1
00:00:00,160 --> 00:00:06,800
Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

2
00:00:11,680 --> 00:00:15,480
Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Jonathan Ferrow, along

3
00:00:15,480 --> 00:00:18,720
Speaker 2: with Lisa Bromwitz and Amrie Hordern. Join us each day

4
00:00:18,760 --> 00:00:22,280
Speaker 2: for insight from the best in markets, economics, and geopolitics

5
00:00:22,440 --> 00:00:24,920
Speaker 2: from our global headquarters in New York City. We are

6
00:00:24,960 --> 00:00:27,720
Speaker 2: live on Bloomberg Television weekday mornings from six to nine

7
00:00:27,760 --> 00:00:31,319
Speaker 2: am Eastern. Subscribe to the podcast on Apple, Spotify or

8
00:00:31,320 --> 00:00:33,960
Speaker 2: anywhere else you listen, and as always on the Bloomberg

9
00:00:34,040 --> 00:00:37,000
Speaker 2: Terminal and the Bloomberg Business App. Here's an update on

10
00:00:37,040 --> 00:00:40,159
Speaker 2: the Book of America Global Fund Manager survey. It captures

11
00:00:40,159 --> 00:00:43,320
Speaker 2: a big bullish shift and investor sentiment, showing the biggest

12
00:00:43,360 --> 00:00:46,159
Speaker 2: jump in investor optimism since June twenty twenty and the

13
00:00:46,240 --> 00:00:49,040
Speaker 2: largest jump in global growth expectation since May of the

14
00:00:49,080 --> 00:00:52,080
Speaker 2: same year. To dig deeper into the results into the survey,

15
00:00:52,240 --> 00:00:54,720
Speaker 2: Elias Galuo of Bank of America Securities joins us now

16
00:00:54,800 --> 00:00:58,000
Speaker 2: for more. Alius, Welcome to the program, sir, this is bullish.

17
00:00:58,120 --> 00:01:04,160
Speaker 2: My first question to you is it little bit too bullish?

18
00:01:04,240 --> 00:01:04,399
Speaker 3: Hi?

19
00:01:04,520 --> 00:01:07,560
Speaker 4: John, Look, I mean this was really a global fund

20
00:01:07,560 --> 00:01:10,399
Speaker 4: manager survey for the Books. As you just said, you know,

21
00:01:10,880 --> 00:01:15,000
Speaker 4: one of the biggest rides ever in global growth expectation. Look,

22
00:01:15,080 --> 00:01:17,480
Speaker 4: this is a series that goes back all the way

23
00:01:17,560 --> 00:01:21,880
Speaker 4: to nineteen ninety four and we saw the in fact,

24
00:01:21,920 --> 00:01:25,720
Speaker 4: the fifth largest monthly jump in a growth expectation in

25
00:01:25,760 --> 00:01:29,920
Speaker 4: the past thirty years. So yes, definitely a bullish survey.

26
00:01:30,160 --> 00:01:32,160
Speaker 4: And for the first time in the past three years,

27
00:01:32,200 --> 00:01:37,360
Speaker 4: positioning is also equally bullish, and I would say that yes,

28
00:01:37,440 --> 00:01:40,760
Speaker 4: the bulls are very much in control and have clearly

29
00:01:40,840 --> 00:01:42,720
Speaker 4: led the charge in the past month.

30
00:01:43,000 --> 00:01:46,080
Speaker 1: Elias John pointed to this before this idea that Max

31
00:01:46,120 --> 00:01:50,000
Speaker 1: Ketner over HSBC actually sees pretty neutral positioning and you're

32
00:01:50,000 --> 00:01:53,280
Speaker 1: talking about pretty bullish positioning. Which is it.

33
00:01:56,480 --> 00:01:58,560
Speaker 4: You just need to look at a few different metrics

34
00:01:58,560 --> 00:02:03,920
Speaker 4: across the glos for Manager survey to just see bullishness

35
00:02:03,960 --> 00:02:07,080
Speaker 4: is very much spread across the different asset classes. The

36
00:02:07,120 --> 00:02:09,800
Speaker 4: most important, I would say is the FMS cash level,

37
00:02:09,840 --> 00:02:12,120
Speaker 4: again a series that goes back all the way to

38
00:02:12,560 --> 00:02:16,959
Speaker 4: the late twentieth century, and that FMS cash level dropped

39
00:02:17,000 --> 00:02:19,960
Speaker 4: below four percent to three point nine percent for the

40
00:02:20,000 --> 00:02:23,040
Speaker 4: first time since June twenty twenty one. We use it

41
00:02:23,040 --> 00:02:28,360
Speaker 4: as a contrarian indicator when investors are under invested in

42
00:02:28,400 --> 00:02:32,400
Speaker 4: the market, hence the cash level. Above five percent, we

43
00:02:32,760 --> 00:02:34,919
Speaker 4: think that you should buy the market, and when it

44
00:02:35,000 --> 00:02:37,960
Speaker 4: drops below four percent, we think you should sell the market.

45
00:02:38,160 --> 00:02:41,639
Speaker 4: And at this stage, our FMS cash rule says that

46
00:02:41,760 --> 00:02:45,600
Speaker 4: at this juncture, positioning is becoming a headwind. You also

47
00:02:45,680 --> 00:02:49,360
Speaker 4: look at the cross asset allocation. Equities allocation rose to

48
00:02:49,639 --> 00:02:53,880
Speaker 4: net thirty one percent overweight, and that's the largest one

49
00:02:53,919 --> 00:02:58,600
Speaker 4: month jump in equity exposure since November twenty twenty. On

50
00:02:58,639 --> 00:03:01,960
Speaker 4: the other hand, we saw a big decline in bond allocation,

51
00:03:02,160 --> 00:03:06,120
Speaker 4: in fact, the largest one month decline in bond a

52
00:03:06,160 --> 00:03:10,800
Speaker 4: location that we ever recorded. And the velocity of the

53
00:03:10,880 --> 00:03:16,880
Speaker 4: rotation was also quite exceptional. Across markets. EM equities were

54
00:03:16,919 --> 00:03:20,520
Speaker 4: the big winners, with a twenty point rise in exposure

55
00:03:20,560 --> 00:03:24,120
Speaker 4: to em stocker location. And that's really related to the

56
00:03:24,240 --> 00:03:25,200
Speaker 4: China stimulus.

