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

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

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Speaker 2: at seven am Eastern on applecar Player, Android Auto with

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

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Speaker 3: Tina Fordham has been a huge benefit to us geopolitical

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Speaker 3: strategist for him Global Foresight.

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Speaker 4: Tina, just a window into this. How did you end.

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Speaker 3: Up with Ibraham Robari? The guy is a triple a

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Speaker 3: horse at City Group. He's out there. How did you

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Speaker 3: and Ibrahim Robari get together?

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Speaker 5: Well, aberm and I.

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Speaker 6: Work together on William Bowder's Global Macro team, and is

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Speaker 6: our immense good fortune to have him working with us

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Speaker 6: as a senior advisor.

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Speaker 5: So I'm absolutely thrilled.

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Speaker 3: Just absolutely wonderful. I want to take a bigger, broader

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Speaker 3: approach here. And you go into the wonderful work up

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Speaker 3: of Harvard the book, folks, it really became part of

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Speaker 3: international relations. How democracies die. Stephen Levitsky and Daniels iblet

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Speaker 3: up at Harvard and you pick up their phrase norm

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Speaker 3: erosion and say we're living it?

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Speaker 4: What norm erosion? Tina Fordham? Are we going to see

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Speaker 4: next year, well, we're.

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Speaker 5: Already seeing it.

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Speaker 6: And this is part of my you know, my my

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Speaker 6: pledge to try to prevent us from seeing all of

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Speaker 6: these you know, disparate developments as idiosyncratic and one off.

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Speaker 6: Norm erosion can be everything from why our nieces and

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Speaker 6: nephews don't send us thank you notes for Christmas presents,

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Speaker 6: to the role of unelected advisors in the White House

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Speaker 6: to the end of kind of customs. Norms are not

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Speaker 6: necessarily rule. There's certainly not laws, and I'm going to

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Speaker 6: argue that they matter as much to our ability to

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Speaker 6: conduct business as laws do.

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Speaker 7: So for twenty twenty five, Tina given norm erosion, geopolitical

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Speaker 7: denihalism is another theme. I know you're focused on, what

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Speaker 7: are your themes for twenty twenty five for investors as

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Speaker 7: I think about geopolitics and the impact on markets.

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Speaker 6: I'm not sure how many investors want to think about

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Speaker 6: geopolitics because we've already seen the you know, the euphoria

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Speaker 6: you know now tempered to focus on the positive aspects

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Speaker 6: of Trump's agenda deregulation, and these are you know, these

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Speaker 6: are no doubt going to be positive, They're going to

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Speaker 6: be especially positive for US markets. But as you know,

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Speaker 6: I'm based in London. I have coined the concept of

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Speaker 6: geopolitical denialism, borrowing a little bit from climate denihilism, and

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Speaker 6: I'm suggesting that this is like being a flat earther

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Speaker 6: when it comes to thinking about geopolitics, because take the

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Speaker 6: example of Syria, not a market moving event, nor one

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Speaker 6: that we would expect to be, but it's the second

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Speaker 6: and third order effects of geopolitics that matter. So times

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Speaker 6: are good in US markets, But I'm suggesting developments like

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Speaker 6: Trump's recent comments, shall we say, questioning the validity of

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Speaker 6: Greenland belonging to Denmark and the Panama Canal belonging to

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Speaker 6: Panama are important.

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Speaker 5: They are significant.

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Speaker 6: They're not going to move markets, but they are extremely

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Speaker 6: important because they suggest challenges to the rules of the

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Speaker 6: game and indeed something potentially more significant, And they're also

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Speaker 6: big geostrategic implications.

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Speaker 5: Those are not two random choices.

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Speaker 7: For investors in just markets in general. Does that suggest

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Speaker 7: over the next year, if not four years, maybe investors

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Speaker 7: kind of rein in some of the risk taking because

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Speaker 7: some of the geopolitics, maybe emanating from the US White

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Speaker 7: House could be really problematic.

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Speaker 5: I think You're going.

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Speaker 6: To see a lot of changes in stance, a lot

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Speaker 6: of developments that maybe more behind the scenes than say an.

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Speaker 5: Event risk like a terrorist attack or a hot war.

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Speaker 6: What would the US need to do to, as Trump

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Speaker 6: would put it, regain control of the Panama Canal? Could

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Speaker 6: this be done through non military means? I think looking

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Speaker 6: at what military strategists called gray zone actions, which can

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Speaker 6: be commercial, they can be legal, and through kind of

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Speaker 6: salami tactics can really change the facts on the ground.

