WEBVTT - The Inflation Story and History in India 0:00:00.040 --> 0:00:06.760 Bloomberg Audio Studios, Podcasts, radio News. 0:00:11.960 --> 0:00:15.560 This is the Bloomberg Surveillance Podcast. I'm Tom Keene along 0:00:15.600 --> 0:00:18.960 with Paul Sweeney. Join us each day for insight from 0:00:18.960 --> 0:00:23.160 the best in economics, finance, investment, and international relations. You 0:00:23.160 --> 0:00:26.520 can also watch the show live on YouTube. Visit the 0:00:26.520 --> 0:00:31.280 Bloomberg Podcast channel on YouTube to see the show weekday 0:00:31.280 --> 0:00:34.320 mornings from seven to ten am Eastern from our global 0:00:34.360 --> 0:00:39.000 headquarters in New York City. Subscribe to the podcast on Apple, Spotify, 0:00:39.360 --> 0:00:42.920 or anywhere else you listen and always I'm Bloomberg Radio, 0:00:43.080 --> 0:00:46.280 the Bloomberg Terminal, and the Bloomberg Business App. 0:00:46.600 --> 0:00:47.720 Victoria Bill's terms. 0:00:47.720 --> 0:00:49.839 It is now from Chicago, so as she could be 0:00:49.840 --> 0:00:52.480 with us because she writes these acute strategy notes which 0:00:52.520 --> 0:00:55.280 are be in the market and shut up and buy 0:00:55.320 --> 0:00:58.520 in video. Victoria, how can you buy in Vidia after 0:00:58.560 --> 0:00:59.280 the moonshot? 0:01:00.720 --> 0:01:03.320 I mean, it's one of those things where when we're 0:01:03.440 --> 0:01:06.760 thinking about Nvidia and especially again the huge spur that 0:01:06.760 --> 0:01:09.040 we're seeing in the growth with AI or what some 0:01:09.080 --> 0:01:12.479 people might even call a bubble, it's honestly, the price 0:01:12.520 --> 0:01:15.720 from here is honestly has incredible upwards. 0:01:15.319 --> 0:01:17.720 Bound to go even beyond the one thousand dollars mark. 0:01:18.240 --> 0:01:21.080 And you know, right now we're looking at overall from Nvidia, 0:01:21.200 --> 0:01:25.000 like consensus expectations is around like five point forty eight 0:01:25.080 --> 0:01:25.560 per share. 0:01:26.160 --> 0:01:28.080 The stock has just done really well. 0:01:28.280 --> 0:01:32.440 It's very hard for me to argue otherwise, like es actually, 0:01:32.440 --> 0:01:35.440 when you're constantly beating earning expectations, like I just don't 0:01:35.520 --> 0:01:36.920 see the seller story for it. 0:01:37.000 --> 0:01:38.960 Yeah, I think it's like through the highs that we 0:01:39.000 --> 0:01:42.360 saw yesterday as well. Now eleven thirty three is a 0:01:42.400 --> 0:01:44.520 pre market I don't even know what that means ten 0:01:44.560 --> 0:01:45.240 for one stocks. 0:01:45.240 --> 0:01:46.279 But coming up here. 0:01:46.760 --> 0:01:50.160 As well, Victoria, at the bottom of your note on Nvidia, 0:01:50.280 --> 0:01:52.919 you go to what's different now, which is it seems 0:01:52.920 --> 0:01:55.600 to be a new adult tech from the view. 0:01:55.440 --> 0:01:59.360 Of banry On, is tech really wetted down. 0:01:59.280 --> 0:02:03.840 To givoting both and share buyback for use of cash. 0:02:03.880 --> 0:02:04.520 Absolutely. 0:02:04.640 --> 0:02:07.320 I mean when we're thinking again, like the whole issue 0:02:07.360 --> 0:02:09.240 in terms of tech and how we're thinking about this 0:02:09.480 --> 0:02:12.840 is that like profit margins is well above like seventy 0:02:12.880 --> 0:02:16.880 five percent, And when we think about, for example, how 0:02:16.919 --> 0:02:20.720 to capitalize or how to get involved in these technology 0:02:20.760 --> 0:02:25.160 based stocks, I mean, whether it's smaller companies like super microcomputer, 0:02:25.360 --> 0:02:28.040 Nvidia being kind of the top player in terms of 0:02:28.639 --> 0:02:31.760 what we're looking at with AI, but also cryptocurrency and 0:02:32.639 --> 0:02:34.639 like GPU, like how. 0:02:34.520 --> 0:02:36.839 All of that is, how all of that is processed. 