Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along
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Speaker 2: the Bloomberg Terminal, and the Bloomberg Business App. David Bianco
Speaker 2: over this right now, CEO America's DWS.
Speaker 3: How'd your view change after last week?
Speaker 4: Not much a little bit of a surprise with the
Speaker 4: overall reaction on the legendary yen care trade and you
Speaker 4: know the way it really hit Japanese stocks. We do
Speaker 4: think there's a buy an opportunity in Japan and I think,
Speaker 4: you know, the yen carry trade is important, but American investors,
Speaker 4: particularly American technology investors, they really shouldn't be scared off
Speaker 4: by that phenomenon. I would tell you that while we
Speaker 4: were watching global markets and all kinds of other issues
Speaker 4: in the world, we were paying attention to earning season.
Speaker 4: I'm going to say right up front that I have
Speaker 4: a different take on the second quarter earning season than
Speaker 4: what many are saying. While it's true that the growth
Speaker 4: overall is strong ten percent year on year, and even
Speaker 4: excluding the Magnificent seven Grade eight it's up about four percent,
Speaker 4: and we haven't seen growth outside of the magate Magnificent
Speaker 4: seven Grade eight for a while, there's no rotation or
Speaker 4: change in earnings growth leadership, and I don't think we
Speaker 4: should have a change in performance leadership either. Actually, the
Speaker 4: earnings growth is still really mostly tech and communications and
Speaker 4: still the same leading very big companies out of financials,
Speaker 4: certain ones that are healthcare. Really it's been mixed elsewhere,
Speaker 4: and it's been still weak at consumer goods, and it's
Speaker 4: getting weaker at consumer services now. So I have to
Speaker 4: say we have not seen a broadening of earning strength
Speaker 4: at the SMP, not at the wrust of two thousand
Speaker 4: and either are still sluggish.
Speaker 5: So as we think about performance in a stock market
Speaker 5: going forward, will it be the same old leaders the
Speaker 5: big tech names and some of the other sectorship, Is
Speaker 5: that still going to be what's going to lead this
Speaker 5: market higher.
Speaker 4: Yeah, and it's hard to get a change in leadership
Speaker 4: without a little bit of volatility along the way. Regime
Speaker 4: chains changes don't tend to be entirely peaceful. But I
Speaker 4: think the market overall has a little bit more downside
Speaker 4: into the autumn, about five percent. I think this is
Speaker 4: still a good time to lighten up and prepare for
Speaker 4: some better opportunities in the autumn. But financials, healthcare, those
Speaker 4: are things we still like. We still like utilities too.
Speaker 4: That's doing very well. Defense stocks, But when it comes
Speaker 4: to auto retailers, transportation, we don't see it yet.
Speaker 2: Well, I haven't asked this question in age is up
Speaker 2: one bent crewed eighty dollars fifty four cents.
Speaker 3: Nobody's talking energy all my radars.
Speaker 4: Yeah, it's been quiet there. The energy sector was not
Speaker 4: an earnings growth contributor during the second quarter. But now
Speaker 4: the energy sector is no longer that big of a sector,
Speaker 4: not even that big of an earnings contributor anymore. Like,
Speaker 4: I think energy earnings will be flatish for the rest
Speaker 4: of the year and for possibly quite a long time. Nevertheless,
Speaker 4: it does represent value, it does it's cheap, It represents
Speaker 4: a geopolitical hedge that could be useful in the coming
Speaker 4: months and years, but it's not exactly the most promising
Speaker 4: high return industry.
Speaker 6: So how about valuation here? I'm just looking.
Speaker 5: You know, when we did trough that Monday morning last week,
Speaker 5: we were down eight nine percent on S ANDP. That's
Speaker 5: recent high. We've bounced back a little bit here. How
Speaker 5: do you think that valuation.
Speaker 4: Still very demanding even with the little bit of a
Speaker 4: retreat in ten year yields and ten year tips yields,
Speaker 4: which is welcome. It's very welcome to see tenure yields
Speaker 4: drop during an equity sell off rather than climb and
Speaker 4: be a cause of inequity sell off. So we're getting
Speaker 4: that diversification across asset classes. But it also then leaves
Speaker 4: us with, well, is this decline in yields temporary on
Speaker 4: the idea that people are still nervous about things like
Speaker 4: getting carry trade online or geopolitical It's hard to know,
Speaker 4: and I'm still doubtful that the tenure yield is going
Speaker 4: to stay under four percent outside of our session.
