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Let's check out with Anika Gup that she's the director Macroeconomic Research at Wisdom Tree. Anico, as you sit back here and think about these markets here, what are some of the key drivers for you?
Is it the FED? Is it the economy? Is it corporate earnings? What are you thinking about here?
I think it's a combination of the three. I think, you know, we've we've moved from this goldilocks period of you know, progress on disinflation helping to drive you know, further monetary easing, and I think that's taken a bit of a especially in the US, since we've received much stronger economic data. We're now beginning to see that benefit from lower risk premiere being offset by rising bond deals.
And that's you know, that's based essentially because investors are now reducing the amount of expected FED rate cuts, and that's having an imbackground equity markets and obviously the market does also remain on dender hooks because we have the upcoming US elections and you know, they're trying to figure out whether these improving odds of a Trump victory, you know, actually do come to fruition.
No shortage of things for investors to worry about. Anka and the top of the show, so Paul mentioned that gold has come in a little bit, but still at twenty seven to thirty three, we've seen it hit records here almost day after day. How are you thinking about gold and what do you see as driving that asset. Is it simply maybe not fear, but concern about the election outcome? Is it something more than that?
I mean, you know, over the past month, we've seen a strong, you know, disc correlation between the US dollar and gold, alongside really yields and gold. So despite the fact that the dollar has strengthened, despite the fact that real yields have increased, uh, you know, gold still continues to attain multiple record highs. And that's because we're seeing
a lot of strength on the physical market. So we're actually seeing uh, central banks increase their purchases of gold, We're seeing you know, investors increase their purchases in gold, and that's that's been you know, one of the big drivers. Now since the Rush Ukraine War, we actually saw flows into gold linked ETF's decline. But since June we've had you know, about thirteen consecutive weeks of inflows into gold related ETFs actually increase. So that's been a new catlests
in the horizon drive gold prices. And I think the reason, the overarching reason for why investors are you know, flocking towards gold is primarily because of rising geopolitical risks, you know, with the tensions in the Middle East still not looking like they've subsided. And at the same time, we have you know, the U S elections, the upcoming US elections, and that is also you know, triggering a lot of volatility.
All right, So let's focus on the US equity market and anika. You know, we've seen this market that's been kind of driven by you know, great performance out of a handful of stocks called the Magnificent Seven and so on and so forth. A there's a lot of folks that say that that's not really healthy for the market. Are you concerned about that lack of breath or how do you think about this US equity markets just in general.
Yeah, we still remain positive. You know, we've actually, we expect obviously the bar has been lured for Q three earning season now looking at average earnings growth of around four percent. However, if we look ahead, a lot of that margin expansion for the S and P five hundred is primarily being driven by the technology sector as well as the communications sector. I mean, for technology, it's accounting for around eighteen percent earnings growth for twenty twenty five
and fifteen percent for communications services. So they are going to be the key drivers for earnings going forward. And I think given the fact that the bar is so low, already so low for Q three, we expect you know, quite a few companies to actually meet or exceed that bar, which should drive a performance higher.
We've listened to a lot of interviews this week from our colleagues in Washington as the IMF and World Bank meetings take place, and Christine Legard, the ECB president, was one of them who came through our studios and spoke with Francine Lockwin. And something that she said. President Leguard said is that she's confident in the direction the ECB is taken here given and what we're seeing Germany and Italy, Germany on pace for yet another year of contraction. Are
there opportunities in Europe right now? And where do you see them?
Are there?
Are there equities opportunities in Europe as you see them?
Absolutely? I think, you know, the pessimism towards Europe is over overstated. We already saw the iPhone numbers today for Germany, you know, show a slight upward trajectory, very different from what we've been seeing over the past few months for the greater part of this year. The key opportunity right now is in the small caps segment for European equities.