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Speaker 6: Right now, Russia and China have made clear that they

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Speaker 6: don't believe that US hedge of money should continue. And

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Speaker 6: what means will they use for that? Maybe more important

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Speaker 6: to your question for our CEO clients, for anyone with

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Speaker 6: a complex supply chain. But these are big, great power

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Speaker 6: challenges being played out through these small places.

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Speaker 3: Tina Fordham with is Fordham Global Foresight here as we

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Speaker 3: look at international relations into next Yearatina, just a question

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Speaker 3: that came up this weekend. I think it's an amateur

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Speaker 3: I'm saying, there's a presidential tradition of giving ambassadors to

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Speaker 3: people that gave.

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Speaker 4: You a lot of money to get elected. Get it.

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Speaker 3: In all that, how do you, as a grizzled pro

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Speaker 3: respond to the ambassador's selections we're seeing from President elect Trump.

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Speaker 3: We got a football player in the Bahamas, we got

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Speaker 3: a father in law son in law kind of thing

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Speaker 3: in Paris, and on and on.

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Speaker 4: How do you respond? And is it just business usual?

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Speaker 3: Is there something different going on in our ambassadorships?

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Speaker 6: First of all, I would like to reject the characterization

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Speaker 6: of myself as grizzled on anything pro.

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Speaker 5: Yes, I missrizzled, grizzled you know you can, yeah, Lisa later.

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Speaker 3: And I said it, and Lisa threw a gluten free

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Speaker 3: role at me.

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Speaker 5: You're thank you, Lisa, Thank you, Lisa. Someone we have

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Speaker 5: to stick up for each other. But oh right, So

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Speaker 5: what's this getting on? That there's a lot of eye

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Speaker 5: rolling going on? You know.

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Speaker 6: The expectation is that UK US and France, US and

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Speaker 6: German US relations, you know, will continue, even if there

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Speaker 6: is someone less than a grizzled old pro in the ambassadorship.

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Speaker 5: It hasn't always been the case, by the way that.

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Speaker 6: Donors were awarded these plum kinds of post. I mean,

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Speaker 6: I'm thinking about people Pamela Harriman and Paris and others,

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Speaker 6: but Europe is not pushing back on any of this,

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Speaker 6: and you know, taking a stoic approach because you have

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Speaker 6: to choose your battles. Everyone wants to work with this administration,

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Speaker 6: and we will see just how robust the you know,

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Speaker 6: the relationships are and the channels of communication and the

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Speaker 6: areas of cooperation.

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Speaker 7: Tina, as we kind of think about twenty twenty five,

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Speaker 7: what are the what's maybe the key question you're getting

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Speaker 7: from your clients these days about your remit, which is

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Speaker 7: again geopolitics.

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Speaker 5: It couldn't be more broad. It is what's going to

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Speaker 5: happen because.

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Speaker 6: You know, again at the you know, purely at the

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Speaker 6: market level, everyone you know buys the positive story, but

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Speaker 6: there's a lot of worry about what could possibly go wrong.

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Speaker 6: And even you know, tracking and monitoring risks as we do,

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Speaker 6: there are so many wild cards. And that's you know,

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Speaker 6: got to be part of the playbook here to kind

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Speaker 6: of sow discontent and confusion.

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Speaker 5: I'm looking a lot.

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Speaker 6: At these small data points, developments that don't grab headlines,

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Speaker 6: like why is the Slovak president Robert Fico in Moscow?

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Speaker 5: Hello?

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Speaker 6: That is not something that the European Union agrees with.

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Speaker 6: It's not a game changer. In the narrowest sense. But

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Speaker 6: when you combine that with Hungarian President Victor Ravon seeing Putin,

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Speaker 6: what's been happening in Romania, none of these you know,

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Speaker 6: major economies. It adds up to Leaveridge that Putin has though,

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Speaker 6: because these countries are all on the receiving end or

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Speaker 6: were of Russian gas supplies.

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Speaker 5: So if we wait until old blown.

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Speaker 6: Event risk transpires, then we're not prepared for these downside surprises.

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Speaker 4: Tina, thank you so much.

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Speaker 3: Tina Fordham with his Fordum Global Foresight.

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

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

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Speaker 2: or watch us live on YouTube.

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Speaker 4: We're thrilled to get smarter with andrews Slimon.

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Speaker 3: Had a love come on applied to equity advisors.

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Speaker 4: I don't have no idea that is at Morganeselli. What

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Speaker 4: Andrew Slimon.

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Speaker 3: Will give you as the courage to participate in the market. Andrew,

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Speaker 3: how do we get to a third double digit bull

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Speaker 3: market year?

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Speaker 8: Well, I think you have a combination of lower rates.

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Speaker 8: Seven trillion sitting in the money markets that will search

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Speaker 8: for a new home or some of it will and

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Speaker 8: pro growth policies, and that's how you could get to

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Speaker 8: another double digit year for the equa market.

