Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along
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Speaker 2: the Bloomberg Terminal, and the Bloomberg Business Apps. Let's go
Speaker 2: over our new digital distribution. We do this for David Kirkpatrick,
Speaker 2: who is so out front on the new digital and
Speaker 2: the new digital for us as simple folks. YouTube. We're
Speaker 2: committed to it. Bloomberg Podcasts, We're working on it. We
Speaker 2: got radio tubes driving the bus here, but we got
Speaker 2: like ten people working on it. You're going to see
Speaker 2: all sorts of podcasts and this, that and the other
Speaker 2: thing planned out. We're doing it in a slow method
Speaker 2: agal with great support of Google. I should mentioned as
Speaker 2: well Apple car Play and Android, but mostly Apple Bloomberg
Speaker 2: Business app. It's free and downloaded, car plays booming, no
Speaker 2: other way to put it, and it's in twenty other
Speaker 2: countries as well. Twelve years ago he changed journalism in
Speaker 2: Silicon Valley. Most of it was oh breathless, Oh my god,
Speaker 2: we had lattes and we did this. And he wrote
Speaker 2: just a real climpic, simple clear book of how in
Speaker 2: a ranch house on in Silicon Valley they invented Facebook.
Speaker 2: And it was just amazing. The end of the book
Speaker 2: to make you cry where Zuckerberg's looking out at the
Speaker 2: whole new world after all from his driveway. David Kirkpatrick
Speaker 2: here on the Nvidia Effect. I am so honored.
Speaker 3: I remember the day I gotta be on your show
Speaker 3: more time hearing there's a photo of you and me
Speaker 3: and Paul Kodrowski where you absolutely nailed the future of Facebook.
Speaker 2: I think it was the day they went public, really
Speaker 2: really a great moment. We're here with the Nvidia Effect.
Speaker 2: If you were to write the book what is your
Speaker 2: Nvidia Effect.
Speaker 4: That's a great way to ask the question. Tom.
Speaker 5: I was thinking about how they're really you know Facebook.
Speaker 5: Of course, Meta is my longtime expertise, and here we
Speaker 5: have a company that's really taking a role in the
Speaker 5: industry that is not dissimilar to the role that Facebook
Speaker 5: had in those days of supercharged you know, domination and growth.
Speaker 5: In fact, interestingly, I think you know, just two weeks
Speaker 5: ago or so, Facebook gained more in one day than
Speaker 5: any company ever had when they went up one hundred
Speaker 5: and ninety seven billion, which is hard to say and
Speaker 5: believe they did that.
Speaker 4: I suspect today in video will go up more than that.
Speaker 5: So we have these records being just shattered by these companies.
Speaker 5: It isn't the same. It's a chip company, but it's interesting.
Speaker 5: It's also still run by its founder. It's a company
Speaker 5: that has its founder has had a long term view
Speaker 5: the entire time, which he is in extraordinary fashion realizing
Speaker 5: after thirty years of methodical development in a way that's
Speaker 5: not dissimilar from how Facebook was at the center of
Speaker 5: the change in global communications as the dominant company in
Speaker 5: social media, and Nvidia is now increasingly at the center
Speaker 5: of global not just communications but analysis and systems management
Speaker 5: and computation generally as the central company in the AI
Speaker 5: revolution in terms of at least dollars I mean open Aiyes,
Speaker 5: out there doing this stuff, but these are the guys
Speaker 5: making the money.
Speaker 6: Yeah, hey, David, you know, first of all, thank you
Speaker 6: for the notes you sent us this morning, and if
Speaker 6: you have not yet published them, please publish them somewhere
Speaker 6: on your social media.
Speaker 4: I thought those were not as good as my usual no.
Speaker 6: No, this, and I'll tell you what, just because for
Speaker 6: the average investor who wants to get a little perspective,
Speaker 6: your simple notes here today are very very helpful. You know,
Speaker 6: there are some folks out there, David that are suggesting
Speaker 6: that AI could be as big or bigger than the Internet.
Speaker 6: Can you help us put some perspective on that.
Speaker 5: Well, it's not a crazy statement. I think we don't
Speaker 5: really know how big or even.
Speaker 4: What AI is.
