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Expert and Uncertainty and the Distinctions to risk is Jeff for you. We're thrilled that he could join us this morning. Of course, with being white wealth, he is senior. He A strategists. Jeff, how do you define how do you identify the uncertainty right now?
Well, it depends on which asset class you are asking about, right. So if I look at foreign exchange options, for example, yes, I'm uncertainty in the front end judging by implied volatility, but going further down the curve doesn't look like it right, say, a lot of frontend on certainty. But the market seems to think that stuff will sort itself out.
I'm not so sure about that, so.
Jeffery, I mean, you know, we've been talking about the strength of the US exceptionalism over the last I don't know a year two years here, and that's been reflected in a strong dollar. What's the word order look like right now, and you look at the currency markets, where is the opportunity.
Well, the biggest repricing certainly has been in the Euro and I would add, you know some other low yielding European exporter currencies, you know, like the Swedish krona, check runa, you know, Swiss Frankliner for example, Denmark, even they're going to benefit from any restructuring in the Eurozone and a big fiscal push. So that's where the opportunities is. And because the dollar has enjoyed such a large rate differential over these currencies, people are happy to sit on long
US dollars and sit on the carry trade. But now with that easying being priced back in, clients are not so sure. So these carry trades, these hedges, they are being unwound. So as much as I'd like to call the top in the Euro right now, given it's gone against my view looking at the size of those hedges, I'm still not so certain.
So in the Euro here, I mean again, several weeks ago we saw Germany make a really big, big pivot there and talk about investing in their infrastructure, investing in their military, suggesting a little bit of a well actually a lot of a change in their bias. Is there still upside to the euro? We were trying to get the euro to parody for Tom Keane, but that's not happening.
So, you know, I would that was my target for last year and early this year, and given what the ECB has said as well about inflation, probably not like Peter falling back to target.
And then the future that is going to be.
A difficult I still think we end the below where we are right now close to one o five rather than one point fifteen or so. The proof will be in the delivery and this is going to take a long long time, but the outlook is positive, and I would conceive that.
Jeffer you I'm hearing from a lot of other people what I'm hearing from you. Somewhere over the horizon, there's a bet that everything comes down, maybe we normalize and get back to you know, stock market gets a bit out and everything's fine as well. My problem is I'm reading the globe and mail up in Toronto or lamand in Paris, and I see massive tear of tension. How do you fold the politics and the Trump politics into your finance analysis.
So going back to an earlier point.
Yes, it stabilizes, but it won't stabilize at the level that we were at. Right, So euro dollar trend stabilization and neutral rates, it's not going to be back at parity. It's not going to be based on growth differentials that we thought with the case in the past Chinese equity markets people rendered uninvestable back in the day, not so much in the future. So Canada, what's going to be
the nature of the economy. So yes, we will stabilize, but at a different level, subject to other changes that are taking place right.
Now, quantify our parity and euro is stabilization. I don't want to pin you down here, it's unfair, but are we doing is the new parody at one of five or a one to ten.
So we look at exchange rate in real terms, right, so you look at growth differentials and you look at inflation differentials. It will be higher compared to where we were because if this works in Europe, and that is a big if, then trend growth will be higher. Why because productivity will be higher. The competitivist that Dragi court wal last year, that letter cored for last year, that
may actually deliver demographics will be harder. But if productivity is higher, then trend growth will be higher and that means a higher real Europe.
Or should we get you a few in trouble with compliance to this? Yeah, let's let's do it. Jeff you this is way off the remit, but you're so good at this. We're going to ask. Mario Draghi of Italy was a techno crat is Mark Kearney of Ottawa and techno.
Cred So that would be the market characterization. But let's see what else he can do. You can be a technocrat and also a political leader who says these two are exclusive. And Mario Draghi was a political leader as well, so he led Italy for those two years. But of course under a technocratic mandate. So let's wait for the elections to see what the manifesto from the Liberal Party will be. What kind of a mandate he will run under, I assume be quite different compared to what Mario Dragi
run under. But ultimately can he deliver for the Canadian economy? Can can he the German terms restructure the Canadian economy so that it is less perhaps dependent on two way trade south of the border.