0:02:37.320 --> 0:02:39.520 Like again, like I think that there is a great 0:02:39.600 --> 0:02:41.200 like buyer story to be had here. 0:02:42.040 --> 0:02:44.600 So Victor, I'm looking through your stock list and a 0:02:44.600 --> 0:02:48.880 lot of you know, kind of high valuation technology, biotech, healthcare. 0:02:49.440 --> 0:02:50.280 But then you also. 0:02:50.120 --> 0:02:53.240 Got to diamond Back Energy in there. Talk to us 0:02:53.240 --> 0:02:55.280 about energy and how you think about that in the 0:02:55.320 --> 0:02:58.680 context of some of you more higher multiple and higher 0:02:58.720 --> 0:03:00.000 growth names that you guys. 0:02:59.880 --> 0:03:04.560 Like absolutely, so Diamondback when we think about basically it's 0:03:04.720 --> 0:03:08.880 independent oil natural gas company and a lot of what 0:03:08.880 --> 0:03:12.600 we're seeing right now in terms of whether that's the 0:03:12.800 --> 0:03:16.880 Biden administration pulling down on terariffs for when it comes 0:03:16.919 --> 0:03:20.079 to like ev vehicles, it's almost like a protectionary method, 0:03:20.120 --> 0:03:23.639 I would protectionary measure in order to kind of protect 0:03:23.720 --> 0:03:27.720 certain industries that are here. So basically it's been trading 0:03:27.720 --> 0:03:30.320 at like almost eight times earnings over the path over 0:03:30.360 --> 0:03:33.040 the past couple of years. They have a very strong 0:03:33.400 --> 0:03:37.520 team backing them. And then and then essentially again we 0:03:37.560 --> 0:03:39.800 have some protective measures that are coming in place where 0:03:39.800 --> 0:03:43.920 we're trying to be more cordial towards industries that are 0:03:43.960 --> 0:03:47.200 here within the US. So that's where I would see 0:03:47.280 --> 0:03:50.240 kind of the story for diamondback. And then also just 0:03:50.880 --> 0:03:53.680 in terms of like free cash flows as well into 0:03:53.720 --> 0:03:55.200 the hundreds of millions. 0:03:55.360 --> 0:03:59.000 What's the value of cash within your strategy? Is it 0:03:59.040 --> 0:04:01.840 a bolt on or is it actually part of a 0:04:01.880 --> 0:04:02.920 strategy forward? 0:04:04.800 --> 0:04:07.360 So cash in terms of how we think about it 0:04:07.760 --> 0:04:10.920 for our strategy. So we are an alternative investment firm, 0:04:11.000 --> 0:04:13.360 so a lot of what we are advocating for is 0:04:13.560 --> 0:04:17.600 alternative based, alternative based investing, so looking at things that 0:04:17.720 --> 0:04:21.599 are providing similar returns to a sixty forty portfolio, but 0:04:22.360 --> 0:04:26.160 have like not necessarily leveraging all that risk. So when 0:04:26.400 --> 0:04:28.680 we're thinking about cash, it's great to have in kind 0:04:28.720 --> 0:04:32.280 of the short term, but investing in more newer alternative 0:04:32.360 --> 0:04:36.000 forms of technology and industry because that is the future 0:04:36.000 --> 0:04:38.080 and that's the wave that we're that we'll be seeing 0:04:38.080 --> 0:04:40.960 that's coming down a year, two years down the road. 0:04:41.279 --> 0:04:43.800 But having cash in the moment, especially if you're someone 0:04:43.800 --> 0:04:47.479 who needs that for retirement or to buy White Sox tickets, 0:04:47.560 --> 0:04:49.720 absolutely in necessity So. 0:04:49.760 --> 0:04:52.240 Victoria, how do you how do you guys at Benrian 0:04:52.360 --> 0:04:55.359 think about just valuation in the markets today. We've had 0:04:55.400 --> 0:04:57.279 a big, big move in the equity markets off of 0:04:57.320 --> 0:05:00.240 these October levels, and we've had some good earning and 0:05:01.279 --> 0:05:03.080 let's be clear, we did have some good earnings growth. 0:05:03.320 --> 0:05:05.520 Is that earnings growth enough to support this market from 0:05:05.560 --> 0:05:06.160 your perspective? 