Speaker 5: It's still at such an early stage of gestation that
Speaker 5: we are processing in real time. Even Jensen Wang, even
Speaker 5: Sam Altman are processing in real time.
Speaker 4: What this could be.
Speaker 5: But there's no question that what we're seeing and I
Speaker 5: was actually this is a point that I didn't put
Speaker 5: in the notes. That is, you're keying up. You know
Speaker 5: what happened when the Internet came along was the entire
Speaker 5: industry reconfigured around this new opportunity, and we are seeing
Speaker 5: something exactly like that now for a much, much, much
Speaker 5: bigger industry, which is that in that sense even more impressive.
Speaker 5: You know, we have that the aggregate market cap of
Speaker 5: this industry is somewhere getting up close probably to ten
Speaker 5: trillion dollars. Maybe it's more than that. I haven't done
Speaker 5: the math, but that's the range we're talking about. You know,
Speaker 5: at the time the Internet came along, the tech industry
Speaker 5: in the most broad definition, might have been worth two
Speaker 5: hundred and fifty billion, three hundred billion.
Speaker 4: I don't know. Maybe maybe I'm a little low.
Speaker 5: There, but it was not a more a trillion, and
Speaker 5: so in a sense it's more important now than the
Speaker 5: Internet was. If it's true that we are entering a
Speaker 5: new phase of computation and social change based on computation,
Speaker 5: which is I essentially think the way you need to
Speaker 5: think of it, and this is it's like the Internet,
Speaker 5: a social change based on computation.
Speaker 4: Right, that's what we're going through again.
Speaker 2: Now, what's the free lunch on this, David Kirkpatrick, I've
Speaker 2: been looking at the thermodynamics of this. Everybody knows my
Speaker 2: view on bitdog. I'm not a fan. I think the
Speaker 2: thermodynamics of it is just bogus. But I don't believe
Speaker 2: that you're AI. But I'm ignorant. I mean, we're talking
Speaker 2: here about a massive infrastructure build out, a massive drag
Speaker 2: on electricity. It's just too much of a free lunch.
Speaker 2: David Kirkpatrick, what's the not the dark side, but what's
Speaker 2: the cost of this AI boom?
Speaker 4: There are so many costs.
Speaker 5: But again it's something that nobody yet really fully understands.
Speaker 5: I mean, it's interesting when you heard this crazy thing
Speaker 5: of Altman going out supposedly trying to get seven trillion
Speaker 5: invested in this arena, you know, which is a ridiculous,
Speaker 5: hyperbolic effort, but it suggests the scale of the resources
Speaker 5: that are going to be employed here. And yes, from
Speaker 5: an electricity point, you know, one of the reasons Sam
Speaker 5: Altman is the biggest investor in one of the fusion
Speaker 5: startups is because Altman believes that without fusion, without nuclear
Speaker 5: fusion power, we won't be able to affordably get enough
Speaker 5: power for AI. That's the kind of things that people
Speaker 5: in the industry are saying. So I actually think, though
Speaker 5: it's a two sided coin, happily as the Internet was
Speaker 5: in some ways, that we will get tons of social
Speaker 5: benefit and actually cost savings and efficiencies out of the
Speaker 5: application of this technology which is so expensive to run.
Speaker 2: David my CEO last year, had to be Mark Zuckerberg
Speaker 2: the way he reversed around from that tobacco. Paul's covered
Speaker 2: this better than me. What's the next step for mister
Speaker 2: Zuckerberg and the conversation.
Speaker 5: Well, obviously he's pivoted fully away from the metaverse in
Speaker 5: the short term. I do think, you know, one thing
Speaker 5: he's right about, and you know how critical I am
Speaker 5: with him. I wrote a piece in Time magazine which
Speaker 5: was unbelievably negative on their twentieth birthday two weeks ago.
Speaker 2: Missus arbor.
Speaker 4: I called it a tragedy. But but you know, they also.
Speaker 5: Understand augmented reality in the same way that Apple does.
