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Speaker 2: I'm a laddy with us right now. I had of
Speaker 2: active equity in Milwaukee with Allspring Global Investments. All the
Speaker 2: value heritage is strong over the decades as well. I'm
Speaker 2: going to cut to the chase people that like the
Speaker 2: New York Yankees, would kill for the adult responsibility of
Speaker 2: the Milwaukee Brewers. The Brewers are twenty three out of
Speaker 2: thirty in payroll. Their total payroll is less than Juan
Speaker 2: Soto or Aaron Judge make it's like the capital of Vailue.
Speaker 2: How do you get Milwaukee Brewer performance in the stock market.
Speaker 3: I'm you know, that's a great question, Tom, and we're
Speaker 3: working on it. I would say that's exactly where our
Speaker 3: managers are focused is outside of the meg seven and
Speaker 3: probably the popular areas of the market. We are continuing
Speaker 3: to search for where the value lies.
Speaker 2: Give me a sector.
Speaker 3: Yeah, from a sector standpoint, I think you know one
Speaker 3: of the most probably hated sectors has been healthcare. I
Speaker 3: think there are some real attractive areas in diagnostics in
Speaker 3: the tool space. I know there's been regulatory pressures and
Speaker 3: uncertainty and pharma and in healthcare services.
Speaker 4: Those are you know, less favorable areas for us.
Speaker 3: But as we think about change in the future, I
Speaker 3: think the diagnostics space looks pretty attractive.
Speaker 2: I mean, David, I got you and h off the bottom.
Speaker 2: What a train wreck that's been. It's up twenty eight
Speaker 2: it's up twenty eight percent off the bottom. It's not
Speaker 2: even anywhere near breaching resistance and doc talk.
Speaker 4: That I appreciate. That I appreciate.
Speaker 1: That's man.
Speaker 4: How should investors look at or think about valuation you
Speaker 4: mentioned just just a moment ago. What is it an
Speaker 4: indicator of How should they be thinking of it in
Speaker 4: this broader context.
Speaker 3: It's a great question, David, Like, look, when I look
Speaker 3: at just the market averages and valuation, it is not
Speaker 3: lost on me that we are near historic eyes on
Speaker 3: almost any valuation metric. But when you search underneath the
Speaker 3: broader markets and you look at relative value in certain
Speaker 3: sectors and certain areas, even market caps and different regions,
Speaker 3: there still are attractive areas, and that's what we're kind
Speaker 3: of looking for. And you know, it's not necessarily contrarian,
Speaker 3: it's just relative values to the overall market that appear
Speaker 3: to be you know, uh, hanging back and looking attractive
Speaker 3: to us.
Speaker 4: I'm very curious just how you were thinking about the
Speaker 4: policy picture, the background to all of this, and there
Speaker 4: was at the beginning of President Trump's second term a
Speaker 4: lot of anxiety and apprehension about the way this terist
Speaker 4: policy is can affect a lot of these companies. You've
Speaker 4: sifted through earning supports and listened to calls and thought
Speaker 4: through this. Now, with you know, a couple of months hindsight,
Speaker 4: what have we learned about how much weight these tariffs,
Speaker 4: this trade policy is actually having on a lot of
Speaker 4: these companies.
Speaker 3: I think we haven't seen the full effect yet. And
Speaker 3: when you listen to conference calls and when I talk
Speaker 3: to our portfolio managers, it's clear that company managements are
Speaker 3: still trying to figure it out. I think it's been
Speaker 3: less impactful than.
Speaker 5: They had thought it would be.
Speaker 3: But there's a timing issue right where you know, people
Speaker 3: built up inventory ahead of time. That inventory has been
Speaker 3: worked down. There's been pauses and tariffs along the way.
Speaker 3: Consumer behavior has adjusted for it as well, and so
Speaker 3: I think, you know, the jury's still out on how
Speaker 3: much impact they still have, but to your point, it's
Speaker 3: been less concerning than I would have believed it to be.
Speaker 2: How do you respond into Q three here and into
Speaker 2: Q four. I don't need to do the securitious analyst bit,
Speaker 2: but how do you respond to the idea that the
Speaker 2: growthiness stocks will grow the denominator and catch up to
Speaker 2: a value three years out, four years out, five years out.
