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Speaker 1: This is Bloomberg Business Wait inside from the reporters and

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Speaker 1: editors who bring you America's most trusted business magazine, plus

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Speaker 1: global business, finance and tech news. The Bloomberg Business Week

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Speaker 1: Podcast with Carol Messer and Tim Stenebek from Bloomberg Radio.

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Speaker 2: We've been talking a lot about Tesla today with good reason.

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Speaker 2: Stocks still oh man, it's not one hundred percent anymore.

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Speaker 2: It's ninety eight point three three percent the gains this year.

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Speaker 2: Oh you know, should should we not talk about it?

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Speaker 3: Well, it's still off, you well, off of its highs

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Speaker 3: from twenty twenty one.

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Speaker 2: That's a really good point some perspective. But it's been

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Speaker 2: on a tear this year and it's on track for

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Speaker 2: its record eleventh consecutive session of gains. So it's also

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Speaker 2: a longtime favorite among retail traders. So let's get into

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Speaker 2: it because there's been some new, some fundamental just following

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Speaker 2: on the heels of GM saying it's going to tap

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Speaker 2: into Tesla's EV charging network, following also after Ford did

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Speaker 2: the same thing. So let's get to it with David Welsh,

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Speaker 2: Bloomberg News Detroit bureau chief. He is on the phone

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Speaker 2: from Detroit. David Great to have you here with Matt

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Speaker 2: and myself. So now it looks like, what three billion

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Speaker 2: that Tesla stands to gain by twenty thirty because of

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Speaker 2: these deals with Ford and GM. How big a nut

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Speaker 2: is that When you look at the revenue picture for Tesla.

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Speaker 4: At the end of the day, it's not huge revenue.

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Speaker 4: I just think it's to me, it's interesting because you

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Speaker 4: look over the past five years and they've made over

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Speaker 4: five billion selling regulatory credits to the legacy automakers who

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Speaker 4: need to meet clean air standards and don't have enough

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Speaker 4: electric vehicles to do it. So Tesla just you know,

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Speaker 4: three billion dollars by twenty thirty. You know, their revenue

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Speaker 4: is over eighty billion a year now, They're probably much

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Speaker 4: greater by then, So it's you know, it's a few

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Speaker 4: percentage points. It's not massive for a growth company like this,

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Speaker 4: But to me, it just stands out that they keep

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Speaker 4: making money. They making money off their competitors. It's great

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Speaker 4: because they have such a lead in electrification that their

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Speaker 4: competitors keep giving them ways to either money or direct

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Speaker 4: or ways to make money to fund their new products

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Speaker 4: while they're trying to catch up.

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Speaker 3: The Tesla in the first place, So I have so

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Speaker 3: many questions. I'm glad you could join us, David. Isn't

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Speaker 3: this really cool in that it creates an industry standard?

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Speaker 3: Or is it global or is it just the US?

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Speaker 4: Right now, it's just us. We'll see what happens globally

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Speaker 4: and the thing, I think it'll stretch to Canada as well.

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Speaker 4: You know, there are Chinese automakers. I think they've got

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Speaker 4: their own standard over there, but Tesla does sell evs

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Speaker 4: in that market. I'm not totally sure what the confluence

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Speaker 4: of a different standard is over there. But US market,

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Speaker 4: it is very cool that we're getting one standard, because honestly,

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Speaker 4: it was kind of dumb that we had more than one. Stupid.

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Speaker 2: It's like Beta max versus VHS, like right, remember.

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Speaker 4: The old Yeah, that's a classic business case, you know.

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Speaker 4: And for that matter, the days when and I was

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Speaker 4: I was an Apple geek in the early days, when

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Speaker 4: you know, you started losing certain programs because it wasn't

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Speaker 4: compatible with Windows or Microsoft products. Eventually, I think Steve

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Speaker 4: Jobs caved and bridge the gap, but for a while,

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Speaker 4: if you had Apple stuff, you couldn't use certain things.

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Speaker 3: So speaking of caving, is Delantis next because I'm looking

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Speaker 3: forward to Dodge is going to make a charger EV

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Speaker 3: that is just going to be insane. Is that going

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Speaker 3: to have a Tesla style charging port?

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Speaker 4: I bet it will. I mean, I think everybody has

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Speaker 4: to cave at this point. You're talking about the number one,

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Speaker 4: two and three companies and EV sales in the US.

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Speaker 4: I think Toyota will have to as well. And I

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Speaker 4: think everyone is going to have to follow and do this.

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Speaker 4: And so it's not they're talking about an adapter to

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Speaker 4: begin with and then eventually just making a you know,

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Speaker 4: putting a Tesla inlet port in the vehicle. It's not

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Speaker 4: a radical change for anybody. It's you know, it's not

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Speaker 4: like they're you know, going from you know, a gasoline

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Speaker 4: engine to a jet engine in the car. You know,

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Speaker 4: this is this is a plug.

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Speaker 2: But it creates, like you know, I said to we

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Speaker 2: were talking earlier, you know, whether you're like Elon must

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Speaker 2: or not. I mean, you can be kind of cookie.

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Speaker 2: But having said that, is it just the possibility though,

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Speaker 2: of creating a significant, even more revenue stream for this company.

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Speaker 2: And we talked about three billion, but could it even

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Speaker 2: be more in the future.

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Speaker 4: Well, so the forecast I used from percent and other

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Speaker 4: analysts had forecasts out there kind of some were more

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Speaker 4: similar to less but directionally similar. And I think Sandlers

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Speaker 4: Piper Sanders forecast is looking at not just for GM

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Speaker 4: but basically everybody going this way. And I think now

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Speaker 4: that doesn't happen, everybody's going to have to eventually well,

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Speaker 4: I think connects shoot to drop here that could actually

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Speaker 4: reduce the amount of revenue growth Tesla gets have. This

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Speaker 4: is I think all you know, this patchwork quilp of

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Speaker 4: multiple EV charging players that are out there that GM,

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Speaker 4: Ford and everybody else has partnerships with, they're going to

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Speaker 4: have to adopt Tesla's standards unbelievable and a CS and

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Speaker 4: and when that happens, then consumers will be able to

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Speaker 4: use other networks that aren't Tesla's but using the Tesla chargeboard.

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Speaker 4: But you know there's an interim here and you know

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Speaker 4: medium long term where Tesla's going to be making money

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Speaker 4: off of this on they're dedicated chargers and they could

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Speaker 4: they could for a very long time to come actually,

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Speaker 4: because if you're driving around and your car can use

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Speaker 4: a charge point charger anywhere you see a Tesla and

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Speaker 4: that's open, you're going to take it and it's more

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Speaker 4: reliable too.

