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Speaker 1: Welcome to the Bloomberg p m L Podcast. I'm Pim Fox.

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Speaker 1: Along with my co host Lisa A. Bramowitz. Each day

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Speaker 1: we bring you the most important, noteworthy, and useful interviews

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Speaker 1: for you and your money, whether you're at the grocery

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Speaker 1: store or the trading floor. Find the Bloomberg p m

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Speaker 1: L Podcast on Apple Podcasts, SoundCloud, and Bloomberg dot com.

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Speaker 1: Oil in Canada it basically has one customer that's in

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Speaker 1: the United States apart from those that use it in Canada,

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Speaker 1: but that could change as the Canadian government back say

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Speaker 1: pipeline to move that oil to the Pacific, which could

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Speaker 1: then mean exports to Asia. Here to tell us more

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Speaker 1: about energy and it's global implications is Paul Michael Weeby.

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Speaker 1: He is a research fellow at the Daniel Morgan Graduate

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Speaker 1: School of National Security. Also, he's a former vice president

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Speaker 1: of the Liberal Party of Canada that was under the

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Speaker 1: Prime ministership of Pierre Elliott Trudeau. Paul Michael weib thank

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Speaker 1: you very much for being with us. Maybe just outlined

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Speaker 1: for people that are not familiar with the dynamics of

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Speaker 1: the Canadian energy markets the role that the United States

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Speaker 1: currently plays and what could change well, good morning, and

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Speaker 1: thank you for having me on the broadcast. The Canadian

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Speaker 1: energy market is really a fascinating um sector to watch.

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Speaker 1: It has had some real problems over the last few years.

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Speaker 1: Everyone is familiar with Keystone, the Keystone pipeline which is

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Speaker 1: still tied up by the way in the Nebraska state courts.

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Speaker 1: Um we here in Canada and right now I'm in Montreal,

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Speaker 1: and in Canada, there is a an abundance of crude

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Speaker 1: oil thanks to the development at the oil stands, but

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Speaker 1: there is a bolt of bottleneck in that that massive

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Speaker 1: supply of crude which is being produced cannot get to

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Speaker 1: the markets for which it was destined. So we have

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Speaker 1: three pipelines, Trans Mountain, which is supposed to deliver gas

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Speaker 1: oil to the Asian and US markets, particularly California, Transmountain,

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Speaker 1: Keystone and Line three r en Bridge in Minnesota. All

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Speaker 1: these pipelines, each of which has a capacity of around

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Speaker 1: seven hundred thousand barrels of crude, are tied up for

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Speaker 1: one reason or another, and they've been delayed for years

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Speaker 1: um uh because of court challenges and all position of

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Speaker 1: one sort or another. So the Canadian energy market is

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Speaker 1: going through some troubling times. And as a result, UH,

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Speaker 1: the United States has picking up the slack in terms

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Speaker 1: of getting fruit oil exports to hungry markets overseas, particularly

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Speaker 1: the Asian markets thanks to development of shale crude exports

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Speaker 1: that the United States is now shipping to various consumers.

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Speaker 1: So in Canada there's a real dilemma. Lots of oil,

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Speaker 1: but they can't get the oil to market. Alright. So

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Speaker 1: given that context, what do you believe the tariff and

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Speaker 1: trade war between the United States and Canada will do

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Speaker 1: to the energy sector. Nothing in the short term UH

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Speaker 1: that would affect Canadian production UH, and nothing in the

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Speaker 1: longer term really unless we have a total breakdown in

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Speaker 1: bilateral energy trade between the two countries. The indirect impact

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Speaker 1: of tarroists is in the area of steel and aluminum,

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Speaker 1: where by the Canadian energy in the treat is buying

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Speaker 1: UH too bigger products at a different cost structure than

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Speaker 1: normally would be the case. Because UH, Asian steel products

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Speaker 1: are flooding the Canadian market UH since they can no

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Speaker 1: longer enter the US market at levels that they had

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Speaker 1: been used to in terms of of lower tarrorifts. So

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Speaker 1: there's an abundance of supply in the Canadian steel and

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Speaker 1: aluminum sector, which is actually providing a cost differential H

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Speaker 1: to the Canadian energy sector that is advantageous. But apart

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Speaker 1: from that, there is no real adverse consequence UH in

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Speaker 1: terms of the tariffs impacting energy trade between the two countries.

