1
00:00:02,720 --> 00:00:10,559
Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

2
00:00:10,600 --> 00:00:14,560
Speaker 1: Bloomberg Intelligence Podcast. Catch us live weekdays at ten am

3
00:00:14,600 --> 00:00:17,880
Speaker 1: Eastern on Apple, Cocklay and Android Auto with the Bloomberg

4
00:00:17,920 --> 00:00:21,040
Speaker 1: Business App. Listen on demand wherever you get your podcasts,

5
00:00:21,360 --> 00:00:23,560
Speaker 1: or watch us live on YouTube.

6
00:00:24,239 --> 00:00:26,640
Speaker 2: Ford and US it will take a nineteen point five

7
00:00:26,720 --> 00:00:30,360
Speaker 2: billion dollar charge tied to an overhaul of its electric

8
00:00:30,440 --> 00:00:33,640
Speaker 2: vehicle business after struggling to turn a profit. Speaking of

9
00:00:33,680 --> 00:00:37,280
Speaker 2: Bloomberg's remain Bostic, Katie Greifeld and Matt Miller CEO Jim

10
00:00:37,360 --> 00:00:41,959
Speaker 2: Farley says the overhaul is about moving towards more profitable vehicles.

11
00:00:42,400 --> 00:00:45,280
Speaker 3: Look for this announcement, Matt, It's really about moving to

12
00:00:45,320 --> 00:00:48,000
Speaker 3: more profitable vehicles. You know, we're going to make in

13
00:00:48,040 --> 00:00:52,279
Speaker 3: Tennessee now an affordable pickup truck. I think is going

14
00:00:52,320 --> 00:00:54,880
Speaker 3: to really surprise the market. These are customers we know,

15
00:00:55,320 --> 00:00:57,480
Speaker 3: not a lot of guestwork in terms of the revenue,

16
00:00:57,800 --> 00:00:59,560
Speaker 3: the cost we need to get at and in war

17
00:00:59,720 --> 00:01:02,280
Speaker 3: four vaner in Ohio. So these are going to be

18
00:01:02,280 --> 00:01:06,240
Speaker 3: better investments for the company profit and all those hybrid sales,

19
00:01:06,480 --> 00:01:09,440
Speaker 3: you know, those are really profitable vehicles for us.

20
00:01:10,440 --> 00:01:13,520
Speaker 2: All right, That was ford A CEO Jim Farley, speaking

21
00:01:13,520 --> 00:01:16,720
Speaker 2: with Bloomberg's remained boss at Katie Greifeld and Matt Miller.

22
00:01:16,959 --> 00:01:20,600
Speaker 2: After that nineteen point five billion dollar charge, Let's break

23
00:01:20,600 --> 00:01:22,600
Speaker 2: it down and what does it mean for the company

24
00:01:22,600 --> 00:01:24,360
Speaker 2: and for the stock. We do that with Steve Mann

25
00:01:24,480 --> 00:01:27,920
Speaker 2: Global Autos and Industrials Research Channels, a Bloomberg Intelligencies based

26
00:01:27,920 --> 00:01:31,199
Speaker 2: down there in Princeton, Steve nineteen point five billion dollars.

27
00:01:31,240 --> 00:01:34,759
Speaker 2: That is a massive number for Ford. What goes into

28
00:01:34,800 --> 00:01:38,000
Speaker 2: that number? What does it mean about their commitment to EVS.

29
00:01:38,680 --> 00:01:41,720
Speaker 4: Yeah, it is a very big number. It pretty much

30
00:01:41,840 --> 00:01:46,959
Speaker 4: backed up the truck on these charges. But the important

31
00:01:46,959 --> 00:01:51,400
Speaker 4: thing is it's Clarinda deeck for next year. Right, there

32
00:01:51,560 --> 00:01:56,720
Speaker 4: is a couple of earnings tailwind for Ford and actually

33
00:01:56,960 --> 00:02:02,360
Speaker 4: to their competitors in the right as well. So the biggest,

34
00:02:02,680 --> 00:02:05,680
Speaker 4: I think the biggest write down. Two biggest write down

35
00:02:05,880 --> 00:02:09,880
Speaker 4: is the writing down the losses on their Mustang Machy.

36
00:02:10,280 --> 00:02:12,960
Speaker 4: You know they've been losing around twenty five thousand dollars

37
00:02:13,120 --> 00:02:16,880
Speaker 4: on the edit line per vehicle, so it's massive. The

38
00:02:16,919 --> 00:02:21,520
Speaker 4: other is the charges really on their joint venture with

39
00:02:21,639 --> 00:02:25,080
Speaker 4: their battery supplier in Korea, So you know they're going

40
00:02:25,160 --> 00:02:29,919
Speaker 4: to repurpose one of those plants for energy storage. So

41
00:02:30,880 --> 00:02:33,720
Speaker 4: again it's really clearing the deck. There's a couple of

42
00:02:33,720 --> 00:02:38,200
Speaker 4: tailwinds for twenty twenty six, which includes you know, Trump's

43
00:02:38,240 --> 00:02:41,200
Speaker 4: loosening the MPG miles per gallon rule.

44
00:02:41,800 --> 00:02:42,080
Speaker 5: Yeah.

45
00:02:42,120 --> 00:02:44,640
Speaker 2: Absolutely, Just looking at the stock pretty much flat today,

46
00:02:44,639 --> 00:02:46,640
Speaker 2: but the stock is at a fifty two week high

47
00:02:46,680 --> 00:02:50,840
Speaker 2: of thirty seven percent. Does that reflect steve investors want

48
00:02:50,880 --> 00:02:54,600
Speaker 2: these auto companies to kind of back away or proceed

49
00:02:54,680 --> 00:02:57,200
Speaker 2: more cautiously towards their move towards EV's.