Speaker 5: Okay, So I guess the questionnaire is what are we
Speaker 5: doing on the fixed income space here? Do we sit
Speaker 5: in my two year treasury at four point zero six percent,
Speaker 5: or do I take some credit risk here?
Speaker 6: Do someone? Yeah?
Speaker 4: So up until recently, there are really good opportunities at
Speaker 4: the two year three year duration point. I might even
Speaker 4: go shorter than that now to year. I still think
Speaker 4: there are opportunities in muni markets.
Speaker 6: Nice, that's what we're talking about.
Speaker 4: Yeah, yeah, I know it's not like but and there
Speaker 4: you I think. I think in the muni market you
Speaker 4: can take some credit risk and even some maturity, longer
Speaker 4: duration risk. And for those who believe that tax rates
Speaker 4: are going up, but you'll you'll value that part of
Speaker 4: the portfolio.
Speaker 2: You have a confidence like you're not a strategy sure,
Speaker 2: a guy that runs real money. But the answer is
Speaker 2: people have a confidence when they say the SMP are
Speaker 2: your twelve month target is fifty six hundred? Was that
Speaker 2: confidence shattered last week?
Speaker 4: There's been plenty of things to be not confident about
Speaker 4: the past year and a few years. And thank you.
Speaker 4: I you know, we we do run real money at
Speaker 4: d WS, and I still think of myself as a
Speaker 4: macro minded intrinsic investor and spend a lot of time
Speaker 4: focused on the S and P five hundred and it's
Speaker 4: fundamental drivers like earnings, and you know, trying to give
Speaker 4: indications sort portfolio managers with sector industry references. But the
Speaker 4: point is this is not a time to be confident
Speaker 4: about anything. There's a lot of uncertainty out there from
Speaker 4: the basics, will earnings, will we have a recession or not?
Speaker 4: Will there be a change in earnings leadership, performance leadership
Speaker 4: or not? And we do have an important election ahead
Speaker 4: and still an uncertain world.
Speaker 2: David Bianco, thank you so much, thank you, greatly appreciate.
Speaker 2: With DWS, everybody's got to like republish. It's August, and
Speaker 2: you're like, you're supposed to wait, well, we're going to
Speaker 2: put out a big piece six days after Labor Day.
Speaker 3: And I'm like, okay, we'll write it now after what.
Speaker 6: We heard last week.
Speaker 3: And you know, are you do you? Are you taking
Speaker 3: an you work for a German bank? Are you taking
Speaker 3: a month off?
Speaker 4: A couple of weeks?
Speaker 3: And those are Wall Street weeks. You know, I got
Speaker 3: to call it on Monday. But we're fine.
Speaker 2: David Bianco, thank you, thank you. Ellen Wild is definitive
Speaker 2: her book Saudi. All I can say is read it.
Speaker 2: Senior fellow at the Atlanta Council. Ellen, there's a decline
Speaker 2: in commodities across the board. Obviously China slow down. How
Speaker 2: linked is your world of oil with a general commodity malaise.
Speaker 7: So it's definitely linked, but it's definitely not one to
Speaker 7: one because as we've seen, oil is rising now and
Speaker 7: I think that has a lot to do with concerns
Speaker 7: over tensions in the Middle East and also with the
Speaker 7: news that we've got a whole bunch of draws in
Speaker 7: terms of the stockpiles in the US, and so that's
Speaker 7: a signal that consumption is doing well, that demand is
Speaker 7: doing pretty well, although there are some hints that maybe
Speaker 7: it's not quite as good as we think, mostly because
Speaker 7: refineries are not running at full speed. There really isn't
Speaker 7: an indication that they need to, and so we're just
Speaker 7: kind of drawing more on our stock piles.
Speaker 8: And then you've got economic data.
Speaker 7: Recently, it seems that traders have taken the recent unemployment
Speaker 7: data as very heartening in terms of the economy, though
Speaker 7: personally I would caution against reading too much into any
Speaker 7: kind of unemployment data.
Speaker 5: So what's really driving the show here today for global
Speaker 5: cru to Ellen, is it demand concerns. Is it supply
Speaker 5: what's really moving these markets here today?
Speaker 8: That's that's a good question. I think it's both.
Speaker 7: I think it's really concerns in the Middle East right now,
Speaker 7: because you've.
Speaker 8: Got it's definitely got. Demand is always an issue.