Speaker 2: How do you respond to our new terminal value of
Speaker 2: Meg seven?
Speaker 4: You know, Tom is a great question, and look, we're
Speaker 4: doing all right.
Speaker 3: You know, it's the million dollar question in some ways
Speaker 3: because in where I've been wrong, in many cases we
Speaker 3: haven't been absent the Meg seven. But I had thought
Speaker 3: for some time that you'd have the rest of the
Speaker 3: market catch up sooner. And the reality is that the
Speaker 3: cash flow production from those Meg seven have been quite good.
Speaker 3: But the law of large numbers does come into play
Speaker 3: at a certain point, and we've seen some hiccups along
Speaker 3: the way capex. The capex cycle plays well. I think
Speaker 3: I saw a statistic too that said sixty percent of
Speaker 3: the revenue stream from the top ten names in the
Speaker 3: SNP come from AI and so they're very AI dependent.
Speaker 2: Okay, you got a stunning track record, and the Allspring
Speaker 2: Global Dividend Fund and at the top is in video
Speaker 2: Microsoft broadcame. The usual victims is, well you got you
Speaker 2: own a credit down below it's a global fund and
Speaker 2: Italian Bank? Are you levining in the m Meletti stacks
Speaker 2: into MEGS seven portfolios?
Speaker 3: I think that's exactly what you have to do.
Speaker 4: It's about risk versus reward.
Speaker 3: And while you don't want to be absent some of
Speaker 3: those names that do have strong fundamentals, including the Meg seven,
Speaker 3: you do have to diversify the risk, especially at this
Speaker 3: point in the market. The market, you know, is not
Speaker 3: priced or sorry, is price for perfection in some ways,
Speaker 3: and you know you want to diversify your risk and
Speaker 3: you have to do that. Outside of those names.
Speaker 4: Tom talks about levining, and I'm curious just how much
Speaker 4: dollar weakness is affecting the overall picture here, especially when
Speaker 4: you look at stocks like Tom brings up this Italian bank.
Speaker 4: Is it making stocks like that more appealing less appealing?
Speaker 2: Haws?
Speaker 4: It shapen your kind of wider aperture of investment now.
Speaker 3: You know, for certain, dollar weakness has been a tailwind
Speaker 3: for international and EM stocks, and it is a theme
Speaker 3: that we stressed late last year headed into this year
Speaker 3: that we believed that that would be the case, just
Speaker 3: given tariffs and other things that we could see coming.
Speaker 3: I don't think it's over. You could have a balance
Speaker 3: in the dollar. I would expect that to happen. But
Speaker 3: I do think the you know, the peak in terms
Speaker 3: of where the dollar has been is probably behind us,
Speaker 3: and you're going to see some of that tailwind continue
Speaker 3: for the EM in international space.
Speaker 2: And a Luddie thank us so much. Ahead of Milwaukee
Speaker 2: Brewer Baseball, Active Equity, all Spring Global, thank you so much.
Speaker 2: Stay with us. More from Bloomberg Surveillance coming up after this.
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Speaker 2: Right now. It's important. Nancy Tangler talk talk talk people do.
Speaker 2: Nancy Tangler does it. Laugh for Tangler where she puts
Speaker 2: money to where you have the most twisted portfolio in
Speaker 2: your ETF up twenty four percent. You're getting nastagg response
Speaker 2: from a much more cautious portfolio. You have the tech
Speaker 2: company JP Morgan, the tech company ABV, the tech company RTX.
Speaker 2: Here's one home dpot it's you've got the room. We
Speaker 2: got the strangest portfolio going. How are you getting the
Speaker 2: results you're getting in tgl R If you don't own Nvidia.
Speaker 5: Thank you? That is this so kind?
Speaker 2: No, but I'm serious.
Speaker 6: Well, I own the poor man's Nvidia tom and that's Broadcom,
Speaker 6: and that's that's been a workhorse.
Speaker 2: So that's a secret is by the poor man's whatever.
