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Speaker 2: the Bloomberg Terminal and the Bloomberg Business app got her.
Speaker 2: Montgomery Connick.
Speaker 3: She called me up.
Speaker 4: She said, you know, I want to be on, and
Speaker 4: they said send me your note and I'm like, yeah,
Speaker 4: you know whatever. Ts Lombard and they do brilliant work.
Speaker 4: She's director of macro Strategy there and they're in the
Speaker 4: middle of her research note.
Speaker 2: I don't know how many pages it is, fifteen sixteen
Speaker 2: page is the absolute single best chart of the months, Skyler.
Speaker 2: Montgomery Knic joins us right now, macro Strategy ts lomberd Skyler,
Speaker 2: you got a scattered dot chart which compares a GDP
Speaker 2: of different nations and their economics Surprise Index, And basically
Speaker 2: it underscores how the US exceptionalism is all alone with
Speaker 2: massive GDP, but even Sterling, where the election being called
Speaker 2: is coming on as well.
Speaker 5: What does that chart look like in a year?
Speaker 2: What does a scattered ot chart of our expectations versus
Speaker 2: actual GDP look like in twelve months?
Speaker 6: Yeah, I mean it's really interesting, right because that chart
Speaker 6: tells you two things. It tells you that the US
Speaker 6: is outperforming on an absolute basis, and I expect in
Speaker 6: a year's time that you still have that outperformance because
Speaker 6: if you think about what the two global growth engines
Speaker 6: of the world are, the US and China. China stimulating,
Speaker 6: but it's not the kind of stimulus that you did before,
Speaker 6: and it's not the kind of stimulus that's going to
Speaker 6: be able to make countries like Europe and the UK
Speaker 6: compete with the US. So in a year's time, I
Speaker 6: think you still have US exceptionalism. But right now the
Speaker 6: story is very interesting because you're having convergence because of
Speaker 6: growth surprises, because we've had these massive upside surprises in
Speaker 6: US growth consensus that's chased that upside surprise, right, So
Speaker 6: we're now getting downside surprises.
Speaker 2: Well, we're getting downside surprises, so they say, but I'm
Speaker 2: looking at Atlanta GDP now, or look at domestic final
Speaker 2: sales and these are actually pretty good numbers. When does
Speaker 2: the party end?
Speaker 6: Well, this is what's really interesting is we're getting downside surprises,
Speaker 6: but we actually care where the surprises are coming from
Speaker 6: as well. So if you look at Bloomberg's Economic Surprise
Speaker 6: and dex it very handily gives you all of the components,
Speaker 6: and what surprising to the downside is sentiment. And I
Speaker 6: think that's largely related to the level of inflation as
Speaker 6: well as being a pretty politically charged year, and so
Speaker 6: I'm not as worried about the growth outlook. If it's sentiment,
Speaker 6: that's the reason where surprising to the downside.
Speaker 1: Skyler, I'd love to hear your thoughts here on king dollar.
Speaker 1: I mean, you mentioned back at mid month that the
Speaker 1: dollar was vulnerable over the short term. These still feel
Speaker 1: that way. I mean, how quickly do those views on
Speaker 1: the dollar change and where are we headed from here?
Speaker 3: Yeah?
Speaker 6: Sure, So, I mean for the dollar, you know, in
Speaker 6: the short term, I'm still a bit cautious. We're seeing
Speaker 6: more growth conversions with global growth kind of catching up
Speaker 6: to US growth. At the same time, the FED has
Speaker 6: had an asymmetric reaction function, where because we know they
Speaker 6: don't want to hike, the market is looking for a
Speaker 6: reason to be dubbish at the same time positioning you know,
Speaker 6: it's come off of it, but it's still stretched along
Speaker 6: the dollar. However, I am more positive in the medium term.
