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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

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Speaker 1: Surveillance Podcast. Catch us live weekdays at seven am Eastern

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Speaker 1: on Apple CarPlay or Android Auto with the Bloomberg Business App.

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Speaker 1: Listen on demand wherever you get your podcasts, or watch

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Speaker 1: us live on YouTube.

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Speaker 2: I'm a laddy with us right now. I had of

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Speaker 2: active equity in Milwaukee with Allspring Global Investments. All the

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Speaker 2: value heritage is strong over the decades as well. I'm

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Speaker 2: going to cut to the chase people that like the

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Speaker 2: New York Yankees, would kill for the adult responsibility of

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Speaker 2: the Milwaukee Brewers. The Brewers are twenty three out of

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Speaker 2: thirty in payroll. Their total payroll is less than Juan

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Speaker 2: Soto or Aaron Judge make it's like the capital of Vailue.

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Speaker 2: How do you get Milwaukee Brewer performance in the stock market.

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Speaker 3: I'm you know, that's a great question, Tom, and we're

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Speaker 3: working on it. I would say that's exactly where our

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Speaker 3: managers are focused is outside of the meg seven and

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Speaker 3: probably the popular areas of the market. We are continuing

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Speaker 3: to search for where the value lies.

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Speaker 2: Give me a sector.

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Speaker 3: Yeah, from a sector standpoint, I think you know one

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Speaker 3: of the most probably hated sectors has been healthcare. I

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Speaker 3: think there are some real attractive areas in diagnostics in

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Speaker 3: the tool space. I know there's been regulatory pressures and

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Speaker 3: uncertainty and pharma and in healthcare services.

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Speaker 4: Those are you know, less favorable areas for us.

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Speaker 3: But as we think about change in the future, I

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Speaker 3: think the diagnostics space looks pretty attractive.

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Speaker 2: I mean, David, I got you and h off the bottom.

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Speaker 2: What a train wreck that's been. It's up twenty eight

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Speaker 2: it's up twenty eight percent off the bottom. It's not

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Speaker 2: even anywhere near breaching resistance and doc talk.

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Speaker 4: That I appreciate. That I appreciate.

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Speaker 1: That's man.

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Speaker 4: How should investors look at or think about valuation you

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Speaker 4: mentioned just just a moment ago. What is it an

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Speaker 4: indicator of How should they be thinking of it in

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Speaker 4: this broader context.

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Speaker 3: It's a great question, David, Like, look, when I look

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Speaker 3: at just the market averages and valuation, it is not

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Speaker 3: lost on me that we are near historic eyes on

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Speaker 3: almost any valuation metric. But when you search underneath the

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Speaker 3: broader markets and you look at relative value in certain

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Speaker 3: sectors and certain areas, even market caps and different regions,

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Speaker 3: there still are attractive areas, and that's what we're kind

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Speaker 3: of looking for. And you know, it's not necessarily contrarian,

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Speaker 3: it's just relative values to the overall market that appear

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Speaker 3: to be you know, uh, hanging back and looking attractive

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Speaker 3: to us.

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Speaker 4: I'm very curious just how you were thinking about the

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Speaker 4: policy picture, the background to all of this, and there

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Speaker 4: was at the beginning of President Trump's second term a

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Speaker 4: lot of anxiety and apprehension about the way this terist

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Speaker 4: policy is can affect a lot of these companies. You've

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Speaker 4: sifted through earning supports and listened to calls and thought

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Speaker 4: through this. Now, with you know, a couple of months hindsight,

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Speaker 4: what have we learned about how much weight these tariffs,

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Speaker 4: this trade policy is actually having on a lot of

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Speaker 4: these companies.

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Speaker 3: I think we haven't seen the full effect yet. And

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Speaker 3: when you listen to conference calls and when I talk

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Speaker 3: to our portfolio managers, it's clear that company managements are

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Speaker 3: still trying to figure it out. I think it's been

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Speaker 3: less impactful than.

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Speaker 5: They had thought it would be.

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Speaker 3: But there's a timing issue right where you know, people

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Speaker 3: built up inventory ahead of time. That inventory has been

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Speaker 3: worked down. There's been pauses and tariffs along the way.

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Speaker 3: Consumer behavior has adjusted for it as well, and so

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Speaker 3: I think, you know, the jury's still out on how

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Speaker 3: much impact they still have, but to your point, it's

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Speaker 3: been less concerning than I would have believed it to be.

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Speaker 2: How do you respond into Q three here and into

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Speaker 2: Q four. I don't need to do the securitious analyst bit,

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Speaker 2: but how do you respond to the idea that the

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Speaker 2: growthiness stocks will grow the denominator and catch up to

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Speaker 2: a value three years out, four years out, five years out.

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Speaker 2: How do you respond to our new terminal value of

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Speaker 2: Meg seven?

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Speaker 4: You know, Tom is a great question, and look, we're

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Speaker 4: doing all right.

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Speaker 3: You know, it's the million dollar question in some ways

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Speaker 3: because in where I've been wrong, in many cases we

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Speaker 3: haven't been absent the Meg seven. But I had thought

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Speaker 3: for some time that you'd have the rest of the

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Speaker 3: market catch up sooner. And the reality is that the

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Speaker 3: cash flow production from those Meg seven have been quite good.

