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Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Jonathan Ferrow, along
Speaker 2: with Lisa Bromwitz and Amerie Hordern. Join us each day
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Speaker 3: We begin this hour with stocks holding steady as investors
Speaker 3: look ahead to that two day FED meeting. John Sofas
Speaker 3: of Oppenheimer raising his year end price target on the
Speaker 3: S and P five hundred for twenty twenty six to
Speaker 3: a street high of eighty one hundred, once again the
Speaker 3: biggest bull on Wall Street. Writing, monetary policy, fiscal policy,
Speaker 3: and the continuing progress of innovation and corporate earnings growth
Speaker 3: are key to growing earnings and revenues in the year ahead.
Speaker 3: John joins us. Now, John, you have been the biggest
Speaker 3: bull and you have been right. Why do you think
Speaker 3: this time people are getting it wrong about how accommodative
Speaker 3: both monetary and fiscal policy makers are going to be well.
Speaker 4: I think, Lisa, the big thing is, you know, we're
Speaker 4: in a process of normalization of interest rates coming out
Speaker 4: of a hike cycle, and a remarkable hike cycle, because
Speaker 4: the Fed bock raised drakes eleven times on pause fourteen
Speaker 4: with only five cuts in this whole process, but no recession,
Speaker 4: brought inflation growth down from nine point seven to based
Speaker 4: on the PCE last week sometime between two point eight
Speaker 4: and three, So you know, it looks pretty good. It
Speaker 4: shows sensitivity for the dual mandate, a balance. There's a
Speaker 4: bit of a walking the tightrope for Jerown Powell, but
Speaker 4: I think he loves it. He's a real pro and
Speaker 4: I think, you know, he's got to walk the tightrope
Speaker 4: here to give you a little bit of balance. So
Speaker 4: we get enough stimulus for the economy essentially for sustainable
Speaker 4: growth without upsetting the job cart terribly, and we moved
Speaker 4: forward and around the world. You know that we've seen
Speaker 4: interest rate cuts and now the thought that maybe it's
Speaker 4: gone too far. I think this is a lot like
Speaker 4: the different that it's got the override of the Bernanki legacy,
Speaker 4: high transparency, communications in its policy, the way the FED operates,
Speaker 4: But it's we're looking for that normalization and inflation tends
Speaker 4: to be stickier for longer after you've had a period
Speaker 4: of ontoward levels of inflation. Takes a while to work
Speaker 4: out in the system, and it's a drama that traders
Speaker 4: and investors need to work out and play to their benefit.
Speaker 3: Right now, the drama is playing out. You are seeing
Speaker 3: people ratchet back their expectations for rate cuts next week,
Speaker 3: now next year, to now two rate cuts from three
Speaker 3: just a couple of weeks ago. I am wondering, though,
Speaker 3: how much that matters versus the AI trade. I mean,
Speaker 3: there was a recent GOLBSAC survey of investors and they
Speaker 3: agree with you on the basis that you will get
Speaker 3: FED rate cuts, but they disagree that you're going to
Speaker 3: get that kind of screaming return because the AI trade
Speaker 3: is hitting some roadblocks, isn't in hypergrowth mode. How much
Speaker 3: do you buy into that?
Speaker 4: You know, some of that sounds to me like the
Speaker 4: trading establishment in a way, because it's the action where
Speaker 4: it can you add BIPs to the bucket, you know,
Speaker 4: in trading, working with the spread and the daily basis
Speaker 4: I'd have to say this is not just not uncommon.
Speaker 4: I mean there's always questions. You've got you have to
Speaker 4: invest a lot of money to do what this proposes
Speaker 4: to do, whether it's the data centers, whether it's all
Speaker 4: the ancillary software and the design changes to be made.
Speaker 4: But the companies that are doing it are very well
Speaker 4: positioned in terms of their balance sheet. And when they
Speaker 4: borrow money, it's probably because they rather keep the cash
Speaker 4: on the balance sheet and just use other people's money.
