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Speaker 1: Good morning.

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Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 2: stories we're following today.

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Speaker 1: We begin with the war in the Middle East. This

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Speaker 1: is the final day of an extended six day ceasefire

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Speaker 1: between Israel and Hamas. The Palestinian group handed over a

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Speaker 1: dozen more hostages last night, ten Israelis and two citizens

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Speaker 1: of Thailand. White House National Security spokesman John Kirby says

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Speaker 1: he hopes the ceasefire can be extended so more Americans

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Speaker 1: can be freed.

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Speaker 3: I don't want to I'll give you a handicap here

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Speaker 3: on this or bet nods.

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Speaker 4: I can just tell you that.

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Speaker 1: We want to see all the hostages out.

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Speaker 3: The way to do that is these pauses.

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Speaker 1: My White House spokesman John Kirby spoke with reporters outside

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Speaker 1: Air Force one CIA director Bill Burns is and caught

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Speaker 1: her for talks about extending the ceasefire. Secretary of State

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Speaker 1: Anthony Blincoln will be back in Israel later this week,

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Speaker 1: and in a post on ex President Biden called for

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Speaker 1: an end of the fighting. He says Hamas fears nothing

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Speaker 1: more than Israelis and Palestinians living side by side in peace.

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Speaker 2: And now Nathan the financial world. EA is mourning and

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Speaker 2: remembering the life of Charlie Munger. Munger, who helped build

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Speaker 2: Berkshire Hathaway with Warren Buffett, died yesterday at the age

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Speaker 2: of ninety nine, and we have more with Bloomberg's John Tucker,

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Speaker 2: John and.

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Speaker 5: Karen with wit, wisdom and one liners. Charlie Munger served

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Speaker 5: as Warren Buffett's alter ego, often telling it with brutal

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Speaker 5: honesty what wouldn't work. Munger was known for steering Buffett

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Speaker 5: away from purchasing what Buffett called cigar butts mediocre companies

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Speaker 5: had a puff of smoke left and could be bought

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Speaker 5: for very cheap prices, and instead favoring quality. A lawyer

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Speaker 5: by training, Monger recalled how he was steered toward investing.

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Speaker 6: When I met Warren.

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Speaker 7: He immediately started telling me how much better his way

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Speaker 7: of making a living was than mine, and that I

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Speaker 7: was too smart to stay in such a silly businesses

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Speaker 7: law practice when I could go into his business of

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Speaker 7: running an investment partnership. And it took me about two

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Speaker 7: or three years to realize he was right.

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Speaker 5: His death, Lee's Buffett without his law time sounding board

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Speaker 5: for investors, maybe his most enduring legacy is Berkshire's performance

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Speaker 5: under their management. Berkshire average an annual gain of twenty

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Speaker 5: percent from nineteen sixty five through twenty twenty two. I'm

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Speaker 5: John Tucker, Bloomberg Radio.

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Speaker 1: All right, John, thanks, of course. Charlie Munger is also

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Speaker 1: going to be remembered for his roles as straight man

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Speaker 1: and scold of corporate excesses at Berkshire's annual meetings in Omaha.

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Speaker 1: Bloomberg Intelligence Senior analyst Matthew Pallasola remembers Monger's special relationship

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Speaker 1: with Warren Buffett.

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Speaker 4: They're recalling individual meetings that they had, you know, forty

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Speaker 4: fifty years ago, and Bussett is forgetting a couple of things,

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Speaker 4: and Munger's reminding him of, well, this guy said that,

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Speaker 4: and we said this, and we made this much money

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Speaker 4: in these meetings. I mean it was, you know, truly

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Speaker 4: a partnership for all of that time. And their interaction

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Speaker 4: was just amazing. They would finished each other sentences.

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Speaker 1: And Bloomberg Intelligence Senior analyst Matthew Pallasola there. Charlie Munger

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Speaker 1: died yesterday at a hospital in California. He was a

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Speaker 1: longtime resident of Los Angeles.

