Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2: This is Bloomberg business Week inside from the reporters and
Speaker 2: editors who bring you America's most trusted business magazine, plus
Speaker 2: global business, finance and tech news. The Bloomberg Business Week
Speaker 2: Podcast with Carol Messer and Tim Stenebeck from Bloomberg Radio.
Speaker 3: Apple lost its court fight over a fourteen point four
Speaker 3: billion dollar Irish tax bill. Google lost its challenge over
Speaker 3: a two point six billion dollar fine for abusing its
Speaker 3: market power. It's a double boost to the EU's crackdown
Speaker 3: on big tech. The use Court of Justice in Luxembourg
Speaker 3: back day landmark twenty sixteen decision that Ireland broke state
Speaker 3: aid law by giving Apple an unfair advantage. The same
Speaker 3: court ruling that Google illegally leveraged the search engine dominance
Speaker 3: to give a higher ranking to its own product listings.
Speaker 3: Ed Loldos, Co, host of Bloomberg Technology on Bloomberg TV.
Speaker 3: He's got an EU law degree, so he's the perfect
Speaker 3: guy lawyer. He's the perfect guy to talk to about this.
Speaker 3: He joins us from our San Francisco bureau. Okay, ed
Speaker 3: fourteen point four billion dollars, it's more money than two
Speaker 3: point six billion dollars. But if we read between the
Speaker 3: lines here, which of these is a bigger impact for
Speaker 3: the respective company?
Speaker 4: You know, joining you guys to talk about how shiny
Speaker 4: the new iPhone is is a lot.
Speaker 5: Easier than this.
Speaker 3: But let's get we'll get there, don't right.
Speaker 5: Look.
Speaker 4: In twenty sixteen, a European court ruled that basically Ireland
Speaker 4: as a country but a member state of the European Union,
Speaker 4: has given Apple preferential tax incentives that were illegal under
Speaker 4: EU law, and Margaret to Vesta, the competition chief, in
Speaker 4: sort of landing this decision today, has come out on
Speaker 4: the right side of an argument she's made for a
Speaker 4: long time, which is that any member state of the
Speaker 4: EU cannot have an ad hoc beneficial preferential tax arrangement.
Speaker 3: Where the country.
Speaker 4: What we're talking about is like where a country says
Speaker 4: to a tech company, come build with us, invest here,
Speaker 4: build offices, bring people, and in return you get these things.
Speaker 4: But the things you get a difference to what everyone
Speaker 4: else gets, and so the money is eyewatering. But just
Speaker 4: really simply it's been sat in an escro account gathering
Speaker 4: interests since that initial twenty sixteen decision. All that happened
Speaker 4: was Apple had a right of appeal under EU law,
Speaker 4: which ultimately today they have lost.
Speaker 6: Wow. So I mean this is interesting. Of course, this
Speaker 6: tax case.
Speaker 1: There's also a lot of US anti trust news that's
Speaker 1: going on, especially when it comes to Alphabet, the Google.
Speaker 6: Ad Empire, etc.
Speaker 1: But with all of these things, I always wonder how
Speaker 1: much does it actually matter for the company? I know
Speaker 1: the tim you were getting out that a little bit,
Speaker 1: But we talk about these fines for these companies that
Speaker 1: have more money than a lot of countries proper, and
Speaker 1: then these antitrust trials which just take years and years
Speaker 1: to play out. I mean, do investors really care about this?
Speaker 4: I've always found it difficult to track the performance of
Speaker 4: the stock of a megacap tech company against the headline
Speaker 4: about market competition or anti trust. You know, it's always
Speaker 4: been difficult to tell how sanguine or concerned investors are
Speaker 4: that a real anti trust action will result in a
Speaker 4: material impact to that business. Just today, Da Davidson, I
Speaker 4: think put out or initiated coverage actually on Alphabet, the
Speaker 4: parent of Google, with a neutral recommendation, and a big
Speaker 4: part of that was we feel that anti trust is
Speaker 4: a headwind to the core search business, so you've always
Speaker 4: got to take it into account. And I think you
Speaker 4: guys have had great conversations with Jenry of Bloomberg Intelligence
Speaker 4: that in each jurisdiction, what we're increasingly seeing is not
Speaker 4: just the action of a fine. So in this case
Speaker 4: in Google today, they had to pay a fine, which
Speaker 4: to them is small amount of money in the grand
Speaker 4: scheme of things, But it's whether or not a regulator
Speaker 4: requires them to make a fundamental change to their business
Speaker 4: practice and therefore whether it will change the fate of
Speaker 4: whatever that business is.
Speaker 3: That's why it seems to me ed if we read
Speaker 3: between the lines, the case about Google, which has a
Speaker 3: smaller fine than you know, how much Apple has to pay,
Speaker 3: is a bigger deal because yeah, okay, it means Apple's
Speaker 3: got to pay more taxes. But for Google this could
Speaker 3: be like a fundamental threat to the way it does
Speaker 3: business at least with this product. Right.
Speaker 4: Well, I'd make one distinction, which is that mechanically Apple
Speaker 4: is paying back taxes or it's paying taxes that it
Speaker 4: didn't pay in the first place, whereas this is an
Speaker 4: actual fine. And one interesting distinction I guess under EU
Speaker 4: law is that when an action is brought by the
Speaker 4: Commission and a fine is issued and then paid. Often
Speaker 4: it goes into a pot of money that's then redistributed
Speaker 4: across the European Union member states based on complex formulas.
Speaker 4: So you know, they're both slaps on the wrist. But
Speaker 4: you know, again, the biggest question that the street and
Speaker 4: markets are going to have for Google is EU a
Speaker 4: regulator on behalf of four hundred and forty million people,
Speaker 4: So an important market for Google going to require them
Speaker 4: to change the practices that they currently use. And I
Speaker 4: don't know that we quite have the answer on many
Speaker 4: facets of Google's business, which you guys will know will
Speaker 4: also now include AI. Because regulators are looking closely at
Speaker 4: the investments made by a number of tech companies in
Speaker 4: other AI companies.
Speaker 1: I would imagine that they are, well, let's tie this
Speaker 1: back to Apple, and let's tie this back to Yaeshuro,
Speaker 1: so we can pivot to talking about how shiny the
Speaker 1: iPhones are. Because of course Apple knew that this was
Speaker 1: a company happening. They also knew that there was a
Speaker 1: presidential debate happening tonight, and that's probably the reason why,
Speaker 1: of course we had the event. The big iPhone splash
Speaker 1: happened yesterday, ed.
