1 00:00:05,040 --> 00:00:08,639 Speaker 1: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along 2 00:00:08,680 --> 00:00:12,040 Speaker 1: with Paul Sweeney. Join us each day for insight from 3 00:00:12,039 --> 00:00:16,240 Speaker 1: the best in economics, finance, investment, and international relations. You 4 00:00:16,239 --> 00:00:19,599 Speaker 1: can also watch the show live on YouTube. Visit the 5 00:00:19,600 --> 00:00:24,360 Speaker 1: Bloomberg Podcast channel on YouTube to see the show weekday 6 00:00:24,360 --> 00:00:27,400 Speaker 1: mornings from seven to ten am Eastern from our global 7 00:00:27,440 --> 00:00:32,080 Speaker 1: headquarters in New York City. Subscribe to the podcast on Apple, Spotify, 8 00:00:32,440 --> 00:00:36,000 Speaker 1: or anywhere else you listen, and always I'm Bloomberg Radio, 9 00:00:36,200 --> 00:00:40,280 Speaker 1: the Bloomberg Terminal, and the Bloomberg Business App. Victoria Fernandez 10 00:00:40,520 --> 00:00:43,919 Speaker 1: joins us. Sorry to Paul's got some serious market questions 11 00:00:44,159 --> 00:00:46,760 Speaker 1: in this melt up and participating. I just want to 12 00:00:46,800 --> 00:00:50,480 Speaker 1: ask one question to Victoria Fernandez. Are the Kansas City 13 00:00:50,600 --> 00:00:53,560 Speaker 1: Chiefs the new Dallas Cowboys discuss? 14 00:00:54,320 --> 00:00:57,560 Speaker 2: Oh that's tough, You're just you know, the poor Cowboys. 15 00:00:57,600 --> 00:01:00,240 Speaker 2: I couldn't believe that game that we saw. I don't no, 16 00:01:00,480 --> 00:01:02,880 Speaker 2: it's going to be tough for anyone to beat Baltimore. 17 00:01:03,040 --> 00:01:06,320 Speaker 2: So I think we'll have to wait and see you again. 18 00:01:06,360 --> 00:01:08,080 Speaker 2: But we got some good games to watch. 19 00:01:08,760 --> 00:01:09,880 Speaker 3: Tom. 20 00:01:10,440 --> 00:01:13,840 Speaker 2: And by the way, I grew up watching wrestling. My 21 00:01:13,920 --> 00:01:17,080 Speaker 2: mother used to go to the Houston Coliseum with Paul 22 00:01:17,200 --> 00:01:20,440 Speaker 2: Bosh and watch wrestling when I was a kid, so. 23 00:01:21,360 --> 00:01:23,759 Speaker 4: Everywhere that helped run the CFA example. 24 00:01:25,200 --> 00:01:27,520 Speaker 5: Hey Victoria, I mean, you know, I would love to 25 00:01:27,520 --> 00:01:30,240 Speaker 5: get your perspective on what did we see in the 26 00:01:30,319 --> 00:01:32,320 Speaker 5: last two months of twenty twenty three when we had 27 00:01:32,319 --> 00:01:37,120 Speaker 5: that huge move higher in stocks and bonds, and how 28 00:01:37,160 --> 00:01:39,240 Speaker 5: does that set us up for twenty twenty four here, 29 00:01:39,280 --> 00:01:41,000 Speaker 5: how do you think about this year? 30 00:01:42,240 --> 00:01:46,040 Speaker 2: Yeah, coming off those October lows that we saw last year, 31 00:01:46,120 --> 00:01:46,839 Speaker 2: there was just a. 32 00:01:46,760 --> 00:01:48,800 Speaker 3: Tremendous amount of momentum. 33 00:01:48,880 --> 00:01:51,480 Speaker 2: Most of that led by the fact that the market 34 00:01:51,680 --> 00:01:56,080 Speaker 2: took a fed pivot full force and just priced in 35 00:01:56,240 --> 00:02:00,840 Speaker 2: those six rate cuts starting in March. A soft landing 36 00:02:00,960 --> 00:02:04,720 Speaker 2: was almost a one hundred percent probability from the view 37 00:02:04,760 --> 00:02:05,480 Speaker 2: of the market. 38 00:02:05,800 --> 00:02:08,000 Speaker 3: And you know, look, we all spoke. 39 00:02:08,280 --> 00:02:10,600 Speaker 2: During that time period and we said, hey, wait a minute, 40 00:02:10,600 --> 00:02:13,320 Speaker 2: the market is way ahead of itself, right, It's ahead 41 00:02:13,320 --> 00:02:15,520 Speaker 2: of its skis here. We've got to have some of 42 00:02:15,560 --> 00:02:18,040 Speaker 2: this price back out of the market, so we expect 43 00:02:18,040 --> 00:02:20,480 Speaker 2: to see a pullback. We saw some of that in 44 00:02:20,520 --> 00:02:24,399 Speaker 2: the first couple weeks of this year, but we're starting 45 00:02:24,440 --> 00:02:27,760 Speaker 2: to see new highs again, but it's all led by 46 00:02:27,800 --> 00:02:29,919 Speaker 2: those tech stops, that Magnificent seven. 47 00:02:30,240 --> 00:02:32,799 Speaker 3: In our opinion, that's not sustainable for the whole year. 48 00:02:32,840 --> 00:02:35,600 Speaker 1: I want to get back to brass tax Victoria Fernandez, 49 00:02:35,639 --> 00:02:40,840 Speaker 1: Bob Dole, Bob Dole, brass tax Victoria. I type in 50 00:02:40,880 --> 00:02:44,920 Speaker 1: a mutual fund from a UTE, which is basically a 51 00:02:45,160 --> 00:02:48,320 Speaker 1: trust like fun like Rebecca Patterson would have known a 52 00:02:48,320 --> 00:02:52,799 Speaker 1: Bessemer years ago. As conservative Victoria's you get for people 53 00:02:52,919 --> 00:02:57,880 Speaker 1: scared stiff five year eighty fourth percentile, three year, ninetieth 54 00:02:58,120 --> 00:03:03,079 Speaker 1: percentile one year, ninety percentile five years delivered twelve point 55 00:03:03,160 --> 00:03:07,359 Speaker 1: four percent net clean after fees. That's what the market 56 00:03:07,400 --> 00:03:09,840 Speaker 1: timers are missing. How do they catch up? 57 00:03:11,120 --> 00:03:13,520 Speaker 2: Yeah, I'm not sure they're gonna want to play catch 58 00:03:13,600 --> 00:03:15,240 Speaker 2: up at this point. What they want to do is 59 00:03:15,600 --> 00:03:18,720 Speaker 2: position themselves for the rest of this year and not 60 00:03:18,800 --> 00:03:21,320 Speaker 2: worry about the part that they missed. But you can't 61 00:03:21,320 --> 00:03:24,040 Speaker 2: do that by just going all in one area. So 62 00:03:24,120 --> 00:03:27,720 Speaker 2: there's so much cash flow going into some of these 63 00:03:27,760 --> 00:03:32,480 Speaker 2: magnificent seven stocks again, like we saw last year, that 64 00:03:32,600 --> 00:03:34,720 Speaker 2: has to stop and we have to have a broadening out. 65 00:03:34,760 --> 00:03:37,600 Speaker 2: So you look at those returns that you're just mentioning. 66 00:03:37,880 --> 00:03:42,160 Speaker 2: I guarantee those are not concentrated, they're diversified. You've probably 67 00:03:42,200 --> 00:03:45,320 Speaker 2: got a little bit of global exposure, which I think 68 00:03:45,360 --> 00:03:47,480 Speaker 2: you can do, especially if the FED is going to 69 00:03:47,480 --> 00:03:50,560 Speaker 2: be the first central bank to start cutting rates, you 70 00:03:50,600 --> 00:03:53,320 Speaker 2: can dip your toe internationally. You know, I like my 71 00:03:53,400 --> 00:03:55,840 Speaker 2: fixed income, so I want people to have some fixed 72 00:03:55,840 --> 00:03:59,080 Speaker 2: income exposure, even if they keep it very short on 73 00:03:59,120 --> 00:04:02,880 Speaker 2: the conservative side and give themselves five percent cash flow 74 00:04:03,160 --> 00:04:05,160 Speaker 2: coming through. And I think you need to use some 75 00:04:05,280 --> 00:04:09,840 Speaker 2: alternative options in regards to call options, in regards to 76 00:04:10,120 --> 00:04:13,200 Speaker 2: long short portfolios. These are things that are going to 77 00:04:13,280 --> 00:04:16,880 Speaker 2: help you position yourselves for the volatility that we expect 78 00:04:17,160 --> 00:04:20,080 Speaker 2: coming over the next couple quarters, especially as earnings are 79 00:04:20,120 --> 00:04:22,240 Speaker 2: not coming in as strong as many people expected. 80 00:04:22,360 --> 00:04:22,560 Speaker 4: Paul. 81 00:04:22,560 --> 00:04:28,120 Speaker 1: This fun Broadcom, Microsoft Cash, United Healthcare are the top four. 82 00:04:28,279 --> 00:04:30,920 Speaker 1: This is a conservative grandma widow's fund. 83 00:04:31,240 --> 00:04:31,520 Speaker 2: Paul. 84 00:04:31,640 --> 00:04:35,360 Speaker 1: It is eleven point seven percent in semiconductors. 85 00:04:35,839 --> 00:04:39,320 Speaker 4: That's unbelievable. That's a nice place to be, Victoria. 