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Speaker 1: Having said that, you raise a very important question that

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Speaker 1: is really the larger issue of harmonization between two countries

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Speaker 1: in terms of oil and gas supplies and m I'm

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Speaker 1: very interested in having seen Santor Hoven Santor Hoven from

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Speaker 1: North Dakota bring forward a bill, the North American Energy

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Speaker 1: Security Act, that would harmonize pipeline approval UH regulation between

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Speaker 1: Canada and the US, And specifically, in that bill, the

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Speaker 1: Sentator is calling for the State Department to pass on

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Speaker 1: its regulatory approval and permitting process, pass it over to FIRK,

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Speaker 1: and put a ninety limit on the approval process for

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Speaker 1: cross border pipelines. And I think that's very important and

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Speaker 1: I think that's in the direction we ought to be going.

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Speaker 1: I think it would be very helpful for the Canadians

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Speaker 1: as well as for American consumers to be able to

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Speaker 1: secure Canadian crude UH in a more rational and streamlined

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Speaker 1: process than what we have already. All right, we'll talk

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Speaker 1: about that in terms of its opposite when you talk

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Speaker 1: about a rational and streamlined process. I want to shift

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Speaker 1: your attention, because you are an expert in global energy resources,

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Speaker 1: to what is happening in Iran and the back and

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Speaker 1: forth between the United States and President Donald Trump and

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Speaker 1: Iran's potential for oil exports. What are your thoughts there? Well, look,

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Speaker 1: I think UH to give this context, if you don't mind,

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Speaker 1: just a step back up a moment to yesterday's extraordinary

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Speaker 1: pronouncement by the President where he said on his Twitter

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Speaker 1: feed that the OPEC monopoly must remember that gas prices

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Speaker 1: are up and that they are doing little to help.

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Speaker 1: He goes on and demands a reduction in pricing. Now,

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Speaker 1: this UH is historic, It's unprecedented, and what it represents,

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Speaker 1: in my opinion, is a full frontal assault on the

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Speaker 1: integrity and cohesion of OPEC as a price setting organization.

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Speaker 1: And what that's doing, to get to your question, is

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Speaker 1: driving a wedge, a massive wedge between Saudi Arabia and Iran.

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Speaker 1: Because the Saudies are complying coordinates of Bloomberg reports. The

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Speaker 1: Saudies are complying with the President's demands, and this is

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Speaker 1: quite the opposite of what the Iranians want. So when

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Speaker 1: you add to the ideological and and and security dilemma

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Speaker 1: in the Persian Gulf arising up from the rivalry between

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Speaker 1: Iran and Saudi Arabia, and now you have OPEC being

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Speaker 1: uh rendered asunder by the President, then I think what

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Speaker 1: we're seeing is Iran being further and further isolated, its

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Speaker 1: breaking apart under the hammer blows of and we've got

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Speaker 1: to leave it there. Paul Michael Weeby of Daniel Morgan

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Speaker 1: Graduate School of National Security. Tomorrow, there is a deadline

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Speaker 1: for tariffs and trade retaliation in the back and forth

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Speaker 1: between China and the United States. And here to tell

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Speaker 1: us more is Dan Mossy is our economics editor and

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Speaker 1: columnist for Bloomberg Opinion. You can follow Dan on Twitter

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Speaker 1: at moss underscore. Echo that's e c O. Alright, moss underscore, Echo,

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Speaker 1: what do you believe will happen tomorrow? Well, Um, as

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Speaker 1: you mentioned, it's been flagged that the first installment of

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Speaker 1: tariffs imposed by the United States on certain Chinese imports scheduled.

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Speaker 1: I'm hesitant to say go into effect because they could

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Speaker 1: still fudge things to keep the lines open to Beijing.