57
00:03:25,320 --> 00:03:26,839
Speaker 1: That's what I was going to ask. Was it really

58
00:03:26,880 --> 00:03:30,240
Speaker 1: just the China stimulus that ignited this rotation, this unleashing

59
00:03:30,680 --> 00:03:34,040
Speaker 1: of truly bullish spirits, or is it a combination of things.

60
00:03:36,680 --> 00:03:39,560
Speaker 4: It is definitely the China stimilus, but it's really the

61
00:03:39,560 --> 00:03:42,760
Speaker 4: combination of three factors. Number one is that the conviction

62
00:03:42,920 --> 00:03:47,240
Speaker 4: regarding global soft lending remains very much intact. Seventy six

63
00:03:47,280 --> 00:03:51,680
Speaker 4: percent of FMS investors still believe the global economy will

64
00:03:51,720 --> 00:03:55,440
Speaker 4: experience a soft lending. Note that the balance of risk

65
00:03:55,520 --> 00:04:00,160
Speaker 4: has shifted to the upside because now the alternative scenario

66
00:04:00,440 --> 00:04:03,720
Speaker 4: is no more hard landing, it's no lending. The second

67
00:04:03,720 --> 00:04:08,280
Speaker 4: big reason LISA is related to a big FED cut expectation.

68
00:04:09,160 --> 00:04:12,640
Speaker 4: FMS investors expect roughly one hundred and sixty BIPs of

69
00:04:13,040 --> 00:04:15,720
Speaker 4: cuts from the Federal Reserve in the next twelve months.

70
00:04:15,800 --> 00:04:19,320
Speaker 4: That's pretty much in line with market expectation. And lastly,

71
00:04:19,440 --> 00:04:22,360
Speaker 4: of course, the China stimulus, which really is seen as

72
00:04:22,400 --> 00:04:25,880
Speaker 4: a GameChanger because when you and I met a month ago,

73
00:04:26,279 --> 00:04:30,359
Speaker 4: China growth expectation had hit a three year low. Fast

74
00:04:30,360 --> 00:04:32,720
Speaker 4: forward to today, than now the highest they have been

75
00:04:32,800 --> 00:04:34,080
Speaker 4: since April twenty three.

76
00:04:34,320 --> 00:04:36,360
Speaker 5: If you're one of those contraris taking on the hard

77
00:04:36,400 --> 00:04:39,240
Speaker 5: landing or no landing scenario, what does that mean for trade?

78
00:04:39,279 --> 00:04:41,200
Speaker 5: These individuals, these investors want to put on.

79
00:04:43,640 --> 00:04:47,679
Speaker 4: Yes, definitely, Who are the contrariants today that would believe

80
00:04:48,000 --> 00:04:50,839
Speaker 4: hard lending is their main scenario and also those that

81
00:04:50,880 --> 00:04:53,880
Speaker 4: would expect a no lending to happen in twenty twenty five.

82
00:04:54,120 --> 00:04:57,960
Speaker 4: But if you are a hard lending believer, then definitely

83
00:04:58,000 --> 00:05:00,279
Speaker 4: you should go a long the thirty year treasury. You

84
00:05:00,279 --> 00:05:04,040
Speaker 4: should pivot into defensives, you should pivot into cash, and

85
00:05:04,080 --> 00:05:07,719
Speaker 4: you should really slash your location to equities and risk

86
00:05:07,760 --> 00:05:08,560
Speaker 4: asset in general.

87
00:05:08,800 --> 00:05:11,000
Speaker 5: Oh yes, we just I want to get your thoughts

88
00:05:11,040 --> 00:05:13,880
Speaker 5: on what are investors, given how bullish they are, what

89
00:05:13,960 --> 00:05:15,000
Speaker 5: are they nervous about?

90
00:05:18,520 --> 00:05:22,680
Speaker 4: We always ask in the FMS the main tail risk

91
00:05:23,160 --> 00:05:26,479
Speaker 4: for according to investors, and this month it was a

92
00:05:26,600 --> 00:05:30,919
Speaker 4: geopolitical conflict. They are still a little bit worried about inflation,

93
00:05:31,120 --> 00:05:36,279
Speaker 4: but definitely less worried about US economic hard lending. So yes,

94
00:05:36,360 --> 00:05:39,359
Speaker 4: geopolitical conflict. And I would say, on the other hand,

95
00:05:39,800 --> 00:05:43,560
Speaker 4: what would really scare investors is that if central banks

96
00:05:43,600 --> 00:05:47,240
Speaker 4: do not deliver the big easing that they are expecting.

97
00:05:47,600 --> 00:05:51,120
Speaker 4: A month ago we said that investors were nervous bulls.

98
00:05:51,480 --> 00:05:54,239
Speaker 4: Now they have just become bulls that are leading the charge.

99
00:05:54,360 --> 00:05:57,560
Speaker 4: I mean, it would definitely still be about geopolitics and

100
00:05:57,640 --> 00:05:58,440
Speaker 4: about inflation.

101
00:05:58,640 --> 00:06:00,479
Speaker 2: Alas you can see that bull as shift big time

102
00:06:00,720 --> 00:06:02,800
Speaker 2: in the Fund Manager survey. Appreciate an update from you

103
00:06:02,839 --> 00:06:05,760
Speaker 2: as always, Sir Alis Kalu, the Bank for America Securities,

104
00:06:15,640 --> 00:06:17,799
Speaker 2: the Bridy, and Julia Coronado joins us now for more. Julia,

105
00:06:17,839 --> 00:06:19,719
Speaker 2: welcome back to the program. It's been far too long.

106
00:06:20,000 --> 00:06:22,960
Speaker 2: Let's talk about the next job's report, not the last one.

107
00:06:23,080 --> 00:06:26,600
Speaker 2: Governor Wallas all come out already and set the bar

108
00:06:26,720 --> 00:06:28,880
Speaker 2: just a little bit lower, given some of the effects

109
00:06:28,880 --> 00:06:31,039
Speaker 2: we could get from hurricanes and a strikeover a Boeing,

110
00:06:31,120 --> 00:06:32,640
Speaker 2: how much low would you think the bar needs to

111
00:06:32,640 --> 00:06:34,440
Speaker 2: be reset going into November.

112
00:06:35,400 --> 00:06:39,240
Speaker 3: Look, I feel like a twenty five basis point rate

113
00:06:39,320 --> 00:06:42,640
Speaker 3: cut by the Fed in November is pretty much I

114
00:06:42,680 --> 00:06:44,880
Speaker 3: would I don't want to say a lock that's too strong,

115
00:06:45,040 --> 00:06:47,800
Speaker 3: but the bar is very high. To deviate from that.