Speaker 6: You know, growth is converging, but as I said, US
Speaker 6: growth is still outperforming on an absolute basis. And the
Speaker 6: key point is that we still need to price policy diversions. Yes,
Speaker 6: the market is looking for the ECB to cut before
Speaker 6: the FED, but over the next year and over the
Speaker 6: next five years, policy pricing is pretty identical. So I
Speaker 6: think you need to price in more dubbishness in Europe
Speaker 6: and especially the UK, and that should be supportive for
Speaker 6: the dollar.
Speaker 1: Do you think euro dollar heads from here? I mean,
Speaker 1: do you have a target there?
Speaker 7: Yeah?
Speaker 6: Sure, I mean I think one oh five is kind
Speaker 6: of the next point you're looking for. On the downside,
Speaker 6: you know, people are talking about parody because you get
Speaker 6: these massive policy divergence. I don't think we're quite there
Speaker 6: because the divergence is limited by the fact that you know,
Speaker 6: the FED does want to cut at some point, and so.
Speaker 1: You're talking about yield differentials here, right, and I believe
Speaker 1: you're absolutely right spot on that they have been a huge,
Speaker 1: huge driver of currency movement. We can see that just
Speaker 1: the high carry currencies versus the low carrier you know.
Speaker 1: But you know, talk to me a little bit about
Speaker 1: dollar yen here. Something's going on there. Tom's talking about
Speaker 1: it all week long. Bojing.
Speaker 5: You're going to be over the barbecue.
Speaker 2: You know, Skyler's going to be, you know, gaming out
Speaker 2: the British election, and you're going to have a massive
Speaker 2: intervention the third time here.
Speaker 5: Euro yen right now, Damien one's seventy point.
Speaker 1: Four to seven of Skyler. I don't want time to
Speaker 1: quote euro yen anymore. He's going to start quoting, quoting
Speaker 1: peso yen for us. Talk to us a little bit
Speaker 1: about the yen here. Is it's still a funding currency
Speaker 1: and what other funding currency sort of stand out to
Speaker 1: you in this environment.
Speaker 6: I mean, it's absolutely still a funding currency for carry
Speaker 6: trades to work, well, you need three things. You need
Speaker 6: an interest rate differential with you have with the end.
Speaker 6: You need low volatility because you don't want to lose
Speaker 6: your shirt if you're only gaining five percent in income,
Speaker 6: and you need positive resentment. And so it's certainly being
Speaker 6: used as a funding currency. And what you see over
Speaker 6: and over again is that unilateral intervention does not work.
Speaker 6: So while they may be intervening, it's just kind of
Speaker 6: stopping the bleeding rather than creating a reversal. For reversal,
Speaker 6: you need that.
Speaker 2: So to both of you, Damien Pickett, this is important folks.
Speaker 2: Pick it up here within the trilemma. If you're going
Speaker 2: to have a unilateral intervention which never works. I agree
Speaker 2: with Skyler on that, Damien. What works And the only
Speaker 2: thing that works is interest rates the central banks to
Speaker 2: allow ten and thirty years to blow up much higher
Speaker 2: than one percent.
Speaker 1: When I look at my FX models, Tom, and it's
Speaker 1: certainly real yield differentials that have driven done the heavy
Speaker 1: lifting at least over the better part of the last
Speaker 1: one t three year period in terms of currencies. But Skyler,
Speaker 1: you know, take me through that. You know, what are
Speaker 1: you looking at here? You know, as we push into
Speaker 1: the summer slow down, I mean, what's going to drive
Speaker 1: currency currency performance?
Speaker 6: Well, this is the thing. I think it's gonna be
Speaker 6: a summer slow down, it's gonna be low volatility continued.
Speaker 6: We're having the push out of the cuts from the FED,
Speaker 6: and so that means it's a continued carry environment, and
Speaker 6: so carry can be quite positive.
Speaker 2: Still, I look Skylar at the summation of all this,
Speaker 2: and I slip in one more question here the election
Speaker 2: suddenly in your United Kingdom? Is it really called just
Speaker 2: because everyone thinks this as good as it gets for
Speaker 2: the British economy.
