Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg Surveillance Podcast. Catch us live weekdays at seven am Eastern on Apple CarPlay or Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts, or watch us live on.
YouTube Right now, David Balin joins chief executive officers CIO Capital and of course Decades It's City Group as well. What is the emotion that you see out there among investors, David?
Is it truly the exuberance of a bull market.
There's no question time that we see the exuberance of a bull market. And I think that people are beginning to focus on twenty twenty six and take a look at what's going to happen for earnings and things like that, and they are, you know, they're pretty bullish on it. And I think what they're missing right now is that if tariffs are cleaned up, if we actually knew what the tariff policy was, we can have a very robust
twenty twenty six. If we continue to have the kind of policy now that varies, we're going to see some real issues with two different parts of the economy, one manufacturing slowing down, and unemployment rising. And the second is that there are a lot of tech companies that, if they don't get air under their wings, will remain unprofitable in twenty six six and that could create an overhanging the market.
I look at my chart.
Of the day which was on on Twitter, and it's a huge investment contribution of AI computer software into our GDP. Is this a fictional buoyant economy? Is it a pretend buoyant economy?
It is?
This is tom This is perhaps the most real investment cycle that we've seen since the Internet boom. But the difference this time is we're building an extraordinary amount of infrastructure order of magnitude. Four hundred billion dollars has been committed this year alone. We've seen a forty percent increase right in all of the related hardware and commitments for chips this year. Next year we expect to see another growth rate. The market expects about a ten percent growth
rate in that area. We think it'll be more like fifteen percent on top of that. And that's an enormous amount of capital. And then, of course, the impact of AI itself on business will take place after that. Not all of those investments are going to be successful, but they are going to transform the economy here in the United States and certainly in China, and that's happening right now.
And those are both investable, and I think that what is county railing that and what's makes you doubted, I think, Tom, and there's legitimate, is that you have a boom in this area right and you have a bit of a bust in two parts of the economy, one being in healthcare and specifically you know in the fact that healthcare shares are trading perhaps as bad as they have at any time in the last twenty years on evaluation basis.
And the second is you're not seeing a pick up in manufacturing or manufacturing employment yet that, as I mentioned, is really TIAP related.
David, You've done a great study of cash. What's changed, say, in the last one hundred.
Days, nothing, Tom.
Cash is in my mind, simply the most ignored part of the retail balance sheet and the family office balant
sheet that I've ever seen in my entire career. Just to give you some numbers, family offices have somewhere between on average nine to nine and a half percent in cash the average yields that they earn on that are a little bit above two percent, they could be earning four to four and a half percent, and it is something something where there is just in transigent laziness on the part of on the part of investors, and frankly, I think part of this is on the part of
firms that are not bringing this to the attention of their of their clients. I think it's very important that we treat asked cash like an acid class. That's something we're going to do at CIO Group from now on and talk about the fact that if you're going to retain that large a portion of your balance sheet in cash, that there are ways in different parts of the market that you should be investing in far more aggressively than they have been.
David, we've got a federal reserve that's been gone a rate cutting cycle. Here, what does that mean for the fixed income market? How are you guys thinking about that?
Right?
You know, we've been encouraging our clients to really think about having more of their capital deployed in the intermediate space anywhere between three and seven years, and they're going to get a higher total return over the course of the next two years by doing that.
We think that the rate cycle itself will be extended.
In other words, it's not going to come down quickly, but it will come down consistently over the course of twenty twenty six. And part of that, of course, is going to be the fact that the economy itself is going to be a.
Little weaker with the exception.
Time of AI related activity, and that's going to enable them to reduce rates. And also this is part of a larger plan which I think the administration really wants to see lower rates, which they've made very clear, but they're going to then do a lot of the debt refinancing in the US looking at the five year or less and I think that's all part of a larger plan to mitigate I think, what are very large deficits for the next several years.
David Bamon, thank you so much for CIO capital. Tiffany Wilding has never gone to three decimal points.
