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This is the Bloomberg Surveillance Podcast. Catch us live weekdays at seven am Eastern on Apple car Player, Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts, or watch us live on YouTube.
Caro, we are so fortunate.
I feel like here at Bloomer did we get to speak to so many really totally smart and experienced investors that have managed, you know, billions of dollars of assets on behalf of their clients and have seen everything. They've seen different cycles, different sector moves. Our next guest is right at the top of that list, Karen Murphy, CIO of Kestra Investment Management. I don't know what Kester Investment Management is, but she's worked all over Wall Street her
entire career. It's just amazing we get to speak to some of these people. So, Cara, thanks again for joining us here. I mean, Karen and I have been talking about today. You know, we got that retail sales number today. I'm not sure the FED needs to do anything and I think I'm okay if they don't do anything in November. How are you viewing this economy and this market right here.
I think you're right to be really marveling at these strong retail sales numbers.
You know, earlier this year, when we were.
Looking at not nominal retail sales, but real retail sales, there was a concern because those had turned negative for a little while. But over the last few months we have seen a very definitive turn in both nominal and real retail sales to going positive. And it's a bit of a head scratcher because when we look at the consumer confidence numbers, they continue to be in recessionary territory.
But when we look at what consumers are doing with their actual dollars, they're out there spending like the economy is doing really, really well. So I think the FED.
Should feel pretty comfortable about that.
And I don't think that the house is on fire and the FED needs to come in with a bunch of rate cuts. I think they'll continue cutting rates, but they can take their time.
Hey, Caren, you guys work with independent financial advisors. You're giving them some advice, you're giving them guidance, And I'm just curious, what is it that they are most concerned about right now? In this environment.
Everybody's talking about the election.
So for the next couple of weeks, it's going to be really hard to focus on anything else, and so a lot of what we're doing is trying to hold hands and tell people that we don't think that whoever ends up in the White House is going to have a big impact on the medium trajectory of the market. So you need to kind of sit through this in near term volatility. But then coming out of that just
a couple of weeks from now, hopefully crossmakers. I think the focus will then return to earnings, which is really going to be the driver of the market. And there too, I think we're seeing pretty good trends.
Yeah, I kind of wanted to go there.
I mean, we've just had a some of the big banks report. I mean, we've got most of the rest of the S and P to come over the next couple of weeks. But the bank earnings, Karen and I were talking at the opening here this morning, they look pretty solid across the board.
Quite solid.
And again, if we have the FED continuing to cut at a modest rate, a more normal yield curve, activity is picking up in a lot of their core areas. Credit's okay, so they have a lot of things to be really positive about. And then when you look in particular at some of those small cat banks, they're the ones who are particularly interest rate sensitive, and we'll start to benefit from this new interest rate environment.
Hey, Cara, one of the things too, Paul and I were as we were gearing up for you to join us. Your background is just way cool. You've worked in a lot of well known firms, whether it's Gold, mid Sax, whether it was AIG funds. But what's interesting is you go kind of way back before you tapped into the investment industry. You were an analysts covering international political and economic risk and you focused on Eastern Europe and Russia.
One of the things that Paul brought up, which I thought was really brilliant, is that this idea that we have another headline that Israel saying hamas chief may have been killed in Gaza attacks, and yet the markets seem to take that in stride, or even if we see a blip, seems to recover quickly. What is going on in investment markets where geopolitical risks seems to be they kind of just take it in and kind of don't seem to overreact. Investors don't.
It is quite remarkable, and you have to go deep into my resume to find that, but we did.
We did.
I find international politics incredibly interesting, and these types of things that you're talking about are really really important, but I don't talk about them all that often simply because US markets over time have shown us again and again that they can remain very well insulated from geopolitical risk. And that's a great benefit from being in the United States, which has you.
Know, an ocean on either side.
And if you look back in fact to when Russia in Vada, Ukraine at the time, I mean, there was a lot of concern war in Europe for the first time since World War Two, concerned about grains and other commodity prices oil, and very quickly, you know, within a couple of weeks or months, that risk started to feed from markets.