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Speaker 3: But the law of large numbers does come into play

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Speaker 3: at a certain point, and we've seen some hiccups along

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Speaker 3: the way capex. The capex cycle plays well. I think

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Speaker 3: I saw a statistic too that said sixty percent of

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Speaker 3: the revenue stream from the top ten names in the

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Speaker 3: SNP come from AI and so they're very AI dependent.

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Speaker 2: Okay, you got a stunning track record, and the Allspring

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Speaker 2: Global Dividend Fund and at the top is in video

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Speaker 2: Microsoft broadcame. The usual victims is, well you got you

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Speaker 2: own a credit down below it's a global fund and

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Speaker 2: Italian Bank? Are you levining in the m Meletti stacks

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Speaker 2: into MEGS seven portfolios?

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Speaker 3: I think that's exactly what you have to do.

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Speaker 4: It's about risk versus reward.

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Speaker 3: And while you don't want to be absent some of

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Speaker 3: those names that do have strong fundamentals, including the Meg seven,

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Speaker 3: you do have to diversify the risk, especially at this

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Speaker 3: point in the market. The market, you know, is not

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Speaker 3: priced or sorry, is price for perfection in some ways,

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Speaker 3: and you know you want to diversify your risk and

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Speaker 3: you have to do that. Outside of those names.

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Speaker 4: Tom talks about levining, and I'm curious just how much

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Speaker 4: dollar weakness is affecting the overall picture here, especially when

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Speaker 4: you look at stocks like Tom brings up this Italian bank.

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Speaker 4: Is it making stocks like that more appealing less appealing?

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Speaker 2: Haws?

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Speaker 4: It shapen your kind of wider aperture of investment now.

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Speaker 3: You know, for certain, dollar weakness has been a tailwind

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Speaker 3: for international and EM stocks, and it is a theme

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Speaker 3: that we stressed late last year headed into this year

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Speaker 3: that we believed that that would be the case, just

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Speaker 3: given tariffs and other things that we could see coming.

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Speaker 3: I don't think it's over. You could have a balance

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Speaker 3: in the dollar. I would expect that to happen. But

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Speaker 3: I do think the you know, the peak in terms

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Speaker 3: of where the dollar has been is probably behind us,

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Speaker 3: and you're going to see some of that tailwind continue

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Speaker 3: for the EM in international space.

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Speaker 2: And a Luddie thank us so much. Ahead of Milwaukee

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Speaker 2: Brewer Baseball, Active Equity, all Spring Global, thank you so much.

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Speaker 2: Stay with us. More from Bloomberg Surveillance coming up after this.

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Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us live

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Speaker 1: weekday afternoons from seven to ten am Eastern Listen on

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Speaker 1: Applecarplay and Android Auto with the Bloomberg Business app, or

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Speaker 1: watch us live on YouTube.

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Speaker 2: Right now. It's important. Nancy Tangler talk talk talk people do.

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Speaker 2: Nancy Tangler does it. Laugh for Tangler where she puts

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Speaker 2: money to where you have the most twisted portfolio in

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Speaker 2: your ETF up twenty four percent. You're getting nastagg response

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Speaker 2: from a much more cautious portfolio. You have the tech

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Speaker 2: company JP Morgan, the tech company ABV, the tech company RTX.

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Speaker 2: Here's one home dpot it's you've got the room. We

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Speaker 2: got the strangest portfolio going. How are you getting the

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Speaker 2: results you're getting in tgl R If you don't own Nvidia.

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Speaker 5: Thank you? That is this so kind?

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Speaker 2: No, but I'm serious.

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Speaker 6: Well, I own the poor man's Nvidia tom and that's Broadcom,

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Speaker 6: and that's that's been a workhorse.

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Speaker 2: So that's a secret is by the poor man's whatever.

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Speaker 6: Yeah, and then Oracle the poor man's Hyperscaler. So we're

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Speaker 6: focused on dividend growth in that portfolio. We have a

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Speaker 6: growth portfolio that owns all the darlings like Nvidia, paths here,

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Speaker 6: blah blah. But this strategy is a workhorse, and it's

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Speaker 6: over the last ten years. It's just kind of thirteen

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Speaker 6: and a half percent annualized with.

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Speaker 5: Three bear markets.

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Speaker 6: So I learned it from the great Tony Spare when

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Speaker 6: Art Laffer owned a piece of our company, and we

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Speaker 6: we just focus on valuation and then we do the

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Speaker 6: work the research.

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Speaker 4: You mentioned Oracle today a big day for announcing earnings

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Speaker 4: after the bell. What are you looking for there? We

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Speaker 4: were talking earlier just about the need for cloud computing

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Speaker 4: because of AI, Lisa giving us a brief on a

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Speaker 4: Dutch company that's doing business now with with with Microsoft.

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Speaker 4: What does Oracle have to prove when it has that

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Speaker 4: call today?

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Speaker 6: They need to continue the sales growth projector hitting the numbers. Yeah,

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Speaker 6: and they have a huge backlog, but the company is

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Speaker 6: pretty spotty on hitting their numbers. So if we get

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Speaker 6: a sell off, we've been trimming it back because it's

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Speaker 6: become a huge part of our portfolio. If we get

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Speaker 6: a sell off, we may step back in. But you know,

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Speaker 6: it's it's it's the company that everyone loves to hate.

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Speaker 6: And the CEO or now the chairman that everyone loves

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Speaker 6: to hate. He lives where I live up in Lake

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Speaker 6: Tahoe's he's something else. Second wealthiest man in the world.