86 00:04:39,440 --> 00:04:41,000 Speaker 5: I know you cut your teeth in the fixed income 87 00:04:41,040 --> 00:04:43,960 Speaker 5: space at Faia's Seraphin one of my favorite clients from 88 00:04:43,960 --> 00:04:47,320 Speaker 5: back in the day in Houston. Where do I go 89 00:04:47,360 --> 00:04:48,960 Speaker 5: and fix income. Do I just sit in a two 90 00:04:49,040 --> 00:04:51,440 Speaker 5: year treasury at four point three percent? Or do I 91 00:04:51,560 --> 00:04:54,400 Speaker 5: try to take some credit risk here, because again I'm 92 00:04:54,400 --> 00:04:56,440 Speaker 5: banking on a soft landing, So do I go out 93 00:04:56,480 --> 00:04:57,479 Speaker 5: there and take some credit risk? 94 00:04:58,600 --> 00:05:01,360 Speaker 2: So, Paul, it really depends on what you're trying to 95 00:05:01,400 --> 00:05:04,120 Speaker 2: do with your fixed income allocation. If that's what you're 96 00:05:04,200 --> 00:05:07,640 Speaker 2: using to generate cash flow, then yes, do a Barbelle 97 00:05:07,680 --> 00:05:10,800 Speaker 2: strategy and put some in that short term. The two 98 00:05:10,880 --> 00:05:13,440 Speaker 2: years actually a little bit overbought right now, So I 99 00:05:13,440 --> 00:05:16,400 Speaker 2: would go even a little shorter twelve months, eighteen months, 100 00:05:16,600 --> 00:05:18,960 Speaker 2: skip that two year period, and then go a little 101 00:05:18,960 --> 00:05:21,800 Speaker 2: bit longer five year, seven year. Lock in some of 102 00:05:21,839 --> 00:05:24,240 Speaker 2: those rates that we're seeing, especially now with a ten 103 00:05:24,320 --> 00:05:26,600 Speaker 2: year back around a four to ten level. We think 104 00:05:26,640 --> 00:05:28,880 Speaker 2: that's probably going to be towards the higher end of 105 00:05:28,880 --> 00:05:31,600 Speaker 2: the trading range that we'll see for a while. Lock 106 00:05:31,640 --> 00:05:34,560 Speaker 2: in some of those cash flows there. But look, credit 107 00:05:34,720 --> 00:05:38,680 Speaker 2: is tight. We are not seeing spread widening like many 108 00:05:38,720 --> 00:05:41,039 Speaker 2: people anticipated that we would see, and I think it's 109 00:05:41,080 --> 00:05:44,920 Speaker 2: because the market anticipates that soft landing. But the way 110 00:05:45,000 --> 00:05:48,839 Speaker 2: earnings are going right now, we have the blended net 111 00:05:48,880 --> 00:05:53,000 Speaker 2: profit margin the lowest in three years. The quarter over 112 00:05:53,080 --> 00:05:56,240 Speaker 2: quarter decline is the largest we've seen since the first 113 00:05:56,360 --> 00:05:59,000 Speaker 2: quarter of twenty twenty. So I would be looking for 114 00:05:59,040 --> 00:06:02,320 Speaker 2: some opportunities spreads to widen out a little bit. Then 115 00:06:02,360 --> 00:06:04,919 Speaker 2: you can jump in and put some high quality bonds 116 00:06:04,920 --> 00:06:06,960 Speaker 2: in there, so an investment grade credit and I think 117 00:06:06,960 --> 00:06:08,320 Speaker 2: you're in a good spot. 118 00:06:08,560 --> 00:06:11,840 Speaker 5: So on the equity side of Victoria again, I mean, 119 00:06:12,040 --> 00:06:15,440 Speaker 5: Tom's been in that Magnificent seven all all along, so 120 00:06:15,480 --> 00:06:18,000 Speaker 5: he's just kind of singing to the choir here. 121 00:06:18,040 --> 00:06:19,480 Speaker 4: But how about the rest of us? 122 00:06:19,640 --> 00:06:21,240 Speaker 5: What do we do here? Do we chase those names 123 00:06:21,320 --> 00:06:22,880 Speaker 5: or do we try to find some value? 124 00:06:23,960 --> 00:06:24,760 Speaker 3: Yeah, don't chase. 125 00:06:24,800 --> 00:06:28,279 Speaker 2: Hopefully you've been in these names all along, right, Even 126 00:06:28,320 --> 00:06:31,039 Speaker 2: though we've been more conservative and we feel like the 127 00:06:31,120 --> 00:06:34,400 Speaker 2: soft landing is not a done deal at this point, 128 00:06:34,600 --> 00:06:37,680 Speaker 2: we've still been fully invested in the market. Microsoft, however, 129 00:06:37,839 --> 00:06:40,599 Speaker 2: is our only name out of the Magnificent seven that 130 00:06:40,640 --> 00:06:42,320 Speaker 2: we've actually been overweight? 131 00:06:43,040 --> 00:06:45,240 Speaker 4: Is the end? What's a pixie? Does there? Come on? 132 00:06:45,400 --> 00:06:48,800 Speaker 1: What's a Bob Dail? I can't believe because he bobbed 133 00:06:48,800 --> 00:06:53,280 Speaker 1: all overweight? Microsoft? Come on, Victoria, what's the magic about Microsoft? 134 00:06:53,880 --> 00:06:56,119 Speaker 3: Well? Look, Microsoft is one of those names. 135 00:06:56,120 --> 00:06:58,400 Speaker 2: And you know, when we talk to our clients, we 136 00:06:58,480 --> 00:07:02,200 Speaker 2: say we want quality of earnings, strength of balance sheet, 137 00:07:02,560 --> 00:07:06,800 Speaker 2: strong cash flows. Microsoft provides us that. We don't think 138 00:07:06,800 --> 00:07:09,600 Speaker 2: you're going to see as much volatility in Microsoft as 139 00:07:09,600 --> 00:07:11,760 Speaker 2: you're going to see in some of the other names 140 00:07:11,760 --> 00:07:15,120 Speaker 2: that have shot up so significantly and then pulled back. 141 00:07:14,880 --> 00:07:16,080 Speaker 3: And now they're back up again. 142 00:07:16,120 --> 00:07:19,080 Speaker 2: Microsoft, out of all of them, has probably been the 143 00:07:19,120 --> 00:07:22,400 Speaker 2: most steady and just moving slowly up into the right. 144 00:07:22,640 --> 00:07:24,960 Speaker 2: So we think it's a good labor term holding in 145 00:07:25,000 --> 00:07:25,720 Speaker 2: your portfolio. 146 00:07:25,880 --> 00:07:28,040 Speaker 1: Twenty seconds. That's all the time. I got to Thank god, 147 00:07:28,360 --> 00:07:31,760 Speaker 1: Lions are forty nine ers. Victoria please, Hey. 148 00:07:31,600 --> 00:07:34,120 Speaker 2: I'm going for the forty nine. 149 00:07:34,680 --> 00:07:38,280 Speaker 4: My god, it's just too much. I get rich once 150 00:07:38,320 --> 00:07:38,680 Speaker 4: a year. 151 00:07:38,840 --> 00:07:39,720 Speaker 1: Victoria. 152 00:07:40,040 --> 00:07:43,160 Speaker 3: Oh, you can't beat that O line in Trent Williams. 153 00:07:43,200 --> 00:07:46,040 Speaker 1: Come on, there we go, Victoria for this is real 154 00:07:46,040 --> 00:07:48,760 Speaker 1: football talk. She's diable Texas. It's like she knows what 155 00:07:48,760 --> 00:08:01,640 Speaker 1: it's just like. This is an esteemed guest. He's been 156 00:08:01,680 --> 00:08:05,760 Speaker 1: a huge supporter of Bloomberg Savaniance. Brian Weezer's with Madison Wall, 157 00:08:05,800 --> 00:08:09,800 Speaker 1: where he writes, writes rights and consults to the advertising industry, 158 00:08:09,880 --> 00:08:13,520 Speaker 1: think Madmen, think Madison Avenue of Long Ago and far Away. 159 00:08:13,600 --> 00:08:17,480 Speaker 1: Brian knows. I am a confirmed reader of Lucas Shaw 160 00:08:17,680 --> 00:08:21,480 Speaker 1: at Bloomberg. I can't say enough about the value of 161 00:08:21,560 --> 00:08:25,480 Speaker 1: Lucas Shaw's newsletter at Bloomberg. I'll put it out on LinkedIn. 162 00:08:25,800 --> 00:08:28,480 Speaker 1: And also I Readigitay, which is like the Brian Rezer 163 00:08:28,600 --> 00:08:32,560 Speaker 1: Report and Paul the industry that you follow that Brian 164 00:08:32,559 --> 00:08:37,199 Speaker 1: Weezer's part of it's insane. It's like it's like Reavers 165 00:08:37,240 --> 00:08:39,240 Speaker 1: from years ago. That's nuts. 166 00:08:39,440 --> 00:08:42,720 Speaker 5: It is absolutely crazy. And thankfully for us Brian Weezers 167 00:08:42,800 --> 00:08:45,160 Speaker 5: on top of the Brian Wheezer, he's a principal Madison 168 00:08:45,200 --> 00:08:47,520 Speaker 5: and Wall. Hey, Brian, thanks so much for joining us here. 169 00:08:47,600 --> 00:08:50,760 Speaker 5: You know, we got a report from Netflix last night 170 00:08:50,880 --> 00:08:52,439 Speaker 5: and boy, they're. 171 00:08:52,200 --> 00:08:53,160 Speaker 4: Doing it right. 