Speaker 6: Yeah, and then Oracle the poor man's Hyperscaler. So we're
Speaker 6: focused on dividend growth in that portfolio. We have a
Speaker 6: growth portfolio that owns all the darlings like Nvidia, paths here,
Speaker 6: blah blah. But this strategy is a workhorse, and it's
Speaker 6: over the last ten years. It's just kind of thirteen
Speaker 6: and a half percent annualized with.
Speaker 5: Three bear markets.
Speaker 6: So I learned it from the great Tony Spare when
Speaker 6: Art Laffer owned a piece of our company, and we
Speaker 6: we just focus on valuation and then we do the
Speaker 6: work the research.
Speaker 4: You mentioned Oracle today a big day for announcing earnings
Speaker 4: after the bell. What are you looking for there? We
Speaker 4: were talking earlier just about the need for cloud computing
Speaker 4: because of AI, Lisa giving us a brief on a
Speaker 4: Dutch company that's doing business now with with with Microsoft.
Speaker 4: What does Oracle have to prove when it has that
Speaker 4: call today?
Speaker 6: They need to continue the sales growth projector hitting the numbers. Yeah,
Speaker 6: and they have a huge backlog, but the company is
Speaker 6: pretty spotty on hitting their numbers. So if we get
Speaker 6: a sell off, we've been trimming it back because it's
Speaker 6: become a huge part of our portfolio. If we get
Speaker 6: a sell off, we may step back in. But you know,
Speaker 6: it's it's it's the company that everyone loves to hate.
Speaker 6: And the CEO or now the chairman that everyone loves
Speaker 6: to hate. He lives where I live up in Lake
Speaker 6: Tahoe's he's something else. Second wealthiest man in the world.
Speaker 4: He's doing it right, Tom between this portfolio and the
Speaker 4: Tahoe residents, I feel, continued David. You mentioned the history
Speaker 4: the bear markets that we've had. Here we are in
Speaker 4: this book, and I wonder where you think we are
Speaker 4: in that as you survey this market today, as we
Speaker 4: note day in and day out, the records that we
Speaker 4: keep coming close to or hitting, your sense of how
Speaker 4: long that's likely to continue, and the indicators that you're
Speaker 4: looking to that we'll give you some sense of that.
Speaker 6: Yeah, So, David, I've drawn the analogy to the nineties
Speaker 6: when I was not just alive, but I was managing portfolios,
Speaker 6: and there are a lot of similarities. We had high
Speaker 6: inflation three percent, we had a higher ten year at
Speaker 6: seven to eight, and FED funds are eight five to six.
Speaker 6: So what we know is when productivity is driving growth,
Speaker 6: you can sustain robust stock price performance for some time.
Speaker 6: We're just young in this new bull market. The nineties
Speaker 6: had one hundred and twenty month expansion with over four
Speaker 6: hundred percent. But what's important to me is that we
Speaker 6: saw better than expected revenue last quarter. So the earnings
Speaker 6: were great, beat estimates, but revenue beat estimates. And then
Speaker 6: we're seeing cash flow free cash flow corporations at four
Speaker 6: trillion dollars. That's a historic eye margins at historic eyes.
Speaker 6: And then we've got the tailwind of the one big
Speaker 6: beautiful bill, we call it the Obabba bill at Laffer
Speaker 6: Tangler because I feel dumb calling it the one big
Speaker 6: beautiful but the tailwinds are huge for corporate cash float,
Speaker 6: tax savings, cash, and no one's talking about that.
Speaker 2: I want to get in trouble. I've had some wonderful
Speaker 2: conversations with Art Laugher. I think he's been criticized in
Speaker 2: an uninformed way. We've talked about the tangential dynamics first
Speaker 2: and second derivative, the acclaimed Laugher curve in that what
Speaker 2: does Laffer and what does Tangler think of Trump fiscal
Speaker 2: and monetary theory.
Speaker 6: So I think doctor Laffer is always diplomatic, and as
Speaker 6: a former member of not just Reagan but Nixon and
Speaker 6: an advisor to Trump one point zero, I think they're
Speaker 6: doing a lot of things correctly. But I hate this
Speaker 6: takeover of private sector company and doctor Laffer's come out
Speaker 6: and said, well, if anyone can do it, it's President Trump.
Speaker 6: And that may well be, but I think it's bad
Speaker 6: precedent and I think they're overstepping the executive.
