Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg Surveillance Podcast. Catch us live weekdays at seven am Eastern on Apple CarPlay or Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts, or watch us live on YouTube.
Right now, we're gonna look at like the pro view of this odd bullmarket. I love what Stuart Kaiser and City Group says here is this is very you know, folks, This is like you know, geek talk, remain long US equity beta with tactical IWM upside and consider Vic's roll down trades.
I translate a wise one.
Well as much as I like to referred to as a geek. Good morning everybody. Look, I think the.
Story here, if I were to summarize that is, we still like being long US equities.
There's a lot of risk premium still in the VIX curve right now.
I implied volatility is probably too high relative to how well the equity markets are raviot.
It's out there.
Exactly, and as that sort of compresses, it just gives another boost.
To the upside. So as much as people are.
Worried about valuation and positioning, there's still actually a fair amount of fear price in your market that needs to come out.
Shout out to zero head. You makes a big deedle about this.
When you hear the phrase short covering, translate that on the City group desk, it looks like the TV show industry translate what short covering means?
Well, I think right now you have to think of what is what stocks are short and those have typically been like the lower quality stocks that people didn't want
to kind of touch. So when you get short covering, what that's doing is it's putting pressure on the stocks that hedge funds sort of don't like, and that can be you know, really really painful for them at least short term in terms of their P and L. So what you're kind of doing is seeing a rotation into the stocks that hedge funds don't own, and again that could be un fund for them at least over a short term period.
Is the market still overly concentrated in some of the X number of big tech names. Is that still a thing for this market?
I think it definitely is. You know, I was in Europe a few weeks back, and I was surprised at how underweight the AI trade and underweight US.
Tech they felt.
So I think the international investor, particularly early this year, was trying to do the US exceptionalism as dead trade yep. And then you got you know, better news on tariffs and good news out of one Q earnings, and it just kind of forced them back into the market.
See.
I mean, I think there is a fair amount of call it concentration risk top ten s and p stocks or more of a third of market cap that's not going away, So it is. It is a kind of a key aspect driving returns right.
Now, Espaishly, I don't see anything that's going to change that. I don't see anybody going out there and saying I want to go out.
And buy value.
What has to happen for that to broaden out, if you will, Yeah, I think.
The broadening at this point has to come from economic growth and earnings. So if during earning season you are seeing a broadening out of that Ernie's growth, that can get people maybe a little bit downcap structured into that value trade. But to your point, I mean, the AI
trade is just so powerful, even Google overnight yep. A lot of moving parts there, but a key of it is they increase their cap X by another ten billion dollars, and to the extent that that is still happening, it makes it hard for people not to be in that space. So I think that's kind of like we mentioned, being long quality, like that mag seven trade is still the core position for the most portfolios.
And then why we.
Like small cap is just you know, making sure we're not ignoring, you know, the rest of the market during earning season.
So the quick answer would be, we need to see broader earnings.
Growth and recession risks continue to get squeezed out of the market for that smaller cap, lower quality stock to work.
There's a headline out there is sort of in the zeitgeist that I don't have the authority or data that the quants are really having a.
Tough goal of it. What is a quant and why are they having a tough goal of it?
Well, I mean on the QUANDT side, you know, these are folks that you know are really investing very systematically in box. Some I mean they wouldn't tell you they understand the box, you know from a distance. Why are they, you know, having some trouble? I would say that the S and P five hundred realized volatility is below ten percent right now, So the S ANDP is not moving
very much. The factors that a quant my trade style stocks, value stocks, growth stocks, those have been incredibly volatile, much more violatile than the S and P five hundred itself. So if quants are under pressure, it's because the market isn't moving very much, but the tools they use are and that sort of dislocation can be really tricky for them.
I'll just speak for myself, I'm very surprised, given all that's going on out there in the world, that the VIX is a fifteen Is that?
What does that tell you?
That there's just people are just owning a certain number of stocks, And I mean, I'm'm mat sure what that's telling me.
Well, what part of it is the VIX itself.
The number one fundamental determinant of the level of the VIX is S and P realized volatility. Okay, so if you were to take let's say ten or twenty day realize volatility on the SMP, you'd add about four and a half points to that. That's going to give you a quick and dirty on the VIX. The notable issue with the VIX, now to your point, the spot VIX is very low.
