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Best idea and an extraordinary Wednesday. Just to paint the picture for you, Asian markets open at seven pm. In all, not just me, everybody within the Bloomberg world. We're glued to the wonderful Bloomberg terminal app that's on the cell phone. Trust me, folks, It's changed my life and everybody else's life.
And there's a little bit of tension out there, and you get a couple hours sleep and you see what Goal's doing and tension overnight, and then somewhere in the vicinity of three am, China comes out with headlines boom boom, boom boom, and things change and they're changing minute by minute, headline by headline, and simply today we saw a deterioration in price around that are individual companies struggling, like Nvidia
coming out with some form of write down. AMD during the show today coming out with some form of right down. It was a good time to catch up with Daniel Ives. He's at Wedbush, he's been an Uber bowl and Apple he's been correct and we wanted to get a relook at Apple and also the underlying force a free cash flow for the mag seven.
Even you know when you scenario and sort of put pressure on the model and stress test that cash flow comes down five percent, maybe seven percent. The reality is is that a lot of that on Apple I think starts to now get fact and it comes down to with China numbers unless these TIFFs in their current state stick for ninety days and longer than to me at Apple content right here, I mean it is an Emu Dan ives.
He's just brilliant, particularly the relationship of Apple and mister Cook with Beijing. Really really enjoyed having him in today. There are names from the past which at one time were hugely important because of their intellect and their courage to write and execute strategy that are forever One of those is Matt King. He's from England, out of Cambridge, and there was a period where he was absolutely definitive at JP Morgan and particularly at City Group in providing strategy.
It's inaccurate to say he predicted Lehman, but he was one of the people way way out front on the stresses of leverage in the trust market. He spends a lot of time thinking about fixed income and trust. What a joy to catch up with Matt King of Satori Insight.
People have been excited about the online the basis trades and some of the moves and swap spreads and pointing to hedge funds, And yes, there has been this big pickup leverage and reproactivity, especially for multi strap funds, but I don't think that's the problem here. If anything, I would say that it's almost a diversifying element relative to all the long only money that is poured in over
the last decade or so. And for me, there is this scary thing that sort of all my career, I focus on the thing that's about to blow up, and each time the crises seem to get bigger and bigger. The debt that's out there now is across non financial sectors as a whole, and more than anything with governments, including the US government. But it's not the financial leverage in quite the same way as it was previously, and
on the one hand, that makes it slower burning. But on the other hand, the feedback loop from markets through to the economy is larger ever than it's been in the past.
Matt king f Story really can't say enough about that. I know Paul Sweeney's really focused on private credit is a new shiny thing I'll have to see as we struggle through this crisis. Thank you for your support and your commute across the nation. Really appreciate the interest in ninety nine one FM in Washington, ninety two nine in Boston, and Bloomberg eleventh three OO in New York, and all the other ways you listen each morning out on YouTube podcasts. This is single best idea