Speaker 4: It's likely. I mean Bloomberg's reporting was originally that Glow
Speaker 4: time the Apple event would be today the tenth, And
Speaker 4: when I got the invite from Apple to my inbox,
Speaker 4: it was the ninth. And you know, I think sources
Speaker 4: had told us that that was the consideration that you
Speaker 4: have the presidential debate. And now we know that the
Speaker 4: EU Tribunal was issuing this decision today and that's now
Speaker 4: been gone. I just add finally, it's kind of unusual
Speaker 4: unusual for Apple to do an event on a Monday,
Speaker 4: but they did. And you know, I don't know what
Speaker 4: you guys would say. You Katie has got what a
Speaker 4: six or seven generations old phone? You know, she is
Speaker 4: the case study here of what happens next. Does Katie
Speaker 4: Greifeld now go up and upgrade her iPhone? That question
Speaker 4: is being asked world over.
Speaker 3: It seems like Katie's note interested in the AI stuff.
Speaker 3: You just want to know what's best for posting to Twitter?
Speaker 6: Yeah, pretty much.
Speaker 1: I want to be able to tweet. If I could
Speaker 1: actually think and it tweeted for me, that would be great.
Speaker 3: You just need a posting phone.
Speaker 1: Yeah, exactly, I will say I'm not going to buy
Speaker 1: an Android, though I will eventually get a new iPhone.
Speaker 1: So that network effect that we were talking about with
Speaker 1: Mark Erman.
Speaker 3: It's real, Yeah, no question, it's real. I think. Also
Speaker 3: one thing that I want to go back to ed
Speaker 3: that she saw close up and for stand yesterday is
Speaker 3: apples dive into health. And the company for years has
Speaker 3: been making its pitch to consumers that it is a safe,
Speaker 3: it's safe with your data, that your data remains private
Speaker 3: on the iPhone, and for years has been going further
Speaker 3: and further into health. Talk to us a little bit
Speaker 3: about what Apple could do to disrupt the healthcare space.
Speaker 3: I mean, this has like a been more than a
Speaker 3: decade long promise.
Speaker 5: Yeah.
Speaker 4: I mean the two technology updates are sleep apnea through
Speaker 4: the Apple Watch, which starts with series ten but is
Speaker 4: not exclusive to it, and hearing aid technology through AirPods.
Speaker 4: Both of them are pending FDA approval, but I mean
Speaker 4: Apple in a presentation publicly said the FDA approvals close,
Speaker 4: and you would wager that they wouldn't say that were
Speaker 4: they not confident. And it's interesting because like sleep apnea,
Speaker 4: this is something that of course most Mark German had reported,
Speaker 4: but it's kind of logical with the watch. The more
Speaker 4: interesting one is probably the hearing aid technology. I don't
Speaker 4: know if you guys kind of track the markets, but
Speaker 4: some hearing aid stocks fell because they take the competition
Speaker 4: from Apples seriously.
Speaker 3: Though the.
Speaker 4: Mechanism, the modus operandi through airports is very different to
Speaker 4: a discrete hearing aid, and the story that Apple's trying
Speaker 4: to tell is holistic. Like you point out, Tim, we're
Speaker 4: super good with privacy and data, but we're also about like,
Speaker 4: you're going to use this anyway, so use it for
Speaker 4: something that's beneficial to you.
Speaker 6: Yeah, that's interesting.
Speaker 1: Of course, we were talking about that and talking about
Speaker 1: the notion of people just keeping it in and talking
Speaker 1: to you, so we'll see to your point ed. I mean,
Speaker 1: it's a good one that other companies, investors in other
Speaker 1: companies are taking the threat seriously when it comes to
Speaker 1: sort of the ambitions there when it comes to hearing aids.
Speaker 6: Talk to us about the watches too.
Speaker 1: I mean, I care about the watches, not because I'm
Speaker 1: ever going to switch from a garment. But we did
Speaker 1: get some details on what the next iteration of watches.
Speaker 1: They're what the next evolution in the watch story might
Speaker 1: look like.
Speaker 4: Yeah, it's always interesting, like twenty four hours after the
Speaker 4: fact of what people are talking about and I see
Speaker 4: on social media, even from Mark German to sort of
Speaker 4: rethink on the watches. They're a really important part of
Speaker 4: Apple's strategy, right because you're not necessarily going to spend
Speaker 4: one thousand dollars on a phone. You might find, you know,
Speaker 4: four hundred dollars more palatable on a smart watch that
Speaker 4: has fitness, sport, water sport and health data for you.
Speaker 4: But it also goes to the other thing that we're
Speaker 4: kind of joking about yesterday. But it's seriously important in
Speaker 4: markets like China that the Apple Watch hasn't had a
Speaker 4: refresh since twenty twenty two, really, and it's aspirational to
Speaker 4: have an Apple product. And in the case of the
Speaker 4: watches like a piece of jewelry, you know, and they
Speaker 4: really emphasize the materials. You can get yourself an Ermez
Speaker 4: wrist strap, but that is actually, you know, of substance
Speaker 4: to a lot of buyers in a lot of different markets.
Speaker 3: And it's core to the DNA of the watch. Remember
Speaker 3: that first generation Apple Watch at it was about a
Speaker 3: decade ago. There was like that fourteen thousand dollars gold version.
Speaker 4: Right, It's like, essentially, yeah, you're talking from experience. That's
Speaker 4: not something that adorned my risk.
Speaker 3: Yeah didn't say though. It didn't adorn myris either. But
Speaker 3: my first thought when that came out was like, this
Speaker 3: thing is going to be obsolete in a year. I
Speaker 3: can't believe anyone would buy such a thing.
Speaker 4: One thing I'm going to look into though, that I
Speaker 4: find really interesting is when the smartphone comes out, everyone goes, oh, well,
Speaker 4: I'm on T Mobile, I'm on Verizon, and they'll give
Speaker 4: me a deal and I'll upgrade or I won't. But remember,
Speaker 4: in the United States in particular, there are lots of
Speaker 4: health insurers that will subsidize you buying a piece of
Speaker 4: health or fitness equipment. And I'm really interested to see
Speaker 4: how that works this time around. You know, people are
Speaker 4: basically post pandemic, so concerned with data about their wellbeing,
Speaker 4: and you do wonder if that's going to be a
Speaker 4: big driver an upgrade cycle on the wearable side.
Speaker 3: Hey, before we let you go, just in the last
Speaker 3: forty seconds we have with you, Now that we are
Speaker 3: twenty four hours out from that event, what are the
Speaker 3: analysts saying what are their notes saying in general.
