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.
Joining us now from Torno. David Rosenberg writing his important note.
Into the weekend.
David, there just seems to be a vacillation. You're almost a two part discussion of sustained higher inflation. Look at grocery prices or the idea of a disinflationary tendency if real estate levels out, do we maintain in Rosenberg disinflationary tendency?
Well, just arithmetically, Tom, if real estate flattens out, And actually I think the risk is at real estate price are going to be going down as opposed to up. When you look at the latest stunt sold inventory numbers in the new and existing market, you know, when you look at the CPI, you know a third of the index is related to residential real estate. Forty percent of
the core is related to residential real estate. So it is actually very important, and I think it's going to act as a very powerful antidote to the inflation we're going to get on the goods prices side from all the tariffs.
Dick, and I'm very curious as you look ahead to the next week, and this is an extremely pivotal week in terms of economic data, in terms of earnings. We've got the FED meeting as well. Of course, Friday of next week the deadline of that extension of the ninety day pause that President Trump put in place on those reciprocal tears. What are you watching for as that week unfolds? What's going to give you the best sense here of the relative health of the US economy?
And light of all I just mentioned, the most important thing next week is going to be the employment report, because that is going to tell all the tail as to you know, whether the FED is going to start to rekindle the rate cuts at the September meeting. That's really what we're waiting for. If we see cracks emerge in the labor market, and we see a loosening up in a labor market, the FED is going to feel quite a bit more relaxed that the goods inflation that
we are seeing on the terrifile. If it doesn't feed into wages. That's going to be a comforting sign. So I'd say that the employment number in its entirety, you know, the headline, the revisions, what the unemployment rate does, the participation rate, but also keep a fermoil on the wage number, because what's really important here, and everybody's waxing on about how great the US economy is doing, I think it's rather mixed, is that real work based income and inflation
adjusted terms is actually contracting. And that is going to be where you know, the from the tariffs is going to hit the wall on the labor market. So nothing, we know. The Fed's not going to do anything. I think they'll be they'll keep their cards close to their vest in terms of any guidance. The key is really going to be the labor market. That's what we're waiting for in terms of what it's going to mean for interest rates over the next few months.
Well, then, David, on that real way analysis, the inflation adjusted way analysis, Let's go to eggs.
Lisa Mateo is going to Costco in the next.
Twelve eighteen hours to buy forty two dozen eggs just to get through the week. David, I'm looking at grocery prices it ain't happen.
They're not Grocery prices are not coming down.
Well, that's actually a global phenomenon. I mean, the fact that agricultural prices are going up so much is global in nature and is actually more related to climate change issues and the dramatic shifts and weather patterns than it has to really do with the tariffs. It's not just it's not just food, Tom. You know you've got furniture appliances. I think you'll start to start seeing it in the auto sector. Like goods prices in general, the next few
months are going to be rising. The question is the persistence and as I said earlier, the extent to which the service sector and we mentioned real estate. The question will be the extent to which the service sector is going to act as a offset towards seeing in the goods part. But it's not just eggs. You're seeing more broadly based pressure coming on goods. You mentioned food. That's weather patterns for the most part, and disruptions from climate change.
But the tariffs haven't had an impact yet. A big impact on the good side that's coming in the next few months. I'm not convinced it's going to be sustainable, but more on top of that, And it came down to the earlier question. Sixty percent of the CPI is in services, okay, and service sector is disinflating. The question is you're going to win that tug of war?
I mean, Dave, you had that brilliant question earlier. Why did you get the last question, mister Rosenberg?
David, I've been watching the closed circuit television from the Eckles Building looking at FED Chair Jerome Powell with his hard hat on and the President with his hard hat on. And I was reminded Tom, actually at the time we were in London touring the yet unfinished Bloomberg European Headquarters and you and I don hard hats. I'm going to dig up that photo for our YouTube viewers because it
looks very similar what we're seeing here on. But David, to that point, as you watched those theatrics unfold yesterday, does it signal to you the end of this, you know, very confrontational ballet we've seen from the President and the
FED Chair. Do you think that this story the effort on his part to put the FED Chair in a difficult position, to say the least, talk about firing him getting him out of that position has ended as a result of that grand tour that we saw of the Eckles Building yesterday afternoon.
