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Speaker 1: Yeah, Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene

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Speaker 1: Jay Leie. We bring you insight from the best in economics, finance, investment,

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Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,

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Speaker 1: Bloomberg dot Com, and of course, on the Bloomberg. So

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Speaker 1: the top story the President raising the pressure on Beijing

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Speaker 1: once again to strike a trade deal, announcing he would

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Speaker 1: increase tariffs on two hundred billion dollars of Chinese imports

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Speaker 1: Friday from ten percent, also floating the possibility of extending

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Speaker 1: a new duty on another three hundred and twenty five

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Speaker 1: billion dollars of imports not already covered. So the judgment

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Speaker 1: call you've got to make this morning is this material

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Speaker 1: escalation or the beginning of intensified negotiations? Here in the

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Speaker 1: studio to help us answer that question in New York

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Speaker 1: is tiny too kind of call. Generacy, Chief market strategist,

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Speaker 1: Good morning to Tony. Good morning. So help me answer

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Speaker 1: that question. Which one is it? It's impossible to say.

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Speaker 1: I would guess more and it's a guess is that

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Speaker 1: it's more intensified negotiations. You know, I just remember two

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Speaker 1: weeks ago or over the last couple of weeks, we've

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Speaker 1: been looking for a little bit of a pause in

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Speaker 1: the upside. You know, wrote a report called cause for Pause,

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Speaker 1: and part of it is volatility was so low in

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Speaker 1: expectations had become so good that when it gets like that,

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Speaker 1: if it wasn't the trade negotiations, it would be something else.

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Speaker 1: It would be a fed comment, it would be an

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Speaker 1: earnings comment, it would be a political comment. There would

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Speaker 1: be a reason for a pullback. And I think the

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Speaker 1: tariffs and the tweets kind of certainly have have that excuse. Well,

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Speaker 1: the comment is broken. The VIX up five points this

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Speaker 1: morning to eighteen point two one on the VIX. The

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Speaker 1: judgment call also involves what you anticipate the Chinese do next?

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Speaker 1: How the Chinese response. From what we understand here in Bloomberg,

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Speaker 1: there has been what could be considered a media blackout

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Speaker 1: on the president's tweets. Within China, we understand from the

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Speaker 1: Foreign Ministry and Shanna the officials are still planning to

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Speaker 1: travel to the Nut of States for the next round

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Speaker 1: of talks. We don't know when there is a subtle

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Speaker 1: sign there that they are considering delaying the trip. How

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Speaker 1: do you anticipate that town is a mockup participant this morning.

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Speaker 1: That's the big on note. How China responds, how do

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Speaker 1: you think about it? I think it's impossible to make

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Speaker 1: an investment decision off of a tweet. And if there's

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Speaker 1: one thing that I can convey to the listeners, please

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Speaker 1: don't listen to people like me when they actually make

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Speaker 1: an investment recommendation off of a guest like that. I

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Speaker 1: think what I would ask the listeners as they're driving

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Speaker 1: in their car, if interests the tenure not yields it

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Speaker 1: at two forty eight, the five years down five basis point,

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Speaker 1: you've had an extraordinary drop in interest rates. At the

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Speaker 1: same time money available. Money is still available via bank lending.

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Speaker 1: So I asked the question, does the presidential tweet prevent

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Speaker 1: you from refinancing your debt or taking out new debt

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Speaker 1: at the lower debt level. Every house and in nor

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Speaker 1: than Bergen County where I live that was for sale

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Speaker 1: is now under contract because mortgage rates have dropped a

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Speaker 1: hundred basis points. Those people don't really care about the tweet.