Speaker 4: Everyone is so bullish and really guys probably get Dana
Speaker 4: ives emails and you're in books from web Bush. The
Speaker 4: supercycle's coming if you believe the cell side. And I
Speaker 4: think part of that is irrespective of whether Apple Intelligence
Speaker 4: is here now, it will come eventually, So buy yourself
Speaker 4: a new handset in the anticipation it will come.
Speaker 3: D Lovelove, co host of Bloomberg Technology on Bloomberg TV,
Speaker 3: also has a degree in European Union law, so the
Speaker 3: perfect guy to talk to for everything tech and of
Speaker 3: course antitrust in regulatory from the EU as well. He
Speaker 3: joins us from our San Francisco bureau.
Speaker 2: This is Bloomberg Business Week with Carol Messer and Tim
Speaker 2: Stenebeck on Bloomberg Radio and Television.
Speaker 3: It is Bloomberg Business Week. That's Katie Greifeld in for
Speaker 3: Carol Masser this afternoon. I'm Tim Stenebek, Katie. When we
Speaker 3: talk about recessions, yeah, we often talk about economic recessions, Okay.
Speaker 3: The National Bureau of Economic Research defines them as quote,
Speaker 3: a significant decline in economic activity that's spread across the
Speaker 3: economy and lasts more than a few months. Yeah, okay,
Speaker 3: what about a dating recession.
Speaker 1: You know, a love recession if you will.
Speaker 3: Well, we bring that up because then you see Afford
Speaker 3: University study, along with recent government surveyed data, bolster the
Speaker 3: conclusion that COVID not only sparked this economic recession, but
Speaker 3: also a recession in American social lives and it lingers.
Speaker 3: Years after most US adults were vaccinated for millions, dating
Speaker 3: and other social activity never recovered, with effects that aren't
Speaker 3: just personal and psychological, but economic and perhaps even political.
Speaker 3: We got Ben Steverman with us. He writes for Bloomberg
Speaker 3: Business Week all about this type of recession. He's Bloomberg
Speaker 3: Newswalth reporter and he joins us here in the studio.
Speaker 3: So what exactly is the definition of a dating recession.
Speaker 7: Well, this is a term that comes out of research
Speaker 7: from Stanford University, and it looks at informal relationships. So
Speaker 7: you know, we have actually have pretty good data that
Speaker 7: marriages pretty much held up during COVID. If you were
Speaker 7: living with someone and you liked them, you tended to
Speaker 7: survive the pandemic. But we don't have really good we
Speaker 7: didn't have really good data on like these people, like
Speaker 7: informal dating, so somebody maybe that's somebody you see once
Speaker 7: a week, or these short term relationships that go on
Speaker 7: for three months, and you know every we all know
Speaker 7: these sort of serial daters. You jump from relationship to relationship.
Speaker 7: This survey was conducted in twenty seventeen. Then he then
Speaker 7: this researcher did it again in twenty twenty and twenty
Speaker 7: twenty two, and what he found was that basically he
Speaker 7: estimates there thirteen million more single people now than there
Speaker 7: were before the recession. So that's like one in five
Speaker 7: US adults who was very concentrated among young people, which
Speaker 7: you would expect they're the people who are dating. And
Speaker 7: so I had that piece of data from this new study.
Speaker 7: But then I also went and analyzed the American Time
Speaker 7: Use Survey. It's another way of getting at informal social
Speaker 7: lives and seeing what's happened to social lives over time.
Speaker 7: And actually what I found there was more more disturbing. Basically,
Speaker 7: the Bureau Labor Statistics, I ask people to track their
Speaker 7: days and what we see is that face to face
Speaker 7: socializing has declined a lot, which is maybe not surprising
Speaker 7: that it declined a lot during the pandemic when we
Speaker 7: were all stuck at home. But the thing is it
Speaker 7: hasn't recovered. So like you would expect, like the economy
Speaker 7: has bounced back from COVID, you would expect that it's
Speaker 7: like face to face socializing you would have as well,
Speaker 7: But it's really kind of stuck. We're kind of stuck
Speaker 7: basically where we were in twenty twenty one, which is
Speaker 7: like the deadliest year of COVID. This is based on
Speaker 7: twenty twenty three data, so let's hope things are coming
Speaker 7: back even more this year. But what I tried to
Speaker 7: do is then think about what is the long term
Speaker 7: consequences for some of these some of these trends, and
Speaker 7: maybe what are some of the psychological and even health
Speaker 7: effects that might have.
Speaker 4: Well.
Speaker 1: I wonder we were talking about this a little bit
Speaker 1: in the commercial break, how much of this is demographics,
Speaker 1: because it seems like gen Z is dating less, they
Speaker 1: don't go out as much. But I guess that wraps
Speaker 1: into of course, a lot of them were really coming
Speaker 1: into full fledged adulthood during the pandemic, so maybe those
Speaker 1: two are impossible to separate. But talk to us about
Speaker 1: the potential economic ramifications here.
Speaker 7: So these informal relationships we have. I mean, obviously social
Speaker 7: life is just important for your mental health and lots
Speaker 7: of other things, but these informal relationships, they're they're the
Speaker 7: first steps that you need to move in together, get married,
Speaker 7: have kids, buy homes together. All these things are all
Speaker 7: have been delayed over the Like if you look at
Speaker 7: the way before the pandemic, you look at what what miles,
Speaker 7: which milestones thirty year olds are hitting? We keep hitting
Speaker 7: those milestones later and later in life. Yeah, of buying homes.
Speaker 3: And the question though that I would have is and
Speaker 3: so you can't continue, you can't measure this. Would this
Speaker 3: have happened without the pandemic?
Speaker 7: I think the long term trend suggests that this kind
Speaker 7: of both the hitting the benchmarks later and just the
Speaker 7: social decline of community to go one a social connection,
Speaker 7: Those are long term trends that were happening before COVID,
Speaker 7: but COVID seems to have really accelerated them. And then
Speaker 7: you raise the question about young people and how they're different, Well,
Speaker 7: what if you're a young person and you've never learned
Speaker 7: that those social skills, you never learned those like the
Speaker 7: sort of the ability to kind of break out of
Speaker 7: your shell and put yourself in new environments, whether it
Speaker 7: stands for or you know, I'm obsessed with nightlife. So
Speaker 7: while I was talking about nightlife, but what if you've
Speaker 7: never learned to do that, you don't even know what
Speaker 7: you're missing. So I think that there is possible something
Speaker 7: profoundly profound and shifted in our culture. And actually see
Speaker 7: some signs. This is a little depressing, but I see
Speaker 7: some signs of optimism in that there might be a
Speaker 7: little bit of a backlash to that happening now. So
Speaker 7: the other thing I see in the Time you survey
Speaker 7: data is that people are attending and hosting social events
Speaker 7: just a little bit more.
