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Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along
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Speaker 2: on market.
Speaker 3: Sarah Hunt joins us this morning.
Speaker 2: I was looking at the operating income of the banks
Speaker 2: with Golden Sechs coming out, and they just their profit
Speaker 2: growth is there, but it's not techlike. Are they profitable
Speaker 2: and are they a growing profitable entity the big banks
Speaker 2: or are they not?
Speaker 1: Well, the big banks are just getting bigger, right, so
Speaker 1: to the extent that the regional banks are suffering because
Speaker 1: the bigger banks are getting bigger. There is growth, there
Speaker 1: is it tech like growth. No, But if you see
Speaker 1: if you start to see some other areas pick up,
Speaker 1: like capital markets, which has essentially been more abound for
Speaker 1: the next for the last couple of years. They're pointing
Speaker 1: to some opening in some of those areas. I think
Speaker 1: the bigger banks continue to get bigger, and I think
Speaker 1: in that sense there's growth, but no, it's not going
Speaker 1: to be a hockey stick like some of the tech sacs.
Speaker 4: So, sir, I mean, we're getting into the meat of
Speaker 4: earnings here this week.
Speaker 3: Here.
Speaker 4: What are you looking for for this earning cycle from
Speaker 4: some of the leading players.
Speaker 1: It's a combination of what the first quarter looked like
Speaker 1: and what their expectations are for the rest of the year.
Speaker 1: Because I think that given where the valuations are in
Speaker 1: the equity markets and all the geopolitical tensions that we're
Speaker 1: talking about, you're at some fairly lofty valuation levels.
Speaker 5: So you need to.
Speaker 1: See some real earnings come through here, and to the
Speaker 1: extent that people are already expecting or to be better,
Speaker 1: they need to not just be better, but the going
Speaker 1: forward has to look pretty good as well.
Speaker 4: So I mean, it's interesting you talk about evaluation here.
Speaker 4: We've had this big, big move for equity prices off
Speaker 4: those October lows, up twenty five percent plus for the
Speaker 4: SMP five hundred. I don't think we've seen necessarily that
Speaker 4: type of earnings expansion as well. So where are we
Speaker 4: in terms of valuation here?
Speaker 1: We're on the higher end, right so to the extent
Speaker 1: that some of the technology stocks have got the hockey
Speaker 1: stick growth that is supporting multiples because people are expecting
Speaker 1: the earnings to grow into those multiples. So the multiples
Speaker 1: will come down because the earnings are coming up. But
Speaker 1: I think if you look at the market as a whole,
Speaker 1: we're on that higher end on the multiple side, and
Speaker 1: that's it's been a real multiple expansion more than an
Speaker 1: earnings catch up. And if the earnings don't end actually
Speaker 1: end up coming through, I think you have some vulnerability there.
Speaker 2: So what do you do if you're in the game,
Speaker 2: you know there's a lot I often talk about people
Speaker 2: that have missed this school market. Let's say I'm in
Speaker 2: it and there's like stage two, stage three.
Speaker 3: The whatever. How do you treat cash right now?
Speaker 2: I mean, if you're trying to be an adult and
Speaker 2: you're running at five percent cash or eight percent cash,
Speaker 2: do you want to build that or do you want
Speaker 2: to put money to work right now?
Speaker 1: It's a combination of things. I think there's nothing wrong
Speaker 1: with having something like a five percent cash position somewhere
Speaker 1: in between. That the higher up you go, the more
Speaker 1: you become at risk of not just not really managing money.
Speaker 1: If you're supposed to be an equity manager, right you
Speaker 1: want to be looking at what's going on. I think
Speaker 1: the market has broadened out. I think that there's some
Speaker 1: opportunities in some of the spaces. I mean, I've talked
Speaker 1: about energy for ages, but certainly what's going on right now.
Speaker 1: You've got some longer term better prospects for the energy group,
Speaker 1: which is unfortunate because the geopolitical situation. But that combined
Speaker 1: with the energy transition story, means that you're seeing some
Speaker 1: of h oil prices.
Speaker 2: Three month T bill five point three eight percent, one
Speaker 2: year tea bill shockingly lower five point one five time.
Speaker 3: I mean, it's like ninety day money.
Speaker 4: You're all set there in your triple all large cash
Speaker 4: fund here, So what do you want.