172 00:08:53,559 --> 00:08:58,160 Speaker 5: What are they doing right that perhaps the traditional media 173 00:08:58,200 --> 00:09:00,880 Speaker 5: companies just aren't getting it right now. 174 00:09:02,240 --> 00:09:04,000 Speaker 6: Well, first of all, thanks for having me as always, 175 00:09:04,040 --> 00:09:06,600 Speaker 6: but yeah, it's what they're doing right. I think they're 176 00:09:06,600 --> 00:09:09,320 Speaker 6: investing in their business. What a crazy idea that you 177 00:09:09,400 --> 00:09:13,480 Speaker 6: can grow when you invest. But yeah, that's different than 178 00:09:13,520 --> 00:09:15,319 Speaker 6: a lot of the media industry right now, where they're 179 00:09:15,320 --> 00:09:19,079 Speaker 6: really talking more in terms of austerity, and what a shocker, 180 00:09:19,280 --> 00:09:23,000 Speaker 6: they're not really growing as much. I think they've been 181 00:09:23,440 --> 00:09:26,079 Speaker 6: focused on a global opportunity and the fact that there 182 00:09:26,160 --> 00:09:30,600 Speaker 6: is more growth from globalization also shocking statement. And yet 183 00:09:30,840 --> 00:09:32,000 Speaker 6: it seems to work. 184 00:09:32,200 --> 00:09:34,360 Speaker 1: Right my reading of this. And of course this has 185 00:09:34,400 --> 00:09:36,760 Speaker 1: everything to do folks with our new distribution of Apple 186 00:09:36,800 --> 00:09:40,560 Speaker 1: car Play, and we're absolutely thrilled with the YouTube live response. 187 00:09:40,679 --> 00:09:42,720 Speaker 1: Look for that Bloomberg podcast. I'll do all that on 188 00:09:42,760 --> 00:09:46,079 Speaker 1: LinkedIn and Twitter and that. But Brian, to me, it's 189 00:09:46,120 --> 00:09:50,040 Speaker 1: almost monopsimistic in that there's going to be a few standing. 190 00:09:50,440 --> 00:09:53,880 Speaker 1: Let me pick on two are Netflix in YouTube the 191 00:09:53,960 --> 00:09:55,800 Speaker 1: few standing in five years. 192 00:09:57,480 --> 00:09:59,960 Speaker 6: No, I think it's much broader than that. I mean 193 00:10:00,120 --> 00:10:02,760 Speaker 6: to be clear, when it comes to video industry, the 194 00:10:02,800 --> 00:10:05,559 Speaker 6: three players you could point to who are with fairly 195 00:10:06,040 --> 00:10:10,280 Speaker 6: certain fair certainty doing it right are Netflix, Amazon and Apple. 196 00:10:10,800 --> 00:10:14,720 Speaker 6: They're all investing billions of dollars against content. They're focused 197 00:10:14,760 --> 00:10:21,360 Speaker 6: on global opportunities. You know, they're basically positioning themselves where 198 00:10:21,400 --> 00:10:25,840 Speaker 6: they can apply scale economics. So they're all in pretty 199 00:10:25,840 --> 00:10:31,800 Speaker 6: good shape. Disney, notwithstanding some setbacks, is relatively better off 200 00:10:32,559 --> 00:10:35,440 Speaker 6: than others. At least they are more focused on the 201 00:10:35,480 --> 00:10:38,520 Speaker 6: global opportunity than others. They're just kind of Disney's a 202 00:10:38,520 --> 00:10:42,800 Speaker 6: little strategically adrift right now. I assume look that they're 203 00:10:42,800 --> 00:10:46,440 Speaker 6: footing once well either Aiger has his team in place, 204 00:10:46,480 --> 00:10:50,120 Speaker 6: because I don't think he does necessarily, or whenever there's 205 00:10:50,160 --> 00:10:53,160 Speaker 6: a successor. But they really do seem to have the 206 00:10:53,240 --> 00:10:54,840 Speaker 6: right bones. 207 00:10:55,040 --> 00:10:55,679 Speaker 4: For lack of a. 208 00:10:55,600 --> 00:10:58,480 Speaker 6: Better word, I think it's the others who are in 209 00:10:58,520 --> 00:11:01,080 Speaker 6: a really really bad place. Cast I should add also, 210 00:11:01,240 --> 00:11:06,199 Speaker 6: because you know they're not going anywhere with NBCU, They'll 211 00:11:06,200 --> 00:11:09,160 Speaker 6: be fine, probably, but I think that they also haven't 212 00:11:09,200 --> 00:11:11,800 Speaker 6: invested as much against the global opportunity outside of Sky 213 00:11:12,920 --> 00:11:16,000 Speaker 6: really covered just a handful of markets for the most part. Anyways, 214 00:11:16,080 --> 00:11:18,200 Speaker 6: I think that because you need to invest in content, 215 00:11:18,240 --> 00:11:21,120 Speaker 6: you need to invest globally, and you need to actually 216 00:11:21,160 --> 00:11:24,160 Speaker 6: believe in your business. Those are the three elements. 217 00:11:24,160 --> 00:11:26,240 Speaker 5: And it's not just Netflix, so Brian, I mean, there's 218 00:11:26,280 --> 00:11:28,520 Speaker 5: a whole host of you know, kind of what i'll 219 00:11:28,559 --> 00:11:33,000 Speaker 5: call traditional media companies, legacy media companies. I just don't 220 00:11:33,040 --> 00:11:34,760 Speaker 5: know what to do. I mean, you know, I've been 221 00:11:34,760 --> 00:11:36,800 Speaker 5: in this business as long as you have. If I 222 00:11:36,840 --> 00:11:38,920 Speaker 5: were an investor, I couldn't put any money to work 223 00:11:38,960 --> 00:11:40,480 Speaker 5: in that space. I don't know what to do with 224 00:11:40,520 --> 00:11:43,480 Speaker 5: the traditional media companies, how do you think they adapt? 225 00:11:43,480 --> 00:11:45,520 Speaker 5: There's just going to be a consolidation wave. What do 226 00:11:45,559 --> 00:11:47,280 Speaker 5: you think is going to happen to you know, all 227 00:11:47,320 --> 00:11:49,079 Speaker 5: these legacy media companies. 228 00:11:49,559 --> 00:11:52,839 Speaker 6: Well, exactly, And I think that everyone's expecting that there 229 00:11:52,840 --> 00:11:56,160 Speaker 6: definitely needs to be again more strategic clarity that would 230 00:11:56,280 --> 00:11:58,920 Speaker 6: that would be helpful, and and a belief that it 231 00:11:59,000 --> 00:12:00,840 Speaker 6: that you know, it's it is about more than just 232 00:12:00,920 --> 00:12:03,720 Speaker 6: consolidation because right now, certainly when it comes to Paramount, 233 00:12:03,720 --> 00:12:07,679 Speaker 6: when it comes to Warner that's certainly where the focus is. 234 00:12:07,760 --> 00:12:10,120 Speaker 6: And I think the expectation is NBCU and in set 235 00:12:10,160 --> 00:12:12,520 Speaker 6: of Concast is in both. But in terms of like 236 00:12:12,559 --> 00:12:15,480 Speaker 6: where the opportunity is, yeah, it's you have to find 237 00:12:15,480 --> 00:12:17,200 Speaker 6: your spots in the right value of the right day. 238 00:12:17,520 --> 00:12:21,680 Speaker 1: Brian, a major major value investor with huge R squared 239 00:12:21,760 --> 00:12:25,640 Speaker 1: success in the industry, emails in worships. Everything you talk about, 240 00:12:26,120 --> 00:12:30,080 Speaker 1: you've just described content, and that describes a train wreck 241 00:12:30,240 --> 00:12:34,240 Speaker 1: known as Warner Brothers Discovery. We've all got our biases here. 242 00:12:34,240 --> 00:12:37,520 Speaker 1: I read variety like everybody else. But what I see 243 00:12:37,520 --> 00:12:39,719 Speaker 1: in a way that the average cost of capital all 244 00:12:39,760 --> 00:12:44,160 Speaker 1: of the recent radio bankruptcy that we saw is a 245 00:12:44,320 --> 00:12:49,000 Speaker 1: ton of debt. At WBD, I got them listed out 246 00:12:49,000 --> 00:12:52,559 Speaker 1: as sixty two point nine percent debt. Can Warner Brothers 247 00:12:52,679 --> 00:12:55,920 Speaker 1: make the divide to successful the reach go over the 248 00:12:55,960 --> 00:12:59,600 Speaker 1: canyon to the nirvana of successful content? 249 00:13:01,480 --> 00:13:01,800 Speaker 4: Again? 250 00:13:02,040 --> 00:13:06,080 Speaker 6: I think their focus, unfortunately, has been away from the 251 00:13:06,120 --> 00:13:08,400 Speaker 6: things that one would need to invest into drive growth 252 00:13:08,440 --> 00:13:09,240 Speaker 6: at the present time. 253 00:13:09,280 --> 00:13:11,920 Speaker 1: Why can't they do that? This is critical? Why can't 254 00:13:11,920 --> 00:13:15,040 Speaker 1: they do what Netflix does? What Apple TV's what is it? 255 00:13:15,160 --> 00:13:18,440 Speaker 1: Constellation's coming out? I got scared at the trailer. Yes, 256 00:13:18,720 --> 00:13:20,960 Speaker 1: but Brian, why can't they do what the others are doing? 257 00:13:22,320 --> 00:13:22,800 Speaker 4: They could? 258 00:13:23,080 --> 00:13:25,000 Speaker 6: I mean, I think anyone could. I think it's just 259 00:13:25,040 --> 00:13:26,760 Speaker 6: a matter against strategic clarity? 260 00:13:27,080 --> 00:13:27,880 Speaker 4: Is the thing? 