Speaker 8: So.
Speaker 7: That's the one piece of social activity that seems to
Speaker 7: be coming back. We're still spending a lot of time
Speaker 7: with our phones, a lot of time with computers, but
Speaker 7: people are hosting parties and going to parties more so
Speaker 7: it seems like we're trying and some only some people
Speaker 7: are trying to get out there more.
Speaker 3: It's some a good optimism too and on Ben Steverman
Speaker 3: is a Bloomberg News wealth reporter. Check out his story.
Speaker 3: You can read it on the Bloomberg Terminal and at
Speaker 3: Bloomberg dot com. He writes all about this dating recession
Speaker 3: for a Bloomberg BusinessWeek.
Speaker 2: You're listening to the Bloomberg Business Week podcast. Catch US
Speaker 2: Live weekday afternoons from two to five pm Eastern Listen
Speaker 2: on Apple CarPlay and then Brought Auto with a Bloomberg
Speaker 2: Business Act or watch US Live on YouTube.
Speaker 3: A forty new set of wheels right off the lot
Speaker 3: has become increasingly difficult in recent years. What do you
Speaker 3: think the average new car buyer in the US paid
Speaker 3: in July?
Speaker 1: I have no idea, Tim, I was hoping that you
Speaker 1: would tell me.
Speaker 3: Close to fifty thousand dollars and dollars for a car. Yeah, yeah,
Speaker 3: that's according to Kelly Bluebook. One painful result is that
Speaker 3: average payments for buyers of new cars in the U
Speaker 3: rose to seven hundred and thirty five dollars a month
Speaker 3: in the first quarter of the year. That's according to experience.
Speaker 3: But if you lease it, the average monthly lease payment
Speaker 3: for new vehicles fell to five hundred and ninety five dollars.
Speaker 3: And some evs can be had for even less, some
Speaker 3: for a lot less. Keith laying his Bloomberg News Automotive
Speaker 3: Regulations reporter he joins US from our Washington DC bureau.
Speaker 3: It's almost too good to be true. Keith. The headline
Speaker 3: on your story about a twenty dollars per month lease
Speaker 3: for an ev we got to start there. Where did
Speaker 3: this happen?
Speaker 5: So that was a deal we confirmed at a dealership
Speaker 5: in Colorado. It actually came to our attention because Chris Hilbert,
Speaker 5: who was one of the potential car buyers I quoted
Speaker 5: in the story, had mentioned it, and researching online, I
Speaker 5: saw it had been going viral. So I contacted the
Speaker 5: dealership and they confirmed that it was true. That was
Speaker 5: their offer in July, and even in August they had
Speaker 5: like a twenty dollars deal. And then if you hadn't
Speaker 5: mentioned the article that was written that helped that deal
Speaker 5: go viral, then your deal was twenty five dollars. And
Speaker 5: then even in August they confirmed they were offering the
Speaker 5: Nissan Leafs for as low as sixty five dollars a month.
Speaker 3: It's just because nobody wants evs, Is that why?
Speaker 5: Well, there's debatable about the level of interest in the evs,
Speaker 5: but in speaking to car dealers for this story and others,
Speaker 5: there's a lot of inventory that has been on car
Speaker 5: lots that car dealers are incentivized to move and manufacture
Speaker 5: their manufacturers are providing extra incentives for them to move,
Speaker 5: and there are in the case of leases, there are
Speaker 5: evs that no longer qualify for federal tax credits because
Speaker 5: of new rules that were enacted by Congress in the
Speaker 5: twenty twenty two Inflation Reduction Act, which placed limits on
Speaker 5: where the cars are built, where their batteries are from,
Speaker 5: where the minerals are from the price of the car,
Speaker 5: even the income of the car buyer, and all those
Speaker 5: limits applied to purchases, but leases are considered commercial vehicles
Speaker 5: and none of those limits to apply to those. So
Speaker 5: the manufacturers then get the credit themselves, bundle it with
Speaker 5: other incentives to offer good deals on cars they really
Speaker 5: want to move from their lots.
Speaker 1: Some of that I've been wondering when it comes to
Speaker 1: EV's I mean, Tim made reference to the demand kind
Speaker 1: of not being there. Maybe not in the way that
Speaker 1: a lot of these automakers had expected it, But from
Speaker 1: the buyer's perspective, there's a lot of question marks over
Speaker 1: the resale value of an EV, especially as battery technology
Speaker 1: continues to develop. I mean, is it possible that people
Speaker 1: might be more inclined to lease a v in EV
Speaker 1: especially at some of these low monthly payments that you
Speaker 1: write about, versus buy one and take the resale risk.
Speaker 5: Yeah, that's definitely an advantage that people have raised about leasing,
Speaker 5: that the technology has changed so much even in the
Speaker 5: last couple of years, that you kind of just don't
Speaker 5: have the risk of having this car which could have
Speaker 5: different charging technology in five or ten years. So people
Speaker 5: that have been in the market for leases have I
Speaker 5: did that as an advantage, and the types of deals
Speaker 5: that are out there that it's really hard to match
Speaker 5: on traditional cars at this point.
Speaker 3: So I guess the question that I have is what
Speaker 3: demand looks like moving forward, Keith, Because if we were
Speaker 3: talking a couple of years ago, everybody would be thinking
Speaker 3: EV's one hundred percent would be the way to go.
Speaker 3: But I think it was just last week we learned
Speaker 3: from Volvo that they're sort of ditching their timeline. Ford
Speaker 3: is completely throwing their timeline out the window. Here, what's
Speaker 3: the timeline for a transition to EV's. Is that something
Speaker 3: that you think will even happen.
Speaker 5: Well, you know, it was at the beginning of the
Speaker 5: Biden administration. All the carmakers were at the White House
Speaker 5: and there was this big thing except for Tesla, right,
Speaker 5: except for Tesla. Yeah, there's a lot of history.
Speaker 3: There's a lot of history.