Speaker 6: I mean, I'm not sure. I have a huge commentary
Speaker 6: on why it was called. I think from a market's perspective,
Speaker 6: it doesn't really matter. And I see two reasons for
Speaker 6: why it doesn't matter. The first is that labor has
Speaker 6: been in the lead by a significant margin for a
Speaker 6: very long time. Markets are good at pricing risk, and
Speaker 6: so if there was anything to price, it would be
Speaker 6: priced already. And the second is there's such limited fiscal
Speaker 6: space in the UK. We've all kind of been scarred
Speaker 6: by what happened with Liz Trust and neither party really
Speaker 6: wants to play with that fiscal space, and so there's
Speaker 6: not a lot of change that can be made that
Speaker 6: can affect the economy and in turn rocket that's.
Speaker 2: Great that you really steered around that for your general counsel,
Speaker 2: Skylar Montgomery coning there on Liz Truss as the chief
Speaker 2: political correspondent for Ts Lombard. Right now, where the markets open,
Speaker 2: the Dow up seventy three points, I guess I should
Speaker 2: quote gold. That would be a good way to start with.
Speaker 2: Exel Mark twenty three two, three hundred and sixty nine.
Speaker 2: Exel Mark there were gold bugs and silver rights, William
Speaker 2: McKinley and William Jennings Bryan, and then in the seventies
Speaker 2: when I had wider lapels, there were gold bugs. Where
Speaker 2: are the gold bugs now? Is it just about central
Speaker 2: banking buying or is there a retail enthusiasm for gold?
Speaker 3: He a good morning. I thought the golf talk was
Speaker 3: the interview of the day. But let's let's talk gold here.
Speaker 3: The until just recently it appeared that the US retail
Speaker 3: investor was absent, at least on the exchange s head
Speaker 3: of products. I've been buying physical gold, but not so
Speaker 3: much on the ats. Mostly the Chinese retelled bias, and
Speaker 3: obviously the Chinese Central Bank as well and the like
Speaker 3: had been buying of late. That might have changed, I see,
Speaker 3: might because a week or so doesn't make a trend yet.
Speaker 3: But yes, much of the gold rally has happened without
Speaker 3: broad retail participation in the US.
Speaker 2: What does that signal to you?
Speaker 3: That's a excellent question. I mean, if you are a
Speaker 3: gold bug, then it means there's a lot of upside
Speaker 3: potential when those folks finally come in. If you are
Speaker 3: on the barrier side, you can say, well, it's been Lukewalm,
Speaker 3: it's only the Chinese I've been buying. At some point
Speaker 3: the Chinese Central Bank will stop buying. And by the way,
Speaker 3: the FED is going to be more hawkish and so forth.
Speaker 3: So with any of these things, gold is this one
Speaker 3: asset that you're always glad you had, but never quite
Speaker 3: know why you want to have it for tomorrow. And
Speaker 3: so people put different spins on these stories. Is I
Speaker 3: think your way. I've been a gold invest of for
Speaker 3: many years and thuty ups and downs, and it's it's
Speaker 3: about the psychology of gold investing is a completely different.
Speaker 2: So I look at gold back twenty years. You can
Speaker 2: do this on the Bloomberg folks. I'm doing this semi
Speaker 2: log or percentage change matters. You know, there was a
Speaker 2: quiet two to gold from twenty twelve ash on over
Speaker 2: actually went down some, but it's amazing on a large shirt.
Speaker 2: Damien Sasaur gold with his leg up to twenty three
Speaker 2: forty six back twenty years is a legitimate trend and
Speaker 2: really isn't extended.
Speaker 4: I didn't know that.
Speaker 1: Well for me, it's really what does drive gold and axel.
Speaker 1: My question for you is, I've always been taught that
Speaker 1: really yields are probably the best driver of the price
Speaker 1: of gold. But you know, is it in he supplying
Speaker 1: the man at this point? I mean, is it really
Speaker 1: central bank buying this asymmetric sort of return profile for
Speaker 1: gold that hey, you know now that these central banks
Speaker 1: own it, they're not going to be selling it, and
Speaker 1: you know the price only has up to go from here.
