Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: This is the Bloomberg Surveillance Podcast. Catch us live weekdays
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Speaker 3: Tina Fordham has been a huge benefit to us geopolitical
Speaker 3: strategist for him Global Foresight.
Speaker 4: Tina, just a window into this. How did you end.
Speaker 3: Up with Ibraham Robari? The guy is a triple a
Speaker 3: horse at City Group. He's out there. How did you
Speaker 3: and Ibrahim Robari get together?
Speaker 5: Well, aberm and I.
Speaker 6: Work together on William Bowder's Global Macro team, and is
Speaker 6: our immense good fortune to have him working with us
Speaker 6: as a senior advisor.
Speaker 5: So I'm absolutely thrilled.
Speaker 3: Just absolutely wonderful. I want to take a bigger, broader
Speaker 3: approach here. And you go into the wonderful work up
Speaker 3: of Harvard the book, folks, it really became part of
Speaker 3: international relations. How democracies die. Stephen Levitsky and Daniels iblet
Speaker 3: up at Harvard and you pick up their phrase norm
Speaker 3: erosion and say we're living it?
Speaker 4: What norm erosion? Tina Fordham? Are we going to see
Speaker 4: next year, well, we're.
Speaker 5: Already seeing it.
Speaker 6: And this is part of my you know, my my
Speaker 6: pledge to try to prevent us from seeing all of
Speaker 6: these you know, disparate developments as idiosyncratic and one off.
Speaker 6: Norm erosion can be everything from why our nieces and
Speaker 6: nephews don't send us thank you notes for Christmas presents,
Speaker 6: to the role of unelected advisors in the White House
Speaker 6: to the end of kind of customs. Norms are not
Speaker 6: necessarily rule. There's certainly not laws, and I'm going to
Speaker 6: argue that they matter as much to our ability to
Speaker 6: conduct business as laws do.
Speaker 7: So for twenty twenty five, Tina given norm erosion, geopolitical
Speaker 7: denihalism is another theme. I know you're focused on, what
Speaker 7: are your themes for twenty twenty five for investors as
Speaker 7: I think about geopolitics and the impact on markets.
Speaker 6: I'm not sure how many investors want to think about
Speaker 6: geopolitics because we've already seen the you know, the euphoria
Speaker 6: you know now tempered to focus on the positive aspects
Speaker 6: of Trump's agenda deregulation, and these are you know, these
Speaker 6: are no doubt going to be positive, They're going to
Speaker 6: be especially positive for US markets. But as you know,
Speaker 6: I'm based in London. I have coined the concept of
Speaker 6: geopolitical denialism, borrowing a little bit from climate denihilism, and
Speaker 6: I'm suggesting that this is like being a flat earther
Speaker 6: when it comes to thinking about geopolitics, because take the
Speaker 6: example of Syria, not a market moving event, nor one
Speaker 6: that we would expect to be, but it's the second
Speaker 6: and third order effects of geopolitics that matter. So times
Speaker 6: are good in US markets, But I'm suggesting developments like
Speaker 6: Trump's recent comments, shall we say, questioning the validity of
Speaker 6: Greenland belonging to Denmark and the Panama Canal belonging to
Speaker 6: Panama are important.
Speaker 5: They are significant.
Speaker 6: They're not going to move markets, but they are extremely
Speaker 6: important because they suggest challenges to the rules of the
Speaker 6: game and indeed something potentially more significant, And they're also
Speaker 6: big geostrategic implications.
Speaker 5: Those are not two random choices.
Speaker 7: For investors in just markets in general. Does that suggest
Speaker 7: over the next year, if not four years, maybe investors
Speaker 7: kind of rein in some of the risk taking because
Speaker 7: some of the geopolitics, maybe emanating from the US White
Speaker 7: House could be really problematic.
Speaker 5: I think You're going.
Speaker 6: To see a lot of changes in stance, a lot
Speaker 6: of developments that maybe more behind the scenes than say an.
