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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along

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Speaker 2: with Paul Sweeney. Join us each day for insight from

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Speaker 2: the best in economics, finance, investment, and international relations. You

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Speaker 2: can also watch the show live on YouTube. Visit the

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Speaker 2: Bloomberg Podcast channel on YouTube to see the show weekday

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Speaker 2: mornings from seven to ten am Eastern from our global

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Speaker 2: headquarters in New York City. Subscribe to the podcast on Apple, Spotify,

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Speaker 2: or anywhere else you listen and always I'm Bloomberg Radio,

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Speaker 2: the Bloomberg Terminal, and the Bloomberg Business app right now

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Speaker 2: on market.

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Speaker 3: Sarah Hunt joins us this morning.

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Speaker 2: I was looking at the operating income of the banks

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Speaker 2: with Golden Sechs coming out, and they just their profit

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Speaker 2: growth is there, but it's not techlike. Are they profitable

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Speaker 2: and are they a growing profitable entity the big banks

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Speaker 2: or are they not?

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Speaker 1: Well, the big banks are just getting bigger, right, so

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Speaker 1: to the extent that the regional banks are suffering because

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Speaker 1: the bigger banks are getting bigger. There is growth, there

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Speaker 1: is it tech like growth. No, But if you see

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Speaker 1: if you start to see some other areas pick up,

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Speaker 1: like capital markets, which has essentially been more abound for

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Speaker 1: the next for the last couple of years. They're pointing

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Speaker 1: to some opening in some of those areas. I think

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Speaker 1: the bigger banks continue to get bigger, and I think

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Speaker 1: in that sense there's growth, but no, it's not going

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Speaker 1: to be a hockey stick like some of the tech sacs.

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Speaker 4: So, sir, I mean, we're getting into the meat of

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Speaker 4: earnings here this week.

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Speaker 3: Here.

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Speaker 4: What are you looking for for this earning cycle from

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Speaker 4: some of the leading players.

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Speaker 1: It's a combination of what the first quarter looked like

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Speaker 1: and what their expectations are for the rest of the year.

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Speaker 1: Because I think that given where the valuations are in

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Speaker 1: the equity markets and all the geopolitical tensions that we're

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Speaker 1: talking about, you're at some fairly lofty valuation levels.

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Speaker 5: So you need to.

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Speaker 1: See some real earnings come through here, and to the

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Speaker 1: extent that people are already expecting or to be better,

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Speaker 1: they need to not just be better, but the going

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Speaker 1: forward has to look pretty good as well.

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Speaker 4: So I mean, it's interesting you talk about evaluation here.

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Speaker 4: We've had this big, big move for equity prices off

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Speaker 4: those October lows, up twenty five percent plus for the

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Speaker 4: SMP five hundred. I don't think we've seen necessarily that

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Speaker 4: type of earnings expansion as well. So where are we

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Speaker 4: in terms of valuation here?

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Speaker 1: We're on the higher end, right so to the extent

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Speaker 1: that some of the technology stocks have got the hockey

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Speaker 1: stick growth that is supporting multiples because people are expecting

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Speaker 1: the earnings to grow into those multiples. So the multiples

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Speaker 1: will come down because the earnings are coming up. But

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Speaker 1: I think if you look at the market as a whole,

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Speaker 1: we're on that higher end on the multiple side, and

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Speaker 1: that's it's been a real multiple expansion more than an

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Speaker 1: earnings catch up. And if the earnings don't end actually

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Speaker 1: end up coming through, I think you have some vulnerability there.

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Speaker 2: So what do you do if you're in the game,

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Speaker 2: you know there's a lot I often talk about people

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Speaker 2: that have missed this school market. Let's say I'm in

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Speaker 2: it and there's like stage two, stage three.

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Speaker 3: The whatever. How do you treat cash right now?

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Speaker 2: I mean, if you're trying to be an adult and

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Speaker 2: you're running at five percent cash or eight percent cash,

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Speaker 2: do you want to build that or do you want

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Speaker 2: to put money to work right now?

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Speaker 1: It's a combination of things. I think there's nothing wrong

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Speaker 1: with having something like a five percent cash position somewhere

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Speaker 1: in between. That the higher up you go, the more

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Speaker 1: you become at risk of not just not really managing money.

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Speaker 1: If you're supposed to be an equity manager, right you

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Speaker 1: want to be looking at what's going on. I think

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Speaker 1: the market has broadened out. I think that there's some

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Speaker 1: opportunities in some of the spaces. I mean, I've talked

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Speaker 1: about energy for ages, but certainly what's going on right now.