And we've seen the same in the Middle East.
And usually the big way that these geopolitical risks sort of transition from wherever they start to US markets is through oil. And interestingly, over the last twelve months, we've seen oil come down, I think driven by some softer demand, particularly in China, but that transmission mechanism has not really reared its ugly head, and so US markets are able to really shrug it off.
Caro, how about the fixed income space. I can sit into your treasury and get four percent here?
Is that okay? Or should I be taking some credit risk? Do you think so?
We actually think corporate, so high quality credit is pretty attractive here.
So you have nice nominal yields.
You know, spreads are narrow, but not terribly narrow, and we'd actually rather be in a corporate space and be leaning into credit risk as opposed to duration risk right here. Now, once you get out the credit curve into high yield, that's where I start to get a little bit more worried, simply because if the FED rate cutting cycle takes a little bit longer in than what the market's currently expecting, some of those companies are not going to get the
reliefs that they're really hoping for. And credit spreads are about at historic lows, so you're not getting paid to take a lot of that risk. But if you're in that sort of core credit, high quality borrowers, we think that's a really nice place to be.
All right, how about one of the things I want to ask, given your great experiences alternatives. How do you guys allocate to alternatives? I was at a recently some talking to some retail investment advisors and they put a lot of allocation to alternatives.
How do you think about that?
So, I mean, alternatives can be a great addition to a diversified portfolio. I don't think you have to have alternatives to build wealth, and so we work with a lot of very high networks clients who do really really well over time with the simple stock bond Strategyously, I feel.
Like every time I talk to a wealth manager, they are like, my clients want they want different ways. They want to they want to tap the private credit markets. They want to be they want that alpha, Like that's what they're asking about. So continue because I'm just kind of blown away. Yeah, it seems like everybody, but.
So I would say some are.
But once you start to get into the complexity and the sort of idiosyncrasies of some of those strategies, that's where it starts to become a little bit more tricky. And look, as we think about both credit and equity, because of you know, regulatory environment, a lot of different reasons, a fair amount of investment opportunities have been moved to those private markets. That said, there's a huge amount of complexity.
There's you know, liquidity tie ups, there's paperwork that you have to do, and again a lot of idio idiosyncrasies where you have to work much harder to get a diversified alt portfolio. So we generally recommend keep it a small portion of your portfolio, keep it diversified by assea class and by manager, and that will protect you as you might get into rockier environments.
All Right, Kerr, thank you so much for joining us. Always appreciate getting a few minutes of your time. Karen Murphy, she's the CIO at Kestre Investment Management, getting her thoughts on these markets.
You're listening to the Bloomberg Surveillance Podcast. Catch us live weekday afternoons from seven to ten am Easter Listen on Apple car Play and and Brout Auto with a Bloomberg Business app, or watch us live on YouTube.
Our next guest, he clearly has a view on us, Matt Siegel. He said of digital assets research at Vanek, Matt, what are the smart people in crypto talking about today? What are the next things that we need to be thinking about going forward with crypto.
Yeah, we're we have strong conviction that we're on the cusp of a high volatility rally in bitcoin. That would be a similar pattern to what happened around the twenty twenty election. So when you look at the volatility profile of FX fixed income equities, they're all at the high end of their range over the last year. Bitcoin stands out for trading at the low end of its volatility range.
Now we're starting to see that change, and some of that is the market starting to price in the higher odds that Trump has in the election, and some of it is just seller's exhaustion. We had a lot of large sellers over the summer. They've kind of wrapped up, so the backdrop is looking pretty strong. There's also not much leverage in the space right now, so that is something that could emerge with a bit more optimism.
Would you rather see a Trump White House versus a Harris White House based on maybe some of his comments on the crypto space?
One hundred percent. The current administration has spent four years attacking this industry in every agency house house.
So is it mister Gensler at the SEC or is it more than that?
