Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg Surveillance Podcast. Catch us live weekdays at seven am Eastern on applecar Player, Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts, or watch us live on YouTube.
Joining us right now for the half hour. David Rosenberg of Rosenberg Research in Toronto.
I need to.
Explain this to people that what is so important with David Rosenberg is the heritage where you stole Merrill Lynch research for no other reason, a guy named Farrell and a guy named Rosenberg.
He's continued that tradition.
And if you steal David Rosenberg's research, now it's about the re asserting of a deflation area or disinflationary And David, do you once again just say the permanence here is towards lower interest rates.
I do believe that wouldn't surprise me if the Fed engages in what people would call a hawkish cut on December eighteenth, signal a pause, and probably the dot plots will go from four cuts to two, and then we go to March, and I believe the data will then push them back to predicting four cuts from two. So these these dot plots move around a lot because the
FED is just basically operates on a contemporaneous basis. But I do believe that the trend in rates will be lower, and I think that the trend in inflation is going to be lower. And I think that, you know, the one thing that I'm confident of more now than it was even a few weeks ago, is that we're not going to be seeing the big terrifikes that were being
pledged during the campaign. It's very clear, just early on before Trump's taken office, and we've seen how we handled Mexico and Canada that the tariffs are really being used as a weapon to achieve, you know, other security goals. I don't think we're going to get the big tariff increases. I think that, you know, the economics team's put together
has been pretty impressive. I think that they're going to encourage Trump to resist those temptations for a global trade war, big terriff increases, and then what's left, what's left is going to be a deficit reduction, and that's not going to come from the President, but it's going to come from Congress, and we're going to get we're going to
get deregulation and more oil production. Let me go to the very difficult to believe that we're going to generate an inflation cycle out of those developments.
David, The heart of the matter is that we had a triple stimulus out of the pandemic. Let me a question that many people ask, is the American exceptionalism. Is the American boom and productivity nothing more than a follow on of a unique stimulus that austere Europe didn't do.
Well. You know, the productivity side really comes from the supply side of the economy, not the demand side, so there was really nothing. I don't think that we can point to stimulus being the driver of productivity. Curiously enough, what COVID managed to do and that's the reason why productivity growth has been surprisingly strong. So we came out
of COVID with a productivity shift to the upside. And the one sector actually that has led the growth in productivity has not been technology or finance, actually been the retail sector. Because during the pandemic and the lockdowns and the aftermath, you know, if you didn't digitize your business and follow the Amazon model as a retailer, you're going
to go out of business. So even before what's happened on the AI side, which the markets certainly believe that this is going to be a productivity game changer, and it probably will be. The post COVID environment actually generated this sort of productivity improvements that Japell has been talking about.
They're real.
And then the question is going to be for the next five or ten years, what will this model shift from the inflection point on the technology curve going to do the productivity in the future. And I will actually tip my hat to the bulls who say that this is going to be a game changer.
David.
The Federal Reserve appears to be focusing on the labor market. Here we got initial job as claims today a little bit higher than expectations. What's your view of the US labor market given that the Fed is really looking at it.
The way I would describe it is cooling but not contracting. Even if we get the consensus estimate of coll it close to two hundred thousand tomorrow, you know, in the context of what happened in October, that leaves you with an average of about one hundred thousand. So the trend is cooling off. I expect that that will continue. And like most of the other parts of the economic pie, I mean the incoming data, I've just been so confusing. I mean, you get the numbers from Jolts and they
show openings up but hirings down. You get the ADP number rout and the ADP showed that hiring amongst large businesses surged. But yet small companies, which are really in the weeds of the economy a lot more than big companies. Small companies on net have let people go in three
of the past four months. I've read the Basebook yesterday, and you know, I'm shrugging my shoulders as to how J. Powell can talk about the economy being strong when the Beige Book itself had about two hundred and fifty references to the economy either being slightly growing, modestly growing, or just outright week only twenty nine times was the word strong used in the Beige Book, and a fifty one page document to which I say, you know, mister Powell,
if you're going to spend all the time, resources and money on the Beige Book, why don't you at least listen to it. What was very striking in the Beige Book and I would still say it's qualitative. It's not quantitative, but it's not revised. It just gets updated every six weeks. And I don't know if you guys went through it. I went through it tooth and nail because that's what I have to do. It's the most pleasurable read in
the world. The labor market. I mean, there are elements that improved in the past six weeks overall economic activity yes, the consumer yes. But funny enough, the labor market was downgraded. And there were numerous comments on how wage growth is cooling? So how do you get wage growth cooling in the labor market that everybody thinks is tight or tightening. So again we just start riddled with all these anomalies and inconsistencies.