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Speaker 2: Well Nathan, we turn to the market, specifically the economy

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Speaker 2: now and billionaire investor Bill Ackman, who's betting the Federal

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Speaker 2: Reserve will begin cutting interest rates sooner than markets are predicting.

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Speaker 8: I think there's a risk of a hard landing if

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Speaker 8: the FED doesn't start cutting rates, you know, pretty soon.

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Speaker 8: So I think the market expects sometime middle of next year.

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Speaker 8: I think it's more likely, probably as early as key.

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Speaker 2: One and Bill Lackman added that he's not convinced the

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Speaker 2: US economy is headed for a soft landing. The billionaire

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Speaker 2: investor made the comments in an upcoming episode of The

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Speaker 2: David Rubinstein Show. Here to Beer Conversations on Bloomberg Television.

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Speaker 1: Well Karen Bill Ackman's comments come as two of the

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Speaker 1: fed's most hawkish rate setter signal they could be comfortable

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Speaker 1: holding rates steady for now. Here's what FED Governor Christopher

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Speaker 1: Waller told the American Enterprise Institute in Washington.

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Speaker 6: I am increasingly confident the policy is currently well positioned

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Speaker 6: to slow the economy and get inflation back to two percent.

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Speaker 1: Chris Waller's view as echoed by a fellow FED governor,

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Speaker 1: Michelle Bowman, who said she remains willing to support great

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Speaker 1: hikes if inflation progress stalls, but she did stop short

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Speaker 1: of endorsing an increase next month.

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Speaker 3: Well.

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Speaker 2: In Washington, Nathan, the House of Representatives may be voting

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Speaker 2: on whether to expel George Santos today or tomorrow, and

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Speaker 2: Bloomberg's Ed Baxter has that story.

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Speaker 9: Motions in the House have been formally introduced, saying ethics

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Speaker 9: findings violate the accepted policies of the body. Now, many

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Speaker 9: of those members who voted against the first one November one,

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Speaker 9: are saying they will vote to expel now, and Santos

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Speaker 9: has responded saying the body is just theater.

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Speaker 10: I went to San Diego last week.

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Speaker 4: It is terrible, terrible.

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Speaker 10: That's what we should be putting our energy on, not

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Speaker 10: on censuring one another, expelling one another, which hunts against

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Speaker 10: the political class.

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Speaker 6: Nobody cares.

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Speaker 9: Congress has forty eight hours to act under the resolution.

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Speaker 9: Ed Baxter Bloomberg Radio.

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Speaker 6: Okay and thank you.

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Speaker 1: President Biden won't be there, but Vice President Kamala Harris

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Speaker 1: this is attending the COP twenty eighth Climate Summit in Dubai.

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Speaker 1: We get details from Bloomberg's Amy Morris.

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Speaker 11: Harris will join Secretary of State Anthony Blincoln and other

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Speaker 11: US officials at the two week event that begins tomorrow.

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Speaker 11: She is expected to address the summit this week. Formal

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Speaker 11: negotiations at COP twenty eight will center on the response

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Speaker 11: to warnings that countries are falling short and cutting their emissions,

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Speaker 11: and possible commitments to phase down fossil fuels in Washington,

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Speaker 11: Amy Morris, Bloomberg Radio.

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Speaker 2: All Right, Amy, thanks for the Incorporate news and a

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Speaker 2: surprise memo. Jack ma urged Ali Baba Group to correct

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Speaker 2: course civilionaire call for fundamental change across the company he

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Speaker 2: co founded decades ago. Ma has mostly stayed away from

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Speaker 2: day to day operations since twenty twenty, and Ali Baba

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Speaker 2: wants China's best candidate to become a trillion dollar company

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Speaker 2: is trading at a fraction of its peak in twenty twenty.

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Speaker 2: Time now for a look at some of the other

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Speaker 2: stories making news around the world. For that, we're joined

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Speaker 2: by Bloomberg's Amy Morris.

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Speaker 1: Good morning, Good morning, Karen.