That will be the challenge for.
Him, Jeffrey, just in a world of that we're all experiencing here over the last couple of months and over the last several weeks in particular, in your world, when you talk to your clients, what are they Are they looking for safety? Are they looking for just opportunities? What are they doing here in this world where nobody seems to know what's going to happen in the next minute, the next hour.
So again those two are not mutually exclusive, right, So some safety names potentially are the opportunities as well. So certainly, and we all know, and it's showing up in our flow data. There has been a wide gap in US equity holdings versus the rest of the world. So we anticipated that to converge, you know, maybe not so speedily over the last few weeks or so, but that is happening. So there's a lot of cash on the sidelines right now.
Where will that go? Do I put it in Asia with a China theme, the AI theme, or do I go in the europe reinvestment theme. But China is openly saying there is an inflation issue, a demand issue, So
you've got to pick your sectors very very carefully. So the opportunity and safety, I would add in places where it's basically high earnings or high earnings growth potentially and also less exposure to what's going on right now, and also based on domestic public investment, the sodal sectors I want to be in.
We start strong today on Bloomberg Surveillance. We do it with Jeffrey you of B and y Well. Thrilled that he could be with us. We welcome all of you on your commute across nation, across Canada. Good morning on Apple car Play. Andreid'o on YouTube, Paan, I am absolutely humbled by the growth out and Bloomberg Podcasts. Subscribe to Bloomberg Podcasts, and you know, we were just absolutely thrilled
by it. And in particular good Morning, I just featured, I just featured Mumbai, he did, and the build out here Ray YouTube. I have an advisor on this, you do you know they said, they said, Tim, you're such a fossil, you got to have an advisor. So I have a Ray YouTube, and Ray YouTube says India is happening.
So good morning and good evening, I should say, in India, Jeffy you with us with B and y Well Jeff, I look at China in the sort of to me, if I was speaking with President Trump and his fierce advisors, I would say, expect the unexpected. And if we export Chinese deflation or massive significant disinflation, are we under gaming where inflation is going to be in two, three, four years.
So that's where the Chinese growth strategy up ahead is going to be really interesting. I would say, firstly, we're going to be seeing of China exporting disinflation right because inflation is expected to pick up. But secondly, this fiscal push, the deficit at four percent, where is it going to be concentrated. In the past, it's oh, it's infrastructure and real estate. It's going to help commodoties. That's not going to be the case this time around. Let's help the household,
the consumer. If the household consuit of household consumption picks up, then the again consumer staples or even the consumer discretionary. Know, those are the areas where we can see reflation as well. This was expected in twenty twenty three, twenty four when China reopened, didn't really happen, But now better late than never could that happen. So I would say less deflation for sure, but can it be inflationary? Can it drive
earnings upside in global consumer discretionary exposed to China. That is going to be the big challenge, Jeffrey.
I mean, you know, I look at Ali Baba as my personal proxy for investor appetite for China.
It might be, it might be exactly.
I kind of feel like when Ali Barber, however, Ali Bobin trades, that's kind of a good proxy for how the world's viewing investment opportunities in China.
It's up sixty.
Percent this year. What's changed in China if anything, to bring it back to the forefront for maybe investors see as an option here.
Right, So growth, we go back to the growth element, and for companies what matters, right margin? Can there be margin expansion? So can AI deliver the productivity growth and the compessimist gains, They will really boost earnings via margin expansion, and I think that's what's being priced near right now. So but I have to pivot back to the household. Ultimately, the final demand has to come from the household, you know,
maybe directly from the government, but otherwise. But given these Chinese and consumers communication services companies, they really are in every aspect of household consumption. So that's where we hope the growth can be. Can it translate in high earnings and employment? I think that's what the government is hoping for. It's early days after the NPC. So far there's money on the table, and I would stress participation from international
investors is very very light right now. We've seeing that in our data, we're seeing it in official data as well, so there is an opportunity there in terms of allocations. If you believe in the story.
Jeff, you when you were at LC, there was a basic statement on Germany is some form of you know, to be brought about it a non American experiment. All of a sudden, it sounds like they're goosenomenal GDP. Do you actually believe Germany politically, and here's the keyword, folks, culturally is ready for a more Anglo American economy.