If she did, they throw her out of that acclaim meeting at PIMCO where she talks to the fixed income managers. I mean, I'm seeing a buoyancy, Tiffany. How do you do fixed income in a boom economy?
Well, I think that there's I think there's winners and losers right now in the economy, and that's the result of you know, what I would call clashing of three three policy pivot slash cycles that are happening. So you have the tariffs that have come up quite a bit more than any time in a century. You also have immigration policy that's done a U term, and underlying all of that, we have this tech boom that's also happening.
So what does that mean, Well, it means the economy is adjusting, and certain parts of the economy are do look like they're doing worse than other parts. I think the most interesting thing right now is the labor markets. If you look at the details of it, you know, they do look quite recessionary. If you adjust the the Establishment Survey for some of the overestimation issues that it's had over the past year or of several years, you know,
it does look contractionary. But however, despite that, you have consumers. You have real consumption you know that is still chugging along. You have real wage growth that is you know, still resilient around one percent that's supporting consumption. And you have this AI capital boom that's happening under the surface as well. So there's you know, there's a lot of on the one hand, on the other hand, not to be a two handed economist, but it's an interesting it's an interesting economy right now.
And Tiffany, the inflation data that we just received at eight thirty this morning suggests that inflations kind of check here. There's nothing really to spook anybody. I don't think what did you make of the inflation data?
Yeah, I mean, I think just taking a step back, you know, we haven't seen this type of tariff adjustment in a century, so there is a lot of uncertainty around just how it would play out. You know, we try to have some sort of historical benchmark which suggests that, you know, tariffs are passed through to prices. But the reality is is when we look at the data right now, what's happening is that companies are passing some of it through but much less and I think most people expect it.
And where you're getting more of an adjustment is lower cost Companies are trying to manage costs in other places, and one of those places is managing labor costs, and we think the clash of the AI cycle, you know, is also allowing them to manage labor costs. You're already seeing tech entry level job hiring a tech firm start to slump, So the labor market is taking on more of this adjustment than I think most people expected.
What's your model number? I'm some fan, you know.
I think Jerome Schneider, I mean, is only working like a three day work I mean his idea long term it is ninety day paper.
So you're talking to Jerome Schneider, a Pimco legend and short term paper, and Tiffany, you have to talk about the buoyancy of the economy.
Is AI discrete or is the American economy doing better? Yeah?
I mean again, I think if you just look at growth rates last year versus this year, we have seen a clear step down in the pace of growth in the US economy. You know, we were growing you go, call it two and a half to three percent over the last you know, not only last year, but of the last several years. And now we've stepped that pace down to what looks like a one and a half to one percent pace. So clearly the economy stepping down,
you know. But I think what's becoming more clear is that any economist, when you have that big of a move in growth. You have a deceleration in growth, you know, you worry about that momentum, so you worry about the economy stalling. But it looks like, you know, when you look across indicators, we are not seeing a stalling in the economy. We're seeing growth that step down.
Where is the slowing economy? To me, Paul mentioned it earlier, it's just case shape. There's a part of America flat on their back. There's a part of America booming wealth effect whatever. You know that drill tiffany better than I do. What does a FED do? How does a FED manage the polarity of the American economic experiment?
Yeah?
I mean I think that it's a really tough environment to be a central banker, you know, for a lot of reasons. And I think how you balance this all of these factors is that you remind yourself, as most of them do all the time, that you're still above neutral policy. You still think you're restrictive, and you do have an economy that has slowed. You have a labor market that has slowed quite dramatically, and you have inflation
risks that look less than they did before. And so What that means in our mind is that you can start cutting interest rates, you know now, because the economy doesn't look like it's stalling, and we wouldn't go as far as to say recession and aary cuts are needed, you know, but starting that cutting cycle back to neutral makes sense to us. You get more information, you see how the economy is reacting.
When was the last time I did this, Paul? I just did a fibonacci retrace mail boy from the peak of the market.
On September twenty two. We had three down days in a row. Ice. Ice stayed solid because I was all in cash.
