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Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane Jay Ley.

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Speaker 1: We bring you insight from the best in economics, finance, investment,

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Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,

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Speaker 1: Bloomberg dot Com, and of course, on the Bloomberg Paul,

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Speaker 1: I'm gonna let you bring in our steam guest who

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Speaker 1: can't talk about a sixty billion dollar merger. But but

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Speaker 1: I just want to say. I mean, I know it's

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Speaker 1: all about scale, and we can talk about scale, but

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Speaker 1: the key thing for me is I need to own

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Speaker 1: my look. I gotta own your look. And the Botox thing,

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Speaker 1: I mean, it's getting you know, my my botox is

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Speaker 1: like Alegan stock chart not so good. So I'm on

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Speaker 1: your look. This is the botox people, the botox folks,

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Speaker 1: I mean abby V billion dollars year. But come on,

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Speaker 1: laps the fee that the consultant got to come up

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Speaker 1: with abby V buying botox maker. Can we turn on

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Speaker 1: Tobias microphone? I mean great, thank you? Okay. V stands

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Speaker 1: for life. That's the reason it's French. Really, Oh it's fresh.

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Speaker 1: That's where the consultants so black. When the Canadians go

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Speaker 1: to Chicago and play the black Hawks. Everybody from Abby

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Speaker 1: V shows up. Well, no, not necessarily be there based

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Speaker 1: in Montreal. Paul start on this and we can't talk

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Speaker 1: to Tobias about individual stocks, but we can't talk Paul

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Speaker 1: about this disease of scale. That's Tobias Leftovic City Investment

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Speaker 1: Research chief, US equity strategist. He's been there forever from

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Speaker 1: the Smith Barney days right correct, going way back. So, Tobias,

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Speaker 1: what do you make of this deal? And you know

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Speaker 1: we're seeing some you know, it's actually a pretty good

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Speaker 1: M and A year. We're seeing some big ticket items,

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Speaker 1: not as many deals as we've seen in the past.

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Speaker 1: We actually had Mark Schaeffer, co head of M and

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Speaker 1: A for City on a several weeks ago and said,

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Speaker 1: we're getting some big ticket M and A trades, not

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Speaker 1: not necessarily as many deals as we've seen in the past,

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Speaker 1: but here in a healthcare space, another round of consolidation.

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Speaker 1: Look to two things I think are impacting it. One

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Speaker 1: is the fears of what might come out of the

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Speaker 1: legislative channel down the road in terms of pressure on

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Speaker 1: the healthcare industry. Costs of healthcare provisions, Medicare, medicator, huge

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Speaker 1: chunks of the government budget. And and it's going to

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Speaker 1: get worse because the aging of the baby boomers, so

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Speaker 1: unit volume growth is going to pick up in terms

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Speaker 1: of the need for health care services. The second thing is,

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Speaker 1: and I had to go look this up because I

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Speaker 1: couldn't remember it off top of my head, the Herfandel

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Speaker 1: Hirschman index, the idea of concentration, like that UM tends

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Speaker 1: to generate UM, this idea of better margins and things

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Speaker 1: like that. As you get concentrated industries, you tend there

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Speaker 1: aren't as many competitors to go to, and it gives

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Speaker 1: you some element of pricing power, even in an environment

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Speaker 1: where there's likely to be downward Let me translate the

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Speaker 1: fancy multiple syllables of the French one there and what

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Speaker 1: don't mean is, Paul is everybody wants to be like

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Speaker 1: the cell phone business. You know, we're coming down to

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Speaker 1: where it's two and three. Catherine Man Its City Group

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Speaker 1: has led worldwide on this monopsimistic tendency of constant contentioning.

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Speaker 1: One of the other things we've noticed. We've had some

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Speaker 1: guests over the last several weeks talking about, you know,

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Speaker 1: slower growth. You better get used to it. Globally going forward.

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Speaker 1: In one of the ways you try to counteract that

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Speaker 1: in certain sectors is by m and a growth by acquisition.

