1
00:00:02,480 --> 00:00:06,800
Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

2
00:00:09,680 --> 00:00:10,240
Speaker 2: Good morning.

3
00:00:10,240 --> 00:00:13,080
Speaker 1: I'm Nathan Hager and I'm Karen Moscow. Here are the

4
00:00:13,119 --> 00:00:14,960
Speaker 1: stories we're following today.

5
00:00:14,800 --> 00:00:18,639
Speaker 2: Karen, Oil is on the rise as Middle East tensions escalate.

6
00:00:18,880 --> 00:00:22,840
Speaker 2: Israel's military has begun moving civilians out of Rafa. It

7
00:00:22,960 --> 00:00:26,520
Speaker 2: is a potential prelude to a long expected attack on

8
00:00:26,600 --> 00:00:29,600
Speaker 2: the Gaza city. We get more from Bloomberg senior reporter

9
00:00:29,720 --> 00:00:30,319
Speaker 2: Henry Mayer.

10
00:00:30,840 --> 00:00:32,919
Speaker 3: What we know is that the Israeli army has been

11
00:00:32,960 --> 00:00:36,239
Speaker 3: dropping leaflets to residents. In total, we're talking about one

12
00:00:36,280 --> 00:00:41,600
Speaker 3: hundred thousand people, also sending text messages, recorded voice messages

13
00:00:41,920 --> 00:00:45,559
Speaker 3: and through media announcements telling these people that they have

14
00:00:45,640 --> 00:00:49,960
Speaker 3: to evacuate from this area eastern part of Rafa. And

15
00:00:50,240 --> 00:00:55,360
Speaker 3: obviously this is the long, long expected, long anticipated announcement

16
00:00:55,440 --> 00:00:58,760
Speaker 3: by Israel which could lead to an actual offensive on

17
00:00:58,800 --> 00:00:59,280
Speaker 3: this city.

18
00:00:59,480 --> 00:01:02,440
Speaker 2: Bloomberg's Henry Mayor says the move comes after ceasefire talks

19
00:01:02,440 --> 00:01:05,360
Speaker 2: between Hamas and Israel in Cairo over the weekend seem

20
00:01:05,440 --> 00:01:08,119
Speaker 2: to stall. As we mentioned, oil is on the rise

21
00:01:08,120 --> 00:01:11,200
Speaker 2: and checking crud right now, West Texas Intermediate is up

22
00:01:11,240 --> 00:01:14,119
Speaker 2: one point one percent. Trading just shy of seventy nine

23
00:01:14,160 --> 00:01:15,720
Speaker 2: dollars a barrel well.

24
00:01:15,640 --> 00:01:18,480
Speaker 1: Nathan will Israel moves closer to an attack on RAFA.

25
00:01:18,600 --> 00:01:26,199
Speaker 1: Protests continue on college campuses as commencement ceremonies begin. About

26
00:01:26,200 --> 00:01:30,240
Speaker 1: seventy five demonstrators wave Palestinian flags and enchanted a slogans

27
00:01:30,240 --> 00:01:33,720
Speaker 1: at the University of Michigan ceremony in New York. Columbia

28
00:01:33,880 --> 00:01:37,440
Speaker 1: University has cleared out protesters ahead of its graduation on

29
00:01:37,480 --> 00:01:40,840
Speaker 1: May fifteenth. Mayor Eric Adams is promising to keep things

30
00:01:40,840 --> 00:01:42,040
Speaker 1: safe for the ceremony.

31
00:01:42,160 --> 00:01:45,959
Speaker 4: If the institutions decide to graduate their students to celebrate

32
00:01:46,400 --> 00:01:48,960
Speaker 4: a beautiful experience with their families, we'll make.

33
00:01:48,880 --> 00:01:50,640
Speaker 5: Sure it is done in a peaceful manner.

34
00:01:50,840 --> 00:01:53,960
Speaker 1: Mayor Adams spoke on ABC's This Week Heard Sundays on

35
00:01:54,040 --> 00:01:55,520
Speaker 1: Bloomberg Radio and Karen.

36
00:01:55,520 --> 00:01:58,640
Speaker 2: Members of Congress are weighing in as well. Democratic Senator

37
00:01:58,760 --> 00:02:02,680
Speaker 2: John Fetterman says the protesters should be demonstrating against Tomas.

38
00:02:03,000 --> 00:02:06,440
Speaker 6: These kind of protests haven't been helpful and ironically they

39
00:02:06,440 --> 00:02:08,560
Speaker 6: are actually working against peace.

40
00:02:08,840 --> 00:02:13,160
Speaker 2: But Democratic Congressman Rocana says the demonstrator's message deserves to

41
00:02:13,160 --> 00:02:13,600
Speaker 2: be heard.