116
00:06:47,839 --> 00:06:50,400
Speaker 3: The data is going to be messy. We all know

117
00:06:50,600 --> 00:06:53,760
Speaker 3: that it's going to look weaker than it actually is,

118
00:06:53,800 --> 00:06:55,640
Speaker 3: and it's just going to take some time to sort

119
00:06:55,680 --> 00:06:58,280
Speaker 3: it out. I think the Fed has seen ena in

120
00:06:58,360 --> 00:07:03,560
Speaker 3: the backward looking data that the economy is solid enough

121
00:07:03,720 --> 00:07:06,680
Speaker 3: that they don't need to worry about it falling off

122
00:07:06,680 --> 00:07:10,120
Speaker 3: a cliff, but nor is it overheating in a way

123
00:07:10,120 --> 00:07:12,560
Speaker 3: that they need to maybe consider a pause. So I

124
00:07:12,600 --> 00:07:15,760
Speaker 3: think we're still look, we're still one hundred basis points

125
00:07:15,800 --> 00:07:18,160
Speaker 3: at least from any concept of neutral. They don't need

126
00:07:18,200 --> 00:07:19,880
Speaker 3: to be in a hurry, but nor do they need

127
00:07:19,920 --> 00:07:26,040
Speaker 3: to be overly cautious or reactive to any inflation print.

128
00:07:26,200 --> 00:07:27,720
Speaker 2: Well, it did put a number on it. He said

129
00:07:27,720 --> 00:07:29,320
Speaker 2: it could be around one hundred k. We could take

130
00:07:29,360 --> 00:07:31,160
Speaker 2: off one hundred k from the number. Are you in

131
00:07:31,200 --> 00:07:32,800
Speaker 2: a similar ballpark with you in the team? Is that

132
00:07:32,840 --> 00:07:33,600
Speaker 2: what you're looking for?

133
00:07:34,560 --> 00:07:37,480
Speaker 3: Yeah, I mean it's hard to calibrate right now. Honestly,

134
00:07:37,520 --> 00:07:42,800
Speaker 3: we're still gauging from jobless claims and other reports about

135
00:07:42,800 --> 00:07:46,440
Speaker 3: how much disruption there's going to be. It's very limited

136
00:07:46,440 --> 00:07:50,080
Speaker 3: ability to see that in advance. So again it's just

137
00:07:50,120 --> 00:07:52,520
Speaker 3: going to take some time. But one hundred k, I mean, certainly,

138
00:07:52,560 --> 00:07:56,640
Speaker 3: given the Boeing strike, which we can calibrate, that sounds

139
00:07:56,680 --> 00:07:59,440
Speaker 3: about right somewhere in that ballpark. It could be bigger,

140
00:07:59,440 --> 00:08:02,559
Speaker 3: it could be small, and then it'll wash back and

141
00:08:02,680 --> 00:08:06,680
Speaker 3: in the November jobs report. So we're just going to

142
00:08:06,760 --> 00:08:09,720
Speaker 3: have to see how that sort of nets out over time.

143
00:08:10,120 --> 00:08:12,560
Speaker 1: Julia, what are you looking for in retail sales tomorrow?

144
00:08:12,600 --> 00:08:15,720
Speaker 1: And I see this especially after bank earnings that demonstrate

145
00:08:15,840 --> 00:08:18,600
Speaker 1: just how solid consumers are and the ability that they

146
00:08:18,600 --> 00:08:20,320
Speaker 1: have to actually continue to lever up.

147
00:08:22,000 --> 00:08:25,400
Speaker 3: Yeah, lever up is an interesting term. Consumers really aren't

148
00:08:25,440 --> 00:08:28,720
Speaker 3: borrowing excessively debt to income. Actually, in the latest flow

149
00:08:28,760 --> 00:08:31,800
Speaker 3: of funds report went down, so this is not a

150
00:08:31,880 --> 00:08:36,079
Speaker 3: consumer that's necessarily relying on debt to finance its spending.

151
00:08:36,120 --> 00:08:39,400
Speaker 3: I think what we have is a dual consumer sort

152
00:08:39,440 --> 00:08:42,800
Speaker 3: of increasing divide in the consumer sector, where you've got

153
00:08:42,840 --> 00:08:45,520
Speaker 3: people that maybe didn't get as big a raise this year,

154
00:08:45,559 --> 00:08:48,680
Speaker 3: they've got a tailwind from inflation, but they're very budget conscious.

155
00:08:48,720 --> 00:08:52,720
Speaker 3: We hear that from retailers, so they're spending but very cautiously.

156
00:08:52,760 --> 00:08:54,959
Speaker 3: And then we've got the upper end of consumers who

157
00:08:54,960 --> 00:08:57,920
Speaker 3: are feeling really good because network is very high, financial

158
00:08:57,960 --> 00:09:00,720
Speaker 3: conditions are easy, and there may be spending a little

159
00:09:00,760 --> 00:09:03,240
Speaker 3: bit more, but they also have the means to do so.

160
00:09:03,240 --> 00:09:07,280
Speaker 3: So on balance, you've got a median consumer that's probably

161
00:09:07,320 --> 00:09:09,720
Speaker 3: a little bit more stretched than they were a year ago,

162
00:09:10,800 --> 00:09:14,040
Speaker 3: maybe a bit more cautious. But on the other hand,

163
00:09:14,080 --> 00:09:16,400
Speaker 3: you've got high end consumers that are doing just fine,

164
00:09:16,400 --> 00:09:18,800
Speaker 3: thank you very much, and that's enough to power the

165
00:09:18,840 --> 00:09:22,800
Speaker 3: economy forward. So we've had a string of very solid

166
00:09:22,840 --> 00:09:26,960
Speaker 3: retail sales reports. There's no signs that were of some

167
00:09:27,000 --> 00:09:30,800
Speaker 3: sort of imminent collapse. I think expectations for the holiday

168
00:09:30,840 --> 00:09:34,480
Speaker 3: season or that it'll be fine, not a blowout, not

169
00:09:34,640 --> 00:09:38,800
Speaker 3: a disaster. So I think the economy is kind of

170
00:09:38,840 --> 00:09:41,240
Speaker 3: in a good, solid zone, which.