261 00:13:27,960 --> 00:13:30,560 Speaker 6: Right? Go back to Disney twenty eighteen, right when they 262 00:13:30,559 --> 00:13:33,480 Speaker 6: announced Disney Plus. Go back to everything that Bob Iger 263 00:13:33,679 --> 00:13:36,680 Speaker 6: was talking about then. He was absolutely spot on in 264 00:13:36,760 --> 00:13:39,920 Speaker 6: terms of what they needed to do. Unfortunately, Wall Street 265 00:13:39,960 --> 00:13:43,360 Speaker 6: and possibly even Disney did not understand that the economics 266 00:13:43,400 --> 00:13:46,240 Speaker 6: of this were not going to be favorable. But making 267 00:13:46,280 --> 00:13:49,440 Speaker 6: a bad decision was better than making a worse one. 268 00:13:50,000 --> 00:13:52,880 Speaker 6: They made the bad decision, and it was the right 269 00:13:52,920 --> 00:13:55,920 Speaker 6: one given where the industry was going. So sometimes I 270 00:13:55,920 --> 00:13:57,840 Speaker 6: think the companies just need to get comfortable with the 271 00:13:57,840 --> 00:14:00,360 Speaker 6: idea of it's gonna be not as as good as 272 00:14:00,400 --> 00:14:02,080 Speaker 6: you'd like it to be. You can't go back to 273 00:14:02,120 --> 00:14:04,079 Speaker 6: where it was, but you can make the most of 274 00:14:04,120 --> 00:14:05,320 Speaker 6: the world the way it will be. 275 00:14:06,000 --> 00:14:06,560 Speaker 7: And I think. 276 00:14:06,440 --> 00:14:10,600 Speaker 6: That that's the sort of conviction that certainly investors who 277 00:14:10,640 --> 00:14:13,560 Speaker 6: make multi billion dollar bets when they're able to, usually 278 00:14:13,600 --> 00:14:15,959 Speaker 6: have a lot of conviction. You do want to see 279 00:14:16,000 --> 00:14:19,080 Speaker 6: that from the companies putting their capital to work. 280 00:14:19,200 --> 00:14:22,760 Speaker 5: Hey, Brian, with all your experience in any advertising space, 281 00:14:22,840 --> 00:14:25,800 Speaker 5: particularly at Group M, with the biggest TV advertising buyer 282 00:14:26,200 --> 00:14:29,360 Speaker 5: in the world, talk to us about the TV advertising business. 283 00:14:29,440 --> 00:14:33,800 Speaker 5: I mean, outside of some NFL games, is there any 284 00:14:33,880 --> 00:14:37,640 Speaker 5: reason to think that television advertising business, broadcasting cable can 285 00:14:37,680 --> 00:14:41,120 Speaker 5: ever grow again, because that's critical for these media companies. 286 00:14:42,240 --> 00:14:44,360 Speaker 6: Nope, nope, I mean, and this is the thing, at 287 00:14:44,440 --> 00:14:48,520 Speaker 6: least in the United States television outside of the bumps 288 00:14:48,520 --> 00:14:52,360 Speaker 6: you see from political advertising and from the Olympics, which 289 00:14:52,400 --> 00:14:55,880 Speaker 6: you know, it's individual companies on a short term basis, 290 00:14:56,160 --> 00:14:59,400 Speaker 6: but the long term, transpermanent decline. There's no way around it, 291 00:14:59,480 --> 00:15:03,600 Speaker 6: and that why the biggest opportunities are for Meta and 292 00:15:03,800 --> 00:15:07,920 Speaker 6: Alphabet and Amazon and lots of other players, but television 293 00:15:07,960 --> 00:15:08,800 Speaker 6: no permanent decline. 294 00:15:08,840 --> 00:15:12,720 Speaker 1: Ryan thirty seconds here this week without questions, Sports Illustrated 295 00:15:12,720 --> 00:15:15,040 Speaker 1: at the Kiosk down at the corner of Lexington and 296 00:15:15,120 --> 00:15:17,960 Speaker 1: fifty eighths would have a cover of the Detroit Lions 297 00:15:18,000 --> 00:15:23,440 Speaker 1: winning large. It's over, it's gone our SI and magazines 298 00:15:23,440 --> 00:15:25,680 Speaker 1: and honor of Frank to Ford is it dead? 299 00:15:27,720 --> 00:15:30,280 Speaker 6: Yeah, I think magazines in their print form, it's funny. 300 00:15:30,320 --> 00:15:35,280 Speaker 6: The disinvestment of print, the disinvestment of content, the focus 301 00:15:35,280 --> 00:15:38,320 Speaker 6: in the case of SI and the Arena Group unfortunately 302 00:15:39,120 --> 00:15:45,440 Speaker 6: of an original human content is the problem. And yeah, it's. 303 00:15:44,240 --> 00:15:47,920 Speaker 1: Brian Weezer Madison will hugely advantaged. Can't say enough about 304 00:15:47,920 --> 00:15:55,120 Speaker 1: his industry comments. We're gonna get right to it. This 305 00:15:55,200 --> 00:15:58,680 Speaker 1: conversation is so important, joining us from RBC Capital Markets 306 00:15:58,720 --> 00:16:02,560 Speaker 1: just really really exceptional in the acuity of the market 307 00:16:02,600 --> 00:16:05,360 Speaker 1: and looking over what are called the Greek letters and 308 00:16:05,440 --> 00:16:09,800 Speaker 1: the cross moments. That statistical talk is Amy wou Silverman, Amy, 309 00:16:09,880 --> 00:16:13,640 Speaker 1: what's changed in the Greeks with this melt up, particularly 310 00:16:13,720 --> 00:16:17,440 Speaker 1: in magnificent seven, Like what is Skew done for Global 311 00:16:17,520 --> 00:16:18,040 Speaker 1: Wall Street? 312 00:16:19,840 --> 00:16:22,600 Speaker 8: Good morning Tom. You know, it's funny because the market 313 00:16:22,720 --> 00:16:25,040 Speaker 8: is really back to its old ways. The kind of 314 00:16:25,080 --> 00:16:27,600 Speaker 8: things that worked last year are starting to work again, 315 00:16:28,040 --> 00:16:31,800 Speaker 8: But the option sentiment is actually quite different. So, you know, 316 00:16:31,880 --> 00:16:35,440 Speaker 8: even though we have this mag seven megacap tech rally 317 00:16:35,480 --> 00:16:39,640 Speaker 8: again seems familiar, the option sentiment is just not nearly 318 00:16:39,840 --> 00:16:42,760 Speaker 8: as bold up as it was last year when we 319 00:16:42,800 --> 00:16:45,560 Speaker 8: had that Nvidia chase and we had that AI frenzy. 320 00:16:46,080 --> 00:16:49,360 Speaker 8: You know, I'd say it's meant at best in terms 321 00:16:49,440 --> 00:16:52,800 Speaker 8: of the bollishness, but we aren't seeing the bearishness yet. 322 00:16:52,880 --> 00:16:55,320 Speaker 8: So I think it's sort of a tale of both 323 00:16:55,360 --> 00:16:57,840 Speaker 8: headwinds and tailwinds, and the volatility winds. 324 00:16:57,880 --> 00:16:59,840 Speaker 1: Can you can you see if this is cash moving 325 00:16:59,880 --> 00:17:02,120 Speaker 1: into the market, I mean as cash getting out front 326 00:17:02,120 --> 00:17:04,680 Speaker 1: of a move, say from five point one five percent 327 00:17:04,760 --> 00:17:07,040 Speaker 1: yield down to four point eight percent yield. 328 00:17:08,680 --> 00:17:11,320 Speaker 8: You know, it's interesting because I actually think it's a 329 00:17:11,359 --> 00:17:14,760 Speaker 8: function of the fact that cash did move into the market, 330 00:17:14,800 --> 00:17:18,040 Speaker 8: meaning our positioning is far more long now than it 331 00:17:18,119 --> 00:17:20,360 Speaker 8: was at this point last year. Because when you think 332 00:17:20,400 --> 00:17:23,440 Speaker 8: about a lot of that momentum chase up, Tom, it's 333 00:17:23,480 --> 00:17:25,679 Speaker 8: folks who need to jump into the pool, and to 334 00:17:25,760 --> 00:17:28,119 Speaker 8: some degree, everyone's already swimming in the pool, so that 335 00:17:28,160 --> 00:17:31,320 Speaker 8: incremental chase just gets weaker and weaker, which is why 336 00:17:31,359 --> 00:17:33,760 Speaker 8: I don't think we see that call skew that bold 337 00:17:33,840 --> 00:17:37,199 Speaker 8: up sentiment really really high. But you know, again, we 338 00:17:37,240 --> 00:17:39,560 Speaker 8: don't see that downside pick up either. And you know, 339 00:17:39,640 --> 00:17:41,720 Speaker 8: as we know, if tech goes, the market goes, So 340 00:17:41,720 --> 00:17:42,359 Speaker 8: that's what we're wanting. 341 00:17:42,440 --> 00:17:45,239 Speaker 1: Over the weekend, Paul and Amy was Silverman's world. I 342 00:17:45,320 --> 00:17:49,920 Speaker 1: was thunderstruck by the statistical lack of exuberance. I don't 343 00:17:49,920 --> 00:17:51,639 Speaker 1: want to say I've never seen this before, but I 344 00:17:51,680 --> 00:17:53,560 Speaker 1: think I've never seen this right exactly. 