We just hit the fifty percent retracement yep in like a cup of senka. We just hit the fifty percent retracement going up of our three day debacle home.
It was a correction.
It was a correction for the ages. So, tiffany one of the areas that's a little bit concerning for I think consermers out there is the housing market here. It's just a affordability of housing is such a problem for so much of this economy. How do you think about that?
Yeah, I mean, clearly, the housing affordability issue is a very big issue, you know, we would argue it's a political issue when we look under the surface of the housing market. However, you know what we see as a housing market actually that has pretty decent fundamentals, you know, just in terms of leverage, equity and homes, you know, and the fact that after the Great Financial Crisis you had about a decade of underbuilding relative to relative to
population growth and demographics. You know. So the housing market, you know, from a supplied demand perspective, you know, it's it's in a tight spot. So that's you know, not where it was at all before the you know, the two thousand and eight financial crisis. But nevertheless, with COVID you saw this very big run up in prices along with higher interest rates that's made housing much much less affordable.
So we need the economy, we need real incomes to basically grow into these housing prices, you know, And our view is that you're probably going to have housing prices that are a bit more sluggish in terms of their appreciation over the next several years as you get that economy growing into them.
I mean, Tiffany, I know you lived down the street from Antigua a Way in Newport.
Beach into six six zero.
I got four bedrooms, four bass twenty seven hundred square feet for Paul. That's a small abode, clocking in at four point two million dollars.
I mean, the housing market is nuts. What is the most efficacious ten year yield for you? For American society?
What yield would not the bond guys at PIMCO a legitimate economist, what's the best ten year yield for America?
Well, I mean I think this gets into this concept you know that many people criticize but is helpful for central banks, of what is the neutral interest rate? And that's like the rate that the economy can handle. It's never you know, accelerating or decelerating. And I think there's a lot of debate around that right now, but many people think that a nominal kind of neutral interest rate of three percent is you know, something that is more
neutral for the economy. I mean, if you look at broader investment, not just how residential investment, which has been you know, very low, flat slash contractionary, a broader set of investment in the United States is actually also flat to slightly contractionary outside of AI. So if you look at everything x AI, you know, it does look like monetary policy is restrictive, and so I think as a result of that, they have room to bring down interest rates.
You know, we think kind of a three percent level still makes a lot of sense to us, you know, you know, Stephen Myron made a made a case for something lower than that. I think we just have to see, you know, again, taking small steps, seeing how the economy reacts to that is what makes sense to us.
Now, it's gift Tiffany in Trouble Friday. Okay, that's what it is called, Tiffany.
Do you agree with the certitude Governor Myron has of a need for a shock rate cut down to a new regime.
Yeah, I mean, I think this is the key issue with monetary policy and central banking. You know, the thing is is if you're if you're uncertain, the level of our star is uncertain. Anybody who's worked on the models that try to estimate these things understand how big of bands are around the point estimates and uncertainty. And if you're uncertain about anything as a central banker, what you want to do is move more slowly, and you want to take steps, and you want to see how the
economy reacts. Now, the reasons why you move fast as a central banker is that you're worried that inflation expectations are going to become unanchored. Inflation expectations look very stable, you know, or you worry that the economy is going into recession, and then you want to move quickly, you know. And again, as I mentioned before, you know, there's a lot of data that suggests that, you know, the economy, the growth rate has moved down, but we're not necessarily
nearing it, you know, a stall. So you know, again, I think all of that suggests that moving in a methodical way makes a lot of sense here for the.
FED, brilliant, really complete, Thank you so much. Tifhity wild there as well. We've pried for what three days to get Ethan Deevin.
On with the schedules and schedule.
It joins us right now. Senior investment strategists Manetta Group love having her on. Even Prime Minister Mitsotakis was collegial about the challenge of Europe. Can the fiscal tobaccle, which is Europe, can it affect America?