Speaker 3: To go through?
Speaker 2: I learned this weekend we just did the end a
Speaker 2: quarter review. I had a two and twenty payout.
Speaker 3: Nice.
Speaker 2: Great, we gross up thirteen point five percent.
Speaker 4: Nice.
Speaker 3: There's some fees involved.
Speaker 4: There's everybody's got to get paid, just got to be paid.
Speaker 3: You know, we got two and twenty Sarah, So what
Speaker 3: do we do here?
Speaker 4: I mean again, technology has been the leader in this
Speaker 4: market since I can't remember when, and is that still.
Speaker 3: The case here?
Speaker 4: Does technology need to drive this market?
Speaker 3: This is the question of the week, folks. Sweety just
Speaker 3: asked this is this is everything?
Speaker 1: I think the answer is yes. I mean if you
Speaker 1: just look at where the growth is, it's on technology.
Speaker 1: So do you need other things to do well as well?
Speaker 6: Yes you do.
Speaker 5: But if you really.
Speaker 1: Saw a problem with technology, that's going to be a
Speaker 1: problem for the entire market. I think it does need
Speaker 1: to keep that leader.
Speaker 3: So are you a buyer?
Speaker 4: And this whole AI stuff, Tom and I are still
Speaker 4: trying to figure out what AI means.
Speaker 3: When you went down to Duke this weekend, O got smart?
Speaker 3: I got smart?
Speaker 1: Well, you look at all the areas that are going
Speaker 1: to be impacted by it. There's a huge spend going
Speaker 1: on right now because of it. And the question is
Speaker 1: how is that going to make us profitable? Because the
Speaker 1: real with AI is can I get my margins up
Speaker 1: by using it in some way? And the questions are
Speaker 1: sort of like AI question mark, I'm going to make
Speaker 1: more money. That question mark is coming through. For some
Speaker 1: of the players like Microsoft and some of the cloud players,
Speaker 1: it's going to be a question going forward how you
Speaker 1: actually monitor.
Speaker 2: Microsoft as you were going, I get thirty seconds Microsoft
Speaker 2: pre COVID fifty two bill excuse me, thirty eight billion.
Speaker 2: Thirty eight billion free cash flow. Oh, it's almost a
Speaker 2: double the arch question of Paul's great question, Can this
Speaker 2: juggernaut be sustained?
Speaker 1: You're saying yes, Well, I'm saying that they need to
Speaker 1: continue to show growth and if they show growth and
Speaker 1: the juggernaut will be sustained. If the growth slows down,
Speaker 1: that's going to be a big question mark. How the
Speaker 1: rest of the market reacts as well.
Speaker 2: Absolutely, Sarah, thanks for getting a start of this week.
Speaker 2: Sarah hunt with us greatly, greatly appreciate that. With Alpine
Speaker 2: Wood's Capital investors, I thought of Ian Bremer four or
Speaker 2: five six times this weekend, because you need to describe
Speaker 2: our G zero certitude, our comfort, our lack of warfare
Speaker 2: on the soil of the United States and the other
Speaker 2: G seven nations with what's going on out there. He
Speaker 2: codified the phrase G zero and we're honored that doctor
Speaker 2: Bremer could join us this morning. What does the G
Speaker 2: seven do here? Of the Kissingerian diplomacy, Ian, you got
Speaker 2: to show up and be diplomatic. If you can't talk
Speaker 2: to the other side, how to should the G seven respond?
Speaker 6: They're showing as much support as they can for the
Speaker 6: defense of Israel, and that is both intended to show
Speaker 6: Israel that they are not isolated in the global stage
Speaker 6: despite the war in Gaza and all of the opposition
Speaker 6: to that war over the past months. But the Iranian
Speaker 6: strikes in a sense are the higher priority for the
Speaker 6: G seven, but that they don't want to see. They
Speaker 6: really resist the potential for Israel to engage in strikes
Speaker 6: against Iran that could precipitate a direct war. And right now,
Speaker 6: I would argue, you've got Benny Gans largely sympathetic to
Speaker 6: that message, someone that would like to be the next
Speaker 6: Prime Minister of Israel, and he has a vote on
Speaker 6: that war cabinet. And you've got Benjamin Yahoo, who is
Speaker 6: fighting for his political life and is not sympathetic to
Speaker 6: that argument. Gants is saying, this is the time that
Speaker 6: you should strengthen alliances with countries like the US in
Speaker 6: Germany and on Yahoo is saying this is the time
Speaker 6: we've got to hit the Iranians back directly and hard,
Speaker 6: even if that means a more isolated and a more
Speaker 6: unilateral Israel. That is the nature of the debate inside
Speaker 6: Israel right now.