But I would say that if you want to trend out the data, labor market not contracting yet, but it is cooling off.
Okay, David, one final question quickly here it is the Rosenberg Bult market.
Can you buy? Can you own stacks? Here? David Rosenberg?
Well, I'm having my own epiphany right now on this topic because, let's face it, it was the best year for the stock market since twenty nineteen. I'm not alone. I mean, the consensus at the end of last year for the end of this year for the SMP five hundred was forty nine hundred, and we've just blown through six thousand, and I think that there's a couple of things that are happening that should have you feeling bullish.
I'm still concerned over market positioning and sentiment is off the charts, and I am expecting in your term correction. The question is which would be normal? Is what you do if we get the Depp And I think that you'd want to buy the Depp. And I say that because you know, I've been calling this a bubble for a while, but it's maybe a bubble if you look at trailing P multiples or one year four P multiples.
But if in fact we've had an inflection point on the technology curve, if we've had a model shift when it comes to what AI is going to deliver in terms of future profitability and productivity, I'm thinking that the market is sending you a message that it is taking that investors have basically lengthened their time horizons. So all the classic evaluation metrics that I've been using, I'm not going to say they're obsolete, but they're probably just not
relevant to today's backdrop. So I would say that, yeah, I guess if you can want to color me more probably more positive on the stock market on a secondor basis, based on everything that I've seen this year in particular, then yeah, I would say that you expect the near term correction. I think it would be normal considering the Nose League levels we're at. However, I think it's a depth that you probably will want to buy.
David, we're out of time, but next time you're on, we want to talk to you about Canada's at fifty first State and I'll love to see how that goes.
David Rosenberg's Rosenberg Research.
You're listening to the Bloomberg Surveillance podcast. Catch us live weekday afternoons from seven to ten am Eastern Listen on Apple car Play and and Broyte Auto with a Bloomberg Business app, or watch us live on YouTube.
Now is almost an annual thing that we do at the end of the year. We try to just stop and talk about.
The emotion that all of his face. At the absolute.
Minimum, gold is a cultural loadstone back to pre biblical times. Gold is something different it's something something very different, Paul. At the corner of fifty seventh Street and Fifth Avenue, all.
Four corners you can enjoy gold.
And without question, the one that holds a high ground on this is it the Hong Kong and Shanghai banking corporations. James Steele is absolutely definitive.
Is the price of gold. I think a bitcoin and.
The madness of one hundred thousand. He's the price of gold this year. Detached from the microeconomics of gold or the industrial jewelry use of gold.
Well, certainly, and thank you for having me, Tom. Certainly, if you were to look at the underlying physical demand, that is what's absorbed by retailers, bars, coins, small bars, coins and jewelry, one would not expect gold to be out where we are now. But gold is a hybrid of microeconomic and geopolitical factors plus those micro ones, and what's been propelling gold this year has been well, primarily geopolitical risk, a risk of all kinds.
Actually, who's buying gold? Is it the Chinese Central Bank? Is it Chinese individuals? Is it the United States? Who's buying this stuff?