Speaker 5: Event risk like a terrorist attack or a hot war.
Speaker 6: What would the US need to do to, as Trump
Speaker 6: would put it, regain control of the Panama Canal? Could
Speaker 6: this be done through non military means? I think looking
Speaker 6: at what military strategists called gray zone actions, which can
Speaker 6: be commercial, they can be legal, and through kind of
Speaker 6: salami tactics can really change the facts on the ground.
Speaker 6: Right now, Russia and China have made clear that they
Speaker 6: don't believe that US hedge of money should continue. And
Speaker 6: what means will they use for that? Maybe more important
Speaker 6: to your question for our CEO clients, for anyone with
Speaker 6: a complex supply chain. But these are big, great power
Speaker 6: challenges being played out through these small places.
Speaker 3: Tina Fordham with is Fordham Global Foresight here as we
Speaker 3: look at international relations into next Yearatina, just a question
Speaker 3: that came up this weekend. I think it's an amateur
Speaker 3: I'm saying, there's a presidential tradition of giving ambassadors to
Speaker 3: people that gave.
Speaker 4: You a lot of money to get elected. Get it.
Speaker 3: In all that, how do you, as a grizzled pro
Speaker 3: respond to the ambassador's selections we're seeing from President elect Trump.
Speaker 3: We got a football player in the Bahamas, we got
Speaker 3: a father in law son in law kind of thing
Speaker 3: in Paris, and on and on.
Speaker 4: How do you respond? And is it just business usual?
Speaker 3: Is there something different going on in our ambassadorships?
Speaker 6: First of all, I would like to reject the characterization
Speaker 6: of myself as grizzled on anything pro.
Speaker 5: Yes, I missrizzled, grizzled you know you can, yeah, Lisa later.
Speaker 3: And I said it, and Lisa threw a gluten free
Speaker 3: role at me.
Speaker 5: You're thank you, Lisa, Thank you, Lisa. Someone we have
Speaker 5: to stick up for each other. But oh right, So
Speaker 5: what's this getting on? That there's a lot of eye
Speaker 5: rolling going on? You know.
Speaker 6: The expectation is that UK US and France, US and
Speaker 6: German US relations, you know, will continue, even if there
Speaker 6: is someone less than a grizzled old pro in the ambassadorship.
Speaker 5: It hasn't always been the case, by the way that.
Speaker 6: Donors were awarded these plum kinds of post. I mean,
Speaker 6: I'm thinking about people Pamela Harriman and Paris and others,
Speaker 6: but Europe is not pushing back on any of this,
Speaker 6: and you know, taking a stoic approach because you have
Speaker 6: to choose your battles. Everyone wants to work with this administration,
Speaker 6: and we will see just how robust the you know,
Speaker 6: the relationships are and the channels of communication and the
Speaker 6: areas of cooperation.
Speaker 7: Tina, as we kind of think about twenty twenty five,
Speaker 7: what are the what's maybe the key question you're getting
Speaker 7: from your clients these days about your remit, which is
Speaker 7: again geopolitics.
Speaker 5: It couldn't be more broad. It is what's going to
Speaker 5: happen because.
Speaker 6: You know, again at the you know, purely at the
Speaker 6: market level, everyone you know buys the positive story, but
Speaker 6: there's a lot of worry about what could possibly go wrong.
Speaker 6: And even you know, tracking and monitoring risks as we do,
Speaker 6: there are so many wild cards. And that's you know,
Speaker 6: got to be part of the playbook here to kind
Speaker 6: of sow discontent and confusion.
Speaker 5: I'm looking a lot.
Speaker 6: At these small data points, developments that don't grab headlines,
Speaker 6: like why is the Slovak president Robert Fico in Moscow?
Speaker 5: Hello?
Speaker 6: That is not something that the European Union agrees with.