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Speaker 1: So has anything changed this morning for Tony Twat and

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Speaker 1: kind of cool Genuitcy in the team over that? No,

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Speaker 1: because we've you know, people like me are famous for

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Speaker 1: saying this, we've actually been looking for a pause. The

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Speaker 1: question isn't whether the market can correct. The question is

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Speaker 1: whether you use it to take advantage of better opportunities

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Speaker 1: and equities. Well, we try to do here, folks, is

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Speaker 1: frame moves. Obviously there were two presidential tweets among a

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Speaker 1: zillion of them. This weekend obviously had an effect on

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Speaker 1: Mark because but John and I kill ourselves every day

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Speaker 1: to framewords like cratered crushed numbers with them. Okay, folks,

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Speaker 1: let's frame it right now. From the peak Dow was

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Speaker 1: down three point six. It's it's not even a mini

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Speaker 1: correction or whatever. And very importantly, John, to the more

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Speaker 1: short term space people that are looking at the markets,

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Speaker 1: since you're the real yield. On Friday, we're down just

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Speaker 1: a little over two standard deviations on Dow, which statistically

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Speaker 1: is totally normal, totally normal. And I'm seeing the headlines

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Speaker 1: plant the Dow plunging right now. Well, you know, I

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Speaker 1: think let's do the best service we can for the listeners. Okay,

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Speaker 1: so let's say it's down three percent. How do you

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Speaker 1: know if it's gonna be down five percent? Versus down

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Speaker 1: fift and the answer this cycle, the three major drops

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Speaker 1: two thousand, two thousand and fifteen, sixteen, and two thousand

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Speaker 1: and eighteen were all driven by expectations for significantly higher

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Speaker 1: rates from the Federal Reserve. QUWI two was being withdrawn

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Speaker 1: in two thousand and eleven. That was driving rates higher.

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Speaker 1: Two thousand fifteen sixteen, the Fed had started raising rates.

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Speaker 1: Two thousand eighteen, they really raised rates. That's not the

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Speaker 1: scenario here. If anything, the trade tension is gonna lower

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Speaker 1: expectations of rates. I want to go Tony just away

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Speaker 1: from China and US and all that. How do you

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Speaker 1: veil you now differently double digit revenue growth without naming

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Speaker 1: any companies. If it's a low yield environment, that revenue

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Speaker 1: growth is ever more vailue, isn't it? It is? It

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Speaker 1: allows it allows you to do so many things. Time,

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Speaker 1: you could buy backstock, you can increase. What ratios do

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Speaker 1: you use to show those differentials of of better than

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Speaker 1: good revenue growth? Well, it's it's it's more of don't

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Speaker 1: tell me the pe ratio. It's more. Well, there's two

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Speaker 1: things that go into the valuation. There's price, and there's

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Speaker 1: earnings and and what you're willing to pay for those

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Speaker 1: earnings goes up significant. Revenue goes up significantly when interest

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Speaker 1: rates are down because you don't have as many alternatives

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Speaker 1: to that money. Taylor from San Francisco email and John

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Speaker 1: and said, what about price to sales? Do you use price?

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Speaker 1: Are you on the edge of Tom Galvin, the giant

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Speaker 1: at Donaldson, Loveking, Generate and Credit Suite years ago? Price

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Speaker 1: to sales matter? This is for over time. It matters

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Speaker 1: in price to else ratio has been very, very high

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Speaker 1: for a very long time, and it hasn't mattered. What

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Speaker 1: I try to do is focus on whether something's right

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Speaker 1: or wrong. I don't really care. I what I care

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Speaker 1: about is what other investors used to value what they're doing.

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Speaker 1: And price to earnings is what the institutions use to

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Speaker 1: price their equities and price the overall market. So I

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Speaker 1: focus on that rather than other ratios that might make

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Speaker 1: more sense. So, Tony, I think this morning is a

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Speaker 1: great morning to to recycle something we often do with you,

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Speaker 1: and that's discipline. Maintaining discipline when there's so much drama

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Speaker 1: going on around you, like me in the studio right now,

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Speaker 1: trying to anchor with Tom Keane if you remember December.

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Speaker 1: December is the world seemingly is falling apart, and Tony

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Speaker 1: comes on with us and talks about maintaining discipline and

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Speaker 1: ignoring the drama around you. At the time, it's easy

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Speaker 1: just to say Tony is a perma boil he's always saying.