China and India where fifty percent of all the physical gold demand in the world lies really has been yes, and fifty percent of jewelry as well. I don't want to keep repeating fifty percent, but fifty percent of all gold demand is in jewelry physical demand, and fifty percent of all gold demand including jewelry is bought in China and India, So they are they are massive importers, and they have cooled in recent months. We had a jump in India in August because they reduced the tariffs, but
that was a pretty much a one off. And we know by looking at the Mumbai discounter premium to London and the Shanghai premium or discount to London that demand is soft. So who's buying it? Then that's investors who are not buying jewelry, not necessarily buying coins or small bars. They're buying large bars, or they're buying on the over
the countermarket. These are asset managers, hedge funds, commodity trading advisors, because they've been getting positive technical signals, and we shouldn't forget the people that really helped kick the whole gold rally off. Central bank demand is not at the red hot levels of last year or the year before, but it's still substantial.
How do you think about gold in the context of bitcoin against Tom mentioned we've got bitcoin now over one hundred thousand dollars per token. I mean, what's the relationship there, if any.
From your perspective, Well, I think you have to ask you have to ask yourself what is the nature of these two instruments and why why do we buy gold versus something else? Well, you buy gold for the physicality, You're able to touch it, you're able to store it, will store it for you or other bullion banks will store it for you, which.
We still need a tour of your vault there.
It's it's difficult these days. And you know we do.
We do.
We do have a substantial vault or operations globally. Uh. And the difference between gold. One of the differences between gold bitcoin is you can you can hold gold, you can have it. Also, it's the longevity. And I'm not a plus or a negative on on on the on the bitcoin front, I'm agnostic. But gold has a long history of being an excellent portfolio diversifier and that's one of the reasons that central banks want it.
James, still a delicate question.
I don't want you in trouble with the General counsel and I'm sure is tuned in to this conversation at HSBC. But the basic idea in the ft and also the Wall Street Journal had this really serious money laundering acquisitions with tether being the big cooin stable coin currency a choice if you will in the digital world.
Is gold used for money laundering?
It's it's it's like too heavy, right, yes, effectively if there's not a criminal tone. No, within the greater gold universe. No.
And and and here's where you know, the London Bullion Market Association, headed by Ruth Kroll, has really been excellent, you know in this uh for sourcing gold, where does.
It come from?
Making sure that it's not being mined in places that are exploiting.
The population?
Uh, tracking it. We only accept London Bulliant Market good delivery, as would any other bullion bank. Right, and so therefore it's just not it's not It's also not as easy as to steal it. It's not like the movies where you see all these blokes throwing gold into the back of a van after they've broken into something. It is dense and it is heavy.
Okay, this is great, James still thank you so much. An annual visitor in the State of Gold.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on applecar Play and Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station, Just say Alexa playing Bloomberg eleven thirty.
Joining us right now. Thrilled.
I'm really honored that we could have him today. Is someone with a global perspective. His initial acclaim with the Bush Senior administration on Northern Ireland Richard hasse Of course, I'm going to say, really the reinvigoration of the Council on Foreign Relations.
He is with center view. Ambassador Hause, thank you for joining us. I think we forget that Soul, Korea is thirty.
Five miles from the Demilitarized Zone the DMZ. How does the tension of North Korea and South Korea fold into the shock of government collapse in tests in Seoul?
Good question, Tom, Good morning. I think the issue is whether North Korea, which is obviously watching what's going on in South Korea with say more than a little interest, whether they see this as a moment of some opportunity. This is in North Korea remains the most militarized country in the world. You've got two large conventional armies or raid against each other. You still have more than twenty thousand American troops there. North Korea obviously also has a
missile and a growing nuclear force. So that's the danger here that they would see this as some a moment of opportunity to exploit, and I would expect and hope that South Korean and US forces would be at a higher level of alert just to try to deter any such thing.
June of twenty nineteen, President Trump meets Kim John Un.
We all remember that moment.
What if that happens again, What is the signal to South Korea if the President elect reducts is June of twenty nineteen.
Look, the South Korean relationship with President Donald Trump was one of the worst relations between an American ally and the United States. The President really pushed hard about why wasn't South Korea doing more to pay for US troops there, concerns about the trade and balance and so forth so much, and by the way, and threatened to pull US forces out of South Korea. So if you were to once
again ratchet up the pressure. I think the most likely reaction would be that South Korea would think very seriously, indeed about developing nuclear weapons of its own if it came to lose faith in the United States. And that's the sort of thing that, among other things, could cause a real crisis with China. So there's a lot of potential dynamics.