Speaker 6: It's not a game changer. In the narrowest sense. But
Speaker 6: when you combine that with Hungarian President Victor Ravon seeing Putin,
Speaker 6: what's been happening in Romania, none of these you know,
Speaker 6: major economies. It adds up to Leaveridge that Putin has though,
Speaker 6: because these countries are all on the receiving end or
Speaker 6: were of Russian gas supplies.
Speaker 5: So if we wait until old blown.
Speaker 6: Event risk transpires, then we're not prepared for these downside surprises.
Speaker 4: Tina, thank you so much.
Speaker 3: Tina Fordham with his Fordum Global Foresight.
Speaker 2: You're listening to the Bloomberg Surveillance podcast. Catch us live
Speaker 2: weekday afternoons from seven to ten am Easter Listen on
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Speaker 4: We're thrilled to get smarter with andrews Slimon.
Speaker 3: Had a love come on applied to equity advisors.
Speaker 4: I don't have no idea that is at Morganeselli. What
Speaker 4: Andrew Slimon.
Speaker 3: Will give you as the courage to participate in the market. Andrew,
Speaker 3: how do we get to a third double digit bull
Speaker 3: market year?
Speaker 8: Well, I think you have a combination of lower rates.
Speaker 8: Seven trillion sitting in the money markets that will search
Speaker 8: for a new home or some of it will and
Speaker 8: pro growth policies, and that's how you could get to
Speaker 8: another double digit year for the equa market.
Speaker 3: I look at it and as double digit earnings. Here
Speaker 3: Gena Martin Adams of Bloomberg Intelligence talking up fourteen percent.
Speaker 3: Maybe it comes down to the security analysts at Morgan
Speaker 3: Stanley get you to a double digit earnings growth year.
Speaker 8: Yeah, I mean, I you know. One of the things Tom,
Speaker 8: that you know I've been on your show a lot.
Speaker 8: I have been all pretty optimistic the last couple of years
Speaker 8: is that it's not about valuation. It's about the direction
Speaker 8: of the change. And what's you know. I tell you know,
Speaker 8: especially younger investors all the time, be very wary of
Speaker 8: valuate pure valuation tools as a methodology to evaluate the
Speaker 8: stock market or a stock is cheap or extensive, because
Speaker 8: sometimes analysts don't get the denominator the estimate right. And
Speaker 8: really what's been going on in the last couple of
Speaker 8: years is earnings have been stronger than what is expected
Speaker 8: so far we have. I've seen a lot of predictions
Speaker 8: that earnings are too strong for next year, but I
Speaker 8: haven't seen those numbers come down yet. Uh and that
Speaker 8: you know that does that's that falls into the positive camp.
Speaker 3: I mean, Paul, that's Andrew Slayman says, Look, you got
Speaker 3: to participate.
Speaker 4: Yep, go to cash. It's not going to work.
Speaker 9: Not gonna work. Hey, Andrew, we've got the FED cutting rates.
Speaker 7: But now it looks like in twenty twenty five at
Speaker 7: a slower pace than maybe the market had been anticipating.
Speaker 7: How does that impact your view of the equity market.
Speaker 8: Yeah, I think this is good news, good news. And
Speaker 8: let me articulate why. What I have been worried about
Speaker 8: is if you look at what's worked since July when
Speaker 8: the FED said they're going to start to cut weight,
Speaker 8: what has worked in the market is the is the
Speaker 8: low quality what I would call junk growth stocks. A
Speaker 8: lot of companies that don't you know, have high revenue estimates,
Speaker 8: but nowhearn are very little earning very high multiples. High.
Speaker 8: The more risk you have taken in the last six months,
Speaker 8: the better you have done. And that's a that scares
Speaker 8: me because that screens of the year twenty twenty one,
Speaker 8: and we know what happened in twenty twenty two. The
Speaker 8: market fell apart, so to the extent that I think
Speaker 8: the FED has kind of encouraged that risk taking by saying, hey,
Speaker 8: we're going to cut rates. If they say, hey, you
Speaker 8: know what, we're going to go a little slower, good
Speaker 8: rates going up. That takes the heat out of the
Speaker 8: bubble that I think is occurring in the specostock. I
Speaker 8: think that's healthy for the stock market in many ways,
Speaker 8: might extend the bull market longer than just twenty twenty one.