That's because earnings for European small caps and within the small caps primarily until towards of value is you know, is showing more than a sixteen percent earnings growth rise over the prior year. And if you compare that to MSCI Europe, which is representing you know, the lot more of the large cap segment of the market, we're looking at earnings expectation actually down eight percent. So the opportunity is primarily in the small cap space, timpted towards more
value oriented sectors. And that's because the small caps were the most penalized when Bates rules. It's such a sharp base and now that we're going to see a much sharper unwind of easing from Europe as opposed to the US, that's going to asymmetrically benefit the smaller cap segment of the market in comparison to the large cap.
Nika, thank you so much for joining us. I really appreciate getting a few minutes from your time a Nica Gupta. She's the director of macroeconomic research for the Equities and Commodities business at Wisdom Tree. She is in London, one King William Street, which is literally right around the corner from the Bloomberg headquarters in London and Queen Victoria Street.
You're listening to the Bloomberg Surveillance podcast. Catch us live weekday after noons from seven to ten am. Easter Listen on Apple car Play and and Broyd Auto with a Bloomberg Business app, or watch us live on YouTube.
Joe Matthew joins us here Balance of Power host. He's down in Washington, DC. He is hip deep in all the that is going on on both of these campaigns. Here, Joe, it looks like the Democrats are kind of trying to rely on some star power. But for me, I was just mentioned to Dave David Gera Joe, this star power thing, whether it's my boy Bruce Springsteen or whether it's Beyonce. I mean, does that even It's almost like that's so
nineteen nineties or two thousands. I mean, is that even relevant anymore?
Do you think?
Well, I guess the bendz that you invite.
But there's no evidence to suggest that celebrity endorsements move a needle when it comes to polling.
But look, we're at a tied race.
You saw Bloomberg's Swing state survey yesterday forty nine forty nine. Did you see today Siena College New York Times forty eight forty eight. This is as as tied up as it gets. So the campaign trying anything they can. And yeah, Kamala Harris is surrounding herself with some pretty heavy celebrity. Willie Nelson's going to be up there tonight as well. He had a big Cannabis for Kamala thing. The other I don't know if that helps either, but yeah, nuh, yeah,
no surprise at all. Donald Trump is doing it himself, right. You got Eminem for Kamala Harris. He's got kid rock for Donald Trump. He's gonna be with Joe Rogan.
He was with Tucker crosson the night before.
Everybody's grabbing whomever they think has an audience that goes for influencers and all these podcasters getting interviews because they're flailing guys. They're throwing whatever they can at the wall to try to beat each other by what will be probably less than a point if these polls are true.
Joe, Let's talk a bit about the rally that was held in Atlanta yesterday. So yes, Free Springsteen was there. President Obama was there as well with Kamala Harris, the first time the two of them appeared on the trail together. The campaign saying, this is the largest crowd that they've had for a rally yet, I think twenty three thousand people in that venue. What was the message? What is the message from the Harris campaign? Let's start there with
eleven days to go till election day? Is it simply focused on making sure you get to the polls, but more so than that, voting early if you can.
There's a lot of that, and you know, look, there's I don't know that they have crystallized a closing message. Both sides have really just been kind of shooting from the hip, and we've seen these messages evolving.
Here's the best I'll do for you.
What we're hearing from the Harris campaign. He has an enemy's list, we have a to do list. That's what we're hearing a lot about. But also going back to this threat to democracy idea that Joe Biden frankly never really connected on, and a lot of people are wondering why Kamala Harris isn't talking more about the economy than democracy.
She's going to be back in Washington next week, one week before the election on Tuesday, standing on the ellipse where we all remember Donald Trump holding that speech in that rally on January sixth, to try to bring people back to that moment. So I think there are a lot of different closing arguments coming from both campaigns. Last night, Tyler Perry, Samuel L. Je Jacks, and Spike Lee. I could keep going with the names. They all got up to the podium to reinforce those points.
Joe.
A lot of folks are saying that what's going to be really key to this election is getting out the vote.
And participation. What do we know about maybe turnout? What do we think turnout is going to be in this election?