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Speaker 1: You've got some longer term better prospects for the energy group,

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Speaker 1: which is unfortunate because the geopolitical situation. But that combined

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Speaker 1: with the energy transition story, means that you're seeing some

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Speaker 1: of h oil prices.

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Speaker 2: Three month T bill five point three eight percent, one

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Speaker 2: year tea bill shockingly lower five point one five time.

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Speaker 3: I mean, it's like ninety day money.

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Speaker 4: You're all set there in your triple all large cash

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Speaker 4: fund here, So what do you want.

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Speaker 3: To go through?

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Speaker 2: I learned this weekend we just did the end a

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Speaker 2: quarter review. I had a two and twenty payout.

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Speaker 3: Nice.

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Speaker 2: Great, we gross up thirteen point five percent.

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Speaker 4: Nice.

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Speaker 3: There's some fees involved.

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Speaker 4: There's everybody's got to get paid, just got to be paid.

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Speaker 3: You know, we got two and twenty Sarah, So what

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Speaker 3: do we do here?

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Speaker 4: I mean again, technology has been the leader in this

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Speaker 4: market since I can't remember when, and is that still.

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Speaker 3: The case here?

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Speaker 4: Does technology need to drive this market?

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Speaker 3: This is the question of the week, folks. Sweety just

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Speaker 3: asked this is this is everything?

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Speaker 1: I think the answer is yes. I mean if you

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Speaker 1: just look at where the growth is, it's on technology.

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Speaker 1: So do you need other things to do well as well?

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Speaker 6: Yes you do.

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Speaker 5: But if you really.

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Speaker 1: Saw a problem with technology, that's going to be a

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Speaker 1: problem for the entire market. I think it does need

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Speaker 1: to keep that leader.

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Speaker 3: So are you a buyer?

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Speaker 4: And this whole AI stuff, Tom and I are still

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Speaker 4: trying to figure out what AI means.

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Speaker 3: When you went down to Duke this weekend, O got smart?

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Speaker 3: I got smart?

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Speaker 1: Well, you look at all the areas that are going

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Speaker 1: to be impacted by it. There's a huge spend going

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Speaker 1: on right now because of it. And the question is

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Speaker 1: how is that going to make us profitable? Because the

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Speaker 1: real with AI is can I get my margins up

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Speaker 1: by using it in some way? And the questions are

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Speaker 1: sort of like AI question mark, I'm going to make

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Speaker 1: more money. That question mark is coming through. For some

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Speaker 1: of the players like Microsoft and some of the cloud players,

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Speaker 1: it's going to be a question going forward how you

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Speaker 1: actually monitor.

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Speaker 2: Microsoft as you were going, I get thirty seconds Microsoft

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Speaker 2: pre COVID fifty two bill excuse me, thirty eight billion.

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Speaker 2: Thirty eight billion free cash flow. Oh, it's almost a

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Speaker 2: double the arch question of Paul's great question, Can this

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Speaker 2: juggernaut be sustained?

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Speaker 1: You're saying yes, Well, I'm saying that they need to

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Speaker 1: continue to show growth and if they show growth and

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Speaker 1: the juggernaut will be sustained. If the growth slows down,

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Speaker 1: that's going to be a big question mark. How the

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Speaker 1: rest of the market reacts as well.

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Speaker 2: Absolutely, Sarah, thanks for getting a start of this week.

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Speaker 2: Sarah hunt with us greatly, greatly appreciate that. With Alpine

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Speaker 2: Wood's Capital investors, I thought of Ian Bremer four or

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Speaker 2: five six times this weekend, because you need to describe

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Speaker 2: our G zero certitude, our comfort, our lack of warfare

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Speaker 2: on the soil of the United States and the other

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Speaker 2: G seven nations with what's going on out there. He

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Speaker 2: codified the phrase G zero and we're honored that doctor

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Speaker 2: Bremer could join us this morning. What does the G

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Speaker 2: seven do here? Of the Kissingerian diplomacy, Ian, you got

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Speaker 2: to show up and be diplomatic. If you can't talk

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Speaker 2: to the other side, how to should the G seven respond?

