1 00:00:00,040 --> 00:00:06,760 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. 2 00:00:11,960 --> 00:00:15,560 Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along 3 00:00:15,600 --> 00:00:18,960 Speaker 2: with Paul Sweeney. Join us each day for insight from 4 00:00:18,960 --> 00:00:23,160 Speaker 2: the best in economics, finance, investment, and international relations. You 5 00:00:23,160 --> 00:00:26,520 Speaker 2: can also watch the show live on YouTube. Visit the 6 00:00:26,520 --> 00:00:31,280 Speaker 2: Bloomberg Podcast channel on YouTube to see the show weekday 7 00:00:31,280 --> 00:00:34,320 Speaker 2: mornings from seven to ten am Eastern from our global 8 00:00:34,360 --> 00:00:39,000 Speaker 2: headquarters in New York City. Subscribe to the podcast on Apple, Spotify, 9 00:00:39,360 --> 00:00:42,920 Speaker 2: or anywhere else you listen and always I'm Bloomberg Radio, 10 00:00:43,080 --> 00:00:46,280 Speaker 2: the Bloomberg Terminal, and the Bloomberg Business App. 11 00:00:46,600 --> 00:00:47,720 Speaker 3: Victoria Bill's terms. 12 00:00:47,720 --> 00:00:49,839 Speaker 2: It is now from Chicago, so as she could be 13 00:00:49,840 --> 00:00:52,480 Speaker 2: with us because she writes these acute strategy notes which 14 00:00:52,520 --> 00:00:55,280 Speaker 2: are be in the market and shut up and buy 15 00:00:55,320 --> 00:00:58,520 Speaker 2: in video. Victoria, how can you buy in Vidia after 16 00:00:58,560 --> 00:00:59,280 Speaker 2: the moonshot? 17 00:01:00,720 --> 00:01:03,320 Speaker 1: I mean, it's one of those things where when we're 18 00:01:03,440 --> 00:01:06,760 Speaker 1: thinking about Nvidia and especially again the huge spur that 19 00:01:06,760 --> 00:01:09,040 Speaker 1: we're seeing in the growth with AI or what some 20 00:01:09,080 --> 00:01:12,479 Speaker 1: people might even call a bubble, it's honestly, the price 21 00:01:12,520 --> 00:01:15,720 Speaker 1: from here is honestly has incredible upwards. 22 00:01:15,319 --> 00:01:17,720 Speaker 4: Bound to go even beyond the one thousand dollars mark. 23 00:01:18,240 --> 00:01:21,080 Speaker 1: And you know, right now we're looking at overall from Nvidia, 24 00:01:21,200 --> 00:01:25,000 Speaker 1: like consensus expectations is around like five point forty eight 25 00:01:25,080 --> 00:01:25,560 Speaker 1: per share. 26 00:01:26,160 --> 00:01:28,080 Speaker 4: The stock has just done really well. 27 00:01:28,280 --> 00:01:32,440 Speaker 1: It's very hard for me to argue otherwise, like es actually, 28 00:01:32,440 --> 00:01:35,440 Speaker 1: when you're constantly beating earning expectations, like I just don't 29 00:01:35,520 --> 00:01:36,920 Speaker 1: see the seller story for it. 30 00:01:37,000 --> 00:01:38,960 Speaker 2: Yeah, I think it's like through the highs that we 31 00:01:39,000 --> 00:01:42,360 Speaker 2: saw yesterday as well. Now eleven thirty three is a 32 00:01:42,400 --> 00:01:44,520 Speaker 2: pre market I don't even know what that means ten 33 00:01:44,560 --> 00:01:45,240 Speaker 2: for one stocks. 34 00:01:45,240 --> 00:01:46,279 Speaker 3: But coming up here. 35 00:01:46,760 --> 00:01:50,160 Speaker 2: As well, Victoria, at the bottom of your note on Nvidia, 36 00:01:50,280 --> 00:01:52,919 Speaker 2: you go to what's different now, which is it seems 37 00:01:52,920 --> 00:01:55,600 Speaker 2: to be a new adult tech from the view. 38 00:01:55,440 --> 00:01:59,360 Speaker 3: Of banry On, is tech really wetted down. 39 00:01:59,280 --> 00:02:03,840 Speaker 2: To givoting both and share buyback for use of cash. 40 00:02:03,880 --> 00:02:04,520 Speaker 4: Absolutely. 41 00:02:04,640 --> 00:02:07,320 Speaker 1: I mean when we're thinking again, like the whole issue 42 00:02:07,360 --> 00:02:09,240 Speaker 1: in terms of tech and how we're thinking about this 43 00:02:09,480 --> 00:02:12,840 Speaker 1: is that like profit margins is well above like seventy 44 00:02:12,880 --> 00:02:16,880 Speaker 1: five percent, And when we think about, for example, how 45 00:02:16,919 --> 00:02:20,720 Speaker 1: to capitalize or how to get involved in these technology 46 00:02:20,760 --> 00:02:25,160 Speaker 1: based stocks, I mean, whether it's smaller companies like super microcomputer, 47 00:02:25,360 --> 00:02:28,040 Speaker 1: Nvidia being kind of the top player in terms of 48 00:02:28,639 --> 00:02:31,760 Speaker 1: what we're looking at with AI, but also cryptocurrency and 49 00:02:32,639 --> 00:02:34,639 Speaker 1: like GPU, like how. 50 00:02:34,520 --> 00:02:36,839 Speaker 4: All of that is, how all of that is processed. 51 00:02:37,320 --> 00:02:39,520 Speaker 1: Like again, like I think that there is a great 52 00:02:39,600 --> 00:02:41,200 Speaker 1: like buyer story to be had here. 53 00:02:42,040 --> 00:02:44,600 Speaker 5: So Victor, I'm looking through your stock list and a 54 00:02:44,600 --> 00:02:48,880 Speaker 5: lot of you know, kind of high valuation technology, biotech, healthcare. 55 00:02:49,440 --> 00:02:50,280 Speaker 3: But then you also. 56 00:02:50,120 --> 00:02:53,240 Speaker 5: Got to diamond Back Energy in there. Talk to us 57 00:02:53,240 --> 00:02:55,280 Speaker 5: about energy and how you think about that in the 58 00:02:55,320 --> 00:02:58,680 Speaker 5: context of some of you more higher multiple and higher 59 00:02:58,720 --> 00:03:00,000 Speaker 5: growth names that you guys. 60 00:02:59,880 --> 00:03:04,560 Speaker 1: Like absolutely, so Diamondback when we think about basically it's 61 00:03:04,720 --> 00:03:08,880 Speaker 1: independent oil natural gas company and a lot of what 62 00:03:08,880 --> 00:03:12,600 Speaker 1: we're seeing right now in terms of whether that's the 63 00:03:12,800 --> 00:03:16,880 Speaker 1: Biden administration pulling down on terariffs for when it comes 64 00:03:16,919 --> 00:03:20,079 Speaker 1: to like ev vehicles, it's almost like a protectionary method, 65 00:03:20,120 --> 00:03:23,639 Speaker 1: I would protectionary measure in order to kind of protect 66 00:03:23,720 --> 