0:05:07.600 --> 0:05:10.200 I think there's definitely a possibility for that right now. 0:05:10.240 --> 0:05:13.040 What we're seeing in terms of small cap stocks, small 0:05:13.080 --> 0:05:15.679 caps are kind of making a comeback, but they're still 0:05:16.240 --> 0:05:19.400 not as frothy as or they're a bit frothier than. 0:05:19.279 --> 0:05:21.600 What we would want in the industry right. 0:05:21.600 --> 0:05:25.000 Now, especially if we're thinking especially what we're seeing right. 0:05:24.960 --> 0:05:28.440 Now is when we are trying to beat. 0:05:28.200 --> 0:05:30.440 Out the S and P five hundred, it's the actively 0:05:30.480 --> 0:05:33.880 managed portfolios that tend to do much better than those 0:05:34.880 --> 0:05:38.279 more smaller ETFs. So if you're, for example, looking for 0:05:38.320 --> 0:05:41.960 an alternative that would provide very similar return profile to 0:05:42.040 --> 0:05:46.400 like a sixty forty combination of equities and bond, equities 0:05:46.400 --> 0:05:48.800 and bonds, then a lot of what we're looking at, 0:05:48.839 --> 0:05:54.839 for example, would be CTA, B tall MRSK, again basically 0:05:55.279 --> 0:05:59.479 attractive diversifieds that will allow you to gain that same 0:05:59.520 --> 0:06:01.039 sort of out but that you would get from a 0:06:01.040 --> 0:06:05.360 small cap stock, but not as but diversifying that risk. 0:06:05.520 --> 0:06:10.640 Into June thirty, Victoria, what are you seeing clients actually doing? 0:06:10.680 --> 0:06:14.039 What is the mood out there? After? I think the 0:06:14.120 --> 0:06:17.480 shock of selling mayon goal by not working out what's 0:06:17.520 --> 0:06:18.640 the mood right now? 0:06:21.000 --> 0:06:23.280 So if I'm hearing you correctly, I think what you're 0:06:23.320 --> 0:06:25.880 asking is like, where are people kind of feeling? Where 0:06:25.880 --> 0:06:29.160 are people going in terms of where the equity markets are? 0:06:29.360 --> 0:06:30.680 Yes, so that's good enough. 0:06:31.560 --> 0:06:33.440 Yeah, so good. Good question. 0:06:34.360 --> 0:06:36.279 Again, I think that a lot of people are trying 0:06:36.320 --> 0:06:39.160 to find that alpha out there in the market. We're 0:06:39.200 --> 0:06:43.600 seeing continuously high valuations, and so that's where I'm saying 0:06:43.600 --> 0:06:48.520 alternative investment strategies that will provide you a similar return profile, 0:06:48.680 --> 0:06:52.679 but again like reducing that beta or even providing a 0:06:52.720 --> 0:06:56.840 similar return profile, and then but diversifying across a very 0:06:56.920 --> 0:07:00.159 highly concentrated managed portfolio. That's where I think a lot 0:07:00.200 --> 0:07:02.839 of people are starting to head towards right now. But 0:07:03.560 --> 0:07:06.359 I think the appetite for that market again is it 0:07:06.400 --> 0:07:09.880 requires a hot It's a high educational. 0:07:09.320 --> 0:07:12.440 Barrier when we talk. We're talking about lives. 0:07:12.760 --> 0:07:14.880 But that's where I think a lot of people if 0:07:14.920 --> 0:07:18.040 you're being smart about the market and looking again for 0:07:18.440 --> 0:07:22.040 ways to get involved, especially in industries that are related 0:07:22.080 --> 0:07:25.760 to like evs semiconductors, that's where I think alternative investment 0:07:25.760 --> 0:07:29.960 strategies are coming in managed energy tiets are doing much 0:07:30.120 --> 0:07:31.080 better in that regard. 0:07:31.400 --> 0:07:34.400 We got to be quick here, Victoria. But you mentioned it. 0:07:34.520 --> 0:07:39.160 I mean the Chicago White Sox back fifty five years 0:07:39.160 --> 0:07:41.920 when I saw Nellie Fox hit a home run at 0:07:42.000 --> 0:07:45.920 Kimiski Park, It's like the worst team ever. What does 0:07:46.000 --> 0:07:50.080 Victoria Bills do to turn the Chicago White Sox around? 0:07:51.840 --> 0:07:53.640 Hopes and prayers, thoughts and prayers. 