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Speaker 1: But you know, of all the ponderables in US China

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Speaker 1: economic relations, this is possibly the most flagged development. They've

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Speaker 1: said they will be imposed as of tomorrow, not the

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Speaker 1: entire fifty billion, which was the figure that was bandied

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Speaker 1: around a while ago, but the first installment. So, as

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Speaker 1: a person who likes to tweet says, we'll see what happens. Okay,

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Speaker 1: we'll see what happens in terms of the implementation. What

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Speaker 1: do you make of the notion that many of the

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Speaker 1: products that are shipped from China to the United States

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Speaker 1: have no alternative, at least at a price point that

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Speaker 1: is competitive. You know, the caricature pim of China as

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Speaker 1: some low cost sweatshop sort of operation is out of date. However,

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Speaker 1: it is still cheap ish. It's not rock bottom cheap.

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Speaker 1: It's not the sweatshop caricature. A lot of this stuff

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Speaker 1: is still fairly cost competitive. And let's put it in

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Speaker 1: even more cosmic terms. China is the world's largest exporter,

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Speaker 1: the US is the world's largest economy. Okay, these two

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Speaker 1: need each other. There's obviously a lot of rhetoric flying around.

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Speaker 1: You know, one thing that's very curious is whenever Trump

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Speaker 1: talks about China and how China is supposedly shafting the US,

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Speaker 1: he will often preface it or put at the end

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Speaker 1: of the tweet. You know, I have great respect for

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Speaker 1: President she President, she is a friend of mine. President

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Speaker 1: she is a world class poker player extraordinaire. The olive

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Speaker 1: branch is always there. But look, you can make the

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Speaker 1: case that these are the only two economic relationships in

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Speaker 1: the world that matter. Deep down, each realizes that. So again,

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Speaker 1: I hate to say it, but you know, we'll we'll

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Speaker 1: see what happens. I think a lot of the hoopla

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Speaker 1: about what's supposed to be imposed tomorrow reflects the fact

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Speaker 1: that it's fourth of July week. Wait, here's a countdown.

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Speaker 1: Here's where China stands today. Oh well, actually the same

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Speaker 1: place it's stood yesterday. So we'll see what happens. As

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Speaker 1: you can tell, I'm a little bit skeptical about this, okay.

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Speaker 1: As this trade war continues to grab headlines and people

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Speaker 1: focus on the trade war, I also note that China

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Speaker 1: has a plan, a plan, and they are pouring government

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Speaker 1: resources and support into things such as artificial intelligence automation.

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Speaker 1: When it comes the manufacturing. We don't seem to have

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Speaker 1: a plan like that. The United States does not have

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Speaker 1: a state directed economy, but we have no well, we

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Speaker 1: have a state directed trade policy. It seems that could

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Speaker 1: actually hurt the very companies that we're going to rely

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Speaker 1: on in order to produce those future technology. Look, China

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Speaker 1: feels like it's on a roll at the moment. They

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Speaker 1: feel that their time has come. They feel that the

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Speaker 1: US is in relative, but perhaps unstoppable decline the glory

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Speaker 1: days of China. President She's made this point. You know,

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Speaker 1: they want to have that again. They feel they can

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Speaker 1: have that again. The key to that is moving beyond

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Speaker 1: the sort of low cost assembly and manufacturing base to

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Speaker 1: get into and bulk up on the technology is that

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Speaker 1: are going to define the economy of the twenty one century.

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Speaker 1: Remember we're barely eighteen years in to the twenty one century,

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Speaker 1: so this is arguably a struggle for dominance of the

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Speaker 1: twenty one century economy. You know, it doesn't really have

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Speaker 1: that much to do with soy beans and genes and stuff.

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Speaker 1: That's well, that's my point. In other words, it's going

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Speaker 1: to knock China off the China course. What's going to

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Speaker 1: do it arrest of Congress in China. Note that that's

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Speaker 1: not going to happen. But at the end of the day, again,

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Speaker 1: these two economies need each other. Maybe there's an opening

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Speaker 1: for a not a trade negotiator, but a trade therapist.

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Speaker 1: Just to get back to the point from our previous exchange,

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Speaker 1: a lot of what the US imports from China is

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Speaker 1: stuff that has been put together at various points in

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Speaker 1: global supply chains. Now most of the global supply chains

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Speaker 1: that snake around the world are anchored by you guessed

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Speaker 1: at US headquartered corporations. Right, So it's not like, Okay,

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Speaker 1: We're going to suddenly stop buying this stuff from China

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Speaker 1: because a decent chunk of it originated with US corporations.