Right, I think it is. Let's just say what prompted this cultural change? Was it something out of their own volition or something from outside? I think that is a political debate perhaps worth having. But then again, looking at Europe in general, if it often does respond better to external challenges, and I think we are seeing that play out this time around as well.
So yes, there is a change.
There is a change at least in the political culture, in the dynamic, and we're seeing that with Metz.
One final question, what are you hearing from B and Y clients?
So b Andy clients are again looking for opportunity, safe opportunities as stated earlier, so they are looking at their overall exposures. I wouldn't say there's too much conviction in one direction, you know all the other and we're seeing that in our underlying flows right now. But to start off with, certainly we are seeing some dollar positions, some dollar longs and being taken off, or they're reducing their
hedges on overseas assets. Is the next step mass rotation out of the US into other markets.
We're not seeing that yet. Home buyers are strong.
Take Europe for example, it's being driven by European investors, not global investors. Will that change? I think that's the ass allocation story for the year.
Jeffer, you with B and why Paul, that's what we call a seven am.
Call exactly on the street and offices in London there that is a five minute walk from Bloomberg. I think next time, Jeffrey can walk over to the Bloomberg What do you think, I think the studio and doing that. It's right around the corner.
Jeff thank you so much getting us started here.
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It's a perfect time that if you're out of a job, where do you go? And you go to Zip Recruiter. They're chief economist, one of our favorites. Julia Pollock joins us right now. Julia, Zip Recruiter, have you seen a change? Can you give us wisdom or perspective on this new job market? With so many people so quickly out of work, it.
Is a slow job market. That is what I'll say about that. The well, there was a big poppet optimism in the fourth quarter. Our first quarter surveys of twenty eighty five are now wrapping up, and what we're finding is that that bump has disappeared. Job Seekers are saying that the largest numbers ever that their job search is going poorly. We have the largest share of job seekers ever with zero offers, job seekers of lost confidence that
there are plenty of jobs available. So we have the largest share of job seekers ever, over forty percent saying that they have they're not confident at all that they are jobs available. So our first quarter survey is a somewhat gloomy one.
I'd have to say, and Julia, what do you think has changed here? Is it just some of the uncertainty that a lot of folks in the economy are feeling today, is we try to figure out how these TIFFs and immigration changes may impact kind of the environment.
So I see a continuation of what was happening before. Right, We've had a two year slow down and hiring okay, And I think that excessive spending, high inflation, high interest rates, they have a very long hangover. And many companies were saying, let's survived till twenty five, and they were hoping that inflation would be conquered and that interest rates would come
back down to the normal by twenty twenty five. That has not happened, so we still have inflation on so we still have interest rate uncertainty, and now an additional we also have policy certy. So that is the picture Bloomberg surveillance.
Folks, so commute across the nation from Julia Pollock's left coast over here to ninety nine and one FM in Washington, ninety two to nine FM up in Boston. Good Morning, Bloomberg eleven three to zero and a cold spring morning here in New York. On YouTube, subscribe to Bloomberg Podcast. It's a new way to discover us. Find that again at YouTube. Thank you for googling YouTube for their support, Julia. When you just give me the litany of how difficult
it is to get a job. Your job at ZIP recruiter is to pull that over to the unemployment rate. We're having a raging debate. When is the when of say four point eight percent unemployment? Is the when of that this year? Or do you go out further into next year?
It possibly won't get there. And that's because we are in the middle of peak sixty five, with the with the largest numbers of Americans turning sixty five every year, five years of ay boomers aging out like this and becoming eligible for Medicare and for retirement, and then we also have immigration falling steeply. It's one of the first things the President did was sign an executive order ending as Island programs for workers from Afghanistan Nico Lagua Hate.
So those programs together accounted for about five hundred thousand immigrant inflows a year, and many of those workers got employment pieces right away. That stopped right away. Other kinds of border crossings have stopped, and so the number of people you need to be absorbed by the slave market keeps falling, and so perhaps even with slow hiring, we won't see an object in unemployment.