171
00:09:41,000 --> 00:09:42,880
Speaker 1: Is certainly what we're hearing reflected by a number of

172
00:09:42,880 --> 00:09:44,880
Speaker 1: Fed members who want to keep it that way and

173
00:09:44,960 --> 00:09:48,480
Speaker 1: want to keep cutting rates in tandem with inflation coming down,

174
00:09:48,559 --> 00:09:51,320
Speaker 1: Which really brings me to this question of why do

175
00:09:51,400 --> 00:09:54,080
Speaker 1: you think that people are so confident about the path

176
00:09:54,120 --> 00:09:57,560
Speaker 1: of disinflation now versus say a month ago. What has

177
00:09:57,679 --> 00:10:01,000
Speaker 1: changed to make the prospects of inflation remaining at this

178
00:10:01,160 --> 00:10:04,120
Speaker 1: level or actually to go higher. Why is that now

179
00:10:04,160 --> 00:10:04,760
Speaker 1: off the table.

180
00:10:06,280 --> 00:10:08,160
Speaker 3: I wouldn't say it's off the table. I would just

181
00:10:08,200 --> 00:10:11,520
Speaker 3: say the chances of that keep going down the composition

182
00:10:11,640 --> 00:10:15,760
Speaker 3: of inflation, and I think President Daily noted this yesterday.

183
00:10:16,160 --> 00:10:19,680
Speaker 3: One area that's really improved this year is supercore inflation,

184
00:10:19,800 --> 00:10:24,040
Speaker 3: particularly in the FEDS preferred PCE measure, really has kind

185
00:10:24,080 --> 00:10:27,640
Speaker 3: of come off that stickiness. It was in the sticky zone.

186
00:10:27,720 --> 00:10:30,840
Speaker 3: It wasn't clear how quickly that would moderate. We are

187
00:10:30,880 --> 00:10:36,160
Speaker 3: seeing progress there. We are seeing progress gradually in the

188
00:10:36,200 --> 00:10:41,360
Speaker 3: shelter component and housing inflation. So just the composition of

189
00:10:41,400 --> 00:10:44,760
Speaker 3: inflation looks a lot better, a lot healthier, a lot

190
00:10:44,840 --> 00:10:48,720
Speaker 3: more like it did before the pandemic, and so the

191
00:10:48,880 --> 00:10:52,320
Speaker 3: risks of it getting stuck too high are just going down.

192
00:10:52,840 --> 00:10:56,040
Speaker 3: And then if you think about things like commodity prices,

193
00:10:56,080 --> 00:11:00,280
Speaker 3: look at how many global shocks we are absorbing, one

194
00:11:00,320 --> 00:11:04,520
Speaker 3: after another, and yet commodity prices really it's the dog

195
00:11:04,559 --> 00:11:07,880
Speaker 3: that hasn't barked this year. It's gone up and it's

196
00:11:07,920 --> 00:11:10,200
Speaker 3: gone down, but really we're still in the same zone

197
00:11:10,240 --> 00:11:13,880
Speaker 3: on energy prices we've been all year. So yes, there's risks,

198
00:11:13,960 --> 00:11:17,480
Speaker 3: always risks, but I think a cooling China has really

199
00:11:17,520 --> 00:11:20,440
Speaker 3: taken the edge off of what we might have otherwise

200
00:11:20,520 --> 00:11:24,000
Speaker 3: seen in terms of input costs coming through from from

201
00:11:24,120 --> 00:11:25,199
Speaker 3: those global shocks.

202
00:11:25,440 --> 00:11:28,880
Speaker 1: Julia, we are less than four weeks, about three weeks

203
00:11:28,880 --> 00:11:31,600
Speaker 1: away from the US election, and a big question is

204
00:11:31,760 --> 00:11:34,559
Speaker 1: US is on solid footing. How different are the scenarios

205
00:11:34,920 --> 00:11:38,480
Speaker 1: in terms of the policy frameworks after November fifth? What

206
00:11:38,520 --> 00:11:42,040
Speaker 1: are you looking for? How different could these two economic

207
00:11:42,120 --> 00:11:44,320
Speaker 1: scenarios be according to your models?

208
00:11:45,000 --> 00:11:50,080
Speaker 3: Yeah, it's an unusual divide for you know, most presidential elections.

209
00:11:50,080 --> 00:11:52,040
Speaker 3: It's a little bit around the edges, right, a little

210
00:11:52,080 --> 00:11:55,880
Speaker 3: bit more tax cuts versus spending. We're talking about a

211
00:11:56,080 --> 00:11:59,160
Speaker 3: very different scenario in a Trump two point zero. A

212
00:11:59,200 --> 00:12:02,280
Speaker 3: Trump two points wouldn't look like a Trump one point zero,

213
00:12:02,679 --> 00:12:06,559
Speaker 3: The staffing wouldn't be the same. The blueprint for policy

214
00:12:06,679 --> 00:12:10,000
Speaker 3: is certainly a lot more extreme than what he was

215
00:12:10,040 --> 00:12:12,520
Speaker 3: able to do in his first term. I see it

216
00:12:12,559 --> 00:12:16,000
Speaker 3: as a pretty disruptive scenario. It would see. His plan

217
00:12:16,160 --> 00:12:18,440
Speaker 3: is to invoke a global trade war from the get

218
00:12:18,480 --> 00:12:23,320
Speaker 3: go and to be you know, turn off that flow

219
00:12:23,360 --> 00:12:27,000
Speaker 3: of immigration that's been quite a tailwind for the macro economy,

220
00:12:27,520 --> 00:12:30,560
Speaker 3: and not only turn off the flow of new immigrants,

221
00:12:30,600 --> 00:12:34,400
Speaker 3: but even mass deportation of current immigrants, and that really

222
00:12:34,440 --> 00:12:37,000
Speaker 3: has been the saving grace of the US labor market.

223
00:12:37,120 --> 00:12:40,280
Speaker 3: So under a Harris administration, I think we keep rolling along.

224
00:12:40,320 --> 00:12:44,040
Speaker 3: It's pretty much status quo. The composition of Congress is

225
00:12:44,040 --> 00:12:47,000
Speaker 3: going to matter a lot under either scenario. But I

226
00:12:47,040 --> 00:12:49,480
Speaker 3: would say, you know, the Trump two point zero scenario

227
00:12:49,640 --> 00:12:53,440
Speaker 3: is a much more uncertain scenario, much more disruptive, not

228
00:12:53,520 --> 00:12:55,480
Speaker 3: just for the US but for the global economy.