00:03:27,720 Speaker 1: certain industries that are here. So basically it's been trading 67 00:03:27,720 --> 00:03:30,320 Speaker 1: at like almost eight times earnings over the path over 68 00:03:30,360 --> 00:03:33,040 Speaker 1: the past couple of years. They have a very strong 69 00:03:33,400 --> 00:03:37,520 Speaker 1: team backing them. And then and then essentially again we 70 00:03:37,560 --> 00:03:39,800 Speaker 1: have some protective measures that are coming in place where 71 00:03:39,800 --> 00:03:43,920 Speaker 1: we're trying to be more cordial towards industries that are 72 00:03:43,960 --> 00:03:47,200 Speaker 1: here within the US. So that's where I would see 73 00:03:47,280 --> 00:03:50,240 Speaker 1: kind of the story for diamondback. And then also just 74 00:03:50,880 --> 00:03:53,680 Speaker 1: in terms of like free cash flows as well into 75 00:03:53,720 --> 00:03:55,200 Speaker 1: the hundreds of millions. 76 00:03:55,360 --> 00:03:59,000 Speaker 2: What's the value of cash within your strategy? Is it 77 00:03:59,040 --> 00:04:01,840 Speaker 2: a bolt on or is it actually part of a 78 00:04:01,880 --> 00:04:02,920 Speaker 2: strategy forward? 79 00:04:04,800 --> 00:04:07,360 Speaker 1: So cash in terms of how we think about it 80 00:04:07,760 --> 00:04:10,920 Speaker 1: for our strategy. So we are an alternative investment firm, 81 00:04:11,000 --> 00:04:13,360 Speaker 1: so a lot of what we are advocating for is 82 00:04:13,560 --> 00:04:17,600 Speaker 1: alternative based, alternative based investing, so looking at things that 83 00:04:17,720 --> 00:04:21,599 Speaker 1: are providing similar returns to a sixty forty portfolio, but 84 00:04:22,360 --> 00:04:26,160 Speaker 1: have like not necessarily leveraging all that risk. So when 85 00:04:26,400 --> 00:04:28,680 Speaker 1: we're thinking about cash, it's great to have in kind 86 00:04:28,720 --> 00:04:32,280 Speaker 1: of the short term, but investing in more newer alternative 87 00:04:32,360 --> 00:04:36,000 Speaker 1: forms of technology and industry because that is the future 88 00:04:36,000 --> 00:04:38,080 Speaker 1: and that's the wave that we're that we'll be seeing 89 00:04:38,080 --> 00:04:40,960 Speaker 1: that's coming down a year, two years down the road. 90 00:04:41,279 --> 00:04:43,800 Speaker 1: But having cash in the moment, especially if you're someone 91 00:04:43,800 --> 00:04:47,479 Speaker 1: who needs that for retirement or to buy White Sox tickets, 92 00:04:47,560 --> 00:04:49,720 Speaker 1: absolutely in necessity So. 93 00:04:49,760 --> 00:04:52,240 Speaker 5: Victoria, how do you how do you guys at Benrian 94 00:04:52,360 --> 00:04:55,359 Speaker 5: think about just valuation in the markets today. We've had 95 00:04:55,400 --> 00:04:57,279 Speaker 5: a big, big move in the equity markets off of 96 00:04:57,320 --> 00:05:00,240 Speaker 5: these October levels, and we've had some good earning and 97 00:05:01,279 --> 00:05:03,080 Speaker 5: let's be clear, we did have some good earnings growth. 98 00:05:03,320 --> 00:05:05,520 Speaker 5: Is that earnings growth enough to support this market from 99 00:05:05,560 --> 00:05:06,160 Speaker 5: your perspective? 100 00:05:07,600 --> 00:05:10,200 Speaker 1: I think there's definitely a possibility for that right now. 101 00:05:10,240 --> 00:05:13,040 Speaker 1: What we're seeing in terms of small cap stocks, small 102 00:05:13,080 --> 00:05:15,679 Speaker 1: caps are kind of making a comeback, but they're still 103 00:05:16,240 --> 00:05:19,400 Speaker 1: not as frothy as or they're a bit frothier than. 104 00:05:19,279 --> 00:05:21,600 Speaker 4: What we would want in the industry right. 105 00:05:21,600 --> 00:05:25,000 Speaker 1: Now, especially if we're thinking especially what we're seeing right. 106 00:05:24,960 --> 00:05:28,440 Speaker 4: Now is when we are trying to beat. 107 00:05:28,200 --> 00:05:30,440 Speaker 1: Out the S and P five hundred, it's the actively 108 00:05:30,480 --> 00:05:33,880 Speaker 1: managed portfolios that tend to do much better than those 109 00:05:34,880 --> 00:05:38,279 Speaker 1: more smaller ETFs. So if you're, for example, looking for 110 00:05:38,320 --> 00:05:41,960 Speaker 1: an alternative that would provide very similar return profile to 111 00:05:42,040 --> 00:05:46,400 Speaker 1: like a sixty forty combination of equities and bond, equities 112 00:05:46,400 --> 00:05:48,800 Speaker 1: and bonds, then a lot of what we're looking at, 113 00:05:48,839 --> 00:05:54,839 Speaker 1: for example, would be CTA, B tall MRSK, again basically 114 00:05:55,279 --> 00:05:59,479 Speaker 1: attractive diversifieds that will allow you to gain that same 115 00:05:59,520 --> 00:06:01,039 Speaker 1: sort of out but that you would get from a 116 00:06:01,040 --> 00:06:05,360 Speaker 1: small cap stock, but not as but diversifying that risk. 117 00:06:05,520 --> 00:06:10,640 Speaker 2: Into June thirty, Victoria, what are you seeing clients actually doing? 118 00:06:10,680 --> 00:06:14,039 Speaker 3: What is the mood out there? After? I think the 119 00:06:14,120 --> 00:06:17,480 Speaker 3: shock of selling mayon goal by not working out what's 120 00:06:17,520 --> 00:06:18,640 Speaker 3: the mood right now? 121 00:06:21,000 --> 00:06:23,280 Speaker 1: So if I'm hearing you correctly, I think what you're 122 00:06:23,320 --> 00:06:25,880 Speaker 1: asking is like, where are people kind of feeling? Where 123 00:06:25,880 --> 00:06:29,160 Speaker 1: are people going in terms of where the equity markets are? 124 00:06:29,360 --> 00:06:30,680 Speaker 3: Yes, so that's good enough. 125 00:06:31,560 --> 00:06:33,440 Speaker 4: Yeah, so good. Good question. 