Julia, Thank you so much, Julia Pollack. That was riveting folks. The beginning of that conversation with actually what they're seeing it ZIP recruiter was extraordinary. About a Tona's change, I'm going to rephrase the tone has changed. And what I saw there, Paul was if you're out looking for a job, the percentage of people with zero offers.
Ye.
I think you know she's going, you know, Julia Pollock fast, but I think that's what I got out of it. Is well.
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We went out on this morning of wine and cheese fromage in Champagne tariffs, and we tried to find someone who's tried every liqueur that mister Arnaud has at LVMH joining us now Robert Harmatz's public service to the nation, just back from Paris, and of course with all of this history, getting us at least halfway back to McKinley. Ambassador Armitz, thank you for joining us this morning. You got a piece of chalk in your hand. You're up
at Toughs. What do you say into the diplomacy students at Toughs University this morning?
Well, I'm saying basically that the process of reaching some sort of compromise moved a little bit ahead in the last few days in the discussions between the US and Green But the critical part is that Putin started this war, and Putin is a critical element in reaching a truce
and reaching a conclusion of full peace. And it appears to me that what he is showing us by wearying his military fatigues and his rhetory is that he does not seem to be willing to do any of the things needed to reach a compromise on the truth or on a piece. And the question is what is the United States going to do visa e Putin? We've said we President said he trusted him. He is now demonstrated
he is going to do his own thing. He's going to be after In the Great and Peter the Great, and a compromise with the United States or Ukraine does not seem to be in his cards, which means there's a major diplomatic problem with him, and we're going to have to address that.
There's no way around the distinction here, Paul. For me, is a diplomacy of Hormance or Kissinger or others. There's a lot of silence. There's a lot of quiet, and is Robert Hormett states there were in a very verbal diplomacy.
Right now, it seems like a bob So how do you think this is going to play out over the next several weeks and months as it relates to Ukraine, Russia and US, and I guess not the Europeans.
Well, I had a long talk with the Europeans. That's another diplomatic issue that has to be confronted. The Europeans feel that they have been pushed aside, that they've not been included in the conversations. And the whole history of the United States strategically after World War Two has been to work with our allies. The one thing we have that China and Russia both do not have our strong allies, and we're alienating them, and we're putting them, sidelining them.
And I think this is going to weaken us in the long run. Viz A VI, Putin and visa VI the rest of the world, and very important, the confidence and our reliability to support our allies is diminished quite dramatically. All the Europeans I talked to said, and we have confidence in you, And I said, well, we have a history of being with you. And they say, if you're having a fight with your best friend and neighbor, Canada, how can we rely on you to support us, particularly
the smaller Estonia Latvia Lithuania. Are you just gonna toss them to the side. So credibility is on the line here.
Howard Latnik with us earlier the Secretary of Commerce and now Ambassador Hormance with this of course always affiliated with the Kissinger associates will speak with the ambassador. Jess Metton will get us to the nine o'clock hour here on exequity markets.
Paul so Bob, how should we think about mister Putin?
Here?
One could argue he could come out of this stronger than ever. And is that something that the Europeans that you spoke with their con Yes.
I think that we underestimate how bad his economy is at this point and how many people he's lost. The only trouble is he lives in an information bubble. In authoritarian government's information rarely moves up, particularly bad information, so he may not have a very good idea of actually what's going on in the battlefield. And a lot of Russians only get information from state sources, so they may not know. But the economy is in terrible shape, a lot of jobs have been lost, a lot of very
good people have left. On the other hand, he does have nuclear weapons, and if we give him a truce, he's using this truth to further extend his power and his devastation in Ukraine, so that the Ukrainians are losing by the truth, even though we've pushed them into it, and we haven't pushed Putin to a very great degree at all little more sanctions. But he's going to be the one who's going to have to do this, and we're going to have to come up with a strategy
to get him to do it. If he doesn't, then Europe feels even more and more vulnerable.
Your expertise in your wonderful book from over a decade ago is a basic linkagure of our domestic economy and our strength as America with our the way we project on a foreign basis. And I don't want to go in do we get Erring Tedesky coming up in the next hour from the Yale Budget Lab. I don't want to go into fiscal policy. But this is the arch question. I think all of our listeners and viewers want to know.
