Speaker 1: Good morning.
Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 2: stories we're following today.
Speaker 1: We begin with the war in the Middle East. This
Speaker 1: is the final day of an extended six day ceasefire
Speaker 1: between Israel and Hamas. The Palestinian group handed over a
Speaker 1: dozen more hostages last night, ten Israelis and two citizens
Speaker 1: of Thailand. White House National Security spokesman John Kirby says
Speaker 1: he hopes the ceasefire can be extended so more Americans
Speaker 1: can be freed.
Speaker 3: I don't want to I'll give you a handicap here
Speaker 3: on this or bet nods.
Speaker 4: I can just tell you that.
Speaker 1: We want to see all the hostages out.
Speaker 3: The way to do that is these pauses.
Speaker 1: My White House spokesman John Kirby spoke with reporters outside
Speaker 1: Air Force one CIA director Bill Burns is and caught
Speaker 1: her for talks about extending the ceasefire. Secretary of State
Speaker 1: Anthony Blincoln will be back in Israel later this week,
Speaker 1: and in a post on ex President Biden called for
Speaker 1: an end of the fighting. He says Hamas fears nothing
Speaker 1: more than Israelis and Palestinians living side by side in peace.
Speaker 2: And now Nathan the financial world. EA is mourning and
Speaker 2: remembering the life of Charlie Munger. Munger, who helped build
Speaker 2: Berkshire Hathaway with Warren Buffett, died yesterday at the age
Speaker 2: of ninety nine, and we have more with Bloomberg's John Tucker,
Speaker 2: John and.
Speaker 5: Karen with wit, wisdom and one liners. Charlie Munger served
Speaker 5: as Warren Buffett's alter ego, often telling it with brutal
Speaker 5: honesty what wouldn't work. Munger was known for steering Buffett
Speaker 5: away from purchasing what Buffett called cigar butts mediocre companies
Speaker 5: had a puff of smoke left and could be bought
Speaker 5: for very cheap prices, and instead favoring quality. A lawyer
Speaker 5: by training, Monger recalled how he was steered toward investing.
Speaker 6: When I met Warren.
Speaker 7: He immediately started telling me how much better his way
Speaker 7: of making a living was than mine, and that I
Speaker 7: was too smart to stay in such a silly businesses
Speaker 7: law practice when I could go into his business of
Speaker 7: running an investment partnership. And it took me about two
Speaker 7: or three years to realize he was right.
Speaker 5: His death, Lee's Buffett without his law time sounding board
Speaker 5: for investors, maybe his most enduring legacy is Berkshire's performance
Speaker 5: under their management. Berkshire average an annual gain of twenty
Speaker 5: percent from nineteen sixty five through twenty twenty two. I'm
Speaker 5: John Tucker, Bloomberg Radio.
Speaker 1: All right, John, thanks, of course. Charlie Munger is also
Speaker 1: going to be remembered for his roles as straight man
Speaker 1: and scold of corporate excesses at Berkshire's annual meetings in Omaha.
Speaker 1: Bloomberg Intelligence Senior analyst Matthew Pallasola remembers Monger's special relationship
Speaker 1: with Warren Buffett.
Speaker 4: They're recalling individual meetings that they had, you know, forty
Speaker 4: fifty years ago, and Bussett is forgetting a couple of things,
Speaker 4: and Munger's reminding him of, well, this guy said that,
Speaker 4: and we said this, and we made this much money
Speaker 4: in these meetings. I mean it was, you know, truly
Speaker 4: a partnership for all of that time. And their interaction
Speaker 4: was just amazing. They would finished each other sentences.
Speaker 1: And Bloomberg Intelligence Senior analyst Matthew Pallasola there. Charlie Munger
Speaker 1: died yesterday at a hospital in California. He was a
Speaker 1: longtime resident of Los Angeles.
Speaker 2: Well Nathan, we turn to the market, specifically the economy
Speaker 2: now and billionaire investor Bill Ackman, who's betting the Federal
Speaker 2: Reserve will begin cutting interest rates sooner than markets are predicting.
Speaker 8: I think there's a risk of a hard landing if
Speaker 8: the FED doesn't start cutting rates, you know, pretty soon.
Speaker 8: So I think the market expects sometime middle of next year.
Speaker 8: I think it's more likely, probably as early as key.