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Speaker 1: Is that something that you subscribed to, Especially given very

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Speaker 1: cheap funding costs right, credit spreads are really tight, companies

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Speaker 1: can go out and borrow pretty aggressively, and if the

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Speaker 1: market isn't willing to pay for equities, then companies will

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Speaker 1: buy those equities. And again they've they've been doing a

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Speaker 1: lot of buying their own stock, but they have a

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Speaker 1: lot of cash. There's still about four trillion dollars of

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Speaker 1: cash in corporate America to to kind of go out

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Speaker 1: and do things with you interrupted program website? Is everybody

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Speaker 1: using botox look like a thirty two year old supermodel

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Speaker 1: male and female? What is I mean? They all look

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Speaker 1: like they're gonna get carded at a bar tonight, Tom Rumor.

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Speaker 1: Some people use botox for migraines as well, not just

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Speaker 1: for looking better. Really, I did not know that, you

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Speaker 1: know what I mean? Am I leaking right now? So,

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Speaker 1: Tobias one of some of the I mean, when you

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Speaker 1: think about, you know what we're seeing in the market today.

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Speaker 1: One of this is a g twenty week um to

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Speaker 1: what extent. Do you think investors really should be focusing

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Speaker 1: on this global trade issue. It seems to really have

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Speaker 1: an outsize impact on the market significant. Look the old

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Speaker 1: G you know, the old w T O or G

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Speaker 1: A T T program of global trade UM is being disrupted.

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Speaker 1: And what I think happened in May to a great

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Speaker 1: degree was people thought a deal between the US and

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Speaker 1: China was kind of on the brink of getting done

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Speaker 1: at the end of very pril and now they pushed

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Speaker 1: it out to some future date, you know whatever that is,

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Speaker 1: September December. UM. I don't think anybody really expects UM

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Speaker 1: G and Trump to walk out, you know, all smiles.

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Speaker 1: We have a deal and it's done. UM. And in

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Speaker 1: that sense, people are worried about what the implications of

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Speaker 1: trade could be to global growth. You talked earlier about

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Speaker 1: slowing of growth, and one of the issues behind that

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Speaker 1: is this idea of UM bigger than neighbor type of

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Speaker 1: process of exports taking away potentially jobs from local citizens

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Speaker 1: around the world. So this populous, nativist, nationalist kind of

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Speaker 1: mindset is not unique to the U. S. It's happening

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Speaker 1: in Brazil and France and in the UK, etcetera. In Italy,

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Speaker 1: and there is a concern among governments generally about protecting

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Speaker 1: their local populations from the potential threats of outsource jobs.

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Speaker 1: So I'm you know, I'm not convinced this is necessarily

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Speaker 1: President Trump, Democrats and Republicans are aligned in terms of

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Speaker 1: pushing back on China. If you're just joining us Tobias

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Speaker 1: left City group where this he'll stay with us through

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Speaker 1: the art and we'll have a expert on alegant Evy

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Speaker 1: joining us here in a bit Tobias within G twenty,

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Speaker 1: within Osaka, within g and Trump. There's got to be

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Speaker 1: an opportunity in equity markets. What's your single best idea

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Speaker 1: in terms of sectors right now? So look, we think

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Speaker 1: they're a couple. I'm gonna I'm gonna talk about the

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Speaker 1: banks because I think they're going to go to the

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Speaker 1: bank because I think if the fattest cutting rates and

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Speaker 1: you's got a steep and they sound like a man,

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Speaker 1: and that's killed you last year, the value the value

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Speaker 1: trade hurts, um. But but don't don't take me down

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Speaker 1: the Canadians route. That's too painful. UM. But the the

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Speaker 1: the other side of it is UM that I think

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Speaker 1: is interesting in semiconductors, which have been heavily beaten up

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Speaker 1: here by the uh, you know, the trends that we've

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Speaker 1: been talking about in trade, and yet here's a group

