1
00:00:09,880 --> 00:00:13,800
Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane Jay Ley.

2
00:00:13,960 --> 00:00:17,560
Speaker 1: We bring you insight from the best in economics, finance, investment,

3
00:00:18,000 --> 00:00:23,520
Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,

4
00:00:23,600 --> 00:00:28,240
Speaker 1: Bloomberg dot Com, and of course on the Bloomberg. Right now,

5
00:00:28,280 --> 00:00:30,160
Speaker 1: thom Ma's take a look at an interesting story. I

6
00:00:30,240 --> 00:00:33,639
Speaker 1: guess some former chiefs of the Homeland Security suggesting that

7
00:00:33,960 --> 00:00:37,760
Speaker 1: some of the use of the Homeland Security UH Department

8
00:00:38,120 --> 00:00:41,960
Speaker 1: for border politics is creating some issues. To give us

9
00:00:41,960 --> 00:00:44,200
Speaker 1: a sense of what's going on there, we welcome Michael Ross.

10
00:00:44,720 --> 00:00:48,400
Speaker 1: Michaelis Bloomberg Government Homeland Security reporters. So Mchael give us

11
00:00:48,440 --> 00:00:50,720
Speaker 1: a sense of kind of some of the issues srolling

12
00:00:50,720 --> 00:00:54,720
Speaker 1: around the Homeland Security Department. Absolutely, good morning to you both,

13
00:00:54,720 --> 00:00:57,400
Speaker 1: and I join you actually just a few yards from

14
00:00:57,400 --> 00:00:59,880
Speaker 1: the Pentagon this morning at the T s A headquarters

15
00:01:00,160 --> 00:01:03,360
Speaker 1: where we are also commemorating these moments of nine allove

16
00:01:03,400 --> 00:01:06,240
Speaker 1: input is a very somber moment here that I'm joining

17
00:01:06,240 --> 00:01:09,200
Speaker 1: you from. And but earlier this week I was in

18
00:01:09,280 --> 00:01:12,200
Speaker 1: New York. We were at the nine eleven Memorial and

19
00:01:12,280 --> 00:01:15,720
Speaker 1: Museum with some of the former heads the former secretaries

20
00:01:15,760 --> 00:01:18,840
Speaker 1: of the the department that launched because of this day.

21
00:01:18,880 --> 00:01:21,960
Speaker 1: The Department of Coman Security UM is definitely the startup

22
00:01:21,959 --> 00:01:24,920
Speaker 1: out of this and UH, they were several of them

23
00:01:24,959 --> 00:01:29,759
Speaker 1: expressed concerns, deep concerns that eighteen years after the fact,

24
00:01:30,080 --> 00:01:33,520
Speaker 1: that there is more issues that are dividing the department

25
00:01:33,640 --> 00:01:36,480
Speaker 1: politically and making it more difficult for the department to

26
00:01:36,600 --> 00:01:42,160
Speaker 1: function in the private sector. Mc Garrett Graff who had

27
00:01:42,200 --> 00:01:43,560
Speaker 1: my book of the Year a few years ago in

28
00:01:43,600 --> 00:01:46,200
Speaker 1: the FBI, and Mr Mueller has a wonderful new book out.

29
00:01:46,240 --> 00:01:50,520
Speaker 1: It is a visceral book of interviews of September eleven

30
00:01:51,160 --> 00:01:56,040
Speaker 1: and permean permeating that is somewhat the cacophony in Washington.

31
00:01:56,200 --> 00:01:59,320
Speaker 1: Jonathan Bernstein and Bloomberg Opinion calls it the pure chaos

32
00:02:00,000 --> 00:02:03,040
Speaker 1: off of Mr Bolton's resignation. And within all of this,

33
00:02:03,280 --> 00:02:07,600
Speaker 1: the periphery is Homeland Security. What's the state of the

34
00:02:07,640 --> 00:02:11,600
Speaker 1: department right now? How would you frame that? What's the

35
00:02:11,639 --> 00:02:14,400
Speaker 1: concern is that we're hearing from ammakers on both sides

36
00:02:14,440 --> 00:02:17,760
Speaker 1: of the aisle as well as UH former officials, is

37
00:02:17,800 --> 00:02:20,160
Speaker 1: that it is getting more difficult for the department to

38
00:02:20,160 --> 00:02:23,000
Speaker 1: accomplish his goals in some ways, or I should say

39
00:02:23,160 --> 00:02:27,520
Speaker 1: that such such a such a focus on immigration enforcement,

40
00:02:27,800 --> 00:02:31,520
Speaker 1: they fear is making taking resources away from a lot

41
00:02:31,520 --> 00:02:34,600
Speaker 1: of the other missions. Again, the Department was formed out

42
00:02:34,600 --> 00:02:36,920
Speaker 1: of this terrorist attack. It was formed to try to

43
00:02:36,919 --> 00:02:40,040
Speaker 1: try to keep the homeland safe. It has so many

44
00:02:40,080 --> 00:02:43,400
Speaker 1: missions between t s A and SEMA and the Secret

45
00:02:43,440 --> 00:02:47,040
Speaker 1: Service and the Coast Guard and cybersecurity, and yet the

46
00:02:47,080 --> 00:02:49,520
Speaker 1: bulk of that of the bulk of its energy right

47
00:02:49,560 --> 00:02:53,160
Speaker 1: now is in those immigration enforcement agencies. And there's worried

48
00:02:53,200 --> 00:02:55,480
Speaker 1: that UM there might be other threats that aren't getting

49
00:02:55,480 --> 00:02:58,120
Speaker 1: as much attention. There's where the resources might not be

50
00:02:58,200 --> 00:03:00,399
Speaker 1: getting to what they need to be, and there's word

51
00:03:00,440 --> 00:03:04,040
Speaker 1: that there's is causing division. So MICHAELA. As the Department

52
00:03:04,080 --> 00:03:06,920
Speaker 1: makes its concerns known, what has been the response so

53
00:03:07,040 --> 00:03:12,040
Speaker 1: far from Congress? UH and Congresses? We were just with

54
00:03:12,520 --> 00:03:17,919
Speaker 1: several of the House Homeland Security Committee yesterday. They are

55
00:03:18,440 --> 00:03:21,560
Speaker 1: the different very upset. Actually, in a separate incident, some

56
00:03:21,639 --> 00:03:25,000
Speaker 1: of the top officials and the Trump administration UM at

57
00:03:25,040 --> 00:03:28,840
Speaker 1: first refused and then delayed an hearing about global threats

58
00:03:28,880 --> 00:03:31,000
Speaker 1: that the committee has ever year to try to hear about.