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Speaker 1: By then, when we reflect on it, it's easy just

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Speaker 1: to say, you know what, with hindsight was so obvious,

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Speaker 1: Why wouldn't you buy that weakness the FETE was going

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Speaker 1: to back away? Help us on a morning this morning,

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Speaker 1: maintain discipline as you see all these dramatic headlines about

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Speaker 1: an escalation in the trite war and how it could

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Speaker 1: get a whole lot worse from here. Discipline is not

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Speaker 1: making a decision based on a guess. Two days ago,

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Speaker 1: we're close to a deal, everybody's on TV, everything's looking good,

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Speaker 1: and then over the weekend, no deal, everything looks horrifically bad. Ultimately,

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Speaker 1: what should drive, in my opinion, what should drive an

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Speaker 1: investment decision again falls back to do the people listening

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Speaker 1: to this show have access to money, to companies that

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Speaker 1: are on this show and pay for the advertising have

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Speaker 1: access to money, And as long as that answer is yes,

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Speaker 1: I am obviously not very good and calling for drops

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Speaker 1: because I didn't expect what we got in December. But

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Speaker 1: I I will say the reason that it was to

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Speaker 1: be bought was because the answer that those two questions

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Speaker 1: are yes, we have access to money. And he says

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Speaker 1: kind dis regards to Anthony Dwyer as well. Mr cast

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Speaker 1: will join us later today. I believe ye, Dougie's the

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Speaker 1: best some of our selected when he's coming on later,

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Speaker 1: he's during your always well here's you've got so many

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Speaker 1: other properties. I mean topic for a second. Here's a

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Speaker 1: great example. Doug and I over the last two weeks

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Speaker 1: have been on the same side of the trade. I've

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Speaker 1: been looking for a pull back and he's, I think

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Speaker 1: looking for a bigger pullback than me. But the whole

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Speaker 1: status of what listen to what people like us say,

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Speaker 1: don't don't buy what you know, you think you believe

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Speaker 1: in the Yankees, of course I do. Come on Yankees giants, Tony,

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Speaker 1: thank you so much, Tony Dwyer, Knichordan Juyker. Book is

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Speaker 1: why presidents fail and how they can see succeed again.

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Speaker 1: Ellen e. Lane comarc Rather Elane Comarca Brookins. She's been

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Speaker 1: on many times of Foreign Elane instead of all the

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Speaker 1: Mueller stuff in that, I just want to talk to

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Speaker 1: you with your scholarship about our tweets policy. As Mr

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Speaker 1: Faroll just mentioned, are these tweets policy? Well, I haven't

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Speaker 1: actually sat down and counted them. Although it's a good

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Speaker 1: it's probably a good thing for a scholar to do.

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Speaker 1: The fact is that sometimes the tweets are literally the

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Speaker 1: president's random thoughts, and at other times they change policy. Now,

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Speaker 1: I've been scouring the newspapers this morning trying to see

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Speaker 1: if this looked like it was a concentrated effort to

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Speaker 1: move the China talks in some direction, or whether the

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Speaker 1: president's negotiators were as surprised about this tweet as everybody

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Speaker 1: else wants. These China talks are nearing their end um

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Speaker 1: and suddenly the President throws this into the middle of them.

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Speaker 1: It could be a considered negotiating tactic, or as we

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Speaker 1: know with Donald Trump, they could be just something he

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Speaker 1: woke up and decided, what's your experience of what staff? Does?