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Speaker 11: Congressional negotiators are reportedly ready to drop plans to use

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Speaker 11: the annual defense policy build of Titan controls on US

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Speaker 11: investment in Chinese technology. Sourses tell Bloomberg that House Financial

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Speaker 11: Services Chairman Patrick McHenry is effectively blocking a measure that

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Speaker 11: would require firms to notify the government about certain investments

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Speaker 11: in China and other countries of concern. The Biden administration

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Speaker 11: meanwhile getting pushedback from auto dealers on those mandates for

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Speaker 11: switching over to electric vehicle production. Bloomberg's Nancy Llons has

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Speaker 11: that part of the story.

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Speaker 12: The mandate calls for two out of every three vehicles

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Speaker 12: sold in the US by twenty thirty two be battery electric,

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Speaker 12: but nearly four thousand auto dealers, who are calling themselves

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Speaker 12: EV Voice of the Customer say most car buyers, even

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Speaker 12: with incentives, are disinterested in the technology due to the

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Speaker 12: higher cost, the lack of charging stations, and the loss

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Speaker 12: of driving range and hot and cold weather. The dealers

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Speaker 12: are asking President Biden to slow down and let the

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Speaker 12: battery technology and infrastructure improve before forcing EV purchases. The

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Speaker 12: White House says the proposed standards are not a mandate

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Speaker 12: and do not ban gas vehicles in Washington, Nancy Lyons

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Speaker 12: Bloomberg Radio.

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Speaker 11: Republican Congressman Anthony Disposedesposito made a motion on the House

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Speaker 11: floor to force a vote on House Ethics Committee Chairman

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Speaker 11: Michael Guests resolution that would expel Congressman George Santos. Minutes later,

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Speaker 11: Santos took to the House floor himself to defiantly say

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Speaker 11: he will not resign.

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Speaker 10: Are we to now assume that one is no longer

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Speaker 10: innocent until proven guilty, and they are in fact guilty

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Speaker 10: until proven innocent, Or are we now to simply assume

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Speaker 10: that because somebody doesn't like you, they get.

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Speaker 1: To throw you out of your job.

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Speaker 11: The House Ethics Committee report alleged Santos used campaign cash

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Speaker 11: to pay for personal expenses. He's also facing federal charges.

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Speaker 11: A US military Osprey aircraft carrying eight people as crashed

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Speaker 11: into the sea off southern Japan. The Japanese Coast Guard

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Speaker 11: is heading to the site for search and rescue operations.

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Speaker 11: Host Guard official says they don't have details yet about

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Speaker 11: what happened to the osprey nor to the people on board.

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Speaker 11: He says the Coastguard received an emergency call from a

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Speaker 11: fishing boat near the crash site off Yakushima. The osprey

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Speaker 11: was believed to be heading to Okinawa. Global News twenty

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Speaker 11: four hours a day and whenever you want it with

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Speaker 11: Bloomberg News Now. I'm Maybe Morris and this is Bloomberg Karen.

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Speaker 2: All right, Amy, thank you well. We do bring you

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Speaker 2: news throughout the day right here on Bloomberg Radio. As

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Speaker 2: Amy said, but now you can get the latest news

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Speaker 2: on demand whenever you want it. You can just subscribe

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Speaker 2: to Bloomberg News Now to get the latest headlines at

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Speaker 2: the click of a button. Get informed on your schedule.

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Speaker 2: You can listen and subscribe to Bloomberg News Now on

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Speaker 2: the Bloomberg Business app, Bloomberg dot Com plus Apple, Spotify,

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Speaker 2: and anywhere else you get your podcasts. Time now for

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Speaker 2: the Bloomberg Sports Update, here's John stash Hour John Darren.

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Speaker 13: The NBA started this season with an in season tournament

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Speaker 13: to drum up some interest early in the regular season,

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Speaker 13: taking a page out of what you see in European soccer.

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Speaker 6: Last night they.