Speaker 2: And what's so important here, folks. You know you see
Speaker 2: in Bremer and he's doing this media that meydia he's
Speaker 2: writing this book, and what you don't see is the
Speaker 2: granularism of his daily Eurasia note. And part of that
Speaker 2: Ian is about the structure of the Iranian government and
Speaker 2: a theocracy. Who's calling the shots in Iran right now?
Speaker 2: Do they have a legitimate government or is it a
Speaker 2: theocracy that staggers back to nineteen seventy nine.
Speaker 6: Look, you know that they don't have a legitimate government
Speaker 6: in the sense that the people don't have a voice,
Speaker 6: They don't have the ability to vote for them or
Speaker 6: vote them out. And indeed, there have been a lot
Speaker 6: of people, myself included, that have both believed and hoped
Speaker 6: that people power would be more successful in rising up
Speaker 6: against this brutal theocratic regime. But it is in place,
Speaker 6: it is stable, it is calling the sh internationally and domestically,
Speaker 6: and it does not want a war with the United States,
Speaker 6: and so I look, I think the important thing I've
Speaker 6: been seeing on the media over the weekend, please you
Speaker 6: know how extraordinary it was that the Israelis were able
Speaker 6: to defend so well against three hundred Iranian missiles and
Speaker 6: drones that they knocked down ninety nine percent of them
Speaker 6: and there were not any depths, there were not any
Speaker 6: significant injuries. And that's a great story. But let us
Speaker 6: remember that the Iranians gave a heads up as to
Speaker 6: the nature and the timing of the attack to the Iraqis.
Speaker 3: Why did they do that?
Speaker 2: Why did they do that flying over Iraq and Jordan?
Speaker 2: Why does the Iranians give it away?
Speaker 3: It's like pretend war.
Speaker 6: Well, yeah, because I think they were trying to accomplish
Speaker 6: two things that are hard to do. At the same time,
Speaker 6: they were trying to show a maximum display of force
Speaker 6: in responding to the Israeli strikes on Damascus that killed
Speaker 6: a high level Iranian military official, and they were trying
Speaker 6: to minimize the likelihood that their show of force led
Speaker 6: to further attacks and brought them into a war they
Speaker 6: want to fight. So those two goals that they have
Speaker 6: are not exactly fully in alignment tom Right. And so
Speaker 6: what they did was they tipped their cards. They showed
Speaker 6: their hand through the Turks and the Iraqis to the Americans.
Speaker 6: So the United States had the ability to send the
Speaker 6: Sentcom commander to Israel to coordinate a response, to get
Speaker 6: your vessels and your aircraft in place in advance, to
Speaker 6: let the Israelis know what was going to happen, to
Speaker 6: tell the Israelis privately and publicly that there was I
Speaker 6: Clad's support for Israeli defense. In other words, give the
Speaker 6: Israelis a bear hug, help defend them as best you can,
Speaker 6: but also help constrain them, and constrain specifically the Prime
Speaker 6: Minister in making it hard for him to engage in
Speaker 6: full throated military response following this Iranian attack. That's exactly
Speaker 6: what the Iranians were hoping to accomplish. By the way,
Speaker 6: it was also following the US playbook. In the one
Speaker 6: week following the Iranian proxy attacks that killed three American
Speaker 6: servicemen and women in Jordan, the Americans did the same thing.
Speaker 6: And so I'm sure that the Iranians figured because it's
Speaker 6: a dangerous thing for them to do, it worked for America.
Speaker 6: The US is going to get it if we do
Speaker 6: the same thing in response, and.
Speaker 4: We're six months into this conflict here, I think I
Speaker 4: speak for a lot of folks when I say we
Speaker 4: just have no idea how Israel get out of this
Speaker 4: situation today versus day one. How do you think this
Speaker 4: plays out going forward?