126 00:06:34,360 --> 00:06:36,279 Speaker 1: Again, I think that a lot of people are trying 127 00:06:36,320 --> 00:06:39,160 Speaker 1: to find that alpha out there in the market. We're 128 00:06:39,200 --> 00:06:43,600 Speaker 1: seeing continuously high valuations, and so that's where I'm saying 129 00:06:43,600 --> 00:06:48,520 Speaker 1: alternative investment strategies that will provide you a similar return profile, 130 00:06:48,680 --> 00:06:52,679 Speaker 1: but again like reducing that beta or even providing a 131 00:06:52,720 --> 00:06:56,840 Speaker 1: similar return profile, and then but diversifying across a very 132 00:06:56,920 --> 00:07:00,159 Speaker 1: highly concentrated managed portfolio. That's where I think a lot 133 00:07:00,200 --> 00:07:02,839 Speaker 1: of people are starting to head towards right now. But 134 00:07:03,560 --> 00:07:06,359 Speaker 1: I think the appetite for that market again is it 135 00:07:06,400 --> 00:07:09,880 Speaker 1: requires a hot It's a high educational. 136 00:07:09,320 --> 00:07:12,440 Speaker 4: Barrier when we talk. We're talking about lives. 137 00:07:12,760 --> 00:07:14,880 Speaker 1: But that's where I think a lot of people if 138 00:07:14,920 --> 00:07:18,040 Speaker 1: you're being smart about the market and looking again for 139 00:07:18,440 --> 00:07:22,040 Speaker 1: ways to get involved, especially in industries that are related 140 00:07:22,080 --> 00:07:25,760 Speaker 1: to like evs semiconductors, that's where I think alternative investment 141 00:07:25,760 --> 00:07:29,960 Speaker 1: strategies are coming in managed energy tiets are doing much 142 00:07:30,120 --> 00:07:31,080 Speaker 1: better in that regard. 143 00:07:31,400 --> 00:07:34,400 Speaker 3: We got to be quick here, Victoria. But you mentioned it. 144 00:07:34,520 --> 00:07:39,160 Speaker 2: I mean the Chicago White Sox back fifty five years 145 00:07:39,160 --> 00:07:41,920 Speaker 2: when I saw Nellie Fox hit a home run at 146 00:07:42,000 --> 00:07:45,920 Speaker 2: Kimiski Park, It's like the worst team ever. What does 147 00:07:46,000 --> 00:07:50,080 Speaker 2: Victoria Bills do to turn the Chicago White Sox around? 148 00:07:51,840 --> 00:07:53,640 Speaker 4: Hopes and prayers, thoughts and prayers. 149 00:07:53,760 --> 00:07:57,000 Speaker 1: But I think that what they're my understanding right now 150 00:07:57,040 --> 00:07:59,680 Speaker 1: is that they're looking to move the White Sox Stadium, 151 00:08:00,200 --> 00:08:05,200 Speaker 1: and I would hope also to potentially look at new management. Look, 152 00:08:05,320 --> 00:08:08,280 Speaker 1: I am not a sports grilly by any stretch of 153 00:08:08,280 --> 00:08:11,120 Speaker 1: the imagination, but I am like how there are Cubs 154 00:08:11,160 --> 00:08:13,800 Speaker 1: fans that always have supported the Cubs. I will always 155 00:08:13,800 --> 00:08:16,840 Speaker 1: support the White Sox, even if it's better interests. 156 00:08:17,960 --> 00:08:21,240 Speaker 3: My deepest sympathy is Victoria Bills. Thank you so much. 157 00:08:31,200 --> 00:08:33,120 Speaker 2: I called up the team and putting the show together 158 00:08:33,200 --> 00:08:34,840 Speaker 2: Saturday and Sunday, and I said, we got. 159 00:08:34,679 --> 00:08:35,679 Speaker 3: To get Derek Wallbank on. 160 00:08:35,800 --> 00:08:38,080 Speaker 2: He's in Delhi and we want to talk to him 161 00:08:38,080 --> 00:08:41,640 Speaker 2: about the crushing climate that he with his leadership out 162 00:08:41,640 --> 00:08:45,640 Speaker 2: of Singapore or spirheading for Bloomberg News a temperatures from 163 00:08:45,760 --> 00:08:50,520 Speaker 2: India on over across Southeast Asia. Something in the heart 164 00:08:50,559 --> 00:08:53,000 Speaker 2: and soul of mister Wallbank. He joins us this morning 165 00:08:53,600 --> 00:08:57,000 Speaker 2: off a small matter of an election in India. Derek 166 00:08:57,040 --> 00:09:01,439 Speaker 2: Wallbank joins from Delhi where he provides leadership out of Singapore. 167 00:09:01,960 --> 00:09:06,600 Speaker 2: Derek Mody is won and he is dominant, and it 168 00:09:06,640 --> 00:09:10,120 Speaker 2: is a tension of a cosmopolitan southern India. I think 169 00:09:10,160 --> 00:09:14,720 Speaker 2: Sacha Nadella playing cricket as a child versus the emotion 170 00:09:15,040 --> 00:09:20,559 Speaker 2: of Hinduism of northern India. Can Mody bring these two regions, 171 00:09:20,559 --> 00:09:23,080 Speaker 2: these two disparate Indias together. 172 00:09:24,760 --> 00:09:26,400 Speaker 6: Well, Tom, it's good to talk to you, my friend. 173 00:09:26,520 --> 00:09:29,200 Speaker 6: It's you know, look it is. We don't do anything 174 00:09:29,240 --> 00:09:31,800 Speaker 6: halfway here. It's about one hundred and eleven degrees fahrenheit 175 00:09:31,840 --> 00:09:37,760 Speaker 6: outside and the world's largest democracy. The election results are 176 00:09:37,840 --> 00:09:42,080 Speaker 6: coming out tomorrow. We got the exit polls just over 177 00:09:42,160 --> 00:09:45,400 Speaker 6: the weekend, they show the exit polls, and I mean 178 00:09:45,440 --> 00:09:49,000 Speaker 6: poles plural, there are a lot of them. They all 179 00:09:49,040 --> 00:09:51,120 Speaker 6: are kind of hurting around this idea of a Mody 180 00:09:51,240 --> 00:09:54,920 Speaker 6: landslide victory. They're sort of it depends in a range 181 00:09:54,920 --> 00:09:58,760 Speaker 6: from a lot to really a lot. What they're showing 182 00:09:58,920 --> 00:10:01,800 Speaker 6: if you sort of walk in the regional breakdowns is 183 00:10:01,840 --> 00:10:04,839 Speaker 6: you are seeing the big JP that Modi leads and 184 00:10:04,880 --> 00:10:07,720 Speaker 6: his allies doing really really well in their traditional sort 185 00:10:07,720 --> 00:10:10,600 Speaker 6: of heartlands. But you're also sort of seeing a little 186 00:10:10,600 --> 00:10:13,440 Speaker 6: bit of a pull in to some of those areas 187 00:10:13,440 --> 00:10:17,880 Speaker 6: where they've had some difficulties in prior elections. You are 188 00:10:17,920 --> 00:10:21,640 Speaker 6: seeing a little bit more of a national move and 189 00:10:21,720 --> 00:10:24,080 Speaker 6: will have to see if the actual results sort of 190 00:10:24,160 --> 00:10:26,600 Speaker 6: track that. You are seeing a little bit more of 191 00:10:26,600 --> 00:10:27,240 Speaker 6: a regional spread. 