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Speaker 13: Determined which eight teams are advancing to the knockout round

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Speaker 13: next Monday. In the East, Boston will play at Indiana,

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Speaker 13: and then on Tuesday it's the Knicks in Milwaukee. Monday

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Speaker 13: in the West, New Orleans and Sacramento, followed the night

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Speaker 13: later by Phoenix at the Lakers. The winners will advance

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Speaker 13: in the semifinals December seventh in Las Vegas, with the

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Speaker 13: championship on December ninth. Minnesota Timberwolves have the best wrecker

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Speaker 13: in the West. They won last night. They're thirteen to four.

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Speaker 13: They're not advancing, but the Knicks are. They beat Charlotte

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Speaker 13: one fifteen to ninety one. The Celtics moving on. They're

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Speaker 13: eight to zero. At home, they beat the Bulls one,

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Speaker 13: twenty four to ninety seven. Jalen Brown scored thirty. Milwaukee

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Speaker 13: got thirty three from Jannis on to the compo in

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Speaker 13: a one to thirty one to one twenty four win

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Speaker 13: at Miami College Hoops and the sec ACC Challenge the

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Speaker 13: SEC one four, including twelfth rank Kentucky beating eighth rank

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Speaker 13: Miami ninety five to seventy three. We heard from the

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Speaker 13: College Football Playoff Committee. Time we'll hear from them will

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Speaker 13: be Sunday with the final four announcing who's going to

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Speaker 13: be in the playoffs. Georgia's rank number one. Michigan, with

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Speaker 13: the big win over Ohio State, moves up to second.

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Speaker 13: Everyone moves up a spot. Washington now third, Florida State fourth,

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Speaker 13: Oregon fifth. Washington plays Oregon on Friday for the pac

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Speaker 13: twelve Championship Ohio State. With the loss dropped the sixth

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Speaker 13: John Stasheward Bloomberg Sports.

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Speaker 14: From coast to coast, from New York to San Francisco,

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Speaker 14: Boston to Washington, DC, nationwide on siriusxam, the Bloomberg Business

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Speaker 14: app in Bloomberg dot com. This is Bloomberg day Break.

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Speaker 6: Good morning.

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Speaker 1: I'm Nathan Hager. On this final day of an extended

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Speaker 1: six day ceasefire between Israel and Hamas, the Palestinian militant

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Speaker 1: group is handing over more hostages and pressure is building

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Speaker 1: on both sides to see if this pause in the

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Speaker 1: fighting can be extended even further. For the very latest,

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Speaker 1: let's go to Tel Aviv and check in with bloom

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Speaker 1: Israel Bureau chief Ethan Bronner. Ethan, it's good to have

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Speaker 1: you back with us. What are the prospects that we

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Speaker 1: could see this ceasefire extended beyond today?

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Speaker 3: Hey, Nathan, I think the prospects are pretty good. I

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Speaker 3: think that both sides have been comfortable with this pause,

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Speaker 3: they would like it to extend. I think it's a

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Speaker 3: breather for Hamas, it's a breezer for the Israeli defense forces,

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Speaker 3: and also it allows more humanitarian aid to get into

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Speaker 3: those in great need who are suffering from hunger and

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Speaker 3: the outbreak of disease in Gaza. And of course it's

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Speaker 3: bringing back to Israel hostages. So the deal is, you know,

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Speaker 3: ten hostages a day, another day of a ceasefire, and

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Speaker 3: it seems like that could go on at least two

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Speaker 3: more days.

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Speaker 1: Will it be a ceasefire or could it be a

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Speaker 1: resolution to this conflict? We've seen commentary from President Biden

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Speaker 1: himself one of his latest posts on the social platform

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Speaker 1: X saying that Hamas fears nothing more than Israelis and

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Speaker 1: Palestinians living side by side. To continue down the path

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Speaker 1: of terror, violence, killing and war is something we can't do.

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Speaker 1: Is pressure building to end this war?

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Speaker 6: It is?