Well, I mean President Trump did say that he's no longer in a hurry to fire Trump, but clearly he's still exerting all the pressure publicly possible to get the Fed to cut interest rates. I would say prematurely. I think the Fed will cut rates, but at the right time, the President seems to be in a very big hurry. And you know what's troubling me is less the President and more that you're seeing all corners of the White House coming out and radically pressuring j. Powell to cut rates.
We've got to keep in mind that J. Powell has the most powerful vote, but it's just one vote. I mean, it's the committee, it's the FMC that sets interest rates. I was more troubled actually by an interview that Kevin worsh gave yesterday where he said that he would cut rates immediately, starting at the at the next MC meeting, you know, next week. And I'm just you know, I cannot believe that you would cut rates. The market's not priced for it, and right now it's it seems unnecessary.
So I'm still concerned about who the next chairman is going to be, and how politically influenced that chairman is going to be, and how that is going to create instability on the FOMC. Like what if there's a mutiny on the FED because the need is an institution, right, it's not one person, and they're going to defend their independence vigorously.
Well said David, and I really want to emphasize, folks, when he gave you your civics lesson there, it's not just the chairman.
Ala Green Spans standing on the podium of years ago.
David Rosenberg, great brief on a Friday, Thank you so much. Up in Toronto with the first Place Toronto Blue Jays David Rosenberg.
This morning, you're listening to the Bloomberg Surveillance Podcast. Catch us live weekday afternoons from seven to ten am. E's durn Listen on Applecarplay and Android Otto with the Bloomberg Business app, or watch us live on YouTube.
We now turn to the media and it's really an auspicious day to have Brian Weezer with us. Madison and Wall We welcome all over you in your commute across the nation. I noticed, Brian the Paramount comes in and I'm talking here without notes folks, that they began calling WBZTV in Boston.
They took out six engineers, six photographers.
Brian, is that twenty twenty six for the media business, where all the deck chairs move on the Titanic and they just start cutting jobs.
I think that's accurate. You know.
I think that the ongoing cost cuts are the apath forward, but not maybe the best one. I think that there are opportunities for growth, but the reality.
Is that they keep doing what they're doing. There is no growth. We'll stop.
I'm curious about the leadership structure of this new company. So you have one David Ellison, the son, of course of a very famous and a rich tech entrepreneur. He's forty two years old, David Ellison is and I look at her. Who's going to remain with this company? George Cheeks, I gather he's going to stick around. And then you've got Jeff Shell, who is it NBC Universe that left under a cloud of difficulty? How do you see them
reorienting this company? So just again picking up on that notion of difficulty, how do they make this company work after this deal goes through.
You know, they seem to be really focused on the studio for you know, maybe Ellison's reasons and just credit.
I think Skydance has actually done pretty well as studios go.
The problem is, studio.
Business isn't the greatest business right now, and I don't know that that trajectory changes by much, but that does seem to be.
The primary area and focus.
Certainly they do some successful businesses, you know, I think is a positive as positive trajectory in the US and many countries.
But the reality is that most.
Of the legacy cable networks are just on a declining path.
The broadcast network is durable, but it's facing certain challenges.
The cost of content rights, sports in particular, it's just going up and up and up and up, and investment and news are important, but they're also being there political perspective to.
Little surveillance history or Brian Reeser, I'm going to say ten years ago, way out front saying no, there won't be a death of TV. There's just going to be this slow attrition. So I saw a chart yesterday of basically Netflix flat with a dominant eight percent share, but YouTube with an upward slope.
Do you just extrapolate that out?
I mean, with all your wisdom, Brian, is YouTube just a linear or log linear extrapolation of growth into the future.
I think that reflects that people are getting used to the idea that you can consume YouTube on your television set.
Netflix is doing really well. The fact that they might be flat.
I think they're.
Ignored that there's an underlying growth trend for consumption, subscriptions and everything else.
So Netflix is in a great position.
YouTube is just different, and it happens to be consumed on television set with increasing volumes.
That's maybe way to think about it.