Speaker 5: And even though they're not going to have devices as
Speaker 5: good as Apple's. You know what's going to be interesting
Speaker 5: in this AI era is what the plat, what the
Speaker 5: interface is going to be. That's one of the key
Speaker 5: questions that isn't resolved. I think Facebook Meta may actually
Speaker 5: be positioning itself pretty well for the interface of the
Speaker 5: AI revolution as they pivoted toward augmented reality through Oculus,
Speaker 5: et cetera. So it's not about the metaverse. It's about
Speaker 5: some kind of verse that is AI driven, and we're
Speaker 5: going to have to learn how to interact with it,
Speaker 5: all of us.
Speaker 2: David, it's like Kirkpatrick. He's actually aged well. Read the
Speaker 2: Facebook Effect, trust me, folks, it's aged well. It's out
Speaker 2: in paperback now. The hardcover is a collector's item, like
Speaker 2: David Kirkpatrick. But thank you so much. We look forward
Speaker 2: to the Nvidia effect. John Levin joins us. He's a
Speaker 2: chartered financial analyst as well, and he writes for Bloomberg
Speaker 2: Opinion and he's written for in Vidia, and he basically says,
Speaker 2: America first, Thank you for joining us this morning on
Speaker 2: this historic day. John, why is it American first with Nvidia?
Speaker 4: Good morning Tom. Yeah.
Speaker 7: So my take this morning was, you know, I hear
Speaker 7: a lot of people saying the US is getting too expensive.
Speaker 7: Let me take another look at Europe, you know, let
Speaker 7: me take a.
Speaker 4: Look at Japan.
Speaker 7: And the fact of the matter is, nowadays choices about
Speaker 7: geographic allocation are really kind of like choices about sector
Speaker 7: in disguise, right, And what you're saying when you take
Speaker 7: a look over at a lot of these markets is
Speaker 7: I want to underweigh tech, right, you know, Europe you're
Speaker 7: like overweighting financials and discretionary, you're overweighting industrials in Japan.
Speaker 7: If that's what you're really going for, you can achieve
Speaker 7: that right here at home. Right, you can achieve it
Speaker 7: by going equal weight SMP five hundred, or maybe you
Speaker 7: take a flyer on some of these unloved sectors here
Speaker 7: here in the United States. But I don't get geographic
Speaker 7: diversification for geographic diversification's sake.
Speaker 6: You know, I'm just looking at your opinion piece here today, Jonathan,
Speaker 6: and then just reaffirms something I learned from Tim Craighead,
Speaker 6: who runs a strategy for Bloomberg Intelligence out of London.
Speaker 8: I keep saying to Tim, how come the.
Speaker 6: European markets, the UK markets, there's so much cheaper.
Speaker 8: Than the US.
Speaker 6: And he says, no, Nuts, it's because we don't really
Speaker 6: have a tech sector over here. And you back out
Speaker 6: the tech sector and the market's not, you know, so
Speaker 6: cheap here. So for the US, I guess you get
Speaker 6: what you pay for, right, Jonathan.
Speaker 7: Yeah, exactly. I mean, you know, look, this isn't a
Speaker 7: profound statement, but you know, the reason that the US
Speaker 7: has outperformed the world for the past fifteen years is
Speaker 7: because we have Silicon Valley, and because we have the
Speaker 7: mag seven and so, you know, our fortunes are our
Speaker 7: wagon has hitched to these folks.
Speaker 4: And uh, if you.
Speaker 7: Know, the sector starts starts to tumble, Uh, you know,
Speaker 7: we can go down too. But in the meantime, we're enjoying, Uh,
Speaker 7: we're enjoying all of the upside.
Speaker 2: Right now, Paul up two hundred and fifty one down points.
Speaker 2: We're quoting to Dell our surveillance. Dow Jones Industrial Average
Speaker 2: correspondent Jonathan Farrell insists, but on a percentage basis, folks,
Speaker 2: Dow up six tens a percent, SMB five hundred, up
Speaker 2: one point two percent, with up two percent futures right
Speaker 2: now the nastack here four minutes into trading up one
Speaker 2: point nine percent.
Speaker 6: So, Jonathan, you know, is there a concern here? I
Speaker 6: mean that may mean there's too much tech in this marketplace.
Speaker 6: I mean I kind of think tech has been, you know,
Speaker 6: it has been, you know, the leader for these markets
Speaker 6: for the last you know, fifteen twenty years, And I
Speaker 6: don't necessarily think that's a bad thing.
