Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg Surveillance Podcast. Catch us live weekdays at seven am Eastern on Apple CarPlay or Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts, or watch us live on YouTube.
Kim Dawson walks in the studio of the market lifts NaSTA C up nine tenths of a percent. We need a Bloomberg Business Flash from IBKR. Lisa Mattail, you got it.
Yeah, we do have futures advancing traders kind of assessing. Presidents from spledge to impose tariffs on all imports of steel and aluminum. We were just talking about it. What it's doing is pushing up some American companies linked to the metals companies like us Steal up three percent, out co Op two percent. We have Cleveland Clips up about eight percent, NAZAC futures leading the charge up nine tens
of percent one hundred and ninety seven points. So we have Dow futures up a half percent, SMP futures up six ten seven percent, the two year yield at four point twenty six percent, that's down two basis points at the yield other ten you're four point four to eight percent, and that's down one basis point to commodities go hold rising to a record. Tariff talk kind of added to that uncertainty in the financial market. So we have COMEX Gold up twenty nine hundred and twenty four dollars an ounce.
We go to oil Brent crude seventy five dollars a barrel, WTI crewed seventy one dollars a barrel. We'll go to shares of BP. They're up six seven percent in London. Elliott Investment Management said to have built a significant stake in the company. And then we go to earnings. McDonald's up two percent. Sales rose in the fourth quarter. Yeah, growth in international business actually made up for that drop in the US. And it's a big week for earnings.
This week, we're gonna hear from Wendy's, Deer, Applied Materials, Coca Cola, Craft Time, CVS and more. That is your Bloomberg business flash, David and Tom.
He adds, I mean I didn't laugh yesterday except one moment, and David, I thought of Cam Dawson. It was a wonderful dunk, And don't it's commercial. I wish they do them all year round. I thought it was great. And Starbucks shows up in the middle of the commercial looking for a Coriander latte, and I thought of Kim, And you go to Starbucks, what do you order?
If you're asking me about donuts, I will go for Public's donuts every day of the week.
As a Florida Natives.
This is a Florida supermarket chain.
It's They're the greatest, do you know it.
They're like sweeter than Krispy Kreeks.
It is Florida.
Okay, thank you, Kim Dawson joining us right now. In the equity markets, and you know, I'm looking at year to day Dow up four percent, SPX up two and a half percent, and Asda. You know, I'm sorry extrapolated out it's a double digit ear Do you model a double digit twenty twenty five for the equity market?
We think that it's going to be more like high single digits, but there's potential that you can see ten percent rallies, ten percent corrections. Our base case for twenty five is a wide, choppy range where you could see rallies over the course of the year in these sort of risk on moments, but that because you're coming into the year at such high valuations, you are very much primed to have that downside volatility.
Okay, I'm gonna get volatility. But the answer is right now, we're going up.
Why we're going up because there still is this risk on notion that you are going to see a benefit from policy out of Washington. You still are seeing earnings go up. So if you look at fourth quarter earnings, you went into earning season expecting twelve percent growth. You're getting sixteen percent growth for the fourth quarter. But watch this closely, you're actually seeing twenty five and twenty twenty six estimates for the S and P five hundred get
trimmed just slightly. If that continues, that portends a bit more of a choppy sideways market.
Peter cherw with us from Academy Securities earlier talking about how he is kind of staying invested throughout all of this uncertainty and the waves of it. How are you approaching the likes of what we saw last night when the President was on his plane and flow to what maybe announced today. So the ups and downs from a policy perspective when it comes just to uncertainty, if we could charge if we could chart that.
Yeah, certainly, we think that there's going to be the vagaries of the market as we move through the year. And the reality is that unless we are thinking that these policies have the potential to significantly dent growth, then it does warrant you staying optimistic and invested in writing out the volatility. So watch things like credit spreads. We think credit spreads will be an important indicator of if
you're seeing growth start to weaken. If they remain contained, it means that it's just equity positioning and valuation.
Polatility takes It's like scarlet food, it takes.
Credit right there, credit spreads.
No, thank you, Yeah, thank you.
L E s Okay, you know I was off last week, but noted the fact that you noted as well in that in those Michigan data there was the sense of consumer anxiety about inflation where it's headed.
What do you.
Extrapolate from that? Putting aside all the concerns about the politicization of the Michigan server whatever, how worried are you about expectations for inflation becoming kind of unanchry run more, it's.