Speaker 5: Yeah, there's a lot of history there. But the major,
Speaker 5: the other major automakers were all the White House, and
Speaker 5: there was a big pronouncement that we're going to have
Speaker 5: fifty percent ofvs by twenty thirty or zero emission cars
Speaker 5: by twenty thirty. The pay lease of ev adoption probably
Speaker 5: doesn't get us there. Currently, EV's we're just under ten
Speaker 5: percent of the market in twenty twenty three. We'll see
Speaker 5: where they land in twenty twenty four. Leasing is a
Speaker 5: rare bright spot leasing ev leasing was thirty two percent
Speaker 5: for EV's in the first quarter this year, and it
Speaker 5: was eleven percent, i believe for regular cars. So leasing
Speaker 5: has been a bright spot, and it could be the
Speaker 5: case that, you know, leasing allows people who are kind
Speaker 5: of skeptical about the technology to try it for a
Speaker 5: few years and decide if it's for them. So it
Speaker 5: remains to be seen whether we get to the types
Speaker 5: of numbers that we're talked about in that White House event.
Speaker 5: But the carmakers have not said that they were going
Speaker 5: to stop making EV's completely and for no other reason,
Speaker 5: then they want to sell cars in China.
Speaker 1: This isn't really a question so much as a comment.
Speaker 1: But in defense of leasing, I mean, I like to
Speaker 1: lease cars, Keith, simply because I like getting a new.
Speaker 6: Car every couple of years. I like to try out different.
Speaker 3: Times in New York City.
Speaker 6: I know, but I have a car I have to drive,
Speaker 6: get to the horses, et cetera. I don't know.
Speaker 1: Maybe that's a factor. That's my comment. It's not a question, Keith.
Speaker 1: I don't know if you want to do anything with it.
Speaker 5: Well, yeah, at leasing has it has its fans. It
Speaker 5: is a and it just depends on whether it makes
Speaker 5: sense for the factors, the type of factors you mentioned.
Speaker 5: It's a practicality consideration, and that's what we're finding a
Speaker 5: lot of people are basing their consideration of EV's on.
Speaker 5: There are people, you know, I talk to people for
Speaker 5: this story who were buying their second or third EV
Speaker 5: And there are some people that say they don't trust
Speaker 5: the charging and they do a lot of you know,
Speaker 5: long distance trips and don't.
Speaker 3: Want to Oh sorry, go ahead, Keith.
Speaker 5: No, just it's just kind of comes down to each
Speaker 5: individual car buyer whether leasing makes sense for you or not.
Speaker 5: And in some cases, you know, I talked to a
Speaker 5: gentleman for this story who leased a Kia Nero, and
Speaker 5: he said he got a deal where he's paying three
Speaker 5: hundred and seven dollars a month, And he started out
Speaker 5: trying to buy a key in Nero and the least
Speaker 5: deal was just so good he couldn't pass it up,
Speaker 5: he said, I couldn't. You can't get anything for three
Speaker 5: hundred dollars a month.
Speaker 3: These days, we only have like twenty seconds left. But
Speaker 3: because it better, Could it be better for some people
Speaker 3: to lease, because they're concerns about battery life and battery degradation, Yes,
Speaker 3: because you can.
Speaker 5: In that case, you could lease for as short as
Speaker 5: two or three years. You're not you're not stuck with
Speaker 5: a car throughout in the years where you could have
Speaker 5: those type of problems. If that's something you're concerned about.
Speaker 3: Keith Lang, Bloomberg News Automotive Regulations reporter joining us from
Speaker 3: our Washington, DC bureau. You can read his story about
Speaker 3: that twenty dollars a month lease for that ev out
Speaker 3: there in Colorado at Bloomberg dot com and on the Bloomberg.
Speaker 1: You know you have a car too.
Speaker 3: Yeah, it's not an EVC.
Speaker 1: No, No, can't do that range.
Speaker 3: I drive the car every week to park it. Oh,
Speaker 3: it's like it's really to you. Shuffle it around, Shuffle
Speaker 3: it around. That's the life of a keep keep it fresh.
Speaker 3: You're listening and watching Bloomberg BusinessWeek. That's Katie Graeffeld. I'm
Speaker 3: Tim Steneveek, and this is Bloomberg.
Speaker 2: You're listening to the Bloomberg Business Week podcast. Listen live
Speaker 2: each weekday starting a two pm Eastern on Applecar Play
Speaker 2: and Android Auto with the Bloomberg Business App. You can
Speaker 2: also listen live on Amazon Alexa from our flagship New
Speaker 2: York station. Just say Alexa Play Bloomberg eleven thirty.
Speaker 3: Let's talk academics, because the gap between women and men
Speaker 3: in leadership roles at US business schools has been shrinking,
Speaker 3: especially as more women are promoted to positions that are
Speaker 3: stepping stones to dean ships. We've got some numbers here.
Speaker 3: In twenty twenty three to twenty twenty four, women deans
Speaker 3: at three hundred and sixty eight US business schools represented
Speaker 3: thirty percent of the total. That's according to research by
Speaker 3: the Association to Advance Collegiate Schools of Business. It's an
Speaker 3: increase from seventeen percent back in two thousand and seven
Speaker 3: to two thousand and eight. What's more, the AACSB found
Speaker 3: women now count for forty three percent of associate business
Speaker 3: school deans. It's a position that often leads to a
Speaker 3: dean ship. Thirty four percent currently in that role. We're
Speaker 3: once associate b school deans. For more, We've got a
Speaker 3: great roundtable Dimitri Casanidis, she's Bloomberg News Senior editor, and
Speaker 3: we've got when Maw with us. She's dean of the
Speaker 3: Villanova School of Business. They both join us here in
Speaker 3: the Bloomberg Interactive Brokers Studio dimeter. I want to start
Speaker 3: with you, and I want you to set the scene
Speaker 3: for us, because each year you spend a lot of
Speaker 3: time focusing on business schools for Bloomberg Business Week. Take
Speaker 3: us into the gender gap when it comes to leadership
Speaker 3: at these schools.
Speaker 9: Well, it's just like the numbers that you just mentioned.
Speaker 9: I mean, there's been a substantial gender gap, but we
Speaker 9: see it narrowing and importantly so I think you see
Speaker 9: it to some degree in a way with our guests today,
Speaker 9: with Dean Mao of Villanova. Women who've been at these
Speaker 9: institutions for a while, who've been growing in different positions
Speaker 9: and moving their way up. And as we see more
Speaker 9: and more of those women sort of stepping into these
Speaker 9: associate dean ships, you know they're primed for taking on
Speaker 9: these roles. I think it's just the generation and the
Speaker 9: time that we're in that it's all kind of coming together.