Here, Richard, How concern should the average American be, or the average just observer in the West to be about South Korea? This martial law news over the last couple of days really caught I think everybody by surprise. How concerned should we be about the stability of that part of the world.
It did catch everybody by surprise, including everybody in South Korea. The good news is it went nowhere. You had the declaration of martial law. The National Assembly met almost immediately repudiated, public opinion repudiated it. The president back down very quickly. So to me, the larger story is a good one about the resilience of South Korean democracy and institutions some forty plus years since South Korea jo join the ranks of the democracy. So I don't think we should be concerned.
I actually think the big loser here is President Yun and he'll obviously face now and an impeachment challenge, and I'm not sure if he survives. Is what he said in motion. He was unpopular before this, he's far more unpopular now. He's lost a lot of legitimacy. But I actually think it's a good day for South Korean democracy.
It is not quiet in December. We welcome all of you across the nation your morning commute. Bloomberg surveillance, too much international relations. It seems we're focused on Paris and of course on what we see in seoulon with this, Richard Haas coming up, Ardichild Friedman and the currency markets, and we're looking forward to economic data here in twenty minutes, Paul.
Richard, let's move over to what we're seeing in Ukraine here. Boy, there's so many dynamics here, so many ebbs and flows here, with an incoming US administration here, how do you think this is going to play out over the coming months in Ukraine?
Actually, uncharacteristically, I hope you're all sitting down there upbeat. I actually think over twenty twenty five, while the battlefield will continue, I think attention's going to move to the negotiating table. The person Donald Trump is appointed Keith Kellogg, retired Army general. He was Mike Pence's National security advisor, but he's been appointed to be the point man for
Ukraine and Russia. What he's recently written about the subject I find incredibly Sensible's potentially on first going to Ukraine saying we'll continue to provide arms, but you've got to be willing to negotiate in good faith and base the negotiation pretty much on a ceasefire in place. And I think the Ukraine government has come around to that if you listen to what mister Zelenski's saying, and then the question is whether they can bring Russia around. But to me,
it's all good news. There's a focus on negotiations. No one's talking about throwing Ukraine under the bus, and very quickly, I think the pressure is going to be on Vladimir Putin to meet Ukraine halfway. So I don't think it's crazy optimistic to say in twenty twenty five, by the end of that year, so a year from now we could be seeing real progress diplomatically. I'm actually optimistic about it.
Richard, how do you think how would you characterize the relationship today with President elect Trump and Putin? Is it going to be constructive? Is can we move the ball forward on a number of issues? What's that relationship like?
Yeah, it's the right question. The atmospherics have often been good. The substance. Who knows. Look, you've got Ukraine. That'll be probably the first early test. We'll see if mister Trump can persuade Putin to dial down his relationship with North Korea. That'll be a second test a year after Donald Trump resumes his presidency because and re enters the Oval Office, the new Starred Arms Control Framework all is set to expire, So we're going to learn there as well. Can the
Trump administration and Putin? Can they extend the nuclear arms agreements that have been so central to international stability. So there's any number of issues. So I'm not in the predictions business, and I don't think there's any way of knowing, but we're going to have some pretty early indications beginning with Ukraine.
Richard Hass look at your work with the consult Foreign Relations and your ability to write prodigiously about this.
Let us stop and go back.
To really an important work foreign policy begins at home. How are we doing, Richard Hass, how are we doing in building out our domestic structure to project internationally?