Rian, How should we look at what happened here regulatorily over the last few months leading up to this deal. So of course we're all fixated on Stephen Colbert losing his position in a matter of months here, the chair
of the FCC was on Fox yesterday. I wouldn't answer the question directly if that was a result of conversations that he had with with David Ellison and others, but suffice to say that the political climate here is shaping a lot of the regulatory appetite for making deals like this one. Going forward, we see the vice that a lot of
companies are under media companies are under. How do you look at that environment and what does it portend for you about further consolidation and what's going to happen to these legacy networks going forward?
Yeah, well, I mean the political angle is going to be front and center for any company. It's not just the Paramount. We look at the inner public Omnicom transaction.
The consent decree they had to sign is a remarkable, be ridiculous, but the point is that that's going to be the normal way of things for the foreseeable future.
So it is when it is when it comes to media now.
I did think it was kind of interesting and amusing that they noted a one point five billion dollar investment that Skuydance is making into the into the new entity. I don't know if you saw the news about Paramount comming to agree with the south Park books with a one point five billion dollar commitment. EI are not related, but kind of funny in context of the south Park episode that if.
Yeah, I watched the clips, Tom, did you see the south Park? We want to air them, we want to air them here. We don't rea air them here on Bloomberg surveillance.
But that's unusual. Those brave that they got that out.
Yes, no, I completely agree it was brave.
I'm not that pale. You're not get one more question. It's a family network. Come on, girl, Sweeney would never bring that up. No, you wouldn't.
I'll ask you lastly, just about this ombudsman. That's part of this deal that the paramount's not going to have when they're kind of monitoring what what what what this company is doing when it comes to diversity efforts and what kind of politics are being evinced on on the air. Is this a template that we're going to see going forward? Are we going to see the government play or insisting upon a greater role for that kind of check on what programming is Brian?
Yeah, absolutely, and that's obviously for the worst.
I think that again, look to the inner public.
Omnicom to consent to cruise maybe didn't get as much attention, but again, the fact that agencies cannot provide their clients with recommendations for brand safety, including things like whether or not there's inappropriate content politically speaking on a site. There's all sorts of restrictions that limit freedom of speech and companies that are coming through in these rooments now, so I think that is the path forward.
Unfortunately, Brian, thank you so much, greatly, greatly appreciate it. If David Rosenberg, Brian Weezer get us started here on a Friday is a wonderful mister Weezer Madison.
Wall on Media.
He has nailed the durability of a television.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Apple Coarplay and Android Auto with the Bloomberg Business app. You can also listen live on Amazon Aloe from our flagship New York station, Just say Alexa play Bloomberg eleven thirty.
Alicia Levine basically says, you don't go up, you.
Don't win if you don't play.
She's been in the market, would be in why we're thrilled she could join this morning. How has the character of the gloom Crew changed in the last six weeks. It's you know, you're too young to know this, but you go back to like some of the things eighty seven and ninety eight.
This is an odd time for the gloom crew.
It's a tough time for the Gloom crew. Look, their recovery to the old high is historic. Fifty five days from the low on April eighth to recover the old high in the SMP the second best time within you know, ninety eight, and we remember what happened then, and I think there are some parallels to the late nineties to what's happening here in the sense that we feel like we have a technological revolution on our hands, and it's investible. It's investible.
I brought this up eight times this week, David. I hope I haven't bored you with it.
It feels so much now like late ninety four, early nineteen ninety five.
I've never said that in thirty years.
How are you looking at the earning season that's underway here? We saw estimates that were markedly lower. The bar was much lower, I think, than we've seen in the past. We've had what one hundred and sixty plus companies report so far, I think eighty percent or more of them have beat those estimates. How are you framing it? How are you thinking about what these companies are reporting? What is not telling you about valuations in the future of this market?
So if you look over all on the aggregate, as you know, earnings dropped precipitously, you know, February, March, April, May stabilizing in June. For twenty twenty five and twenty twenty six, we brought our earnings estimates down as well, and then in early May we brought our earnings estimates back up because it seemed very clear that the policy that was going to come out of tariffs was just not going to be as onerous as what we had heard in any early eight. With that, we brought our
S and B targets up as well. Overall, the aggregate earnings are starting to hook upwards again. For twenty twenty five and twenty twenty six. We know the second quarter is there to beat, right, a four percent year over year growth will come in higher than that. The first quarter was a six percent beat. We probably beat by two or three percent in the second quarter here, and then the question really remains, you know, what happens with the tariffs?