50
00:02:58,400 --> 00:03:04,600
Speaker 4: Yeah, definitely, especially in the US. And look, Ford is

51
00:03:05,000 --> 00:03:08,600
Speaker 4: you know, not just pivoting in the US, but they're

52
00:03:08,639 --> 00:03:11,480
Speaker 4: also pivoting in Europe. You know, they just announced a

53
00:03:11,560 --> 00:03:16,240
Speaker 4: joint venture with Renault to develop evs over in Europe,

54
00:03:16,360 --> 00:03:18,840
Speaker 4: and you know Ford doesn't really have a big presence

55
00:03:19,200 --> 00:03:23,840
Speaker 4: in Europe, so they're taking that approach of partnership. GM

56
00:03:24,000 --> 00:03:26,560
Speaker 4: is doing the same thing. Remember they took one point

57
00:03:26,639 --> 00:03:30,800
Speaker 4: six billion dollar charge, much more modest than the nineteen

58
00:03:30,840 --> 00:03:34,440
Speaker 4: billion that Ford is taking. But you know GM is

59
00:03:34,480 --> 00:03:38,320
Speaker 4: dialing back but keeping one foot on the EV's. I

60
00:03:38,360 --> 00:03:41,320
Speaker 4: think they I believe they still think that they're you know,

61
00:03:41,360 --> 00:03:45,360
Speaker 4: they still can succeed, especially when they introduced the Chevy

62
00:03:45,360 --> 00:03:46,720
Speaker 4: Bolt in the New Year.

63
00:03:47,280 --> 00:03:50,920
Speaker 2: So, Steve, you know, we're many years into this transition

64
00:03:51,000 --> 00:03:54,000
Speaker 2: to EV's, and you know, I know there are many

65
00:03:54,280 --> 00:03:57,440
Speaker 2: there are European country, Scandinavian countries where it's almost one

66
00:03:57,520 --> 00:04:00,720
Speaker 2: hundred percent of their fleets are are their new car

67
00:04:00,800 --> 00:04:04,240
Speaker 2: sales are EV's. That ain't the case here in the US.

68
00:04:05,000 --> 00:04:09,440
Speaker 2: With some hindsight here, why hasn't Why haven't EV's taken

69
00:04:09,640 --> 00:04:11,560
Speaker 2: a better hold here in this US market?

70
00:04:12,160 --> 00:04:16,880
Speaker 4: Yeah, it definitely needs more, you know, regulatory support for

71
00:04:17,000 --> 00:04:21,960
Speaker 4: EV to take uh grow because you know, ev UH

72
00:04:22,160 --> 00:04:24,599
Speaker 4: there's a lot of three hurdles, right that consumers have

73
00:04:24,680 --> 00:04:28,359
Speaker 4: to get over, which is the price, the range uh in,

74
00:04:28,400 --> 00:04:34,000
Speaker 4: the convenience, right of charging infrastructure. You know, without government

75
00:04:34,040 --> 00:04:36,640
Speaker 4: support to actually build that out, it's gonna take some

76
00:04:36,760 --> 00:04:41,760
Speaker 4: time for this electrification transition. I think a lot of

77
00:04:41,800 --> 00:04:46,600
Speaker 4: people in the industry still feels that electrification, battery EV

78
00:04:47,680 --> 00:04:51,440
Speaker 4: maybe hybrids in between it is the way to go

79
00:04:51,680 --> 00:04:55,159
Speaker 4: in the future. But you know, I think there's there's

80
00:04:55,160 --> 00:04:59,400
Speaker 4: a huge paradigm shift that consumers hair hair have to

81
00:04:59,440 --> 00:05:02,400
Speaker 4: get over and it's it's really challenging to do that

82
00:05:02,480 --> 00:05:04,480
Speaker 4: without government support.

83
00:05:04,120 --> 00:05:06,800
Speaker 2: Here, and it does not appear that this administration at

84
00:05:06,880 --> 00:05:10,560
Speaker 2: least is willing to provide support that support.

85
00:05:11,520 --> 00:05:14,719
Speaker 5: How does the industry kind of view that, Oh.

86
00:05:14,680 --> 00:05:19,840
Speaker 4: It's it's it's very unfortunate. I think the gyration, the

87
00:05:20,240 --> 00:05:23,920
Speaker 4: volatility that we're seeing in regulation is really not helping

88
00:05:23,960 --> 00:05:27,680
Speaker 4: the industry. There's a lot of some costs that's been

89
00:05:27,720 --> 00:05:32,040
Speaker 4: incurred with the shift to the emphasize evs. You know,

90
00:05:32,360 --> 00:05:37,560
Speaker 4: all three many automakers around the globe have spent billions,

91
00:05:37,680 --> 00:05:40,160
Speaker 4: you know, with that nineteen point five billion that Ford

92
00:05:40,440 --> 00:05:43,200
Speaker 4: just written down, you know, it's probably about half of

93
00:05:43,240 --> 00:05:47,000
Speaker 4: what they what they've invested in in ev already. So,

94
00:05:47,920 --> 00:05:51,680
Speaker 4: you know, we do need more stable policy. Uh. You

95
00:05:51,680 --> 00:05:55,640
Speaker 4: know you mentioned Europe earlier. Uh, you know, Europe is

96
00:05:55,680 --> 00:05:59,239
Speaker 4: in the same situation. I'll sink the European regulators really

97
00:05:59,279 --> 00:06:01,840
Speaker 4: know what they want to do in the future. They're

98
00:06:01,880 --> 00:06:06,640
Speaker 4: still continuing to talk about delaying going all evs by

99
00:06:06,680 --> 00:06:08,960
Speaker 4: twenty thirty five, and you know that's going to have

100
00:06:10,120 --> 00:06:13,200
Speaker 4: you know, some negative as well as positive implication to

101
00:06:13,640 --> 00:06:15,440
Speaker 4: the global autumn auto industry.

102
00:06:17,480 --> 00:06:20,560
Speaker 5: Stay with us. More from Bloomberg Intelligence coming up after this.

103
00:06:24,200 --> 00:06:27,880
Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live

104
00:06:27,960 --> 00:06:31,039
Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android

105
00:06:31,080 --> 00:06:34,360
Speaker 1: Auto with the Bloomberg Business app. Listen on demand wherever

106
00:06:34,440 --> 00:06:38,479
Speaker 1: you get your podcasts, or watch us live on YouTube.

107
00:06:38,760 --> 00:06:40,920
Speaker 6: So we want to take a look at the companies

108
00:06:40,920 --> 00:06:42,839
Speaker 6: to watch for in twenty twenty six. But how do

109
00:06:42,880 --> 00:06:46,960
Speaker 6: you shrink that universe of investamble companies down into fifty

110
00:06:47,000 --> 00:06:48,400
Speaker 6: that you really want to focus on.

111
00:06:48,640 --> 00:06:49,960
Speaker 5: Well, thankfully we have.