0:07:53.760 --> 0:07:57.000 But I think that what they're my understanding right now 0:07:57.040 --> 0:07:59.680 is that they're looking to move the White Sox Stadium, 0:08:00.200 --> 0:08:05.200 and I would hope also to potentially look at new management. Look, 0:08:05.320 --> 0:08:08.280 I am not a sports grilly by any stretch of 0:08:08.280 --> 0:08:11.120 the imagination, but I am like how there are Cubs 0:08:11.160 --> 0:08:13.800 fans that always have supported the Cubs. I will always 0:08:13.800 --> 0:08:16.840 support the White Sox, even if it's better interests. 0:08:17.960 --> 0:08:21.240 My deepest sympathy is Victoria Bills. Thank you so much. 0:08:31.200 --> 0:08:33.120 I called up the team and putting the show together 0:08:33.200 --> 0:08:34.840 Saturday and Sunday, and I said, we got. 0:08:34.679 --> 0:08:35.679 To get Derek Wallbank on. 0:08:35.800 --> 0:08:38.080 He's in Delhi and we want to talk to him 0:08:38.080 --> 0:08:41.640 about the crushing climate that he with his leadership out 0:08:41.640 --> 0:08:45.640 of Singapore or spirheading for Bloomberg News a temperatures from 0:08:45.760 --> 0:08:50.520 India on over across Southeast Asia. Something in the heart 0:08:50.559 --> 0:08:53.000 and soul of mister Wallbank. He joins us this morning 0:08:53.600 --> 0:08:57.000 off a small matter of an election in India. Derek 0:08:57.040 --> 0:09:01.439 Wallbank joins from Delhi where he provides leadership out of Singapore. 0:09:01.960 --> 0:09:06.600 Derek Mody is won and he is dominant, and it 0:09:06.640 --> 0:09:10.120 is a tension of a cosmopolitan southern India. I think 0:09:10.160 --> 0:09:14.720 Sacha Nadella playing cricket as a child versus the emotion 0:09:15.040 --> 0:09:20.559 of Hinduism of northern India. Can Mody bring these two regions, 0:09:20.559 --> 0:09:23.080 these two disparate Indias together. 0:09:24.760 --> 0:09:26.400 Well, Tom, it's good to talk to you, my friend. 0:09:26.520 --> 0:09:29.200 It's you know, look it is. We don't do anything 0:09:29.240 --> 0:09:31.800 halfway here. It's about one hundred and eleven degrees fahrenheit 0:09:31.840 --> 0:09:37.760 outside and the world's largest democracy. The election results are 0:09:37.840 --> 0:09:42.080 coming out tomorrow. We got the exit polls just over 0:09:42.160 --> 0:09:45.400 the weekend, they show the exit polls, and I mean 0:09:45.440 --> 0:09:49.000 poles plural, there are a lot of them. They all 0:09:49.040 --> 0:09:51.120 are kind of hurting around this idea of a Mody 0:09:51.240 --> 0:09:54.920 landslide victory. They're sort of it depends in a range 0:09:54.920 --> 0:09:58.760 from a lot to really a lot. What they're showing 0:09:58.920 --> 0:10:01.800 if you sort of walk in the regional breakdowns is 0:10:01.840 --> 0:10:04.839 you are seeing the big JP that Modi leads and 0:10:04.880 --> 0:10:07.720 his allies doing really really well in their traditional sort 0:10:07.720 --> 0:10:10.600 of heartlands. But you're also sort of seeing a little 0:10:10.600 --> 0:10:13.440 bit of a pull in to some of those areas 0:10:13.440 --> 0:10:17.880 where they've had some difficulties in prior elections. You are 0:10:17.920 --> 0:10:21.640 seeing a little bit more of a national move and 0:10:21.720 --> 0:10:24.080 will have to see if the actual results sort of 0:10:24.160 --> 0:10:26.600 track that. You are seeing a little bit more of 0:10:26.600 --> 0:10:27.240 a regional spread. 0:10:27.320 --> 0:10:29.840 Yeah, and Paul, we got a color this. This is important. 0:10:29.840 --> 0:10:33.720 In America, we're hysterical about having three or four, maybe 0:10:33.800 --> 0:10:38.960 five languages. There are twenty three official languages in India. 