Speaker 1: Is that kind of what I'm hearing?
Speaker 3: Well, it's always supplying the man with with any asset,
Speaker 3: and yes, the real yield is what we have been
Speaker 3: quote unquote taught. But the one thing about gold is
Speaker 3: correlations aren't stable. Whenever you think do you find a correlation,
Speaker 3: it starts to break down. Take a correlation to equities.
Speaker 3: Correlation to equity is in the long run is zero,
Speaker 3: But it doesn't mean it's never correlated. It sometimes goes
Speaker 3: with the s opinion, sometimes against the always just enough
Speaker 3: to frustrate people. But indeed it has the coupled, so
Speaker 3: to speak, from real yields. And most of what we
Speaker 3: look at is longer term. It's like a seven or
Speaker 3: ten year but those have broken down as well. Now
Speaker 3: keep in mind that there are plenty of reasons to
Speaker 3: be a gold bug. I mean, it's a and you
Speaker 3: just mentioned some sad geopolitics. I happen to think that
Speaker 3: what we see in in in gaza ors in Ukraine
Speaker 3: are just symptoms of a new era. And and similarly,
Speaker 3: of course the Chinese, they know that the dollar has
Speaker 3: been used more as a financial weapon. So all these things,
Speaker 3: if you want to be the glass of full guy,
Speaker 3: that is it. But at the same time, right in
Speaker 3: a short run, anything can happen. Gold a fantastic run.
Speaker 1: Well, Axel, tell to us about the broader precious metals complex.
Speaker 1: I mean, are there opportunities for silver here, for platinum, palladium.
Speaker 3: Well, the silver folks have finally a day to celebrate.
Speaker 3: I mean that's the silver for long, long period lags.
Speaker 3: The price of gold and silver seems to have broken
Speaker 3: out from that a little bit. I'm a simpleton. I
Speaker 3: focus on gold because it doesn't I call it the
Speaker 3: purest indicator of the mania of policymakers at the FED
Speaker 3: and other central banks around the world. The moment you
Speaker 3: go to other medals, it's industrial dynamics that play a
Speaker 3: much bigger role. And it may be in part that
Speaker 3: the manufacturing pmis around the world are picking up, suggesting
Speaker 3: that on the manufacturing side we are not entering a recession.
Speaker 3: And that's why Silva's been doing things better, because the
Speaker 3: Silva doesn't do so well in a recession usually.
Speaker 2: In the time we got left with you, you've done
Speaker 2: a lot of work on dollar, and of course the
Speaker 2: shock here has been strong strong dollar reaffirm the case
Speaker 2: that the dollar could fall apart.
Speaker 3: Well, we're talking on a Friday, so I might as
Speaker 3: well speculate. I just mentioned the manufacturing pmis. The rest
Speaker 3: of the world is more manufacturing heavy than the US.
Speaker 3: They are strong, so the rest of the world, maybe
Speaker 3: the central banks won't be easing quite as much, will
Speaker 3: be more hawkish. We don't see that that speculation. In
Speaker 3: the US. We are more services driven, the low end
Speaker 3: consumers weakening the interest rate hikes are taking a bite
Speaker 3: very slowly, so they're not biting really at the high
Speaker 3: end consumer in front of because of the equity rally,
Speaker 3: and so maybe the US is going to be more dabbagh,
Speaker 3: especially with COLS bias. And on the day like today,
Speaker 3: that story makes sense, but I think that's just speculation.
Speaker 2: No one's listening. Twelve months from now, where's gold? Excelle
Speaker 2: got to run Where's golden? Twelve months?