Speaker 2: One and Bill Lackman added that he's not convinced the
Speaker 2: US economy is headed for a soft landing. The billionaire
Speaker 2: investor made the comments in an upcoming episode of The
Speaker 2: David Rubinstein Show. Here to Beer Conversations on Bloomberg Television.
Speaker 1: Well Karen Bill Ackman's comments come as two of the
Speaker 1: fed's most hawkish rate setter signal they could be comfortable
Speaker 1: holding rates steady for now. Here's what FED Governor Christopher
Speaker 1: Waller told the American Enterprise Institute in Washington.
Speaker 6: I am increasingly confident the policy is currently well positioned
Speaker 6: to slow the economy and get inflation back to two percent.
Speaker 1: Chris Waller's view as echoed by a fellow FED governor,
Speaker 1: Michelle Bowman, who said she remains willing to support great
Speaker 1: hikes if inflation progress stalls, but she did stop short
Speaker 1: of endorsing an increase next month.
Speaker 3: Well.
Speaker 2: In Washington, Nathan, the House of Representatives may be voting
Speaker 2: on whether to expel George Santos today or tomorrow, and
Speaker 2: Bloomberg's Ed Baxter has that story.
Speaker 9: Motions in the House have been formally introduced, saying ethics
Speaker 9: findings violate the accepted policies of the body. Now, many
Speaker 9: of those members who voted against the first one November one,
Speaker 9: are saying they will vote to expel now, and Santos
Speaker 9: has responded saying the body is just theater.
Speaker 10: I went to San Diego last week.
Speaker 4: It is terrible, terrible.
Speaker 10: That's what we should be putting our energy on, not
Speaker 10: on censuring one another, expelling one another, which hunts against
Speaker 10: the political class.
Speaker 6: Nobody cares.
Speaker 9: Congress has forty eight hours to act under the resolution.
Speaker 9: Ed Baxter Bloomberg Radio.
Speaker 6: Okay and thank you.
Speaker 1: President Biden won't be there, but Vice President Kamala Harris
Speaker 1: this is attending the COP twenty eighth Climate Summit in Dubai.
Speaker 1: We get details from Bloomberg's Amy Morris.
Speaker 11: Harris will join Secretary of State Anthony Blincoln and other
Speaker 11: US officials at the two week event that begins tomorrow.
Speaker 11: She is expected to address the summit this week. Formal
Speaker 11: negotiations at COP twenty eight will center on the response
Speaker 11: to warnings that countries are falling short and cutting their emissions,
Speaker 11: and possible commitments to phase down fossil fuels in Washington,
Speaker 11: Amy Morris, Bloomberg Radio.
Speaker 2: All Right, Amy, thanks for the Incorporate news and a
Speaker 2: surprise memo. Jack ma urged Ali Baba Group to correct
Speaker 2: course civilionaire call for fundamental change across the company he
Speaker 2: co founded decades ago. Ma has mostly stayed away from
Speaker 2: day to day operations since twenty twenty, and Ali Baba
Speaker 2: wants China's best candidate to become a trillion dollar company
Speaker 2: is trading at a fraction of its peak in twenty twenty.
Speaker 2: Time now for a look at some of the other
Speaker 2: stories making news around the world. For that, we're joined
Speaker 2: by Bloomberg's Amy Morris.
Speaker 1: Good morning, Good morning, Karen.
Speaker 11: Congressional negotiators are reportedly ready to drop plans to use
Speaker 11: the annual defense policy build of Titan controls on US
Speaker 11: investment in Chinese technology. Sourses tell Bloomberg that House Financial
Speaker 11: Services Chairman Patrick McHenry is effectively blocking a measure that
Speaker 11: would require firms to notify the government about certain investments
Speaker 11: in China and other countries of concern. The Biden administration
Speaker 11: meanwhile getting pushedback from auto dealers on those mandates for
Speaker 11: switching over to electric vehicle production. Bloomberg's Nancy Llons has
Speaker 11: that part of the story.
Speaker 12: The mandate calls for two out of every three vehicles
Speaker 12: sold in the US by twenty thirty two be battery electric,
Speaker 12: but nearly four thousand auto dealers, who are calling themselves
Speaker 12: EV Voice of the Customer say most car buyers, even
Speaker 12: with incentives, are disinterested in the technology due to the
Speaker 12: higher cost, the lack of charging stations, and the loss
Speaker 12: of driving range and hot and cold weather. The dealers
Speaker 12: are asking President Biden to slow down and let the
Speaker 12: battery technology and infrastructure improve before forcing EV purchases. The
Speaker 12: White House says the proposed standards are not a mandate
Speaker 12: and do not ban gas vehicles in Washington, Nancy Lyons
Speaker 12: Bloomberg Radio.