345 00:17:54,040 --> 00:17:56,359 Speaker 5: I know so Amy, I mean, you know, we kind 346 00:17:56,400 --> 00:17:59,159 Speaker 5: of started first of all, I mean that novembery December 347 00:17:59,240 --> 00:18:01,720 Speaker 5: last year to write home about. I'm not really sure 348 00:18:01,720 --> 00:18:04,359 Speaker 5: what drove that, but we started the year kind of 349 00:18:04,680 --> 00:18:06,200 Speaker 5: I kind of thought, you know, the market was soft 350 00:18:06,200 --> 00:18:08,720 Speaker 5: the first week or so of the year. I said, Okay, 351 00:18:08,720 --> 00:18:10,080 Speaker 5: we're going to give back some of the games we 352 00:18:10,119 --> 00:18:11,680 Speaker 5: had at the end of the year, but it's kind 353 00:18:11,680 --> 00:18:15,240 Speaker 5: of solidified here. How do you feel about this market? Here, 354 00:18:15,280 --> 00:18:17,360 Speaker 5: can you work higher? What are the signs that you're 355 00:18:17,400 --> 00:18:17,800 Speaker 5: looking at? 356 00:18:19,560 --> 00:18:22,400 Speaker 8: Yeah, so we are watching these signs really closely. One 357 00:18:22,440 --> 00:18:24,879 Speaker 8: of the things that we will be watching for is 358 00:18:25,280 --> 00:18:28,080 Speaker 8: if we continue to see a shift in option dynamics. 359 00:18:28,119 --> 00:18:30,280 Speaker 8: So we kind of call this spot up wall up. 360 00:18:30,280 --> 00:18:33,520 Speaker 8: But essentially what we mean is, as the market moves higher, 361 00:18:33,680 --> 00:18:37,280 Speaker 8: is volatility moving higher or is it moving lower. Historically 362 00:18:37,320 --> 00:18:39,800 Speaker 8: it's supposed to move lower. Volatilely supposed to go the 363 00:18:39,880 --> 00:18:43,000 Speaker 8: opposite way, right, but we actually occasionally see volatilely go 364 00:18:43,160 --> 00:18:45,760 Speaker 8: up because people are actually buying calls along the way. 365 00:18:46,200 --> 00:18:48,840 Speaker 8: If that starts to strengthen, if that starts the cycle, 366 00:18:48,920 --> 00:18:50,919 Speaker 8: that means we have another leg up. That's what we 367 00:18:50,960 --> 00:18:54,200 Speaker 8: saw during the Nvidia rally, but it's much weaker this time. 368 00:18:54,240 --> 00:18:56,080 Speaker 8: As I was saying, so, you know, I don't know 369 00:18:56,119 --> 00:18:59,400 Speaker 8: how much steam is left in this, but that's definitely 370 00:18:59,480 --> 00:19:00,600 Speaker 8: the sign puts to watch. 371 00:19:00,720 --> 00:19:03,560 Speaker 5: The expect tech to be the leader in twenty four 372 00:19:03,600 --> 00:19:05,879 Speaker 5: as it was in twenty three. I'm not sure if 373 00:19:05,880 --> 00:19:08,679 Speaker 5: it's a Magnificent seven or in Nvidia, but the expect 374 00:19:08,720 --> 00:19:10,920 Speaker 5: Tech broady defined to continue to be a market leader. 375 00:19:12,800 --> 00:19:15,320 Speaker 8: You know, this is obviously a tough question, but I 376 00:19:15,320 --> 00:19:18,280 Speaker 8: think it comes down to what happens with rates, as 377 00:19:18,720 --> 00:19:22,399 Speaker 8: with everything unfortunately, and you know right now it comes 378 00:19:22,440 --> 00:19:24,840 Speaker 8: down to this debate that we have between those March 379 00:19:24,880 --> 00:19:27,479 Speaker 8: and June tenors. I can tell you the way the 380 00:19:27,520 --> 00:19:30,399 Speaker 8: options market is pricing right now is there is like 381 00:19:30,440 --> 00:19:33,880 Speaker 8: a noticeable tick up on the index level. So when 382 00:19:33,880 --> 00:19:36,879 Speaker 8: you talk about VIX and SMP, that would tell me 383 00:19:37,000 --> 00:19:40,920 Speaker 8: that folks aren't nearly as bold up in general as 384 00:19:40,920 --> 00:19:43,719 Speaker 8: they were last year. And occasionally, you know, that can 385 00:19:43,800 --> 00:19:45,840 Speaker 8: be wrong, but it tends to be a good indicator 386 00:19:45,840 --> 00:19:47,320 Speaker 8: of just the fears in the market, and we do 387 00:19:47,400 --> 00:19:48,720 Speaker 8: see that tick up so amy. 388 00:19:48,760 --> 00:19:50,840 Speaker 5: I mean, you know, Tom keeps us on our toes 389 00:19:50,840 --> 00:19:53,920 Speaker 5: here in looking at the vics, looking at volatility here, 390 00:19:54,400 --> 00:19:57,879 Speaker 5: and again of vix it twelve point five. I'm not 391 00:19:57,880 --> 00:19:58,920 Speaker 5: sure what that tells me here. 392 00:20:00,800 --> 00:20:03,840 Speaker 8: It's really tough, and it's given us derivatives folks a 393 00:20:03,840 --> 00:20:06,400 Speaker 8: little bit of existential dread, you know, because a lot 394 00:20:06,400 --> 00:20:08,359 Speaker 8: of this, a lot of those has to do with 395 00:20:08,440 --> 00:20:10,639 Speaker 8: the rise of zero dat to x pre trading. I 396 00:20:10,960 --> 00:20:14,000 Speaker 8: do think there are these structural concerns right now where 397 00:20:14,040 --> 00:20:17,080 Speaker 8: you can't really just use VIX alone anymore because it's 398 00:20:17,080 --> 00:20:20,159 Speaker 8: giving you a thirty day weighted outlook of imply volatility. 399 00:20:20,160 --> 00:20:22,880 Speaker 8: But half the trading is done on options that expire 400 00:20:22,920 --> 00:20:25,679 Speaker 8: within one day. You know, to some degree our toolbox 401 00:20:25,720 --> 00:20:27,840 Speaker 8: has to move to get in line with how the 402 00:20:27,880 --> 00:20:28,720 Speaker 8: market's been moving. 403 00:20:29,000 --> 00:20:32,320 Speaker 1: What do you say to fear of missing out? I mean, mathematically, 404 00:20:32,640 --> 00:20:36,600 Speaker 1: how do you describe fear missing out? Other than ong 405 00:20:36,800 --> 00:20:39,760 Speaker 1: it's two pm, Europe's going to rock tomorrow morning. I 406 00:20:39,800 --> 00:20:43,240 Speaker 1: got to get on board at the margin. You know. 407 00:20:43,400 --> 00:20:46,120 Speaker 8: For the folks with FOMO, I think the fact that 408 00:20:46,520 --> 00:20:49,600 Speaker 8: you know they've discovered options is a good thing. I'll 409 00:20:49,600 --> 00:20:53,480 Speaker 8: give you one kind of interesting counterexample. Everyone's really everyone's 410 00:20:53,520 --> 00:20:56,080 Speaker 8: really bearish on China, but I can tell you in 411 00:20:56,119 --> 00:20:59,400 Speaker 8: the options market, sentiment has both been going the other way. 412 00:20:59,480 --> 00:21:02,200 Speaker 8: And actually think that's a function of those who say, 413 00:21:02,520 --> 00:21:05,600 Speaker 8: you know, China still appears a bit uninvestable for maybe 414 00:21:05,600 --> 00:21:08,800 Speaker 8: political reasons or structural reasons. But I still got that FOMO. 415 00:21:09,240 --> 00:21:11,600 Speaker 8: So I have some FXI calls on, or I have 416 00:21:11,680 --> 00:21:14,120 Speaker 8: some k Web calls on. I think that's what's happening 417 00:21:14,160 --> 00:21:18,040 Speaker 8: in the options market. These contrarian moves you see are 418 00:21:18,040 --> 00:21:20,960 Speaker 8: the folks who have the FOMO but obviously have a 419 00:21:20,960 --> 00:21:23,520 Speaker 8: more top down approach too, and you get those counter 420 00:21:23,560 --> 00:21:25,200 Speaker 8: indicators in our market. 421 00:21:26,400 --> 00:21:29,439 Speaker 1: Amy one final question here, you're juggling here as we 422 00:21:29,480 --> 00:21:32,320 Speaker 1: try to open the market. It's up up, and we've 423 00:21:32,320 --> 00:21:35,119 Speaker 1: talked about cash and we've talked about the rest of 424 00:21:35,160 --> 00:21:41,199 Speaker 1: it as well. Are the Magnificent seven institutionally under owned? 425 00:21:41,280 --> 00:21:44,520 Speaker 1: Bloomberg has a lot of data on this, and frankly, 426 00:21:44,560 --> 00:21:47,120 Speaker 1: when I look at it, can I actually believe Apple's 427 00:21:47,280 --> 00:21:47,840 Speaker 1: under owned? 428 00:21:50,080 --> 00:21:52,320 Speaker 8: You know, it's tough because the data that we have 429 00:21:52,440 --> 00:21:54,440 Speaker 8: seen in terms of fun flows is that a lot 430 00:21:54,520 --> 00:21:57,320 Speaker 8: has poured into it. That's not a case that it 431 00:21:57,359 --> 00:21:59,520 Speaker 8: couldn't continue to go higher. You know, AI is one 432 00:21:59,560 --> 00:22:02,480 Speaker 8: of those where you could argue it's a secular theme 433 00:22:02,520 --> 00:22:05,679 Speaker 8: that kind of crosses over everything. I do think for 434 00:22:05,800 --> 00:22:08,440 Speaker 8: a lot of folks, though, it comes down to what 435 00:22:08,520 --> 00:22:10,680 Speaker 8: happens with growth and if we don't get it, then 436 00:22:11,000 --> 00:22:12,960 Speaker 8: you know, where do people go back in terms of 437 00:22:13,160 --> 00:22:16,280 Speaker 8: like to safety. They go back to these very high quality, 438 00:22:16,440 --> 00:22:20,359 Speaker 8: great cash flow, you know, high net income, tight companies 439 00:22:20,400 --> 00:22:22,879 Speaker 8: with good balance sheets. And I do think you have 440 00:22:23,040 --> 00:22:26,120 Speaker 8: this kind of us exceptionalism that has been the narrative 441 00:22:26,160 --> 00:22:29,000 Speaker 8: for a long time, and it still seems like folks 442 00:22:29,240 --> 00:22:31,440 Speaker 8: keep going back to it, even though you know, the 443 00:22:31,560 --> 00:22:34,680 Speaker 8: merging markets and other parts looking incredibly inexpensive. 