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Speaker 4: He's doing it right, Tom between this portfolio and the

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Speaker 4: Tahoe residents, I feel, continued David. You mentioned the history

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Speaker 4: the bear markets that we've had. Here we are in

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Speaker 4: this book, and I wonder where you think we are

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Speaker 4: in that as you survey this market today, as we

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Speaker 4: note day in and day out, the records that we

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Speaker 4: keep coming close to or hitting, your sense of how

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Speaker 4: long that's likely to continue, and the indicators that you're

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Speaker 4: looking to that we'll give you some sense of that.

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Speaker 6: Yeah, So, David, I've drawn the analogy to the nineties

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Speaker 6: when I was not just alive, but I was managing portfolios,

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Speaker 6: and there are a lot of similarities. We had high

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Speaker 6: inflation three percent, we had a higher ten year at

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Speaker 6: seven to eight, and FED funds are eight five to six.

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Speaker 6: So what we know is when productivity is driving growth,

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Speaker 6: you can sustain robust stock price performance for some time.

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Speaker 6: We're just young in this new bull market. The nineties

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Speaker 6: had one hundred and twenty month expansion with over four

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Speaker 6: hundred percent. But what's important to me is that we

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Speaker 6: saw better than expected revenue last quarter. So the earnings

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Speaker 6: were great, beat estimates, but revenue beat estimates. And then

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Speaker 6: we're seeing cash flow free cash flow corporations at four

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Speaker 6: trillion dollars. That's a historic eye margins at historic eyes.

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Speaker 6: And then we've got the tailwind of the one big

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Speaker 6: beautiful bill, we call it the Obabba bill at Laffer

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Speaker 6: Tangler because I feel dumb calling it the one big

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Speaker 6: beautiful but the tailwinds are huge for corporate cash float,

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Speaker 6: tax savings, cash, and no one's talking about that.

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Speaker 2: I want to get in trouble. I've had some wonderful

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Speaker 2: conversations with Art Laugher. I think he's been criticized in

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Speaker 2: an uninformed way. We've talked about the tangential dynamics first

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Speaker 2: and second derivative, the acclaimed Laugher curve in that what

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Speaker 2: does Laffer and what does Tangler think of Trump fiscal

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Speaker 2: and monetary theory.

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Speaker 6: So I think doctor Laffer is always diplomatic, and as

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Speaker 6: a former member of not just Reagan but Nixon and

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Speaker 6: an advisor to Trump one point zero, I think they're

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Speaker 6: doing a lot of things correctly. But I hate this

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Speaker 6: takeover of private sector company and doctor Laffer's come out

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Speaker 6: and said, well, if anyone can do it, it's President Trump.

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Speaker 6: And that may well be, but I think it's bad

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Speaker 6: precedent and I think they're overstepping the executive.

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Speaker 2: Then respond to the gloom crew that says there'll be

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Speaker 2: a jump condition where the smooth curves of our equity

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Speaker 2: bolishness break. How do you invest given the shock potential

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Speaker 2: of a Trump policy gone wrong.

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Speaker 5: Well, we'll do what we did in April.

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Speaker 2: We'll buy more.

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Speaker 6: So were you know we were stepping in on April third,

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Speaker 6: April first, and March. Because you see these dislocations and

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Speaker 6: you say it is the AI trade over, it isn't.

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Speaker 6: I've heard so many people say, oh, well there's that

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Speaker 6: MIT study.

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Speaker 5: Nobody's making money with AI.

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Speaker 6: That is not what we're hearing from the companies on

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Speaker 6: the conference calls. We're seeing margin expansion, We're seeing less hiring,

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Speaker 6: which I think is a paradigm shift that is distorting.

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Speaker 5: Things like the ism manufacturing numbers.

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Speaker 2: David, get one more in here. But I want to

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Speaker 2: make this clear, folks. People look at Nancy Tangler and

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Speaker 2: they're like, she's out at Lake Tihoe like a starter home.

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Speaker 2: Your homestead is like twelve million dollars and she's retired.

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Speaker 2: How many hours a day are you working? Me? I

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Speaker 2: work about twelve to fourteen.

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Speaker 6: She's as nuts as she was, or she was, or

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Speaker 6: he's nuts. Eighty five says he's going to live to

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Speaker 6: one hundred and thirty.

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Speaker 4: I can't resist going back to something you said, which

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Speaker 4: is that you are wary of or you don't like

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Speaker 4: the fact that the government is getting involved with these

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Speaker 4: private companies. What does it mean as you sort of

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Speaker 4: think through the ramifications of this, If you have the

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Speaker 4: US government taking a stake in, say in Intella, what

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Speaker 4: does that do to your or an investor's appetite for

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Speaker 4: that company? Does it provide a sense of security that

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Speaker 4: the US government is getting involved? When you hear doctor

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Speaker 4: Hassett saying this could happen with other companies and other sectors,

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Speaker 4: how does it sort of shape your outlook knowing that

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Speaker 4: this might be something that would be more regular than

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Speaker 4: certainly it has been before you got to study history.

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Speaker 5: I mean, I was, I was alive.

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Speaker 6: I wasn't managing money when the Chrysler deal where we

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Speaker 6: bailed them out for a billion and a half Jimmy

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Speaker 6: Carter nineteen seventy nine. Then we had to bail them

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Speaker 6: out again, and that was in two thousand and eight,

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Speaker 6: two thousand and nine for twelve and a half minens.