Speaker 9: There's still a gap, and even I think there's still
Speaker 9: a bit of a gap. I'm looking it up now
Speaker 9: and I'll know that in a minute when I put
Speaker 9: my finger on it when it comes to salary and
Speaker 9: some other differences. But it is meaningful. It's meaningful in
Speaker 9: many ways. As we reported in our story, Dean mal
Speaker 9: was one of several deans that we reported on to
Speaker 9: the women in that institution in various roles, to the
Speaker 9: women who go to those institutions and study representation, as
Speaker 9: we know, matters, and I think it's a very meaningful change. Also,
Speaker 9: just given the way that these institutions are led, there
Speaker 9: are differences, and so I think that it's something that
Speaker 9: we're going to be happy to keep tracking in various ways.
Speaker 10: Well.
Speaker 1: Deanail come in on that point, of course, you're dean
Speaker 1: of the Villanova School of Business. I actually went to
Speaker 1: school at HAVR for just two miles down the road.
Speaker 6: But you've been with Villanova in various.
Speaker 1: Role since nineteen ninety six, I believe. So what was
Speaker 1: the path to finally becoming dean of the business school?
Speaker 8: Oh, it's pretty much my entire career. So I started
Speaker 8: as an assistant professor in the economics department really one
Speaker 8: year out of the graduate program, and then became tenured
Speaker 8: at the Business School, and then took on the department
Speaker 8: chair bro only because my colleagues wanted to hear me
Speaker 8: called chairman mouth, so they waited for ten years for
Speaker 8: that to happen. When it finally happened, they were like, yeah,
Speaker 8: we want her. I never actually wanted because in academia,
Speaker 8: I think what drew us to this profession, at least
Speaker 8: most of us. I try not to overly generalize, is
Speaker 8: to a degree of freedom. You don't really have a boss.
Speaker 8: I mean, department chair really isn't the boss. It's really
Speaker 8: everybody is your boss. So and also like you are
Speaker 8: really not drawn to the salary, right, and so it's
Speaker 8: really that freedom. It's that purpose. It's that working with
Speaker 8: young people and research, right, those are the things I
Speaker 8: dow you there. So being an administrator isn't in most
Speaker 8: people's plan.
Speaker 3: So but yeah, dmail, I'm curious how the makeup of
Speaker 3: the school is representative or is not representative from a
Speaker 3: gender perspective of the actual administration.
Speaker 8: In terms of you know, the deans or yeah, in terms.
Speaker 3: Of the deans for example. And I can only draw
Speaker 3: in my own experience, but when my dad, when my
Speaker 3: dad went to business school in seventies, it was almost
Speaker 3: all men. When I went to business school, you know what,
Speaker 3: eight or ten years ago, it was like fifty to fifty.
Speaker 3: But it didn't seem like the administration was fifty to
Speaker 3: fifty gender.
Speaker 8: Well, yeah, so if you count department chairs and the
Speaker 8: deans and associate deans right now, out of the five
Speaker 8: department chairs, we only have one female, and she's actually
Speaker 8: the finance department chair, which has sixty percent of our students,
Speaker 8: so a very very important job, and she's done a
Speaker 8: fantastic job at that. In terms of the dean's job,
Speaker 8: let's just zoom out a little bit for the whole university.
Speaker 8: We have six colleges, right, so six deans, five are
Speaker 8: female Evillanova. So so that's impressive. But if you think
Speaker 8: about history, right, Dmitria is right that we have come
Speaker 8: a long way. It didn't just happen overnight. I'm looking
Speaker 8: at the hallway and see all the prior business school
Speaker 8: deans pictures and I think I'm the second female. The
Speaker 8: previous dan was the first female dean, Enjoyce Russell, and
Speaker 8: then prior to that all male and mostly priests. And
Speaker 8: so yes, that's right, yes, school, so it's certainly come
Speaker 8: a long way. But right now, for instance, I have
Speaker 8: two senior associate deans and one male one female.
Speaker 1: Yeah, so there you go, and that's the Villanova makeup there.
Speaker 1: And you mentioned that it's not something that you necessarily
Speaker 1: get into for the salary. But Demitria, I want to
Speaker 1: come to you on that point. I mean, you think
Speaker 1: about the data that you have and what does that
Speaker 1: show when it comes to the salaries.
Speaker 9: Yeah, well, I mean we show we've collected data. Again,
Speaker 9: it's from AACSB, the association that Tim mentioned, and there's
Speaker 9: still there's still a gap. I mean, the gap in
Speaker 9: salary has been somewhat consistent. It feels like over the
Speaker 9: last five to eight years, which is about women lagging
Speaker 9: men in the deans roll five to six percent in salary.
Speaker 9: So you know, if you're looking at say an average
Speaker 9: salary for male deans today of about three hundred and
Speaker 9: twenty six thousand versus for females of three hundred and
Speaker 9: thirteen three hundred and fourteen thousand.
Speaker 3: You know, it's not a huge.
Speaker 9: There's still huge, but it's a disparity. And these are
Speaker 9: people again, you know, coming up through the ranks long time,
Speaker 9: with the institution holding important roles. You know, sometimes you
Speaker 9: just scratch your head and wonder why their.
Speaker 3: Diarity hold on? Why is college and graduate school so expensive?
Speaker 3: What are the salaries?
Speaker 9: Well, those.
Speaker 8: They are.
Speaker 9: They are big salaries, but they're big jobs.
Speaker 8: Maybe I don't know deanail In terms of the cost,
Speaker 8: that's very interesting. You asked that, I think inflation adjusted
Speaker 8: economists here, so confession please, it didn't go up as
Speaker 8: much as the sort of headline price tach says, because
Speaker 8: you also have scholarships, right, and so the net cost
Speaker 8: of attending actually in recent years have gone down, did
Speaker 8: not go up. So so that's but if you see
Speaker 8: the price tech, it's like you go to the car dealership,
Speaker 8: No one actually pays that tag price, right, you kind
Speaker 8: of have discounts, and so most the universities give out
Speaker 8: discounts based on these and because that information is very
Speaker 8: hard to obtain, so there isn't a transparency to how
Speaker 8: much the actual cost is for the students. So most universities,
Speaker 8: believe it or.
Speaker 6: Not, are being.
Speaker 8: Pressed squeezed. Right, on one hand, you're giving all these discounts,
Speaker 8: so you're not bringing as much tuition, And on the
Speaker 8: other hand you have the rising costs with faculty salary
Speaker 8: and all that.