42
00:02:13,760 --> 00:02:17,320
Speaker 7: They're telling us that over thirty thousand people have died.

43
00:02:17,639 --> 00:02:19,920
Speaker 7: It's time for this war to end. It's time for

44
00:02:19,960 --> 00:02:22,760
Speaker 7: the hostages to be released that AMAS has, and they

45
00:02:22,760 --> 00:02:25,880
Speaker 7: want to see leadership in America and around the world.

46
00:02:25,919 --> 00:02:27,520
Speaker 7: This is not the world that they want.

47
00:02:27,760 --> 00:02:31,120
Speaker 2: Congressman Conna and Senator Fetterman where guests on CBS's Face

48
00:02:31,200 --> 00:02:34,080
Speaker 2: the Nation, which can also be heard Sundays on Bloomberg Radio.

49
00:02:34,520 --> 00:02:37,640
Speaker 1: Well, turning to markets, now, Nathan Cash is king for

50
00:02:37,680 --> 00:02:41,040
Speaker 1: the Oracle of Omaha. We're in Buffett's Berkshire Hathaway's cash

51
00:02:41,080 --> 00:02:43,399
Speaker 1: pile increased to our record one hundred and eighty nine

52
00:02:43,480 --> 00:02:46,799
Speaker 1: billion dollars at the end of the first quarter. Now

53
00:02:46,800 --> 00:02:49,800
Speaker 1: on the equity side, Buffett trimmed his holdings of Apple.

54
00:02:50,120 --> 00:02:52,880
Speaker 1: Berkshire reported a one hundred and thirty five billion dollars

55
00:02:52,919 --> 00:02:54,800
Speaker 1: stake in the iPhone maker at the end of the

56
00:02:54,800 --> 00:02:58,560
Speaker 1: first quarter. That's almost forty billion dollars less than the

57
00:02:58,639 --> 00:02:59,520
Speaker 1: end of last year.

58
00:03:00,040 --> 00:03:05,080
Speaker 8: We will have Apple as our largest investment. But I

59
00:03:05,120 --> 00:03:14,639
Speaker 8: don't mind at all under current conditions building the cash position.

60
00:03:14,720 --> 00:03:18,799
Speaker 8: I think when I look at the alternative what's available

61
00:03:18,840 --> 00:03:22,519
Speaker 8: in the equity markets, and I look at the composition

62
00:03:22,560 --> 00:03:27,360
Speaker 8: of what's going on in the world. We find it

63
00:03:27,400 --> 00:03:28,160
Speaker 8: quite attractive.

64
00:03:28,560 --> 00:03:32,200
Speaker 1: Warren Buffett says, unless something changes dramatically, Apple will remain

65
00:03:32,240 --> 00:03:35,600
Speaker 1: it's the largest investment. Berkshire also sold its position in

66
00:03:35,640 --> 00:03:37,600
Speaker 1: Paramount Global at a loss.

67
00:03:37,520 --> 00:03:40,480
Speaker 2: And this week Karen wall Street is looking at lots

68
00:03:40,560 --> 00:03:43,880
Speaker 2: more earnings and fed speak. We get a preview from

69
00:03:43,920 --> 00:03:45,400
Speaker 2: Bloomberg's Charlie Pellett.

70
00:03:45,600 --> 00:03:47,840
Speaker 9: We've heard from eighty percent of S and P five

71
00:03:47,920 --> 00:03:51,119
Speaker 9: hundred companies. Stocks of reclaim the fifty one hundred mark

72
00:03:51,400 --> 00:03:55,160
Speaker 9: after a batch of bettle than expected earnings. Dan Suzuki

73
00:03:55,280 --> 00:03:59,400
Speaker 9: is Deputy Chief investment Officer at Richard Bernstein Advisors. I

74
00:03:59,440 --> 00:04:02,600
Speaker 9: think it's really earnings growth and fundamentals, kind of plain

75
00:04:02,680 --> 00:04:04,520
Speaker 9: old boring stuff, and that's what's improving.

76
00:04:04,680 --> 00:04:07,720
Speaker 2: That's what Scott long momentum. And importantly, it's not that

77
00:04:07,800 --> 00:04:09,960
Speaker 2: it's just improving, but it's broadening out.

78
00:04:10,080 --> 00:04:13,120
Speaker 9: Disney and Uber will be in focus this week, along

79
00:04:13,160 --> 00:04:19,800
Speaker 9: with Airbnb, Anheuser Busch, InBev, Armholdings, Occidental Petroleum, and Ubs

80
00:04:19,800 --> 00:04:23,080
Speaker 9: in New York. Charlie Pellet, Bloomberg Radio, All right.