229
00:12:55,679 --> 00:12:57,679
Speaker 2: Judia, I appreciate you. If you it's going to catch up.

230
00:12:57,720 --> 00:13:10,280
Speaker 2: Jidda Karananda of macro Policical Space. We begin this out

231
00:13:10,320 --> 00:13:12,640
Speaker 2: with stocks looking for a firmer footing as earnings from

232
00:13:12,640 --> 00:13:16,520
Speaker 2: ASML spook Tech Investors, the manufacturer of the world's most

233
00:13:16,559 --> 00:13:19,800
Speaker 2: advanced chip maker machines, booking only about half the orders

234
00:13:19,800 --> 00:13:22,880
Speaker 2: analysts had expected and cutting its guidance for the year ahead.

235
00:13:23,120 --> 00:13:26,000
Speaker 2: Joining us now to discuss is Keith Learner of Truist. Keith,

236
00:13:26,040 --> 00:13:28,920
Speaker 2: Welcome to the program, sir. This market was spook yesterday

237
00:13:29,080 --> 00:13:31,520
Speaker 2: by that one name and by those earnings. How spooked

238
00:13:31,520 --> 00:13:31,839
Speaker 2: were you?

239
00:13:33,520 --> 00:13:34,680
Speaker 1: Well, first, great to be with you.

240
00:13:34,760 --> 00:13:35,800
Speaker 2: I don't know that I'm spooked.

241
00:13:35,800 --> 00:13:38,679
Speaker 6: I think listen, it was a bad print as far

242
00:13:38,720 --> 00:13:41,960
Speaker 6: as earnings. But you know, this market keeps changing narratives.

243
00:13:41,960 --> 00:13:43,320
Speaker 6: You know, you think about the border market. You know,

244
00:13:43,360 --> 00:13:46,319
Speaker 6: one month we're growing too slow, heading to a recession

245
00:13:46,360 --> 00:13:49,840
Speaker 6: for the for the US. Next month we're growing too strong,

246
00:13:50,080 --> 00:13:52,160
Speaker 6: and then we're the chips. It's kind of similar, right,

247
00:13:52,200 --> 00:13:54,680
Speaker 6: I mean, about two weeks ago we were talking about

248
00:13:54,720 --> 00:13:56,880
Speaker 6: Micron talking about how much the man there was from

249
00:13:56,880 --> 00:14:01,080
Speaker 6: memory and upgrading their forecast, and then in the stocks jumping,

250
00:14:01,160 --> 00:14:04,840
Speaker 6: and then also context wise in video, you know since

251
00:14:04,960 --> 00:14:08,040
Speaker 6: early September that kind of after that sell off is

252
00:14:08,120 --> 00:14:11,400
Speaker 6: up over thirty percent, semiconductors up over twenty percent, and

253
00:14:11,440 --> 00:14:13,920
Speaker 6: then you have this print and we all know now

254
00:14:13,960 --> 00:14:18,720
Speaker 6: that is ML's biggest customer is China. So listen, I

255
00:14:18,760 --> 00:14:20,880
Speaker 6: don't want to be complacent about it, but I'm also

256
00:14:20,880 --> 00:14:23,080
Speaker 6: trying to put it in context, and I think longer term,

257
00:14:23,320 --> 00:14:25,440
Speaker 6: especially on the AI side, they stole a lot of demand,

258
00:14:25,840 --> 00:14:29,360
Speaker 6: don't forget remember more. One more comment is that a

259
00:14:29,400 --> 00:14:31,480
Speaker 6: couple of weeks ago we were all talking about Elon

260
00:14:31,600 --> 00:14:35,680
Speaker 6: Musk and Larry Ellison fighting over in video chips. So

261
00:14:35,920 --> 00:14:37,359
Speaker 6: again just some context.

262
00:14:37,120 --> 00:14:39,120
Speaker 2: In case you're right. In order in video themselves have

263
00:14:39,200 --> 00:14:41,080
Speaker 2: talked about massive demand, and I think you're right to

264
00:14:41,120 --> 00:14:45,120
Speaker 2: identify China because speaking to that is OUTVMH OLVMH and

265
00:14:45,240 --> 00:14:49,000
Speaker 2: it's big downside surprise, their sales no great, particularly in China.

266
00:14:49,240 --> 00:14:51,560
Speaker 2: So Keith's people start to get excited about investing in

267
00:14:51,600 --> 00:14:53,440
Speaker 2: the rest of the world. When you think about where

268
00:14:53,480 --> 00:14:54,960
Speaker 2: your buss is and I'm going through some of the

269
00:14:55,000 --> 00:14:58,840
Speaker 2: details of your positioning overweight stocks, underweight cash, and you

270
00:14:58,960 --> 00:15:00,920
Speaker 2: maintain a bus to lot caps, so that use launch

271
00:15:00,960 --> 00:15:02,200
Speaker 2: caps in America.

272
00:15:03,560 --> 00:15:06,640
Speaker 6: Yes, I mean we've been a team USA. Talked about

273
00:15:06,640 --> 00:15:09,000
Speaker 6: this on this program for several years now, Jonathan. So

274
00:15:09,040 --> 00:15:11,960
Speaker 6: we're still there, I will say, on the margin, we're

275
00:15:12,000 --> 00:15:15,080
Speaker 6: still you know, emerging markets. We moved out of emergent

276
00:15:15,120 --> 00:15:17,840
Speaker 6: markets completely over the last couple of.

277
00:15:17,840 --> 00:15:18,880
Speaker 1: Years, and that's been the right move.

278
00:15:19,240 --> 00:15:20,880
Speaker 6: Emergent markets have been the performed by a fair out

279
00:15:20,920 --> 00:15:26,160
Speaker 6: fifty percent. We upgraded emergent markets one not to here recently.

280
00:15:26,280 --> 00:15:29,520
Speaker 6: Still not overweight. But I will say, I mean, if

281
00:15:29,520 --> 00:15:32,200
Speaker 6: you look at the rhetoric out of China, I think

282
00:15:32,240 --> 00:15:34,440
Speaker 6: that they're going to still continue to support that stock market.

283
00:15:34,520 --> 00:15:37,200
Speaker 6: It got overheated. They don't want it that overheated. So

284
00:15:37,240 --> 00:15:39,880
Speaker 6: you went up fifty percent, now you're down about fifteen percent.