Speaker 3: Yeah, I wanted to weillly have a couple of minutes left,
Speaker 3: and I want to get into some of the challenges
Speaker 3: that schools are facing right now, the effect of the
Speaker 3: Supreme Court decision back in the summer of twenty twenty
Speaker 3: three that bans affirmative action. How's this playing out at
Speaker 3: Villanova and at the Business School.
Speaker 8: Actually, we have not finalized the numbers for this year yet,
Speaker 8: but preliminary data seem to suggest the numbers are pretty
Speaker 8: much stabilized. It didn't have a big impact for a
Speaker 8: school like us, and maybe partly because we still have
Speaker 8: very strong outreach and and also if you think about it.
Speaker 8: M I T I think came out and said that.
Speaker 8: They came out and said that was a big story.
Speaker 8: The number did go down for them, right, And and
Speaker 8: I was thinking, like just a few days ago, well,
Speaker 8: that has to have impact on the school right below, right,
Speaker 8: So these students go somewhere.
Speaker 6: Where did they go?
Speaker 9: Right?
Speaker 8: Could they be coming to some school like us? And
Speaker 8: maybe that has an impact on sort of the next
Speaker 8: year schools and then it triggles.
Speaker 6: Down to the following year.
Speaker 8: So that's maybe just a sort of an educated guess
Speaker 8: and for us, maybe it's it's a wash.
Speaker 3: Demeitra. We only have a little less than a minute.
Speaker 3: But as I mentioned, you spend a very good part
Speaker 3: of your year focused on the business schools. I'm not
Speaker 3: going to give anything away because I don't know anything,
Speaker 3: but I know this time of year is when the
Speaker 3: rankings usually come out. Can you give us any preview
Speaker 3: of sort of how you're thinking about things this year?
Speaker 3: Just very briefly.
Speaker 9: I mean, we're we've been talking to deans at several
Speaker 9: schools and you know, going out there and taking a
Speaker 9: look at what's happening. The rankings come out next week,
Speaker 9: By the way, September seventeenth. They will publish at twelve
Speaker 9: oh one am. These are global rankings. You know, a
Speaker 9: lot of the themes we've been seeing in recent years
Speaker 9: are picking up and just taking on greater importance. The AI.
Speaker 6: The theme of.
Speaker 9: AI in both how it's being used in the classroom,
Speaker 9: how it's affecting so many aspects of the education, and
Speaker 9: also in the jobs that the graduates are seeking. And
Speaker 9: then jobs is a big one. This year. It's been
Speaker 9: a challenging year for NBA grads.
Speaker 3: All right, well, we know that has continued. We know
Speaker 3: we'll get you back on as soon as that list does.
Speaker 3: Come out to meetor Cassinedez Bloomberg, new senior editor, when
Speaker 3: Mount Dean of the Villanova School of Business. Here in
Speaker 3: the student I'm brothering.
Speaker 2: Marc a journal. How about you let me drive? Oh no, no, no,
Speaker 2: no's honey please, I'll do the gravels ease, mate. I
Speaker 2: want to try it.
Speaker 7: It's the question time.
Speaker 3: This is the drive to the clothes, don Kim.
Speaker 6: I think we'll drive round each other.
Speaker 2: Down on Bluemberg Radio.
Speaker 3: Would you look at the time, Katie, Oh my god,
Speaker 3: you see three forty two.
Speaker 6: It'd be true that we're only eighteen minutes away from
Speaker 6: the closing bell.
Speaker 3: Think, yeah, I think that is true. I think it's
Speaker 3: fair to say how our market's looking. We just heard
Speaker 3: from Charlie.
Speaker 1: You know it's okay again, we're not quite in we're
Speaker 1: so back territory. But the S and P five hundred,
Speaker 1: it's up three four tenths of percent. Can't really complain there.
Speaker 1: You take a look at the Nasdaq one hundred right now,
Speaker 1: you're big tech names. We're up nine tenths of a percent.
Speaker 1: So some nice follow through on what we saw yesterday,
Speaker 1: falling in absolutely punishing a week last week.
Speaker 3: Uh testing, it works, it works, Okay, Mike is on.
Speaker 3: I want to see what Amanda Gotti has to say
Speaker 3: about this. She's chief investment officer at PNC Asset Management Group. Amanda,
Speaker 3: I want to talk about the s word seasonality, because
Speaker 3: September seasonality is something that we were reminded of last
Speaker 3: week with that huge decline in the in the well, yes,
Speaker 3: it's fair to say everything else. I was going to say,
Speaker 3: this sucks, but how are you thinking about this, Amanda?
Speaker 6: Well, it's great to be with you both.
Speaker 10: I would just simply say it's a sign of the times,
Speaker 10: and yes, that is a Harry Styles refer there. It is.
Speaker 10: We're hunkering down here for what we think is likely
Speaker 10: to be a pretty seasonally average yet challenging environment for investors.
Speaker 10: September is a tough month, and we started off from
Speaker 10: a very tough perspective. I think it's really a function though,
Speaker 10: of there's a lot of news and a lot of
Speaker 10: data points yet to come here. Investors have had it
Speaker 10: really easy for the better part of the year up
Speaker 10: to this point. We're sitting at price to perfection equity levels.
Speaker 10: There's just not a lot of headroom to absorb you
Speaker 10: potentially some negative data points here, so things are getting choppy,
Speaker 10: and I think it's right on cue with a Sign
Speaker 10: of the Times.
Speaker 1: I'm trying to think frantically of another Harry Styles reference,
Speaker 1: and all I have to say is, as it was,
Speaker 1: is a good song.
Speaker 3: It's a great song.
Speaker 1: Yeah right, it was my COVID song I listened to
Speaker 1: a lot while I had COVID the first time. Anyway, Amanda,
Speaker 1: I'm going to ask you a question that I asked
Speaker 1: one of our guests on the Morning show, and that
Speaker 1: is you think about just the cadence of this week.
Speaker 1: Of course, tonight we have the presidential debate between Kamala
Speaker 1: Harris and Donald Trump, potentially the only debate between the
Speaker 1: two this cycle, and then we have, of course CPI
Speaker 1: coming out tomorrow morning. What do you think is more
Speaker 1: important for markets at this juncture? What will you be
Speaker 1: paying more attention to?
Speaker 8: Well, I think.
Speaker 10: CPI is certainly much more important than the debate tonight.