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Speaker 1: that's not investing aggressively. KAPEX, which is usually a very

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Speaker 1: good sign for the industry valuation criteria, is actually pretty

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Speaker 1: attractive for the group. Earnings revisions have been cut so

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Speaker 1: badly that they probably bounced from here. Um and that

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Speaker 1: would be if you want to play my tech trade,

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Speaker 1: that would be there um. You know, we've been bullish

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Speaker 1: for a while in healthcare, so some of these M

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Speaker 1: and A trends shoes are helpful to our views there

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Speaker 1: um And again, I think there is some real value

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Speaker 1: in value. And you know, I don't joke around this,

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Speaker 1: you know, without thought that the people who haven't been

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Speaker 1: killed in value want to kill themselves at this stage

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Speaker 1: because it's been such a painful trade. And at some

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Speaker 1: point I do think there is the potential for change.

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Speaker 1: It could be a weaker doll that helps you there

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Speaker 1: uh in places like energy commodities, it could be um again,

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Speaker 1: cutting of rates and what that does The shape of

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Speaker 1: the yolk curve potentially helping the financials is also so

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Speaker 1: in a healthcare space, that's we don't hear that often.

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Speaker 1: I guess it's because of that regulatory overhang, the regulatory Uncertainly,

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Speaker 1: we're going into election psycho, which generally raises a lot

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Speaker 1: of healthcare discussion. How do you kind of put that

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Speaker 1: into your framework of healthcare? So there are two elements

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Speaker 1: health care. There two groups as a farmer in in

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Speaker 1: biotech group, and then there's also the healthcare equipment services group.

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Speaker 1: So we weren't particularly bullish on healthcare equipment services, and

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Speaker 1: then we had those Medicare for All and you have

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Speaker 1: this massive correction, right, So then we stepped up and said, okay,

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Speaker 1: we want to take advantage of some of that weakness.

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Speaker 1: Some of it's fair and some of it's probably overdone.

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Speaker 1: Interesting you know that we followed it as well. Tobias

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Speaker 1: left coach with us. What we do with Bloomberg Surveillance

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Speaker 1: is try to inform and go deeper. We've been making

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Speaker 1: jokes about botox A. It's a huge business and also

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Speaker 1: it's a science. Paul Sweeney, we've gotten individual uh it

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Speaker 1: was serious biological chops working at Bloomberg Intelligence, and she

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Speaker 1: is truly expert on close stridium, which is in one

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Speaker 1: type really dangerous and other types makes me look thirty

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Speaker 1: nine every day. Liszt Hollow is that expert. Liz is

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Speaker 1: a senior analyst healthcare els for Bloomberg Intelligence based in London. Liz,

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Speaker 1: thanks so much for joining us here. Earlier today, Tom

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Speaker 1: circulated a chart, a five year chart I think of

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Speaker 1: Allergan stock, and it was not a pretty chart. What

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Speaker 1: is a Vy buying here? Yeah, so that it's definitely

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Speaker 1: not a pretty site. This company has been built up

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Speaker 1: through a number of acquisitions. It's a really almost interesting

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Speaker 1: business case study how they've come to where they are

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Speaker 1: and the horizon for long term growth is not very impressive,

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Speaker 1: so they've been looking for a solution for a while.

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Speaker 1: Management has been under a ton of pressure from investors.

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Speaker 1: So from the Allergan perspective, this is kind of the

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Speaker 1: best case scenario in our view. Avvy is picking up

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Speaker 1: a very diversified company, so we don't really see any synergies,

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Speaker 1: but it certainly would expand the opportunity into the esthetics market.

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Speaker 1: So that's botox, things like latise for eyelash lengthening, a

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Speaker 1: number of different cosmetic products that you can think about

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Speaker 1: and then also things like ophthalmology and SEE and S

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Speaker 1: and G I. So it's really a play to kind

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Speaker 1: of plug what will be the gap that's left by

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Speaker 1: Abby's lead asset, Humera. So if you know, you mentioned,

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Speaker 1: you know, there's not a lot of synergies yet, I

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Speaker 1: note to premium here to the closing stock price um

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Speaker 1: given with this bid. So how's the evaluation? Look here?