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Speaker 2: Yeah, exactly, good stuff, as always, the ever evolving world

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Speaker 2: of Tesla and Elon Musk. David Welch, Detroit Buro, chief

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Speaker 2: of Bloomberg News, on the phone from Detroit. Really appreciate it, David,

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Speaker 2: have a.

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Speaker 4: Good thanks, David.

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Speaker 5: How do you?

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Speaker 3: How are you?

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Speaker 2: I mean we talked about this a little bit yesterday, right,

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Speaker 2: and just what this move? You were you were kind

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Speaker 2: of like blown away.

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Speaker 3: Well, I think it's very cool because it creates I

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Speaker 3: always applaud kind of universal standards, even when they're not

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Speaker 3: necessarily the best choice. For example, VHS, probably the technology

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Speaker 3: wasn't as good as beta. For those of you old

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Speaker 3: enough to remember what beta was.

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Speaker 2: Pretty incredible, Yeah, or there was three quarter. Remember there's

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Speaker 2: beta and time.

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Speaker 3: I remember all of them. But it doesn't matter. The

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Speaker 3: point is when you get a universal standard, then the

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Speaker 3: industry grows much faster. So for me, that's the exciting

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Speaker 3: point about this. You know, we're already expecting eighteen percent growth,

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Speaker 3: near to a fifth of all car sales globally this

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Speaker 3: year are going to be EV's So this is just

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Speaker 3: going to accelerate that transition, which is exciting and also

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Speaker 3: in some ways of concern, right because our grid maybe

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Speaker 3: can't handle it if we had that many evs.

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Speaker 2: Well, we found that yesterday, right, all the conversations we

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Speaker 2: had about the energy markets and you know how old

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Speaker 2: our grid is not a news story everybody, but it

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Speaker 2: just seems like we talk about it, talk about the

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Speaker 2: importance of infrastructure, you know, investing, whether it's energy or

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Speaker 2: whether it's like ev you know, charging areas, and we

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Speaker 2: just kind of forget to do it. And so in

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Speaker 2: this case you've got a private sector company doing it.

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Speaker 3: I'm very pumped also about the next generation of evs

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Speaker 3: because I think it'll be the first generation of evs

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Speaker 3: from other automakers that are really from bottom up designed

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Speaker 3: to be electric vehicles. So no longer just ICEE E

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Speaker 3: vehicles that the company put a battery. ICEE an internal

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Speaker 3: combustion engine, got it. So no longer just gas burning

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Speaker 3: vehicles that used to have an engine that may just

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Speaker 3: put a battery in. So they're designed, purpose built to

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Speaker 3: be EV's and they're going to be not only much

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Speaker 3: better in terms of everything from range to handling to performance.

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Speaker 2: Which is what the what Tesla is, right, Yeah, for sure,

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Speaker 2: but they're also.

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Speaker 3: Going to be much more affordable, which is what I'm

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Speaker 3: looking forward to, because you know, you go out there

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Speaker 3: in the market right now crazy and you see vehicles

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Speaker 3: like the BMW I X is really cool, but it's

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Speaker 3: ninety thousand dollars to start. Now you're starting to see

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Speaker 3: real competition. I'm driving right now a Nissan Ariyah I

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Speaker 3: think it's called a r I y am test driving it,

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Speaker 3: and it's unbelievably cool. It's elegant in its design, it's fast,

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Speaker 3: it handles well, it's fun to drive, and it's affordable.

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Speaker 3: It's like starts at forty five grand or so.

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Speaker 2: So kind of like the idea of when Prius was

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Speaker 2: first you know, created as a hybrid, was it thought

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Speaker 2: about as from the ground up?

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Speaker 1: Uh?

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Speaker 3: Well, that was I'm sure thought about as a Yeah,

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Speaker 3: a ground up hybrid vehicle for sure, because if you

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Speaker 3: look at and Teslas, you're right, we're ground up, designed

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Speaker 3: to be ev EVS after the roadster, because remember the

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Speaker 3: roadster they first used was actually a I think a

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Speaker 3: Lotus or an Opal body and they put a battery

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Speaker 3: in it.

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Speaker 2: This is why we love having you around. You kind

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Speaker 2: of know a few things I know if.

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Speaker 3: You you know your you know a few things too.

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Speaker 2: No, but I'm with you. I'm looking at the prices

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Speaker 2: on things and I'm like, what happened? Am my two spans?

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Speaker 2: I mean, this is how do you make this a

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Speaker 2: mass market car? If we're supposed to ramp up to

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Speaker 2: hit certain nut coming? All right, I'm going to hold

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Speaker 2: my breath and I can't wait.

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Speaker 1: You're listening to the Bloomberg Business Week podcast. Catch us

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Speaker 1: live weekday afternoons from three to six Eastern Listen on

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Speaker 1: Bloomberg dot com, the iHeartRadio app, and the Bloomberg Business app,

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Speaker 1: or watch us live on YouTube.

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Speaker 2: We know a lot of news on crypto this week,

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Speaker 2: To say the least, Matt us really feel like it's

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Speaker 2: being thrown into deeper array. You had also Binance today,

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Speaker 2: Banking partners getting ready to rescind support liquidity drawing up

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Speaker 2: traders withdrawing tokens from the platform as regulators are clamping

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Speaker 2: down on the company and its owner. So it's been

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Speaker 2: a week full of some really tough news for the

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Speaker 2: crypto universe.

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Speaker 1: Yeah.

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Speaker 3: Absolutely. The Coinbase move probably felt more by US investors,

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Speaker 3: obviously because it's publicly traded here, But ban is the

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Speaker 3: big cat in this industry, and if it starts to

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Speaker 3: lose I guess scale, that's a problem for advancement in

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Speaker 3: this in crypto.

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Speaker 2: It does wonder about kind of the latest stress points

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Speaker 2: and the viability of the US crypto industry industry. So

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Speaker 2: let's get into it with solidus Labs Vice President of

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Speaker 2: Regulatory Affairs Kathy Kreninger, also former director of the Consumer

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Speaker 2: Protection Financial Bureau, joining us via zoom from Washington, d C.

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Speaker 2: Once again, sold us is a crypto market surveillance and

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Speaker 2: risk monitoring platform. Just for those of you not in

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Speaker 2: the know. Kathy, good to have you back with us.

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Speaker 2: Your gut take on the news this week and what

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Speaker 2: it means for the US crypto industry.

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Speaker 6: Well, you said it here too.