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Speaker 6: They're showing as much support as they can for the

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Speaker 6: defense of Israel, and that is both intended to show

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Speaker 6: Israel that they are not isolated in the global stage

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Speaker 6: despite the war in Gaza and all of the opposition

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Speaker 6: to that war over the past months. But the Iranian

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Speaker 6: strikes in a sense are the higher priority for the

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Speaker 6: G seven, but that they don't want to see. They

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Speaker 6: really resist the potential for Israel to engage in strikes

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Speaker 6: against Iran that could precipitate a direct war. And right now,

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Speaker 6: I would argue, you've got Benny Gans largely sympathetic to

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Speaker 6: that message, someone that would like to be the next

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Speaker 6: Prime Minister of Israel, and he has a vote on

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Speaker 6: that war cabinet. And you've got Benjamin Yahoo, who is

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Speaker 6: fighting for his political life and is not sympathetic to

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Speaker 6: that argument. Gants is saying, this is the time that

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Speaker 6: you should strengthen alliances with countries like the US in

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Speaker 6: Germany and on Yahoo is saying this is the time

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Speaker 6: we've got to hit the Iranians back directly and hard,

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Speaker 6: even if that means a more isolated and a more

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Speaker 6: unilateral Israel. That is the nature of the debate inside

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Speaker 6: Israel right now.

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Speaker 2: And what's so important here, folks. You know you see

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Speaker 2: in Bremer and he's doing this media that meydia he's

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Speaker 2: writing this book, and what you don't see is the

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Speaker 2: granularism of his daily Eurasia note. And part of that

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Speaker 2: Ian is about the structure of the Iranian government and

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Speaker 2: a theocracy. Who's calling the shots in Iran right now?

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Speaker 2: Do they have a legitimate government or is it a

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Speaker 2: theocracy that staggers back to nineteen seventy nine.

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Speaker 6: Look, you know that they don't have a legitimate government

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Speaker 6: in the sense that the people don't have a voice,

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Speaker 6: They don't have the ability to vote for them or

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Speaker 6: vote them out. And indeed, there have been a lot

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Speaker 6: of people, myself included, that have both believed and hoped

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Speaker 6: that people power would be more successful in rising up

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Speaker 6: against this brutal theocratic regime. But it is in place,

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Speaker 6: it is stable, it is calling the sh internationally and domestically,

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Speaker 6: and it does not want a war with the United States,

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Speaker 6: and so I look, I think the important thing I've

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Speaker 6: been seeing on the media over the weekend, please you

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Speaker 6: know how extraordinary it was that the Israelis were able

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Speaker 6: to defend so well against three hundred Iranian missiles and

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Speaker 6: drones that they knocked down ninety nine percent of them

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Speaker 6: and there were not any depths, there were not any

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Speaker 6: significant injuries. And that's a great story. But let us

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Speaker 6: remember that the Iranians gave a heads up as to

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Speaker 6: the nature and the timing of the attack to the Iraqis.

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Speaker 3: Why did they do that?

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Speaker 2: Why did they do that flying over Iraq and Jordan?

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Speaker 2: Why does the Iranians give it away?

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Speaker 3: It's like pretend war.

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Speaker 6: Well, yeah, because I think they were trying to accomplish

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Speaker 6: two things that are hard to do. At the same time,

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Speaker 6: they were trying to show a maximum display of force

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Speaker 6: in responding to the Israeli strikes on Damascus that killed

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Speaker 6: a high level Iranian military official, and they were trying

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Speaker 6: to minimize the likelihood that their show of force led

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Speaker 6: to further attacks and brought them into a war they

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Speaker 6: want to fight. So those two goals that they have

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Speaker 6: are not exactly fully in alignment tom Right. And so

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Speaker 6: what they did was they tipped their cards. They showed

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Speaker 6: their hand through the Turks and the Iraqis to the Americans.

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Speaker 6: So the United States had the ability to send the

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Speaker 6: Sentcom commander to Israel to coordinate a response, to get

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Speaker 6: your vessels and your aircraft in place in advance, to

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Speaker 6: let the Israelis know what was going to happen, to

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Speaker 6: tell the Israelis privately and publicly that there was I

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Speaker 6: Clad's support for Israeli defense. In other words, give the

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Speaker 6: Israelis a bear hug, help defend them as best you can,

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Speaker 6: but also help constrain them, and constrain specifically the Prime

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Speaker 6: Minister in making it hard for him to engage in

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Speaker 6: full throated military response following this Iranian attack. That's exactly

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Speaker 6: what the Iranians were hoping to accomplish. By the way,

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Speaker 6: it was also following the US playbook. In the one

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Speaker 6: week following the Iranian proxy attacks that killed three American

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Speaker 6: servicemen and women in Jordan, the Americans did the same thing.

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Speaker 6: And so I'm sure that the Iranians figured because it's

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Speaker 6: a dangerous thing for them to do, it worked for America.

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Speaker 6: The US is going to get it if we do

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Speaker 6: the same thing in response, and.