81
00:04:23,040 --> 00:04:26,240
Speaker 1: Charlie, thanks well. Next week's US inflation print looms is

82
00:04:26,400 --> 00:04:30,120
Speaker 1: key for the trajectory of equities and wagers on FED

83
00:04:30,200 --> 00:04:33,680
Speaker 1: interest rate cuts is according to Morgan Stanley strategist Mike

84
00:04:33,720 --> 00:04:36,159
Speaker 1: Wilson says the price reaction on the back of the

85
00:04:36,240 --> 00:04:39,240
Speaker 1: release may be more important than the data itself.

86
00:04:39,440 --> 00:04:41,360
Speaker 2: Well, this morning, Karen, We've got plenty of c suite

87
00:04:41,440 --> 00:04:43,360
Speaker 2: news to get you caught up on. Bloomberg News has

88
00:04:43,400 --> 00:04:46,520
Speaker 2: learned Credit Swiss CEO Olrick Kerner is set to leave

89
00:04:46,880 --> 00:04:50,120
Speaker 2: Ubs in the coming weeks after the completion of the

90
00:04:50,160 --> 00:04:53,200
Speaker 2: merger of the two former Swiss rivals. Kerner had been

91
00:04:53,200 --> 00:04:55,680
Speaker 2: brought into CEO in July of twenty twenty two to

92
00:04:55,720 --> 00:04:58,839
Speaker 2: try to turn the ailing firm around. Combination of the

93
00:04:58,880 --> 00:05:02,039
Speaker 2: two banks holding company these means the Credit Swie chief

94
00:05:02,080 --> 00:05:04,280
Speaker 2: executive role will become obsolete.

95
00:05:05,160 --> 00:05:05,320
Speaker 5: Well.

96
00:05:05,400 --> 00:05:09,239
Speaker 1: Former Starbucks chief executive Howard Schultz is urging the coffee

97
00:05:09,279 --> 00:05:12,960
Speaker 1: chain to own its shortcomings and fixed operations following its

98
00:05:13,000 --> 00:05:16,080
Speaker 1: biggest sales miss in years. In a post on the LinkedIn,

99
00:05:16,360 --> 00:05:19,720
Speaker 1: Schultz wrote, quote, at any company that missus badly, there

100
00:05:19,760 --> 00:05:23,599
Speaker 1: must be contrition and renewed focus and discipline on the core.

101
00:05:24,000 --> 00:05:26,719
Speaker 1: Starbucks shares plummeted after sales dropped this month for the

102
00:05:26,760 --> 00:05:30,080
Speaker 1: first time since the early days of Covid in twenty twenty, and.

103
00:05:30,200 --> 00:05:33,159
Speaker 2: Karen, Twitter founder Jack Dorsey has left the board of

104
00:05:33,240 --> 00:05:36,679
Speaker 2: Blue Sky. That's the social networking service that he helped

105
00:05:36,680 --> 00:05:39,039
Speaker 2: fund and popularize a year ago. In the wake of

106
00:05:39,080 --> 00:05:42,839
Speaker 2: regret over the sale of Twitter to Elon Musk. Relations

107
00:05:42,880 --> 00:05:46,680
Speaker 2: may be warming between Dorsey and Musk. Dorsey calls the

108
00:05:46,920 --> 00:05:50,960
Speaker 2: company now known as x Freedom Technology.

109
00:05:50,640 --> 00:05:53,600
Speaker 1: And Nathan that price of Morning Joe may keep going up.

110
00:05:53,720 --> 00:05:56,560
Speaker 1: Robust to coffee prices have climbed to the highest level

111
00:05:56,560 --> 00:05:59,880
Speaker 1: in forty five years. A supply crunch has intensified for

112
00:05:59,920 --> 00:06:08,840
Speaker 1: the variety used in espresso, blends and instant drinks. When

113
00:06:08,880 --> 00:06:10,040
Speaker 1: it's time now for a look at some of the

114
00:06:10,080 --> 00:06:12,440
Speaker 1: other stories making news in New York and around the world,

115
00:06:12,520 --> 00:06:15,000
Speaker 1: and for that we're joined by Bloomberg's Michael Barr Michael,

116
00:06:15,000 --> 00:06:15,800
Speaker 1: Good Morning.

117
00:06:15,560 --> 00:06:19,200
Speaker 10: Good Morning, Karen. After multiple bomb threats at synagogues across

118
00:06:19,279 --> 00:06:24,160
Speaker 10: Manhattan over the weekend, Senate majority lever Chuck Schumer announced

119
00:06:24,320 --> 00:06:27,719
Speaker 10: the new four hundred million dollar funding package he says

120
00:06:28,160 --> 00:06:32,760
Speaker 10: is now available to boost security and safety at synagogues, mosques,

121
00:06:32,839 --> 00:06:33,600
Speaker 10: and churches.