Very interesting question and yes, better late than never. Great to be here again. In terms of Europe, Greece is actually a great example of a comeback kid when it comes to Europe. They have come from being one of the so called pigs back in the day when austerity have to dominate, and they've really read engineered their economy. They've focused a lot on tourism and they really have moved it into that more positive phase. So I'd say that is certainly in Europe in Tagant along with Spain,
as one of the comeback kids. So as to what whether Europe is is in adulgence, certainly it is not experiencing the same resilient growth as we see in the US, and is lower inflation even stagflation areas if you look at the UK on the periphery of Europe there.
So as to whether it will drive the.
US down, I don't see that the US is firing on all cylinders on its own. I think as a trading partner it's already gaining independence.
So if one of the concerns here of the marketplace is, boy, this has been such a big run off of that April low and if we've gone too far too fast, our earnings there to support it? Are is fed policy there to support it? How what are the conversations you're having with your clients these days about that.
We're starting, we're having the conversations around some of this uncertainty that is circulating on the policy side, on the political side, geopolitical side, and then we're contrasting that with the resilient market performance which has seemed like that teflon market that is marched ahead regardless. So our clients are clearly pleased that their worries which they are experiencing are not being reflected in their investment portfolio as far as
whether we see there's a frothiness emerging. How we and Manetta are insulating against that is by going back to our diversification playbook that we've never really strayed from or going back to kind of validate our strategy there, and that's diversification into small caps, mid caps, less exciting sectors of the economy.
We've always had a linchpin.
Of inflation resilient assets such as such as infrastructure and real estate. They haven't been stars shining stars at all in the portfolio. And we've had that international exposure, which has finally started to earn its keep after about ten years of languagehaing under performance, as well as the dollar was weaker. So the dollar being now and weaker is it is making those performance even more compelling. So I'd
say we are a little concerned about froth. But how that will manifest is in more volatility in the tech names.
Real Quick, thirty seconds. Gold what a star?
Yeah, gold has been a star.
We tend to see that more through some of the picks and shovels around gold, some of the broader holdings within our portfolio. We don't have dedicated exposure to gold. I think gold though, can be seen as an alarm bell, as a signal as to what investors are really thinking about the fiscal state and the concern about dollar debasement. So yes, it's positive story, but what can we read into that?
If you can't wait to get you into our studios here in New York.
As devit is, senior investment strategist at Monetta Group.
Stay with us.
More from Bloomberg Surveillance coming up after this.
You're listening to the Bloomberg Surveillance podcast. Catch us live weekday afternoons from seven to ten am Eastern Listen on Applecarplay and Android Auto with the Bloomberg Business app, or watch us live on YouTube.
From trend following, joining us as Katie's Kaminski really one of the leaders in the nation at Alpha Simplex on trend following. Let's go back to Soybetia futures and what John Henry Monroe, Trout and a whole bunch of others did. What did they invent with Sparks stations years ago?
So trend following is a strategy where you're looking at rules and you're looking over different horizons to determine the footprint of the market using math. And so what was exciting about their approach was they were following market trends using math, and today we do the same thing, perhaps.
A little more math, but this is beautifully explaining, folks.
What's so important here is they did this on spark stations, which were unreachable, and then one day Michael Bloomberg and Tom Secundi showed up with a mini Sparks station called the Bloomberg Terminal, and all of a sudden, I had unit choice. In looking at five, six, seven trend following ideas, which unit right now, Katie Kaminski.
Is most efficacious for staying on trend?
Well, I think if you think about units, we tend to think more about windows and frequencies as the most interesting. So longer term horizons have been more more profitable recently, thank you, but shorter term horizons have really struggled. So we'll see what happened.
So what are some of the areas now that have your attention right now, whether it's stocks, bonds, commodities.
I think you know who can't ignore what's going on in precious metals. I mean that's been very interesting to me. I mean we're talking about gold, but take a look at slatinum.
Palladium, looking on GCLO, just really.
Big trends, and that has been something that we've been certainly following because it is sort of at odds with sort of that things are looking like we might have cuts. So I think what we've seen recently is some new trendsforming and some question about fixed income has been just really difficult.