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Speaker 6: It doesn't work and there's nothing in it for the taxpayer.

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Speaker 6: So what happened to Intel shareholders? They got diluted. The

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Speaker 6: government also has warrants, so that could further deleute them

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Speaker 6: and they have no business.

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Speaker 5: They're not good at it.

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Speaker 6: Obama Clindra, I mean, I don't know what else to say,

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Speaker 6: but bad, bad policy, very bad answer.

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Speaker 2: Don't be a stranger. Nancy Tangler. Thanks so I can

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Speaker 2: see the remote. She'll do a remote like in January,

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Speaker 2: will be out in her Dad love that before we

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Speaker 2: too below zero. Nancy Tanglar, thank you so much. Huge

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Speaker 2: performance out of some of her ETF portfolio's. Check that out.

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Speaker 2: Stay with us. More from Bloomberg Surveillance coming up after this.

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Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch US live

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Speaker 1: weekday afternoons from seven to ten am e's durn Listen

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Speaker 1: on Applecarplay and Android Otto with the Bloomberg Business app,

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Speaker 1: or watch US live on YouTube.

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Speaker 2: Joining us from Trinity the PhD in economics, Colin, how

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Speaker 2: would you like to chime in, sir? On US economic data?

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Speaker 7: We avoid the US is at a very instant juncture.

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Speaker 8: You obviously have an increase in inflation pressures, the signs

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Speaker 8: of the labor market is weakening. So this is a

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Speaker 8: uncomfortable moment for policymakers. I suspect We're welcome you.

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Speaker 2: From Allied Irish Bank. Colin Hunt with us here and

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Speaker 2: of course with all of his trinity economics. Let's first

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Speaker 2: identify AIB right now. Is is safe to say you're

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Speaker 2: owned by the Irish government. How do you answer that question?

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Speaker 2: We were owned by the Irish government.

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Speaker 8: The Irish government came to our rescue post to the GFC,

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Speaker 8: and for a period of about fifteen years, the Irish

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Speaker 8: government had a presence on our share register. And in

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Speaker 8: June just gone, we marked the Irish government's exit. And

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Speaker 8: once again the organization is one hundred percent privately owned.

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Speaker 8: And in fact one of the reasons that I'm here

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Speaker 8: this week with the Barclay's Financials Conference yesterday and meeting

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Speaker 8: a lot of our investors. Most of our very significant

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Speaker 8: investors are based here in the United States.

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Speaker 2: Well, this is very important. We'd like to have some

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Speaker 2: news here. Jennifer Dugan's waiting in Dublin for this. Can

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Speaker 2: we suggest that there would be some form of public

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Speaker 2: offering of shares of Allied Irish Bank in the coming

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Speaker 2: weeks quarters Can you make an announcement today?

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Speaker 8: There's certainly no announcement to be made because we are

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Speaker 8: a we're one hundred percent free floating at this stage.

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Speaker 8: So the government has exited the register. They came to

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Speaker 8: our rescue with about twenty almost twenty one billion euro.

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Speaker 8: We repaid that and now we are one hundred percent

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Speaker 8: privately owned.

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Speaker 4: This started well, it started very well, doctor, How do

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Speaker 4: you give us some perspective ons of the appetite for

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Speaker 4: cross border transactions at this point in time. So here

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Speaker 4: we're living this day in day out, the ambiguity or

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Speaker 4: uncertainty about trade policy and economic policy. More broadly, what

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Speaker 4: do companies domiciled outside of the United States think of

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Speaker 4: this environment and how's that affecting business as you see it?

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Speaker 8: Well, I suppose the environment we had a period of

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Speaker 8: uncertainty earlier on this year, very very warmly welcomed the

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Speaker 8: fact that we have come to an agreement between President

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Speaker 8: Trump and President vonder lyin which was announced in Scotland

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Speaker 8: a few weeks ago. Businesses, you know, hates uncertainty. We

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Speaker 8: have certainty.

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Speaker 7: Now.

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Speaker 8: Would you pick a twer level of fifteen percent? You

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Speaker 8: wouldn't necessarily, but that's the reality.

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Speaker 7: That's what we're dealing with.

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Speaker 8: And at least the uncertainty now has been has been eliminated.

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Speaker 8: The United States is a hugely important market for Arland,

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Speaker 8: not only as a source for our exports, but also

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Speaker 8: as a place where Irish businesses invests. So typically Irish

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Speaker 8: businesses when they outgrow a market that is growing quite

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Speaker 8: robustly but still quite small, they typically go to the

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Speaker 8: UK first and then they go to the United States.

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Speaker 8: So that was the path we followed. We've been here

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Speaker 8: in New York for fifty years this year and we

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Speaker 8: still a way through the crisis we maintained and all

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Speaker 8: the way through our period of government ownership, we maintained

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Speaker 8: our physical presidence here.

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Speaker 7: It's a really important.

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Speaker 8: Place from us from an investment perspective, but it's also

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Speaker 8: a really important country for deployment of our loan book.

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Speaker 8: And of course other Irish businesses followed us as well,

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Speaker 8: So you have the likes of c RH, the likes

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Speaker 8: of Smurfoot, WestRock, the likes of Kerry Group, all having very.

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Speaker 7: Significant exposures to the United States.

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Speaker 8: Notwithstanding the uncertainty we had earlier this year, it's still

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Speaker 8: a hugely important market and it's a hugely important provider

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Speaker 8: of external capital.