285
00:15:40,080 --> 00:15:41,600
Speaker 6: I think we're going to get more news and I

286
00:15:41,600 --> 00:15:44,000
Speaker 6: think I think that they will support their markets. So

287
00:15:44,080 --> 00:15:45,520
Speaker 6: on the margin, I think a little bit better. But again,

288
00:15:45,520 --> 00:15:48,040
Speaker 6: bigger picture, we are still team in the USA. I'm

289
00:15:48,080 --> 00:15:50,320
Speaker 6: just making a reference to a subtle change.

290
00:15:50,440 --> 00:15:52,560
Speaker 1: Keith. We were talking earlier about the Bank of America

291
00:15:52,600 --> 00:15:55,000
Speaker 1: fund manager survey and the three pillars that were really

292
00:15:55,000 --> 00:15:58,360
Speaker 1: supporting the incredible bullishness that has seeped into the market

293
00:15:58,400 --> 00:16:01,440
Speaker 1: for the past few weeks. One of those prongs was

294
00:16:01,480 --> 00:16:04,680
Speaker 1: the China stimulus. And yet there's a really concrete question

295
00:16:04,800 --> 00:16:07,320
Speaker 1: here about how much any kind of stimulus will even

296
00:16:07,360 --> 00:16:10,480
Speaker 1: trickle into the global market versus just stay in China.

297
00:16:10,560 --> 00:16:13,000
Speaker 1: How much can that be a pillar of optimism for

298
00:16:13,160 --> 00:16:13,840
Speaker 1: US stocks.

299
00:16:15,520 --> 00:16:17,800
Speaker 6: Well, you know, we didn't need, we haven't needed the

300
00:16:17,840 --> 00:16:19,960
Speaker 6: growth there for the US markets to be in this

301
00:16:20,200 --> 00:16:22,840
Speaker 6: great bull market. So I don't I think this recent

302
00:16:22,880 --> 00:16:26,400
Speaker 6: stimulus is a defense move by the government, but I

303
00:16:26,440 --> 00:16:29,240
Speaker 6: do think it is. It is the most massive stimulus

304
00:16:29,280 --> 00:16:32,520
Speaker 6: we've seen since you know, the pandemic. And I will

305
00:16:32,520 --> 00:16:34,320
Speaker 6: say I think people are looking for like, you know,

306
00:16:34,520 --> 00:16:37,840
Speaker 6: shifts already, like the stimulus acts with the lag mostly,

307
00:16:37,960 --> 00:16:39,200
Speaker 6: so I don't think you'renna see it over night. And

308
00:16:39,200 --> 00:16:41,680
Speaker 6: I don't think it's gonna be this big global stimulus

309
00:16:41,720 --> 00:16:43,560
Speaker 6: that's going to help you know, Europe to the same

310
00:16:43,560 --> 00:16:46,160
Speaker 6: as sense. I think it's much more focused on stabilizing

311
00:16:46,200 --> 00:16:49,800
Speaker 6: the local economy, helping the local stock market as well.

312
00:16:49,840 --> 00:16:51,840
Speaker 6: So I think when people think about the stimulus, I

313
00:16:51,920 --> 00:16:53,840
Speaker 6: don't think it's the stimulus that we've been accustomed to

314
00:16:53,920 --> 00:16:55,920
Speaker 6: over the last two decades for China and the way

315
00:16:55,920 --> 00:16:57,400
Speaker 6: that seeps into the rest of the globe.

316
00:16:57,600 --> 00:16:59,760
Speaker 1: In the meantime, Keith, we were talking about some of this.

317
00:17:00,160 --> 00:17:02,920
Speaker 1: So we've seen overnight not just an ASML, but also

318
00:17:03,000 --> 00:17:05,159
Speaker 1: in Nvidia. And the fact that you're seeing a one

319
00:17:05,240 --> 00:17:07,600
Speaker 1: hundred and sixty billion dollars move on any given day,

320
00:17:07,680 --> 00:17:11,080
Speaker 1: not necessarily on anything related to that specific business, gives

321
00:17:11,119 --> 00:17:13,520
Speaker 1: a sense of how jumpy and volved all specific names

322
00:17:13,560 --> 00:17:16,119
Speaker 1: have been. How do you play that, especially if you

323
00:17:16,200 --> 00:17:19,080
Speaker 1: have a bullish take on it, at what points become concerning?

324
00:17:19,200 --> 00:17:21,320
Speaker 1: At what point is it a buying opportunity for you?

325
00:17:22,600 --> 00:17:26,080
Speaker 6: Yeah, So speaking specifically to Tech, I mean we were

326
00:17:26,160 --> 00:17:28,920
Speaker 6: overweight Tech most of the year. We downgrade in June

327
00:17:28,920 --> 00:17:31,159
Speaker 6: after it got extended, and then in August on the

328
00:17:31,200 --> 00:17:34,880
Speaker 6: pullback we added we added back to it. I would say,

329
00:17:34,960 --> 00:17:37,000
Speaker 6: so we're still positive on Tech. We still don't think

330
00:17:37,040 --> 00:17:38,920
Speaker 6: we're in a we don't think we're in an AI bubble.

331
00:17:39,240 --> 00:17:42,600
Speaker 6: And then with semiconductors specifically, like I said, they had

332
00:17:42,640 --> 00:17:44,040
Speaker 6: a big move in a short period of time, So

333
00:17:44,640 --> 00:17:46,720
Speaker 6: we're staying with that primary trend, which we think is

334
00:17:46,800 --> 00:17:49,280
Speaker 6: up as long as the earnings continue to support meeting.

335
00:17:49,320 --> 00:17:51,600
Speaker 6: We focus a lot on the forward earning estimates for

336
00:17:51,680 --> 00:17:54,359
Speaker 6: the broader sector and also the industry. So far they

337
00:17:54,400 --> 00:17:56,560
Speaker 6: are still stronger than the overall market. Where we would

338
00:17:56,640 --> 00:18:00,040
Speaker 6: change our tune is if we see that rollover. I

339
00:18:00,080 --> 00:18:02,000
Speaker 6: haven't seen it at this point, and I don't think

340
00:18:02,040 --> 00:18:04,919
Speaker 6: ASML is enough to change it. But again we'll keep

341
00:18:04,920 --> 00:18:06,960
Speaker 6: an open mind as we head deep into this earning season.