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Speaker 1: It seems pretty rich for a company that prospects maybe

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Speaker 1: somewhat's you know, you know, problematic. It does. We're running

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Speaker 1: the numbers right now. But right now, off the top

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Speaker 1: of the bat reading the press release, the ABVIA is

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Speaker 1: claiming it's about ten percent and creative to EPs, and

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Speaker 1: that seems reasonable. They're looking at two billion dollars in

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Speaker 1: synergies by year three. That's going to be a bit

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Speaker 1: of a stretch. I mean, that kind of is just

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Speaker 1: going to be chopping R and D program. So they're

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Speaker 1: claiming that fifty of the overlap in R and D

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Speaker 1: will contribute to that two billion dollars in synergies. There

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Speaker 1: are really no synergies, so that's just gonna be saying,

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Speaker 1: you know what, this program doesn't work, scrap it? Are

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Speaker 1: they a cosmetic company. Is Elegant really looking for the

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Speaker 1: margins of the first floor at Bloomingdale's. So they are,

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Speaker 1: But I mean it's the kind where you're going into

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Speaker 1: your doctor and you build that relationship over time, and

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Speaker 1: Elegant has done that. They have really built this business.

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Speaker 1: I mean you say Botox, people know it right, you

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Speaker 1: know it by the brand and they've they've built that

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Speaker 1: over time, and you have competitors coming in and you know,

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Speaker 1: we've done an analysis of this landscape. It is their market.

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Speaker 1: They have definitely built that. Okay, well you mentioned latise

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Speaker 1: and you know, I mean, I haven't gone there yet.

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Speaker 1: I've probably to be This is a chemical off of glaucoma.

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Speaker 1: What's it do? It makes my eyelashes grow more? It does,

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Speaker 1: and it's a really interesting story. It was a side

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Speaker 1: effect scene in glaucoma trials. Wow, these patients have longer eyelashes.

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Speaker 1: You know what. Let's turn it into a product, I mean,

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Speaker 1: and that's how Elegan has worked. Where does it stand

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Speaker 1: in terms of profit right now? I mean dropped to

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Speaker 1: the bottom line? Yeah, So Botox is had an interesting product.

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Speaker 1: There is a very high premium on it, so the

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Speaker 1: margins are pretty good for them now that they've gotten

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Speaker 1: their business established. I mean they have got these key

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Speaker 1: prescribers that basically are just loyal to the brand, and

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Speaker 1: it's it's just almost do you think you're talking to

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Speaker 1: It's a cash pay business as well. Right so, right

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Speaker 1: now the climate in pharma is all about drug price pressure,

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Speaker 1: and you don't have that in a business like this.

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Speaker 1: This is cash pay. Liz Grotalla, thank you so much

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Speaker 1: for joining us. Liz is a senior health care analyst

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Speaker 1: for Bloomberg Intelligence in our London office. Ambassador Hormats had

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Speaker 1: a lot to do with the economics of our State

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Speaker 1: Department under Secretary Clinton. It was a mandate of Secretary

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Speaker 1: Clinton g Relie fold economics into state and providing real leadership.

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Speaker 1: There was Heidi crebo ereticer with a Council on Foreign

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Speaker 1: Relations on economic state craft. Um, how is that economic

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Speaker 1: statecraft going? In two thousand nineteen, Heidi, we we've moved

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Speaker 1: it forward to I think a more mercantilist Elizabethan the

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Speaker 1: first uh economics. Um, what would you expect to see

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Speaker 1: out of a G twenty meeting, out of a G

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Speaker 1: Trump meeting? Given our new economic state craft? Well, first

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Speaker 1: of all, thanks for for inviting you this morning. This

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Speaker 1: is uh, this is not economic statecraft as previously envision

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Speaker 1: but I think you know, what we would expect to

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Speaker 1: see out of this G twenty, particularly with with President

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Speaker 1: Trump and and Jing Ping, is really kind of more

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Speaker 1: of a G two agenda on trade, and I think

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Speaker 1: the best we could really look for is is a ceasefire.