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Speaker 3: And that was an interesting tweet. I don't know if

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Speaker 3: you still call it a tweet. An interesting post on

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Speaker 3: X by the President which suggests that he is slightly

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Speaker 3: moving away from a full embrace of an Israeli continuation

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Speaker 3: of the war. I think it's a little hard to tell.

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Speaker 3: The Israelis very much want to destroy Hamas, and they

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Speaker 3: believe they can, and they believe they must take this

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Speaker 3: opportunity to do so. They believe that they want to

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Speaker 3: get as many hostages out as possible and then go

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Speaker 3: back into war. It is clearly the case with the

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Speaker 3: President and many many people abroad think that the war

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Speaker 3: has should stop. Too many people have died, too much

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Speaker 3: suffering has occurred. And I think that politically President Biden

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Speaker 3: is worried. He's also facing internal dissent in his own administration.

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Speaker 3: But you know, it could also be that they sort

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Speaker 3: of thread this needle in the way that allows the

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Speaker 3: Israelis to go ahead in some days time, but in

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Speaker 3: a way that is more targeted, there's less civilian death,

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Speaker 3: and that allows them to declare a victory. We shall see.

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Speaker 1: Are we seeing that play out in the thinking among

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Speaker 1: Israeli officials leaders in Israel that we could see a

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Speaker 1: more targeted approach and what would that look like?

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Speaker 3: Yeah, and what would that look like is a great question.

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Speaker 3: We are it's very very hard at the moment to

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Speaker 3: get any transparency on what the next military phase will

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Speaker 3: look like. When you ask, you're told, sorry, pal, we're

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Speaker 3: not sharing it with you. But it is clear from

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Speaker 3: public statements and also from pressure from Washington, that they

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Speaker 3: have to reduce them the kind of bombardment that began

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Speaker 3: in these first weeks of this. This is now almost

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Speaker 3: an eight week conflict, and it is clear that they

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Speaker 3: want to go after the leaders of Hamas and it's

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Speaker 3: military infrastructure. They are saying that they've killed about five

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Speaker 3: thousand Hamas guys. They were saying there were about thirty

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Speaker 3: thousand of them, So you know, from their perspective, they've

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Speaker 3: made progress, but they've hardly gotten everything they need. Now,

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Speaker 3: what would it mean to go in a more targeted way.

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Speaker 3: You're going to have two million people sort of crowded

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Speaker 3: into the southern part of Gaza. I don't know how

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Speaker 3: you're going to go get underground there without killing people.

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Speaker 3: So I don't know how they're going to do it,

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Speaker 3: but that's clearly something the Americans are demanding of them

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Speaker 3: before they let this go forward.

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Speaker 1: What do we know about the hostage releases that are

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Speaker 1: expected today.

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Speaker 3: Well, we know that these rulis have been given another

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Speaker 3: list of ten. Again, only women and children have been

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Speaker 3: and gate involved in these exchanges so far, and I

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Speaker 3: expect there'll be more women and children in the next

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Speaker 3: day or two. Then the question is would they get

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Speaker 3: to some men, some soldiers and that's I think a

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Speaker 3: more difficult thing. So far, it's been three Israeli three

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Speaker 3: prisoners Palston prisoners for each hostage. That may have to change.

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Speaker 1: Yeah, we do know that there have been talks underway

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Speaker 1: and caught her with the CIA director Bill Burns to

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Speaker 1: potentially get that ceasefire and hostage deal extended beyond women

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Speaker 1: and children, something else for us to follow. And no,

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Speaker 1: we will be doing that as well. Ethan Bronner, thank

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Speaker 1: you so much for being with us this morning. Ethan Bronner,

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Speaker 1: Israel bureau chief for Bloomberg News, joining us this morning

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Speaker 1: from Tel Aviv. And now we want to bring you

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Speaker 1: our conversation with the founder and CEO of Pershing Square Capital,

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Speaker 1: Bill Ackman. He says the Fed's going to cut rates

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Speaker 1: sooner than many of us expect. Bill Ackman joined Bloomberg's

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Speaker 1: David Rubinstein for peer to peer conversations. They discuss the FED,

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Speaker 1: the outlook for the US economy, and the twenty twenty

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Speaker 1: four presidential elections. So let's bring you part of that

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Speaker 1: conversation right now.