342
00:18:07,160 --> 00:18:08,840
Speaker 2: This bullish has just hit a bit of a wall

343
00:18:09,119 --> 00:18:10,480
Speaker 2: in the last twenty four hours, and I have to

344
00:18:10,480 --> 00:18:12,520
Speaker 2: say I've identified a lot of bulletners just around the

345
00:18:12,520 --> 00:18:14,560
Speaker 2: table from some of the guests we've been speaking to. Lisa.

346
00:18:14,920 --> 00:18:17,400
Speaker 2: You hear it from Jonathan gallib over at UBS. It's

347
00:18:17,480 --> 00:18:19,920
Speaker 2: a move to the upside in terms of their outlook,

348
00:18:19,960 --> 00:18:22,240
Speaker 2: their price targets. This is from the Bank of America

349
00:18:22,320 --> 00:18:24,320
Speaker 2: Fund Manager Survey. We were sharing it just yesterday on

350
00:18:24,400 --> 00:18:27,360
Speaker 2: this program. The biggest jump in investor optimism since June

351
00:18:27,359 --> 00:18:30,560
Speaker 2: twenty twenty on FED cuts. The biggest jump in global

352
00:18:30,600 --> 00:18:33,720
Speaker 2: growth expectation since May twenty twenty. The biggest jump in

353
00:18:33,760 --> 00:18:37,760
Speaker 2: global equity allocation since June twenty twenty Keith. This came

354
00:18:37,800 --> 00:18:40,960
Speaker 2: from Jonathan Krinsky over at BTIG fear of downside has

355
00:18:41,000 --> 00:18:44,399
Speaker 2: left the building and fear of missing upsiders front and center.

356
00:18:44,520 --> 00:18:46,920
Speaker 2: Yet we think now is the time to look tactically

357
00:18:46,960 --> 00:18:50,159
Speaker 2: at downside risk into month end. Keith, I know it's

358
00:18:50,200 --> 00:18:52,639
Speaker 2: a very short time horizon, but going into the end

359
00:18:52,640 --> 00:18:54,760
Speaker 2: of the month and particularly into November, how are you

360
00:18:54,800 --> 00:18:55,800
Speaker 2: thinking about how to position?

361
00:18:57,080 --> 00:18:59,520
Speaker 6: Yeah, so I think I think kime frames really do.

362
00:18:59,600 --> 00:19:01,760
Speaker 6: Mad of our clients aren't training for the next two weeks.

363
00:19:01,800 --> 00:19:04,720
Speaker 6: But I will say I agree that sentiment is a

364
00:19:04,760 --> 00:19:06,680
Speaker 6: bit of a risk here short term because you know,

365
00:19:06,840 --> 00:19:09,159
Speaker 6: markets are all are all about how things come in

366
00:19:09,280 --> 00:19:12,960
Speaker 6: relative to expectations. Those expectations have increased. You're also seeing

367
00:19:13,080 --> 00:19:15,199
Speaker 6: that in like the put to call ratios, which are

368
00:19:15,200 --> 00:19:17,840
Speaker 6: at the lowest levels since July. I will mention that

369
00:19:17,880 --> 00:19:21,200
Speaker 6: Global fund survey. You know, June of twenty twenty ultimately

370
00:19:21,280 --> 00:19:23,320
Speaker 6: wasn't such a bad time to invest on a short

371
00:19:23,359 --> 00:19:25,680
Speaker 6: term basis. You had a four or five percent pullback

372
00:19:25,720 --> 00:19:28,200
Speaker 6: around that period. But again, remember that was the early

373
00:19:28,280 --> 00:19:29,840
Speaker 6: stages of a bull market. I'm not saying with the

374
00:19:29,880 --> 00:19:31,879
Speaker 6: early stage of this bull market. So I think the

375
00:19:31,920 --> 00:19:33,840
Speaker 6: way I would think about it is on a short

376
00:19:33,920 --> 00:19:36,000
Speaker 6: term basis, maybe a little bit extended. Maybe you get

377
00:19:36,160 --> 00:19:38,439
Speaker 6: at least one or two more hiccups around the election,

378
00:19:39,000 --> 00:19:41,119
Speaker 6: but I would think that would be contained within that

379
00:19:41,359 --> 00:19:44,560
Speaker 6: five maybe to ten percent. Max Side and Keepe focus

380
00:19:44,640 --> 00:19:46,840
Speaker 6: on the underline trend, which is positive. I al say,

381
00:19:46,960 --> 00:19:48,720
Speaker 6: in an election year. By the way, this is the

382
00:19:48,760 --> 00:19:51,600
Speaker 6: strongest election we've seen for the stock market since the

383
00:19:51,720 --> 00:19:54,919
Speaker 6: nineteen fifties. Normally, if you're if you've been up more

384
00:19:54,960 --> 00:19:57,800
Speaker 6: than ten percent heading into into the fourth quarter, you've

385
00:19:57,800 --> 00:20:00,600
Speaker 6: been up every time. Small sample was only seven times,

386
00:20:00,600 --> 00:20:02,480
Speaker 6: so I just want to be clear, So I would

387
00:20:02,480 --> 00:20:03,919
Speaker 6: just say stick with the primay trend. Then we get

388
00:20:03,920 --> 00:20:05,439
Speaker 6: some hiccups along the way. I would use that as

389
00:20:05,440 --> 00:20:06,600
Speaker 6: an opportunity.

390
00:20:06,160 --> 00:20:09,119
Speaker 1: To add how much, Keith, does the gain of stocks

391
00:20:09,160 --> 00:20:11,200
Speaker 1: come on the pain of bonds at a time where

392
00:20:11,240 --> 00:20:14,359
Speaker 1: there's sort of an inflationary question mark underpinning a lot

393
00:20:14,400 --> 00:20:17,000
Speaker 1: of this, and whether we're in a structurally higher inflation

394
00:20:17,240 --> 00:20:18,880
Speaker 1: kind of a regime.

395
00:20:19,040 --> 00:20:19,600
Speaker 2: How much are you.

396
00:20:19,600 --> 00:20:22,800
Speaker 1: Betting on that in terms of the allocation of stocks.

397
00:20:22,880 --> 00:20:25,320
Speaker 1: Really is because bonds look less appealing.

398
00:20:25,000 --> 00:20:28,280
Speaker 6: To you, well, you know, bonds have actually acted pretty

399
00:20:28,320 --> 00:20:30,400
Speaker 6: well this year. They've been acted more like a diversifier.