If I were still a professor, I give us a pretty low grade. I'm not sure I give us a passing grade. We're extraordinarily divided, which makes it increasingly difficult to be consistent and reliable, either for our friends or against our fos. We're also been unsuccessful at tackling many
of our domestic challenges. Just take two. One is the border situation, and if people in this country see real problems here at home, they don't have the bandwidth, they don't have the focus on the rest of the world. The other something you talk a lot about on your program here, which is the deficit and debt. And again we'll see whether we have the collective will to tackle to tackle that. It's interesting the numbers that are brought down the French government running a deficit to GDP ratio
about six or so percent. Guess what that's where we are, and our cumulative debt is essentially now what equal to our GDP? So we're in serious water. So I think there's real issues about our focus, our political consensus, and also just the resource availability for the United States to play the kind of role in the world that we have for what eighty years now, and then I would argue has served us in the world pretty well.
You were a young, laded Oberman.
There's a photo out of Paul Sweeney of Barneier. I think he couldn't shave he was so young and pompadou, which harkens back to folks in nineteen sixty two in the collapse of another French government Richard hass a question I asked our Stephen Coe earlier, should we get ready for a sixth French Republic?
A good question, but the problems to me aren't so much mechanical tom as political. So you have the left and the right voting down the Prime Minister, and all this comes against the backdrop of I think mccrome, mishandling French politics calling for snap elections when they are unlikely to result in anything good. But the real question is what is the left and the right willing to vote for? So it's the issue is not just Barneer. The issue is not mechanical like it was with the Fourth Republic.
The real question to me is do you have a consensus in France to take some difficult decisions about spending, taxation, and the rest. Sounds familiar I expect, and I don't think that can be fixed mechanically with rewriting the rules of French politics. And you couldn't rewrite the rules in any case quickly enough we'll get approval of them. There's no figure like the gall who could ram it through the French political system. So I think we're pretty much stuck with the Fifth Republic.
Thank you so much for the time.
Richard Hass, of course, with cent of you partners, can't say enough about his work with the Council on Foreign Relations and Foreign Affairs magazine as well.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on applecar Play and Android Auto with the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal.
Right now, with a window into your Washington, Professor Schiller joins from Bown University, Wendy. I look at the zeitgeist out of Washington, and it seems like a Senate ascend it trying to find their place within this era of executive power. Do you sense that that the Senate is gaining traction in what they want to do in this new mix, Well.
I think Tom and Paul, good morning, and Lisa and John again, I think that it really makes you think about the majorities.
So fifty three forty seven doesn't.
Sound like a lot, but it's just enough to give John Thune, who's the Republican leader, who will be the Republican leader after January third, enough room Tom to sort of negotiate with Trump on one side and a fractious Senate Republican party on the other. And that's the difference that a fifty one versus three forty seven makes. And the House, I don't know if they're gonna be able to do anything, which is of concern because constitutionally they
do generate. They are the originators of tax and trade bills. So this makes you nervous that the majority could on a bad day for Republicans.
Do not exists in the House. So all eyes on John Thune right.
Now, Professor Shuler, I think so important here to those of us not expert is one of the consequences. So Murkowski and Collins of Maine, they're in the Trump timeout chair I get that Collins Appropriations Committee chairman to be I believe, what are the consequences to a given senator who joins Murkowski and Collins pushing against the president elect? Are they not invited to the Christmas Party?
I mean, what are the consequences.
Tim's primary challenges?
I mean, Trump is riding probably the highest level of approval he's ever had, and I think now's in a position where he can say I'm going to annoint this person to run against you, Joni.
Ernst in Iowa. That's what I'm looking at, particularly on the.
Hegseth nomination, because she's up in twenty six in Iowa, and you.
Know, she had a sort of closer race last time.
But I think you know, she's probably expected to win pretty easily if Trump doesn't find somebody else to run against her in the primary.
So I think that's what these senators are worried about. But if three.
Republican women come out and say they can't vote for Hegseth, then I don't think it survives.
So I think this is where it's important to have the numbers.
In each of these cabinet nominations in terms of objecting to what Trump wants, So.
To what extent, I guess, Professor, do you think the Senate will challenge or put up some roadblocks for some of the more contentious nominees here, mister Hegseth, Telsea Gabbard and some others.
Well, Paul, I.