Speaker 2: Then respond to the gloom crew that says there'll be
Speaker 2: a jump condition where the smooth curves of our equity
Speaker 2: bolishness break. How do you invest given the shock potential
Speaker 2: of a Trump policy gone wrong.
Speaker 5: Well, we'll do what we did in April.
Speaker 2: We'll buy more.
Speaker 6: So were you know we were stepping in on April third,
Speaker 6: April first, and March. Because you see these dislocations and
Speaker 6: you say it is the AI trade over, it isn't.
Speaker 6: I've heard so many people say, oh, well there's that
Speaker 6: MIT study.
Speaker 5: Nobody's making money with AI.
Speaker 6: That is not what we're hearing from the companies on
Speaker 6: the conference calls. We're seeing margin expansion, We're seeing less hiring,
Speaker 6: which I think is a paradigm shift that is distorting.
Speaker 5: Things like the ism manufacturing numbers.
Speaker 2: David, get one more in here. But I want to
Speaker 2: make this clear, folks. People look at Nancy Tangler and
Speaker 2: they're like, she's out at Lake Tihoe like a starter home.
Speaker 2: Your homestead is like twelve million dollars and she's retired.
Speaker 2: How many hours a day are you working? Me? I
Speaker 2: work about twelve to fourteen.
Speaker 6: She's as nuts as she was, or she was, or
Speaker 6: he's nuts. Eighty five says he's going to live to
Speaker 6: one hundred and thirty.
Speaker 4: I can't resist going back to something you said, which
Speaker 4: is that you are wary of or you don't like
Speaker 4: the fact that the government is getting involved with these
Speaker 4: private companies. What does it mean as you sort of
Speaker 4: think through the ramifications of this, If you have the
Speaker 4: US government taking a stake in, say in Intella, what
Speaker 4: does that do to your or an investor's appetite for
Speaker 4: that company? Does it provide a sense of security that
Speaker 4: the US government is getting involved? When you hear doctor
Speaker 4: Hassett saying this could happen with other companies and other sectors,
Speaker 4: how does it sort of shape your outlook knowing that
Speaker 4: this might be something that would be more regular than
Speaker 4: certainly it has been before you got to study history.
Speaker 5: I mean, I was, I was alive.
Speaker 6: I wasn't managing money when the Chrysler deal where we
Speaker 6: bailed them out for a billion and a half Jimmy
Speaker 6: Carter nineteen seventy nine. Then we had to bail them
Speaker 6: out again, and that was in two thousand and eight,
Speaker 6: two thousand and nine for twelve and a half minens.
Speaker 6: It doesn't work and there's nothing in it for the taxpayer.
Speaker 6: So what happened to Intel shareholders? They got diluted. The
Speaker 6: government also has warrants, so that could further deleute them
Speaker 6: and they have no business.
Speaker 5: They're not good at it.
Speaker 6: Obama Clindra, I mean, I don't know what else to say,
Speaker 6: but bad, bad policy, very bad answer.
Speaker 2: Don't be a stranger. Nancy Tangler. Thanks so I can
Speaker 2: see the remote. She'll do a remote like in January,
Speaker 2: will be out in her Dad love that before we
Speaker 2: too below zero. Nancy Tanglar, thank you so much. Huge
Speaker 2: performance out of some of her ETF portfolio's. Check that out.
Speaker 2: Stay with us. More from Bloomberg Surveillance coming up after this.
Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch US live
Speaker 1: weekday afternoons from seven to ten am e's durn Listen
Speaker 1: on Applecarplay and Android Otto with the Bloomberg Business app,
Speaker 1: or watch US live on YouTube.
Speaker 2: Joining us from Trinity the PhD in economics, Colin, how
Speaker 2: would you like to chime in, sir? On US economic data?
Speaker 7: We avoid the US is at a very instant juncture.
Speaker 8: You obviously have an increase in inflation pressures, the signs
Speaker 8: of the labor market is weakening. So this is a
Speaker 8: uncomfortable moment for policymakers. I suspect We're welcome you.
Speaker 2: From Allied Irish Bank. Colin Hunt with us here and
Speaker 2: of course with all of his trinity economics. Let's first
Speaker 2: identify AIB right now. Is is safe to say you're
Speaker 2: owned by the Irish government. How do you answer that question?