112
00:06:49,880 --> 00:06:53,280
Speaker 6: Bloomberg Intelligence and Tim Craighead, who is our global Chief

113
00:06:53,279 --> 00:06:58,359
Speaker 6: Content Officer for doing just that. Tim is joining us

114
00:06:58,440 --> 00:07:01,200
Speaker 6: right now. And Tim, you guys have really narrowed it

115
00:07:01,279 --> 00:07:04,240
Speaker 6: down to companies to watch for for better or for worse.

116
00:07:04,320 --> 00:07:06,640
Speaker 6: And you have a couple of themes to keep in

117
00:07:06,680 --> 00:07:11,240
Speaker 6: mind here. What are the companies or what are the

118
00:07:11,280 --> 00:07:14,720
Speaker 6: big themes that have the most companies that you really

119
00:07:14,760 --> 00:07:15,240
Speaker 6: point us to?

120
00:07:16,200 --> 00:07:19,120
Speaker 7: Yeah, sure, thanks so, and we dive into some of those.

121
00:07:19,160 --> 00:07:22,240
Speaker 7: So put a little bit of context. This group of

122
00:07:22,240 --> 00:07:25,720
Speaker 7: fifty are all part of what we call focus ideas.

123
00:07:25,720 --> 00:07:28,880
Speaker 7: It's a broader group of about one hundred. These are

124
00:07:28,920 --> 00:07:30,400
Speaker 7: all high conviction ideas.

125
00:07:30,920 --> 00:07:31,640
Speaker 4: They have.

126
00:07:34,400 --> 00:07:38,800
Speaker 7: High conviction ideas where we see something very different from

127
00:07:38,800 --> 00:07:42,920
Speaker 7: what we think is embedded in market expectations, and there's

128
00:07:43,000 --> 00:07:47,480
Speaker 7: catalysts ahead to change the market mindset. Those catalysts coming

129
00:07:47,520 --> 00:07:50,200
Speaker 7: up in twenty twenty six, and that's where these fifty

130
00:07:50,640 --> 00:07:56,080
Speaker 7: come into and across the group this year, the biggest

131
00:07:56,400 --> 00:08:00,920
Speaker 7: bucket are two. One is just simply new product innovation

132
00:08:02,000 --> 00:08:05,400
Speaker 7: that is being rapped out into twenty twenty six. The

133
00:08:05,480 --> 00:08:10,200
Speaker 7: other no surprise AI related, and some of it's the

134
00:08:10,280 --> 00:08:13,240
Speaker 7: tech companies. Some of it are companies that are feeding

135
00:08:13,280 --> 00:08:15,760
Speaker 7: into the process and happy to get into some of

136
00:08:15,800 --> 00:08:19,480
Speaker 7: those or other topics as well, such as cyclical pressures

137
00:08:19,520 --> 00:08:23,040
Speaker 7: and competitive concerns on the negative side, and there's a

138
00:08:23,080 --> 00:08:24,320
Speaker 7: couple of other things as well.

139
00:08:24,880 --> 00:08:26,720
Speaker 2: So on the new products, give us an example of

140
00:08:26,760 --> 00:08:29,160
Speaker 2: a new product that you guys think might really be

141
00:08:29,200 --> 00:08:30,520
Speaker 2: important for a company in a stock.

142
00:08:31,600 --> 00:08:31,960
Speaker 1: Yeah.

143
00:08:32,040 --> 00:08:34,560
Speaker 7: So, you know, it's interesting because some of these can

144
00:08:34,640 --> 00:08:39,600
Speaker 7: be quite technical. Paul. You know, you think Annilan Pharma

145
00:08:39,760 --> 00:08:44,120
Speaker 7: or Bridge Bio are two biotech companies that have new

146
00:08:44,160 --> 00:08:50,120
Speaker 7: products coming. One of them relates to heart issues, another

147
00:08:50,240 --> 00:08:54,400
Speaker 7: relates to dwarfism. But it's new products that will expand

148
00:08:54,440 --> 00:08:58,319
Speaker 7: to market and drive we think significantly better revenue and earnings.

149
00:08:58,800 --> 00:09:01,560
Speaker 7: On the other hand, there are some good old fashioned

150
00:09:01,600 --> 00:09:05,800
Speaker 7: names that you know and you love. Canada Goose has

151
00:09:06,480 --> 00:09:09,640
Speaker 7: new product flow coming through that we think reinvigorates the

152
00:09:09,679 --> 00:09:14,200
Speaker 7: top line. Brinker think Chili's, the restaurant are going through

153
00:09:14,240 --> 00:09:18,760
Speaker 7: a whole new upgrade of their menu and up selling

154
00:09:19,040 --> 00:09:25,720
Speaker 7: clients with good stuff like Margarita's with Patron and so

155
00:09:25,800 --> 00:09:31,480
Speaker 7: the new product idea can expand across a whole number

156
00:09:31,520 --> 00:09:33,560
Speaker 7: of different segments. It's quite interesting.

157
00:09:33,840 --> 00:09:35,679
Speaker 6: Yeah, I'm looking at Decker's as one of the new

158
00:09:35,679 --> 00:09:38,760
Speaker 6: products companies you highlight and their ug is introducing styles

159
00:09:38,760 --> 00:09:40,640
Speaker 6: to stay relevant beyond the winter months.

160
00:09:41,320 --> 00:09:43,600
Speaker 5: Let's talk a little bit about AI because that's.

161
00:09:43,400 --> 00:09:45,439
Speaker 6: Going to continue to be a big theme even as

162
00:09:45,480 --> 00:09:50,040
Speaker 6: investors are starting to make distinctions between companies that are

163
00:09:50,240 --> 00:09:52,280
Speaker 6: in it for good and those that maybe kind of

164
00:09:52,840 --> 00:09:55,800
Speaker 6: fat ish. What are some new names that surprised you

165
00:09:56,320 --> 00:09:57,560
Speaker 6: in terms of their making the list.