Speaker 7: Although you'd think that if OPAK is trimming it's uh,
Speaker 7: you know, demand forecast for the rest of the year,
Speaker 7: that that would spell problems for oil. Although it could
Speaker 7: be that people think that because OPAK is trimming a
Speaker 7: demand forecast, that the OPEC countries will then decide not
Speaker 7: to increase production ever so slightly in October, which will
Speaker 7: then help keep oil prices up.
Speaker 8: So that's definitely a.
Speaker 7: Possibility, and I do think that that's really a big
Speaker 7: move to keep an eye out for. Is what is
Speaker 7: OPAK going to do because they are set to increase supply,
Speaker 7: not by all that much, but definitely increased supply starting
Speaker 7: in October. But if the economic signs aren't there that
Speaker 7: the market can handle an increase, then they will be
Speaker 7: facing a lot of pressure to roll that back.
Speaker 2: So who has power now, OPECK plus the United States
Speaker 2: with a huge oil success we've had, or the market.
Speaker 8: I think it's definitely the market.
Speaker 7: In this case, I think the market is really running
Speaker 7: the show here and Opek is just kind of tweaking
Speaker 7: here there.
Speaker 8: And in terms of the United States, it's.
Speaker 7: Kind of ignoring the market in a sense. You know,
Speaker 7: oil production is high, oil production is strong, but that
Speaker 7: has a lot to do with exports. The fact that
Speaker 7: Europe is basically sanctioning all of Russian oil has definitely
Speaker 7: been a boon for the US export market because you know,
Speaker 7: they are available, they've got oil, we can export it.
Speaker 7: And in addition, there's no impediment really other than you know,
Speaker 7: anything happening in the Gulf of Mexico potentially any kind
Speaker 7: of hurricanes to getting.
Speaker 8: That oil to Europe, the same way there is.
Speaker 7: In the Middle East when you've got to use thee
Speaker 7: As Canal, you've got to get through the Persian Gulf.
Speaker 7: You know, those are real hotspots right now, and we
Speaker 7: don't really see that in terms of US exports.
Speaker 5: So Ellen has Europe effectively weaned itself completely off of
Speaker 5: Russian energy. I mean, we're a couple of years into
Speaker 5: this war here. I know there's big, big concerns that
Speaker 5: first winter, but it's they seem to have kind of
Speaker 5: found other sources.
Speaker 8: I guess that is a really good question.
Speaker 7: And I think that this this independence from Russian energy
Speaker 7: has not really been put to the test because we
Speaker 7: haven't seen a difficult winter. If the coming winter is
Speaker 7: somewhat more difficult, somewhat colder than I think, we'll really
Speaker 7: be putting that to the test. But really what's happened
Speaker 7: is American liquefied natural gas came to the rescue and
Speaker 7: we were able to really increase our exports of liquified
Speaker 7: natural gas to meet that demand from Europe. And now
Speaker 7: we even see Britain thinking about putting in an LNG
Speaker 7: import terminal just so it doesn't have to rely on
Speaker 7: the rest of Europe to get natural gas.
Speaker 8: Really, natural gas is a huge.
Speaker 7: Issue here and I don't think that we have seen
Speaker 7: the last of this story.
Speaker 2: So the forty seven meetings I went to forty seven
Speaker 2: years ago on LLNG and it never happened. Can you
Speaker 2: now say the LNG market is distributing and supplying and
Speaker 2: demanding what the promises were thirty and forty years ago.
Speaker 8: I do think so.
Speaker 7: And you know it's funny because I remember back in
Speaker 7: you know, twenty thirteen, when I was speaking of some
Speaker 7: some oil guys and they were like, Nah, this We're
Speaker 7: never going to be exporting LNG.
Speaker 8: It's just it's not going to happen.
Speaker 2: Well, it's happening, okay, Ellen Wild, thank you so much,
Speaker 2: greatly appreciate it.
Speaker 3: Ellen Wild, Atlantic Council There.
Speaker 2: I'm really excited about this conversation because I can tell
Speaker 2: you on an HR basis, you talk about a career shift,
Speaker 2: this is truly on Global Wall Street, the mother of
Speaker 2: all career shifts. She was unhappy with her corner office
Speaker 2: at the new Tower of JP Morgan, so she said,
Speaker 2: forget that, I'm going with a ute of America.
Speaker 3: Steph Guild. What was it like your first meeting with Robinhood?