Speaker 2: We were owned by the Irish government.
Speaker 8: The Irish government came to our rescue post to the GFC,
Speaker 8: and for a period of about fifteen years, the Irish
Speaker 8: government had a presence on our share register. And in
Speaker 8: June just gone, we marked the Irish government's exit. And
Speaker 8: once again the organization is one hundred percent privately owned.
Speaker 8: And in fact one of the reasons that I'm here
Speaker 8: this week with the Barclay's Financials Conference yesterday and meeting
Speaker 8: a lot of our investors. Most of our very significant
Speaker 8: investors are based here in the United States.
Speaker 2: Well, this is very important. We'd like to have some
Speaker 2: news here. Jennifer Dugan's waiting in Dublin for this. Can
Speaker 2: we suggest that there would be some form of public
Speaker 2: offering of shares of Allied Irish Bank in the coming
Speaker 2: weeks quarters Can you make an announcement today?
Speaker 8: There's certainly no announcement to be made because we are
Speaker 8: a we're one hundred percent free floating at this stage.
Speaker 8: So the government has exited the register. They came to
Speaker 8: our rescue with about twenty almost twenty one billion euro.
Speaker 8: We repaid that and now we are one hundred percent
Speaker 8: privately owned.
Speaker 4: This started well, it started very well, doctor, How do
Speaker 4: you give us some perspective ons of the appetite for
Speaker 4: cross border transactions at this point in time. So here
Speaker 4: we're living this day in day out, the ambiguity or
Speaker 4: uncertainty about trade policy and economic policy. More broadly, what
Speaker 4: do companies domiciled outside of the United States think of
Speaker 4: this environment and how's that affecting business as you see it?
Speaker 8: Well, I suppose the environment we had a period of
Speaker 8: uncertainty earlier on this year, very very warmly welcomed the
Speaker 8: fact that we have come to an agreement between President
Speaker 8: Trump and President vonder lyin which was announced in Scotland
Speaker 8: a few weeks ago. Businesses, you know, hates uncertainty. We
Speaker 8: have certainty.
Speaker 7: Now.
Speaker 8: Would you pick a twer level of fifteen percent? You
Speaker 8: wouldn't necessarily, but that's the reality.
Speaker 7: That's what we're dealing with.
Speaker 8: And at least the uncertainty now has been has been eliminated.
Speaker 8: The United States is a hugely important market for Arland,
Speaker 8: not only as a source for our exports, but also
Speaker 8: as a place where Irish businesses invests. So typically Irish
Speaker 8: businesses when they outgrow a market that is growing quite
Speaker 8: robustly but still quite small, they typically go to the
Speaker 8: UK first and then they go to the United States.
Speaker 8: So that was the path we followed. We've been here
Speaker 8: in New York for fifty years this year and we
Speaker 8: still a way through the crisis we maintained and all
Speaker 8: the way through our period of government ownership, we maintained
Speaker 8: our physical presidence here.
Speaker 7: It's a really important.
Speaker 8: Place from us from an investment perspective, but it's also
Speaker 8: a really important country for deployment of our loan book.
Speaker 8: And of course other Irish businesses followed us as well,
Speaker 8: So you have the likes of c RH, the likes
Speaker 8: of Smurfoot, WestRock, the likes of Kerry Group, all having very.
Speaker 7: Significant exposures to the United States.
Speaker 8: Notwithstanding the uncertainty we had earlier this year, it's still
Speaker 8: a hugely important market and it's a hugely important provider
Speaker 8: of external capital.
Speaker 4: How is the Irish economy doing today when you look
Speaker 4: at the housing market, commercial investments through what's the relative
Speaker 4: health of the Irish economy in twenty twenty five.
Speaker 2: College is doing quite well. Like Irish GDP numbers.
Speaker 8: Because of the scale of the international sector in the
Speaker 8: economy can be wild and volatile, so we tend not
Speaker 8: to look at GDP. We tend to look at modified
Speaker 8: domestic demand. So this year we're talking about growth summer
Speaker 8: of the order about two point three two five percent
Speaker 8: in real terms, unemployment about four percent, and total employment
Speaker 8: in the state now running a two point eight million.
