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Carosh Life is chief market strategist BEMO Private Wealth, and I can't say enough about the elegance of her. Note she's got decades of experience just thinking through where we are. You have a lovely phrase, Carol, that just captures the moment investors remain anxious? Do we have to be anxious to go higher?
Well?
I think definitely. That wall of worry is typically what we've seen through this whole bull market that we've been, whether you peggett the shorter term one from April on A or the longer term one that really you can date it back to almost the pandemic on A or especially after the twenty twenty two pullback in there more rightfully, but still that grinding higher where investors are always have this long list of things they worry about, and when you get markets like we have the last few days,
they take all those things dump them out on the floor and obsess about all of them.
In the short run, you're lucky.
You get to live with Ian Lingoln, who's really, really better than good.
At the Bank of Montreal.
And I look this morning at the inflation adjusted interest rate trend, real interest rates, bank credit analyst again out of Montreal.
What is it about Montanel health? They're pretty good? Maybe MEE can solve the Canadians problems, Carol.
I look at the real interest rate and bank credit analyst says this is a critical driver, and they're optimistic because they see real rates coming in.
Do you agree, Well, I'm not sure if real rates come in or not. There's a lot of things to sort through, and granted we'll get a lot. We're already starting to see some of the trickle of those government statistics. Noll. That'll help us see that. And I think the big lynch pin here is everyone's trying to figure out will tearf impacts come through? What does that do? As it inflationary?
Is it deflationary? I having all sorts of conversations around that, but it really is important to see where that levels out. But I think the important thing also is to realize that we're not we need to resist the urge to anchor to the last ten or twenty years where those real rates were, and anchor instead to that pre zero or zero interest rate negative interest rate environment that we were in that we all got so.
Used to, Carol.
We're going to hear from Nvidia their results after the close tonight, once again bringing into focus kind of this AI trade and its impact on the overall market here, Carol, are you concerned as some people are, that there's an AI bubble that may be kind of inflating this market or over inflating this market.
I think there's a concentration definitely in the industries and in representation, and probably in some of the contributions to GDP, But we think you're in the really ear early innings. And it's also really important to understand that the vast majority of this has been funded out of cash flow
for big, legitimate companies. And when you actually think back, the names that we're still talking about that are able to grow revenues and earnings double digits and with double digit marge and some of those names are the ones that were around during the ninety five to two thousand run up, which is pretty unheard of in this industry, and so we think you're early on yet where there's a long list of things we're watching as everyone else
is in terms of the financing and that. But overall, the leverage the valuations are lower than the street reception is because of how the earnings.
It been along.
Carol, I won't found a question. I'm confused. Where are we on cash?
Like Bank of America had some noe doubt saying investors' institutional investors are low cash or fully engaged in the market. Sweeney tells me here there's trillions of dollars of cash on the sidelines. Where are we in cash? Is there a lot of cash out there?
I think there's cash, there's liquidity, and there's also it's not necessarily an over amount of cash, but this is the time of the year people start bringing bonuses in and things like that for our individual investors, which is where the bulk of my focus is. And there's been
cash that got sidelined. Every time you've had to pull back, you for some people that have rearranged and asset allocated out of it, looking for an opportunity to get back in, which is where you've got some support underneath it all thank you.
Are we less anxious after talking to counsel? I think so cashally, thank you so much. With BEMO Private Wealth Bank of Montreal Private. Well, 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 Otto with the Bloomberg Business app, or watch us live on YouTube.
The way we roll here is we do audibles when they are appropriate and within with doctor Thinwat darkens the door.
Win Thin, chief economist.
Bank in NASA, just iconic on the street with his academics out of Colombia. And we have the Prime Minister of Singapore, the Republic of Singapore where this earlier you gotta do an audible. Win Thin is from will Always for me be Burma. It's twelve thirteen hundred miles directly north of Singapore up through Malaysia, up the west coast of Thailand. Win Thin to you're me and Mahr as well. How alone does Singapore feel in Southeast Asia?