Probably an all time high based on what we're seeing the campaigns certainly hope so. And I'm saying that because of just the incredible closeness in the race, the amount of engagement that we're seeing, but also the early voting has been setting records, and it's been setting records in states that have not always been fully leaning into early voting, with Republicans specifically in states like Arizona pull in ballots more often than Democrats are.
So there's a bit of noise out there.
But I can tell you guys, people are voting early in person, by absentee, by mail, and that's also going to be a big reason why we have to wait a long time before this race is called. I mean, we're really going out of our way to the warrant our viewers and listeners that it could be if not a week before we know.
A while, Joe, we've talked a lot about the role Elon Musk is playing in Pennsylvania in particular, and there was this blockbuster piece in the Wall Street Journal that Trump last night indicating that Elon Musk has talked repeatedly continues to talk. I think it alleged, Yeah, with Vladimir Putin, the president of Russia. Walk us through the implications of that. So we've got Elon Musk who's reportedly in regular contact with the Russian president, Donald Trump, who's reportedly in regular
contact with the Russian president. And I don't need the reportedly here when I say that these two met are talking to each other all the time. Elon Muskin and Donald Trump are walk us through why this is such a significant story. Again, this is something the journal has reported, we haven't we haven't confirmed, but certainly made some seismic waves over the course of the night.
Well, look, I mean this goes back to what Donald Trump likes to call Russia Russia Russia, suggesting that this was all a hoax, the idea that he was colluding somehow with Russia or Vladimir Putin, or at least enjoying the benefits of some interference. We know that his relationship is something that has rubbed people the wrong way. He says that it's it's a good thing that it in fact strengthens our nation to have a leader with relationships
with other world leaders. But look, we don't really have to go to the degrees of separation here.
If it's Elon Musk, Donald.
Trump, and Vladimir Putin and a triangle of communication, that's a big deal. Elon Musk, according to these reports, in fact, was asked to do a favor by Vladimir Putin and not turn on the Starlink satellite service over Taiwan as a favorite decision.
Ping.
So you know, it's not like they're trading recipes on the phone here, guys. This actually could have major geopolitical implications.
What do we know, Joe about down ballot?
I'm kind of thinking about, you know, we really have to get a handle on who's going to be in the House, who's going to be in a Senate.
What's the thinking with DC these days?
You know, the conventional wisdom for some time, and I don't think it's any different right now, is that the Senate flips from Democrat to Republican, the House flips from Republican to Democrat, and then we'll see what happens in the White House. Both are, of course, dealing with such thin majorities that it wouldn't take a lot for either to happen. This is a tough map for Democrats in
the Senate this year. There's some very difficult races when you look across the swing states in particular, whether we're talking about Pennsylvania, Ohio's a big one with shared brown Wisconsin. The Senate race has us wondering if Democrats can keep the majority the House. You know, it would take four seats essentially to flip here, but it's going to take
some time. We might actually know the Senate on election night, and I don't want to predict that, but there's a good chance that we will or the following morning.
The House is going to take some time.
It states like New York and more specifically states out west California that are going to take probably days to count. And when we're only talking about a couple of seats here, it's ironic to think that we will have to wait days to know who controls the House of Representatives. But look, we're coming up to New York, guys. I don't think they're letting us go home until all this.
Stuff is called. So we're going to experience this together.
Paul Joe bringing up that Senate race in Ohio and just the amount of money that's been poured into that race in particular is just so extraordinary that we've become kind of inured to how much he's fueling all of these all of these campaigns and races. Joe, you mentioned you're coming to New York. Donald Trump is coming here as well on Sunday. He's going to be a Madison Square Garden. Elon Musk reportedly is going to be there
as well. We've talked a lot about the Harris messaging that we heard in Atlanta that we're going to hear in Houston, where she goes today. What is his messaging being, Ben and so you mentioned those those house races here in New York. My guess my sense is that's that's aside from the ego boost of playing Madison Square Garden for Donald Trump, that's the importance of him coming here to kind of see if he can keep arrest some of those house seats away from Democrats in New York.