Speaker 4: Oh pm, other people's money the old thing for the
Speaker 4: old days, right, And so I look at it, it
Speaker 4: looks to me AI is for real, you know. I
Speaker 4: think whenever I talk to people who are institutional users,
Speaker 4: and I don't mean just in finance, but if it's healthcare,
Speaker 4: consumer discretionary insurance, what have you, people are using AI
Speaker 4: and it's and the consumers are using it either for
Speaker 4: fun or just to shock each other what they can
Speaker 4: do with GPT, whatever the heck it's called. You know
Speaker 4: what I mean, they put your face on somebody else,
Speaker 4: you know, and you're running down the street place you
Speaker 4: look like thirty year old, you know, there you go,
Speaker 4: and it's the whole thing is it's just not uncommon.
Speaker 4: It just looks to me like and haven't I been
Speaker 4: here before? But the wonderful thing about this, in a
Speaker 4: digitalized environment, the market tends to discount both good news
Speaker 4: and bad news fairly quickly. And that's what gives us
Speaker 4: this effect of one day the trader's on the market.
Speaker 4: The next day it's intermediate long term investors as they
Speaker 4: buy up the babies that got throughout the bathwater. The
Speaker 4: next day, then they visit mids and smalls and they
Speaker 4: go It's a rotating market, but it's it discounts good
Speaker 4: news and bad news more quickly. Because the digital news
Speaker 4: travels faster, it's quicker to analyze, determine, and the play
Speaker 4: is the play is on.
Speaker 5: John we got in terms of the play is on.
Speaker 5: Nvidia is getting the green light to sell the H
Speaker 5: two hundreds in China. When you look at that decision
Speaker 5: by the administration, does it say to you that in
Speaker 5: twenty twenty six, trade tensions are going to be a
Speaker 5: little bit more quiet than they were this year?
Speaker 4: You know, that's a tough one to say, because when
Speaker 4: it comes to trade tension, it seems to be just
Speaker 4: part of the way things work. With the current administration,
Speaker 4: but likely would also continue on with any other administration
Speaker 4: because that's the way President g operates. Also, there's a
Speaker 4: balance between fig leaf and the.
Speaker 1: Acts.
Speaker 4: You know, it's a constant. This is a game of chess,
Speaker 4: and it's not a friendly one. But ultimately both sides
Speaker 4: want trade because trade is peace is more profitable than
Speaker 4: building war machines and battling each other. Look what's happened
Speaker 4: to Russia financially really when you look at what the
Speaker 4: cost of doing what they've done to Ukraine has been.
Speaker 4: And on the other hand, if you play with your
Speaker 4: financial partners nicely, you know, and you compete, you really
Speaker 4: you produce better results for your own people, and you
Speaker 4: also improve the for China would be the Silk Road
Speaker 4: and the success of that, the competition that's occurring then,
Speaker 4: and what it's felt by other emerging markets. It's just,
Speaker 4: you know, it's just this is the way things work.
Speaker 4: But the tension, it's like they often say, the market
Speaker 4: doesn't like uncertainty, it loves it. The traders love uncertainty.
Speaker 4: Both sides can benefit intermeding to long term investors. Again,
Speaker 4: babies that get thrown out with the bathwater. The traders
Speaker 4: looking for the BIPs a new vanity plate with the
Speaker 4: trophy car.
Speaker 3: Yeah, maybe bonfire of the vanity play. I am curious
Speaker 3: going forward about how much you see this rotation as durable,
Speaker 3: given the fact that you still see the AI stall
Speaker 3: warts as really having a lot of the strength. Are
Speaker 3: they going to keep leading or do you think that
Speaker 3: there is this durable shift that is.
Speaker 4: That's a great question, and I think what we have
Speaker 4: seen since twenty three, and many people deny it, has
Speaker 4: been a broadening of the rally with other sectors sharing
Speaker 4: the stage with information technology and communication services, which is
Speaker 4: where the streamers and the social media and the search
Speaker 4: engines are as well as the old phone codes. But
Speaker 4: when you look at it, you're in a situation where
Speaker 4: other sectors like financials, industrials, healthcare utilities are beginning to
Speaker 4: find interest by investors more greater diversification in portfolios to
Speaker 4: benefit from the other nine sectors that can benefit from technology.
Speaker 4: Any company that wants to keep a competitive edge needs AI.
Speaker 4: Any company that wants to gain a competitive edge needs AI.
Speaker 4: Any company that just wants to maintain a good premise
Speaker 4: is a value company to attract and maintain investor loyalty
Speaker 4: needs AI. It looks like into the future. It's you know,
Speaker 4: here we go, what is it? Back to the future. Yeah,
Speaker 4: here we go.