400
00:20:30,560 --> 00:20:33,359
Speaker 6: I think for the stock market to do well is

401
00:20:33,480 --> 00:20:36,760
Speaker 6: really bonds could be stable because what we've seen recently is,

402
00:20:36,960 --> 00:20:39,560
Speaker 6: you know, our work suggested that the fair values are

403
00:20:39,600 --> 00:20:41,520
Speaker 6: right around where we are in the ten year treasury

404
00:20:41,640 --> 00:20:44,320
Speaker 6: right now. So I think I think there's still some

405
00:20:44,440 --> 00:20:47,920
Speaker 6: value in bonds from a diversication standpoint, There's still decent

406
00:20:48,040 --> 00:20:50,640
Speaker 6: income there. But you know where we would get more

407
00:20:50,680 --> 00:20:53,520
Speaker 6: concerned is if if we started seeing yields move back up,

408
00:20:53,640 --> 00:20:57,160
Speaker 6: you know, say above four fifty credit spreads start moving

409
00:20:57,200 --> 00:20:59,440
Speaker 6: out as well, that would be the concern. But where

410
00:20:59,480 --> 00:21:01,800
Speaker 6: they are today I don't think is a major problem.

411
00:21:01,880 --> 00:21:04,960
Speaker 6: And I still say we still see relative value in

412
00:21:05,080 --> 00:21:08,080
Speaker 6: the equity market just because if the economy stays more resilient,

413
00:21:08,160 --> 00:21:11,000
Speaker 6: that should lead to corporate profits continue to move up.

414
00:21:11,240 --> 00:21:13,159
Speaker 6: And that's been the most stable thing we've seen in

415
00:21:13,240 --> 00:21:15,720
Speaker 6: this market, right all the narratives have shifted, the earning

416
00:21:15,760 --> 00:21:18,480
Speaker 6: trends for corporate America have been the most stable part

417
00:21:18,520 --> 00:21:19,560
Speaker 6: of this market.

418
00:21:19,800 --> 00:21:21,119
Speaker 1: Keith, They have to say, there has been a lot

419
00:21:21,119 --> 00:21:23,399
Speaker 1: of bullishness around this table, and it has been growing

420
00:21:23,560 --> 00:21:24,960
Speaker 1: over the past few weeks.

421
00:21:25,280 --> 00:21:27,080
Speaker 6: This from Barry Banister just to give a.

422
00:21:27,119 --> 00:21:30,119
Speaker 1: Dose of cold water and some contrarian thought over at

423
00:21:30,160 --> 00:21:33,360
Speaker 1: Stefault basically saying that the S and P could gain

424
00:21:33,440 --> 00:21:36,119
Speaker 1: another ten percent this year, but then we'll plunge by

425
00:21:36,200 --> 00:21:41,400
Speaker 1: some forty percent by next year, just simply because as

426
00:21:41,440 --> 00:21:43,520
Speaker 1: he said, there is a cost to so much winning

427
00:21:43,720 --> 00:21:46,080
Speaker 1: that basically, when you take a look at valuations, they're

428
00:21:46,080 --> 00:21:48,040
Speaker 1: starting to look pretty heady. At what point do you

429
00:21:48,080 --> 00:21:50,480
Speaker 1: get concerned just about valuations and enough themselves.

430
00:21:51,880 --> 00:21:54,560
Speaker 6: Yeah, listen, I think that is a tremendous analysts respect

431
00:21:55,119 --> 00:21:57,640
Speaker 6: his work went out in that camp. To be frank,

432
00:21:57,720 --> 00:21:59,520
Speaker 6: I mean when we look at like say ten year

433
00:22:00,200 --> 00:22:03,120
Speaker 6: rolling returns or five year rolling returns, not extreme, maybe

434
00:22:03,200 --> 00:22:05,760
Speaker 6: more on a short term somewhat extreme. You know, valuations

435
00:22:05,800 --> 00:22:08,879
Speaker 6: are a tough thing, right because you know, valuations have

436
00:22:09,040 --> 00:22:12,119
Speaker 6: changed over time, because the text sector is now you know,

437
00:22:12,240 --> 00:22:14,240
Speaker 6: thirty percent of the market. If you look back to

438
00:22:14,320 --> 00:22:18,679
Speaker 6: nineteen ninety, the SMP tech sector was about six percent, right,

439
00:22:18,960 --> 00:22:21,240
Speaker 6: And that's where the valuations have really expanded. On the

440
00:22:21,280 --> 00:22:23,120
Speaker 6: same token, that's where the cast flow and that's where

441
00:22:23,119 --> 00:22:25,520
Speaker 6: the profit margins are. So in our view, as long

442
00:22:25,520 --> 00:22:28,160
Speaker 6: as the economy continues to move forward, corporate profits move forward,

443
00:22:28,200 --> 00:22:30,800
Speaker 6: we can sustain somewhat of higher valuations. I think the

444
00:22:30,840 --> 00:22:33,359
Speaker 6: way to think about valuation is it likely caps the

445
00:22:33,520 --> 00:22:36,119
Speaker 6: upside in some of our long term work. We actually

446
00:22:36,160 --> 00:22:38,920
Speaker 6: think long term returns are actually below average on a

447
00:22:38,960 --> 00:22:41,359
Speaker 6: short term basis. I think it's really difficult to use

448
00:22:41,440 --> 00:22:43,479
Speaker 6: valuation to say where the market's going to be, at

449
00:22:43,560 --> 00:22:45,120
Speaker 6: least in the short term as far as the next

450
00:22:45,320 --> 00:22:46,360
Speaker 6: you know, six to twelve months.

451
00:22:46,400 --> 00:22:49,680
Speaker 2: Keith appreciate it, Keith Lennard of Truist. This is the

452
00:22:49,760 --> 00:22:53,960
Speaker 2: Bloomberg Seventans podcast, bringing you the best in markets, economics,

453
00:22:54,040 --> 00:22:56,440
Speaker 2: an gio politics. You can watch the show live on

454
00:22:56,520 --> 00:22:59,840
Speaker 2: Bloomberg TV weekday mornings from six am to nine am EA,

455
00:23:00,080 --> 00:23:03,600
Speaker 2: and subscribe to the podcast on Apple, Spotify or anywhere

456
00:23:03,640 --> 00:23:06,200
Speaker 2: else you listen, and as always on the Bloomberg Terminal

457
00:23:06,440 --> 00:23:12,200
Speaker 2: and the Bloomberg Business app. Mm hmm