Speaker 8: That sounds small, but when I was in college all
Speaker 8: those many many years ago, thirty five years ago, so we.
Speaker 7: Had one million people at work.
Speaker 8: So this is an economy usherly transformed right and now
Speaker 8: one of the best of forming in Europe.
Speaker 2: Colin hunt with us with the aled Irish Bank, and
Speaker 2: we continue. We're commercial free with you across America, in
Speaker 2: Ireland and around the world. Here is through this important
Speaker 2: economic report. In fourteen minutes ed Ludlow's schedule to be
Speaker 2: with us here in a bit on the important Apple meetings.
Speaker 2: I was talking with Olivia Fletcher. She calls me up.
Speaker 2: Olivia calls Kay, she just did I wait you It's
Speaker 2: three am. I'm like Olivia tiny hey, Colin, I got
Speaker 2: like an hour conversation with you, and I think frankly
Speaker 2: President Trump could have an hour conversation with you. Let's
Speaker 2: talk about this strange corporate boom in Dublin and the
Speaker 2: fact that people sophisticated Blackstone are literally giving the keys
Speaker 2: back and office buildings. What is the state of commercial
Speaker 2: real estate and, as you say, a completely rebuilt Irish acanemy.
Speaker 8: So the commercial real estate market had a very good run,
Speaker 8: and then once we had the turn in the official
Speaker 8: rate cycle, you began to see valuations coming back.
Speaker 2: Quite a bit.
Speaker 8: Of course, you had the COVID impact and the impact
Speaker 8: on commercial valuations because of working from home that would
Speaker 8: have added it led to a dumbward adjustment as well.
Speaker 8: But we have seen quite a different step back in
Speaker 8: valuation market clearing. I think the market is clearing, and
Speaker 8: certainly we're beginning to see signs of people of higher
Speaker 8: degrees of interest in the market. There are trades taking place.
Speaker 8: The valuation adjustment seems to be behind us. If anything,
Speaker 8: I would have expected that to happen a little bit
Speaker 8: earlier because of the turn in the rate cycle.
Speaker 7: But I do think we are at the bottom of
Speaker 7: the cycling through it.
Speaker 4: A related question, perhaps closer to home. I'm wondering what
Speaker 4: your office is are are looking like. I remember reading
Speaker 4: you're trying to get employees back three days a week.
Speaker 4: Some pushback to that, as I know, there was here
Speaker 4: in the States with a number of financial institutions and
Speaker 4: other businesses. Here we are at the end of the
Speaker 4: summer looking to the fall. Where does that process stand?
Speaker 4: Were you surprised by the reaction? Folks didn't want to
Speaker 4: come in three days?
Speaker 2: So we want to hear this question.
Speaker 7: I will answer there's no question. I don't want to
Speaker 7: hear it. I'm more than comfortable in answering that.
Speaker 2: Look we had.
Speaker 8: We have a situation where we have effectively three types
Speaker 8: of work patterns inside in the organization. Our branch staff
Speaker 8: are in five days a week. Our call center staff
Speaker 8: are in five days a week. Our security people in
Speaker 8: five days a week. We have some people who work
Speaker 8: from home two days a week. We currently have a
Speaker 8: group of people who work from home three days a week,
Speaker 8: and we're asking that group of our colleagues to come
Speaker 8: into the office an additional day. I think it is
Speaker 8: really good for culture. I think it's good for learning
Speaker 8: and development. I think ultimately it's good for the business.
Speaker 2: I question to Nicholas Booth at Stanford's Wonder four. You've
Speaker 2: given me the best explanation of this i've heard. Are
Speaker 2: you down road believing that you're going to compensate people
Speaker 2: who are in five days a week versus the work
Speaker 2: from home crew?
Speaker 8: Well, the contracts that people have layout in great detail
Speaker 8: their base of employment, We're not. We incentivize our staff
Speaker 8: to come to work through a salary check that arise.
Speaker 7: In their account on the twenty fifth every month, just.