444 00:22:34,920 --> 00:22:37,119 Speaker 1: Amy with Silverman, thank you for waiting for the Speaker 445 00:22:37,119 --> 00:22:38,919 Speaker 1: of the House, Former Speaker of the House. She's more 446 00:22:38,960 --> 00:22:41,879 Speaker 1: important than Kevin mccashu. I mean with Silverman, with RBC 447 00:22:42,680 --> 00:22:55,679 Speaker 1: Capital Market, when are you going far away? There was 448 00:22:55,760 --> 00:22:59,560 Speaker 1: a point where our stars each had a certain character. 449 00:22:59,680 --> 00:23:02,919 Speaker 1: It was manufactured by a marketing combat. I don't think 450 00:23:02,960 --> 00:23:05,399 Speaker 1: you ever had Taylor Swift screaming at him. I know 451 00:23:05,520 --> 00:23:08,480 Speaker 1: up in Washington Stadium joining us now a piece of 452 00:23:08,520 --> 00:23:10,600 Speaker 1: meat out of New Jersey that did better than good 453 00:23:10,640 --> 00:23:13,080 Speaker 1: at Notre Dame and went on to a story career 454 00:23:13,560 --> 00:23:17,200 Speaker 1: in American sport. Joseph Heisman joins us his book How 455 00:23:17,240 --> 00:23:19,399 Speaker 1: to Be a Champion every Day. Just read it for 456 00:23:19,560 --> 00:23:21,760 Speaker 1: Ronnie Lott. I'll leave it there. It's a great, great 457 00:23:21,760 --> 00:23:24,280 Speaker 1: but jose Eisman, welcome to Bloomberg Surveillance. 458 00:23:25,040 --> 00:23:27,120 Speaker 4: Thanks tob I've ever been referred to as a piece 459 00:23:27,160 --> 00:23:29,960 Speaker 4: of meat from New Jersey. No, but this is I 460 00:23:30,000 --> 00:23:32,000 Speaker 4: got to tell you. You know, here here in Bloomberg, 461 00:23:32,080 --> 00:23:33,800 Speaker 4: you never know what you're going to hear, and sometimes 462 00:23:33,800 --> 00:23:36,280 Speaker 4: you hear it for the first time. What's great about this, Joe? 463 00:23:37,480 --> 00:23:37,679 Speaker 1: I am? 464 00:23:37,760 --> 00:23:39,760 Speaker 4: You're right? You know, a skinny little piece of meat 465 00:23:39,760 --> 00:23:40,439 Speaker 4: from New Jersey. 466 00:23:40,600 --> 00:23:41,119 Speaker 5: What was me? 467 00:23:41,480 --> 00:23:43,880 Speaker 1: I had a terrible life in New Jersey. I somehow 468 00:23:43,920 --> 00:23:46,560 Speaker 1: walked on the field at Notre Dame. Boloney, you were 469 00:23:46,640 --> 00:23:50,639 Speaker 1: coveted at Notre Dame because you owned everything in southern 470 00:23:50,800 --> 00:23:52,880 Speaker 1: New Jersey when you walked down the field at Notre 471 00:23:53,000 --> 00:23:56,199 Speaker 1: Dame your sophomore year. I remember when Brady walked on 472 00:23:56,280 --> 00:23:59,199 Speaker 1: the field at Michigan. What was it like at the 473 00:23:59,320 --> 00:24:02,240 Speaker 1: end of that song sophomore season when you have to say, 474 00:24:02,320 --> 00:24:03,280 Speaker 1: I'm Joe thisman? 475 00:24:04,560 --> 00:24:07,200 Speaker 4: You know, it's really funny. I wound up getting into 476 00:24:07,240 --> 00:24:09,199 Speaker 4: the game just like Tom did. I mean, you know, 477 00:24:09,320 --> 00:24:11,760 Speaker 4: Drew got hurt. Tom wound up going in Terry handright, 478 00:24:11,800 --> 00:24:13,200 Speaker 4: he got hurt. I wound up going in for the 479 00:24:13,280 --> 00:24:16,760 Speaker 4: last three games. And when I finished off my sophomore year, 480 00:24:16,760 --> 00:24:19,520 Speaker 4: I felt I felt like, you know, I'm validated. I 481 00:24:19,600 --> 00:24:21,920 Speaker 4: belong And that's been a thing for me all my life. 482 00:24:21,960 --> 00:24:23,800 Speaker 4: Is when I was in high school, I was always 483 00:24:23,840 --> 00:24:25,760 Speaker 4: a skinny little kid. Heck, I graduated from college one 484 00:24:25,840 --> 00:24:28,480 Speaker 4: hundred and seventy five pounds, never played heavier in the 485 00:24:28,560 --> 00:24:31,200 Speaker 4: National Football League than one eighty five for fifteen years 486 00:24:31,280 --> 00:24:33,760 Speaker 4: of professional football. So it's always been that little guy 487 00:24:33,800 --> 00:24:36,160 Speaker 4: who couldn't do it, and it's always been a motivator 488 00:24:36,200 --> 00:24:38,440 Speaker 4: for me. But when I stepped out on the football field, 489 00:24:38,440 --> 00:24:40,359 Speaker 4: I think you have to believe in yourself. Hey, if 490 00:24:40,359 --> 00:24:42,280 Speaker 4: you don't believe in who you are, who's believing you? 491 00:24:42,440 --> 00:24:44,200 Speaker 1: For those of you who on Carter Bottle Blant, Yeah, 492 00:24:44,200 --> 00:24:46,200 Speaker 1: I mean you and Carr playing. You know you don't 493 00:24:46,240 --> 00:24:49,200 Speaker 1: see this on radio on YouTube. You can tell Joe 494 00:24:49,280 --> 00:24:51,400 Speaker 1: Thaisman there's none of this o zempic garbage. 495 00:24:51,720 --> 00:24:52,960 Speaker 4: He's just cutting shizzled. 496 00:24:53,000 --> 00:24:55,280 Speaker 1: I mean, he's fifty nine years old and he's cutting 497 00:24:55,359 --> 00:24:56,080 Speaker 1: shizzled Paul. 498 00:24:56,400 --> 00:24:59,119 Speaker 5: Hey, Joe, Yeah, Tom has no respect for us New 499 00:24:59,200 --> 00:25:01,520 Speaker 5: Jersey people. I'm from Trenton and he's all over me 500 00:25:01,560 --> 00:25:04,520 Speaker 5: all the time. But South River High School that's near 501 00:25:04,560 --> 00:25:06,840 Speaker 5: East Brunswick, New Jersey, for the folks listening a great 502 00:25:06,880 --> 00:25:09,720 Speaker 5: part of the state. Hey, Joe, talk to us about 503 00:25:09,960 --> 00:25:12,200 Speaker 5: before we get to like the pros and the Super 504 00:25:12,240 --> 00:25:16,000 Speaker 5: Bowl and stuff. In college, it's not the same college game. 505 00:25:16,119 --> 00:25:18,920 Speaker 5: When you were at Notre Dame, there's all this name, 506 00:25:19,320 --> 00:25:21,919 Speaker 5: image likeness. The kids are making money these days, how 507 00:25:21,960 --> 00:25:24,359 Speaker 5: do you think that's And there's a transfer portal and everything. 508 00:25:24,440 --> 00:25:26,720 Speaker 5: It's a completely different game than when you're at Notre Dame. 509 00:25:27,359 --> 00:25:31,160 Speaker 4: It's professional football. Yep, on a minor scale. I mean, 510 00:25:31,160 --> 00:25:33,359 Speaker 4: they opened Pandora's box with this thing and made an 511 00:25:33,359 --> 00:25:36,720 Speaker 4: absolute mess of college football. Now you know, the athletes 512 00:25:36,760 --> 00:25:38,280 Speaker 4: are being paid, some of them being paid a lot 513 00:25:38,320 --> 00:25:40,640 Speaker 4: of money, and they wind up sitting. What I think 514 00:25:40,640 --> 00:25:45,720 Speaker 4: it's really doing, it's destroying the infrastructure of competition. You 515 00:25:45,760 --> 00:25:48,359 Speaker 4: go someplace and you compete for a job, well, not 516 00:25:48,480 --> 00:25:51,199 Speaker 4: in college anymore. You go someplace, you don't like it, 517 00:25:51,359 --> 00:25:53,439 Speaker 4: you think you're really good, You're just going to go 518 00:25:53,520 --> 00:25:57,399 Speaker 4: someplace else. Before this, though, parents used to dictate to 519 00:25:57,480 --> 00:26:00,520 Speaker 4: colleges whether their son and or daughter was going to 520 00:26:00,600 --> 00:26:03,000 Speaker 4: go there based upon who else they would sign. 521 00:26:03,200 --> 00:26:03,480 Speaker 7: Yep. 522 00:26:03,640 --> 00:26:06,280 Speaker 4: Now it's a question of dollars. Now now the universities 523 00:26:06,280 --> 00:26:10,920 Speaker 4: are writing checks and it's it's really destroyed what we 524 00:26:10,960 --> 00:26:14,040 Speaker 4: believe college football was. Hey, I'm all for progress. I 525 00:26:14,119 --> 00:26:17,040 Speaker 4: understand this. I'm not a dinosaur. That's sister and says, well, 526 00:26:17,080 --> 00:26:18,640 Speaker 4: it should be this way, it should be that way. 527 00:26:18,880 --> 00:26:21,240 Speaker 4: I'm willing to accept whatever's out there. But what they're 528 00:26:21,280 --> 00:26:24,200 Speaker 4: doing right now is basically destroyed college football. How would 529 00:26:24,240 --> 00:26:26,120 Speaker 4: you like to be a coach today trying to recruit something? 