Speaker 3: Well, we have a new administration and last time that
Speaker 3: Trump was elected to to get elected again, and you
Speaker 3: talked about the gold bugs earlier, all the problems were solved,
Speaker 3: and then suddenly there was no interest in gold anymore
Speaker 3: until late in the administration. And obviously it's it's usually
Speaker 3: not just who was in office, but beyond the line
Speaker 3: drive US. But the storyline may well change early next year.
Speaker 2: Excel Mark, thank you so much on gold. These is
Speaker 2: merk investments. Right now, Louis Costa joins US. He's global
Speaker 2: ahead of the it's City Group in a really important
Speaker 2: position for City Group with all of their foreign reach.
Speaker 2: In that Louise, I want to go to something you've
Speaker 2: brought up as a run Niss moment that I've now.
Speaker 5: Heard you're the third person, and I'll say eight days
Speaker 5: that I have said, finally, Turkey, why is it now
Speaker 5: finally after the massive tobaccle, the depreciation of Turkish leer,
Speaker 5: or the chaos within their two tier domestic strategy, why
Speaker 5: now finally Turkey?
Speaker 7: A hi, thanks for having media, you know, finally because finally, uh,
Speaker 7: they are trying really hard to converge to more orthodox
Speaker 7: economic policy. And we know that that was the past,
Speaker 7: that was the issue in the past, and but now
Speaker 7: you know, after meeting so many policy makers from the
Speaker 7: central Bank and even the wooding coming out of the government,
Speaker 7: it feels like there's intention. They've been pursuing it for
Speaker 7: at least a quarter or so, and this is the
Speaker 7: starting basically to show in the effects in the in
Speaker 7: the micro nobles genermy speak global.
Speaker 2: Wall streetcause the name so many people know moments Simsek
Speaker 2: And in the time that I spent an instant bull
Speaker 2: I really got to know him quite well. Is this
Speaker 2: a moment sim Sack? I mean, ex Merrill Lynch now
Speaker 2: working with eerdo one in Turkey? Is this a sim
Speaker 2: Sck revolution we're seeing in Turkey?
Speaker 7: I wouldn't say you know shimshak revolution, but is we
Speaker 7: have a very capable person at the helm of the
Speaker 7: economic policy now and he's absolutely determined, right so if
Speaker 7: politics allows, he will continue basically to develop this orthodox
Speaker 7: economic agenda which means spider monetary conditions, which means some
Speaker 7: degree of deceleration and economy. But all we know, if
Speaker 7: you put this all together, it's very positive for the
Speaker 7: Takeshlidra hence Hola Longa the leader.
Speaker 1: So Louis, I mean, this is incredible. I mean, this
Speaker 1: is first of all great to speak with you again.
Speaker 1: I mean I open the show this morning talking about
Speaker 1: the concept of idiosyncratic carry and how emerging markets can
Speaker 1: kind of fill that gap. I know you mentioned Turkey here,
Speaker 1: but talk to me about some of these other local
Speaker 1: emerging markets like, for example, Egypt, Nigeria, I'm hearing about,
Speaker 1: Dome Rep. I'm hearing about Uraguay. I mean, are those
Speaker 1: viable markets for institutions to carry in the short end.
Speaker 7: They are viable. They are vibal of course, I mean
Speaker 7: different strokes for different folks, but they are you know,
Speaker 7: depending on the jurisdiction, depending on the markets this place,
Speaker 7: they tend to be more in liquid, so not every client,
Speaker 7: not every global investor, will have the appetites to being
Speaker 7: in liquid markets like this. But you mentioned something very important,
Speaker 7: which is the search for carry. We are in this
Speaker 7: environment where global financial volatility is at almost as cyclical
Speaker 7: notes right, so, and in an environment where we are
Speaker 7: still seeing some degree of deceleration coming from the developer markets,
Speaker 7: although the US is definitely hotter than what we expected
Speaker 7: it to be by now. But if you put this
Speaker 7: all together, all we know it feels like a market
Speaker 7: where you're going to be looking for carry opportunities front
Speaker 7: end of the a high yield carry or high ut
Speaker 7: biles and from tier now after so much correction in
Speaker 7: their economic policy Egypt you mentioned right, they let the
Speaker 7: currency goal, they high trades, So some of these juridictions
Speaker 7: are offering very interesting opportunities for investors now.