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Speaker 5: It is quite a week when you thought the news

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Speaker 5: couldn't get any bigger. We find ourselves continually on a

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Speaker 5: roller coaster with this industry and unfortunately, particularly in the US.

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Speaker 5: Look I said it before, agencies should go after bad actors.

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Speaker 6: That's exactly what you want to see happen. So there

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Speaker 6: are certainly some.

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Speaker 5: Allegations that finance needs to address and having that out

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Speaker 5: in the open, frankly gives them the opportunity to do that.

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Speaker 6: No surprise.

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Speaker 5: The SEC has been engaging in investigations into a number

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Speaker 5: of platforms and operators in the crypto space now for

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Speaker 5: quite some time. So having the cases out there and

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Speaker 5: in the open matters the other side, as you mentioned,

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Speaker 5: with the coinbase, they're two very different cases.

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Speaker 3: So what let's focus in on Coinbase in terms of

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Speaker 3: what they can do well. Really, the similarity I think

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Speaker 3: between the two is compliance is almost impossible for crypto businesses,

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Speaker 3: or that's what they tell us. Is that true? You know,

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Speaker 3: because we hear Gensler say all we want you to

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Speaker 3: do is come into compliance, and these crypto businesses say,

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Speaker 3: there's no way for us to do that. We've applied

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Speaker 3: and they rejected us.

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Speaker 5: There are some real challenges here around the definitions and

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Speaker 5: the requirements.

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Speaker 6: Definitely so.

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Speaker 5: And actually a great hearing on Tuesday that included a

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Speaker 5: coin based witness, as Sherman Thompson of the House Agriculture

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Speaker 5: Committee noted, highly unusual to have a witness before the

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Speaker 5: committee who's now the subject of an enforcement action and

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Speaker 5: litigation by an agency, but that that was par for

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Speaker 5: the course and why the hearing was so important, and

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Speaker 5: the legislation was so important, So it is challenging, no doubt.

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Speaker 5: There are very few crypto businesses or special purpose registrations

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Speaker 5: that have gone through that are related to crypto and

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Speaker 5: part of that has to do with two, you know,

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Speaker 5: the business that they are engaged in and the fundamental

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Speaker 5: disclosures requirements and registration nuts and bolts that the SEC

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Speaker 5: requires that they just simply can not actually comply with.

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Speaker 5: Some of it also is related to what the nature

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Speaker 5: of these assets are and having that be clear in law.

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Speaker 5: Point Base is a publicly traded company. They go through

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Speaker 5: a rigorous process that they have outlined repeatedly around their

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Speaker 5: assessment of which assets are or are not securities, and

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Speaker 5: it is not their intention to list securities, as many

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Speaker 5: of the platforms say, so why they would be subject

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Speaker 5: to registration is something that again this case now is

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Speaker 5: going to really be at the heart of the matter

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Speaker 5: of are these assets securities and why and the sec

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Speaker 5: actually you know, asserting that and proving that.

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Speaker 3: What's your take? By the way, I mean, people always

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Speaker 3: talk about the Howie test, and there are some cases

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Speaker 3: in which it's very clear, and I think Gary Gensler

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Speaker 3: has set himself there some cases in which it's you know,

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Speaker 3: bitcoin for example, is is not a security. But in

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Speaker 3: a lot of these instances you can debate whether it's

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Speaker 3: a security or a commodity.

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Speaker 6: You definitely can.

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Speaker 5: I mean it comes down to again whether whether there

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Speaker 5: is an aspect of decentralization in terms of whether this

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Speaker 5: is you know that that group of people that you

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Speaker 5: expect to benefit from and reap the rewards of their work,

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Speaker 5: uh and their you know, their efforts.

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Speaker 6: So that is is one prong of the analysis.

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Speaker 5: Certainly under under the Howie test that that gets some attention.

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Speaker 4: Uh.

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Speaker 5: And and there are certainly things like like bitgoin that

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Speaker 5: you would argue is decentralized. I think there is some

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Speaker 5: real question too over over what ownership aspect there really

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Speaker 5: is and what anyone actually owns and so the the

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Speaker 5: other dynamic here in terms of what securities law requires.

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Speaker 5: That takes me back to the first question you asked

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Speaker 5: and what is important here. It is important for issuers

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Speaker 5: and listeners to actually disclose what the asset does.

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Speaker 6: What it's intended to do, now it's used, who is

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Speaker 6: behind it.

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Speaker 5: There are some classic things that again good actors in

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Speaker 5: crypto claim they are already doing and meeting so in

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Speaker 5: some respects meeting the spirit of that important information and

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Speaker 5: getting it to investors, but all the mechanics of registration

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Speaker 5: are things that they simply cannot actually meet.

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Speaker 2: So, Kathy, you know, we had a conversation Matt and

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Speaker 2: I yesterday with former SEC chair j Clayton and Dean

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Speaker 2: moorehead also who's very involved in the crypto space, and

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Speaker 2: I do wonder one of the points that came up

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Speaker 2: is that you do already see sovereign you know, being

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Speaker 2: issued based on blockchain technology around the world, and I

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Speaker 2: do wonder, you know, as we think about the legitimacy

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Speaker 2: of crypto going forward, has kind of the train left

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Speaker 2: the station, and so that if the US is not

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Speaker 2: on board in terms of figuring out the regulatory framework

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Speaker 2: along with other folks in the world, that they will

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Speaker 2: be ultimately left behind. Can we make that conclusion if

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Speaker 2: they're not in if the US isn't involved US.

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Speaker 6: Regulators, Look, I agree with that in part.

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Speaker 5: I would say the US markets are such that, you know,

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Speaker 5: there will always be an interest by companies serve US markets,

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Speaker 5: and that will come back around. I think where it

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Speaker 5: really does concern me is the national security dynamics.

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Speaker 6: We have benefited from decades and even.

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Speaker 5: I suppose more than a century of US innovation setting

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Speaker 5: the standard for how the globe operates. We built the

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Speaker 5: financial systems of the world, so there is a national

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Speaker 5: security benefit to that, the dollar being you know, basically

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Speaker 5: the world's currency, that we benefited from that, and the

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Speaker 5: notion that we would be absent as the next financial

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Speaker 5: system is really being built and that infrastructure is being built.