166
00:09:58,400 --> 00:10:01,200
Speaker 7: Yeah, it's it's interesting. I'll givia the new names and

167
00:10:01,240 --> 00:10:03,439
Speaker 7: the ones that aren't on here, and I'll do the

168
00:10:03,520 --> 00:10:06,880
Speaker 7: latter first. There's none of the big llms this year

169
00:10:07,080 --> 00:10:11,240
Speaker 7: that are on our list or in video that's on

170
00:10:11,280 --> 00:10:14,240
Speaker 7: the list that's not on the list. What you find

171
00:10:14,400 --> 00:10:19,280
Speaker 7: are other either enabling technologies, so I think LAMB Research

172
00:10:19,360 --> 00:10:23,000
Speaker 7: it's a semicap equipment company that makes the gear that

173
00:10:23,040 --> 00:10:27,840
Speaker 7: you make the semiconductors with. That's quite well positioned. TSMC,

174
00:10:28,040 --> 00:10:32,600
Speaker 7: the world's largest foundry that's making the AI accelerator chips

175
00:10:32,760 --> 00:10:38,200
Speaker 7: that feed into the llms, or even back up in

176
00:10:38,400 --> 00:10:42,520
Speaker 7: the channel of how do you build out AI constellation,

177
00:10:42,840 --> 00:10:48,240
Speaker 7: which is the US's largest nuclear utility. That's quite important

178
00:10:48,240 --> 00:10:51,200
Speaker 7: if you're going to generate the electricity to drive the

179
00:10:51,280 --> 00:10:58,240
Speaker 7: data centers to drive AI acs. Interestingly, European construction company

180
00:10:58,280 --> 00:11:01,960
Speaker 7: they own Turner, which is the US largest construction company.

181
00:11:02,160 --> 00:11:05,200
Speaker 7: They've got the biggest order book for building out data centers.

182
00:11:06,240 --> 00:11:09,080
Speaker 7: So there's a host of different kinds of ways you

183
00:11:09,080 --> 00:11:13,920
Speaker 7: can think about leveraging AI beyond just simply the big

184
00:11:14,200 --> 00:11:18,760
Speaker 7: lllms like Google or Open AI or things along those

185
00:11:18,760 --> 00:11:19,720
Speaker 7: lines that you hear about.

186
00:11:20,280 --> 00:11:22,679
Speaker 2: Tim on this list, you and the BI analysts also

187
00:11:22,960 --> 00:11:27,199
Speaker 2: highlight stocks that might be have pressure on the downside,

188
00:11:27,200 --> 00:11:32,520
Speaker 2: whether it's cyclical pressure, competition, MNA, project delay. Give us

189
00:11:32,760 --> 00:11:35,360
Speaker 2: a name or two that might have some downside risk

190
00:11:35,480 --> 00:11:35,880
Speaker 2: this year.

191
00:11:37,000 --> 00:11:42,559
Speaker 7: Yeah, it's interesting on that. Think about what's going on

192
00:11:42,720 --> 00:11:47,800
Speaker 7: from the standpoint of you're just talking about airlines from

193
00:11:47,800 --> 00:11:52,240
Speaker 7: a European vantage point, We've got wage pressures that are rising,

194
00:11:53,400 --> 00:11:57,360
Speaker 7: and for Air France KLM, a big chunk of their

195
00:11:57,400 --> 00:12:00,760
Speaker 7: business is the Transatlantic market, which is getting more and

196
00:12:00,760 --> 00:12:05,880
Speaker 7: more competitive, and with both of those factors, we think

197
00:12:05,920 --> 00:12:10,559
Speaker 7: that there's risks to estimates. China Railway Group. It's a

198
00:12:10,559 --> 00:12:14,280
Speaker 7: big state owned enterprise in China. It's one of the

199
00:12:14,280 --> 00:12:18,679
Speaker 7: big four engineering companies. And to the degree that China

200
00:12:18,880 --> 00:12:25,840
Speaker 7: is shifting towards more technology and innovation driven investment and

201
00:12:25,960 --> 00:12:29,200
Speaker 7: less away from bridges and roads and railroads and things

202
00:12:29,200 --> 00:12:33,600
Speaker 7: along those lines, China Railway Group we think has downside risk.

203
00:12:34,840 --> 00:12:41,600
Speaker 7: A couple little companies that are unusual but intriguing. Dino Polska,

204
00:12:41,679 --> 00:12:44,880
Speaker 7: which you've never heard of, I'm sure, is a Polish

205
00:12:44,920 --> 00:12:49,720
Speaker 7: supermarket company, but they've got two big European competitors that

206
00:12:49,760 --> 00:12:53,760
Speaker 7: are coming into the Polish market. Again, downside risk to earnings,

207
00:12:54,080 --> 00:12:57,280
Speaker 7: and the same thing can be said about Joined Labs.

208
00:12:57,280 --> 00:13:00,320
Speaker 7: We talked about a couple of positive healthcare companies. This

209
00:13:00,480 --> 00:13:04,560
Speaker 7: is one of the contract research companies that helps a

210
00:13:04,640 --> 00:13:10,600
Speaker 7: pharmaceutical do their drug development. And China is now looking

211
00:13:10,640 --> 00:13:15,959
Speaker 7: to go broad and global with approvals on new pharmaceutical products.

212
00:13:16,480 --> 00:13:19,720
Speaker 7: Join who focuses in on China is losing some of

213
00:13:19,760 --> 00:13:22,199
Speaker 7: their business. So there's lotswo ways we can think about this.

214
00:13:23,320 --> 00:13:26,480
Speaker 5: Stay with us. More from Bloomberg Intelligence coming up after this.

215
00:13:30,320 --> 00:13:34,040
Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live

216
00:13:34,120 --> 00:13:37,520
Speaker 1: weekdays at ten am Eastern on Applecarplay and Android Auto

217
00:13:37,600 --> 00:13:40,679
Speaker 1: with the Bloomberg Business App. Listen on demand wherever you

218
00:13:40,720 --> 00:13:43,680
Speaker 1: get your podcasts, or watch us live on YouTube.

219
00:13:44,559 --> 00:13:47,240
Speaker 2: Some news in the food business today, Kraft Heines is

220
00:13:47,240 --> 00:13:51,160
Speaker 2: replacing its chief executive officer get somebody new here starting

221
00:13:51,679 --> 00:13:54,920
Speaker 2: January first. And this move follows a difficult period for

222
00:13:54,960 --> 00:13:57,200
Speaker 2: the food company here and I know they made some

223
00:13:57,200 --> 00:13:59,600
Speaker 2: announcements about splitting up the company. So a lot going

224
00:13:59,640 --> 00:14:03,280
Speaker 2: on Kraft Heins. Let's break it down with Christina Peterson,

225
00:14:03,320 --> 00:14:05,719
Speaker 2: food industry reporter for Bloomberg News. She joins US lifeg

226
00:14:05,800 --> 00:14:08,320
Speaker 2: on our Bloomberg Interactive Broker Studio. Talk to those first

227
00:14:08,320 --> 00:14:10,400
Speaker 2: about this, the change at the CEO level. What's going

228
00:14:10,440 --> 00:14:10,800
Speaker 2: on there?