59
00:03:31,240 --> 00:03:32,359
Speaker 1: You know what they need to do to try to

60
00:03:32,400 --> 00:03:33,799
Speaker 1: make the department better and what they needed to do

61
00:03:33,919 --> 00:03:36,800
Speaker 1: to try to address some of those threats. So UM,

62
00:03:37,000 --> 00:03:40,200
Speaker 1: both types of the aisle again very concerned UM that

63
00:03:40,720 --> 00:03:45,000
Speaker 1: some top Trump officials, including the Acting Secretary of Homeland Security. UM,

64
00:03:45,120 --> 00:03:49,280
Speaker 1: we're not able to satisfy the time UM now that

65
00:03:49,400 --> 00:03:52,240
Speaker 1: has been rescheduled of course, UM to try to talk

66
00:03:52,280 --> 00:03:55,920
Speaker 1: about some of these threats with the homeland So it's

67
00:03:55,960 --> 00:03:59,440
Speaker 1: interesting the is there a sense what is kind of

68
00:03:59,440 --> 00:04:02,000
Speaker 1: the gas concern on the part of the Department of

69
00:04:02,000 --> 00:04:04,880
Speaker 1: Homeland Security about what they're being test to do an

70
00:04:04,920 --> 00:04:08,440
Speaker 1: immigration is that manpower? Is it other resources that are

71
00:04:08,440 --> 00:04:12,040
Speaker 1: being diverted? What's really the big issue for them? The

72
00:04:12,080 --> 00:04:15,640
Speaker 1: big issue on immigration enforcement coming into the fall, of course,

73
00:04:15,760 --> 00:04:17,960
Speaker 1: is going to be the refocus on the border wall,

74
00:04:18,320 --> 00:04:21,240
Speaker 1: which is definitely a top priority of the Trump administration.

75
00:04:21,480 --> 00:04:23,560
Speaker 1: But that is going to be another issue that's really

76
00:04:23,600 --> 00:04:26,440
Speaker 1: going to divide Congress because we're looking at all of

77
00:04:26,440 --> 00:04:28,480
Speaker 1: the spending bills that need to be passed within the

78
00:04:28,480 --> 00:04:30,880
Speaker 1: next UM well a few weeks to try to try

79
00:04:30,880 --> 00:04:33,359
Speaker 1: to get it in on time, but this fall, UM

80
00:04:33,440 --> 00:04:35,359
Speaker 1: to avoid a shutdown, and at the heart of that

81
00:04:35,520 --> 00:04:37,920
Speaker 1: is going to be this issue of trying to stem

82
00:04:37,960 --> 00:04:41,600
Speaker 1: the flow of immigrants coming from the Southwest border. McKenna ross,

83
00:04:41,600 --> 00:04:44,839
Speaker 1: thank you so much. Border politics hurting homeland security to

84
00:04:44,839 --> 00:04:47,479
Speaker 1: say the least, as well. Good to hear from her

85
00:04:47,480 --> 00:04:50,880
Speaker 1: from t s A near the Pentagon on this September

86
00:04:51,760 --> 00:05:08,400
Speaker 1: ele Right now, we're gonna she's not an intensive care

87
00:05:08,520 --> 00:05:11,159
Speaker 1: She's been working through the morning from London on the

88
00:05:11,240 --> 00:05:14,880
Speaker 1: London perspective of the Hong Kong Stock Exchange effort, a

89
00:05:15,000 --> 00:05:20,000
Speaker 1: shock effort to purchase the LSE, and she is Sarah said, Sarah,

90
00:05:20,040 --> 00:05:22,800
Speaker 1: Let's look at the stock price up x percent, double

91
00:05:22,839 --> 00:05:25,520
Speaker 1: digit and it's given it back with a vengeance in

92
00:05:25,560 --> 00:05:29,320
Speaker 1: the last hour. Why is that? Well, I think there's

93
00:05:29,360 --> 00:05:32,440
Speaker 1: a certainly an interesting offer that's been been put on

94
00:05:32,480 --> 00:05:34,880
Speaker 1: the table. I mean, you know, the ELSE had given

95
00:05:35,000 --> 00:05:39,400
Speaker 1: anyone that was interested in acquiring the business a short

96
00:05:39,520 --> 00:05:43,240
Speaker 1: window to make an offer after it had made the

97
00:05:43,279 --> 00:05:46,719
Speaker 1: announcement that it was looking to tie up with the

98
00:05:46,720 --> 00:05:51,440
Speaker 1: filmer Thompson Royds's business um Refinitive. Now you know, after

99
00:05:51,960 --> 00:05:54,160
Speaker 1: you know, if a deal with Refinitive would have gone through,

100
00:05:54,240 --> 00:05:57,560
Speaker 1: it would make the l SE almost unaffordable. So you know,

101
00:05:57,600 --> 00:06:00,640
Speaker 1: the else had ultimately it's become open, is not Elsie,

102
00:06:00,640 --> 00:06:02,480
Speaker 1: but they'd give you a bit as a short window

103
00:06:02,560 --> 00:06:04,600
Speaker 1: to come in and try and make that offer, which

104
00:06:04,880 --> 00:06:07,520
Speaker 1: which you know Hong Kong has coming down right. And

105
00:06:07,560 --> 00:06:10,520
Speaker 1: then it's cultural as well. This is a Mary Poppins.

106
00:06:10,600 --> 00:06:15,119
Speaker 1: It's not railways to India, it's the Chinese are coming

107
00:06:15,160 --> 00:06:17,080
Speaker 1: into buy London. I mean, that's a blunt way to

108
00:06:17,080 --> 00:06:19,919
Speaker 1: put it. I don't mean any aspersion there, but Sarah,

109
00:06:20,200 --> 00:06:25,360
Speaker 1: there's a whole cultural and political overlay to this transaction,

110
00:06:25,400 --> 00:06:28,680
Speaker 1: this proposed transaction. I mean, there'd be an under understatement

111
00:06:28,720 --> 00:06:31,400
Speaker 1: to say that that, you know, the deal is super

112
00:06:32,279 --> 00:06:34,960
Speaker 1: politically sensitive. That's what it is at the moment. You know,

113
00:06:35,040 --> 00:06:38,599
Speaker 1: you have the Hong Kong protests um, you know, going

114
00:06:38,640 --> 00:06:41,839
Speaker 1: on and and continue, and then of course you've got

