keeps hiking, then
Speaker 6: then it will really blunt the impact of it.
Speaker 2: Very informative. Don't be a stranger. He's nicer than hands.
Speaker 2: Redicer Well, hands was sort of always sure, James Lord,
Speaker 2: thank you so much. With Morgan Stanley, it's been too long.
Speaker 2: Tina Fordham joins us right now with Fordham Global Force,
Speaker 2: so she's got some incredible perspective on geopolitics, and Tina,
Speaker 2: I really want to focus on what I haven't focused on.
Speaker 2: We're just to go near on Gaza. I saw a
Speaker 2: photograph over the weekend of the complete total serial like
Speaker 2: devastation of Gaza. What are they going to do down
Speaker 2: the strip in Rafa and how does diplomacy fit in
Speaker 2: to a further devastration of Israel of the geography.
Speaker 8: Well, you've laid out just how complex and depressing the
Speaker 8: picture is. There's no other word for it. We are
Speaker 8: hearing that the ICC, the International Criminal Court, is on
Speaker 8: the verge of issuing arrest warrants to Israeli Prime Minister Natanyahu.
Speaker 8: There are talks going on with Mohammed Ben Solomon and
Speaker 8: other officials in Riad on the sidelines of the World
Speaker 8: Economic Forum meeting there. And I guess it was Friday
Speaker 8: that the IDF, the Israeli Defense Force said that they
Speaker 8: were prepared to begin the offensive in in Rafa unless
Speaker 8: Hamas returns the hostages and aegreates to a peace deal.
Speaker 2: Paul wants to get in here. But I I ask
Speaker 2: a dumb question. If I'm in northern Gaza and they
Speaker 2: blow me out, I go down to Middle Gaza. If
Speaker 2: I'm in middle Gaza and they blow me out, I
Speaker 2: go down to lower Gaza. Gaza is on the border
Speaker 2: with Egypt. If they blow people out of Rafa, where
Speaker 2: do they go well?
Speaker 8: And this is why the talks are going on with
Speaker 8: the Egyptians right now, who who have not accepted Palestinian
Speaker 8: refugees right And a corollary to this, which I think
Speaker 8: people forget, is that during the war in Syria, Turkey
Speaker 8: accepted large numbers of refugees from that war. A similar
Speaker 8: agreement has not been forthcoming with Egypt. They don't want
Speaker 8: to get stuck with a lot of refugees, and they
Speaker 8: have their own security concerns to be mindful of. But yes,
Speaker 8: there's nowhere for the for the refugees to go. There's
Speaker 8: nowhere for the people of Gaza to go, and Israelis
Speaker 8: are ramping up the pressure and we have to wonder
Speaker 8: if what's going on on the sidelines of these meetings
Speaker 8: in Riad is that golf Arab states are doing exactly
Speaker 8: the same thing.
Speaker 5: So, Tina, we're more than six months into this operation
Speaker 5: here by the Israelis, you know, unspeakable levels of destruction
Speaker 5: of Gaza. In hindsight, is there any indication that Hamas
Speaker 5: miscalculated here terribly in their October seventh attack.
Speaker 8: Well, it's hard to see what they've gained apart from
Speaker 8: putting the Palestinians back on the agenda. Remember that, you know,
Speaker 8: just a few well six months ago, really people were
Speaker 8: talking about this impending deal normalization between Israel and sou
Speaker 8: and others that would have paved the way for a
Speaker 8: lot of regional economic integration. Gulf states still want that
Speaker 8: to happen, but a Palestinian state was not part of
Speaker 8: the discussion. And then you know, we've entered this kind
Speaker 8: of hellscape of the offensive in Gaza, the Houthi rebels,
Speaker 8: the recent exchange, you know, kind of unprecedents in exchange
Speaker 8: of missile fire. My question, I mean to myself, is
Speaker 8: this the geopolitical bottom, Like can it get worse? Or
Speaker 8: are is Hamas decided that it's going to accept oslo
Speaker 8: kind of terms. I mean, that is kind of mind blowing.