122
00:06:34,080 --> 00:06:36,640
Speaker 4: The second I heard about the threats, your heart sinks.

123
00:06:37,200 --> 00:06:40,200
Speaker 4: You hope it's a hoax, and in this case, thank

124
00:06:40,240 --> 00:06:45,080
Speaker 4: god it was, but that doesn't negativize the fear, the

125
00:06:45,160 --> 00:06:48,800
Speaker 4: trauma when synagogues and other houses of worship have to

126
00:06:50,240 --> 00:06:51,200
Speaker 4: be evacuated.

127
00:06:51,560 --> 00:06:55,480
Speaker 10: Three New York City synagogues and the Brooklyn Museum received

128
00:06:55,640 --> 00:06:59,880
Speaker 10: bomb threats. Former President Donald Trump's criminal hush money trying

129
00:07:00,200 --> 00:07:03,600
Speaker 10: resumes today in New York. Prosecutors alleged Trump tried to

130
00:07:03,640 --> 00:07:07,320
Speaker 10: suppress negative news coverage to influence the outcome of the

131
00:07:07,320 --> 00:07:11,160
Speaker 10: twenty sixteen election. Hope Hicks will probably return to the

132
00:07:11,160 --> 00:07:15,600
Speaker 10: witness stand today for further cross examination. House Minority Leader

133
00:07:15,680 --> 00:07:20,200
Speaker 10: Hakim Jeffries says Democrats effectively have been governing as if

134
00:07:20,240 --> 00:07:23,680
Speaker 10: we were in the majority. After Republican OWL Speaker Mike

135
00:07:23,760 --> 00:07:26,960
Speaker 10: Johnson worked with Democrats to pass a foreign aid bill,

136
00:07:27,480 --> 00:07:32,120
Speaker 10: GOP Representative Marjorie Taylor Green announced plans to remove Johnson

137
00:07:32,280 --> 00:07:36,760
Speaker 10: as speaker. Jeffries says our view would traditionally be let

138
00:07:36,840 --> 00:07:39,880
Speaker 10: the other side work out its own mess, but the

139
00:07:39,920 --> 00:07:42,600
Speaker 10: New York Democrat went on to say, when that mess

140
00:07:42,600 --> 00:07:45,400
Speaker 10: starts to impact the ability to do the job on

141
00:07:45,480 --> 00:07:48,720
Speaker 10: behalf of the American people, then the responsible thing at

142
00:07:48,720 --> 00:07:51,480
Speaker 10: that moment might be for us to make clear that

143
00:07:51,560 --> 00:07:54,440
Speaker 10: we will not allow the extremists to throw the Congress

144
00:07:54,720 --> 00:07:56,160
Speaker 10: and the country in the chaos.

145
00:07:56,400 --> 00:07:58,560
Speaker 11: It's a difficult situation on the other side of the

146
00:07:58,560 --> 00:08:03,000
Speaker 11: aisle because many of my Republican colleagues are more interested

147
00:08:03,440 --> 00:08:09,320
Speaker 11: in creating chaos, dysfunction, and extremism for what purpose. That's

148
00:08:09,360 --> 00:08:11,600
Speaker 11: a good question that has to be asked of them.

149
00:08:11,920 --> 00:08:15,280
Speaker 10: Jeffrey spoke on CBS's sixty Minutes, which can be heard

150
00:08:15,320 --> 00:08:17,880
Speaker 10: Sunday nights. I'm Bloomberg. Ninety nine to one in Washington.

151
00:08:18,400 --> 00:08:21,920
Speaker 10: Interstate ninety five in Norwalk, Connecticut fully reopened the traffic

152
00:08:21,960 --> 00:08:25,320
Speaker 10: in both the directions after a gasoline tanker truck burst

153
00:08:25,360 --> 00:08:28,920
Speaker 10: into flames during a three vehicle crash last week. The

154
00:08:28,960 --> 00:08:33,400
Speaker 10: fire damaged and overpass bridge, causing a complete shutdown. Global

155
00:08:33,400 --> 00:08:36,120
Speaker 10: News twenty four hours a day and whenever you want

156
00:08:36,120 --> 00:08:38,679
Speaker 10: it with the Bloomberg News Now. I'm Michael Barr, and

157
00:08:38,880 --> 00:08:39,760
Speaker 10: this is Bloomberg.

158
00:08:39,840 --> 00:08:47,000
Speaker 1: Karen sor Ry, Michael Barry, thank you time now for

159
00:08:47,040 --> 00:08:49,400
Speaker 1: the Bloomberg Sports Update with John stash Hour.