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Speaker 4: We're six months into this conflict here, I think I

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Speaker 4: speak for a lot of folks when I say we

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Speaker 4: just have no idea how Israel get out of this

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Speaker 4: situation today versus day one. How do you think this

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Speaker 4: plays out going forward?

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Speaker 6: I think most people are focused on Iran right now

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Speaker 6: and less on Gaza. That will of course change back

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Speaker 6: given the nature of the horrible civilian casualties, the famine

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Speaker 6: that's going on, and the rest. But this does give

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Speaker 6: the Israeli Prime Minister and his right wing government more

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Speaker 6: of a lease on life. They're likely to be there

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Speaker 6: for longer as opposed to forced out soon. That's a

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Speaker 6: problem for Biden. There's less focus on Gaza, which means

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Speaker 6: that not Yao's going to have a harder time being restrained.

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Speaker 6: In terms of eventual ground assault on Rafa. I suspect

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Speaker 6: it will be less dramatic, less overwhelming than he might

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Speaker 6: have wanted to do before the US ultimatum, and there'll

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Speaker 6: be more humanitarian aid coming in. But I think those

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Speaker 6: attacks are still happening, especially because it's harder to now

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Speaker 6: get the Hamas breakthrough on the initial hostage release in

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Speaker 6: the six weeks, see and.

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Speaker 3: Get some rest.

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Speaker 2: You've been up all weekend. Ian Bremer there owning the

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Speaker 2: high ground on our G zero realities. Doctor Bremer, of

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Speaker 2: course with Eurasia Group looked to his top ten risks

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Speaker 2: at the beginning of the year, my book of the

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Speaker 2: summer with Chip Wars on our technology.

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Speaker 3: So what we're going to do here is different.

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Speaker 2: We have a former Supreme Commander of NATO, James Travitas,

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Speaker 2: vetted at one point as a vice presidential candidate by

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Speaker 2: one of the sides, and Erbral Stravitas joins us this morning, Ebro.

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Speaker 2: I want to talk about one thing. I want to

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Speaker 2: talk about Oury Burke destroyers. Now we had Spruance, one

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Speaker 2: of my heroes. We had Spruance Destroyers and almost Zumwalt

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Speaker 2: said we got to do something fancier. And now there's

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Speaker 2: Zoomwalt destroyers.

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Speaker 3: And all that.

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Speaker 2: How do Ourley Burke destroyers defend themselves in the Eastern

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Speaker 2: Mediterranean from oncoming drones? Their technology is world class, isn't it?

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Speaker 7: It absolutely is. And by the way, I'm thrilled to

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Speaker 7: talk about it. I commanded uss Berry and Arley burg

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Speaker 7: class Destroyer second of the class. I commanded a squadron

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Speaker 7: eight of these destroyers in combat. I commanded many of them.

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Speaker 3: We're gonna focus.

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Speaker 2: I'm gonna interrupt right now, folks, we're focusing on this

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Speaker 2: today because of all the media bladder. I get it,

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Speaker 2: I love it. I'm glad we're doing it in Bloomberg.

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Speaker 2: This is the adult on your men and women at sea.

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Speaker 2: Admiral continue on the Arlely Burke in the Berry.

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Speaker 7: So the ships are about five hundred feet long, sixty

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Speaker 7: six feet wide. But here's the punchline, Tom. They carry

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Speaker 7: about ninety five anti air and land attack missiles. They

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Speaker 7: have an unmatched capability to defend themselves. Three hundred and

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Speaker 7: fifty sailors aboard two helicopters on most of the ships

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Speaker 7: in the class, and they've been used most recently over

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Speaker 7: the last forty eight hours in the Red Sea and

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Speaker 7: the Eastern Mediterranean, knocking down the Iranian air attack and

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Speaker 7: doing so quite effectively.

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Speaker 2: Right, what's important here? You know, folks, we got an

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Speaker 2: idea of a nineteen year old in the deck of

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Speaker 2: an aircraft carrier. I think it's something we all understand

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Speaker 2: from Vietnam. Ford Max Hastings grabs it beautifully in his

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Speaker 2: book on Vietnam, at must vedis, do you have like

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Speaker 2: a nineteen year old kid handling a Falance close in

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Speaker 2: weapons system CIWS for point defense against drones from Iran?

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Speaker 7: Absolutely, there'll be somebody maybe twenty twenty five at the most,

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Speaker 7: sitting in the combat information center with his or her

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Speaker 7: finger on the button for that sea whiz system as

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Speaker 7: we call it. It's a gatling gun that fires uranium

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Speaker 7: projectiles if any of the missiles get through the air.