Mean, I don't think they're in a position to really put up big roadblocks. I think they're just trying to stay on the road right now with Donald Trump and not get run off the road, and so that they can actually exercise their constitutional responsibility to even have confirmation hearings. It looks like they're getting through to that, which was in doubt like two weeks ago, but now it looks like they've said, look, we'll get it done, but give
us our space to do this. And it looks like Foon is preserving that power which strengthens Thoon internally in the Senate.
So how much will Trump let or Trump's advisors let Thuon be that strong. We're going about to see that in the next couple of weeks.
What are you observing here on the summation of the attorney of Mett Gates over to FBI. I have found, as the amateur here at Professor Schuler that the heat, the level against the FBI designate is just extraordinary.
Am I right on that?
Yeah?
I mean I think there is this is a huge moment in American you know, law enforcement history.
Right. I wasn't really I wasn't allowed.
For really to know j Edgar Hoover, right, I ran FBI for at least fifty years or something, and he really, one could say, abused the power of the FBI.
So it's taken a long time.
For the FBI to come back from that, and under Chris Ray, I think it's been restored a little bit. But this is you know, fiercely in the MAGA community and anti federal law enforcement ethos.
So this is what Trump is playing to.
And Trump himself probably does not have any love for the FBI, but the FBI does incredibly important work, particularly on terrorism, domestic and international and other things. So I think the Senate wants to make sure there's a functioning FBI. So that's where this is a moment in time and history for federal law enforcement, and it could be severely weakened and undermined. I don't think that's what most senators.
Want, Professor. The first one hundred days of any incoming administration are absolutely critical. What do you expect this administration to really focus on the first one hundred days?
Typically, Paul I would agree with you.
I'd saye hundred days really matters to Donald Trump. One thing, it's his second term, not a first. So I don't know that it's that crucial this one hundred day marker. It's those of Donald Trump, and the power he wields among his voters his supporters is something we haven't seen in a long time in terms of reverse pressure on Congress. So I think that power lasts, you know, for a while, well beyond one hundred days, as long as the economy keeps looking like it's getting better and.
Inflation stays stable.
If the economy does not stay stable and inflation does tick up, then I think that popular support for Trump a roads and his clout with Congress or roads and a proportion to that.
So what's what are the next mile posts that we need to be focused on?
Professor?
Here between now an inauguration day for President elect Trump and his administration, I.
Think the reaction to his nominees is very important.
I think that he's making more foreign trips. This was a guy who didn't really like to cross the pond.
Now he's going to France to go to Notre Dame for its opening. He seems like he now wants to be forgiven, so to speak, or accepted into the international club. And I think we're going to see some developments, even though he's not even president yet, on foreign policy. He's going to want to be the guy that solves Russia, Ukraine and solves the Middle East because what's left to do, and he can show up Biden in that respect.
So I do think you're going to see a bigger shift, a bigger set.
Of attentions paid to foreign policy for Trump, and starting now with some of these national trips.
What did you show it? Thank you so much.
You're listening to the Bloomberg Surveillance Podcast. Catch us live weekday afternoons from seven to ten am. Easter Listen on Apple car Play and and Broyt Auto with a Bloomberg Business app, or watch us live on YouTube.
You look at the front pages of Lisa Matteo Hour Lisa.
Oh, Tom, I know you love your bow ties, but this story sitt out to me because of you. The necktie making an office comeback. This was in the Wall Street Journal. Yes, this is a place where you see the dress, sneakers, Yes, always talks about David Weston dress. Yes, yes, yes, But who is wearing the necktie? So apparently it's the twenty something crowd. Like a lot of the interns. They're coming in. They want to make an impression, they say,
help show their personality, gives them confidence. But women also getting in on the action. Nope, it commands a room, that's what they say.
It's art.
It's a conversation. It's becoming like the hot accessory, like shoes or jewelry. So now the women have neck ties, but some saying that sometimes they're more decked out than the bosses. The boss comes in, you knows, cash and the sneakers and everything. Boat ties and not bow ties, neckties, the actual long necktie.
We just had.
I haven't worn one since the time began. We just had a meeting and we're dressed to the nines and the guy walks in and he's like San Francisco cash. Yeah, And this is dead on that. There's like bouncing cultures going on.