160
00:08:49,520 --> 00:08:51,079
Speaker 5: John, good morning, Good morning, Karen.

161
00:08:51,120 --> 00:08:53,880
Speaker 6: Thirty years ago, the Rangers won the President's Trophy, won

162
00:08:53,920 --> 00:08:56,359
Speaker 6: their first seven playoff games.

163
00:08:56,320 --> 00:08:57,480
Speaker 5: And then won the Stanley Cup.

164
00:08:57,520 --> 00:09:00,560
Speaker 6: This Rangers team also best regular season and they have

165
00:09:00,640 --> 00:09:02,400
Speaker 6: now started the playoffs five and zero.

166
00:09:02,679 --> 00:09:04,440
Speaker 5: We'll see about the Cup. Long way to go for that.

167
00:09:04,520 --> 00:09:06,559
Speaker 6: But Game one at the Guarden with Carolina two early

168
00:09:06,640 --> 00:09:09,360
Speaker 6: goals for me Becazavana Jet and the first period still

169
00:09:09,840 --> 00:09:10,480
Speaker 6: wasn't over.

170
00:09:11,200 --> 00:09:13,839
Speaker 12: Right point Paderen were to the head for Kriider in

171
00:09:14,080 --> 00:09:18,160
Speaker 12: the middle, chut Check to Savanna Jeck tut Chick scores

172
00:09:18,960 --> 00:09:24,600
Speaker 12: fit to tout Check hit top power play goal as

173
00:09:24,640 --> 00:09:27,040
Speaker 12: a Rangers lead three to one.

174
00:09:27,080 --> 00:09:30,040
Speaker 6: Sam roses with the call WEPN. Rangers hung on beight

175
00:09:30,120 --> 00:09:32,640
Speaker 6: the Hurricanes four to three. The first round ended with

176
00:09:32,760 --> 00:09:35,720
Speaker 6: Dallas's two to one Game seven win over Vegas. The

177
00:09:35,720 --> 00:09:39,040
Speaker 6: defending Cup champs Blue two to nothing series lead. NBA

178
00:09:39,120 --> 00:09:41,800
Speaker 6: first Round is now over Cleveland b Orlando one O

179
00:09:41,960 --> 00:09:42,880
Speaker 6: six ninety four.

180
00:09:42,920 --> 00:09:44,480
Speaker 5: Cans were down eleven at the half.

181
00:09:44,480 --> 00:09:48,280
Speaker 6: Donovan Mitchell, who scored fifty points in the game six loss,

182
00:09:48,280 --> 00:09:51,600
Speaker 6: scored thirty nine in the Game seven win. Nixon Pacers

183
00:09:51,640 --> 00:09:54,840
Speaker 6: start their Round two series tonight. MSG Indiana won the

184
00:09:54,840 --> 00:09:57,480
Speaker 6: regular season series two to one. Both the wins were

185
00:09:57,520 --> 00:10:00,120
Speaker 6: by fourteen points. Sparse crowd at the stadium rainey Da

186
00:10:00,200 --> 00:10:03,320
Speaker 6: game was shortened. Yankees beat Detroit five to two. Juan

187
00:10:03,440 --> 00:10:06,080
Speaker 6: Soto once again the Big hit three run, go ahead

188
00:10:06,080 --> 00:10:08,360
Speaker 6: double seventh and Ain't Aaron Judge homer in the first

189
00:10:08,679 --> 00:10:11,400
Speaker 6: Yanks sweep the series. Met Scott swept at Tampa. Bay

190
00:10:11,440 --> 00:10:13,800
Speaker 6: Rays walked it off bottom of the tenth, one, seven, sixth.

191
00:10:13,800 --> 00:10:17,040
Speaker 6: They stole seven bases they wanted on Johnny de Luca

192
00:10:17,080 --> 00:10:20,360
Speaker 6: two run triple after Randy or Rose Arena tied the

193
00:10:20,440 --> 00:10:22,760
Speaker 6: game with a ninth inning two out homer off Edwin

194
00:10:22,800 --> 00:10:25,360
Speaker 6: Diaz his first blown save. Red Sox won nine to

195
00:10:25,360 --> 00:10:28,520
Speaker 6: two at Minnesota and in the Twins twelve game win streak.

196
00:10:28,559 --> 00:10:31,360
Speaker 6: Giants last night lost five fourth Philadelphia. The Nationals beat.

197
00:10:31,240 --> 00:10:32,440
Speaker 5: Toronto eleven nine.