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Speaker 5: That's where we're really I think losing that long term

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Speaker 5: competitive advantage and our place in the world's economy and

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Speaker 5: then frankly in the global dynamics even politically speaking, and

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Speaker 5: from a stability standpoint, in a national security standpoint, So

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Speaker 5: that does concern me greatly and I think is hugely

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Speaker 5: unfortunate if we if we just concede. The other thing

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Speaker 5: I would note that is to different this year is

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Speaker 5: really Chair Gensler's statement and attitude when you get to

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Speaker 5: you know, what, what is there room for in this

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Speaker 5: new economy and his stance that the only digital currencies

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Speaker 5: that are necessary are the ones that already exist and

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Speaker 5: are issued by governments. You know, that really does undermine

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Speaker 5: the potential and opportunity that's here, but some of it

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Speaker 5: gets to terminology too. I've not really believed that the

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Speaker 5: future of a lot of the tokenization is truly in currency,

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Speaker 5: you know, and really replacing sovereign currencies. But there is

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Speaker 5: I think a lot with the infrastructure that having you know,

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Speaker 5: stable coins and certainly having digital assets is hugely beneficial.

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Speaker 3: Is there a do you think there's a consensus feeling

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Speaker 3: in Congress about which way we need to go in

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Speaker 3: terms of either supporting it or killing it.

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Speaker 5: I continue to believe that on both sides of the

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Speaker 5: aisle there's a lot of interest in setting this up

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Speaker 5: the right way and understanding the potential and having the conversation.

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Speaker 6: A lot of concern frankly about.

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Speaker 5: The scams and fraud and dynamics around FTX.

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Speaker 6: That's completely legitimate.

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Speaker 5: I mean, look, whenever any new technology comes into play,

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Speaker 5: there are going to be those challenges and that's I

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Speaker 5: think hugely unfortunate and where the industry needs to step

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Speaker 5: up calling out the bad actors, where agencies should focus

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Speaker 5: their energy going after them, but where there are not

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Speaker 5: clear rules that good actors can follow. That's really where

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Speaker 5: you see the flight that we are. Again, certainly people

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Speaker 5: are asserting leaving the US markets, and we're seeing some

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Speaker 5: of that itself.

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Speaker 6: All right, we got to run.

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Speaker 2: Hey, Kathy, thank you, appreciate you waiting weighing in on

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Speaker 2: all of this. Kathy Kreninger, vice president of Regulatory Affairs

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Speaker 2: at Solidus Labs, former director of the Consumer Protection Financial Bureau,

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Speaker 2: joining us on Zoom from Washington, DC. Matt, did you

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Speaker 2: see the store about robin hood removing three jokers from

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Speaker 2: its crypto trading platform?

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Speaker 3: You know, so, I think anyone's going to be doing

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Speaker 3: that if they've been defined as a security by the SEC.

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Speaker 2: You got to get rid of them, right, They've got

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Speaker 2: to be nervous.

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Speaker 1: You're listening to the Bloomberg Business Week podcast. Catch us

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Speaker 1: live weekday afternoons from three to six Easter on Bloomberg Radio,

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Speaker 2: Got to love them. We've got a guest coming on,

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Speaker 2: and we've got a question ahead of them even joining us.

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Speaker 3: A listener writes in with a question before we have

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Speaker 3: the guests. That's brilliant. That's a popular is the should

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Speaker 3: always do that. It makes our lives so much easier.

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Speaker 2: Body listening because please do this, do this anyway, let's

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Speaker 2: get right to it. Doctor Ian las Baders with US,

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Speaker 2: clinical professor of Medicine at NYU Lango and on Zoom in.

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Speaker 3: New York City.

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Speaker 2: Ian, good to have you back here in joining Matt

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Speaker 2: and me on this Friday. I hope you're doing well.

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Speaker 2: What were the what's the week been like you? Based

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Speaker 2: on the air quality and what we had to deal

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Speaker 2: with this week.

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Speaker 7: You know, I think everyone's been concerned about the wildfires

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Speaker 7: in Canada. Hard to believe seven or eight hundred miles away.

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Speaker 7: I've been a native New Yorker for all my life.

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Speaker 7: I've never seen fires in Canada. Cause the air pollution

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Speaker 7: that we saw over the last three days shut to

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Speaker 7: northeast and we've had a lot of calls from patients,

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Speaker 7: patients with COPD and emphysema. It's been a real challenge.

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Speaker 7: We've had to raise people's medications and hailers. And I

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Speaker 7: think there's also this anxiety on top of COVID anxiety

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Speaker 7: and on top of all sorts of anxiety that they're

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Speaker 7: vulnerable there's really no safe place to go. There's still

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Speaker 7: some indoor air pollution, and going out on the street

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Speaker 7: there's a lot of coughing that acrid smell, and so

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Speaker 7: there are real concerns and also not only short term

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Speaker 7: but long term concerns because smoke has you know, hundreds

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Speaker 7: of chemicals, carbon monoxide, carbon dioxide, particle size, large particles,

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Speaker 7: small particles really all smoke, but especially wood, organic chemicals

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Speaker 7: things I tell you in in xylene, sulfur dioxide, and

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Speaker 7: some of these over a long period of time can

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Speaker 7: have you know, risks as you know, potential cancer risks.

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Speaker 7: So it's been a problem for the patients and for

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Speaker 7: the doctors.

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Speaker 3: So this leads well into the question that our viewer,

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Speaker 3: our listener has wondering about the everyday health effects of

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Speaker 3: pollution from cars and buildings. You know, if you're walking

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Speaker 3: around New York City, you're gonna smell a lot of weed.

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Speaker 3: There's smoke everywhere. What can we do if this listener

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Speaker 3: wants to know if we're living in the city or

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Speaker 3: near the city to protect ourselves, is it just masks,

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Speaker 3: air filters, Is there anything else?

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Speaker 7: Well, certainly, you know the N ninety five masks, certainly

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Speaker 7: for people with lung disease, or if you can get one,

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Speaker 7: is very helpful. Right, So some of these particles, you've

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Speaker 7: got large particles that generally the cilia in the nose

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Speaker 7: and the nosehairs and sinuses can filter out some particles.

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Speaker 7: The lung has these little hair cells called cilia. But

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Speaker 7: for the very fine particles we're talking, you know, under

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Speaker 7: a micron, you know, in size, those can go deep

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Speaker 7: in the lungs and cause a lot of problems. So

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Speaker 7: the N ninety five masks. If you're outside during a

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Speaker 7: day like over the past few days, doing it, an

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Speaker 7: air filter or air purifier in in your apartment or

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Speaker 7: in your office is very smart. Air conditioning that doesn't

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Speaker 7: draw outside air. You're not doing anything helpful if you're

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Speaker 7: just sucking outside air and you just have the air

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Speaker 7: conditioner filter. But inside air, if it's refiltered, would be

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Speaker 7: helpful in general. You know, you're right. The city has

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Speaker 7: a lot of particular material from cars, building smokestacks, so

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Speaker 7: the air z always dirtier in a city than in

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Speaker 7: the suburbs. Walking around the streets, you know, don't go

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Speaker 7: behind a bus. A lot of the buses are electric

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Speaker 7: now the subways, so the subway tracks cause a lot

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Speaker 7: of particulate material. If you look at the lungs the

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Speaker 7: autopsy of people who live in the city, they look

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Speaker 7: much worse all these dark particles compared to the suburbs.