Speaker 1: And another high yoda that's getting a lot of play
Speaker 1: in recent weeks is of course South Africa. And we
Speaker 1: have an election coming up next week on Wednesday. Talk
Speaker 1: to us a little bit about as an investor, I
Speaker 1: mean the rand is rallied into this election. Talk to
Speaker 1: us a little bit about how you can invest in
Speaker 1: South Africa. Is it just the metals and mining play
Speaker 1: on the equity side, is it really a carry play
Speaker 1: on the fixed income side? I mean our sagb's back
Speaker 1: in vogue.
Speaker 7: Yeah, as I said, GB's back in vogue. That's right.
Speaker 7: We love the bonds. We love the bonds now and
Speaker 7: we have an overweight in the bonds. We have an
Speaker 7: overweight in the currency as well. And you mentioned this
Speaker 7: commodity rarely we had recently over the past three months,
Speaker 7: I mean in terms of trade for South Africa, they
Speaker 7: have reached a new highs. So we continue to it
Speaker 7: is and that future is true, the currency that futures
Speaker 7: for the markets. Ahead of the elections, there was a
Speaker 7: lot of investment premium price in when you know that
Speaker 7: this political premium is finally receding. So we continue to
Speaker 7: like South African bones now. We believe that that's where
Speaker 7: most of the premium is located on the bones.
Speaker 2: To both you and let me go to you Damien
Speaker 2: for mere mortals. Listen to this Babbel and em can
Speaker 2: they acquire what is easily acquireable in et F the
Speaker 2: captures so called carry.
Speaker 1: You know, I don't know of one, Luis, do you
Speaker 1: know of any you know a vehicle for a retail
Speaker 1: investor here in the US to really kind of isolate
Speaker 1: the carry trade and really invest in it. I don't
Speaker 1: know of any.
Speaker 3: Well that many.
Speaker 7: I'm not going to recommend that ETF now it's they're
Speaker 7: not paying for that, but it's up that there is,
Speaker 7: that there are many ETFs are there right, so that
Speaker 7: the options are available and they are plenty.
Speaker 2: I want to get you in trouble with your general
Speaker 2: counsel here, Lewis you know, I know you're doing an
Speaker 2: em thing. Let's look at the emerging market Japan. The
Speaker 2: fact is on a Friday, I'm looking at one seventy
Speaker 2: euro yen just a two day exponential moving average. I'm
Speaker 2: well through the intervention levels of.
Speaker 5: What or two weeks ago, three weeks ago?
Speaker 2: As well off of the City Group desk. Do you
Speaker 2: look for Japan intervention action into our Sunday evening their
Speaker 2: Monday morning.
Speaker 7: It's very tough to pinpoint the timing and the last
Speaker 7: times the markets tried to pinpoint the exact timing they
Speaker 7: were wrong, right, or the boj was actually a law
Speaker 7: more sensible and careful and not necessarily impacting the markets much.
Speaker 7: We know that there was there was a lot of
Speaker 7: selling of dollars in the past when they felt uncomfortable
Speaker 7: with certain levels. But most importantly, this frenzy on the
Speaker 7: end continues to impose investors towards carry baskets right over,
Speaker 7: we know, using the yen as one important funding currency.
Speaker 7: So if that continues, that continues basically to support the
Speaker 7: ivery basket trade out there.
Speaker 2: Louis, thank you so much, Louis costin sitting Girl. Today's
Speaker 2: front page is a daily look of the front pages
Speaker 2: pumped for Memorial Day.
Speaker 5: Lisa my tech I am.
Speaker 8: I'm already a much checking out, all right. So yesterday
Speaker 8: we told your Live Nation yeah thanks being sued by
Speaker 8: the DOJ. So the Wall Street Journal has this good
Speaker 8: breakdown of who is making money off of your concert tickets.