Speaker 8: Are you concerned about there's too much concentration in tech?
Speaker 7: Well, I mean, I mean, look, another obvious statement is that,
Speaker 7: you know tech is is very cyclical. You know, we're
Speaker 7: more susceptible to a downturn or something like this. And
Speaker 7: you know, let's face it, like I get, I get
Speaker 7: the handwringing. There is a lot tied to, for instance,
Speaker 7: a single name. Right if you just if you just
Speaker 7: look at the spread of cell side expectations around around
Speaker 7: na video, right, Like the most bullish call on the
Speaker 7: street versus the most bearish call on the street can
Speaker 7: swing the entire outcome for the index over the next
Speaker 7: twelve months by something like four percentage points. You know,
Speaker 7: that's that's big for a single a single name. So
Speaker 7: I get it. But you know, at the end of
Speaker 7: the day, Uh, there are other ways to manage risk
Speaker 7: than than going abroad.
Speaker 2: So how do you do that? If skew is so low?
Speaker 2: It's one of the Greek letters here, folks, I'm trying
Speaker 2: to impress it in here with a little bit of
Speaker 2: crossbow and analysis. John, It's simple. Does a derivative strategy
Speaker 2: work as hedging work here? Or do your risk missing
Speaker 2: a boom.
Speaker 7: Oh the old UH tailhage those out of the money
Speaker 7: protective puts. I don't know, you know, that's that's uh.
Speaker 7: I don't want to miss mischaracterize this, but.
Speaker 2: Bloomberg surveillance we allow you to mischaracterize continue.
Speaker 7: But you know, I mean it's sort of sort of
Speaker 7: like the old uh Mark Spitznagel Universal Universe take, you know,
Speaker 7: like why bother UH deworsifying into UH into the bond market.
Speaker 7: I guess this was his take back when bonds were
Speaker 7: paying one percent and you could you could just keep
Speaker 7: enjoying that upside and sell yourself some some protective puts.
Speaker 7: It's a possible, it's a possibility.
Speaker 2: Do you rebail? Do you believe in rebail? I mean,
Speaker 2: I mean you're on the dark side with the Bloomberg opinion,
Speaker 2: But I mean, what do you do your rebail in video?
Speaker 4: Here?
Speaker 2: Your rebail Microsoft? I don't think. So what do you
Speaker 2: mean sell it out to bring the down in a portfolio?
Speaker 4: Yeah?
Speaker 7: I mean yeah, so, like I said, I think an
Speaker 7: obvious and very simple strategy here is as you just
Speaker 7: go equal way right?
Speaker 6: Yeah, all right, but I mean here, you know, it's
Speaker 6: what's interesting in your opinion piece, Jonathan is that tech
Speaker 6: stocks are expensive here in the US, but they're also
Speaker 6: expensive in other parts of the world as well. It's
Speaker 6: just that we have more of them. I guess there's
Speaker 6: a way to think about it.
Speaker 7: Yeah, one hundred percent. I mean, a very simple and
Speaker 7: sort of illuminating exercise is, you know, just look at
Speaker 7: is in US tech versus MSCI world x US. It's
Speaker 7: the same, you know, Uh, it's the It's the same
Speaker 7: exact thing. So if you think that there's a bubble
Speaker 7: in US tech, you're going to find the same thing
Speaker 7: everywhere else in the world.
Speaker 2: Have you been to the fund and Blow Hotel? Recently
Speaker 2: we're talking to Belchunis and Greidfeld. They spent like a
Speaker 2: week at the Fontain Blow Hotel. That part of the.
Speaker 5: John I was, I was not.
Speaker 7: I'm not one of these fancy Bloomberg people that hang
Speaker 7: out over in Miami Beach. I'm like a core Miami guy.
Speaker 7: I'm on the mainland here, Tom, Jonathan.
Speaker 2: Thank you so much, greatly appreciate it. In Miami, they're
Speaker 2: writing for Bloomberg Opinion. I've got a really important conversation
Speaker 2: coming up here in the Interactive Brokers Studios with Dana Telsey.
Speaker 2: This is going to be hugely, timely, really important conversation.