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Speaker 7: Living in the city, you have intrinsically higher risk. You

439
00:23:43,160 --> 00:23:45,840
Speaker 7: can wear a mask outside, it's hard for most people

440
00:23:45,880 --> 00:23:48,439
Speaker 7: to do that. That probably would help a bit, and

441
00:23:48,520 --> 00:23:51,000
Speaker 7: use an air filter and air pure fire in your

442
00:23:51,040 --> 00:23:52,159
Speaker 7: office and in your home.

443
00:23:53,280 --> 00:23:55,800
Speaker 2: I have to say, you know, I've continued wearing a

444
00:23:55,840 --> 00:23:59,639
Speaker 2: mask even post COVID, just especially in and around the

445
00:23:59,640 --> 00:24:01,640
Speaker 2: subway because I just, I don't know, I just don't

446
00:24:01,880 --> 00:24:06,280
Speaker 2: even wear one during COVID, although I understand that their

447
00:24:06,480 --> 00:24:08,879
Speaker 2: health benefits, and it may not have been the smartest

448
00:24:08,920 --> 00:24:09,760
Speaker 2: move on my part.

449
00:24:09,840 --> 00:24:11,760
Speaker 3: I just don't like to wear a mask, you know.

450
00:24:11,960 --> 00:24:15,200
Speaker 2: I don't know, go ahead, Ian, Yeah.

451
00:24:15,040 --> 00:24:18,239
Speaker 7: No, people have psychologic issues and it is hard to

452
00:24:18,240 --> 00:24:22,320
Speaker 7: wear for long periods of time. You know, by and large,

453
00:24:22,359 --> 00:24:24,920
Speaker 7: the air quality in New York is not terrible.

454
00:24:24,960 --> 00:24:25,400
Speaker 4: They great.

455
00:24:25,480 --> 00:24:28,359
Speaker 7: It really is sort of low, medium and high under

456
00:24:28,400 --> 00:24:31,119
Speaker 7: fifty fifty to one hundred and over one hundred, so

457
00:24:31,160 --> 00:24:33,400
Speaker 7: it was well over one hundred during the bad days,

458
00:24:33,440 --> 00:24:35,359
Speaker 7: and I would say for that, wear a mask. I

459
00:24:35,440 --> 00:24:38,119
Speaker 7: wore a mask when I left the office, you know,

460
00:24:38,160 --> 00:24:41,520
Speaker 7: an N ninety five. Most times in the city the

461
00:24:41,560 --> 00:24:44,360
Speaker 7: air quality is not that bad because of the changes,

462
00:24:45,920 --> 00:24:48,399
Speaker 7: but certainly if you're near a smoky area or if

463
00:24:48,440 --> 00:24:51,000
Speaker 7: you have lung problems, I would play it safe. And

464
00:24:51,080 --> 00:24:54,840
Speaker 7: even getting a surgical mask and help cloth masks are useless.

465
00:24:54,880 --> 00:24:57,240
Speaker 7: Bandana is that kind of thing. They didn't help with

466
00:24:57,359 --> 00:25:00,960
Speaker 7: COVID the you know, viral particles right through those. But

467
00:25:01,200 --> 00:25:04,880
Speaker 7: investing in a good either respirat or mask RUN ninety five,

468
00:25:05,160 --> 00:25:07,800
Speaker 7: who knows in the future what other problems there may be.

469
00:25:08,000 --> 00:25:11,080
Speaker 7: New York was not really prepared for this, right you know,

470
00:25:11,200 --> 00:25:13,919
Speaker 7: we've ever seen it, and I think we need to

471
00:25:13,920 --> 00:25:17,000
Speaker 7: get prepared for other issues. You know, they're homeless on

472
00:25:17,040 --> 00:25:19,240
Speaker 7: the street, and we have a lot of people who

473
00:25:19,240 --> 00:25:22,240
Speaker 7: are vulnerable, and we need to plan for the future,

474
00:25:22,280 --> 00:25:24,640
Speaker 7: whether it's storms or whether it's air issues.

475
00:25:24,800 --> 00:25:26,919
Speaker 2: Hey, doctor Lespitter, One thing I did want to ask you,

476
00:25:27,000 --> 00:25:31,240
Speaker 2: what are the consequences for folks that, you know, even

477
00:25:31,280 --> 00:25:33,400
Speaker 2: if they're healthy in their lungs, just a few days

478
00:25:33,880 --> 00:25:37,000
Speaker 2: of breathing in the air this week, or if we

479
00:25:37,119 --> 00:25:41,320
Speaker 2: continue to have you know, climate related or other you know,

480
00:25:41,600 --> 00:25:43,840
Speaker 2: fires and winds that are going to affect us O.

481
00:25:43,960 --> 00:25:46,199
Speaker 2: We have fine, we have more days like this in

482
00:25:46,200 --> 00:25:49,080
Speaker 2: New York City. What do we need to be concerned

483
00:25:49,080 --> 00:25:50,639
Speaker 2: about the long term impact?

484
00:25:51,320 --> 00:25:53,879
Speaker 7: Well, you know, we don't really know. Look, any smoke

485
00:25:53,960 --> 00:25:57,000
Speaker 7: exposure has some risk, and if you have lung disease

486
00:25:57,200 --> 00:26:00,840
Speaker 7: or you've had a past history of smoking, you're higher risk.

487
00:26:01,240 --> 00:26:05,560
Speaker 7: We do speak to your pulmonologist or general internist. We

488
00:26:05,640 --> 00:26:09,520
Speaker 7: do screen with cat scans. By and large temporary smoke

489
00:26:09,600 --> 00:26:12,800
Speaker 7: exposure we can get over so most healthy people, the

490
00:26:12,880 --> 00:26:16,520
Speaker 7: lungs can cleanse themselves to a degree particles can be

491
00:26:16,560 --> 00:26:20,760
Speaker 7: put out. But for prolonged exposure or if you have

492
00:26:20,840 --> 00:26:24,520
Speaker 7: industrial exposure, higher risk of lung cancer, and you do

493
00:26:24,640 --> 00:26:28,160
Speaker 7: need to touch base with your pulmonary specialist. Certainly, people

494
00:26:28,200 --> 00:26:31,280
Speaker 7: who have inhalers sometimes we increase the dose of those.