Speaker 11: Republican Congressman Anthony Disposedesposito made a motion on the House
Speaker 11: floor to force a vote on House Ethics Committee Chairman
Speaker 11: Michael Guests resolution that would expel Congressman George Santos. Minutes later,
Speaker 11: Santos took to the House floor himself to defiantly say
Speaker 11: he will not resign.
Speaker 10: Are we to now assume that one is no longer
Speaker 10: innocent until proven guilty, and they are in fact guilty
Speaker 10: until proven innocent, Or are we now to simply assume
Speaker 10: that because somebody doesn't like you, they get.
Speaker 1: To throw you out of your job.
Speaker 11: The House Ethics Committee report alleged Santos used campaign cash
Speaker 11: to pay for personal expenses. He's also facing federal charges.
Speaker 11: A US military Osprey aircraft carrying eight people as crashed
Speaker 11: into the sea off southern Japan. The Japanese Coast Guard
Speaker 11: is heading to the site for search and rescue operations.
Speaker 11: Host Guard official says they don't have details yet about
Speaker 11: what happened to the osprey nor to the people on board.
Speaker 11: He says the Coastguard received an emergency call from a
Speaker 11: fishing boat near the crash site off Yakushima. The osprey
Speaker 11: was believed to be heading to Okinawa. Global News twenty
Speaker 11: four hours a day and whenever you want it with
Speaker 11: Bloomberg News Now. I'm Maybe Morris and this is Bloomberg Karen.
Speaker 2: All right, Amy, thank you well. We do bring you
Speaker 2: news throughout the day right here on Bloomberg Radio. As
Speaker 2: Amy said, but now you can get the latest news
Speaker 2: on demand whenever you want it. You can just subscribe
Speaker 2: to Bloomberg News Now to get the latest headlines at
Speaker 2: the click of a button. Get informed on your schedule.
Speaker 2: You can listen and subscribe to Bloomberg News Now on
Speaker 2: the Bloomberg Business app, Bloomberg dot Com plus Apple, Spotify,
Speaker 2: and anywhere else you get your podcasts. Time now for
Speaker 2: the Bloomberg Sports Update, here's John stash Hour John Darren.
Speaker 13: The NBA started this season with an in season tournament
Speaker 13: to drum up some interest early in the regular season,
Speaker 13: taking a page out of what you see in European soccer.
Speaker 6: Last night they.
Speaker 13: Determined which eight teams are advancing to the knockout round
Speaker 13: next Monday. In the East, Boston will play at Indiana,
Speaker 13: and then on Tuesday it's the Knicks in Milwaukee. Monday
Speaker 13: in the West, New Orleans and Sacramento, followed the night
Speaker 13: later by Phoenix at the Lakers. The winners will advance
Speaker 13: in the semifinals December seventh in Las Vegas, with the
Speaker 13: championship on December ninth. Minnesota Timberwolves have the best wrecker
Speaker 13: in the West. They won last night. They're thirteen to four.
Speaker 13: They're not advancing, but the Knicks are. They beat Charlotte
Speaker 13: one fifteen to ninety one. The Celtics moving on. They're
Speaker 13: eight to zero. At home, they beat the Bulls one,
Speaker 13: twenty four to ninety seven. Jalen Brown scored thirty. Milwaukee
Speaker 13: got thirty three from Jannis on to the compo in
Speaker 13: a one to thirty one to one twenty four win
Speaker 13: at Miami College Hoops and the sec ACC Challenge the
Speaker 13: SEC one four, including twelfth rank Kentucky beating eighth rank
Speaker 13: Miami ninety five to seventy three. We heard from the
Speaker 13: College Football Playoff Committee. Time we'll hear from them will
Speaker 13: be Sunday with the final four announcing who's going to
Speaker 13: be in the playoffs. Georgia's rank number one. Michigan, with
Speaker 13: the big win over Ohio State, moves up to second.
Speaker 13: Everyone moves up a spot. Washington now third, Florida State fourth,
Speaker 13: Oregon fifth. Washington plays Oregon on Friday for the pac
Speaker 13: twelve Championship Ohio State. With the loss dropped the sixth
Speaker 13: John Stasheward Bloomberg Sports.