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Speaker 2: Defense is the.

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Speaker 5: Longer range ones.

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Speaker 7: We use those close in But the whole ship is

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Speaker 7: manned by very young people. When I was captain of

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Speaker 7: the ship, I was thirty seven years old.

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Speaker 3: Wow, this folks is just so important.

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Speaker 2: And I got to get one more question here because

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Speaker 2: Paul's looking at me like when do I get to talk?

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Speaker 2: And amasturvedis, just where are we in our navy development?

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Speaker 2: We've got this whole thing that we stopped their shipbuilding.

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Speaker 2: But I don't mean the gerald Ford and the enormous platform.

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Speaker 2: How many more berries and Birks do we develop?

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Speaker 7: We're going to be bringing out a new class USS

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Speaker 7: constellation class frigate that's almost as big as these guided

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Speaker 7: missile destroyers. First one is having her keel laid this week,

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Speaker 7: as a matter of fact, So the follow on classes,

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Speaker 7: frankly will be even better than these early burks, and

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Speaker 7: they're pretty damn good.

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Speaker 4: Admiral, It's been a busy week in that part of

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Speaker 4: the world over there, with the Iranian response and shelling

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Speaker 4: of Israel. Put into context of how about risk are

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Speaker 4: our ships and our men and women in that part

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Speaker 4: of the world, and how do we protect them better.

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Speaker 7: Perhaps our sailors are on board the unmatched, most capable

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Speaker 7: warships in the world. They can absolutely defend themselves in

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Speaker 7: any scenario, but there's always a possibility of a missile

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Speaker 7: slipping through, of a mistake being made in a radar

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Speaker 7: bad intelligence as you're looking in the opposite direction. These

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Speaker 7: kind of incidents can happen. So thus far none of

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Speaker 7: our ships, our warships, have been struck by Iranian or

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Speaker 7: hoothy ballistic missiles or drones. But the sailors there absolutely

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Speaker 7: have to stand their toes to execute their mission, not

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Speaker 7: only defending themselves but defending our allies in the region

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Speaker 7: like Israel.

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Speaker 4: Adamirre, what do you expect from Israel over the coming

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Speaker 4: days and weeks. Here it just feels like we've kind

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Speaker 4: of gotten into this stalemate type of situation in that

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Speaker 4: part of the world.

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Speaker 7: The Israelis have said they will respond to this three

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Speaker 7: hundred and fifty drone ballistic missile cruise missile attack. Fortunately,

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Speaker 7: the air defenses were discussing destroyed. It knocked down three

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Speaker 7: hundred and fifty of them essentially, But Israel will respond. However, Paul,

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Speaker 7: I don't think it'll be a massive jets whistling above

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Speaker 7: Tehran kind of response. I think it'll include offensive cyber

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Speaker 7: maritime operations, special operations. Don't look for a big escalation

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Speaker 7: at this point.

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Speaker 2: One more question the airon Roling's doing this because we

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Speaker 2: want you to come back in the show. I noticed

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Speaker 2: that the USS Barry was named two years ago the

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Speaker 2: Navy's top Pacific fleet sub hunter. Bring that over to

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Speaker 2: the Hormon Strait. How much risk do we have of

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Speaker 2: it RAN? Without our technology like the USS Berry shutting

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Speaker 2: down the Hormone Strait.

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Speaker 7: RAN could shut it down Tom with mines putting minds

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Speaker 7: in the water. That's why our mind sweepers are stationed

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Speaker 7: over there. Our allies have mind sweeping capability and then finally,

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Speaker 7: the Iranians also have diesel submarines quite quiet, quite capable,

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Speaker 7: but a ship like uss Berry should be able to

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Speaker 7: handle that threat as well. Watch the mind sweeping. That

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Speaker 7: would be the way they would close the strait.

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Speaker 2: Admiral, thank you so much this morning, Admiral Stravitis. Of

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Speaker 2: course I can't say enough about twenty thirty four and

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Speaker 2: just out moving on to the technology that we can't imagine.

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Speaker 2: Elliet Ackerman and James Travitas twenty fifty four.

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Speaker 3: It is my book of the summer. A day to

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Speaker 3: look at the front pages around the world. Sue Decker

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Speaker 3: x DLG the iconic of this. Sue Decker's on the

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Speaker 3: board at Costco. She emailed, she did.

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Speaker 2: Like a DM, like not an email, a DM on Twitter,

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Speaker 2: Lisen that's like where you're talk inside to Lisa Matteo.