495
00:26:32,359 --> 00:26:34,160
Speaker 7: I would say, try and get out of the city

496
00:26:34,160 --> 00:26:36,800
Speaker 7: and get some clean air as much as you can

497
00:26:36,920 --> 00:26:40,040
Speaker 7: to balance out your overall exposure. Go to the beach,

498
00:26:40,119 --> 00:26:42,560
Speaker 7: get some clean air. Obviously in the winter that's harder

499
00:26:42,600 --> 00:26:45,800
Speaker 7: to do, but I would definitely try and leave the city.

500
00:26:46,320 --> 00:26:48,640
Speaker 2: Any I have a really important question. Is there any

501
00:26:48,680 --> 00:26:49,520
Speaker 2: help for Matt Miller?

502
00:26:49,600 --> 00:26:53,280
Speaker 3: I just want to know, Ian, it's a psychological thing.

503
00:26:53,359 --> 00:26:54,440
Speaker 3: That's not your specialty.

504
00:26:54,520 --> 00:26:58,040
Speaker 7: Right, that's great. I love his attitude.

505
00:26:58,040 --> 00:26:58,439
Speaker 4: It's key.

506
00:26:59,040 --> 00:27:01,800
Speaker 7: Next time we should speak about a new vitamin study

507
00:27:01,840 --> 00:27:06,840
Speaker 7: that's out that talks about vitamins and dementia multivitamins. There's

508
00:27:06,880 --> 00:27:09,840
Speaker 7: some conflicting data about that, but maybe we can talk

509
00:27:09,880 --> 00:27:12,679
Speaker 7: about that another time. I think it's fascinating. For a

510
00:27:12,680 --> 00:27:15,760
Speaker 7: long time we really said multivitamins don't help. There's a

511
00:27:15,760 --> 00:27:17,520
Speaker 7: little bit of evidence maybe they do.

512
00:27:17,840 --> 00:27:20,000
Speaker 2: That's fascinat Well, that's what we call a deep tease.

513
00:27:20,160 --> 00:27:21,920
Speaker 2: And you did it. Well you're going to be back,

514
00:27:22,000 --> 00:27:23,960
Speaker 2: I know at a future date. Doctor Ian las Bader,

515
00:27:24,200 --> 00:27:28,199
Speaker 2: Clinical Professor of Medicine at NYU Langoing Center here in

516
00:27:28,280 --> 00:27:29,040
Speaker 2: New York City.

517
00:27:29,760 --> 00:27:35,520
Speaker 6: A journal Now about you?

518
00:27:35,600 --> 00:27:36,080
Speaker 3: Let me drive?

519
00:27:36,359 --> 00:27:38,360
Speaker 4: Oh no, no, no, no, who's going to drive?

520
00:27:39,440 --> 00:27:41,880
Speaker 3: Hory please, I'll do the gravels.

521
00:27:42,920 --> 00:27:43,640
Speaker 2: I want to drive.

522
00:27:43,640 --> 00:27:46,840
Speaker 6: It's a good question.

523
00:27:47,560 --> 00:27:52,840
Speaker 1: Try this is the drive to the Globe.

524
00:27:52,760 --> 00:27:55,159
Speaker 6: Dot com comfing Well Bryer around shot it.

525
00:27:55,240 --> 00:27:56,960
Speaker 1: On on Bloemberg Radio.

526
00:27:57,119 --> 00:27:59,560
Speaker 2: All Right, everybody, We've got just under eighteen minutes left

527
00:27:59,600 --> 00:28:01,680
Speaker 2: in today's trading session, getting ready to wrap up the

528
00:28:01,720 --> 00:28:04,480
Speaker 2: Friday trade as well as the week. Carol Master, along

529
00:28:04,520 --> 00:28:07,200
Speaker 2: with Matt Miller, live in our Bloomberg Interactive Broker Studio

530
00:28:07,320 --> 00:28:09,439
Speaker 2: on YouTube in Bloomberg Originals. I want to get right

531
00:28:09,480 --> 00:28:11,520
Speaker 2: to our guests because I'm curious, Matt, what Sam Stobell

532
00:28:11,560 --> 00:28:14,720
Speaker 2: has to say about that twenty percent move off of

533
00:28:14,800 --> 00:28:17,000
Speaker 2: that October twenty twenty two low on the S and

534
00:28:17,080 --> 00:28:19,960
Speaker 2: P five hundred. Sam, of course, is chief investment strategist

535
00:28:19,960 --> 00:28:22,600
Speaker 2: at CFRA on Zoom in New York City, somebody you

536
00:28:22,680 --> 00:28:25,200
Speaker 2: and I have been talking to for years. Sam, it

537
00:28:25,320 --> 00:28:28,879
Speaker 2: is in a couple of decades now, and I think it's.

538
00:28:28,720 --> 00:28:29,080
Speaker 3: A good thing.

539
00:28:29,119 --> 00:28:31,800
Speaker 2: It means we've all seen a lot of cycles. What

540
00:28:31,920 --> 00:28:33,639
Speaker 2: do you make of this cycle and this move off

541
00:28:33,720 --> 00:28:36,040
Speaker 2: the bottom for the S and P five hundred specifically,

542
00:28:36,119 --> 00:28:36,720
Speaker 2: let's start there.

543
00:28:37,520 --> 00:28:37,760
Speaker 4: Sure.

544
00:28:37,960 --> 00:28:39,800
Speaker 8: Well, Hey, Carol, good to talk to you again, Matt,

545
00:28:39,920 --> 00:28:42,560
Speaker 8: always good to talk to you, especially with the new beard.

546
00:28:43,080 --> 00:28:50,520
Speaker 8: But yeah, I think that we registered that twenty percent advance,

547
00:28:50,600 --> 00:28:53,520
Speaker 8: and now obviously people are wondering will the market be

548
00:28:53,720 --> 00:28:57,840
Speaker 8: like the messenger from Marathon who then stumbles and dies

549
00:28:57,880 --> 00:29:02,200
Speaker 8: shortly after announcing the news, or will it have legs

550
00:29:02,280 --> 00:29:05,320
Speaker 8: to run further? And I think history basically tells us

551
00:29:05,440 --> 00:29:09,120
Speaker 8: that we have further to go, and that following twenty

552
00:29:09,240 --> 00:29:13,640
Speaker 8: percent advances off of prior bear market lows, we typically

553
00:29:13,720 --> 00:29:16,800
Speaker 8: advance about fourteen and a half percent, and do so

554
00:29:17,040 --> 00:29:21,360
Speaker 8: over a five month period. So I would advise not

555
00:29:21,640 --> 00:29:25,360
Speaker 8: selling too quickly into this rally, at least if you

556
00:29:25,440 --> 00:29:28,160
Speaker 8: are a longer term investor, because chances are we have

557
00:29:28,240 --> 00:29:28,720
Speaker 8: a ways to go.