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Speaker 8: I do think the economy is weakening. We're seeing evidence

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Speaker 8: of that in some of our companies. You're seeing I

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Speaker 8: have some concerns. There's been a huge subsidy in terms

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Speaker 8: of low interest rates and companies. Most companies fix their

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Speaker 8: rates or their debt at very low rates, and certainly

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Speaker 8: real estate investors did the same. And that works until

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Speaker 8: it doesn't work, And so I think we're what's going

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Speaker 8: to be interesting is to see what happens when people

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Speaker 8: get have to reprice their debt, and I think that

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Speaker 8: can have sort of a cliff like effect, and you're

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Speaker 8: certainly seeing that in real estate now.

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Speaker 15: The markets are assuming, and the markets are not always right,

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Speaker 15: but the markets are assuming that there's going to be

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Speaker 15: a FED discount cut sometime next year.

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Speaker 6: As we talk now just about the end of November.

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Speaker 6: It's not clear what the Fed will do.

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Speaker 15: But some people say that the Fed, if they were

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Speaker 15: to cut interest rates next year year, would help the

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Speaker 15: Democrats and therefore be seen as very political. The other hand,

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Speaker 15: some people say the Fed can't wait till after the

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Speaker 15: election because the economy might need a stimulus.

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Speaker 6: So you have a view on what the Fed is

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Speaker 6: likely to do.

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Speaker 8: I think they're gonna cut rates, and you know, I

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Speaker 8: think they're gonna cut rates sooner than people expect, because

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Speaker 8: you know, what's happening is the real rate of interest ultimately,

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Speaker 8: which is what impacts the economy, keeps increasing as inflation declines. Right,

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Speaker 8: So if the FED keeps rates in the sort of

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Speaker 8: middle fives and inflation is you know, trending below three

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Speaker 8: percent or you know, that's a very high real rate

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Speaker 8: of interest, and I think that is having a sort

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Speaker 8: of retarding effect on the economy. And then of course,

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Speaker 8: again you know, many businesses and certainly many individuals have

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Speaker 8: the benefit of fixed rate debt, and that fixed rate debt,

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Speaker 8: certainly for companies and for commercial real estate, starts to

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Speaker 8: roll off. So I think there's a risk of a

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Speaker 8: hard landing if the FED doesn't start cutting rates, you know,

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Speaker 8: pretty soon. So you know, I think the market expects

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Speaker 8: sometime middle of next year. I think it's more likely

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Speaker 8: probably as early as key.

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Speaker 15: One by its own and miss and the FED probably

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Speaker 15: missed inflation initially they said it was transitory, but they

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Speaker 15: played catch up and they've increased rates considerably since that time.

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Speaker 6: Do you think the FED made a mistake.

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Speaker 15: In not handling inflation differently at the beginning, And how

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Speaker 15: do you think they've done since they started increasing interest rates?

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Speaker 6: They certainly made a mistake.

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Speaker 8: I mean, I think they would have FED generally as

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Speaker 8: an institution, would admit that. I think that they caught

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Speaker 8: up and effectively. So you give them credit for acknowledging

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Speaker 8: the mistake and being pretty aggressive. And then I think,

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Speaker 8: you know, you want to make sure that they're you know,

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Speaker 8: German Powell's desire not to have a legacy of causing

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Speaker 8: or contributing to long term inflation, doesn't, you know, cause

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Speaker 8: them to make the opposite mistake, I mean, keep rates

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Speaker 8: too high for too long, and I think the market

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Speaker 8: expectation is you know, called it middle of next year,

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Speaker 8: July something like this for the beginnings of easing. I

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Speaker 8: think the economy will likely demand an earlier move. And

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Speaker 8: I don't think of the FED as a or at

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Speaker 8: least this FED, a particularly political institution. I think they're

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Speaker 8: really trying to do the right thing.