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Speaker 3: I look at it and as double digit earnings. Here

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Speaker 3: Gena Martin Adams of Bloomberg Intelligence talking up fourteen percent.

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Speaker 3: Maybe it comes down to the security analysts at Morgan

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Speaker 3: Stanley get you to a double digit earnings growth year.

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Speaker 8: Yeah, I mean, I you know. One of the things Tom,

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Speaker 8: that you know I've been on your show a lot.

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Speaker 8: I have been all pretty optimistic the last couple of years

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Speaker 8: is that it's not about valuation. It's about the direction

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Speaker 8: of the change. And what's you know. I tell you know,

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Speaker 8: especially younger investors all the time, be very wary of

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Speaker 8: valuate pure valuation tools as a methodology to evaluate the

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Speaker 8: stock market or a stock is cheap or extensive, because

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Speaker 8: sometimes analysts don't get the denominator the estimate right. And

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Speaker 8: really what's been going on in the last couple of

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Speaker 8: years is earnings have been stronger than what is expected

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Speaker 8: so far we have. I've seen a lot of predictions

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Speaker 8: that earnings are too strong for next year, but I

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Speaker 8: haven't seen those numbers come down yet. Uh and that

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Speaker 8: you know that does that's that falls into the positive camp.

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Speaker 3: I mean, Paul, that's Andrew Slayman says, Look, you got

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Speaker 3: to participate.

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Speaker 4: Yep, go to cash. It's not going to work.

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Speaker 9: Not gonna work. Hey, Andrew, we've got the FED cutting rates.

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Speaker 7: But now it looks like in twenty twenty five at

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Speaker 7: a slower pace than maybe the market had been anticipating.

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Speaker 7: How does that impact your view of the equity market.

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Speaker 8: Yeah, I think this is good news, good news. And

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Speaker 8: let me articulate why. What I have been worried about

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Speaker 8: is if you look at what's worked since July when

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Speaker 8: the FED said they're going to start to cut weight,

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Speaker 8: what has worked in the market is the is the

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Speaker 8: low quality what I would call junk growth stocks. A

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Speaker 8: lot of companies that don't you know, have high revenue estimates,

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Speaker 8: but nowhearn are very little earning very high multiples. High.

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Speaker 8: The more risk you have taken in the last six months,

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Speaker 8: the better you have done. And that's a that scares

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Speaker 8: me because that screens of the year twenty twenty one,

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Speaker 8: and we know what happened in twenty twenty two. The

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Speaker 8: market fell apart, so to the extent that I think

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Speaker 8: the FED has kind of encouraged that risk taking by saying, hey,

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Speaker 8: we're going to cut rates. If they say, hey, you

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Speaker 8: know what, we're going to go a little slower, good

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Speaker 8: rates going up. That takes the heat out of the

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Speaker 8: bubble that I think is occurring in the specostock. I

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Speaker 8: think that's healthy for the stock market in many ways,

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Speaker 8: might extend the bull market longer than just twenty twenty one.

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Speaker 3: And just slimon with us and we will continue with them.

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Speaker 3: He's with Morgan Stanley.

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Speaker 4: Of course, we're.

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Speaker 3: Welcome all of you accross the nation, if you're working,

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Speaker 3: worldwide and on YouTube, all of our distribution on YouTube.

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Speaker 3: Subscribe to Bloomberg Podcasts.

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Speaker 4: It's the only way to observe Lisa Mateo. It's a constructive.

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Speaker 3: Exercise, to say the least. And a slimon. Last week

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Speaker 3: we had in the Giant a free cash flow.

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Speaker 4: You and I read.

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Speaker 3: Free cash Flow and Shareholder Yield with William Priest of Epic.

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Speaker 4: It was iconic.

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Speaker 3: Then, how do you study free cash flow? In this

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Speaker 3: great bullmarket. What's the Slimon method.

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Speaker 8: Well, I'm you know, it's interesting. I hear a lot

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Speaker 8: of people come on shows like this and talk about

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Speaker 8: how you have to have expansion beyond the MAG seven

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Speaker 8: and how it's dangerous that these socks are very high

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Speaker 8: weighting the S and P and I certainly agree with that.

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Speaker 8: But at the end of the day, these are the companies.

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Speaker 8: If I look at what's worked, undation from a kind

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Speaker 8: of factor stapwork, corporate buybacks, companies that are buying back

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Speaker 8: socking brass, many more general outperformed, and that's the big boys.

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Speaker 8: So to the extent that your question about cash flow,

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Speaker 8: I look and say, well, what companies are generating a

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Speaker 8: lot of cash flow? It's some you know, some of

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Speaker 8: the best are these really big companies. So I would

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Speaker 8: I think one of the most consensus trades for next

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Speaker 8: year is that the market's going to expand beyond the

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Speaker 8: MAG seven. And I think there's plenty of good ideas

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Speaker 8: beyond MAG seven. But don't go you have to face

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Speaker 8: the reality these companies are generally a lot of cash

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Speaker 8: flow and they're buying backstock, and that is positive. That's

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Speaker 8: a big difference toime to nineteen ninety nine, two thousand

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Speaker 8: and now.

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Speaker 4: Thank you so much.

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Speaker 3: Andrew Simon with this Morgan Stanley this morning on the

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Speaker 3: Courage to stay in the market.

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

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

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

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

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Speaker 2: Just say Alexa playing Bloomberg eleven thirty right now.

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Speaker 3: And this is an immense honor. Data Telsea's scheduled to

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Speaker 3: join us on a holiday, but we must pause for

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Speaker 3: the end of an era. Nordstrom's Always in Forever of

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Speaker 3: Seattle will go private. This on the same day as

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Speaker 3: a container store files for bankruptcy. Lisa Montela that story earlier,

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Speaker 3: and the emotion of a family running a store defines

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Speaker 3: Dana Telsea as no one else on the island of Manhattan.

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Speaker 3: She was intimately involved with a small store at fifty

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Speaker 3: seventh Street at Fifth Avenue, name of Bergdorf Goodman. As

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Speaker 3: a child, Dana the emotion of a family running retail

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Speaker 3: and then it's over. Describe your thoughts as you hear

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Speaker 3: of the privatization of Nordstrom.

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Speaker 10: A couple things. So first of all, Tom, thank you

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Speaker 10: very much for having me, and it's an honor to

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Speaker 10: be here with you, and happy holidays too in your family.

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Speaker 10: And you're right exactly. The privatization of a family run

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Speaker 10: business that's been around for over one hundred years is

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Speaker 10: definitely a spark of change. I think the new environment

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Speaker 10: today is different than it was in the past, and

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Speaker 10: you have to give Nordstrom credit for all that it's accomplished,

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Speaker 10: but the go forward environment requires big changes, and whether

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Speaker 10: it is a reduction in the number of full line

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Speaker 10: stores they have, the acceleration of what may be for

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Speaker 10: the rack, the continuous pursuit of new and curated brands

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Speaker 10: and their assortment, and for all what we know about Nordstrum,

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Speaker 10: the service element and the loyal customers they have is

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Speaker 10: something that needs to be expanded and accelerated go forward.

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Speaker 10: After all that they've accomplished.

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Speaker 3: For Nordstrom and for your Bergdorf Goodman and as Joe

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Speaker 3: Feldman at Telsey Advisory Group covers big box, what are

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Speaker 3: customers choosing to do this holiday season?

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Speaker 10: Well, this holiday season, I think overall it is continues

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Speaker 10: to be that innovation and newness. You look at Birkenstock

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Speaker 10: would very good sales increases in their own stores and

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Speaker 10: wholesale stores. That's newness and differentiation with their closed toed shoes.

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Speaker 10: I'm thinking of other winners, and you take a look

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Speaker 10: frankly at Lululemon, where the newness and colors is driving demand.

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Speaker 10: We're still not seeing the luxury world see any real acceleration.

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Speaker 10: There are certain brands at certainly the super upper end

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Speaker 10: like Ermez that's always different than everyone else. But what

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Speaker 10: people are searching for and where they're going continues to

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Speaker 10: be value, particularly at the lower and middle income tier,

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Speaker 10: whether it be at TJ Max, whether it be at Walmart.

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Speaker 10: That's where we're seeing certainly some of the strength lately.

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Speaker 7: So, Dana, what are some of the retailers that you

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Speaker 7: follow and followed for such a long time. What are

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Speaker 7: they telling you about this holiday shopping season?

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Speaker 8: This year?

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Speaker 10: Compressed holiday season is a factor. You're seeing five fewer

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Speaker 10: days between Thanksgiving and Christmas. Consumers started earlier. There were

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Speaker 10: promotions that began earlier, but the state of promotions isn't

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Speaker 10: greater than what was expected. The other thing that happened

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Speaker 10: with Christmas on a Wednesday. The digital shopping days where

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Speaker 10: you can get even same day delivery that many companies

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Speaker 10: are putting in place with door dash, and you only

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Speaker 10: have one more day to be able to take advantage

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Speaker 10: of that.

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Speaker 7: Anything kind of jumping out as the go to gift

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Speaker 7: this year. I know some years it's we've definitely had

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Speaker 7: those types of stories. Is this one of those years?