But otherwise so I'm seeing again gold up forty two percent year to date, silver up fifty five percent year to date. I didn't see that one copper up higher as well. Typically for alpha, simplex is a trade that you guys put on. What's the typical duration of a trade you guys put on?
So trends can vary in size and link. And what's interesting with the gold trend, it's been going on for almost two years, so some of these trends have emerged more recently. So Gullie silver has been a trend that's been emerging more this year. So it really varies depending on what the market environment is and what trends are prevailing.
The first question I mentioned Peter from Connecticut today. The second question he asked me was, Tom, tell me about moving averages. I use climate exponential moving averages where I'm looking at the area between them on a log WI axis. Okay, enough jargon. The bottom line for our audience. It drives me nuts when I hear a study of death cross Katie Kaminski and the preper use of moving averages.
So if you think about using moving averages, it's really about looking at sort of what is the direction across different frequencies. So one of the best ways to combine these methods is to compare them and then look at them across multiple different crosses of moving averages and examine how much you're seeing that change across different frequencies of trend movements.
Are you looking at the tangent.
If you take an exponential moving average, you're looking at the engine of it over what time for fourteen days.
So it depends. I'd say exponential moving averages are better than moving averages because they don't drop data points. So think if you have sort of a you know, an April an April seventh data point in there, boom, it will message just.
Looking at me time, you're such a nerd. All save the interview.
So, in terms of risk managing risk, a typical hedge fund might say, hey, if your position moves ten percent against you, you cut it in half and moves another five percent, you're just out and don't come crying to me. That was when I was working hedge funds. That's what my Pam would say, is how do you guys manage risk in terms of movements?
You know, this is a good question, and that's why trend falling as a strategy is meant to be self correcting in the sense that as trends move against you, your positions naturally reduce. So as you see trends expand you're expanding positioning as you see them contracting, you're contracting positioning.
All using math, where it is this good morning, Ninettude I NFM is a guy named Ed Thorpe. I've had the great honor of speaking rhythm a guy named Andrew Lowe. One of his disciples is Katie Kaminski here and I should mention it. Imperial College, Paul Wilmot, who change quantitative finance.
So within that you get back to the basic thing.
That all of our listeners and viewers know is, Okay, I'm going to be responsible. I own a video like I don't, and I'm going to have a stop loss.
You don't do stop losses.
But what do you do when you get a melt up all time highs, you get a pullback?
How do you gauge when to get out?
So really, when you have sort of a reversal and signal, it's a combination of two things. One is sort of the reduction in the signal strength. The other is volatility expansion. So as volatility expand, you also integrate that and how you measure what your position sizing should be. So when you see that's why you see a lot of quants struggle this year, because when you see those types, it's hard to measure it.
Paul, I want Paul, I could monopolize the whole thing.
Rudely, Paul, what she just said, folks, position sizing is the single most important thing.
Silence.
Okay, Paul, fixed coming, you say you kind of threw up your hands with fixed income. Why is that?
So?
Fixed income has been even though there's been a lot of talk about it. If you look at the trend signals, they're very range bound and you've seen sort of long short But we've actually started to see more momentum in fixed income on the long side over the last two months, especially going into the first rate cut. So I think for me, that's going to be an asset class that could have trend potential. And this week was particularly confusing because you also saw yields going up on good growth data.
So the question is could you have steepening of the yield curve? We love things like that.
Are you watching Tiger's Red Sox from Miracle Science?
The bar perhal gives back in time to see the game?
I have to admit I live right by Fenway Park, so I should probably head.
Really.
Somebody said on Twitter we should do a remote from caskin Flaggan.
Sure it would be great, Absolutely, Rip.
It's exciting isn't it? Katie Kimiski in studio in New York. She'll be back at Boston or Doubt for the festivities this weekend. She's with Alpha Simplex. Stay with us. More from Bloomberg Surveillance coming up after this.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Apple Coarclay, and Android Auto with the Bloomberg Business App. You can also listen live on Amazon Alexa from our flagship New York station. Just say Alexa play Bloomberg eleven thirty.
