WEBVTT - Impact of Infrastructure on Copper, Gold and Crypto 0:00:00.800 --> 0:00:04.040 Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside 0:00:04.040 --> 0:00:06.920 my co host Matt Miller. Every business day we bring 0:00:06.960 --> 0:00:11.520 you interviews from CEOs, market pros, and Bloomberg experts, along 0:00:11.520 --> 0:00:15.600 with essential market moving news. Find the Bloomberg Markets Podcast 0:00:15.600 --> 0:00:18.439 on Apple Podcasts or wherever you listen to podcasts, and 0:00:18.480 --> 0:00:23.279 at Bloomberg dot com slash podcast. You love this segment. 0:00:23.280 --> 0:00:26.159 You're talking precious metals, gold, silver, maybe throwing in a 0:00:26.160 --> 0:00:28.880 little Bitcoin you'd like to do that with Everett Millman, 0:00:28.920 --> 0:00:34.879 precious metals specialist of Gainesville's Coin located in Gainesville, Florida. Everett, Uh, 0:00:35.080 --> 0:00:36.279 We're out with a little bit of a story. I'm 0:00:36.320 --> 0:00:38.600 just looking at gold. It's off about one point four 0:00:38.680 --> 0:00:41.400 percent here to nine dollars and now's but it was 0:00:41.440 --> 0:00:43.879 off I guess overnight as much as four pent some 0:00:43.880 --> 0:00:45.920 folks calling it kind of like a mini flash crash. 0:00:46.159 --> 0:00:49.920 Any idea what happened there? Was that just technicals. I 0:00:50.040 --> 0:00:53.480 do think that technicals played a pretty large role here. Um, 0:00:53.520 --> 0:00:56.080 we have to keep in mind that during the summer 0:00:56.160 --> 0:00:59.960 trading volumes and gold are rather thin, and just adding 0:01:00.080 --> 0:01:02.640 onto that and the fact that markets in Tokyo and 0:01:02.680 --> 0:01:06.399 Singapore were all for holiday, so the technical movements would 0:01:06.400 --> 0:01:09.319 have a much larger effect in that low volume area. 0:01:09.680 --> 0:01:12.640 But I think the approximate cause was the strong employment 0:01:12.720 --> 0:01:15.600 data from Friday and sort of a carry over and 0:01:15.680 --> 0:01:20.480 that as Asian markets opened overnight. UM. That definitely knocks 0:01:20.480 --> 0:01:23.200 some of the luster off of gold. And we also 0:01:23.240 --> 0:01:25.479 have to keep in mind that sentiment in the gold 0:01:25.560 --> 0:01:29.119 market was already pretty low. UM. All of that seemed 0:01:29.120 --> 0:01:32.399 to kind of pile on in a quick technical sell off, 0:01:32.440 --> 0:01:36.720 but I think that's short term speculative activity. UM. Partly 0:01:36.720 --> 0:01:39.319 because of the swiftness we've seen the gold price recover 0:01:39.480 --> 0:01:42.639 this morning as well. Square with me to what feels 0:01:42.680 --> 0:01:45.720 like competing factors here. You mentioned the jobs report on 0:01:45.760 --> 0:01:49.800 Friday really strong, and yet overnight it seems like Goldman 0:01:49.920 --> 0:01:53.880 amongst others started downgrading growth out of China on that 0:01:54.000 --> 0:01:57.520 delta variant. How much of China is a headwind in 0:01:57.640 --> 0:02:01.800 terms of future lower growth yet some strong growth here 0:02:01.840 --> 0:02:06.560 in the US. Rights That is a very interesting dynamic 0:02:06.680 --> 0:02:10.960 where we see a divergence possibly between the direction the 0:02:11.040 --> 0:02:14.080 Chinese economy is going and where the US is. You 0:02:14.080 --> 0:02:17.600 would think that a weaker Chinese economy if the delta 0:02:17.680 --> 0:02:20.320 variant really is an under control there, that that would 0:02:20.320 --> 0:02:23.280 be rather bad for gold, given how much gold demand 0:02:23.400 --> 0:02:26.639 comes from China. But I think the overall sentiment or 0:02:26.680 --> 0:02:30.080 the overall narrative of the economy improving of things opening 0:02:30.160 --> 0:02:34.280 up that just overall reduces safe haven demand for gold. 0:02:34.360 --> 0:02:38.639 So between those two competing trends or forces. Um. Right now, 0:02:38.639 --> 0:02:41.320 the focus does seem to be on the US recovery, 0:02:41.400 --> 0:02:43.720 but in the on the horizon, I think that the 0:02:43.800 --> 0:02:47.200 China issue is certainly something there that gold traders should 