Speaker 14: From coast to coast, from New York to San Francisco,
Speaker 14: Boston to Washington, DC, nationwide on siriusxam, the Bloomberg Business
Speaker 14: app in Bloomberg dot com. This is Bloomberg day Break.
Speaker 6: Good morning.
Speaker 1: I'm Nathan Hager. On this final day of an extended
Speaker 1: six day ceasefire between Israel and Hamas, the Palestinian militant
Speaker 1: group is handing over more hostages and pressure is building
Speaker 1: on both sides to see if this pause in the
Speaker 1: fighting can be extended even further. For the very latest,
Speaker 1: let's go to Tel Aviv and check in with bloom
Speaker 1: Israel Bureau chief Ethan Bronner. Ethan, it's good to have
Speaker 1: you back with us. What are the prospects that we
Speaker 1: could see this ceasefire extended beyond today?
Speaker 3: Hey, Nathan, I think the prospects are pretty good. I
Speaker 3: think that both sides have been comfortable with this pause,
Speaker 3: they would like it to extend. I think it's a
Speaker 3: breather for Hamas, it's a breezer for the Israeli defense forces,
Speaker 3: and also it allows more humanitarian aid to get into
Speaker 3: those in great need who are suffering from hunger and
Speaker 3: the outbreak of disease in Gaza. And of course it's
Speaker 3: bringing back to Israel hostages. So the deal is, you know,
Speaker 3: ten hostages a day, another day of a ceasefire, and
Speaker 3: it seems like that could go on at least two
Speaker 3: more days.
Speaker 1: Will it be a ceasefire or could it be a
Speaker 1: resolution to this conflict? We've seen commentary from President Biden
Speaker 1: himself one of his latest posts on the social platform
Speaker 1: X saying that Hamas fears nothing more than Israelis and
Speaker 1: Palestinians living side by side. To continue down the path
Speaker 1: of terror, violence, killing and war is something we can't do.
Speaker 1: Is pressure building to end this war?
Speaker 6: It is?
Speaker 3: And that was an interesting tweet. I don't know if
Speaker 3: you still call it a tweet. An interesting post on
Speaker 3: X by the President which suggests that he is slightly
Speaker 3: moving away from a full embrace of an Israeli continuation
Speaker 3: of the war. I think it's a little hard to tell.
Speaker 3: The Israelis very much want to destroy Hamas, and they
Speaker 3: believe they can, and they believe they must take this
Speaker 3: opportunity to do so. They believe that they want to
Speaker 3: get as many hostages out as possible and then go
Speaker 3: back into war. It is clearly the case with the
Speaker 3: President and many many people abroad think that the war
Speaker 3: has should stop. Too many people have died, too much
Speaker 3: suffering has occurred. And I think that politically President Biden
Speaker 3: is worried. He's also facing internal dissent in his own administration.
Speaker 3: But you know, it could also be that they sort
Speaker 3: of thread this needle in the way that allows the
Speaker 3: Israelis to go ahead in some days time, but in
Speaker 3: a way that is more targeted, there's less civilian death,
Speaker 3: and that allows them to declare a victory. We shall see.
Speaker 1: Are we seeing that play out in the thinking among
Speaker 1: Israeli officials leaders in Israel that we could see a
Speaker 1: more targeted approach and what would that look like?
Speaker 3: Yeah, and what would that look like is a great question.
Speaker 3: We are it's very very hard at the moment to
Speaker 3: get any transparency on what the next military phase will
Speaker 3: look like. When you ask, you're told, sorry, pal, we're
Speaker 3: not sharing it with you. But it is clear from
Speaker 3: public statements and also from pressure from Washington, that they
Speaker 3: have to reduce them the kind of bombardment that began
Speaker 3: in these first weeks of this. This is now almost
Speaker 3: an eight week conflict, and it is clear that they
Speaker 3: want to go after the leaders of Hamas and it's
Speaker 3: military infrastructure. They are saying that they've killed about five
Speaker 3: thousand Hamas guys. They were saying there were about thirty
Speaker 3: thousand of them, So you know, from their perspective, they've
Speaker 3: made progress, but they've hardly gotten everything they need. Now,
Speaker 3: what would it mean to go in a more targeted way.
Speaker 3: You're going to have two million people sort of crowded
Speaker 3: into the southern part of Gaza. I don't know how
Speaker 3: you're going to go get underground there without killing people.
Speaker 3: So I don't know how they're going to do it,
Speaker 3: but that's clearly something the Americans are demanding of them
Speaker 3: before they let this go forward.