0:10:38.559 --> 0:10:40.839 And then all the dialects on top of that, just 0:10:40.960 --> 0:10:45.320 extraordinary place in the world. Derek, what does this mean 0:10:45.559 --> 0:10:49.800 for the politics of India going forward? Mister Mody, what 0:10:49.880 --> 0:10:53.160 will he do coming out of this election on the 0:10:53.160 --> 0:10:54.640 world stage, do you believe. 0:10:56.440 --> 0:10:58.400 Well, So let me put this into sort of two camps. 0:10:58.480 --> 0:11:01.080 Let me say, in the India India locally camp, Let's 0:11:01.080 --> 0:11:04.480 say that the results track the X. That's you were 0:11:04.520 --> 0:11:08.840 looking at a landslide victory in that scenario, but not 0:11:09.160 --> 0:11:12.640 a can do whatever the heck he wants in terms 0:11:12.640 --> 0:11:14.800 of changing the constitution all of that sort of stuff. 0:11:15.040 --> 0:11:17.840 So there are some there are some guardrails, I guess, 0:11:17.880 --> 0:11:20.559 I would say, but it would be a very large 0:11:21.320 --> 0:11:23.800 mandate where he would be able to operasionally sort of 0:11:23.800 --> 0:11:26.440 go the same way your your investment sort of tracks there, 0:11:26.920 --> 0:11:30.200 I think on a on a global scale. You know, Look, 0:11:30.240 --> 0:11:32.640 it's no secret that the United States and the US 0:11:32.760 --> 0:11:35.520 allies really liked the idea of an ascend in India. 0:11:36.200 --> 0:11:38.200 Last year with the G twenty was a really big 0:11:38.240 --> 0:11:43.640 sort of coming out party for Modi himself. And and 0:11:43.720 --> 0:11:46.160 so India really wants to take a place on the 0:11:46.160 --> 0:11:48.800 world stage that is larger than it has held before. 0:11:49.240 --> 0:11:51.440 And it's going to be welcomed in getting there. And 0:11:51.480 --> 0:11:55.120 I think particularly what you should look for is what 0:11:55.360 --> 0:11:58.800 happens when things go a little bit sideways. Right, They 0:11:58.920 --> 0:12:03.640 had they had the issue with Canada in recent years 0:12:03.640 --> 0:12:07.440 where there was some real friction there over potential extra 0:12:07.520 --> 0:12:11.000 judicial killing, and Canada really wanted a little bit more 0:12:11.040 --> 0:12:13.080 back up on the world stage. When they were looking around, 0:12:13.120 --> 0:12:14.880 a lot of their friends weren't there as strongly as 0:12:15.280 --> 0:12:17.760 they thought they would, because I'm just not sure that 0:12:17.760 --> 0:12:19.720 a lot of people are going to be racing to 0:12:19.720 --> 0:12:21.720 go confront Mody they want him. 0:12:21.559 --> 0:12:22.880 There, Derek, just because of the time. 0:12:22.920 --> 0:12:24.720 I got a segiui here to what you're in the 0:12:24.760 --> 0:12:28.400 team recovering out of Singapore, which is to be polite. 0:12:28.800 --> 0:12:31.360 Excessive heat and the way you look at this is 0:12:31.360 --> 0:12:33.800 a physician once told me, it's not it's one hundred 0:12:33.800 --> 0:12:34.880 and eleven in Deli. 0:12:35.440 --> 0:12:37.080 It's if they're lucky, the load. 0:12:36.880 --> 0:12:40.439 Tonight will be eighty nine degrees. Derek, what is Bloomberg 0:12:40.480 --> 0:12:43.760 News reporting, I'm going to say, in a broad sense, 0:12:43.760 --> 0:12:50.280 from Manila to Dubai on the successive heat, Yeah. 0:12:50.120 --> 0:12:52.480 It's it's absolutely stifling, Tom and I think that I 0:12:52.480 --> 0:12:55.880 think one of the things that we're showing is a 0:12:56.000 --> 0:12:59.000 lack of infrastructure to be able to deal with it. 0:12:59.360 --> 0:12:59.520 Right. 0:12:59.600 --> 0:13:04.240 There's not you know that you're seeing in some places 0:13:05.000 --> 0:13:07.679 power outages combined with this, so there really isn't that 0:13:07.720 --> 0:13:10.840 sort of rest. But I think broadly speaking, you're talking 0:13:10.880 --> 0:13:13.320 about places that are trying to figure out how they're 0:13:13.360 --> 0:13:15.080 going to live with this. It's going to be one 0:13:15.080 --> 0:13:16.880 of the big challenges that the body is going to 0:13:16.960 --> 0:13:20.520 be looking at is building up that infrastructure to be 0:13:20.559 --> 0:13:21.280 able to handle. 