0:02:47.200 --> 0:02:50.240 be watching. All right, Let's uh talk a little bit 0:02:50.280 --> 0:02:53.440 about some of the you know, copper was one medal 0:02:53.520 --> 0:02:56.959 that was really rallying earlier in the year, and I 0:02:57.040 --> 0:02:59.040 guess you know a little bit of a you know, 0:02:59.200 --> 0:03:02.640 demand driven there as it relates to, you know, maybe 0:03:02.639 --> 0:03:07.639 a reopening the global economy. UM, when's your thought on copper? Well, 0:03:07.720 --> 0:03:12.640 copper is somewhat interesting, interestingly in a crossroads right now, 0:03:12.680 --> 0:03:15.320 similar to what we're saying with the divergence between the 0:03:15.360 --> 0:03:18.880 US and China. UM, we did see Beijing sell some 0:03:18.919 --> 0:03:21.880 of its strategic copper stockpiles in order to try and 0:03:22.040 --> 0:03:26.200 quell prices and bring down that commodities inflation. But then 0:03:26.240 --> 0:03:29.760 on the supply side, we have potential strike in Chile 0:03:29.960 --> 0:03:34.240 and that um, the Chilean strike possibility, even though it 0:03:34.280 --> 0:03:37.960 hasn't actually happened. Um, that would have a major effect 0:03:38.000 --> 0:03:40.480 on how much copper is available in the market, Chile 0:03:40.640 --> 0:03:44.160 being the world's largest producer of copper and exporter. So 0:03:44.200 --> 0:03:47.000 I think that those two competing forces kind of us 0:03:47.080 --> 0:03:51.280 copper stuck in neutral right now. Um. But if I 0:03:51.320 --> 0:03:53.760 think inflation also plays a role there if we get 0:03:54.160 --> 0:03:58.720 sustained inflation. Um. We talk so much about that gold 0:03:58.800 --> 0:04:01.960 being an inflation hedge. It is, but copper and some 0:04:02.040 --> 0:04:05.880 of the industrial commodities even more so factor into that equation. 0:04:06.000 --> 0:04:09.480 What is not stuck in neutrals? Bitcoin and Everett. It's funny, 0:04:09.600 --> 0:04:12.800 I you know, started on my career covering Muni bonds. 0:04:12.840 --> 0:04:15.520 My co anchor in the afternoon, Caroline loves crypto, and 0:04:15.600 --> 0:04:18.160 we were finally able to get our worlds to collide 0:04:18.320 --> 0:04:21.760 with the infrastructure bill, with crypto sort of being the 0:04:21.760 --> 0:04:25.320 big hold up. That being said, I'm taking look at bitcoin, 0:04:25.400 --> 0:04:30.920 which is up to forty thousand. What are the sort 0:04:30.920 --> 0:04:33.240 of indications that you look at to get us back 0:04:33.320 --> 0:04:38.719 up to fift k Well, I think that it hinges 0:04:38.880 --> 0:04:41.760 largely on, as you pointed out, with the Infrastructure Bill, 0:04:42.120 --> 0:04:45.800 what is the regulatory framework or environment for bitcoin and 0:04:45.839 --> 0:04:48.359 crypto is going to look like going forward. We have 0:04:48.520 --> 0:04:52.880 seen some mixed messages about whether Congress wants to sort 0:04:52.920 --> 0:04:58.440 of enshrine proof of work cryptocurrencies like bitcoin as being 0:04:58.520 --> 0:05:01.800 something that is regular did like other securities. UM. I 0:05:01.800 --> 0:05:04.039 think that would be rather positive if that was the 0:05:04.040 --> 0:05:06.960 final outcome. But of course there are those competing voices 0:05:07.000 --> 0:05:11.320 in the political realm who think rather differently that cryptos 0:05:11.360 --> 0:05:15.040 represent this major threat to the US dollar UM and 0:05:15.080 --> 0:05:18.279 to sort of finance as a whole, of the legacy 0:05:18.320 --> 0:05:21.479 systems of the financial UH framework. So I think that 0:05:23.200 --> 0:05:26.720 with that being said, UM, we'd like to see Congress 0:05:26.920 --> 0:05:29.440 make some sort of move on regulations. So this isn't 0:05:29.720 --> 0:05:32.279 just a question up in the air that the crypto 0:05:32.360 --> 0:05:36.200 market is constantly in fear of a major pullback like 0:05:36.279 --> 0:05:38.680 we saw about a month or two ago. UM. To 0:05:38.760 --> 0:05:41.200 get us back up to those highs, I really would 0:05:41.200 --> 0:05:44.400 like to see some clarity on on the regulatory outlook 0:05:44.440 --> 0:05:47.120 for bitcoin. All right, every