Speaker 2: Yesterday I brought this up early, but I'll bringing up again.
Speaker 2: Tony Capiano has this pulse on what we do with
Speaker 2: their money. He runs a small hotel shop. It's not
Speaker 2: Motel Cease, it's Marriott, but Marriott's way more than Marriott.
Speaker 8: Yeah, lots of brands like.
Speaker 2: You say, what do they what do they not own?
Speaker 2: Maybe you got a.
Speaker 8: Clear and you were lobbying for a choice hotel suite in.
Speaker 2: Paris for the Olympics and I got nowhere with them.
Speaker 8: We'll see you're trying to bribe.
Speaker 2: Them, but you know. Anyways, his insight, which goes to
Speaker 2: Dana Telci's world at the Telsi Advisory Group, is they
Speaker 2: misjudged luxury. And what he said is luxury is just
Speaker 2: killing it. So let's take a given luxury stock. This
Speaker 2: is Lewis viewton it's the r No family and there's
Speaker 2: this gloom and Dana saying, stop it, don't give me
Speaker 2: this china. We're all gonna die stuff. Since the middle
Speaker 2: of January, Loose viewtont LVMH has a pop of twenty
Speaker 2: eight percent Dana Telcea with their luxury the rest.
Speaker 1: Of the year in retail, Hi, how are you thank
Speaker 1: you so much for how.
Speaker 2: Well give me? Give me LVMH and luxury and the
Speaker 2: rest of it is that where you want to be
Speaker 2: in retail.
Speaker 1: I mean, I think the luxury, particularly LVMH is where
Speaker 1: you want to be in retail. And the reason why
Speaker 1: you want to be there in retail is because the
Speaker 1: brands that they own, the innovation and creativity that they have.
Speaker 1: Look at their distribution that they have, and they basically
Speaker 1: when you think about Sephora, right all the way up
Speaker 1: to whether it's wines and spirits or to whether it's jewelry,
Speaker 1: they have brands that people want to own and want
Speaker 1: to buy. And let's not forget this is also the
Speaker 1: year of the paras Olympics, and they're a sponsor of
Speaker 1: those paras Olympics.
Speaker 2: I mean, I look Dana, first of all, Dana on Sophora,
Speaker 2: can you have Sephora pay cash to teenagers to throw
Speaker 2: out one third of the bottles in their bathroom so
Speaker 2: that they'll buy more Sophora? I think that would be.
Speaker 1: Only yes, only if they'd buy more at higher prices,
Speaker 1: and there you go.
Speaker 2: They got to do that, and they will do that.
Speaker 2: We know that, Dana. I'm luxury here and it's critical.
Speaker 2: Can you make money and luxury gaming the fashion designers?
Speaker 2: I say this with a beyond fabulous The new Look
Speaker 2: with Coco Chanel and Christian d Or have you seen
Speaker 2: it on ample TV data? Do you love it?
Speaker 1: Yes?
Speaker 2: I have?
Speaker 1: Yeah, it looks terrific.
Speaker 4: Looks terrific.
Speaker 2: Can you game? Can you make money and luxury based
Speaker 2: on gaming this designer or that designer?
Speaker 1: It's a little harder to do, I think when you
Speaker 1: have something like it, and the reason why take a
Speaker 1: look at Gucci. You can't bet on the designers. Look
Speaker 1: what Caring basically doesn't have the same stable of designers
Speaker 1: that LVMH has when you're operating seventy five brands. So
Speaker 1: I don't necessarily think you bet on one designer or
Speaker 1: another designer. I think it's the health of the brand,
Speaker 1: and some brands are even more illustrious than just the
Speaker 1: designer themselves. Look at our Mez. You don't know who
Speaker 1: the designer is, but doesn't everyone want anything or MEZ.
Speaker 6: Makes Dana, you know, I want to ask you about
Speaker 6: the Chinese consumer, where we talk about luxury, that just
Speaker 6: seems to be one of the key key variables. And
Speaker 6: I'll walk home here to the Penn station today and
Speaker 6: I'll walk down Fifth Avenue. I'll walk down Madison Avenue
Speaker 6: and I'll see a ton of European tourists. I'm not
Speaker 6: seeing many Chinese tours here, and I know how critical
Speaker 6: they are to some of those big shops there on
Speaker 6: Madison and Fifth. Talk to us about the Chinese consumer.