192 00:10:27,320 --> 00:10:29,840 Speaker 3: Yeah, and Paul, we got a color this. This is important. 193 00:10:29,840 --> 00:10:33,720 Speaker 2: In America, we're hysterical about having three or four, maybe 194 00:10:33,800 --> 00:10:38,960 Speaker 2: five languages. There are twenty three official languages in India. 195 00:10:38,559 --> 00:10:40,839 Speaker 5: And then all the dialects on top of that, just 196 00:10:40,960 --> 00:10:45,320 Speaker 5: extraordinary place in the world. Derek, what does this mean 197 00:10:45,559 --> 00:10:49,800 Speaker 5: for the politics of India going forward? Mister Mody, what 198 00:10:49,880 --> 00:10:53,160 Speaker 5: will he do coming out of this election on the 199 00:10:53,160 --> 00:10:54,640 Speaker 5: world stage, do you believe. 200 00:10:56,440 --> 00:10:58,400 Speaker 6: Well, So let me put this into sort of two camps. 201 00:10:58,480 --> 00:11:01,080 Speaker 6: Let me say, in the India India locally camp, Let's 202 00:11:01,080 --> 00:11:04,480 Speaker 6: say that the results track the X. That's you were 203 00:11:04,520 --> 00:11:08,840 Speaker 6: looking at a landslide victory in that scenario, but not 204 00:11:09,160 --> 00:11:12,640 Speaker 6: a can do whatever the heck he wants in terms 205 00:11:12,640 --> 00:11:14,800 Speaker 6: of changing the constitution all of that sort of stuff. 206 00:11:15,040 --> 00:11:17,840 Speaker 6: So there are some there are some guardrails, I guess, 207 00:11:17,880 --> 00:11:20,559 Speaker 6: I would say, but it would be a very large 208 00:11:21,320 --> 00:11:23,800 Speaker 6: mandate where he would be able to operasionally sort of 209 00:11:23,800 --> 00:11:26,440 Speaker 6: go the same way your your investment sort of tracks there, 210 00:11:26,920 --> 00:11:30,200 Speaker 6: I think on a on a global scale. You know, Look, 211 00:11:30,240 --> 00:11:32,640 Speaker 6: it's no secret that the United States and the US 212 00:11:32,760 --> 00:11:35,520 Speaker 6: allies really liked the idea of an ascend in India. 213 00:11:36,200 --> 00:11:38,200 Speaker 6: Last year with the G twenty was a really big 214 00:11:38,240 --> 00:11:43,640 Speaker 6: sort of coming out party for Modi himself. And and 215 00:11:43,720 --> 00:11:46,160 Speaker 6: so India really wants to take a place on the 216 00:11:46,160 --> 00:11:48,800 Speaker 6: world stage that is larger than it has held before. 217 00:11:49,240 --> 00:11:51,440 Speaker 6: And it's going to be welcomed in getting there. And 218 00:11:51,480 --> 00:11:55,120 Speaker 6: I think particularly what you should look for is what 219 00:11:55,360 --> 00:11:58,800 Speaker 6: happens when things go a little bit sideways. Right, They 220 00:11:58,920 --> 00:12:03,640 Speaker 6: had they had the issue with Canada in recent years 221 00:12:03,640 --> 00:12:07,440 Speaker 6: where there was some real friction there over potential extra 222 00:12:07,520 --> 00:12:11,000 Speaker 6: judicial killing, and Canada really wanted a little bit more 223 00:12:11,040 --> 00:12:13,080 Speaker 6: back up on the world stage. When they were looking around, 224 00:12:13,120 --> 00:12:14,880 Speaker 6: a lot of their friends weren't there as strongly as 225 00:12:15,280 --> 00:12:17,760 Speaker 6: they thought they would, because I'm just not sure that 226 00:12:17,760 --> 00:12:19,720 Speaker 6: a lot of people are going to be racing to 227 00:12:19,720 --> 00:12:21,720 Speaker 6: go confront Mody they want him. 228 00:12:21,559 --> 00:12:22,880 Speaker 3: There, Derek, just because of the time. 229 00:12:22,920 --> 00:12:24,720 Speaker 2: I got a segiui here to what you're in the 230 00:12:24,760 --> 00:12:28,400 Speaker 2: team recovering out of Singapore, which is to be polite. 231 00:12:28,800 --> 00:12:31,360 Speaker 2: Excessive heat and the way you look at this is 232 00:12:31,360 --> 00:12:33,800 Speaker 2: a physician once told me, it's not it's one hundred 233 00:12:33,800 --> 00:12:34,880 Speaker 2: and eleven in Deli. 234 00:12:35,440 --> 00:12:37,080 Speaker 3: It's if they're lucky, the load. 235 00:12:36,880 --> 00:12:40,439 Speaker 2: Tonight will be eighty nine degrees. Derek, what is Bloomberg 236 00:12:40,480 --> 00:12:43,760 Speaker 2: News reporting, I'm going to say, in a broad sense, 237 00:12:43,760 --> 00:12:50,280 Speaker 2: from Manila to Dubai on the successive heat, Yeah. 238 00:12:50,120 --> 00:12:52,480 Speaker 6: It's it's absolutely stifling, Tom and I think that I 239 00:12:52,480 --> 00:12:55,880 Speaker 6: think one of the things that we're showing is a 240 00:12:56,000 --> 00:12:59,000 Speaker 6: lack of infrastructure to be able to deal with it. 241 00:12:59,360 --> 00:12:59,520 Speaker 3: Right. 242 00:12:59,600 --> 00:13:04,240 Speaker 6: There's not you know that you're seeing in some places 243 00:13:05,000 --> 00:13:07,679 Speaker 6: power outages combined with this, so there really isn't that 244 00:13:07,720 --> 00:13:10,840 Speaker 6: sort of rest. But I think broadly speaking, you're talking 245 00:13:10,880 --> 00:13:13,320 Speaker 6: about places that are trying to figure out how they're 246 00:13:13,360 --> 00:13:15,080 Speaker 6: going to live with this. It's going to be one 247 00:13:15,080 --> 00:13:16,880 Speaker 6: of the big challenges that the body is going to 248 00:13:16,960 --> 00:13:20,520 Speaker 6: be looking at is building up that infrastructure to be 249 00:13:20,559 --> 00:13:21,280 Speaker 6: able to handle. 250 00:13:21,520 --> 00:13:22,840 Speaker 3: I think we level the. 251 00:13:24,440 --> 00:13:29,079 Speaker 2: Question and if anything runs out of water. 252 00:13:28,840 --> 00:13:32,319 Speaker 7: Traveling public comes to the rescue. Maybe I didn't miss 253 00:13:32,320 --> 00:13:34,760 Speaker 7: buying a handbag or a watch or another pair of shoes, 254 00:13:34,760 --> 00:13:35,679 Speaker 7: but I sure don't know. 255 00:13:36,240 --> 00:13:38,160 Speaker 6: I mean, and that's that's one of the things that 256 00:13:38,200 --> 00:13:40,640 Speaker 6: you're seeing in Singapore to do right where you're where 257 00:13:40,640 --> 00:13:43,280 Speaker 6: you're saying, what are we going to be able to 258 00:13:43,320 --> 00:13:45,400 Speaker 6: do in this environment in Singapore? 