thank you so much. We 0:05:47.160 --> 0:05:50.480 appreciate it. As always Everett Millman, precious metal specialist of 0:05:50.520 --> 0:05:56.040 Gainesville Coins. Well, the United Nations, they backed a group 0:05:56.040 --> 0:05:58.880 of the world's top scientists to study climate change, and 0:05:58.880 --> 0:06:01.920 a new report came out from these folks, and it 0:06:01.960 --> 0:06:04.360 warns that the planet were warned by one point five 0:06:04.400 --> 0:06:08.679 degrees celsius in the next two decades without dramatic, drastic 0:06:08.720 --> 0:06:12.479 moves to eliminate greenhouse gas pollution. The question for a 0:06:12.520 --> 0:06:15.600 lot of investors is, oh boy, that sounds big. What 0:06:15.600 --> 0:06:18.599 do we do? How do we position ourselves? Abraham all Hussain, 0:06:18.680 --> 0:06:20.839 he joins us. He's a founder managing partner at Full 0:06:20.880 --> 0:06:24.440 Cycle private equity firm UM and they finance companies that 0:06:24.480 --> 0:06:27.480 create positive social and environmental change. So when you see 0:06:27.520 --> 0:06:33.159 a report like this, Ibraham, what does it make you think? Well, 0:06:33.160 --> 0:06:36.560 it makes me uh re emphasizes the point that we've 0:06:36.600 --> 0:06:39.599 been saying since two thousand and thirteen, which is, you know, 0:06:39.640 --> 0:06:43.560 we need to increase the pace of rolling out low 0:06:43.640 --> 0:06:47.440 carbon infrastructure as fast as possible. And I'm glad that 0:06:47.480 --> 0:06:51.440 the scientific community is generating these types of reports so 0:06:51.560 --> 0:06:55.120 the investment community can understand how critical it is to 0:06:55.600 --> 0:06:59.440 the stability of our markets, our economy, our health our 0:06:59.520 --> 0:07:02.520 civilized nation, that we accelerate the pace of which we 0:07:02.560 --> 0:07:06.000 are transitioning to a low carbon future. One of the 0:07:06.040 --> 0:07:08.880 best things about what you do is you are scouring 0:07:09.040 --> 0:07:13.880 the landscape right to find investments that are focused really 0:07:13.920 --> 0:07:18.000 on sustainable infrastructure. What changes in the last few years 0:07:18.000 --> 0:07:21.960 have you seen about the types of new inventions, the 0:07:22.000 --> 0:07:25.080 types of new products, and really the amount I feel like, 0:07:25.160 --> 0:07:27.240 really just in the last few years, we've seen a 0:07:27.320 --> 0:07:32.480 huge surge in this topic. So one of the things 0:07:32.480 --> 0:07:35.040 that full Cycle focuses on is I've been I've been 0:07:35.120 --> 0:07:39.040 in this space before. Even a lot of the vernacular 0:07:39.040 --> 0:07:41.640 and nomenclature has been invented, mostly because I used to 0:07:41.640 --> 0:07:43.680 be a scuba diver in the nineties and saw the 0:07:43.720 --> 0:07:46.880 degradation and the quality of the marine life firsthand. And 0:07:47.040 --> 0:07:49.720 a lot of what was obvious what is now obvious 0:07:50.000 --> 0:07:54.000 above sea level was obvious underneath the surface of the 0:07:54.040 --> 0:07:56.720 water early on. I mean, all the droughts and the 0:07:56.760 --> 0:08:00.720 floods and the hydrocycle trans transform in front of our 0:08:00.720 --> 0:08:05.200 eyes and you know, uh, diminished crop yields, etcetera. What 0:08:05.360 --> 0:08:07.440 it looked like underneath the surface of the water was 0:08:08.560 --> 0:08:13.960 was bleaching corals and floating plastic where life was used 0:08:13.960 --> 0:08:18.080 to be abundant. So we've been fine tuning this nuanced 0:08:18.080 --> 0:08:20.760 approach to how we can transition to a low carbit 0:08:20.800 --> 0:08:25.520 economy and a risk adjusted return profile that any investor 0:08:25.600 --> 0:08:27.720 would be proud to be to participate in. And what 0:08:27.760 --> 0:08:30.400 we found is and what is one of the things 0:08:30.400 --> 0:08:33.600 that the kind of climate industry doesn't speak too much about, 0:08:33.760 --> 0:08:37.240 is that one percent of atmospheric greenhouse gases are actually 0:08:37.280 --> 0:08:42.839 responsible for over of the warming because not all greenhouse 0:08:42.880 --> 0:08:47.480 gas molecules are equal. For example, a methane molecule is 0:08:47.520 --> 0:08:51.280 eighty six times more heat trapping than a CEO two molecules. 