Speaker 3: And just slimon with us and we will continue with them.
Speaker 3: He's with Morgan Stanley.
Speaker 4: Of course, we're.
Speaker 3: Welcome all of you accross the nation, if you're working,
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Speaker 3: x M Channel one twenty one, Good Morning, Bloomberg Television
Speaker 3: worldwide and on YouTube, all of our distribution on YouTube.
Speaker 3: Subscribe to Bloomberg Podcasts.
Speaker 4: It's the only way to observe Lisa Mateo. It's a constructive.
Speaker 3: Exercise, to say the least. And a slimon. Last week
Speaker 3: we had in the Giant a free cash flow.
Speaker 4: You and I read.
Speaker 3: Free cash Flow and Shareholder Yield with William Priest of Epic.
Speaker 4: It was iconic.
Speaker 3: Then, how do you study free cash flow? In this
Speaker 3: great bullmarket. What's the Slimon method.
Speaker 8: Well, I'm you know, it's interesting. I hear a lot
Speaker 8: of people come on shows like this and talk about
Speaker 8: how you have to have expansion beyond the MAG seven
Speaker 8: and how it's dangerous that these socks are very high
Speaker 8: weighting the S and P and I certainly agree with that.
Speaker 8: But at the end of the day, these are the companies.
Speaker 8: If I look at what's worked, undation from a kind
Speaker 8: of factor stapwork, corporate buybacks, companies that are buying back
Speaker 8: socking brass, many more general outperformed, and that's the big boys.
Speaker 8: So to the extent that your question about cash flow,
Speaker 8: I look and say, well, what companies are generating a
Speaker 8: lot of cash flow? It's some you know, some of
Speaker 8: the best are these really big companies. So I would
Speaker 8: I think one of the most consensus trades for next
Speaker 8: year is that the market's going to expand beyond the
Speaker 8: MAG seven. And I think there's plenty of good ideas
Speaker 8: beyond MAG seven. But don't go you have to face
Speaker 8: the reality these companies are generally a lot of cash
Speaker 8: flow and they're buying backstock, and that is positive. That's
Speaker 8: a big difference toime to nineteen ninety nine, two thousand
Speaker 8: and now.
Speaker 4: Thank you so much.
Speaker 3: Andrew Simon with this Morgan Stanley this morning on the
Speaker 3: Courage to stay in the market.
Speaker 2: This is the Bloomberg Surveillance Podcast. Listen live each weekday
Speaker 2: starting at seven am Eastern on applecar Play and Android
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Speaker 2: Just say Alexa playing Bloomberg eleven thirty right now.
Speaker 3: And this is an immense honor. Data Telsea's scheduled to
Speaker 3: join us on a holiday, but we must pause for
Speaker 3: the end of an era. Nordstrom's Always in Forever of
Speaker 3: Seattle will go private. This on the same day as
Speaker 3: a container store files for bankruptcy. Lisa Montela that story earlier,
Speaker 3: and the emotion of a family running a store defines
Speaker 3: Dana Telsea as no one else on the island of Manhattan.
Speaker 3: She was intimately involved with a small store at fifty
Speaker 3: seventh Street at Fifth Avenue, name of Bergdorf Goodman. As
Speaker 3: a child, Dana the emotion of a family running retail
Speaker 3: and then it's over. Describe your thoughts as you hear
Speaker 3: of the privatization of Nordstrom.
Speaker 10: A couple things. So first of all, Tom, thank you
Speaker 10: very much for having me, and it's an honor to
Speaker 10: be here with you, and happy holidays too in your family.
Speaker 10: And you're right exactly. The privatization of a family run
Speaker 10: business that's been around for over one hundred years is
Speaker 10: definitely a spark of change. I think the new environment
Speaker 10: today is different than it was in the past, and
Speaker 10: you have to give Nordstrom credit for all that it's accomplished,
Speaker 10: but the go forward environment requires big changes, and whether
Speaker 10: it is a reduction in the number of full line
Speaker 10: stores they have, the acceleration of what may be for
Speaker 10: the rack, the continuous pursuit of new and curated brands
Speaker 10: and their assortment, and for all what we know about Nordstrum,
Speaker 10: the service element and the loyal customers they have is
Speaker 10: something that needs to be expanded and accelerated go forward.
Speaker 10: After all that they've accomplished.
Speaker 3: For Nordstrom and for your Bergdorf Goodman and as Joe
Speaker 3: Feldman at Telsey Advisory Group covers big box, what are
Speaker 3: customers choosing to do this holiday season?
Speaker 10: Well, this holiday season, I think overall it is continues
Speaker 10: to be that innovation and newness. You look at Birkenstock
Speaker 10: would very good sales increases in their own stores and
Speaker 10: wholesale stores. That's newness and differentiation with their closed toed shoes.
Speaker 10: I'm thinking of other winners, and you take a look
Speaker 10: frankly at Lululemon, where the newness and colors is driving demand.
Speaker 10: We're still not seeing the luxury world see any real acceleration.
Speaker 10: There are certain brands at certainly the super upper end
Speaker 10: like Ermez that's always different than everyone else. But what
Speaker 10: people are searching for and where they're going continues to
Speaker 10: be value, particularly at the lower and middle income tier,
Speaker 10: whether it be at TJ Max, whether it be at Walmart.
Speaker 10: That's where we're seeing certainly some of the strength lately.
Speaker 7: So, Dana, what are some of the retailers that you
Speaker 7: follow and followed for such a long time. What are
Speaker 7: they telling you about this holiday shopping season?
Speaker 8: This year?
Speaker 10: Compressed holiday season is a factor. You're seeing five fewer
Speaker 10: days between Thanksgiving and Christmas. Consumers started earlier. There were
Speaker 10: promotions that began earlier, but the state of promotions isn't
Speaker 10: greater than what was expected. The other thing that happened
Speaker 10: with Christmas on a Wednesday. The digital shopping days where
Speaker 10: you can get even same day delivery that many companies
Speaker 10: are putting in place with door dash, and you only
Speaker 10: have one more day to be able to take advantage
Speaker 10: of that.
Speaker 7: Anything kind of jumping out as the go to gift
Speaker 7: this year. I know some years it's we've definitely had
Speaker 7: those types of stories. Is this one of those years?
Speaker 10: I think it's a little bit wider spread. I think
Speaker 10: keep in mind we've had Taylor Swift's concert ending, but
Speaker 10: Target had the Book of the Errors tour. You have
Speaker 10: the closed toed Birken shoes that basically happen to be
Speaker 10: very popular. And if you're into denim jeans, barrel leg
Speaker 10: jeans are what it's all about. And you're still seeing
Speaker 10: newness and cosmetics occur, and I think that's some of
Speaker 10: the independent brands that are driving demand.
Speaker 3: I noticed that the fam was it all to and
Speaker 3: so for it was a double did you Day?
Speaker 4: Dan?
Speaker 3: And I got a nine, nine hundred and fifty dollars
Speaker 3: jacket over It's Chanelle and the news here, and I
Speaker 3: think of you know, the Devilwar's Prada where Meryl Street
Speaker 3: walks in and throws the purses in the bags, and
Speaker 3: all the fanciness met you blazy. I know I'm butchering
Speaker 3: the name, but the guy from Botega, Venada goes over
Speaker 3: to quote unquote save Chanell. What does that signal to
Speaker 3: you that something as iconic as Coco Chanel's franchise needs saving.
Speaker 10: Well, keep in mind, ever since Carl lager Felt passed away,
Speaker 10: who was the icon of the Chanell brand, and you
Speaker 10: had his long standing colleague basically take over for the
Speaker 10: past few years, you need to have a marker. And
Speaker 10: I think what we've seen this year is many brands
Speaker 10: are getting new designers. Obviously, you've had things happen at Gucci,
Speaker 10: which it's needed to happen. We have changes going on
Speaker 10: at other of lv's brands with the whole change in leadership.
Speaker 10: That's a current. And I've always believed that typically for
Speaker 10: many it's fifteen years that a designer has the eye
Speaker 10: of the consumer, and that their eye doesn't get tired
Speaker 10: of the brand. Carl Lagerfeld did it much longer, and
Speaker 10: I don't see anyone else like him out there.
Speaker 4: Fascinating Dana.
Speaker 3: The holidays season here and I got all these gloom
Speaker 3: articles out about retail, and yet we're still.
Speaker 4: Aspirational after the pandemic. Have we changed? Is consumption beasts?
Speaker 8: No?
Speaker 10: I think we're always going to be consumption beasts, And
Speaker 10: you know why. There's a point of excitement and socialization
Speaker 10: that consumption brings. And look what we're saying in terms
Speaker 10: of discretionary spend. Where could twenty twenty five see resumption
Speaker 10: of acceleration of discretionary spend. Think of what we've seen
Speaker 10: in twenty twenty four, where old brands becoming new again,
Speaker 10: where the cultural relevance of gap taking hold. And is
Speaker 10: Victoria's Secret going to be a name for twenty twenty
Speaker 10: five given the lines we've seen so far in twenty
Speaker 10: twenty four with the arrival of Hillary Souper's CEO. In
Speaker 10: September of twenty.
Speaker 7: Four, Dana Great article out on the Bloomberg terminal entitled
Speaker 7: Kirkland for Christmas shoppers ditch logos for store brands. I
Speaker 7: didn't know that was a thing.
Speaker 9: What are you seeing out there?
Speaker 10: I think overall, when you think about private label and
Speaker 10: store brands, there's no one more successful in the essentials
Speaker 10: world than Costco's Kirklands and one of the interesting things
Speaker 10: about their own brand there everyone knows the name, so yes,
Speaker 10: store brands matter. You're even seeing some of the department
Speaker 10: stores in apparel looking to activate and enhance their own
Speaker 10: private label brands. It's also value and that it typically
Speaker 10: has a lower price than any regular brands.
Speaker 3: You got Joe Joy as an outperformer on Costco.
Speaker 4: Costco to the moon data.
Speaker 10: You know what a competitive mode that scale, that can scale.
Speaker 10: Think of what Costco has, more stores, more products, more
Speaker 10: customers and really loyal members.
Speaker 3: Dana, we finished strong here today. Thank you so much
Speaker 3: for your perspective, particularly on JW Nords term they will
Speaker 3: go private after a decade of price decline.
Speaker 4: To say the least.
Speaker 2: This is the Bloomberg Surveillance Podcast. Listen live each weekday
Speaker 2: starting at seven am Eastern on applecar Play and Android
Speaker 2: Auto with the Bloomberg Business app. You can also watch
Speaker 2: us live every weekday on YouTube and always on the
Speaker 2: Bloomberg terminal.
Speaker 4: Here, Jerry, look at the front pages around the world.
Speaker 4: The Lisa Mateo week. We call it Lisa, what do
Speaker 4: you have?
Speaker 1: I have all the scams that are happening this holiday
Speaker 1: season to steal your money. I don't know if you've
Speaker 1: gotten some of those weird text messages like click the link,
Speaker 1: all that kind of stuff. Well, they're using AI to
Speaker 1: do a lot of this stuff, and that's what's why
Speaker 1: you see it a lot more this season. In the
Speaker 1: text messages, right, the baiting victims to write programs testing
Speaker 1: huge volumes of stolen credit card information. They're helping scammers
Speaker 1: generate fake online ads, so you're seeing more online ads,
Speaker 1: so the fake ones to click the link and then
Speaker 1: they steal your credit card information using AI to impersonate
Speaker 1: account holders, so they're pretending to be you so that
Speaker 1: they can get your access to different accounts. So they're
Speaker 1: doing that too, and then they're also asking for video
Speaker 1: selfies because then they can use that to get access
Speaker 1: to different thing because people are just sending them in
Speaker 1: because if you get locked out sometimes of your account,
Speaker 1: you need to send.