259 00:13:45,480 --> 00:13:48,120 Speaker 3: Do you have looking. 260 00:13:49,120 --> 00:13:53,800 Speaker 6: Massive reclamation project function as a reservoir to be able 261 00:13:53,840 --> 00:13:56,160 Speaker 6: to allow Singapore. 262 00:13:55,320 --> 00:13:58,680 Speaker 7: Certainly in the Europe broadly that it doesn't have to 263 00:13:58,720 --> 00:14:02,280 Speaker 7: rely on a record last summer and. 264 00:14:02,280 --> 00:14:04,840 Speaker 6: Our forward at today are up about seven your house, 265 00:14:05,440 --> 00:14:06,079 Speaker 6: because it really is. 266 00:14:06,120 --> 00:14:10,240 Speaker 7: And that's going not only in the frontalytic benefit Italy 267 00:14:10,320 --> 00:14:12,880 Speaker 7: Spain all those waves. 268 00:14:14,559 --> 00:14:19,640 Speaker 5: Over years, and it's not like they're not spending money 269 00:14:19,680 --> 00:14:22,440 Speaker 5: for the temperature five hundred, six hundred, seven hundred dollars. 270 00:14:23,040 --> 00:14:25,680 Speaker 5: Where are you guys allocating your capital city? 271 00:14:25,720 --> 00:14:27,520 Speaker 3: Where do you see the opportunity now, I should say 272 00:14:27,520 --> 00:14:28,480 Speaker 3: in your business. 273 00:14:28,160 --> 00:14:30,400 Speaker 7: So a few places. Right now, we're going through a 274 00:14:30,600 --> 00:14:36,320 Speaker 7: massive replatforming of important technology systems, our reservation system, our 275 00:14:36,360 --> 00:14:40,360 Speaker 7: property management system, and our loyalty platform. And so we've 276 00:14:40,440 --> 00:14:42,560 Speaker 7: mentioned on the earliest call for the next couple of 277 00:14:42,640 --> 00:14:43,360 Speaker 7: quarters will be. 278 00:14:43,760 --> 00:14:45,840 Speaker 3: How do you get people to call Mary a direct? 279 00:14:45,960 --> 00:14:49,400 Speaker 2: Call a hotel direct instead of some personal thing like 280 00:14:49,440 --> 00:14:51,800 Speaker 2: I'm going to pick on booking dot com. I go 281 00:14:51,880 --> 00:14:54,360 Speaker 2: to hotels where I can book the hotel directs stead 282 00:14:54,360 --> 00:14:56,480 Speaker 2: at the desk, you know, be sure they can take 283 00:14:56,960 --> 00:14:58,119 Speaker 2: missus King seven. 284 00:14:57,920 --> 00:15:01,120 Speaker 3: Lewis view luggages in proper. How do you get back 285 00:15:01,160 --> 00:15:02,400 Speaker 3: to that personal service? 286 00:15:02,640 --> 00:15:05,840 Speaker 7: It's really through the Bonvoy platform. It's creating a suite 287 00:15:05,840 --> 00:15:09,400 Speaker 7: of benefits and making sure through the Bonvoy platform we 288 00:15:09,560 --> 00:15:13,800 Speaker 7: educate the consumer of the benefits of booking direct. 289 00:15:12,960 --> 00:15:16,400 Speaker 2: I'm just gonna this is what Lisa wants to talk about, 290 00:15:16,440 --> 00:15:20,600 Speaker 2: So we're going there. Tony Cavano, how the Saint Regis 291 00:15:20,840 --> 00:15:25,800 Speaker 2: mal Dives Voluly Resort, it's the best points guy Brian says, 292 00:15:25,800 --> 00:15:29,320 Speaker 2: it's the best you know, bet Saint Regis in the world. 293 00:15:29,520 --> 00:15:32,640 Speaker 2: Do you link with airplanes so Lisa Matteo can get 294 00:15:32,720 --> 00:15:34,479 Speaker 2: there for the one week in September. 295 00:15:34,640 --> 00:15:35,760 Speaker 3: It's easy to get there. 296 00:15:38,560 --> 00:15:41,960 Speaker 2: How does Lisa Mateo pack the bag the little you know, 297 00:15:42,040 --> 00:15:44,520 Speaker 2: surely have the knapsack thing and get to the mall dives? 298 00:15:44,520 --> 00:15:45,080 Speaker 3: How do you do that? 299 00:15:45,160 --> 00:15:48,400 Speaker 7: She jumps on Emirates, flies straight to Mollie and then 300 00:15:48,440 --> 00:15:50,800 Speaker 7: there'll be a beautiful Saint Regis boat waiting for you 301 00:15:50,840 --> 00:15:54,160 Speaker 7: to see right to the doc you do, or if 302 00:15:54,160 --> 00:15:57,280 Speaker 7: you really want a beautiful view of that destination, you 303 00:15:57,320 --> 00:16:00,320 Speaker 7: get on a seaplane which flies at about two thousand 304 00:16:00,400 --> 00:16:02,080 Speaker 7: feet and you get to view all those. 305 00:16:01,960 --> 00:16:10,480 Speaker 3: Beautiful I've never seen her. George Clooney could walk so tony. 306 00:16:11,040 --> 00:16:13,800 Speaker 5: I mean, I see a lot of demand. The Maldive's great, 307 00:16:13,880 --> 00:16:16,680 Speaker 5: that's for Lisa Manteo, but I see demand for the 308 00:16:16,720 --> 00:16:18,360 Speaker 5: kind of the mid range. People want to take those 309 00:16:18,440 --> 00:16:21,040 Speaker 5: longer term stays. I didn't know that that was a 310 00:16:21,080 --> 00:16:24,160 Speaker 5: business until recently, but that really is a business where 311 00:16:24,200 --> 00:16:27,280 Speaker 5: people want to take long term stays. Maybe they're contract 312 00:16:27,520 --> 00:16:29,680 Speaker 5: workers are something like I've talked to us about that business. 