198
00:10:32,640 --> 00:10:35,040
Speaker 6: Dodgers beat the Brave Showy how Tony had four hits,

199
00:10:35,080 --> 00:10:38,199
Speaker 6: two home runs. Taylor Pendrith took to Nelson Golf in

200
00:10:38,280 --> 00:10:39,719
Speaker 6: Dallas his first PGA win.

201
00:10:40,160 --> 00:10:42,719
Speaker 5: John stash I went Bloomberg Sports Kenny Nathan.

202
00:10:44,640 --> 00:10:48,760
Speaker 13: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

203
00:10:48,840 --> 00:10:51,760
Speaker 13: and around the world on Bloomberg dot Com. And the

204
00:10:51,800 --> 00:10:56,400
Speaker 13: Bloomberg Business app. This is Bloomberg day Break. Good morning,

205
00:10:56,400 --> 00:10:58,959
Speaker 13: I'm Nathan Hager. We are getting ready for another busy

206
00:10:59,000 --> 00:11:02,520
Speaker 13: week for earning. It's pretty light on the economic data

207
00:11:02,559 --> 00:11:05,080
Speaker 13: calendar this week, but there is a raft of FED

208
00:11:05,160 --> 00:11:08,400
Speaker 13: speakers that could keep investors busy as well.

209
00:11:08,440 --> 00:11:10,800
Speaker 2: So let's get you set for this trading week ahead.

210
00:11:10,800 --> 00:11:13,959
Speaker 2: We are joined now by Dennis Gartman, the chairman of

211
00:11:14,000 --> 00:11:16,720
Speaker 2: the University of Akron and Doowment Investment Committee and the

212
00:11:16,760 --> 00:11:20,520
Speaker 2: former publisher of the Gartment Letter. Dennis, Good morning, great

213
00:11:20,559 --> 00:11:23,400
Speaker 2: to speak with you. I wonder if you think investors

214
00:11:23,400 --> 00:11:26,320
Speaker 2: should be pricing geopolitical risk back into the market given

215
00:11:26,559 --> 00:11:29,280
Speaker 2: the reports we're hearing about civilians getting cleared out of

216
00:11:29,320 --> 00:11:32,600
Speaker 2: the southern Gaza city of Rafa and now Russian President

217
00:11:32,679 --> 00:11:37,400
Speaker 2: Vladimir Putin ordering tactical nuclear drills the day before is inauguration.

218
00:11:38,160 --> 00:11:40,800
Speaker 14: Very scary times. I'm afraid, and yes, I think you

219
00:11:40,840 --> 00:11:43,320
Speaker 14: have to be pricing in geopolitical risk on a rather

220
00:11:43,600 --> 00:11:47,160
Speaker 14: swift basis. There was talk over the weekend or ahead

221
00:11:47,160 --> 00:11:50,079
Speaker 14: of the weekend that there would be a ceasefire talks,

222
00:11:50,120 --> 00:11:52,920
Speaker 14: but they seem to have broken down in regarding Gaza

223
00:11:53,559 --> 00:11:55,920
Speaker 14: and now we have gold breaking out to the upside.

224
00:11:56,120 --> 00:11:57,760
Speaker 14: I think you have to be a long of the

225
00:11:57,800 --> 00:11:59,800
Speaker 14: gold market, no question about that. And I think you

226
00:11:59,840 --> 00:12:04,280
Speaker 14: have price in geopolitical risks. So that's the major topic

227
00:12:04,320 --> 00:12:06,480
Speaker 14: of the day. We'll be talking later this week about

228
00:12:06,480 --> 00:12:09,160
Speaker 14: the Bank of England, but for right now, geopolitical risk

229
00:12:09,280 --> 00:12:11,800
Speaker 14: is the topic to jure, no question about that.

230
00:12:12,160 --> 00:12:14,440
Speaker 2: What are you looking at in terms of a price

231
00:12:14,600 --> 00:12:15,520
Speaker 2: level for gold?

232
00:12:15,600 --> 00:12:15,959
Speaker 13: Right now?

233
00:12:15,960 --> 00:12:19,000
Speaker 2: It's trading around twenty three hundred at the moment. There

234
00:12:19,000 --> 00:12:22,000
Speaker 2: had been talking the past about three thousand as a

235
00:12:22,120 --> 00:12:25,240
Speaker 2: potential gold level. Is that something you're looking at.

236
00:12:25,720 --> 00:12:27,679
Speaker 14: I've been very bullish of gold for quite some period

237
00:12:27,720 --> 00:12:29,360
Speaker 14: of time. Now, I'm not a gold bug. There are

238
00:12:29,360 --> 00:12:31,040
Speaker 14: times when you are to be long of gold, there

239
00:12:31,080 --> 00:12:33,200
Speaker 14: are times when you to be short of gold. There

240
00:12:33,200 --> 00:12:34,959
Speaker 14: are times when you are to be neutral of gold.