0:08:51.280 --> 0:08:54.960 So what we do is we focus on what these 0:08:55.040 --> 0:08:58.520 molecules are called. There it's a it's a poorly chosen 0:08:59.320 --> 0:09:03.760 uh mis gnomer called short lived climate pollutants and things 0:09:03.800 --> 0:09:07.360 like methane and nitrous ox side and refrigerants. And when 0:09:07.360 --> 0:09:10.560 you focus on that, you produce something called a higher 0:09:10.679 --> 0:09:14.440 cr o I carbon return on investment. And we even 0:09:14.600 --> 0:09:18.040 invented our own metric called c r o I twenty 0:09:18.040 --> 0:09:23.000 which frontloads the warming abatement in the first twenty years 0:09:23.040 --> 0:09:25.720 to make sure that we are doing our part to 0:09:25.840 --> 0:09:29.880 minimize the warming cycle because, as you can imagine, warming 0:09:30.440 --> 0:09:36.120 receives more glacier melts more ice, which which creates less 0:09:36.160 --> 0:09:41.000 reflectivity to the solar radiation back into space, which creates 0:09:41.000 --> 0:09:44.160 more warming. So the more we can frontload our impact, 0:09:44.640 --> 0:09:48.840 the higher the more time will buy ourselves long term. 0:09:48.920 --> 0:09:54.280 So Abraham with the Biden Infrastructure Plan includes more billion 0:09:54.320 --> 0:09:58.160 dollars to boost clean energy and promote climate resilience. Is 0:09:58.200 --> 0:10:00.360 it enough? Is it a start? How do you view it? 0:10:02.080 --> 0:10:05.280 So it's definitely not enough. We literally need trillions of dollars, 0:10:05.280 --> 0:10:07.520 about two point three trillion dollars a year just an 0:10:07.600 --> 0:10:12.600 energy infrastructure investment alone, let alone all the other areas 0:10:12.640 --> 0:10:15.760 that contribute to warming, because it's not just an energy play. 0:10:15.880 --> 0:10:19.559 Our food systems are water systems or agricultural systems. They 0:10:19.600 --> 0:10:24.760 all contribute, and they contribute substantially. So we need a 0:10:25.160 --> 0:10:30.720 much higher number than what this plan is proposing. But 0:10:31.000 --> 0:10:33.880 it is a start. We're now talking about this, and 0:10:33.920 --> 0:10:36.520 I'm glad that the market understands that this is a 0:10:36.559 --> 0:10:41.920 massive job creation opportunity. It's a massive investment opportunities, probably 0:10:41.960 --> 0:10:45.240 the largest investment opportunity in human history. Because everything has 0:10:45.280 --> 0:10:48.439 to be upgraded. All the nineteenth century and twenty century 0:10:48.520 --> 0:10:52.720 is infrastructure technology that we rely on all has to 0:10:52.720 --> 0:10:56.280 be upgraded to their twenty first century counterparts. So and 0:10:56.320 --> 0:11:01.280 this is these are all um technologies that make us 0:11:01.320 --> 0:11:06.280 a better, faster, more cleaner society. So this is a 0:11:06.400 --> 0:11:10.080 natural transition, and I'm glad that we now have to 0:11:10.120 --> 0:11:12.480 do it, and we can't you no longer just can 0:11:12.679 --> 0:11:16.880 you know, kick the can further down the road any longer. 0:11:16.920 --> 0:11:18.760 We have to do it now. And I'm proud of 0:11:18.800 --> 0:11:23.400 this administrations for leading the charge in putting it out 0:11:23.440 --> 0:11:26.720 there and investing these close to a trillion dollars on it. 0:11:27.040 --> 0:11:30.600 We only have about thirty seconds within this bill. There's 0:11:30.600 --> 0:11:33.160 been a lot of talk about those e V charging stations. 