Well, that's one way to look at it.
I'm not sure that has any reason to do with why he's actually going. To your point, he wanted to play Madison Square Garden and look, it might be a smart strategy. It's going to get all kinds of coverage. Yeah, Elon will be there, even Mike Johnson on stage. Can you imagine a year ago telling Mike Johnson he was going to be playing Madison Square Gardening.
But yeah, it's a big deal.
I don't look, you know, I keep conjuring up image of Led Zeppelin, and I think I'm showing my age here because nobody I sit with in my row has ever heard of the song remains the same, and they keep telling me, no, it's Billy Joel. He wants to be Billy Joel. Everybody wants to play Madison Square Garden. So they're going to pay a million dollars to do it.
By the way, they're basically renting the plays out. And I'll be honest, with the amount of coverage that will probably generate, I suspect to be worth a lot more than a million dollars.
So maybe it's not that silly.
Bad playing the garden. Why not?
Joe Matthew, Thank you so much, Joe Matthew. He is a host of balance of power. He is in Washington, DC, he is right in the middle of it. Appreciate getting a few minutes of his time.
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 play Bloomberg eleven thirty.
Back in the day when I was a sell side analysts, he went to Boston three four times a year to shill for your II votes, which I got, by the way, I own that town for a long time. One of the places you went was Wellington Management. I mean solid old money, crusty New York money. That's where you went. Some smart people there. I never got off on the fixed income floor. I went straight to the equity elevator to the top there.
Yeah.
No, it's too much math. Bridge Kurana Joints is.
He's a senior managing director and he's a fixed income portfolio manager at Wellington Management. Hey, Bridge, is our Federal Reserve going to cut interest rates in November? Because I'm looking at some of this economic David, even like the industrial production numbers that came out today pretty solid across the board.
What do you think our Fed's going to do?
Thanks for having me back. Yeah, I do think they are going to cut about another twenty five basis points in November. You know why has the Fed changed its rhetoric to focus so much on the unemployment rate from focusing on inflation. I really think it comes from their
change in view. They have this line that they've been repeating quite often that the labor market is not the source of the inflation in the economy, and that is their biggest fear because that's what the nineteen seventies was about, the wage price spiral, and now they don't believe in
they're right about that. I think that the leads speak to the labor market not being the reason we have inflation in the economy, and that means that they can go back to their pre COVID policy of targeting the neutral rate for the economy, which they think is about three percent. That's the level where they don't think policy is expansionary, they don't think it's contractionary. And they're looking at the economy and they say, look, we're interest rates
are at five percent. We think three percent is neutral. We have a lot of room to cut and we're still.
In restrictive territory.
So I think they're going to continue along this path with that twenty five basis point cut.
For a neophyte like myself who has heard of our star but just doesn't understand the intricacies of it, how difficult is it for them to target this and how much disagreement is there among policymakers on that committee about what it is?
So there's there, It's very hard to know. You only know when you're either below it right. You don't know in a real time. What you can do is you can look at their estimates. So you go to that dot plot that we all talk about, look at where their long term dot is. It's around three percent, and there's actually a lot of that's the spot where there's consensus on So they think it's around three percent. But I don't think that really matters whether or it's three,
three and a half or two and a half. The point is that they're at five and they're dealing with the inflation story, which is less pronounce than it was two years ago, and so they're basically saying, Okay, maybe it's three and a half. Let's see what the economy looks like when we get down to that three and a half level. If it's still accelerating at that point. Then yes, maybe the neutral rate is higher, but we just know that we're much higher than that at this point.
All right.
So if I'm in a fix and come business today, I know I don't have to be a rock star.
I can sit in a two year treasury and get you could get off on that floor.
I can get off on that floor.
Say hey, kids, I'm long the two year treasury. I'm clipping a four point zero five percent coupon. Should I just do that or should I take some credit risk?