313 00:16:30,160 --> 00:16:33,920 Speaker 7: Again, another interesting byproduct coming out of the pandemic this 314 00:16:34,080 --> 00:16:37,040 Speaker 7: notion that folks, even if they're a little suboptimized, they 315 00:16:37,080 --> 00:16:40,400 Speaker 7: can work from anywhere. There is a younger generation of 316 00:16:40,440 --> 00:16:43,400 Speaker 7: nomads that wants to work from anywhere, and so the 317 00:16:43,440 --> 00:16:47,200 Speaker 7: ability whether it's a traditional extended stay hotel like residents In, 318 00:16:47,800 --> 00:16:51,480 Speaker 7: whether it's a more value focused extended stay product like 319 00:16:51,520 --> 00:16:55,480 Speaker 7: Studio res Our new mid scale extended stay platform, or 320 00:16:55,600 --> 00:16:58,240 Speaker 7: whether it's a bit longer term stay in an apartments 321 00:16:58,240 --> 00:17:01,480 Speaker 7: by Marriott Bonvoy. There is a consumer that for their 322 00:17:01,520 --> 00:17:05,199 Speaker 7: travel needs, is much better served with something focused on 323 00:17:05,320 --> 00:17:07,960 Speaker 7: not a one or two night transience day, but really 324 00:17:08,040 --> 00:17:10,800 Speaker 7: purpose built to accommodate that longer stay. 325 00:17:11,200 --> 00:17:12,640 Speaker 3: What are you doing with New York City? 326 00:17:13,560 --> 00:17:16,160 Speaker 2: The cheapest hotel in Manhattan, I think is eight hundred 327 00:17:16,200 --> 00:17:18,919 Speaker 2: dollars a night. I'm kidding, But what's your plan for 328 00:17:19,040 --> 00:17:19,720 Speaker 2: New York City? 329 00:17:19,880 --> 00:17:21,240 Speaker 3: Well, we'll continue to grow. 330 00:17:21,280 --> 00:17:24,360 Speaker 7: This city is remarkable and the pace at which it's 331 00:17:24,440 --> 00:17:29,280 Speaker 7: recovered from a travel perspective is a terrific story. One 332 00:17:29,280 --> 00:17:32,600 Speaker 7: of the great benefits of having such a broad brand 333 00:17:32,680 --> 00:17:36,879 Speaker 7: portfolio across multiple quality tiers. We'll continue to grow at 334 00:17:36,880 --> 00:17:40,080 Speaker 7: the luxury end we just announced, but at the same 335 00:17:40,160 --> 00:17:43,040 Speaker 7: time we'll continue to grow with our new mid scale. 336 00:17:43,160 --> 00:17:46,400 Speaker 2: Our good friend David Gera loves to have a Gibson 337 00:17:46,520 --> 00:17:47,600 Speaker 2: at the Old King Cole. 338 00:17:47,760 --> 00:17:50,080 Speaker 3: Tell me, you're not ruining the Saint Regis. 339 00:17:49,800 --> 00:17:52,680 Speaker 2: Absolutely, first floor. What are you doing right now at 340 00:17:52,680 --> 00:17:53,840 Speaker 2: the Saint Regions Hotel. 341 00:17:54,080 --> 00:17:57,040 Speaker 3: You're blowing up the first floor floor of an icon 342 00:17:57,080 --> 00:17:57,960 Speaker 3: What are you going to do with it? 343 00:17:58,240 --> 00:18:01,720 Speaker 7: We're just updating it. We're can it more convenient for 344 00:18:01,800 --> 00:18:05,439 Speaker 7: our guests. We're improving some of the traffic flow. But 345 00:18:05,520 --> 00:18:08,280 Speaker 7: we are absolutely not touching that iconic king hole. 346 00:18:08,440 --> 00:18:10,800 Speaker 2: I mean, this is great and what's so great about this? 347 00:18:10,920 --> 00:18:14,000 Speaker 2: The restoration of the painting at the Old King Cole 348 00:18:14,560 --> 00:18:15,520 Speaker 2: was like something out. 349 00:18:15,400 --> 00:18:17,960 Speaker 3: Of the Loofah. Did you get the invoice on that? 350 00:18:18,280 --> 00:18:21,760 Speaker 7: Somebody did? It didn't come to me, didn't come to you. 351 00:18:22,000 --> 00:18:24,879 Speaker 7: Saint Regis is another brand that we just announced today. 352 00:18:25,000 --> 00:18:28,679 Speaker 7: The iconic Pelican Hill resort on Newport Coast in southern 353 00:18:28,720 --> 00:18:31,560 Speaker 7: California is going to be reflagged as a Saint Regis 354 00:18:31,600 --> 00:18:34,040 Speaker 7: as well. So it's a brand that is real. This 355 00:18:34,119 --> 00:18:37,480 Speaker 7: is a Newport Yeah, it's Don Brenn and the Irvine company. 356 00:18:37,600 --> 00:18:41,320 Speaker 3: Are you calling this hotel Alrian? You know? I mean, 357 00:18:41,359 --> 00:18:43,119 Speaker 3: is this like a Pimco out post? Is that what 358 00:18:43,080 --> 00:18:43,360 Speaker 3: it is? 359 00:18:43,400 --> 00:18:43,560 Speaker 1: Now? 360 00:18:43,560 --> 00:18:45,760 Speaker 7: I think they continue to be a valued client. 361 00:18:46,119 --> 00:18:47,960 Speaker 3: They'll be good, Tony. Thank you so much. 362 00:18:47,960 --> 00:18:52,160 Speaker 2: Congratulations in fourteen percent per your total return that off 363 00:18:52,200 --> 00:18:53,159 Speaker 2: of Marriotte stock. 364 00:18:53,200 --> 00:18:56,720 Speaker 3: And thank you for the ninety day visits. Will Matteo 365 00:18:57,080 --> 00:19:03,120 Speaker 3: m a T to the melt I see, tell them 366 00:19:03,119 --> 00:19:04,400 Speaker 3: to get your slippers ready. 367 00:19:05,000 --> 00:19:17,240 Speaker 2: Thank you so much, Tony. If daily look at the 368 00:19:17,280 --> 00:19:20,280 Speaker 2: front pages, Lisa Matteo, where to begin? 369 00:19:20,560 --> 00:19:20,879 Speaker 1: All right? 370 00:19:20,920 --> 00:19:24,119 Speaker 8: We're starting with something happening today in New York. This 371 00:19:24,160 --> 00:19:26,720 Speaker 8: is really a lifeline for New York City families who 372 00:19:26,720 --> 00:19:28,720 Speaker 8: are struggling to pay rent. The New York City Housing 373 00:19:28,720 --> 00:19:32,440 Speaker 8: Authority they're reopening that waiting list for federal housing vouchers, 374 00:19:32,440 --> 00:19:34,960 Speaker 8: which you know is Section eight. It closed back in 375 00:19:35,000 --> 00:19:37,399 Speaker 8: December because it grew way too big. It grew to 376 00:19:37,440 --> 00:19:39,919 Speaker 8: one hundred and twenty eight thousand families. Now the waiting 377 00:19:39,920 --> 00:19:42,159 Speaker 8: list has dropped down to about thirty seven hundred, so 378 00:19:42,160 --> 00:19:44,760 Speaker 8: they're opening it up again. But here's the problem, and 379 00:19:44,800 --> 00:19:48,320 Speaker 8: the New York Times really gets into this fantastically, is 380 00:19:48,320 --> 00:19:51,160 Speaker 8: that the city doesn't have enough apartments where the city 381 00:19:51,200 --> 00:19:54,240 Speaker 8: vouchers can be used. So yes, they're opening this wait list, 382 00:19:54,400 --> 00:19:55,400 Speaker 8: but it's a mess. 383 00:19:55,680 --> 00:19:58,679 Speaker 2: Yeah, it's change, you know, I see it from a 384 00:19:58,760 --> 00:20:03,439 Speaker 2: rarefied atmosphere. We'd a life changing moment. What do you 385 00:20:03,440 --> 00:20:07,320 Speaker 2: tell your kids? I'm like, you know, go leave. But 386 00:20:07,359 --> 00:20:10,000 Speaker 2: then what do you do with eight people in Queen's 387 00:20:10,040 --> 00:20:11,720 Speaker 2: I mean, that's really what we've come up to. 388 00:20:12,320 --> 00:20:14,879 Speaker 5: I mean, that's been I know it's always been a 389 00:20:14,960 --> 00:20:17,879 Speaker 5: challenge in the city, but you know, it just feels 390 00:20:17,960 --> 00:20:21,600 Speaker 5: like where are the new units being created in the city. 391 00:20:21,760 --> 00:20:24,680 Speaker 8: It's rent has to be at most around three thousand 392 00:20:24,720 --> 00:20:26,640 Speaker 8: for a two bedroom apartment for a family of four. 393 00:20:27,240 --> 00:20:31,560 Speaker 7: Find that like past the Pine barrens in New Jersey. 