Speaker 2: Stay with us. Multil intex Savanas coming up off to this.
Speaker 6: Ahead of the.
Speaker 3: Latest FED decision, the team at Morgan Stanley expecting a
Speaker 3: cut tomorrow followed by two more next year. Michelle Weaver
Speaker 3: of Morgan Stanley writing, this is a bullet set up
Speaker 3: for stocks that are looking ahead towards accelerating earnings revisions
Speaker 3: and FED cuts based on lagging moderate labor weeks market weakness.
Speaker 3: Michelle joins us. Now, Michelle, thank you so much for
Speaker 3: being with us.
Speaker 6: Thank you.
Speaker 3: It seems to all be predicated in the idea that
Speaker 3: two rate cuts comes with strong growth. Yes, what gives
Speaker 3: you confidence that we are going to get strong growth
Speaker 3: despite some of the weakening that we've seen in recent
Speaker 3: labor market metrics.
Speaker 1: Yeah, so we think that we've seen in the alternative
Speaker 1: data more softness in the fall. So I think when
Speaker 1: we get the official numbers next week, we are going
Speaker 1: to see more softness, but that we're not going to
Speaker 1: get one of those nonlinear, really concerning type rises in
Speaker 1: unemployment data. We think the setup is really constructive into
Speaker 1: next year for a broadening and earnings. If I think
Speaker 1: about the past couple of years, it's all been about
Speaker 1: the world cap stocks. It's all been about those who
Speaker 1: are exposed to the AI trade. We've seen a lot
Speaker 1: more weakness under the surface for the Russell three thousand.
Speaker 1: Over the past couple of years, earnings growth has been
Speaker 1: flat to negative for most of those stocks. We finally
Speaker 1: saw that turnaround last quarter with those names growing eight percent.
Speaker 1: So we are starting to see a more constructive setup
Speaker 1: for that broadening. And I think that combined with a
Speaker 1: FED that is easing but without a really concerning spike
Speaker 1: and unemployment, is a great setup for stocks into next year.
Speaker 3: Is it as simple as saying that some of these
Speaker 3: smaller companies are deploying some of these AI tools to
Speaker 3: be more efficient and preserve some of their margins, and
Speaker 3: that's the reason why you might see now performance.
Speaker 6: I think.
Speaker 1: I think AI is certainly part of that story. When
Speaker 1: we think about AI deployment, next year, I think is
Speaker 1: really going to be the year of the AI adopter.
Speaker 1: It's taken companies a couple of years to work with
Speaker 1: the technology to set up the guardrails to retrain their
Speaker 1: employees to really get AI deployed. Our tech team has
Speaker 1: a great CIO survey. They think that by the end
Speaker 1: of this year, sixty percent of companies will have at
Speaker 1: least one AI product live the field, and then that
Speaker 1: will rise to eighty percent by the end of next year.
Speaker 1: So we are finally starting to see this wave of
Speaker 1: adoption flow through the market.
Speaker 5: Can you see that wave of adoption without layoffs?
Speaker 1: I think you can. I think it's I think around
Speaker 1: the margin, you may see some companies do a little
Speaker 1: bit of layoffs, but it's largely going to be an
Speaker 1: incremental story. I think a lot of the messaging I've
Speaker 1: heard from CEOs on Ernie's calls is we're going to
Speaker 1: keep headcount flat, but we're going to be able to
Speaker 1: see more growth. We're going to be able to do
Speaker 1: more with the same number of employees thanks to AI.
Speaker 5: Do you think that AI can also continue if the
Speaker 5: energy demand isn't quite there so I'm able to meet
Speaker 5: that demand?
Speaker 1: Yeah, it's absolutely a tricky setup around around the power world.
Speaker 1: Our team has a great model where we take our
Speaker 1: semiconductor analyst chip sales forecasts, say what's the power needed
Speaker 1: for that and how much power are we going to
Speaker 1: need in the US through twenty twenty eight. We're forecasting
Speaker 1: a forty seven gigawatch shortfall in power just through the
Speaker 1: traditional grid interconnect power for scale, that's around ten x
Speaker 1: the power consumed by New York City. So that's a
Speaker 1: huge shortfall. But there are a lot of innovative type
Speaker 1: of solutions that that can apply to this.
Speaker 7: So ten new York City's short yes, but through things
Speaker 7: like natural natural gas turbines, those are behind the meter,
Speaker 7: those are apart from the grid interconnect process.