0:11:33.200 --> 0:11:36.640 A lot of people have said that batteries aren't always 0:11:36.720 --> 0:11:39.880 clean in and of themselves. Are the EV charging stations 0:11:39.920 --> 0:11:42.320 and the push to EV is that a good enough 0:11:42.400 --> 0:11:44.520 goal to have as we think about getting away from 0:11:44.840 --> 0:11:51.800 traditional gasoline. So, I mean, the the energy infrastructure in 0:11:51.840 --> 0:11:55.760 the US is all being upgraded, you know, maybe albeit slowly, 0:11:56.000 --> 0:12:00.920 to a clean, clean sources and a new upgraded grid, 0:12:01.000 --> 0:12:03.120 which is there's a lot of money for upgrading the 0:12:03.160 --> 0:12:06.600 grids between that we can now treat forward energy from 0:12:06.640 --> 0:12:08.960 places that are efficient when it comes to wind and 0:12:09.000 --> 0:12:13.079 solar to areas that are less efficient. So yep, all right, Abra, 0:12:13.200 --> 0:12:14.679 We're going to leave it there. Thank you so much 0:12:14.720 --> 0:12:17.360 for joining us. Ibraham al Husseini, founder and managing partner 0:12:17.440 --> 0:12:23.320 of a full cycle, joining us from Los Angeles. Let's 0:12:23.320 --> 0:12:26.560 get the latest on the investigation into the harrisment claims 0:12:26.600 --> 0:12:30.240 against New York Governor Andrew Cuomo. I guess one of 0:12:30.280 --> 0:12:33.680 the most recent pieces of news on that is Cuomo's 0:12:33.720 --> 0:12:38.920 top aid, Melissa de Rosa, resigns mid harrassment claims against 0:12:38.960 --> 0:12:41.480 the governor, raising to some the question of you know 0:12:41.520 --> 0:12:44.240 who shares in some of this liability here. Let's get 0:12:44.240 --> 0:12:47.800 to that question with Ronnie said Home, managing partner set 0:12:47.800 --> 0:12:50.480 Home Law Group based in New York City. So Ronnie, 0:12:50.480 --> 0:12:52.280 thanks so much for joining us here. I thought it 0:12:52.440 --> 0:12:57.520 very interesting that again, this top aid Melissa de Rosa resigned. 0:12:58.000 --> 0:13:00.120 What do you thinks behind that and what are some 0:13:00.200 --> 0:13:04.000 of the I guess legal risk for those in the 0:13:04.120 --> 0:13:07.400 Cuoma inner circle. Thank you so much for having me 0:13:07.440 --> 0:13:11.199 on the show. First and foremost, well, you know your 0:13:11.240 --> 0:13:13.360 guess is as good as mine on why she resigned. 0:13:13.400 --> 0:13:18.040 But most individuals do not resign from a a job 0:13:18.080 --> 0:13:20.679 that pays them upwards of two and seven thousand dollars 0:13:20.679 --> 0:13:24.959 a year for no reason. But from a legal perspective, 0:13:25.559 --> 0:13:30.199 there's something called aider and a better liability, And very briefly, 0:13:30.280 --> 0:13:32.360 it means that even if you are not the person 0:13:32.400 --> 0:13:35.120 who is accused of sexual harassment in this case, you're 0:13:35.160 --> 0:13:39.520 not Governor Cuomo, you may still be found to help 0:13:39.760 --> 0:13:44.440 have helped him uh with his pursuits, and therefore you 0:13:44.480 --> 0:13:47.800 may be found liable. So in this case, perhaps Mr 0:13:47.840 --> 0:13:49.439 Rosa was an aider and a better Your guess is 0:13:49.480 --> 0:13:52.320 as good as mine should I mean, have we seen 0:13:52.400 --> 0:13:55.600 examples of this aid aider and a better in business 0:13:55.640 --> 0:13:59.160 cases or just your corporate cases that you've seen. I mean, 0:13:59.280 --> 0:14:02.439 there there is certainly a lot of discussion about aid 0:14:02.480 --> 0:14:05.040 or and a better liability, but in my opinion, there 0:14:05.160 --> 0:14:08.800 is not enough of a discussion. We always focus on 0:14:09.240 --> 0:14:13.080 the individual who was sexually harassing somebody. Of course, that's important, 0:14:13.400 --> 0:14:16.760 but when you have someone here uh with who is 0:14:16.800 --> 0:14:21.120 accused by several women, not just one woman, it's likely 0:14:21.240 --> 0:14:24.560 that there's a whole litany of people who who are 0:14:24.600 --> 0:14:28.320 helping the protagonist, and therefore, I think we should have 0:14:28.480 --> 0:14:32.200 more cases that discussed this aid or and a better liability. 0:14:32.200 --> 0:14:36.680 But yes, you do see it oftentimes with banks in 0:14:36.800 --> 0:14:39.840 law firms. Unfortunately, there have been several of the news 0:14:40.080 --> 0:14:44.680 I'm sure you've touched on the subject, and in larger corporations. 0:14:45.080 --> 0:14:47.720 I mean, should there be It seems like it's extraordinary 0:14:47.920 --> 0:14:51.080 difficult for the victims to to move forward with their cases. Here. 0:14:51.960 --> 0:14:54.640 Is there some belief within the legal community that maybe 0:14:54.680 --> 0:14:57.880 there should be some standard le google protocol to maybe 0:14:57.960 --> 0:15:01.440 manage this whole process better, to give uh the victims 0:15:01.520 --> 0:15:04.680 maybe more rights or make it a better process to manage. 