But the VIX has a term structure, so you can trade the outlook for volatility for the next six to.
Nine months, betting that that outlook will come to a lower VIX a greater optimism.
Yes, we do believe that that additional volatility priced into the three to six months ahead outlook needs to come in as tariff news improves and the economic data.
You can find out question lovelods.
People just email me and said, it's get impatient, Stuart Kaiser, as simple as I can, how do you measure the exuberance or effervescence in the market now?
Is it leverage? I mean, what's the oomph right now?
I think what people are focusing on is number one, valuation. We've seen significant pe expansion for the S and P.
I think you all touched on it earlier. Retail participation. These retail meme stocks are really starting to move a lot again and that's like a bull market trade, so we'll pay attention to that as well. But I think number one thing is evaluation, B.
Level of the VIX. Three retail participation.
Stuart Kaiser thinking so much greatly appreciated.
You're listening to the Bloomberg surveillance podcast. Catch us live weekday afternoons from seven to ten am Eastern Listen on Applecarplay and Android Otto with the Bloomberg Business app, or watch us live on YouTube.
Joining us right now, Brian Belski. We're talking to people that you know got it wrong. I learned from people that got it wrong. And I also got to talk to a wise guy who is a research note. Same as it ever was. Belski from Bemo Capital Markets joins us. And you hate him, folks, because he's got a long paragraph that Rockenhove.
Brian can't write that long. Roucan over writes it.
Then he's got two smaller paragraphs, and then he's got like you know, bookcase, Bearcase, and it takes you.
An hour and a half to read it.
It's so rich with data, facts over feelings.
Again discuss by the way, it was Burlington Northern as I was making it, as I grew up in Wilmer, Minnesota, which was a train.
And believe that you always want the rear roads.
Of course, why would short lined and ready to get exactly facts?
Here's the facts.
You know, Nick Rockanov and I have worked together now for eighteen years and given what was going on in the market. Tom He's like, we have this saying in our in our group, we need an Uncle Brian comment. And the Uncle Brian comment was Brian write a one pager. So I took out the took out the template, wrote that old pager. And the reason why I did that is, you know, we have a process and a discipline that we've had for managing money now for over twenty years
and doing this strategy gig for now. It's my thirty sixth year and we've been blessed and fortunate to work at a bunch of amazing firms and we were really blessed to run eleven billion dollars at BEMO now for thirteen years. And what we said in April when we moved our target from sixty seven hundred and sixty one hundred, we said.
Discretion is the better part of valor.
We can't have a target that's out there thirty five percent willy nilly Pollyanna based on exogenous events that made us worried about at sixty one hundred. Now, those events we believe in terms of the signposts that we look for changed, so we went back to our original original target of sixty seven hundred.
We think the bull market is very much alive.
We also caution investors in the note in June saying market targets are an academic situation. It has nothing to do with running money. If you are basing your strategies on a strategist market target, get out of the business. You should be running money in terms of your process and discipline. And what we said in April is said we're not changing anything. We're not changing anything in terms of our sectors in the stocks we own. That resulted, and I'm very humble to say that that resultant in
the best quarterly performance I've ever had running money. Now, you don't judge by just a quarter, you judge by longer term. So we look at the last twelve months of our the returns on our portfolios out ten of our benchmarks, we crushed them. And the reason is is that we stuck with these great stocks. If we like them at ten, we like them even more at eight and that actually paid off again. So we think the
bull market is very much alive. Doesn't mean that we're not going to have days and weeks like looks like we're going to be little squad she here, let's call it, but that's all about investing financials.
That's one of the groups that people have been talking about it for a while. How do you guys think about financials. We have some really good numbers out of the big banks.
Really good numbers, and we've been very resolute in terms of our thinking and feeling on financials. We think it's the really big and they're really small. At the end of the day, no matter how much financial services tends to screw up this business as alation, it's a relationship business and that's where the small banks with beautiful balance sheets and great cash flow and great relationships with their
customers are going to win. Paul, But I think where people missed it is that they were too to fixate on the negativity surrounding the big banks. I think the big banks can We'll continue to benefit from these multi lines of business. We've said this for three or four
years now. So whether or not it's Morgan, Stanley, Goldman, Sachs, Bank of America, former Employer City Group, JP Morgan, you're gonna have quarters that training is gonna do well, and you have quarters that wealth management doing well.