Speaker 1: What do we know about the hostage releases that are
Speaker 1: expected today.
Speaker 3: Well, we know that these rulis have been given another
Speaker 3: list of ten. Again, only women and children have been
Speaker 3: and gate involved in these exchanges so far, and I
Speaker 3: expect there'll be more women and children in the next
Speaker 3: day or two. Then the question is would they get
Speaker 3: to some men, some soldiers and that's I think a
Speaker 3: more difficult thing. So far, it's been three Israeli three
Speaker 3: prisoners Palston prisoners for each hostage. That may have to change.
Speaker 1: Yeah, we do know that there have been talks underway
Speaker 1: and caught her with the CIA director Bill Burns to
Speaker 1: potentially get that ceasefire and hostage deal extended beyond women
Speaker 1: and children, something else for us to follow. And no,
Speaker 1: we will be doing that as well. Ethan Bronner, thank
Speaker 1: you so much for being with us this morning. Ethan Bronner,
Speaker 1: Israel bureau chief for Bloomberg News, joining us this morning
Speaker 1: from Tel Aviv. And now we want to bring you
Speaker 1: our conversation with the founder and CEO of Pershing Square Capital,
Speaker 1: Bill Ackman. He says the Fed's going to cut rates
Speaker 1: sooner than many of us expect. Bill Ackman joined Bloomberg's
Speaker 1: David Rubinstein for peer to peer conversations. They discuss the FED,
Speaker 1: the outlook for the US economy, and the twenty twenty
Speaker 1: four presidential elections. So let's bring you part of that
Speaker 1: conversation right now.
Speaker 8: I do think the economy is weakening. We're seeing evidence
Speaker 8: of that in some of our companies. You're seeing I
Speaker 8: have some concerns. There's been a huge subsidy in terms
Speaker 8: of low interest rates and companies. Most companies fix their
Speaker 8: rates or their debt at very low rates, and certainly
Speaker 8: real estate investors did the same. And that works until
Speaker 8: it doesn't work, And so I think we're what's going
Speaker 8: to be interesting is to see what happens when people
Speaker 8: get have to reprice their debt, and I think that
Speaker 8: can have sort of a cliff like effect, and you're
Speaker 8: certainly seeing that in real estate now.
Speaker 15: The markets are assuming, and the markets are not always right,
Speaker 15: but the markets are assuming that there's going to be
Speaker 15: a FED discount cut sometime next year.
Speaker 6: As we talk now just about the end of November.
Speaker 6: It's not clear what the Fed will do.
Speaker 15: But some people say that the Fed, if they were
Speaker 15: to cut interest rates next year year, would help the
Speaker 15: Democrats and therefore be seen as very political. The other hand,
Speaker 15: some people say the Fed can't wait till after the
Speaker 15: election because the economy might need a stimulus.
Speaker 6: So you have a view on what the Fed is
Speaker 6: likely to do.
Speaker 8: I think they're gonna cut rates, and you know, I
Speaker 8: think they're gonna cut rates sooner than people expect, because
Speaker 8: you know, what's happening is the real rate of interest ultimately,
Speaker 8: which is what impacts the economy, keeps increasing as inflation declines. Right,
Speaker 8: So if the FED keeps rates in the sort of
Speaker 8: middle fives and inflation is you know, trending below three
Speaker 8: percent or you know, that's a very high real rate
Speaker 8: of interest, and I think that is having a sort
Speaker 8: of retarding effect on the economy. And then of course,
Speaker 8: again you know, many businesses and certainly many individuals have
Speaker 8: the benefit of fixed rate debt, and that fixed rate debt,
Speaker 8: certainly for companies and for commercial real estate, starts to
Speaker 8: roll off. So I think there's a risk of a
Speaker 8: hard landing if the FED doesn't start cutting rates, you know,
Speaker 8: pretty soon. So you know, I think the market expects
Speaker 8: sometime middle of next year. I think it's more likely
Speaker 8: probably as early as key.
Speaker 15: One by its own and miss and the FED probably
Speaker 15: missed inflation initially they said it was transitory, but they
Speaker 15: played catch up and they've increased rates considerably since that time.
Speaker 6: Do you think the FED made a mistake.
Speaker 15: In not handling inflation differently at the beginning, And how
Speaker 15: do you think they've done since they started increasing interest rates?
Speaker 6: They certainly made a mistake.