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Speaker 3: Did you really spend five hundred dollars at Costco?

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Speaker 8: Five hundred eighty dollars to be exact, missus.

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Speaker 3: King's looking at your photo going, my god, we don't

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Speaker 3: eat like that. They eat.

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Speaker 8: It's my once a month kind of going there, and

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Speaker 8: you got to stock up.

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Speaker 5: I have the extra freezer, I have the extra freeze,

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Speaker 5: you do.

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Speaker 8: I put them in the garage where the beers. That's

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Speaker 8: where the beer is, and I come over.

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Speaker 2: It's healthy beer, it's gluten free beer. Sue Decker at

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Speaker 2: Costco says, thank you.

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Speaker 3: What do you got?

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Speaker 5: Yeah, that was quite a time. So we talked about Netflix.

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Speaker 5: That one was crazy.

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Speaker 8: From the New York Times, I want to talk about

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Speaker 8: We've been talking so much about squatters.

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Speaker 5: This one stood out to me from business insider.

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Speaker 8: Waters have taken over Gordon Ramsey's restaurant in London. Believe

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Speaker 8: it or not, at least six people they're living there

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Speaker 8: outside York and Albany.

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Speaker 5: This is according to the BBC two.

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Speaker 8: The restaurant was temporarily closed, so that's why this happened.

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Speaker 8: And they're not sure when the squatters first showed up,

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Speaker 8: but they're calling themselves the occupiers. They have a sign outside,

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Speaker 8: they posted a sign, they locked themselves inside, they boarded

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Speaker 8: up the windows. They're threatening legal action against anybody who

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Speaker 8: tries to kick them out. Ramsey's called the authorities about

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Speaker 8: the property, but so far they're still there.

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Speaker 2: So this is a small mad Why New York Mayor

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Speaker 2: Adams just focused on, you know, the rights of both

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Speaker 2: sides of the transaction.

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Speaker 3: I don't see it's brutal.

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Speaker 2: There was a Yahoo financed chart out over the weekend

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Speaker 2: on where the inflation is rent number two, home ownership

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Speaker 2: number three.

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Speaker 3: That's all there is to it. I'm sorry, our audience

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Speaker 3: is correct.

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Speaker 2: The people we talked to are ron They're all micromanaging inflation.

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Speaker 3: I'm sorry people are getting crushed.

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Speaker 2: Yep.

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Speaker 4: Absolutely Yeah.

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Speaker 2: Maybe groceries are better now, but I don't buy it.

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Speaker 3: What else do you have?

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Speaker 5: The New York Post the once popular power Lunch.

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Speaker 8: Remember we've been talking about, you know people, maybe they're

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Speaker 8: trickling back to the office. Apparently they're coming back because

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Speaker 8: the Power Lunch is making a comeback.

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Speaker 5: Okay, this is according to side.

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Speaker 8: Dish, a number of Midtown restaurants, newer hotspots. They're reporting

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Speaker 8: the power Lunch expanded not just from Tuesday to Thursday,

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Speaker 8: but five.

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Speaker 5: Days a week.

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Speaker 6: Really.

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Speaker 8: Yeah, So they're enjoying the food, they're making big deals.

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Speaker 8: And here's something interesting, Ladies who's lunch?

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Speaker 5: Ladies who lunch?

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Speaker 2: Oh?

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Speaker 5: I love that is back. So the women are making

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Speaker 5: the deals too. They're going out for lunch.

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Speaker 8: More.

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Speaker 5: Friday is the more popular lunch day.

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Speaker 8: Because the workers don't go back to the office after lunch,

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Speaker 8: so you can kind of make a longer lunch, maybe

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Speaker 8: two three martinis.

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Speaker 2: I'm sorry, but good morning. Michael McCarty in Steve Millington.

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Speaker 2: I mean, the bottom line is there. I was power

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Speaker 2: lunching on Friday.

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Speaker 3: Yep. I was stunned how busy it was, given when

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Speaker 3: Monday is.

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Speaker 2: A new Friday and they actually talking to Steam about it,

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Speaker 2: and you know, he totally agrees with what the New

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Speaker 2: York Post is saying, there's just a new step, a

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Speaker 2: new pop, let's go. I hope it continues. I think

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00:23:13,600 --> 00:23:15,119
Speaker 2: people know how bias stam on this.

444
00:23:15,240 --> 00:23:17,840
Speaker 4: I'll be at the La Gourmet Deli power lunching today

445
00:23:17,880 --> 00:23:20,080
Speaker 4: with my sandwich. But I know usually I'm a Michael

446
00:23:20,080 --> 00:23:21,920
Speaker 4: Stone that that's my go to spot. That's where the

447
00:23:21,960 --> 00:23:22,879
Speaker 4: media folks hang out.

448
00:23:22,960 --> 00:23:25,000
Speaker 3: It's like, you know, media, I just sit at the bar,

449
00:23:25,600 --> 00:23:29,920
Speaker 3: you know, Like you know what I saw there? Nick Corlish, Yeah, he.

450
00:23:29,920 --> 00:23:32,240
Speaker 2: Was in some intense private meeting. I think he was

451
00:23:32,560 --> 00:23:35,479
Speaker 2: trying to sell Google or something. But Nick Corlis came

452
00:23:35,600 --> 00:23:38,119
Speaker 2: he was there. Yeah, he was having the green asparagus

453
00:23:38,720 --> 00:23:39,639
Speaker 2: with the French sauce.

454
00:23:39,680 --> 00:23:40,880
Speaker 3: I can't pronounce.

455
00:23:40,680 --> 00:23:43,960
Speaker 5: Next fancy stuff and this is the last one.

456
00:23:44,040 --> 00:23:46,320
Speaker 8: It's it's a bit of a battle going on at

457
00:23:46,359 --> 00:23:48,840
Speaker 8: the gym because a lot of these implacers are taking

458
00:23:48,880 --> 00:23:51,919
Speaker 8: their phones and they're filming themselves and they're posting all

459
00:23:51,920 --> 00:23:54,000
Speaker 8: these things. The people in the background they don't want

460
00:23:54,000 --> 00:23:55,639
Speaker 8: to be on their feed. So it's this back and

461
00:23:55,720 --> 00:23:59,840
Speaker 8: forth thing about people saying, stop filming yourself at the gym.

462
00:24:00,080 --> 00:24:00,760
Speaker 5: Enough of it around?

463
00:24:00,760 --> 00:24:03,320
Speaker 4: Do you film yourself with the gym's gonna say? You're

464
00:24:03,320 --> 00:24:05,479
Speaker 4: looking at us like you guys have no idea what

465
00:24:05,760 --> 00:24:07,080
Speaker 4: I have no idea what you're talking about?

466
00:24:07,080 --> 00:24:09,640
Speaker 3: Do you have your phone out to Jims. Our audience

467
00:24:09,680 --> 00:24:10,159
Speaker 3: wants to know.

468
00:24:10,240 --> 00:24:12,119
Speaker 5: The thing is, I work out at home, I go

469
00:24:12,200 --> 00:24:13,760
Speaker 5: to the gym and you've got the power Jem.

470
00:24:13,960 --> 00:24:16,399
Speaker 4: This is not like the peloton tom like or like

471
00:24:16,440 --> 00:24:18,640
Speaker 4: the little walking on a treadmill nose.

472
00:24:18,640 --> 00:24:19,959
Speaker 5: She's got like free weights.

473
00:24:20,000 --> 00:24:22,920
Speaker 2: And it's like there's a house it's like three houses

474
00:24:22,960 --> 00:24:24,240
Speaker 2: down from Dann Lobe in the hand.

475
00:24:24,680 --> 00:24:25,560
Speaker 3: I don't know who owns it.

476
00:24:25,920 --> 00:24:29,480
Speaker 2: And it's like literally four thousand square feet of gym equipment.

477
00:24:29,840 --> 00:24:30,920
Speaker 3: Do you have something like that?

478
00:24:31,680 --> 00:24:34,800
Speaker 5: Not four thousand maybe a little piece of that.

479
00:24:35,400 --> 00:24:37,920
Speaker 8: But all of my friends who go to gym, that's

480
00:24:37,920 --> 00:24:40,080
Speaker 8: what they complained about. They're like, enough of this already,

481
00:24:40,119 --> 00:24:42,240
Speaker 8: Like do your workout. You're taking up my time on

482
00:24:42,280 --> 00:24:44,840
Speaker 8: the bench. You're doing this, and so.

483
00:24:44,640 --> 00:24:46,320
Speaker 4: You got to get your phone all set up and

484
00:24:46,080 --> 00:24:47,159
Speaker 4: the lighting and all that.

485
00:24:47,480 --> 00:24:50,080
Speaker 3: Okay, we're gonna get serious and good morning. Jeremy.

486
00:24:50,080 --> 00:24:52,240
Speaker 2: I through who I Adore out in Vancouver is just

487
00:24:52,720 --> 00:24:55,600
Speaker 2: phenomenal out on YouTube. It's really helped me a lot

488
00:24:55,600 --> 00:24:58,040
Speaker 2: and trying to keep this aged body going Lisa.

489
00:24:58,160 --> 00:25:00,560
Speaker 3: How long should you work out with weights?

490
00:25:01,320 --> 00:25:03,720
Speaker 5: With weights? No less than two days a week?

491
00:25:04,040 --> 00:25:09,399
Speaker 3: Oh no, he's Jeremy's four days or more? There? What's fine?

492
00:25:09,640 --> 00:25:12,040
Speaker 3: I see guys in the gym and they're there for

493
00:25:12,080 --> 00:25:14,560
Speaker 3: three hours? What are they doing? Much? Too much?

494
00:25:15,600 --> 00:25:16,600
Speaker 5: They don't want to go home?

495
00:25:18,400 --> 00:25:18,719
Speaker 2: That's there.

496
00:25:19,240 --> 00:25:21,359
Speaker 3: How many minutes do you work out in a given

497
00:25:21,440 --> 00:25:22,240
Speaker 3: day with waits?

498
00:25:22,400 --> 00:25:22,480
Speaker 6: Me?

499
00:25:22,680 --> 00:25:25,840
Speaker 5: Forty minutes, that's it, forty minutes. But today say in

500
00:25:25,960 --> 00:25:29,080
Speaker 5: arms day or his arms shoulders and that.

501
00:25:29,320 --> 00:25:32,960
Speaker 4: After after the trip's what's I do a.

502
00:25:32,920 --> 00:25:36,399
Speaker 2: Hockey Seriously, I do a hockey workout. I do it

503
00:25:36,400 --> 00:25:39,600
Speaker 2: in less than twenty minutes, and I get about eighty

504
00:25:39,720 --> 00:25:42,720
Speaker 2: percent seventy five percent done because I don't have time.

505
00:25:42,560 --> 00:25:45,320
Speaker 5: For this stuff, not like you don't have that.

506
00:25:45,240 --> 00:25:52,840
Speaker 2: Long and I am taking photos y Pharaoh. Pharaoh still

507
00:25:53,160 --> 00:25:55,800
Speaker 2: talks about being the gym because I'm actually lifting weights.

508
00:25:56,160 --> 00:25:57,920
Speaker 3: The rest of them are doing three sets.

509
00:25:57,600 --> 00:25:59,800
Speaker 5: In that is what is Barrow doing.

510
00:25:59,800 --> 00:26:02,479
Speaker 3: I like not seeing tell up? Not seeing tell up?

511
00:26:02,480 --> 00:26:05,080
Speaker 3: Does this? You do like one set? Get over it

512
00:26:05,119 --> 00:26:06,879
Speaker 3: and move on. That's it.

513
00:26:07,400 --> 00:26:10,720
Speaker 4: I'm just gonna follow Lisa. She's the expert's yeah, yep,

514
00:26:11,200 --> 00:26:11,760
Speaker 4: she's all right.

515
00:26:11,840 --> 00:26:13,760
Speaker 5: But the bottom line is about.

516
00:26:13,520 --> 00:26:15,800
Speaker 8: Stop film Stop filming yourself.

517
00:26:15,800 --> 00:26:17,440
Speaker 5: People are tired of it. They don't want to be seen.

518
00:26:17,600 --> 00:26:20,000
Speaker 8: It's actually some legal issues too, or starting to go

519
00:26:20,160 --> 00:26:20,439
Speaker 8: from this.

520
00:26:20,520 --> 00:26:22,920
Speaker 4: So yeah, well I don't in the background of your

521
00:26:23,080 --> 00:26:26,320
Speaker 4: social media posts. It's according to the Wall Street Journal. Okay, yes,

522
00:26:26,920 --> 00:26:28,120
Speaker 4: all right, Lisa, thank you so much.

523
00:26:28,040 --> 00:26:30,600
Speaker 3: For Thank you, Lisa. That was brilliant, Starting stronger.

524
00:26:30,800 --> 00:26:34,000
Speaker 2: This is the Bloomberg Surveillance Podcast, bringing you the best

525
00:26:34,000 --> 00:26:38,800
Speaker 2: in economics, finance, investment, and international relations. You can also

526
00:26:38,880 --> 00:26:42,919
Speaker 2: watch the show live on YouTube. Visit the Bloomberg Podcast

527
00:26:43,040 --> 00:26:47,080
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528
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529
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530
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531
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Speaker 2: the Bloomberg Terminal, and the Hoomberg Business app. Mhmm