Speaker 6: I think most people are focused on Iran right now
Speaker 6: and less on Gaza. That will of course change back
Speaker 6: given the nature of the horrible civilian casualties, the famine
Speaker 6: that's going on, and the rest. But this does give
Speaker 6: the Israeli Prime Minister and his right wing government more
Speaker 6: of a lease on life. They're likely to be there
Speaker 6: for longer as opposed to forced out soon. That's a
Speaker 6: problem for Biden. There's less focus on Gaza, which means
Speaker 6: that not Yao's going to have a harder time being restrained.
Speaker 6: In terms of eventual ground assault on Rafa. I suspect
Speaker 6: it will be less dramatic, less overwhelming than he might
Speaker 6: have wanted to do before the US ultimatum, and there'll
Speaker 6: be more humanitarian aid coming in. But I think those
Speaker 6: attacks are still happening, especially because it's harder to now
Speaker 6: get the Hamas breakthrough on the initial hostage release in
Speaker 6: the six weeks, see and.
Speaker 3: Get some rest.
Speaker 2: You've been up all weekend. Ian Bremer there owning the
Speaker 2: high ground on our G zero realities. Doctor Bremer, of
Speaker 2: course with Eurasia Group looked to his top ten risks
Speaker 2: at the beginning of the year, my book of the
Speaker 2: summer with Chip Wars on our technology.
Speaker 3: So what we're going to do here is different.
Speaker 2: We have a former Supreme Commander of NATO, James Travitas,
Speaker 2: vetted at one point as a vice presidential candidate by
Speaker 2: one of the sides, and Erbral Stravitas joins us this morning, Ebro.
Speaker 2: I want to talk about one thing. I want to
Speaker 2: talk about Oury Burke destroyers. Now we had Spruance, one
Speaker 2: of my heroes. We had Spruance Destroyers and almost Zumwalt
Speaker 2: said we got to do something fancier. And now there's
Speaker 2: Zoomwalt destroyers.
Speaker 3: And all that.
Speaker 2: How do Ourley Burke destroyers defend themselves in the Eastern
Speaker 2: Mediterranean from oncoming drones? Their technology is world class, isn't it?
Speaker 7: It absolutely is. And by the way, I'm thrilled to
Speaker 7: talk about it. I commanded uss Berry and Arley burg
Speaker 7: class Destroyer second of the class. I commanded a squadron
Speaker 7: eight of these destroyers in combat. I commanded many of them.
Speaker 3: We're gonna focus.
Speaker 2: I'm gonna interrupt right now, folks, we're focusing on this
Speaker 2: today because of all the media bladder. I get it,
Speaker 2: I love it. I'm glad we're doing it in Bloomberg.
Speaker 2: This is the adult on your men and women at sea.
Speaker 2: Admiral continue on the Arlely Burke in the Berry.
Speaker 7: So the ships are about five hundred feet long, sixty
Speaker 7: six feet wide. But here's the punchline, Tom. They carry
Speaker 7: about ninety five anti air and land attack missiles. They
Speaker 7: have an unmatched capability to defend themselves. Three hundred and
Speaker 7: fifty sailors aboard two helicopters on most of the ships
Speaker 7: in the class, and they've been used most recently over
Speaker 7: the last forty eight hours in the Red Sea and
Speaker 7: the Eastern Mediterranean, knocking down the Iranian air attack and
Speaker 7: doing so quite effectively.
Speaker 2: Right, what's important here? You know, folks, we got an
Speaker 2: idea of a nineteen year old in the deck of
Speaker 2: an aircraft carrier. I think it's something we all understand
Speaker 2: from Vietnam. Ford Max Hastings grabs it beautifully in his
Speaker 2: book on Vietnam, at must vedis, do you have like
Speaker 2: a nineteen year old kid handling a Falance close in
Speaker 2: weapons system CIWS for point defense against drones from Iran?
Speaker 7: Absolutely, there'll be somebody maybe twenty twenty five at the most,
Speaker 7: sitting in the combat information center with his or her
Speaker 7: finger on the button for that sea whiz system as
Speaker 7: we call it. It's a gatling gun that fires uranium
Speaker 7: projectiles if any of the missiles get through the air.
Speaker 2: Defense is the.
Speaker 5: Longer range ones.