Well Biden put out an executive order in the first few months of his administration instructing all federal agencies to take a maximum enforcement approach towards this industry. Do you think because they want maximum control over the financial system, I want to be able to track and see every transaction and don't have a great respect for privacy, would be my take on it.
I would counter, why not shouldn't they because bitcoin was initially kind of set up to be the anti establishment, right in terms of the financial industry, and yet you guys all want to now play kind of with the traditional environment and investors, now you know what I mean. So shouldn't there be some oversight to protect investors?
Well, that's what the etf rapper did. And we've seen twenty billion dollars of flows into these spot bitcoin ETFs since their launch in January.
And what we've noticed necessarily mean like I mean, investors want to play.
With it, right, Yeah, So what we've noticed is that the weekly inflows into these bitcoin ETFs have been predictive of the next week's returns. So, yes, institutions do want access to this asset. It's a anti doll It's a fixed scarce asset with a predictable monetary policy, which is, you know, not what the FED has been following. And we can see that hedge fund holdings of the bitcoin
ETFs were up forty percent in Q two. The number of public companies that now own bitcoin on their balance sheet, that number is also up forty percent year over year. It's approaching fifty different companies.
So why would companies do is that? Why are they.
They want to make money, it's the best performing asset class.
Want to do it as a tiny slice to be fair even in a portfolio. If somebody comes on they say it's a tiny slice.
You mean the listed companies who are adding bitcoin for micro strategy. It's not a tiny slice for block It's not a tiny slice for Reddit, It's not a tiny slice. These are meaningful allocations. If you look at crypto's correlations over the last ten years, the strongest correlation has been positive with money supply. So what is your last guest set? The FED is cutting rates, Let's get out of short
term fixed instruments, Let's get into risky assets. This is where bitcoin has historically shined is when money supplies accelerating and the dollar is weak. So what's the election likely to solidify former years of irresponsible money printing. I just saw that Moody's has put a number of countries on warning for sovereign downgrades. They're on the lookout for when a country's tax revenue deficits and so on. Yeah, deficits, right, So they're looking at at scenarios where interest payments are
more than twenty percent of federal revenues. In the US, it's twenty four percent right now. So we think that the market will refocus on this fiscal unsustainability after the election, and that will turbocharge bitcoin and cryptos performance.
At vandeck, the flows coming into the crypto who are those people who like is it retail institutional?
What are the fun flows that you guys see?
Yeah, so not all of the ETF holders need to report their positions. So what we have observed is that hedge funds have been the largest purchasers of the bitcoin ETFs. Rias have been smaller, but they are growing. And even some public pension plants like Wisconsin, Michigan, Jersey City.
Nice, there you go, you own it, Carol.
And I think one of the most striking things about bitcoin.
Gearing into Jersey City politics or their budget.
One of the most striking things this year has been the transformation in the mainstream media around bitcoin's energy intensity. We've looked at some research analyzing the natural language models is how the media is treating bitcoin, and really that negativity has evaporated many you know, there's been a lot of peer reviewed research that's come out that has proven that bitcoin can help incentivize the renewable build out by acting as this economic battery. And it's been very encouraging
to see that transformation. And because of that, Bitcoin and AI are now inextricably linked. Both require vast of energy. Bitcoin miners are beginning to pivot and transition some of their electricity to serve the AI market. And those bitcoin miners, the publicly traded ones that have pivoted their stocks have massively outperformed. So we think there's going to be more of that convergence between bitcoin and AI, and President Trump certainly understands not so.
Bitcoin companies now are just saying, wait a minute, I've got a new revenue stream. I'm helping out the AI guys who need access to data sent.
Yeah, the bitcoin miners traded about four million dollars per megawat of power that they control. The data center companies trade at forty million dollars per megawatt, so there is an enormous arbitrage. It takes a bit of capex to repurpose these facilities. You need redundant power, you need better fiber connections, more water. But once you do, the economics are highly compelling, and those are the stocks that are outperforming.
Cryp crypt Go gives you a launch pad monitor for all that crypto stuff that Bloomberg's got it. What else besides Bitcoin should I be focusing on in the crypto space.