Speaker 8: So it gave the example of one hundred dollars ticket,
Speaker 8: which I think is really cheap for a ticket bud
Speaker 8: ninety dollars goes to the artist, ten dollars goes to
Speaker 8: the promoter like Live Nation, and then customers typically pay
Speaker 8: fees on top of it. Right, you know, when you're done,
Speaker 8: you get the fees or twenty percent or more of
Speaker 8: a ticket's face value. So a ticket selling platform like
Speaker 8: Ticketmaster would collect about five dollars of those fees. The
Speaker 8: rest goes to the venue, and then the venue also
Speaker 8: collects for things like parking, food, alcohol, spending. Live Nation
Speaker 8: owns and operates the venues nationwide. And then finally the
Speaker 8: merchandise you have because the artists partner with merchandisers who
Speaker 8: covers the twenty five dollar cost of making the item,
Speaker 8: and then they split the profit, so they keep seven passing.
Speaker 8: It came to the artists, you know, you see, you see,
Speaker 8: and then how much the venue gets too.
Speaker 2: This isn't the heart of this debate. Yeah, the most
Speaker 2: concerts you want to go to, you can't get tickets
Speaker 2: that's sold out.
Speaker 1: No, I mean I'm trying to get the tickets for
Speaker 1: the Stones there MetLife on Sunday night. You know, two
Speaker 1: hundred and fifty bucks a ticket, Tom, I mean that's
Speaker 1: pretty expensive. Pretty expensive.
Speaker 2: Yeah, you can wave to Pennsylvania on that.
Speaker 1: You're I mean brown eyed girl, you know so. I mean,
Speaker 1: but seriously, I mean, like if you just look at
Speaker 1: them trying, it's amazing how many people get rallied up.
Speaker 1: I mean, there have been rallies in Washington against Live Nation.
Speaker 1: I mean it's real stuff. I mean, Senators, it's become
Speaker 1: a real kind of election talking point.
Speaker 2: Also, no, Lisa, is there discussion Lisa in the articles
Speaker 2: you've seen that it's really about you can't get tickets
Speaker 2: because the ticket, that one hundred dollars ticket is priced
Speaker 2: too low.
Speaker 5: They're more like what Damiens talk on Members of Congress.
Speaker 8: Yeah, that's too And a lot of people are asking, well,
Speaker 8: why am I paying so much for this? Like where
Speaker 8: is my money going?
Speaker 1: Yeah?
Speaker 8: Where is where? Who's getting my dollar? That's what people
Speaker 8: want to know when they demand.
Speaker 2: I looked at Taylor in Paris and I just you know,
Speaker 2: I mean, you know, afterthought wanted to go, but both
Speaker 2: both that knowing Canalty, you wanted to go. And yeah
Speaker 2: it was like, you know, they if we don't get
Speaker 2: the golf stream, you know, we got to put the
Speaker 2: dogs in the chairs in the plane.
Speaker 5: It's like outrageous.
Speaker 8: Next goodness, Okay, Paramount Global reaching a new multi year
Speaker 8: distribution agreement with Charter Communication. So this is really big
Speaker 8: for Paramount because you know, the companies and talks with
Speaker 8: Skydance Media and a blackout would have really hurt those efforts.
Speaker 8: But now all of Paramount's networks including CBS. It's streaming
Speaker 8: services will continue on Charter Spectrum cable systems, So subscriber
Speaker 8: to charterals Spectrum, they're going to continue to get those
Speaker 8: paramount channels like Beet, Comedy Central, Paramount Plus with Showtime
Speaker 8: on top of it. And then Charters also making some
Speaker 8: services available for purchase to its Internet only customers on
Speaker 8: top of it.
Speaker 5: That's a local story.
Speaker 2: But I'm looking at the stock charts for PA, r
Speaker 2: A and Warner Brothers Discovery, and to be blunt, they've
Speaker 2: had a bad ten days.