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Speaker 4: How is the Irish economy doing today when you look

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Speaker 4: at the housing market, commercial investments through what's the relative

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Speaker 4: health of the Irish economy in twenty twenty five.

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Speaker 2: College is doing quite well. Like Irish GDP numbers.

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Speaker 8: Because of the scale of the international sector in the

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Speaker 8: economy can be wild and volatile, so we tend not

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Speaker 8: to look at GDP. We tend to look at modified

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Speaker 8: domestic demand. So this year we're talking about growth summer

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Speaker 8: of the order about two point three two five percent

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Speaker 8: in real terms, unemployment about four percent, and total employment

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Speaker 8: in the state now running a two point eight million.

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Speaker 8: That sounds small, but when I was in college all

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Speaker 8: those many many years ago, thirty five years ago, so we.

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Speaker 7: Had one million people at work.

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Speaker 8: So this is an economy usherly transformed right and now

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Speaker 8: one of the best of forming in Europe.

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Speaker 2: Colin hunt with us with the aled Irish Bank, and

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Speaker 2: we continue. We're commercial free with you across America, in

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Speaker 2: Ireland and around the world. Here is through this important

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Speaker 2: economic report. In fourteen minutes ed Ludlow's schedule to be

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Speaker 2: with us here in a bit on the important Apple meetings.

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Speaker 2: I was talking with Olivia Fletcher. She calls me up.

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Speaker 2: Olivia calls Kay, she just did I wait you It's

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Speaker 2: three am. I'm like Olivia tiny hey, Colin, I got

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Speaker 2: like an hour conversation with you, and I think frankly

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Speaker 2: President Trump could have an hour conversation with you. Let's

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Speaker 2: talk about this strange corporate boom in Dublin and the

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Speaker 2: fact that people sophisticated Blackstone are literally giving the keys

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Speaker 2: back and office buildings. What is the state of commercial

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Speaker 2: real estate and, as you say, a completely rebuilt Irish acanemy.

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Speaker 8: So the commercial real estate market had a very good run,

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Speaker 8: and then once we had the turn in the official

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Speaker 8: rate cycle, you began to see valuations coming back.

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Speaker 2: Quite a bit.

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Speaker 8: Of course, you had the COVID impact and the impact

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Speaker 8: on commercial valuations because of working from home that would

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Speaker 8: have added it led to a dumbward adjustment as well.

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Speaker 8: But we have seen quite a different step back in

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Speaker 8: valuation market clearing. I think the market is clearing, and

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Speaker 8: certainly we're beginning to see signs of people of higher

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Speaker 8: degrees of interest in the market. There are trades taking place.

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Speaker 8: The valuation adjustment seems to be behind us. If anything,

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Speaker 8: I would have expected that to happen a little bit

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Speaker 8: earlier because of the turn in the rate cycle.

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Speaker 7: But I do think we are at the bottom of

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Speaker 7: the cycling through it.

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Speaker 4: A related question, perhaps closer to home. I'm wondering what

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Speaker 4: your office is are are looking like. I remember reading

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Speaker 4: you're trying to get employees back three days a week.

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Speaker 4: Some pushback to that, as I know, there was here

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Speaker 4: in the States with a number of financial institutions and

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Speaker 4: other businesses. Here we are at the end of the

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Speaker 4: summer looking to the fall. Where does that process stand?

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Speaker 4: Were you surprised by the reaction? Folks didn't want to

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Speaker 4: come in three days?

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Speaker 2: So we want to hear this question.

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Speaker 7: I will answer there's no question. I don't want to

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Speaker 7: hear it. I'm more than comfortable in answering that.

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Speaker 2: Look we had.

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Speaker 8: We have a situation where we have effectively three types

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Speaker 8: of work patterns inside in the organization. Our branch staff

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Speaker 8: are in five days a week. Our call center staff

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Speaker 8: are in five days a week. Our security people in

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Speaker 8: five days a week. We have some people who work

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Speaker 8: from home two days a week. We currently have a

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Speaker 8: group of people who work from home three days a week,

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Speaker 8: and we're asking that group of our colleagues to come

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Speaker 8: into the office an additional day. I think it is

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Speaker 8: really good for culture. I think it's good for learning

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Speaker 8: and development. I think ultimately it's good for the business.

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Speaker 2: I question to Nicholas Booth at Stanford's Wonder four. You've

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Speaker 2: given me the best explanation of this i've heard. Are

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Speaker 2: you down road believing that you're going to compensate people

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Speaker 2: who are in five days a week versus the work

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Speaker 2: from home crew?

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Speaker 8: Well, the contracts that people have layout in great detail

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Speaker 8: their base of employment, We're not. We incentivize our staff

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Speaker 8: to come to work through a salary check that arise.

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Speaker 7: In their account on the twenty fifth every month, just.

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Speaker 2: Because of time. I've got to get to this. There's

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Speaker 2: a back and forth on trade and everything within Ireland

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Speaker 2: with America and tariffs, and Trump comes down to the

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Speaker 2: pharmaceutical industry. Give give us a state that Allied Irish

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Speaker 2: Bank sees of Yes, the weight loss drugs. I'm not

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Speaker 2: using Gurris, just cut and Chisels. Help us with the

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Speaker 2: pharmaceutical dynamic that will change given decisions by President Trump.

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Speaker 8: So some of the biggest farmer names here in the

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Speaker 8: United States have have had a physical presence in Ireland

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Speaker 8: for over fifty years.