Speaker 2: Did you walk in, like, you know, with the basic
Speaker 2: JP Morgan blazer look?
Speaker 3: And they said what?
Speaker 9: At first, I was like, who are you talking about?
Speaker 9: Who had the mother of all career shifts? I actually
Speaker 9: was told in advance, don't wear a suit, really make
Speaker 9: sure you put a T shirt on, and so I
Speaker 9: had to, you know, I thought about that and I said, wow,
Speaker 9: this really like it was that outfit recommendation was the
Speaker 9: reinforcing to me that this was quite a shift.
Speaker 6: And it took me a why.
Speaker 9: I mean, it took me a while to make the
Speaker 9: decision to tell us.
Speaker 2: Your obser I mean, I mean, frankly, seriously, folks, this
Speaker 2: could be a three hour conversation.
Speaker 3: For Global Wall Street.
Speaker 2: What do you do in strategy at Robinhood that is
Speaker 2: different than doing strategy the big five banks?
Speaker 1: Yeah?
Speaker 9: I think, well, your clients are very different. I mean,
Speaker 9: so I spent eleven years in the private bank at
Speaker 9: JP Morgan and then ten years in the asset management
Speaker 9: business prior to that, mostly in the US equity part
Speaker 9: of it, and so I I you're working with people
Speaker 9: who either have spent their entire years getting advice from
Speaker 9: really good people or they themselves have been managing money.
Speaker 9: So when I made the switch, I my job to
Speaker 9: me is twofold. One is contributing to bringing really strong,
Speaker 9: innovative investment products to a customer base that hasn't always
Speaker 9: had access to everything. And second is teaching there are
Speaker 9: a customer base about the markets, but in a way
Speaker 9: that isn't just explaining terms like actually using the real
Speaker 9: terms and not using all these you know, oh you're
Speaker 9: in a garden like I would rather use the term.
Speaker 9: So when they watch Bloomberg. They understand what the host this.
Speaker 2: Is true value of the conversation for me to make
Speaker 2: jokes about you and the memes tas because Lisa's Lisa's
Speaker 2: kids are trading Robinhood off the couch.
Speaker 8: Oh nice.
Speaker 3: It's how do you.
Speaker 2: Get well meaning, well intentioned people to pull out the
Speaker 2: time frame to long term thirty day investment that was
Speaker 2: a joke. How do you get them to pull out
Speaker 2: to a longer term investment perspective.
Speaker 9: I just think it's a matter of education, meeting them
Speaker 9: where they are, and they are on social media, they
Speaker 9: are on YouTube, They're on you know, my kids, I
Speaker 9: have kids do there. They learn everything from YouTube. They
Speaker 9: know more than me about some things because of it.
Speaker 9: And I also think that you need to you need
Speaker 9: to they're gonna. I think they've all learned a lot.
Speaker 9: Actually when we when we look at like the way
Speaker 9: that they trade and the way that they invest. We've
Speaker 9: got the Robin Hood investor index, and we get to
Speaker 9: kind of look at what they're doing regularly. They you know,
Speaker 9: our average age customer is actually increased. And I think
Speaker 9: with time to.
Speaker 3: What fourteen out to Lisa, how old is your daughter seventy.
Speaker 1: She's seventy. But my sons in his twenties and he's
Speaker 1: doing that. Yeah, so he's going on, but he's looking
Speaker 1: to the social media. How you're talking about So how
Speaker 1: do you find.
Speaker 8: Like, I mean, our average age is thirty three?
Speaker 1: Okay, okay, But what advice do you have for them?
Speaker 1: I mean a lot of these young kids who are
Speaker 1: going on what advice do you have for them? Who
Speaker 1: are going on social media and they're just believing whatever
Speaker 1: they hear.
Speaker 9: Yeah, just be curious non stop, be like why did
Speaker 9: they say that? You know, what are they what's in
Speaker 9: it for them? Like every I mean even when I
Speaker 9: read things from analysts or even from hedgephen managers, I think,
Speaker 9: you know, what's what's in their book? Like what's helping them?
Speaker 9: Just always be curious and wondering, like why is someone
Speaker 9: saying that? And what would the other side of that say.
Speaker 9: I just think that's like who is a Peter Lynch
Speaker 9: that said, you know, if you got through fifth grade math,
Speaker 9: like you can analyze the company. It's you can do it.
Speaker 9: You just have to spend the time doing it. And
Speaker 9: that's why we you know, I try to explain things
Speaker 9: in the context of the market.