Robert Hormats on your study of populism. So there was William Jennings, Bryan, there was Huey Long in the nineteen thirties, maybe other populous along the way. Do you look at Trump policy, the Trump phenomenon, the Trump foreign policy, tariffs and what we're talking about here is a one off that the nation moves beyond after his public service, or is there a new permanence here to the populism of the Grand Old Party.
Well, I think the populism is going to be with us for a period of time because there is income inequity in this country. A lot of people feel left behind by globalization and by technology. And I think you're seeing this in other parts of the world as well, that there is to This is not a one shot phenomenon. I think this kind of populism is going to be with us, and you're seeing it in Germany with the Alliance for Deutschland that did very well, sort of very ultra conservative populism is.
The Washington consensus, Let's be honest. I think I'm part of it. I'm certain Robert Hormance is part of it. Did we blow it because we did not set up a structured labor project like Germany did to protect labor rudfully did in two thousand and eight in America with a lockeyan individualism said to hell with you down at textile jobs in North Carolina. Did we blow it twenty years ago?
Yes, I think we had. We're under the illusion that there was a Washington consensus in the country when we had the financial crisis, and then when we had COVID, where a lot of people didn't get proper treatment because they were in poorer areas. We underestimated the fact that there was not a good distribution in terms of the benefits of globalization. Many people felt it was disruptive that technology benefited a lot of people, but a lot of
people were not included in this. And when it came to the financial crisis, the bailout was mostly for the banks and a lot of small stores.
Was the stimulus of the pandemic mostly for the banks? As you say it in a broad sense, was it for the elite?
I think the pandemic actually a lot of the stimuls went to other people. I think there was distribution. I think it was relatively fair. There was a lot, and it was not as wells monitors it should have been. But after the financial crisis, the financial institutions were the big beneficiaries. The little guy in Kansas City or in Des Moines didn't feel he was getting his fair shape.
We'll get one more in here, because they got one more before Horbet storms.
Out of exactly exactly, so, Bob, this is a president, this administration that puts America first in seemingly all issues. And maybe and a lot of folks support that. Is that how Europeans view it. Do they feel like they are really on their own at this point?
Yes, yep.
I think they feel in part because they themselves became to self confidence. Complacency is I think a major problem we've had over the last twenty or so years. And the Europeans felt they could get their energy cheap energy from Russia, the US would protect them from a security point of view. They were in effect not really playing the role that they wanted to play in the global in the global system. There's some very talented people there, mccrawan. I saw a lot of these people when I was
over there. But I think the Europeans came to aly too much on the US for their security and didn't do enough, too much on others for energy and didn't do enough and on technology. They're simply not keeping up with what's going on in the US. So they need to They want to pull themselves together. They know if they want to have a global voice, they have to. And I think now if there's one thing that's happened is that they want to do this, but they want to do it with the backing and the support of
the United States. They wanted to be allies in the United States. They don't want to try to do it alone because they don't think that's good for them or for the global free world.
I'm upset. I think there's been a horrific job by the media of describing a path that the Rubio family of Miami took to get to this country two years before Fidel Castro, his mother going back and forth to Cuba, you know, just trying to get the family out of Cuba, and he growing up with non citizen parents, I believe, and really being Rubio is the immigrant. What is your counsel to Rubio as Secretary of State given this, Maelstrom.
I think my counsel would be that his family, and my family, and many families of people we all know came over as immigrants and helped to build this country. And I think that we need to have a fair immigration policy. It can't be held or a skelter as it has been, but there needs to be a recognition that immigrants have been critical, right and remain critical to this country at all levels, starting companies and doing a regular day work that is critical to our growth.
How do you respond to the comments Secretary Rubio should resign.
Oh, I think that's not an answer to anything. I think Rubio is a guy who has been involved on global strategic and foreign policy issues and is a very reasonable choice for that for that job. I do think though, that it's important that he have a strong voice, because I think he does, from his time on the Hill and his background, have an understanding of the global system and and and I think that's that's fine. I mean Trump should have a choice, and Rubio is a very reasonable choice for that.