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Speaker 1: Well done. Dan Moss, economics editor columnists for Bloomberg Opinion.

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Speaker 1: I encourage you to follow him on Twitter at Moss

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Speaker 1: Underscore Eco e c O multi touch screens, wireless charging documents, scanners,

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Speaker 1: wireless trackballs and mouse, all in a package that is

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Speaker 1: designed to help you ease the problems of sitting at

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Speaker 1: your desk. Here to tell us more about the future

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Speaker 1: of the smart office is Saga Goville. He is the

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Speaker 1: chief executive of sum Tracks and he joins us here

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Speaker 1: in our eleven three oh studios Soccer. Thanks very much

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Speaker 1: for being here, maybe just outlined for people what is

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Speaker 1: Sundtracks and how you came to really design and produce

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Speaker 1: uh what in many cases is the office of the future.

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Speaker 1: Thank you for having me, PAM, pleasure to be here.

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Speaker 1: UM Soundtracks is a publicly listed technology company. We manufacture

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Speaker 1: electronic technology products for a variety of industries, from automotive

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Speaker 1: companies like Daimler to consumer electronics companies like Harmon Kardon

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Speaker 1: and industrial companies like Schneider Electric. And we've been doing

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Speaker 1: that now for over two decades and we really leverage

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Speaker 1: a lot of that experience of manufacturing electronics and technology

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Speaker 1: products from B two B and applied it now to

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Speaker 1: the B two C market with our first flag chick product, uh,

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Speaker 1: the smart desk. We'll tell us about this. H Stark

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Speaker 1: Gesture Systems. What is this? So you know, one of

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Speaker 1: the things that we've realized, or I realized, is that, uh,

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Speaker 1: you know, everything is getting smarter. You have a smart homes,

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Speaker 1: smart cars, smartphones, but your workspace really hasn't been innovated

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Speaker 1: on in the last thirty years. And so we really

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Speaker 1: set out to modernize your personal workspace, and that's what

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Speaker 1: we've done with this the smart desk. So the Stark

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Speaker 1: Gesture system is a new way to control your PC

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Speaker 1: or control your computer with touchless gestures, kind of like

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Speaker 1: in Minority Report or in some of the Iron Man

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Speaker 1: movies like you've seen, where you're able to move information

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Speaker 1: across your screens without even touching the computer. Now, in

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Speaker 1: putting this all together, you've had to integrate a variety

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Speaker 1: of technologies from different vendors. Correct, that's right, that's right.

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Speaker 1: So you know, we've leveraged our vast electronics manufacturing capabilities

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Speaker 1: to incorporate the greatest technology that's out there and package

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Speaker 1: it into this beautiful new form factor that hasn't been

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Speaker 1: seen before, so that everything is within arms reach. And

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Speaker 1: we built a number of different features that really set

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Speaker 1: this product apart from anything that's in the market today.

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Speaker 1: So what are some of those features, because I was

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Speaker 1: looking at just some of the photographs, all right, So

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Speaker 1: you get three screens, the multi touch displays, you get

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Speaker 1: the touch lists, stylist control. Also you get the digital phone.

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Speaker 1: Of course, documents scanner that's actually built into the frame

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Speaker 1: of the of the computer of the monitor rather, that's right.

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Speaker 1: So we've built a number of unique features to this product,

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Speaker 1: but I'll tell you about the most important ones. UM.

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Speaker 1: As you mentioned, we have a large the largest display

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Speaker 1: area that you can buy on the market with seventy

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Speaker 1: two is a touch screen display, which is really a

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Speaker 1: fully immersive working experience. Not only that, but we built

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Speaker 1: in the gesture system as I mentioned, that allows you

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Speaker 1: to control your workflow with both touch and unique touchless gestures,

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Speaker 1: so that we take your hands off the keyboard and

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Speaker 1: mouse and into the air where you can control this computer.

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Speaker 1: As you mentioned, we also include a document scanner, so

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Speaker 1: you can simply put a piece of paper down onto

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Speaker 1: the tabletop and we'll be able to scan the document

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Speaker 1: right there. Additionally, we've also included bluetooth voice over IP.