Speaker 8: Like I have a weekly blog and I do this.
Speaker 3: You have a weekly blog that's really good stuff. Killed
Speaker 3: what did you learn and what would you like The.
Speaker 2: Message to the robin Hood audience off of Vix at
Speaker 2: sixty five closing the week.
Speaker 9: At twenty one, Well, maybe you should go to sleep
Speaker 9: on Sunday and wake up on Friday. But besides that,
Speaker 9: I think, actually, like when VIX gets to those levels,
Speaker 9: it's usually historically an opportunity. I mean, I'm not saying
Speaker 9: you should always jump in, because sometimes it is a
Speaker 9: part of a greater problem. But if you take a
Speaker 9: step back and looked at what was happening in the world,
Speaker 9: I just think the markets was we're throwing a temper tantrum, right,
Speaker 9: just like they did in like December of twenty eighteen
Speaker 9: when the FED wanted to keep raising rates and the
Speaker 9: market said no, you should not, and they, like the
Speaker 9: FED listened and I mean, you said, you have kids.
Speaker 9: When you didn't give them what they wanted, what did
Speaker 9: they do? They threw a temper tantrum. And you know,
Speaker 9: also the Fed I think in twenty eighteen taught the
Speaker 9: markets that like, well, we listened to you, and so
Speaker 9: I think they were trying to do that this time,
Speaker 9: like you need to cut, you need to cut, and
Speaker 9: you didn't commit enough to us.
Speaker 2: Tell me about particularly with Robin Hood's age thirty three demo,
Speaker 2: whatever that demo was, and that's open to debate, But
Speaker 2: tell me how you, as an adult blog advise on
Speaker 2: meme stocks because we're sitting here as a comedy act
Speaker 2: making jokes about it, except there's some people making money
Speaker 2: and there's a lot of people getting crushed by the volatility.
Speaker 6: Yeah, stocks have to know.
Speaker 9: I mean a couple of things. One is that like
Speaker 9: I think the memestock stuff, we're the vehicle. We don't
Speaker 9: come out and say, like, go out and do this
Speaker 9: right like. But secondly, I think they're I think it's
Speaker 9: kind of interesting that you are watching a generation of
Speaker 9: people express their views and they are they fundamentally are
Speaker 9: changing the makeup of a company. Right Like if you
Speaker 9: think about some of these companies, like they have been
Speaker 9: able to raise capital and they've been able to take
Speaker 9: down debt, and it's they could end up being like
Speaker 9: completely turned around companies because of it, because of their
Speaker 9: shareholder base believing in them and whatever that means for them.
Speaker 9: But you have to, you know, stay diversified. I always say,
Speaker 9: like everyone's money is kind of like a pyramid. You
Speaker 9: need to have an emergency cash, you know, just so
Speaker 9: you lose your job, whatever happens. Like you've got that
Speaker 9: for at least six months. Then the next layer make
Speaker 9: sure you have some diversification and our customer base. Like
Speaker 9: we were seeing it this past you know, week of volatility.
Speaker 9: They were they weren't just buying the names that are
Speaker 9: in our robin Hood Investor index, they were also buying
Speaker 9: broad based index funds.
Speaker 6: This is really using is like a.
Speaker 9: Way to add to it. And then after that, you know, yes,
Speaker 9: like invest in your aspirational things because I think if
Speaker 9: you always just ever say fully diversified, you're never gonna
Speaker 9: see it. You have to take risk to get return
Speaker 9: that always comes with it.
Speaker 2: That's the smartest thing I've heard in the show. It's
Speaker 2: Monday for the week. This has been great. Steph Wild,
Speaker 2: thank you so much with robin Hood running strategy for
Speaker 2: them in a blog.
Speaker 9: What's the name you have some fans investors guild just
Speaker 9: like my last.
Speaker 3: Oh I get the medieval positively medieval, very good stuff
Speaker 3: and gil with Investor skills branding. Which social is the
Speaker 3: biggest reach for Robinhood.
Speaker 9: Well, we have just Robinhood app on social, and then
Speaker 9: I have Steph guild n y c myself.
Speaker 3: Okay, like, are you working TikTok every day?
Speaker 8: I don't go.
Speaker 9: I'm on Instagram and X I heard you talking about it.
Speaker 8: I'm just learning how to do these.
Speaker 3: Yeah, I'm sitting over here. You know, Paul saved me today.