Certainly something that's on the fed's mind.
We do think you have to take the inflation expectations stated with a huge grain of salt. First, it's very correlated to oil prices, so consumers effectively report what they see at the pump, even for long run inflation. Second, you have this huge divergence between Republican and Democrat reports on inflation expectations. We think watch the independence They've been stable. Independents are sitting at three point three percent. It's been the same for the last few years.
You've been great about I gotta be in the market, I gotta participate. I forget about the David Gurra political overlay right now of basically whatever your politics, total chaos. I want you to talk right now to someone in a four to one K plan who have a three or a seven or a longer term perspective, how do they maintain given the news flow.
Well, certainly we think that keeping that long term perspective is incredibly important. And the thing that has to come with that is an awareness that volatility is opportunity versus something to be afraid of, and that this year is likely going to have its twists and turns. We're only a month and a half in and we've already gotten them. Given the starting point of valuations, you are not set up to be able to absorb a lot of bad news. But that doesn't mean you should run for the hills.
We still think that there are good things happening in the US economy, really strong things happening in US corporate earnings, all things that support risk on assets. And see that volatility is an opportunity to add instead of something to run away from.
How why does your aperture when it comes to equities now? Are you looking overseas or is the uncertainty of the time we just mentioning. I like to harp on something that's kind of precluding you from doing that, that there's just too much of it and that kind of makes difficult investing in overseas markets right now.
Don't look now, but China tech is outperforming US tech. And we've seen this that's short, episodic upside volatility in China tech over the course of the last few years, and you have a big rally and it gives it all back up. So it's not for the faint of heart. But we are seeing this shift in some leadership where we're seeing signs of life out of non US markets. We don't think it's sustainable unless you see a major
dollar bear market. So we think you have to make a dollar call to really push into non US markets, And right now we're not seeing signs that the dollar is imminently topping, so it could be more of a short term.
Trade, but we think you have to be there.
You have to be looking because of the discounted valuations, even though that's not a catalyst.
So what do you do with MEG seven right now? They just reported The basic theme we got from Anna Rag and man Deep was they can't keep up with the demand for AI. Is the huge investment numbers we're talking about. Do you just maintain MEG seven?
Well, we put out a note this morning that said, maybe it's not the MAG seven, but it's the LAG seven. The MAG seven has treated below it's fifty day moving average. It's starting to show some signs of a weakening trend, and if you look within the MAG seven, there's a lot of dispersion. So Microsoft has been flat for a year. It's gone nowhere because you've been cutting earning sestiments and
because they've seen such a huge increase in capex. The numbers are wild Microsoft has three exits capex over the last.
Four years since twenty twenty one.
So it's cash flow has been weaker, but its operating profit is very strong. So we think investors are starting to lose a little bit of patience with all of this capex that hasn't necessarily materialized in significant uplift in returns.
How do you respond, Cameron Dawson to people that go, I can be solid in munis. They're forminal tax free whatever. They are like a set versus equity exposure.
Well as as a firm that builds custom portfolios for our clients. It really depends on your liquidity needs and your risk toolery like a lawyer.
Well, our equity's going to outperform fobal tax free.
Munis over the long run.
Yes, but the equity risk premium today is extraordinarily tight.
Okay, so you're in your all beunies this morning.
No, we haven't. We maintain a balance portfolio. We are so fully invested in that would show up.
I mean, we had a big sign homes dot Com yesterday.
It's got the lawyer work go away, Kendogs, thank you so much with new Edge.
Right now, you're listening to the Bloomberg Surveillance Podcast. Catch us live weekday afternoons from seven to ten a m Eastern. Listen on Applecarplay and Android Auto with the Bloomberg Business app, or watch us live on YouTube.
David Gurth and Tom King of Robert D. Kaplan and everyone my affinity for his realist international relations. The body of work is absolutely jaw dropping. Years ago my book of the summer was the Return of Marco Polo's World. My book of the year last year, a wonderful two hundred and eighty pages, The Loom of Time between Empire and Anarchy. He has been ferociously writing Robert T. Kaplan and the must read waste Land, A World in Permanent Crisis. David Gura with Robert D.