Speaker 1: And then bitcoin site conversions I think are really interesting.
Speaker 1: So some of these companies have essentially realized that the
Speaker 1: power that they're sitting on is more valuable than some
Speaker 1: of the underlying business. We think there's around twenty gigawatts there,
Speaker 1: so there's a lot of power to be had there.
Speaker 1: And then nuclear is the last one that's a little
Speaker 1: bit more politically challenging, but we may see some nuclear
Speaker 1: for that problem.
Speaker 3: Bitcoin conversion sites, so you're saying that people who previously
Speaker 3: mind bitcoin aren't necessarily seeing the gains there and so
Speaker 3: they're transforming that into a fuel essentially for artificial intelligence.
Speaker 3: Is this the sort of not the death of the
Speaker 3: bitcoin trade, but really the shifting in terms of where
Speaker 3: the enthusiasms go that has broader market implications.
Speaker 1: Yeah, so I wouldn't say it's the death of a
Speaker 1: bitcoin trade by any means, But there were some bitcoin
Speaker 1: miners who masked a ton of energy to be able
Speaker 1: to do bitcoin mining, and they essentially saw, we're sitting
Speaker 1: on gold rush here. We have so much power. These
Speaker 1: hyperscalers need power. They're willing to pay a huge premium
Speaker 1: for it. Let's just fell off the power. That's a
Speaker 1: fascinating trend.
Speaker 3: Meanwhile, we've been talking a lot about deals and how
Speaker 3: much deals have been taking place both in the AI
Speaker 3: and the tech space, but as well as the media
Speaker 3: space and beyond. I'm just wondering how that plays into
Speaker 3: some of your forecasts. Is that a positive thing or
Speaker 3: is that sort of a catalyst for winners and losers
Speaker 3: that really will differentiate the winners and losers within the
Speaker 3: investing space in twenty twenty six.
Speaker 1: Yeah, it's a very very positive thing for us. We
Speaker 1: think that you're going to continue to see pretty strong
Speaker 1: M and A and capital markets activity into next year.
Speaker 1: I think a lot of the hesitation we saw this
Speaker 1: year was really around the public policy front. What's going
Speaker 1: to happen on tariffs, what's going to happen on the
Speaker 1: regulatory front. How quickly are we going to see deregulation?
Speaker 1: Where's tax going. I think now that we're going into
Speaker 1: next year with a little bit more clarity on that
Speaker 1: policy picture, I think you're going to continue to see
Speaker 1: some of that corporate risk taking a little more aggressiveness
Speaker 1: on them and I front.
Speaker 3: At a certain point, is the year of the adapter
Speaker 3: rather than the adopter, rather than the year of the
Speaker 3: AI tech innovator? Does that disadvantage the United States over
Speaker 3: the rest of the world As we see jpmmorgan come
Speaker 3: out this morning and say they see the emerging equity
Speaker 3: market outperforming the develop market one for yet another year
Speaker 3: after years of underperformance.
Speaker 1: Yeah, So I think that we're going to continue to
Speaker 1: see that adoption really ramp up, and that broader diffusion
Speaker 1: is what's going to really help the US market. It's
Speaker 1: been so concentrated the return story on the enabler side
Speaker 1: that as we see that adopter story broaden out, that
Speaker 1: will be more constructive on the enabler side. Though we
Speaker 1: did have the announcement, so that company will see some
Speaker 1: games there. So there's a little bit more gains to
Speaker 1: be had in the enabler side, but I do think
Speaker 1: it's overall constructive setup.
Speaker 5: When it comes to the real economy, is the consumer
Speaker 5: holding up?
Speaker 1: It's been really tricky for the consumer. We held our
Speaker 1: consumer conference last week in New York and we had
Speaker 1: over one hundred companies in attendance. We got a pretty
Speaker 1: good read on the consumer from that. I think one
Speaker 1: key takeaway there was the k economy is still very
Speaker 1: much in place. We're really still seeing that bifurcation between
Speaker 1: higher income consumers and lower income consumers. I think you're
Speaker 1: going to start to see that continue into next year.
Speaker 1: But that's really what companies were talking about.
Speaker 5: Is that what makes the FED a little bit more
Speaker 5: complicated next year?
Speaker 1: Yeah, I think there's some complication there. I also want
Speaker 1: to bring this back to the energy story that we
Speaker 1: were talking about earlier. Affordability concerns are huge, and there's
Speaker 1: been a lot of discussion around is this demand for
Speaker 1: AI power starting to weigh on the consumer? So just
Speaker 1: bringing those two conversations together, and we've found that in
Speaker 1: certain regions that activity has really pressured consumer electricity bills
Speaker 1: in the mid Atlantic, those bills have risen by about
Speaker 1: eighteen percent, where data center activity is really concentrated.
Speaker 2: Stay with US multiple IMPEX dividance coming up.
Speaker 3: Off to this, turning to the trade war between the
Speaker 3: US and China, China's top leaders signaling they are on
Speaker 3: alert for a potential flare up as they draw up
Speaker 3: economic plans for next year. Joining us now to discusseswar.
Speaker 3: Prasad Senior Fellow at the Brookings Institute Esmar, thank you
Speaker 3: so much for being with us. I want to start
Speaker 3: with the trade war and the context of this recent
Speaker 3: move by the United States for Nvidia to be allowed
Speaker 3: to sell its h two hundred chips into China. Do
Speaker 3: we have a sense of where buying those chips fits
Speaker 3: into China's plans as they try to turn more inward
Speaker 3: and rely on domestic champions.
Speaker 6: So we are looking at competition in one area which
Speaker 6: is going to be the most intense between the US
Speaker 6: and China, which is technology. The Chinese government has been
Speaker 6: very keen on upgrading its manufacturing sector, moving up to
Speaker 6: value added chain and trying to dominate the high technology sectors.
Speaker 6: You know, solar panels, electric vehicles and now AI. For
Speaker 6: the US, it's a very dicey st right now. On
Speaker 6: the one hand, you don't want to lose access to
Speaker 6: the Chinese market or deny China some of these chips,
Speaker 6: because that means that it gives China much more of
Speaker 6: an incentive to move forward with its domestic innovation strategy.
Speaker 6: But at the same time, providing these tips to China,
Speaker 6: it does make it a lot easier for them to
Speaker 6: move forward in terms of that innovation. And of course,
Speaker 6: the Trump team seems to be betting that this is
Speaker 6: going to help in video gain significant market share there.
Speaker 6: Whether that's going to be a durable increase in market share,
Speaker 6: whether in Vidia can hold on when China competes with
Speaker 6: all the state resources behind it, I think it's the
Speaker 6: key question. But in the short term, in Video's revenues
Speaker 6: are certainly going to take a big positive bounds, and
Speaker 6: there are going to be some revenues coming in for
Speaker 6: the US government, But I'm not quite sure that this
Speaker 6: is going to serve the long term US national security
Speaker 6: or economic interest very well.
Speaker 5: As far.
Speaker 3: I'm wondering the Belton road, the digital Belton road that
Speaker 3: we've heard Jenson Wan talk about that China would create
Speaker 3: a system of dependence on some of its technologies and
Speaker 3: goods in Southeast Asia. How far has China gotten in
Speaker 3: creating that type of ecosystem where domestic economies nearby really
Speaker 3: rely on China, both technologically as well as beyond that.
Speaker 6: So in terms of trade and finance, China I certainly
Speaker 6: made a lot of progress through the Belton Road and
Speaker 6: other initiatives, and technology is what they're coming from. At
Speaker 6: the moment. I think there is still a sense that
Speaker 6: China is able to not innovate fundamentally, but take existing innovations,
Speaker 6: many of which come out of the US, and commercialize
Speaker 6: them and scale them up in a way that is,
Speaker 6: you know, clearly world beating. And that is the advantage
Speaker 6: that is certainly very relevant in terms of increasing the
Speaker 6: scope of its technological you know, influence within Asia. That
Speaker 6: is happening. It is happening a little slowly, and the
Speaker 6: fact that the US is somewhat receding from the region
Speaker 6: and many countries in the feel that they cannot disengage
Speaker 6: from China because they don't have an alternative, trustworthy partner,
Speaker 6: is certainly helping China in this process as well.
Speaker 5: When it comes to China's relationship with Europe, especially now
Speaker 5: given Ammanu macrom is just there.
Speaker 3: He's talking about how it's unstable.