This has been hugely beneficial. Ambassador Horr Mattz, thank you so much. Robert Hormantz, of course with Golden Sex International for years of service under Secretary Clinton to the nation.
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Constance Hunter is so good at economist intelligence tune at the EIU that we're really going to take a fiscal tack here concepts the fear that all Americans have, Like am I going to get a Social Security check?
In twelve years or or as Kyle Bronner would have said years ago, the debt and the deficit are these legitimate fears that we have about America's fiscal structure.
So this is a really great question about fiscal space and what allows countries to have some countries to have lots of fiscal space, like Japan, and what allows other countries to have very little fiscal space like Argentina. Right, So, theoretically the United States should have quite a bit of fiscal space because we're the reserve currency, because we have deep in liquid capital markets, because we're really willing to run trade deficits, so we can run finance account surpluses.
All that is being turned upside down right now, right, And if I could just say, you know, I saw Secretary of Lutnik on TV just a little bit before, and he was talking about two trillion dollars of investment coming in. Well, what that means is that we have to have a trade deficit. On the other side of that, the financial account and the capital account need to balance.
And what does this have to do with the budget deficit. Well, we can again, only run budget deficits if we're willing to have a financial account surplus because we're going to need foreigners to invest in our currency, which is a good thing because we're the reserve currency they want to hold dollars. But if we start to erode that in all sorts of ways, then our fiscal space shrinks.
So what is this What is the risk to this economy? Do you think with what we're seeing coming out of Washington in terms of tariffs, in terms of maybe I don't changes in immigration policy, is there a risk to this economy stalling?
Maybe?
I think there's a risk that we hit stall speed, stall speed. Excuse me, And just to get back to Tom's point, and when we do have the we do have the debt sealing coming up this Friday, we did and so and so this perpetual situation where we're where we're not in this are we or aren't we going to fund the government? Will Republicans and Democrats come together? That all that at the margin hurts our fiscal space.
And then you add all this policy uncertainty. So when I look at policy uncertainty certainty indexes, we're at highs we had. We're still below the highs of the pandemic, but we're at highs. We haven't seen in other normal, uncertain periods.
You're too young to remember this, Paul's too young to remember this. But I remember the magic of nineteen ninety two, and it was unique, folks. There's lots of think tanks in that, and somebody with a lot of money like Pete Peterson writes a check the Conquered Coalition, Pete Peterson,
Warren Rudman, Paul sign. So we lost way, way too early, and they invented our concern and they articulated at the Conquered Coalition what our concern is over the deficit, And what every listener's saying is, we've heard this like a broken record since nineteen ninety two. What's different now about a catalyst to actually fix this.
So, just as an aside, I worked on the Paul Songa's presidential campaign because of that, because of his stance on fiscal policy, and I would say that I am definitely of the belief that you want to have you want to be spending on the right things that are going to yield growth in the future, and we shouldn't be running six percent budget deficits this mansion.
We're going to do this with Thirtie todays shy, the variable budget is fourteen percent. I think Paul helped me with a math here that means eighty six percent of the budget is untouchable, Is that right, Constance Hunter?
Yes, but I'll tell you I think that there's ways to think about cutting costs in healthcare, right, and I'm talking using AI, using robotics. There was a great study in Japan, which, as you know, has is the preview movie by the way, for everybody in terms of demographics, fiscal space, everything, right. And so they have all these
elderly people in nursing homes. They don't have enough staff to take care of them, and so they started using a number of different types of robotics to help this staff, and it reduced costs and improved outcomes.
Right.
Itved it reduced injury from the nursing staff that was taking care of the patients. It made it reduced injuries to the patients. And we need to start thinking about how are we going to solve this. Right, if you look forward, we need to increase home health aids by twenty one percent over the next decade. Now, these people make half the median wage. I don't see how we're going to do that without increasing wages or using technology to help.
Us, or maybe some immigration discussions there. I mean, yeah, but.
Even then, I mean these are not you know as yes that that's possible, but this, this is there's always been resistance to that.
Yep.
Absolutely inflation. How big of a risk is that for you? For a I say, resurging inflation risk.