Yeah?
I mean I do think that I think bonds are attractive. I do think that when you look at credit spreads, they are are quite tight right now. So investment grade spreads, you know, looking at the bloombergency is less than one hundred basis points.
Highield spreads below three hundred basis.
Points, you know, that is not a lot of compensation for the riskser that are out there. I mean, we are in the first quintile of spreads, and historically over the next three to four years, that does mean negative excess returns for credit sectors. And I do think we actually are seeing defaults and the distressed exchange ratio, which is basically when your bonds get primed by other borrowers,
and so you know, we're seeing that increase. It's around five point six percent right now, which is actually quite high. And so you know, relative to defaults and recovery rates, we don't really feel you're being compensated very handsomely right now in credit markets.
Let me go negative here and say we're things to take a turn, were we to get this kind of phantom deep down turn or recession. How well equipped is the Federal Reserve to deal with that at this point in time when you look at through the policies that they put in place, certainly the amount assets that they bought as well at the the beginning to unwind. Should we be worried about what tools remain in the FEDS toolkit?
I mean, I think given where the starting point of
policy rates is, they have a lot of tools. I do think that this cycle is going to be different if we do enter that downturn in that I think as much as they're going to continue to use interest rates as the primary tool to which they change monetary policy, I think they're going to be loath to use the balance sheet as aggressively as they did after COVID, and so, you know, I think if there is a problem the treasury market, I do think they will come in and
buy bonds like they did in March twenty twenty. But I think they were roundly criticized for buying so many agency mortgage backed securities after COVID and thereafter, and so I don't think they're going to be doing that the next round. And I do think that is an important point though. You know, we have been in this goldilocks type environment and we don't think about what's coming up.
But if we do enter a recession, the FED is not going to be as aggressive as we've seen after the GFC or after COVID, and so you know, credit investors should keeping that in mind that the tail is not as clipped as you may think.
September was the I think the biggest month for investment grade new issuance on record. All the banks have been flooding into the market with new issues. If I'm a bond salesman like Morgan Stanley or JP Morgan, are you guys at the.
Top of my call list? Do you buy new issue stuff?
I mean you're Wellington or do I just go to all the hedge funds to buy this new stuff.
I mean, we're definitely a large asse manager, and so we certainly, you know, we do buy the IG corporate market. I do think it is interesting that we thought, we kind of entered this year thinking that net issuance, so this is not only issuance, but it's also versus redemptions, was going to be on the lighter side. We were kind of thinking four hundred to five hundred billion, and that was that was going to be kind of a tailwind to credit markets because you just have less supply
than we've seen over the last few years. I've just been almost surprised by how much issuance we've seen. I think gross is one point two one point three trillion, and even net issuance is kind of six hundred billion ish, and so it definitely I've been surprised by two things. One the amount of supply we've seen in the investment grade corporate market, but just kind of the ravenous nature with which you know, everyone's taking it down.
Its supply almost causes spread.
Why every book I see for these things, I don't care if it's a you know, PERI in a cat Chow or JP Morgan. These things are over subscribed multiple times in the bond market. I mean I expect that from one of my IPOs back in the day, because I was a great syndicate salesman, fixed investment, great debt.
Yeah, it is interesting.
I think what people are really focusing on is the high level of yields compared to the level of spreads. You know, that's what we constantly hear. Well, spreads are tight, but yields are high on a long term basis. I do think that, you know, people are very focused on income right now in fixed income, focused on the income part. I don't think people should really forget about the total
return nature of fixed income though as well. And you know, I think we're talking a lot about the election these days, as I'm sure you all are, and I think in this the market's really pricing in a large percentage of
some kind of sweep. I think we should also think about the other tail, though, what if we get divided government, and in a divided government, you get that fiscal tightening, you get perhaps you know, slowing economic growth than we've had of the last few years, and that's an environment where bon yields could actually fall fall a lot more than people think, and so, yeah, you don't want to almost forget the other side where boniolds could fall.