Yeah, well, we like these smart contract platforms. These are the automated open source databases that act like an open source app store. So Solana and Ethereum would be among the most prominent. We've got regulators in the in the US and the EU suing all of big tech for monopoly. It's head scratching to me that the regulators don't incentivize growth in these open source app stores that can take margin away provide competition to the closed walled garden app stores.
So Ethereum, Solana, these also look quite strong to us.
Matt.
Maybe I'm just stupid, like I still try to understand bitcoin, cryptocurrencies, what will be their role longer term? And I kind of understand blockchain in terms of putting some important documents and so on and so forth. I think that can cut out a lot of middleman and be efficient and understanding ownership. But tell me, like, what is still like? I don't go shopping with bitcoin, I don't pay bills with bitcoin trans to do that? He tried, and he
still tries, Right, But I don't, right. And I understand we're going to get the emerging markets application, but it isn't widespread. So what is ultimately the endgame with bitcoin? And I asked that with pure respect of trying to understand where this goes.
At its heart, this is an emerging market asset class that provides an alternative to the US monetary policy. And when we look at surveys around the world, the countries that are most optimistic about bitcoin tend to be the youngest countries Nigeria, the Philippines. The countries that are least optimistic about bitcoin are the oldest countries Germany, France. So we think of it as a way to get exposure
to emerging markets in a one percent position. What it might take you a five percent position and an emerging market. It's fun to do. And meanwhile, that five percent position is thirty percent China. We're not seeing a lot of demand for that specific allocation from our clients.
Great chat YEP.
Also, pretty much everything I know from crypto I know from this guy.
Matt Siegel, head of Digital assets research at van Neck. Of course he's originally from Bloomberg. That's the highlight of his career. We appreciate him coming in and giving us some thoughts on the whole crypto space.
It really is helpful.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on applecar Play and Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station Just Say Alexa playing Bloomberg eleven thirty.
Nineteen days, nineteen days the Election, David gerw you do the podcast thing this?
I don't know what do we do?
Nineteen days The Baby's Take Podcast, The Big Take Podcast.
If you're either Kennedy, what do you do with nineteen days left?
I guess I've got a piece of paper my desk, just noting where each of these candidates is over the next few days, and it's hard to keep track of because they are traveling a ton. But I think what we've seen in the last couple of days is them trying to reach out to this very small sliver of the population that remains. So you had former President Trump going to Miami to do this town hall with Univision. You had Vice President Harris sitting down in Pennsylvania with
Brettbeer of Fox News. I think that her goal for that interview was to reach Republican women voters. And as I watched that interview unfold, it was interesting. There are no questions about reproductive rights, no questions about abortion. That's really what the Harris campaign has been focusing on to try to get some of those women to support her campaign didn't come up over the course of that interview.
When it comes to seventeen days, I mean, what do voters want to hear? And I'm just curious what really sways them and makes them either change their mind or decide to kind of you get up and actually vote.
It's interesting. I'd like to hope that it has to do with policy, and I think that if you look at the conversation that our college John Micklethwaite had with former President Trump earlier this week. That was a very policy heavy conversation. I'm not sure that that's going to
sway voters at this point. And I'm as flummoxed as anyone, I think, by those who have been living through this campaign that has gone on for so long and still haven't made up their minds about who they're going to support.
How long though for Kamala, and I wonder if that's a dissent advantage or advantage. I think I feel like there's some debate on that.
It's a great question, and I think, you know, going back to that Fox News interview, I think there are a lot of people who haven't been exposed to her a ton don't know what she stands for, still have questions about her platform and her background, and I think, yes, there was that effort to reach out to those voters kind of on certain issues, but I think it was also just a moment for her to introduce herself to people who might not hear from her outside of soundbites
on that network in particular.
And David, I guess what I hear from a lot of the political pros is it's really going to be a story about turnout, and I guess how both sides thinking about turnout is a higher turnout and advantage for one versus the other.