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Speaker 1: So you know, we've we've seen piods of escalation. Uh.

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Speaker 1: We we obviously have the pressure on with potential three

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Speaker 1: billion in additional tariffs that Trump could move forward with.

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Speaker 1: On the Chinese side, you know, you really have an

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Speaker 1: incentive to avoid those tariffs. And you've seen a more

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Speaker 1: defiant mood in China and some non negotiables on the

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Speaker 1: table challenging their economic model. I'm not sure they particularly

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Speaker 1: trust Donald Trump. Um, they've seen what happened with the

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Speaker 1: Mexican tariffs. So I think aiming at a pause similar

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Speaker 1: to the last G twenty in Argentina would be, um,

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Speaker 1: probably the most likely outcome. Although you never really know

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Speaker 1: what to expect with President Trump, you never really know

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Speaker 1: what to expect, So kicking the can down the road

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Speaker 1: is my characterization of your analysis. Um, is that let's

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Speaker 1: assume that that happens, take us to you know, the

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Speaker 1: next step between the US and China. So the next step,

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Speaker 1: I think, you know, you really do have some issues

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Speaker 1: on the table that China is not willing to to

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Speaker 1: necessarily trade away. They're not new issues, um, you know,

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Speaker 1: but they are important ones to the US. They're very

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Speaker 1: important ones to China, and so I would not woo out, uh,

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Speaker 1: several months down the road that you see President Trump

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Speaker 1: moving ahead with those tariffs. Uh. I don't think that

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Speaker 1: Heat necessarily believes that tariffs are hurting the US right now,

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Speaker 1: that they are the tool of choice. Um. I think

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Speaker 1: he watches the stock market pretty closely, so I would

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Speaker 1: not be surprised to see that to see that happen.

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Speaker 1: Although that next list, you know, is filled with with

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Speaker 1: goods that would hurt consumers, manufacturers, retailers, stuff that you know,

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Speaker 1: everybody buys at at at their stores, for forgetting their

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Speaker 1: kids ready for school in the fall. So it's really

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Speaker 1: um that next that next list is one that really

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Speaker 1: could hit the US. I think it's stronger than the last. Uh,

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Speaker 1: the last, And so how do you just take us

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Speaker 1: into the mindset of the Chinese negotiators and the leadership,

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Speaker 1: you know what can realistically they do to push this

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Speaker 1: agreement further. It sounds like they may need to take

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Speaker 1: more of a leadership role in these negotiations. So you know,

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Speaker 1: the Chinese could actually try and they may decide that

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Speaker 1: they that they don't trust this president enough to do

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Speaker 1: a deal with him and wait him out. There's obviously

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Speaker 1: an important election, UM. So there is every possibility that

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Speaker 1: if if China is in no mood to to compromise

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Speaker 1: on its core interests UM, and they are becoming more

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Speaker 1: defined they do want to be a five G superpower, UM,

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Speaker 1: they may decide it's worth waiting to see if they

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Speaker 1: have to deal with Donald Trump after the next election.

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Speaker 1: How do Creba Retica with us with the Council on

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Speaker 1: Foreign Relations, of course, her expertise on China, her work

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Speaker 1: with Secretary Clinton years ago, but also with UH Senator

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Speaker 1: John Kerry of another time and place. How do you,

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Speaker 1: I don't know, I'm going to blind here. I don't

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Speaker 1: know your experience with our economics in Iran, but it's

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Speaker 1: certainly Senator Kerry and Secretary of State Kerry was very

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Speaker 1: much involved with trying to extricate Iran from another time

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Speaker 1: in place. What are your thoughts as you look at

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Speaker 1: the last four in five days on Iran, and particularly

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Speaker 1: with Ambassador Bolton speaking in Jerusalem just hours ago. So

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Speaker 1: I am quite concerned about Iran. I think we all

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Speaker 1: should be the um. You see escalation rather than de escalation.