Riyan Milski with US I was thunderstruck Brian by Google's number just today.
The double digit nature of it, the across the board confidence.
Talk to people that just say, if it's too good to be true, it's going to end. The tech thing, the Mag ten, the Mag forty, the sixty stocks in the Belski universe, someday it's going to end. How do you handle that emotion?
Well, because it is emotion. It's not based on the facts. You want to buy these companies that are masterful in their craft, that have amazing management teams, that have great cash flow, and have I would say binary decisions made about them that everybody agrees on, I e. We're never going to use search again, which is which is ridiculous. And oh, by the way, searches up in the quarter.
We actually double.
Down on Google and we added it to our value portfolio because we love to buy broken growth. Oh yeah, but when the stock was down in April, we put it in our value portfolio.
Why because it's a broken growth?
Is Apple a broken growth story?
No?
I think Apple is a cash machine. You never want to ever bet against the US consumer. And let's put a semi colon space and you never want that against Apple.
Well, One of the best things to come to the crew David Tamborelli invented over at Bloomberg is a quick use of cash at a giving company. I reviewed the cash generation YEP of Apple yesterday.
I've said this before.
Folks, to me, it's like a nineteenth or even eighteenth century Hong Kong trading company.
Yep. They just meant profit and they don't want to talk about it.
So, Brian, how do we think about broad One of the themes today we discussed with several of our guests is just that concentration risk that's still in the broader market here and so just kind of coming to mind because we had such good numbers out of Google here.
How do you guys think about that?
Is it risk?
Is it just the new.
World we're in.
It's partially in the new world in but it's it's going back to the talking head theme that we said, same as that ever was if you go back to nineteen ninety five ninety six, it was a concentrated market in terms of the nifty fifty, and those nifty fifty stocks where the big liquidity stocks like Procter and Gambill, Gillette, Coca Cola, Pepsi. People bought those stocks because of liquidity.
They're worried about coming out of the commercial banking crisis that you were worried about at Rauscher, and I was worried about it, Dane back in ninety fourth. Anyway, I do believe that this notion of broadening out was proved by decent performance in Europe and emerging markets, and I think that's going to follow through with finally with value in small gap again. I think ten years from now we're going to be kicking ourselves if we didn't known more small cap.
When will you know to go long healthcare?
Oh, it's a great way, is a great question.
That's the Belski Recanova mechanism to say, finally get on healthcare.
We're underweight.
We've been underweighted all year, and then when people started buying in being the year to be defensive. From a fundamental perspective, we saw problems with the pipelines, we saw problems with the cash flow, we saw problems with the rhetoric in terms of the vaccines, and so we've been focused more on Gilead, the biotechs, even Unite Healthcare.
We bought more Unite.
Healthcare because I think people made too much negative rhetoric on that as well. So Tom, I think once we see a broader direction and a more more signs of broadening out, healthcare and financials are the cheapest sector. Financials have the fundamentals. Healthcare right now could be a value trap. We need to see more earnings come in through and then we'll feel better about that.
You need to see quarterly sequential earnings that you're looking at free cash flow.
We're in the income statement. You're looking in healthcare to say.
Let's go religan at earnings first, and then we're seeing on the earnings revision side. I want to see earnings revisions again being contrariant. I want to see earnings revisions completely blow out and be negative. Then I'll feel better about healthcare.
Brian Goski, thank you so much for joining the BMO Capital Marcus too sure to visit.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Apple Coarclay, 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 Play Bloomberg eleven thirty.
Someone that does critical research at JP Morgan, working with Bruce Keas and Michael Feroli, is out of the Booth School, Chicago, driving all their academic work here in New York City. We're thrilled that he could join.
Us this morning.
Michael, I got to go back X number of years where you stopped American economics.
With the potential GDP estimate of our economy. Given the turmoil, can JP Morgan calculate what our potential GDP is now or with all the trade upset? And that is it impossible to calculate?
I would say impossible.
I mean it's always going to be an estimate of a latent variable, so you're never going to know for sure. But right now, certainly it seems like you know, as you know, Tom, economists like to divide their estimate of separate theirs and to trend growth and the trend labor supply and trend labor productivity. Labor supply is certainly downshifting pretty notably here over the past year, just given trends in immigration policy in the foreign born labor force.
