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CPI Data, Cybersecurity, And Tech · Bloomberg Intelligence

• 0:00
  Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside
• 0:04
  Speaker 1: my co host Matt Miller. Every business day we bring
• 0:06
  Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along
• 0:11
  Speaker 1: with essential market moving news. Find the Bloomberg Markets podcast
• 0:15
  Speaker 1: called Apple Podcasts or wherever you listen to podcasts, and
• 0:18
  Speaker 1: at Bloomberg dot com slash podcast. At CPI seven point
• 0:23
  Speaker 1: five year overy year the highest rate since How does
• 0:28
  Speaker 1: the market perform in the face of that headwind? Let's
• 0:31
  Speaker 1: check in with Avery Sheffield, co founder and c I
• 0:34
  Speaker 1: O Advantage Rock that's part of Rockefeller Asset Management. Every
• 0:39
  Speaker 1: thanks so much for joining us. What did you take
• 0:41
  Speaker 1: away from a seven point five CPI print? Yes, well,
• 0:47
  Speaker 1: I mean inflation is raging. I mean it was kind
• 0:49
  Speaker 1: of added anticipated given what we've seen in companies results. UM.
• 0:52
  Speaker 1: I think what this means is that, you know, we're
• 0:55
  Speaker 1: going to continue to see more pressure on consumers um
• 0:59
  Speaker 1: and consume we're spending and really what the the key
• 1:02
  Speaker 1: for us is, you know, where is this price into
• 1:05
  Speaker 1: the market and and and where it isn't you know
• 1:07
  Speaker 1: from a stock perspective, do you expect uh this to
• 1:12
  Speaker 1: cool down by year? End significantly. I mean, we've had
• 1:16
  Speaker 1: people say it's going to come down, but you know,
• 1:18
  Speaker 1: it's still going to be four percent. We've had the
• 1:20
  Speaker 1: other people, um at the minority of the people we asked,
• 1:23
  Speaker 1: say yeah, we'll get back down to too. Yes. I
• 1:27
  Speaker 1: mean I think it's going to uh continue longer than
• 1:31
  Speaker 1: anticipated and higher than anticipated, because you know, even just
• 1:35
  Speaker 1: in earnings results this morning, we're hearing companies talk about
• 1:38
  Speaker 1: price increases in the midst at least in the mid
• 1:40
  Speaker 1: single degens, even in the food space that we haven't
• 1:43
  Speaker 1: even seen yet in stores. Um, you know, we have
• 1:46
  Speaker 1: a wage rate going up that are just starting to
• 1:49
  Speaker 1: factor in. And if I would say, like, I mean,
• 1:52
  Speaker 1: no one knows, of course what the absolute where this
• 1:54
  Speaker 1: is going to settle out. You know, is it going
• 1:56
  Speaker 1: to run seven percent plus forever? You know, I don't
• 1:59
  Speaker 1: know if it will be at high UM two percent
• 2:01
  Speaker 1: though just instinctively seems seems far too well. And I
• 2:05
  Speaker 1: really think, what what what's changed, um that that will
• 2:08
  Speaker 1: endure UM is that one one piece factor that has
• 2:12
  Speaker 1: drive kept inflation so low for many years has actually
• 2:16
  Speaker 1: been that companies have been paid um by investors to invest,
• 2:21
  Speaker 1: to grow and to grow at any at any cost
• 2:24
  Speaker 1: um in meaning it at low margins or negative margins.
• 2:27
  Speaker 1: And now that many of these companies have reached a
• 2:29
  Speaker 1: large scale and aren't able to grow UM by gaining
• 2:33
  Speaker 1: share anymore, they're actually having to raise price UM in
• 2:37
  Speaker 1: order to justify their business models. We've seen this in
• 2:40
  Speaker 1: e commerce recently, We've seen this in UM home entertainment.
• 2:43
  Speaker 1: We've seen this in that even the exercise space. Across
• 2:46
  Speaker 1: the board, companies that have been lost generating or nearly
• 2:49
  Speaker 1: lost generating and gaining massive share are now flowing growth
• 2:53
  Speaker 1: dramatically and looking to raise price in order to to
• 2:56
  Speaker 1: grow revenues. And so that dynamic I think is very
• 2:59
  Speaker 1: underappreciated it and likely to lead to a higher level
• 3:01
  Speaker 1: of inflation than we've seen in the past. All Right, So,
• 3:04
  Speaker 1: given that background every where, are you and your friends
• 3:06
  Speaker 1: advantage rock? Were you guys putting money to work these days? Yeah?