Speaker 7: We use those close in But the whole ship is
Speaker 7: manned by very young people. When I was captain of
Speaker 7: the ship, I was thirty seven years old.
Speaker 3: Wow, this folks is just so important.
Speaker 2: And I got to get one more question here because
Speaker 2: Paul's looking at me like when do I get to talk?
Speaker 2: And amasturvedis, just where are we in our navy development?
Speaker 2: We've got this whole thing that we stopped their shipbuilding.
Speaker 2: But I don't mean the gerald Ford and the enormous platform.
Speaker 2: How many more berries and Birks do we develop?
Speaker 7: We're going to be bringing out a new class USS
Speaker 7: constellation class frigate that's almost as big as these guided
Speaker 7: missile destroyers. First one is having her keel laid this week,
Speaker 7: as a matter of fact, So the follow on classes,
Speaker 7: frankly will be even better than these early burks, and
Speaker 7: they're pretty damn good.
Speaker 4: Admiral, It's been a busy week in that part of
Speaker 4: the world over there, with the Iranian response and shelling
Speaker 4: of Israel. Put into context of how about risk are
Speaker 4: our ships and our men and women in that part
Speaker 4: of the world, and how do we protect them better.
Speaker 7: Perhaps our sailors are on board the unmatched, most capable
Speaker 7: warships in the world. They can absolutely defend themselves in
Speaker 7: any scenario, but there's always a possibility of a missile
Speaker 7: slipping through, of a mistake being made in a radar
Speaker 7: bad intelligence as you're looking in the opposite direction. These
Speaker 7: kind of incidents can happen. So thus far none of
Speaker 7: our ships, our warships, have been struck by Iranian or
Speaker 7: hoothy ballistic missiles or drones. But the sailors there absolutely
Speaker 7: have to stand their toes to execute their mission, not
Speaker 7: only defending themselves but defending our allies in the region
Speaker 7: like Israel.
Speaker 4: Adamirre, what do you expect from Israel over the coming
Speaker 4: days and weeks. Here it just feels like we've kind
Speaker 4: of gotten into this stalemate type of situation in that
Speaker 4: part of the world.
Speaker 7: The Israelis have said they will respond to this three
Speaker 7: hundred and fifty drone ballistic missile cruise missile attack. Fortunately,
Speaker 7: the air defenses were discussing destroyed. It knocked down three
Speaker 7: hundred and fifty of them essentially, But Israel will respond. However, Paul,
Speaker 7: I don't think it'll be a massive jets whistling above
Speaker 7: Tehran kind of response. I think it'll include offensive cyber
Speaker 7: maritime operations, special operations. Don't look for a big escalation
Speaker 7: at this point.
Speaker 2: One more question the airon Roling's doing this because we
Speaker 2: want you to come back in the show. I noticed
Speaker 2: that the USS Barry was named two years ago the
Speaker 2: Navy's top Pacific fleet sub hunter. Bring that over to
Speaker 2: the Hormon Strait. How much risk do we have of
Speaker 2: it RAN? Without our technology like the USS Berry shutting
Speaker 2: down the Hormone Strait.
Speaker 7: RAN could shut it down Tom with mines putting minds
Speaker 7: in the water. That's why our mind sweepers are stationed
Speaker 7: over there. Our allies have mind sweeping capability and then finally,
Speaker 7: the Iranians also have diesel submarines quite quiet, quite capable,
Speaker 7: but a ship like uss Berry should be able to
Speaker 7: handle that threat as well. Watch the mind sweeping. That
Speaker 7: would be the way they would close the strait.
Speaker 2: Admiral, thank you so much this morning, Admiral Stravitis. Of
Speaker 2: course I can't say enough about twenty thirty four and
Speaker 2: just out moving on to the technology that we can't imagine.
Speaker 2: Elliet Ackerman and James Travitas twenty fifty four.
Speaker 3: It is my book of the summer. A day to
Speaker 3: look at the front pages around the world. Sue Decker
Speaker 3: x DLG the iconic of this. Sue Decker's on the
Speaker 3: board at Costco. She emailed, she did.
Speaker 2: Like a DM, like not an email, a DM on Twitter,
Speaker 2: Lisen that's like where you're talk inside to Lisa Matteo.
Speaker 3: Did you really spend five hundred dollars at Costco?