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Speaker 1: The days of having a physical phone on your desk

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Speaker 1: UM are long gone and there's no need for that anymore.

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Speaker 1: We're replicating all of that with software integrating with Vantage

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Speaker 1: and eight by eight any other of the major voice

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Speaker 1: over IP providers. And not only that, we're doing all

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Speaker 1: of this vast functionality which is one wire so most

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Speaker 1: people's desk, it's enormous amount of clutter and wires everywhere.

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Speaker 1: It's a mess, and so we set out to completely

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Speaker 1: revolutionize that. So you just plug in one wire for

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Speaker 1: power and you're off to the races and you can

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Speaker 1: stand while doing this. Of course, that's right. So it's

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Speaker 1: a sit stand functionality as well, so too for the

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Speaker 1: health benefits of that for various workers. Now, what is

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Speaker 1: something like this cost? So, uh, the we're starting this

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Speaker 1: price at four thousand dollars and we're also offering a

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Speaker 1: one seventy five a month for twenty four months. So

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Speaker 1: the services that come bundled with this. Is that also

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Speaker 1: a subscription or is that a one time cost? So

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Speaker 1: all of the features are included in this product that

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Speaker 1: are listed there, um, whether it's the gesture technology or

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Speaker 1: the scanning functionality and so forth. So everything you see

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Speaker 1: is included with that price. Okay. Now, in looking at

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Speaker 1: a little bit of the history of the company, I

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Speaker 1: note that you've got operations in Romania. You made a

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Speaker 1: purchase in the past of a company I believe in Germany,

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Speaker 1: and I'm wondering you are a small to mid size business.

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Speaker 1: What would you describe as being the biggest challenge that

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Speaker 1: you face right now? Inasmuch as we have so much

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Speaker 1: of this discussion about trade policies and trade wars between

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Speaker 1: the United States and Europe. Yeah, it's uh, it's it's

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Speaker 1: tough to see what's going on there. There's no question, UM.

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Speaker 1: You know, we're hoping that UM, you know, we can

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Speaker 1: continue to work in the current environment. As you know,

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Speaker 1: we do a lot of business internationally with both European clients,

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Speaker 1: Asian clients, and in the United States. Were really a

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Speaker 1: truly in an international global company, UM, and so you know,

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Speaker 1: the potential tariffs would have strong implications for our business

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Speaker 1: because as you mentioned, we do a lot of business

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Speaker 1: in Germany. It's largely an export driven economy, and so

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Speaker 1: the implications that you know, new tariffs might have, UM

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Speaker 1: could be profound for our business. I want to thank

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Speaker 1: you very much for coming in and sharing some of

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Speaker 1: this information with us. Uh uh. Saga Goldville is the

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Speaker 1: chief executive officer of sem Tracks. They're based in Farmingdale, uh,

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Speaker 1: New York on Long Island. Much appreciate it. You can

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Speaker 1: get healthy with a smart desk set up. My co

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Speaker 1: host and colleague, Lisa Abramowitz is on a well deserved

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Speaker 1: holiday this week, but he's not on a holiday. David

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Speaker 1: Katz is the chief investment officer for Matrix advis Acid Advisors,

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Speaker 1: and he helps to manage nearly eight hundred million dollars. David,

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Speaker 1: thanks very much for being with me today. You know, um,

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Speaker 1: you raise an interesting idea, which is that there are

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Speaker 1: a lot of things to get worried about. You could

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Speaker 1: talk about interest rates, flattening yield curve, potential for slowing

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Speaker 1: global economy, of fear of the US recession, trade wars.

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Speaker 1: But these are I guess, to paraphrase former Secretary Defense

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Speaker 1: Donald Rumsfeld, these are all known nons are the if

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Speaker 1: if we're able to confine ourselves to these non gans,

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Speaker 1: do you think stocks generally increase in value over the

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Speaker 1: second half this year? Well, we think out of that

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Speaker 1: entire list, all are very manageable, except for the possibility

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Speaker 1: of a trade war. So that's our biggest concern. We

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Speaker 1: think if there really were a significant escalation of tariffs

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Speaker 1: and a trade war occurred, that would be a significant

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Speaker 1: negative for the economy, for corporate earnings, and then for

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Speaker 1: the stock market. We're hopeful that we're in the middle

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Speaker 1: of a ugly public negotiation. But before all is said

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Speaker 1: and done, there's some sort of sanity and some sort

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Speaker 1: of resolution. If that's the case, all of the other

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Speaker 1: issues that we raised as overhangs we think are very

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Speaker 1: very manageable and the market should do nicely better. Okay,

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Speaker 1: nicely better. Let's get a little specific if we can.