• 3:10
  Speaker 1: Great questions. So we are, um, you know, we're long
• 3:13
  Speaker 1: short and so on the long side of we're invested
• 3:16
  Speaker 1: in companies that we think have underappreciated pricing power and
• 3:19
  Speaker 1: a really position to benefit um from these inflationary dynamics.
• 3:23
  Speaker 1: From a competitive perspective, so UM, so and and and
• 3:26
  Speaker 1: then on the short side, we we actually your short
• 3:28
  Speaker 1: companies that we think UM are believed to have pricing
• 3:31
  Speaker 1: power UM and and and probably are not likely to so.
• 3:34
  Speaker 1: Two specific areas on the long side that that we're
• 3:38
  Speaker 1: we're excited about. One is retailers that have kind of
• 3:40
  Speaker 1: been disintermediate or to everyone's thought, we're going to go
• 3:43
  Speaker 1: away because of e commerce growth. And now e commerce
• 3:46
  Speaker 1: is significantly flowing. I've been talking about like peaking e
• 3:49
  Speaker 1: commerce UM, and now that that's blowing, that's the headwind
• 3:53
  Speaker 1: that's gone away to gone away to are that's that's
• 3:56
  Speaker 1: that's UM subsiding to margins. And we expect that dynamics
• 3:59
  Speaker 1: to contain you because the costs of e commerce delivery
• 4:02
  Speaker 1: are continuing to go up. In those companies that actually
• 4:04
  Speaker 1: have stores and great merchandise, we're gonna to cost advantage
• 4:07
  Speaker 1: to offer lower prices to their consumers. I think that's
• 4:10
  Speaker 1: really under appreciated. These stocks are not are all all
• 4:12
  Speaker 1: still priced like they're gonna have massive headwinds for a
• 4:14
  Speaker 1: long time. UM. Another area with under appreciate pricing power
• 4:18
  Speaker 1: is actually UM into the telecommunication space. Actually, this morning's
• 4:21
  Speaker 1: CPI if UH tele like wireless telecommunications bill came in,
• 4:26
  Speaker 1: actually get a little bit negative year over year, down
• 4:29
  Speaker 1: negative points five. And we think that that's about to change.
• 4:32
  Speaker 1: You know, if you look at cable, if you look
• 4:34
  Speaker 1: at even landline services UM, their CPI is run and
• 4:37
  Speaker 1: kind of mid single digits, and those companies are trade
• 4:40
  Speaker 1: like they're they're never gonna have any pricing power. But
• 4:42
  Speaker 1: you have consolidation in the sector UM and UH and
• 4:46
  Speaker 1: and and you actually have a lot more stability in turn,
• 4:48
  Speaker 1: which we think UM can lead to under appreciate pricing
• 4:50
  Speaker 1: powers for evaluations. And then again on the short side, UM,
• 4:55
  Speaker 1: you have e commerce players that are still very expensive
• 4:57
  Speaker 1: even if stock prices have come down. And then you
• 5:00
  Speaker 1: have companies in other areas UM that have been considered
• 5:03
  Speaker 1: to be very stable businesses with with strong barriers to entry,
• 5:07
  Speaker 1: but again growth is slowing and UH and we think
• 5:11
  Speaker 1: that they're going to be less successful in passing on
• 5:13
  Speaker 1: price increases than people thought. All right, all right, Avery,
• 5:17
  Speaker 1: thank you so much for joining us. Really appreciated. Avery Sheffield,
• 5:19
  Speaker 1: co founder and c I O Advantage Rock. It's part
• 5:22
  Speaker 1: of the Rockefeller Asset Management Group. All right, let's talk
• 5:30
  Speaker 1: about one of the fastest growing areas on wall streets,
• 5:34
  Speaker 1: certainly attracting a tremendous amount of capital. That's e t
• 5:37
  Speaker 1: F And nobody better to chat et F s than
• 5:40
  Speaker 1: Ben Slaven, Global head of ETFs at B and Y
• 5:43
  Speaker 1: Melan Assets Servicing. Ben, thanks so much for joining us here.
