Speaker 1: Bloomberg Audio Studios, Podcasts, radio news, single.
Speaker 2: Best idea, and Rebecca Patterson said it best today off camera,
Speaker 2: off microphone. She said, Tom, it's a seven day work week,
Speaker 2: and it's been that way. I can't remember a five
Speaker 2: day work week. I honestly can't remember that far back.
Speaker 2: This weekend was extraordinary. A major shout out to Tyler Kendall,
Speaker 2: to David Gura and Lisa Matteo, among many others at
Speaker 2: Bloomberg that were in Washington and in the Hilton ballroom.
Speaker 2: A most difficult moment, to say the least. We picked
Speaker 2: up the pieces. We did so with Rebecca Patterson of
Speaker 2: formerly with Bridgewater and with best of her trust, now
Speaker 2: brilliantly writing at the console on foreign relations. Here's something
Speaker 2: off the radar. The sovereign wealth funds. All of a sudden,
Speaker 2: if they're cash poor, what will they do? Let's listen.
Speaker 3: I think one of the biggest underappreciated risks right now
Speaker 3: for US financial markets and especially this tech rally, is
Speaker 3: the possibility. I'm not saying it will happen, but there
Speaker 3: is a probability that's not zero, that some of the
Speaker 3: golf sovereign wealth funds, particularly I think Saudi and UAE,
Speaker 3: if this war lasts a little longer, are going to
Speaker 3: need cash. They're going to need it to shore up defenses,
Speaker 3: to shore up damaged infrastructure. And right now the sovereign
Speaker 3: wealth fund cash is largely We're the biggest single recipient
Speaker 3: going to the US, and it's going fairly concentrated to
Speaker 3: technology yep, and through a handful of financial intermediaries. Now
Speaker 3: I'm not saying it'll stop coming, but if that flow
Speaker 3: is cut by a third even it would have a
Speaker 3: material impact on the US. So that is a risk
Speaker 3: I'm watching carefully. Saudi Arabia has a pretty big budget deficit,
Speaker 3: so it's not like they have a ton of cash
Speaker 3: sitting around they can easily tap.
Speaker 2: Revecca Patison just a vignette. I have attended numerous times
Speaker 2: in Abu Dhabi, their Sovereign Wealth Fund, and I can't
Speaker 2: emphasize enough that these are not theoretical fictions in thin air.
Speaker 2: These are real offices with real people with huge cash
Speaker 2: flows coming in and huge wealth working every day on
Speaker 2: investment like any other shop. Norway, I would say Singapore
Speaker 2: and Norway are the iconic sovereign wealth funds, and things
Speaker 2: have changed with this war, particularly as Miss Patterson mentions,
Speaker 2: the Arab sovereign Wealth funds will be something close to watch.
Speaker 2: I'd mentioned Kuwait in there as well. Michelle Hossein of
Speaker 2: The Michelle Hossein Show in London, wonderful podcast for Bloomberg
Speaker 2: and all of her work over the years at the BBC.
Speaker 2: She attended Washington for the dinner and for of course
Speaker 2: this event of the King and Queen coming to Washington
Speaker 2: here with as at war, all sorts of cross currents here.
Speaker 2: Michelle Hussein on this historic moment.
Speaker 4: That evidence that we had on Saturday night of just
Speaker 4: how inflamed the political climate is in the United States.
Speaker 4: That's going to be in everyone's the forefront of everyone's minds.
Speaker 4: The fact that this hugely important state visit comes less
Speaker 4: than forty eight hours after that White House Correspondent's dinner.
Speaker 4: I think, you know, from the British hope and expectation
Speaker 4: will be that the King sort of elevates that situation,
Speaker 4: that there's something about his presence that makes everyone around
Speaker 4: him rise above politics, and that will have been the
Speaker 4: hope for the UK US bond at this particular moment
Speaker 4: in time. Maybe even it's got something to offer the
Speaker 4: United States domestically as well, a reminder that there are
Speaker 4: conversations that happen like above and beyond the political pray.
Speaker 4: So perhaps that's what he brings with him as he
Speaker 4: flies in today.
Speaker 2: Michelle Hossain to look for her podcast, The Michelle Hussein Show,
Speaker 2: Smart direct conversation with a number of thought leaders of
Speaker 2: the world as well. We're on podcasts on Spotify, on
Speaker 2: Apple and YouTube podcasts. It's single best idea