We know a lot more about the ground game that the Harris campaign has constructed, and of course, I think one of the more astonishing and interesting things about that transition that took place in July is that Kamala Harris inherited the campaign almost wholesale from President Biden, the staff, the whole apparatus. And so we know that they've raised an incredible amount of money billion dollars and they're deploying that on advertising, digital and TV advertising, traditional advertising, but
also on the ground game as well. So in the memos that the campaign management puts out, they emphasize a lot how many volunteers, how much staff they have across the country, particularly in those swing states. We know less about the Trump campaign, but Trump campaigns raised a lot of money as well, has a lot of support from packs. Elon musk Is set up camp in Pennsylvania. So they are less clear about sort of how they're deploying that money.
But I think you're right, Paul, that the ground game is crucial here in both candidates understand that, hey, there's.
Early voting, though, David already in several states, and I'm just curious. I've been hearing it feel like it sounds like a lot of early voting happening, and I'm not sure what that is as an indicator.
You know, I think it's a sign that people are engaged and that every vote is going to count and no candidate is taking votes for granted, any of these places, I think, you know, as from North Carolina and have been following through of what's been going on there with their fallout from the hurricane that hit.
That they'll be able to vote.
They will be able to vote, and you saw changes made both by the state election board and by the legislature as well to make it so that you could pick up your ballot in one place deposited in another. So I think that officials in that state in Florida as well, almost to the same extent, recognize the fact that this is something that's really friend of mine to a lot of people, and don't they don't. They don't want to make people have to be unable to vote obviously,
or have difficulty voting. They're trying to make it more possible for them. I think Florida the hitches, there was a push for Governor Ron DeSantis to extend how you could, like you could register to vote. He hasn't budged on that. In North Carolina has been some flexibility there October.
I mean, is there anything that could move this needle here one way or the other?
Do you think? I mean October surprises. I'm not sure. We've had hurricanes and guy, so I'm not sure what that is.
I think, barring that, I mean, going back to that Fox News interview, there has been some speculation could there be another debate. It's it's getting now pretty close to the election day and it seems like that's.
Not going to happen. The erecting on the table could could be.
I mean, it's possible they could, they could build together.
I think that the betting.
Odds have gotten reduced over these last these last few days. But see TV, as they used to say, yeah, yeah, yeah, but you know, barring that, I think we're going to see a few more moments like the one that we saw last night, not exactly frass exactly, you know, I think that we'll see a few more moments like we saw last night that is each candidate kind of doing maybe more town hall with just themselves and a news anchor,
we're doing a sit down interview. I think, you know, if you look at the way that the Harris campaign has pivoted over these last few weeks, you know, they went from taking a lot of flak for not doing interviews to doing a ton of them and really the gamut of them. So it started out with these kind
of friendlier sit downs appearance on late night shows. Now this Kamala Harris sitting down with this kind of very kind of adversarial network where she's had a lot of trouble, I think it's harder for the Trump campaign to kind of make the argument that she hasn't approached the media or done these kind of serious interviews.
On the Bloomberg you can pull up all the different polling and stuff. It kind of is mind blowing. I know, we've all learned lessons about polls aren't always correct, So how do you read it? It looks like a very close race. I'm looking at one poll general election Kamala Harris forty nine point three, Donald Trump forty seven point seven. But there's another poll that will show the opposite. So is there a smart thought about that too.
I think it's to kind of look at the poles broadly. So you bring up a few of them, you bring up these averages. I mean, we're being inundated with them, and there'll be a new Bloomberg Morning Console poll before long as well. I think what it gives us is kind of an insight into what's happening at a more granular level at a state level. I think back on the last Bloomberg Pole that we did, and we kind of saw movement at the state level in those swing states.