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Speaker 1: I mean? There's you know, let's say as a round number,

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Speaker 1: like the Lincoln White House, there's twenty people in the

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Speaker 1: White House trying to get through the day. How do

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Speaker 1: they respond at seven fifty Wall Street time to these

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Speaker 1: tweets of the weekend? Well, I think they go screring

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Speaker 1: to the press into the Oval Office as soon as

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Speaker 1: they can, and they say, look, here's where we are

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Speaker 1: with the negotiations. Um, the Chinese are supposed to be

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Speaker 1: here soon. Um, what does this mean? Is this something

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Speaker 1: you're doing for tactical purposes? Or do we have to

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Speaker 1: now negotiate with this in mind? Is something full? And

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Speaker 1: you know, these these negotiations were going on quite well, right,

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Speaker 1: There's still a lot of things. However, the Americans want

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Speaker 1: out of them, as they're always are. And Um, it's

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Speaker 1: possible that this is a sound negotiating stance that has

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Speaker 1: happened before. But it's also possible that this is the

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Speaker 1: President being disconnected and randomly throwing something out there. And

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Speaker 1: there was a belief just to jump in quickly. Now,

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Speaker 1: there was a belief that the president wanted a quick deal.

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Speaker 1: Going into the weekend last week, many people were saying

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Speaker 1: that the president wants a quick deal, He's giving up

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Speaker 1: on certain issues, he just wants to get this over

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Speaker 1: the line. With these two tweets, can we put that

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Speaker 1: to bed? You know, it depends because we have seen

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Speaker 1: other presidential tweets. We've seen the tweet come out, and

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Speaker 1: then we've seen his advisors walk it back and really

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Speaker 1: change it around. So we don't really know right now

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Speaker 1: whether this will they'll walk it back and say, oh, no, no,

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Speaker 1: he really actually didn't mean this, and we'll we'll get

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Speaker 1: a deal, or whether if this is going to disrupt

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Speaker 1: the negotiations and keep him from getting that quick deal

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Speaker 1: that he said he wanted. This is policymakings from the U. S. Side.

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Speaker 1: Let's try and get in the heads of the Chinese

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Speaker 1: just for a moment as well, elone, if we may,

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Speaker 1: How do the Chinese respond to this? This clearly comes

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Speaker 1: as a surprise. The President puts out two tweets over

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Speaker 1: the weekend, the gearing up more than a hundred of

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Speaker 1: them to come to Washington, d c. And what many

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Speaker 1: people thought would be the final round of trade talks

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Speaker 1: between the big bilateral. How do they think about this? Well,

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Speaker 1: look the world, you know, in the first year of

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Speaker 1: the Trump presidency, whether the issue was NATO, the NATO Alliance,

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Speaker 1: or trade or other things. Um, the world was very

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Speaker 1: very confused about Donald Trump because he behaved and continues

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Speaker 1: to behave without the stability of a normal president and

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Speaker 1: a normal policy making process. This is and we are

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Speaker 1: now three years into this, and I suspect that people

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Speaker 1: around the world there's a lot of evidence that oh,

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Speaker 1: they're getting used to this guy, and that they have

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Speaker 1: to wait at least twenty four hours after their presidential

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Speaker 1: tweet to see if that is American policy or not.

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Speaker 1: That's my guests, and um, I think we'll know in

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Speaker 1: a couple will probably know by the end of the

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Speaker 1: business day today whether this is going to disrupt the

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Speaker 1: talks or whether or not people will simply ignore it.

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Speaker 1: Elane Kimark whether Brooks Elane one more question. You know,

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Speaker 1: I went into Kissingers Diplomacy, which is a classic textbook

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Speaker 1: that you read folks on like the Walls from Westphalian

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Speaker 1: Europe forward, and I just randomly picked out August of

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Speaker 1: ninety nine, an actual handshake treaty, and this of course

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Speaker 1: a Stalin and the Nazis Molotov ribbitrof pack, which folks

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Speaker 1: was you know, basically Joe Stalin lining up what he

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Speaker 1: wanted to do with Germany before the US got into

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Speaker 1: the war. We we have the thing in our mind

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Speaker 1: of like photo ops and shaking hands and pen's being

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Speaker 1: signed and papers being signed and all that. Are we

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Speaker 1: completely removed from that on this U S. China discussion. No,

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Speaker 1: I don't. I don't think so. I mean, I think

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Speaker 1: we will still have um papers being signed. I think

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Speaker 1: eventually we'll have we'll have some agreement on this. The

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Speaker 1: difficulty here, I mean look to to on the U

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Speaker 1: S side is that China does it doesn't have a

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Speaker 1: legal structure that guarantees that what we sign will actually

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Speaker 1: happen in its government. Now, before they entered into these talks,

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Speaker 1: they did make some changes in their laws trying to

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Speaker 1: sort of pre empt the U S objections to the

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Speaker 1: way they do business. But China, when it comes to

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Speaker 1: the rule of law, is not really where we are,

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Speaker 1: and I think that that makes the negotiating more difficult.