Speaker 2: Because of time. I've got to get to this. There's
Speaker 2: a back and forth on trade and everything within Ireland
Speaker 2: with America and tariffs, and Trump comes down to the
Speaker 2: pharmaceutical industry. Give give us a state that Allied Irish
Speaker 2: Bank sees of Yes, the weight loss drugs. I'm not
Speaker 2: using Gurris, just cut and Chisels. Help us with the
Speaker 2: pharmaceutical dynamic that will change given decisions by President Trump.
Speaker 8: So some of the biggest farmer names here in the
Speaker 8: United States have have had a physical presence in Ireland
Speaker 8: for over fifty years.
Speaker 2: ARND is very attractive.
Speaker 8: Location for US in gives you open, unfettered access to
Speaker 8: the largest single market in the world in the European Union,
Speaker 8: common law English speaking, and we have of course a
Speaker 8: cultural and perhaps fraternal affinity.
Speaker 7: With one another across the Atlantic.
Speaker 8: So we have very the deep rooted US pharmaceutical companies
Speaker 8: in Ireland. They are it's it's a big driver over
Speaker 8: exports to the United States. We did go through a
Speaker 8: period of grave uncertainty earlier on this year, but I'm
Speaker 8: very happy that that has been eliminated. Now we have
Speaker 8: some certain humulation to tariffs in that sector.
Speaker 2: Thank you for getting life flat beds on air Lingus
Speaker 2: is doing. I used to be a director of er Lingus.
Speaker 7: I was.
Speaker 2: I was the one that pushed it through. I don't
Speaker 2: know who told you that, but City psy Icelandic Airways back.
Speaker 2: You brought an entourage with you, oh with Guinness too.
Speaker 2: What is air Lingus is all of a sudden got
Speaker 2: a buzz to it, doesn't it?
Speaker 8: When Erlingas had a buzz to it going all the
Speaker 8: way back to its privatization. Really two thousand and six,
Speaker 8: have you got much flatbed's fine?
Speaker 7: The life bad?
Speaker 8: You need to fly more often with Urlingas said they've
Speaker 8: had life flat beds for the best part of a decade.
Speaker 2: If not more, well you know they have. But there
Speaker 2: there went. Now they're really pushing it. Conrad, can you
Speaker 2: come back again? Are you going to be in New
Speaker 2: York in the next five years? I hope you here
Speaker 2: in the next five weeks. All right? Led Irish Bank
Speaker 2: and we said good morning to Boston, the new Elied
Speaker 2: Irish Bank years ago. Colin and thank you so much,
Speaker 2: doctor own of led Irish Bank, their chief executive for sir,
Speaker 2: stay with us. More from Bloomberg Surveillance coming up after this.
Speaker 1: This is the Bloomberg Surveillance Podcast. Listen live each weekday
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Speaker 1: us live every weekday on YouTube and always on the
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Speaker 2: David Gerry and for Paul Sweeny. Lisa Matteo is here.
Speaker 2: She's been seen with a healthy breakfast. I should point
Speaker 2: out as well, she has newspapers this morning. What do
Speaker 2: you start with?
Speaker 9: Okay, we were talking about AI, so we're going to
Speaker 9: start there. We're going to go there. People begin to
Speaker 9: use it more and more, right, so much so open AI.
Speaker 9: Sam Altman is saying that people are starting to talk
Speaker 9: like AI, so he posted about it on x He
Speaker 9: didn't say what particular terms people are using, but he
Speaker 9: did say it's they have similar writing styles. He says,
Speaker 9: it feels fake. It wasn't like that one or two
Speaker 9: years ago. But I did an AI search about terms
Speaker 9: that make you sound like AI, and it says words
Speaker 9: like leverage, synergy, unprecedented, transitional phrases it uses Furthermore.
Speaker 2: So, I've got too for perplexity here and I'm going
Speaker 2: to type it in right now because this is the
Speaker 2: AI we need to know. When does Paul Sweeney return?
Speaker 2: See it?
Speaker 9: Perplexity?
Speaker 4: No, it's all sweeting, Yeah, you take My people are
Speaker 4: saying as well, that changes you let me know, but
Speaker 4: you have people well anyway, I think all of this
Speaker 4: is leading to I think what can be characterize is
Speaker 4: AI slop. So if you look at social media, no
Speaker 4: I know you do, Tom, there's a lot more of
Speaker 4: these kind of you know, a lot of dog roll
Speaker 4: on the.