Probably more in question is.
Productivity growth, which has shown a little bit of life after being pretty moribun than the last expansion. You know, however, I think maybe the case for a productivity renaissance is perhaps a bit premature. We're seeing productivity growth since the end of the last expansion something like one point seven versus one point five or six prior to that.
The productivity miracle that AI promises, do you sense that it's distributable across all of America or do the productivity gains of AI just go to the fancy people that has that have a fancy computer at home, like Lisa Mateo.
Yeah.
So, first of all, one thing I would say is, so far.
We don't think we've really seen the productivity gains in the aggregate data right when we look across industries that you don't really see much of a correlation between industry productivity performance in this expansion so far and industry AI usage intensity. So I think we're really talking about something that's more speculative than what we see in the data.
I think, certainly, when we think speculatively, almost all the models economic models of AI would suggest that it's going to lead to a lower labor share of income, more national income going to capital, and the people who own own basically own the data centers and owned the code.
So, Michael, we had just earlier this morning time when I were speaking with someone from the Yale Budget Lab kind of highlighting maybe some of the economic impacts of a tariff regime, which is going to look a lot different than it did before President Trump took office. How do you guys factor that into your GDP forecast, your inflation forecasts.
Yeah, so the you know, in the near term being the next like one to four quarters, we're really thinking about tariffs for what they are, which is a tax, you know, attacks of perhaps around four hundred billion dollars that it's going to be distributed somehow between businesses and households, and to the extent is to street more to households. That's going to show up in higher prices. The higher it's going to be an indirect tax via higher prices.
So we're kind of thinking right now that that four hundred billion dollars, you know, most of it probably ends up in higher prices rather than the lower margins. I guess also for the near term, one thing we and others have been watching is whether, you know, uncertainty over trade policy is headwind to capital spending.
And that's been more of a again.
More of a forecast and anything we're seeing in the data. Perhaps, you know, if you want to be an optimist, you can make the case here that you know, if we get past August one, the uncertainty may head down, and that headwind to capex may may may turn lower as well, you know, in the in the I guess more medium term, we, like almost all neoclassically trained economists, tend to think that tariffs will reduce you know, aggurate welfare because you are
going to be shifting if your may have full employment, yes you're going to have manufacturing job grow, but you're going to have all other jobs decline and you're going to have higher priced manufacturing goods here in the US. But that's something probably you have to look out maybe at least one or two years to think about.
Given that background, Michael, how does our does that impact the way our Federal Reserve looks at its rate policy?
Do you think, well, it's it's one of many things that they're thinking about there. You know, as Powell and others have said, you face a difficult trade off if it's lower growth and higher inflation. You know, right now we and the market are thinking that it tilts the FED toward easier policy. Once we get past the hump in tear off pass through, which could be you know, in a few months, then I think you can turn
your attention to growth. But look, I would also say that in an environment in which inflation expectations on the household side remain high on the market side, you know our higher, you can't be two uh you know, itchy finger, itchy you know trigger finger here to cut rage?
Can we show a little I'm in audible here with Michael Feroli and JP Morgan, we can do.
This, folks.
Sure.
All weekend people go, my god, Tom, you're so smart. Just how do you keep up on economics?
I know it? Eight oh five on Friday, Farole drops the Weekly Prospects of JP Morgan, which is invented by Melman and Kasmin years ago, and I read it cover to cover, so I'm smarter on the weekend, So everybody thinks, time King, it's brilliant. It's Thursday, Michael Faroli, do you put Weekly Prospects together today to get it ready for tomorrow.
We're working on it all week, certainly thinking about the forecast for the week ahead.
That's a week you know, that's.
A process that starts a long time ago, and then you know, as the data come in, we can.
When perils are on Friday, we have to hold off longer than then.
You have to stay up and put it out at nine pm and ruin my Friday. Michael Faroli, your chart last week, which was just stunning, folks, is inflation adjusted consumer spending and inflation adjusted good spending. What does it symbolize, Michael Faroli, that we flatlined December of last year.
Yeah, so that's a bit of a it's a bit of a mystery, right.
Because most of the metrics of household financial performance look, you know, looks still pretty healthy.
Credit performance looks good. So I think it's a few things maybe you're seeing. You have had a down shift, as you mentioned in real disposable income, some of that just the slowing and overall labor market growth. You did see a bit of a drift up also in the saving right, so there may be a little bit of caution here earlier in the year, perhaps you know, some of the policy uncertainties affect in businesses, but households as well.
Michael, when you're putting this out on Friday night. You and Michael Hanson like your work from home. I mean, you're so gone. Is Murat Tashi? Is Murat in the office like putting this thing out Friday night eating pizza.
We're mostly in the office most of the week.
I would say he got that done. Okay.
I'm sure mister Diamond's buying quality pizza for you there on Friday night.
Michael Feroli, thank you as so much, folks. I can't say enough.
About what Robert Melman invented at JP Morgan, and I'm sure Michael Feroli and Bruce Kasman could go literally back before Melman.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Apple Corplay and Android Auto with the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg Terminal.
In every crisis, in every political moment, there's an institution that just gets the win behind them and takes off.
It is the Budget Lab at Yale.
All sorts of good people there and Natasha Sarah driving the ship and we're thrilled that she could join us today. Natasha, how did you put the Budget Lab at Yale together.
Well, you know, you came out of working for Laurence Summer as you did this, you were a treasury in that. How did you piece together the Budget Lab at Yale?
Well, you know, thanks so much for having me and for asking what a fun way to start the morning. I worked in government alongside some of my co founders and colleagues the Budget Lab Martha Gimbal and Danny Yagan
and folks you know, well like Ernie Tadeshi. And when we got out of government, what we realized was there was really this whole with respect to the ability to do the kind of really rapid response policy analysis that the Budget Lab has started to do, and also to analyze some of these like longer term economic impacts from doing things like investing in children or doing tax reform, and so knowing that, we decided to try and take a pass at it ourselves.
And I think it's been.
Really, really rewarding the last year since we launched.
Your daily summary. Folks go to the Budget Lab at Yale. Their Daily Summary is at first on a first order condition, it's heartbreaking. But forget about that, Natasha, of all the statistics of the public losing two three hundred dollars per household of bombing our trade back to nineteen thirty three, which is the statistic from Ernie that gets your most attention.
You know, what I.
Find incredibly compelling is something that's a little further down. All those statistics are fascinating, and I think we're now up to effective terror freight based on our latest analysis that includes Japan of around twenty so that's like the highest since nineteen eleven. But what I find super interesting is that we have seen in since January, the effective terif rate change on some thirty five days in this administration.
So we are basically seeing this movement up down in this uncertainty that I think is impacting the economy in real ways that you're actually starting to see. So I just find looking at that graph and kind of watching these movements incredibly interesting.
So, given that we may see an effective teriff rate of around a twenty percent ish, what does that mean for economic growth? What does that mean for inflation?
Yeah, Well, based on our estimates, what we're expecting to see in the short run is a two percentage point increase across the board, which translates to what you were describing about a two thousand plus dollar impact on higher prices for households or lower nominal incomes depending on what the Federal Reserve decides to do in response to this
new trade environment. And what you're also going to see as a result of the fact that you are going to be pushing up effect of tariff rate so substantially is you're actually going to see the economy be smaller in the future than it would be in the absence of these tariffs. And so our estimates are that we're seeing about a point eight percentage point decrease in GDP over the long run as a result of some of the policies that this administration is pursuing.
The administration will say, Okay, there may be some short term economic headwinds, but on the flip side, they're generating a lot of tariff revenue.
Can you explain that math?
Yeah, So it's true. For what it's worth, the tariffs are going to raise, based on their current rate, about two point five trillion dollars over the course of the next decade. And you know, given our fiscal position, which we've been able to talk about in the past, like raising revenue is actually something we need to do. It's important. It is more important frankly today than it was a few weeks ago, given the deficit busting tax and spending
bill that Congress just passed. But importantly, tariffs are an incredibly inefficient way to raise revenue right precisely because what they're doing is shrinking the economy and creating a ton of distortions. And they're also being born disproportionately by people who consume significantly, So this is like the bottom forty percent sees an impact on their incomes that's like three times as high as the very top. So they're regressive and inefficient.
Natasha, thank you so much, Satasha, Sarah too short a visit.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Applecarplay 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 play Bloomberg eleven thirty.
The newspapers today really quite something. She was making edits and amendments to it.
I know it was a changeable. Curiously to say, what was the macha you mentioned.
With dirty with a dirty Macha A dirty Yes, I will make one and I will put it out on Twitter so that everybody knows. Okay, yes, I will make it in the pantry.
It's a thing, is it? Like Senka.
Knows what the kids are doing.
It takes kind of the edge off of macha because you put the espresso in with it, so it tastes a little bit better, I feel.
But yes, because Macha by itself tastes terrible.
Yes, save me. This is like chasing Sandborn.
We need to we need to up your drink game.
Tom.
Okay.
This is for sports fans because they might have another option to get their fixed. So listen up. The Wall Street Journal saying NBC Universal reportedly considering launching a sports cable network could debut as early as the fall, and Sorcerers saying, so the channel is going to primarily carry sports at are also streamed on Peacock, and they could also be offered to cable and satellite distributors. It's part
of the specialty packages of similar channels. But this is a surprise for them because you know, usually they're struggling with viewers cutting the cord, you know, and they're turning to streaming. So it's also in the process of spinning off its cable networks into that new company. That's what NBC Universal is going through now. But I mean, live sports is a huge business and you see it.
All the time.
I think what's happening here is they this is the first year of a huge NBA contract, and they can't make money solely on the peacock streaming. They have to have some type of cable offering despite the fact that people are cutting the cord, so they have to have this NBA product on this many platforms money.
Can come in.
I mean, it's a rumor speculation New York Post three pm yesterday, mister Bezos is possibly as a passing interest in the Death Stars CNBC. Okay, fine, but Paul, is this the future where these ginormous month like Bezos could to sell a boat and buy CNBC?
Is this what we're talking about where megabucks people go out and buy.
These properties that potentially and that would be a little problematic because you have to talk about the editorial independence of some of these things.
So that's a concern for a lot of people.
And the great Catherine Rample leaving the Washington Post yesterday.
That was a bombshell. Excuse me, Lisa, I interrupt.
That's okay, it's okay, Okay. The next one, I got an email this morning from a regular guest here on the show. I cannot reveal my sources, okay, but said it.
Was a great morning.
This is.
This is a good one because I can relate. Okay, if people don't see when I first come in here to the show in the morning, I'm carrying my water, I've got my phone, I've got my yoga okay, and I've got my lipstick, and I have my headphones, and I walk in here like a mad woman.
Okay.
But this is actually a trend. Okay. So the New York Times has this article. You got to check it out. It's called the claw Grip. Okay. Women are posting on social media how many items they can carry at once. The record is fifteen. I believe this. This is despite you know, bigger bags or the trend.
Right.
So the theory behind it, there is one is that it's a reaction because you know, women feel that they don't have the functional pockets like men do, so they're kind of sounding off against this. But now you have these products that are coming out like a phone case by road that includes a lipstick holder.
Genius genius is cleared, Yeah, weightless. Don't you just get a bigger bag? I can see you with the traders, Joe Toad.
I mean, but then I have to like haul this thing around and search through it to try and find what I want. That's things get lost in the bag. So I just carry You should see.
Me when I tick?
Can we brock it up?
Can we get one of the interns to help miss Matteo in the morning so that she's lined up with a gluten free lipstick and all the rest of it before the show starts.
Get twenty seconds? Twenty seconds?
Okay, forget about the hot summer beach travel. The new thing is cool locations. So this is what USA Today is saying. They're saying people are tired of the crowded, hot places and they want to go to cooler places.
That are less cracky.
You're a huge deal.
Yes, yes, yes, And even here they're talking about western North Carolina. Right head to the Appalachian Mountains Mount Mitchell. Okay, you gotta go to hiking smoking New England, not Cape Cod, but New Hampshire's Mount Washington Valley. Beautiful. You gotta check it out. Jersey Bretton Woods Now Northern Michigan.
Yes, I've heard about that r City, Michigan.
You gotta go over there to get the nice cool breeze off the cooler water.
So thank you, Lisa, greatly appreciate. It's the Newspapers with Lisa Matteo.
This is the Bloomberg Surveillance podcast, available on Apple, Spotify, and anywhere else you get your podcasts. Listen live each weekday seven to ten am Easter and on Bloomberg dot Com, the iHeartRadio app, tune In, and the Bloomberg Business app. You can also watch us live I have every weekday on YouTube and always on the Bloomberg terminal