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Speaker 1: You have the Secretary of State in the region you

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Speaker 1: referred to to John Bolton in the region as well.

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Speaker 1: We've seen sanctions impost thread of sanctions, and we also

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Speaker 1: have the June UM Dave that that Iran has said

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Speaker 1: that it could breach the rane and stockpile limits UM

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Speaker 1: that were agreed under the j C p o A.

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Speaker 1: So you know that is one day before the G twenty.

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Speaker 1: You have you have an opportunity at the G twenty

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Speaker 1: with other leaders who are from China, Russia, Saudi Europe

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Speaker 1: who are who all have concerns about this UM, particularly

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Speaker 1: because of the relation to UH to commodity flows through

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Speaker 1: the straits of hormones. Well that's fine, but what do

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Speaker 1: our European allies do. I mean, we understand some of

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Speaker 1: the responses of China. What would you presume will be

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Speaker 1: the European continents response if we go after Persia for good.

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Speaker 1: I mean, don't they just uniladally come in and pick

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Speaker 1: up the economics slack. So I think the way that

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Speaker 1: the I think that the way the sanctions have been

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Speaker 1: uh have been designed. Uh. They you know, they really

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Speaker 1: putting pressure on European companies not to not to step

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Speaker 1: into the into the breach UM. And I think, you know,

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Speaker 1: the offer of willing to sit down with the regime

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Speaker 1: from the US perspective is not you know, it is

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Speaker 1: not being taken up by by Ayatollah Hamany. He does

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Speaker 1: not want to sit down with the US. So I

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Speaker 1: think the best case right now is if we were

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Speaker 1: to see a lower level um sort of rehashing of

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Speaker 1: what the old deal looked like UM, because otherwise you know,

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Speaker 1: you're you're you're going to see continued escalation um and uh.

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Speaker 1: I do think that at this point President Trump wants

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Speaker 1: to be the one to step in and do a

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Speaker 1: better deal. Okay, wonderful, how do you crible Rehdiger, thank

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Speaker 1: you so much. With the Council on Foreign Relations on

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Speaker 1: a Ran and of course on China, our gonder Montavali

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Speaker 1: has given us outstanding coverage from Tehran. Little windows little

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Speaker 1: vignettes into the people of Iran, into the political moment

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Speaker 1: in Iran. And she joins us now by telephone from Tehran, Golnar.

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Speaker 1: If I was to go two hundred and fifty miles

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Speaker 1: south of Tehran, there is the gorgeous city of Esfahan.

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Speaker 1: How is all this playing away from Tehran? How is

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Speaker 1: this tension between President Trump and the leadership playing in

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Speaker 1: Esfahan south of Tehran. Um, it's a good question. It's

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Speaker 1: my my mother's hometown. So you're asking the right the

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Speaker 1: right person. Tom Um. I think um given that um

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Speaker 1: Esfahan is itself, it's a it's one of the largest

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Speaker 1: metropolitan census in Iran. I think it's the third largest city.

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Speaker 1: Um Um, I would say it's it's also very middle

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Speaker 1: class city. It's a it's a more religious city than

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Speaker 1: Tehran is. It's slightly more conservative. But I think it

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Speaker 1: would be very similar to the sentiment in Tehran because

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Speaker 1: it's a. It's because it's a metropolitan hub, and it's

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Speaker 1: a huge managed that manufacturing hub. As are some of

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Speaker 1: the biggest steel and cement manufacturers. They're the biggest steel

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Speaker 1: manufacturers in the mid least. Some of those companies it's

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Speaker 1: hugely important for construction industry in the country. They are

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Speaker 1: based in the outskirts of of Esha. Football teams in

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Speaker 1: that city are named after these companies, So lots of

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Speaker 1: families that rely on these industries, and obviously, especially something

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Speaker 1: alter industry is going to feel a lot of pain

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Speaker 1: from from these sanctions beautifully beautifully described. If that's true

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Speaker 1: of economic sanctions, will personal sanctions against religious leaders Affectahan, Um,

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Speaker 1: It's very difficult to say. I doubt. I doubt it

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Speaker 1: very very much. I doubt that the sanctions on the

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Speaker 1: Citian leader will have a tangible impact on the economy.

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Speaker 1: I think that's one reason why President law Honey was

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Speaker 1: mocking this decision quite severely this morning. He went as

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Speaker 1: far as to say that the White House was suthing

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Speaker 1: from mental disorder by by making this decision. This decision

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Speaker 1: because he said that the properties that directly come under

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Speaker 1: the Supreme Leader are very small. Obviously, you know, whether

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Speaker 1: whether we can verify that or not, it's a different question, um.

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Speaker 1: But I think in terms of tangible impact on the economy,

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Speaker 1: and if you're looking at a city like Esfahan, a

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Speaker 1: big metropolis outside of Tehran, that's quite middle class. It's

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Speaker 1: a huge tourist attraction. Probably all the cities, ancient cities

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Speaker 1: in Iran, Esfahan attracts the most tourism dollars and any

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Speaker 1: other city in the world. I don't think that that

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Speaker 1: would have a tangible impact there. I think it's the

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Speaker 1: sanctions on. There are big industries, the ones that draw

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Speaker 1: in the most foreign exchange revenues for the country. UM,

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Speaker 1: that that are going to have the biggest, biggest effect there.

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Speaker 1: So we go. Can you give us a sense of

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Speaker 1: the pressure that is building within Iran to get a

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Speaker 1: deal done with the United States. UM, I don't think that, UM,

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Speaker 1: the leadership and the government here sends any pressure to

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Speaker 1: have negotiations with the United States because they're just not

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Speaker 1: convinced by the motivations or the motives of the United States.

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Speaker 1: And again Rahaney was very clear about this in his speech,

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Speaker 1: again that he used very strong terms. He said that

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Speaker 1: the decisions to sanction the foreign Minister Jabor Zarif was

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Speaker 1: UM proof actually UM qualified the idea that UM, the

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Speaker 1: Trump administration has been lying about wanting negotiations with Iran,

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Speaker 1: Because if you sanction the foreign minister, then you are

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Speaker 1: pretty much sanctioning the idea of having negotiations of talk

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Speaker 1: negotiations or talks. So I don't think the Iranian leadership

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Speaker 1: here has ever taken the idea of negotiations um seriously.

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Speaker 1: They've I think they've always felt that they were possibly

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Speaker 1: kind of um propaganda purposes to improve the optics of

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Speaker 1: the actual objectives of the Trump administration. And I also

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Speaker 1: think that they feel there's a lack of cohesion in

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Speaker 1: the policy. So Trump says one thing one day, and

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Speaker 1: then um, the State Department under Pompeo or John Bolton,

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Speaker 1: the National Security Advisor of the President, they they say

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Speaker 1: something UM different. The tone, the tone in the tones

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Speaker 1: of their retoric is it's very, very different. We've seen

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Speaker 1: that in the past week as well, in the aftermath

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Speaker 1: of the shooting down of the drone. UM, yes, okay,

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Speaker 1: go now, let's leave it there. On Monta Valli. Thank

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Speaker 1: you so much from Tehran this morning reporting for Bloomberg.

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Speaker 1: Thanks for listening to the Bloomberg Surveillance podcast. Subscribe and

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Speaker 1: listen to interviews on Apple Podcasts, SoundCloud, or whichever podcast

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Speaker 1: platform you prefer. I'm on Twitter at Tom Keane. Before

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Speaker 1: the podcast, you can always catch us worldwide. I'm Bloomberg

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Speaker 1: Radio