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Speaker 2: ARND is very attractive.

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Speaker 8: Location for US in gives you open, unfettered access to

439
00:23:03,160 --> 00:23:05,639
Speaker 8: the largest single market in the world in the European Union,

440
00:23:06,400 --> 00:23:10,159
Speaker 8: common law English speaking, and we have of course a

441
00:23:10,200 --> 00:23:12,880
Speaker 8: cultural and perhaps fraternal affinity.

442
00:23:12,480 --> 00:23:14,040
Speaker 7: With one another across the Atlantic.

443
00:23:14,720 --> 00:23:18,400
Speaker 8: So we have very the deep rooted US pharmaceutical companies

444
00:23:18,480 --> 00:23:21,840
Speaker 8: in Ireland. They are it's it's a big driver over

445
00:23:21,960 --> 00:23:25,119
Speaker 8: exports to the United States. We did go through a

446
00:23:25,160 --> 00:23:27,920
Speaker 8: period of grave uncertainty earlier on this year, but I'm

447
00:23:28,000 --> 00:23:30,439
Speaker 8: very happy that that has been eliminated. Now we have

448
00:23:30,480 --> 00:23:32,200
Speaker 8: some certain humulation to tariffs in that sector.

449
00:23:32,520 --> 00:23:36,280
Speaker 2: Thank you for getting life flat beds on air Lingus

450
00:23:36,400 --> 00:23:38,480
Speaker 2: is doing. I used to be a director of er Lingus.

451
00:23:38,560 --> 00:23:38,760
Speaker 7: I was.

452
00:23:38,880 --> 00:23:42,080
Speaker 2: I was the one that pushed it through. I don't

453
00:23:42,080 --> 00:23:46,640
Speaker 2: know who told you that, but City psy Icelandic Airways back.

454
00:23:47,320 --> 00:23:50,640
Speaker 2: You brought an entourage with you, oh with Guinness too.

455
00:23:51,960 --> 00:23:54,840
Speaker 2: What is air Lingus is all of a sudden got

456
00:23:54,880 --> 00:23:56,200
Speaker 2: a buzz to it, doesn't it?

457
00:23:56,760 --> 00:23:58,399
Speaker 8: When Erlingas had a buzz to it going all the

458
00:23:58,440 --> 00:24:01,000
Speaker 8: way back to its privatization. Really two thousand and six,

459
00:24:01,119 --> 00:24:02,880
Speaker 8: have you got much flatbed's fine?

460
00:24:03,040 --> 00:24:03,600
Speaker 7: The life bad?

461
00:24:04,720 --> 00:24:06,840
Speaker 8: You need to fly more often with Urlingas said they've

462
00:24:06,840 --> 00:24:09,320
Speaker 8: had life flat beds for the best part of a decade.

463
00:24:09,320 --> 00:24:11,920
Speaker 2: If not more, well you know they have. But there

464
00:24:11,960 --> 00:24:16,000
Speaker 2: there went. Now they're really pushing it. Conrad, can you

465
00:24:16,040 --> 00:24:17,520
Speaker 2: come back again? Are you going to be in New

466
00:24:17,600 --> 00:24:20,600
Speaker 2: York in the next five years? I hope you here

467
00:24:20,600 --> 00:24:23,040
Speaker 2: in the next five weeks. All right? Led Irish Bank

468
00:24:23,080 --> 00:24:25,280
Speaker 2: and we said good morning to Boston, the new Elied

469
00:24:25,320 --> 00:24:28,800
Speaker 2: Irish Bank years ago. Colin and thank you so much,

470
00:24:28,880 --> 00:24:33,200
Speaker 2: doctor own of led Irish Bank, their chief executive for sir,

471
00:24:33,520 --> 00:24:45,119
Speaker 2: stay with us. More from Bloomberg Surveillance coming up after this.

472
00:24:45,119 --> 00:24:49,000
Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday

473
00:24:49,080 --> 00:24:52,120
Speaker 1: starting at seven am Eastern on Apple Corplay and Android

474
00:24:52,119 --> 00:24:55,120
Speaker 1: Auto with the Bloomberg Business app. You can also watch

475
00:24:55,200 --> 00:24:58,159
Speaker 1: us live every weekday on YouTube and always on the

476
00:24:58,160 --> 00:24:59,280
Speaker 1: Bloomberg terminal.

477
00:24:59,440 --> 00:25:02,399
Speaker 2: David Gerry and for Paul Sweeny. Lisa Matteo is here.

478
00:25:02,560 --> 00:25:05,280
Speaker 2: She's been seen with a healthy breakfast. I should point

479
00:25:05,320 --> 00:25:08,879
Speaker 2: out as well, she has newspapers this morning. What do

480
00:25:08,920 --> 00:25:09,359
Speaker 2: you start with?

481
00:25:09,480 --> 00:25:11,480
Speaker 9: Okay, we were talking about AI, so we're going to

482
00:25:11,520 --> 00:25:14,159
Speaker 9: start there. We're going to go there. People begin to

483
00:25:14,240 --> 00:25:16,600
Speaker 9: use it more and more, right, so much so open AI.