Speaker 8: Five hundred eighty dollars to be exact, missus.
Speaker 3: King's looking at your photo going, my god, we don't
Speaker 3: eat like that. They eat.
Speaker 8: It's my once a month kind of going there, and
Speaker 8: you got to stock up.
Speaker 5: I have the extra freezer, I have the extra freeze,
Speaker 5: you do.
Speaker 8: I put them in the garage where the beers. That's
Speaker 8: where the beer is, and I come over.
Speaker 2: It's healthy beer, it's gluten free beer. Sue Decker at
Speaker 2: Costco says, thank you.
Speaker 3: What do you got?
Speaker 5: Yeah, that was quite a time. So we talked about Netflix.
Speaker 5: That one was crazy.
Speaker 8: From the New York Times, I want to talk about
Speaker 8: We've been talking so much about squatters.
Speaker 5: This one stood out to me from business insider.
Speaker 8: Waters have taken over Gordon Ramsey's restaurant in London. Believe
Speaker 8: it or not, at least six people they're living there
Speaker 8: outside York and Albany.
Speaker 5: This is according to the BBC two.
Speaker 8: The restaurant was temporarily closed, so that's why this happened.
Speaker 8: And they're not sure when the squatters first showed up,
Speaker 8: but they're calling themselves the occupiers. They have a sign outside,
Speaker 8: they posted a sign, they locked themselves inside, they boarded
Speaker 8: up the windows. They're threatening legal action against anybody who
Speaker 8: tries to kick them out. Ramsey's called the authorities about
Speaker 8: the property, but so far they're still there.
Speaker 2: So this is a small mad Why New York Mayor
Speaker 2: Adams just focused on, you know, the rights of both
Speaker 2: sides of the transaction.
Speaker 3: I don't see it's brutal.
Speaker 2: There was a Yahoo financed chart out over the weekend
Speaker 2: on where the inflation is rent number two, home ownership
Speaker 2: number three.
Speaker 3: That's all there is to it. I'm sorry, our audience
Speaker 3: is correct.
Speaker 2: The people we talked to are ron They're all micromanaging inflation.
Speaker 3: I'm sorry people are getting crushed.
Speaker 2: Yep.
Speaker 4: Absolutely Yeah.
Speaker 2: Maybe groceries are better now, but I don't buy it.
Speaker 3: What else do you have?
Speaker 5: The New York Post the once popular power Lunch.
Speaker 8: Remember we've been talking about, you know people, maybe they're
Speaker 8: trickling back to the office. Apparently they're coming back because
Speaker 8: the Power Lunch is making a comeback.
Speaker 5: Okay, this is according to side.
Speaker 8: Dish, a number of Midtown restaurants, newer hotspots. They're reporting
Speaker 8: the power Lunch expanded not just from Tuesday to Thursday,
Speaker 8: but five.
Speaker 5: Days a week.
Speaker 6: Really.
Speaker 8: Yeah, So they're enjoying the food, they're making big deals.
Speaker 8: And here's something interesting, Ladies who's lunch?
Speaker 5: Ladies who lunch?
Speaker 2: Oh?
Speaker 5: I love that is back. So the women are making
Speaker 5: the deals too. They're going out for lunch.
Speaker 8: More.
Speaker 5: Friday is the more popular lunch day.
Speaker 8: Because the workers don't go back to the office after lunch,
Speaker 8: so you can kind of make a longer lunch, maybe
Speaker 8: two three martinis.
Speaker 2: I'm sorry, but good morning. Michael McCarty in Steve Millington.
Speaker 2: I mean, the bottom line is there. I was power
Speaker 2: lunching on Friday.
Speaker 3: Yep. I was stunned how busy it was, given when
Speaker 3: Monday is.
Speaker 2: A new Friday and they actually talking to Steam about it,
Speaker 2: and you know, he totally agrees with what the New
Speaker 2: York Post is saying, there's just a new step, a
Speaker 2: new pop, let's go. I hope it continues. I think
Speaker 2: people know how bias stam on this.
Speaker 4: I'll be at the La Gourmet Deli power lunching today
Speaker 4: with my sandwich. But I know usually I'm a Michael
Speaker 4: Stone that that's my go to spot. That's where the
Speaker 4: media folks hang out.