558
00:29:28,960 --> 00:29:29,200
Speaker 4: Hang on.

559
00:29:29,560 --> 00:29:33,400
Speaker 3: So I have a sam stoveall for those listening who

560
00:29:33,440 --> 00:29:36,360
Speaker 3: don't know, has like more data than the Bloomberg. So

561
00:29:37,600 --> 00:29:40,920
Speaker 3: when we hear about bear market rallies, and I've seen

562
00:29:41,440 --> 00:29:43,920
Speaker 3: a number myself in the past couple of decades, but

563
00:29:44,160 --> 00:29:46,520
Speaker 3: how often do you see a bear market rally that

564
00:29:46,640 --> 00:29:48,719
Speaker 3: gets up to a more than twenty percent gain from

565
00:29:48,760 --> 00:29:50,880
Speaker 3: the bottom and then it fizzles out?

566
00:29:52,400 --> 00:29:55,280
Speaker 8: Well, if you're looking at the Nasdaq, because it's much

567
00:29:55,360 --> 00:29:58,040
Speaker 8: more volatile than the S and P. We've had eight

568
00:29:58,200 --> 00:30:02,880
Speaker 8: bear markets since the Nasdaq one hundred was created in

569
00:30:02,960 --> 00:30:05,840
Speaker 8: the late nineteen eighties, and a full half of them

570
00:30:06,320 --> 00:30:10,320
Speaker 8: experienced what I call bogus bottoms or fake outs where

571
00:30:10,400 --> 00:30:13,440
Speaker 8: the index was up by twenty percent only to turn

572
00:30:13,480 --> 00:30:16,000
Speaker 8: around and set an even lower low for the S

573
00:30:16,080 --> 00:30:19,120
Speaker 8: and P five hundred. However, we have only had three

574
00:30:19,400 --> 00:30:22,560
Speaker 8: such fake outs, and all three of them were confined

575
00:30:22,720 --> 00:30:25,680
Speaker 8: to the two mega meltdowns of two thousand and two

576
00:30:25,840 --> 00:30:29,840
Speaker 8: through two, as well as seven through nine. This bear

577
00:30:29,960 --> 00:30:33,600
Speaker 8: market I regard as a garden variety bear market, meaning

578
00:30:33,720 --> 00:30:37,400
Speaker 8: less than forty percent decline, and we have never had

579
00:30:37,880 --> 00:30:42,440
Speaker 8: a bogus bottom occur within a garden variety bullmarket.

580
00:30:42,720 --> 00:30:44,920
Speaker 3: Nice. Yeah, Because I was reading Savita s. A Vermani

581
00:30:44,960 --> 00:30:48,120
Speaker 3: and from Bank America, she said ninety two percent of

582
00:30:48,200 --> 00:30:51,320
Speaker 3: the time on the S and P five hundred, after

583
00:30:51,520 --> 00:30:54,760
Speaker 3: you get to a twenty percent rally from the bottom,

584
00:30:55,240 --> 00:31:00,720
Speaker 3: you have gains twelve months later. So in other words,

585
00:31:00,880 --> 00:31:03,480
Speaker 3: it's not a fake out exactly.

586
00:31:04,240 --> 00:31:06,719
Speaker 8: And actually the only thing that I think investors are

587
00:31:06,880 --> 00:31:09,320
Speaker 8: sort of worried that there could be some fake out

588
00:31:09,520 --> 00:31:12,520
Speaker 8: is why is it that this time around small caps

589
00:31:12,600 --> 00:31:15,920
Speaker 8: are not leading the way as they have done five

590
00:31:16,400 --> 00:31:19,600
Speaker 8: or six of the prior times, going back to nineteen

591
00:31:19,680 --> 00:31:22,680
Speaker 8: eighty for the Russell two thousand. This time around we're

592
00:31:22,840 --> 00:31:26,800
Speaker 8: up only about eleven percent versus the twenty one percent

593
00:31:26,880 --> 00:31:29,720
Speaker 8: for the S and P five hundred. So yeah, investors

594
00:31:29,760 --> 00:31:32,280
Speaker 8: are sort of scratching their heads. What's different this time?

595
00:31:32,760 --> 00:31:35,200
Speaker 2: Well, what's different maybe this time? And there's another story

596
00:31:35,240 --> 00:31:38,040
Speaker 2: on the Bloomberg talking about the disconnect between stocks and bonds,

597
00:31:38,040 --> 00:31:41,440
Speaker 2: suggesting a twenty percent downside risk for equities if bonds

598
00:31:41,480 --> 00:31:45,160
Speaker 2: are right in pricing inflation volatilities. According to some modeling

599
00:31:45,200 --> 00:31:48,040
Speaker 2: by JP Morgan Chase and Company strategists, if you look

600
00:31:48,080 --> 00:31:49,920
Speaker 2: at kind of the bond market trade in terms of

601
00:31:50,000 --> 00:31:52,680
Speaker 2: where I guess yield as saying, and there are concerns

602
00:31:52,680 --> 00:31:56,440
Speaker 2: about inflation volatility if that continues to be persistent, Sam,

603
00:31:56,720 --> 00:31:59,880
Speaker 2: is it potentially different time around? We've just come off

604
00:32:00,080 --> 00:32:03,360
Speaker 2: several days of Bloomberg invest you know, top voices like

605
00:32:03,440 --> 00:32:06,800
Speaker 2: yourself in the investment community talking about the markets and

606
00:32:06,960 --> 00:32:10,360
Speaker 2: saying this is unusual times. We're coming off on precedent

607
00:32:10,400 --> 00:32:13,640
Speaker 2: amount of money that was pumped into the economy because

608
00:32:13,920 --> 00:32:17,080
Speaker 2: the global economy, because of the pandemic. We're not really

609
00:32:17,240 --> 00:32:19,560
Speaker 2: quite sure how it plays out.