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Speaker 1: The energy sector is doing nicely better compared to how

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Speaker 1: it performed in the first quarter. Well, the energy sector

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Speaker 1: is a great example that things change. It went from

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Speaker 1: worse the first between the first and the second quarter.

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Speaker 1: Energy prices, although they're off today, are a very significant

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Speaker 1: and we think that the stocks have a good deal

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Speaker 1: more of catch up, so we're looking for better things

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Speaker 1: from that group in the second half of the year.

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Speaker 1: We like companies like Occidental Petroleum or Royal Dutch, and

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Speaker 1: our favorite right now is Schlumberja, which really has avoided

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Speaker 1: the rally of the last quarter, so we think it's

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Speaker 1: got a lot of catch up here. Why did you

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Speaker 1: select Slumberge. Of course they're known in oil field services

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Speaker 1: and then the technology in order to operate oil industry assets.

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Speaker 1: But why Slumberge now? Well, Historically when people have wanted

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Speaker 1: into the oil sector, Schlumberje has been a leader. Uh

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Speaker 1: this last rally. They really have missed the entire rally.

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Speaker 1: Part of that was that their earnings are not growing

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Speaker 1: as quick as competitors. But we think that the business

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Speaker 1: is about to turn in a more positive way. We're

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Speaker 1: not expecting a lot from the second quarter earnings, but

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Speaker 1: we think the outlook is going to be good. International

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Speaker 1: activity in terms of drilling is picking up significantly, Pricing

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Speaker 1: is firming, and we think the stock has a lot

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Speaker 1: of catch up here, so easily could be in the

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Speaker 1: mid seventies the high seventies, which would really put it

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Speaker 1: on par with the significant rally that's happened in the

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Speaker 1: major oil companies. All right, so that's Schlumbers. Turn your

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Speaker 1: attention now to financials JP Morgan, Chase, and Wells Fargo. Well,

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Speaker 1: the c CAR results last week, we're actually very good

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Speaker 1: and so far as that they weren't bad, and they

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Speaker 1: gave a lot of these companies flexibility to increase their

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Speaker 1: share by backs and increase the dividends. JP Morgan increased

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Speaker 1: their dividends over their yield is now above three percent.

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Speaker 1: It tells it eleven times earnings. Great earnings outlook. Jamie Diamond,

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Speaker 1: who we believe is probably the smartest guy in the

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Speaker 1: financial sector said that we're in a golden age for

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Speaker 1: financials and for banks right now, and none of that's

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Speaker 1: in the stock price. So financials have had start and go, uh,

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Speaker 1: start and stop over the last year, where they've rallied,

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Speaker 1: they slowed down this last quarter they were pretty miserable.

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Speaker 1: We think they're poised for a very strong back half.

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Speaker 1: We like the whole group in its entirety. We like

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Speaker 1: JP Morgan, UH and Wells Fargo best. Now you mentioned dividends.

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Speaker 1: Many investors go to utilities for dividends. Is that still

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Speaker 1: something that they should follow or have utilities changed? Okay,

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Speaker 1: So utilities are within the dividends sector and they're probably

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Speaker 1: the most influenced by interest rates. So our interest rate

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Speaker 1: outlook is that interest rates will continue to rise and

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Speaker 1: that's a negative and an overhang for the utility group.

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Speaker 1: So we like the dividends sector right now. We think

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Speaker 1: they've lagged in the first six months of the year.

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Speaker 1: The one area we don't like our utilities. Outside of utilities,

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Speaker 1: we think there are lots of opportunities. So healthcare has

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Speaker 1: got a lot of higher yielding stocks. We think the

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Speaker 1: telecon company's a t and T and Verizon or at

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Speaker 1: very attractive prices regardless of whether interest rates go up.