Speaker 8: I mean, I think they would have FED generally as
Speaker 8: an institution, would admit that. I think that they caught
Speaker 8: up and effectively. So you give them credit for acknowledging
Speaker 8: the mistake and being pretty aggressive. And then I think,
Speaker 8: you know, you want to make sure that they're you know,
Speaker 8: German Powell's desire not to have a legacy of causing
Speaker 8: or contributing to long term inflation, doesn't, you know, cause
Speaker 8: them to make the opposite mistake, I mean, keep rates
Speaker 8: too high for too long, and I think the market
Speaker 8: expectation is you know, called it middle of next year,
Speaker 8: July something like this for the beginnings of easing. I
Speaker 8: think the economy will likely demand an earlier move. And
Speaker 8: I don't think of the FED as a or at
Speaker 8: least this FED, a particularly political institution. I think they're
Speaker 8: really trying to do the right thing.
Speaker 15: President Biden has called his economic program biden Nomics, which
Speaker 15: has met some derision in Republican circles. You've been an
Speaker 15: active supporter of Democrats, I think more than Republicans.
Speaker 6: Is that right?
Speaker 8: I would say historically I have you know, I would
Speaker 8: say today I certainly consider myself and have for years
Speaker 8: now a centrist, okay, and I'm much more open to
Speaker 8: Republican candidates that I am to re electing President Biden.
Speaker 8: So I you know, you would say otherwise. You know, again,
Speaker 8: I want to elect the best leader of the country,
Speaker 8: whether that person is a Republican or a Democrat.
Speaker 15: But you haven't publicly said you're supporting President Trump if
Speaker 15: he's the nominee.
Speaker 4: Ye.
Speaker 8: I've been supportive of you know, I've been supportive of
Speaker 8: Nikki Haley.
Speaker 6: I've been supportive of Chris Christy.
Speaker 8: I know, the vag Ramswani and I was, you know,
Speaker 8: pre his launch of his candidacy, I was, uh, you know,
Speaker 8: supportive of his having a young, smart, talented, uh you know,
Speaker 8: business leader as a next president. He's just been a
Speaker 8: little too far off, too far to the right, and
Speaker 8: also been disappointed a bit with his you know, geopolitics
Speaker 8: and how he's thinking about dealing with some of the
Speaker 8: wars that we find ourselves in the midst of today.
Speaker 6: For the economy itself.
Speaker 15: Do you think it really is going to make a
Speaker 15: difference if President Trump is if he's the Republican nominee
Speaker 15: it gets selected, or President Biden is the Democratic nominee
Speaker 15: he's selected, who either one. Would it make a big
Speaker 15: difference for the economy in the next year or so
Speaker 15: if either one is the president or the economy.
Speaker 6: Is going to do what it's going to do.
Speaker 8: You know, I do think leadership matters enormously in everything
Speaker 8: from the economy to geopolitics, and I hope we're going
Speaker 8: to have a broader selection than Trump and Biden. There's
Speaker 8: actually an interesting candidate who just announced his candidacy on
Speaker 8: the Democratic side that I would say, no one has
Speaker 8: heard of a congressman named Dean Phillips. You probably have
Speaker 8: heard of him, may know him. Met with him recently.
Speaker 8: I was impressed. I think the best I think Biden
Speaker 8: done a lot of good things, but I think his
Speaker 8: legacy will not be a good one if he if
Speaker 8: he is the nominee, I do think the right thing
Speaker 8: for Biden to do is to step aside and to
Speaker 8: say he's not going to run and create the opportunity
Speaker 8: for some competition of alternative Do you think that I
Speaker 8: think that I think he's past his prime in kind
Speaker 8: of meaningful way. I think the global security, I would say,
Speaker 8: and is going to become a very high profile issue
Speaker 8: for I think the country. I think people are concerned
Speaker 8: about what's going on in terms of Russia, Ukraine, you know,
Speaker 8: the Israel Hamas situation. You know, Russia and China are
Speaker 8: pretty belligerent today. Our relationships are not good. So I
Speaker 8: think you know, you, I do think of It's a
Speaker 8: bit like being CEO of a major company. It's a
Speaker 8: it's a it's a full time job, and you need
Speaker 8: to be at your you know, you need to be strong,
Speaker 8: you need to be at your intellectual best. And I
Speaker 8: don't think Biden is there.
Speaker 1: This is Bloomberg Daybreak Today, your morning brief on the
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