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Michael Purvis joins us now from tall back end, is your narrative a bullmarket? I mean, my head is spinning. I got copious number of people, a lot of seven thousand plus SPX and others thinking the world's gonna add Yeah.
Look, I mean if you step back for a second and you think about we have some level of fiscal stimulus through a big beautiful bill, offset admittedly by tariffs, you have the concurrence of that with monetary stimulus. And I'm sorry, even if we get a Powell era type cutting cycle, it's still a cutting cycle into four point three percent unemployment and three percent plus GDP and three
percent inflation. Uh there, And then you have the this I call it alternative fiscal stimulus through this AI cap X boom, which is you know, which is just almost almost you know, you know, just from the from from four companies, you're talking about seven hundred billion dollars.
Over the next twenty four months. That's where they're guiding the street to. You know, those are the big guys, Microsoft and Amazon, et cetera. So so look, that's a that's a macro setup.
I think the question we're all waiting for is ken earnings continued to deliver in an age where the k economy is getting worse and also where you know, some of these residual risks like tariffs hitting margins and or the consumer you know, are starting, you know, likely to.
Persist and creep in.
So far, you know that dance has worked right, and it's hard to find a lot of broader evidence that that it's going to look suddenly fall apart anytime soon. But I think, I think, you know, that's that's really the tension as we talk you know, into as we had into twenty twenty six, that's really where the tension is.
The macro setup is really really strong.
One point I'm just going to make you know, Paul, you and I were talking about the nineties, Yeah, offline, but one thing we had in the in the in the in the mid and late nineties is you know, you have this sort of persistent you know inflation not getting to the fenced target, and you had, you know, a good economic condition.
They're One thing that's different.
Now is that you know, we have arguably, you know, a refreshed cutting cycle here here, and you didn't, you know, you had what the FED was sort of tweaking back and much of the of the last few years of the nineteen nineties. If we get a it doesn't seem to right now based on some of the FED messaging, but if we do get you know, sort of a refreshed FED and a refreshed sort of cutting narrative with this type of economic data, that is going to be a really interesting period unfolding.
So what do you think about volatility here? We have a VIX sitting right at twenty. Doesn't seem to get anybody's attention too much, but it's certainly not you know, fourteen or fifteen on the VIX here.
What do you see in terms of volatility? Yeah, look, you know, the VIX has been sort of it's sort of been interesting.
You know, we never really got down to those eleven and twelves that you normally associate with a with a strong.
Bull market here.
Part of that was that, you know, you had the right tail of the of the VIX call buying kind of you know, support the VIX. Yeah, for most of the time you had a pretty robust volatility risk premium. That's the spread in my mind of the VIX to realize volatility.
There.
And you know, just over the last week or so, you saw this sort of like you know, like you know, sort of push above twenty two and then quickly fade those levels here. So I look at it right now, look skew, I meaning the difference between puts and calls. The implied volatility for those are you know, that's been really getting higher here, you know, thanks a little bit to some of the volatility we saw last week. That's
healthy there. If if the everything else stuff performs, we don't get any real horrible news in two years end, that's going to help reinforce I think a sprint into the finish line, you know, maybe another one to two hundred points higher in the S and P if.
The stock market gets on front. You've got a franchise on this. You've been really good on this cross asset of looking out. If the stock market is doing what it's doing, is it's simply modeling out we're going to get the economic data, and this is what it's going to signal, is a market banking a bet on all that delayed economic data right now?
Well, yeah, there's a there's a little bit of sort of you know, the markets are trying to sort of vibe their way through without this, without this data that we're getting.
Whoa Lisa, Lisa.
Is Michael Purvis young enough to say vibe your way through?
Yes, okay, thank you, thank you, But I have a lot of children. Sound they keep you form.
But the the you know, right, whatever print we get on Thursday on jobs, you know, we will arguably Nvidia will be a lot more instructive in terms of where the market is going to go than whatever the job The jobs data if it's fifty thousand or minus fifty thousand or one hundred and twenty thousand, like it all comes with a lot of footnotes, right, So so we'll have to probably need a couple of months for that
to sort of self out. But Tom, I think you're touching on a broader question, which is can some of the jobs data get back, can some of the economic data be bad? And can the AI narrative, the AI empowered stock market if you will, can that keep going higher?
Right?