Speaker 10: I'm not sure that we're really going to get a
Speaker 10: lot of hard hitting market intel that's necessarily going to
Speaker 10: drive markets forward here based on what we hear tonight. Obviously,
Speaker 10: policy differentials on either side of the isle are going
Speaker 10: to matter going forward, but I don't think there's going
Speaker 10: to be enough clarity tonight to move markets materially. CPI
Speaker 10: is obviously a critically important one. It's a key input
Speaker 10: into what the FED might ultimately do, but I'm not
Speaker 10: sure the investors are really even that focused on CPI.
Speaker 10: I think they're craving the watermelon sugar high from a
Speaker 10: rate cut coming next week, So I think that's probably
Speaker 10: really much more where the markets and investors' minds are.
Speaker 6: You're on fire. You're just putting me to shake.
Speaker 3: That's how she rolls.
Speaker 6: I can't think of a single reference right now. It's
Speaker 6: just Luck today.
Speaker 1: And I'm really interested that you said that you're more
Speaker 1: focused on CPI, because I asked Katrina Dudley that question
Speaker 1: this morning, and she's actually more interested in the debate
Speaker 1: from sort of the investment perspective to see actually how
Speaker 1: similar their policies are when it comes to some of
Speaker 1: the economic proposals. Of course there is a lot of
Speaker 1: distance when it comes to other issues. But I mean,
Speaker 1: how much as a medium long term investor do you
Speaker 1: pay attention to their policies. Of course we talk about
Speaker 1: the Trump trade the Harris trade all the time, but
Speaker 1: what does the Trump investment look like versus the Harris investment?
Speaker 1: If that makes sense?
Speaker 10: Well, I actually I feel like it's a little bit
Speaker 10: early to say. I mean, we can lean on sort
Speaker 10: of the traditional policy stands for the Republican Party and
Speaker 10: certainly for the Democrats, but I don't know that we
Speaker 10: have enough information, even at this late stage of the
Speaker 10: election cycle to know for sure what the nuances and
Speaker 10: differences are. I mean, I think the debate will be
Speaker 10: very interesting. It's always entertaining to watch how these things
Speaker 10: play out. But from our perspective, what matters more is
Speaker 10: the makeup of control in Washington, and so we're not
Speaker 10: to know that as a function of tonight, there's a
Speaker 10: lot of seats up for grabs, and so you know,
Speaker 10: it's not going to be until we really get to
Speaker 10: the election itself where we have, you know, a lot
Speaker 10: more clarity around what policies might actually get implemented or not.
Speaker 10: Markets always prefer gridlock. Markets always preferred not a lot
Speaker 10: of policy change, and so I think that's the best
Speaker 10: kind of scenario, gridlock for the markets. But if I
Speaker 10: had to point to one thing that I care about
Speaker 10: more than anything else from a policy stance, is what
Speaker 10: happens to corporate tax rates, And so if we get
Speaker 10: some intel on that tonight, that'll be great.
Speaker 6: But I think there's a lot more to come on
Speaker 6: that topic, is it.
Speaker 3: Do you think, apart from the makeup of Congress and
Speaker 3: the presidency of the idea that gridlock is good for investors?
Speaker 3: How do you characterize election risk?
Speaker 10: We don't tend to focus on it as material news,
Speaker 10: which sounds like a crazy thing to say, but I
Speaker 10: think from a market perspective.
Speaker 6: It's actually boys. It creates a lot of noise.
Speaker 10: It creates a lot of short term volatility, but we
Speaker 10: do not position portfolios around binary outcomes, and this is
Speaker 10: really one of those where it's one way or the other,
Speaker 10: and so you know, we're trying to position portfolios so
Speaker 10: that they have ballast because this volatility story is very
Speaker 10: much picking up again. But going into the election, we're
Speaker 10: also very well diversified and very focused on quality because
Speaker 10: it is at this point anybody's guests in terms of
Speaker 10: what the policies are ultimately going to look like. So
Speaker 10: that's that's sort of our defensive offensive playbook at the
Speaker 10: moment going into the election.
Speaker 1: Well, a minute left, what does quality mean in that environment?
Speaker 1: What are the characteristics of a quality company? And is
Speaker 1: that just big tech? Because that has been the definition
Speaker 1: for a while.
Speaker 3: I don't know any Harry style style songs, but there
Speaker 3: was no reference in there to Harry style.
Speaker 6: You use a song, I don't know. I've used up all.
Speaker 10: I've used up all my references, so I can't give
Speaker 10: you another one there.
Speaker 9: But from a.
Speaker 10: Quality perspective, we're definitely focus on high recurring revenue basis,
Speaker 10: strong defendable margins.
Speaker 6: We're in a margin compression environment now.
Speaker 10: So those who have the ability to pull levers to
Speaker 10: defend margins we view as very much quality throwing off
Speaker 10: a ton of cash, low debt, Burton's low leverage. Those
Speaker 10: are kind of the key characteristics around quality. Certainly some
Speaker 10: of the big tech names fit that, but there's a
Speaker 10: lot more diverse options out there than just big tech.
Speaker 3: Amanda Gotti always bringing the references the song of the season.
Speaker 3: You guys see the song you do the song of
Speaker 3: the season or something, right.
Speaker 6: Amanda, Is that what it is we do every year?
Speaker 6: I actually I have a Rolling Stones T shirt on.
Speaker 10: You can't quite see it today, but our song of
Speaker 10: the year for this year was I can't get no
Speaker 10: satisfaction by the Rolling Stones.
Speaker 2: Do you have it?
Speaker 3: Ten seconds? You have it picked out for next year yet?
Speaker 6: No, my gosh, And if I did, I would not
Speaker 6: reveal it yet. You'll have to have me back closer
Speaker 6: to the end of the year.
Speaker 3: Hey, we're going to have you back closer to the
Speaker 3: end of the year, of course, because you do The
Speaker 3: twelve is the twelve days of Christmas.
Speaker 1: There are told days.
Speaker 3: Yeah, the business, Yeah, we always get Amanda Gotti your
Speaker 3: on Christmas, Chief investment officer at PNC Asset Management Group,
Speaker 3: joining us from Pennsylvania.
Speaker 7: This is the.
Speaker 2: Bloomberg Business Week podcast, available on Apple, Spotify, and anywhere
Speaker 2: else you get your podcast. Listen live weekday afternoons from
Speaker 2: two to five pm Eastern on Bloomberg dot com, the
Speaker 2: iHeartRadio app, tune In, and the Bloomberg Business App. You
Speaker 2: can also watch us live every weekday on YouTube and
Speaker 2: always on the Bloomberg terminal