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Speaker 1: I'll get to leave there, Lane, Thank you so much.

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Speaker 1: Well time Mark with us with a wonderful book sort

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Speaker 1: of on presidents and how they behave in the White House.

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Speaker 1: Let's bring in Markett's house, shall we? Was? Fargosset Management

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Speaker 1: Senior portfolio manager, See joins us on the phone. Great

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Speaker 1: to catch up with your Margie what are your tanning

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Speaker 1: clients this morning, What are you doing with your portfolio?

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Speaker 1: If anything, it's all well. I think the old book

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Speaker 1: fundamentally is still pretty positive for the equity market and

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Speaker 1: for interest rate stability. So I think this is just

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Speaker 1: another blip we've seen relating to tariffs. Isn't gonna have

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Speaker 1: a material effect on our economic growth, And if the

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Speaker 1: market stays down materially, I'd say it's a great opportunity

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Speaker 1: to add a little bit pretty cheap prices. So Margie

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Speaker 1: talked to me about troceriies and the way they've been

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Speaker 1: responding to the data quite recently. Even though the output

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Speaker 1: numbers on payrolls were pretty good, beneath the surface down submerged.

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Speaker 1: The I s M s fueled further doubts both on

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Speaker 1: manufacturing and non manufacturing too. Have we hit the limits

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Speaker 1: of where trotory yards can break out too? I think

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Speaker 1: we're still trapped in the trading range. I haven't seen

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Speaker 1: any material change age. Inflation still looks like it's going

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Speaker 1: to stay under two percent. The economy looks as if

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Speaker 1: it's growing, maybe a little slower than last year, but

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Speaker 1: enough to sustain continued growth. And the short part of

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Speaker 1: the curve continues to be distorted by the FED actions

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Speaker 1: and holding such a large proportion those shorter security So

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Speaker 1: I think things look pretty good and we're still in

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Speaker 1: that two to two and a half percent range market.

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Speaker 1: The number one thing I get from people on a

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Speaker 1: high yield. If I quote an average yield of six

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Speaker 1: point for eight percent, as you do in your note,

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Speaker 1: when I get to a bundled portfolio, the yield always

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Speaker 1: comes in lower. Where can I actually get a six

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Speaker 1: and a half percent yield? And how do I do that? Well?

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Speaker 1: These days, that would mean you would be buying a

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Speaker 1: single B or a single B minus, in other words,

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Speaker 1: a very lower limit of respectable quality below investment grade

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Speaker 1: high yield bonds. Uh, there's not a lot of spread

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Speaker 1: between the better quality and lower quality high You'll on

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Speaker 1: double bees and you would have to buy a longer

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Speaker 1: maturity newly issued tenure bond. Can I diversify my This

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Speaker 1: is critical? Folks with MS Hotel just said, can I

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Speaker 1: take risk out by buying many of those longer dated

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Speaker 1: garbag bonds? Well, I wouldn't say to garbage. I would

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Speaker 1: I would stick away from the triple seas, But really

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Speaker 1: duration isn't the risk in high yield bonds, it's really default.