I mean one of the things I like to say is that Microsoft's mandate is to scale earnings, not to scale employees, right, so I think that will. You know, arguably, the main Street Wall Street disconnect may even get worse than an era of AI, and I think that's something to be watching for right now. If you're getting job losses because every company is just you know, is just
falling apart, and then DAT is horrible, that's different. But right now you've got a very compelling sort of tech bull market.
Michael Purvis with us for an extended discussion to get your market week going, as well as he mentions in video reports this week, lots of retail as well. This is a surveillance across America. Glenna Hubbard will be with us a really important important interview on the FED and the path forward from Professor Hubbard of Columbia Business School.
He is the most.
Intelligent supply side guy I know. Thrilled to have him on. In the nine o'clock hour, we say good morning to the United Kingdom. Sir Howard Stringer will join us and Paul and I decided, I mean, we could go how many hours, could Google three hours.
He had so many careers, Sir Howard CBS exactly.
Okay, should Letterman have been allowed to retire? You know that kind of thing. No, We're going to talk to Sir Howard Stringer about what's going on with the BBC in the United Kingdom. I can't say enough about the timeliness of that.
Paul Sweeney with Michael Purpose Michael, in terms of derivatives, here are.
Are clients looking to buy risk? Are they buying protection? Here? More or less?
Well, it was a lot of the former, a lot of the upside call buying, you know, that was you know into the sort of September or October peak there that has shifted on balance, like I think, I think there's stull seems to be the retail bid for risk has not completely evaporated here, It's gotten you know, sort of you know, kicked it ahead a little bit over the last few weeks there. You know, you can see
this with with with various stock training pairs. You know, if you look at like you know, in the in the nuclear uranium space, you look at sort of established companies with real cash flows like a Chemico relative to say an oaklow which had a twenty billion dollar market cap out of you know nowhere and and had zero revenues. Right, So, so I think what's happening here in the in the
market here is that risk is stole on. But there's a lot of clean right so there's a lot of people sort of I don't think a lot of people are going to want to end the year with massively long a lot of very speculative names.
We run up, you know, three hundred percent in nine months, Paul.
First thing I did when I came in, I did a weekly chart, because that's what Michael Purvios does. I did a weekly chart of Nasdaq futures NASDAQ one hundred. We have cratered the maximum drawdown is the negative six point seven percent. We've rebounded from that, and we have cratered down about four percent from futures times you go the anks is ridiculous.
I mean, it's just absurd, it is.
So.
I mean, Michael, what's the conversation you're having with clients today? Are they looking to to kind of go long here, they're looking to protect what they have, or are they just a limp just get me to year end?
What are they?
Well, look, I think it depends on on on the type of strategy you're running, right, if you've a solid if you're a long short hedge fund and you and you're you're you're up nicely. Uh. This year, I think a lot of them are just going into very conservative mode, trying to like lock in their gains and and and all that. Some of the other managers I think are that are that are you know, longer term and and uh, their strategies are you know, not as as as agile
or fast. They those tend to be you know a little bit like sort of cautious, you know, but but still sort of structurally constructive.
Uh uh you know.
On the markets, I mean there certainly are sort of you know, you know, whether it's sort of some more hawkish comments from the from from from fed folks, or whether it's at some of these credit blow ups they're sort of like, wait a second, this this party is not you know, the cop the cops are starting. You can hear the sirens on the street a little bit.
The question is how much. And I think that one message I'm really trying to explain to my clients is that is that this ca shaped economy we're having twenty twenty six, maybe a lot more K shaped in the within the economy. And I think you have to manage portfolios with that in mind.
Then what do you do if for steroidal case shape.
Well, I think if you're I think let's let's let's look at just sort of income. Well, yeah, there's I I think I think there's there's you want to say in larger cap companies there, but I think you also look I mean, I think if you look at uh, you know, we've seen you know, we've all seen these things floating around of uh uh uh you know, sub fight, sub six fifty fico score, uh.
Uh, delinquency sort of accelerating and all that.
If you one of them might big concerns right now is that lower income. If you look at the Aleta Atlanta Fed's wage tracker, they you know, they split up
wage growth into income couartiles. The bottom quartile, the people making the least money are seeing their wages grow the least, right, and they I think are the most vulnerable to seeing those wages become a real wages become negative if inflation persists, and the and this downward pressure on their wage growth happens there and so if you're exposed to any company that is that is exposure to that that lower income grow, that's going to be something you probably want to avoid.
Michael Purvis, thank you so much. I got to ask you this as we roll up, and what's Thanksgiving? It's like the fourth Thursday. Yeah, it's like out there the day after. Do you like to do the New Hampshire Thanksgiving? Like, are you at the squam Lake Marketplace? Ll being in Philson? Are you are holderness?