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Speaker 10: I think it's a little bit wider spread. I think

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Speaker 10: keep in mind we've had Taylor Swift's concert ending, but

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Speaker 10: Target had the Book of the Errors tour. You have

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Speaker 10: the closed toed Birken shoes that basically happen to be

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Speaker 10: very popular. And if you're into denim jeans, barrel leg

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Speaker 10: jeans are what it's all about. And you're still seeing

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Speaker 10: newness and cosmetics occur, and I think that's some of

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Speaker 10: the independent brands that are driving demand.

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Speaker 3: I noticed that the fam was it all to and

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Speaker 3: so for it was a double did you Day?

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Speaker 4: Dan?

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Speaker 3: And I got a nine, nine hundred and fifty dollars

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Speaker 3: jacket over It's Chanelle and the news here, and I

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Speaker 3: think of you know, the Devilwar's Prada where Meryl Street

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Speaker 3: walks in and throws the purses in the bags, and

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Speaker 3: all the fanciness met you blazy. I know I'm butchering

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Speaker 3: the name, but the guy from Botega, Venada goes over

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Speaker 3: to quote unquote save Chanell. What does that signal to

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Speaker 3: you that something as iconic as Coco Chanel's franchise needs saving.

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Speaker 10: Well, keep in mind, ever since Carl lager Felt passed away,

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Speaker 10: who was the icon of the Chanell brand, and you

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Speaker 10: had his long standing colleague basically take over for the

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Speaker 10: past few years, you need to have a marker. And

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Speaker 10: I think what we've seen this year is many brands

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Speaker 10: are getting new designers. Obviously, you've had things happen at Gucci,

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Speaker 10: which it's needed to happen. We have changes going on

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Speaker 10: at other of lv's brands with the whole change in leadership.

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Speaker 10: That's a current. And I've always believed that typically for

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Speaker 10: many it's fifteen years that a designer has the eye

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Speaker 10: of the consumer, and that their eye doesn't get tired

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Speaker 10: of the brand. Carl Lagerfeld did it much longer, and

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Speaker 10: I don't see anyone else like him out there.

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Speaker 4: Fascinating Dana.

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Speaker 3: The holidays season here and I got all these gloom

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Speaker 3: articles out about retail, and yet we're still.

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Speaker 4: Aspirational after the pandemic. Have we changed? Is consumption beasts?

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Speaker 8: No?

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Speaker 10: I think we're always going to be consumption beasts, And

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Speaker 10: you know why. There's a point of excitement and socialization

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Speaker 10: that consumption brings. And look what we're saying in terms

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Speaker 10: of discretionary spend. Where could twenty twenty five see resumption

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Speaker 10: of acceleration of discretionary spend. Think of what we've seen

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Speaker 10: in twenty twenty four, where old brands becoming new again,

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Speaker 10: where the cultural relevance of gap taking hold. And is

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Speaker 10: Victoria's Secret going to be a name for twenty twenty

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Speaker 10: five given the lines we've seen so far in twenty

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Speaker 10: twenty four with the arrival of Hillary Souper's CEO. In

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Speaker 10: September of twenty.

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Speaker 7: Four, Dana Great article out on the Bloomberg terminal entitled

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Speaker 7: Kirkland for Christmas shoppers ditch logos for store brands. I

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Speaker 7: didn't know that was a thing.

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Speaker 9: What are you seeing out there?

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Speaker 10: I think overall, when you think about private label and

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Speaker 10: store brands, there's no one more successful in the essentials

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Speaker 10: world than Costco's Kirklands and one of the interesting things

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Speaker 10: about their own brand there everyone knows the name, so yes,

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Speaker 10: store brands matter. You're even seeing some of the department

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Speaker 10: stores in apparel looking to activate and enhance their own

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Speaker 10: private label brands. It's also value and that it typically

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Speaker 10: has a lower price than any regular brands.

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Speaker 3: You got Joe Joy as an outperformer on Costco.

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Speaker 4: Costco to the moon data.

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Speaker 10: You know what a competitive mode that scale, that can scale.

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Speaker 10: Think of what Costco has, more stores, more products, more

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Speaker 10: customers and really loyal members.

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Speaker 3: Dana, we finished strong here today. Thank you so much

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Speaker 3: for your perspective, particularly on JW Nords term they will

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Speaker 3: go private after a decade of price decline.

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Speaker 4: To say the least.

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

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

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

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Speaker 2: us live every weekday on YouTube and always on the

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Speaker 2: Bloomberg terminal.

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Speaker 4: Here, Jerry, look at the front pages around the world.

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Speaker 4: The Lisa Mateo week. We call it Lisa, what do

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Speaker 4: you have?