229
00:14:11,240 --> 00:14:14,600
Speaker 8: Yeah, we had expected in September that the current CEO

230
00:14:14,880 --> 00:14:18,240
Speaker 8: would lead one of the two new companies, specifically the

231
00:14:18,280 --> 00:14:21,960
Speaker 8: one that is the grocery staples. They actually don't have

232
00:14:22,040 --> 00:14:25,440
Speaker 8: official names yet, but that was a collection of the

233
00:14:25,560 --> 00:14:29,800
Speaker 8: least profitable or less profitable food items there, including things

234
00:14:29,840 --> 00:14:34,520
Speaker 8: like lunch abules and Oscar Meyer Deli meats. The surprise

235
00:14:34,600 --> 00:14:36,480
Speaker 8: came this morning that he is in fact not going

236
00:14:36,480 --> 00:14:38,840
Speaker 8: to lead that company, and instead they are bringing in

237
00:14:39,000 --> 00:14:45,200
Speaker 8: Steve kay Helene from Kelenova to lead the second company

238
00:14:45,600 --> 00:14:48,720
Speaker 8: after the split has gone through. That is being called

239
00:14:48,720 --> 00:14:53,200
Speaker 8: the Global Taste Elevation Company, and that's going to have Heinz, Ketchup, Kraft,

240
00:14:53,240 --> 00:14:56,200
Speaker 8: mac and cheese, some of those beloved iconic products.

241
00:14:56,440 --> 00:14:58,560
Speaker 6: So that's the fast going part of the company, and

242
00:14:58,600 --> 00:15:00,840
Speaker 6: the other one is kind of the you know, the

243
00:15:00,880 --> 00:15:04,440
Speaker 6: equivalent of CNN, TNT and you know, the leave it

244
00:15:04,480 --> 00:15:07,920
Speaker 6: behind assets that you know are you're managing a decline

245
00:15:07,960 --> 00:15:10,600
Speaker 6: in What can you tell us about Steve cal Lane uh,

246
00:15:10,760 --> 00:15:14,280
Speaker 6: the former Kelenova CEO. What is his approach his philosophy.

247
00:15:15,040 --> 00:15:16,960
Speaker 8: Well, I just spoke with him and he said that

248
00:15:17,000 --> 00:15:19,480
Speaker 8: he's going to be focused on bringing organic growth to

249
00:15:19,520 --> 00:15:22,520
Speaker 8: the company. We talked a little bit about focusing on

250
00:15:22,560 --> 00:15:24,720
Speaker 8: some of the health and wellness trends that consumers are

251
00:15:24,720 --> 00:15:29,080
Speaker 8: looking for, increasing offerings with protein, with fiber, with shorter

252
00:15:29,280 --> 00:15:32,560
Speaker 8: ingredient lists, you know, the so called cleaner labels. So

253
00:15:32,600 --> 00:15:34,880
Speaker 8: they'll definitely be leaning into that. It sounds like a

254
00:15:34,880 --> 00:15:39,400
Speaker 8: little bit more. He also led Kellogg through it split.

255
00:15:39,960 --> 00:15:43,320
Speaker 8: The Kelag company split into w K Kellogg and then Kelenova.

256
00:15:43,680 --> 00:15:47,760
Speaker 8: Both of those companies were then separately acquired. I asked

257
00:15:47,840 --> 00:15:49,880
Speaker 8: him if he thought that could be a path here,

258
00:15:49,960 --> 00:15:52,000
Speaker 8: and he said, it's hard to break the future. So

259
00:15:52,280 --> 00:15:53,080
Speaker 8: not rolling it out.

260
00:15:53,440 --> 00:15:57,360
Speaker 2: Just looking at this stock here, Craft times compound it

261
00:15:57,400 --> 00:16:00,680
Speaker 2: and your return over the last five years negative to

262
00:16:00,720 --> 00:16:04,560
Speaker 2: percent versus the consumer Packaged Good Index up about seventy

263
00:16:04,560 --> 00:16:06,240
Speaker 2: eight percent. Of course, the S and P up about

264
00:16:06,240 --> 00:16:09,240
Speaker 2: fifteen percent. So what's what's been a challenge for Craft,

265
00:16:09,320 --> 00:16:11,560
Speaker 2: heigns over the last number of years.

266
00:16:12,240 --> 00:16:15,920
Speaker 8: I mean, in general, the food companies are all struggling

267
00:16:15,960 --> 00:16:20,200
Speaker 8: with this shift as consumers move towards healthier, less processed food.

268
00:16:21,360 --> 00:16:24,240
Speaker 8: The company says that they just had too many brands

269
00:16:24,320 --> 00:16:27,080
Speaker 8: and that splitting into two will help them focus on

270
00:16:27,360 --> 00:16:32,280
Speaker 8: each component. I think that there is. Some analysts chatter

271
00:16:32,360 --> 00:16:34,680
Speaker 8: that that's what companies say when they just need to

272
00:16:35,320 --> 00:16:38,400
Speaker 8: know spin off some of their less profitable items. But

273
00:16:39,280 --> 00:16:41,640
Speaker 8: they will tell you that they expect both companies will

274
00:16:42,000 --> 00:16:44,600
Speaker 8: have better value when there's an ability to focus more

275
00:16:44,640 --> 00:16:47,120
Speaker 8: on the condiments and box meals and then on some

276
00:16:47,160 --> 00:16:47,840
Speaker 8: of the other foods.

277
00:16:48,160 --> 00:16:51,440
Speaker 6: Chris Christina put this all into context for us when

278
00:16:51,440 --> 00:16:53,880
Speaker 6: Paul talks about how you know this group has been

279
00:16:54,080 --> 00:16:55,640
Speaker 6: kind of struggling overall.

280
00:16:56,080 --> 00:16:57,200
Speaker 5: We also saw that.

281
00:16:57,120 --> 00:17:00,280
Speaker 6: With PepsiCo with Coca Cola, I mean, they have had

282
00:17:00,320 --> 00:17:01,960
Speaker 6: to rethink their strategy completely.