Like?
Do you hang out and have a cigar at the Squam Lake Public boat Launch?
The public boat launch at this start of the year is pretty much wrapped up, but the I would say that the house gets locked up in October.
There you lock everything down. Yeah, in October you don't go up. You don't. Do you have national geographics old national geographics.
And I'm pretty sure we have a few of those, like you know of you know of a scrabble set missing seventeen letters or something, but you're still in.
The parcheesy set in that wind. It just went away. This is the first I've said this. Have a wonderful Thanksgiving. 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 Apple Karplay and Android Auto with the Bloomberg Business app, or watch US live on YouTube.
Joining us now. And I've really been anticipating missus Glenn Hubbard out of Florida with just terrific academics and frankly giving energy to Columbia University's business schools. They're dean for so long. He's doing different things now. But I'm going to cut to the chase or Paul's got lots of FED questions. Glenn, I am absolutely thunderstruck and crushed that you're not on the short list to be chairman of
the FED. Have you ever talked to the Secretary of Treasury about your commitment to a more conservative economic ethos?
Well, thanks for having me, Tom. I think the President's got a good short list for the FED. I look forward to the to the choice. This is probably the most challenging time to run the FED that I could ever imagine.
So that was diplomatic that one's exactly you learned to do that when you're Dina Colombia.
Exactly Glenn, how do you view here the Fed?
Here?
It's in a little bit of it a position has doesn't necessarily find itself very often, which is, you know, really under some political pressure from the White House here, how do you view FED these days?
Well, I think there's a short run and a long run challenge. The short run challenge is the one in the news, which is what do you do about rates? You have inflation that's too high, you have a job market weakening. I think the case for a lot of rate cuts is pretty weak. To the extent that they're worries about employment. Many of those are structural, they're AI, they are changes that really are beyond the Fed's purviews. I think the Fed's watchful waiting makes sense longer term.
The challenge is how do you keep an independent Fed in the presence of political pressures? And I think while the FED needs to be independent, it has made mistakes. You know, President Trump is not entirely incorrect, and so the next chair will have to do some reforms.
So you mentioned AI, Glenn, it's certainly been a key key narrative of this market over the last two to three years, as companies step up their spending here. But What are the impacts do you think on the US labor force.
There's a lot of consternation out there.
Well, I think it's too soon to tell. I mean, basically, AI can either substitute on the one hand, for workers, or it can compliment workers' skills, and we're seeing both of those in the labor market. It won't surprise you to know economists completely different and what their views are on AI. I think in the long run, AI is going to displace many jobs but create many more jobs. Where I think people may be surprised is on market
valuations and who wins from AI. Just like we learned in the Telco boom in the nineties, a lot of the first movers lose money, but ultimately it raises productivity. We may well see.
Rightly, let's go there, I mean, I mean, Glenn ahlbrid with US folks, for the whole of you worldwide on YouTube and all of our radio affiliates in America. Thank you for joining this morning. Glenn, you're teaching at Columbia or frankly at your Central Florida and you have to discuss productivity. We're blind right now to where productivity is in twenty twenty five when won't we have an understanding of this new productivity.
Well, it's a great question, Tom, and the honest answer is it takes time. So if you look at previous waves of what economists called general purpose technologies like electricity or mainframe computing or the Internet, they took a decade or more to really ripple through productivity. And the reason is it takes time for businesses, for individuals. Adat, I think it would take less time this time. So it may be within five years, but we shouldn't be expecting it overnight.
Okay, But Paul and I've had this in many conversations. It's just brilliant work. And thank you to Richard Clarina for his support of the show. Glenn Hubbard a long ago, in globalization, we broke a bargain with the clothing labor of the Carolinas. We said, we're going to retrain you, We're going to do this. Are we going to do the same thing with AI where we go sort of AI globalization and we break the labor bargain with all those people pushed out of jobs.
I'm super worried about this point. It is the political economy question of our time. If you look at the past three or four decades. Technological change is actually number one. Then globalization. We didn't retrain people. We were too slow moving. AI is going to happen faster. I do worry about it. I hope the administration will become more focused on how do you get Come on, I got tied.
One minute left, Glenn, let me cut to the chase. The elites are from the fancy schools up north. Granted you did so well in the South. You went to Harvard. There's like three zip codes out near Palo Alto. There's the northeastern zip code. You're one of the few people we have who viscerally gets the South. What's your message to the elites about not doing a redoc so that busted globalization of years ago.