Speaker 9: You know, a video.
Speaker 1: And they're changing all this and the banks are putting
Speaker 1: money using AI to help fight this, but yet it's happening.
Speaker 4: So fas it really picked up.
Speaker 7: Really, I just send money to you know, people who
Speaker 7: need they're buying oil. That's kind of I'm pretty comfortable
Speaker 7: doing that, but.
Speaker 3: You know it's gone. We're a long way Lisa from
Speaker 3: Emails from Nigeria.
Speaker 9: Right, Oh my gosh, yes, do you know the.
Speaker 3: Code thing is the kids use the code. I don't
Speaker 3: do that ever anymore because they put the sticker that
Speaker 3: looks just like the code you think you're going and
Speaker 3: it's not.
Speaker 4: It's like a scan. So I never do the code
Speaker 4: thing anymore ever.
Speaker 1: Yeah, it's tough, and especially this time you see a
Speaker 1: lot of the you know, your package is being held
Speaker 1: and everyone has packages at the door.
Speaker 4: One of our interns he's like, twenty three are just
Speaker 4: nailed that. Yeah, QR cold you old fossil.
Speaker 9: Here, I'm going already NEXTQ CODE Now, I got you. Okay.
Speaker 9: Apple is considering something.
Speaker 1: You know, you have the ring, right, that's what a
Speaker 1: lot of people have the doorbell when you come in there,
Speaker 1: so they have that, but now Apple wants to challenge
Speaker 1: that with their smart doorbell that will actually unlock the
Speaker 1: door with your face, so instead of the keys or
Speaker 1: punching in the numbers sometimes people have you just put
Speaker 1: your face up to it and then your door would
Speaker 1: unlock and you can go in. So that's something that
Speaker 1: Apple could be working on. This from Bloomberg into the
Speaker 1: new year. So it's a new way to get into
Speaker 1: your house. But they're they're trying different things, like Apple's
Speaker 1: trying to take catch up. Remember the whole you know
Speaker 1: car they tried doing just fell apart.
Speaker 4: Do we want this?
Speaker 5: I don't.
Speaker 4: Do you have Do you have Alexa? We're going to costco.
Speaker 9: I do not have Alexa? No, I don't.
Speaker 1: But this is I don't know. It seems like it
Speaker 1: would make getting into your house easier, but it's kind
Speaker 1: of scary too at the same time.
Speaker 9: I don't know.
Speaker 3: So if the if the nanny's locked outside with two
Speaker 3: dogs and she can't get because it's my ugly.
Speaker 9: Face unless you add the nanny to you know.
Speaker 7: What, I'll stick with my key.
Speaker 1: You'll stick with your key, Yeah, yeah you can. I
Speaker 1: can bumble with the packages and do all the right same.
Speaker 9: Okay.
Speaker 1: New York City's new secret weapon in the war on
Speaker 1: rats it is a dog named Katie.
Speaker 9: Okay. Katie is a four year old twelve and a
Speaker 9: half pas much.
Speaker 1: She's part Chihuahua, part pug, part rat terrier, and her
Speaker 1: owner says that she takes a route. This is in
Speaker 1: around Prospect Park where they say they don't have a
Speaker 1: lot of rats, but apparently they do because Katie sniffs
Speaker 1: them out, snatches them up in her draw, cracks their neck.
Speaker 1: Then the owner takes them and dumps them in a
Speaker 1: garbage can.
Speaker 9: So here's the thing.