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Speaker 1: So I think it's better to take longer duration get

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Speaker 1: that extra yield because it's certainly it's worked for the

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Speaker 1: last top of half a dozen years. I see no

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Speaker 1: sign in all yield spreads blowing. Did you guys just

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Speaker 1: make up a word? So Alf from New Jersey just

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Speaker 1: emailed in and he says more garbage bargie? Is that

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Speaker 1: a new bond market? So I've been doing this for

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Speaker 1: year l five, Margie. Let's talk about how high yield

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Speaker 1: is priced at the moment. As Tom points out, the

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Speaker 1: absolute yield is just not the six percent on that basis,

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Speaker 1: I think with the lowest in about twelve months, looking

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Speaker 1: at the spread of a treasury is what are we

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Speaker 1: out now? Three fifty ish? That's not even the tightest

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Speaker 1: since October. So how do you sort of look at

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Speaker 1: things at the moment? Are we richly valued? What do

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Speaker 1: you think? I think our yield is quite fairly valued.

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Speaker 1: And when you look at the default rates and expected

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Speaker 1: default rates right now defaults unbelievably or less than one percent,

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Speaker 1: it seems to me that you're actually getting extra yield

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Speaker 1: compared to the true risk that you're really taking. So

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Speaker 1: I would see spread staying where they are or even

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Speaker 1: going nearer. Markeys. Interesting to have you on the program

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Speaker 1: to get those calls market battel there whilst Sarko Masset Management,

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Speaker 1: Senior portfolio manager. What we thought we'd do was go

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Speaker 1: to somebody with perspective long agoing far away. For example,

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Speaker 1: when I received in the gold colored reporter or the

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Speaker 1: dark green colored thin report in very typewritten, fought Doug

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Speaker 1: Cass and I would look at the same line. There's

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Speaker 1: no reason to do hand springs over games. This was

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Speaker 1: a year in which any fool could make a bundle

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Speaker 1: in the stock market, and we did. To paraphrase President Kennedy,

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Speaker 1: a rising tide lifts all yachts. His yacht is so

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Speaker 1: large it can barely turn around at the Gulf of Mexico.

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Speaker 1: We welcome Douglas Cass of Sea Breeze Partners. Doug, this

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Speaker 1: is not the Berkshire of twenty years ago, is it?

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Speaker 1: As you know, back in two thousand, um Warren invited

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Speaker 1: me to sit on the days with him and Charlie

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Speaker 1: mu the Credential Bear, and I wrote up an article

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Speaker 1: on Real Money this morning about it UM. I spent

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Speaker 1: a long period of time two months and had two

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Speaker 1: of my analyst, Nick and Kelly, embarking on a research

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Speaker 1: project aimed at asking them questions that were respectful, hard

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Speaker 1: hitting and that never been asked before. And considering how

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Speaker 1: what research Buffett and the company was. It wasn't easy.

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Speaker 1: And I went back this weekend because Yahoo Finance actually

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Speaker 1: just published the videos for the old But the first

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Speaker 1: time I saw myself and I looked very young then um.

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Speaker 1: But I made a bunch of points in the questions,

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Speaker 1: the most important of which and my first question was

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Speaker 1: that size matters. And I made the case um with

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Speaker 1: Charlie or and Warren. Although Warren said, you have not

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Speaker 1: convinced me to sell or short my own stock. Um. Well,

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Speaker 1: that the company, that the company was becoming almost like

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Speaker 1: in an SMP fund of passive fund on the spiders, Well,

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Speaker 1: I mean, I mean Golden Sacks last ten years trailing

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Speaker 1: six percent a year. Berkshire has done way better per

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Speaker 1: ear But how do we compare that? I mean, does

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Speaker 1: Doug Cass think that Berkshire for the last decades been

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Speaker 1: a successful investment? I have to say it has been

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Speaker 1: as a bundled conglomerate. It has been successful, but increasingly,

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Speaker 1: tom UM the relative performance visa VI, let's say, the

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Speaker 1: senior index, the SNP has been deflating, and he disgusted.

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Speaker 1: Charlie disgusted, and weren't disgusted. On Saturday, I watched the

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Speaker 1: full annual meeting on Yahoo Finance, and he basically said,

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Speaker 1: it's something we can deal with. We made so much

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Speaker 1: money uh in the past, and this is what one

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Speaker 1: would expect. Size does matter. I think he did make

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Speaker 1: a couple UH. I think the one important thing that

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Speaker 1: came out of the meeting on Saturday UM was that

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Speaker 1: he highlighted that UM the unusual circumstances that exist today,

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Speaker 1: that unemployment remains low, yet interest rates and inflation are

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Speaker 1: not rising, and at the same time, the U. S.