484
00:25:16,880 --> 00:25:19,919
Speaker 9: Sam Altman is saying that people are starting to talk

485
00:25:20,160 --> 00:25:23,200
Speaker 9: like AI, so he posted about it on x He

486
00:25:23,240 --> 00:25:26,560
Speaker 9: didn't say what particular terms people are using, but he

487
00:25:26,640 --> 00:25:29,879
Speaker 9: did say it's they have similar writing styles. He says,

488
00:25:29,920 --> 00:25:32,400
Speaker 9: it feels fake. It wasn't like that one or two

489
00:25:32,480 --> 00:25:36,040
Speaker 9: years ago. But I did an AI search about terms

490
00:25:36,040 --> 00:25:38,880
Speaker 9: that make you sound like AI, and it says words

491
00:25:38,960 --> 00:25:46,240
Speaker 9: like leverage, synergy, unprecedented, transitional phrases it uses Furthermore.

492
00:25:45,840 --> 00:25:51,000
Speaker 2: So, I've got too for perplexity here and I'm going

493
00:25:51,040 --> 00:25:52,879
Speaker 2: to type it in right now because this is the

494
00:25:52,920 --> 00:25:56,600
Speaker 2: AI we need to know. When does Paul Sweeney return?

495
00:25:58,320 --> 00:25:58,679
Speaker 2: See it?

496
00:25:58,920 --> 00:25:59,720
Speaker 9: Perplexity?

497
00:25:59,840 --> 00:26:06,240
Speaker 4: No, it's all sweeting, Yeah, you take My people are

498
00:26:06,240 --> 00:26:08,879
Speaker 4: saying as well, that changes you let me know, but

499
00:26:09,119 --> 00:26:12,120
Speaker 4: you have people well anyway, I think all of this

500
00:26:12,160 --> 00:26:14,040
Speaker 4: is leading to I think what can be characterize is

501
00:26:14,080 --> 00:26:16,040
Speaker 4: AI slop. So if you look at social media, no

502
00:26:16,119 --> 00:26:17,439
Speaker 4: I know you do, Tom, there's a lot more of

503
00:26:17,440 --> 00:26:19,600
Speaker 4: these kind of you know, a lot of dog roll

504
00:26:19,640 --> 00:26:19,840
Speaker 4: on the.

505
00:26:20,640 --> 00:26:22,360
Speaker 9: And that's what they're saying. It's all kind of sounding

506
00:26:22,400 --> 00:26:24,280
Speaker 9: the same, like it's just kind of recouraged hit.

507
00:26:24,320 --> 00:26:29,560
Speaker 2: And yeah, seriously, it's an unknown yeah, expectly.

508
00:26:29,840 --> 00:26:32,240
Speaker 9: Okay, this is what we were talking about before. High

509
00:26:32,280 --> 00:26:35,760
Speaker 9: school math reading scores hit a new low in the US.

510
00:26:36,119 --> 00:26:38,520
Speaker 9: This is part of the National Assessment for Education Progress.

511
00:26:38,600 --> 00:26:41,080
Speaker 9: You call it the National the Nation's report Card. So

512
00:26:41,160 --> 00:26:43,280
Speaker 9: here are the numbers. So a record high forty five

513
00:26:43,320 --> 00:26:47,040
Speaker 9: percent of high school seniors scored below basic in math.

514
00:26:47,440 --> 00:26:51,120
Speaker 9: Nearly one in three seniors were below basic in reading.

515
00:26:51,520 --> 00:26:54,360
Speaker 9: That's also a record. So this was given to students

516
00:26:54,359 --> 00:26:58,080
Speaker 9: in public and private schools. The results were actually similar

517
00:26:58,080 --> 00:27:00,359
Speaker 9: to those that reported earlier this year for worth to

518
00:27:00,440 --> 00:27:02,760
Speaker 9: eighth grader, so it's not just the younger kids, but

519
00:27:02,800 --> 00:27:05,320
Speaker 9: also the older kids that are in high school preparing

520
00:27:05,359 --> 00:27:08,000
Speaker 9: to go to the cold thing they said it was

521
00:27:08,080 --> 00:27:10,880
Speaker 9: it was lower before the pandemic, but it's just continued

522
00:27:10,920 --> 00:27:12,600
Speaker 9: to fall. It hasn't kind of increased.

523
00:27:12,960 --> 00:27:16,480
Speaker 2: Just I talked to an educator the other day who said,

524
00:27:16,520 --> 00:27:19,360
Speaker 2: we're now beyond the pandemic, but at the same time,

525
00:27:19,400 --> 00:27:19,879
Speaker 2: it's still.

526
00:27:19,800 --> 00:27:21,919
Speaker 4: Still dealing with a lot of the residual stuff. I'm

527
00:27:21,960 --> 00:27:23,879
Speaker 4: struck by how much of this is still online, Like

528
00:27:23,920 --> 00:27:27,080
Speaker 4: having kids now that mouth on the computer is nothing

529
00:27:27,119 --> 00:27:29,760
Speaker 4: to do and put the stylist down and pick up

530
00:27:29,760 --> 00:27:30,159
Speaker 4: the pencil.

531
00:27:30,280 --> 00:27:30,480
Speaker 5: They do.

532
00:27:30,600 --> 00:27:32,640
Speaker 9: Put the Saint teaser online now.

533
00:27:33,040 --> 00:27:36,360
Speaker 4: Right, absolutely, all these year the year siting I think

534
00:27:36,359 --> 00:27:36,879
Speaker 4: are online.

535
00:27:36,960 --> 00:27:37,840
Speaker 5: They are online.