We ask you one other question kind of tied to the election, and we heard we've heard Donald Trump say he'd like to advise the FED chair give him his opinion on whether rage should go up or or down. Going into the interview that he did with our editor in chief John Mickelthwaite, Betsy Stevenson was making a very strong case that that shouldn't happen, that FED independence is so important. I want to get your perspective, sort of
the market perspective on that. I think part of what she was conveying in her comments was the bond market in this country is propped up and fortified by the fact that the FED has independence. Are folks like you thinking about this, worried about this? How much do you give credence to what the former president has been saying about taking on that kind of new advisory role where to be reelected?
Yeah, you know, I do think central independence is extremely important, and bond markets are good at pricing that in and so I think one of the reasons we have seen term premium rise with how the election might play out. Is because when you have political influence on a central bank, you should get compensated for that risk and so and
particularly at the back end of the curve. And so I think you're starting to see that materialize that if this rhetoric continues an actual actions take place regarding it, you should be compensated for more yield as a result of that. Almost that you know, going back and forth on different policies and what's the President saying versus what the Fed's doing. And so I do think that term premium has increased, and that's largely as a result of that.
I want to thank our good friend British Kuhana. He is fixed and come portfolio manage at Wellington Management, Undergraduate of Princeton, NBA at Harvard.
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 week day on YouTube and always on the Bloomberg terminal.
You're daily look at the front pages around the world. East Monday, What do you have for us UH today?
All right, Well, since David gur is here. We have our political guru. Okay, so I found this story swings Day voters apparently suffering from political ad fatigue. They are tired of it. Residents in the seven battleground states, they've been hit with you know, the lawn signs, the billboards, the TV ads. But on top of that, they're getting the digital ads, social media that's in their scroll. They're getting text messages. I know you've said you've gotten texts.
Today, so you get a lot of the Pennsylvania stuff.
No, I just get ten to day, mostly from Democrats party for money.
Okay, it's only.
I like, yeah, but you're right.
So I want to ask Apple, so I always hit the delete and report the spam doesn't stop.
It doesn't matter.
No, it doesn't matter.
We'll work around that.
Yeah, block the number. Oh should I do that? Yeah, okay, I figure that out all.
Right, although another number will probably get yes.
But I mean, I just you know, I used to cover the television industry, and every two years when there's an election cycle, the TV stations make just gobs of money on political advertising, and it's in godsend to them.
But it's not good if you're a viewer in those states.
No, in those states, they're just saying they're tired of it. It's there, they're done. I'm wondering if it's going to make them want to push not to vote.
Is effect right?
They're just tired out?
Yeah, irritated. I can see that.
Yeah, So that was the thing over there. Okay, so we've been hearing the story about the e coli with McDonald's and the quarter pounder. So now the restaurant industry is on this high alert. So you have other restaurants starting to do this. Burger King, Young Brands, a parent of Taco Bell, Pizza Hut KFC, they removed the onions because that has been said to be linked to the
Equal Eye outbreak. They're pulling the onions from their burgers. Also, Fat Brands that owns Johnny Rockets, other restaurants they're doing the same thing. They're stopped using those tailor farm onions. But it can be costly for some of these companies. You remember the Chipotle outbreak. It cost them about twenty five million, it says to settle criminal charges related to outbreaks, and it.
Can last so long.
I mean, it's a wait on the McDonald's stock now obviously, but you look at Chipotle that lasted for years. I feel like it was me Mickey D's. It actually is the quarter pounder with cheeses, I guess get on several states across the country.
So number two with the cooks.
Yeah, so you know the numbers.
Yeah, yeah, it's a number. It's been my order since I was like fourteen.
Is that right?
Number two of the comfort in that there is, Yeah, exactly. You know, same thing with HOGI Haven and Princeton cheese. Take Hogy, no tomatoes, but everything.
Else, do you supersize it? That's the question.
No, No, everything in moderation.
Yeah, exactly, exactly, that's right. I mean I could mcdoll's maybe once. You know, I used to do I mean, traveling in airports. That was your excuse to then you had to do it making deez er a Burger king because you're in an airport, you're Russian for a flight, that was your excuse.
Sure. Now they don't even have fast food in airports anymore. It's all this it's all the fancy rush, fancy. Yeah. So I know they took that away for me. All right, what else?
Well, if you're feeling hungry, okay, So how about this, a hungry group of ten people on Thanksgiving? You can feed them for one hundred dollars. Yes, this at Sam's Club. You've gotta go to Sam's Club. It's their member's mark brand. So for a hundred bucks, you can get a whole turkey dinner, rolls, mac and cheese, mashed potatoes, sweet potato mash, Brussels sprout salad, and pumpkin pie. So they're saying it can be delivered to your house under two hours. It's
pre cooked. All you gotta do is heat it up, maybe in the oven. Everything is set to go. They want to just make sure everyone has, you know, access to good food. That's the reason why they're doing it. But a lot of companies have been doing this, this whole promotion, like Thanksgiving cheap meals because budget?
What do you doing thanks saving? Are you trying to families?
No, I go I go to family to bring the wine. That's it.
I'll bring in the wine. That's a good strategy. All right, how about you, David, what do you guys do?
I will be here in New York do some cooking. But it's kind of it's farmed out among all of us, so I won't take care of the turkey, but.
We'll do some sides.
Day after Thanksgiving, I'm working anybody else not me?
I should check my calendar.
Yeah, you like, mis.
Called that ter So when I asked for all the fridays off in the summer, I always tell the powers that, hey, who's working a day?
Different things? Christmas? Yes, yeah, that's how it works. Ok So that's how you play it there. So but Thanksgiving dinner front one hundred bucks? Not bad?
Yeah, not bad for ten people.
There you go.
Okay, we've been talking about the World Series right fevers in the air, but this is actually in the Wall Street Journal. It's how ballpark condos are a big hit with homeowners. So they don't want the ocean view, they want the view of the ballpark. So that's becoming a big thing. Unfortunately not in New York or Los Angeles they don't have those. But in San Diego, for example, they have these residences where you can just sit out on your balcony and watch the game.
It's right, I can beat that. Okay.
How nineteen ninety five we did the IPO for Inner Speedway Motor Sports. They on the Charlotte Motor Speedway, the Lando Motor Speed Speedway. U SID proceeds to build condos at the Charlotte Motor Space Wow in turn two and people to me and people, they sold them out before they even built them.
People wanted to have.
They don't want traffic in front of their house, but they want They'll take the forty cars going two hundred miles.
An hour in front of their condo. It's a Charlotte Motor Speedway.
I wouldn't I live a train station in Marble. I don't want to look next to a speedway.
It was great. And so they you know, for two days a year when they have the two you know, used.
To be the winter regular right yeah, yeah, and then they would and people paid like that are like half a million dollars in those things.
You know.
I was in d C before here in the kind of growth that you've seen around the Nationals Ballpark in Navy Yard and d C just like that, all those condos around there. And then Paul and I love to talk about Duram, North Carolina, but that minor league park, the Durmaballs Athletic Park, has a lot of that now, a lot of condos kind of around the edges of it,
so I get it. I mean it's like, yeah, if you're a fan, and we've talked about how much it is to watch the world, maybe it's just like the future is to do it that's way, So maybe it's.
Cheaper to do it that way. Yeah, but they're not cheap either. I mean some guy paid a million dollars for him in San Diego in the San Diego and that was back in two thousand and seven, so you can imagine how much.
I walked by it downtown but never been inside.
Bent down San Diego system. It's a great why you would live anywhere other than San Diego. Temperature just awesome, But that's a great ballpark. I think they support the team, So we'll see. All right, that's our newspaper segment with Lisa Gonna tell you.
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