Speaker 3: It's like, you know, media, I just sit at the bar,
Speaker 3: you know, Like you know what I saw there? Nick Corlish, Yeah, he.
Speaker 2: Was in some intense private meeting. I think he was
Speaker 2: trying to sell Google or something. But Nick Corlis came
Speaker 2: he was there. Yeah, he was having the green asparagus
Speaker 2: with the French sauce.
Speaker 3: I can't pronounce.
Speaker 5: Next fancy stuff and this is the last one.
Speaker 8: It's it's a bit of a battle going on at
Speaker 8: the gym because a lot of these implacers are taking
Speaker 8: their phones and they're filming themselves and they're posting all
Speaker 8: these things. The people in the background they don't want
Speaker 8: to be on their feed. So it's this back and
Speaker 8: forth thing about people saying, stop filming yourself at the gym.
Speaker 5: Enough of it around?
Speaker 4: Do you film yourself with the gym's gonna say? You're
Speaker 4: looking at us like you guys have no idea what
Speaker 4: I have no idea what you're talking about?
Speaker 3: Do you have your phone out to Jims. Our audience
Speaker 3: wants to know.
Speaker 5: The thing is, I work out at home, I go
Speaker 5: to the gym and you've got the power Jem.
Speaker 4: This is not like the peloton tom like or like
Speaker 4: the little walking on a treadmill nose.
Speaker 5: She's got like free weights.
Speaker 2: And it's like there's a house it's like three houses
Speaker 2: down from Dann Lobe in the hand.
Speaker 3: I don't know who owns it.
Speaker 2: And it's like literally four thousand square feet of gym equipment.
Speaker 3: Do you have something like that?
Speaker 5: Not four thousand maybe a little piece of that.
Speaker 8: But all of my friends who go to gym, that's
Speaker 8: what they complained about. They're like, enough of this already,
Speaker 8: Like do your workout. You're taking up my time on
Speaker 8: the bench. You're doing this, and so.
Speaker 4: You got to get your phone all set up and
Speaker 4: the lighting and all that.
Speaker 3: Okay, we're gonna get serious and good morning. Jeremy.
Speaker 2: I through who I Adore out in Vancouver is just
Speaker 2: phenomenal out on YouTube. It's really helped me a lot
Speaker 2: and trying to keep this aged body going Lisa.
Speaker 3: How long should you work out with weights?
Speaker 5: With weights? No less than two days a week?
Speaker 3: Oh no, he's Jeremy's four days or more? There? What's fine?
Speaker 3: I see guys in the gym and they're there for
Speaker 3: three hours? What are they doing? Much? Too much?
Speaker 5: They don't want to go home?
Speaker 2: That's there.
Speaker 3: How many minutes do you work out in a given
Speaker 3: day with waits?
Speaker 6: Me?
Speaker 5: Forty minutes, that's it, forty minutes. But today say in
Speaker 5: arms day or his arms shoulders and that.
Speaker 4: After after the trip's what's I do a.
Speaker 2: Hockey Seriously, I do a hockey workout. I do it
Speaker 2: in less than twenty minutes, and I get about eighty
Speaker 2: percent seventy five percent done because I don't have time.
Speaker 5: For this stuff, not like you don't have that.
Speaker 2: Long and I am taking photos y Pharaoh. Pharaoh still
Speaker 2: talks about being the gym because I'm actually lifting weights.
Speaker 3: The rest of them are doing three sets.
Speaker 5: In that is what is Barrow doing.
Speaker 3: I like not seeing tell up? Not seeing tell up?
Speaker 3: Does this? You do like one set? Get over it
Speaker 3: and move on. That's it.
Speaker 4: I'm just gonna follow Lisa. She's the expert's yeah, yep,
Speaker 4: she's all right.
Speaker 5: But the bottom line is about.
Speaker 8: Stop film Stop filming yourself.
Speaker 5: People are tired of it. They don't want to be seen.
Speaker 8: It's actually some legal issues too, or starting to go
Speaker 8: from this.
Speaker 4: So yeah, well I don't in the background of your
Speaker 4: social media posts. It's according to the Wall Street Journal. Okay, yes,
Speaker 4: all right, Lisa, thank you so much.
Speaker 3: For Thank you, Lisa. That was brilliant, Starting stronger.
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