Who's eating the tariffs now?
The Wall Street Journal has an article this morning that corporates are eating the terriffs, but we don't see it really yet in earnings estimates. I think that's the big question. If there is some dispersion over who is paying the tariffs. Okay, a little bit consumer, a little bit corporate, a little bit exporter eats it. Then you have your earnings estimates staying higher. And then the multiple moved the market in the last three or four months. We went from eighteen
times forward to twenty two times forward. Now earnings have to do the lifting, and.
If earnings to come.
Up, the denominator has to come up.
Denominators the bottom bottom, bottom of the down back. Oh, very good. You noticed Chicago to learn that, David.
Continue uh, let me pick up on that. We saw this note from Michael Harte at a Bank of America this morning. But there's still so much concentration in this market. What's your sense of when that's going to broaden out, what's going to be the catalytic factor that's going to get us sort of a broader move here in the SP five hundred.
So let's just say that the top ten stocks in the SMP, you know, are about thirty percent of the SMP, which actually is on the low side as a percentage if you look at other global markets. So in Germany the top ten is over fifty percent. France the same. So if you look at other global markets, the concentration in the US is not unusual. What I will say is this is cyclicals or outperforming defensives here because you're
the industrials are working. The financials are really working, because with a deregulatory agenda, you have other parts of the market working, and the mag seven is sort of breaking apart.
Right, We're gonna have wind up with a new acronym here.
So, but you need tech to work, and it must work because the behemoths of cash flow and margin growth are driving the rest of the SMP margin.
Right.
The margins of the Magnificent seven are double the margins of the rest of the S and P. So that has to work, and the cap X spend must produce earnings. Must It cannot just go into a black hole on a Friday.
We're going to digress here with Alicia Levina being why we can do that. Our math skills are prodigious. I'm gonna do a little bit of technical stuff here for Global Wall Street.
Cat me go get a coffee. Noh no, no.
Take notes on the Intel it went seven to seventy. There were some challenging years recently in the pandemic Intel was near seventy my cell signal. This is log exponential moving averages. Just as a general statement, I didn't sell at the peak, but I got out at fifty three or fifty four when sixty seven down to fifty three and I was able to get out.
That's technical analysis.
How do you know when to get out of a treasured blue chip stock?
So, as you know, I can't discuss individual stocks. This will be as this will be a generic discussion.
But who tells what we're talking about?
Well, I mean, you know, in the end, you're looking for signs of weakness, slightly slower growth quarter over quarter, you're looking.
More CEO tone.
You're looking You're looking at the top line slowing and margins compressing.
And that's enough.
And that's why you know, even if if a fast, if a growth stock misses its growth target, it gets destroyed because the story, you know, the wall streem moves it forward and you see the slower growth and it can't sustain the multiple.
Good morning, Tom Galvin, iconic of Donaldson, Lufkin Jenrette.
Glvin's the one that taught me to go up the income statement.
Alicia, what you just said the first and second derivative study of revenue and ready for this, folks, David take notes partial derivatives of unit dynamics and price dynamics at the revenue line.
You're freaking me out hard of the matter.
No, seriously, is at the heart of the matter. Yes, is a revenue dynamic.
It's actually much simpler than that. I'll say it for those who didn't understand what you just said, which is that the growth socks have to continue to exhibit the growth growthiness and it's very hard to meet elevated expectations. I mean, we're all married, right, very hard to meet at elevated expectations, and that's that's what you're looking for. So even a one to two percent miss on the
revenue line creates an outsize downside move because it's the signal. Right, it seems to be irrational, but it's not because you're probably at a higher multiple and you have to start thinking about earnings.
So and three years forward, that's the issue.
Having said that, we're all in right, our team, our team is all in on AI. We think this is real. We think it's the beginning of the revolution. All of the corporate sector will have to incorporate these tools. We see the financials already doing it, and you're going to see it in healthcare as well. Any company that is data driven will be doing this, and that means for the foreseeable future it's there.
One day it won't be there.
But for now it's there.
Even Tom Keen doing AI as we.
Learn, I'm doing I'm gemin no idea what I'm doing. I'm learning and I'm using it one more, I'm using search less.
That's it.
That's the head Alicia being bottled that. Thank you so much as being where they're on the importance of looking up the income statement to revenue dynamics.