115
00:06:41,839 --> 00:06:45,520
Speaker 1: breaks it and and the falling the drop in in

116
00:06:45,520 --> 00:06:47,479
Speaker 1: in Sterling, so you know, there are a lot of

117
00:06:47,480 --> 00:06:51,200
Speaker 1: politically sensitive issues. The we had Andrea Ledson this morning,

118
00:06:51,520 --> 00:06:54,440
Speaker 1: you know, whilst we while Francine was interviewing her her

119
00:06:54,520 --> 00:06:57,040
Speaker 1: this morning and the announcement came, she said that they

120
00:06:57,080 --> 00:07:00,160
Speaker 1: would look at any deal, but there would s may

121
00:07:00,200 --> 00:07:04,960
Speaker 1: be close scrutiny from the UK government on on any

122
00:07:05,000 --> 00:07:09,239
Speaker 1: deal of this scale, certainly from the Chinese. So Sarah,

123
00:07:09,240 --> 00:07:11,840
Speaker 1: what is just the status of the definitive deal that

124
00:07:11,880 --> 00:07:15,120
Speaker 1: was announced recently. Well, it's it's been announced but certainly

125
00:07:15,200 --> 00:07:18,920
Speaker 1: not closed UM, and and that process is still ongoing.

126
00:07:19,120 --> 00:07:23,640
Speaker 1: So you know, this is where other bidders are interested in.

127
00:07:23,680 --> 00:07:26,000
Speaker 1: The LSE had this short window to come in and

128
00:07:26,000 --> 00:07:29,920
Speaker 1: try and scumper that, and the Hong Kong Stock Exchange

129
00:07:29,920 --> 00:07:34,080
Speaker 1: has said that any deal UM with Hong Kong Stock

130
00:07:34,120 --> 00:07:38,080
Speaker 1: Exchange and l s UM is premised on the refinitive

131
00:07:38,120 --> 00:07:42,640
Speaker 1: transaction not proceeding, and that I would guess mainly has

132
00:07:42,680 --> 00:07:45,440
Speaker 1: to do with the fact that the Hong Kong Stock

133
00:07:45,440 --> 00:07:48,880
Speaker 1: Exchange would not be able to afford the LSU should

134
00:07:48,880 --> 00:07:52,480
Speaker 1: the refinitive transaction go through. Sarah, thank you so much,

135
00:07:52,520 --> 00:07:56,160
Speaker 1: particularly through the morning here, Sarah said, with us in

136
00:07:56,480 --> 00:08:00,920
Speaker 1: London on this proposed transaction, Hong Kong to buy London,

137
00:08:15,200 --> 00:08:17,360
Speaker 1: we can go to LuSE Group and there Doug Ramsey,

138
00:08:17,360 --> 00:08:20,440
Speaker 1: Handsome Doug Ramsey with us this morning. Doug, I love

139
00:08:20,520 --> 00:08:23,960
Speaker 1: your note. We're all economists now. Is that really what

140
00:08:24,000 --> 00:08:27,720
Speaker 1: your world has come down to? It seems like it.

141
00:08:27,800 --> 00:08:30,520
Speaker 1: I mean, it seems like the uh, the economic bulls

142
00:08:30,520 --> 00:08:33,280
Speaker 1: and the stock market bulls are now one and the same,

143
00:08:33,600 --> 00:08:36,280
Speaker 1: and uh, you know, we continue to cause investors they're

144
00:08:36,360 --> 00:08:38,720
Speaker 1: they're not always the same. I mean, think back to

145
00:08:39,160 --> 00:08:41,959
Speaker 1: that great top of March of two thousand. We put

146
00:08:42,040 --> 00:08:44,920
Speaker 1: in a market top that led to a forty nine

147
00:08:44,960 --> 00:08:47,800
Speaker 1: and a half percent decline in the SMP five and

148
00:08:48,120 --> 00:08:51,640
Speaker 1: the economy did not sink into recession until eleven months later.

149
00:08:52,720 --> 00:08:55,920
Speaker 1: So it's certainly possible that something like that could happen again.

150
00:08:56,000 --> 00:09:00,880
Speaker 1: But you know, the two can can disconnect. This areods, Doug?

151
00:09:00,960 --> 00:09:03,760
Speaker 1: Is this the time to uh for the Tom and

152
00:09:03,800 --> 00:09:06,080
Speaker 1: I we talked about we're value stock investors. This the

153
00:09:06,120 --> 00:09:07,960
Speaker 1: time for value stocks to shine. Here the ones in

154
00:09:07,960 --> 00:09:13,200
Speaker 1: a decade opportunity. I don't know if this is the turn.

155
00:09:13,800 --> 00:09:18,240
Speaker 1: I mean, it seems, uh, it seems unlikely to mean

156
00:09:18,280 --> 00:09:21,120
Speaker 1: it wasn't. Remember it's not just you know, growth versus

157
00:09:21,240 --> 00:09:26,640
Speaker 1: value and momentum versus value. It it's everything that was

158
00:09:26,760 --> 00:09:33,120
Speaker 1: working versus everything that was not. And I mean from

159
00:09:33,400 --> 00:09:37,400
Speaker 1: low voll versus high beta, commodity versus consumer, that sort

160
00:09:37,440 --> 00:09:39,000
Speaker 1: of thing. And I just find it hard to believe

161
00:09:39,080 --> 00:09:41,920
Speaker 1: you're gonna have a watershed day where all of those

162
00:09:41,960 --> 00:09:46,720
Speaker 1: relationships where one week ago, I mean, the fundamental conviction

163
00:09:46,760 --> 00:09:50,840
Speaker 1: that nearly every strategist had for those trends to remain

164
00:09:50,840 --> 00:09:54,720
Speaker 1: in place. Uh, it's amazing how the narrative has flipped

165
00:09:54,880 --> 00:09:58,600
Speaker 1: with just two days action. So I don't think it's

166
00:09:58,600 --> 00:10:02,680
Speaker 1: going to be a turn in all of those binary

167
00:10:02,720 --> 00:10:05,800
Speaker 1: relations Can I just point evaluations that could, Paul? Can

168
00:10:05,840 --> 00:10:08,680
Speaker 1: I just point out the Dow closed at twenty six thousand,

169
00:10:08,840 --> 00:10:11,640
Speaker 1: nine nine. I mean, if this is this is a

170
00:10:11,760 --> 00:10:15,280
Speaker 1: Ramsey correction, this is a Ramsey crac So again, as