Speaker 8: Where is he or she?
Speaker 1: I think they're staying local. I think they're staying in China.
Speaker 1: I don't think they're traveling as much as they had
Speaker 1: in the past. You're absolutely right, you're not seeing them.
Speaker 1: I am seeing a little bit more Europeans. I think
Speaker 1: that they're spending also, whether it's on vacations or other
Speaker 1: in going things and having experiences rather than just some
Speaker 1: of the goods. So it's spending on local brands, it's
Speaker 1: spending on experiences. And almost every single luxury house has
Speaker 1: mentioned the impact of that Chinese consumer when they come
Speaker 1: back is anyone's guests. But it is incumbent upon every
Speaker 1: luxury brand to continue to drive the most innovation and
Speaker 1: continue to update and enhance their stores in China in
Speaker 1: order to remain relevant.
Speaker 8: Interesting.
Speaker 6: All right, let's back away from luxury get to where
Speaker 6: I tend to traffic here with the regular folk here.
Speaker 6: Just talk to us about the US consumer here. What
Speaker 6: are you seeing, you know, coming out of the holiday season,
Speaker 6: kind of plowing into spring season. What what are you
Speaker 6: seeing from the US consumer?
Speaker 1: I think overall you can use the words discerning, cautious, choiceful.
Speaker 1: They're definitely whatever you want to call it. They're definitely
Speaker 1: more careful about their spending, whether it's discretionary or essentials.
Speaker 1: We all saw Walmart's announcement the other day and their sales,
Speaker 1: and they reported very strong holiday results with momentum exiting
Speaker 1: the business with you look at their US trends with
Speaker 1: a comp of four percent, I think there's a trade
Speaker 1: down that's happening, and you're seeing that trade down. Even
Speaker 1: look at the off pricers, whether it's TJX, Burlington or
Speaker 1: Ross stores. Anytime their same store sales are above three percent,
Speaker 1: I always think they get the benefit of the trade down.
Speaker 1: They were that way in the third quarter. When they
Speaker 1: begin reporting next week, I think we're going to see
Speaker 1: that again.
Speaker 2: If you're with us on Bloomberg survants Dana Telsey, the
Speaker 2: Telsey Advisory grew up here on YouTube Bloomberg podcasts, Thank You,
Speaker 2: what Chat? They're having fun with that today HJJ, good morning,
Speaker 2: and also on Apple car Play. We're out there with
Speaker 2: the Bloomberg Business app. It's free, you sign up for
Speaker 2: Apple CarPlay. Dana, I don't want to catch on awares here,
Speaker 2: but you're such a trooper, I'm going to go there.
Speaker 2: I drove by Nordstrom's the other day. This is a
Speaker 2: ten year track record of negative seven percent per year.
Speaker 2: What in God's name did they do with that iconic
Speaker 2: Western brand? What does Nordstrom do to salvage itself?
Speaker 1: I think overall one of the things that they need
Speaker 1: to do is if you think about what Nordstrom was,
Speaker 1: it appealed to an upper middle income consumer with very
Speaker 1: good brands, had inventory in stock, and what was the
Speaker 1: defining element of Nordstrom service that you can go in
Speaker 1: there and establish relationships and that service element was there.
Speaker 1: I think the full line stores are missing some of
Speaker 1: that magic, and I think the focus has been on
Speaker 1: the rack, and I think some of the brands that
Speaker 1: they've put into their mix weren't the same as who
Speaker 1: that upper middle income consumer is. There's work to be done.
Speaker 1: And look at what you've seen at Bloomingdale's. Bloomingdale's has
Speaker 1: had strength. You haven't seen the strength at Nordstrom full
Speaker 1: line stores strength yet.
Speaker 2: Lisa Matteo walks across the street, goes cross fifty ninth,
Speaker 2: turn right, and there's that alli at blooming Rail's, the
Speaker 2: bag alley. Yes, you run a gauntlet there. It's a
Speaker 2: Telsea gauntlet you run at Bloomingdale's. You never get to
Speaker 2: the other side without dropping two three grand data Telsey,
Speaker 2: we're out of time. Don't be a stranger. Just love it,
Speaker 2: Dana Telsea. There just really with Joe Feldman, really just
Speaker 2: running terrific retail analysis. You didn't look at the front
Speaker 2: pages around the world, Lisa start, what do we got?
Speaker 2: I mean I thought there was a plethora of choices.
Speaker 9: Yeah, there's a lot going on. This one I thought
Speaker 9: was interesting for a take on companies still doing business
Speaker 9: in Russia was from the Financial Times. They had an
Speaker 9: interview with the CEO of Mandalis and he said that
Speaker 9: the company's own shareholders they didn't pressure to leave Russia
Speaker 9: after its invasion of Ukraine and its largest shareholders are
Speaker 9: people like Vanguard, black Rock Capital, Capital Group as well.
Speaker 9: He said companies continue to do business in Russia, including Nestley,
Speaker 9: Unilever as well. So there's other companies doing it. Critics,
Speaker 9: you have them out there. They're saying that the invasion,
Speaker 9: it's funding the invasion. He said that those who left
Speaker 9: Russia left their assets to friends of Vladimir Putin, So
Speaker 9: you have both sides of it there.
Speaker 2: And we're talking new sanctions off of this tragic death. Yeah, yeah,
Speaker 2: but I don't think they've announce.
Speaker 6: The reporting I've seen. You know, it's just the sanctions
Speaker 6: you've had an impactment really not so much.
Speaker 2: We're going to do a disclaimer here. Of course, as
Speaker 2: Lisa mentions, Mandalese International, they provide us with tang really
Speaker 2: so you.
Speaker 8: Know, thank you, you got it.
Speaker 9: I want to take you over to New York Times
Speaker 9: Washington Post Big Space expedition case, Yes, Odysseus. It is
Speaker 9: expected to touch down on the Moon today five thirty
Speaker 9: pm Eastern. The company behind it, Intuitive Machines. They are
Speaker 9: looking to land in a spots south of the Polar
Speaker 9: region and if all goes well, here's the thing. It's
Speaker 9: going to be the first US moon landing in more
Speaker 9: than fifty years.
Speaker 2: Thank you.
Speaker 8: I mean, I don't know.
Speaker 6: I love the space program. I love kind of what
Speaker 6: we do. But haven't we been there, done that? You know,
Speaker 6: have we already done that? It just seems odd here
Speaker 6: read you know, the Space Shuttle program.
Speaker 8: I'm like, now, what do we do?
Speaker 2: I'm trying to go. Has a great essay out two
Speaker 2: three days ago in Foreign Affairs about the state of India,
Speaker 2: Mody and all that. I really recommended, folks as a
Speaker 2: very quick, brilliant primer on where mister Mody is and
Speaker 2: he mentions in there India's participation in lunar flight, lunar
Speaker 2: landing in that, and it's about you know, I remember
Speaker 2: as a kid that heated debates over why are we
Speaker 2: doing this? Why it's never gone away?
Speaker 9: Well, we were talking in the newsroom and they were saying,
Speaker 9: gen Z doesn't believe that we landed.
Speaker 6: On the Okay, that's a conversation you missed Tom in
Speaker 6: the newsroom this morning.
Speaker 8: Samantha, who was the representative of gen.
Speaker 6: Z, one of our intrepid producers here, says a lot
Speaker 6: of her cohorts and gen Z believed that the whole
Speaker 6: Apollo thing scam.
Speaker 2: I mean.
Speaker 8: They didn't get up at three in the morning.
Speaker 2: To watch the silent You can you rich, can you
Speaker 2: see if we can get Tom Hanks on? He got
Speaker 2: an effort, mister Hanks. Mister Hanks was the guy who
Speaker 2: wrote the intro to the Metropolitan Museum of Ours fiftieth
Speaker 2: anniversary of Landing on the Moon. If you're sitting in
Speaker 2: the basement and your father hands you a little plastic
Speaker 2: thing and it's got moon rock and dust in it,
Speaker 2: you sort of go, Okay, this is a fraud. No,
Speaker 2: I don't think so, And I should point out a
Speaker 2: lot of people died trying to make that effort long ago.
Speaker 2: For a we we spent way too much time in
Speaker 2: that Quickly the.