0:13:21.520 --> 0:13:22.840 I think we level the. 0:13:24.440 --> 0:13:29.079 Question and if anything runs out of water. 0:13:28.840 --> 0:13:32.319 Traveling public comes to the rescue. Maybe I didn't miss 0:13:32.320 --> 0:13:34.760 buying a handbag or a watch or another pair of shoes, 0:13:34.760 --> 0:13:35.679 but I sure don't know. 0:13:36.240 --> 0:13:38.160 I mean, and that's that's one of the things that 0:13:38.200 --> 0:13:40.640 you're seeing in Singapore to do right where you're where 0:13:40.640 --> 0:13:43.280 you're saying, what are we going to be able to 0:13:43.320 --> 0:13:45.400 do in this environment in Singapore? 0:13:45.480 --> 0:13:48.120 Do you have looking. 0:13:49.120 --> 0:13:53.800 Massive reclamation project function as a reservoir to be able 0:13:53.840 --> 0:13:56.160 to allow Singapore. 0:13:55.320 --> 0:13:58.680 Certainly in the Europe broadly that it doesn't have to 0:13:58.720 --> 0:14:02.280 rely on a record last summer and. 0:14:02.280 --> 0:14:04.840 Our forward at today are up about seven your house, 0:14:05.440 --> 0:14:06.079 because it really is. 0:14:06.120 --> 0:14:10.240 And that's going not only in the frontalytic benefit Italy 0:14:10.320 --> 0:14:12.880 Spain all those waves. 0:14:14.559 --> 0:14:19.640 Over years, and it's not like they're not spending money 0:14:19.680 --> 0:14:22.440 for the temperature five hundred, six hundred, seven hundred dollars. 0:14:23.040 --> 0:14:25.680 Where are you guys allocating your capital city? 0:14:25.720 --> 0:14:27.520 Where do you see the opportunity now, I should say 0:14:27.520 --> 0:14:28.480 in your business. 0:14:28.160 --> 0:14:30.400 So a few places. Right now, we're going through a 0:14:30.600 --> 0:14:36.320 massive replatforming of important technology systems, our reservation system, our 0:14:36.360 --> 0:14:40.360 property management system, and our loyalty platform. And so we've 0:14:40.440 --> 0:14:42.560 mentioned on the earliest call for the next couple of 0:14:42.640 --> 0:14:43.360 quarters will be. 0:14:43.760 --> 0:14:45.840 How do you get people to call Mary a direct? 0:14:45.960 --> 0:14:49.400 Call a hotel direct instead of some personal thing like 0:14:49.440 --> 0:14:51.800 I'm going to pick on booking dot com. I go 0:14:51.880 --> 0:14:54.360 to hotels where I can book the hotel directs stead 0:14:54.360 --> 0:14:56.480 at the desk, you know, be sure they can take 0:14:56.960 --> 0:14:58.119 missus King seven. 0:14:57.920 --> 0:15:01.120 Lewis view luggages in proper. How do you get back 0:15:01.160 --> 0:15:02.400 to that personal service? 0:15:02.640 --> 0:15:05.840 It's really through the Bonvoy platform. It's creating a suite 0:15:05.840 --> 0:15:09.400 of benefits and making sure through the Bonvoy platform we 0:15:09.560 --> 0:15:13.800 educate the consumer of the benefits of booking direct. 0:15:12.960 --> 0:15:16.400 I'm just gonna this is what Lisa wants to talk about, 0:15:16.440 --> 0:15:20.600 So we're going there. Tony Cavano, how the Saint Regis 0:15:20.840 --> 0:15:25.800 mal Dives Voluly Resort, it's the best points guy Brian says, 0:15:25.800 --> 0:15:29.320 it's the best you know, bet Saint Regis in the world. 0:15:29.520 --> 0:15:32.640 Do you link with airplanes so Lisa Matteo can get 0:15:32.720 --> 0:15:34.479 there for the one week in September. 0:15:34.640 --> 0:15:35.760 It's easy to get there. 0:15:38.560 --> 0:15:41.960 How does Lisa Mateo pack the bag the little you know, 0:15:42.040 --> 0:15:44.520 surely have the knapsack thing and get to the mall dives? 