171
00:10:15,280 --> 00:10:17,480
Speaker 1: Tom mentioned here, you know we're at our very near

172
00:10:17,559 --> 00:10:21,559
Speaker 1: these all time highs, despite trade, despite all the geopolitical

173
00:10:21,559 --> 00:10:25,320
Speaker 1: issues in the world equity wise, what is your view

174
00:10:25,320 --> 00:10:28,839
Speaker 1: of the market right here? Well, our view is that

175
00:10:28,960 --> 00:10:32,920
Speaker 1: the last nineteen months have been a a broad uh

176
00:10:33,120 --> 00:10:37,520
Speaker 1: global topping process. And remember, on the basis of the ACQUI,

177
00:10:38,080 --> 00:10:40,920
Speaker 1: we are not the all country world index. We are

178
00:10:40,960 --> 00:10:43,480
Speaker 1: not back two new highs. And if you look at

179
00:10:43,480 --> 00:10:46,600
Speaker 1: sort of the average stock whether globally or within the US,

180
00:10:47,280 --> 00:10:50,559
Speaker 1: on the basis of like the value line arithmetic index,

181
00:10:50,880 --> 00:10:54,280
Speaker 1: excellent measure that's basically, the average performance of the U

182
00:10:54,320 --> 00:10:57,480
Speaker 1: S stock nowhere near a new high. So it's been

183
00:10:57,520 --> 00:11:02,520
Speaker 1: in our minds, this broad distribution process that started remember

184
00:11:02,559 --> 00:11:05,720
Speaker 1: when the economy was red hot and right before those

185
00:11:05,760 --> 00:11:09,520
Speaker 1: first terra were fired. This is great, Paul to have

186
00:11:09,559 --> 00:11:11,480
Speaker 1: dog Doug. We're gonna keep it short today just because

187
00:11:11,480 --> 00:11:13,800
Speaker 1: of all the breaking news. But the only reason Paul,

188
00:11:13,840 --> 00:11:15,880
Speaker 1: we have Doug Ramsey on is because he brings up

189
00:11:15,880 --> 00:11:20,240
Speaker 1: the value line, arithmetic and geometric indexes which are which

190
00:11:20,240 --> 00:11:22,920
Speaker 1: are just fabulous. Do you know Ramsey still has on

191
00:11:23,000 --> 00:11:25,599
Speaker 1: his floor the old value line. He trips over it

192
00:11:26,160 --> 00:11:29,640
Speaker 1: like once a week as well. Doug Ramsey, thank you

193
00:11:29,720 --> 00:11:44,480
Speaker 1: so much. With LUTH group, it is a joy always

194
00:11:44,520 --> 00:11:46,880
Speaker 1: to speak with. Eileen Bourbage coming to us today from

195
00:11:46,880 --> 00:11:52,199
Speaker 1: Tel Aviv with Passion Capital. She is outstanding and folding

196
00:11:52,200 --> 00:11:57,040
Speaker 1: in the digital theology of the moment into our daily lives. Eileen,

197
00:11:57,120 --> 00:12:00,160
Speaker 1: I know you've never done this. It's beneath you, but

198
00:12:00,679 --> 00:12:03,800
Speaker 1: the truth is right now. I'm all over the Tied

199
00:12:03,880 --> 00:12:08,560
Speaker 1: Original Scent Liquid laundry detergent, thirty two loads, fifty fluid

200
00:12:08,600 --> 00:12:12,880
Speaker 1: ounces Amazon Choice with a hundred and eleven customer reviews.

201
00:12:13,080 --> 00:12:17,800
Speaker 1: Wanted Today order within four hours eleven minutes it Amazon,

202
00:12:18,640 --> 00:12:21,240
Speaker 1: Why should that be regulated that I want to get

203
00:12:21,280 --> 00:12:25,679
Speaker 1: my tied in four hours eleven minutes same day delivery.

204
00:12:26,960 --> 00:12:29,200
Speaker 1: Nothing's beneath me. I'm willing to roll up my sleeve,

205
00:12:29,240 --> 00:12:31,800
Speaker 1: you know that song Um. I don't know that that

206
00:12:32,000 --> 00:12:34,680
Speaker 1: has to be regulated, but I do think what the

207
00:12:34,679 --> 00:12:37,600
Speaker 1: regulators are looking at is to make sure that Amazon

208
00:12:37,760 --> 00:12:42,560
Speaker 1: isn't sort of inappropriately exerting its influence on smaller merchants.

209
00:12:42,640 --> 00:12:45,000
Speaker 1: So Tied or P and G. I mean, they're probably

210
00:12:45,000 --> 00:12:46,800
Speaker 1: gonna be okay. They can kind of hold their own.

211
00:12:47,040 --> 00:12:49,920
Speaker 1: They can negotiate what will be I guess business, you know,

212
00:12:50,160 --> 00:12:53,200
Speaker 1: standard terms, market practice, market rates. But if you're a

213
00:12:53,240 --> 00:12:57,320
Speaker 1: sort of up and coming independent retailer you've got you know,

214
00:12:57,440 --> 00:13:01,080
Speaker 1: a new sort of bio friendly laundry churchent laundry soap,

215
00:13:01,400 --> 00:13:03,400
Speaker 1: and you want to be on the Amazon marketplace too,

216
00:13:03,640 --> 00:13:05,040
Speaker 1: who's to say that you're going to be able to

217
00:13:05,080 --> 00:13:07,160
Speaker 1: get the same terms that P and G can get.

218
00:13:07,200 --> 00:13:09,080
Speaker 1: And I think that's what the regulators are taking a

219
00:13:09,080 --> 00:13:12,560
Speaker 1: look at. So, Eileen, we've certainly I think seen heard

220
00:13:12,760 --> 00:13:15,640
Speaker 1: felt over the last year year and a half, the

221
00:13:15,760 --> 00:13:20,760
Speaker 1: US regulators US Congression congressional leaders taking maybe a harder

222
00:13:20,800 --> 00:13:23,280
Speaker 1: look at some of the big US tech companies. How

223
00:13:23,320 --> 00:13:26,120
Speaker 1: concerned are you that the tide may be changing and

224
00:13:26,160 --> 00:13:29,560
Speaker 1: that the US may be taking a heavier regulatory hand

225
00:13:29,679 --> 00:13:33,400
Speaker 1: to Silk and Valley. Yeah, I'm not too concerned. I

226
00:13:33,400 --> 00:13:36,040
Speaker 1: think actually this is to be expected. I think of