It's all started with the dot com boom in the late nineties. That's when I sensed it yes, and for a couple of years.
I did go casual, but then did you?
And then the market crash in two thousand and let's get back to where you.
Go cash here when you're working a three day week in the summer, you know, I mean you were in Dior' of course you were in Montclair, you know exactly.
Well, the pandemic kind of sparked that like cash thing too, because the work from home, and then some people slowly transition to dressing nicer.
But Damien sasour everything he wears. I'm taking next.
Okay, Taylor Swift, remember the concert book that came out in Target on Black Friday. Well, apparently it did really well, Sir Kana book Skins that had sold eight hundred and fourteen thousand copies the first two days. The only one to beat it is actually former President Barack Obama as a promised land But think about it. His book was sold at all major retailers. Swift's only exclusively at Target,
so just a Target alone, she sold that many. But the Wall Street Journal also points to experts who say artists really need to take out a page out of that book because when it comes to concerts, they need to follow the success story that she's done, Like she's popularized a long concert. I mean hers are three hours fifteen minutes plus.
What's the shortest Bruce concert you've ever met?
Again and a half hours?
It does know that low seventy Yeah, you know.
Did you say the statistic was eight hundred thousand, eight hundred and fourteen thousand copies.
When Alexander Hamilton came out ron Chernow I interviewed him, the great great Ronch. He single handedly changed the publishing business when he sold over three hundred thousand hardcovers of Alexander Hamilton. So think about that, he changed the business with three hundred thousand plus and here's Swift doing eight hundred thousand.
Everything she touched on, but also the things she does, like for the concerts to get people, like they say, artists need to think attract more women. Because you had the mothers and the daughters who attended together, had the DIY bracelets. That's another thing mini residencies. You know how she does the longer stays. That's like another big.
Thing that surveillance.
Know, we remember our key interview foundational interview with Amy wou Silverman.
Yes, her daughter Taylor waved at them.
Yes, I just bought them. I just bought tickets for the Eagles at the Sphere in Vegas for April.
How about that?
That was an impulse purchase that sometimes regret. I've been done in the evening after a couple of cocktails. No, this is not REHD is not taking.
Vince skills with them now.
Yeah, very okay, very good.
Yeah, I'm looking forward to that.
There's histories.
After a few cocktails, I purchased Zach Bryan country tickets for my daughter at MSG. I regret that kind of not but anyway, that costs me a lot.
Dangerous they are.
It's all about the experiences now least, it's not about goods and certain about experience.
No, she's picking out her country off its already. Next next we got Business Insider. They had their report on how important influencers those affiliate marketers have become for Cyber Monday. No, not exactly, but the Doobe analytics they drove about twenty percent of US Cyber Monday revenue. How they do it They post these affiliate links. That's how they make their money because that link is a link to their and that's how you know. Depending on the commission they make.
That's what it goes by. So they're saying a lot more people click on the links than just regular posts. So they're saying, these affiliate marketers are the ones that are really starting to push these online sales, especially through social media.
They're making money just on a thirty second spot on radio TV and that's how you.
Nope, nope.
Now now these big companies are going to the influencer.
Sure he could.
I think we can make that happen.
Yeah, tank.
Sponsored by Tang. Yes, finally there's been a change. Cognac champagne makers, they're seeing they're looking to boost their US exports ahead of Trump's them talking about foreign countries. Yes, yes, yes, I mean France has not been part of that. But you have companies like LVMH, Cognac brand Hennessy sources saying their increasing consignment to the US following his Trump's victory.
They want to do the same with Moet Champagne. But a lot about twenty seven million champagne bottles were shipped to the US last year, so they're saying that this is starting. You're starting to see a shift and companies are going to likely to redrect those bottles even that would have gone to China, so there might be she's such a hitter.
You see how she pronounces.
It is that it's because they're from eastern France and they pronounced like X.
Is that right.
It's like, you know, they a regional accent. Lisa, Thank you so much, Lisa Matteo.
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