241
00:12:35,000 --> 00:12:36,920
Speaker 14: But this is a time you are to be bullish

242
00:12:36,960 --> 00:12:39,320
Speaker 14: of gold, no question about it. And I think that

243
00:12:39,360 --> 00:12:43,000
Speaker 14: one should be bullish of gold, predominantly in non US

244
00:12:43,120 --> 00:12:46,360
Speaker 14: dollar terms, and particularly in terms of the dollar yen.

245
00:12:46,920 --> 00:12:49,800
Speaker 14: I think we've got spot gold now going I think

246
00:12:50,200 --> 00:12:52,960
Speaker 14: eventually to three thousand dollars an ounce, and I think

247
00:12:53,000 --> 00:12:56,760
Speaker 14: that we've had intervention to stem the weakness of the

248
00:12:56,800 --> 00:12:59,600
Speaker 14: dollar yen. But I think that's going to be proved

249
00:12:59,600 --> 00:13:01,920
Speaker 14: to be fallacious. I've learned it when I traded for

250
00:13:01,960 --> 00:13:04,480
Speaker 14: an exchange back in the nineteen seventies. The one thing

251
00:13:04,520 --> 00:13:07,360
Speaker 14: I learned was that intervention to support a currency is

252
00:13:07,440 --> 00:13:12,960
Speaker 14: usually usually fails. Intervention two weekend currency usually is. It works.

253
00:13:13,320 --> 00:13:15,400
Speaker 14: The fact that the Bank of Japan came in two

254
00:13:15,400 --> 00:13:18,640
Speaker 14: weeks ago to intervene against the dollar yen at one sixty,

255
00:13:18,720 --> 00:13:20,559
Speaker 14: I think the next time we trade through one sixty,

256
00:13:20,600 --> 00:13:22,840
Speaker 14: we're going to two hundred end of the dollar, maybe

257
00:13:22,840 --> 00:13:25,000
Speaker 14: two d twenty five end of the dollar, which is

258
00:13:25,000 --> 00:13:27,280
Speaker 14: where we traded dollar yen when I first began trading

259
00:13:27,320 --> 00:13:30,040
Speaker 14: yen back in the nineteen seventies. So I think the

260
00:13:30,120 --> 00:13:33,079
Speaker 14: dollar yen and you should be short of the end,

261
00:13:33,200 --> 00:13:35,360
Speaker 14: long of dollars, you should be long of gold, short

262
00:13:35,400 --> 00:13:38,560
Speaker 14: of dollars. That leaves you long of gold in yen terms.

263
00:13:38,800 --> 00:13:42,640
Speaker 14: And we're now trading about thirty six three hundred and

264
00:13:42,679 --> 00:13:44,439
Speaker 14: sixty nine thousand the end of the dollar. I think

265
00:13:44,440 --> 00:13:46,120
Speaker 14: it's going to six hundred thousand the end of the

266
00:13:46,120 --> 00:13:47,559
Speaker 14: dollar over the course of the next two or three

267
00:13:47,600 --> 00:13:48,319
Speaker 14: years now.

268
00:13:48,360 --> 00:13:51,200
Speaker 2: We haven't heard any confirmation from the Japanese government that

269
00:13:51,240 --> 00:13:55,040
Speaker 2: there was intervention last week, but we've seen some comparisons

270
00:13:55,080 --> 00:13:57,800
Speaker 2: of Bank of Japan accounts that indicated are you thinking

271
00:13:57,840 --> 00:14:00,319
Speaker 2: that the Bank of Japan could intervene once again?

272
00:14:01,040 --> 00:14:03,320
Speaker 14: They'll try to stop it at one sixty one more time,

273
00:14:03,640 --> 00:14:05,199
Speaker 14: but I think they'll give up at that point, and

274
00:14:05,240 --> 00:14:07,920
Speaker 14: once we trade one sixty ten and go through the

275
00:14:07,960 --> 00:14:10,840
Speaker 14: one sixty level, that that frees you up to take

276
00:14:10,920 --> 00:14:13,680
Speaker 14: to go to dramatically new lower levels for the end,

277
00:14:13,720 --> 00:14:16,319
Speaker 14: new higher levels for the dollars. So I think they'll

278
00:14:16,320 --> 00:14:19,160
Speaker 14: be intervening one more time to prove that they're there.