Speaker 2: I'm over here trying to figure out how to put
Speaker 2: out Instagram. Don't be a stranger stuff Caill, Thank you
Speaker 2: so much.
Speaker 3: With Robin.
Speaker 2: You tell a look at the front pages of Lisa
Speaker 2: Matteo hour. It's brought to you by ib k R
Speaker 2: with the Interactive Brokers Forecast Trader. You can trade your
Speaker 2: views on key economic and climate indicators. Visit ibkr dot
Speaker 2: com slash forecast and get started today.
Speaker 3: Incredibly busy weekend. Lisa. I saw her slave in a way.
Speaker 3: She had like an hour's worth of stuff.
Speaker 1: Go.
Speaker 6: Thank you.
Speaker 1: Artificial intelligence. You know everybody's talking about it, right, So
Speaker 1: it wants to count your calories. So let me explain. Okay,
Speaker 1: researchers developing this technology, it's going to analyze what you
Speaker 1: eat bite by bite. So basically what you do this
Speaker 1: from the Wall Street Journal. You record yourself eating whatever
Speaker 1: as I'm eating, you know, a spoonful of chobani. It's
Speaker 1: recording the portion sizes of the spoon as it goes
Speaker 1: into my mouth. But the only thing that is, I know,
Speaker 1: don't don't huff puff just yet.
Speaker 6: Okay.
Speaker 1: But what it's not recording, it's not up to date with,
Speaker 1: is what kind of food you're eating. So that they
Speaker 1: say is gonna, you know, come in the next few
Speaker 1: months or so.
Speaker 3: But such an ai.
Speaker 6: It's an AI thing.
Speaker 1: So at tracks the spoon how much is in the
Speaker 1: spoons as you But you've.
Speaker 5: Already got one of those crazy watches on your wrist.
Speaker 5: Doesn't that count everything?
Speaker 8: No, it doesn't count calorie.
Speaker 1: Oh, there's a lot of apps and stuff.
Speaker 2: But I'll say, I got to solve this. I'm sitting
Speaker 2: there with a Manhattan up. We're out of cherry, so
Speaker 2: I'm just sitting there on the deck with a Manhattan.
Speaker 3: I'm watching the sun set over Sweeney's house.
Speaker 2: Okay, I could see him in the distance on his
Speaker 2: vestma vet bills on my lap and kennel feet is
Speaker 2: right next to vet Bill and I got a box
Speaker 2: of Whole Foods crackers.
Speaker 3: Okay, Chrich they love.
Speaker 2: Yes, I have one, then vet Bill has one, Then
Speaker 2: Kelfy has one.
Speaker 1: AI is gonna keep track of that, It'll keep track
Speaker 1: of yours if it's on a spoon. They're working on
Speaker 1: the technology. Yes, next it could, it could go somewhere.
Speaker 6: Okay.
Speaker 7: Uh.
Speaker 1: Disney they held the D twenty three convention over in
Speaker 1: California over the weekend, so they revealed all those details.
Speaker 1: Remember they said they were going to spend so much
Speaker 1: money on their parks, so they broke it down for you.
Speaker 6: So stay with me.
Speaker 8: Moms and dads take notes.
Speaker 1: Okay, So Walt disney World's Magic Kingdom in Florida, they're
Speaker 1: going to get a new land devoted to villains. Frontier
Speaker 1: Land is getting an upgrade that includes a cars themed area.
Speaker 1: Then you have the Hollywood Studios in Florida. They're getting
Speaker 1: land based on the Pixar's Monsters franchise.
Speaker 6: Then over an.
Speaker 1: Animal Kingdom, they have a new Indiana Jones ride and
Speaker 1: they're recreating the house from that film Encanto. And then globally,
Speaker 1: I mean, you have Spider Man attractions coming to Disney
Speaker 1: parks in Shanghai Hong Kong Paris. The company is building
Speaker 1: a log flume ride based on the Lion King and
Speaker 1: here's the top er. They're planning four new cruise so
Speaker 1: it's not just yeah, the parks, but the cruise.
Speaker 6: Each one of those babies cost a billion dollars. Scared.
Speaker 6: Oh my god, awesome though.
Speaker 5: I mean, I'm not a cruise person, but I went
Speaker 5: out on an investor cruise they had for ust a
Speaker 5: bunch of years ago.
Speaker 6: Pretty nice.