227
00:13:36,200 --> 00:13:39,319
Speaker 1: the tech companies, but also a lot of sectors that

228
00:13:39,360 --> 00:13:42,559
Speaker 1: are influenced by innovation and by data probably had a

229
00:13:42,640 --> 00:13:45,120
Speaker 1: little bit of a slacker food right for maybe a

230
00:13:45,160 --> 00:13:48,400
Speaker 1: bit too long as the regulators caught up to sort

231
00:13:48,400 --> 00:13:51,000
Speaker 1: of understand some of these implications and why they might

232
00:13:51,040 --> 00:13:53,520
Speaker 1: need to look at protecting consumers interests a little bit

233
00:13:53,559 --> 00:13:56,240
Speaker 1: more ardently. I think there were a lot of companies

234
00:13:56,240 --> 00:13:58,760
Speaker 1: that probably also figured, you know, with the president that

235
00:13:58,760 --> 00:14:01,360
Speaker 1: we've got in the White House, perhaps regulation wasn't going

236
00:14:01,400 --> 00:14:04,040
Speaker 1: to be as much of a problem or much of

237
00:14:04,080 --> 00:14:06,240
Speaker 1: a burden for them. And I think it's about time

238
00:14:06,280 --> 00:14:08,480
Speaker 1: there's been a little bit of scrutiny. The question is

239
00:14:08,520 --> 00:14:11,280
Speaker 1: how far the pendulum is going to swing, and whether

240
00:14:11,400 --> 00:14:13,960
Speaker 1: or not they're going to take actions that are just

241
00:14:14,240 --> 00:14:17,959
Speaker 1: for perception or signaling and not actually practically beneficial to

242
00:14:18,000 --> 00:14:20,560
Speaker 1: anybody that would be a problem, right, So, Eileen, it

243
00:14:20,600 --> 00:14:24,240
Speaker 1: was another busy day in Cooper Tino yesterday, Tim Cook

244
00:14:24,440 --> 00:14:26,640
Speaker 1: and others on stage at trotting out some of the

245
00:14:26,640 --> 00:14:29,800
Speaker 1: newer products and services. What was your takeaway from kind

246
00:14:29,800 --> 00:14:32,600
Speaker 1: of what you saw and and heard from the good

247
00:14:32,600 --> 00:14:36,720
Speaker 1: folks at Apple. Um. I've got a few takeaways. One

248
00:14:36,720 --> 00:14:38,680
Speaker 1: of them was that, you know, it's really interesting that

249
00:14:38,760 --> 00:14:41,360
Speaker 1: they're they're finally coming down a bit on price point,

250
00:14:41,920 --> 00:14:45,000
Speaker 1: and they're probably acknowledging that maybe being at the highest end,

251
00:14:45,040 --> 00:14:47,600
Speaker 1: i mean extreme high end of the market isn't maybe

252
00:14:47,640 --> 00:14:49,760
Speaker 1: going to help them continue to grow their market share.

253
00:14:50,120 --> 00:14:52,640
Speaker 1: So they've come down on price point. Buying a brand

254
00:14:52,640 --> 00:14:55,000
Speaker 1: new iPhone eleven is going to be cheaper than when

255
00:14:55,080 --> 00:14:57,120
Speaker 1: you you know, had to buy the iPhone X or

256
00:14:57,160 --> 00:14:59,880
Speaker 1: the x are. They still have a premium for customers

257
00:14:59,880 --> 00:15:02,400
Speaker 1: like myself that'll be buying in the UK or anyone

258
00:15:02,440 --> 00:15:04,600
Speaker 1: in China, for example. So that will be interesting to

259
00:15:04,640 --> 00:15:07,880
Speaker 1: watch because I do think they heavily rely on what's

260
00:15:07,880 --> 00:15:11,400
Speaker 1: happening in China. Similarly, I saw the emphasis on services,

261
00:15:11,400 --> 00:15:15,000
Speaker 1: and I think continued push on recurring revenue is really

262
00:15:15,000 --> 00:15:17,680
Speaker 1: really key. You know, I'll be honest folks. I did

263
00:15:17,800 --> 00:15:20,040
Speaker 1: this experiment with Paul today. I did the thing where

264
00:15:20,040 --> 00:15:23,280
Speaker 1: you signed up to get ready for September. And I

265
00:15:23,600 --> 00:15:26,240
Speaker 1: want to thank can. I thank McKinnon and Millanoch at

266
00:15:26,280 --> 00:15:30,000
Speaker 1: Maine listening on Bloomberg one. How does she get Bloomberg

267
00:15:30,040 --> 00:15:33,520
Speaker 1: one of six one FM in Boston from Millanoch at Maine.

268
00:15:33,960 --> 00:15:36,600
Speaker 1: She's like totally touchy Earth green, and she said go

269
00:15:36,680 --> 00:15:39,040
Speaker 1: with the midnight green. So I went with the midnight

270
00:15:39,040 --> 00:15:42,240
Speaker 1: green color. Eileen, this is the most brilliant pricing I've

271
00:15:42,240 --> 00:15:45,600
Speaker 1: ever seen. There's this delusion in your world that Apple's

272
00:15:45,640 --> 00:15:48,760
Speaker 1: a luxury evil brand because it's eleven under bucks a month.

273
00:15:49,400 --> 00:15:52,360
Speaker 1: That's bologny. We're buying this like we buy a cable

274
00:15:52,400 --> 00:15:56,840
Speaker 1: TV subscription. Well, you're buying You're gonna buy Apple TV

275
00:15:56,960 --> 00:15:59,440
Speaker 1: Plus like you're buying cable TV now. And that's actually

276
00:15:59,480 --> 00:16:02,640
Speaker 1: what's effect being Netflix, Disney and Roku. The phone steps

277
00:16:02,680 --> 00:16:05,280
Speaker 1: are a different matter. I think there is this diconomy

278
00:16:05,360 --> 00:16:08,520
Speaker 1: between people who appreciate function and probably have had these

279
00:16:08,560 --> 00:16:11,960
Speaker 1: camera features, the extended battery not even extended, but you know,

280
00:16:12,280 --> 00:16:15,920
Speaker 1: reasonable battery life and Android phones for months, if not longer.

281
00:16:16,080 --> 00:16:18,080
Speaker 1: And Apple decides to roll them out in charge, I

282
00:16:18,120 --> 00:16:19,680
Speaker 1: don't know, two or three times as much, and they're

283
00:16:19,680 --> 00:16:21,720
Speaker 1: gonna still in a whole bunch. Yeah, but they're they're

284
00:16:21,760 --> 00:16:24,040
Speaker 1: they're doing this at forty bucks a month, fifty bucks

285
00:16:24,040 --> 00:16:27,480
Speaker 1: a month, maybe seventy five bucks a month tops. That's

286
00:16:27,520 --> 00:16:31,800
Speaker 1: not an eleven purchase psychologically, is it. No, it's not.

287
00:16:31,880 --> 00:16:33,520
Speaker 1: And that's what they're gambling on. And then what they're

288
00:16:33,520 --> 00:16:35,760
Speaker 1: going to try and tack on or oh you get

289
00:16:35,760 --> 00:16:38,280
Speaker 1: a free year of Apple TV plus where you're gonna

290
00:16:38,280 --> 00:16:40,320
Speaker 1: have a free year of Apple Arcade, and they're really

291
00:16:40,320 --> 00:16:42,080
Speaker 1: trying to get you hooked on those services that you're

292
00:16:42,120 --> 00:16:45,360
Speaker 1: gonna pay for beyond. We're gonna stop the show right now,

293
00:16:45,400 --> 00:16:48,920
Speaker 1: Sweeney's expert on this. What in God's name is Apple Arcade?

294
00:16:49,800 --> 00:16:51,920
Speaker 1: You're not a gamer, Tom, I'm not a gamer. But

295
00:16:52,080 --> 00:16:55,200
Speaker 1: how are they going to compete with the adults of

296
00:16:55,280 --> 00:16:58,160
Speaker 1: gamers because they have billions of devices out there and

297
00:16:58,200 --> 00:16:59,600
Speaker 1: they feel like they can just go out and get

298
00:16:59,640 --> 00:17:01,680
Speaker 1: the con and so, you know, I lean Tom brings

299
00:17:01,760 --> 00:17:03,960
Speaker 1: up a good point. I mean, you know the Apple TV.

300
00:17:04,440 --> 00:17:05,919
Speaker 1: You know I thought was interesting about that was the

301
00:17:05,960 --> 00:17:10,720
Speaker 1: price point for undercutting everybody. Um, do you think Apple

302
00:17:10,840 --> 00:17:14,840
Speaker 1: is really serious about the content but the video content

303
00:17:14,920 --> 00:17:19,320
Speaker 1: business UM going forward. I think they're serious. I think

304
00:17:19,320 --> 00:17:21,440
Speaker 1: this is a pretty serious opening for them. I think

305
00:17:21,440 --> 00:17:23,600
Speaker 1: the question is how much they're going to back it up.

306
00:17:23,640 --> 00:17:27,080
Speaker 1: So obviously their catalog or their content materially not you know,

307
00:17:27,320 --> 00:17:30,159
Speaker 1: at all similar to the volume that's on any of

308
00:17:30,200 --> 00:17:31,920
Speaker 1: the other services. So the question will be if they're

309
00:17:31,920 --> 00:17:35,080
Speaker 1: going to continue to invest in original programming, or if

310
00:17:35,080 --> 00:17:37,560
Speaker 1: they're going to start to syndicate other people's programs, and

311
00:17:37,600 --> 00:17:40,080
Speaker 1: if they're going to try and develop the volume that

312
00:17:40,160 --> 00:17:42,439
Speaker 1: other people have UM and the sort of other companies

313
00:17:42,440 --> 00:17:45,520
Speaker 1: of who stuff they affected yesterday. Eileen, you're a great

314
00:17:45,560 --> 00:17:47,600
Speaker 1: student of London. The time we've got left, I really

315
00:17:47,600 --> 00:17:49,520
Speaker 1: want to talk about the future of the city. You've

316
00:17:49,560 --> 00:17:52,679
Speaker 1: been a follower of Brexit and all that, but also

317
00:17:52,760 --> 00:17:56,480
Speaker 1: a follower of the data investment, the staffing in the

318
00:17:56,560 --> 00:17:59,680
Speaker 1: back office. Do you still presume that the city will

319
00:17:59,720 --> 00:18:04,479
Speaker 1: mike great services and staff functions over to continental europe cities.

320
00:18:06,000 --> 00:18:08,160
Speaker 1: I think that some are looking at that and probably

321
00:18:08,200 --> 00:18:11,520
Speaker 1: thinking about contingency planning, but I actually don't believe it's

322
00:18:11,560 --> 00:18:14,440
Speaker 1: going to happen on mass I really don't I think

323
00:18:14,480 --> 00:18:16,359
Speaker 1: that the city of London is going to continue to thrive.

324
00:18:16,440 --> 00:18:19,639
Speaker 1: It's got a huge, huge talent pool. People have been

325
00:18:19,680 --> 00:18:21,879
Speaker 1: here for decades and for years, and we've got great,

326
00:18:22,000 --> 00:18:25,000
Speaker 1: great centralized support from the regulators and so on and

327
00:18:25,040 --> 00:18:26,720
Speaker 1: so forth. So I do think they're going to get

328
00:18:26,960 --> 00:18:30,199
Speaker 1: regulatory equivalent. I think it'd be stilly for boards and

329
00:18:30,240 --> 00:18:33,080
Speaker 1: for corporate governance for people not to look at contingency planning.

330
00:18:33,320 --> 00:18:35,280
Speaker 1: But I don't think it's going to be a total exist.

331
00:18:35,640 --> 00:18:38,920
Speaker 1: Eileen Bourbage, thank you so much. Greatly appreciated on technology,

332
00:18:39,000 --> 00:18:41,440
Speaker 1: but with a really different tist twist cheests with Passion

333
00:18:42,480 --> 00:19:00,440
Speaker 1: Capital Partners. Eileen Bourbage from London usually and from Tel Aviv. Today.

334
00:19:02,440 --> 00:19:05,119
Speaker 1: Right now we're gonna go to Chris Hughes, who wrote

335
00:19:05,160 --> 00:19:09,760
Speaker 1: a durable and wonderful essay off of the shock of

336
00:19:09,800 --> 00:19:13,800
Speaker 1: the Hong Kong Stock exchange going after the London Stock exchanged. Chris,

337
00:19:14,040 --> 00:19:16,240
Speaker 1: I'm going to suggest r S a move the market

338
00:19:16,280 --> 00:19:19,240
Speaker 1: today as we saw a huge jump in LSE shares

339
00:19:19,280 --> 00:19:22,000
Speaker 1: and they've really come back for a number of different reasons.

340
00:19:22,000 --> 00:19:23,359
Speaker 1: And I'm not going to give you all the credit,

341
00:19:23,640 --> 00:19:28,000
Speaker 1: but you really set the tone how critical is it

342
00:19:28,119 --> 00:19:32,160
Speaker 1: did the Hong Kong Stock Change go after this refinitive,

343
00:19:32,520 --> 00:19:38,560
Speaker 1: the Thompson Reuters data package that LCS trying to acquire. Well,

344
00:19:39,040 --> 00:19:41,680
Speaker 1: I think the Hong Kong Exchange is trying to essentially

345
00:19:41,720 --> 00:19:44,879
Speaker 1: stop the NFC getting refinitive. It's trying to get the

346
00:19:45,000 --> 00:19:48,440
Speaker 1: NFC and it's only got a few months in which

347
00:19:48,520 --> 00:19:51,399
Speaker 1: to do this. The NFC shareholders have got a vote

348
00:19:51,440 --> 00:19:55,400
Speaker 1: on that definitive transaction quite soon, so it's now or never.

349
00:19:55,520 --> 00:19:58,639
Speaker 1: So the criticality is sort of in the in this

350
00:19:58,680 --> 00:20:02,560
Speaker 1: opportunity to get this historic exchange and bust up it's

351
00:20:03,200 --> 00:20:06,560
Speaker 1: deal with Definitive, and it's you know, it's it's it's

352
00:20:06,560 --> 00:20:09,560
Speaker 1: wasted no time. I mean that deal was only inked

353
00:20:09,600 --> 00:20:11,520
Speaker 1: a few weeks ago and here it is. You wonder

354
00:20:11,560 --> 00:20:13,880
Speaker 1: if actually they were thinking about doing this with sometime

355
00:20:14,400 --> 00:20:17,040
Speaker 1: and Definitive kind of forced it. But this is fine,

356
00:20:17,040 --> 00:20:20,240
Speaker 1: And folks, we should mention that Refinitive and the Old

357
00:20:20,240 --> 00:20:23,000
Speaker 1: Times and Right Reuters in their icon terminal as a

358
00:20:23,000 --> 00:20:27,560
Speaker 1: direct competitor of BLOOMBERGILP and or acclaimed terminals as well.

359
00:20:28,000 --> 00:20:31,280
Speaker 1: Everybody's saying the right things, the posturing what would you

360
00:20:31,320 --> 00:20:33,520
Speaker 1: expect will be next? I mean, do you have any idea,

361
00:20:33,640 --> 00:20:36,800
Speaker 1: Chris Hughes, of what happens into this week, through the

362
00:20:36,840 --> 00:20:40,160
Speaker 1: weekend and in the next week. Yeah, it's a really

363
00:20:40,200 --> 00:20:45,399
Speaker 1: interesting question because this negotiation here is playing out quite oddly.

364
00:20:45,480 --> 00:20:48,200
Speaker 1: You know, when you're trying to buy a national stock exchange,

365
00:20:48,680 --> 00:20:50,440
Speaker 1: you really want to get everything lined up, you want

366
00:20:50,440 --> 00:20:52,800
Speaker 1: to get the board on side, you want to get

367
00:20:53,280 --> 00:20:56,120
Speaker 1: tea off all of the political side of it. And

368
00:20:56,160 --> 00:20:59,360
Speaker 1: what Hong Kong Exchange has done is it's gone public

369
00:20:59,480 --> 00:21:02,639
Speaker 1: with this actually quite tend toive proposal that's sort of

370
00:21:02,640 --> 00:21:04,480
Speaker 1: firm offer him. It's just gone public with this, and

371
00:21:04,480 --> 00:21:08,000
Speaker 1: it's really put the NSSE board on the spot. You know,

372
00:21:08,000 --> 00:21:10,080
Speaker 1: it's kind of came as a big surprise to the market.

373
00:21:10,119 --> 00:21:14,479
Speaker 1: That's not normally how you go about buying a you know,

374
00:21:14,720 --> 00:21:17,920
Speaker 1: a sort of national asset like the stock exchange. So

375
00:21:18,480 --> 00:21:22,240
Speaker 1: over the coming days, Hong Kong Exchange has really got

376
00:21:22,240 --> 00:21:25,480
Speaker 1: to kind of flesh out kind of why this makes

377
00:21:25,520 --> 00:21:29,200
Speaker 1: sense and try to keep the atmosphere sort of friendly,

378
00:21:29,240 --> 00:21:33,000
Speaker 1: even though I think going public with a unsolicited offer

379
00:21:33,040 --> 00:21:35,119
Speaker 1: is kind of not the most friendly thing to do.

380
00:21:35,680 --> 00:21:37,199
Speaker 1: So Chris, give us a sense of kind of the

381
00:21:37,240 --> 00:21:43,080
Speaker 1: political overtones here Hong Kong Exchange, London Exchange, Hong Kong

382
00:21:43,240 --> 00:21:45,520
Speaker 1: UK give us kind of the sense you're you're hearing

383
00:21:45,520 --> 00:21:49,159
Speaker 1: over there. Yeah, that's a really good question. Um. I

384
00:21:49,200 --> 00:21:54,120
Speaker 1: suppose the first question is does the UK want any

385
00:21:54,320 --> 00:21:59,240
Speaker 1: foreign acquire acquirer to to buy the London Stock Exchange?

386
00:21:59,280 --> 00:22:01,760
Speaker 1: Not really. The London Stock Exchange is a quoted company.

387
00:22:02,280 --> 00:22:04,880
Speaker 1: It's got shares that trade on the London Stock Exchange.

388
00:22:04,960 --> 00:22:07,360
Speaker 1: So in that sense, you know anyone can come along

389
00:22:07,400 --> 00:22:09,640
Speaker 1: and buy it. But we all know that stock exchanges

390
00:22:09,640 --> 00:22:13,760
Speaker 1: are quite sensitive assets. I mean, when these itself agreed

391
00:22:14,080 --> 00:22:17,960
Speaker 1: a deal with Deutsche Borsa that fell apart, and that

392
00:22:18,000 --> 00:22:21,480
Speaker 1: was with both managements initial support. So the first thing

393
00:22:21,520 --> 00:22:24,280
Speaker 1: to observe is that any cross border deal for an

394
00:22:24,320 --> 00:22:28,000
Speaker 1: exchange is just really really hard. Then you layer on

395
00:22:28,080 --> 00:22:33,160
Speaker 1: the complication of this being China into the UK. I mean,

396
00:22:33,160 --> 00:22:36,359
Speaker 1: clearly there aren't close links between the UK and China

397
00:22:36,440 --> 00:22:38,960
Speaker 1: and in many respects, but that's going to cause you

398
00:22:39,119 --> 00:22:42,320
Speaker 1: some heightened scrutiny. So there are a lot of questions

399
00:22:42,359 --> 00:22:45,119
Speaker 1: on on all levels about the political back drop. And

400
00:22:45,160 --> 00:22:48,240
Speaker 1: then of course I have to mention Brexit. Now, this

401
00:22:48,280 --> 00:22:51,199
Speaker 1: wouldn't be a cheap deal by any means. It's not

402
00:22:51,280 --> 00:22:53,879
Speaker 1: as if the LC is trading super cheap because of

403
00:22:55,000 --> 00:22:58,840
Speaker 1: because of of brexits. I mean, the the valuation multiple

404
00:22:58,840 --> 00:23:02,240
Speaker 1: put on this possible action with the Hong Kong Exchange

405
00:23:02,320 --> 00:23:05,359
Speaker 1: is pretty racy, so it wouldn't necessarily be cheap. But

406
00:23:05,400 --> 00:23:07,200
Speaker 1: I think a lot of people in the UK would

407
00:23:07,560 --> 00:23:12,240
Speaker 1: nevertheless question whether, you know, a prize national asset was

408
00:23:12,280 --> 00:23:17,040
Speaker 1: being bought at you know, opportunistic moment. It's also raises

409
00:23:17,160 --> 00:23:21,760
Speaker 1: the question, you know, of the definitive deal because what

410
00:23:21,800 --> 00:23:26,080
Speaker 1: was the feeling amongst LSE investors about that deal? Is

411
00:23:26,119 --> 00:23:30,040
Speaker 1: that considered to be something that was strategically wise for

412
00:23:30,240 --> 00:23:33,200
Speaker 1: the London Exchange to pursue. I think the reality is

413
00:23:33,200 --> 00:23:37,240
Speaker 1: there no doubt that it was very warmly received. The

414
00:23:37,520 --> 00:23:43,400
Speaker 1: NC share price rose considerably on the on the possibility

415
00:23:43,400 --> 00:23:46,040
Speaker 1: of that deal, and even more when it was confirmed,

416
00:23:46,800 --> 00:23:50,680
Speaker 1: quite an astonishing jump about that's a sort of that's

417
00:23:50,680 --> 00:23:53,120
Speaker 1: on an acquisition. That's a sort of rise you get

418
00:23:53,119 --> 00:23:55,520
Speaker 1: when a company is being taken over normally, so this

419
00:23:55,600 --> 00:23:57,840
Speaker 1: was this was very warmly received. Now some of that

420
00:23:57,880 --> 00:24:01,200
Speaker 1: may have actually been some specular of a of a

421
00:24:01,359 --> 00:24:03,159
Speaker 1: of a bid like the one we've seen today. But

422
00:24:03,480 --> 00:24:06,520
Speaker 1: you know, NC shareholders do like what that does to

423
00:24:06,600 --> 00:24:11,280
Speaker 1: the LSE investment story X refinitive What are you actually

424
00:24:11,320 --> 00:24:13,639
Speaker 1: buying at the London Stock Exchange? I mean they're not

425
00:24:13,760 --> 00:24:17,000
Speaker 1: standing around in tuxedos anymore. What do you what do

426
00:24:17,119 --> 00:24:19,920
Speaker 1: you buy? What are you buying? What's the the income

427
00:24:19,960 --> 00:24:24,080
Speaker 1: stream anybody trades of you know, uh, sir Howard Davies

428
00:24:24,160 --> 00:24:26,919
Speaker 1: RBS or what are you buying? Well some of a

429
00:24:26,960 --> 00:24:31,440
Speaker 1: really good question, and yeah, the NC. What you're driving

430
00:24:31,440 --> 00:24:34,600
Speaker 1: at quite rightly is that you know, one may think

431
00:24:34,640 --> 00:24:38,240
Speaker 1: of the LC as a sort of platform for trading

432
00:24:38,680 --> 00:24:43,320
Speaker 1: stocks and shares, but actually that business has evolved considerably

433
00:24:43,440 --> 00:24:46,320
Speaker 1: kind of away from just what we would think of

434
00:24:46,359 --> 00:24:49,600
Speaker 1: a classic SHA trading for quite a while, mainly actually

435
00:24:49,640 --> 00:24:53,400
Speaker 1: through doing acquisitions. So the LYSE now is is very

436
00:24:53,400 --> 00:24:56,520
Speaker 1: big in indices. So they've got a very big platform

437
00:24:56,680 --> 00:24:59,879
Speaker 1: of of of indicries and they are seeking to grow that.

438
00:25:00,000 --> 00:25:02,240
Speaker 1: You will say that you know that big in dates

439
00:25:02,280 --> 00:25:04,760
Speaker 1: are clearly the idea of the definitive deal was kind

440
00:25:04,760 --> 00:25:08,120
Speaker 1: of kind of to dilute that old old fashioned chat

441
00:25:08,200 --> 00:25:10,760
Speaker 1: writing even more. Chris Hughs thank you so much too,

442
00:25:10,800 --> 00:25:13,320
Speaker 1: short to visit Chris Hughes and I'll get I think

443
00:25:13,359 --> 00:25:14,920
Speaker 1: I've got it out on Twitter. If not, I'll do

444
00:25:15,000 --> 00:25:18,479
Speaker 1: it again. Chris Hughes of Bloomberg Opinion. It's open season

445
00:25:18,520 --> 00:25:22,000
Speaker 1: on the London Stock Exchange. Just the first definitive read

446
00:25:22,480 --> 00:25:25,280
Speaker 1: on this. Uh, the shock and that's the right word, Paul.

447
00:25:25,600 --> 00:25:29,680
Speaker 1: The London media was on fire with this announcement. Thanks

448
00:25:29,720 --> 00:25:34,000
Speaker 1: for listening to the Bloomberg Surveillance podcast. Subscribe and listen

449
00:25:34,200 --> 00:25:39,560
Speaker 1: to interviews on Apple Podcasts, SoundCloud, or whichever podcast platform

450
00:25:39,680 --> 00:25:43,960
Speaker 1: you prefer. I'm on Twitter at Tom Keane before the podcast.

451
00:25:44,000 --> 00:26:00,520
Speaker 1: You can always catch us worldwide. I'm Bloomberg Radio