Speaker 5: Do you see China going to have to not just
Speaker 5: dump more in Europe but try have to invest more
Speaker 5: in Europe because the walls have gone up and it's been
Speaker 5: so complicated with the United States.
Speaker 6: The walls are going up for Chinese exports and they're
Speaker 6: going to go up more because the reality is that
Speaker 6: China is now a very very unbalanced growth model, with
Speaker 6: most of the growth coming from the supply side of
Speaker 6: the economy, which in normal times is not a bad thing,
Speaker 6: but domestic demand is not keeping up, and with every
Speaker 6: passing day, every passing quarter, there is more capacity in
Speaker 6: China that needs to be exported. The US has put
Speaker 6: up walls at least to direct Chinese exports to the US,
Speaker 6: So Europe and other countries that need exports themselves to
Speaker 6: boast their economies are going to face The brand in
Speaker 6: China is very cognizant of this issue, its reliance on
Speaker 6: exports to power its own growth, but also the fact
Speaker 6: that wolves are going up to its exports around the world,
Speaker 6: so it is trying to befriend these countries by essentially
Speaker 6: investing in those countries, and this again poses an existential
Speaker 6: risk in my view for some of the companies in
Speaker 6: these countries, especially in the high technology sectors, because they
Speaker 6: could get swallowed up by these Chinese investments and essentially
Speaker 6: become find it very difficult to compete against Chinese firms
Speaker 6: operating on their own soil. But that's the direction that
Speaker 6: Chinese are taking, and at the moment, very few countries
Speaker 6: are able to resist.
Speaker 5: A lot of times the United States will say that
Speaker 5: they are pushing other countries to do this, to not
Speaker 5: exactly combat, but have this competition with China. What kind
Speaker 5: of message is the US sending at the same time
Speaker 5: when they're basically showing that they want to put trade
Speaker 5: and economic concerns higher than national security concerns with there's
Speaker 5: an entroump allowing Nvidia to sell the H two hundred
Speaker 5: into Beijing.
Speaker 6: Yes, some of the policymakers I've spoken to you do
Speaker 6: point to what they see as US hypocrisy in the
Speaker 6: sense of trying to put up barriers to Chinese imports,
Speaker 6: trying to limit exports and trying to get them. There
Speaker 6: is other countries to do the same, while at the
Speaker 6: same time the US seems very very willing to trade
Speaker 6: off many issues that the US claims should be very important,
Speaker 6: including national security considerations, for short term economic gain, and
Speaker 6: this in media decision is a prime example of that.
Speaker 6: So certainly the message that the rest of the world
Speaker 6: is hearing from the US is one of great inconsistency
Speaker 6: and some degree of short termism rather than really viewing
Speaker 6: the long term economic national security of the interests being
Speaker 6: the prime drivers of US policy as.
Speaker 3: Far over the past couple of years, you and I
Speaker 3: have talked about a real question of how much the
Speaker 3: US will lose some of its dominance globally as a
Speaker 3: result of some of these shifts and concerns that you
Speaker 3: talk about. We haven't really seen it. You have seen
Speaker 3: some sell offs arbitrarily in the dollar, sort of momentarily,
Speaker 3: not arbitrarily, and a real bid up in the price
Speaker 3: of gold, but have you seen a sustained shift away
Speaker 3: from the US financial system by some of the trade
Speaker 3: partners of the.
Speaker 6: R In short, NOE, I think the reality is that
Speaker 6: the US remains a dominant economy and dominant financial market
Speaker 6: in the world in terms of final consumption demand is
Speaker 6: still the most important and relatively speaking, in terms of
Speaker 6: its financial market, debt size and its institutional framework, which
Speaker 6: is certainly being eroded as we speak. But overall, this
Speaker 6: package is going to be very difficult for any country
Speaker 6: to beat. And despite all the concerns about US government debt,
Speaker 6: about the US institutional framework, including the central bank independence
Speaker 6: is one what we have seen is foreign investors have
Speaker 6: continued to buy significant amounts of US treasuries and other
Speaker 6: US financial assets, and this includes foreign central banks. Certainly
Speaker 6: foreign central banks and everybody around the world is trying
Speaker 6: to diversify away from the dollar. They're doing so at
Speaker 6: the margin, but really there isn't much of an alternative
Speaker 6: to the US and we see that in investor behavior
Speaker 6: very clearly.
Speaker 2: This is the Bloomberg Survanons podcast, bringing you the best
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