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Speaker 1: I have all the scams that are happening this holiday

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Speaker 1: season to steal your money. I don't know if you've

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Speaker 1: gotten some of those weird text messages like click the link,

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Speaker 1: all that kind of stuff. Well, they're using AI to

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Speaker 1: do a lot of this stuff, and that's what's why

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Speaker 1: you see it a lot more this season. In the

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Speaker 1: text messages, right, the baiting victims to write programs testing

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Speaker 1: huge volumes of stolen credit card information. They're helping scammers

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Speaker 1: generate fake online ads, so you're seeing more online ads,

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Speaker 1: so the fake ones to click the link and then

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Speaker 1: they steal your credit card information using AI to impersonate

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Speaker 1: account holders, so they're pretending to be you so that

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Speaker 1: they can get your access to different accounts. So they're

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Speaker 1: doing that too, and then they're also asking for video

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Speaker 1: selfies because then they can use that to get access

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Speaker 1: to different thing because people are just sending them in

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Speaker 1: because if you get locked out sometimes of your account,

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Speaker 1: you need to send.

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Speaker 9: You know, a video.

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Speaker 1: And they're changing all this and the banks are putting

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Speaker 1: money using AI to help fight this, but yet it's happening.

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Speaker 4: So fas it really picked up.

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Speaker 7: Really, I just send money to you know, people who

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Speaker 7: need they're buying oil. That's kind of I'm pretty comfortable

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Speaker 7: doing that, but.

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Speaker 3: You know it's gone. We're a long way Lisa from

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Speaker 3: Emails from Nigeria.

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Speaker 9: Right, Oh my gosh, yes, do you know the.

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Speaker 3: Code thing is the kids use the code. I don't

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Speaker 3: do that ever anymore because they put the sticker that

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Speaker 3: looks just like the code you think you're going and

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Speaker 3: it's not.

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Speaker 4: It's like a scan. So I never do the code

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Speaker 4: thing anymore ever.

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Speaker 1: Yeah, it's tough, and especially this time you see a

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Speaker 1: lot of the you know, your package is being held

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Speaker 1: and everyone has packages at the door.

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Speaker 4: One of our interns he's like, twenty three are just

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Speaker 4: nailed that. Yeah, QR cold you old fossil.

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Speaker 9: Here, I'm going already NEXTQ CODE Now, I got you. Okay.

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Speaker 9: Apple is considering something.

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Speaker 1: You know, you have the ring, right, that's what a

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Speaker 1: lot of people have the doorbell when you come in there,

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Speaker 1: so they have that, but now Apple wants to challenge

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Speaker 1: that with their smart doorbell that will actually unlock the

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Speaker 1: door with your face, so instead of the keys or

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Speaker 1: punching in the numbers sometimes people have you just put

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Speaker 1: your face up to it and then your door would

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Speaker 1: unlock and you can go in. So that's something that

439
00:25:01,080 --> 00:25:04,080
Speaker 1: Apple could be working on. This from Bloomberg into the

440
00:25:04,160 --> 00:25:05,840
Speaker 1: new year. So it's a new way to get into

441
00:25:05,840 --> 00:25:08,480
Speaker 1: your house. But they're they're trying different things, like Apple's

442
00:25:08,480 --> 00:25:10,520
Speaker 1: trying to take catch up. Remember the whole you know

443
00:25:10,680 --> 00:25:12,479
Speaker 1: car they tried doing just fell apart.

444
00:25:13,000 --> 00:25:13,880
Speaker 4: Do we want this?

445
00:25:14,800 --> 00:25:15,160
Speaker 5: I don't.

446
00:25:15,280 --> 00:25:21,840
Speaker 4: Do you have Do you have Alexa? We're going to costco.

447
00:25:22,080 --> 00:25:24,440
Speaker 9: I do not have Alexa? No, I don't.

448
00:25:24,880 --> 00:25:26,800
Speaker 1: But this is I don't know. It seems like it

449
00:25:26,800 --> 00:25:28,760
Speaker 1: would make getting into your house easier, but it's kind

450
00:25:28,760 --> 00:25:30,200
Speaker 1: of scary too at the same time.

451
00:25:30,960 --> 00:25:31,440
Speaker 9: I don't know.

452
00:25:31,720 --> 00:25:34,600
Speaker 3: So if the if the nanny's locked outside with two

453
00:25:34,640 --> 00:25:38,679
Speaker 3: dogs and she can't get because it's my ugly.

454
00:25:38,440 --> 00:25:41,640
Speaker 9: Face unless you add the nanny to you know.

455
00:25:41,720 --> 00:25:44,399
Speaker 7: What, I'll stick with my key.

456
00:25:44,480 --> 00:25:46,560
Speaker 1: You'll stick with your key, Yeah, yeah you can. I

457
00:25:46,560 --> 00:25:48,720
Speaker 1: can bumble with the packages and do all the right same.