We're gonna do this right now. We're gonna get right to it with Tannebaum. Daniel Tannebaum's partner and global anti financial crime practice leader at Oliver Wyman. He's brilliant on sanctions.
Five from now.
We are four years into a Ukraine war. So it takes a while for fancy people like at Oliver Wyman to get together and say do this, do this, do this. There's a laundry list China, India, Israel, Turkey, UAE that are basically helping Russia by taking their oil, their product, giving them stuff, taking stuff in that.
What is Europe waiting for four years into Ukraine.
It's not just Europe. You've also got to remember the Trump administration has done literally nothing in terms of actual economic pressure on Russia. It's been like a perpetual state of Ted Knight standing at the tee screaming, well, we're waiting. There have been no actions. It's been a lot of idle threats. Europe has already had a plan to wean itself off of Russian energy. They've already offered to expedite
that by year. The whole reason why these sanctions have evolved the way they were was to not cut off our nose despite our face. It's the reason the Biden administration didn't push too hard in the last time in the last term, because they knew that Europe couldn't immediately go to zero, and so that they are going now. They can Now they can on an expedited timeline.
It could mean.
Increased prices, but there's still action the US needs to take as well. There's really been a bifurcated effort over the last nine months, whereas previously the UK, EU and US were lockstep in line for three years and just looking.
At or listening to some of the comments from President Trump at the United Nations just this week. It seems like for Ukraine and for the Middle East, of presidents almost like what you know, wiping his hands and saying, you, guys, deal with it well.
His rhetoric has been as aggressively supportive for Ukraine at any point in this term. He's also setting himself up to say, well, I told everyone what to do to end this conflict. They didn't do it, So this isn't my fault. Like that is where this is ultimately.
Grizzled pros like you like say, okay, where's the.
Senate, where's the House? Or is the sanctions world a very executive branch dominant.
No, the legislative branch had a role. In twenty seventeen, the Senate passed katsa that went on against the president's wishes at the time. I've spoken with some of the Senators that are involved in crafting the legislation. It's been basically written in a way that gives the president card blanche. The Senate will not move on this without the President, and that is unfortunate because they have a role to play here.
So how do we think about some of these hotspots in the world the Middle East, Ukraine. Is it simply at whoever gets into the President's ear at last, that's what comes out on truth social social or is there a state department driven diplomatic plan for either of these places.
What I know is that a lot of the Russia experts, for instance, are gone that were career or civil servants. There isn't as much depth as there once was. I can't say whether whoever is the last person and the president's ear is driving this, but it is unclear what tangible actions will be taken to actually execute against this disappointment that we keep hearing about in public remarks.
What are you thinking about this weekend? I mean your remit at Oliver Wyman is so broad. What is Dan Tannebau'm studying this weekend in this dynamic sanction.
Well, so I'm actually going to Brussels on Sunday to speak on a public event that Bloomberg is the media sponsor for with the EU ambassador responsible for their sanctions policy, and we're talking about our sanctions effective. And I think the question is they've certainly had impact, but Russia's a big economy.
It takes time. There's more that needs to be done.
Okay, does sanctions come out of Brussels or do they come out of Paris, Berlin, bunn wherever do they come out of.
The individual Brussels is trying to align everyone, and the work towards the Nineteenth Package in the EU is well underway. That is that move towards expediting getting off Ussian energy. It's where the discussions around what to do with the immobilized Russian assets about two hundred billion dollars reside in Europe and you're seeing a lot more talk of actually putting those on the table to do something with which will make a difference.
Are you taking missus Tannebau.
She does not want to come.
There's a gauntlet of stores in Brussel. Russell's you wouldn't believe it. I didn't know.
This, but it's dangerous. She declined the invitation. Russell's this shine very good. I'm shocked. Thank you so much for Bloomberg and Brussels.