279
00:14:19,400 --> 00:14:22,120
Speaker 14: But as I said, if I've learned anything in fifty

280
00:14:22,200 --> 00:14:25,760
Speaker 14: years or trading, it's that intervention to support a currency

281
00:14:25,880 --> 00:14:29,560
Speaker 14: usually fails. Intervention to weakener currency almost always succeeds. They'll

282
00:14:29,600 --> 00:14:32,400
Speaker 14: try once more to stem the ends of weakness, but

283
00:14:32,800 --> 00:14:36,600
Speaker 14: they will fail very badly at that attempt, No question about.

284
00:14:36,400 --> 00:14:39,160
Speaker 2: It now, last minute or so. Dennis is the chairman

285
00:14:39,200 --> 00:14:42,000
Speaker 2: of a university endowment. I wonder what you make of

286
00:14:42,080 --> 00:14:46,880
Speaker 2: these growing campus protests and calls for universities to divest

287
00:14:46,920 --> 00:14:50,520
Speaker 2: from Israel. Given what's going on in Gaza, your comments

288
00:14:50,560 --> 00:14:50,880
Speaker 2: on that.

289
00:14:51,360 --> 00:14:53,160
Speaker 14: As long as I remain the chairman of the University

290
00:14:53,160 --> 00:14:57,000
Speaker 14: of Acrons Endowment, we will avoid doing anything that protesters

291
00:14:57,000 --> 00:15:00,160
Speaker 14: demand of us. And I think that we should pay

292
00:15:00,200 --> 00:15:03,440
Speaker 14: attention to what Ben Sasse, the President of the University

293
00:15:03,440 --> 00:15:06,400
Speaker 14: of Florida said, adults are back in the room, and

294
00:15:07,200 --> 00:15:09,920
Speaker 14: we need to prove that we are stronger than the protesters.

295
00:15:09,960 --> 00:15:12,720
Speaker 14: So free speech is important, but free speech that goes

296
00:15:12,720 --> 00:15:15,520
Speaker 14: across the line should be avoided at all costs. And

297
00:15:15,800 --> 00:15:17,440
Speaker 14: like I said, as long as I remaina chairman of

298
00:15:17,440 --> 00:15:20,600
Speaker 14: the University of Akrons Endowment, I will argue against disinvestment,

299
00:15:20,680 --> 00:15:21,560
Speaker 14: no question about that.

300
00:15:22,040 --> 00:15:25,840
Speaker 2: And just quickly, is it possible to divest from Israeli

301
00:15:25,880 --> 00:15:29,440
Speaker 2: interests in terms of a university endowment?

302
00:15:30,240 --> 00:15:34,720
Speaker 14: I think it's nigh upon impossible. The far reaches of

303
00:15:35,160 --> 00:15:39,520
Speaker 14: international capitalism make it difficult to divest. I think it's

304
00:15:39,520 --> 00:15:44,120
Speaker 14: a and ill advised and naive expectation on the part

305
00:15:44,120 --> 00:15:45,640
Speaker 14: of the protesters. It just won't happen.

306
00:15:45,840 --> 00:15:48,760
Speaker 2: This is Bloomberg day Break Today, your morning brief on

307
00:15:48,800 --> 00:15:52,479
Speaker 2: the stories making news from Wall Street to Washington and beyond.

308
00:15:52,640 --> 00:15:55,400
Speaker 1: Look for us on your podcast feed at six am

309
00:15:55,480 --> 00:15:59,160
Speaker 1: Eastern each morning on Apple, Spotify, and anywhere else you

310
00:15:59,200 --> 00:15:59,960
Speaker 1: get your podcast.

311
00:16:00,480 --> 00:16:03,200
Speaker 2: You can also listen live each morning starting at five

312
00:16:03,240 --> 00:16:05,880
Speaker 2: am Wall Street Time on Bloomberg eleven three to zero

313
00:16:05,880 --> 00:16:09,320
Speaker 2: in New York, Bloomberg ninety nine one in Washington, Bloomberg

314
00:16:09,360 --> 00:16:12,360
Speaker 2: one oh sixty one in Boston, and Bloomberg ninety sixty

315
00:16:12,520 --> 00:16:13,480
Speaker 2: in San Francisco.

316
00:16:13,840 --> 00:16:17,000
Speaker 1: Our flagship New York station is also available on your

317
00:16:17,040 --> 00:16:22,360
Speaker 1: Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus.

318
00:16:22,520 --> 00:16:25,960
Speaker 2: Listen coast to coast on the Bloomberg Business app, SERIUSXM,

319
00:16:26,040 --> 00:16:29,640
Speaker 2: the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan

320
00:16:29,680 --> 00:16:31,240
Speaker 2: Hager and I'm Karen Moscow.

321
00:16:31,440 --> 00:16:34,200
Speaker 1: Join us again tomorrow morning for all the news you

322
00:16:34,320 --> 00:16:37,560
Speaker 1: need to start your day right here on Bloomberg Daybreak