Speaker 9: Next newspaper exploration, this one is about working grads. They
Speaker 9: are in jobs that don't use their degrees. A new
Speaker 9: study says about half of them, and it's a big
Speaker 9: problem on their earnings, their career paths, and it's really
Speaker 9: adding some more fuel to that debate whether the value
Speaker 9: of a college education because the rising cost of an education.
Speaker 9: So here's what that study showed. It showed of the
Speaker 9: graduates and non college level jobs a year after leaving,
Speaker 9: the vast majority remained underemployed a decade later. So those
Speaker 9: who graduated, you know with with with a job in
Speaker 9: something that they didn't study, continue to stay in that
Speaker 9: area for another ten years. And it says is that
Speaker 9: usually college level jobs they earn ninety percent more than
Speaker 9: people with just a high school diploma, but underemployed college graduates,
Speaker 9: those who take the positions not in they earn twenty
Speaker 9: five percent more. So you see the difference there from
Speaker 9: ninety to two.
Speaker 2: Ye. This is really good research. And I grew up
Speaker 2: in a family where a lot of the jobs were
Speaker 2: not what they studied in school. My mother was very
Speaker 2: big on was educated at you know wherever. And the
Speaker 2: answer is today you've got this disease of people going
Speaker 2: into college degree programs where there's little opportunity for jobs
Speaker 2: out there. And that's how you get that ninety to twenty.
Speaker 8: Well, I think what I find odd having for look me.
Speaker 2: Wait, wait, wait, wait, folks, Paul Sweeney is god, his
Speaker 2: children are employed and continue.
Speaker 6: But I find out his kids come into college and
Speaker 6: the expectation is that they already have their major decided.
Speaker 6: They don't know squad, I mean it's I didn't even
Speaker 6: think about a major un till late in my sophomore year.
Speaker 6: And that's when you pick your major because you don't
Speaker 6: know any.
Speaker 2: Joseph frescona great, great business slaw giant. We're a bow
Speaker 2: tie small matter. I had a coarse three two beer
Speaker 2: in my hand and he said to me, Tom, if
Speaker 2: you don't change your major three times, you didn't go
Speaker 2: to college. Right. I changed my major three times. I
Speaker 2: went from hockey shavy tennis back to hockey. It was great.
Speaker 2: What else?
Speaker 8: This is my favorite story?
Speaker 9: Okay, the corporate jets. Yes, the I r S is
Speaker 9: cracking down on the personal residents.
Speaker 6: Think about the surveillance Gulf stream, it is what are
Speaker 6: you going to do about it?
Speaker 9: Look, so usually you can use it to get that deductible, right,
Speaker 9: but they say they're abusing it for the tax breaks.
Speaker 9: So they're gonna get dozens of audits in the spring.
Speaker 9: A lot of across different industries are starting with corporations
Speaker 9: and they could shift to individual audits.
Speaker 1: Yes, could.
Speaker 2: You know? I mean Pharaoh, I mean he's hit every
Speaker 2: day island off the coast of Italy, yep. With the
Speaker 2: Gulf Stream. He goes into Naples, I think is where
Speaker 2: he courts player take the boat around from.
Speaker 8: There, but I'll drive.
Speaker 2: I mean a lot of people, I mean these fancy people, seriously,
Speaker 2: they live on these planes.
Speaker 6: Yeah, well, I mean you couldn't leaving the super Bowl
Speaker 6: in Vegas. A lot of people couldn't go to the
Speaker 6: next day because they couldn't get a slot to leave
Speaker 6: on Sunday.
Speaker 2: But they liked Paul and May off the Mark. They
Speaker 2: literally live Sean.
Speaker 6: And I know I know a couple of buddies of mine.
Speaker 6: They sold their company for a lot of money and
Speaker 6: they put a big chunk of that aside to fund
Speaker 6: their private aircraft use for the rest of their life.
Speaker 8: They said, if we lost everything else, that'd be fine.
Speaker 8: We cannot lose our corporate aircraft.
Speaker 2: I moved somebody into film from Economy of the Business
Speaker 2: Class today because it's a pretty good day and I
Speaker 2: didn't ask what it was going to cost. This is
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