• 5:48
  Speaker 1: You know, I look at the E t F space
• 5:50
  Speaker 1: and it's just I'm wondering, is it just cost or
• 5:53
  Speaker 1: lack there of in terms of fees that is really
• 5:57
  Speaker 1: driving the I guess a reallocation of capitals maybe from
• 6:02
  Speaker 1: mutual funds to e t s. Is it just cost?
• 6:05
  Speaker 1: What else is the attractive or what else is the
• 6:07
  Speaker 1: driver there? Fees are a big part of this, but
• 6:11
  Speaker 1: there's really more going on. After a quiet January, we've
• 6:15
  Speaker 1: seen an absolute avalanche of flows into et F the
• 6:19
  Speaker 1: past week, um. You know of about thirty six billion
• 6:22
  Speaker 1: that came over the past five days UM. And we're
• 6:25
  Speaker 1: coming again off a record year. So clearly there are
• 6:28
  Speaker 1: investors that are looking not just for fees but other
• 6:31
  Speaker 1: ways to access investment strategies in the U t F rapper.
• 6:35
  Speaker 1: They also provided a much needed about a liquidity recently
• 6:39
  Speaker 1: with the volatility we've seen, and it sent e t
• 6:42
  Speaker 1: F soaring to overt of the total market volume, up
• 6:46
  Speaker 1: from of the total trading volume last year. And so
• 6:50
  Speaker 1: while those broad based, cheap passive e t f s
• 6:54
  Speaker 1: are getting their share and will continue to get their share,
• 6:57
  Speaker 1: we are seeing investors and cretantly look at other ways
• 7:01
  Speaker 1: to play this market, such as financial sector semiconductors, floating
• 7:06
  Speaker 1: rate ETFs, just trying to look at other ways to
• 7:09
  Speaker 1: tactically positioned for this market with what we're seeing with
• 7:13
  Speaker 1: the FED potential FED hikes, UH, the inflation print this morning,
• 7:17
  Speaker 1: and repositioning at this part of the market cycle. So
• 7:20
  Speaker 1: quite a bit going on there. How do you I mean,
• 7:23
  Speaker 1: on the one hand, UM, you want to make sure
• 7:26
  Speaker 1: you're buying the right sectors, the rappers that you have
• 7:31
  Speaker 1: are around the right companies. But on the other hand,
• 7:33
  Speaker 1: you want to make sure that you're getting UM the
• 7:35
  Speaker 1: right E t F structure, not paying UM fees that
• 7:39
  Speaker 1: are too high. How do you look at the sort
• 7:41
  Speaker 1: of more technical side UM, the kind of back office
• 7:44
  Speaker 1: side of E t F s. Well, on one hand
• 7:48
  Speaker 1: it's getting easier and on one hand it's getting more complicated.
• 7:52
  Speaker 1: I think the more complicated part of this is really
• 7:55
  Speaker 1: UM the explosion in the number of products UH that
• 7:59
  Speaker 1: are available. We saw a record year last year in
• 8:02
  Speaker 1: terms of new launches, but we also saw a record
• 8:05
  Speaker 1: number of new entrants come into the e t F market.
• 8:09
  Speaker 1: I think the statistic is around a quarter of issuers
• 8:13
  Speaker 1: right now in the e t F market came to
• 8:16
  Speaker 1: the market last year, and that's increasingly creating a lot
• 8:19
  Speaker 1: of noise. The good news for investors is that the
• 8:24
  Speaker 1: transparency that e t s offer UM provides an excellent
• 8:29
  Speaker 1: window and tool for investors to be able to dig
• 8:33
  Speaker 1: in and really see what those e t F s
• 8:37
  Speaker 1: own on a daily basis. And all of that information UM,
• 8:41
  Speaker 1: you know, is made available, whether it be on the
• 8:43
  Speaker 1: website or other data sources, so for investors to to
• 8:47
  Speaker 1: really understand what their exposure is and how to quickly
• 8:50
  Speaker 1: find UM the types of either broad based index trackers
• 8:54
  Speaker 1: or tactical, more thematic type funds that that investors are
• 8:58
  Speaker 1: seeking these days. And then another really hot area hot
• 9:02
  Speaker 1: topic within financial services is crypto and talk to us
• 9:06
  Speaker 1: about the crypto et F opportunities out there. I know
• 9:09
  Speaker 1: we've had some recently, but it's more on the futures
• 9:13
  Speaker 1: rather than the underlying crypto give us a sense of
• 9:16
  Speaker 1: how that market's evolving. Yeah, it's an incredibly hot space, UM.
• 9:21
  Speaker 1: As you mentioned. UM. First, we've seen you know, the
• 9:24
  Speaker 1: markets start to stabilize. I mean, you know, Bitcoin is
• 9:28
  Speaker 1: broken through the downward trend resistance level here since the
• 9:31
  Speaker 1: low in November. It's up today. It's trading around forty UM.
• 9:36
  Speaker 1: But we've seen an incredible amount of investor interest and
• 9:39
  Speaker 1: an expansion in the products that are available. They are
• 9:42
  Speaker 1: now more than eighty crypto et s trading around the world. UM.
• 9:47
  Speaker 1: But you know, the flow picture more recently has been
• 9:49
  Speaker 1: negative in the last few months, not surprising given markets,
• 9:53
  Speaker 1: but turned positive recently and we've seen inflow into those products.
• 9:57
  Speaker 1: Now in the US, we just have futures as uh
• 10:00
  Speaker 1: E t f s here available given what's currently allowable
• 10:05
  Speaker 1: under the rules UM, and we have seen uh interest
• 10:10
  Speaker 1: uh in those products, but no particular movement yet around
• 10:16
  Speaker 1: the physical or spot based bitcoin ETFs from the SEC.
• 10:19
  Speaker 1: So at this point investors have the future is based
• 10:23
  Speaker 1: products to choose from UM that are currently active and
• 10:27
  Speaker 1: trading in the market, but but again offer a different
• 10:30
  Speaker 1: type of exposure compared to a spot bitcoin position. Ben,
• 10:34
  Speaker 1: thanks so much. For joining us. Really appreciate your insight here.
• 10:40
  Speaker 1: People are working from home, they're learning from home, they're
• 10:43
  Speaker 1: putting more and more data in the cloud. That raises
• 10:48
  Speaker 1: some security issues in my mind, UM, and I think
• 10:51
  Speaker 1: in a lot of people's minds as well as again,
• 10:53
  Speaker 1: they do more banking from home and all that type
• 10:55
  Speaker 1: of stuff, more financial services. T J Jung, CEO and
• 10:59
  Speaker 1: co founder of a Point that is a public trader
• 11:02
  Speaker 1: company on nastac A VPT is the symbol there. It's
• 11:06
  Speaker 1: got a market cap about one point two billion dollars. UM.
• 11:09
  Speaker 1: T J, thanks so much for joining us here. I
• 11:11
  Speaker 1: just can you step back and just give us a
• 11:14
  Speaker 1: sense of how the average person's data is secure? How
• 11:19
  Speaker 1: secure is it generally speaking? Good morning, It's a pleasure
• 11:26
  Speaker 1: to be here. UM. Well, so, we actually really focused
• 11:30
  Speaker 1: on large enterprise and B two B data usage patterns
• 11:34
  Speaker 1: and even small businesses. We found is actually nine of
• 11:38
  Speaker 1: the data leakage happened unintentionally done by internal actors. At
• 11:43
  Speaker 1: the same time, though, we actually did a survey of
• 11:46
  Speaker 1: over a thousand what we call managed service providers. These
• 11:50
  Speaker 1: are small service outfits that helped small businesses get onto cloud.
• 11:55
  Speaker 1: UM and over fifty of them have reported uh we
• 12:00
  Speaker 1: and ransomware attacks. So there's a saying our industry. Uh,
• 12:05
  Speaker 1: it's really not a matter of um, you know, whether
• 12:08
  Speaker 1: you got attacked hacked. It's it's just a matter of
• 12:11
  Speaker 1: when you realize it or when. So yeah, it's it's
• 12:14
  Speaker 1: it's a scary time right now. UM. That means you know,
• 12:17
  Speaker 1: your data, your enterprise data in cloud on prem need
• 12:21
  Speaker 1: to be secure. And this is where Appling comes in,
• 12:25
  Speaker 1: or a software company that build technology to help businesses
• 12:28
  Speaker 1: to collaborate on prem in the cloud with confidence across
• 12:32
  Speaker 1: Microsoft Space five, Google work Space and Salesforce. So, um,
• 12:37
  Speaker 1: how can this be changed? I mean it seems to
• 12:39
  Speaker 1: be it's just getting worse and worse the uh you know,
• 12:43
  Speaker 1: the attacks. Um, and I can't I can't be confident
• 12:49
  Speaker 1: that the defense can keep up. Yeah, it's definitely a
• 12:55
  Speaker 1: multi layered approach. Obviously you have the authentication then pass word,
• 13:02
  Speaker 1: uh you know control multi factor authentication just too. From
• 13:05
  Speaker 1: the parameter, what we do is we also focus on,
• 13:08
  Speaker 1: you know, internally, who's accessing what when. So we actually
• 13:13
  Speaker 1: recently released a cloud product called confide that allow business
• 13:17
  Speaker 1: users to control who has access uh security share that,
• 13:21
  Speaker 1: but also mindful of the data residency requirements that you
• 13:24
  Speaker 1: may have uh to satisfy regulatory requirements. So we actually
• 13:29
  Speaker 1: support this over a million cloud users today, so it's
• 13:32
  Speaker 1: truly a multi layer approach. We're also um looking at
• 13:36
  Speaker 1: releasing solutions where we can alert business users in real
• 13:41
  Speaker 1: time when a ransomware attack is happening, so that detection capabilities.
• 13:46
  Speaker 1: So but it is you know, there's that technology. There's
• 13:49
  Speaker 1: also the education because you're only astroids your weakest link.
• 13:54
  Speaker 1: There's all kinds of social engineering happening now in real
• 13:57
  Speaker 1: time around you know, getting somebody to like something right,
• 14:01
  Speaker 1: so then the taper getting system. So what we focus on,
• 14:04
  Speaker 1: you know, looking in the system and looking for weird
• 14:08
  Speaker 1: patterns and and try to catch that. But you're right,
• 14:11
  Speaker 1: it is a catamouse game and it's a it's also
• 14:16
  Speaker 1: weapons race at the same time, it's it's not a
• 14:20
  Speaker 1: easy problem to solve and t J you know, I
• 14:22
  Speaker 1: guess I have some level of confidence that large corporations
• 14:26
  Speaker 1: can you know, make the investments needed to secure their data,
• 14:29
  Speaker 1: although there's lots of examples where that they get hacked
• 14:32
  Speaker 1: as well. But small and midsized businesses and people and
• 14:36
  Speaker 1: people what and what can small midsize businesses? In the
• 14:39
  Speaker 1: last week, I've been fished yep, and also kind of
• 14:43
  Speaker 1: scammed on the phone. And it sounds like I feel
• 14:47
  Speaker 1: it's worse in the US and isn't Germany. It's never
• 14:49
  Speaker 1: happened to me in Germany. As soon as I get
• 14:51
  Speaker 1: back to the US, it's like I'm getting all these
• 14:54
  Speaker 1: calls telemarketers, scammers, and then I get fished. And so
• 15:00
  Speaker 1: thirty seconds t J. What do the small midsized businesses do?
• 15:05
  Speaker 1: So small to mid sized businesses. One obviously education right
• 15:08
  Speaker 1: to be aware. Uh. Secondly is deployed technology that can
• 15:12
  Speaker 1: also recover for them in case of a attack. But
• 15:17
  Speaker 1: will you talk about the fishing. I actually had the
• 15:19
  Speaker 1: experience where when I landed into a country, third world
• 15:23
  Speaker 1: country at one point, where as soon as my phone
• 15:26
  Speaker 1: PINZA antenna, they actually sent me a SMS from City
• 15:29
  Speaker 1: Bank right and mascurating as a logging page. So yeah,
• 15:34
  Speaker 1: it is scary. Were here almost another week. Uh, it's
• 15:37
  Speaker 1: a it's a you know, a combination of process with
• 15:42
  Speaker 1: education as well as deployment technology. And this is what
• 15:44
  Speaker 1: we actually help a lot of small businesses with the
• 15:47
  Speaker 1: century even ransomware data recovery warranties. So yeah, it's a
• 15:51
  Speaker 1: it's a combination, but it is someone something that we
• 15:55
  Speaker 1: have to be very mindful of. The continue to be vigimin.
• 15:58
  Speaker 1: All right, t J, thanks so much for joining us.
• 16:00
  Speaker 1: Really appreciate getting your thoughts here on this big issue
• 16:02
  Speaker 1: cybersecurity board. You can talk about it all day. T J. Jung,
• 16:05
  Speaker 1: CEO and co founder of A Point. All right, let's
• 16:13
  Speaker 1: bring on somebody who actually knows what's going on in
• 16:15
  Speaker 1: this whole space. Dan Ives, Managing Director Senior Equity an
• 16:18
  Speaker 1: also Wedbush Securities. We talked to Dan about a whole
• 16:21
  Speaker 1: number of topics related to technology. Dan, thanks so much
• 16:24
  Speaker 1: for joining us here. Had some good numbers out of
• 16:26
  Speaker 1: Disney last night. The streaming business seems to be doing
• 16:29
  Speaker 1: pretty well for them. You know, as you take a
• 16:32
  Speaker 1: look at Peloton again, the stock bounced back Dan from
• 16:36
  Speaker 1: those lows here. Do you think there's a natural owner
• 16:41
  Speaker 1: for Peloton that other than it being a standalone company. Yeah,
• 16:46
  Speaker 1: And I think the streets interpreting the Peloton's there's gonna
• 16:50
  Speaker 1: be first sale sign on the lawn, right And and
• 16:52
  Speaker 1: now that's why the stocks up because I think when
• 16:54
  Speaker 1: you look at Apple, that's probably, in our opinion, the
• 16:57
  Speaker 1: most natural buyer that would see it. It's accursor size
• 17:02
  Speaker 1: as well as sort of next gen healthcare initiatives, and
• 17:06
  Speaker 1: I think other bidders could be there and Amazon and Nike.
• 17:09
  Speaker 1: You tell about Disney because it's all about content getting
• 17:13
  Speaker 1: more into the living room, and you've got three million
• 17:15
  Speaker 1: subscribers in a premium brand. And if you look at
• 17:18
  Speaker 1: the history of consumer brands that then started to cut cost, Fitbit,
• 17:24
  Speaker 1: go Pro, there's a graveyard of them, right, So I
• 17:27
  Speaker 1: think Peloton that the rings in the law. But what
• 17:30
  Speaker 1: about streaming fitness? Does that make sense to you as
• 17:34
  Speaker 1: an emerging market? I mean, um, if Disney starts to
• 17:37
  Speaker 1: pick up Peloton trainers and Tonal trainers, can it eventually, Um,
• 17:43
  Speaker 1: you know, get a Netflix style foothold in that market. Well,
• 17:47
  Speaker 1: And I think what you're seeing with Disney, I mean
• 17:49
  Speaker 1: they're on the aggressive starting to close that gap with Netflix.
• 17:52
  Speaker 1: And I think part of why the stocks were acting
• 17:54
  Speaker 1: way did after that Netflix disaster quarter, the view has
• 17:58
  Speaker 1: ripped a band aid off with Disney. Instead, it was
• 18:00
  Speaker 1: the opposite on with Strong on the park side. So
• 18:03
  Speaker 1: I think Disney is going to continue agrestaurant content. Yeah,
• 18:07
  Speaker 1: you look at things like the Sunday Night ticket, which
• 18:09
  Speaker 1: we believe Apple would also bid for as well. More
• 18:13
  Speaker 1: and more, there's gonna be an arms race. It's content
• 18:16
  Speaker 1: and that's why even when you look at Peloton, can't
• 18:18
  Speaker 1: just about extreaming exercise. It's it's a content service that
• 18:23
  Speaker 1: goes more and more another touch point to the consumer.
• 18:27
  Speaker 1: It's interesting, uh, Danny, I guess it is all about content.
• 18:30
  Speaker 1: Some of the red Stoner's right, content is king, but
• 18:33
  Speaker 1: it's hard to kind of, you know, sync up the
• 18:36
  Speaker 1: disappointing sub numbers from Netflix versus the better and expected
• 18:39
  Speaker 1: for Disney. I mean, I'm a huge Ozark fan, so
• 18:42
  Speaker 1: I'm all in on that Netflix in this quarter. But
• 18:46
  Speaker 1: is it just about content? And uh, is it just
• 18:49
  Speaker 1: whoever spends the most? I guess when else they're bundled
• 18:52
  Speaker 1: with ESPN? You know, has as I think been very successful.
• 18:56
  Speaker 1: The Beatles was another driver in terms of watch that
• 19:01
  Speaker 1: it comes down to. They have a unique ecosystem. But Netflix,
• 19:04
  Speaker 1: Netflix is on the top of the mountain, so from
• 19:07
  Speaker 1: there you can only go down. Right, There's much more,
• 19:10
  Speaker 1: especially on the international subside. But I mean we'll give
• 19:13
  Speaker 1: you take a step back. This has been a Nathan
• 19:16
  Speaker 1: Chin like earning season for Tech bringing it. That's see,
• 19:20
  Speaker 1: Matt didn't get your reference. But I watched the figure
• 19:23
  Speaker 1: skating last night. I'm all over that. I was like,
• 19:25
  Speaker 1: who's Nathan Chen? He killed it is he does for America. Yeah,
• 19:31
  Speaker 1: so he didn't switch his allegiance to China. You know
• 19:33
  Speaker 1: he didn't. He's the ice skating good Yeah, he beat
• 19:38
  Speaker 1: it all right. You know, I know Matt doesn't like
• 19:40
  Speaker 1: to talk about autos very much, damn, but I gotta
• 19:43
  Speaker 1: get your thought here on Tesla as just I really
• 19:48
  Speaker 1: want to get it. From the perspective of competitive position,
• 19:51
  Speaker 1: how do you think Tesla positions itself and what will
• 19:55
  Speaker 1: be an increasingly competitive EV market? Why didn't they further
• 19:59
  Speaker 1: flexed him muscles? From a supply perspective, right now, demands
• 20:02
  Speaker 1: outstripment supply by and if you look at electric vehicles
• 20:06
  Speaker 1: for GM VW and know others are gonna significantly go
• 20:10
  Speaker 1: after this and there's mean many winners. But in terms
• 20:13
  Speaker 1: of Tesla, because of the distribution and because of the
• 20:17
  Speaker 1: factory build out, what's happened in Austin as well as
• 20:20
  Speaker 1: the further build down in China and wee wee Berlin.
• 20:23
  Speaker 1: In the coming months, they're going to be able to
• 20:26
  Speaker 1: really expand supply two million units per year and that's
• 20:28
  Speaker 1: the key. And you know, I think part of Tesla's
• 20:30
  Speaker 1: language is because Musk talk about the supply chain. I
• 20:34
  Speaker 1: think really, you know, sort of fan the flames there
• 20:38
  Speaker 1: and I think now it's just about a supply issue,
• 20:41
  Speaker 1: not a demand issue. How do you think the UH
• 20:45
  Speaker 1: supply chain crisis and the chip shortage is sorting out?
• 20:50
  Speaker 1: Are you getting um this earning season better visibility? Yeah,
• 20:55
  Speaker 1: I mean we're seeing a queer moderation going into February
• 20:59
  Speaker 1: and marks we saw not just from GM, We're seeing
• 21:02
  Speaker 1: it across our check snesia and I think we could
• 21:05
  Speaker 1: talk inflation and tenure all we want. The biggest overranging
• 21:08
  Speaker 1: tech is the supply chain that starts to moderate hugely bullish.
• 21:12
  Speaker 1: And that's why I think you coming at earning season
• 21:15
  Speaker 1: techer earnings really across the board, from chips to software,
• 21:19
  Speaker 1: some of the large players and cloud, Microsoft, Apple, Amazon
• 21:23
  Speaker 1: and others robust. And that's why we've tech socks move
• 21:26
  Speaker 1: higher here in terms of what we're seeing on the fundamentals. Hey, Dan,
• 21:30
  Speaker 1: always good catching up with you. We just throw all
• 21:33
  Speaker 1: things that come to our minds at you, and you've
• 21:35
  Speaker 1: got great color. We appreciate it. Dan Ive's managing director
• 21:38
  Speaker 1: and senior equity analysts that web Bush Securities covering off
• 21:41
  Speaker 1: things tech. Thanks for listening to the Bloomberg Markets podcast.
• 21:47
  Speaker 1: You can subscribe and listen to interviews with Apple Podcasts
• 21:50
  Speaker 1: or whatever podcast platform you prefer. I'm Matt Miller. I'm
• 21:54
  Speaker 1: on Twitter at Matt Miller three. On bal Sweeney, I'm
• 21:58
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• 22:01
  Speaker 1: can always catch us worldwide at Bloomberg Radio. M