458
00:25:50,760 --> 00:25:51,080
Speaker 9: Okay.

459
00:25:51,200 --> 00:25:54,000
Speaker 1: New York City's new secret weapon in the war on

460
00:25:54,200 --> 00:25:57,159
Speaker 1: rats it is a dog named Katie.

461
00:25:57,200 --> 00:25:59,560
Speaker 9: Okay. Katie is a four year old twelve and a

462
00:25:59,600 --> 00:26:00,360
Speaker 9: half pas much.

463
00:26:00,400 --> 00:26:04,280
Speaker 1: She's part Chihuahua, part pug, part rat terrier, and her

464
00:26:04,440 --> 00:26:07,040
Speaker 1: owner says that she takes a route. This is in

465
00:26:07,400 --> 00:26:10,320
Speaker 1: around Prospect Park where they say they don't have a

466
00:26:10,320 --> 00:26:12,800
Speaker 1: lot of rats, but apparently they do because Katie sniffs

467
00:26:12,840 --> 00:26:15,600
Speaker 1: them out, snatches them up in her draw, cracks their neck.

468
00:26:15,640 --> 00:26:17,240
Speaker 1: Then the owner takes them and dumps them in a

469
00:26:17,280 --> 00:26:17,920
Speaker 1: garbage can.

470
00:26:18,440 --> 00:26:19,520
Speaker 9: So here's the thing.

471
00:26:19,840 --> 00:26:22,199
Speaker 1: In twenty twenty three, Katie bagged about one hundred and

472
00:26:22,200 --> 00:26:22,920
Speaker 1: fifteen rats.

473
00:26:23,040 --> 00:26:26,159
Speaker 9: Really about a week ago. To this year, she has

474
00:26:26,160 --> 00:26:28,240
Speaker 9: a week left closing in on five hundred.

475
00:26:29,000 --> 00:26:31,920
Speaker 1: So this dog has been doing a lot of stuff

476
00:26:31,920 --> 00:26:35,720
Speaker 1: I guess around the area Prospect Park, Park Slope, Gwanis.

477
00:26:35,760 --> 00:26:38,320
Speaker 1: Her most productive week is Thursday for some reason, I

478
00:26:38,320 --> 00:26:38,840
Speaker 1: don't know why.

479
00:26:38,880 --> 00:26:40,560
Speaker 9: Maybe that's when the rats come out and play.

480
00:26:41,119 --> 00:26:43,080
Speaker 1: But the owner says sometimes she does get you know,

481
00:26:43,080 --> 00:26:45,280
Speaker 1: a little scratches and things like that, but she does

482
00:26:45,320 --> 00:26:47,880
Speaker 1: get her vaccinated so that she won't get sick if

483
00:26:47,880 --> 00:26:49,879
Speaker 1: she because if she does get fit by the rats,

484
00:26:49,880 --> 00:26:52,880
Speaker 1: but I don't know, she goes to show you how

485
00:26:52,880 --> 00:26:54,000
Speaker 1: bad the rat problem is.

486
00:26:54,760 --> 00:26:59,359
Speaker 7: Color coded Google mapp titled Katie's Rats twenty twenty four,

487
00:27:00,119 --> 00:27:02,439
Speaker 7: so you can follow her as she goes around in

488
00:27:02,480 --> 00:27:02,959
Speaker 7: her duties.

489
00:27:03,000 --> 00:27:06,600
Speaker 1: Okay, yeah, I do, Okay, So this is okay if

490
00:27:06,600 --> 00:27:09,040
Speaker 1: you have kids listening in the background, for any reason,

491
00:27:09,200 --> 00:27:09,879
Speaker 1: just ear muffs.

492
00:27:09,880 --> 00:27:12,000
Speaker 9: Okay, I'll give you a couple of minutes. Okay, all right,

493
00:27:12,040 --> 00:27:14,800
Speaker 9: here we go. Holiday fixture the elf on the shelf.

494
00:27:14,840 --> 00:27:16,520
Speaker 9: This is what a lot of parents do. I remember

495
00:27:16,560 --> 00:27:18,639
Speaker 9: doing it with my kids. It's meant to keep an

496
00:27:18,680 --> 00:27:19,359
Speaker 9: eye on the shelf.

497
00:27:19,400 --> 00:27:21,520
Speaker 1: You know, you have this little elf and every night,

498
00:27:21,560 --> 00:27:24,000
Speaker 1: the elf goes back to Santa, tells them who's been

499
00:27:24,000 --> 00:27:25,840
Speaker 1: good or bad, gives them the full breakdown, and then

500
00:27:25,880 --> 00:27:26,360
Speaker 1: comes back.