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Speaker 1: There are a lot of industrials that are paying three

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Speaker 1: three and a half percent yields, like an Eton Corps.

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Speaker 1: We think those are gonna be great places to make money.

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Speaker 1: So we think the market is going to swing back

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Speaker 1: to dividends stocks in the back half of the year.

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Speaker 1: But the one exception to that, it's going to be utilities.

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Speaker 1: Tell us about Eaton Corp. Based in Cleveland, stocks down

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Speaker 1: about four percent so far this year. Pays a three

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Speaker 1: and a half percent dividend, so the stocks down four percent,

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Speaker 1: but the business is doing exceptionally well. We've owned it

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Speaker 1: for a number of years and have done very well.

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Speaker 1: But one of the things that we've seen is that

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Speaker 1: the management is the most upbeat they've been in quite

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Speaker 1: some time. Earnings are rising significantly, they've got a really

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Speaker 1: good cash flow, yet the stock hasn't done anything uh.

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Speaker 1: They've raised the dividend nicely, So this is a case

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Speaker 1: where we easily could see the stock UH ten or

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Speaker 1: fifteen percent in the back half of the year, and

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Speaker 1: that would just be catching up with a better market.

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Speaker 1: We think it's one of the lower risk ways to

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Speaker 1: invest in the market now and so far is that

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Speaker 1: it's at a very low valuation and a good yield,

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Speaker 1: but a very good outlook. Another stock that's down about

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Speaker 1: four percent so far this year has a much smaller

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Speaker 1: dividend of about one and a quarter percent, is cbs

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Speaker 1: Y CBS and the portfolio okay, great question, so um.

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Speaker 1: The media industry has seen a lot of interest in Fox,

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Speaker 1: between Disney and Comcast trying to buy it, and we

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Speaker 1: think that highlights the value of these assets. CBS has

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Speaker 1: been a miserable performer in the last year, but the

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Speaker 1: business is great. Their earnings are growing very very nicely. UM.

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Speaker 1: Their add their advertising spending is going up very nicely.

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Speaker 1: So the fundamentals are great. The valuation is great. The

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Speaker 1: Fox buyout highlights the value in entertainment assets, and we

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Speaker 1: think something better is going to happen to CBS this year.

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Speaker 1: Either they will resolve their conflict with the red Stone family.

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Speaker 1: There's a possibility the red Stone family might ultimately put

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Speaker 1: it up for sale. If they do, we think the

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Speaker 1: stock is easily worth more. But even of its own fundamentals,

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Speaker 1: we think the stock should tell it thirteen or fourteen

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Speaker 1: times earnings and it's at that ten times earnings, So

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Speaker 1: we like the group for the back half of the year.

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Speaker 1: We like Comcast too, we like via Come too, but

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Speaker 1: CBS is our favorite. Alright, I'm only gonna give you

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Speaker 1: twenty seconds, David, but I gotta ask technology, what are

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Speaker 1: you doing there? So we think technology is going to

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Speaker 1: be fine in the back half of the year. It's

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Speaker 1: not going to be as lopsided to the upside as

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Speaker 1: the first half of the year. And our focus would

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Speaker 1: be on some of the tech companies that are doing well,

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Speaker 1: but stocks of legs so Cisco and Qualcom or a favor,

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Speaker 1: and we'd be a little bit wary of the ultimately

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Speaker 1: hot stocks like a Netflix or an Amazon, which have

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Speaker 1: been on fire. We think they're going to be less

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Speaker 1: good places for the for investors to make money. Thank

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Speaker 1: you very much, David Kat's chief investment officer Matrix Asset Advisors,

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Speaker 1: helping to manage nearly eight hundred million dollars of customer

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Speaker 1: assets based in New York. Thanks for listening to the

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Speaker 1: Bloomberg P and L podcast. You can subscribe and listen

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Speaker 1: to interviews at Apple Podcasts, SoundCloud, or whatever podcast platform

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Speaker 1: you prefer I'm pim Fox. I'm on Twitter at pim Fox.

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Speaker 1: I'm on Twitter at Lisa Abramo. It's one before the podcast.

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Speaker 1: You can always catch us worldwide on Bloomberg radioh