Well, two things. One, there's smart people and in ideas everywhere. We need applied research centers everywhere. We need to help place us left behind. And second, our politics depend on this. If we want to embrace AI and all it brings, we got to get this right.
Glennhlbard, thank you so much. Great should I get off my soap aus? Glenn Albert, thank you so much, Always and forever with Columbia at University. 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 listen live on Amazon Alexa from our flagship New York station, Just say Alexa play Bloomberg eleven thirty.
I need to set this up for our American audience. Sir Howard Stringer is from the low side of Wales called Cardiff. David Blanchflow of Dartmouth is from Cardiff as well, and he had the most interesting, interesting start to his career. You know him of course, from Sony.
You know him.
Perhaps some CBS Paul Sweni and I can do a three hour discussion we string He's seventy nine and holding you know, Paul. Just so you understand, Sir Howard Stringer joins us this morning here but specifically on the BBC and what it means for his United Kingdom. Sir Howard Stringer, thank you so much for joining Bloomberg this morning.
My pleasure.
I look, Sir Howard, at the debacle of the BBC and let me just get out of the way. The arch question may be alluded to by the former Prime Minister Johnson as well. Should the BBC leave as a publicly funded effort and join private enterprise.
Would I would say not. I would say that brilliance of the baby It was designed as an institution that would be fairer and offer truth and fairness to a British audience at subsequently to a worldwide audience with a worldwide news network, and in many ways American television was built on that standard. And so giving that trust up, giving that opportunity up, I think.
Would be a mistake.
How do they restructure emotionally? How do they recapture the minds of the United Kingdom to say you can trust us. It's been shattered with this debate with the president, the President Trump folks suggesting you will sue the BBC for many billions of dollars. Howard Stringer, what is the first step to rekindle a new trust with the British Well?
I think with all great institutions, leadership is critical and presumably there will be discussions about who runs the BBC now very quickly and how the board is constructed, and lessons will be learned. I think that's been true across the board.
When I was.
At CBS News we were under attacked by the government. I had conversations in a lawsuit with General Westberland, and before that, I had conversations with Presidents Nixon and Reagan. The news divisions. News division is only a part of the BBC, but news divisions are always the threat to politicians, and politicians tend to dislike you if you suggest they're wrong. And so the BBC has always been had a reputation
for fairness. Now it's under attack now and I think I think lessons will be learned regardless of what we feel about it. But the BBC is very important to global democracy and I think President Trump knows that.
Howard Stringer with this Sir Howard Stringer, folks this morning here with all of his work with Sony and CBS News over the years. We welcome all of you in particularly the United Kingdom this morning with the uproar over the bb C. Paul Sweeney with Sir Howard.
Howard, how does the BBC, How is it positioned in the UK today in the media overall media landscape?
Maybe how has that changed over time? Well?
I think I think it's misunderstood or dimly perceived in the US. After all, I spent most of my life in America. I work thirty years at CBS. But today the BBC still has the top rated entertainment broadcast in the way that would be CBS today would be proud, or NBC would be proud. I mean before Christmas the top ten programs on television at England were BBC programs. But this story is about news. News is always the catalyst for politicians who disagree with opinions that they perceive
to be either unfair or inappropriate. That was true when I was at CBS, and it's true it's true in England today. So it's a lesson for both sides. If you're going to deal with presidents and deal with issues, you've got to be fair and you've got to have the audience believe in the institutions you represent. And for many years, the BBC is was a byword for trust
and fairness around the world worldwide news. The BBC operation is the most trusted globally and I've had people call me many times in the last few weeks saying protect us because we watched the BBC. Because nothing else works
for us in wherever country they're calling from. So the President of the United States is observed a moment that is a challenge to the BBC news operation, which I think may understand and accept and apologies should maybe have been offered earlier earlier, but I think the BBC knows what its responsibilities are.
Howard, do you believe that the damages being sought by President Trump are reasonable or how do you think about that side?
I think it's reasonable, But I also think that the President Trump knows Britain very well. I knew him personally and he was very generous to me, and suing the BBC is sending a message that be fair, be true to yourself. Whether or not England will play a billion dollars, I don't. I doubt that they will, and I doubt that President Trump really wants that. I think he wants the BBC, in a funny kind of a way to behave.
We welcome all of you worldwide on YouTube, our new digital distribution, and of course on radio from our various sources ninety nine one FM in Washington, ninety two nine FM in Boston, Bloomberg eleven three or in New York Sir Howard Stringer with us this morning, with his decades of work. You hear heard him speak of General Wes Moreland.