So we think that there obviously will be a step level change up as a result of There will be a step level change up as a result of tariffs
that will intersect with demand. Right, So if we have the economy weakening because uncertainty is causing firms to hold back on hiring, or it's causing consumers to hold back on spending, or it's causing firms to hold back on investment, right right, if those intersect, right, then those higher prices are going to actually cause a bigger slowdown in demand and prices a year forward.
Constants Hunter, thank you so much, particularly for brief us out well. That's wonderful vignette there on Paul Sugas as well, Thank you much. With the EI at you this morning.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Apple, Corclay and Android Auto with the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal.
Right now on the newspapers, Lisa, what do you have?
Okay, we have a big milestone for an American rock band.
Listen up, chuck in the chips deep chuck you.
Yes, it is The Grateful Dead celebrating their sixtieth anniversary. So in order to celebrate, they're coming out with a sixty CD box set of live shows. It's offered May thirtieth. Enjoying the Ride, that's what it's called. So word is Matt Miller already for you or I.
Know, I know it's choppy, crazy fan, but.
It represents twenty show is from nineteen sixty nine to nineteen ninety four, sixty hours of music, four hundred and fifty tracks in all. It's about six hundred dollars. That's the cost of it. If you have a CD player and you want to do that, you can get the downloads runs you a little bit cheaper. If you want to go a little bit cheaper, there's a condensed version on CD and vinle two. But it's the way for them to celebrate sixty years.
I can't convey the bootlegism of nineteen seventy, nineteen seventy one. You go in, you go to the sinker Toiloggis and try to get through the day, and then you knew you needed something to get back to the dorm. So you go and everything was white. It was like cheap white cardboard. And you go in and get bootleg stuff. And the only one I know left who has a complete nineteen seventy one bootleg catalog is Doug cast no one else. My mother threw them out. You know that?
What do they smell like? Something?
What is that?
If we said good morning to Doug Cass who has all his original bootlegs. Yeah, I love it. I love it.
But yes, Matt Miller was very excited about it. It came to me this morning, Yes he did.
So.
This next one, so this is from the Wall Street Journal. LVMH is named Bernardo O's son to lead Italian fashion house Laura Piano. So this is an interesting setup because he's thirty years old. We're talking about Frederick Arno. He's worked in LVMH's watch division since twenty seventeen. He was a CEO three years later at twenty five. So a Laura Piano. It sells about, you know, two thousand dollars sweaters and coats, but it's part of that fashion and
leather goods section, which is huge for the company. So a lot of people are saying it's kind of setting him up to be the next in line. I mean, people are watching the careers of his five kids very closely, so they're saying, this is like a big move and some big news.
It's a threeon euro market cap. It's a big company.
It's a big, big company. It's really success. I remember the day I believe they took out a part of Laura Piana and that was in my mind, is an amateur the first luxury transaction where everybody just stopped and said, are you kidding me? And now you know, twenty years later, thirty years later, here's what we is. So he's annoyted to be the one of the X number of kids.
That's what people are saying. But we shall see there's five yess success, they will.
I called it Frederick's people. I said, I said, can you come on surveillance? And they said, we're not because you call it Lewis Vieuden. I said, well that's how I pronounce every day.
Okay. So the newest cruise offering is now on dry land. These are like Royal Caribbean. They bought a seventeen acre piece of land on the Bahamas, so it comes with everything. But they're saying this is the new trend to go from, you know, the the dry land private beach clubs. But what the Wall Streeturnal, i mean, the New York Times is saying is that there's some kind of backlash behind it because the people on the island are saying that
they're hired to being priced out by foreign investors. It's taken away from local, local economy. So that's kind of the word and the matter.
Quickly you go to surveillance correspondent. Cruise corresponded Richard Truman. Richard, would you go on a cruise ship that was on land. He's going to Europe. He's gone, he's still cruising Europe. Yeah. You pick it up in Gibraltar, and you go over past Malta and all that, and you end up on Cyprus and there's a PLoP up to Istanbul and you come back. All right, rich Truman, Thank you for that wisdom. Lisa Mateo, thank you. It is the newspapers.
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