Also highlights what the issues are that matter to voters. So I said at the top, Kamala Harris wasn't able to speak much about reproductive rights. You did talk a lot about immigration. And the way that Brett Bear set it up at the top of that interview is to say, look, you look at all of these poles that you mentioned, Economies at the top, immigration's right below it. So I think that there hasn't been a whole lot of movement
in that. I think that that's kind of what voters have coluster and those are the things that matter for them. But again, as I look at the polling. I'm looking for again averages, and I'm looking for sort of what stands out in terms of topics or sort of how each candidate might be seeing some movement in terms of how voters perceive they're able to do on those particular issues. Still close, then incredibly close, and it will be and I mean just to be candidate, I mean planning for
what election day, election night's going to be like. I think I think all of us are building in some flexibility. Shall we say, sort of how long it takes to get results and sort of what comes after that? And I'll just put a quick plug in for the podcast today.
My colleagues lay most news based in DC is doing an episode SI on all of the litigation that we've seen since the twenty twenty election and sort of what that portends for this the fact that the courts are likely to be busy, I think, depending on on how this election turns out.
Oh wait, so the lawyers win again.
Winner breaking no news here, but yes, the lawyers always.
All right, David, you're going to be co hosting surveials tomorrow, Yes with you? Yes, yeah, absolutely that David. He is the host of the Big take podcast for Bloomberg News. Uh, he's just following up on all things on this race here and again the presidential race that down ballot impacts.
Here, you know, where does Congress go?
It's gonna be a fascinating issue. And again, as David was suggesting, Carroll, I don't think we're going to know it nine or ten o'clock.
Remember that last time around, like kuoha, right, and it drigged down for a little while.
But yeah, I think that's the new world order.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on applecar Play and Android Auto with the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal.
I still read the newspapers, the.
Journal and the Times. I've been doing it since nineteen eighty six. I'm not going to stop. That's the way I start every day.
Do you still really read yeah?
Every day?
That's really cool.
The Journal.
Do you have an app?
You?
Yeah?
You do that.
I'm actually digital now.
Yes, I don't have the ink on the hands off.
When you get into the office at least, Mitey, what do you got for us today.
Right, Financial Times.
Okay, you talked about him.
Okay, this was in the Financial Times. Another perk to ozembic similar products glp ones. A study shows that it cuts opioid alcohol abuse by up to half. Now, this was published in the journal Addiction. So they took an analysis of more than five hundred thousand people with a history of opioid use disorder, and it showed that more than eight thousand who were separately perscribe GLP one drugs had a forty percent lower rate of opioid overdose than those who did not. So it's kind of showing this
other side. You've been hearing about these different perks that glp ones can do, but this is another side to it because you have the opioid epidemic and now this adds to it.
This is so cool.
It has to do with like the brain's reward system, right, and you're wondering, like it's triggering off something. I feel like every time we talk with our Madison Muller who covers it, this is the drug that is going to solve everything that ails us. It's unbelievable.
It's unbelievable. I have some first hand experience with these GLP one man, they work. Yeah, I mean I've seen it too, but the nausea is unbelievable. Once they figure out to get rid of the nausea side effect, this thing is going and put in an oral thing. We just take the pill.
This thing can be everybody's can be doing I think crazy. And then you add this to it. Yep, exactly, Can I explode?
Right?
What else?
All?
Right?
So do you feel like your body takes a little bit longer to bounce back? Yes, Okay, there's a scientific reason behind this. It's called biological resilience. Okay, this is what it's called. But this was in the Wall Street journals. So it basically shows different things parenting, work changes, and exercise habits, menopause, all of these stuff add up a lot of stress on your body, and as you get
older it gets worse. You lose muscle masks while you age, so you have a greater risk at injury, like all of these different things. So what they say you're supposed to do is eat fewer calories to maintain weight. But they also say as you have more medications, side effects affects you more. But they pointed out something they said at two ages. This was another thing. Between forty four and sixty those two marks were like the ones that hit you the hardest.
So the one that hit.
Me the hardest, literally was on my birthday when I turned sixty.
So that was the one sixty Yeah, and.
I say this, you look really good. Yeah, but my knees.
I'm not going with my doctor and he's like, dude, you're just old man. It's the knees that's not the ratest on your knees.