0:15:05.760 --> 0:15:10.160 I think that while there is a lot of training, 0:15:10.520 --> 0:15:13.720 you know, it was made mandatory, you know, relatively recently 0:15:13.760 --> 0:15:16.920 having sexual harassment training on annual basis in New York 0:15:17.000 --> 0:15:19.080 State and New York City prior to New York State, 0:15:19.680 --> 0:15:21.960 I don't think that the training goes far enough in 0:15:22.120 --> 0:15:25.280 helping people with their investigations. I don't think that there 0:15:25.400 --> 0:15:30.080 is enough information and communication around the fear that some 0:15:30.160 --> 0:15:33.240 people may have and that's why they're not coming forward, 0:15:33.320 --> 0:15:36.440 whether it is because they were harassed or because they're 0:15:36.440 --> 0:15:41.240 helping uh this person sexually harassed somebody. It can be 0:15:41.320 --> 0:15:45.720 something as small as you convince someone to go into 0:15:45.760 --> 0:15:48.000 a room alone with another person, or it can be 0:15:49.080 --> 0:15:54.040 uh more subtle. But the point is there's generally, in 0:15:54.080 --> 0:15:58.920 my experience, multiple people involved when there are multiple victims 0:15:58.960 --> 0:16:02.280 involved Cisco. I mean, you think about this, and there's 0:16:02.280 --> 0:16:05.640 been some very high profile cases coming out of the 0:16:05.680 --> 0:16:09.080 media industry, for example with Harvey Weinstein and maybe you 0:16:09.120 --> 0:16:13.240 know some other executives in the media industry. It seems 0:16:13.280 --> 0:16:16.160 like unless it gets to the board level, it doesn't 0:16:16.160 --> 0:16:19.560 really get the attention it needs. I mean, is it 0:16:19.720 --> 0:16:21.960 something that board members need to be held accountable for 0:16:21.960 --> 0:16:27.320 for the workplace of the company. Uh. That's a tough question, 0:16:27.360 --> 0:16:30.760 and to me, it would really depend upon how often 0:16:30.760 --> 0:16:33.560 this board is meeting and what information gets to the board. 0:16:34.040 --> 0:16:36.680 I don't think you should hold someone accountable simply because 0:16:36.880 --> 0:16:41.000 they're part of an organization. In fact, recently, I think 0:16:41.040 --> 0:16:45.920 there was a good decision that said that your boss, 0:16:46.000 --> 0:16:49.600 Mr bloom berghers himself cannot be named as a defendant 0:16:49.680 --> 0:16:54.320 simply because somebody in the organization may have harassed somebody. 0:16:54.440 --> 0:16:57.400 So I don't think it's fair to attack the owner. 0:16:58.160 --> 0:17:00.880 I don't think it's fair to attack the board members 0:17:00.920 --> 0:17:03.560 if they had nothing to do with it. However, in 0:17:03.600 --> 0:17:06.600 my mind, it doesn't matter to me whether the aid 0:17:06.680 --> 0:17:09.080 or in a better was a high profile person or 0:17:09.840 --> 0:17:13.359 you know, a lowly low rank individual or someone who's 0:17:13.400 --> 0:17:16.080 not even part of the company. Anyone who is involved 0:17:16.400 --> 0:17:18.840 in this kind of behavior needs to be punished, and 0:17:19.400 --> 0:17:24.080 no one is really discussing that. Instead, uh, people are 0:17:24.080 --> 0:17:27.400 allowed to resign or they just disappear, But we need 0:17:27.440 --> 0:17:31.320 to go after those individuals also because I don't want 0:17:31.320 --> 0:17:36.200 there to be a culture of approved, condoned, or any 0:17:36.240 --> 0:17:38.400 other word you want to use sexual harassment in the workplace. 0:17:39.080 --> 0:17:42.280 What what are you looking forward to as next steps? 0:17:43.040 --> 0:17:46.560 With Governor Cuomo in this whole situation, would what should 0:17:46.640 --> 0:17:50.880 we be looking forward to as next steps? I mean, 0:17:50.960 --> 0:17:54.919 I would really uh like to hear both sides of 0:17:54.920 --> 0:17:56.760 the story. I'm an attorney, so I do believe in, 0:17:57.240 --> 0:17:59.200 you know, the system of justice that we have here. 0:17:59.760 --> 0:18:02.040 I I think that we need to hear both sides. 