Next week he is with Oliver Wyman and we thank him for his efforts.
Stay with us.
More from Bloomberg Surveillance coming up after this.
This is the Bloomberg Surveillance podcast. Listen live each weekday starting at seven am Eastern on Applecarplay and Android Auto with the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminals.
The newer are for us on the newspapers. Lisa Mintello now with our most popular segment.
Oh goodness, all right, the pressure's on. So this is a topic we've actually been talking about this morning. It's the big spending on AI and when it's going to pay off. A couple of publications had stories about this, so Bloomberg crunts the numbers. So I want to give it to you. Tech giants raise roughly one hundred and fifty seven billion dollars so far this year, and that's up for about seventy percent from the same period last year.
Some are saying, you know what, maybe the hype is overblown. They're giving like similar, you know, comparisons to the dot com bubble you had. Head fund manager David Einhorney warns that the spending spree could lead to a quote tremendous capital destruction even if the technology proves transformative. So you get to the Wall Street Journal. They talked to Bane consultants.
They estimated the wave of AI infrastructure spending is going to require two trillion dollars in annual AI revenue by twenty thirty.
That's how much.
So how much revenue is there now? Morgan Stanley says that last year there was there was around forty five billion of revenue for AI products.
So you see the big difference there.
I mean it's a mix of subscription fees, right, we were talking about that for the chatbots, money paid to these companies, data centers, things like that. But it's that big gap.
I think this is a great article because it hits home to me. You know, you got to start questioning some of the stuff. But you know, they say that I just have to wait and see it, you know, come to fruition and products and services from I don't know, companies far and wide. I guess it's going to happen, but wow, it.
Better is it's going to be a wait and see. All right, this one, this one's here for you. Paul Okay. Bruce Springsteen on the cover of Time magazine.
All right, miss.
Yes, okay, so he talks about a lot of rest.
Yes, there's still Time magazine. Yes that's the point.
That's okay, Yes, there you go. He talked about fame, family therapy, like touring with the Street Band. Also the fifteenth anivirtuary of the Board to Run album. Okay, but the issue actually five oh five oh yeah, and the issue actually comes almost exactly fifty years after he was first on Time magazine, So it's kind of like this this full circle moment. But the big quotes talked about President Trump, which he's talked about before. They've been exchanging
bars back and forth. He said a lot of things about him, you know, he said a lot of people brought into the president's lies as the President doesn't care about the forgotten. He also though, poked at the Democratic Party though at the same time, and he said that they need an effective alternative party or the Democratic Party has to like find someone who can speak to the majority of the nation. So he really really I just said out, yeah.
There's a lot of people doing fossil rock. He's not.
He's been more prolific in the last ten or fifteen years and in his entire career, and that includes the pandemic. The guy and he's on tour all with James Taylor.
These guys are older, but they're not they're not. It's done fossil rock in any way, No, it's great.
What else?
Yeah? Are you done? Okay?
No?
No, NBC Universal, Right, they're continuing negotiations with YouTube TV. They're battling over pricing for NBC's programming. Right, So last night NBC Universal launched this digital attack ad at YouTube PV.
So they warned customers, they said, YouTube TV to YouTube TV that they could lose access to things like Sunday Night Football, NBA basketball, WWE Wrestling, Premier League, and also yes, the Real Housewives, Sorry about that, but they also threaten a blackout, right if an agreement is not paged by next Tuesday.
Isn't this cable tv exactly exactly exactly right, And so this is just trying to get paid as much as you can for your programming. They'll come to a deal at the last minute. But then, but this is a little bit different because YouTube is a lot bigger than Comcast ever was, and they have so much more leverage. So it's not going to be as easy for NBC Universal here going against YouTube. But they'll come to a deal.
And then you mix the peacock in with it.
Yes, it's treating. It's all about the sport. You notice that Universal led with the sports NFL. You know, so share you showtime and your show and your YouTube YouTube TV. You need the sports you do all right? Very good newspapers with news about Friday Friday versions. That's good.
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