394 00:20:31,640 --> 00:20:35,840 Speaker 2: Exactly over the weekend, there was a transaction in Washington 395 00:20:35,880 --> 00:20:37,639 Speaker 2: where they're going to take an office building on K 396 00:20:37,800 --> 00:20:40,480 Speaker 2: Street and I guess they're going to make it residential. 397 00:20:40,920 --> 00:20:43,760 Speaker 3: What do you think the cheapest place in it is 398 00:20:43,800 --> 00:20:46,520 Speaker 3: going to be one and a half million dollars. I mean, 399 00:20:46,560 --> 00:20:49,520 Speaker 3: I just don't know. This is an urgent issue to 400 00:20:49,560 --> 00:20:51,200 Speaker 3: all of you across the nation. Next. 401 00:20:51,480 --> 00:20:54,439 Speaker 8: Yes, Okay, so we were talking last week when we 402 00:20:54,520 --> 00:20:56,840 Speaker 8: ended off ready about the dollar fifty hot dog combo 403 00:20:56,880 --> 00:21:02,800 Speaker 8: at Costco. So another draw is also the rotisserie chicken. 404 00:21:02,880 --> 00:21:05,639 Speaker 8: It's only five bucks. But also we talked about the 405 00:21:05,680 --> 00:21:06,720 Speaker 8: gold bars, and. 406 00:21:06,840 --> 00:21:09,280 Speaker 5: I don't get that you can actually buy that at Cosco. 407 00:21:09,400 --> 00:21:13,160 Speaker 8: You can buy it at Costco. Sometimes they're usually sold out. 408 00:21:13,160 --> 00:21:14,959 Speaker 8: You have to go online sometimes and you have to 409 00:21:15,160 --> 00:21:17,560 Speaker 8: try and get in before every other people do. But 410 00:21:17,600 --> 00:21:19,800 Speaker 8: the Wall Street Journal is saying that the problem is 411 00:21:19,800 --> 00:21:21,840 Speaker 8: that a lot of people aren't thinking about the taxes 412 00:21:21,880 --> 00:21:24,040 Speaker 8: on gold when you sell it, so a lot of 413 00:21:24,040 --> 00:21:27,000 Speaker 8: people are hit the whole buying. 414 00:21:27,240 --> 00:21:29,480 Speaker 2: I know, Lisa, you can muscle a bar of gold 415 00:21:29,480 --> 00:21:30,800 Speaker 2: out of the Doorsco. 416 00:21:31,359 --> 00:21:31,840 Speaker 3: I can't. 417 00:21:32,240 --> 00:21:35,240 Speaker 2: But with those biceps you can, Okay, but Lia triceps, 418 00:21:35,240 --> 00:21:36,359 Speaker 2: I should say, but. 419 00:21:36,280 --> 00:21:38,640 Speaker 3: Lisa, what is the gold bar? 420 00:21:38,800 --> 00:21:40,600 Speaker 2: Is it like something you wear in a bracelet, like 421 00:21:40,680 --> 00:21:43,800 Speaker 2: you know, you got your kids and your dogs the bracelet, 422 00:21:43,960 --> 00:21:47,560 Speaker 2: the bars that little mini bars, Yes, they look like. 423 00:21:49,800 --> 00:21:50,800 Speaker 3: How much is each buck? 424 00:21:51,640 --> 00:21:54,360 Speaker 8: I think they were around a thousand dollars or so. 425 00:21:54,480 --> 00:21:57,080 Speaker 7: I remember, then you go after that, you go the 426 00:21:57,080 --> 00:21:58,840 Speaker 7: hot dog right then kick. 427 00:21:58,760 --> 00:22:01,679 Speaker 8: The bargain hot dog. But people are buying it up. 428 00:22:01,680 --> 00:22:02,840 Speaker 8: But they're saying that people are. 429 00:22:02,960 --> 00:22:05,600 Speaker 2: Thinking about have you seen a line at Costco to 430 00:22:05,640 --> 00:22:06,479 Speaker 2: buy gold bars? 431 00:22:06,520 --> 00:22:09,240 Speaker 8: I personally haven't seen them. That's why I'm having a. 432 00:22:09,119 --> 00:22:09,800 Speaker 7: Problem with the start. 433 00:22:09,840 --> 00:22:11,600 Speaker 5: That's what we're doing that this weekend, we're going to 434 00:22:11,600 --> 00:22:12,400 Speaker 5: the Costco. 435 00:22:12,080 --> 00:22:14,159 Speaker 8: Road trip yeap not to search for him, but I 436 00:22:14,160 --> 00:22:17,239 Speaker 8: can't find them. Okay, So we've been talking about Netflix, right, 437 00:22:17,280 --> 00:22:21,600 Speaker 8: biggest competition streaming services, but actually Spotify has the most 438 00:22:21,760 --> 00:22:24,399 Speaker 8: loyal fans. So you're comparing, you know, music streaming with 439 00:22:24,520 --> 00:22:28,160 Speaker 8: video streaming. But this was an interesting take from Lucas Shaw. 440 00:22:28,280 --> 00:22:30,239 Speaker 8: He said there are two reasons for it. He had 441 00:22:30,280 --> 00:22:33,080 Speaker 8: a good newsletter on this. He said, because audio streaming 442 00:22:33,119 --> 00:22:36,439 Speaker 8: services have this upper hand because Spotify takes care of 443 00:22:36,480 --> 00:22:40,040 Speaker 8: the subscribers the way Netflix can. Because Spotify has unlimited 444 00:22:40,119 --> 00:22:42,120 Speaker 8: you know, they will have every song that you want, 445 00:22:42,320 --> 00:22:44,800 Speaker 8: whereas Netflix has, you know, a show that you want 446 00:22:44,880 --> 00:22:45,879 Speaker 8: and then you cancel it. 447 00:22:46,080 --> 00:22:49,800 Speaker 5: So here's Lucashaw's note here from just a couple of 448 00:22:49,840 --> 00:22:52,359 Speaker 5: days ago. Good afternoon from Chicago, where I'm at a 449 00:22:52,359 --> 00:22:54,760 Speaker 5: bachelor party for an old friend. I would be back 450 00:22:54,800 --> 00:22:56,280 Speaker 5: in New York the week of June tenth for a 451 00:22:56,280 --> 00:22:58,360 Speaker 5: couple of events around the Tribeca Film Festival. 452 00:22:58,880 --> 00:23:04,399 Speaker 8: That's how he goes to his people. 