0:15:44.520 --> 0:15:45.080 How do you do that? 0:15:45.160 --> 0:15:48.400 She jumps on Emirates, flies straight to Mollie and then 0:15:48.440 --> 0:15:50.800 there'll be a beautiful Saint Regis boat waiting for you 0:15:50.840 --> 0:15:54.160 to see right to the doc you do, or if 0:15:54.160 --> 0:15:57.280 you really want a beautiful view of that destination, you 0:15:57.320 --> 0:16:00.320 get on a seaplane which flies at about two thousand 0:16:00.400 --> 0:16:02.080 feet and you get to view all those. 0:16:01.960 --> 0:16:10.480 Beautiful I've never seen her. George Clooney could walk so tony. 0:16:11.040 --> 0:16:13.800 I mean, I see a lot of demand. The Maldive's great, 0:16:13.880 --> 0:16:16.680 that's for Lisa Manteo, but I see demand for the 0:16:16.720 --> 0:16:18.360 kind of the mid range. People want to take those 0:16:18.440 --> 0:16:21.040 longer term stays. I didn't know that that was a 0:16:21.080 --> 0:16:24.160 business until recently, but that really is a business where 0:16:24.200 --> 0:16:27.280 people want to take long term stays. Maybe they're contract 0:16:27.520 --> 0:16:29.680 workers are something like I've talked to us about that business. 0:16:30.160 --> 0:16:33.920 Again, another interesting byproduct coming out of the pandemic this 0:16:34.080 --> 0:16:37.040 notion that folks, even if they're a little suboptimized, they 0:16:37.080 --> 0:16:40.400 can work from anywhere. There is a younger generation of 0:16:40.440 --> 0:16:43.400 nomads that wants to work from anywhere, and so the 0:16:43.440 --> 0:16:47.200 ability whether it's a traditional extended stay hotel like residents In, 0:16:47.800 --> 0:16:51.480 whether it's a more value focused extended stay product like 0:16:51.520 --> 0:16:55.480 Studio res Our new mid scale extended stay platform, or 0:16:55.600 --> 0:16:58.240 whether it's a bit longer term stay in an apartments 0:16:58.240 --> 0:17:01.480 by Marriott Bonvoy. There is a consumer that for their 0:17:01.520 --> 0:17:05.199 travel needs, is much better served with something focused on 0:17:05.320 --> 0:17:07.960 not a one or two night transience day, but really 0:17:08.040 --> 0:17:10.800 purpose built to accommodate that longer stay. 0:17:11.200 --> 0:17:12.640 What are you doing with New York City? 0:17:13.560 --> 0:17:16.160 The cheapest hotel in Manhattan, I think is eight hundred 0:17:16.200 --> 0:17:18.919 dollars a night. I'm kidding, But what's your plan for 0:17:19.040 --> 0:17:19.720 New York City? 0:17:19.880 --> 0:17:21.240 Well, we'll continue to grow. 0:17:21.280 --> 0:17:24.360 This city is remarkable and the pace at which it's 0:17:24.440 --> 0:17:29.280 recovered from a travel perspective is a terrific story. One 0:17:29.280 --> 0:17:32.600 of the great benefits of having such a broad brand 0:17:32.680 --> 0:17:36.879 portfolio across multiple quality tiers. We'll continue to grow at 0:17:36.880 --> 0:17:40.080 the luxury end we just announced, but at the same 0:17:40.160 --> 0:17:43.040 time we'll continue to grow with our new mid scale. 0:17:43.160 --> 0:17:46.400 Our good friend David Gera loves to have a Gibson 0:17:46.520 --> 0:17:47.600 at the Old King Cole. 0:17:47.760 --> 0:17:50.080 Tell me, you're not ruining the Saint Regis. 0:17:49.800 --> 0:17:52.680 Absolutely, first floor. What are you doing right now at 0:17:52.680 --> 0:17:53.840 the Saint Regions Hotel. 0:17:54.080 --> 0:17:57.040 You're blowing up the first floor floor of an icon 0:17:57.080 --> 0:17:57.960 What are you going to do with it? 0:17:58.240 --> 0:18:01.720 We're just updating it. We're can it more convenient for 0:18:01.800 --> 0:18:05.439 our guests. We're improving some of the traffic flow. But 0:18:05.520 --> 0:18:08.280 we are absolutely not touching that iconic king hole. 0:18:08.440 --> 0:18:10.800 I mean, this is great and what's so great about this? 0:18:10.920 --> 0:18:14.000 The restoration of the painting at the Old King Cole 0:18:14.560 --> 0:18:15.520 was like something out. 0:18:15.400 --> 0:18:17.960 Of the Loofah. Did you get the invoice on that? 0:18:18.280 --> 0:18:21.760 Somebody did? It didn't come to me, didn't come to you. 0:18:22.000 --> 0:18:24.879 Saint Regis is another brand that we just announced today. 