Kaplan and few bring in sort of reference to history and art and writing with original repretashes as well as he Robert Caplan. Great to speak with you this morning, and I confess I was thumbing through the galley of your latest book, Wasteland, A World in Permanent Crisis, while I was covering the G twenty Leaders summ in Brazil just a few months ago, and it was such a strange moment at which we were looking to see what
President Biden might say or do. He really stepped back and didn't say much of anything during the course of that that gathering, and we saw kind of the reconfiguration in real time of alliances on the ground there in Brazil, the role of America being questioned in other countries coming together in new ways as a result, help us understand the moment that we're in as we hear so much about what's going to happen here, to the rules based order, to the way things happen for so much time here,
as we see a President Trump returning to the White House and espousing the protections policies we first saw just a few years ago.
Oh, thanks for having me on. I think we're at the end of the post war order, post war I mean, post World War two, but also a few decades after the end of the Cold War. We've had the same international order since nineteen forty five. Essentially, the United States
has been an empire in reality since then. And you see it not only with Trump's lack of interest, not just you know, making demands on NATO partners, but his lack of interest in the Alliance in general, and the Alliance of course rose out of the ashes of World
War Two. We also see it with his attempt to gut to close down the US Agency for International Development us ai D, because that too, has been a pillar of the postwar order, even though most people until a few weeks ago didn't really know much about it, because it was through us ai D that American foreign aid
to countries throughout the developing world was channeled. So you had hard power through NATO and our Pacific alliances, and you had soft power through us ai D. Trump is going after all of that his you know, it's not that he's an isolationist. That's absolutely wrong. Trump engages with the world. What Trump is doing is he's adding another
layer to manifest destiny. Manifest destiny you used to be about America conquering the west from east to west, from the East coast to the West coast in the nineteenth century. Now he wants to expand manifest destiny north to south, from Greenland to the Panama Canal, from the Arctic to the Tropics. He sees a world of regional rather than an American led post war order. He sees a world of regional regional geography based alliances with China, the United States, etc.
I want to come back to that in a moment, but picking up on something you said a moment ago, and that is him kicking that leg of the stool, the soft power legout from the stool. What are the consequences of that? I mean, we've heard from Samantha Power, the most recent head of USAID, making the case for preserving that organization and keeping its good work goinging a
tool Gwande who worked there recently as well. I don't know how much that's resonating, But what are the consequences of losing that focus on soft power?
I think there are mens really because solt power you need when things are not going well, when you're not on top of the heat. When you have you know, solt power is influence in countries, you know, having connections in company, in countries, knowing people because you're working there, you're doing things in case of a hostage crisis or some sort of crisis, you always have a phone number to call people. You know, it's about building relationships and all of that would go just the word on AID.
You couldn't make the case that AID has not been managed as well in recent years. However, the way to deal with it is the way the tough Republican presidents of the past dealt with it, like Ronald Reagan and others, by putting it, by fixing it, by putting in real, hard nosed business person types to run it.
Robert Kaplan with his folks in celebration of his new effort two hundred some pages waste Land Gera. Read it in Brazil. I haven't be honest read it, but top of the pile right now. The loom of time from Morocco out to Persia was spectacular in my book of the Year last year. Robert Kaplan Egdone alluded to this this weekend in the Post. But Richard Nixon in nineteen sixty two was an author, and then he enjoyed losing as governor of California to Pat Brown. He was at
his bottom. What comes after Trump? Have you framed out in your mind that this let's assume he's not going for an FDR three terms, But after President Trump, what next for our politics?
We've had? First of all, one of the problems with America in terms of American power and America's trajectory is that it is is that the center is gone rather than a center, right and a center left governing the country. Where elect presidential elections were not existential. You now have a progressive left and a populist right. Neither seems to talk to the other. I think after Trump, what you're likely to get is another populist right regime, or go
back to the progressive left. The real story in American politics is the destruction of the center, the destruction of the political center, which is partly the result of the end of the print and typewriter age and the beginning of the digital video era, where where news is not in the middle, nuanced. It's all about passion and anxiety and short bursts of simplicity through social media.
And David, I want to point out from Berkeley, Paul Pearson and Eric Schuckler. Folks, for those of you in the markets where you want one read here, it's Kaplan really accessible Wasteland or the Loom of Time and a little more dense. Paul Pearson and Eric Schickler, their book Partisan Nation is shocking and describing what doctor Kaplan just mentioned.
I hear you saying that the center is gone, and I can't help but think of the poem from which your book takes its name of course the Wasteland by Elliot, and how that's always been one we read in compliment with or in conversation with the second Coming by Yates.
Of course, center cannot hold. And what I'm very curious about is, and I've thought about it over the course of the weekend last week as well, is the role that Elon Musk and others from the tech industry are playing now in the governance of this country and sort of setting the policy direction of the United States. It's something that you touch upon in the book, but I wonder sort of how what we've seen over the course
of these last four weeks is advanced. You were thinking on that relationship between Silicon Valley, what we identify as a genius or technical facility, uh, with with managing this country, with with setting its direction, and how perilous that might be.
Yes, The late Harvard political scientist Samuel Huntington said that America was always great, not because of its people, but because of its institutions, the separation of powers not just in Washington, but between a county, federal and state out in the out in the countryside. It was institutions that made America great, and the sanctity of them. What we're seeing with Elon Musk is an erosion of institutions you know where think you know, more and more executive orders.
This didn't start with Trump, It's started with Biden and even before that, but more and more executive orders, the increasing power of the executive and the executive in more and more collusion with oligars, you know, super wit rich people.
But then over the week so they were all at the Super Bowl, Robert Kaplan with what you just said, I think everybody of all political persuasions on this morning commute across the nation are simply saying, where's the legislature, where's the judiciary? Do you assume that there will be checks and balances into March or April?
I'm not sure. I just know you can devise the most brilliant constitution in the world, which the founders did through the Federalist Papers. But it oh but and they said it that we can devise the greatest constitution. But it all ultimately comes down to, you know, to human ca character, you know, you know, to the stability of people, to their ethics. If you have people who are irrational, unethical, or are in some way do not have real standing
moral standing. The best constitution is not going to help you.
I have seen you recently described as variously here a pessimist, a tragic realist, at a Hobbesian. I wonder what gives you any optimism here about the continuation of the American experience in light of the reading and work that you did on this, this latest volume.
What gives me optimism is that because America is a boisterous democracy, it's gone through these periods before, you know, stylistically and in other ways, this is not that much different from the Jacksonian upheaval of the early nineteenth century, when Andrew Jackson, a rough, un roughun unsophisticated on only partially ethical of frontiersmen, came out and wiped out the regime of the of the very feet aristocratic people from
Massachusetts and Virginia and the country. The country went on, It went onto a new burst of of development and and and and and and and dynamism, et cetera. So it's a bad bet to give up on the United States completely.
Robert T. Kaplan, I have to talk here about your loom of time, and I just got a minute to do it. If you were to write an epilogue of the Middle East, of Eurasia, from Morocco over to Persia. What would you write of today? What? What?
I what I would write up today in the loom of time. I did not cover the Israel Palestine issue, and that was good because I probably would have gotten all in the book would have been dated. But I would constantly. I would obviously have to write about that, what has happened in Gaza, and I would just say that the big question out there now that Israel is dramatically weakened, Hesba lah Hamas and the hooties in North Yemen.
The biggest question out there is the future of the Iranian regime, because if the Iranian regime were to implode in some way or a fashion, it would be a world historical event that would change the italiaes.
I got eight more questions. How many did you have? Robert Kaplan? Thank you so much. Too short a visit. We thought we'd do that, folks, to frame out where our X number of days into Trump second administration. Robert Kaplan and celebration of waste Land. Ger is the only one on the planet has actually read it, which is very cool.
It is very readable and I commend it to everybody you as well.
Tom. Yeah, I can't say enough about his work. I'll do that out on social here in the coming days. Robert Kaplan where this was all of his affiliations, including Eurasia grew.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Apple Coarclay, and Android Auto with the Bloomberg Business App. You can also listen live on Amazon Alexa from our flagship New York station, Just say Alexa, Play Bloomberg eleven thirty.
Let's talk fourple text free. Pet Askell joins us out headed Muni Bond group at Blackrock this morning. I don't do enough on muni bonds. Is there any let's start with this double tax free, triple tax free. Is there a value for a New York state resident to buy a Nebraska g O this morning?
No, I'd rather just stay at New York paper, stay Ky, keep the stay exemption. Yeah, New York. Despite some of the dysfunction all day, most New York credits are very solid. So the I mean we can get into the rit Versus Union College later on when we start to talking about the small colleges. But the I would stay in New York. Now you know that r You know ri I T has had Union's number and lacross the last few years.
Yeah, they all right. I was actually the meeting where they were going D one is ish and the build to you had to build two aster turf you had to build two astro turf practice fields.
Too to get up to a certain leven and there was there was.
A capitol commitment. They made it Union College because a black Rock trust it wasn't to.
Continue to pat How is the the uncertainty that we've talked about at this kind of more macro level percolated down to to Muni's about about policy.
Is it yet or is it something that's too The Muni market follows but lags the treasure market. So the you know four eighty to four forty rally we saw in the last month, Munie's rallied with it, and you know,
the they underperformed a bit. We outperformed a little bit on the cell off on Friday, But overall, I would say that you know, if you look at correlations over time, munions are the least correlated of a large dollar dominant bond markets to everything else that's going on the look, I think that, you know, I thought it was very interesting the Treasury Secretary said that the treasury supply was going to be stable over the next couple of quarters,
because that that's one of our biggest concerns is that they start to term out the debt, the bill market becomes smaller as the composition of the debt that gives us that push up towards five percent and ten year no yields, and that you know that, obviously, in my opinion, would be an opportunity in the municipal market.
Cam Dawson, talking a moment ago about her balance portfolio talk a bit of bounce rip enthusiasm for muni's from consumer investors. How appealing is that, How easy is it for people to get it into.
I think people are getting more excited about about munis and fixed income in general, because this is the first time we've had real yields at this level since this since the financial crisis, except for a few points of stress like the pandemic and things like that. So, you know, we were we spent a lot of time in the
road the last last few weeks. We converted our our high yield mutual fund, which has an excellent track record today and do an actively managed et I had some news Tommy, right, the uh and then we're really excited about it. So the h I M you, we lowered the fee by over twenty five percent, transparent, easy to access, the high yield muni market very excited about.
Can you own munis within a retirement plan? Uh?
No, because well you can own taxable munis. But yeah, but you would never when you already have your tax to fur you're not gonna put it. Yeah, you know, So how is it?
Give you an example of a taxable muni that Michael Barr would put into his retirement plane.
The u I would say, any of the any of the babs that were issued post financial crisis. You know, there's Cow babs outstanding, These New York bab's outstanding. Some of those got called last year. But all those are high quality, big insurance demand for that, for that high quality, long duration paper. It's not enough of it out there.
Okay, this is the I want to go. David's loaded the boat at thirty year bonds for the kids. What's the biggest mistake retail makes in duration or maturity of communities versus what the adults do.
I actually think the biggest mistake the mean that retail makes vis a vis their curve selection is going too short on the curve. Interesting because if you think about it immunity markets, it's we fund projects or long duration market. Now,
look what I've said that at the zero buonoministrates. No, but you know now I think you know, having the opportunity to opportunity to layer in these you know, eight to nine percent after tax returns in the in the high yeld muny market, I just don't think we're going to see that very often. And if it gets to ten eleven percent, you're not going to own a lot of equities.
I remember listening to Taylor Riggs, formerly of here, talking a lot about the muni market and all the projects that could be she left, there's more news for you. What are the projects now that are sort of most of the funding is going toward where we seeing the greatest greatest interest terms of funny.
Projects, whether the the biggest. The biggest project on the docket for the next couple of weeks is the bright Line train out West, which will be a high speed electric train going from Las Vegas to Los Angeles. So we really that's it's a large, non rated deal. It'll be very interesting to see how the market absorbs that. It's an exciting project, but it's it's a non rated it's a two and a half million dollar deal. It'll be interesting to see how the marketing sworts that one.
The ETFs for munis is get showing interest. I mean, this is I think if new ven years ago in unit trust or buying individual paper, the wull ETF things picking up hip.
One of the things that people learned, especially after going through the pandemic when in some of the mass selling in March and April of twenty twenty, is they want to know what's inside these funds. And you know there's a there's a place for open end mutual funds, no question, but you know, being able to see the transparency of the portfolio every day is very attractive investors. The other thing is is so many financial advisors retool their practices
and they're using models. ETF fit very easily in the model. So the ease of use also is really nice.
Were you ever at Union College when it was twenty six below zero?
Yes?
Could you walk across the Mohawk River?
The that I don't know because we probably hidden basements. But the or you're working on the sixth, the sixth casees Unica club, the Yeah, I mean there was they still let us have kegs back then, the and there was a lot of them.
Thank you so much, him, thanks thanks for having me, very good. Thank you. I really appreciate it. Head of Muni Bonds at Black Rack.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on Apple Coarcklay, and Android Auto with the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg Terminal.
Special edition front pages. Today a super Bowl Driven with Lisa Mateos. She washed every minute every ad. Mateo reports, I am really.
Feeling it this morning.
Guys.
Okay, so fashion, right, you talk Super Bowl and everything, but the fashion at the halftime show and of course a pop star suite that's all in the headlines. Okay, So Kendrick Lamar, you know he did the halftime show. Yes he had the fancy varsity jacket, but what people are pointing out are the jeans he was wearing. He was wearing blue wash, bleachy blue wash bell bottomed jeans. So they're saying, is that the new thing? I mean, David, I don't know if I could see you in the fit.
No, but Tom might bring his closet.
You had them from the Boulder days. Yeah, I didn't even know what.
Year was at the sunk with the Nebraska attack.
Yes, so you have Kendrick Lamar's bell bottoms. But also Taylor Swift. Everybody was wondering what she was going to wear, so they're saying she had She had the double breasted white San Laurent Blair blazer today, the bedazzled Daisy Dukes. You have to have those two, okay, and the white bodysuit, the thigh high white stiletto boots.
The theme is white.
But everybody was saying, oh, she was wearing white because maybe.
She was going to get engaged, and that.
Sparked all this.
It was too but miss Swift was carrying the cherry red Javan she yes, a hit Vanessa Friedman.
Yes.
And she also wore remember that that thigh high little tea necklace that she wore in the Grammys.
I yess, she wore it on her neck. So it came back again.
The tea necklacespapers today.
Fashion Now it's a fashion report because guess who else was in the spotlight for something they wore on their wrist. That was Tom Brady.
Tom Brady, did you notice it?
It was like shining, the lights were bladed. It was okay, it was a stunt of Jacob and Company. Do you know how much that wash cost?
Seven hundred and forty.
Thousand dollars.
Look for mister Brady.
Yeah, caviar Torbillon model. It's yellow sapphires design. I mean it had forty eight carrots worth of yellow sapphires.
I never understood, as I don't know was made of alligator.
Yes, it was there you go. It glistened like pearls of caviar.
That's why it's called it.
I think it distracted.
It was a little bit distracted.
I just said, the ers at home can see my swatch.
Let me star it twelve seconds. Brady is a pinata, yes, And the moment they stopped coaching him and he actually talks about what he knows, like not scoring in the first quarter.
He sounds wonderful when he gets out of his head.
When he gets out of his head, he's like, really quite good. Next.
Okay, Lucashaw, you talked about this, so I want to bring it up. Really a good article on the Termin'll check it out on screen time talking about why football NFL has gotten so big. So one Nielsen counts views at bars, restaurants and airports.
Now, okay, but to the league.
At shrunk gets off seasons and even during the off season. It keeps him that them going. Right, you have the draft, you have the NFL scouting combine, so they keep it going. And then bar, like Michael Barr said, you know, the expansion into streaming, but the NFL itself, the season is short, so every game matters.
Two guys that invented Game of Thrones, Bennioff and the other guy, once said to my face it was an honor to talk to them for the length of time. We thought we had to create a crescendo in the show at the last season. Then they learned they had to have a crescendo every week twice. That's what the NFL's accomplished versus baseball. Baseball still back in the nineteen thirties on a train, you know, we got four games in Kansas City. Who are you going to pitch? The
third game. Do you have anything else? Quick?
What was your favorite super Bowl ad? Because that was the one from the YouTube predicted that the top one.
Was the Muppets.
Did you see the Muppets looking down?
Yeah? I thought some were really quite good. In a lot of them, I'm like, who are they talking to?
I loved it.
The Meg Ryan, Billy, Crystal one, bet the Hellman's Mayname. Yeah, that was good.
Cat's Delli. Lisa'll tell you with a super Bowl report. Thank you so much, greatly appreciate it.
This is the Bloomberg Surveillance podcast, available on Apple, Spotify, and anywhere else you get your podcasts. Listen live each weekday, seven to ten am Eastern on Bloomberg dot com, the iHeartRadio app, tune In, and the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal.