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

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Speaker 2: This is the Bloomberg Surveillance Podcast. Catch us live weekdays

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Speaker 2: at seven am Eastern on Apple car Player, Android Auto

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Speaker 2: with the Bloomberg Business App. Listen on demand wherever you

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Speaker 2: get your podcasts, or watch us live on YouTube.

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Speaker 3: Bash Our Alasade has fled to Moscow after Rubbles advanced

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Speaker 3: on Damascus, marking the end of his thirteen year.

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Speaker 4: Rule in Syria. What does it mean for Syria?

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Speaker 3: What does it mean for the Middle East? Jamana Bersechi

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Speaker 3: joins us. She's the anchor for Bloomberg Television. Jamana, keep

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Speaker 3: it into context for our listeners, our viewers.

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Speaker 4: Here, what is happening in Syria.

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Speaker 5: Yeah, it's truly unbelievable. Scenes you mentioned thirteen years obviously,

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Speaker 5: that is thirteen years since the beginning of the civil war.

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Speaker 5: But the Asset Asset dynasty, and here I'm talking about

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Speaker 5: the father half of it, Asset his son, but Shuttle

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Speaker 5: Assets took over early to all, They've been around since

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Speaker 5: nineteen seventy. So if you think about it, most people

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Speaker 5: alive today do not know a Middle East, so that

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Speaker 5: did not have the Atsad regime at the helm of Syria.

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Speaker 5: And of course they ruled with a very heavy thumb.

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Speaker 5: It was essentially a fatalitarian dictatorship. They were the only

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Speaker 5: political party that was allowed. Political dissent was not allowed.

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Speaker 5: And now you're seeing these images of jubilation from Syrians

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Speaker 5: inside and outside Syria, really celebrating the end of what

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Speaker 5: is known as and what was a very brutal, brutal

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Speaker 5: regime that imprisoned many political many prisoners for political reasons,

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Speaker 5: and really pursued a government of oppression and repression. So

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Speaker 5: on one side, there are lots of scenes of jubilation.

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Speaker 5: Now on the other side, of course, this is the

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Speaker 5: Middle East, and the big question here is what happened

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Speaker 5: next in terms of who takes over, but also in

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Speaker 5: terms of all the countries that had invested interests for

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Speaker 5: whatever reason. And here I'm talking about the likes of Iran,

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Speaker 5: about Russia, about Turkey, about Israel, about all of the

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Speaker 5: countries neighboring Syria that have a vested interest in what

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Speaker 5: happens next with this country.

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Speaker 6: Well, let's talk a little bit about that, and you

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Speaker 6: bring up the dynamic involving Turkey. I think about who

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Speaker 6: the US has backed in this conflict as well, and

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Speaker 6: I wonder how you see this playing out. A lot

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Speaker 6: of people are bringing up what happened in Rock for instance,

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Speaker 6: or Libya after the deposition of those leaders there. How

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Speaker 6: much is that a good analogy as you see it,

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Speaker 6: and sort of how might.

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Speaker 7: This play out going forward.

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Speaker 6: This is a country with a lot of disparate groups,

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Speaker 6: and I think hopes for democracy might be waning here

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Speaker 6: as we watch at this come together.

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Speaker 5: So you're going to hear a lot about a guy

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Speaker 5: called MOHAMMEDA Jiolani that is the leader of the rebel group,

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Speaker 5: the main rebel group, hts hey Atajesham, who we're leading

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Speaker 5: the offense into Damascus at the last couple of days.

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Speaker 5: And one thing to know about him is he sort

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Speaker 5: of rebranded himself. He's actually changed back to his normal name,

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Speaker 5: Ahmed Shadah, that's the name that he wants to be

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Speaker 5: known by, but also is trying to rebrand the group,

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Speaker 5: the militia group itself. It obviously has its foundations with

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Speaker 5: al Qaeda. What he's been trying to do over the

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Speaker 5: last couple of months is distanced himself and the group

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Speaker 5: from any Algaheda affiliation. Is by the way, very important

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Speaker 5: to mention they're still labeled a terrorist organization by the

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Speaker 5: US and other countries as well. This is HDS, the

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Speaker 5: main group that just toppled as that, and so yes,

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Speaker 5: there is a lot of consternation about what this group

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Speaker 5: is actually going to do. But then the second element

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Speaker 5: to note it was actually quite peaceful. So they stormed

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Speaker 5: into all of these cities, but not a lot of

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Speaker 5: damage was reached. There wasn't a lot of bloodshed, there

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Speaker 5: wasn't a lot of exchange or battles or exchange of

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Speaker 5: fire on the battlegrounds, and actually in the end, Assaj

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Speaker 5: just fled to Russia per Russian state media, And so

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Speaker 5: the handovers so far has been sowhat of a peaceful transition.

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Speaker 5: But it's what they do with that power and whether

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Speaker 5: or not this one group HDI is going to manage

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Speaker 5: to get the support of all of these other rebel

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Speaker 5: forces that happen to be present in the country mentioned

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Speaker 5: isis as well, very small representation there, but still if

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Speaker 5: these small extremist groups see a window of opportunity or

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Speaker 5: a vacuum, I think that will be the major concern

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Speaker 5: for the likes of the US obviously, who've been pursuing

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Speaker 5: an anti Isis policy in the region for over a.

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Speaker 3: Decade now, So Jumana, what a folks in that part

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Speaker 3: of the role think the US response will be, should

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Speaker 3: be under president by an under president elect Trump? Is

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Speaker 3: there an expectation of that? Do you also play some

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Speaker 3: role going forward?

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Speaker 5: We were speaking to some analysts on the show earlier

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Speaker 5: today and they all had the same view, which is

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Speaker 5: that the US or President Trump himself, given his posts

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Speaker 5: over the weekend, may not want to be involved in Syria.

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Speaker 5: But unfortunately for him, he will have to be involved

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Speaker 5: in Syria simply because of its strategic importance and because

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Speaker 5: of all the players that we listed are involved in Syria.

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Speaker 5: As for the troops, they are about nine hundred troops

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Speaker 5: positions in the northeastern part of Syria, that is the

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Speaker 5: Turkish enclaves, and they are stationed there because again that

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Speaker 5: is where they have been fighting some of these Isis forces.

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Speaker 5: So that group, the Free Serian Army as they know,

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Speaker 5: and the Kurdish group are closely aligned to the US.

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Speaker 5: Enter President Erduwan from Turkey. His concern is the number

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Speaker 5: of refugees that had been floding into Turkey since the

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Speaker 5: beginning of the Syrian Civil War its more than three

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Speaker 5: and a half millions. The political point's closely watching what

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Speaker 5: is happening with the Kurdish enclaves on the border. Does

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Speaker 5: not want to see that region become an autonomous breakaway

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Speaker 5: region like what happens in Iraq. So the reason I

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Speaker 5: bring this all up is there are going to be

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Speaker 5: a lot of discussions negotiations going on vis a vis

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Speaker 5: the future of Syria, not just in terms of Damascus

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Speaker 5: and governance, but also these other regions as well, which

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Speaker 5: for Turkey are very important.

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Speaker 6: I want to ask you, lastly, just about a column

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Speaker 6: that John Authors, our colleague, wrote this morning. I thought

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Speaker 6: it was fascinating and I think a question a lot

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Speaker 6: of listeners will be asking you, So, how does this

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Speaker 6: affect me? Why is this so important? I look at Syria,

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Speaker 6: it's not an oil producing nation, for instance, and he

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Speaker 6: writes it could be a great lit miss on the

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Speaker 6: state of Russia today and the power that Russia has

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Speaker 6: in President Putin has in particular. And so you talked

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Speaker 6: about kind of the thirteen year civil war. This lasted

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Speaker 6: a long time until it didn't. Things really accelerated here

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Speaker 6: over these last two weeks but it might point to

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Speaker 6: some weakness on the part of Russia of Iran as well,

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Speaker 6: And I wonder if you could just talk a bit

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Speaker 6: about that, kind of the broader geopolitical implications of this

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Speaker 6: and sort of what it might tell us about these

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Speaker 6: proxy governments who've been involved in this fight for so long.

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Speaker 5: Yeah, So one thing I want to bring up is

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Speaker 5: the rebels actually started their offense to day Lebanon and

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Speaker 5: Israel's signed this youth for I don't know if that

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Speaker 5: was a coincidence, but still they fence the window of

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Speaker 5: opportunity there. And I think the analysis and the region

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Speaker 5: suggests that what is trying to be done here is

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Speaker 5: effectively block off the corridor that was Syria that allowed

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Speaker 5: for the transport of weapons from Iran into Iran's Ally,

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Speaker 5: the militia has a lot in Lebanon, and Syria was

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Speaker 5: seen as a key corridor. So Number one is they

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Speaker 5: want to limit the amount of arms and weapons and

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Speaker 5: fighters that have been transported to Seria of the last

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Speaker 5: few years.

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Speaker 8: Even drugs.

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Speaker 5: By the way, there's a big narco trade that people

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Speaker 5: don't really talk about. The second thing is chemical weapons.

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Speaker 5: Today there were some reports suggesting that the IDF had

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Speaker 5: targeted a chemical weapons facility within Sarah, so you want

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Speaker 5: to keep an eye on that and dismantling syrias full

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Speaker 5: chemical weapon warehouses. And then the third point, what you

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Speaker 5: were saying about Russia. They do still have a couple

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Speaker 5: of bases and air base and naval base on the

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Speaker 5: Syrian port, but it's less relevant for them and likely

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Speaker 5: what people are saying is they're going to use the

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Speaker 5: Syria negotiating points as a tactic to get more concessions

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Speaker 5: on the Ukraine discussions, and of course they even involved

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Speaker 5: in the war there for several years. Now.

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Speaker 3: All right, Jamana, thank you so much for joining us.

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Speaker 3: Jamala Brissecci a great reporting there. She'd anchor for Bloomberg Television.

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Speaker 3: She's based in Abu Dhabi, giving us the latest coming

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Speaker 3: out of Syria.

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Speaker 2: You're listening to the Bloomberg Surveillance Podcast. Catch us live

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Speaker 2: weekday afternoons from seven to ten am Eastern Listen on

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Speaker 2: Apple car Play and Android Auto with a Bloomberg Business app,

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Speaker 2: or watch us live on YouTube.

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Speaker 4: University of North Carolina, Chapel Hill.

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Speaker 7: That's where you're going to start with this, That's where

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Speaker 7: I'm starting.

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Speaker 3: Yeah, I mean I love nobody loves bashing Chapel Hill

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Speaker 3: more than me.

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Speaker 7: But it's true.

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Speaker 3: They have a lot of smart people coming out of

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Speaker 3: that place. Yeah, and a lot of them are employed

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Speaker 3: here in journalism. I don't know what that's all about.

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Speaker 5: It.

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Speaker 6: I think they have a good jo, great business journalism

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Speaker 6: based in particular Hight.

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Speaker 4: Can you tell me, I'll go with it.

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Speaker 3: Callie Cox is one of them chief market strategists at

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Speaker 3: rid Holt's Wealth Management.

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Speaker 4: She joins us here in our Bloomberg.

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Speaker 7: Gracious, that was the most gracious.

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Speaker 2: I know.

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Speaker 4: It's the new meat. It's the new news. Yeah, exactly,

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Speaker 4: I'm turning over new leaf. We can both co exist.

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Speaker 3: We're fifteen miles apart on true, you know, ten miles

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Speaker 3: fifteen to five to one between Durham and Chapel Hill. CALLI,

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Speaker 3: you know we're thinking here, s and p five hundred

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Speaker 3: twenty seven twenty eight percent year to date, even on

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Speaker 3: an equal weight basis, up sixteen seventeen percent year today.

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Speaker 3: Pretty solid returns for this equity market. How do you

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Speaker 3: guys kind of reset and think about twenty twenty five?

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Speaker 9: Well, I like what you said about equal weight, Paul,

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Speaker 9: because I think that's where the focus should be going

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Speaker 9: into twenty twenty five. Yes, the S and P has

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Speaker 9: had an incredible year. It's actually the second straight year

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Speaker 9: of twenty percent gains, and we're telling the vesters not

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Speaker 9: to get too greedy. I mean, you don't see twenty

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Speaker 9: percent gains happen year after year very often, So, you know,

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Speaker 9: I think the point here is to look underneath the surface,

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Speaker 9: look for value underneath the surface. And what you said

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Speaker 9: about the equal weight index shows that we are getting

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Speaker 9: some return on those more value oriented stocks, those unloved

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Speaker 9: areas of the bull market that are finally getting their

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Speaker 9: day in the sun.

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Speaker 7: Give us a few of them, such as what's on?

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Speaker 7: Where's the value? What's sud love? Does you see it?

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Speaker 4: Well?

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Speaker 9: Such as I think the easiest place to start is

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Speaker 9: stuff outside of tech. There's been a tech versus everything

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Speaker 9: else trade going on, So when people talk about valuations

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Speaker 9: in the S and P, typically they're talking about big

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Speaker 9: tech valuations, and you have to sort out by sector

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Speaker 9: and sector to really find the value. We really like

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Speaker 9: great sensitive sectors here. I think real estate is interesting,

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Speaker 9: you know. I think consumer discretionary could be interesting, especially

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Speaker 9: if the economy holds up through twenty twenty five financials

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Speaker 9: you know, of course, have been.

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Speaker 8: Really strong in the back half of the year.

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Speaker 9: You know, that could also be interesting, especially if the

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Speaker 9: economy surprises to the upside. But what we're communicating to

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Speaker 9: investors is don't get too greedy, hear. But at the

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Speaker 9: same time, don't get too downtrodden on this market. There's

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Speaker 9: a great area that you can exist in going into

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Speaker 9: next year.

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Speaker 3: So you know, talking Abouarry Ridolts a lot, I mean,

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Speaker 3: he kind of. I know you guys think really long

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Speaker 3: term for your clients here, how do you think about Well,

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Speaker 3: let's let's step back. We're a month removed from the

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Speaker 3: election here. We've got a new political outlook here for

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Speaker 3: this country over the next four years, both in the

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Speaker 3: legislative branch as well as the executive branch. Did that

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Speaker 3: change the way you guys are Holts think about opportunities

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Speaker 3: risk going forward?

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Speaker 8: Well, of course we discussed it, right.

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Speaker 9: I feel like if you're a risk manager and you

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Speaker 9: haven't discussed the election and the potential changes in policy.

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Speaker 8: Then you're not doing your job.

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Speaker 9: But we are catering to long term clients that are

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Speaker 9: looking ten twenty years down the road and at those point,

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Speaker 9: it really is a bunch of short term speculation. And

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Speaker 9: you know, I take comfort in the fact that I'm

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Speaker 9: not a policy analyst. I'm not the one that has

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Speaker 9: to step out there and say tariffs could happen, tax

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Speaker 9: cuts could happen, you know, insert policy here, could happen.

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Speaker 9: But what we tell investors is to kind of take

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Speaker 9: the policy news as it comes.

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Speaker 8: We're not even at.

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Speaker 9: Inauguration day yet, we're not sure what policy will actually

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Speaker 9: be passed. And what we saw on twenty sixteen was

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Speaker 9: there was a lot of back and forth around policy,

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Speaker 9: and you know, it took years for everything to settle out.

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Speaker 9: So we're taking it as it comes. We're telling investors

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Speaker 9: to stay vigilant.

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Speaker 8: But to not you know, dive too far into headlines. There.

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Speaker 6: We've got Veronica Clark, another uncalemna in the great room,

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Speaker 6: Tari Hill coming up here. We'll talk about the fundamentals

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Speaker 6: of the labor market as she sees it. But could

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Speaker 6: you talk about the way in which, for instance, the

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Speaker 6: job stated that we just got inform your thinking about

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Speaker 6: positioning sort of the health of the economy, detailing that

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Speaker 6: with your ilex so Les's about the politics and potential policy.

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Speaker 6: But what we're seeing in the real economy today.

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Speaker 9: Yeah, well, the job market is almost everything, David. You know,

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Speaker 9: Americans in this capitalist machine that we live in. You know,

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Speaker 9: if Americans are getting money and they're spending money, the

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Speaker 9: economy most of the time is doing well. And that's

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Speaker 9: what was proven us over and over again in twenty

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Speaker 9: twenty two and twenty twenty three. So the job market

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Speaker 9: is yet a moderate you know, expanding out a moderate

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Speaker 9: pace right now. Unemployment is rising, which is concerning. Luckily,

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Speaker 9: it's not rising on the layoff side. You know, when

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Speaker 9: people think about unemployment, they think about mass layoffs.

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Speaker 8: That's not happening.

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Speaker 9: It's more so people entering the labor force and not

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Speaker 9: necessarily finding a job so quickly, which isn't good, but

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Speaker 9: it's not the worst news. So as we head into

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Speaker 9: twenty twenty five, I mean, the job market has surprised us.

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Speaker 9: All corporate profits are growing, so hopefully that leads to

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Speaker 9: more hiring.

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Speaker 8: But this is the biggest concern for me.

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Speaker 9: I mean, you see recessions and big market crises happen almost.

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Speaker 8: You know, in tandem with each other.

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Speaker 9: So you know, as we head into twenty twenty five,

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Speaker 9: we're talking about the job market a lot. We're saying,

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Speaker 9: watch jobless claims, you know, keep keep your finger on

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Speaker 9: the pulse of the pace of hiring and use that

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Speaker 9: to guide you when it comes to the economy and

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Speaker 9: to what effect does.

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Speaker 3: How about valuation, How do you guys think about valuation

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Speaker 3: these days in this marketplace? Because again just on the

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Speaker 3: SPX up twenty six, twenty seven, I'm not sure earnings

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Speaker 3: have grown that fast.

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Speaker 9: They haven't, but people expect them to grow that fast

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Speaker 9: and twenty five and I'm not sure how to feel

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Speaker 9: about that. But when we talk about value, value in

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Speaker 9: our minds at Rittholtz is the great equalizer. You know,

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Speaker 9: markets over the long term balance out toward value. So

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Speaker 9: we try to emphasize, you know, focusing on value, especially

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Speaker 9: in markets like these where there are pockets of value,

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Speaker 9: but then also pockets of you know, expensive stocks that

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Speaker 9: people are talking about, right, pockets of expensiveness.

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Speaker 8: If that's a word.

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Speaker 9: So you know, val value is a big, you know

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Speaker 9: priority for us when we're thinking about investments at ridholds,

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Speaker 9: and we still think there's a lot of value in

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Speaker 9: this market.

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Speaker 7: I aspe you. Lastly, just about buybacks, I just I'm

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Speaker 7: just have this. I'm very uninformed on all of it.

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Speaker 6: I see that we're heading for another record here, and

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Speaker 6: obviously this is the time of hearing there're a lot

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Speaker 6: more of them. How is that affecting the market. What

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Speaker 6: does that say to you about the health of the markets?

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Speaker 6: The quantity of buybacks that we're seeing from companies.

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Speaker 9: Well, I'm gonna put my analyst hat on and say

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Speaker 9: if your stock, if you own a stock and your

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Speaker 9: stock is doing a buyback, then that's probably the best

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Speaker 9: outcome for Youah, from a tax perspective.

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Speaker 8: Take a step back. You know, a lot of companies

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Speaker 8: are doing buybacks.

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Speaker 9: That's probably a good sign for the you know, year ahead,

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Speaker 9: although it could show that markets are a little bit frothy.

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Speaker 8: I don't think too much about it, you know.

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Speaker 9: I think we're in this era where, you know, companies

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Speaker 9: are paying attention to their capital and to what they

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Speaker 9: can do for shareholders, not necessarily as much to workers.

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Speaker 9: Although that's gotten a little bit better in the past

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Speaker 9: few years, and I'd like to see that come into

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Speaker 9: balance a little bit more because I think that could

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Speaker 9: solve a lot of problems in the economy. But the

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Speaker 9: level of buybacks right now? Isn't too much of a

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Speaker 9: concern for me.

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Speaker 7: No Belichick commentary, You don't want to get in on that.

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Speaker 8: Well, I can't prepared.

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Speaker 4: So what is the thinking amongst the Chapel Hill folks?

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Speaker 4: Is he going there?

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Speaker 7: I think it's like it's his if he wants it.

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Speaker 9: Is what I've read, it's almost a done deal. And

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Speaker 9: that's kind of crazy. We could have cut off sweatshirts

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Speaker 9: on the side.

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Speaker 3: Yes, I mean, I thought he would have gotten an

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Speaker 3: NFL job.

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Speaker 6: But I mean, well, I think he was looking. He

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Speaker 6: was looking at Jacksonville. Jacksonville was looking at him as well.

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Speaker 6: But who could resist Chapel Hill, you know.

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Speaker 3: I mean, it's a beautiful place college football right now.

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Speaker 4: It really is.

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Speaker 5: It really is.

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Speaker 9: It's a great institution. It's a program that can grow.

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Speaker 9: We have a good amount of money.

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Speaker 3: It's a basketball school though, so I'm.

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Speaker 7: Told they said that about Duke for many decades.

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Speaker 4: Now we'll go into another ball.

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Speaker 3: They can't go into the tax Slayer Bowl, Yes, Duke

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Speaker 3: is so watch out. Cali Cox, thank you so much.

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Speaker 3: We appreciate a Cali Coox, chief market strategist for Rit

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Speaker 3: Holt's Wealth Management.

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Speaker 2: This is the Bloomberg Surveillance Podcast. Listen live each weekday

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Speaker 2: starting at seven am Eastern on applecar Play and Android

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Speaker 2: Auto with the Bloomberg Business app. You can also listen

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Speaker 2: live on Amazon Alexa from our flagship New York station

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Speaker 2: Just Say Alexa playing Bloomberg eleven thirty.

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Speaker 3: President Like Donald Trump said he would use his powers

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Speaker 3: on his quote first day in the White House their

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Speaker 3: grand pardons to rioters involved in the attack on the

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Speaker 3: US Capitol in January sixth, twenty twenty one. Quote I'm

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Speaker 3: going to be acting very quickly, Trump said an interview

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Speaker 3: with NBC's Meet the Press on Friday. Henrietta Trez joins

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Speaker 3: us and she's a Vada partner. She helps us kind

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Speaker 3: of understand what's happening down there in the world of Washington,

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Speaker 3: DC on the political front here. Henriette, Henrietta, thanks for

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Speaker 3: joining us here. How serious do you think President like

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Speaker 3: Trump is and what would that mean for him politically?

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Speaker 1: I think he's very serious about that, and I think

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Speaker 1: it's going to be hopefully on a case by case basis.

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Speaker 1: Some of these folks have been in prison for twenty

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Speaker 1: plus years for hurting an assaulting police officers, so those

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Speaker 1: are more serious crimes.

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Speaker 10: But I think right out of the gate, he's looking

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Speaker 10: to deliver on some of the.

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Speaker 1: Red meat that he promised his voters on the campaign trail.

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Speaker 1: We all know that the tax bill is going to

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Speaker 1: take a full year to complete. So some of the

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Speaker 1: other things on immigration, deportation in January six ers, things

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Speaker 1: along those lines are what I would expect in the

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Speaker 1: first one hundred days of the next administration.

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Speaker 6: This was a wide ranging interview that Christen Welker conducted

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Speaker 6: and something she did ask about is what plans he has,

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Speaker 6: if any, for FED Chair Jerome Powell. What did you

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Speaker 6: hear in that answer and how much do you think?

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Speaker 6: That was something that was of concern to investors, to

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Speaker 6: markets broadly, just this uncertainty about whether or not the

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Speaker 6: president elect had plans to remove or ask for the

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Speaker 6: removal of of FED Chair J Powell.

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Speaker 10: Yeah, for the street, this was really a huge issue.

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Speaker 10: Maybe six months ago.

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Speaker 1: There was a lot of questions that I would always get,

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Speaker 1: you know, is J Powell safe?

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Speaker 10: His term runs until twenty twenty six.

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Speaker 1: I think that what President elect Trump has correctly assessed

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Speaker 1: is that it's not worth the.

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Speaker 10: Political capital to go after j.

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Speaker 1: Powell create an undoe disruption from somebody who's otherwise very

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Speaker 1: aggressively soothed markets and is speaking is something of a

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Speaker 1: calming force. I think that investors like the separation that

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Speaker 1: they're seeing more than anything else. And I think that

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Speaker 1: Jay Powell has gone a long way towards saying I

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Speaker 1: will not be leaving, and President Electrump has to adapt

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Speaker 1: to that. So the markets and sort of keeping markets

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Speaker 1: calm requires that Jape how will not be confronted in

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Speaker 1: any kind of way and President Electrump acknowledge that reality.

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Speaker 3: What do you believe is the to do list on

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Speaker 3: day one of the Trump administration? How do you think

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Speaker 3: they're going to proceed really over that that first one

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Speaker 3: hundred days or whatever the relevant time period is.

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Speaker 1: Yeah, I mean, I think that there are again some

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Speaker 1: sort of red meat hanging things like pardoning some of

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Speaker 1: the January sixth and.

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Speaker 10: Insurrectionist makes a lot of sense.

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Speaker 1: The Senate Republican Conference is making it clear that the

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Speaker 1: tax bill is going to take all year, so they're

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Speaker 1: diverting to three other issues, military preparedness, energy, and immigration.

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Speaker 1: So I'm expecting a crackdown on immigration and deportations folks

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Speaker 1: with temporary protected status I think should be on pretty

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Speaker 1: high alert as we try to identify who can be

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Speaker 1: identified as an immigrant that maybe should not be here permanently,

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Speaker 1: and going after folks that we can at least find.

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Speaker 10: So I think that that is where a lot of

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Speaker 10: the focus is going to be.

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Speaker 1: Should we see any action on TERRAFS, I'm concerned that

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Speaker 1: it's going to be via the International Emergency Economics Powers

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Speaker 1: Act AIPA, which is something that the President can do

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Speaker 1: with an executive order at the stroke of a pen.

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Speaker 1: It does not involve something is advanced as withdrawing from

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Speaker 1: the Phase one agreement with China, though that is also

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Speaker 1: something that they could telegraph on day one. But under AIPA,

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Speaker 1: you get a focus on immigration with Canada and Mexico

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Speaker 1: and then fentanel with those countries as well as China,

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Speaker 1: and so there you can see some movement on tariffs immediately.

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Speaker 1: As you know, the Customs and Border Patrol guys can

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00:19:57,160 --> 00:19:59,680
Speaker 1: change high freates within twelve hours, so that could really

441
00:19:59,680 --> 00:20:01,640
Speaker 1: be an immediately effective development.

442
00:20:02,359 --> 00:20:03,160
Speaker 7: I want to get.

443
00:20:02,960 --> 00:20:07,439
Speaker 6: Your read on what this economic team looks like, how

444
00:20:08,160 --> 00:20:10,600
Speaker 6: happy Wall Street should be with its composition, so a

445
00:20:10,600 --> 00:20:12,720
Speaker 6: couple of weeks back we had Scott Best put forward

446
00:20:12,720 --> 00:20:14,800
Speaker 6: as the presence picked to be the next Treasury secretary.

447
00:20:15,400 --> 00:20:18,120
Speaker 6: There is this great sigh of relief. I heard it

448
00:20:18,200 --> 00:20:20,159
Speaker 6: that you know, he's somebody that Wall Street knows and

449
00:20:20,160 --> 00:20:22,239
Speaker 6: has seen sort of as a moderating figure, somebody who

450
00:20:22,320 --> 00:20:25,840
Speaker 6: might push against the president elects worse instincts when it

451
00:20:25,880 --> 00:20:28,680
Speaker 6: comes to trade policy, for instance. And then we get

452
00:20:28,680 --> 00:20:33,639
Speaker 6: this appointment of Peter Navarro noted Rabble Rouser noted China Hawk.

453
00:20:33,920 --> 00:20:36,000
Speaker 6: And I wonder what that tells you about what meetings

454
00:20:36,000 --> 00:20:38,520
Speaker 6: are going to be like of that economic team. You know, yes,

455
00:20:38,560 --> 00:20:40,960
Speaker 6: in the cabinet room, but beyond that, sort of how

456
00:20:40,960 --> 00:20:43,359
Speaker 6: loud his voice is going to be, and sort of

457
00:20:43,440 --> 00:20:47,439
Speaker 6: what that potential boisterous disagreement is going to mean for

458
00:20:47,480 --> 00:20:50,600
Speaker 6: the direction of economic policy in this second Trump term.

459
00:20:51,760 --> 00:20:55,200
Speaker 1: I have no expectations that Scott Bessett as Treasury Secretary

460
00:20:55,320 --> 00:20:57,879
Speaker 1: is going to be a mitigating force against the tariff

461
00:20:57,960 --> 00:21:00,400
Speaker 1: minded members of the rest of the cabinet, whether that's

462
00:21:00,440 --> 00:21:04,080
Speaker 1: Howard Letnik at Commerce, whether that's Peter Navarro in a

463
00:21:04,119 --> 00:21:08,280
Speaker 1: trade sort of overarching position, Kevin Hassett, who is a

464
00:21:08,400 --> 00:21:11,960
Speaker 1: very well known person on Capitol Hill, it is going

465
00:21:12,000 --> 00:21:14,159
Speaker 1: to be in the ear of members. You see that

466
00:21:14,200 --> 00:21:17,280
Speaker 1: in Jamison Greer, who is chief of staff to Ambassador Lthheiser.

467
00:21:17,320 --> 00:21:20,160
Speaker 10: There are folks with deep experience in DC and Scott

468
00:21:20,200 --> 00:21:21,480
Speaker 10: besson is not that guy.

469
00:21:21,800 --> 00:21:24,480
Speaker 1: So while wall Street might have some comfort knowing that

470
00:21:24,520 --> 00:21:29,240
Speaker 1: he has invested funds before and speaks wall Street's language,

471
00:21:29,320 --> 00:21:31,359
Speaker 1: He's not the one that is going to be the

472
00:21:31,440 --> 00:21:33,960
Speaker 1: muscle in the room, either at the cabinet level or

473
00:21:34,000 --> 00:21:37,280
Speaker 1: on Capitol Hill. So I'm expecting the folks who are

474
00:21:37,440 --> 00:21:40,760
Speaker 1: very supportive of tariffs, including most importantly President Elect Trump,

475
00:21:40,960 --> 00:21:42,879
Speaker 1: to have a much louder voice. And you see that

476
00:21:43,040 --> 00:21:47,760
Speaker 1: in legislation that's already been introduced by Chairman Molinar about

477
00:21:47,760 --> 00:21:51,720
Speaker 1: the stripping China of its PNTR status. The trade focus,

478
00:21:51,800 --> 00:21:55,280
Speaker 1: the tariff focus is very aggressive and well built out.

479
00:21:55,600 --> 00:21:59,200
Speaker 1: The Scott Bessett camp that maybe supports a more gradual

480
00:21:59,240 --> 00:22:01,800
Speaker 1: increase entire of five percent every month, which is what

481
00:22:01,880 --> 00:22:03,639
Speaker 1: I last heard from him, is something that I think

482
00:22:03,760 --> 00:22:07,280
Speaker 1: is going to see a much diminished role as we

483
00:22:07,359 --> 00:22:08,640
Speaker 1: get into the next administration.

484
00:22:09,600 --> 00:22:13,760
Speaker 3: Mass deportations. Is there any feeling in Washington, d C?

485
00:22:14,359 --> 00:22:16,159
Speaker 3: How that would actually work.

486
00:22:17,280 --> 00:22:20,840
Speaker 1: Yeah, I'm having preliminary conversations with staff right now, and

487
00:22:20,920 --> 00:22:23,800
Speaker 1: I think one of the big concerns is about the

488
00:22:23,880 --> 00:22:26,520
Speaker 1: impact that this is going to have on primary season,

489
00:22:26,760 --> 00:22:28,560
Speaker 1: on general election season.

490
00:22:28,560 --> 00:22:31,680
Speaker 10: On the legislative to do list for Congress.

491
00:22:31,720 --> 00:22:34,480
Speaker 1: So as we get into next year, in the first quarter,

492
00:22:34,560 --> 00:22:36,840
Speaker 1: it's likely that we're going to have a conversation about

493
00:22:36,880 --> 00:22:39,320
Speaker 1: a government shutdown if they fund the government through March,

494
00:22:39,720 --> 00:22:41,879
Speaker 1: about the debt ceiling, which is going to be highly

495
00:22:41,880 --> 00:22:44,240
Speaker 1: contentious for Republicans to deal with, and if in the

496
00:22:44,280 --> 00:22:46,840
Speaker 1: backdrop of that we have you know, folks, this is

497
00:22:46,920 --> 00:22:49,480
Speaker 1: exactly what Staff says to me. If people's grandmothers are

498
00:22:49,520 --> 00:22:52,240
Speaker 1: being deported, then we have a very real problem. People

499
00:22:52,400 --> 00:22:55,479
Speaker 1: point out Miami Dade specifically as an area that's going

500
00:22:55,520 --> 00:22:57,840
Speaker 1: to be a concern a lot of Republicans now in

501
00:22:57,880 --> 00:23:00,679
Speaker 1: the state of Florida, newly elected Republicans in the gains

502
00:23:00,680 --> 00:23:02,639
Speaker 1: that Trump has made there in the last eight years,

503
00:23:02,960 --> 00:23:05,320
Speaker 1: and that's really something that they're considering sort of the

504
00:23:05,359 --> 00:23:09,399
Speaker 1: backdrop to the legislative agenda, and that's as they're trying

505
00:23:09,400 --> 00:23:12,080
Speaker 1: to get democratic support for keeping the government open or

506
00:23:12,119 --> 00:23:15,040
Speaker 1: hiking the debt ceiling, and if there are mass deportations

507
00:23:15,080 --> 00:23:17,520
Speaker 1: going on, I'm not expecting a lot of Democratic support

508
00:23:17,560 --> 00:23:20,280
Speaker 1: for whatever is in the Republican's agenda, whether it's.

509
00:23:20,080 --> 00:23:23,920
Speaker 10: Trump's or Majority leader funds or Speaker Johnson's.

510
00:23:24,280 --> 00:23:26,320
Speaker 3: Henrietta trace thank you so much for joining us. Always

511
00:23:26,359 --> 00:23:29,200
Speaker 3: appreciate getting some of your perspective. Henryetta Trada.

512
00:23:29,240 --> 00:23:31,240
Speaker 4: She's a managing partner of Data Partners.

513
00:23:36,480 --> 00:23:40,760
Speaker 2: This is the Bloomberg Surveillance Podcast. Listen live each weekday

514
00:23:40,880 --> 00:23:44,080
Speaker 2: starting at seven am Eastern on applecar Play and Android

515
00:23:44,080 --> 00:23:47,040
Speaker 2: Auto with the Bloomberg Business app. You can also watch

516
00:23:47,119 --> 00:23:50,359
Speaker 2: us live every weekday on YouTube and always on the

517
00:23:50,359 --> 00:23:51,359
Speaker 2: Bloomberg Terminal.

518
00:23:51,440 --> 00:23:53,360
Speaker 3: Your daily look at the front pages around the world,

519
00:23:53,560 --> 00:23:55,080
Speaker 3: Lisa Mittel newspapers.

520
00:23:55,080 --> 00:23:56,120
Speaker 4: What do you have for us today? Lisa?

521
00:23:56,160 --> 00:23:56,400
Speaker 5: Okay.

522
00:23:56,440 --> 00:23:59,240
Speaker 11: So this is the management top two hundred and fifty ranking.

523
00:24:00,080 --> 00:24:04,040
Speaker 11: Soft actually has been dethrown from that annual list this

524
00:24:04,160 --> 00:24:06,359
Speaker 11: year eight hundred and forty two companies. They were graded

525
00:24:06,400 --> 00:24:09,800
Speaker 11: five categories, unseating Microsoft for the number one spot. Is

526
00:24:09,880 --> 00:24:11,520
Speaker 11: I don't know if you have any guesses, but it

527
00:24:11,600 --> 00:24:12,479
Speaker 11: is Apple.

528
00:24:13,560 --> 00:24:13,760
Speaker 5: Yeah.

529
00:24:13,760 --> 00:24:16,680
Speaker 11: I kind of guessed that Microsoft held actually that top

530
00:24:16,720 --> 00:24:19,000
Speaker 11: spot for the past four years. So if you look

531
00:24:19,040 --> 00:24:23,119
Speaker 11: at the top four, then you have Nvidia, followed by Microsoft.

532
00:24:22,640 --> 00:24:24,159
Speaker 4: And then there's Intel.

533
00:24:24,440 --> 00:24:26,680
Speaker 11: But two other tech companies actually, yeah they scored in

534
00:24:26,720 --> 00:24:30,240
Speaker 11: the top ten. You have Alphabet and Adobe also in there.

535
00:24:30,440 --> 00:24:33,560
Speaker 11: But for non tech companies also in the top ten

536
00:24:33,680 --> 00:24:38,200
Speaker 11: like MasterCard, Philip Morris, Johnson and Johnson Procter and Gamble too.

537
00:24:38,200 --> 00:24:40,720
Speaker 11: But yeah, Microsoft has been dethroned from that.

538
00:24:40,760 --> 00:24:44,800
Speaker 3: Interesting how they I guess how they rate them ranked

539
00:24:44,800 --> 00:24:48,520
Speaker 3: the stock price, performance return, financial returns to people like

540
00:24:48,560 --> 00:24:49,159
Speaker 3: working there.

541
00:24:49,240 --> 00:24:51,080
Speaker 4: I don't know, but it's interesting.

542
00:24:51,119 --> 00:24:54,840
Speaker 3: So there's a lot of technology companies, yeah, a lot,

543
00:24:54,880 --> 00:24:55,640
Speaker 3: a lot of technicals.

544
00:24:55,640 --> 00:24:58,240
Speaker 7: Healthcare at the bottom of that list, oh life, exactly.

545
00:25:00,000 --> 00:25:03,120
Speaker 3: You know all bash healthcare companies for the high cost

546
00:25:03,160 --> 00:25:04,600
Speaker 3: of drugs, just like anybody else.

547
00:25:05,200 --> 00:25:09,080
Speaker 4: A pandemic they came through. Yeah, I mean a year

548
00:25:09,400 --> 00:25:11,720
Speaker 4: after they come out with the vaccines. How about that?

549
00:25:11,760 --> 00:25:13,399
Speaker 6: And it seems like this may be telling the story

550
00:25:13,400 --> 00:25:15,639
Speaker 6: of that. How well they did then yeap, and now

551
00:25:15,680 --> 00:25:17,840
Speaker 6: where we are and sort of how the things ebbed

552
00:25:17,880 --> 00:25:18,560
Speaker 6: and flowed a little bit.

553
00:25:18,640 --> 00:25:20,040
Speaker 4: Yeah, exactly, all right, what's next?

554
00:25:20,280 --> 00:25:23,840
Speaker 11: Okay? Mayor Eric Adams New York City being criticized for

555
00:25:23,880 --> 00:25:26,679
Speaker 11: administration picks to run that downtown Manhattan heliport, you know

556
00:25:26,680 --> 00:25:29,240
Speaker 11: the one that we have here. The Post actually has this.

557
00:25:29,359 --> 00:25:32,760
Speaker 11: They explain why because they say the administration shows two

558
00:25:32,920 --> 00:25:36,359
Speaker 11: foreign firms to run that heliport is actually owned by

559
00:25:36,400 --> 00:25:39,160
Speaker 11: the city and it has a lot of national security

560
00:25:39,200 --> 00:25:43,680
Speaker 11: circles word because the President's Marine one chopper uses it. Yeah, yeah,

561
00:25:43,720 --> 00:25:47,160
Speaker 11: and then US military federal law officials.

562
00:25:47,240 --> 00:25:47,920
Speaker 8: Use it as well.

563
00:25:47,960 --> 00:25:49,240
Speaker 4: City run it.

564
00:25:49,160 --> 00:25:52,200
Speaker 11: Is city owned, Yeah, city owned heliport. So it's the

565
00:25:52,560 --> 00:25:56,520
Speaker 11: Economic Development Corporation. So they chose it's Downtown Skyport that's

566
00:25:56,560 --> 00:25:59,879
Speaker 11: a partnership between Skyport's infrastructure, a UK based firm, and

567
00:26:00,080 --> 00:26:05,320
Speaker 11: then they chose Frances Group ADP that operates Paris's three airports.

568
00:26:05,640 --> 00:26:08,960
Speaker 11: So both companies they replace Sacred Aviation that was before it.

569
00:26:09,240 --> 00:26:11,239
Speaker 11: But they're just saying that, you know a lot of

570
00:26:11,280 --> 00:26:13,840
Speaker 11: information is given there and then you have foreign companies

571
00:26:13,920 --> 00:26:15,840
Speaker 11: kind of running it, so they're saying that could.

572
00:26:15,600 --> 00:26:18,600
Speaker 7: Be my I goes to this.

573
00:26:18,720 --> 00:26:21,159
Speaker 6: The current operator faced controversy last year after it was

574
00:26:21,160 --> 00:26:23,119
Speaker 6: revealed that William Walked held chairman of the board of

575
00:26:23,119 --> 00:26:26,920
Speaker 6: sax Aviation Is Law partners with Morris mystery a board member.

576
00:26:26,680 --> 00:26:29,240
Speaker 7: At the e DC. So I think that's what precipitated this.

577
00:26:29,600 --> 00:26:31,160
Speaker 8: Yes, a little.

578
00:26:30,960 --> 00:26:33,400
Speaker 11: Conflict of interest there, just a bit, just a bit.

579
00:26:33,480 --> 00:26:34,480
Speaker 4: I don't fly a helicopter.

580
00:26:34,560 --> 00:26:36,640
Speaker 7: You haven't, No, only on rare occasions. Are you flying

581
00:26:36,720 --> 00:26:37,280
Speaker 7: from New Jersey?

582
00:26:37,320 --> 00:26:38,639
Speaker 11: Well, the thing they're saying, because you know a lot

583
00:26:38,640 --> 00:26:40,920
Speaker 11: of people complain about the noise in the area from

584
00:26:40,920 --> 00:26:43,440
Speaker 11: all the helicopters. Yeah, so the thing that they said

585
00:26:43,480 --> 00:26:46,199
Speaker 11: was downtown Skyport. They actually developed the use of quieter

586
00:26:46,359 --> 00:26:50,159
Speaker 11: electric vertical takeoff and landing aircraft. So maybe interesting that

587
00:26:50,200 --> 00:26:53,040
Speaker 11: can help out. But yeah, still some concern there though. Okay,

588
00:26:53,400 --> 00:26:56,399
Speaker 11: so this next story and that, Paul, I know you

589
00:26:56,560 --> 00:26:57,439
Speaker 11: haven't been on a disney.

590
00:26:57,840 --> 00:26:58,199
Speaker 3: I have been.

591
00:26:58,880 --> 00:27:02,159
Speaker 4: You have the two for animals investors.

592
00:27:02,280 --> 00:27:04,120
Speaker 3: They would take you when you fly out to LA

593
00:27:05,000 --> 00:27:07,040
Speaker 3: one time than one time we did it out of Miami,

594
00:27:07,400 --> 00:27:09,600
Speaker 3: and they take you out for like an overnight and

595
00:27:09,720 --> 00:27:11,719
Speaker 3: then you come back in. So it's like literally if

596
00:27:11,760 --> 00:27:14,119
Speaker 3: you go an overnight, right, and so you give your

597
00:27:14,200 --> 00:27:16,320
Speaker 3: holdings in the afternoon and then you you know, you

598
00:27:16,400 --> 00:27:19,879
Speaker 3: go party crazy overnight and then you cruise back for

599
00:27:19,920 --> 00:27:21,800
Speaker 3: all the analysts and investors. So I did that twice

600
00:27:22,040 --> 00:27:24,360
Speaker 3: and their cruise ships. Having been on a few cruise

601
00:27:24,359 --> 00:27:27,639
Speaker 3: ships just for analyst meetings, they are diffressed.

602
00:27:27,800 --> 00:27:28,680
Speaker 7: Oh yeah, huge.

603
00:27:28,920 --> 00:27:32,080
Speaker 4: The quality is unbelievable. And you've taken the family David note,

604
00:27:32,160 --> 00:27:32,439
Speaker 4: I have not.

605
00:27:32,680 --> 00:27:36,200
Speaker 6: I never can leased on any vessel Disney or otherwise.

606
00:27:36,240 --> 00:27:37,960
Speaker 6: But I have gone to Disney World.

607
00:27:38,000 --> 00:27:38,639
Speaker 7: That's my latest.

608
00:27:38,680 --> 00:27:39,040
Speaker 4: But they have.

609
00:27:39,160 --> 00:27:42,199
Speaker 11: They're really putting their money behind it. They want to

610
00:27:42,240 --> 00:27:44,600
Speaker 11: more than double their fleet from six to thirteen ships

611
00:27:44,600 --> 00:27:47,359
Speaker 11: by twenty thirty one. But it's a good time.

612
00:27:47,240 --> 00:27:47,640
Speaker 4: For it, right.

613
00:27:47,640 --> 00:27:50,760
Speaker 11: You have cruise travel surpassing pre pandemic levels. You have

614
00:27:50,840 --> 00:27:55,720
Speaker 11: these bigger ships, big amenities, rising international affairs. So people say,

615
00:27:55,720 --> 00:27:57,280
Speaker 11: you know what, it's cheaper for me to just take

616
00:27:57,640 --> 00:27:59,160
Speaker 11: a ship at a report by.

617
00:27:59,200 --> 00:28:01,240
Speaker 8: US instead of booking the whole international fair.

618
00:28:01,960 --> 00:28:04,919
Speaker 11: But they do cost more than let's say, Royal Caribbean

619
00:28:05,240 --> 00:28:09,000
Speaker 11: or Carnival. That's the other thing. But a big focus

620
00:28:09,160 --> 00:28:11,320
Speaker 11: is actually this was interesting. This was on the Bloomberg

621
00:28:11,480 --> 00:28:15,200
Speaker 11: is the Asian market because they don't have those things. Yeah,

622
00:28:15,400 --> 00:28:19,680
Speaker 11: so they book those trips. They're launching Disney Adventure. It's

623
00:28:19,720 --> 00:28:22,919
Speaker 11: the biggest ship yet holds up to sixty seven hundred

624
00:28:23,000 --> 00:28:26,760
Speaker 11: passengers and it's going tickets go and sales starting tomorrow

625
00:28:26,800 --> 00:28:27,920
Speaker 11: for that a year in advance.

626
00:28:28,040 --> 00:28:33,840
Speaker 4: Wow, you've got this rendering. The thing is just massive.

627
00:28:34,800 --> 00:28:36,920
Speaker 6: They already seem so like even just around New York

628
00:28:36,960 --> 00:28:39,440
Speaker 6: if you look in Brooklyn or on the West Side,

629
00:28:39,840 --> 00:28:41,880
Speaker 6: they're so huge as it is, I can't imagine them

630
00:28:41,880 --> 00:28:42,560
Speaker 6: being twice.

631
00:28:42,320 --> 00:28:43,880
Speaker 4: As big as Yeah, it's crazy.

632
00:28:43,920 --> 00:28:44,120
Speaker 1: I mean.

633
00:28:44,120 --> 00:28:46,520
Speaker 3: I was actually taking the ferry from the East side

634
00:28:47,240 --> 00:28:49,880
Speaker 3: Manhattan down to the Jersey Shore a couple of weeks

635
00:28:49,880 --> 00:28:51,800
Speaker 3: ago and just looking at my phone, looking at my phone,

636
00:28:51,920 --> 00:28:53,800
Speaker 3: I happened to just look up and we were passing

637
00:28:54,080 --> 00:28:57,440
Speaker 3: a cruise ship that blocked out the entire side, Like

638
00:28:57,600 --> 00:28:59,160
Speaker 3: you know, I noticed I was looking at my phone

639
00:28:59,240 --> 00:29:04,000
Speaker 3: and then it got so anyway, Charlie Pellett is our

640
00:29:04,040 --> 00:29:06,880
Speaker 3: resident cruise person, so if you need any like, I wonder.

641
00:29:06,680 --> 00:29:07,800
Speaker 4: If he's been in the Disney one.

642
00:29:07,800 --> 00:29:12,120
Speaker 11: We're gonna have to ask him say about that. And finally, Ah,

643
00:29:12,320 --> 00:29:16,160
Speaker 11: the end of the Era Taylor Swift concert tour closes.

644
00:29:16,280 --> 00:29:17,840
Speaker 11: Record breaking ticket sales hit.

645
00:29:17,920 --> 00:29:24,680
Speaker 9: It ken's typical Tuesday that I'm listening to the music.

646
00:29:27,400 --> 00:29:27,720
Speaker 4: Swift.

647
00:29:28,280 --> 00:29:30,840
Speaker 11: Okay, you know booth in the local economy. But now

648
00:29:30,880 --> 00:29:32,920
Speaker 11: her touring company is telling the New York Times there

649
00:29:33,040 --> 00:29:37,800
Speaker 11: is a say it's It's one ninth final show, which

650
00:29:37,840 --> 00:29:39,640
Speaker 11: has a British comments.

651
00:29:39,680 --> 00:29:42,120
Speaker 4: Okay, sold just overtime ability.

652
00:29:43,880 --> 00:29:48,040
Speaker 11: Sales double the roasticket sales of any.

653
00:29:47,840 --> 00:30:05,680
Speaker 3: Other So string got a hotel over ninety people mules

654
00:30:05,720 --> 00:30:09,040
Speaker 3: in Philadelphia saw the show down in Piladelphia, giving probably

655
00:30:09,280 --> 00:30:12,200
Speaker 3: five hundred or seven und fleet dollars economic.

656
00:30:11,760 --> 00:30:13,800
Speaker 4: Value in the city Philadelphia. So I think it's a

657
00:30:13,840 --> 00:30:15,720
Speaker 4: real It's definitely a real thing. At con it's a

658
00:30:15,760 --> 00:30:16,280
Speaker 4: huge effect.

659
00:30:16,280 --> 00:30:17,640
Speaker 7: And then you know, I didn't see a show, but

660
00:30:17,680 --> 00:30:19,520
Speaker 7: we saw the movie. I know there's all those things

661
00:30:19,560 --> 00:30:20,800
Speaker 7: as well, because there was that in.

662
00:30:20,920 --> 00:30:25,080
Speaker 11: The movie, the book, the packed with Disney to stream

663
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Speaker 11: the thing Disney plus I mean that's not even including that.

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Speaker 11: So yeah, she's been a powerhouse for short.

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Speaker 3: All right, newspapers, Lisa gonna tell you, thank you so much.

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Speaker 3: We appreciate that.

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Speaker 2: This is the Bloomberg Surveillance podcast, available on Apple, Spotify,

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Speaker 2: and anywhere else you get your podcasts. Listen live each

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Speaker 2: weekday seven to ten am Eastern on Bloomberg dot Com,

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00:30:46,200 --> 00:30:49,800
Speaker 2: the iHeartRadio app, tune In, and the Bloomberg Business app.

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Speaker 2: You can also watch us live every weekday on YouTube

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Speaker 2: and always on the Bloomberg Terminal