I mean, do they feel discreet and separate? Or is there a true alliance?
You know, I believe they are are really part of that that asy On alliance. He talked a lot about this absolutely, and you know, as the US steps back, you know that these sort of regional agreements and organizations really become more important. And so I think of anything this is you know, I think the US, by pulling back, is sort of sort of strengthen these institutional frameworks that already in place.
One question, then we have projected four military bases in the Philippines. When we project military basis to the Philippines, I think Paul John Mickletoy's first question was on Taiwan to Prime Minister one, are we projecting four military bases to Singapore as well? When we plant them in the Philippines.
I would say that Singapore I think prize itself on being somewhat neutral. You know, it's competed in the US. I love this, is it the Switzerland. That's a great that's a great analogy.
You know.
As and as Hong Kong has sort of fallen more and more under the sort of the mainland oversight, I think Singapore has really had an opportunity to really stand out as sort of this a bastion of free free capitalism, free speech, et cetera.
Thank you? Was that a good, honesto?
Very good?
We'll do it again sometypes. All right, Paul would save the interviews.
You economists have to go back work tomorrow. I remember we had a lot of data coming out tomorrow. How are you going to approach it in terms of prioritizing what's the most important, the quality of the data. How are you going to think about it?
Absolutely well, the theme most reports are going to be the jobs, jobs and jobs. So the Fed has could potentially I think like we have three job supports in hand before the December ninth, tenth f YC. We've got the September, and we look at my calend here, we have the September tomorrow, and I think the November will come out on time on December fifth, and I'm just assuming that the October would come somewhere come in between.
The foll goes. Well, so what am I looking for?
Well?
Look it really all the ends hiliary signs alternative data. There are cracks in the labor market. We may get one or two outliers, but I think the trend is there. You know, ADP NFP don't always line up but ADP does get the trend, and the trend is really one of weakness. So that's why, you know, I've been kind
of being this drum for a while. I think one of the things that markets have been happy about this last few weeks is like no news is good news, and people were claiming for data, and it's kind of like, careful what you ask for, because I think we're gonna get some weak data coming down the pipeline.
So on the inflation front, you know, we haven't really seen it, at least to the extent that some pessimists out there. I thought we'd see it teriff induced inflation. We haven't seen that per se.
Is it just a question of.
Timing or in fact, have as Corporate America kind of ingested all that into their margins.
I was at pause all above.
We know that a lot of the companies were eating it until the uncertainty clear it up.
So there's been some creeping into the numbers.
If you look at the year to date, the three biggest I believe gainers and sort of goods prices are autos, apparel, and alcohol. So these are you know, three big that we import a lot of and you know in the sense are.
All quite to me quite necessities.
Yep.
So given that backdrop, here is it.
I guess the FED and you look at the work function, it's the market has only put about a forty five percent probability that they cut rates here in December, and that's down from nearly one hundred percent. You know several weeks ago.
How do you think that the FED will go, Paul, I think that's in reaction to we had a slew of hawkish fit comments out in the last week and a half.
I think we get one or two.
I'd say we get one bad job from and that those odds go right back to one hundred percent. You know, despite all the talk of the hawks, I think that the focus is really on the jobs on.
The labor market, not the inflation.
Wrinthin with this Chief Econorements of Bank of DA. So always say good morning to all of you across the nation the way you listen to us as you awake, thank you for your commitment in the early mornings on YouTube, subscribe to Bloomberg Podcast.
I got eight ways to go here, but you know I'm going to get on Tom No. I got like you know, I get there's like with you, doctor Sinn. There's like always just eight ways to go.
Daval Josie over at Bank Credit Analysts has an absolute brilliant note doubt this morning, and he basically says, what you just said, we're going to get some economic data. We're going to see a pivot on the December call. What will the markets do if we see that. He's looking at the short term real interest rate and he says, we're ready for a huge pop in the markets if we get the confidence of a December rake.
Do you buy that? Yeah?
I do think the market is just salvating for some further signs of easy again, you know, some hawkish comments all of a sudden, The market's kind of you know, up in arms. But you know it's a good news bagage. Yes, we're getting some bad news on the economic front. I don't look for a recession. I think we're just getting some cracks that are growing, nothing that some fetties and can't fix. So to me, a FED easing would be a win win for the for the equity markets. Uh,
this question we're seeing now is I think healthy. You know it's been you know, obviously on a tear, those healthy skepticism is I think good for the markets, but the fundament.
Us stories it main solid.
I do think the FED is will he well, sorry, we'll cut more than market expecting. But you know it's all been found on the data, and you know we've been flying blind for the last you know, five six weeks.
This is too much, Paul. I mean they have Wind Thin and Man Deep singing the same studios. The academics here have you ever met no, I guess pleasure too wonderful to have Man Deep sing of Bloomberg intelligence.
And I've never mentioned let's do a flip flip on this.
How do you digest Man Deep Sing's world of AI?
I will say this is from a top down macro stampoint.
I think the investment in AI is certainly sort of I think papering over sort of what I think of cracks in the consumer in the labor market.
So we're getting very unbalanced.
If you look at the headline, we're going somewhere two and a half fe percent in GDP, but it's very unbalanced.
I think mix. I'd like to see the consumer feeling a little bit better.
You know, we've seen all Consteamer sentiment numbers and all that but you know, I think I'm really not a question. I think you always get asked us, well where AI really, how do you monetize it?
Is?
It really is also investment going to pay off?
That's my biggest question when the interview, Now, how some of here the economics when it fed GDP now is four percent. There's no one listening or watching this program who thinks it's a four percent economy?
Is your world screwing.
Up our data? Where we have a boob American economy? But it's a fiction.
Well, all this.
Capex is adding to the GDP. I mean, when you think about what the hyperscalers are doing in terms of putting their free cash flow in the form of CAPEX investments.
Can you get closer to the mic? Is this your first time in radio?
I mean, so, I don't think you know there is a reason to question the GDP number because it's driven by capex, simply because everyone sees the potential when it comes to these AI investments they are making and the use cases are showing up. So do my mind, Yes, there's a big up front investment, but actually that's helping the DDP print does well.
To your point, look is Paul, you got to get us back on the rails. Paul, help us out here.
Retail sales September November twenty five, Oh good, two days before.
Things come ounces.
Okay, I'm just going to see the retail sales will come out to September.
They'll come out in November twenty fifth.
So when one of the things about AI that's just starting to creep into the discussion is particular to we see some layoffs, is will AI be a net negative for employment. I'm of the opinion, totally uneducated opinion, that yes, it will, that.
AI will either take jobs or reduce job growth. How do you get Yeah, I know.
I'm with you, Paul. It will sortainly make people more productive. But I can't see how. You just see all these stories about college. We've seen college graduates from top notch schools unable to find jobs. It's hard for me to believe that that a I will be a net job creator. I'm with you, and I'm usually not very pessimistic, but I just look around and just just see the story and the Times about the tech tech majors who can't fine job. I mean, it's all the entry level jobs
being taken by AI. Believe that's that's the story.
Anyway, I got ducky bumps.
This is great ladies and gentlemen worldwide and across America, men deep sing and win thin with this year before this in Nvidia report today, mandep it's just so important. The theme that Paul and I have is like clothing in the Carolina as a generation ago, we didn't do the bargain of retraining people. If we have a man deep sing AI world, in Vidia, in Vidia, in Vidia, do we have to retrain people? We broke that bargain forty years ago. Are we going to break that bargain
in your technology again? I mean in the worldolph tech.
I would argue, you know, you have been constantly retraining people. If you think of a knowledge worker, you know, using software, whether it's Excel or any other type of productivity software. The number of features that keep coming which you have to train yourself on to be more productive. That's been
the constant theme over the last thirty forty years. What's changed now is some of this productivity software is going to change, and the tools are going to change in a profound way in terms of AI agents or some of the things that get thrown around, but essentially it's aimed at using more data. That's what the tools do, and you know, doing probably deeper work in terms of if there is a pattern in terms of how the work can be done, then AI can probably do it
more efficiently. So it's more creative work, more you know, use of tools. But and I think moving up the curve in terms of a knowledge worker. That's the kind of the new norm.
I just think of the first couple of years of my investment banking career.
Can entirely be done by it.
Yeah, doing spreadsheets, pitchbooks, you know, editory is that statement?
Young id types they're like outmoaded right now.
I would echo that centem as well. You don't need as many people in terms of creating a pitch book or you know, an IPO document and how you were capturing the data. That's where you know, you can do things a lot more efficiently.
But you'll cost every industry though, accounting, coding, all it's across. That's why it's so I think the old time is likely. It's so disconcerting you're an nobile that oh many many years ago I came an old time.
Sorry, how about the other side at that point, do you think it over the longer term, AI can make this economy more productive?
That's that's that's what That's the carrot that's dangling out there.
We got a bunch of sticks to deal with first, right, John from.
Singapore calls it and says, talk to man deep about in video.
Doctorson sit on your hands for all. We got to get some business selling.
You gotta go with the demand out on LinkedIn.
James Manka x mackenzie now over at Google launches Gemini three. What does Gemini three mean to in video? What does Gemini three mean in your world?
Actually, Gemini three is quite negative for Nvidia in the sense that the model was entirely trained on Google's own chips. So so far Nvidia has had a virtual monopoly for training these large an mid models. So there it's open AI anthropic meta any of the frontier llms. Now Google has shown they did not have to use any Nvidia chips for the latest version of their Gemini, So from
that perspective, I do think it's a negative. But we're still in that supply demand mismatch when it comes to these accelerator chips that Nvidia still has a lot of customers that it can sell to.
Is there an.
Income statement line item or a ratio at four thirty this afternoon, whatever that you're focused on.
Oh, absolutely, the guidance for next quarter. I mean, we know China has been a factor in terms of the incremental revenue, and you know the fact that they haven't been able to sell in that market. So what are they going to guide to, you know, assuming no China revenue and just the Gigawat data center build out. That's the big metric that everyone is focused on. How many gigawat data centers? How many can we build next year through twenty thirty That's the key metric.
John wants one more question on videos from Singapore, So talk to us about just this is gonna be a clean quarter visa via China guides, Right, So this number they really.
Do have to beate and raised, don't they.
And which they probably will.
The key metric for me is gross margins because nvidious gross margins actually went down over the past two quarters, and they guide it to gross margins going back up to mid seventy percent. That is predicated on their newest architecture Blackwell and then going forward, Rubin so what they're saying is they will command a premium pricing for the latest architecture, which will drive up the gross margins. So to me, they're able to keep that guide. I think that will be positive for this.
The former vice chairman of the FED, thank you Richard Claiter for listening this morning.
He says, get back to Columbia economics. That's what we're going to do right now.
Doctor Finn, I look at this, and folks, I can't say this enough. After the Prime Minister of Singapore, all the internet, Jeff you today out of the LSC and all I just want the question I'm going to ask, is so critically important? This goes back to Mundell. Keed Rogoff would say, this goes back to Mundell. Jacob Frankel would say, this goes back to mundal. How do you use currency now to judge this modern system in including
man deep system. How do you use foreign exchange that you learned at Columbia?
Sure? Well, first of all, you know, doctor Clared is very very well respected.
We sort of just overlapped, never took a class with him, but he's very well respected and nice to know that he nice to hear that he listens to the show.
I said, goody audience to have.
So, you know, currency me act as to me, is really sort of the arbiter of what's good and bad. It's sort of the shock absorber. It's the the asset class that really I think speaks to you know, what the country is.
Doing right or doing wrong. We've moved away.