0:18:02.080 --> 0:18:05.560 But at the same time, I think that the inquiry 0:18:06.119 --> 0:18:10.119 that the Attorney General was making into non Governor Cuomo 0:18:10.200 --> 0:18:13.920 employees is a good one and I really want to 0:18:13.960 --> 0:18:17.520 monitor that and see where that goes. How I mean, 0:18:17.560 --> 0:18:21.840 this is something that would go potentially outside of his 0:18:21.880 --> 0:18:23.399 inner group, or do you think this is they're going 0:18:23.440 --> 0:18:27.080 to try to keep it pretty close. I think they're 0:18:27.080 --> 0:18:30.320 going to try to keep it relatively close. I mean, 0:18:30.359 --> 0:18:33.200 just putting the law side for a second and using logic, 0:18:33.760 --> 0:18:36.760 it's easier to get somebody who's a confident of yours. 0:18:36.760 --> 0:18:40.720 It was personal loyalty to you to help you with 0:18:40.760 --> 0:18:44.679 whatever it is you're trying to accomplish. Exactly. So, all right, 0:18:44.840 --> 0:18:46.919 very good, Ronnie set Home, thank you so much for 0:18:47.000 --> 0:18:49.479 joining us. Roddy set Home, managing partner for set Home 0:18:49.680 --> 0:18:52.520 Law Group based in New York City, giving us some 0:18:52.840 --> 0:18:57.480 added context to these investigations of Governor Cuomo. Looking at 0:18:57.520 --> 0:19:01.119 the markets here again, kind of a bye day in 0:19:01.400 --> 0:19:06.000 the markets. SMP essentially no change, the Dow off about 0:19:06.480 --> 0:19:08.879 two tenths of one percent, and NASDAC up just slightly 0:19:08.920 --> 0:19:11.520 up about one tenth of one percent. The Russell the 0:19:11.520 --> 0:19:13.600 small cap stocks, they are off about two tenths of 0:19:13.680 --> 0:19:16.600 one percent. Looking at the treasury market here to ten 0:19:16.680 --> 0:19:21.399 year treasury trading off three UH off about three basis points, 0:19:21.600 --> 0:19:24.359 putting the yield up I'm sorry, to one point three 0:19:24.400 --> 0:19:27.520 percent a ten year, I'm sorry. The third years still 0:19:27.560 --> 0:19:30.240 below two percent on the tenure at one point nine 0:19:30.320 --> 0:19:33.280 five H so just extraordinary. We've had some rates moving 0:19:33.280 --> 0:19:37.600 back up over the last several days, but still historically low. 0:19:37.680 --> 0:19:39.760 Of course, as we have a Federal Reserve talking about 0:19:39.880 --> 0:19:43.639 continued low rates UH and really talking about tapering perhaps 0:19:44.240 --> 0:19:47.040 late this year, but more likely into next year. So 0:19:47.080 --> 0:19:49.440 that's kind of what we're getting out of the Federal Reserve. 0:19:49.480 --> 0:19:51.760 And of course Jackson Hole coming up later this month. 0:19:52.200 --> 0:19:55.000 That'll be another data point or another opportunity for the 0:19:55.080 --> 0:19:58.840 Fed to UH lay out some scenarios here. Looking at 0:19:58.840 --> 0:20:02.800 the uh VIC for Tom Keane, it remains low at seventeen. 0:20:03.119 --> 0:20:06.080 Looking at the dollar Index d x Y nine two 0:20:06.160 --> 0:20:10.720 point nine at d x y slightly higher here this morning, 0:20:11.119 --> 0:20:13.960 balance of power with David Weston that is coming up 0:20:14.000 --> 0:20:16.560 in just moments. He will drive the conversation forward and 0:20:16.640 --> 0:20:20.439 have the latest on the infrastructure package. On Paul Sweeney, 0:20:20.440 --> 0:20:27.240 this is Bloomberg. Like most people, my TV viewing is 0:20:27.280 --> 0:20:31.000 going more and more from the lineal traditional UH television 0:20:31.040 --> 0:20:34.439 broadcast cable networks more towards streaming. More and more content 0:20:34.520 --> 0:20:37.000 is going towards streaming, and a lot of that streaming 0:20:37.720 --> 0:20:41.159 is advertising supported. And we talk about advertising, you have 0:20:41.200 --> 0:20:44.800 to count that audience, and that historically has meant a 0:20:44.960 --> 0:20:47.280 c Nielsen in company getting those Nielsen ratings. But not 0:20:47.320 --> 0:20:49.800 everybody thinks Nielsen is doing a good job with the 