I'm like, no, way, I have arts, but you are we arms today is what do we do?
Like?
Okay said, I listen to you guys all the time.
You are like unbelievable. She's a beast.
But it's harder to even say, like, you know how I used to wake up when you were younger after a night of drinking and it was hot and you just bounce back. They say, the reason you can't bounce back that much now is because your body's more dehydrate. It dehydrates faster as you get older.
We can't win.
I just I just think what the telltale sign is like as you move and you like make those noises like wake up, I do that when you.
Were younger, okay, Chick fil A looking for a big plan for chicken domination in Asia.
They want Chick fil A.
You've never gotten it, No, I don't.
I don't get the idea.
Chick Matt Miller brings it in like he'll go when he was back before it down the block.
Yeah, and he would bring it for everybody.
So but it is no, it's moving, it's moving. Plants open in Singapore late twenty twenty five. It's this ten year long, seventy five million dollars investment into Singapore. But they also what they're doing too, is there depending on application to be the island's first independent Chick fil A franchise owner. So that's a separate thing too.
But there's other people.
Out there's other brands. You have Shake Shack, Tim Horton, Cinnebun over in Singapore already.
So Cinnebun that's another one.
I mean, they smell great right in the airport, but man, once you eat them twenty minutes later.
And may well say, here's the airport. Cinea.
It used to be my excuse for the once in a while McDonald's or Wendy's.
But you can't find the fast food anymore.
These airports, they are all gone off these high ends, right, thing like that.
I mean like even in Newark, you know, which is my home base, you can't find I was in ternal A yesterday.
You can't find any.
New Jersey void.
Don't make fun of Newark Terminal.
Come ont okay. So lastly, Nike, they've been on this hunt for new growth revenues, right so they think they finally found it. Bloomberg got their hands on this memo to employees and it said that they're turning to a global push for its outdoor business. It's called All Conditions Gear, so hiking gear, things like waterproof boots, these certain jackets, zip off skirts, day packs. China is going to be a focus for them, which is kind of interesting in that way.
But it's just like a crowded area.
I mean, you have Pad, you.
Have north Face, Like is this going to work for them?
I love how things are named like ACG All Conditions Gear. Yes, it's just outside things. It's hiking boots and all that kind of stuff.
We get Derek Jeter and the guy who does the untucked shirts in Oh yes, interviewing. I don't know if you guys have we had the money yes, they were fabulous, and they were talking about entering this business, and I was looking. I was like, aren't there a million like great companies already doing this stuff this at leisure? It just seems like such a crowded market with like really good.
Stuff, yes and yes, and that everybody's trying to go for like the best kind of feeling products. But I also do think when you throw a celebrity like Derek Jeter, like those are brands that get noticed. Whether he wears them, his friends wear them, and we shall see. But I agree with you it's a super crowded market.
But more people doing the outdoor stuff.
You know, what do you wear when you wear work work out?
I go to like not to get personal, no like gap.
I go to like old Baby.
I don't spend the whole like you don't.
I don't do the Lulu lemon.
Alice doesn't do the little pair of leggings.
Is that crazy?
No comments.
I also do buy when they're on sale. They don't go on sale a lot, but I do buy some things, but you can get it on.
Sale very good. That is our newspaper segment with at least my tail.
Do you work out?
Please come on you know, you know during the pandemic, Peloton I own. We have the Peloton bike and we have the Peloton uh walking thing.
Yes, the treadmill, the treadmill, the walking thing.
Walking. Now, my girlfriend's all into it.
She's like ten thousand rides or something crazy like that, and they all everybody the Peloton knows.
Her and everything.
So but during the during the lockdown, I did do it a lot. Yeah, and then I'll start a community.
What happened?
I started community? You know, so I walked the Penn station.
You know, wait, what was that story that second story you did about it's harder between a certain age.
Yes, exactly.
There there you go. It all ties together, doesn't it? Exactly?
All?
At least?
Thank you very much on the newspaper stuff.
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