Speaker 3: We go to surveillance. Oh he's not there. He's on
Speaker 3: his break. He's got a break. It's a union job.
Speaker 3: You know.
Speaker 2: Side Benson is is our cruise guy, and say, you know,
Speaker 2: I wanted to ask him, which is the geography, like
Speaker 2: which cruise does he like best?
Speaker 3: But he's on it's a it's a union break.
Speaker 8: It's a union break.
Speaker 6: Lots of money.
Speaker 1: But those Disney cruise I did take a tour, you're right,
Speaker 1: and it's amazing the ships and how much stuff they
Speaker 1: have on it. But they broke it down, you know,
Speaker 1: they said how much And this is even you know,
Speaker 1: they've been talking about how the park's business is starting
Speaker 1: to slow. So it's just a little little thing. Okay,
Speaker 1: corporations that whole in and out flying on one day.
Speaker 1: It's starting to change, Like a lot of corporations are
Speaker 1: cutting back on that. So this is the head of
Speaker 1: Global Business Travel Association tells the Financial Times the way
Speaker 1: companies traveling are different. So they're declining on those one
Speaker 1: day flight trips. Frustration with flights because they're just getting
Speaker 1: tired of being delayed and just for in and out
Speaker 1: in one day. Environmental concern so they're packing more meetings
Speaker 1: into fewer trips.
Speaker 5: So yeah, So coming to the longest one day trip
Speaker 5: that I did on a fairly regular basis was Denver,
Speaker 5: New York.
Speaker 6: Did Denver I would be done on a one day? Yeah,
Speaker 6: you could.
Speaker 5: You could get in there, get two or three meetings
Speaker 5: and get back at it.
Speaker 6: Not a crazy time. That's the max. Yeah, only for
Speaker 6: Janis Would I do that?
Speaker 2: Yeah?
Speaker 3: Like is zoom a replacement is the heart of the man.
Speaker 3: I don't think.
Speaker 2: Yes, I'm in the camp on Jamie Diamonds heated about this.
Speaker 2: He's at JP Morgan. I believe he's get on the plane,
Speaker 2: go see her, Go see your clients, have lunch, talk
Speaker 2: about you know which.
Speaker 3: I'm fully on board that you know where Emi Lisa
Speaker 3: and zoom, Yes you do? You have one for I do?
Speaker 1: Okay, I'm not sure if you have one of these times?
Speaker 1: Do you have a pet trust or a pet direction?
Speaker 3: I actually worked on this this weekend.
Speaker 2: You did?
Speaker 6: Yes?
Speaker 3: I got one hundred and.
Speaker 2: Fifty pages from Keith when are you going to die?
Speaker 2: Great Law Firm? And uh, Keith, when are you?
Speaker 3: You know when where are you going to die? Dot com?
Speaker 3: And back?
Speaker 2: You know, like there's six pages in the way back
Speaker 2: on the dog trust and it's it's there so you
Speaker 2: trust care.
Speaker 1: Yeah, So it's not so the pet trust where like
Speaker 1: you know, when people are the millions of dollars, so
Speaker 1: they're you know, to Fido. But now it's the directives,
Speaker 1: which is basically saying who's going to care for your
Speaker 1: pet and then they'll leave money for that care.
Speaker 3: We called a side letter in sideline.
Speaker 2: I said to Keith, uh, I said, do you understand
Speaker 2: what dog walking costs in Manhattan?
Speaker 3: And he had never seeing those numbers and you know
Speaker 3: it's crazy.
Speaker 1: Well that's what they're saying, because you're spending money on that.
Speaker 1: The food is ridiculous. Healthcare, you know, the dentist isn't
Speaker 1: another one for the tea.
Speaker 3: Yeah, well the dentists, isn't.
Speaker 2: We're just featuring the dentist on our new Instagram account.
Speaker 2: But you know, the Horseman's School of Veterinarian Medicine just
Speaker 2: might just make the checkout tuition payments. Horse Man. But Paul,
Speaker 2: this is serious stuff and the answer is I have
Speaker 2: to write into the trust chewing.
Speaker 3: Yeah, I mean it writes the trust demanded. So this
Speaker 3: is like a new thing.
Speaker 1: So it's becoming more prevalent for people who are not rich,
Speaker 1: just everyday people who just have pets and they want
Speaker 1: to make sure they take care of who's taking care
Speaker 1: of their pets.
Speaker 2: Lisa Matteo our newspapers this morning. This is the Bloomberg
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