0:18:25.000 --> 0:18:28.679 The iconic Pelican Hill resort on Newport Coast in southern 0:18:28.720 --> 0:18:31.560 California is going to be reflagged as a Saint Regis 0:18:31.600 --> 0:18:34.040 as well. So it's a brand that is real. This 0:18:34.119 --> 0:18:37.480 is a Newport Yeah, it's Don Brenn and the Irvine company. 0:18:37.600 --> 0:18:41.320 Are you calling this hotel Alrian? You know? I mean, 0:18:41.359 --> 0:18:43.119 is this like a Pimco out post? Is that what 0:18:43.080 --> 0:18:43.360 it is? 0:18:43.400 --> 0:18:43.560 Now? 0:18:43.560 --> 0:18:45.760 I think they continue to be a valued client. 0:18:46.119 --> 0:18:47.960 They'll be good, Tony. Thank you so much. 0:18:47.960 --> 0:18:52.160 Congratulations in fourteen percent per your total return that off 0:18:52.200 --> 0:18:53.159 of Marriotte stock. 0:18:53.200 --> 0:18:56.720 And thank you for the ninety day visits. Will Matteo 0:18:57.080 --> 0:19:03.120 m a T to the melt I see, tell them 0:19:03.119 --> 0:19:04.400 to get your slippers ready. 0:19:05.000 --> 0:19:17.240 Thank you so much, Tony. If daily look at the 0:19:17.280 --> 0:19:20.280 front pages, Lisa Matteo, where to begin? 0:19:20.560 --> 0:19:20.879 All right? 0:19:20.920 --> 0:19:24.119 We're starting with something happening today in New York. This 0:19:24.160 --> 0:19:26.720 is really a lifeline for New York City families who 0:19:26.720 --> 0:19:28.720 are struggling to pay rent. The New York City Housing 0:19:28.720 --> 0:19:32.440 Authority they're reopening that waiting list for federal housing vouchers, 0:19:32.440 --> 0:19:34.960 which you know is Section eight. It closed back in 0:19:35.000 --> 0:19:37.399 December because it grew way too big. It grew to 0:19:37.440 --> 0:19:39.919 one hundred and twenty eight thousand families. Now the waiting 0:19:39.920 --> 0:19:42.159 list has dropped down to about thirty seven hundred, so 0:19:42.160 --> 0:19:44.760 they're opening it up again. But here's the problem, and 0:19:44.800 --> 0:19:48.320 the New York Times really gets into this fantastically, is 0:19:48.320 --> 0:19:51.160 that the city doesn't have enough apartments where the city 0:19:51.200 --> 0:19:54.240 vouchers can be used. So yes, they're opening this wait list, 0:19:54.400 --> 0:19:55.400 but it's a mess. 0:19:55.680 --> 0:19:58.679 Yeah, it's change, you know, I see it from a 0:19:58.760 --> 0:20:03.439 rarefied atmosphere. We'd a life changing moment. What do you 0:20:03.440 --> 0:20:07.320 tell your kids? I'm like, you know, go leave. But 0:20:07.359 --> 0:20:10.000 then what do you do with eight people in Queen's 0:20:10.040 --> 0:20:11.720 I mean, that's really what we've come up to. 0:20:12.320 --> 0:20:14.879 I mean, that's been I know it's always been a 0:20:14.960 --> 0:20:17.879 challenge in the city, but you know, it just feels 0:20:17.960 --> 0:20:21.600 like where are the new units being created in the city. 0:20:21.760 --> 0:20:24.680 It's rent has to be at most around three thousand 0:20:24.720 --> 0:20:26.640 for a two bedroom apartment for a family of four. 0:20:27.240 --> 0:20:31.560 Find that like past the Pine barrens in New Jersey. 0:20:31.640 --> 0:20:35.840 Exactly over the weekend, there was a transaction in Washington 0:20:35.880 --> 0:20:37.639 where they're going to take an office building on K 0:20:37.800 --> 0:20:40.480 Street and I guess they're going to make it residential. 0:20:40.920 --> 0:20:43.760 What do you think the cheapest place in it is 0:20:43.800 --> 0:20:46.520 going to be one and a half million dollars. I mean, 0:20:46.560 --> 0:20:49.520 I just don't know. This is an urgent issue to 0:20:49.560 --> 0:20:51.200 all of you across the nation. Next. 0:20:51.480 --> 0:20:54.439