530 00:26:26,119 --> 00:26:27,760 Speaker 5: I can't imagine. I don't know how they do it. 531 00:26:27,760 --> 00:26:28,960 Speaker 4: I mean I can't either. 532 00:26:29,080 --> 00:26:31,880 Speaker 5: Yeah, I don't know how the I mean, you recruiter kid, 533 00:26:31,920 --> 00:26:33,840 Speaker 5: you coach them up, and then here she leaves. Not 534 00:26:33,880 --> 00:26:36,200 Speaker 5: that they don't have the prerogative to leave, but boy, 535 00:26:36,240 --> 00:26:38,280 Speaker 5: that makes it difficult, all right, Joe, So let's get 536 00:26:38,280 --> 00:26:40,720 Speaker 5: to the to the big boys, the professionals share. We've 537 00:26:40,720 --> 00:26:44,240 Speaker 5: got four solid teams here getting ready to try to 538 00:26:44,280 --> 00:26:45,840 Speaker 5: get to this super Bowl. 539 00:26:45,840 --> 00:26:46,080 Speaker 4: Here. 540 00:26:47,160 --> 00:26:49,280 Speaker 5: I tell you what it's. It's a quarterback driven league, 541 00:26:49,320 --> 00:26:51,760 Speaker 5: as you well know better than anybody. We got some 542 00:26:51,800 --> 00:26:52,800 Speaker 5: good quarterbacks here. 543 00:26:53,440 --> 00:26:55,399 Speaker 4: Oh yeah, and all four of them have a story. 544 00:26:55,600 --> 00:26:58,399 Speaker 4: But I'm going to start with my favorite in this 545 00:26:58,440 --> 00:27:04,439 Speaker 4: particular competition, the Detroit Yeah. Somebody smile there. I know 546 00:27:04,480 --> 00:27:08,000 Speaker 4: that what they've been able to do. I mean, you're 547 00:27:08,040 --> 00:27:10,000 Speaker 4: not talking about a football team in Detroit, You're talking 548 00:27:10,000 --> 00:27:12,240 Speaker 4: about a city. You're talking about a group of people 549 00:27:12,280 --> 00:27:15,240 Speaker 4: that have been so frustrated for so long. Fans Now 550 00:27:15,280 --> 00:27:17,280 Speaker 4: all of a sudden they get to celebrate. The difference 551 00:27:17,320 --> 00:27:19,359 Speaker 4: is they're not going to be at home, They're going 552 00:27:19,440 --> 00:27:21,560 Speaker 4: to be on the road. Then you got Brock Perdy, 553 00:27:21,840 --> 00:27:24,000 Speaker 4: you got three number one picks, and then you got Brock. 554 00:27:24,040 --> 00:27:26,600 Speaker 4: You got mister irrelevant and all the number ones. And 555 00:27:26,680 --> 00:27:28,600 Speaker 4: yet he's playing at a higher level than all of 556 00:27:28,640 --> 00:27:32,720 Speaker 4: them when you look at statistics. So he's fighting Patrick. 557 00:27:32,920 --> 00:27:35,879 Speaker 4: To me, Patrick is just phenomenal and Lamar, you are 558 00:27:35,920 --> 00:27:37,600 Speaker 4: going to have a heck of a shootout. This is great. 559 00:27:37,600 --> 00:27:39,560 Speaker 1: We interrupt this program to bring in Michael Barr of 560 00:27:39,560 --> 00:27:42,960 Speaker 1: Bloomberg Business of Sports, not an acquaintance with Honolulu Blue, 561 00:27:43,160 --> 00:27:45,080 Speaker 1: mister Bard and mister thy See. 562 00:27:45,119 --> 00:27:49,080 Speaker 7: You know with Tom and Paul and Lisa, they have class. 563 00:27:49,240 --> 00:27:52,000 Speaker 7: But you know me, I'm like that dog that's happy 564 00:27:52,000 --> 00:27:54,480 Speaker 7: to see you when you get in. What it is, man, 565 00:27:54,560 --> 00:27:57,679 Speaker 7: how are you, Michael? 566 00:27:57,960 --> 00:28:02,280 Speaker 4: It's it's it's exciting. I mean we used to I 567 00:28:02,320 --> 00:28:04,080 Speaker 4: never lost to the Detroit Lions. Just so you know 568 00:28:04,119 --> 00:28:06,320 Speaker 4: when we played all the years, we just had this 569 00:28:06,400 --> 00:28:09,280 Speaker 4: run in Detroit would get so close and I was 570 00:28:09,320 --> 00:28:11,080 Speaker 4: fortunate enough to go into the College Football Hall of 571 00:28:11,119 --> 00:28:14,120 Speaker 4: Fame with Barry Sanders, whom I respect for that it's 572 00:28:14,160 --> 00:28:16,639 Speaker 4: great that that statue is there to honor him and 573 00:28:16,680 --> 00:28:19,240 Speaker 4: what his accomplishments were. But I think he just got 574 00:28:19,280 --> 00:28:21,520 Speaker 4: frustrated and entire to mean sooner or later you just 575 00:28:21,520 --> 00:28:23,880 Speaker 4: get tired of losing. We're facing it now here in Washington. 576 00:28:24,359 --> 00:28:26,000 Speaker 4: Our fans are frustrated as can be. 577 00:28:26,640 --> 00:28:29,200 Speaker 5: It's been basically well, now you've got a real owner, 578 00:28:29,240 --> 00:28:31,960 Speaker 5: so healthy things are on the up move there. Hey, 579 00:28:32,160 --> 00:28:37,240 Speaker 5: Joe Chiefs, Ravens, I mean, Lamar Jackson, Patrick Mahomes, Does 580 00:28:37,240 --> 00:28:38,720 Speaker 5: it get any better than that? 581 00:28:38,760 --> 00:28:38,880 Speaker 1: Who? 582 00:28:39,600 --> 00:28:40,960 Speaker 5: Who would you pick between those two? 583 00:28:41,800 --> 00:28:45,400 Speaker 4: You know, well, Baltimore is favored by three, which basically 584 00:28:45,400 --> 00:28:47,480 Speaker 4: means if the home team is favored by three, it's 585 00:28:47,480 --> 00:28:50,040 Speaker 4: a pick them, and so they give the home team 586 00:28:50,080 --> 00:28:52,520 Speaker 4: three points if it's that close. And it is that close, 587 00:28:52,960 --> 00:28:55,080 Speaker 4: you know, Patrick to me is one of the most 588 00:28:55,120 --> 00:28:59,520 Speaker 4: the most entertaining quarterback in football and six consecutive AFC 589 00:28:59,600 --> 00:29:02,240 Speaker 4: champions games with Andy. That's all you need to know. 590 00:29:02,280 --> 00:29:05,200 Speaker 4: And you can't talk about Patrick Mahomes unless you talk 591 00:29:05,200 --> 00:29:07,160 Speaker 4: about Andy Reid in the same breath. To be honest 592 00:29:07,200 --> 00:29:10,520 Speaker 4: with you, and Lamar Jackson. Is Lamar has a unique 593 00:29:10,560 --> 00:29:14,440 Speaker 4: throwing style. Lamar is a unique athlete and now he's 594 00:29:14,480 --> 00:29:17,320 Speaker 4: developed into one heck of a quarterback. And because of 595 00:29:17,360 --> 00:29:20,760 Speaker 4: the uniqueness of his throwing style, everybody doesn't look at 596 00:29:20,800 --> 00:29:23,920 Speaker 4: him as a classic quarterback. Well he is, and he's 597 00:29:23,960 --> 00:29:25,720 Speaker 4: a darn goodwin. And he's going to be the MVP 598 00:29:25,800 --> 00:29:27,840 Speaker 4: of the league. By the way, too. Michael Barr jumped 599 00:29:27,880 --> 00:29:28,440 Speaker 4: in here. 600 00:29:28,560 --> 00:29:30,880 Speaker 7: Well, let me ask one more question this. I am 601 00:29:30,920 --> 00:29:34,320 Speaker 7: being serious about this. Whole past season. There have been 602 00:29:34,640 --> 00:29:37,080 Speaker 7: let's just call it, a lot of blown calls by 603 00:29:37,120 --> 00:29:41,400 Speaker 7: the referees. What in the world can we do about 604 00:29:41,440 --> 00:29:42,240 Speaker 7: this to fix it? 605 00:29:43,200 --> 00:29:45,960 Speaker 4: I think one thing we can do and Bill Belichick 606 00:29:46,000 --> 00:29:48,920 Speaker 4: has pounded the table on this forever. We should be 607 00:29:48,960 --> 00:29:51,760 Speaker 4: able as coaches. If you're a coach, you still only 608 00:29:51,800 --> 00:29:56,040 Speaker 4: have two challenges, but you can challenge every play. Right now, 609 00:29:56,080 --> 00:29:58,560 Speaker 4: there's a menu of things you can and cannot challenge. 610 00:29:58,840 --> 00:30:01,520 Speaker 4: I think there are the menu you out, start over 611 00:30:01,920 --> 00:30:04,280 Speaker 4: and do exactly what you need to do. Allow the 612 00:30:04,320 --> 00:30:08,520 Speaker 4: opportunity to correct the egregious errors that we've seen, and 613 00:30:08,960 --> 00:30:11,800 Speaker 4: they've been obvious. It's like guys getting tackled going down 614 00:30:11,840 --> 00:30:16,560 Speaker 4: the field, no flag, Guys jumping off sides, no flag. 615 00:30:16,840 --> 00:30:19,200 Speaker 4: But I really think that if you allowed, I don't 616 00:30:19,200 --> 00:30:21,080 Speaker 4: want to give the coaches anymore. I'm not going to 617 00:30:21,120 --> 00:30:22,760 Speaker 4: stow a game down. I'm not going to stop the game, 618 00:30:23,080 --> 00:30:25,120 Speaker 4: but I am going to give them the opportunity to 619 00:30:25,240 --> 00:30:28,200 Speaker 4: challenge plays when and if they want to, any play 620 00:30:28,240 --> 00:30:31,120 Speaker 4: that's out there. I think that's a great place to start. 621 00:30:31,280 --> 00:30:34,440 Speaker 1: Yeah, joth Eisman, this is for all of the parents 622 00:30:34,440 --> 00:30:37,400 Speaker 1: that listen to us. They're worried about economics, finance, and investment, 623 00:30:37,440 --> 00:30:39,600 Speaker 1: but they got kids at home how to be a 624 00:30:39,720 --> 00:30:44,480 Speaker 1: champion every day. Tell the parents listening, tell them what 625 00:30:44,560 --> 00:30:48,880 Speaker 1: they do in the jockocracy of America and every sport 626 00:30:49,200 --> 00:30:52,000 Speaker 1: where kids are playing twenty four to seven and they're 627 00:30:52,040 --> 00:30:54,080 Speaker 1: not going to make the big time of Notre Dame 628 00:30:54,320 --> 00:30:58,440 Speaker 1: in the Washington Redskins. Speak on the chuckocracy that we 629 00:30:58,560 --> 00:31:00,120 Speaker 1: have in America. 630 00:31:00,560 --> 00:31:03,640 Speaker 4: I think, first of all, athletics is such an essential 631 00:31:03,640 --> 00:31:06,080 Speaker 4: part of the growth of young people. I wrote the 632 00:31:06,120 --> 00:31:09,600 Speaker 4: book basically based on the fact that the world of sports, 633 00:31:09,600 --> 00:31:11,800 Speaker 4: the world of business, and our own lives all parallel 634 00:31:11,800 --> 00:31:14,440 Speaker 4: one another. I know the foundation of what I became 635 00:31:14,480 --> 00:31:18,000 Speaker 4: as a person started with my Pop Warner football coaches 636 00:31:18,280 --> 00:31:20,840 Speaker 4: to be able to understand how to rely on somebody else. 637 00:31:21,360 --> 00:31:24,000 Speaker 4: There's the obviously the nutritional part of it because you 638 00:31:24,000 --> 00:31:26,040 Speaker 4: have to watch your weight or you have to take 639 00:31:26,040 --> 00:31:28,160 Speaker 4: care of yourself. Then there's the mental side of it 640 00:31:28,160 --> 00:31:30,240 Speaker 4: because you have to learn the plays. Then you have 641 00:31:30,280 --> 00:31:32,760 Speaker 4: to rely on that person next to you. That's called teamwork. 642 00:31:33,320 --> 00:31:35,200 Speaker 4: You set out for a goal, that's goals that you 643 00:31:35,240 --> 00:31:37,680 Speaker 4: want to accomplish. The coaches will teach them the right 644 00:31:37,800 --> 00:31:39,880 Speaker 4: kind of attitude to be able to care about one 645 00:31:39,920 --> 00:31:42,720 Speaker 4: another and also care about the opponent. And we've made 646 00:31:42,760 --> 00:31:46,320 Speaker 4: great strides in youth athletics as far as protection goes. 647 00:31:47,240 --> 00:31:50,680 Speaker 4: I see one state in particulars trying to outlaw tackle football. 648 00:31:52,160 --> 00:31:56,040 Speaker 4: To me, you learn so much about life being part 649 00:31:56,080 --> 00:31:58,640 Speaker 4: of that team, being part of that group, understanding how 650 00:31:58,640 --> 00:32:01,600 Speaker 4: to deal with defeat as well as victory. I mean, 651 00:32:01,640 --> 00:32:04,800 Speaker 4: there's so many different elements of youth athletics that is 652 00:32:04,800 --> 00:32:08,080 Speaker 4: so important. And sure we have concerns about young people 653 00:32:08,080 --> 00:32:11,120 Speaker 4: getting hurt, and I recommend this to those that are 654 00:32:11,200 --> 00:32:14,280 Speaker 4: involved in soccer and or football, the two that sports, 655 00:32:14,440 --> 00:32:16,400 Speaker 4: and really I think softball is another one that people 656 00:32:16,440 --> 00:32:19,920 Speaker 4: don't talk about is every young person should get a baseline. 657 00:32:20,440 --> 00:32:23,280 Speaker 4: When you start playing football and they start playing tackle, 658 00:32:23,320 --> 00:32:26,040 Speaker 4: folk do a baseline to make sure that there isn't 659 00:32:26,080 --> 00:32:31,600 Speaker 4: some type of susceptibility to injury, to head injuries. So 660 00:32:31,960 --> 00:32:33,880 Speaker 4: at least give him a foundation to work for. If 661 00:32:33,920 --> 00:32:36,480 Speaker 4: something does happen, you go look at it, hey. 662 00:32:36,440 --> 00:32:38,400 Speaker 5: Joe, before we let you go. We're all getting geared 663 00:32:38,480 --> 00:32:40,360 Speaker 5: up for this big playoff weekend. But it's also the 664 00:32:40,400 --> 00:32:42,760 Speaker 5: time of year where coaches are flying around all over 665 00:32:42,800 --> 00:32:46,080 Speaker 5: the place and this year, boy Bill Belichick, where would 666 00:32:46,120 --> 00:32:48,479 Speaker 5: the all time great coach? Where do you think he's 667 00:32:48,520 --> 00:32:49,080 Speaker 5: gonna end up? 668 00:32:50,400 --> 00:32:53,240 Speaker 4: I don't know anything. People will say I do, but 669 00:32:53,280 --> 00:32:58,120 Speaker 4: I don't think. I think Arthur Blank wants him in Atlanta. 670 00:32:58,640 --> 00:33:01,040 Speaker 4: I think Bill Bill's going to look at this football 671 00:33:01,080 --> 00:33:02,560 Speaker 4: team and say, what do I have? I think it's 672 00:33:02,560 --> 00:33:05,760 Speaker 4: a pretty good defense. It's got the biggest wide receiving 673 00:33:05,760 --> 00:33:08,600 Speaker 4: core in football. All those guys are gigantic, and now 674 00:33:08,600 --> 00:33:12,160 Speaker 4: can the quarterback play? Because that's what he didn't have 675 00:33:12,200 --> 00:33:14,719 Speaker 4: in New England. Would still be in New England if 676 00:33:14,720 --> 00:33:17,520 Speaker 4: his quarterback had a chance to play decent football. So 677 00:33:17,760 --> 00:33:21,920 Speaker 4: poor Mac Mac looks scared. Yep. He literally looked scaled, 678 00:33:22,040 --> 00:33:24,280 Speaker 4: half scared half the time. But you know, if I'm 679 00:33:24,320 --> 00:33:26,840 Speaker 4: guessing to me, I think Bill's going to go to Atlanta. 680 00:33:26,880 --> 00:33:30,120 Speaker 1: Here, yes, Joeizen, we've got thirty seconds of obviously your 681 00:33:30,240 --> 00:33:31,960 Speaker 1: super Bowl pick, please, sir. 682 00:33:33,280 --> 00:33:36,160 Speaker 4: I like the I like San Francisco and the Ravens 683 00:33:36,160 --> 00:33:38,720 Speaker 4: to be in the Super Bowl. And I think Lamar 684 00:33:38,840 --> 00:33:41,160 Speaker 4: Jackson is an MVP, and I think he'll carry the 685 00:33:41,160 --> 00:33:42,480 Speaker 4: Baltimore Ravens to a jack. 686 00:33:42,560 --> 00:33:45,200 Speaker 1: You didn't say the Lions. Next time, it's shortness down. 687 00:33:45,480 --> 00:33:46,800 Speaker 1: Just just truncate this down. 688 00:33:46,840 --> 00:33:48,280 Speaker 4: You know what the Lions were at home, I might 689 00:33:48,320 --> 00:33:48,880 Speaker 4: think differently. 690 00:33:50,280 --> 00:33:52,560 Speaker 1: Thank you, thank you so much. This is a Bloomberg 691 00:33:52,640 --> 00:33:57,040 Speaker 1: Surveillance podcast, bringing you the best in economics, finance, investment, 692 00:33:57,240 --> 00:34:00,840 Speaker 1: and international relations. You can also watch the show live 693 00:34:01,080 --> 00:34:05,400 Speaker 1: on YouTube. Visit the Bloomberg Podcast channel on YouTube to 694 00:34:05,560 --> 00:34:08,919 Speaker 1: see the show weekday mornings from seven to ten am 695 00:34:09,000 --> 00:34:13,000 Speaker 1: Eastern from our global headquarters in New York City. Subscribe 696 00:34:13,040 --> 00:34:16,800 Speaker 1: to the podcast on Apple, Spotify, or anywhere else you listen, 697 00:34:17,080 --> 00:34:20,759 Speaker 1: and always on Bloomberg Radio, the Bloomberg Terminal, and the 698 00:34:20,760 --> 00:34:22,320 Speaker 1: Bloomberg Business app.