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Speaker 15: President Biden has called his economic program biden Nomics, which

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Speaker 15: has met some derision in Republican circles. You've been an

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Speaker 15: active supporter of Democrats, I think more than Republicans.

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Speaker 6: Is that right?

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Speaker 8: I would say historically I have you know, I would

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Speaker 8: say today I certainly consider myself and have for years

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Speaker 8: now a centrist, okay, and I'm much more open to

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Speaker 8: Republican candidates that I am to re electing President Biden.

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Speaker 8: So I you know, you would say otherwise. You know, again,

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Speaker 8: I want to elect the best leader of the country,

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Speaker 8: whether that person is a Republican or a Democrat.

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Speaker 15: But you haven't publicly said you're supporting President Trump if

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Speaker 15: he's the nominee.

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Speaker 4: Ye.

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Speaker 8: I've been supportive of you know, I've been supportive of

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Speaker 8: Nikki Haley.

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Speaker 6: I've been supportive of Chris Christy.

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Speaker 8: I know, the vag Ramswani and I was, you know,

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Speaker 8: pre his launch of his candidacy, I was, uh, you know,

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Speaker 8: supportive of his having a young, smart, talented, uh you know,

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Speaker 8: business leader as a next president. He's just been a

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Speaker 8: little too far off, too far to the right, and

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Speaker 8: also been disappointed a bit with his you know, geopolitics

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Speaker 8: and how he's thinking about dealing with some of the

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Speaker 8: wars that we find ourselves in the midst of today.

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Speaker 6: For the economy itself.

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Speaker 15: Do you think it really is going to make a

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Speaker 15: difference if President Trump is if he's the Republican nominee

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Speaker 15: it gets selected, or President Biden is the Democratic nominee

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Speaker 15: he's selected, who either one. Would it make a big

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Speaker 15: difference for the economy in the next year or so

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Speaker 15: if either one is the president or the economy.

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Speaker 6: Is going to do what it's going to do.

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Speaker 8: You know, I do think leadership matters enormously in everything

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Speaker 8: from the economy to geopolitics, and I hope we're going

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Speaker 8: to have a broader selection than Trump and Biden. There's

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Speaker 8: actually an interesting candidate who just announced his candidacy on

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Speaker 8: the Democratic side that I would say, no one has

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Speaker 8: heard of a congressman named Dean Phillips. You probably have

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Speaker 8: heard of him, may know him. Met with him recently.

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Speaker 8: I was impressed. I think the best I think Biden

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Speaker 8: done a lot of good things, but I think his

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Speaker 8: legacy will not be a good one if he if

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Speaker 8: he is the nominee, I do think the right thing

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Speaker 8: for Biden to do is to step aside and to

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Speaker 8: say he's not going to run and create the opportunity

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Speaker 8: for some competition of alternative Do you think that I

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Speaker 8: think that I think he's past his prime in kind

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Speaker 8: of meaningful way. I think the global security, I would say,

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Speaker 8: and is going to become a very high profile issue

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Speaker 8: for I think the country. I think people are concerned

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Speaker 8: about what's going on in terms of Russia, Ukraine, you know,

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Speaker 8: the Israel Hamas situation. You know, Russia and China are

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Speaker 8: pretty belligerent today. Our relationships are not good. So I

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Speaker 8: think you know, you, I do think of It's a

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Speaker 8: bit like being CEO of a major company. It's a

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Speaker 8: it's a it's a full time job, and you need

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Speaker 8: to be at your you know, you need to be strong,

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Speaker 8: you need to be at your intellectual best. And I

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Speaker 8: don't think Biden is there.

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Speaker 1: and I'm Karen Moscow.

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Speaker 2: Join us again tomorrow morning for all the news you

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Speaker 2: need to start your day right here on Bloomberg Daybreak