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.
Martin Norton joins us right now an actual allocations using empowered.
They're Canadian.
They're ginormous, full disclosure and power handles my puny four owin k. You know, I didn't start until it was like eighty, you know, sixty something.
Yeah, Well I'm catting it's growing mightily. That grows.
It was a triple average all cash from Roger's signature fund. Marta joins us on the strategy for Marta.
What do you tell the people who have a fund that is now forty percent or dare I say fifty percent in their top ten stocks?
I mean it's the concentration problem has been a problem in the US at least for the past several years, where there is this concern about how much people have in those top few names. And we know that a lot of investors, retirement investors included, have this preference for US equities, so there has been this kind of doubling down on that exposure. I think there's a few things that have shifted here. One is that the mag seven aren't quite as overvalued as they were at the start
of the year. They had the one two punch, they had the deep seek sell off, then they had the sell off related to tariffs. So we have seen this tremendous move higher in the markets, as you all have been covering. We've seen technology in particular up forty five percent. We see valuations and technology look expensive, but the mag seven look a bit cheaper. They have idiosyncratic issues that
are also going on. So I almost think that the concentration risk is less extreme than it was because it's not combined without valuation concern.
The thud you heard up in Winnipeg or wherever was compliance falling off the chair.
Why did you continue?
Why did you continue the conversation? David Martin?
What have you seen so far in this earning season? We were talking just a moment ago about the busyness of the upcoming week when it comes to earnings.
What are you looking for?
What are you hoping to.
Learn as we have I think many dozens of companies reporting in the week ahead.
Well, first, I mean, just to level set on the earnings conversation, and I know you've had several guys who've weighed on this. We have kind of this low bar in terms of what to expect with this earning season, and companies are clearing it with ease simply because expectations are low. But there's also some trends out there, the AI trend being a strong proponent as we go forward.
I think what we want to see, particularly as it pertains to these technology companies the Max seven that continue to report, is how this AI theme is continuing to play out, of course the capital investments that they're making, but also are they realizing it, And we've had some green shoots in that regard. We're seeing some of the cost savings that some of these companies have reported. We're also seeing some broadening out of the AI trend, and I think that's something to keep an eye on. I'm
not sure, though, and I think this is important. I'm not sure that the earning season this go around is going to reveal its entire hand as it attains to tariffs and as it pertains to AI.
Martin.
I got to get this, Martin. I think it's too important. Girl wants to ask a smart question. I'm going to be dumb. If you're going to be in equities in this great bullmarket, which has basically been NonStop since nine, a few hiccups like COVID along the way, you needed to.
Withstand three draw downs.
Negative thirty eight percent of the Dow Marta, the Dow Jones Industrial Average is the index Michael Barr and I follow negative thirty eight percent down, yep OH seven negative fifty three percent down, and recently COVID negative thirty eight percent. Now serious question, with your morning Star and power work. What percentage of people in equities and empower are ready for a thirty five percent draw down that's normal?
Yeah, I think it's it's the magnitude of the draw dow you know that scale, that thirty five percent idea, and also the duration. I think investors got conditioned on this idea, especially with COVID, is that the snapback can be and will be always in meet. I'm not sure necessarily that that's the case always. Of course, with the GFC, we had a much longer duration. People had to weather
that for much longer. I think that's the concern. If you get a massive pullback, I think the inclination of most investors is going to be like, oh, it's a great hashtag by the dip moment. I think if you have that extended, that's when you start to shake loose kind of the weak need of the group. And that's the concern.
We haven't had this stated in the ages.
No, that's very true.
Like the Carter malaise, get one more in here. Carter was a broker from Georgia.
Thank you very much, pena former, etcetera, etcetera.
Marta.
I wanted to ask you just on a sector by sector basis where you see opportunity. Now he's looking through your notes healthcare as something that you flagged, but it, like many of these sectors, does have the potential here for there will be some sort of regulatory weight on it.