Speaker 1: In twenty twenty three, Katie bagged about one hundred and
Speaker 1: fifteen rats.
Speaker 9: Really about a week ago. To this year, she has
Speaker 9: a week left closing in on five hundred.
Speaker 1: So this dog has been doing a lot of stuff
Speaker 1: I guess around the area Prospect Park, Park Slope, Gwanis.
Speaker 1: Her most productive week is Thursday for some reason, I
Speaker 1: don't know why.
Speaker 9: Maybe that's when the rats come out and play.
Speaker 1: But the owner says sometimes she does get you know,
Speaker 1: a little scratches and things like that, but she does
Speaker 1: get her vaccinated so that she won't get sick if
Speaker 1: she because if she does get fit by the rats,
Speaker 1: but I don't know, she goes to show you how
Speaker 1: bad the rat problem is.
Speaker 7: Color coded Google mapp titled Katie's Rats twenty twenty four,
Speaker 7: so you can follow her as she goes around in
Speaker 7: her duties.
Speaker 1: Okay, yeah, I do, Okay, So this is okay if
Speaker 1: you have kids listening in the background, for any reason,
Speaker 1: just ear muffs.
Speaker 9: Okay, I'll give you a couple of minutes. Okay, all right,
Speaker 9: here we go. Holiday fixture the elf on the shelf.
Speaker 9: This is what a lot of parents do. I remember
Speaker 9: doing it with my kids. It's meant to keep an
Speaker 9: eye on the shelf.
Speaker 1: You know, you have this little elf and every night,
Speaker 1: the elf goes back to Santa, tells them who's been
Speaker 1: good or bad, gives them the full breakdown, and then
Speaker 1: comes back.
Speaker 9: This is all before Christmas, this story.
Speaker 1: Okay, so parents have been you know, they have to
Speaker 1: figure out a different storyline every day, and it's a
Speaker 1: lot of work because they have to move the elf.
Speaker 1: And if you forget, then the kid's gonna ask why.
Speaker 9: Did the elf move. It's this whole big thing.
Speaker 1: So now a lot of parents are starting to say,
Speaker 1: you know what, I'm sick of the elf.
Speaker 9: I'm not doing it.
Speaker 1: And now what they have to do is explain to
Speaker 1: their kids why the elf isn't coming to their house.
Speaker 1: This is like this huldrunout drama because all the other
Speaker 1: kids have the elf. So Mommy, how come my elf
Speaker 1: is not coming to my house? You are lucky because
Speaker 1: there's a lot of work. I just starting when my
Speaker 1: kids were you know, younger. But now it's become a
Speaker 1: social media thing. So now people are posting all, you know,
Speaker 1: the different funny things are doing with the elf, you
Speaker 1: know the next day, and it's become.
Speaker 9: This huge responsibility for them to do. I just have
Speaker 9: the patience from you know.
Speaker 1: But it's the elf on the shelf I actually have
Speaker 1: since my kids are older. I have Snoop on the
Speaker 1: stoop Snoop Dogg as one, so I use that.
Speaker 8: Snoop on.
Speaker 4: I have a real tree. You don't have a real tree.
Speaker 9: No, I have a fake tree. Yes, I have put
Speaker 9: it up the.
Speaker 4: Real Yeah, thank God for that.
Speaker 1: Yes, it's a lot of work. Parents are stressed out
Speaker 1: enough as it is, and they say need this extra
Speaker 1: burden on their hands.
Speaker 4: When we do this tomorrow, I'll find a negg dog story.
Speaker 4: Thank you, I will, Lisa, thank you so much.
Speaker 3: The newspapers here, of course, across the nation for all
Speaker 3: of you as well.
Speaker 2: Is the Bloomberg Surveillance podcast, available on Apple, Spotify, and
Speaker 2: anywhere else you get your podcasts. Listen live each weekday,
Speaker 2: seven to ten am Eastern on Bloomberg dot com, the
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