536
00:27:38,000 --> 00:27:38,280
Speaker 2: Next.

537
00:27:38,359 --> 00:27:41,439
Speaker 9: Okay, So we go from high school to college and

538
00:27:41,520 --> 00:27:45,360
Speaker 9: have you heard of rush talk? Okay, this is the

539
00:27:45,359 --> 00:27:46,600
Speaker 9: sorority craze.

540
00:27:46,680 --> 00:27:50,040
Speaker 3: It's coming from I've seen documentary.

541
00:27:50,200 --> 00:27:52,840
Speaker 9: Yes, okay, so rush talk, it's part of TikTok that's

542
00:27:52,880 --> 00:27:55,240
Speaker 9: devoted to sorority rush and it's big.

543
00:27:55,359 --> 00:27:55,560
Speaker 2: Yes.

544
00:27:55,760 --> 00:27:58,800
Speaker 9: Down South. You have the documentaries, you have the Lifetime

545
00:27:58,840 --> 00:28:02,280
Speaker 9: reality series, you have brand collaborations going on with these girls.

546
00:28:02,520 --> 00:28:04,720
Speaker 9: But the Boston Globe, what they said was interesting is

547
00:28:04,720 --> 00:28:08,040
Speaker 9: that the craze is coming from Massachusetts girls, not because

548
00:28:08,440 --> 00:28:11,600
Speaker 9: they're doing it at universities in New England. They're going

549
00:28:11,720 --> 00:28:15,880
Speaker 9: more to southern schools because of crazes like this, schools

550
00:28:15,920 --> 00:28:19,080
Speaker 9: like in Georgia, Alabama. And the Globe took a look

551
00:28:19,119 --> 00:28:21,800
Speaker 9: into what goes into rush talk. Okay, are you ready

552
00:28:21,800 --> 00:28:25,640
Speaker 9: for it? Choreographed dances, which you've probably seen five thousand dollars,

553
00:28:25,680 --> 00:28:29,080
Speaker 9: rush consultants, So they need consultants in order.

554
00:28:28,920 --> 00:28:33,639
Speaker 2: To get girls to get restaurant rush time. Yes, so

555
00:28:33,880 --> 00:28:36,160
Speaker 2: consultancy such a gif.

556
00:28:38,240 --> 00:28:42,080
Speaker 9: Yes, I'm telling you these girls are having mental breakdowns.

557
00:28:42,120 --> 00:28:44,959
Speaker 9: There's scandals, there's spray hands gone wild.

558
00:28:45,120 --> 00:28:49,440
Speaker 2: It's a little crazy test score linked to.

559
00:28:49,400 --> 00:28:52,600
Speaker 9: The test court, but it's it's a huge thing. I mean,

560
00:28:52,840 --> 00:28:55,720
Speaker 9: some girls are making their decisions for college based on

561
00:28:56,000 --> 00:28:57,760
Speaker 9: these things they see on social media.

562
00:28:57,920 --> 00:29:00,959
Speaker 2: Could we have a moment of silence please? Good morning

563
00:29:01,040 --> 00:29:06,840
Speaker 2: to the tri Delts. Delta Delta Delta, Boulder, Colorado, ten

564
00:29:07,000 --> 00:29:15,400
Speaker 2: twenty five, fifteenth Street. I have an agent shoulder. One

565
00:29:15,480 --> 00:29:20,120
Speaker 2: too many screwdrivers. I fell into a rose bushy delta

566
00:29:20,160 --> 00:29:21,200
Speaker 2: on a hill and boulder.

567
00:29:22,400 --> 00:29:25,560
Speaker 4: I noted here there are five bees to avoid according

568
00:29:25,600 --> 00:29:31,040
Speaker 4: to this article, boys, Biden, politics in general, Bucks, booze,

569
00:29:31,240 --> 00:29:31,920
Speaker 4: and the Bible.

570
00:29:32,160 --> 00:29:33,920
Speaker 9: Yes, because you have to watch.

571
00:29:33,640 --> 00:29:35,880
Speaker 2: You before you rush where you rush.

572
00:29:35,920 --> 00:29:38,040
Speaker 9: You got to erase stuff from the past.

573
00:29:38,640 --> 00:29:42,440
Speaker 2: I mean, she looks a whole New World Show. Yeah,

574
00:29:42,480 --> 00:29:45,360
Speaker 2: she looks like Lisa, looks like destined for.

575
00:29:46,800 --> 00:29:47,200
Speaker 9: Goodness.

576
00:29:47,200 --> 00:29:48,200
Speaker 4: She doesn't have to you.

577
00:29:48,200 --> 00:29:52,240
Speaker 2: Could see it. Thank you, Lisa Matteo the Newspapers.

578
00:29:52,360 --> 00:29:57,200
Speaker 1: This is the Bloomberg Surveillance podcast, available on Apple, Spotify

579
00:29:57,320 --> 00:30:01,080
Speaker 1: and anywhere else you get your podcasts. Listen live each

580
00:30:01,120 --> 00:30:04,960
Speaker 1: weekday seven to ten am Eastern on bloomberg dot com,

581
00:30:05,120 --> 00:30:08,920
Speaker 1: the iHeartRadio app tune In, and the Bloomberg Business app.

582
00:30:09,200 --> 00:30:12,320
Speaker 1: You can also watch us live every weekday on YouTube

583
00:30:12,600 --> 00:30:14,640
Speaker 1: and always on the Bloomberg terminal