I mean, it's a really tricky question on the sector basis because if you look across the board at the sectors in the US, all of them, it feels like almost all of them, of course, calling out healthcare are extreme valuations. And so when we're talking about extreme valuations, we're taking the price to forward earnings, we're breaking it into deaciles for that sector's history, they're in those ninth tenth deaciles, and that's when that tends to suggest foward
three year returns not quite a strong. Healthcare is one of those few areas that's especially cheap. But of course you don't have cheap for no reason. There's always some measure of hair. And we have concerns around the regulatory questions. We have concerns around tariffs. We're talking about massive tariffs on pharmaceuticals and so a lot of shifts that those companies are going to have to deal with. But I think the value of these valuations is that there's something
already in the price. There's concern in the price, and there's not much concern any of these other sectors in the price.
Martin Norton, thank you so much, Chief Investments.
Createitis to poll.
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 listen live on Amazon Alexa from our flagship New York station. Just say Alexa Play Bloomberg eleven thirty.
Oh the newspapers, are we not your free today?
We are, yes, but we're cafine infused.
It's just green tea, isn't it?
Green tea and espresso shots.
I see together? Good dar, all right, the newspaper won't waste any more time, you got it.
This first article stood out to me. It's in the New York Times. It's about the division among New York families and the mayoral race. Because you have the young voters who supported Zormondami trying to persuade their parents now
to do the same thing. And now the parents are starting to listen, so they're telling the New York Times, the moms and dad that even though they may not have supported Mumdammi initially because his lack of experience or his policies, they say that their move because how enthusiastic their kids are about this. They say the future belongs
to them. So they also say they hear stories of their kids getting shamed by other people for supporting and they want to back their kids up and say, you know what, I'm going to stand behind my child and
I'm going to go with them on this one. But it's weird because you're seeing this shift because usually it's the kids who inherit from the parents these views, but experts are saying the reason it's starting to change is because the parents want this better relationship with the kids, a better relationship than they had with their parents.
Fascinating piece Genia Belafante's column in The Times, and this stood out to me. She says, in statistical terms, the young don't dominate in this city, the City of New York. They're roughly half a million more New Yorkers over fifty than those between the ages of twenty and thirty nine. The city's population, she writes, like its infrastructure is simply getting older and older.
So this is just something.
Really interesting to watch a lot of the folks with whom she spoke, not outright endorsing Mamdani in this race, but looking at their kids, seeing their enthusiasm for it, thinking about generational change, and it sounds like maybe tossing a little money towards this campaign.
It is some of them have been donating. You're correct about that. Okay, So if speaking of giving money, okay, if you're feeling a little generous, did you know you can venmo the US government to help pay down the debt.
You don't veno time to you don't.
He's Brian wining a growled at me and Davos once.
Time you got a zeld, I do the zel thing too. But you can use venmo, you know, like what you use to pay back your friends when you're splitting the check at dinner. You can use that to help pay down the debt. Business insider says it's it's started there earlier this year, but it's just starting to gain some traction because they've done it for years.
Right.
You can put your credit card, you can do you know, your bank account, your debit card. But this is just a new way for them to bring in someone.
There's only getting more to pay down, right, it's only getting bigger.
The four digits of the number. Okay, next, okay, and finally this one. There is an app that lets women anonymously post reviews about the guys they're dating. And it's soaring to the top of Apple's app store. It's called Tea and you think about it meaning like the gossip, like you spill the tea about somebody.
So that's it's.
Termed Tom Beyond It. But it launched in twenty twenty three, and it was launched by a man, if you believe it or not. His name is Sean Cook, and he started it because his mom was calfished and he wants women to have more transparency and talk about, you know, if anyone has been a criminal and kind of how this works. Okay, let me just put it out there.
So basically, you post about a man. You can put his name, his age, his location, and you can include captions photos, and then there's red flags and green flags, no, no flags and green flags, and you could add comments. It's because that's a good one, and you can add comments. So it's kind of like this forum it's free until you want to do like more than five searches. Then you gotta pay fifteen bucks a month. But it's really
starting to gain traction. But the controversy is because you know what guys are saying, Hey, that's my privacy, Like what if there are some false acts usations out there? And then I'm getting a bad rap for you know, you posting about me on this forum. So it is the new thing in dating. I'm just glad I'm saying yeah. I mean, I'm not saying tea and catfish.
Potato.
I'm glad I'm not single.
God at LEASTAO the newspapers here. Thank you.
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 Eastern on Bloomberg dot com, the iHeartRadio app, tune In, and the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal