This is the Bloomberg Surveillance Podcast. I'm Tom Keane, along with Jonathan Farrow and Lisa Abramowitz. Join us each day for insight from the best and economics, geopolitics, finance and investment. Subscribe to Bloomberg Surveillance on demand on Apple, Spotify and anywhere you get your podcasts, and always on Bloomberg dot Com, the Bloomberg Terminal, and the Bloomberg Business App. We talked to someone more conceptual and just as wonderful. Peter Sheer
Joints said of a macro strategy at Academy Securities. As John mentioned, there's no visibility. Peter share, how do you get out beyond labor day?
And I think it's difficult. We've got to get through the summer jobs numbers. I think we're going to see some headwinds on the job numbers. I actually think we're going to see some deflationary pressure, so that's going to kick in. I think, you know, into the fall. Right now, it's all about earning, so for I think they'll come and find I think we're going to see those rotation where the laggers get bought. Part of it driven by some of the index rebalancing that's going to go on
on Friday. But partly I think people are finally seeing this trade work. So you want to own the rustle two thousand, you want to own the laggards, and I think you're going to see some underperformance. So I think that's the trade for August and September. It's going to be unclear.
The unclear of it all redounce to nominal GDP is statistic for real GDP plus the inflation overlay on top of it. Are you constructive that the machine can continue to develop four percent nominal GDP per year?
Yeah, I think we can get to the four percent nominal GDP. But if we're an interest rates are at five and a quorter, the Fed's going to have to do something right. I think we do not want real rates above one percent. So if we start seeing nominal GDP tick down, and I think it's going to be a function of slower overall GDP and less inflation, that's what's going to try and to drive the Fed's decision
into latet into late this year early next year. Though for the next three to four months, I really think the Feds a non factor. They'll hike in July and then that's about it.
Let's stand that sweet spot next three months. Let's work through that together. Pete, you've shifted away then to the equal way I believe in the market. Can't wait at call on the s and P five hundred, pet What changed for you that ultimately got your ranted a view that this can broaden out?
You know, I think for the last little while, you're starting to see some of the leaders not do quite as well, and you're starting to see the story broaden. Right, if we are going to get some sort of a soft landing or some sort of period that's not imminent recession, I think those laggards have to be bought. That's where people are going to look. That's where the value is.
And even on conceptually AI, right, if AI is really going to work, it's going to work for individual companies as they figure out how to be more strategic or get efficiencies on their strategy on their tactical level. So I think you're going to see this chasing of that. It's been a problem trade. I'm a little bit worried it's consensus. I think people have been piling into this trade for the last month. It has not been working.
But I think we're kind of poised with this earnings, this rebalancing that's going to occur on Friday, that we can finally see this catch up.
Do you think that's spread please?
Just to build on that, do you think that optimism constructive tone around the equal Wait and sorry for speaking IV, I was eaging to jump in.
Pee spreads from you're rude, I'm not OK.
You didn't pay that spreads from equity to credit because high yield spreads it's still pretty down tight gun into all this.
Yeah, I think credits gonna help lead the way, right. I think you're going to see credit spreads continue to grind tighter. You know, there's a lot of fear every once in a while people are talking about this wall of debt maturities in the high yield market. I think right now it's still providing attronactive yield. The overall quality
of issuer is better. The banks have been getting rid of some of their kind of hung inventory, some of their bad commitments made you know, during the peak, and with lack of supply, especially in the IG side, I think spreads grind tighter. That's very supportive and if high yield spreads can go further tighter. That does tend to tie really well into a rally in the Russell two thousand, so.
I paid constructive on stocks, equal way and small capity, and there on the Russell constructive on high yield credit as well. Here's a risk factor real estate. Can you just weigh in on Commo shall real estate pee and why? You don't think that's going to be a broad problem. You think it's going to be a local regional problem.
Yeah, I think it's going to be very local. You're gonna have areas I think like San Francisco where there was a lot of money invested at the peak, where work from home is going to continue. As people start seeing a little bit more pressure moving away from work from home, I think that'll help some the cre space. Plus, these things do take time to lead out. And even want to tie back to some of your comments earlier
about homebuilders. I think the one thing that doesn't get talked about enough about the home builders is this trend of where people are moving. So homebuilders can do very well when people are moving to new areas, and so that trend away from some of the cities into other regions really helps homebuilders. So I'm looking at more and more. I'm trying to get down in the economy, looking at a region by region, because I think we are starting
to see the separation. And that's one thing. If you kind of caught that on homebuilders, you would have seen, Oh, with everyone moving to Tennessee, Florida, Texas, there is a great opportunity for homebuilders, even with higher mortgage rates. So I think that translates very similarly into CRE. Some problem areas. There's going to be some good areas, but even the problem areas are going to take longer to play out, I think than people expect.
So time to try it is that long Texas, short, New Jersey?
What is it?
You know?
As a contrarian, I wanted to start getting along the other stuff. So I've been long some of these CRE stocks for a little while. I've been pairing gains in that just because you know, everyone was so doom and gloom, and I think that's one of the things we look at when you know, everyone loves to talk about the great financial crisis that took years to play out, right,
it took a long period of time. I think it was the summer of two thousand and seven when Merrill Lynch had to cut the dividend, and it wasn't until October two thousand and eight that you had Lehman moments quote unquote moment. So I think people got a bit ahead of themselves. Banks have a lot of leeway to figure these things out. The companies themselves will work it out. There's a lot of pressure, I think, to move a little bit away from work from home to back to
work from office. So that's kind of why I'm constructive there for now.
Everyone's so harsh on New Jersey. P you know, Oh, it gives New Jersey such a hard time. I never understood that.
It's always well, one loves.
One loves the Hampton's, but Jersey Show is what's.
That about it? You still don't get it.
It's like snubble.
It's it's like massively like the beaches and the beaches that the Hampton's aren't that nice?
Yeah, when you start in on there's Stephanie Rull's hair curls.
She gets likes the Jersey Show.
Oh yeah, she's all Jersey.
She's got one of our clients.
She's got like six thousand square feet down there.
Okay, I think Pete wanted to jump in, then, Pete, you can't jump in by all means.
I was gonna say. One of our clients is always wanted to use the term jersey math on like TV. I still don't know what jersey math is, but it seems like an appropriate time to mention it.
Do you get money for that?
Do we get do we get a share of that.
Shot?
The guess that come on and they have a bet and they have to say a word. You know those guests. I didn't realize Pete was one of those guests. Peter, Chair of Academy Securities. Pete, thank you, sir.
What I'm going to do and I think I can speak for the pros. What the pros do is not only look at the last six months last year, but where are we pre pandemic. Keetha Raghanathen is expert at this US media analyst for Bloomberg Intelligence. Ketha, let me go to what's important. Have you seen Barbie yet?
No, not yet, but I'm looking forward to it. Then there is actually going to be the double feature. It's Barbenheimer.
Yeah, well there's Barbarenheimer and all that. I guess we'll talk about that once we see the box office. I do want somebody emailed in, folks, And yes, there is a Ken surveillance. It's the more solid kind of Ken. You know, it's a different Ken than what you had in the sixties. Keith, I want to talk about Netflix here. I don't have faith in the profitability stream. They make hits, they succeed at Wednesday, they fail at this, et cetera.
Can you develop a persistent free cash flow? Can you develop a persistent ebitdah off of the creative process of success and failure.
That's a really good question, Tom, and I think they've actually shown us that they can. So you know, obviously, the content business, it is a hit or miss business. It's very unpredictable, as you just kind of pointed out. But if you kind of looked at that report yesterday and you looked at the free cash flow story, I mean, this is a dramatic turnaround in what Netflix has been
able to achieve. Look at the operating margin leverage. So we're seeing a lot of operating margin leverage, We're seeing a lot of you know, free cash flow leverage. And this is exactly what you want a streaming model to kind of look like. So they obviously raise their free cash flow guidance by forty percent, and there is going
to be a little bit of lumpiness. I mean, we're looking at five over five billion dollars in free cash flow and going into twenty twenty four again we think it would probably be six to six and a half billion free cash flow. So this is going to be a persistent, growing, sustainable, free cash positive free cash flow story for many years to come.
Do they have the ability do they have the elasticity to raise prices? We saw peacock Maybe some would say desperate, come up a buck can Netflix ruin my afternoon and come up one dollars or two dollars per month?
They absolutely can. So this at the end of the day, if you just kind of look at the breadth and the depth of content, I think Netflix still is fairly underpriced. They do offer a very compelling value proposition kind of just looking at the amount of content that they have
and they're going to keep adding to it. And then remember that these the labor strikes, while they're not good for the industry as a whole, they actually put Netflix in a little bit of a competitive advantage and a little bit of a sweet spot relative to its peers. Of course, it will be damaged if you know, or it will be heard if the strikes prolong for you know,
into twenty twenty four. But I think relative to peers, we're going to see that they're going to do well and that's probably going to give them some more pricing power.
Okay, So what did they say about I guess today, So what.
They said so this is, you know, one thing that I think the key takeaway for me from the earnings report was that this whole password crackdown initiative has definitely got off to a very good start. So execution is good.
There is a little bit of a balancing act that they've got to do when it comes to subscriber growth as well as our pool growth, right, revenue growth, and so what we're seeing this year twenty twenty three, I think is going to be more of the new member or new subscriber growth, and then as they kind of get that benefit of subscribers, we're going to be able
to see them to increase pricing to increase revenue. So I think the revenue growth becomes more of a four Q and a twenty twenty four story to.
Put prices up.
You need a decent content slight, a deep catalog, and a lot in the pipeline. At Gaithie, you brought up the right to strike. What did they say and the call yesterday about when that might buy? How long does this need to go on for before it becomes a big problem.
It's not going to become a big problem for Netflix for a considerable period of time. I mean, we've kind of seen them go through a very similar situation, not exactly the same, but we've seen them, you know, having to deal with a whole shutdown in production during COVID and they still held up relatively well. So remember, they have some advantages relative to peers because they do have a huge backlog. They have a huge content pipeline. That's
because of very long lead in production times. The other thing that they benefit from relative to their peers is they have a lot of foreign content, so you know a lot of content coming from you know, Spanish language markets from South Korea. So they've been able to diversify that really well. So they're not necessarily hugely dependent on Hollywood.
But of course it will affect them, and I don't think they're going to see any material adverse impacts up until at least the latter half of twenty twenty four.
What does the rest of LA media do given the Netflix performance? Are they having meetings today going who do we merge with?
I mean, this is you know, media of course, is under tremendous pressure. Tom, So we're seeing the linear TV business almost on the verge of collapse. And I think, you know, the alarm bells kind of really went off when when Bob Eiger just spoke a few days ago about how the linear TV assets are really no longer core to Disney's business. I mean, this is this is
something unimaginable, right, So obviously linear under considerable pressure. The good thing with Netflix is they're the cleanest story in media right now because they are pure streamer right, whereas most of these other companies are having to manage this transition from linear to streaming. So yeah, it's a very very different problem for all of them. Again, they have to manage a declining linear TV business. They have to show profitability on the streaming side, something that Netflix has
managed to do really really well. So it's going to be very very hard for the media companies. And as you point out, yes, consolidation is definitely on the cards case.
Let's talk about that a little bit more.
Is that consolidation Disney basically consuming all of Hulu, have an ESPN and keeping Disney Plus. Is that how it all works over at Disney and the rest is.
Up for sale? Yeah?
So I mean yes, in a nutshell, yes, So Disney is definitely going to buy Hulu. You know, there are all indications for that. The price point, of course, we don't know yet, but I think it will be upwards of ten billion, and then merge that into Disney Plus. And yes, everything other than ESPN is for sale. That's exactly what Bob has said. But the question is going to be who's really going to be willing to buy it? Because it's a declining business.
Keith, the one final question, it's urgent. Who's going to get Otani? I mean, there's Otani such a media value that the LA Dodgers just pick them up. It's like a no brainer the day one they pay for it.
I really don't. I wish I had had the answer to that question.
Man, Okay, Keith, you know, prop up next time?
Come ONKEITHA thank you Keithan rockin Ath and that Flumpeg it's setogen.
For Global Wall Street. Our Interview of the Day with Ianlncoln on rates. I was making jokes about it, but you and I remember a normal rate environment. The pervading feel is we're all going to die. How do we survive in a normal rate environment.
I think that survival in this type of rate environment is going to be a function of picking your places on the curve. It's an attractive environment to be involved in bills, it's an attractive environment to be in the front end of the curve. But as we know, when that shifts, it shifts very dramatically. And I expect that things will look wonderful from an economic perspective, certainly in the context of what we would normally anticipate between now
and the end of the year. But come the fourth quarter, we're start to see more evidence of the cumulative impact of policy.
Time to go to the belly of the curve. If you're at the five year point and you're rationalizing the risk of reinvestment, is your scale to go out to seven years or is your scale to go out to ten years from five?
I think you go from five to ten years, And I think that the logic behind that is that there is enough cyclical risk between year five and year ten to justify lower yields over the course of time. And let us not forget the ten year treasury is the benchmark of all benchmarks, and so for overseas investors it will always be an attractive touch point.
Andrew Holnholst The City just published He said we see upside risk to inflation and downside risk to growth three emerging in late twenty three. Max Catton has been bullished this equity market, and I know equlity' sign your things, So I'm not going to go in that direction.
Don't worry.
He's bullish and still bullish, but only through the rest of the summer. He thinks after the summer, inflation risk starts to kick back in What are you telling clients about that?
So I'm completely on board with the notion that once we get to the September October CPI numbers that will start to get a better sense of how much housing costs and oer and rints have actually moderated sustainably. If we see a return of those core inflation components, I think that's going to be problematic for the FED. It will push rate cuts even further into twenty twenty four, and more importantly, I think the FED will focus on shifting the conversation to core services X shelter, and that's
the big uncertainty. If that, given its high correlation with nominal wages, continues to moderate, the FED can claim victory even if core inflation resurges towards the end of the year.
Give them what you've just said, How do you think that's going to shape communication next week and beyond inch Jackson Holle.
So we're expecting a comparatively dubvish hike next week we get twenty five basis points. That's all that's completely priced in at this stage. But the Fed yes wants to retain a degree of flexibility, but also needs to communicate to the market that five point fifty may very well be the terminal rate for this cycle. So we're looking for a Powell press conference that echoes what we saw in June, not what we saw at Humphrey Hawkins.
Not because of you. It was Beamo Capital Markets. But I loaded up on the Austrian twenty one hundred and seventeen piece. I thought for the great grandchildren, who'd be a great idea and I've enjoyed that from a price of two twenty down to seventy five, and critically it hasn't come off a mat at all. What's the risk to retail of being yield hogs and defining duration of twenty years, twenty five years, thirty years. What's the risk
that you see there at retail? They just love to go out to that maturity.
The biggest risk for that sector is that the subset of the market that believes that inflation is structurally higher and therefore nominal rates will be higher for longer, over an extended period, that they're right. If inflation is structurally higher and the FED gives up the inflation target at two percent revises to say three percent, then we actually are going to be in a sustainably higher rate environment for an extended While your.
Work on the r start debate, John Williams comes out and reaffirms lower our start, Others, as you say, are looking for higher our start. Where does Governor lingoln think we are.
I think that the post pandemic period we will all come to the realization that our start hasn't changed. If anything, it's incrementally lower as a result of the dislocations.
We could do a good co interview here.
We could do Williams and Williams to Williams on Jackson. How why I mean next month is serious?
Folks. We've got market guy here saying he agrees with John Williams as well. What are the high our star of the worry warts? What do they get wrong?
I think that the argument breaks down once we see labor force participation continue to move higher across the board with the exception of fifty five and older cohort, and we see nominal wages revert to pre pandemic norms.
Like give me that's critical. There are nominal wages. Let's say we had the luxury four five six percent, particularly the lower death styles. Where do we get back to normal and nominal wages? Some inflation.
So if we're printing with a three handle sustainably year over year average hourly earnings, the market is very quickly going to move back from the higher our start argument.
Pre pandemic economy is that what you're calling for.
I don't think that much has truly changed. Think that the Fed got transitory right. What they got wrong was how long transitory applied for.
And you can't say months say that it was.
It was four years.
Okay, let's go back, little experiment. What do you think the optimal policy response would have been, given everything.
We know now, if Congress and the fiscal side had stayed out of it. I think that the Fed did the right thing. It was difficult for Washington at that moment to not pump a ton of money into the system. I think that that is what really shifted the real life was.
The ultimate scent.
But what could the Fed have done? Given everything we know, just the benefit of perfect hindsight twenty twenty vision, what could they have done?
They could have.
Stopped buying bond sooner, they could have normalized rates more quickly. But recall, what the Fed was doing was they were trying to make sure that the system continued to function, that the ATM card worked when you went to the to the bank, and so they were playing a much longer game than the market was.
And good to catch out ending and there of BIMO.
This is a joy right now. Steve Tren is known for writing acutely detailed change notes on the airline business out of Stuyvesant and Penn holding on the Dartmouth bubble for four years or what I think he took he took Talk into a six year program just to hang out with his ll beans on up in Dartmouth. Steve Trena City Group joins us this morning. You learned at Talk under Max, Matt Slaughter and the rest of them
that business plans matter and strategic vision matters. Which United States Airline has the best talk like business plan?
Well, first off, thanks for having me on and for the warm welcome. I super appreciate that. When we think about the US airlines, I'm impressed with Delta, and I also think that you Niman knows what it's doing in terms of its long term refleeting effort, and Delta Airlines as well.
I would say both of them.
What we're seeing international long haul, that's really the place where I think one year from now we're going to be talking about how good the unit revenue is, and those two carriers I think will very well positioned for that longer term upside. And I think their strategy on that regard has been intentional.
Steve, why isn't American in that sweet spot?
You know, in Americans case, they have definitely done a better job. You know, the two Q print was above the street when we think about how they're set up structurally. They just don't have as much metal on those transatlantic or trans specific exposures on those corridors, so they won't have as much as the upside. You know, you can kind of also dig down deeper, for example, into co branded credit card and loyalty. That's a piece of the
pie that elements of the market ignore sometimes. And if you look at Delta's program with the American Express, what all of that telegraphs in terms of Delta's strength as a counterparty. You know that revenue is still really surging in the right direction, and American probably from a counter probably excuse me, counterparty profile doesn't get that same premium that Delta.
And United to.
So Steve, when I see those massive lines around the corner of JFK to get into the data air lines loud, are you telling me that's good news?
You know, that might not always be the best news for the consumer, that's probably good to very good news for the shareholder. And I think when we look at the normal post pandemic world out there, you know, I think Delta has been really good and United as well about really optimizing sort of the passenger outreach in.
Let's optimize this, John, what we need in the lines you're in at JFK that go four miles long. We need Bloomberg terminals along the way so the shareholders can get their quotes along the way. Steve Trent, what I love about your note is you get granular about looking out weeks and months. You mentioned that October looks pretty good. Is your belief in guessing revenue, guessing number of fannies in the seat? Is your belief like it was pre pandemic or is there still a mystery to it?
Oh, that's a great question, and I would say that.
It looks like demand patterns have at least modestly changed versus pre pandemic. And this is partially a consequence of many people no longer working in the office Monday through Friday. So that lifestyle adjustment, per see, we believe has influenced the way consumers make purchasing decisions and the way they make decisions about purchasing airline tickets. So when we look at the data through October, you know, the booking curve in this first back to data we got for October
looks very good. And one of the things we've seen in the last year and a half. Quite frankly, is advanced bookings much stronger than they used.
To be pre pandemic.
We think that's one sort of symptom, so to speak of the nature of post pandemic travel is now a bit different than twenty nineteen.
Yeah, Jane from Scotland emails in and says she hopes you're working five days a week and not doing the work from home, la Steve Trent. When you look at the aviation business, and I'm going to go back to the wonderful conversations I had with one of my heroes, Robert Crandall, who basically invented some say the price discrimination of the cabin Is it going to be business as usual or for you out three years or five years?
Is there an airline new world, an airline new persistency of free cash flow that makes it more quality than the crazy Crandall world we knew?
Yeah, absolutely so.
I think one of the things that's definitely going to be different for a while it's capacity. So some of that's coming from the manufacturers. You've had, of course, these pandemic era supply chain issues, which to some indications that those supply chain issues are improving, but there's still a lot that they have to dig through.
It still takes a.
Long time for airlines to get planes. You have in some instances engines and spare parts are hard to come by, and then the pilots. So it's a little bit difficult to see the pilot situation normalizing in the next two, three or even four years. So you have this bottleneck out there that is going to be hard to solve. I think that layered over you know what we see
as the good countercyclical demand trends. At the moment, capacity should be constrained and capacity remains below twenty nineteen levels on a per capital basis, so that's something that probably takes a very long time to change.
Steve, this was great. Let's do it again, Steve Trend. There a city on the airlines.
Well, welcome all of you worldwide and across America. From the guy who made major headlines three months ago styling at the met Gala, he's moved from the met Gala.
He's doing a little better.
Matt Gello with the beautiful people. It's a new danger RECURR.
Just really good stuff. Daniel Ricardo joined US now Formula One driver for Alpha Tawi. Daniel, wonderful to have you with us, and first of all, congratulations, it's going to be fantastic to see you. Want a seat this weekend. I actually want to go back a couple of weeks if we can. You went into the car to do some testing, I believe, tire testing in Red Bull at Silverston,
and for many people they assume that was the game changer. Daniel, can you tell me what it was like to get in the seat and tell me how well that went and how quickly it came back to you?
Ferstally, thanks for having me back. Appreciate it. It was, it felt it kind of gave me everything I wanted to feel again. You know, I hadn't hadn't driven since the last race of last season, so it was about eight months, and yeah, I was like, I was very curious. I was I'm probably going to feel a little but I'd also been doing a lot of sim work and so I'd kept my eye in, but yeah, hadn't driven, you know, the physical car, and I got in and it felt all like normal and natural again, and it
went really well. And I think that was like the last box that needed to be ticked to kind of confirm the comeback.
Just so of a decent idea.
Daniel, what kind of lap times were you putting in and how long did it take to put those kind of lap times in? Did it take five, six, seven, eight laps? What were you putting in?
It was?
It went well? It went well, so I you know, I So the very first lap I did, I was like, oh, this steels, it feels fast. I haven't driven this fast in a long time. So you know, it's it's nearly like your brain and your like eyes need to readjust just to the speeds and everything, let alone like your body, you know, the physical forces. So yeah, like the first lap in a way felt like a bit of a shock to the body. And then from that point it just I quickly got back into it, like it all
felt normal again. So I did one run just to get my eye in, so that was about six laps or something, and then the next run we put on some new tires and that's when I, like the first lap, I was pretty much down to the pace.
Well, I hear it's better than that, Daniel, I hear, it's better than that. What I've heard is that actually it would have put you at the front of the grid at Silverstone on race day?
Is that right?
Yeah?
It was.
It was good enough for a front, right, So that's amazing.
I was like, look, I obviously like believe a lot in my ability, but I know that being out in the city for a while, like there's going to be a few cobbs to kind of dust off.
I didn't expect for it to go that good. So I was like, I was greeting for me Adio.
Daniel I pointed up one hundred and twenty thousand last week for the simulator, which is somewhat almost like what you max for stepping and others. Do we see it on the Netflix movies. You guys are into simulators, wasting time from photo shoot to photo shoot. Explain what a simulator can't do. I'm fascinated by your leap from simulators to Budapest, which some people say is Monico without barriers. What's the jump from simulator to actually doing it?
I mean it's still a it's still a legitimate jump, you know. I think the the simulator is now very good. Like the team's purpose build them, you know, you can't. These aren't stimulators that you can have at your home. They are beyond next level, so they they feel like you can you can kind of get I mean what I'd probably say it feels like maybe eighty eighty five percent of the real thing. So it gives you enough of a feeling and enough of an idea. So it
definitely helped me get up to speed. But you know, there's no like physical aspect of the simulator. You know, you don't get the g forces and so there's a lot that's still you know, like tire management, all that sort of stuff is then that's all on track, real stuff that that I have ahead of me obviously now this weekend, so it's prepped me. But yeah, I'll still got a few things to get on top of.
Well, let's talk about this weekend and beyond.
So you're obviously going from a team as a reserve driver red Bull at the top of the pack, top of the standings, to a team at the bottom of the standings at Alphatarrius. Back to your Toro Rosso roots. You know how to get it done in a slower car, So talk to me about how you're going to define success not just for this weekend, but for the rest of the season.
I mean, it's really I think as you said said like the car I drove last week was the best car on the grid, So in a way, part of me needs to remove that feeling. But getting into that car last week, I was just I just kind of jumped in. I was like, let's just see how it goes. Let's just drive. Who's my ability have fun with it? And you know that's the approach now. I think you know it's so easy to overcomplicate it. Yes, this team is having a difficult season. There's going to be some
things we're gonna have to work on. But I think the approach for me needs to be just go out there, drive it, and then you go from work on its weaknesses. And I think I just need to focus on getting the best out of myself first.
Dane, I noticed its silverstone, Like Lando Norris is getting all the love. I mean, Florence Pugh wants to hang out with Lando, not Daniel.
I get it.
I mean, there's no question about this.
You have been through the ups and downs of this. John mentions Budapest, and I think Austin's out there summer as well. Is this a sequential process you have to get back into it or is this so thing you can figure out and practice to tomorrow now on the qualities and get something done on Saturday.
I mean I, like I would say, realistically, it's a bit of a process. I can't probably expect everything to fall into place on the first weekend, but let's see what happens. Like I also, and you know, I've.
Never seen this modest in my life. I've never seen in this modest in my life. Let's finish on this hopes and dreams. I know you've got many have you got your right on that second seat at red Bull not for next year, but the year after that.
I mean that that's like that is that is where I would love to get to. And this this for me is it's an opportunity for sure, back in the sport, back in the red Bull family. And I know if I can capitalize on this, it could potentially lead to that. So this is all part of it.
Then your congratulations and good luck for race weekend. And next time you're in the States, drop by New York on the way to Wolston and Vegas. We can catch up Daniel Ricardo there of Afatari, Thank you, sir.
Subscribe to the Bloomberg Surveillance podcast on Apple Spotify, and anywhere else you get your podcasts. Listen live every weekday, starting at seven am Eastern. I'm Bloomberg dot Com, the iHeartRadio app, tune In, and the Bloomberg Business app. You can watch us live on Bloomberg Television and always I'm the Bloomberg Terminal. Thanks for listening. I'm Tom Keen, and this is Bloomberg