From a system of fixed exchange rates under which uh doctor Mandel Mandel lived, to a freely floating one. I'm not a fan or page. I think we are in this uh a obviously growing period of growing capital flows where exchange rates really become really the most important asset classes in my mind, because we.
Got to go here man Deep Singh's world of American exceptionalism and technology.
Do you bring that right over to a resilient US dollar.
Sure, that's part of it.
You know, for a while it was the buy America right it was, and that's back at the beginning of this year. The problem that we ran into is that we have an administration that has especially once a weeker dollar and we've talked about this week of dollar is part of this whole scheme to onshore manufacturing, uh, you know, make export manufactured exports competitor.
But you know, it's a game change. We haven't seen this week.
We haven't seen a call for a weaker currency since Lloyd Benson was Treasury Secretary, so we're going back decades.
So it's sort of it's definitely a.
Clash of Pross Yes and the markets.
It's me.
The market's always right. The market will decide who's right on this. I think the dollars probably in the weekend. Ten seconds many in vidio today, thumb up, thumb down?
What do you think?
Oh, it has to be thumb up because the capex numbers have gone up for next year and every hyperscaler is guiding to more investments for twenty twenty six, so a lot of that will trickle down to in radio.
When we invented this show, Paul, this is what it's about. Shot out of the Blue, Mandy's.
Singing, Win thing Together. Stay with us.
More from Bloomberg Surveillance coming up after this.
This is the Bloomberg Surveillance Podcast. Listen 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.
She's out of the University of John bon Jovi, with partsment from Rutgers and Seaton Hall University. Scott Diamond is a grizzled pro at Golden Sachs Golben Sachs Asset Management.
It's a muni bond fixed income team.
And what I love Scott about what you do is you've got trader experience. It's not some sixty thousand foot you know, well, LaGuardia has these cash flows, forget about it. It's about not losing money on the trading desk. What's the number one mistake individuals make in buying and selling munis?
They tend to sell at the wrong time, don't they. But that's okay. As a portfolio manager, as a trader, keep those roles combined. It allows you to stay in touch with the market. It's an over the phone markets and over the Bloomberg chat market. A lot of things going on, and I think the way you framed it is right, Tom. I can't be sitting in an office and afraid I'm missing some of that back and forth,
sit on the trading desk in the trenches. Combine the portfolio manager with the trader role, and that allows you to respond as the market changes.
What is the most efficient package given total return to acquire municipal bonds? Don't tell me it's individual paper. There's got to be a more efficient way.
To do this.
Well, a lot of our clients they like the individual bonds. That's fine, it works for them. But historically you've had mutual funds. More recently, I just heard the prior segment ETFs. Who would have thought ETFs come to the municipal bond market, right? I feel like this is Fred Flintstone meeting the Jetsons. We have a market that has tens of thousands of issuers. It's difficult to think of that in an active exchange
traded fund, but we're there. If you look at the flows into the industry so far year to date, plenty of demand, a lot of it's going to ETFs, and importantly, a lot of it's going to active ETFs, and I think that's a reflection of just how fragmented our market is and where the opportunities lie.
I'm just looking at the GO function on the Bloomberg terminal across the board, municipal bonds have done, putting in some solid return so far for investors. Talk about how the market's performed this year.
It's had a lot to deal with. As you all know, markets have had a lot to deal with. I don't know how many times I've heard the phrase it's been a long year. Last month, we have a new administration, we have tariffs, we have one big beautiful bill to lead up to, and now a shutdown, and the municipal bond market has had to deal with all of that. But I think the story we're going to talk most about for muni's in twenty twenty five has been supply. Supply is, for lack of a better phrase, raining down
on the market. Our market is used to something the context of a four hundred billion new issue calendar in any given year. Last year we hit five hundred. This year we're going to come in somewhere around five hundred and fifty to five hundred and sixty billion, heavy heavy supply. The results, let's see, we've got a yield curve that is much steeper than the US Treasury curve. If the twos to thirties and treasuries is around one hundred and
ten one hundred and twenty basis points. The two to thirty year spread in UNIS is about one hundred and sixty one hundred and seventy basis points. So we've absorbed a lot of that supply, but not without some implications. We've seen credit spreads widen as a lot of that paper comes down. So I think that's probably going to be the real story, and believe it or not, is probably going to roll into twenty twenty six.
I guess when I learned about new issuance in the missip bond market. They don't issue when they can, i e. When rates are low. Miss pound is issue when they need the money to build the bridge or the road or something like that. So they're not as interest rate sensitive as say a corporate bar would be. So when you and all I hear about is infrastructure here, infrastructure there. My gateway project is cruising along outside the other side
of the river. So should you not expect should we not expect more issuance even next year?
Absolutely expect heavy issuance for next year. You are spot on in that once a government gets through all of the voter approvals the engineering work, they're going to come to market and push this project forward. They'll set that structure so that hopefully they can refinance should rates go lower, But odds are that's going to happen. So your questions a good one, and that what's going to happen for twenty twenty six. When we sort of scan the street,
what is the street looking for? They're looking for us to do exactly this. Again, five hundred and twenty to even six hundred, six hundred and twenty billion in new issuance is the range.
It makes sense.
We had a lot of issuers rush to the market ahead of the one big beautiful bill just for concerns there might be some change to tax exemption. There wasn't a lot of projects that are passed due and now we know what inflation those projects costs a lot more. So expect to replay events next year.
Give us a snapshot of what you do, Scott Diamond with Golden Sacks with all of their different investments in municipal bond. So I've got the Massachusetts State Development Beth Israel.
Lahy health issue.
It's in one of your portfolios out I think fifteen years. If my math is right, it's a five percent coupon. Can the little guy get access to that piece? I mean that world? Is that only an institutional world?
Well, yes, an individual could, But I think where the individual is not going to be able to stay on top of that is are they going to check the quarterlies that lahe needs to come out with every quarter? How are they doing? One big beautiful bill has a lot of things in it, right, There's going to be
some changes to Medicaid. There's going to be fewer reimbursements phased in, thankfully over time, but that's going to be a trend that if you own that bond, you want to watch and see how that impacts the financials of that institution. So do you, as an individual have that capability or perhaps more importantly, the desire to stay on
top of your individual municipal bonds. If you go into a Commingle vehicle, you're essentially hiring us and our impressive ten person research team to stay on top of that spot if there's an issue coming up, and maybe we exit that and get into something else.
Oh, you should see their next tickets, right, I'll ten of them go at once to see the next plug.
Tom, I've got the laddered Muni of New Jersey municipal bonds.
It's a ladder. You're very laddered.
Yeah, I'm like the largest creditor to camer Is that for real? Like everybody should ladder or you know.
The phrases that retail uses, barbelluy immunities of that.
There is there a validity to a laddered approach.
I think so, I think so Tom Again, It's going to come down to you as an investor, what are you trying to achieve? And a lot of our clients like that consistency of a ladder portfolio. I know that I can expect a certain amount maturing each year for the next handful of years. The bond comes to you at maturity, just redeployed at the top of the ladder. There's a simplicity to it. I've done unis for a long time. I love this market, infrastructure, the whole concept
you're building something. I love that we have fifty states, we have US territories, we have short bonds, long bonds. I think of this market as just ripe for opportunity. Right, you have passive options. You can do a ladder, you could do a passive ETF. But but if I've got tens of thousands of issuers bonds across the go ahead.
I got to get this in there. You get forty seconds left. Are you guys in the AI space? Like all the energy needs and funding, is that going to be a muni bond opportunity.
I think it's got the potential to increase some supply, right, A lot of that has to get built, So we're going to need new generations. We're going to need new transmission and some of that could come. I think some of it will go private, but some of that's going to land on the public.
I can see you, Paul Immuni bound in New Jersey. Short within you know, AI.
I call up the governor picks up the first ring you yep, Governor Christy exactly.
Thank you.
Scott's brilliant don't be a stranger, Scott Diamond with gold and sacks here and the efficacy of taking advantage of texts free bum 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.
Lise I m tell you the newspapers.
All right, you mentioned Paramount will pull us. You know that's the paramoun plus let's start with Paramount.
Okay.
We know they had a number of efforts right to try and buy Warner Brothers Discovery. Has it worked out yet, but sources telling the Financial Times that David Ellison actually met with Saudi Arabia's Public Investment Fund other officials from the region because they expressed interest in taking part of that bid. So no agreement has been reached. Conversations are quote active. But it just shows the scale of financing that like the linin.
Bedroom or the green room at the White House for the you know, MBS is here where like let's have a meeting here.
You know.
Well, the problem is or that the math has very simple. Paramounts got an enterprise value of about thirty billion dollars. Warner Brothers Discovery, who they want to buy, has an enterprise value about ninety billion dollars. Three time you bring in external equity. So you get that from mister Ellison himself. You get that from private equity. You get that from sovereign wealth funds. Anybody who has a big can write a big check. Come on in, we'll take your equity.
And John, I guess we're in over The New York Post is talking on mister robertson Comcast YEP.
I don't know the details, but this is active. Yeah, what's your thought does it? How does this end up?
A lot?
I think if I'm Warner Brothers discus, I want to sell to Paramount because they want to buy the whole thing, and that would be the easiest, smoothest, cleanest.
But they're prepared to go the other way too, which is also.
In my studio and my HBO.
And I'll just spin out the rest.
Twenty four next and then Saudi Rape actually wants to get more into this exactly here they're expanding into this why not space?
Okay, so let's go back.
You remember the auction house that sold that more than twelve million dollars gold toilet. Okay, of course there's a new It's a story that keeps giving guys.
I'm telling you whole it holds a new record.
Okay, So this is a Gustav climped painting it for hang tight two hundred and thirty six point four million dollars last night at Southerb's. It was actually the first auction in that new home they have New York Saborrial building, so it was the first auction there. But it makes it the world's most expensive modern artwork at auction, the second pressiest work of art auctioned overall. So the piece
is called Portrait of Elizabeth Letterer. Okay, it has, you know, the picture of a woman setting in a white gown against this backdrop.
I got like six people bidding for it.
But it's just a good sign because it shows that the art market, which is really kind of sluggish lately, it's been turning around. And you're seeing this turnaround in the art market.
And it's part of the New York City fabric. This is mister Lauder who was of his estate and it's a huge number, but he goes to the commitment we've seen from the Jewish Museum in New York City to good stuff Clint, and there's a whole series of paintings he's done. This one is spectacular, you know, mi amateur take is it's just a whole league above of a lot of the others. Like you know, the numbers seems a quarter of a trillion dollars a billion.
Who bought it anyway, we don't know. We don't know who.
We don't know who bought it.
It's not Mets owner who bought the first name. Okay.
We've heard a lot of stories about a lot of people going California sober. Okay, this is when they use marijuana and other drugs but not alcohol because they say it's healthier. It's become this trendy thing. So there's a new study that suggests people drink considerably less after they smoke cannabis, so it kind of linked it. It's a new published study. So they took about one hundred and
fifty people who regularly use marijuana and alcohol. They put them into this makeshift bar on campus at Brown University, and they tested because they want to know how much people drink after they smoke cannabis. And it turns out they did drink less after they smoked cannabis. I don't know what the gummy situation the gummies edible, but they
were strictly smoking cannabis. This was strictly smoking like they had to like inhale at the same time, like it was this whole procedure behind it, troll test.
But that's what exactly did you show them?
They are were less likely to drink after doing that.
That's where I hear from folks that are in the gummy space. All right, okay, stuff.
There, Thank you, Lisa, thank you so much. It is the Newspapers with Lisa Matteo.
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