Speaker 8: But you really have to get to the bottom before
Speaker 8: you can consider.
Speaker 2: Tina, I think you're the most qualified person I know,
Speaker 2: maybe leslie Vena, Muria Chathamouse as well, but Tina Fordham,
Speaker 2: you are more qualified than anyone I know to talk
Speaker 2: about the college protests in America over to nineteen sixty eight.
Speaker 2: In all the work I've done on that with Gui
Speaker 2: Sarman of Paris and others, how do you treat the
Speaker 2: protests in elite schools in America within the filter that
Speaker 2: you have of diplomacy and the history of protest It is.
Speaker 8: Quite a spectacle. I mean, first of all, I'm a
Speaker 8: Columbia alum, and I'm on the advisory board for SIBA,
Speaker 8: the School of International and Public Affairs, which is also
Speaker 8: caught up in these o it's mainly the college. I
Speaker 8: don't think this is nineteen sixty eight, right. I think
Speaker 8: that this is identity politics in the United States that
Speaker 8: has now incorporated a foreign policy angle. I think it's
Speaker 8: incredibly difficult for the university administrations to balance their commitment
Speaker 8: to free speech and to the community that is a
Speaker 8: university with their title six obligations. They've got to protect
Speaker 8: students and the whole sorry spectacle seems to me. And
Speaker 8: you know, I said in London, where I have for
Speaker 8: a long time to be a culmination of the culture
Speaker 8: wars and in some ways the tiktokification of very complex issues.
Speaker 5: So Tina, I guess again, we're six months into this.
Speaker 5: Is there any consensus with the people that you talk
Speaker 5: to that really have informed opinions and analysis of this situation?
Speaker 5: Is there a scenario where Israel can end this war
Speaker 5: in any reasonable time frame?
Speaker 8: There are off ramps available. They're definitely scenarios where Israel
Speaker 8: and this war. What is less clear is whether Nata
Speaker 8: Yahoo can end the war because his political future is
Speaker 8: so wrapped up in the continuation of the conflict. As
Speaker 8: soon as the conflict ends, he's no longer a wartime
Speaker 8: prime minister and new elections will be called. He's he
Speaker 8: was unpopular before, remember those massive protests in the cities
Speaker 8: and the failure to bring the hostages home and the
Speaker 8: failure indeed to protect Israel against the Hamas attack has
Speaker 8: made him even less popular. So he doesn't want to
Speaker 8: face elections. And you know, he's this is a very tactical,
Speaker 8: I think response that we see now. I think Natagne
Speaker 8: who is going day to day.
Speaker 2: Tina, thank you, brilliant, Tina Fordham Fordham Global Insight, Thank
Speaker 2: you so much there on the narrowness of.
Speaker 9: Gaza your daily look at the front pages around the
Speaker 9: world out on YouTube.
Speaker 2: Use those hearts like you use for Lisa.
Speaker 3: Give John Tucker some love.
Speaker 1: This one comes from the polls and I am shy
Speaker 1: shocked by this story. The post sites are report by
Speaker 1: financial tech company Self. It says New York, New Jersey,
Speaker 1: and Connecticut rank among the top five states for residents
Speaker 1: paying the most in federal and state taxes on their
Speaker 1: lifetime earnings. Yes, we have the unenviable distinction of being
Speaker 1: number one in the Garden State, leading the bank breaking pack.
Speaker 1: Residents shell out a staggering nine hundred eighty seven thousand,
Speaker 1: one hundred seventy two dollars on average for various taxes
Speaker 1: during their lifeline. So that's roughly fifty four point three
Speaker 1: percent of a resident's total lifetime earnings.
Speaker 3: And we get it.
Speaker 5: We get a bank for the book for that though,
Speaker 5: don't we.
Speaker 1: Oh yeah, and this doesn't include my tolls or the
Speaker 1: advancement of the MTA's June thirtieth.
Speaker 10: This is different than when Lisa doesn't just say oh,
Speaker 10: by the way, just dealing with doctor Paul here West
Speaker 10: rest Virginians consider pretty well they have to fork over
Speaker 10: the lowest amount of total taxes nationward.