610
00:32:20,520 --> 00:32:24,120
Speaker 8: Right. Well, the good news is last Monday I published

611
00:32:24,120 --> 00:32:27,120
Speaker 8: a report called Hike, Skip and a Jump, And what

612
00:32:27,280 --> 00:32:30,600
Speaker 8: it showed was that going back to the beginning of

613
00:32:30,680 --> 00:32:33,680
Speaker 8: when the FED actually announced FED Fund changes, prior to

614
00:32:33,800 --> 00:32:37,520
Speaker 8: that they announced only discount rate changes, that whenever we

615
00:32:37,720 --> 00:32:41,520
Speaker 8: did have that skip in the subsequent eight weeks, meaning

616
00:32:41,600 --> 00:32:45,200
Speaker 8: between those two FOMC meetings, the market was up eighty

617
00:32:45,240 --> 00:32:48,240
Speaker 8: eight percent of the time, rising about three point six

618
00:32:48,360 --> 00:32:51,760
Speaker 8: percent on average. So the good news is that if

619
00:32:51,880 --> 00:32:55,760
Speaker 8: the FED does indeed skip, as FED Fund's futures are

620
00:32:55,960 --> 00:32:59,440
Speaker 8: pointing to, that would be a positive sign. However, if

621
00:32:59,520 --> 00:33:02,880
Speaker 8: the FED basically either continues to raise or tells us

622
00:33:02,960 --> 00:33:06,640
Speaker 8: that no, we're nowhere near being done, then you know,

623
00:33:07,000 --> 00:33:10,280
Speaker 8: they could end up not only strangling this new bull market,

624
00:33:11,000 --> 00:33:15,160
Speaker 8: but could throw the economy into something much deeper than

625
00:33:15,200 --> 00:33:17,120
Speaker 8: the mild recession currently priced in.

626
00:33:17,520 --> 00:33:20,960
Speaker 3: Sam, I'm interested to know how you compare and contrast

627
00:33:21,080 --> 00:33:24,120
Speaker 3: this inflationary environment and the FED hikes that we've seen

628
00:33:24,240 --> 00:33:28,280
Speaker 3: with that of the seventies and eighties. You know, it

629
00:33:28,360 --> 00:33:30,840
Speaker 3: seems Powell doesn't want to be in Arthur Burns. Are

630
00:33:30,880 --> 00:33:32,080
Speaker 3: there parallels?

631
00:33:33,520 --> 00:33:37,920
Speaker 8: Well, certainly, I think by hearing Arthur I mean Arthur Powell,

632
00:33:38,400 --> 00:33:41,400
Speaker 8: hearing Jerome Powell say that he does not want to

633
00:33:41,440 --> 00:33:44,480
Speaker 8: repeat the mistakes of the nineteen seventies that that would

634
00:33:44,480 --> 00:33:47,120
Speaker 8: imply that they are going to be raising rates longer.

635
00:33:47,920 --> 00:33:49,760
Speaker 8: But at the same time, if you take a look

636
00:33:49,880 --> 00:33:52,560
Speaker 8: at the inflation numbers, we're going to be getting CPI

637
00:33:54,000 --> 00:33:56,720
Speaker 8: soon next week, we're going to be EPI. Both of

638
00:33:56,800 --> 00:33:59,960
Speaker 8: them continue to show a stare step down, and we're

639
00:34:00,160 --> 00:34:02,840
Speaker 8: finding that the Fed funds rate is now well above

640
00:34:03,120 --> 00:34:07,360
Speaker 8: both of those year on year changes. So that typically

641
00:34:08,120 --> 00:34:10,560
Speaker 8: is what happens close to the end of a rate

642
00:34:10,680 --> 00:34:14,759
Speaker 8: tightening cycle. And again I point to what happens after

643
00:34:14,840 --> 00:34:18,520
Speaker 8: the Fed stops raising rate. Historically they don't cut rates

644
00:34:18,560 --> 00:34:21,920
Speaker 8: for another nine months. So my belief is they're not

645
00:34:22,000 --> 00:34:24,200
Speaker 8: going to be cutting rates until the second quarter of

646
00:34:24,280 --> 00:34:27,840
Speaker 8: next year. But still the market is up thirteen percent

647
00:34:27,920 --> 00:34:31,879
Speaker 8: on average, with all sizes, styles, sectors, and ninety nine

648
00:34:31,920 --> 00:34:36,520
Speaker 8: percent of sub industries in positive territory over that timeframe.

649
00:34:36,280 --> 00:34:39,239
Speaker 2: So really quickly thirty seconds though, would you like to

650
00:34:39,360 --> 00:34:44,120
Speaker 2: see a more broadening out though of the market trade, Well, you.

651
00:34:44,160 --> 00:34:46,600
Speaker 8: Could say that it is fairly broad already because more

652
00:34:46,640 --> 00:34:49,279
Speaker 8: than fifty percent of the stocks in the S and

653
00:34:49,360 --> 00:34:52,879
Speaker 8: P five hundred are positive year to date, forty seven

654
00:34:52,960 --> 00:34:55,800
Speaker 8: percent of them are above the markets, the S and

655
00:34:55,880 --> 00:35:00,320
Speaker 8: P five hundred equal weight performance and a majority of

656
00:35:00,640 --> 00:35:05,040
Speaker 8: certainly the high growth areas are showing percentages above fifty.

657
00:35:05,320 --> 00:35:08,040
Speaker 8: But even a group like real estate has forty three

658
00:35:08,160 --> 00:35:10,840
Speaker 8: percent of its components this positive character.

659
00:35:11,040 --> 00:35:12,600
Speaker 2: If year, okay, got leave on that.

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Speaker 6: Now love the data points.

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Speaker 2: You're right, it doesn't win the Bloomberg.

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00:35:15,760 --> 00:35:16,160
Speaker 4: I love it.

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00:35:16,440 --> 00:35:16,880
Speaker 5: I love it.

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Speaker 3: Thank you so much. Sam.

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00:35:18,800 --> 00:35:23,400
Speaker 1: This is the Bloomberg Business Week podcast. I'll available on Apple, Spotify,

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00:35:23,600 --> 00:35:27,280
Speaker 1: and anywhere else you get your podcasts. Listen live weekday

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00:35:27,280 --> 00:35:30,759
Speaker 1: afternoons from three to six Easterning on Bloomberg dot com,

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00:35:30,960 --> 00:35:34,239
Speaker 1: the iHeartRadio app, tune In, and the Bloomberg Business App.

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00:35:34,360 --> 00:35:37,280
Speaker 1: You can also watch us live every weekday on YouTube

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00:35:37,520 --> 00:35:39,759
Speaker 1: and always on the Bloomberg. Jurmalone