501
00:27:26,440 --> 00:27:28,800
Speaker 9: This is all before Christmas, this story.

502
00:27:28,840 --> 00:27:31,760
Speaker 1: Okay, so parents have been you know, they have to

503
00:27:31,760 --> 00:27:33,760
Speaker 1: figure out a different storyline every day, and it's a

504
00:27:33,760 --> 00:27:35,480
Speaker 1: lot of work because they have to move the elf.

505
00:27:35,520 --> 00:27:37,439
Speaker 1: And if you forget, then the kid's gonna ask why.

506
00:27:37,280 --> 00:27:38,960
Speaker 9: Did the elf move. It's this whole big thing.

507
00:27:39,200 --> 00:27:40,920
Speaker 1: So now a lot of parents are starting to say,

508
00:27:40,920 --> 00:27:42,280
Speaker 1: you know what, I'm sick of the elf.

509
00:27:42,280 --> 00:27:43,119
Speaker 9: I'm not doing it.

510
00:27:43,520 --> 00:27:45,399
Speaker 1: And now what they have to do is explain to

511
00:27:45,440 --> 00:27:48,000
Speaker 1: their kids why the elf isn't coming to their house.

512
00:27:48,480 --> 00:27:52,040
Speaker 1: This is like this huldrunout drama because all the other

513
00:27:52,119 --> 00:27:54,359
Speaker 1: kids have the elf. So Mommy, how come my elf

514
00:27:54,800 --> 00:27:58,720
Speaker 1: is not coming to my house? You are lucky because

515
00:27:58,720 --> 00:28:01,680
Speaker 1: there's a lot of work. I just starting when my

516
00:28:01,800 --> 00:28:04,240
Speaker 1: kids were you know, younger. But now it's become a

517
00:28:04,240 --> 00:28:07,240
Speaker 1: social media thing. So now people are posting all, you know,

518
00:28:07,280 --> 00:28:09,119
Speaker 1: the different funny things are doing with the elf, you

519
00:28:09,200 --> 00:28:11,200
Speaker 1: know the next day, and it's become.

520
00:28:11,000 --> 00:28:16,399
Speaker 9: This huge responsibility for them to do. I just have

521
00:28:16,520 --> 00:28:18,280
Speaker 9: the patience from you know.

522
00:28:19,240 --> 00:28:21,119
Speaker 1: But it's the elf on the shelf I actually have

523
00:28:21,359 --> 00:28:22,920
Speaker 1: since my kids are older. I have Snoop on the

524
00:28:22,960 --> 00:28:26,640
Speaker 1: stoop Snoop Dogg as one, so I use that.

525
00:28:28,480 --> 00:28:28,920
Speaker 8: Snoop on.

526
00:28:30,680 --> 00:28:33,280
Speaker 4: I have a real tree. You don't have a real tree.

527
00:28:33,359 --> 00:28:35,560
Speaker 9: No, I have a fake tree. Yes, I have put

528
00:28:35,600 --> 00:28:36,880
Speaker 9: it up the.

529
00:28:36,840 --> 00:28:38,680
Speaker 4: Real Yeah, thank God for that.

530
00:28:39,000 --> 00:28:43,120
Speaker 1: Yes, it's a lot of work. Parents are stressed out

531
00:28:43,200 --> 00:28:45,480
Speaker 1: enough as it is, and they say need this extra

532
00:28:45,720 --> 00:28:46,800
Speaker 1: burden on their hands.

533
00:28:48,080 --> 00:28:50,320
Speaker 4: When we do this tomorrow, I'll find a negg dog story.

534
00:28:50,400 --> 00:28:53,160
Speaker 4: Thank you, I will, Lisa, thank you so much.

535
00:28:53,160 --> 00:28:56,880
Speaker 3: The newspapers here, of course, across the nation for all

536
00:28:56,920 --> 00:28:58,000
Speaker 3: of you as well.

537
00:28:58,720 --> 00:29:02,960
Speaker 2: Is the Bloomberg Surveillance podcast, available on Apple, Spotify, and

538
00:29:03,120 --> 00:29:07,000
Speaker 2: anywhere else you get your podcasts. Listen live each weekday,

539
00:29:07,120 --> 00:29:10,160
Speaker 2: seven to ten am Eastern on Bloomberg dot com, the

540
00:29:10,280 --> 00:29:14,080
Speaker 2: iHeartRadio app tune in, and the Bloomberg Business App. You

541
00:29:14,120 --> 00:29:17,400
Speaker 2: can also watch us live every weekday on YouTube and

542
00:29:17,560 --> 00:29:19,120
Speaker 2: always on the Bloomberg terminal