There what takes us a star back? Just to give you a little vignette, Sir Howard Stringer at a very young age answering telephones backstage for the Ed Sullivan Show. This goes back a few decades, Sir Howard, let me ask a delicate question of the United Kingdom. The present beliaguered and resigned leader of the BBC is perceived as a marketing guy. You were in the New York Times talking about this. How does the bb get back to
the intensity you're speaking about? Do they have to find a world class journalist to drive forward?
Well?
I I think that the mistakes that were made, which have been accumulative presented accumulatively, gives a mistaken impression that there's something institutionally wrong with the BBC News. These were mistakes that have now been acknowledged and should have been acknowledged earlier. But I don't think there's anything about the BBC that should be suspect. I think the BBC, like Britain, is an astonishing ally of the United States, are an important one, and I think the President of the United
States knows that. In my dealings with him, I think he knew it, and he was always fair and generous. I think he's fired a shot across the brows of the BBC. They will pay attention. They are made changes and that will be good. But the BBC is an important global institution, and I don't believe who stopped breaking up great institutions during a crisis.
Look sir, just one final question if we could in the BBC, and we must turn to so much going on in Paul Sweeney's world in New York is as well in talking to our Eric Larsen off our desk on Queen Victoria's Street and looking at the litigation here as well, how will that play out in the United Kingdom and form our American audience of how a lawsuit in London is different than a lawsuit wherever in the United States.
I'm not sure I really understand that question.
Well, I mean, the litigation is going to be in the United Kingdom, how is it different there? If the President sues the BBC, then it would be here.
Well, I was sued in America, as you remember, over the General westblin I think, and it went on for years, and I don't think. I don't think President Trump will keep at this. I think he is much bigger fish to fry. I think he has sent a very important message. I think the BBC will respond accordingly, and I hope he doesn't expect the British public to pay that kind of money. I think his generosity will will save the day.
Sir Hartstringer with a sok thrilled to have them with us this morning. Let me migrate, Sir Howard to the United States and ask a question that so many will resonate with so much of our listeners and viewers. Could Dan rather do the news today?
Does Dan rather watch?
Could he do the news today? Could Dan rather grind his leadership in news off the desk of CBS as he did years ago? Could he do that in this environment today?
Well, he can't do it now.
I mean, he's still in good shape the last time I spoke to him, and I spoke to him quite recently. But no, I don't think he would want to become an anchorman in his nineties and I don't want to become a director general in my eighties either. But I think so much has changed in America has been fractionalized and the networks aren't as strong as they used to be. When I was running the evening news, we had a twenty six share of the news compared to ABC twenty
and NBC twenty. That combined audience was almost seventy percent of the national audience. That isn't possible in the United States to day because of the fractionalization and the growth of competitive social media. So you know, another Dan rather is likely to be unlikely. But I am not watching from a distance only current Ankormen and I don't know who. I don't know anyone will ever have the power of Walter and Down again or Tom brok or and Roger
Mount and so forth. It's just the nature of the world. It's changing, But I think retaining some of the values, and the values of the most important are trust and honesty. And as long as we abide by those and the BBC resurrects itself its reputation by concentrating on what it does best, we'll survive this, just as CBS did survive.
General Westmorth, Sir Howard, from your years at Sony Corporation, a major global media and entertainment company. What do you make of the landscape now so much has changed with Netflix and streaming and so on and so forth. How do you feel like some of these traditional large global media companies like Sony, like the Walt Disney Company, like Warner Brothers. How do you think that landscape shakes out here?
That's a billion dollar question. Unfortunately, it is a billion dollar question. Money plays a much bigger role than it used to. There were three networks, and then Rupert Modoc built up Fox, so there were four networks, and now it's scattered and so forth, and people get what they want. But I think keeping keeping solidarity and solidity at the center of the core institutions, you will find an audience, just as movies do. So I'm not prone to despair.
I keep myself amused today doing radio dramas, and I still reach people in America and England.
So I.
Don't think there's plenty of good material. It's just not as concentrated as it used to be. But you can't look at the past. As somebody once said, the past is a foreign country, and they did things differently there.
Sir Howard.
So going forward here, I mean it's interesting the world's changed so much in terms of delivering content to consumers. Consumers can now get anything they want, whenever they want, wherever they want. Is this a better world for consumers and content?
Do you believe?
Well?