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Speaker 1: Government continues to spend more money than it takes in,

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Speaker 1: and as Buffett says, these conditions are not sustainable for

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Speaker 1: the long term. And he said, quote no economics textbook

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Speaker 1: I know that was written in the first couple of

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Speaker 1: thousand years that discussed even the possibility that you could

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Speaker 1: have this sort of situation continue and have all variables

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Speaker 1: stay more or less the same didn't exist. I agree So, Doug,

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Speaker 1: I know you. I've been following this for such a

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Speaker 1: long time. You've been out in Omaha so many times.

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Speaker 1: In your perspective is certainly appreciated here, which brings me

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Speaker 1: to my question, which is succession. How comfortable are you

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Speaker 1: with what Mr Buffett has done in terms of planning

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Speaker 1: for the future of the company. Did you get access

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Speaker 1: to uh, did you feel enough access to the heirs apparent? Well,

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Speaker 1: one of my questions back in two thousand thirteen, which

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Speaker 1: I tried to make respectful, and it was a tough

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Speaker 1: question to ask, and I think it made him uncomfortable

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Speaker 1: that year. In two thousand thirteen, leading into the annual meeting,

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Speaker 1: Warren says his son Howard would become non executive chairman

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Speaker 1: on his death. And my question was given the fact

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Speaker 1: that he basically has never made large capital allocation decisions,

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Speaker 1: never traded stocks, and was basically a farmer his whole life.

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Speaker 1: Was that appropriate and um, he sort of shifted in

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Speaker 1: his seat. Um, And I didn't think he gave me

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Speaker 1: a very good answer now in terms of operating people

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Speaker 1: to replace him. After all, he's eighty nine years old,

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Speaker 1: Charlie's almost Um, he's got ag and George Abel, and

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Speaker 1: I think both of them would be a great addition.

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Speaker 1: But you know, this company has grown larger and again

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Speaker 1: it's becoming sort of a g d P type of company.

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Speaker 1: Duck Cass the series will be with us or the

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Speaker 1: far which is a joy. Duck Cass on Amazon right now,

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Speaker 1: you've been flogging it at CBS Partners with all your

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Speaker 1: different communications. How behind is Mr Buffett to the Bezos party? Well,

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Speaker 1: I would say that the you know Amazon, as you know,

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Speaker 1: I boughted around eighty um in late December last year

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Speaker 1: and it became my largest long position. The negative for

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Speaker 1: Amazon is that there are forty five By recommendations and

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Speaker 1: no Cell recommendations, and that, as you know as a

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Speaker 1: baseball fan, is not a great score. The second thing

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Speaker 1: is the greatest non tech investor of all time, Warren

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Speaker 1: Buffett has decided to buy the stock, albeit uh you know,

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Speaker 1: one of his boys either decision. Look, um, I think

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Speaker 1: it's pretty irrelevant. In my views on Amazon are quite clear.

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Speaker 1: It's the super disruptor and it has established an insurmountable

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Speaker 1: first mover advantage. Let's do this, Let's come back Duck

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Speaker 1: cast with us again. Lots of talk about and getting

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Speaker 1: tons of emails to get a Cassie and update on Twitter.

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Speaker 1: And you know Paul Sweeney can talk media with duck

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Speaker 1: Cast as well. He's a Senis partners. Always come a

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Speaker 1: virtual thanks for listening to the Bloomberg Surveillance podcast. Subscribe

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Speaker 1: and listen to interviews on Apple Podcasts, SoundCloud, or whichever

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Speaker 1: podcast platform you prefer. I'm on Twitter at Tom Keane

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Speaker 1: before the podcast. You can always catch us worldwide. I'm

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Speaker 1: Bloomberg Radio