Speaker 9: And that's what they're saying. It's all kind of sounding
Speaker 9: the same, like it's just kind of recouraged hit.
Speaker 2: And yeah, seriously, it's an unknown yeah, expectly.
Speaker 9: Okay, this is what we were talking about before. High
Speaker 9: school math reading scores hit a new low in the US.
Speaker 9: This is part of the National Assessment for Education Progress.
Speaker 9: You call it the National the Nation's report Card. So
Speaker 9: here are the numbers. So a record high forty five
Speaker 9: percent of high school seniors scored below basic in math.
Speaker 9: Nearly one in three seniors were below basic in reading.
Speaker 9: That's also a record. So this was given to students
Speaker 9: in public and private schools. The results were actually similar
Speaker 9: to those that reported earlier this year for worth to
Speaker 9: eighth grader, so it's not just the younger kids, but
Speaker 9: also the older kids that are in high school preparing
Speaker 9: to go to the cold thing they said it was
Speaker 9: it was lower before the pandemic, but it's just continued
Speaker 9: to fall. It hasn't kind of increased.
Speaker 2: Just I talked to an educator the other day who said,
Speaker 2: we're now beyond the pandemic, but at the same time,
Speaker 2: it's still.
Speaker 4: Still dealing with a lot of the residual stuff. I'm
Speaker 4: struck by how much of this is still online, Like
Speaker 4: having kids now that mouth on the computer is nothing
Speaker 4: to do and put the stylist down and pick up
Speaker 4: the pencil.
Speaker 5: They do.
Speaker 9: Put the Saint teaser online now.
Speaker 4: Right, absolutely, all these year the year siting I think
Speaker 4: are online.
Speaker 5: They are online.
Speaker 2: Next.
Speaker 9: Okay, So we go from high school to college and
Speaker 9: have you heard of rush talk? Okay, this is the
Speaker 9: sorority craze.
Speaker 3: It's coming from I've seen documentary.
Speaker 9: Yes, okay, so rush talk, it's part of TikTok that's
Speaker 9: devoted to sorority rush and it's big.
Speaker 2: Yes.
Speaker 9: Down South. You have the documentaries, you have the Lifetime
Speaker 9: reality series, you have brand collaborations going on with these girls.
Speaker 9: But the Boston Globe, what they said was interesting is
Speaker 9: that the craze is coming from Massachusetts girls, not because
Speaker 9: they're doing it at universities in New England. They're going
Speaker 9: more to southern schools because of crazes like this, schools
Speaker 9: like in Georgia, Alabama. And the Globe took a look
Speaker 9: into what goes into rush talk. Okay, are you ready
Speaker 9: for it? Choreographed dances, which you've probably seen five thousand dollars,
Speaker 9: rush consultants, So they need consultants in order.
Speaker 2: To get girls to get restaurant rush time. Yes, so
Speaker 2: consultancy such a gif.
Speaker 9: Yes, I'm telling you these girls are having mental breakdowns.
Speaker 9: There's scandals, there's spray hands gone wild.
Speaker 2: It's a little crazy test score linked to.
Speaker 9: The test court, but it's it's a huge thing. I mean,
Speaker 9: some girls are making their decisions for college based on
Speaker 9: these things they see on social media.
Speaker 2: Could we have a moment of silence please? Good morning
Speaker 2: to the tri Delts. Delta Delta Delta, Boulder, Colorado, ten
Speaker 2: twenty five, fifteenth Street. I have an agent shoulder. One
Speaker 2: too many screwdrivers. I fell into a rose bushy delta
Speaker 2: on a hill and boulder.
Speaker 4: I noted here there are five bees to avoid according
Speaker 4: to this article, boys, Biden, politics in general, Bucks, booze,
Speaker 4: and the Bible.
Speaker 9: Yes, because you have to watch.
Speaker 2: You before you rush where you rush.
Speaker 9: You got to erase stuff from the past.
Speaker 2: I mean, she looks a whole New World Show. Yeah,
Speaker 2: she looks like Lisa, looks like destined for.
Speaker 9: Goodness.
Speaker 4: She doesn't have to you.
Speaker 2: Could see it. Thank you, Lisa Matteo the Newspapers.
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