283
00:17:02,320 --> 00:17:04,760
Speaker 8: Yet there's just been a lot of movement in the

284
00:17:04,760 --> 00:17:08,720
Speaker 8: food industry right now. PepsiCo announced some pretty dramatic changes

285
00:17:08,800 --> 00:17:11,119
Speaker 8: last week. They're going to reduce the number of products

286
00:17:11,160 --> 00:17:13,719
Speaker 8: they sell by twenty percent and lower prices in some

287
00:17:13,760 --> 00:17:17,000
Speaker 8: of their key brands as part of agreement with activist

288
00:17:17,080 --> 00:17:21,080
Speaker 8: investor Elliott Investment Management. Coke has a new CEO. I

289
00:17:21,080 --> 00:17:24,760
Speaker 8: think Coke is in pretty solid shape. They've been doing

290
00:17:25,280 --> 00:17:27,720
Speaker 8: their shares have been doing really well compared to some

291
00:17:27,720 --> 00:17:30,920
Speaker 8: of the other business companies. But yet, in general, the

292
00:17:31,560 --> 00:17:34,280
Speaker 8: companies that I think are really tapping into this health

293
00:17:34,280 --> 00:17:38,080
Speaker 8: and wellness interest in. Consumers are often the smaller startup brands,

294
00:17:38,400 --> 00:17:40,520
Speaker 8: and the big companies are playing catch up not only

295
00:17:40,560 --> 00:17:42,640
Speaker 8: with them, but some of the private label companies too

296
00:17:42,640 --> 00:17:45,280
Speaker 8: that are really nimble and able to get some of

297
00:17:45,280 --> 00:17:46,720
Speaker 8: these new products to market really fast.

298
00:17:46,760 --> 00:17:48,480
Speaker 5: Well I know, I mean you mentioned a private label.

299
00:17:48,520 --> 00:17:50,359
Speaker 2: I know when I go to the shop right bellmar

300
00:17:50,440 --> 00:17:52,600
Speaker 2: New Jersey, we bluay a lot more private label than

301
00:17:52,640 --> 00:17:55,600
Speaker 2: we ever used to. How's that's got to be a

302
00:17:55,600 --> 00:17:57,560
Speaker 2: bummer for some of the like craft tients who spend

303
00:17:58,280 --> 00:18:01,919
Speaker 2: my lifetime getting me to you know, brand up with

304
00:18:02,000 --> 00:18:03,840
Speaker 2: cheese Whiz or something. I mean, now I'm going to

305
00:18:03,920 --> 00:18:05,400
Speaker 2: store brand, That's going to be a problem.

306
00:18:05,560 --> 00:18:08,920
Speaker 8: I mean, consumers are definitely under pressure. They still need

307
00:18:08,960 --> 00:18:10,800
Speaker 8: to buy food, and one of the things they do

308
00:18:10,920 --> 00:18:14,000
Speaker 8: is turn to more affordable food, and often private label

309
00:18:14,080 --> 00:18:16,960
Speaker 8: is an enticing option. Interestingly, we are seeing that more

310
00:18:17,000 --> 00:18:18,800
Speaker 8: on the food side than on the beverage side.

311
00:18:19,359 --> 00:18:20,399
Speaker 5: Yeah that's true.

312
00:18:20,560 --> 00:18:22,359
Speaker 6: Yeah, I guess people are willing to pay for beverage.

313
00:18:22,359 --> 00:18:24,120
Speaker 6: But I mean, I think about especially on the food side,

314
00:18:24,119 --> 00:18:28,160
Speaker 6: it's that move towards protein. Everyone is obsessed with ingesting

315
00:18:28,200 --> 00:18:30,440
Speaker 6: protein and making sure that whatever they are eating and

316
00:18:30,480 --> 00:18:32,600
Speaker 6: when if they are on Ozenbic or something else that

317
00:18:32,960 --> 00:18:36,120
Speaker 6: it's going to add to their you know, their healthfulness

318
00:18:36,240 --> 00:18:38,479
Speaker 6: rather than you know, kind of take away from it.

319
00:18:39,520 --> 00:18:42,520
Speaker 6: What are these companies doing in terms of competing better

320
00:18:42,680 --> 00:18:45,000
Speaker 6: against those startup brands? Are they looking to acquire them?

321
00:18:45,040 --> 00:18:45,560
Speaker 6: For instance?

322
00:18:45,960 --> 00:18:48,639
Speaker 8: Yeah, for sure in some cases that we saw PepsiCo

323
00:18:48,720 --> 00:18:52,800
Speaker 8: acquire Poppy, the prebiotic soda brand this year and Coete

324
00:18:52,920 --> 00:18:56,480
Speaker 8: grain free chips. So they are in certain instances acquiring

325
00:18:57,000 --> 00:18:59,239
Speaker 8: some of these companies, and I expect we'll see more

326
00:18:59,240 --> 00:18:59,960
Speaker 8: of that in twenty twenties.

327
00:19:00,280 --> 00:19:03,719
Speaker 2: Also, stay with us more from Bloomberg Intelligence coming up

328
00:19:03,960 --> 00:19:04,439
Speaker 2: after this.

329
00:19:08,320 --> 00:19:12,040
Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live

330
00:19:12,119 --> 00:19:15,159
Speaker 1: weekdays at ten am Eastern on Apple, Coarclay, and Android

331
00:19:15,200 --> 00:19:18,520
Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever

332
00:19:18,560 --> 00:19:21,680
Speaker 1: you get your podcasts, or watch us live on YouTube.

333
00:19:22,640 --> 00:19:24,919
Speaker 2: Big Take Story, You know we love these Big Takes stories.

334
00:19:24,920 --> 00:19:28,120
Speaker 2: These are great topics on who thinks of them? Great topics.

335
00:19:28,640 --> 00:19:32,240
Speaker 2: They're really well reported, deeply sourced, all that kind of

336
00:19:32,240 --> 00:19:34,240
Speaker 2: good stuff. A lot of times they have fun graphics

337
00:19:34,240 --> 00:19:37,200
Speaker 2: for me to look at. So this one is really cool.

338
00:19:37,480 --> 00:19:42,440
Speaker 2: Saudi sisters wheeled fifty billion dollar fortune as global power brokers.

339
00:19:42,480 --> 00:19:44,440
Speaker 5: I had no idea about these people, but our next

340
00:19:44,440 --> 00:19:45,040
Speaker 5: guest does.

341
00:19:45,119 --> 00:19:47,480
Speaker 2: Devin Pendleton. She's a wealth reporter for Bloomberg News. She

342
00:19:47,560 --> 00:19:51,400
Speaker 2: joins us live here in the Interactive Brokers studios. Who

343
00:19:51,760 --> 00:19:56,119
Speaker 2: is the Oleyan Group? Olayan Group, O Lion O Lion.

344
00:19:56,440 --> 00:19:59,520
Speaker 2: Who are the two sisters behind the Saudi group?

345
00:20:00,119 --> 00:20:03,200
Speaker 9: So it is Lubna and her sister, Hizam a Lion.

346
00:20:03,400 --> 00:20:06,560
Speaker 9: They're both in their early seventies and they have been

347
00:20:06,560 --> 00:20:10,120
Speaker 9: at the helm of this family enterprise for decades, for

348
00:20:10,160 --> 00:20:11,160
Speaker 9: more than forty years.

349
00:20:11,760 --> 00:20:12,080
Speaker 7: Wow.

350
00:20:12,760 --> 00:20:15,400
Speaker 6: And they have fairly low profiles too. That's the thing

351
00:20:15,440 --> 00:20:18,520
Speaker 6: that is striking. They have these low profiles, but they

352
00:20:18,640 --> 00:20:21,720
Speaker 6: are known as steally negotiators.

353
00:20:21,760 --> 00:20:22,800
Speaker 5: Tell us what they've done.

354
00:20:23,040 --> 00:20:26,359
Speaker 9: Yeah, they've done an incredible job building this family business,

355
00:20:26,359 --> 00:20:28,520
Speaker 9: which was started by their father, who was a really

356
00:20:29,160 --> 00:20:32,359
Speaker 9: unbelievable character. He basically worked his way up from nothing.

357
00:20:32,440 --> 00:20:34,320
Speaker 9: You know, he's not a royal, was not connected to

358
00:20:34,320 --> 00:20:36,439
Speaker 9: the royals at a young age, but he built an

359
00:20:36,480 --> 00:20:41,880
Speaker 9: oil servicing company which he grew striking deals with all

360
00:20:41,920 --> 00:20:44,840
Speaker 9: sorts of consumer brand companies in the US, bringing them

361
00:20:44,880 --> 00:20:49,720
Speaker 9: to Saudi Arabia, everything from Coca Cola to cheese its

362
00:20:49,800 --> 00:20:54,040
Speaker 9: to oreos. And he came over to the US in

363
00:20:54,080 --> 00:20:57,560
Speaker 9: the early nineteen sixties, was very inspired by what he

364
00:20:57,600 --> 00:21:00,520
Speaker 9: saw and bought some bank stocks, and basically his daughters

365
00:21:00,640 --> 00:21:03,080
Speaker 9: took over that business which was sprawling. I mean it

366
00:21:03,119 --> 00:21:07,360
Speaker 9: was in all sorts of sectors real estate, oil filled services,

367
00:21:08,160 --> 00:21:12,240
Speaker 9: consumer goods, and hung on to those equity stakes, those

368
00:21:12,280 --> 00:21:15,960
Speaker 9: banking steaks. So now they have this incredible portfolio of

369
00:21:16,000 --> 00:21:18,360
Speaker 9: investments in the US on Wall Street as well as

370
00:21:18,400 --> 00:21:23,200
Speaker 9: this you know, booming multi sector business in Saudi Arabia.

371
00:21:24,240 --> 00:21:28,959
Speaker 2: So but people in power know these two sisters. They

372
00:21:28,960 --> 00:21:31,719
Speaker 2: were at the White House recently t tell us about that.

373
00:21:31,920 --> 00:21:34,400
Speaker 2: How do they subtly wield their influence?

374
00:21:35,000 --> 00:21:38,120
Speaker 9: They are not noisy people. I think it's one thing

375
00:21:38,200 --> 00:21:40,679
Speaker 9: to do business and thrive in Saudi Arabia as you

376
00:21:40,720 --> 00:21:44,920
Speaker 9: have to really sort of be be quiet, be force full,

377
00:21:45,200 --> 00:21:48,199
Speaker 9: sort of no be a little bit deferential to you

378
00:21:48,240 --> 00:21:50,760
Speaker 9: know who's really in charge, which would be the government

379
00:21:50,840 --> 00:21:54,639
Speaker 9: and the king and the Crown Prince. But they have

380
00:21:54,800 --> 00:21:57,240
Speaker 9: had long term ties with the US. I mean you

381
00:21:57,240 --> 00:21:59,480
Speaker 9: really saw that at the White House dinner you mentioned Paul.

382
00:21:59,600 --> 00:22:01,760
Speaker 9: She was sitting right next to Elon Musk, but you know,

383
00:22:01,920 --> 00:22:03,920
Speaker 9: arguably one of the most important people in the room

384
00:22:04,000 --> 00:22:07,160
Speaker 9: because she has these connections on Wall Street through their

385
00:22:07,200 --> 00:22:11,360
Speaker 9: long term equity investments. It's really important right now, especially

386
00:22:11,400 --> 00:22:13,959
Speaker 9: because the Kingdom is trying to bring in a lot

387
00:22:14,000 --> 00:22:17,720
Speaker 9: of inbound investment to transform their economy past oil. It's

388
00:22:17,760 --> 00:22:19,879
Speaker 9: a big deal for them to be bringing in money.

389
00:22:19,880 --> 00:22:22,639
Speaker 9: And these Alliance sisters have had these connections for a

390
00:22:22,720 --> 00:22:24,720
Speaker 9: long long time, so they're more important than ever.

391
00:22:25,320 --> 00:22:27,119
Speaker 6: So they have the connections with the right people in

392
00:22:27,119 --> 00:22:29,800
Speaker 6: Saudi Arabia. How does their I mean when I think

393
00:22:29,800 --> 00:22:33,520
Speaker 6: about prominent investors in the kingdom, I think about Prince

394
00:22:33,520 --> 00:22:36,240
Speaker 6: Abolid been to Lull and how he's been very vocal

395
00:22:36,280 --> 00:22:40,159
Speaker 6: about his positions. He's you know, often seen on media networks.

396
00:22:40,359 --> 00:22:43,159
Speaker 6: You don't hear about these Alliance Sisters at all, and

397
00:22:43,480 --> 00:22:47,119
Speaker 6: I wonder how much of that is. You know, it

398
00:22:47,520 --> 00:22:49,479
Speaker 6: is part of their success story totally.

399
00:22:49,520 --> 00:22:53,119
Speaker 9: It's so so important. I think they are extremely discreete

400
00:22:54,280 --> 00:22:56,880
Speaker 9: they are, like I said, like they really know their

401
00:22:56,960 --> 00:22:59,359
Speaker 9: role in the kingdom, like they're important. They step in

402
00:22:59,400 --> 00:23:01,639
Speaker 9: and help when they need to. For example, in Saudi

403
00:23:01,720 --> 00:23:05,480
Speaker 9: Ramco IPO. Back in twenty nineteen, the Kingdom was having

404
00:23:05,520 --> 00:23:07,760
Speaker 9: trouble kind of getting people excited and really getting the

405
00:23:07,760 --> 00:23:11,120
Speaker 9: investors that they needed early to get backstop this IPO,

406
00:23:11,600 --> 00:23:14,760
Speaker 9: they ask some influential families and the Alliance were one

407
00:23:14,800 --> 00:23:18,359
Speaker 9: that you know, they really showed up. That matters for

408
00:23:18,440 --> 00:23:20,479
Speaker 9: the Kingdom, and it also gives them, you know, license

409
00:23:20,560 --> 00:23:23,920
Speaker 9: to really expand their business as much as they need

410
00:23:23,960 --> 00:23:27,200
Speaker 9: to and too being a position of power to help out,

411
00:23:27,760 --> 00:23:29,760
Speaker 9: but also you know, have favors in return.

412
00:23:30,240 --> 00:23:34,200
Speaker 2: And the Bloomberg the Rich Go function lists their wealth

413
00:23:34,240 --> 00:23:36,720
Speaker 2: of the family at approximately fifty billion dollars US.

414
00:23:36,840 --> 00:23:40,440
Speaker 9: Right, Yes, fifty billion dollars US. But I can guarantee

415
00:23:40,440 --> 00:23:42,159
Speaker 9: you that that is a conservative estimate.

416
00:23:42,280 --> 00:23:43,320
Speaker 5: Is that right now?

417
00:23:43,320 --> 00:23:45,600
Speaker 2: I understand that they while they keep a low profile

418
00:23:45,640 --> 00:23:47,960
Speaker 2: of these sisters, they have good relationships with some of

419
00:23:47,960 --> 00:23:49,760
Speaker 2: the big folks on Wall Street and like Larry Fink

420
00:23:49,760 --> 00:23:51,000
Speaker 2: of Blackrock and things like that.

421
00:23:51,240 --> 00:23:52,680
Speaker 5: So that's got to be useful.

422
00:23:53,280 --> 00:23:57,160
Speaker 9: Yeah, absolutely. I mean, just through one portfolio alone, they

423
00:23:57,200 --> 00:24:01,159
Speaker 9: have their big investors in Blackrock, the equity investors. They

424
00:24:01,160 --> 00:24:02,760
Speaker 9: have at one and a half billion dollar steak in

425
00:24:02,760 --> 00:24:06,159
Speaker 9: black Rock they own an almost billion dollar steak in

426
00:24:06,240 --> 00:24:08,880
Speaker 9: JP Morgan. It's actually where lived a Lion first got

427
00:24:08,880 --> 00:24:12,640
Speaker 9: her start. She was initially working as a low level

428
00:24:12,640 --> 00:24:17,840
Speaker 9: banker at JP Morgan right after college. So they're really worldly,

429
00:24:18,200 --> 00:24:23,480
Speaker 9: very well traveled, and just tough in this sort of

430
00:24:23,600 --> 00:24:28,800
Speaker 9: very you know, meaningful business sense, like negotiators. They're very

431
00:24:28,800 --> 00:24:32,200
Speaker 9: involved in their investments. People really described them as intense.

432
00:24:32,359 --> 00:24:34,439
Speaker 6: How hard was it to do the reporting on this story?

433
00:24:34,480 --> 00:24:37,000
Speaker 6: I mean, these are people who intentionally want to keep

434
00:24:37,040 --> 00:24:40,120
Speaker 6: a low profile. As you write, they came of age

435
00:24:40,119 --> 00:24:42,320
Speaker 6: at a time when women weren't allowed to drive. They

436
00:24:42,320 --> 00:24:44,800
Speaker 6: needed a mail guardian's permission to even get a passport

437
00:24:44,880 --> 00:24:46,879
Speaker 6: to leave the kingdom.

438
00:24:47,000 --> 00:24:50,119
Speaker 5: So were people willing to open up about them? No,

439
00:24:50,680 --> 00:24:52,240
Speaker 5: Skylet it was so hard.

440
00:24:52,440 --> 00:24:55,960
Speaker 9: In fact, me and my colleagues who worked in the story,

441
00:24:56,000 --> 00:24:58,679
Speaker 9: we had been righting reporting on them for years, like

442
00:24:58,800 --> 00:25:01,440
Speaker 9: just kind of keeping tabs and what they were doing

443
00:25:01,480 --> 00:25:04,200
Speaker 9: and writing things down on our notebooks for years until

444
00:25:04,200 --> 00:25:06,199
Speaker 9: we felt like we were at a point where we

445
00:25:06,240 --> 00:25:09,159
Speaker 9: could put together a story. And people just did not

446
00:25:09,240 --> 00:25:11,720
Speaker 9: want to talk about them because they respect how discreet

447
00:25:11,840 --> 00:25:14,800
Speaker 9: they want to be, and especially when they found out

448
00:25:14,840 --> 00:25:18,080
Speaker 9: that We were trying to give a sense of their

449
00:25:18,480 --> 00:25:22,600
Speaker 9: influence by tabulating their wealth. They were like, no way,

450
00:25:23,119 --> 00:25:25,720
Speaker 9: absolutely not. You know, they're very modest people.

451
00:25:25,800 --> 00:25:28,439
Speaker 6: Have you heard from anyone in the Kingdom following the story.

452
00:25:28,680 --> 00:25:29,120
Speaker 9: Not yet.

453
00:25:29,920 --> 00:25:34,639
Speaker 1: This is the Bloomberg Intelligence Podcast, available on Apple, Spotify,

454
00:25:34,840 --> 00:25:38,800
Speaker 1: and anywhere else you get your podcasts. Listen live each weekday,

455
00:25:39,000 --> 00:25:42,320
Speaker 1: ten am to noon Eastern on Bloomberg dot com, the

456
00:25:42,359 --> 00:25:46,240
Speaker 1: iHeartRadio app tune In, and the Bloomberg Business app. You

457
00:25:46,280 --> 00:25:49,560
Speaker 1: can also watch us live every weekday on YouTube and

458
00:25:49,760 --> 00:25:51,720
Speaker 1: always on the Bloomberg terminal