I think it's more complicated because so many choices are a bit confusing, and so truth becomes a little more obscure. As people listen to whoever they listened to yesterday, they switched to somebody else today. So I think our customers are maybe a bit confused. But we still have to provide great content and people will find it, people will watch.
And I saw the other day a new movie about Shakespeare as a young man and his and his and his family, and I thought, well, there's a lot of talent in America and it still will attract an audience. So breathe a sigh of relief and keep on trying.
Sir Harard, thank you so much for joining Bloomberg this morning. Sir Hard Stringer, of course, with all of his work at Sony, I should note that he had a radio broadcast earlier this year on the BBC called Central Intelligence, which won many different awards in the United Kingdom. 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 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.
The Newspapers Folks with Lisa Matteo.
Okay, see you touched upon it. So we're going to dive into the season two of land Man. Okay, uh, you know it's The Modern Industry, a drama about the oil industry. It's what makesweeney and oil experts.
You're telling you.
Okay, So the Telegraph is saying to me, Moore steals the show.
Okay.
So she plays Cammy Miller. Right, she's the wife of this powerful oil guy.
Right.
No, no, no, she's friends with Billy.
Bob she was it was it was John John Ham, yes, right.
And she's married to mad Men but.
He's not in this season. He died, Oh he died, died, Yes, give us muff.
So, okay, she's in charge of the company now.
So she gave this great speech and everyone is talking about it.
So what she did on the show.
She was talking to all these big oil wigs and she just laid she said, the only difference between me and Monty is that I'm meaner.
Test me and you'll find.
Out how much God sounds like you and them.
But it was like she was in the background right for a little bit, and now she's kind of like the less of the buttlight.
You're doing a screening and afternoon I'm gonna do a screening sifting on the train home.
Ye, on the train home. How to do exactly did.
You get a signal when you go under the water?
Download it?
I don't know how to do that.
Yeah.
Okay, we're talking about the ultra rich.
Okay.
They are spending a lot of money because they want to live in extreme privacy. This was in the journal. Okay, so they're paying big bucks. They want exclusive experiences, right. They want private restaurants, clubs that save them time, customized service. So when they get to the table, their favorite cocktails already sitting there. They have you know, chopsticks with their names on it, so it's all set for them. They arrive at hotels through back entrances. They go straight to
the elevator to the lobby. They don't have to go through the lobby. They go straight to the elevator right up to their suite. They have a butler waiting for them. Okay, it's about not waiting to be in crowd. So they have this place. It's actually being built in Florida, the Bentley Residence's condo tower. It's under construction in Sunday Aisles. Nice car elevators take the residence straight up to their homes.
Yep, that's how you do it. It's crazy, can't beleave. I can't believe you people wait in the lobby, Lisa.
I did six million dollars from when you can't believe people wait in the lobby. Yeah, but it's it's a d People want the social clubs, right. They're paying fifteen thousand dollars another fifteen thousand dollars annually to be part of these social clubs and just make them feel, you know.
Like they're good for them street. Yeah, I'll see them at the Cracker Barrel on Sunday morning. Maybe not maybe not yeah maybe not all. Okay, what else we got?
Okay, so the K pop demon Hunters, right, it's a big, big going Okay, Netflix, I finally watch it. So all the kids are into it to the deal could too. So the school has actually banned the singing of the song from the show in the school. This is from the BBC. It's called the Lilliput Church of England Infant School in Pool, Dorset.
Hopefully I'm saying that right. So they sent a message to parents.
They said singing the songs is not good because it keeps against it goes.
Against its Christian ethos.
Oh boy.
So some of the parents said, you know, we like the song.
One dad said, my daughter likes it. Why can't she sing it if she like? It's this whole big you know, it's starting to get an uproar now. But the school is kind of banning these songs and it's huge.
Here you have all the kids.
It was a Halloween thing, like all the kids were dressed up as K pop demonhameters.
I know.
I don't know. Okay, thank goodness, I missed that.
It's still on Netflix. Okay, maybe you could do that.
It's the streaming thing. Paul has overwhelmed us. I mean, it's our new entertainment period.
It's overwhelmed Hollywood, the brainiacs in Hollywood, the billionaires in Hollywood.
They don't know what to do with streaming.
I don't disagree with that. We're not going to talk talk about streaming with Sir Howard Stringer in the nine o'clock hour, Sir Howard on his BBC the Newspapers. Lisa Mateo, thank you so much.
This is the Bloomberg Surveillance Podcast, available on apples, 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