Speaker 6: Yeah.
Speaker 5: No, I mean, you know there's a bull market, you
Speaker 5: don't know it.
Speaker 2: Looking at those stocks.
Speaker 1: It's a really good point in discretionary you know. I
Speaker 1: just looked at the S and P. The consumer discretionary
Speaker 1: subsector is actually now down year to date, which is
Speaker 1: kind of interesting.
Speaker 5: Your diard.
Speaker 2: If Warner Brothers loses TNT.
Speaker 1: Well, I think they will. I think they will. So
Speaker 1: the NBA deal for guys is going to be seven
Speaker 1: billion dollars a year for eleven years. You want to
Speaker 1: talk about a big pot to split up. There it is,
Speaker 1: And it looks like TNT and TBS are out, so
Speaker 1: it's going to be Amazon, it's going to be Disney.
Speaker 1: It's going to be interesting.
Speaker 8: We have to see yeah, and that's that's exactly it.
Speaker 8: So it's gonna be Walt Disney, Comcast, Amazon. This was
Speaker 8: actually in Lucashaw's news level town. He's the best, Yeah,
Speaker 8: so he had the great insights. So this is what
Speaker 8: they found that their finalized agreements with those three, they're
Speaker 8: going to pay the league and average of about seven
Speaker 8: billion a year over the next eleven years. Disney is
Speaker 8: going to get that biggest part of the package that
Speaker 8: includes the NBA finals. All three would split the other
Speaker 8: playoffs and regular season. But what I like what Lucas
Speaker 8: did is he said that if the NBA signs, Warner
Speaker 8: Brothers can match them, but it's going to be tough
Speaker 8: because Comcast is going to put out games on NBC,
Speaker 8: which is a broadcast network. Warner Brothers doesn't have one
Speaker 8: of those. The Comcast also involves minimum number advertising oppressions.
Speaker 8: That's easy for NBC, but for Warner Brothers Turner broadcast,
Speaker 8: that's a little bit tough there. So it's a lot
Speaker 8: to keep up with. I mean, but Warner Brothers could
Speaker 8: come back, you know, with the right to match it,
Speaker 8: but they could also go for like a smaller package
Speaker 8: of NBA game.
Speaker 2: I miss Brent Musburger. Next, there you go.
Speaker 3: In New York City.
Speaker 8: You had mentioned this, Damien. Those charging stations coming to
Speaker 8: New York City. It's a company back by Google. It's
Speaker 8: called Gravity and they want to bring they They they're
Speaker 8: calling them quote unquote trees because they look they're tall, thin, slender,
Speaker 8: so they're going to fit right into the landscape in
Speaker 8: New York City. They're saying they're gonna be curb side
Speaker 8: and they can charge your car and as little as
Speaker 8: five minutes.
Speaker 1: Wait, I thought it was going to look like a tree.
Speaker 1: I didn't. I think they were going to disguise them,
Speaker 1: because if they're just going to be metal poles, I
Speaker 1: don't like that.
Speaker 8: It's a metal pole, but it's as thin like that.
Speaker 8: If you put it next to a tree, the trunks
Speaker 8: look the same.
Speaker 2: Did you say there's no large charge given Tesla or
Speaker 2: whatever in five minutes?
Speaker 8: In as little as five minutes, one will take up
Speaker 8: to thirteen minutes. The other model can take up to
Speaker 8: five minutes.
Speaker 5: Now they're like quick.
Speaker 2: Long, they're like forty fifty minutes.
Speaker 8: You have to sit sometimes for like twenty five to
Speaker 8: thirty minutes. Yeah, to charge your full car, but I'll
Speaker 8: give about two hundred miles. When do we see But
Speaker 8: they're going through the city. They're asking the city if
Speaker 8: they can bring them to the city skiing. Yes, So
Speaker 8: it's going to be a process, so you might not
Speaker 8: see them for some time. They are in parking garages
Speaker 8: on West forty second Street.
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