0:20:49.800 --> 0:20:54.360 streaming world. Disney, I'm sorry to Discovery CEO David Zaslow 0:20:54.440 --> 0:20:57.280 he hopes the industry leaves Nielsen in the dust after 0:20:57.359 --> 0:21:00.040 ratings blunders. Let's get to the bottom of that with 0:21:00.119 --> 0:21:02.840 Mark Douglas, founder and CEO of m N t N 0:21:02.880 --> 0:21:06.240 pronounced Mountain based in Los Angeles. Mark, thanks so much 0:21:06.240 --> 0:21:08.960 for joining us here. You know, Nielsen, it seems like 0:21:09.280 --> 0:21:13.960 you know they've been the gold standard for advertising, television advertising. Um, 0:21:14.000 --> 0:21:17.359 that's the metric that billions of dollars of ads spending 0:21:17.400 --> 0:21:19.359 is bought and sold every year. But they've had a 0:21:19.359 --> 0:21:21.760 hard time keeping up with the new technologies. Where are 0:21:21.840 --> 0:21:25.840 they VISA V streaming? Well, the way they think about 0:21:25.960 --> 0:21:29.399 Nielsen is, in my view, they're an analog company and 0:21:29.440 --> 0:21:32.880 we now live in a world. So the way they 0:21:32.920 --> 0:21:36.240 measure audiences is they literally asked people what they watch 0:21:36.400 --> 0:21:40.919 using panels, and you know, when you had cable television, 0:21:40.920 --> 0:21:42.280 that was the only way to do it. But now 0:21:42.280 --> 0:21:45.000 we live in the world where everything is delivered direct 0:21:45.040 --> 0:21:47.919 to your home and it can be precisely measured, and 0:21:48.040 --> 0:21:51.080 Nielsen is not yet doing that, and that's the problem, 0:21:51.119 --> 0:21:53.199 and you know, some big money is being spending. We 0:21:53.240 --> 0:21:57.000 talked about advertising streaming on demand a s v O D. 0:21:57.720 --> 0:22:00.480 I think that's Peacock, right, is that is Peacock an 0:22:00.520 --> 0:22:06.800 example of that, absolutely, so Peacock. There's what's called Crimson streaming, 0:22:06.840 --> 0:22:10.679 which everyone knows is Netflix and Disney Plus. But the 0:22:10.720 --> 0:22:13.600 bigger the market that's going very quickly is ad supported. 0:22:13.680 --> 0:22:17.919 So that's Peacock and Bravo and Discovery Channel, any of 0:22:17.920 --> 0:22:21.040 the things you watch like on your your Roku or 0:22:21.080 --> 0:22:24.240 you Apple TV, any of those apps that's that's generally 0:22:24.640 --> 0:22:27.560 most of that now app supporters. So how did those companies, 0:22:27.600 --> 0:22:31.520 like again the Discovery CEO publicly saying, you know, we're 0:22:31.600 --> 0:22:33.679 leaving you know, a lot of money on the table 0:22:33.720 --> 0:22:36.879 because Nils is not capturing that audience. Do we know 0:22:36.920 --> 0:22:39.800 how much money in fact is being left on on 0:22:39.840 --> 0:22:43.760 the table. Well, I think the way to think about 0:22:43.800 --> 0:22:46.560 that is is last year or even this year, there 0:22:46.720 --> 0:22:50.080 was a lot of talk about shows that were under 0:22:50.119 --> 0:22:53.000 performing big ones like The Ochsters and things like that, 0:22:53.080 --> 0:22:56.000 and some of that probably definitely had to do with 0:22:56.080 --> 0:22:59.560 the audience losing interests are being preoccupied with the pandemic. 0:23:00.080 --> 0:23:03.320 But increasingly people think it was just literally Nielsen couldn't 0:23:03.320 --> 0:23:06.480 measure it or didn't measure it, and so that costs 0:23:06.480 --> 0:23:09.200 those companies a lot of money because the ad rates 0:23:09.200 --> 0:23:11.800 are based on the size of the audience, and so 0:23:11.840 --> 0:23:14.919 if Nielsen doesn't measure the entire audience that someone like 0:23:15.040 --> 0:23:18.280 the CEO of Discovery, that's a really, really big issue. 0:23:18.280 --> 0:23:20.639 It left a lot of money on the table. Also 0:23:20.720 --> 0:23:23.479 for advertisers, they want to know how many people they're reaching, 0:23:23.800 --> 0:23:27.080 and so if Nielson can't tell them um accurately, then 0:23:27.119 --> 0:23:29.639 that's a problem. But luckily we're moving into this world 0:23:29.680 --> 0:23:32.840 where it is to be accurately measured, just not by Meilson. 0:23:33.600 --> 0:23:37.720