453 00:23:04,480 --> 00:23:07,080 Speaker 3: But we hope to get Lucason live in the studio. 454 00:23:07,359 --> 00:23:08,440 Speaker 5: I'm not sure next week. 455 00:23:08,600 --> 00:23:11,919 Speaker 2: You know. My basic take on this is Title and 456 00:23:12,080 --> 00:23:16,440 Speaker 2: Cobas out of Paris are much better sounding, like shockingly 457 00:23:16,520 --> 00:23:17,280 Speaker 2: better sounding. 458 00:23:17,680 --> 00:23:22,040 Speaker 3: My kids won't leave Spotify. I'm paying like six Spotify. 459 00:23:22,480 --> 00:23:24,040 Speaker 3: That bill has one. 460 00:23:24,240 --> 00:23:28,120 Speaker 8: It's a big drawl Pandora and I get called. 461 00:23:27,920 --> 00:23:31,480 Speaker 5: And is there anybody here in the studio has a 462 00:23:31,560 --> 00:23:32,520 Speaker 5: Spotify count? 463 00:23:32,560 --> 00:23:36,600 Speaker 2: No, they don't pay artists. 464 00:23:36,920 --> 00:23:38,760 Speaker 3: You know, where do you want to begin? Right? 465 00:23:39,160 --> 00:23:41,480 Speaker 2: I rolled Title and I just wish Apple would buy 466 00:23:41,520 --> 00:23:45,680 Speaker 2: Title and make it big. Title is great. I'm editorial license. 467 00:23:46,800 --> 00:23:48,280 Speaker 2: It's my folks spot for the morning. 468 00:23:48,720 --> 00:23:52,320 Speaker 8: Next and this is the last one. The great debate 469 00:23:52,400 --> 00:23:56,959 Speaker 8: on phone etiquette. Okay, it's becoming a fight with family members, 470 00:23:57,000 --> 00:23:59,960 Speaker 8: co workers, spouse's friends. Is it okay to call someone 471 00:24:00,240 --> 00:24:03,199 Speaker 8: first without texting them first, to let them know that 472 00:24:03,240 --> 00:24:04,080 Speaker 8: you're going to call them? 473 00:24:04,359 --> 00:24:04,960 Speaker 3: Right? See? 474 00:24:04,960 --> 00:24:07,200 Speaker 5: This is my kids, And I don't take any smack 475 00:24:07,240 --> 00:24:10,480 Speaker 5: from these. When I call you, you pick up the phone. 476 00:24:10,600 --> 00:24:11,400 Speaker 8: I mean, I don't have. 477 00:24:11,359 --> 00:24:14,960 Speaker 3: To pre arrange you know, a call to your kids 478 00:24:15,040 --> 00:24:17,960 Speaker 3: have the little pink princess phone on the rich kids. 479 00:24:19,920 --> 00:24:21,879 Speaker 5: But I mean, like they don't pick up when I 480 00:24:21,960 --> 00:24:25,040 Speaker 5: call you. You everything to me what I get the 481 00:24:25,040 --> 00:24:25,720 Speaker 5: phone And. 482 00:24:25,720 --> 00:24:27,359 Speaker 3: Some people think it's rude, but it works. 483 00:24:28,000 --> 00:24:31,960 Speaker 2: I text them my phone number and some people I say, 484 00:24:32,000 --> 00:24:34,520 Speaker 2: as you can, and others I just text it because 485 00:24:34,520 --> 00:24:34,800 Speaker 2: they know. 486 00:24:35,080 --> 00:24:37,000 Speaker 3: I don't want to be rude and bother them. Call 487 00:24:37,080 --> 00:24:38,000 Speaker 3: me when you can't. 488 00:24:38,200 --> 00:24:45,320 Speaker 8: See you're you know, really I face exactly. He's like, whoa, that's. 489 00:24:45,640 --> 00:24:49,040 Speaker 5: That's a great question. Is it okay to call someone 490 00:24:49,080 --> 00:24:51,520 Speaker 5: first without giving them text warning. I didn't even know 491 00:24:51,600 --> 00:24:52,800 Speaker 5: that was a thing, but now you're right. 492 00:24:52,840 --> 00:24:55,720 Speaker 8: But it's becoming a workplace thing too, because you know, 493 00:24:55,760 --> 00:24:57,879 Speaker 8: sometimes people just let me just call, you know, the 494 00:24:57,880 --> 00:25:00,359 Speaker 8: Boston tell them this. No, some people are saying you 495 00:25:00,400 --> 00:25:03,080 Speaker 8: should text them first, see if it's okay to call now, 496 00:25:03,320 --> 00:25:05,920 Speaker 8: you know, and they're saying, it's wasting time back and forth. 497 00:25:05,920 --> 00:25:07,560 Speaker 8: I can't talk to you right now, so just text me. 498 00:25:08,320 --> 00:25:09,880 Speaker 5: Most of the time you picked up a phone call 499 00:25:10,119 --> 00:25:12,280 Speaker 5: that you didn't know who the caller. 500 00:25:12,080 --> 00:25:13,119 Speaker 8: Was, Oh, I don't know. 501 00:25:13,280 --> 00:25:18,520 Speaker 5: Never do that and they're like, hello, Hello, there's and 502 00:25:18,560 --> 00:25:20,720 Speaker 5: they're shocked to find out it's like a spam, you know, 503 00:25:20,880 --> 00:25:22,880 Speaker 5: robo call or somebody trying to sell something. 504 00:25:22,920 --> 00:25:24,960 Speaker 8: But it's it's a generational thing because the Wall Street 505 00:25:25,000 --> 00:25:29,159 Speaker 8: Journal is saying that the people who who who grew 506 00:25:29,240 --> 00:25:31,480 Speaker 8: up with landlines, those are the ones who say it's okay. 507 00:25:31,520 --> 00:25:33,600 Speaker 8: And the people who have been texting since high school 508 00:25:33,720 --> 00:25:35,720 Speaker 8: say no, you need to text me first and let 509 00:25:35,760 --> 00:25:37,760 Speaker 8: me know that you're calling. So that's a divide. 510 00:25:38,040 --> 00:25:41,359 Speaker 5: Yeah, yes it is. 511 00:25:41,800 --> 00:25:43,520 Speaker 3: I thought we were doing. 512 00:25:44,480 --> 00:25:47,760 Speaker 5: We're going Hot Dog Fair. 513 00:25:48,160 --> 00:25:51,000 Speaker 3: That is Lisa Matteo with the newspaper. 514 00:25:51,320 --> 00:25:54,520 Speaker 2: This is the Bloomberg Saveillance podcast, bringing you the best 515 00:25:54,520 --> 00:25:59,320 Speaker 2: in economics, finance, investment, and international relations. You can also 516 00:25:59,359 --> 00:26:03,439 Speaker 2: watch the show live on YouTube. Visit the Bloomberg Podcast 517 00:26:03,560 --> 00:26:07,600 Speaker 2: channel on YouTube to see the show weekday mornings from 518 00:26:07,640 --> 00:26:10,879 Speaker 2: seven to ten am Eastern from our global headquarters in 519 00:26:10,960 --> 00:26:14,680 Speaker 2: New York City. 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