Speaker 2: But it's affecting migration nationally. You see Illinois and some
Speaker 2: of these other big says.
Speaker 1: Well, when you retire, do you stay here and still
Speaker 1: you know, fork over gigantic taxes or whatever.
Speaker 2: Anyway, I said, I'm never going to retire, so you
Speaker 2: know it works out.
Speaker 1: The next one has me crying in my beer. This
Speaker 1: comes from the Financial Time Sitting, a study by Deloitte
Speaker 1: Britons are choosing to spend less money in bars and
Speaker 1: pobs than at any time since the lockdown added. This
Speaker 1: survey asked about thirty two hundred UK customers if they
Speaker 1: had spent more less of the same on leisure the
Speaker 1: past three months. It showed sentiment in eating out and
Speaker 1: drinking in pubs and bars had declined by about six
Speaker 1: percentage points. They didn't talk to anybody.
Speaker 3: I know.
Speaker 1: Apparently it's just getting too expensive though.
Speaker 3: Yeah.
Speaker 1: For example, they cited Tim Martin. He's the founder of JD. Wetherspoon,
Speaker 1: the chain there. He's had com petition from supermarkets is
Speaker 1: a pretty big challenge for a lot of the pubs.
Speaker 1: You buy your beer in the supermarket, Well, yeah, it's
Speaker 1: cheaper and you just sit home in front of the
Speaker 1: telly and all.
Speaker 5: Right, So John, I'm at a beach bar in Belmore yesterday,
Speaker 5: rush sunny day. Gonna go get a cold beer out there,
Speaker 5: sit out on a patty and watch some boats. Miller
Speaker 5: Lite Draft fourteen dollars at the Jersey Shore.
Speaker 1: For one draft. Exactly what exactly I buy a case
Speaker 1: for that?
Speaker 2: I know, I said, is transfixed by this.
Speaker 3: We got designs.
Speaker 1: Bring back Lisa anyway, all right, let's let's do the Stones.
Speaker 1: They kicked off the latest tour last night at Houston's
Speaker 1: Energy Stadium. That's appropriate, ap describes Mick Jagger often strutting
Speaker 1: up and down the stage with seemingly boundless energy. Well,
Speaker 1: Keith Richards and Ronnie Wood played many familiar guitar riffs
Speaker 1: below by fans, and Jagger let the audience and sing
Speaker 1: as drummer Charlie wants he wasn't there. That's because he's dead.
Speaker 1: Houston was the frust Nice on the band's sixteen city tour.
Speaker 1: During the eighteen song concert setlist, the Stones played several
Speaker 1: tracks off a their new record. The Stones have been
Speaker 1: touring for more than sixty years and Mick eighty years old, along.
Speaker 2: With Keith, Paul, you're the expert in how many times
Speaker 2: have you seen the Stones?
Speaker 5: I've seen him three and I wish I would have
Speaker 5: seen him like ten more.
Speaker 1: But I mean, do they do most of the performing
Speaker 1: the music or is it like the backup?
Speaker 2: Oh?
Speaker 5: No, no, I think I mean every song Keith starts
Speaker 5: with the world famous riff, you know, and then but yeah,
Speaker 5: so it's an extoriny. But I can't wait to see
Speaker 5: what they're charging for tickets and all that kind of stuff.
Speaker 5: And another thing, Luke, one of the Luke's, the country singer,
Speaker 5: put in like ninety thousand fans of Beaver Stadium at
Speaker 5: Penn State over the weekend. Country music's huge too.
Speaker 8: Yeah.
Speaker 1: So yeah, most appropriately for the Stones, they were sponsored
Speaker 1: in Point Bright Aa.
Speaker 2: Are you serious?
Speaker 1: I'm serious?
Speaker 2: You're serious?
Speaker 1: Here's that serious?
Speaker 8: Well?
Speaker 5: I mean, these guys they go on tour and they
Speaker 5: sell out these stadiums. They don't know, it's just extraordinary.
Speaker 1: I think they had to be in bed by like a.
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